Dealing with Negative Oil Shocks: The Venezuelan Experience in the Eighties

Hausmann, Ricardo

Working Papers - English - Aug, 1995

The Venezuelan experience in the 1980s is a particularly fertile ground for the analysis of negative shocks. Two large shocks took place under very different control regimes, thus highlighting the role the institutional setting plays in determining the respons...

Issues in Estimating Benefits with Non-Market Methods

McConnell, Kenneth E.

Working Papers - English - Aug, 1995

This paper reviews modern techniques for estimating the benefits of goods which are not bought and sold in markets, paying special attention to the kinds of empirical studies that applied economists have faced in analyzing recent projects. The methods which ar...

Political Stabilization Cycles in High Inflation Economies

Stein, Ernesto H.; Streb, Jorge M.

Working Papers - English - Aug, 1995

High inflation economies often do not exhibit smooth inflationary processes, but rather stop-go cycles. This paper relates these stop-go episodes of inflation to a political cycle. The government can try to repress inflation until after the elections in order ...

Varieties of Capital-Market Crises

Calvo, Guillermo A.

Working Papers - English - Aug, 1995

In this post-modern world of high capital mobility, countries are being disciplined by the anonymous capital market. One view of the situation -perhaps the prevalent view among economists- is that Wall Street gets into your hair because you are running an unsu...

Swimming Against the Tide: Strategies for Improving Equity in Health

Birdsall, Nancy; Hecht, Robert

Working Papers - English - May, 1995

The evidence shows that government spending for health in many developing countries benefits the well-to-do more than the poor. However, a combination of favorable political forces and sound public policies can shift the focus of government expenditures toward...

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