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...

I develop a dynamic model of social conflict whereby manifest grievances of the poor generate the incentive of taking over political power violently. Rebellion can be an equilibrium outcome depending on the level of preexisting inequality between the poor and the ruling elite, the relative...

This paper provides new evidence on the effect of pupil´s self-motivation andacademic assets allocation on the academic achievement in sciences acrosscountries. By using the Programme for International Student Assessment 2006 (PISA2006) test we find that both explanatory variables have a...

En este artículo se introducen los salarios de eficiencia como microfundamento para explicar la existencia de desempleo involuntario permanente y la rigidez de los salarios a la baja. Los salarios de efciencia se incorporanen un modelo de crecimiento económico de generaciones traslapadas, en...

Recent evidence show that factor shares, if properly measured, are far from constant.Moreover, the shares of natural resources and raw labor seem to be negativelycorrelated with income per capita while the share of human and physical capital ispositively correlated with income per capita. Now,...

In order to present an estimation of the Internal Rate of Return (IRR) to higher education in Colombia we take advantage of the methodological approach provided by Heckman, Lochner and Todd (2005). Trying to overcome the criticism that surrounds interpretations of the education coefficient of...

May cartoons be considered as a viable and credible source for the study of economics? There is hardly any research on the subject, even though there is a quite significant amount of cartoons with economic content. This suggests that economics (and economists) have not paid enough attention and...

This paper uses Colombian household survey data collected over the period 1984-2005 to estimate Gini coeficients along with their corresponding standard errors. We …find a statistically signi…cant increase in wage income inequality following the adoption of the liberalisation measures of the...

In this paper we analyze the spread of shocks across assets markets in eight Latin-American countries. First, we measure the extent of markets reactions with the Principal Components Analysis. And second, we investigate the volatility of assets markets based in ARCH-GARCH models in function of...

Un análisis a propósito de dos estudios sobre el impacto del TLC en los precios de los medicamentos en Colombia.