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Papers by Eduardo Olaberria

Research paper thumbnail of Capital Inflows and Booms in Asset Prices: Evidence from a Panel of Countries

Central Banking, Analysis, and Economic Policies Book Series, 2014

Research paper thumbnail of Reigniting growth through productivity-enhancing reforms in Colombia

OECD Economics Department working papers, Oct 18, 2017

Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation... more Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation and Development 16-Oct-2017 ___________________________________________________________________________________________ _____________ English-Or. English ECONOMICS DEPARTMENT REIGNITING GROWTH THROUGH PRODUCTIVITY-ENHANCING REFORMS IN COLOMBIA ECONOMICS DEPARTMENT WORKING PAPERS No. 1424 By Eduardo Olaberría OECD Working Papers should not be reported as representing the official views of the OECD or of its member countries. The opinions expressed and arguments employed are those of the author(s).

Research paper thumbnail of US Long-Term Interest Rates and Capital Flows to Emerging Economies

Journal of International Commerce, Economics and Policy, Jun 1, 2015

Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation... more Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation and Development 24-Jul-2014 ___________________________________________________________________________________________ English-Or. English ECONOMICS DEPARTMENT US LONG TERM INTEREST RATES AND CAPITAL FLOWS TO EMERGING ECONOMIES ECONOMICS DEPARTMENT WORKING PAPER No. 1155 By Eduardo Olaberria OECD Working Papers should not be reported as representing the official views of the OECD or of its member countries. The opinions expressed and arguments employed are those of the author(s).

Research paper thumbnail of Public spending in education and student’s performance in Colombia

OECD Economics Department working papers, Feb 23, 2018

This document, as well as any data and map included herein, are without prejudice to the status o... more This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. ECO/WKP(2018)7 Unclassified English-Or. English ECO/WKP(2018)7 2 OECD Working Papers should not be reported as representing the official views of the OECD or of its member countries. The opinions expressed and arguments employed are those of the author(s). Working Papers describe preliminary results or research in progress by the author(s) and are published to stimulate discussion on a broad range of issues on which the OECD works.

Research paper thumbnail of Capital inflows and books in asset prices: evidence from a panel of countries

RePEc: Research Papers in Economics, 2014

Research paper thumbnail of Productivity Growth in Mexico

Research paper thumbnail of ¿Todos los flujos de capitales están asociados a auges de los precios de las viviendas? Evaluación empírica

Dado que los auges en los precios de las viviendas anticipan (con una alta probabilidad) las cris... more Dado que los auges en los precios de las viviendas anticipan (con una alta probabilidad) las crisis financieras, entender sus causas es muy relevante desde la perspectiva de politica economica. Aunque la teoria sugiere que los grandes flujos de capital estan entre los principales factores detras de estos auges, la evidencia empirica sobre esta asociacion es, por ahora, insuficiente. Este trabajo proporciona evidencia metodica sobre la relacion entre las entradas de capitales y los auges en precios de la vivienda, centrandose especificamente en la composicion de los flujos de capital. Los resultados muestran que la asociacion positiva entre las entradas de capital y los auges en precios de la vivienda descrita en estudios previos se explica principalmente por los prestamos bancarios y otros flujos de deuda. Ademas, encontramos evidencia que sugiere que esta asociacion es menor en paises con regimenes de tipo de cambio mas flexibles y con mejor calidad de las instituciones. Finalmente, no encontramos evidencia robusta que respalde la idea de que restringiendo el desarrollo financiero o introduciendo controles de capital se pueda reducir la asociacion entre grandes entradas de capital y los auges en precios de las viviendas.

Research paper thumbnail of Back Matter: Appendix

The World Bank eBooks, Apr 27, 2020

Research paper thumbnail of The World Bank East Asia and Pacific Region Social Protection Unit

bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su r... more bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su re A ut ho riz ed Produced by the Research Support Team

Research paper thumbnail of Back Matter: Appendix

Research paper thumbnail of Reigniting growth through productivity-enhancing reforms in Colombia

OECD Economics Department Working Papers, 2017

Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation... more Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation and Development 16-Oct-2017 ___________________________________________________________________________________________ _____________ English-Or. English ECONOMICS DEPARTMENT REIGNITING GROWTH THROUGH PRODUCTIVITY-ENHANCING REFORMS IN COLOMBIA ECONOMICS DEPARTMENT WORKING PAPERS No. 1424 By Eduardo Olaberría OECD Working Papers should not be reported as representing the official views of the OECD or of its member countries. The opinions expressed and arguments employed are those of the author(s).

Research paper thumbnail of Chile: Better skills for inclusive growth

OECD Economics Department Working Papers, 2016

Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation... more Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation and Development 04-Apr-2016 ___________________________________________________________________________________________ _____________ English-Or. English ECONOMICS DEPARTMENT CHILE: BETTER SKILLS FOR INCLUSIVE GROWTH ECONOMICS DEPARTMENT WORKING PAPERS No. 1290 By Eduardo Olaberria OECD Working Papers should not be reported as representing the official views of the OECD or of its member countries. The opinions expressed and arguments employed are those of the author(s).

Research paper thumbnail of Long-term Patterns of Trade and Specialisation

OECD Economics Department working papers, Jul 4, 2014

Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation... more Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation and Development 04-Jul-2014 ___________________________________________________________________________________________ English-Or. English ECONOMICS DEPARTMENT LONG-TERM PATTERNS OF TRADE AND SPECIALISATION ECONOMICS DEPARTMENT WORKING PAPERS No. 1136 By Åsa Johansson and Eduardo Olaberria OECD Working Papers should not be reported as representing the official views of the OECD or of its member countries. The opinions expressed and arguments employed are those of the author(s).

Research paper thumbnail of Policy Implications

Budget Rigidity in Latin America and the Caribbean: Causes, Consequences, and Policy Implications, 2020

Research paper thumbnail of On the Level of International Reserves in Chile: an Analysis Based on Complementary Approaches

Journal Economia Chilena, 2012

This paper analyzes the recent evolution and the level of international reserves in Chile using c... more This paper analyzes the recent evolution and the level of international reserves in Chile using complementary approaches. First, we construct a set of international reserves indicators suggested by the literature for a group of developed and emerging economies. Second, we estimate a demand for international reserves model using a panel of 47 countries. Finally, we parameterize two theoretical models in order to estimate the level of international reserves that would be needed to withstand a financial crisis. The analysis shows that, although during the period of floating exchange rate the level of reserves in Chile has fallen significantly, it has remained at an adequate level for reasonable degrees of risk suggested by theoretical models. However, by the end of 2010, the level of reserves was below those of other emerging countries with floating exchange rate regimes.

Research paper thumbnail of Measurement of Rigidity and Stylized Facts

Research paper thumbnail of Budget Rigidity in Latin America and the Caribbean: Causes, Consequences, and Policy Implications

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...

Research paper thumbnail of What Explains the Volume and Composition of Trade?: Industrial Evidence from a Panel of Countries

Research paper thumbnail of Definition, Origins, and Sources of Budget Rigidities

Budget Rigidity in Latin America and the Caribbean: Causes, Consequences, and Policy Implications

Research paper thumbnail of Are Budget Rigidities a Source of Fiscal Distress and a Constraint for Fiscal Consolidation?

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.

Research paper thumbnail of Capital Inflows and Booms in Asset Prices: Evidence from a Panel of Countries

Central Banking, Analysis, and Economic Policies Book Series, 2014

Research paper thumbnail of Reigniting growth through productivity-enhancing reforms in Colombia

OECD Economics Department working papers, Oct 18, 2017

Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation... more Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation and Development 16-Oct-2017 ___________________________________________________________________________________________ _____________ English-Or. English ECONOMICS DEPARTMENT REIGNITING GROWTH THROUGH PRODUCTIVITY-ENHANCING REFORMS IN COLOMBIA ECONOMICS DEPARTMENT WORKING PAPERS No. 1424 By Eduardo Olaberría OECD Working Papers should not be reported as representing the official views of the OECD or of its member countries. The opinions expressed and arguments employed are those of the author(s).

Research paper thumbnail of US Long-Term Interest Rates and Capital Flows to Emerging Economies

Journal of International Commerce, Economics and Policy, Jun 1, 2015

Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation... more Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation and Development 24-Jul-2014 ___________________________________________________________________________________________ English-Or. English ECONOMICS DEPARTMENT US LONG TERM INTEREST RATES AND CAPITAL FLOWS TO EMERGING ECONOMIES ECONOMICS DEPARTMENT WORKING PAPER No. 1155 By Eduardo Olaberria OECD Working Papers should not be reported as representing the official views of the OECD or of its member countries. The opinions expressed and arguments employed are those of the author(s).

Research paper thumbnail of Public spending in education and student’s performance in Colombia

OECD Economics Department working papers, Feb 23, 2018

This document, as well as any data and map included herein, are without prejudice to the status o... more This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. ECO/WKP(2018)7 Unclassified English-Or. English ECO/WKP(2018)7 2 OECD Working Papers should not be reported as representing the official views of the OECD or of its member countries. The opinions expressed and arguments employed are those of the author(s). Working Papers describe preliminary results or research in progress by the author(s) and are published to stimulate discussion on a broad range of issues on which the OECD works.

Research paper thumbnail of Capital inflows and books in asset prices: evidence from a panel of countries

RePEc: Research Papers in Economics, 2014

Research paper thumbnail of Productivity Growth in Mexico

Research paper thumbnail of ¿Todos los flujos de capitales están asociados a auges de los precios de las viviendas? Evaluación empírica

Dado que los auges en los precios de las viviendas anticipan (con una alta probabilidad) las cris... more Dado que los auges en los precios de las viviendas anticipan (con una alta probabilidad) las crisis financieras, entender sus causas es muy relevante desde la perspectiva de politica economica. Aunque la teoria sugiere que los grandes flujos de capital estan entre los principales factores detras de estos auges, la evidencia empirica sobre esta asociacion es, por ahora, insuficiente. Este trabajo proporciona evidencia metodica sobre la relacion entre las entradas de capitales y los auges en precios de la vivienda, centrandose especificamente en la composicion de los flujos de capital. Los resultados muestran que la asociacion positiva entre las entradas de capital y los auges en precios de la vivienda descrita en estudios previos se explica principalmente por los prestamos bancarios y otros flujos de deuda. Ademas, encontramos evidencia que sugiere que esta asociacion es menor en paises con regimenes de tipo de cambio mas flexibles y con mejor calidad de las instituciones. Finalmente, no encontramos evidencia robusta que respalde la idea de que restringiendo el desarrollo financiero o introduciendo controles de capital se pueda reducir la asociacion entre grandes entradas de capital y los auges en precios de las viviendas.

Research paper thumbnail of Back Matter: Appendix

The World Bank eBooks, Apr 27, 2020

Research paper thumbnail of The World Bank East Asia and Pacific Region Social Protection Unit

bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su r... more bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su re A ut ho riz ed Produced by the Research Support Team

Research paper thumbnail of Back Matter: Appendix

Research paper thumbnail of Reigniting growth through productivity-enhancing reforms in Colombia

OECD Economics Department Working Papers, 2017

Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation... more Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation and Development 16-Oct-2017 ___________________________________________________________________________________________ _____________ English-Or. English ECONOMICS DEPARTMENT REIGNITING GROWTH THROUGH PRODUCTIVITY-ENHANCING REFORMS IN COLOMBIA ECONOMICS DEPARTMENT WORKING PAPERS No. 1424 By Eduardo Olaberría OECD Working Papers should not be reported as representing the official views of the OECD or of its member countries. The opinions expressed and arguments employed are those of the author(s).

Research paper thumbnail of Chile: Better skills for inclusive growth

OECD Economics Department Working Papers, 2016

Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation... more Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation and Development 04-Apr-2016 ___________________________________________________________________________________________ _____________ English-Or. English ECONOMICS DEPARTMENT CHILE: BETTER SKILLS FOR INCLUSIVE GROWTH ECONOMICS DEPARTMENT WORKING PAPERS No. 1290 By Eduardo Olaberria OECD Working Papers should not be reported as representing the official views of the OECD or of its member countries. The opinions expressed and arguments employed are those of the author(s).

Research paper thumbnail of Long-term Patterns of Trade and Specialisation

OECD Economics Department working papers, Jul 4, 2014

Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation... more Organisation de Coopération et de Développement Économiques Organisation for Economic Cooperation and Development 04-Jul-2014 ___________________________________________________________________________________________ English-Or. English ECONOMICS DEPARTMENT LONG-TERM PATTERNS OF TRADE AND SPECIALISATION ECONOMICS DEPARTMENT WORKING PAPERS No. 1136 By Åsa Johansson and Eduardo Olaberria OECD Working Papers should not be reported as representing the official views of the OECD or of its member countries. The opinions expressed and arguments employed are those of the author(s).

Research paper thumbnail of Policy Implications

Budget Rigidity in Latin America and the Caribbean: Causes, Consequences, and Policy Implications, 2020

Research paper thumbnail of On the Level of International Reserves in Chile: an Analysis Based on Complementary Approaches

Journal Economia Chilena, 2012

This paper analyzes the recent evolution and the level of international reserves in Chile using c... more This paper analyzes the recent evolution and the level of international reserves in Chile using complementary approaches. First, we construct a set of international reserves indicators suggested by the literature for a group of developed and emerging economies. Second, we estimate a demand for international reserves model using a panel of 47 countries. Finally, we parameterize two theoretical models in order to estimate the level of international reserves that would be needed to withstand a financial crisis. The analysis shows that, although during the period of floating exchange rate the level of reserves in Chile has fallen significantly, it has remained at an adequate level for reasonable degrees of risk suggested by theoretical models. However, by the end of 2010, the level of reserves was below those of other emerging countries with floating exchange rate regimes.

Research paper thumbnail of Measurement of Rigidity and Stylized Facts

Research paper thumbnail of Budget Rigidity in Latin America and the Caribbean: Causes, Consequences, and Policy Implications

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...

Research paper thumbnail of What Explains the Volume and Composition of Trade?: Industrial Evidence from a Panel of Countries

Research paper thumbnail of Definition, Origins, and Sources of Budget Rigidities

Budget Rigidity in Latin America and the Caribbean: Causes, Consequences, and Policy Implications

Research paper thumbnail of Are Budget Rigidities a Source of Fiscal Distress and a Constraint for Fiscal Consolidation?

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.