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Persistent link: https://www.econbiz.de/10012484319
"Liability dollarization,'' namely intermediation of capital inflows in units of tradables into domestic loans in units of aggregate consumption, adds three important effects driven by real-exchange-rate fluctuations that alter standard models of Sudden Stops significantly: Changes on the debt...
Persistent link: https://www.econbiz.de/10012453378
This paper analyzes the impact of student loans for higher education on enrollment, dropout decisions, and earnings. We investigate the massive State Guaranteed Loan (SGL) program implemented in Chile in 2006. Our empirical analysis is based on the estimation of a sequential schooling decision...
Persistent link: https://www.econbiz.de/10013080156
We examine hedging as a macroprudential tool in a Sudden Stops model of an economy exposed to commodity price fluctuations. We find that hedging commodity revenues yields significant welfare gains by stabilizing public expenditure, which heavily depends on these revenues. However, this added...
Persistent link: https://www.econbiz.de/10015396125
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We study the effects of aggregate income shocks in a small open economy heterogeneous agent model. By introducing a standard information friction, we are able to explain two patterns of small economies experiencing large income changes: (1) excess volatility in consumption and (2) household...
Persistent link: https://www.econbiz.de/10014243571
This article tests the existence of credit constraints on higher education access by estimating actual marginal returns in the context of unobserved heterogeneity. We estimate higher education returns for those who attend to it and compare them with those of individuals who are at the margin of...
Persistent link: https://www.econbiz.de/10015246312
In several countries governments fund childcare provision, but in many others it is privately funded as labour regulation mandates that firms have to provide childcare services. For this latter case, there is no empirical evidence on the effects generated by the financial burden of childcare...
Persistent link: https://www.econbiz.de/10015246313