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Research Topics

Finance


Price Dynamics and the Financing Structure of Firms in Emerging Economies
Finkelstein Shapiro, Alan; González Gómez, Andrés; Roldán-Peña, Jessica; Nuguer, Victoria
Discussion Papers - English - Apr, 2018

We use a novel dataset that merges goods-level prices underlying the CPI in Mexico with the balance sheet information of Mexican publicly listed rms and study the connection between rms' nancing structure and price dynamics in an emerging economy. First, we nd that larger rms (in terms of sales and employees) tend to use more inter rm trade credit relative to bank credit. Second, these rms use inter rm trade credit as a mechanism to smooth variations in their prices. Third, all else equal, rms with a higher trade-to-bank credit ratio tend to lower prices. In turn, the behavior of these rms explains the negative relationship between aggregate trade credit growth and ination in the data. A tractable New Keynesian model with search frictions in physical input markets sheds light on rms' structural characteristics as well as the economic mechanisms that rationalize our empirical ndings.

Related JEL Codes:
E24 - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
E32 - Business Fluctuations; Cycles
G18 - Government Policy and Regulation
O17 - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements


The On-the-Job Training Decision in Latin America
Madariaga, Aldo; Nun, Eleonora; Moraga, Gabriel; Eberhard, Juan
Working Papers - English - Nov, 2017

Using data from the World Bank’s Enterprise Survey, this paper explores the determinants of firms’ training decisions in Latin America and the Caribbean.

Related JEL Codes:
J24 - Human Capital; Skills; Occupational Choice; Labor Productivity
M53 - Training


Dynamic Transparency: An Audit of Mexico’s Freedom of Information Act
Pocasangre, Oscar; Lagunes, Paul
Working Papers - English - Sep, 2017

Freedom of Information Acts (FOIAs) aim to provide a channeled exchange between citizens and public officials that, irrespective of the citizen’s identity, results in the provision of timely, relevant, and often new information about policy. The authors of this paper evaluated Mexico’s FOIA by submitting 307 information requests on behalf of an average male citizen to government entities in the years 2007, 2013, and 2015. In 2007, the authors also submitted the same requests to 87 comparable entities on behalf of a male citizen who signaled clout. For the most part, entities are not discriminating between regular and seemingly influential citizens. Entities are also answering more frequently and providing more information in 2015 compared to earlier years, but they are taking longer to answer, frequently charging fees, and often failing to provide quality information to questions they are legally bound to answer. Mexico’s FOIA is a functional system demanding significant improvements.

Related JEL Codes:
D73 - Bureaucracy; Administrative Processes in Public Organizations; Corruption


Evaluation of the Finanzas en mi Colegio Pilot Program: Outcomes Report
Frisancho, Veronica
Technical Notes - English - Sep, 2017

This paper explores the potential of financial education programs for kids. We conducted a randomized controlled trial to evaluate the impact of a large-scale pilot program carried out in 150 public high schools, in six regions in Peru. Although the treatment was only moderately intensive, the pilot program was extremely effective: students’ financial literacy improved by 0.14 standard deviations and teachers’ financial literacy improved by 0.30 standard deviations. In addition, students’ self-control improved significantly, leading to better buying habits, greater financial autonomy, and fewer expenditures on unnecessary items. The program’s impact was particularly noticeable in teachers’ saving habits. The share of teachers who save informally increased by 9 percentage points, while the share of those who save formally rose by 14 percentage points. The intervention was also relatively inexpensive, with a cost of only US$6.60 per student.

Related JEL Codes:
D14 - Personal Finance
I21 - Analysis of Education
O12 - Microeconomic Analyses of Economic Development
O16 - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance


IDEA Newsletter Sep. 2017

Newsletter / Journal - English - Sep, 2017

IDEA is the newsletter of the IDB’s Research Department (RES). Every month, it provides information about our upcoming events, latest publications and blog posts, calls for papers, job opportunities, data resources, and more.


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