The emphasis of education as a driving force for the growth of agricultural productivity can be dated back to the early 1960s. However, most empirical work failed to take into account of the fact that production technology changes with timeand consequently obscure the true contribution of...

Lack of capital (liquidity constraints) is one of the oldest explanations advanced to explain lack of firm entry, performance, and survival. In this paper, we model each of these business steps in a causal chain by testing the liquidity constraints theory. We probe the relationships between...

A number of studies in the prior literature have found a link between cash flow and firm investment [Hubbard (1998) and cites therein]. Findings of most of these studies have the caveat that cash flow could simply be capturing expectations of future profitability because the empirical proxy...

This paper provides estimates for the Mercosur countries of the Frisch elasticity —i.e., the elasticity of substitution betweenworked hours and real wages holding constant the marginal utility of wealth—. We find a strong heterogeneity, with estimated elasticities ranging from 12.8 in...

¿Qué efecto tiene la política monetaria sobre el consumo? Mediante el uso de información a nivel de hogar en el Reino Unido y Estados Unidos, este trabajo muestra que la mayor parte de la dinámica del consumo agregado después de un cambio en los tipos de interés a corto plazo, viene...

The price elasticity of demand for credit has major implications for macroeconomics, finance, and development. We present estimates of this parameter derived from a randomized trial. The experiment was implemented by a consumer microfinance lender in South Africa and identifies demand curves...