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on Central and South America |
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Issue of 2014‒04‒05
four papers chosen by |
| By: | Pacheco, Francisca; Sanchez, Rafael; Villena, Mauricio |
| Abstract: | Previous empirical works on municipal efficiency have mostly used cross-sectional data which makes it impossible to separate unobserved heterogeneity from inefficiency. Furthermore, they have also typically used a two stages approach which has been widely criticized as the assumptions made in the first stage are violated in the second stage, generating biased results. We present one of the first longitudinal parametric studies that analyze municipal efficiency and its determinants using a one step procedure. Furthermore, we are the first of this kind that analize overall efficiency as well as efficiency by clusters of municipalities in order to reduce heterogeneity. We use administrative datasets of Chilean municipalities for the 2008-2010 period and our results suggest that Chilean municipalities have on average an inefficiency level of 30% with a significant variance between clusters of municipalities. Also, our results suggest that socio-economic, fiscal and political variables affect municipal efficiency. In particular, we found that municipalities with tighter budget constraints are associated with more efficient municipalities. |
| Keywords: | Stochastic Frontiers, Efficiency, Municipalities, Budget |
| JEL: | H72 O54 |
| Date: | 2014–03–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:54918&r=lam |
| By: | Luis Chávez-Bedoya (Esan Graduate School of Business); Nelson Ramírez-Rondán (Banco Central de Reserva del Perú) |
| Abstract: | En el presente artículo se desarrolla una metodología en tiempo discreto para comparar esquemas de cobro de comisiones por saldo y flujo (sueldo) en la fase de acumulación de un fondo de pensiones bajo capitalización individual. Asimismo, a través de distintos métodos, se estudia el efecto de la varianza del fondo de pensiones en el desempeño e idoneidad de los tipos de comisión antes mencionados. Finalmente, se realiza una aplicación práctica y se muestran resultados en el marco del Sistema Privado de Pensiones del Perú, incluyendo valores de indiferencia entre comisiones para los criterios de comparación considerados. |
| Keywords: | Fondos de pensiones, comisión por fl ujo, comisión por saldo |
| JEL: | G23 |
| Date: | 2014–03 |
| URL: | http://d.repec.org/n?u=RePEc:apc:wpaper:2014-009&r=lam |
| By: | Cruz-Rodríguez, Alexis |
| Abstract: | The aim of this article is to assess the sustainability of fiscal policy in 18 developing and emerging countries, using the recursive algorithm developed by Croce and Juan-Ramón (2003). In general, the results suggest that most countries were identified as presenting large unsustainable fiscal positions in the period considered, explained basically by primary fiscal deficits. Interestingly, results for Panama suggest no evidence that officially dollarized countries run more prudent fiscal policies than non-officially dollarized countries. |
| Keywords: | Debt, deficit, fiscal sustainability |
| JEL: | E62 E63 H62 |
| Date: | 2014–03–18 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:54975&r=lam |
| By: | Riaño Rodríguez, Juan Felipe |
| Abstract: | In this paper, international aid is examined as a tool for political agenda-setting. A theoretical model is constructed for the analysis, incorporating the incentives created by foreign aid, on the political benefits of recipient governments. The model also incorporates the compensating benefits provided by these governments through the legitimization of the donor country's political agenda. The main results of this model indicate that governments which offer international assistance can influence the political agenda of recipient countries through two channels: 1) By reducing the political costs of official intervention in issues that receive aid, and 2) By generating incentives for additional political rent-seeking. The results are studied in the case of aid provided by the USA to Colombia during the period 1998-2012, which shows the power of US presidents to establish part of the Colombian political agenda related to drugs and terrorism. The results are obtained through a novel content analysis of presidential speeches in both countries and from a set of estimates corrected by possible problems of endogeneity in foreign aid allocation. |
| Keywords: | Agenda-Setting, Foreign Aid, Content Analysis, International-Politics |
| JEL: | F02 F35 F54 F59 |
| Date: | 2014–03–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:54826&r=lam |