This paper shows that providing undocumented immigrants with an immigration pardon, or amnesty, increases their economic activity in the form of higher entrepreneurship. Using administrative census data linked to the complete formal business registry, we study a 2018 policy shift in Colombia...

In a paper titled “Economic sanctions as collective punishment: The case of Venezuela” (Weisbrot and Sachs, 2019), the authors—henceforth referred to as WS—set out to assess the causal effects of the financial sanctions imposed by the United States on Venezuela in August 2017. The...

This paper documents negative cumulative abnormal returns (CARs) to five exchange rate devaluations in Venezuela within the context of stiff exchange controls and large black-market premiums, using daily stock prices for 110 multinational corporations with Venezuelan subsidiaries. The results...

This paper shows that providing undocumented immigrants with an immigration pardon, or amnesty, increases their economic activity in the form of higher entrepreneurship. Using administrative census data linked to the complete formal business registry, we study a 2018 policy shift in Colombia...

This paper analyzes the entire business registry of Colombia during 2015 to 2022, a period when Colombia received two million Venezuelan immigrants and refugees. We present two main findings. First, firms owned by foreigners, most of them Venezuelans, tend to be 10 to 20 percent more capitalized...