Este trabajo emplea un modelo dinamico de inversion derivado de maximizar el valor presente del flujo de efectivo intertemporal de una empresa representativa sujeta a imperfecciones de mercado, restricciones de prestamos de capital, y ajustes de costos de capital. El modelo es usado para probar...

We use new data on the timing of the transition to agriculture, developed by Putterman and Trainor (2006), to test the theory of Diamond (1997) and Olsson and Hibbs (2005) that an earlier transition is reflected in higher incomes today. Our results confirm the theory, even after controlling for...

How much does the antiquity of states, and the sometimes arbitrary nature of colonial boundaries, explain why some states are more susceptible to civil conflict than others? Older states and those with greater historical legitimacy (more continuity between the pre-colonial and post-colonial...

This paper provides a new insight into the relationship between financial market tightness and real activity using a unique new database extracted from Bloomberg to construct a credit spread index from 500 corporate bonds issued in eight European countries. We find that European bond spread...