We explain how the decentralization of fiscal responsibility among Brazilian states between 1889 and 1930 promoted a unequal expansion in public schooling. We document how the variation in state export tax revenues, product of commodity booms, explains increases in expenditures on education,...

We propose a private-government principals-principals (PP) approach to understand corporate governance of state-owned multinationals. We explain how the conflicts between large government and private blockholders may affect managerial decisions in the propensity of completing a cross-border...

The historiographies of Mexico and Brazil have implicitly stated that business networks were crucial for the initial industrialization of these two countries. Recently, differing visions on the importance of business networks have arisen. In the case of Mexico, the literature argues that...

The historiographies of Mexico and Brazil have implicitly stated that business networks were crucial for the initial industrialization of these two countries. Recently, differing visions on the importance of business networks have arisen. In the case of Mexico, the literature argues that...

This paper examines the effects of a negative macroeconomic shock on the financial performance of state-owned enterprises (SOEs) in infrastructure. It exploits the differential effects of a drastic fall in oil prices (in 2014-15) on SOEs in energy-rich countries relative to SOEs in...

Infrastructure is critical to economic development. When infrastructure companies are owned and operated by the government, however, they create significant sources of fiscal risk. These fiscal risks can be sizable, but they are often preventable with proper planning, risk assessment, and strict...

This paper examines the performance of infrastructure companies owned by the state, using the newly created World Bank Database of Infrastructure State-Owned Enterprises (SOEs). The data cover 19 countries and 135 SOEs between 2000 and 2018. The analysis reveals that infrastructure SOEs are...

This paper examines the effects of a negative macroeconomic shock on the financial performance of state-owned enterprises (SOEs) in infrastructure. It exploits the differential effects of a drastic fall in oil prices (in 2014-15) on SOEs in energy-rich countries relative to SOEs in...