This paper presents several "ex ante" simulation exercises of the 2014 FIFA World Cup. Specifically, we estimate the probabilities of each national team advancing to different stages, using a basic Bayesian approach based on conjugate families. In particular, we use the Categorical-Dirichlet...

This paper reviews the empirical literature on corporate governance and firm performance and finds that it has yielded mixed results. The paper argues that a primary reason for this situation is that the relevant theories have not been applied to the class of phenomena they were designed to...

Is corruption capable of spreading across national borders? This paper uses panel data for 120 countries from 1995 to 2012 to evaluate whether the corruption levels ofneighboring countries, as weighted by the relative joint border length, affects domestic corruption. Including country fixed...

Practitioners of development accounting assume that the private return on schooling equals its social marginal product. I show that this assumption is inconsistent with the mathematical structure of a multiplicative production function, which specifies that the private return is only a fraction...

Las reservas internacionales han sido empleadas como una fuente de protección contra la vulnerabilidad de la balanza de pagos, o alternativamente, para intentar mantener un tipo de cambio real competitivo y promover las exportaciones. En este trabajo se analiza la correlación existente entre...

In 1960 Theodore Schultz expounded a human capital theory of economic growth that includes three elements: 1) Countries without much human capital cannot manage physical capital effectively, 2) Economic growth can only proceed if physical capital and human capital rise together, and 3) Human...

En este artículo se analiza el impacto que sobre los delitos en una unidad espacial y en sus vecinos ejerce un incremento en los ingresos permanentes. Diferentes especificaciones de modelos de panel espacial permiten recoger los efectos de la distribución espacial y del ingreso sobre la...

This paper analyzes the determinants of R&D offshoring of Spanish firms using information from the Panel of Technological Innovation. We find that being an exporter, continuous R&D engagement, applying for patents, being a subsidiary, and firm size are factors that positively affect the decision...

La Hipótesis de Expectativas Racionales fue desarrollada en principio, como una herramienta teórica cuyo objetivo era explicar el comportamiento de los agentes en un escenario dado. En particular, procuraba describir cómo el resultado de un fenómeno económico depende en cierto grado de lo...

Resumen: The theme of this essay is one of the most important addressed by economists, at least since Adam Smith, and one that will always attract attention. And in our case, that of economists who have witnessed a country and a time whose rates of increase in GDP per capita have gone in about...