Santiago Herrera - Academia.edu (original) (raw)
Papers by Santiago Herrera
Policy makers in Latin America and the Caribbean (LAC) often complain that poor fiscal performanc... more Policy makers in Latin America and the Caribbean (LAC) often complain that poor fiscal performance in their countries is a result of a high degree of spending rigidity. Despite being a common complaint, the issue has remained largely ignored by the literature because of the lack of adequate measures of rigidity that allow cross-country and time series comparability. This report helps close this gap by introducing a new measure of spending rigidities that can be easily applied to multiple countries. It focuses on the categories of spending that are naturally inflexible—wages, pensions, transfers to subnational governments, and debt service—and separates them into two components: structural and nonstructural. The structural component is determined by economic, demographic, and institutional fundamentals. The nonstructural component is determined by short-run transitory factors associated with business and political cycles. The degree of rigidity of spending is then proxied by the rati...
“Durante 1991 el crecimiento de los medios de pago registro la mayor variabilidad de los ultimos ... more “Durante 1991 el crecimiento de los medios de pago registro la mayor variabilidad de los ultimos siete anos. Adicionalmente, en la segunda mitad del ano se observo un aumento en el ritmo de expansion del dinero acompanado de una disminucion en la tasa de inflacion. Estos fenomenos llevaron a algunos a afirmar que los medios de pago habian perdido su valor como variable informativa sobre la liquidez de la economia. El objetivo de este trabajo es presentar pruebas que permitan o no rechazar la hipotesis del cambio estructural en la demanda de dinero. Este trabajo es una extension del estudio de Carrasquilla y Renteria (1990). Las diferencias con el mencionado documento son: 1) Se consideran datos anuales para 1955-1991. 2) Se estudia un periodo mas amplio (1970-1992). 3) Se utilizan pruebas sobre la estabilidad de la demanda de dinero. 4) Se presentan estimativos de las elasticidades de corto y de largo plazo de la demanda de dinero a la tasa de interes y al ingreso. 5) Se incorpora la posibilidad de existencia de asimetria en la respuesta de la demanda de dinero. Siguiendo este orden de ideas, el trabajo se dividio en cinco partes, la primera es la introduccion. La segunda presenta los resultados de las estimaciones con datos anuales y el examen de estabilidad de la funcion de demanda de dinero en el periodo 1955-1991. La tercera seccion, comprende el analisis con datos trimestrales para el periodo 1970-1992. En la cuarta parte, se estudia la hipotesis de asimetria en la respuesta de la demanda de dinero a aumentos y reducciones en la tasa de interes. Por ultimo las conclusiones.”
Salting-out protocol for extracting high-molecular weight (HMW) genomic DNA from frozen octocoral... more Salting-out protocol for extracting high-molecular weight (HMW) genomic DNA from frozen octocorals for genomic methods. Suitable for genome sequencing, RAD-seq and other methods that require HMW DNA. Starting material must be alive when flash-frozen in liquid nitrogen and always stored below -80C.
The Policy Research Working Paper Series disseminates the findings of work in progress to encoura... more The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent. Policy Research Working Paper 8586 Governments of developing countries typically spend between 20 and 30 percent of gross domestic product. Hence, small changes in the efficiency of public spending could have a major impact on aggregate productivity growth and gross domestic product levels. Therefore, measuring efficiency and comparing input-output combinations of different decision-making units becomes a central challenge. This paper gauges efficiency as the distance between observed input-output combinations and an efficiency frontier estimated by means of the Free Disposal Hull and Data Envelopment Analysis techniques. Input-inefficiency (excess input consumption to achieve a level of output) and output-inefficiency (output shortfall for a given level of inputs) are scored in a sample of 175 countries using data from 2006-16 on education, health, and infrastructure. The paper verifies empirical regularities of the crosscountry variation in efficiency, showing a negative association between efficiency and spending levels and the ratio of public-to-private financing of the service provision. Other variables, such as inequality, urbanization, and aid dependency, show mixed results. The efficiency of capital spending is correlated with the quality of governance indicators, especially regulatory quality (positively) and perception of corruption (negatively). Although no causality may be inferred from this exercise, it points at different factors to understand why some countries might need more resources than others to achieve similar education, health, and infrastructure outcomes.
Ensayos sobre Política Económica, 2006
Governments of developing countries typically spend between 15 and 30 percent of GDP. Hence, smal... more Governments of developing countries typically spend between 15 and 30 percent of GDP. Hence, small changes in the efficiency of public spending could have a major impact on GDP and on the attainment of the government's objectives. The first challenge that stakeholders face is measuring efficiency. This paper attempts such quantification and has two major parts. The first one estimates efficiency as the distance between observed input-output combinations and an efficiency frontier (defined as the maximum attainable output for a given level of inputs).
Policy Research Working Papers, 2017
The Policy Research Working Paper Series disseminates the findings of work in progress to encoura... more The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.
SSRN Electronic Journal, 2008
This paper examines the role of primary fiscal balances as a signaling device in a world in which... more This paper examines the role of primary fiscal balances as a signaling device in a world in which investors are uncertain about the sovereign's commitment to honor its obligations. Based on the Drudi-Prati model that rationalizes delayed stabilization and debt accumulation, we verify the existence of a rating (sovereign spreads) function that depends negatively (positively) on the debt ratio and negatively (positively) on the primary balance. This relationship, however, is nonmonotonic and is conditioned on a threshold debt level. At low debt levels, the primary balance has an ambiguous relationship with sovereign spreads, but as debt increases, the primary balance's effect on spreads is magnified. Beyond a given threshold, the committed sovereign has the incentive to tighten fiscal policy, while the weak government does not. Using data for Argentina, Brazil, and Turkey, for the period 1994-2007, we show that during their most recent crises, Brazil and Turkey can be characterized as dependable (in Drudi-Prati's terminology), while Argentina's incentives to use the primary balance in the late nineties were not as determinant. The explanatory power of the model improves by allowing heteroskedasticity in the shocks to each country and heterogeneity across countries in the coefficient estimates. Hence, though spreads react to debt levels and to primary balances in these countries, they do so with different intensity.
Middle East Development Journal, 2013
published by World Scientific. It is posted here by agreement between them. Changes resulting fro... more published by World Scientific. It is posted here by agreement between them. Changes resulting from the publishing process-such as editing, corrections, structural formatting, and other quality control mechanisms-may not be reflected in this version of the text.
Policy Research Working Papers, 2014
The Policy Research Working Paper Series disseminates the findings of work in progress to encoura... more The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.
Policy Research Working Papers, 2013
The Policy Research Working Paper Series disseminates the findings of work in progress to encoura... more The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.
Policy Research Working Papers, 2005
Despite significant progress in economic reform throughout the 1990s and an exemplary development... more Despite significant progress in economic reform throughout the 1990s and an exemplary development of the policymaking framework in the second part of the decade, Brazil suffered a major public debt and currency crisis in 2002. Though the political origin of the uncertainty cannot be ignored, the paper identifies other sources of uncertainty emanating from the policymaking framework: fiscal policy was not responsive to the shocks, public debt instruments were used with several objectives to stabilize the currency and lengthen maturity, and there was inadequate supervision of agents holding public debt. Most of the flaws have been fixed following the crisis: the primary fiscal balance has been increased, sending the signal that it is a flexible instrument that will be used to ensure commitment of the sovereign to honor its obligations; the central bank formally transferred to the Treasury the remaining debt-issuance functions, facilitating a more adequate balancing of different risks involved in debt management; and mutual funds' public debt holdings are better regulated, ensuring that end-investors have the proper information to assess the risk of the institutions in which they invest.
Policy Research Working Papers, 1999
Herrera, Perry, and Quintero explain Latin America's The second approach allows for effects on ou... more Herrera, Perry, and Quintero explain Latin America's The second approach allows for effects on output by growth slowdown in 1998-99. To do so, they use two some endogenous variables, such as domestic real interest complementary methodologies. rates and real exchange rates. Using monthly industrial The first aims at determining how much of the production data, the authors estimate country-specific slowdown can be explained by specific external factors: generalized vector autoregressions (GVAR) for the the terms of trade, international interest rates, spreads on largest countries. external debt, capital flows, and climatological factors (El They find that during the sample period (1992-98) Nifio). Using quarterly GDP data for the eight largest output volatility is mostly associated with shocks to countries in the region, the authors estimate a dynamic domestic factors, but the slowdown in the subperiod panel showing that 50-60 percent of the slowdown was 1998-99 is explained more than 60 percent by shocks to due to these external factors. the external factors. This papera product of the Economic Policy Sector Unit and the Poverty Reduction and Economic Management Sector Unit, Latin America and Caribbean Regional Officeis part of a larger effort to understand output fluctuations and growth in the region. Copies of the paper are available free from the World Bank,
Bank credit to Egypt's private sector decreased over the last decade, despite a recapitalized... more Bank credit to Egypt's private sector decreased over the last decade, despite a recapitalized banking system and high rates of economic growth. Recent macro-economic turmoil has reinforced the trend. This paper explains the decrease based on credit supply and demand considerations by 1) presenting stylized facts regarding the evolution of the banks' sources and fund use in 2005 to 2011, noting two different cycles of external capital flows, and 2) estimating private credit supply and demand equations using quarterly data from 1998 to 2011. The system of simultaneous equations is estimated both assuming continuous market clearing and allowing for transitory price rigidity entailing market disequilibrium. The main results are robust to the market clearing assumption. During the global financial crisis, a significant capital outflow stalled bank deposit growth, which in turn affected the private sector's credit supply. At the same time, the banking sector increased credit t...
The paper analyzes the impact of the recent global crisis in the context of the previous two deca... more The paper analyzes the impact of the recent global crisis in the context of the previous two decades' growth and capital flows. Growth decomposition exercises show that Egyptian growth is driven mostly by capital accumulation. To estimate the share of labor in national income, the analysis adjusts the national accounts statistics to include the compensation of self-employed and non-paid family workers. Still, the share of labor, about 30 percent, is significantly lower than previously estimated. The authors estimate the output costs of the current crisis by comparing the output trajectory that would have prevailed without the crisis with the observed and revised gross domestic product projections for the medium term. The fall in private investment was the main driver of the output cost. Even if private investment recovers its pre-crisis levels, there is a permanent loss in gross domestic product per capita of about 2 percent with respect to the scenario without the crisis. The p...
Policy Research Working Papers
The Policy Research Working Paper Series disseminates the findings of work in progress to encoura... more The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.
Ensayos sobre Política Económica
Ensayos sobre Política Económica
Policy makers in Latin America and the Caribbean (LAC) often complain that poor fiscal performanc... more Policy makers in Latin America and the Caribbean (LAC) often complain that poor fiscal performance in their countries is a result of a high degree of spending rigidity. Despite being a common complaint, the issue has remained largely ignored by the literature because of the lack of adequate measures of rigidity that allow cross-country and time series comparability. This report helps close this gap by introducing a new measure of spending rigidities that can be easily applied to multiple countries. It focuses on the categories of spending that are naturally inflexible—wages, pensions, transfers to subnational governments, and debt service—and separates them into two components: structural and nonstructural. The structural component is determined by economic, demographic, and institutional fundamentals. The nonstructural component is determined by short-run transitory factors associated with business and political cycles. The degree of rigidity of spending is then proxied by the rati...
“Durante 1991 el crecimiento de los medios de pago registro la mayor variabilidad de los ultimos ... more “Durante 1991 el crecimiento de los medios de pago registro la mayor variabilidad de los ultimos siete anos. Adicionalmente, en la segunda mitad del ano se observo un aumento en el ritmo de expansion del dinero acompanado de una disminucion en la tasa de inflacion. Estos fenomenos llevaron a algunos a afirmar que los medios de pago habian perdido su valor como variable informativa sobre la liquidez de la economia. El objetivo de este trabajo es presentar pruebas que permitan o no rechazar la hipotesis del cambio estructural en la demanda de dinero. Este trabajo es una extension del estudio de Carrasquilla y Renteria (1990). Las diferencias con el mencionado documento son: 1) Se consideran datos anuales para 1955-1991. 2) Se estudia un periodo mas amplio (1970-1992). 3) Se utilizan pruebas sobre la estabilidad de la demanda de dinero. 4) Se presentan estimativos de las elasticidades de corto y de largo plazo de la demanda de dinero a la tasa de interes y al ingreso. 5) Se incorpora la posibilidad de existencia de asimetria en la respuesta de la demanda de dinero. Siguiendo este orden de ideas, el trabajo se dividio en cinco partes, la primera es la introduccion. La segunda presenta los resultados de las estimaciones con datos anuales y el examen de estabilidad de la funcion de demanda de dinero en el periodo 1955-1991. La tercera seccion, comprende el analisis con datos trimestrales para el periodo 1970-1992. En la cuarta parte, se estudia la hipotesis de asimetria en la respuesta de la demanda de dinero a aumentos y reducciones en la tasa de interes. Por ultimo las conclusiones.”
Salting-out protocol for extracting high-molecular weight (HMW) genomic DNA from frozen octocoral... more Salting-out protocol for extracting high-molecular weight (HMW) genomic DNA from frozen octocorals for genomic methods. Suitable for genome sequencing, RAD-seq and other methods that require HMW DNA. Starting material must be alive when flash-frozen in liquid nitrogen and always stored below -80C.
The Policy Research Working Paper Series disseminates the findings of work in progress to encoura... more The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent. Policy Research Working Paper 8586 Governments of developing countries typically spend between 20 and 30 percent of gross domestic product. Hence, small changes in the efficiency of public spending could have a major impact on aggregate productivity growth and gross domestic product levels. Therefore, measuring efficiency and comparing input-output combinations of different decision-making units becomes a central challenge. This paper gauges efficiency as the distance between observed input-output combinations and an efficiency frontier estimated by means of the Free Disposal Hull and Data Envelopment Analysis techniques. Input-inefficiency (excess input consumption to achieve a level of output) and output-inefficiency (output shortfall for a given level of inputs) are scored in a sample of 175 countries using data from 2006-16 on education, health, and infrastructure. The paper verifies empirical regularities of the crosscountry variation in efficiency, showing a negative association between efficiency and spending levels and the ratio of public-to-private financing of the service provision. Other variables, such as inequality, urbanization, and aid dependency, show mixed results. The efficiency of capital spending is correlated with the quality of governance indicators, especially regulatory quality (positively) and perception of corruption (negatively). Although no causality may be inferred from this exercise, it points at different factors to understand why some countries might need more resources than others to achieve similar education, health, and infrastructure outcomes.
Ensayos sobre Política Económica, 2006
Governments of developing countries typically spend between 15 and 30 percent of GDP. Hence, smal... more Governments of developing countries typically spend between 15 and 30 percent of GDP. Hence, small changes in the efficiency of public spending could have a major impact on GDP and on the attainment of the government's objectives. The first challenge that stakeholders face is measuring efficiency. This paper attempts such quantification and has two major parts. The first one estimates efficiency as the distance between observed input-output combinations and an efficiency frontier (defined as the maximum attainable output for a given level of inputs).
Policy Research Working Papers, 2017
The Policy Research Working Paper Series disseminates the findings of work in progress to encoura... more The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.
SSRN Electronic Journal, 2008
This paper examines the role of primary fiscal balances as a signaling device in a world in which... more This paper examines the role of primary fiscal balances as a signaling device in a world in which investors are uncertain about the sovereign's commitment to honor its obligations. Based on the Drudi-Prati model that rationalizes delayed stabilization and debt accumulation, we verify the existence of a rating (sovereign spreads) function that depends negatively (positively) on the debt ratio and negatively (positively) on the primary balance. This relationship, however, is nonmonotonic and is conditioned on a threshold debt level. At low debt levels, the primary balance has an ambiguous relationship with sovereign spreads, but as debt increases, the primary balance's effect on spreads is magnified. Beyond a given threshold, the committed sovereign has the incentive to tighten fiscal policy, while the weak government does not. Using data for Argentina, Brazil, and Turkey, for the period 1994-2007, we show that during their most recent crises, Brazil and Turkey can be characterized as dependable (in Drudi-Prati's terminology), while Argentina's incentives to use the primary balance in the late nineties were not as determinant. The explanatory power of the model improves by allowing heteroskedasticity in the shocks to each country and heterogeneity across countries in the coefficient estimates. Hence, though spreads react to debt levels and to primary balances in these countries, they do so with different intensity.
Middle East Development Journal, 2013
published by World Scientific. It is posted here by agreement between them. Changes resulting fro... more published by World Scientific. It is posted here by agreement between them. Changes resulting from the publishing process-such as editing, corrections, structural formatting, and other quality control mechanisms-may not be reflected in this version of the text.
Policy Research Working Papers, 2014
The Policy Research Working Paper Series disseminates the findings of work in progress to encoura... more The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.
Policy Research Working Papers, 2013
The Policy Research Working Paper Series disseminates the findings of work in progress to encoura... more The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.
Policy Research Working Papers, 2005
Despite significant progress in economic reform throughout the 1990s and an exemplary development... more Despite significant progress in economic reform throughout the 1990s and an exemplary development of the policymaking framework in the second part of the decade, Brazil suffered a major public debt and currency crisis in 2002. Though the political origin of the uncertainty cannot be ignored, the paper identifies other sources of uncertainty emanating from the policymaking framework: fiscal policy was not responsive to the shocks, public debt instruments were used with several objectives to stabilize the currency and lengthen maturity, and there was inadequate supervision of agents holding public debt. Most of the flaws have been fixed following the crisis: the primary fiscal balance has been increased, sending the signal that it is a flexible instrument that will be used to ensure commitment of the sovereign to honor its obligations; the central bank formally transferred to the Treasury the remaining debt-issuance functions, facilitating a more adequate balancing of different risks involved in debt management; and mutual funds' public debt holdings are better regulated, ensuring that end-investors have the proper information to assess the risk of the institutions in which they invest.
Policy Research Working Papers, 1999
Herrera, Perry, and Quintero explain Latin America's The second approach allows for effects on ou... more Herrera, Perry, and Quintero explain Latin America's The second approach allows for effects on output by growth slowdown in 1998-99. To do so, they use two some endogenous variables, such as domestic real interest complementary methodologies. rates and real exchange rates. Using monthly industrial The first aims at determining how much of the production data, the authors estimate country-specific slowdown can be explained by specific external factors: generalized vector autoregressions (GVAR) for the the terms of trade, international interest rates, spreads on largest countries. external debt, capital flows, and climatological factors (El They find that during the sample period (1992-98) Nifio). Using quarterly GDP data for the eight largest output volatility is mostly associated with shocks to countries in the region, the authors estimate a dynamic domestic factors, but the slowdown in the subperiod panel showing that 50-60 percent of the slowdown was 1998-99 is explained more than 60 percent by shocks to due to these external factors. the external factors. This papera product of the Economic Policy Sector Unit and the Poverty Reduction and Economic Management Sector Unit, Latin America and Caribbean Regional Officeis part of a larger effort to understand output fluctuations and growth in the region. Copies of the paper are available free from the World Bank,
Bank credit to Egypt's private sector decreased over the last decade, despite a recapitalized... more Bank credit to Egypt's private sector decreased over the last decade, despite a recapitalized banking system and high rates of economic growth. Recent macro-economic turmoil has reinforced the trend. This paper explains the decrease based on credit supply and demand considerations by 1) presenting stylized facts regarding the evolution of the banks' sources and fund use in 2005 to 2011, noting two different cycles of external capital flows, and 2) estimating private credit supply and demand equations using quarterly data from 1998 to 2011. The system of simultaneous equations is estimated both assuming continuous market clearing and allowing for transitory price rigidity entailing market disequilibrium. The main results are robust to the market clearing assumption. During the global financial crisis, a significant capital outflow stalled bank deposit growth, which in turn affected the private sector's credit supply. At the same time, the banking sector increased credit t...
The paper analyzes the impact of the recent global crisis in the context of the previous two deca... more The paper analyzes the impact of the recent global crisis in the context of the previous two decades' growth and capital flows. Growth decomposition exercises show that Egyptian growth is driven mostly by capital accumulation. To estimate the share of labor in national income, the analysis adjusts the national accounts statistics to include the compensation of self-employed and non-paid family workers. Still, the share of labor, about 30 percent, is significantly lower than previously estimated. The authors estimate the output costs of the current crisis by comparing the output trajectory that would have prevailed without the crisis with the observed and revised gross domestic product projections for the medium term. The fall in private investment was the main driver of the output cost. Even if private investment recovers its pre-crisis levels, there is a permanent loss in gross domestic product per capita of about 2 percent with respect to the scenario without the crisis. The p...
Policy Research Working Papers
The Policy Research Working Paper Series disseminates the findings of work in progress to encoura... more The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.
Ensayos sobre Política Económica
Ensayos sobre Política Económica