Tertiary education in the U.S. requires large investments that are risky, lumpy, and well-timed. Tertiary education is also heavily subsidized. By making the risk of human capital investment more acceptable, especially to low wealth households, subsidies may increase investment in human capital,...

Spanish Abstract: En este documento se desarrolla una reflexión sobre las transformaciones que ha experimentado el sistema de producción internacional en las últimas décadas, que ha dado origen a lo que se denomina un nuevo modelo de producción e innovación, y sus implicaciones para las...

This paper attempts to reconcile aid-conditionality and recipient country ownership of its development process as mutually compatible ingredients of aid effectiveness. To be effective, aid itself must contribute to the end of aid. For this happen, the recipient government must, in the meantime,...

Industry and economic growth demand various skills and expertise from the populace. As the industry grows, more specialised skills are required to match and meet the demand. However, in the case when industry growth is declining or when capacity utilisation is low skills level may fail to...

This paper empirically analyzes the impact of aid on education for about 100 countries over the period 1970-2005. We estimate a system of equations to test whether and to what extent the impact of sector-specific aid on educational attainment depends on (i) the extent to which aid adds to...

The main objective of this paper was to visualize the relation between government spending on basic education and the human capital accumulation process, observing the impacts of this spending on individual investments in higher education, and on economic growth. From the results obtained, we...

The recent admission of Slovakia into the Economic and Monetary Union (EMU) stands in sharp contrast with the considerable difficulties faced by Hungary with the fulfillment of the Maastricht criteria. This is a puzzling development for two reasons: first, during the early phase of the...

A growing body of recent macroeconomic evidence suggests that volatility is detrimental to economic growth. The channels through which volatility affects growth, however, are less clear; substantive evidence based on disaggregate data is almost non-existent. This paper offers a framework in...

Elaborating on Pasinetti (1998), the 'Geometry of Debt Sustainability' - GDS - represents a simple analytical tool for the analysis of the long-run sustainability of foreign debt. GDS provides a simple analysis of three aspects of debt sustainability. It points up how the 'structural' aspect -...

A windfall of natural resource revenue (or foreign aid) faces government with choices of how to manage public debt, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We show that the permanent income hypothesis prescription...