The financial crisis that started in Asia in 1997 brought up a renewed concern over public finances in emerging economies. As most observers failed to detect creeping fiscal disequilibria, large public contingent liabilities, vulnerable asset-liability structures and time inconsistencies of...

La crise financière, apparue en Asie en 1997, a suscité un regain d’intérêt pour les finances publiques des économies émergentes. La plupart des observateurs n’ayant pas été à même de déceler la montée des déséquilibres budgétaires, les importantes dettes publiques...

The paper explores the relationship between the distribution of wealth and income, the institutional environment and the growth rate of an economy. A formal model is developed in which the members of society determine, through a political process, the extent of property rights protection...

A formal model of the Chilean dual health system is presented, which, for appropriate parameters, replicates the observed age segmentation of the population between the private insurance market and the public health insurance. The model is used to compare the level of welfare obtained in the...

This paper develops the structural budget balance methodology, adopted for use in the Chilean public sector. The structural balance methodology adjusts fiscal accounts so they reflect changes in net worth and makes it possible to isolate changes in fiscal policy resulting from the main exogenous...