This paper develops a structural model of infrastructure and output growth that specifies the ways in which country characteristics and policies enter the infrastructure-GDP interactions and lead to heterogeneity of steady states and convergence rates across countries and over time. We show that...

This paper develops a structural model of infrastructure and output growth that specifies the ways in which country characteristics and policies enter the infrastructure-GDP interactions and lead to heterogeneity of steady states and convergence rates across countries and over time. We show that...

This paper evaluates the effects of financial globalization on growth and macroeconomic volatility, from 1984 to 2003, for a sample of 43 countries. Particular attention is given to those effects on the member countries of the Latin American Reserve Fund (FLAR): Bolivia, Colombia, Costa Rica,...

This paper proposes a methodology to estimate externalities in human capital as a response to the evidence of a worldwide divergent development. We estimate supply and demand for human capital in a five-year panel for 60 countries in the period 1980-2000, and found that there are positive...

This paper evaluates the effects of capital account controls adopted in the past years by the FLAR’s member countries (Bolivia, Colombia, Costa Rica, Ecuador, Perú and Venezuela) on the efficiency of the banking sector, the economic growth and the volatility of output, consumption, and...