During the last five decades, the Uruguayan economy has shown evidence of decline, particularly in terms of GDP per capita at PPP, relative to knowledge-based economy countries. This paper examines - in an attempt to try to contribute to a better understanding of this phenomenon -, three main...

Hofstede (1980)'s cross-country psychological survey of IBM employees finds that some countries (societies) are systematically less tolerant of uncertainty, while uncertainty-tolerance is shown by some theoretic models to be essential to the growth of emerging sectors about which less is known....

This paper will create a dynamic economic model where the objective for the government is to maximize economic growth with respect to the available capital in the economy. The amount of capital in the economy is determined by the capitalists in the model which represent the micro foundation in...

This paper uses a dataset on private-sector risk aversion as well as expectations of long-run growth and debt to explain trends in implied forward rates on government bonds in the G-7 countries. The results show, consistent with the literature, that a one-percent rise in the long-run projected...