El artículo utiliza diferentes datos y enfoques para analizar el impacto en el empleo del incremento del SMI en 2019. Del análisis se desprende que, tras el incremento del SMI en dicho año, hubo un menor crecimiento del empleo del colectivo con menores salarios. El artículo desarrolla varios...

Guided by the frame work of a household model under credit market failure, this paper aims at investigating the impact of access to credit on the adoption of hybrid maize among households that vary in their credit constraints. The data used in the study is from Malawi collected by the...

The ability of households to insure consumption from adverse shocks is an important aspect of vulnerability to poverty. How is consumption insurance achieved in a low-income setting where formal credit and insurance markets have been observed to be imperfect or missing? Using 2003 data from the...

This paper uses a fundamental Q model of investment to consider the role playedby financing frictions in agricultural investment decisions, controlling econometrically forcensoring, heterogeneity and errors-in-variables. Our findings suggest that farmer's investment decisions are not driven by...

We study the governance role of Russian Financial-Industrial Groups (FIG) and their impact on financing of investment. We compare member firms of a group with a control set of large firms categorized by dispersed ownership or/and management and employee control. We find that investment is...

We study the governance role of Russian Financial-Industrial Groups (FIG) and their impact on financing of investment. We compare member firms of a group with a control set of large firms categorized by dispersed ownership or/and management and employee control. We find that investment is...

Private credit plays a critical role in the real economy. The provision of credit to businesses reduces the need for internal finance and promotes investment, for households it reduces consumption volatility. While both businesses and households rely on bank credit, prior literature emphasizes...

La teoría de la renta permanente predice que en ausencia de restricciones al crédito las decisiones de gasto de los propietarios de vivienda dependen principalmente del tipo de interés de su hipoteca. Por el contrario, el consumo de hogares con acceso limitado al crédito depende de otras...

This paper tests the opportunity-cost theory using a panel of Spanish firms during the period 1991-2010. Under this theory, productivity-enhancing activities, such as R&D investment, should increase during downturns because of the fall in their relative cost – in terms of forgone output –....

Documentamos que la economía de Estados Unidos se ha caracterizado por una asimetría del ciclo económico cada vez más negativa durante las últimas tres décadas. Este hallazgo puede explicarse por el aumento del apalancamiento financiero de hogares y empresas. Para mostrar esto, diseñamos...