This article analyzes the attitude of the Uruguayans towards the subjection to the law in the prosecution and punishment of offenders. Specifically, it addresses the approval of people taking justice into their own hands and justification for police action outside the law when capturing...

The “border effect” literature ?nds that political boundaries have a large impact on relative prices, implicitly adding several thousands of miles to trade. In this paper we show that the standard empirical speci?cation suffers from selection bias, and propose a new methodology based on...

International power trade requires the existence of regulation and a formal agreement between the countries. In South America power trade is mainly a bilateral spot trade decided by system operators, at prices resulting from rules determined in long term agreements between countries. The...

The information in the Annual Survey of Economic Activity is presented by the INE in current values of each year, but it is interesting to obtain the values of the variables surveyed at constant prices of 1997. Why 1997 as a base? That year was the last National Economic Census with an important...

We provide evidence on the significant effect of religiosity (measured by attendance to religious services) on reducing depression. In particular, it is found a significant negative effect of religiosity on the probability of being depressed. Findings of previous studies are extended by showing...

This paper estimates the output gap and the potential output for the Uruguayan economy between years 1975 and 2011. These two variables are crucial in different areas of economic policy, and of particular relevance to monetary policy. A positive output gap is one of the main indicators of the...

This document presents a set of indicators designed to measure the credit risk implicit in the deposits maintained by domestic financial institutions in foreign countries. It discusses the theoretical definition of the indicators, the software implementation and a case of study based on the...

Building upon an original and fruitful research line, a recent paper by Hidalgo and Hausmann (2009) proposed new indicators of product sophistication and economic complexity build solely upon international trade data, in their Method of Re?ections. The authors ?nd their indicators for economic...

The aim of this paper is to study empirical evidence supporting the hypothesis that discretionary fiscal policy is asymmetric over the business cycle in Uruguay. We estimate fiscal reaction functions covering annual data from 1970 through 2009, in which the dynamics of fiscal balance is due to...

We propose a model whereby systemic and non-systemic banks are exposed to liquidity shortfalls such that a lender of last resort policy is required. We analyze the optimal allocation of lender of last resort responsibilities and find that it is socially optimal to move responsibilities from the...