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- Volume 2019, Issue 128, 2019
CEPAL Review - Volume 2019, Issue 128, 2019
Volume 2019, Issue 128, 2019
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Monetary regimes and labour institutions: An alternative interpretation of the downward trend in exchange-rate pass-through in peripheral countries
Authors: Martín Cherkasky and Martín AbelesIn recent years, several empirical studies have documented the decline in exchange-rate pass-through in peripheral countries. Conventional wisdom has interpreted this trend—verified in the last two decades—as the result of greater central bank credibility stemming from the implementation of formal inflation-targeting regimes. This paper offers an alternative interpretation, in line with the structuralist tradition, as it examines other instrumental transformations, concurrent with the establishment of inflationtargeting regimes, including ubiquitous labour market flexibilization. Empirical estimates for a set of peripheral countries for the period 1994–2016 show a marked correlation between the intensity of the exchange-rate pass-through and the weakening of labour market institutions.
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Models of the developmental state
Author: Luiz Carlos Bresser-PereiraThis paper seeks to understand the developmental state and its historical role in industrial revolutions and afterwards. First, the developmental state is defined as an alternative to the liberal state. Second, it is argued that industrial revolutions have always taken place within the framework of a developmental state. Third, four models of developmental states are defined according to the point in time at which the industrial revolution took place and the central or peripheral character of the country. Fourth, the paper describes how the state withdraws partially from the economy after the industrial revolution, but the developmental state continues to have a major role in directing industrial policy and in conducting an active macroeconomic policy.
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The development of venture capital in Latin America and the Caribbean: A comparative perspective
Authors: Ernesto H. Stein and Rodrigo A. WagnerVenture capital (VC) contributes to the financing of high-growth companies. In Latin America and the Caribbean, this capital is lower than in China and India as well as the developed economies. Nonetheless, between 2005 and 2011, regional VC investments grew by 30% per year. Venture capital investments in Latin America and the Caribbean tend to be larger, focus less on high-technology industries and are more likely to be funded from abroad than those in benchmark regions. Transactions in Latin America and the Caribbean are made by less experienced investors and in fewer rounds than in comparator countries. Venture capital growth has been quite procyclical. The evidence shows that VC investments are in the early stages of development, with apparently more money than high-technology ideas.
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The heterogeneity of effects of preschool education on cognitive outcomes in Latin America
Authors: Juan Antonio Dip and Luis Fernando GamboaThis study applies a propensity score matching model to quantify the significance of preschool education in short- and medium-term academic results in several Latin American countries, using data from the Third Regional Comparative and Explanatory Study (TERCE) conducted among third and sixth grade pupils. The results vary by country and grade, with standard deviations ranging between 0.05 and 0.3. Third-grade reading and mathematics scores show an effect greater than 0.10 standard deviations in at least 10 countries, while 7 countries show the same effect for the three tests conducted in sixth grade.
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Economic growth and financial development in Brazil: A flexible regression model approach
This paper examines the relationship between economic growth and financial development in Brazil. To this end, a data panel is constructed of all the Brazilian states for the period 1995–2014, with appropriate control variables and proxies for economic growth and financial development. The relationship is analysed for five different indicators of financial development, with a view to capturing its different aspects. Flexible regression modelling determines the direction of this relationship, characterizing it as linear or non-linear for each financial development indicator. It is concluded that the relationship between financial development and economic growth is positive and non-linear.
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The importance of terms of trade in the Colombian economy
Authors: Andrés Felipe Oviedo Gómez and Lya Paola Sierra SuárezCommodities represent the lion's share of Colombia's exports, and the terms of trade are directly determined by the prices of these commodities, making a detailed analysis of this variable's impacts on the country's economy essential. This paper examines the effects of terms-of-trade shocks on output, investment, consumption, the trade balance, the real exchange rate and inflation in Colombia. An extensive database comprising 129 variables of economic activity in 2001–2016 was used, along with a FAVAR model. The results suggest that terms-of-trade shocks have significant impacts on the Colombian economy, as they explain roughly 5% of the variation in the country's economic activity, 8% in investment, 6% in the trade balance and 1% in the real exchange rate.
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Short- and long-term ex post evaluation of community based environmental initiatives in Chile
Author: Cristian MardonesThis study contributes to the limited literature on environmental impact assessments by undertaking an ex post evaluation of a programme to improve the environment through various community-based initiatives that promote education and citizen participation in Chile. In line with the selection criteria for the projects and the nature of the data available, the instrumental variables method is used to determine this programme's effect on perceived problems associated with multiple environmental issues. The results reveal that, in the short term, only the perception of odour pollution improves, while, in the long term, the impact on that issue increases twofold and the perception of air pollution and pollution caused by stray dogs both improve by a similar magnitude.
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A multidimensional approach to the well-being of the population of the states of Mexico
Authors: Amilcar O. Fernández Domínguez and Denise Gómez HernándezThis article adapts a multidimensional index of the well-being of the population in the Mexican States, based on the recommendations of the Commission on the Measurement of Economic Performance and Social Progress (CMEPSP). This study's contributions can be summarized in three key points: (i) factor analysis of principal components is used, to allow for different weights of dimensions; (ii) consideration is given to inequality of material well-being within the population of each state, and; (iii) representative state data are considered for all dimensions. The results show that the dimensions of objective well-being have greater weights than the dimensions of subjective well-being, and that differences between weights of dimensions and indicators used are more important than their quantity or characteristics.
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Inherited and social factors explaining early skills inequality: The case of chilean children
Author: Ricardo RivasThis article sets out to analyse differences in cognitive and non-cognitive skills between Chilean children. It first examines factors explaining the level of these skills and then goes on to distinguish between children from poor and non-poor households. The data are taken from the first Early Childhood Longitudinal Survey, which was analysed using logistic binary regression. This study finds that variables associated with the mother's intelligence level and other socialization-related variables are statistically significant. However, separate statistical analysis for poor and non-poor households yields different effects of socialization. The main conclusion is that the mother's skills are a relevant explanatory factor in both poor and non-poor children's households. Nonetheless, unequal development of skills in early childhood is not due to inherited traits alone. Stimulation matters in poor households, while the mother's education matters in non-poor households.
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