Contributory pension system coverage has been low. High mobility between formal and the informal sector results in low contribution density which does not guarantee a minimum pension. The state has created cash transfer programs, which can disincentive formality. This paper proposes a...

Este artículo examina algunas de las hipótesis sobre las estrategias de deuda que a priori parece haber seguido el gobierno mexicano, partiendo de un examen de la evolución y composición de la misma. Un aspecto interesante de este examen es que el nivel de la deuda total con respecto al PIB...

We suggest that the symmetry of stock price reactions observed to the issuance and subsequent redemption of convertible bonds can be partially explained by agency effects. Using a hand collected dataset we test whether the heterogeneity in cumulative abnormal returns at these two corporate event...

Clawback provisions allow the issuer to partially redeem a bond issue often within three years of issuance using proceeds only from new equity issues. Empirical evidence indicates the clawback provision is rarely exercised. This poses an interesting dilemma as clawback provisions are an...

We construct a new measure of firm-level “cash flow sensitivity of cash” using a correlated random effects estimation model. This measure is able to incorporate unobservable, time-invariant firm characteristics in the analysis of firm’s cash flows, in addition to the traditional...

We propose a clawback-type security (COCLA) as an alternative source of contingent capital for banks. We develop a equilibrium model that contains several distinctive features not found in the existing literature. A bank owner/manager maximizes her expected utility by choosing the bank’s loans...

There is still considerable controversy about the interest rate responsiveness of private saving in developing countries. This paper provides recent evidence based on individual country estimations for a sample of 16 countries. The model used here follows the 'uler equation approach' and...

This work analyzes the incidence of mathematical abilities in financial literacy for Mexicans between 15 and 18 years old attending school in Mexico City and the State of Mexico. Our results confirm that the levels of financial literacy are low. Considering the “L&M Focus”, only 6.6% of the...