This paper surveys the evolution and implications of fiscal decentralization in Colombia in recent decades. After describing the fiscal decentralization process and its impact on sub-national finances, the paper presents the evolution of departmental public finances, departmental vertical...

This paper proposes an agenda for the study of the determinants and the processes by which strong policymaking institutions emerge, with emphasis on the most central democratic institution: the legislature. It reviews extant theories of institutionalization, and proposes further ways of...

This paper makes three contributions to the existing literature. First, it provides descriptive evidence on gender differentials by education level in the US labor market over the last twenty years. Second, it uses the structural estimation of a search model of the labor market to identify and...

This paper explores whether the level of financial integration of banks in a country increases the incidence of systemic banking crises. The paper uses a de facto proxy for financial integration based on network statistics of banks participating in the global market of interbank syndicated...

This paper studies whether policymakers should wait to intervene until a financial crisis strikes or rather act in a preemptive manner. This question is examined in a relatively simple dynamic stochastic general equilibrium model in which crises are endogenous events induced by the presence of...