Is it possible for a state or a city to decouple its growth trajectory from that of its country? The answer to this question is not binary. Rather, it comes expressed in degrees that vary across places, and ultimately depends on the interaction of the factors that a sub-national unit shares with...

The Venezuelan experience in the 1980s is a particularly fertile ground for the analysis of negative shocks. Two large shocks took place under very different control regimes, thus highlighting the role the institutional setting plays in determining the response. Moreover, the experience can shed...