The Ford Foundation’s initial effort to assist in the development of the social sciences in Brazil coincided with the early years of the military regime that ruled the country between 1964 and 1985. Given the Foundation’s expressed goal of fostering research that was of potential relevance for public policy, the Brazilian political context posed a difficult dilemma. The issue came to the forefront amid discussions over a proposal for the creation of a Master’s Program in Economics at the University of Brasilia (UnB). Although UnB’s modern institutional structure was ideally suited for the Foundation’s purposes, the university had been subject to repeated military interventions in late 1960’s. Moreover, its geographical closeness to the seat of Brazilian political power arose concerns that it could become an instrument in the hands of the military government. Using evidence from the Ford Foundation archives, the paper attempts to illuminate the institutional context surrounding the development of academic economics in Brazil in the late 1960s and early 1970s, in its relations to the deeper social and political currents in effect at the time.
{"title":"Funding Policy Research Under 'Distasteful Regimes': The Ford Foundation and the Social Sciences at the University of Brasília","authors":"Carlos Eduardo Suprinyak, Ramon Garcia Fernandez","doi":"10.2139/ssrn.2690826","DOIUrl":"https://doi.org/10.2139/ssrn.2690826","url":null,"abstract":"The Ford Foundation’s initial effort to assist in the development of the social sciences in Brazil coincided with the early years of the military regime that ruled the country between 1964 and 1985. Given the Foundation’s expressed goal of fostering research that was of potential relevance for public policy, the Brazilian political context posed a difficult dilemma. The issue came to the forefront amid discussions over a proposal for the creation of a Master’s Program in Economics at the University of Brasilia (UnB). Although UnB’s modern institutional structure was ideally suited for the Foundation’s purposes, the university had been subject to repeated military interventions in late 1960’s. Moreover, its geographical closeness to the seat of Brazilian political power arose concerns that it could become an instrument in the hands of the military government. Using evidence from the Ford Foundation archives, the paper attempts to illuminate the institutional context surrounding the development of academic economics in Brazil in the late 1960s and early 1970s, in its relations to the deeper social and political currents in effect at the time.","PeriodicalId":18190,"journal":{"name":"Latin American Economics eJournal","volume":"193 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74192827","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates the shifts in Latin American banks’ funding patterns in the postglobal financial crisis period. To this end we introduce a new measure of exposure of local banking systems to international debt markets that we term: International Debt Issuances by Locally Supervised Institutions. In contrast to well-known BIS measures, our new metric includes all entities that fall under the supervisory purview of the local authority. This is especially important in Latin America, where the participation of foreign banks that are established as independent, fully-capitalized entities is most substantial. Using this metric we found that all types of Latin American banking groups increased significantly and sharply their issuance of external debt securities. Owing to the low ratios of banks’ external debt to total liabilities in the pre-crisis period, solid solvency ratios and improved supervisory capacity, the recent increase in banks’ external indebtedness has not resulted in financial difficulties and banking systems remain strong. However, a preliminary analysis of risks based on this new trend reveals the emergence of several signs of increased vulnerability. First, in some banking groups (particularly in Brazilian banks, domestic and foreign alike) the increased issuance of external debt has been accompanied by a greater reliance on wholesale funding. In contrast, reliance on wholesale funding by Colombian banks has remained low and stable. Second, rollover risks have significantly increased for Latin American banking groups. Maturing debt, which increased significantly in 2013-14, will continue at high levels in 2015-16 in the context of major uncertainties in international capital markets. This risk is especially noticeable in Brazil and Chile, whose ratios of maturing debt to total debt are high. Third, in spite of a sizeable accumulation of international reserves, the large increase in banks’ external debt might have contributed to reducing the resilience of central banks to deal with a severe adverse shock.
{"title":"Changes in Funding Patterns by Latin American Banking Systems: How Large? How Risky?","authors":"L. Rojas-Suárez, José María Serena","doi":"10.2139/ssrn.2636145","DOIUrl":"https://doi.org/10.2139/ssrn.2636145","url":null,"abstract":"This paper investigates the shifts in Latin American banks’ funding patterns in the postglobal financial crisis period. To this end we introduce a new measure of exposure of local banking systems to international debt markets that we term: International Debt Issuances by Locally Supervised Institutions. In contrast to well-known BIS measures, our new metric includes all entities that fall under the supervisory purview of the local authority. This is especially important in Latin America, where the participation of foreign banks that are established as independent, fully-capitalized entities is most substantial. Using this metric we found that all types of Latin American banking groups increased significantly and sharply their issuance of external debt securities. Owing to the low ratios of banks’ external debt to total liabilities in the pre-crisis period, solid solvency ratios and improved supervisory capacity, the recent increase in banks’ external indebtedness has not resulted in financial difficulties and banking systems remain strong. However, a preliminary analysis of risks based on this new trend reveals the emergence of several signs of increased vulnerability. First, in some banking groups (particularly in Brazilian banks, domestic and foreign alike) the increased issuance of external debt has been accompanied by a greater reliance on wholesale funding. In contrast, reliance on wholesale funding by Colombian banks has remained low and stable. Second, rollover risks have significantly increased for Latin American banking groups. Maturing debt, which increased significantly in 2013-14, will continue at high levels in 2015-16 in the context of major uncertainties in international capital markets. This risk is especially noticeable in Brazil and Chile, whose ratios of maturing debt to total debt are high. Third, in spite of a sizeable accumulation of international reserves, the large increase in banks’ external debt might have contributed to reducing the resilience of central banks to deal with a severe adverse shock.","PeriodicalId":18190,"journal":{"name":"Latin American Economics eJournal","volume":"47 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79647943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
I outline the development of economic and political thought in Mexico, with an emphasis on the fortunes of liberalism. Since its independence in 1821 Mexico struggled to establish background conditions — a national identity, a stable polity, a broad cultural allegiance to liberal principles, and a corresponding sense of law — that are conducive to a liberal market order. Some of the thinkers treated here emphasize the basic liberal formulas and formulations, such as individual liberty or mutual gains from voluntary exchange. Others favored statist policies to realize the background conditions and thereby arrive at a state in which liberalism can be more meaningfully advanced. I discuss the leading figures in 19th century Mexican economic and political thought, and focus in the 20th century on issues of the economics profession, reforms of the 1980s and 1990s, and disputes about ‘neoliberalism.’ Finally, I list individuals and organizations in Mexico who represent current aspiration for a more classical-liberal state.
{"title":"Liberalism in Mexican Economic Thought, Past and Present","authors":"Pavel Kuchar","doi":"10.2139/ssrn.2626080","DOIUrl":"https://doi.org/10.2139/ssrn.2626080","url":null,"abstract":"I outline the development of economic and political thought in Mexico, with an emphasis on the fortunes of liberalism. Since its independence in 1821 Mexico struggled to establish background conditions — a national identity, a stable polity, a broad cultural allegiance to liberal principles, and a corresponding sense of law — that are conducive to a liberal market order. Some of the thinkers treated here emphasize the basic liberal formulas and formulations, such as individual liberty or mutual gains from voluntary exchange. Others favored statist policies to realize the background conditions and thereby arrive at a state in which liberalism can be more meaningfully advanced. I discuss the leading figures in 19th century Mexican economic and political thought, and focus in the 20th century on issues of the economics profession, reforms of the 1980s and 1990s, and disputes about ‘neoliberalism.’ Finally, I list individuals and organizations in Mexico who represent current aspiration for a more classical-liberal state.","PeriodicalId":18190,"journal":{"name":"Latin American Economics eJournal","volume":"138 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75951288","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
If the idea of an integrated Latin America goes back to the early post-colonial days, the story of political and economic integration in Latin America is relatively quickly told. The attempts have been numerous, but in terms of policy outcomes and deep integration for the benefit of a regional public good, regionalism in Latin America has not lived up to the stated aims of its governments. The present paper takes a first step to examine the practice of referring to Latin America in the political discourse, a phenomenon that we term declaratory regionalism to denote its independence from substantial forms of regionalism. We analyse the use of declarationism in presidential speeches delivered on an annual basis to the UN General Assembly in two steps. First, we discuss a series of descriptive illustrations in light of existing scholarship on Latin American international relations. Subsequently, several hypotheses for why governments keep referring to the region while not necessarily privileging it in their foreign policy strategies are put to a test. While not offering a conclusive explanation, the results point to leftist ideology as a crucial factor in explaining the persistence of discursive regionalism at the UN General Assembly. The paper posits that future research is likely to benefit from conceiving Latin Americanism as a characteristic of leftist ideology.
{"title":"Latin American Declaratory Regionalism: An Analysis of Presidential Discourse (1994-2014)","authors":"Nicole Jenne, Luis L. Schenoni","doi":"10.2139/ssrn.2631071","DOIUrl":"https://doi.org/10.2139/ssrn.2631071","url":null,"abstract":"If the idea of an integrated Latin America goes back to the early post-colonial days, the story of political and economic integration in Latin America is relatively quickly told. The attempts have been numerous, but in terms of policy outcomes and deep integration for the benefit of a regional public good, regionalism in Latin America has not lived up to the stated aims of its governments. The present paper takes a first step to examine the practice of referring to Latin America in the political discourse, a phenomenon that we term declaratory regionalism to denote its independence from substantial forms of regionalism. We analyse the use of declarationism in presidential speeches delivered on an annual basis to the UN General Assembly in two steps. First, we discuss a series of descriptive illustrations in light of existing scholarship on Latin American international relations. Subsequently, several hypotheses for why governments keep referring to the region while not necessarily privileging it in their foreign policy strategies are put to a test. While not offering a conclusive explanation, the results point to leftist ideology as a crucial factor in explaining the persistence of discursive regionalism at the UN General Assembly. The paper posits that future research is likely to benefit from conceiving Latin Americanism as a characteristic of leftist ideology.","PeriodicalId":18190,"journal":{"name":"Latin American Economics eJournal","volume":"47 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80567245","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Promotion of pro-social behavior in social dilemmas has been subject to an increased interest among social scientists and policy makers due to the relevance of Common Pool Resources (CPR) in long-run human well-being. Although economists know a lot about the effect of incentives on pro-social behavior, we understand very little about how to promote pro-social behavior efficiently. For example, we accept that monetary incentives sometimes are less effective than would be predicted for entirely self-regarding individuals but we are unable to identify the mechanisms by which these crowding effects may occur.This study examines a unique experimental data set of a CPR game with 1095 individuals (79% are CPR users that are closely related to a real resource). Our purpose is twofold. On one hand, it goes ahead on the experimental analysis by accounting for unobserved heterogeneity of individuals' social preferences and group composition of types within each group. On the other hand, it explores the role of heterogeneity of pro-social preferences on achieving the most efficient economic incentive.First, we drop the assumption that all individuals are all self-regarding and develop several models of pure Nash strategies for our CPR game when individuals are motivated by a combination of self interest and preferences for altruism, reciprocity or inequity aversion. Second, we estimate individual heterogeneity by using a random coefficients model approach and classify individual social preferences (according to their behavior in the baseline phase) by assigning a type to every participant. Third, we compare the role of heterogeneity of preferences in social efficiency across incentives and confirm the existence of different effects of incentives on each type; the subsidy is found to be the most socially efficient incentive. Finally, we obtain exogenous determinants of individual type such as level of education, perceptions on the CPR, perceived interest in cooperation among the community, whether the participant does volunteer work and whether the CPR is the household main economic activity of the household; we also obtain endogenous determinants such as the composition of types in the group and their demographic characteristics.
{"title":"Pro-Social Behavior, Heterogeneity and Incentives: Experimental Evidence from the Local Commons in Colombia","authors":"Sandra Polanía-Reyes","doi":"10.2139/ssrn.2634253","DOIUrl":"https://doi.org/10.2139/ssrn.2634253","url":null,"abstract":"Promotion of pro-social behavior in social dilemmas has been subject to an increased interest among social scientists and policy makers due to the relevance of Common Pool Resources (CPR) in long-run human well-being. Although economists know a lot about the effect of incentives on pro-social behavior, we understand very little about how to promote pro-social behavior efficiently. For example, we accept that monetary incentives sometimes are less effective than would be predicted for entirely self-regarding individuals but we are unable to identify the mechanisms by which these crowding effects may occur.This study examines a unique experimental data set of a CPR game with 1095 individuals (79% are CPR users that are closely related to a real resource). Our purpose is twofold. On one hand, it goes ahead on the experimental analysis by accounting for unobserved heterogeneity of individuals' social preferences and group composition of types within each group. On the other hand, it explores the role of heterogeneity of pro-social preferences on achieving the most efficient economic incentive.First, we drop the assumption that all individuals are all self-regarding and develop several models of pure Nash strategies for our CPR game when individuals are motivated by a combination of self interest and preferences for altruism, reciprocity or inequity aversion. Second, we estimate individual heterogeneity by using a random coefficients model approach and classify individual social preferences (according to their behavior in the baseline phase) by assigning a type to every participant. Third, we compare the role of heterogeneity of preferences in social efficiency across incentives and confirm the existence of different effects of incentives on each type; the subsidy is found to be the most socially efficient incentive. Finally, we obtain exogenous determinants of individual type such as level of education, perceptions on the CPR, perceived interest in cooperation among the community, whether the participant does volunteer work and whether the CPR is the household main economic activity of the household; we also obtain endogenous determinants such as the composition of types in the group and their demographic characteristics.","PeriodicalId":18190,"journal":{"name":"Latin American Economics eJournal","volume":"110 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86786546","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Brazilian citrus industry produced about $ 6.5 billion of GDP and accounted for 230,000 jobs in the country in the 2008/09 crop. However, the production sector has been threatened by a disease first detected in the country in 2004, huangloging (HLB or greening), which has no cure or treatment-resistant variety of citrus, and being the removal of diseased plants the most effective method of control. Thus, this study sought to show the economic impact that could be achieved by improving the detection and subsequent elimination of plants with HLB. To this was considered disease progression in a scenario with the current detection system (27% detection of diseased plants) against a backdrop of improving this system (80% detection of infected plants) and found that this disease can be significantly reduced and controlled in this second scenario. If this improvement in the detection of diseased plants occurs, Brazilian economy could reduce annual losses, compared to current detection system, in the order of R$ 14 billion, R$ 5.8 billion and R$ 2.3 billion, respectively, on the value of output, GDP and remuneration, and addition of about 270 000 jobs in the country.
{"title":"Economic Impacts From Early Detection System and Elimination with Citrus Huanglonging (Impactos Econômicos Do Sistema de Detecção e Eliminação Precoce de Citros Com Huanglonging)","authors":"Cinthia Cabral da Costa, J. Guilhoto","doi":"10.25070/REA.V9I3.190","DOIUrl":"https://doi.org/10.25070/REA.V9I3.190","url":null,"abstract":"The Brazilian citrus industry produced about $ 6.5 billion of GDP and accounted for 230,000 jobs in the country in the 2008/09 crop. However, the production sector has been threatened by a disease first detected in the country in 2004, huangloging (HLB or greening), which has no cure or treatment-resistant variety of citrus, and being the removal of diseased plants the most effective method of control. Thus, this study sought to show the economic impact that could be achieved by improving the detection and subsequent elimination of plants with HLB. To this was considered disease progression in a scenario with the current detection system (27% detection of diseased plants) against a backdrop of improving this system (80% detection of infected plants) and found that this disease can be significantly reduced and controlled in this second scenario. If this improvement in the detection of diseased plants occurs, Brazilian economy could reduce annual losses, compared to current detection system, in the order of R$ 14 billion, R$ 5.8 billion and R$ 2.3 billion, respectively, on the value of output, GDP and remuneration, and addition of about 270 000 jobs in the country.","PeriodicalId":18190,"journal":{"name":"Latin American Economics eJournal","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78682596","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In 2011 the Government of El Salvador implemented a reform to the gas subsidy that increased the welfare of households in all but the top two deciles of the income distribution. However, the reform turned out to be rather unpopular, especially among winners. This paper relies on ad hoc household surveys conducted before the implementation and in the following two and a half years to test which factors help explain the puzzle. The analysis uses probit and logit models to show that misinformation (a negativity bias by which people with limited information inferred negative consequences), mistrust of the government’s ability to implement the policy, and political priors explain most of the (un)satisfaction before implementation. Perceptions improved gradually—and significantly so—over time when the subsidy reception induced households to update their initial priors, although political biases remained significant throughout the entire period. The results suggest several implications with respect to policy reforms in cases where agents have limited information.
{"title":"When Winners Feel Like Losers: Evidence from an Energy Subsidy Reform","authors":"Oscar Calvo�?González, Bárbara Cunha, R. Trezzi","doi":"10.1093/WBER/LHV058","DOIUrl":"https://doi.org/10.1093/WBER/LHV058","url":null,"abstract":"In 2011 the Government of El Salvador implemented a reform to the gas subsidy that increased the welfare of households in all but the top two deciles of the income distribution. However, the reform turned out to be rather unpopular, especially among winners. This paper relies on ad hoc household surveys conducted before the implementation and in the following two and a half years to test which factors help explain the puzzle. The analysis uses probit and logit models to show that misinformation (a negativity bias by which people with limited information inferred negative consequences), mistrust of the government’s ability to implement the policy, and political priors explain most of the (un)satisfaction before implementation. Perceptions improved gradually—and significantly so—over time when the subsidy reception induced households to update their initial priors, although political biases remained significant throughout the entire period. The results suggest several implications with respect to policy reforms in cases where agents have limited information.","PeriodicalId":18190,"journal":{"name":"Latin American Economics eJournal","volume":"93 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80452088","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper investigates whether employers use university prestige as a signal of workers’ unobservable productivity. Our test is based on employer learning-statistical discrimination models, which suggest that if employers use university reputation to predict a worker’s unobservable quality, then college prestige should become less important for earnings as a worker gains labor market experience. In this framework, we use a regression discontinuity design to estimate a 13% wage premium for college graduates in their first year of the labor market who were barely accepted by one of the two most prestigious universities in Chile compared with those barely rejected by these two schools. However, we find that this premium decreases to 4% for workers with 6 or more years of labor market experience. This result suggests that college prestige becomes less important for employers as workers reveal their quality throughout their careers.
{"title":"Employer Learning, Statistical Discrimination and University Prestige","authors":"P. Bordón, Breno Braga","doi":"10.2139/ssrn.2966167","DOIUrl":"https://doi.org/10.2139/ssrn.2966167","url":null,"abstract":"Abstract This paper investigates whether employers use university prestige as a signal of workers’ unobservable productivity. Our test is based on employer learning-statistical discrimination models, which suggest that if employers use university reputation to predict a worker’s unobservable quality, then college prestige should become less important for earnings as a worker gains labor market experience. In this framework, we use a regression discontinuity design to estimate a 13% wage premium for college graduates in their first year of the labor market who were barely accepted by one of the two most prestigious universities in Chile compared with those barely rejected by these two schools. However, we find that this premium decreases to 4% for workers with 6 or more years of labor market experience. This result suggests that college prestige becomes less important for employers as workers reveal their quality throughout their careers.","PeriodicalId":18190,"journal":{"name":"Latin American Economics eJournal","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82872907","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Edmundo Lizarzaburu, Kurt Burneo, Hamilton Herbert Galindo, Luis Berggrun
This study aims to determine the impact of the Latin American Integrated Market (MILA) start-up in the main indicators of the stock markets of the countries that conform it (Chile, Colombia, and Peru). At the end, several indicators were reviewed to measure the impact on profitability, risk, correlation, and trading volume between markets, using indicators such as: annual profitability, standard deviation, correlation coefficient, and trading volume. The sample period runs from November 2008 to August 2013; and involves the three stock markets associated with MILA: Bolsa de Comercio de Santiago (BCS), Bolsa de Valores de Colombia (BVC) y Bolsa de Valores de Lima (BVL). An additional evaluation for further research would consist of the calculation of relevant indicators to corroborate the validity of the effects found in this investigation corresponding to the integration of the stock exchanges of Lima, Santiago and Bogota, after the integration of the Mexican stock exchange that occurred in 2014.
{"title":"Emerging Markets Integration in Latin America (MILA) Stock Market Indicators: Chile, Colombia, and Peru","authors":"Edmundo Lizarzaburu, Kurt Burneo, Hamilton Herbert Galindo, Luis Berggrun","doi":"10.2139/ssrn.2714430","DOIUrl":"https://doi.org/10.2139/ssrn.2714430","url":null,"abstract":"This study aims to determine the impact of the Latin American Integrated Market (MILA) start-up in the main indicators of the stock markets of the countries that conform it (Chile, Colombia, and Peru). At the end, several indicators were reviewed to measure the impact on profitability, risk, correlation, and trading volume between markets, using indicators such as: annual profitability, standard deviation, correlation coefficient, and trading volume. The sample period runs from November 2008 to August 2013; and involves the three stock markets associated with MILA: Bolsa de Comercio de Santiago (BCS), Bolsa de Valores de Colombia (BVC) y Bolsa de Valores de Lima (BVL). An additional evaluation for further research would consist of the calculation of relevant indicators to corroborate the validity of the effects found in this investigation corresponding to the integration of the stock exchanges of Lima, Santiago and Bogota, after the integration of the Mexican stock exchange that occurred in 2014.","PeriodicalId":18190,"journal":{"name":"Latin American Economics eJournal","volume":"50 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79256480","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Atsushi Iimi, E. Lancelot, Isabela Manelici, Satoshi Ogita
The aim of this paper is to provide feedback on the question of socioeconomic benefits from rural road development and the impact of transport infrastructure on the poor, particularly the poorest and the bottom 20 percent of the population. This paper relies on impact evaluation methodologies, which are traditionally used in social sectors but less so in the transport sector. The study, including first surveys, was launched in 2003 under the Tocantins Sustainable Regional Development Project. The paper highlights the context that led to the project’s design, which included an impact evaluation of the works envisaged under the project. The paper also highlights some of the main challenges faced by this impact evaluation and how these challenges were addressed for the present study. It then provides details about the data collected during the surveys and the key relevant characteristics of the population targeted by the surveys. It discusses the possible estimation methods envisioned to undertake the study and provides the main results of the assessment based on these methods. The analysis shows that improved rural roads changed people’s transport modal choice. People used more public buses and individual motorized vehicles after the rural road improvements. The paper also finds that the project increased school attendance, particularly for girls. Although the evidence is relatively weak in statistical terms, it indicates that the project contributed to increasing agricultural jobs and household income in certain regions.
{"title":"Social and Economic Impacts of Rural Road Improvements in the State of Tocantins, Brazil","authors":"Atsushi Iimi, E. Lancelot, Isabela Manelici, Satoshi Ogita","doi":"10.1596/1813-9450-7249","DOIUrl":"https://doi.org/10.1596/1813-9450-7249","url":null,"abstract":"The aim of this paper is to provide feedback on the question of socioeconomic benefits from rural road development and the impact of transport infrastructure on the poor, particularly the poorest and the bottom 20 percent of the population. This paper relies on impact evaluation methodologies, which are traditionally used in social sectors but less so in the transport sector. The study, including first surveys, was launched in 2003 under the Tocantins Sustainable Regional Development Project. The paper highlights the context that led to the project’s design, which included an impact evaluation of the works envisaged under the project. The paper also highlights some of the main challenges faced by this impact evaluation and how these challenges were addressed for the present study. It then provides details about the data collected during the surveys and the key relevant characteristics of the population targeted by the surveys. It discusses the possible estimation methods envisioned to undertake the study and provides the main results of the assessment based on these methods. The analysis shows that improved rural roads changed people’s transport modal choice. People used more public buses and individual motorized vehicles after the rural road improvements. The paper also finds that the project increased school attendance, particularly for girls. Although the evidence is relatively weak in statistical terms, it indicates that the project contributed to increasing agricultural jobs and household income in certain regions.","PeriodicalId":18190,"journal":{"name":"Latin American Economics eJournal","volume":"75 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2015-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83107050","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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