This paper considers an overlapping generations model in which capitalinvestment is financed in a credit market with adverse selection. Lenders´inability to commit ex-ante not to bailout ex-post, together with a wealthyposition of entrepreneurs gives rise to the soft budget constraint...

In parallel with the increasing availability of multiregional input-output (MRIO) tables, there has been a growing concern on IO modelling at lower levels of spatial disaggregation, to reflect the particular features of cities better. The urbanization process is one of the salient...

This paper proposes a political economy explanation of bailouts to declining industries. A model of probabilistic voting is developed, in which two candidates compete for the vote of two groups of the society through tactical redistribution. We allow politicians to have core support groups they...

We perform a characterization of Colombia's industrial exports for the 1990-2010 period. We contrast the commonly used classification of exports (traditional vs. nontraditional) to that of Lall's (2000), which is based on the technological component of exports, stressing the advantages of the...

Spanish Abstract: Aunque existe evidencia empírica sobre la demanda de vivienda y su dinámica de ajuste, es escasa la evidencia sobre el ajuste vía oferta. En particular, mínima es la evidencia sobre la cuantificación de elasticidad de la curva de oferta, elemento clave para equilibrar los...

In parallel with the increasing availability of multiregional input-output (MRIO) tables, there has been a growing concern on IO modelling at lower levels of spatial disaggregation, to reflect the particular features of cities better. The urbanization process is one of the salient...

This paper considers an overlapping generations model in which capital investment is financed in a credit market with adverse selection. Lenders’ inability to commit ex-ante not to bailout ex-post, together with a wealthy position of entrepreneurs gives rise to the soft budget constraint...