This paper evaluates the growth perfomance of the Chilean economy in comparison to a wide sample of countries. The paper uses a determinants of growth approach to compare the growth performance of Chile before and after 1975. The post 1975 period is associated with the implementation of economic...

There are two sources of inconsistency in existing cross-country empirical work on growth: correlated individual effects and endogenous explanatory variables. We estimate a variety of cross-country growth regressions using a generalized method of moments estimator that eliminates both problems....

Relative price shocks with zero mean can affect measured inflation in the presence of non-convex adjustment costs, if core inflation is different from zero or the distribution of the shock is asymetric. In such cases, central tendency measures of the shock's distribution are a better measure of...

This paper studies a congestion effect operating in most search processes in which applicants are allowed to fill multiple applications. Increases in the number of one agent applicant decrease the probability faced by other searchers of a successful match, generating the congestion effect, The...

The convergence hypothesis sustains that two economics sharing the same steady-state value of per-capita income, but with different initial conditions, will tend to close the existing gap between them. In this paper I apply this concept to the case of Puerto Rico. I show that Puerto Rico is not...

The exchange rate can be seen as the price that equalizes the present value of expected future exports to the present value of expected future imports and debt payments. In that context, foreign exchange must behave as an asset price. In this paper we dev

What determines the composition of companies' boards in the context of high ownership concentration? Are independent directors important as an internal governance mechanism in companies with high ownership concentration? Do markets favor companies whose controlling shareholders use voting rights...

'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level--the first such data in the region--and results from a homogeneous corporate governance questionnaire, the book examines...

We analyze whether changes in external macroeconomic conditions are associated with changes in the dynamics of risk and changes in the degree of informativeness of the price system for the Chilean economy. By focusing our analysis in Chile, we hope to isolate the effect of external macroeconomic...