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style="width: 100%;"><div class="u-taCenter"></div><div class="profile--tab_content_container js-tab-pane tab-pane active" id="all"><div class="profile--tab_heading_container js-section-heading" data-section="Papers" id="Papers"><h3 class="profile--tab_heading_container">Papers by Santiago Herrera</h3></div><div class="js-work-strip profile--work_container" data-work-id="97910991"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/97910991/Notas_sobre_la_existencia_de_una_ra%C3%ADz_unitaria_en_la_serie_del_tipo_de_cambio_real_del_peso_colombiano"><img alt="Research paper thumbnail of Notas sobre la existencia de una raíz unitaria en la serie del tipo de cambio real del peso colombiano" class="work-thumbnail" src="https://attachments.academia-assets.com/99405994/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/97910991/Notas_sobre_la_existencia_de_una_ra%C3%ADz_unitaria_en_la_serie_del_tipo_de_cambio_real_del_peso_colombiano">Notas sobre la existencia de una raíz unitaria en la serie del tipo de cambio real del peso colombiano</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">El artículo clásico de Nelson y Plosser 1 sobre las características estadísticas de algunas serie...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">El artículo clásico de Nelson y Plosser 1 sobre las características estadísticas de algunas series de variábales macroeconómicas generó una gran controversia debido a sus implicaciones para la teoría de los ciclos económicos. Específicamente, los autores mencionados encontraron que, para el caso de</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="7a25d755d0b6914f88689a5a141bcfb9" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":99405994,"asset_id":97910991,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/99405994/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="97910991"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="97910991"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 97910991; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="91785230"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/91785230/American_Countries"><img alt="Research paper thumbnail of American Countries" class="work-thumbnail" src="https://attachments.academia-assets.com/94973571/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/91785230/American_Countries">American Countries</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Herrera and Garcia develop an early warning system for Statistically, Type I and Type II errors a...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Herrera and Garcia develop an early warning system for Statistically, Type I and Type II errors are smaller than macroeconomic vulnerability for several Latin American those reported in previous papers. countries, drawing on the work of Kaminsky, Lizondo, Operationally, this system of leading indicators is less and Reinhart (1997) and Kaminsky (1988). costly to maintain, given fewer variableswhich are They build a composite leading indicator that signals widely available and reported with timeliness. macroeconomic vulnerability, showing that, historically, Herrera and Garcia tested the models' out-of-sample crises tend to happen in certain "vulnerable" situations. predictive ability on crises that occurred after the first Interested mainly in providing an operational tool, stage of their project was finished: Colombia (September Herrera and Garcia use a different approach to the 1998), Brazil (January 1999), and Ecuador (February problem than Kaminsky did. First, they use fewer 1999). In all cases the models correctly anticipated the variables to generate the signals. Then, after the variables speculative attacks. are aggregated, a signal is issued, depending on the Moreover, Mexico's models, estimated with behavior of the composite index. (Kaminsky's procedure information available two years before the 1994 crisis, was to generate signals with each variable and then show that these signaling devices would have been useful aggregate them.) for signaling the macroeconomic vulnerability before Their results are satisfactory both statistically and December 1994. operationally. This papera product of the Economic Policy Sector Unit, Latin America and the Caribbean Regionis part of a larger effort in the region to build tools that policymakers can use to prevent crises. Copies of the paper are available free from the World Bank,</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="95febf8080a516e4be9d22594cd26694" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":94973571,"asset_id":91785230,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/94973571/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="91785230"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="91785230"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 91785230; 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First, they use fewer 1999). In all cases the models correctly anticipated the variables to generate the signals. Then, after the variables speculative attacks. are aggregated, a signal is issued, depending on the Moreover, Mexico's models, estimated with behavior of the composite index. (Kaminsky's procedure information available two years before the 1994 crisis, was to generate signals with each variable and then show that these signaling devices would have been useful aggregate them.) for signaling the macroeconomic vulnerability before Their results are satisfactory both statistically and December 1994. operationally. This papera product of the Economic Policy Sector Unit, Latin America and the Caribbean Regionis part of a larger effort in the region to build tools that policymakers can use to prevent crises. Copies of the paper are available free from the World Bank,</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="a4d22513d0194373ad816d29cb2af9fb" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":94973677,"asset_id":91785229,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/94973677/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="91785229"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="91785229"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 91785229; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="91785217"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/91785217/La_demanda_de_dinero_en_el_corto_y_en_el_largo_plazo_en_Colombia"><img alt="Research paper thumbnail of La demanda de dinero en el corto y en el largo plazo en Colombia" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/91785217/La_demanda_de_dinero_en_el_corto_y_en_el_largo_plazo_en_Colombia">La demanda de dinero en el corto y en el largo plazo en Colombia</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">“Durante 1991 el crecimiento de los medios de pago registro la mayor variabilidad de los ultimos ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">“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.”</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="91785217"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="91785217"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 91785217; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=91785217]").text(description); $(".js-view-count[data-work-id=91785217]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 91785217; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='91785217']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=91785217]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":91785217,"title":"La demanda de dinero en el corto y en el largo plazo en Colombia","internal_url":"https://www.academia.edu/91785217/La_demanda_de_dinero_en_el_corto_y_en_el_largo_plazo_en_Colombia","owner_id":56019799,"coauthors_can_edit":true,"owner":{"id":56019799,"first_name":"Santiago","middle_initials":null,"last_name":"Herrera","page_name":"SantiagoHerrera47","domain_name":"independent","created_at":"2016-11-02T10:51:00.624-07:00","display_name":"Santiago Herrera","url":"https://independent.academia.edu/SantiagoHerrera47"},"attachments":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="87338499"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/87338499/What_Determines_the_Size_of_Public_Employment_An_Empirical_Investigation"><img alt="Research paper thumbnail of What Determines the Size of Public Employment? An Empirical Investigation" class="work-thumbnail" src="https://attachments.academia-assets.com/91575765/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/87338499/What_Determines_the_Size_of_Public_Employment_An_Empirical_Investigation">What Determines the Size of Public Employment? An Empirical Investigation</a></div><div class="wp-workCard_item"><span>Policy Research Working Papers</span><span>, 2019</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The Policy Research Working Paper Series disseminates the findings of work in progress to encoura...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">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. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993238"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993238/The_World_Bank_Development_Economics_Vice_Presidency"><img alt="Research paper thumbnail of The World Bank Development Economics Vice Presidency" class="work-thumbnail" src="https://attachments.academia-assets.com/85862979/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993238/The_World_Bank_Development_Economics_Vice_Presidency">The World Bank Development Economics Vice Presidency</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper uses a sample of 73 developing countries to estimate the change in the cost of allevia...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper uses a sample of 73 developing countries to estimate the change in the cost of alleviating urban poverty brought about by the recent increase in food prices. This cost is approximated by the change in the poverty deficit, that is, the variation in financial resources required to eliminate poverty under perfect targeting. The results show that, for most countries, the cost represents less than 0.1 percent of gross domestic product. However, in the most severely affected, it may exceed 3 percent. In all countries, the change in the poverty deficit is mostly due to the negative real income effect of those households that were poor before the price shock, while the cost attributable to new households falling into poverty is negligible. Thus, in countries where transfer mechanisms with effective targeting already exist, the most costeffective strategy would be to scale up such programs rather than designing tools to identify the new poor. This paper—a product of the Developmen...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="1bde5f3f85dc68fa1396e21bfa7d8a2c" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":85862979,"asset_id":78993238,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/85862979/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="78993238"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="78993238"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 78993238; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=78993238]").text(description); $(".js-view-count[data-work-id=78993238]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 78993238; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='78993238']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "1bde5f3f85dc68fa1396e21bfa7d8a2c" } } $('.js-work-strip[data-work-id=78993238]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":78993238,"title":"The World Bank Development Economics Vice Presidency","internal_url":"https://www.academia.edu/78993238/The_World_Bank_Development_Economics_Vice_Presidency","owner_id":56019799,"coauthors_can_edit":true,"owner":{"id":56019799,"first_name":"Santiago","middle_initials":null,"last_name":"Herrera","page_name":"SantiagoHerrera47","domain_name":"independent","created_at":"2016-11-02T10:51:00.624-07:00","display_name":"Santiago Herrera","url":"https://independent.academia.edu/SantiagoHerrera47"},"attachments":[{"id":85862979,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/85862979/thumbnails/1.jpg","file_name":"WPS4666.pdf","download_url":"https://www.academia.edu/attachments/85862979/download_file","bulk_download_file_name":"The_World_Bank_Development_Economics_Vic.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/85862979/WPS4666-libre.pdf?1652296824=\u0026response-content-disposition=attachment%3B+filename%3DThe_World_Bank_Development_Economics_Vic.pdf\u0026Expires=1739840632\u0026Signature=UOerku5mErsyEo2z0FobOXKZGL911IhppuRaFObW909PETLzh6W5O5KmMm0fuBC9LMuG0wdUeRrWC0-whcApYfw4nwNZnPVgSPdAei38PLxv98jDyDWSPKkjwoVjomq0uElJpA88jTAaGOPSEiNRMHrzCH~cMyOKSz~4jsgWAgZrZZ-1bvpyzBv96iwhKe2WxNugW14jbxFqyh~XSw9bFNtaMP6SyE4j7bIPXl-qq~w~IB9V8Z6vOCaXxN6ed6jtPYO9qMKbutjO7uhjN-cmB2XnQJV3VOveEBmxlVl2qB6zF~LveyV4IRBPjfj229QOKixhdHyL1noVtHsrEaL83g__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993228"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993228/Budget_Rigidity_in_Latin_America_and_the_Caribbean_Causes_Consequences_and_Policy_Implications"><img alt="Research paper thumbnail of Budget Rigidity in Latin America and the Caribbean: Causes, Consequences, and Policy Implications" class="work-thumbnail" src="https://attachments.academia-assets.com/85862092/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993228/Budget_Rigidity_in_Latin_America_and_the_Caribbean_Causes_Consequences_and_Policy_Implications">Budget Rigidity in Latin America and the Caribbean: Causes, Consequences, and Policy Implications</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Policy makers in Latin America and the Caribbean (LAC) often complain that poor fiscal performanc...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">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...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="ac8af7d06a4fde17b5deadf561f037f0" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":85862092,"asset_id":78993228,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/85862092/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="78993228"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="78993228"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 78993228; 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dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "ac8af7d06a4fde17b5deadf561f037f0" } } $('.js-work-strip[data-work-id=78993228]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":78993228,"title":"Budget Rigidity in Latin America and the Caribbean: Causes, Consequences, and Policy Implications","internal_url":"https://www.academia.edu/78993228/Budget_Rigidity_in_Latin_America_and_the_Caribbean_Causes_Consequences_and_Policy_Implications","owner_id":56019799,"coauthors_can_edit":true,"owner":{"id":56019799,"first_name":"Santiago","middle_initials":null,"last_name":"Herrera","page_name":"SantiagoHerrera47","domain_name":"independent","created_at":"2016-11-02T10:51:00.624-07:00","display_name":"Santiago Herrera","url":"https://independent.academia.edu/SantiagoHerrera47"},"attachments":[{"id":85862092,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/85862092/thumbnails/1.jpg","file_name":"9781464815201.pdf","download_url":"https://www.academia.edu/attachments/85862092/download_file","bulk_download_file_name":"Budget_Rigidity_in_Latin_America_and_the.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/85862092/9781464815201-libre.pdf?1652295793=\u0026response-content-disposition=attachment%3B+filename%3DBudget_Rigidity_in_Latin_America_and_the.pdf\u0026Expires=1739840632\u0026Signature=QwqBPjcfCDzv67~t2v58X0qU-m~EJeYMtHBcZgBXTiq6Gto0FkYgUmqnFQu4qPOIV33sV8AJO74Bclv4jNI6D0wnJ0w5GIzmCZYQ4vB5mPFxLKXel4rp~gpriDdbFJwnL0sBGPi-Z14f8CMiemNuh6ARsT5Zy~SFdIAyWUuGkEnYSWX1s63rn61pogKJc7kfwVZWULGN7mH4jxw72e8qHVzb4beIhAA9N8MvRchPfAzLs~JVgd76yqLrRjiZ71Ukqp4rHgOMrY-KcAgqNNtEcV-J~j2Xj18afCOJxBDVlXgvdEK26FTJlvRHtOU5Z-hoodvI42iuSgLFizHNP41vJw__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"},{"id":85862091,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/85862091/thumbnails/1.jpg","file_name":"9781464815201.pdf","download_url":"https://www.academia.edu/attachments/85862091/download_file","bulk_download_file_name":"Budget_Rigidity_in_Latin_America_and_the.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/85862091/9781464815201-libre.pdf?1652295793=\u0026response-content-disposition=attachment%3B+filename%3DBudget_Rigidity_in_Latin_America_and_the.pdf\u0026Expires=1739840632\u0026Signature=bm0KkX~W7v9FzIFobde6awobBQg45gWbtFORlk2YOtKUX4Xy34y6ctBdZMXIO~5~Otp~6Xq6gLiIYyKHiAppNbsLfc4TWmXLoFZVss~UOXIKx~X--V235-GODvm8PK~b4BfgEcXVOKKz5OwLi6E8hMFSf240lVf3p0BzhUtvspbz-nIR18J6Lq8ZlRTnC1rJ9URonDsC35bO~JXewSjEqdlBycKxgHYwhDF0edN~R9W8HmjNX17uGeo3uWlUFHt-0ijtUOFP1-YeYSZdkH3HF1nT~EvMRTqrHGHAEY0EHylvg4Scnn~8xKYBvu-CnBWZPWHBSokVWqVSm6vMt1k10g__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993221"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993221/Jumpstarting_Post_War_Rural_Economies_A_Case_Study_in_Sierra_Leone"><img alt="Research paper thumbnail of Jumpstarting Post-War Rural Economies: A Case Study in Sierra Leone" class="work-thumbnail" src="https://attachments.academia-assets.com/85862090/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993221/Jumpstarting_Post_War_Rural_Economies_A_Case_Study_in_Sierra_Leone">Jumpstarting Post-War Rural Economies: A Case Study in Sierra Leone</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Historically, Sierra Leone has experienced major social, political, and economic disruptions that...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Historically, Sierra Leone has experienced major social, political, and economic disruptions that have heightened poverty levels and the lack of proper living conditions in the nation. The most severe of these disruptions was the 1991-2002 civil conflict that devastated the country and left thousands of victims behind. This case study, based on direct observation, first-hand accounts, and interviews with locals from the village of Kalangba, highlights some of the major challenges that the village faced under the rebel regime, while pointing out the infrastructural, agricultural, and economic legacies that prevailed during the reconstruction period. Additionally, the research suggests that the conflict was a major driver towards the current oversaturation of NGO’s in the country. The alarming conditions of Sierra Leone further suggest that the development models adopted by NGO’s after the civil war have proven unsuccessful, underscoring the importance of modifying the current develop...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="7a72a5ab34e48b0dc9cd3d93e78bdeb3" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":85862090,"asset_id":78993221,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/85862090/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="78993221"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="78993221"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 78993221; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993217"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993217/Efficiency_of_Public_Spending_in_Education_Health_and_Infrastructure_An_International_Benchmarking_Exercise"><img alt="Research paper thumbnail of Efficiency of Public Spending in Education, Health, and Infrastructure: An International Benchmarking Exercise" class="work-thumbnail" src="https://attachments.academia-assets.com/85862974/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993217/Efficiency_of_Public_Spending_in_Education_Health_and_Infrastructure_An_International_Benchmarking_Exercise">Efficiency of Public Spending in Education, Health, and Infrastructure: An International Benchmarking Exercise</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The Policy Research Working Paper Series disseminates the findings of work in progress to encoura...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">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.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="6de0ae34ecd34d6a612fbe208bf049af" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":85862974,"asset_id":78993217,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/85862974/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="78993217"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="78993217"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 78993217; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993213"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993213/Why_Some_Countries_Can_Escape_the_Fiscal_Pro_Cyclicality_Trap_and_Others_Cannot"><img alt="Research paper thumbnail of Why Some Countries Can Escape the Fiscal Pro-Cyclicality Trap and Others Cannot?" class="work-thumbnail" src="https://attachments.academia-assets.com/85862964/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993213/Why_Some_Countries_Can_Escape_the_Fiscal_Pro_Cyclicality_Trap_and_Others_Cannot">Why Some Countries Can Escape the Fiscal Pro-Cyclicality Trap and Others Cannot?</a></div><div class="wp-workCard_item"><span>Policy Research Working Papers</span><span>, 2019</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The Policy Research Working Paper Series disseminates the findings of work in progress to encoura...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">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. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993211"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993211/Determinantes_de_la_cuenta_corriente_en_Colombia"><img alt="Research paper thumbnail of Determinantes de la cuenta corriente en Colombia" class="work-thumbnail" src="https://attachments.academia-assets.com/85862967/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993211/Determinantes_de_la_cuenta_corriente_en_Colombia">Determinantes de la cuenta corriente en Colombia</a></div><div class="wp-workCard_item"><span>Ensayos sobre Política Económica</span><span>, 1996</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">El documento puede ser reproducido libremente para uso académico, siempre y cuando nadie obtenga ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">El documento puede ser reproducido libremente para uso académico, siempre y cuando nadie obtenga lucro por este concepto y además cada copia incluya la referencia bibliográfica de ESPE. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993204"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993204/How_efficient_is_public_spending_in_education"><img alt="Research paper thumbnail of How efficient is public spending in education?" class="work-thumbnail" src="https://attachments.academia-assets.com/85862961/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993204/How_efficient_is_public_spending_in_education">How efficient is public spending in education?</a></div><div class="wp-workCard_item"><span>Ensayos sobre Política Económica</span><span>, 2006</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Governments of developing countries typically spend between 15 and 30 percent of GDP. Hence, smal...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Governments of developing countries typically spend between 15 and 30 percent of GDP. Hence, small changes in the efficiency of public spending could have a major impact on GDP and on the attainment of the government's objectives. The first challenge that stakeholders face is measuring efficiency. This paper attempts such quantification and has two major parts. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993196"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993196/Why_Does_the_Productivity_of_Education_Vary_Across_Individuals_in_Egypt_Firm_Size_Gender_and_Access_to_Technology_as_Sources_of_Heterogeneity_in_Returns_to_Education"><img alt="Research paper thumbnail of Why Does the Productivity of Education Vary Across Individuals in Egypt? Firm Size, Gender, and Access to Technology as Sources of Heterogeneity in Returns to Education" class="work-thumbnail" src="https://attachments.academia-assets.com/85863479/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993196/Why_Does_the_Productivity_of_Education_Vary_Across_Individuals_in_Egypt_Firm_Size_Gender_and_Access_to_Technology_as_Sources_of_Heterogeneity_in_Returns_to_Education">Why Does the Productivity of Education Vary Across Individuals in Egypt? Firm Size, Gender, and Access to Technology as Sources of Heterogeneity in Returns to Education</a></div><div class="wp-workCard_item"><span>Policy Research Working Papers</span><span>, 2011</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The Policy Research Working Paper Series disseminates the findings of work in progress to encoura...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">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. Why does the productivity of education vary across individuals in Egypt? Firm size, gender, and access to technology as sources of heterogeneity in returns to education 1</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="f90f0ca579543c0a956102863347544d" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":85863479,"asset_id":78993196,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/85863479/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="78993196"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="78993196"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 78993196; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=78993196]").text(description); $(".js-view-count[data-work-id=78993196]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 78993196; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='78993196']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "f90f0ca579543c0a956102863347544d" } } $('.js-work-strip[data-work-id=78993196]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":78993196,"title":"Why Does the Productivity of Education Vary Across Individuals in Egypt? 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Or, Do Spreads Dance to the Same Rhythm? Signaling Regime Sustainability in Argentina, Brazil and Turkey" class="work-thumbnail" src="https://attachments.academia-assets.com/85862965/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993194/Tangos_Sambas_or_Belly_Dancing_Or_Do_Spreads_Dance_to_the_Same_Rhythm_Signaling_Regime_Sustainability_in_Argentina_Brazil_and_Turkey">Tangos, Sambas or Belly Dancing? Or, Do Spreads Dance to the Same Rhythm? Signaling Regime Sustainability in Argentina, Brazil and Turkey</a></div><div class="wp-workCard_item"><span>SSRN Electronic Journal</span><span>, 2008</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper examines the role of primary fiscal balances as a signaling device in a world in which...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">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.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="aa1c855c7237ed561ef2731d0e971954" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":85862965,"asset_id":78993194,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/85862965/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="78993194"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="78993194"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 78993194; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=78993194]").text(description); $(".js-view-count[data-work-id=78993194]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 78993194; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='78993194']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "aa1c855c7237ed561ef2731d0e971954" } } $('.js-work-strip[data-work-id=78993194]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":78993194,"title":"Tangos, Sambas or Belly Dancing? 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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.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="745df3f41f18249ecba240e5f2f4bf6b" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":85862952,"asset_id":78993193,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/85862952/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="78993193"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="78993193"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 78993193; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993191"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993191/Internal_Migration_in_Egypt_Levels_Determinants_Wages_and_Likelihood_of_Employment"><img alt="Research paper thumbnail of Internal Migration in Egypt: Levels, Determinants, Wages, and Likelihood of Employment" class="work-thumbnail" src="https://attachments.academia-assets.com/85862951/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993191/Internal_Migration_in_Egypt_Levels_Determinants_Wages_and_Likelihood_of_Employment">Internal Migration in Egypt: Levels, Determinants, Wages, and Likelihood of Employment</a></div><div class="wp-workCard_item"><span>Policy Research Working Papers</span><span>, 2012</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The Policy Research Working Paper Series disseminates the findings of work in progress to encoura...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">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. 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First, they use fewer 1999). In all cases the models correctly anticipated the variables to generate the signals. Then, after the variables speculative attacks. are aggregated, a signal is issued, depending on the Moreover, Mexico's models, estimated with behavior of the composite index. (Kaminsky's procedure information available two years before the 1994 crisis, was to generate signals with each variable and then show that these signaling devices would have been useful aggregate them.) for signaling the macroeconomic vulnerability before Their results are satisfactory both statistically and December 1994. operationally. This papera product of the Economic Policy Sector Unit, Latin America and the Caribbean Regionis part of a larger effort in the region to build tools that policymakers can use to prevent crises. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="91785229"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/91785229/Users_Guide_to_an_Early_Warning_System_for_Macroeconomic_Vulnerability_in_Latin_American_Countries"><img alt="Research paper thumbnail of User's Guide to an Early Warning System for Macroeconomic Vulnerability in Latin American Countries" class="work-thumbnail" src="https://attachments.academia-assets.com/94973677/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/91785229/Users_Guide_to_an_Early_Warning_System_for_Macroeconomic_Vulnerability_in_Latin_American_Countries">User's Guide to an Early Warning System for Macroeconomic Vulnerability in Latin American Countries</a></div><div class="wp-workCard_item"><span>Policy Research Working Papers</span><span>, 1999</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Herrera and Garcia develop an early warning system for Statistically, Type I and Type II errors a...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Herrera and Garcia develop an early warning system for Statistically, Type I and Type II errors are smaller than macroeconomic vulnerability for several Latin American those reported in previous papers. countries, drawing on the work of Kaminsky, Lizondo, Operationally, this system of leading indicators is less and Reinhart (1997) and Kaminsky (1988). costly to maintain, given fewer variableswhich are They build a composite leading indicator that signals widely available and reported with timeliness. macroeconomic vulnerability, showing that, historically, Herrera and Garcia tested the models' out-of-sample crises tend to happen in certain "vulnerable" situations. predictive ability on crises that occurred after the first Interested mainly in providing an operational tool, stage of their project was finished: Colombia (September Herrera and Garcia use a different approach to the 1998), Brazil (January 1999), and Ecuador (February problem than Kaminsky did. First, they use fewer 1999). In all cases the models correctly anticipated the variables to generate the signals. Then, after the variables speculative attacks. are aggregated, a signal is issued, depending on the Moreover, Mexico's models, estimated with behavior of the composite index. (Kaminsky's procedure information available two years before the 1994 crisis, was to generate signals with each variable and then show that these signaling devices would have been useful aggregate them.) for signaling the macroeconomic vulnerability before Their results are satisfactory both statistically and December 1994. operationally. This papera product of the Economic Policy Sector Unit, Latin America and the Caribbean Regionis part of a larger effort in the region to build tools that policymakers can use to prevent crises. Copies of the paper are available free from the World Bank,</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="a4d22513d0194373ad816d29cb2af9fb" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":94973677,"asset_id":91785229,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/94973677/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="91785229"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="91785229"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 91785229; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="91785217"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/91785217/La_demanda_de_dinero_en_el_corto_y_en_el_largo_plazo_en_Colombia"><img alt="Research paper thumbnail of La demanda de dinero en el corto y en el largo plazo en Colombia" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/91785217/La_demanda_de_dinero_en_el_corto_y_en_el_largo_plazo_en_Colombia">La demanda de dinero en el corto y en el largo plazo en Colombia</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">“Durante 1991 el crecimiento de los medios de pago registro la mayor variabilidad de los ultimos ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">“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.”</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="91785217"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="91785217"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 91785217; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=91785217]").text(description); $(".js-view-count[data-work-id=91785217]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 91785217; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='91785217']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=91785217]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":91785217,"title":"La demanda de dinero en el corto y en el largo plazo en Colombia","internal_url":"https://www.academia.edu/91785217/La_demanda_de_dinero_en_el_corto_y_en_el_largo_plazo_en_Colombia","owner_id":56019799,"coauthors_can_edit":true,"owner":{"id":56019799,"first_name":"Santiago","middle_initials":null,"last_name":"Herrera","page_name":"SantiagoHerrera47","domain_name":"independent","created_at":"2016-11-02T10:51:00.624-07:00","display_name":"Santiago Herrera","url":"https://independent.academia.edu/SantiagoHerrera47"},"attachments":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="87338499"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/87338499/What_Determines_the_Size_of_Public_Employment_An_Empirical_Investigation"><img alt="Research paper thumbnail of What Determines the Size of Public Employment? 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An Empirical Investigation</a></div><div class="wp-workCard_item"><span>Policy Research Working Papers</span><span>, 2019</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The Policy Research Working Paper Series disseminates the findings of work in progress to encoura...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">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.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="28178dd6f0b8f087da96d7c9dc1188b9" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":91575765,"asset_id":87338499,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/91575765/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="87338499"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="87338499"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 87338499; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=87338499]").text(description); $(".js-view-count[data-work-id=87338499]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 87338499; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='87338499']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "28178dd6f0b8f087da96d7c9dc1188b9" } } $('.js-work-strip[data-work-id=87338499]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":87338499,"title":"What Determines the Size of Public Employment? 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Por esta razón, es una economía ...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="02bc5babb1edf6c6ee4de6fcc0941a45" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":89335081,"asset_id":84244444,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/89335081/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="84244444"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="84244444"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 84244444; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993238"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993238/The_World_Bank_Development_Economics_Vice_Presidency"><img alt="Research paper thumbnail of The World Bank Development Economics Vice Presidency" class="work-thumbnail" src="https://attachments.academia-assets.com/85862979/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993238/The_World_Bank_Development_Economics_Vice_Presidency">The World Bank Development Economics Vice Presidency</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper uses a sample of 73 developing countries to estimate the change in the cost of allevia...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper uses a sample of 73 developing countries to estimate the change in the cost of alleviating urban poverty brought about by the recent increase in food prices. This cost is approximated by the change in the poverty deficit, that is, the variation in financial resources required to eliminate poverty under perfect targeting. The results show that, for most countries, the cost represents less than 0.1 percent of gross domestic product. However, in the most severely affected, it may exceed 3 percent. In all countries, the change in the poverty deficit is mostly due to the negative real income effect of those households that were poor before the price shock, while the cost attributable to new households falling into poverty is negligible. Thus, in countries where transfer mechanisms with effective targeting already exist, the most costeffective strategy would be to scale up such programs rather than designing tools to identify the new poor. This paper—a product of the Developmen...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="1bde5f3f85dc68fa1396e21bfa7d8a2c" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":85862979,"asset_id":78993238,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/85862979/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="78993238"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="78993238"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 78993238; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993228"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993228/Budget_Rigidity_in_Latin_America_and_the_Caribbean_Causes_Consequences_and_Policy_Implications"><img alt="Research paper thumbnail of Budget Rigidity in Latin America and the Caribbean: Causes, Consequences, and Policy Implications" class="work-thumbnail" src="https://attachments.academia-assets.com/85862092/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993228/Budget_Rigidity_in_Latin_America_and_the_Caribbean_Causes_Consequences_and_Policy_Implications">Budget Rigidity in Latin America and the Caribbean: Causes, Consequences, and Policy Implications</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Policy makers in Latin America and the Caribbean (LAC) often complain that poor fiscal performanc...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">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...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="ac8af7d06a4fde17b5deadf561f037f0" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":85862092,"asset_id":78993228,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/85862092/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="78993228"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="78993228"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 78993228; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993221"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993221/Jumpstarting_Post_War_Rural_Economies_A_Case_Study_in_Sierra_Leone"><img alt="Research paper thumbnail of Jumpstarting Post-War Rural Economies: A Case Study in Sierra Leone" class="work-thumbnail" src="https://attachments.academia-assets.com/85862090/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993221/Jumpstarting_Post_War_Rural_Economies_A_Case_Study_in_Sierra_Leone">Jumpstarting Post-War Rural Economies: A Case Study in Sierra Leone</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Historically, Sierra Leone has experienced major social, political, and economic disruptions that...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Historically, Sierra Leone has experienced major social, political, and economic disruptions that have heightened poverty levels and the lack of proper living conditions in the nation. The most severe of these disruptions was the 1991-2002 civil conflict that devastated the country and left thousands of victims behind. This case study, based on direct observation, first-hand accounts, and interviews with locals from the village of Kalangba, highlights some of the major challenges that the village faced under the rebel regime, while pointing out the infrastructural, agricultural, and economic legacies that prevailed during the reconstruction period. Additionally, the research suggests that the conflict was a major driver towards the current oversaturation of NGO’s in the country. The alarming conditions of Sierra Leone further suggest that the development models adopted by NGO’s after the civil war have proven unsuccessful, underscoring the importance of modifying the current develop...</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="7a72a5ab34e48b0dc9cd3d93e78bdeb3" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":85862090,"asset_id":78993221,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/85862090/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="78993221"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="78993221"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 78993221; 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dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "7a72a5ab34e48b0dc9cd3d93e78bdeb3" } } $('.js-work-strip[data-work-id=78993221]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":78993221,"title":"Jumpstarting Post-War Rural Economies: A Case Study in Sierra Leone","internal_url":"https://www.academia.edu/78993221/Jumpstarting_Post_War_Rural_Economies_A_Case_Study_in_Sierra_Leone","owner_id":56019799,"coauthors_can_edit":true,"owner":{"id":56019799,"first_name":"Santiago","middle_initials":null,"last_name":"Herrera","page_name":"SantiagoHerrera47","domain_name":"independent","created_at":"2016-11-02T10:51:00.624-07:00","display_name":"Santiago Herrera","url":"https://independent.academia.edu/SantiagoHerrera47"},"attachments":[{"id":85862090,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/85862090/thumbnails/1.jpg","file_name":"viewcontent.pdf","download_url":"https://www.academia.edu/attachments/85862090/download_file","bulk_download_file_name":"Jumpstarting_Post_War_Rural_Economies_A.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/85862090/viewcontent-libre.pdf?1652295742=\u0026response-content-disposition=attachment%3B+filename%3DJumpstarting_Post_War_Rural_Economies_A.pdf\u0026Expires=1739840632\u0026Signature=hJRl7Lvg1y3o~Bdua1i1Gbp0XN8QhKcLc1d7d9YonD-CxNFpdI-gHDHRwAIIedp7TtNYpMBl0abi~4HADSvTxXK6AUwvUj~vxIpVxS9TRLUlFnhmcC29aF8yJsb6~jJU3P0U3~zl7-ReNsgzl3xtne7JD1pyUD0W4~wnXGBZIwS0UO8Y8udkjZhDIojTfDCQCjZD05muwCEo4doHaC~IXFnTmS2BjiOqw4hs77JzzvkJh4zZzVzryzX7QPZB1zGXdN3WaxECnpBdZD6Y4bqNeXsFLO46wU5GshL1A9VFoy66KHShcs8IjSEtkESvsvJcjiXZz7uxM4qyQr1ADp847g__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993217"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993217/Efficiency_of_Public_Spending_in_Education_Health_and_Infrastructure_An_International_Benchmarking_Exercise"><img alt="Research paper thumbnail of Efficiency of Public Spending in Education, Health, and Infrastructure: An International Benchmarking Exercise" class="work-thumbnail" src="https://attachments.academia-assets.com/85862974/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993217/Efficiency_of_Public_Spending_in_Education_Health_and_Infrastructure_An_International_Benchmarking_Exercise">Efficiency of Public Spending in Education, Health, and Infrastructure: An International Benchmarking Exercise</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The Policy Research Working Paper Series disseminates the findings of work in progress to encoura...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">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.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="6de0ae34ecd34d6a612fbe208bf049af" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":85862974,"asset_id":78993217,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/85862974/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="78993217"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="78993217"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 78993217; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993213"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993213/Why_Some_Countries_Can_Escape_the_Fiscal_Pro_Cyclicality_Trap_and_Others_Cannot"><img alt="Research paper thumbnail of Why Some Countries Can Escape the Fiscal Pro-Cyclicality Trap and Others Cannot?" class="work-thumbnail" src="https://attachments.academia-assets.com/85862964/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993213/Why_Some_Countries_Can_Escape_the_Fiscal_Pro_Cyclicality_Trap_and_Others_Cannot">Why Some Countries Can Escape the Fiscal Pro-Cyclicality Trap and Others Cannot?</a></div><div class="wp-workCard_item"><span>Policy Research Working Papers</span><span>, 2019</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The Policy Research Working Paper Series disseminates the findings of work in progress to encoura...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993211"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993211/Determinantes_de_la_cuenta_corriente_en_Colombia"><img alt="Research paper thumbnail of Determinantes de la cuenta corriente en Colombia" class="work-thumbnail" src="https://attachments.academia-assets.com/85862967/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993211/Determinantes_de_la_cuenta_corriente_en_Colombia">Determinantes de la cuenta corriente en Colombia</a></div><div class="wp-workCard_item"><span>Ensayos sobre Política Económica</span><span>, 1996</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">El documento puede ser reproducido libremente para uso académico, siempre y cuando nadie obtenga ...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">El documento puede ser reproducido libremente para uso académico, siempre y cuando nadie obtenga lucro por este concepto y además cada copia incluya la referencia bibliográfica de ESPE. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993204"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993204/How_efficient_is_public_spending_in_education"><img alt="Research paper thumbnail of How efficient is public spending in education?" class="work-thumbnail" src="https://attachments.academia-assets.com/85862961/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993204/How_efficient_is_public_spending_in_education">How efficient is public spending in education?</a></div><div class="wp-workCard_item"><span>Ensayos sobre Política Económica</span><span>, 2006</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Governments of developing countries typically spend between 15 and 30 percent of GDP. Hence, smal...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">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).</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="7523b8d9d3391e22063906c3b7666849" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":85862961,"asset_id":78993204,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/85862961/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="78993204"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="78993204"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 78993204; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993202"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993202/Productivity_in_the_Non_Oil_Sector_in_Nigeria_Firm_Level_Evidence"><img alt="Research paper thumbnail of Productivity in the Non-Oil Sector in Nigeria: Firm-Level Evidence" class="work-thumbnail" src="https://attachments.academia-assets.com/85862955/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993202/Productivity_in_the_Non_Oil_Sector_in_Nigeria_Firm_Level_Evidence">Productivity in the Non-Oil Sector in Nigeria: Firm-Level Evidence</a></div><div class="wp-workCard_item"><span>Policy Research Working Papers</span><span>, 2017</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The Policy Research Working Paper Series disseminates the findings of work in progress to encoura...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="78993196"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/78993196/Why_Does_the_Productivity_of_Education_Vary_Across_Individuals_in_Egypt_Firm_Size_Gender_and_Access_to_Technology_as_Sources_of_Heterogeneity_in_Returns_to_Education"><img alt="Research paper thumbnail of Why Does the Productivity of Education Vary Across Individuals in Egypt? Firm Size, Gender, and Access to Technology as Sources of Heterogeneity in Returns to Education" class="work-thumbnail" src="https://attachments.academia-assets.com/85863479/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993196/Why_Does_the_Productivity_of_Education_Vary_Across_Individuals_in_Egypt_Firm_Size_Gender_and_Access_to_Technology_as_Sources_of_Heterogeneity_in_Returns_to_Education">Why Does the Productivity of Education Vary Across Individuals in Egypt? Firm Size, Gender, and Access to Technology as Sources of Heterogeneity in Returns to Education</a></div><div class="wp-workCard_item"><span>Policy Research Working Papers</span><span>, 2011</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The Policy Research Working Paper Series disseminates the findings of work in progress to encoura...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">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. Why does the productivity of education vary across individuals in Egypt? Firm size, gender, and access to technology as sources of heterogeneity in returns to education 1</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="f90f0ca579543c0a956102863347544d" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":85863479,"asset_id":78993196,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/85863479/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="78993196"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="78993196"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 78993196; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=78993196]").text(description); $(".js-view-count[data-work-id=78993196]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 78993196; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='78993196']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "f90f0ca579543c0a956102863347544d" } } $('.js-work-strip[data-work-id=78993196]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":78993196,"title":"Why Does the Productivity of Education Vary Across Individuals in Egypt? 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Or, Do Spreads Dance to the Same Rhythm? Signaling Regime Sustainability in Argentina, Brazil and Turkey" class="work-thumbnail" src="https://attachments.academia-assets.com/85862965/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/78993194/Tangos_Sambas_or_Belly_Dancing_Or_Do_Spreads_Dance_to_the_Same_Rhythm_Signaling_Regime_Sustainability_in_Argentina_Brazil_and_Turkey">Tangos, Sambas or Belly Dancing? Or, Do Spreads Dance to the Same Rhythm? Signaling Regime Sustainability in Argentina, Brazil and Turkey</a></div><div class="wp-workCard_item"><span>SSRN Electronic Journal</span><span>, 2008</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper examines the role of primary fiscal balances as a signaling device in a world in which...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">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.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="aa1c855c7237ed561ef2731d0e971954" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":85862965,"asset_id":78993194,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/85862965/download_file?s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="78993194"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="78993194"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 78993194; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=78993194]").text(description); $(".js-view-count[data-work-id=78993194]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 78993194; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='78993194']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-a9bf3a2bc8c89fa2a77156577594264ee8a0f214d74241bc0fcd3f69f8d107ac.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "aa1c855c7237ed561ef2731d0e971954" } } $('.js-work-strip[data-work-id=78993194]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":78993194,"title":"Tangos, Sambas or Belly Dancing? 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