This paper extends the neoclassical growth model with productive public capital by including an infrastructure efficiency index, which is assumed to depend on a public choice variable, in particular, the share of public spending allocated to productive public consumption. A golden rule for the...

It has become increasingly common to allocate highway franchises to the bidder that offers to charge the lowest toll. Often, building a highway increases the value of land held by a small group of developers, an effect that is more pronounced with lower tolls. We study the welfare implications...

This paper analyzes the growth impact of fiscal and institutional governmental policies in a regional context. The government provides a productive input that is complementary to private capital. Institutional policies include the decision about the type of public input as well as on the size of...

We analyze within a dynamic model how rms decide on capital investment if the accompanying adjustment costs are a function of governmental activity. The government provides a public input and decides on the degree of rivalry. The productive public input enhances private capital productivity and...

El presente documento tiene como objetivo evaluar alternativas de gestión y tamaños de colegios públicos en función de su contribución a la mejora del rendimiento de los estudiantes de primaria y al uso eficiente de los recursos públicos. Para tal fin, se utiliza la metodología de...

En el desarrollo del trabajo se pretende mostrar que el ahorro no es un prerrequisito para generar riqueza mediante su canalización a la inversión. Por lo contrario, se analiza y construye un modelo cuyo principio radica en la proposición de que la riqueza no depende de la capacidad de...

Debido a las crisis fiscales y productivas que asolaron a los países de América Latina y del Caribe durante la década de 1980, se buscó la participación de agentes privados en los sectores de agua potable y saneamiento. Hasta esa década, el sector estaba regulado y administrado por el...

We study the impact of an offshore financial center on the economy in the presence or absence of bank secrecy in a two-country setting with heterogeneous investors who choose where to deposit their savings. Rather than focussing on tax competition, we acknowledge that countries use two...

This paper explains why and how a small country can be an offshore financial center (OFC). We build a model involving a small and a large country competing for portfolio investments. They use two instruments, taxation and institutional infrastructure. We identify the conditions for an OFC to be...