Este ensayo recorre los primeros cincuenta años de la Caja de Crédito Hipotecario de Chile desde su creación en 1855. Durante la segunda mitad del siglo XIX, las operaciones crediticias de la Caja activaron la rápida expansión del regadío del Valle Central y posibilitó el concomitante...

A common dilemma facing educational planners engaged in educational reform in developing countries is the allocation of sharply-reduced resources to the expansion of school facilities versus improvement of existing school facilities. The empirical results presented in this paper for Kenya...

In this paper we propose a new approach for the econometric analysis of the dynamics of price discovery using a structural cointegration model for the price changes in arbitrage linked markets. Our methodology characterizes the dynamics of price discovery based on the impulse response functions...

This paper presents new evidence on whether foreign-born workers assimilate. While the existing literature focuses on the convergence/divergence of mean wages, this study extends the analysis to the distribution of wages by looking at wage mobility. We draw on a first-order Markov-switching...

This paper develops an informational model of litigation in which court decisions are a function of legal representation. In this model, resource constraints determine how much parties expend on legal representation. The allocation of resources across parties influences court decisions in two...

We study the U.S. origination-to-distribution mortgage financing market from the mid 1990s to the late 2000s. Mortgage loan brokers originated close to two thirds of the mortgage loans in this period. We examine whether stricter licensing requirements of loan brokers raise lending standards by...

Previous papers on testing for statistical discrimination require variables that employers do not observe directly, but are observed by researchers or data on employer-provided performance measures. This paper develops a test that does not rely on these specific variables. The proposed test can...