AbstractHow the degree of publicness of goods affect violent conflict? Based on the theoretical model in Esteban and Ray (2001) we find that the effect of the degree of publicness depends on the group size. When the group is small (large), the degree of publicness increases (decreases) the...

Abstract: We design a financial network model that explicitly incorporates linkages across institutions through a direct contagion channel, as well as an indirect common exposure channel. In particular, common exposure is setup so as to link the financial to the real sector. The model is...

This paper investigates the role of works councils in a simple agency framework in which works councils are supposed to monitor manager´s information on behalf of the workforce, but they are independent agents who might pursue their private interest. First, we consider that workers can...

Abstract: We describe the evolution of international trade and the behavior of export diversification in Colombia during the period 1991-2011. For measuring trade diversification and following up its behavior along the period, we employ alternative ways of decomposing trade flows along its...

Abstract: We offer a new explanation of partial risk sharing based on coalition formation and segmentation of society in a risky environment, without assuming limited commitment and imperfect information. Heterogenous individuals in a society freely choose with whom they will share risk A...

Resumen: La literatura sobre la calidad de la educación ha prestado poca atención al papel que tienen las bibliotecas públicas dentro de los determinantes del desempeño educativo.Las bibliotecas públicas son activos externos al colegio y al hogar del estudiante, pero hacen parte del entorno...

This paper develops a simple model to investigate how resource-driven economic booms shape the equilibrium political institutions of resource-rich societies and in uence the likelihood of experiencing civil war. In our model a strong government apparatus favors property rights protection but...

Resumen: En este trabajo se construye un modelo de Equilibrio General Dinámico Estocástico (DSGE por su siglas en inglés) con sector informal y rigideces en precios, usando como marco de análisis la teoría de búsqueda y emparejamiento del mercado de trabajo. El objetivo principal es...

Abstract: We investigate whether and how the type of unemployment benefit institution affects productivity. We designed a eld experiment to compare workers' productivity under a welfare system, where the unemployed receive an unconditional monetary transfer, with their productivity under a...

We study a particular restitution problem where there is an indivisible good (land or property) over which two agents have rights: the dispossessed agent and the owner. A third party, possibly the government, seeks to resolve the situation by assigning rights to one and compensate theother....