A number of researchers have recently argued that the growth of the shadow banking system in the years preceding the recent U.S. financial crisis was driven by rising demand for "money-like" claims--short-term, safe instruments (STSI)--from institutional investors and nonfinancial firms. These...

This paper explores the role of social networks in determining the participation of Bolivian women in income-generating activities. The empirical analysis intends to explore the impact of this new social variable on the economic choices of women and its relative importance with respect to other...

In this paper we show that temperature is an aggregate risk factor that adversely affects economic growth. Our argument is based on evidence from global capital markets which shows that the covariance between country equity returns and temperature (i.e., temperature betas) contains sharp...

This article makes a contribution towards understanding the impact of temperature fluctuations on the economy and financial markets. We present a long-run risks model with temperature related natural disasters. The model simultaneously matches observed temperature and consumption growth...

This paper explores the role of social networks in determining labor market participation and salaried employment of Bolivian women and men. We define social networks as the share of neighbors that have jobs, and find that networks encourage women’s labor force participation and that they are...

The Education Reform Program launched in the mid-1990s by the Government of Bolivia had important accomplishments, particularly by increasing the coverage of primary education. However, the high rates of coverage observed at national level conceal the inequality in the distribution of schooling...

This paper presents GMM empirical estimations of the New Keynesian Phillips curve (NKPC) for Chile. Our results tend to support the hybrid version of the NKPC, with an estimated backward-looking coefficient of about 0.4. The estimated Calvo coefficient, that captures the degree of price...

This paper explores the role of social networks in determining the participation of Bolivian women in income-generating activities. The empirical analysis intends to explore the impact of this new social variable on the economic choices of women and its relative importance with respect to other...

En este trabajo se analiza el papel de las redes sociales para determinar la participación de mujeres bolivianas en actividades generadoras de ingresos. Los resultados hacen pensar que las redes sociales son un canal eficaz para que las mujeres obtengan acceso a empleos asalariados, los cuales...