Los activos inmobiliarios representan un ahorro importante de las familias con el que llegan a la etapa de retiro. En base a ello, las hipotecas inversas son un producto desarrollado en algunos paises como alternativa para generar flujos de ingresos liquidos durante la jubilacion. Teniendo en...

Real estate assets represent a major form of savings for families when they reach retirement age. Reverse mortgages are a financial product developed as an alternative way of generating flows of liquid income during retirement in some countries. As income during old age must be diversified from...

Given that commodity export concentration is likely to be unhelpful for economic development, we then ask the question of whether Latin America has been experiencing a more pronounced concentration of such exports. We then use different indicators to measure such concentration. Our measurements...

En este trabajo se analizan los efectos de los sistemas de pensiones de reparto y capitalizacion sobre el bienestar social. En concreto, el debate sobre la eleccion entre sistemas de pensiones alternativos se centra en la comparacion de su rentabilidad interna, los efectos sobre el ahorro, la...

Utilizing a large transaction-level dataset on housing mortgages in China, this study estimates the effect of the mortgage rate spread between long- and short-term loans on property purchasers choice of loan length. Our identification of the causal effect of this spread on loan length hinges on...

La reforma del sistema de pensiones del Instituto Mexicano del Seguro Social (IMSS) efectuada en 1997 permitio acotar el creciente costo fiscal que significaba el anterior esquema de reparto. A 16 anos de su creacion, el Sistema de Ahorro para el Retiro (SAR) ha tenido efectos macroeconomicos...

Using unique survey data on agricultural traders in China in 2004, this study provides direct evidence on the significance of inter-regional trade barriers and their key components. Our major findings are as follows. (1) The trade barriers within China are fairly small, accounting for about 20...

We provide a model with sector-specific debt-collateral constraints to analyse how asymmetric financing conditions across sectors affect the aggregate investment, credit and output composition. In our model, investments in the construction sector allow for higher leverage than investments in the...

On the ground of the significance and potential dual-nature of oil price shocks- they may act simultaneously like pure technology and pure expenditure shocks- in the context of the oil-countries-net oil-exporters with a substantial share of oil-income on their total export an/or fiscal-income....

In recent years, financial depth ratios in Uruguay have trended upwards, although without reaching the levels seen prior to the crisis at the start of the century. The ratio of credit to GDP in 2010 was near 18%, while the ratio of deposits exceeded 33%. However, Uruguay is still lagging behind...