Contributory pension system coverage has been low. High mobility between formal and the informal sector results in low contribution density which does not guarantee a minimum pension. The state has created cash transfer programs, which can disincentive formality. This paper proposes a...

The objective of this paper is to contribute to the discussion on the sensitivity of both savings and interest rate. The relation between these two variables is estimated empirically in the case of Mexico. An Euler Equation model is applied. Consumers facing liquidness restrictions are...

Este artículo examina algunas de las hipótesis sobre las estrategias de deuda que a priori parece haber seguido el gobierno mexicano, partiendo de un examen de la evolución y composición de la misma. Un aspecto interesante de este examen es que el nivel de la deuda total con respecto al PIB...

In this paper we analyze the evolution of family structure, human capital accumulation and returns, labor force participation and household consumption and savings decisions for Mexican households. We use as theoretical framework the Life Cycle Model. Our analysis is based on a synthetic panel...

Este artículo examina algunas de las hipótesis sobre las estrategias de deuda que a prioriparece haber seguido el gobierno mexicano, partiendo de un examen de la evolución ycomposición de la misma. Un aspecto interesante de este examen es que el nivel de la deudatotal con respecto al PIB en...

El ahorro continúa siendo un tema central en las discusiones académicas y de política económica en los países en desarrollo. Esto es porque el ahorro ha sido considerado un elemento fundamental en el proceso de acumulación de capital y para el crecimiento económico. En consecuencia, la...

This paper uses the switching probability regimes methodology to estimate the determinants of financial crisis, measured in changes in the stochastic regimes of interest and exchange rates. We use Mexico to perform the exercise. Results suggest that public debt structure is important in...

We suggest that the symmetry of stock price reactions observed to the issuance and subsequent redemption of convertible bonds can be partially explained by agency effects. Using a hand collected dataset we test whether the heterogeneity in cumulative abnormal returns at these two corporate event...

Clawback provisions allow the issuer to partially redeem a bond issue often within three years of issuance using proceeds only from new equity issues. Empirical evidence indicates the clawback provision is rarely exercised. This poses an interesting dilemma as clawback provisions are an...

We construct a new measure of firm-level “cash flow sensitivity of cash” using a correlated random effects estimation model. This measure is able to incorporate unobservable, time-invariant firm characteristics in the analysis of firm’s cash flows, in addition to the traditional...