|
on Central and South America |
| By: | Campbell, Gareth; Gallagher, Áine; Grossman, Richard S. |
| Abstract: | Substantial amounts of British capital flowed to Latin America during the first era of globalisation. Companies financed by this capital were typically headquartered in the UK, but operated thousands of miles away. This paper asks how this geographic separation between governance and business activities affected the valuation of these firms. We find that the location of the headquarters played a more important role than the location of operations. Stock prices tended to fluctuate in line with other equities based in the UK, suggesting that they were still regarded as being, at least partially, British companies. |
| Keywords: | Latin America, equity markets, portfolio investing, emerging markets |
| JEL: | F21 F54 F65 G11 G12 G15 G51 N16 N26 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:qucehw:331898 |
| By: | Ferreira, Francisco H. G. (London School of Economics); Brunori, Paolo (University of Florence); Neidhofer, Guido (ZEW Mannheim); Salas-Rojo, Pedro (London School of Economics); Sirugue, Louis (London School of Economics) |
| Abstract: | This paper argues that relative measures of intergenerational mobility and inequality of opportunity are closely related ways of quantifying the inheritability of inequality. We review both literatures for Latin America, looking both at income and educational persistence. We document very high levels of intergenerational persistence and inequality of opportunity for education, with inherited characteristics predicting 29% to 52% of the current-generation variance in years of schooling. Inherited circumstances are somewhat less predictive of educational achievement, measured through standardized test scores, accounting for 20% to 30% of their variance. Our estimates of inequality of opportunity for income acquisition suggest that between 46% to 66% of contemporary income Gini coefficients can be predicted by a relatively narrow set of inherited circumstances, making Latin America a region of high inequality inheritability by international standards. Our review also finds a very wide range of intergenerational income elasticity estimates, with substantial uncertainty driven by data challenges and methodological differences. |
| Keywords: | inequality of opportunity, intergenerational mobility, inherited inequality, Latin America |
| JEL: | D31 I39 J62 O15 |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp18254 |
| By: | Jillie Chang (Inter-American Development Bank); David K. Evans (Center for Global Development); Carolina Rivas Herrera (New York University) |
| Abstract: | Approximately one in three people in Latin America and the Caribbean live in poverty and one in seven in extreme poverty. This paper provides an overview of who the poor are and how they live, using 18 recent household surveys from the region. It examines (1) how many people are poor, (2) how the poor are distributed geographically, (3) how poverty affects specific groups, (4) how much of the poverty in the region is chronic versus transitory, and (5) how poverty numbers have changed over time. Second, it identifies how the poor live. Specifically, it discusses (6) the living arrangements of the poor, (7) their assets, (8) how they earn their incomes, (9) how they access human capital services, and (10) their access to social safety nets. This descriptive analysis may be useful for targeting efforts and for generating hypotheses for poverty reduction that can be tested causally. |
| Keywords: | poverty, development, Latin America and the Caribbean |
| JEL: | I25 J20 O10 O12 O15 O18 |
| Date: | 2025–10–28 |
| URL: | https://d.repec.org/n?u=RePEc:cgd:wpaper:734 |
| By: | Ma, Xiao; Muendler, Marc-Andreas; Nakab, Alejandro |
| Abstract: | Abstract: Export activity shapes workers’ experience-wage profiles. Using employer-employee and customs data for Brazilian manufacturing, we document that workers’ experience-wage profiles are steeper at exporters than at non-exporters and, among exporters, steeper at exporters shipping to high-income destinations. We develop and quantify a model featuring worker-firm wage bargaining, export-market entry by multi-worker firms, and human capital accumulation by workers to interpret the data. Human capital growth can explain one-half of the differences in wage profiles between exporters and non-exporters. We show that increased human capital per worker can account for one-half of the overall gains in real income from trade openness. |
| Keywords: | 38 Economics (for-2020), 3801 Applied Economics (for-2020), 3802 Econometrics (for-2020), 1402 Applied Economics (for), 1403 Econometrics (for), Economics (science-metrix), 3502 Banking, finance and investment (for-2020), 3801 Applied economics (for-2020), 3802 Econometrics (for-2020) |
| Date: | 2025–09–11 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:ucsdec:qt3bp6c1hh |
| By: | Cavalcanti, Francisco; Helfand, Steven M.; Moreira, Ajax |
| Abstract: | Climate change is likely to impact the occurrence of natural disasters such as drought. This paper calculates a standardized precipitation evapotranspiration index (SPEI) and uses it to analyze the frequency, duration and severity of drought in Brazil (1901-2020). Second, the study uses annual panel data to estimate the causal effects of drought on agricultural production (1974- 2019), and calculates the distribution of impacts across municipalities. Third, the paper compares annual panel and long difference estimates to shed light on adaptation/intensification over a longer period. Finally, by combining the panel estimates with seven CMIP6 global climate models, the study provides a range of projections for drought impacts (2025-2075). Results indicate that drought severity increased substantially in the second half of the 20th century and again in the 2010s. Estimates show that ten percent of the time droughts reduced municipal production by about 25% or more, with considerable spatial heterogeneity. Long difference estimates indicate intensification in response to more extreme droughts, and (statistically insignificant) adaptation at the median. A substantial risk to agricultural production is identified in the 21st century, especially under more pessimistic global warming scenarios, with annual losses rising to over 35% by 2075. Policy implications are discussed. |
| Keywords: | Crop Production/Industries, Environmental Economics and Policy, International Development |
| Date: | 2024–08–07 |
| URL: | https://d.repec.org/n?u=RePEc:ags:iaae24:344267 |