In this paper we follow an income-based, time-dependence approach to measure the impact of entrepreneurship on social mobility in Uruguay. The working definition of entrepreneur is business owners with employees. Using household surveys from 1982 to 2010 we show that their income level, income volatility, and evolution over the business cycle are consistent with them being opportunity entrepreneurs. Self-employed workers are more similar to necessity entrepreneurs. We find significant evidence that entrepreneurship is associated with greater social mobility while self-employment is not.
{"title":"Intra-Generational Social Mobility and Entrepreneurship in Uruguay","authors":"Néstor Gandelman, Daniel Bukstein","doi":"10.2139/ssrn.2156791","DOIUrl":"https://doi.org/10.2139/ssrn.2156791","url":null,"abstract":"In this paper we follow an income-based, time-dependence approach to measure the impact of entrepreneurship on social mobility in Uruguay. The working definition of entrepreneur is business owners with employees. Using household surveys from 1982 to 2010 we show that their income level, income volatility, and evolution over the business cycle are consistent with them being opportunity entrepreneurs. Self-employed workers are more similar to necessity entrepreneurs. We find significant evidence that entrepreneurship is associated with greater social mobility while self-employment is not.","PeriodicalId":424829,"journal":{"name":"Inter-American Development Bank Research Paper Series","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130278093","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 report details the divergent paths that the world economy may take and their potential effects on Latin America and the Caribbean. Scenarios are constructed employing a modeling exercise that captures the trade, financial and other linkages between the region and the rest of the world. While vulnerabilities remain and external shocks have been and remain critical, the region enjoys many strengths and has developed a growing arsenal of policy tools. What is the balance of vulnerabilities versus strengths? How can countries address the existing vulnerabilities? How can they perfect their policy tools and minimize the effect of external crises?
{"title":"The World of Forking Paths: Latin America and the Caribbean Facing Global Economic Risks","authors":"A. Powell","doi":"10.2139/SSRN.2032441","DOIUrl":"https://doi.org/10.2139/SSRN.2032441","url":null,"abstract":"This report details the divergent paths that the world economy may take and their potential effects on Latin America and the Caribbean. Scenarios are constructed employing a modeling exercise that captures the trade, financial and other linkages between the region and the rest of the world. While vulnerabilities remain and external shocks have been and remain critical, the region enjoys many strengths and has developed a growing arsenal of policy tools. What is the balance of vulnerabilities versus strengths? How can countries address the existing vulnerabilities? How can they perfect their policy tools and minimize the effect of external crises?","PeriodicalId":424829,"journal":{"name":"Inter-American Development Bank Research Paper Series","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133160511","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}
D. Artana, Sebastien Auguste, Marcela Cristini, Cynthia Moskovitz, Ivana Templado
This paper analyzes sub-national revenues in Argentina. Following a discussion of the recent evolution of government revenues and their vertical imbalance, the paper then analyzes the most important taxes collected by federal, provincial and local governments. Subsequently considered are the determinants of sub-national revenues and the impact of the 2001-2002 crisis. It is found that automatic transfers improve collections of the cascade sales tax and the property tax by enlarging the disposable income of the private and public sector of the provinces favored by the regional redistribution of income, while discretionary transfers reduce own-source revenue effort and encourage public investment. The paper concludes by analyzing options to improve sub-national revenue mobilization and offering specific proposals, particularly in regard to improving the cascade provincial sales tax.
{"title":"Sub-National Revenue Mobilization in Latin American and Caribbean Countries: The Case of Argentina","authors":"D. Artana, Sebastien Auguste, Marcela Cristini, Cynthia Moskovitz, Ivana Templado","doi":"10.2139/ssrn.2032442","DOIUrl":"https://doi.org/10.2139/ssrn.2032442","url":null,"abstract":"This paper analyzes sub-national revenues in Argentina. Following a discussion of the recent evolution of government revenues and their vertical imbalance, the paper then analyzes the most important taxes collected by federal, provincial and local governments. Subsequently considered are the determinants of sub-national revenues and the impact of the 2001-2002 crisis. It is found that automatic transfers improve collections of the cascade sales tax and the property tax by enlarging the disposable income of the private and public sector of the provinces favored by the regional redistribution of income, while discretionary transfers reduce own-source revenue effort and encourage public investment. The paper concludes by analyzing options to improve sub-national revenue mobilization and offering specific proposals, particularly in regard to improving the cascade provincial sales tax.","PeriodicalId":424829,"journal":{"name":"Inter-American Development Bank Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130529328","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}
G. Canavire-Bacarreza, J. Martínez-Vázquez, Cristian F. Sepulveda
This paper analyzes the problem of sub-national revenue mobilization in Peru and proposes several policy reforms to improve collection performance while maintaining a sound revenue structure. In particular, the paper analyzes the current revenues of regional and municipal governments and identifies the main priorities for reform. Among the most important problems are the acute inequalities and inefficiencies associated with revenue sharing from extractive industries. These revenues represent a significant share of sub-national budgets and currently they are distributed without consideration of the relative expenditure needs or fiscal capacity of sub-national units. In order to address this problem, the paper proposes the incorporation of a measure of fiscal capacity into the formula of the FONCOMUN, the municipal equalization transfer program. Other reforms explored include the reassignment of revenue sources between municipal provincial and district governments and the assignment of new taxes to regional governments.
{"title":"Sub-National Revenue Mobilization in Peru","authors":"G. Canavire-Bacarreza, J. Martínez-Vázquez, Cristian F. Sepulveda","doi":"10.2139/ssrn.2032443","DOIUrl":"https://doi.org/10.2139/ssrn.2032443","url":null,"abstract":"This paper analyzes the problem of sub-national revenue mobilization in Peru and proposes several policy reforms to improve collection performance while maintaining a sound revenue structure. In particular, the paper analyzes the current revenues of regional and municipal governments and identifies the main priorities for reform. Among the most important problems are the acute inequalities and inefficiencies associated with revenue sharing from extractive industries. These revenues represent a significant share of sub-national budgets and currently they are distributed without consideration of the relative expenditure needs or fiscal capacity of sub-national units. In order to address this problem, the paper proposes the incorporation of a measure of fiscal capacity into the formula of the FONCOMUN, the municipal equalization transfer program. Other reforms explored include the reassignment of revenue sources between municipal provincial and district governments and the assignment of new taxes to regional governments.","PeriodicalId":424829,"journal":{"name":"Inter-American Development Bank Research Paper Series","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114701317","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 work analyzes housing finance in Trinidad and Tobago during the last 20 years. The period covered is influenced by an economic bonanza led by the energy sector. Housing prices in this period skyrocketed, but the demand for mortgage loans was low. The results suggest that this is explained by affordability problems in the dynamics of the new post-shock equilibrium, as housing prices increased more rapidly than wages. Public housing finance also played a role, but in recent times it has been more prudently managed than during the previous boom of the 1970s.
{"title":"Housing Finance Policy Under Dutch Disease Pressure: The Mortgage Market in Trinidad and Tobago","authors":"Sebastián Auguste, R. Moya, Sandra Sookram","doi":"10.2139/SSRN.1981540","DOIUrl":"https://doi.org/10.2139/SSRN.1981540","url":null,"abstract":"This work analyzes housing finance in Trinidad and Tobago during the last 20 years. The period covered is influenced by an economic bonanza led by the energy sector. Housing prices in this period skyrocketed, but the demand for mortgage loans was low. The results suggest that this is explained by affordability problems in the dynamics of the new post-shock equilibrium, as housing prices increased more rapidly than wages. Public housing finance also played a role, but in recent times it has been more prudently managed than during the previous boom of the 1970s.","PeriodicalId":424829,"journal":{"name":"Inter-American Development Bank Research Paper Series","volume":"167 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124375892","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}
R. Barros, Mirela de Carvalho, Samuel Franco, R. Mendonça, Andrezza Rosalém
Studies of the effects of pre-school programs on child development in developing countries have found scant impact. This study was conducted to reconcile the importance of daycare for child development with the empirical estimates of small effects. Using a random sample of 500 children from 100 daycare centers in the Municipality of Rio de Janeiro (Brazil), the study combines a flexible function relating child development to daycare center quality. A hedonic cost function permits an evaluation of the cost-effectiveness of better-quality daycare centers. The study finds that the developmental age of children attending high-quality services is greater than that of children attending low-quality centers. It also finds that quality improvement can be measured in a number of ways, with different cost implications or impacts on child development.
{"title":"A Short-Term Cost- Effectiveness Evaluation of Better-Quality Daycare Centers","authors":"R. Barros, Mirela de Carvalho, Samuel Franco, R. Mendonça, Andrezza Rosalém","doi":"10.2139/ssrn.1972105","DOIUrl":"https://doi.org/10.2139/ssrn.1972105","url":null,"abstract":"Studies of the effects of pre-school programs on child development in developing countries have found scant impact. This study was conducted to reconcile the importance of daycare for child development with the empirical estimates of small effects. Using a random sample of 500 children from 100 daycare centers in the Municipality of Rio de Janeiro (Brazil), the study combines a flexible function relating child development to daycare center quality. A hedonic cost function permits an evaluation of the cost-effectiveness of better-quality daycare centers. The study finds that the developmental age of children attending high-quality services is greater than that of children attending low-quality centers. It also finds that quality improvement can be measured in a number of ways, with different cost implications or impacts on child development.","PeriodicalId":424829,"journal":{"name":"Inter-American Development Bank Research Paper Series","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127564219","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 presidential politics literature depicts presidents either as all-powerful actors or figureheads and seeks to explain outcomes accordingly. The president and the executive branch are nonetheless usually treated as black boxes, particularly in developing countries, even though the presidency has evolved into an extremely complex branch of government. While these developments have been studied in the United States, far less is known in other countries, particularly in Latin America, where presidential systems have been considered the source of all goods and evils. To help close the knowledge gap and explore differences in policymaking characteristics not only between Latin America and the US but also across Latin American countries, this paper summarizes the vast literature on the organization and resources of the Executive Branch in the Americas and sets a research agenda for the study of Latin American presidencies.
{"title":"The Presidency and the Executive Branch in Latin America: What We Know and What We Need to Know","authors":"A. Bonvecchi, Carlos Scartascini","doi":"10.2139/SSRN.1981544","DOIUrl":"https://doi.org/10.2139/SSRN.1981544","url":null,"abstract":"The presidential politics literature depicts presidents either as all-powerful actors or figureheads and seeks to explain outcomes accordingly. The president and the executive branch are nonetheless usually treated as black boxes, particularly in developing countries, even though the presidency has evolved into an extremely complex branch of government. While these developments have been studied in the United States, far less is known in other countries, particularly in Latin America, where presidential systems have been considered the source of all goods and evils. To help close the knowledge gap and explore differences in policymaking characteristics not only between Latin America and the US but also across Latin American countries, this paper summarizes the vast literature on the organization and resources of the Executive Branch in the Americas and sets a research agenda for the study of Latin American presidencies.","PeriodicalId":424829,"journal":{"name":"Inter-American Development Bank Research Paper Series","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131456436","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}
Marco A. López-Silva, Raúl Abreu-Lastra, Alberto Saracho-Martínez, Agustín Paulín-Hutmacher
In 2001, Mexico introduced a comprehensive federal housing policy package. The results have been quantitatively impressive; however, there are qualitative concerns. It is also uncertain whether current subsidy programs have negative financial implications for participating mortgage issuers, as poorer applicants with lower job stability are injected into the pool of borrowers. This paper addresses that question by analyzing a large database provided by INFONAVIT, Mexico’s principal mortgage issuer, which contains information on borrowers’ repayment behavior. It is found that borrowers who received subsidies do not show higher default rates than borrowers who received no financial assistance. Borrowers receiving subsidies actually take longer to show their first default than borrowers not receiving subsidies. Therefore, current subsidy programs do not seem to have negative financial implications for participating mortgage institutions.
{"title":"Housing Finance in Mexico: Current State and Future Sustainability","authors":"Marco A. López-Silva, Raúl Abreu-Lastra, Alberto Saracho-Martínez, Agustín Paulín-Hutmacher","doi":"10.2139/SSRN.1981538","DOIUrl":"https://doi.org/10.2139/SSRN.1981538","url":null,"abstract":"In 2001, Mexico introduced a comprehensive federal housing policy package. The results have been quantitatively impressive; however, there are qualitative concerns. It is also uncertain whether current subsidy programs have negative financial implications for participating mortgage issuers, as poorer applicants with lower job stability are injected into the pool of borrowers. This paper addresses that question by analyzing a large database provided by INFONAVIT, Mexico’s principal mortgage issuer, which contains information on borrowers’ repayment behavior. It is found that borrowers who received subsidies do not show higher default rates than borrowers who received no financial assistance. Borrowers receiving subsidies actually take longer to show their first default than borrowers not receiving subsidies. Therefore, current subsidy programs do not seem to have negative financial implications for participating mortgage institutions.","PeriodicalId":424829,"journal":{"name":"Inter-American Development Bank Research Paper Series","volume":"6 11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123885853","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 document surveys the Uruguayan housing market, first describing the main housing programs and policies, then comparing their design with households’ characteristics and needs. The document additionally measures Uruguay’s housing deficit, using the basis deficit as well as quantitative and qualitative deficits, and provides a definition of housing informality that captures most irregular housing situations, thus delineating the size and attributes of the informal housing market. Considering both the housing deficit and informality permits an understanding of which population segments have the most urgent housing needs and whether they are currently eligible for participation in housing programs. Finally, the study considers how many households eligible for housing programs actually make use of them. Uruguay’s housing programs do not necessarily target those who actually need them. On the other hand, although eligible households have housing deficits that could be addressed through the use of specific housing programs, program usage remains low.
{"title":"Are Uruguayan Housing Policies Reaching the Poor? An Assessment of Housing Deficit, Housing Informality and Usage of Housing Programs in Uruguay","authors":"Natalia Garabato, Magdalena Ramada-Sarasola","doi":"10.2139/SSRN.1946139","DOIUrl":"https://doi.org/10.2139/SSRN.1946139","url":null,"abstract":"This document surveys the Uruguayan housing market, first describing the main housing programs and policies, then comparing their design with households’ characteristics and needs. The document additionally measures Uruguay’s housing deficit, using the basis deficit as well as quantitative and qualitative deficits, and provides a definition of housing informality that captures most irregular housing situations, thus delineating the size and attributes of the informal housing market. Considering both the housing deficit and informality permits an understanding of which population segments have the most urgent housing needs and whether they are currently eligible for participation in housing programs. Finally, the study considers how many households eligible for housing programs actually make use of them. Uruguay’s housing programs do not necessarily target those who actually need them. On the other hand, although eligible households have housing deficits that could be addressed through the use of specific housing programs, program usage remains low.","PeriodicalId":424829,"journal":{"name":"Inter-American Development Bank Research Paper Series","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133514135","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 surveys climate change funds related to LAC countries and attempts to derive some implications through performance analyses of these funds. The performance analyses show that the following matters should be addressed: increases in participation of the IDB as an agent in the projects for the LAC region, enlargement of the scale of co-financing in the IDB-brokered cases as well as in the LAC region, and reinforcement of the linkage between the SECCI Funds and international climate change funds. Further research as to why the level of co-financing in LAC countries is lower than in other regions would also be of interest.
{"title":"Climate Change Funds and Implications for LAC Countries and the IDB","authors":"Sebastián Miller, Bok-Keun Yu","doi":"10.2139/SSRN.1909371","DOIUrl":"https://doi.org/10.2139/SSRN.1909371","url":null,"abstract":"This paper surveys climate change funds related to LAC countries and attempts to derive some implications through performance analyses of these funds. The performance analyses show that the following matters should be addressed: increases in participation of the IDB as an agent in the projects for the LAC region, enlargement of the scale of co-financing in the IDB-brokered cases as well as in the LAC region, and reinforcement of the linkage between the SECCI Funds and international climate change funds. Further research as to why the level of co-financing in LAC countries is lower than in other regions would also be of interest.","PeriodicalId":424829,"journal":{"name":"Inter-American Development Bank Research Paper Series","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114973085","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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