This paper is aimed to analyse in a dymanic context, the aggregate behaviour of the Chilean stock market. The theoretical framework in which this study is based on, hinges upon the view that asset prices relate to a number of state variables, which captur

This paper deals with the long run relationship between exports, outward orientation and growth. The basic hypothesis impinges upon the new generation of endogenous growth models, which provides the theoretical framework to link trade policies with total

The paper analyses the behavior of quarterly nominal wages in Chile between 1980.3 and 1995.3. The aim is to estimate a long run wage relationship that allows to identify periods of wage disequilibria. A vector autoregressive model is estimated with Johan

Desde mediados de los ochenta, cuando la economía se encontraba sumida en la crisis de la deuda, el ahorro y la inversión en Chile aumentaron dramáticamente. El ahorro lo ha hecho aún más que la inversión, revirtiendo el fuerte uso de recursos externos para financiar los niveles...

This paper is intended to analyze, in a comparative perspective, the financing mechanisms of urban local governments in two groups of countries. The first group refers to a sample of OECD countries. They are rather decentralized, and have institutional features which date back many years from...

Las reformas llevadas a cabo en Chile a partir de mediados de los setenta tendientes a reducir el tamaño del Estado y a hacer más eficiente y efectivo su funcionamiento han sido, en general, evaluadas positivamente. Ellas contemplaron, entre otras medidas, reducciones de personal del sector...

Since Tibbits published in 1931 a study on the relationship between the business cycle and the electorate results, the analysis of economic voting has been outlining a theory that explains the decision of the voters. In this paper we present a model of economic voting, in which voters are...

This paper reviews the main theoretical contributions on Fiscal Federalism. In order to see the degree to which some of this concepts can be applied in practice, the case of the Chilean municipal system is analyzed. Two important conclusions can be said t

This paper focuses on the relationship between income distribution and growth. It first addresses the theoretical contributions to this issue and secondly it analyzes the empirical evidence available. Three important steps can be distinguished in the theoretical debate. The first one was...