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This paper presents a theory that explains the prevalence of different models of privatization across countries and across industries. First, it establishes the analytical framework for determining the impact of privatization on the value of a privatized firm, on aggregate social welfare, and on...
The sectoral shift hypothesis in the Netherlands cannot be easily tested for the presence of rigorous structural breaks in the data. Therefore, a Kalman Filter approach is adopted. What we find, is that the variables capturing the sectoral shift hypothesis are the most important in explaining...
The freedom and growth literature has consistently shown that nations which have fewer restrictions on private agents and transactions tend to higher levels of economic growth. It is less clear, however, whether freedom causes growth, growth causes freedom, or the two are jointly determined. To...
This work assesses the changes in aggregate poverty and inequality that have taken place in Latin America during the past 26 years. With this objective, we put together the largest number of observations on income distribution for the region for the period 1970–1995. We find that poverty and...
This paper investigates, empirically, the voters' choices as a mechanism of control of the municipal governments in Argentina. In particular, the paper explores the question of whether voters choose to support the political party in office based on its fiscal performance while in office. After a...
This paper focuses on several topics related to macroeconomic policies in LDC's. The selection is biased towards those cases I have dealt with during my last 20 years of professional experience, home based in Argentina. Inflation, dollarization, quasi-fiscal deficits, capital controls and...
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