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While specialized literature has discussed the conditions necessary for economic development, such as the role of institutional frameworks, the implementation of an entrepreneurial state and national innovation systems or industrial policies and the creation of markets, less attention has been given to the role of energy and its relationship with the performance of industrial enterprises. This paper analyzes the links between the energy system and industrial policy in Argentina, revealing that the segmentation led to industry paying more for energy than residential users, although well below full cost, resulting in a transfer of tax revenues to industrial businesses. [ABSTRACT FROM AUTHOR]

It is hardly contentious to assert that measuring concepts is an important aspect of scientific and practical research. However, there seems to be some degree of confusion nowadays regarding what is meant by measurement in poverty research. It is obvious from these exchanges that different notions of central terms in the debate are being held (reliability, validity, measurement error, measurement model) to the detriment of common understanding. To move the literature forward, this paper falls back on the epistemology of measurement to bridge the apparent conceptual gap in the debate. This article invites more discussion and constructive exchange of views regarding the meaning of measurement in poverty research and how to assess the relative success of different efforts. [ABSTRACT FROM AUTHOR]

This paper shows how the homo oeconomicus has evolved from utility at work to consumption and then to the mystification of profit in a context of financialization and long-term crisis. Thus, a semantic slippage occurs, which distorts the achievements of capitalism, such as individualism and self-interest, for a libertarian belief -alien to liberalism, to Bentham's utilitarianism and marginalism- in which it is not possible to define social utility, nor the connection between the "rationality" of individual decisions and social choices. Usefulness is confused with profit in the primacy of today's business mentality and is often reflected in individual behavior. [ABSTRACT FROM AUTHOR]

With the implementation of the North American Free Trade Agreement (NAFTA), Mexico experienced a rapid expansion in highly industrialized food and beverage products. This has transformed supply and distribution structures and led to changes in dietary patterns. The objective of this paper is to explain how these transformations led to the configuration of a hybrid distribution and consumption scheme that affected the expenditure, frequency and quantities of ultra-processed and fast foods consumed in Mexican households during the period 2000-2020. This hybrid model is associated with an increase in diseases such as obesity and chronic degenerative diseases. [ABSTRACT FROM AUTHOR]

The Covid-19 pandemic caused an unusual population mortality rate. This paper aims to determine a causal relationship and its incidence between the Technical Efficiency (TE) of health systems and the Covid-19 mortality rate. Using the Data Envelopment Analysis (DEA) methodology and the OLS, GLS and 2SLS adjustment methods, in 108 countries grouped according to per capita health expenditure, it was found that a 1% increase in the TE of the health systems of the analyzed countries reduces the number of deaths from Covid-19 by between 61 and 127 per hundred thousand inhabitants, concluding that the efficiency of expenditure was transcendental in the prevention of mortality caused by the pandemic. [ABSTRACT FROM AUTHOR]

In Argentina, there is a clear consensus between neoliberals and neodevelopmentalists regarding the increase of exports as the first step towards development, consolidating the political and economic power held by the exporting business elite and, at the same time, creating an unsustainable development path in socio-environmental terms. A labyrinth with no way out. This paper has set out to retrace this labyrinth, building bridges between different currents of economic heterodoxy that enable the construction of an exit. The powerful consolidation of neodevelopmentalism at the academic and political level in Argentina shows the relevance of this discussion, which transcends national boundaries to become a global development problem due to the elements at stake. [ABSTRACT FROM AUTHOR]

This paper aims to analyze the behavior of Ecuadorian private banking during the period 2000-2021, using aggregate information on trends in the banking sector and accounting data for the main banks. Based on a heterodox theoreticalhistorical approach, we highlight the link between the neoliberal structural reforms, the banking crisis, dollarization and the transformations of the banking sector. The results highlight the fact that the operation of the Ecuadorian banking system under formal dollarization not only recreates well-known elements of former financial fragility but also introduces new variables typical of the 21st-century banking universe that are a source of instability and hinder the financing objectives for the socio-economic development of the country. [ABSTRACT FROM AUTHOR]

This paper used a new source of information (ESRU-EMOVI NL) to estimate, for the first time, the lower limit of unequal opportunities in a federal state in Mexico. Using the former criterion concerning unequal opportunities, a lower threshold indicated 35% inequality in economic resources in the state. As at the national level, the main contributors to unequal opportunities in the state are unequal economic resources by origin and parental education. However, in contrast to what has been observed, for the country as a whole, inequalities associated with people's skin tone account for 5% of observed unequal opportunities. [ABSTRACT FROM AUTHOR]

This paper studies the possible role of US trade liberalization in explaining Puerto Rico's deindustrialization. In order to address this issue, time series techniques were used. The results of the Granger Causality Test suggest that the imports made by the US from Mexico, Canada, Ireland, and Costa Rica do not explain Puerto Rico's deindustrialization. Therefore, no causal relationship was found between the imports made by the US from its NAFTA partners and the countries where the corporations that benefited from Section 936 relocated with the deindustrialization of Puerto Rico. Besides, the impulse response exercise suggests that in the first period, deindustrialization explains its variability by 100%, and in the final period, it explains 95.47%. [ABSTRACT FROM AUTHOR]

This paper aims to examine the determinants of the exchange rate based on the portfolio balance model. Using the Autoregressive Distributed Lag Model (ARDL), we empirically evaluate the effect of private net foreign assets and the traditional factors affecting the exchange rate dynamics in Mexico from 1990-2019. The main results suggest that: i) the portfolio approach constitutes a consistent system to explain the behavior of the exchange rate; ii) an increase in economic activity and interest rate differentials triggers an appreciation of the exchange rate; iii) an increase in the inflation gap and private net foreign assets causes a depreciation. [ABSTRACT FROM AUTHOR]

This paper studies the effect of transfers from the General Participations System (SGP) on Colombian municipal development indicators during 2003-2017. A Municipal Development Index is proposed, considering indicators of educational achievement, health coverage, and crime rates. This index is studied in the municipal context using spatial autocorrelation techniques. A panel-type econometric model was estimated to evaluate the effect of transfers on the index. The results suggest that increases in education, health, culture, and recreation transfers generate positive, differential effects on the index. Transfers to the health sector have the most significant impact on the index. [ABSTRACT FROM AUTHOR]

The pandemic increased poverty worldwide. However, the mechanisms affecting its determining factors still need to be clarified. This paper studies this problem using a probabilistic model of poverty extended with pandemic incidence variables and applying logistic regression at the household level. For the case of Ecuador, we use the December rounds of the 2019 and 2020 National Survey for Employment, Underemployment and Unemployment (ENEMDU), the administrative record of the Covid-19 epidemiological report, and the administrative history of deaths. The results show that the pandemic’s impact on poverty was through the gender gap and labor market structure. [ABSTRACT FROM AUTHOR]

This paper analyzes the impact of the automotive sector on the regional development of the Mexican lowlands region of Bajío. The staggered adoption of synthetic control methodology was used, considering the establishment of new automotive assembly plants in the states of the Bajío region between 2007 and 2014. It is estimated that for each new job created in automotive companies, an average of five additional jobs were created in the Bajío states, 78% outside the manufacturing sector. In addition, by promoting more significant economic opportunities, working poverty was reduced by an average of 10.5 percentage points. Finally, evidence was found that, in 2018, high school enrollment increased by 3%. [ABSTRACT FROM AUTHOR]

As defined in economic theory, artificial intelligence (AI) can be considered an industry. In this context, two simultaneous processes are observed: concurrence and cooperation. The current dispute between China and the United States for world leadership in AI should be placed against this background. Thus, the description in this paper of concrete policies and measures that the Chinese regime pursued to promote its AI industry and identify its strategy to increase its influence on the standardization processes in the emerging industry is extremely important. [ABSTRACT FROM AUTHOR]

This paper analyzes local production systems by identifying their business structure, and the role played by the main sectors of economic activity in the territory of Cotopaxi-Ecuador as the basis for study. It highlights the Andean-Latin American approach to integral, territorial, and sustainable development, based on the triangulation of regional analysis techniques (specialization and location coefficients, cluster analysis, and Rasmussen’s method) to characterize the dynamics of the local production system and lines of improvement to strengthen the system. The results show the presence of two provincial clusters, a high degree of regional specialization in traditional activities that have little impact on the productivity of the province, and the presence of two key economic sectors. [ABSTRACT FROM AUTHOR]

This paper aims to analyze the evolution of the trilateral trade relationship between Mexico, the United States and China, and its main characteristics, from 1993 to 2020, through the application of vector autoregressive (VAR) models at different points in time. More specifically, trade links between these economies have been transformed from a first phase of little significance to a second phase with profound interrelationships since 2001, and finally to a current consolidation stage, despite the current increasingly complex environment. [ABSTRACT FROM AUTHOR]

This paper aims to analyze financialized peripheral neoliberalism (FPN) as a specific form of neoliberalism. After presenting four different forms FPN can take and criteria to delimit them, its general characteristics are examined. The paper highlights a common policy matrix, a similar model of production structures focused on financial accumulation, and a common formulation of international valorization processes. Comparing two countries that exemplify FPN (Argentina and Portugal), the above general characterization is corroborated. However, specificities in monetary regulation, international insertion and population regulation mechanisms are also observed, which give the model specific nuances important for analyzing crises and proposing alternatives for differently structured development policies. [ABSTRACT FROM AUTHOR]

The increase of mining in certain historical periods can be attributed to the incidence of various factors, such as the price of metals, technological development, and economic and environmental policies. This paper reviews the most important periods of mining development in Mexico, examining in depth the most recent period: the implementation of automation. The majority of social analyses related to mining have focused on the concept of neo-extractivism and have emphasized economic policies and prices. This paper's contribution is a review of the data of the revolution in the mining sector's productive forces. This is an aspect that may be as important as metal prices and the sector's economic policies when seeking to understand the current situation. [ABSTRACT FROM AUTHOR]

The paper challenges the mainstream stance in the study of applied ethics in international development. Applied ethics is positioned at the macro-social level of global ethics while a specific codification is attempted by formulating international development based on its structural synthesis, in a threefold level: First, the structural synthesis -associated with the framework of existing international development policy-can be found in the 'market relations'. Second, the analysis specifies the policies applied at the national level and the role of nation-state policy. Third, the paper criticizes the international development institutions' policies. In each of the levels mentioned above, the analysis reveals the fundamental policy theory issues of neoclassical economics, as the intellectual defender of free market economics. [ABSTRACT FROM AUTHOR]

This article analyzes the behavior of the Economic Fitness indicator as a measure of the international competitiveness of Latin American economies, as well as an indicator of their relationship with per capita income gaps and the Human Development Index (HDI). Positive correlations were found between per capita income gaps and the stagnation of the international competitiveness of Latin American economies, as well as between human development levels and the productive structure, suggesting a causal relationship between human development and competitiveness. This paper also finds that the Economic Fitness indicator fluctuates significantly when estimated using exports in domestic value-added, suggesting that the original estimate may over- or underestimate competitiveness. [ABSTRACT FROM AUTHOR]

In the aftermath of the financial crisis that broke out in 2008, new terms to talk about sustainable development started to emerge: the "green" economy and "green" growth. Some countries supported their usage and others did not. The literature witnessed the recrudescence of the debate on the relationship between economic activity and taking care of the environment, divided into three stances: degrowth advocates, "green" growth backers, and the growth-agnostics. This paper dives into the different "green" terms, paying special attention to the case of Argentina. Unlike in previous papers, which have analyzed country interventions in international forums, the methodology here was to search the web pages of the most relevant local players. The most traditional terms ("sustainable development") were strongly predominant, and the concepts of "green" economy or "green" growth were few and far between. [ABSTRACT FROM AUTHOR]

Se presenta la política editorial de la revista, además de información y parámetros para los contribuyentes potenciales.

Copyright of Problemas del Desarrollo. Revista Latinoamericana de Economía is the property of Universidad Nacional Autonoma de Mexico. Instituto de Investigaciones Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Problemas del Desarrollo. Revista Latinoamericana de Economía is the property of Universidad Nacional Autonoma de Mexico. Instituto de Investigaciones Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The paper reports on an ex-ante evaluation of the long-term effect of the Ecuadorian social transfer programme called "Bono de Desarrollo Humano (BDH)" on human capital accumulation. A dynamic cohort microsimulation model is used to analyse for cost-effectiveness of different policy scenarios. Results show that cash transfers do promote human capital accumulation but with rather small effect. Transfers targeted at critical ages are the most cost-effective to promote human capital accumulation. [ABSTRACT FROM AUTHOR]

This article examines how effective education institutions improve educational achievement, regardless of students' socioeconomic backgrounds. The paper utilizes a multilevel model using data from the Third Regional Comparative and Explanatory Study (TERCE) for Ecuadorian students in reading and mathematics. Findings show that between 31 and 52% of the variation in test results is due to differences between schools, thus underlining the importance of the compensatory effect of schools in promoting equality of opportunity. [ABSTRACT FROM AUTHOR]

This essay explores the theoretical arguments regarding the existence of "smart" territories, a recently-developed concept based on notions related to the knowledge society and knowledge economy, sustainable development, and social inclusion. This paper examines the preconditions necessary to make it possible for this type of territorial space to emerge in relation to the economic development underpinning it, as well as the right type of social structure, qualities required for human agency, and the social innovations demanded for such purpose. Finally, as a case study, this paper provides an empirical analysis of such conditions on the Caribbean coast of Colombia, drawing some final conclusions and recommendations from it. [ABSTRACT FROM AUTHOR]

This paper analyzes the conditions facing the oil refining industry in Mexico and the factors that shaped its overhaul in the context of the 2013 Energy Reform. To do so, the paper examines the main challenges that refining companies must tackle to stay in the market, evaluating the specific cases of the United States and Canada. Similarly, it offers a diagnosis of refining in Mexico, identifying its principal determinants in order to, finally, analyze its prospects, considering the role of private initiatives in the open market, as well as Petróleos Mexicanos (Pemex), as a placeholder in those areas where private enterprises do not participate. [ABSTRACT FROM AUTHOR]

This paper analyzes the accumulation model and hegemonic disputes that took place under the first administration of Cristina Fernández de Kirchner. First, this article examines some core structural elements that shaped transformations and tension at the model level: industrial performance, the energy crisis, changes in the world of finance, and the status of subordinated classes. Subsequently, this paper looks at three key moments in the political dynamics of the economic policy: tax withholdings and the agrarian conflict, the launch of the national plan to confront the global crisis, and the progressivist radicalization of public policy. The questions guiding this work are as follows: what are the characteristics of the accumulation model? How are the hegemonic disputes tied to the performance of the model in Argentina between 2008 and 2011?. [ABSTRACT FROM AUTHOR]

The objective of this paper is to examine the relationship between fiscal and monetary policy coordination and fiscal multipliers in Argentina, Brazil, Chile, and Mexico. To do so, we first look at the theoretical framework of the New Consensus Macroeconomics (NCM), and then analyze the trends in the four countries for variables including consumption, investment, government spending, and interest rates. Finally, we present an estimate of the spending and monetary multipliers with proxy variables. The contribution of this paper consists of one, showing the inexistence of the crowding out effect, and two, quantifying the multipliers for the aforementioned countries. [ABSTRACT FROM AUTHOR]

In recent decades, renewable energies have become increasingly important at the global level, with a significant impact on the sustainable development of various nations. Although multiple papers have examined the efficiency of policies and instruments to promote renewable energy sources, the majority have disregarded the fact that the context in which policies are implemented determines how well they perform. This paper analyzes renewable energy development in the electricity market in Argentina, paying special mind to the contextual conditions in which the policies were designed and finding that in recent history, it is precisely these conditions that constitute the main reason why renewable energies have such a low degree of penetration in the electrical power system in Argentina. [ABSTRACT FROM AUTHOR]

Will underdeveloped economies be able to achieve development in the twenty-first century? To advance towards a potential response to this question, this paper analyzes some aspects of the development processes of South Korea and China, pointing to the exceptional geopolitical and strategic conditions behind why their models are unsuitable to emulate. It also highlights the state authoritarianism, strict planning and discipline of both the ruling and ruled classes to guide investment and the growth of specific economic sectors. From this perspective, the paper then discusses some proposals formulated for the region by neo-developmentalism. [ABSTRACT FROM AUTHOR]

This paper presents the results of the impact that a Scholarship Program in Mexico City has on perceptions that families have of their children's grade averages. The study uses a new database collected for the purpose of evaluating this conditional cash transfer program, which contains information for a random sample of a treatment group and control group. Through linear and ordered probit regression models, it was found that participation in the Scholarship Program increased the perception of high grade averages by 18.1%, and reduced 11.3 and 6.7% the perception of mid and low range grade averages, respectively. [ABSTRACT FROM AUTHOR]

This paper calculates the impact of family income on young people's school attendance in Mexico, in a longitudinal context. Based on the rotating panels of the National Occupation and Employment Survey (ENOE), a probit econometric model with fixed effects is used to determine the likelihood that a 14- to 18-year-old who lives with their parents and attends school will continue to attend in the following year; the model is controlled by the young person's characteristics, their family, the environment and various temporary changes. Evidence was found that the probability of a young person continuing to attend school increases with family income, and this positive effect is relatively more important in the first deciles of income. [ABSTRACT FROM AUTHOR]

This paper seeks to analyze regional dimensions of food security as a development issue, and its geographic imbalances in Mexico. Through the application of principal component analysis, an index was developed at the municipal and regional level. In addition to combining information for different variables which are consolidated into a single measurement, this index numerically synthesizes three of the four dimensions with which the problem is measured: access, availability and biological utilization. Meanwhile, the Dalenius-Hodges stratification method was used to establish food security ranges at different regional scales. The results show that the socioeconomic and geographic inequalities caused by the development models historically applied in Mexico affect the population's internal food security throughout its regional areas. [ABSTRACT FROM AUTHOR]

The persistence of high poverty levels in Latin America, after a decade of retraction, brings the issue back to the center of the regional social agenda. This paper examines various factors that reproduce poverty, based on the Argentinian case. Using a quantitative design and multivariate techniques, this study explores the effects of structural heterogeneity of occupational systems in household economic reproduction under different political-economic phases. The results demonstrate the persistence of marked inequalities in occupational structure -even after a period of high growth- and the rigidity of the labor income distribution pattern. The heterogeneity of the occupational structure determines the reproductive capacities of households and causes selective processes of impoverishment. [ABSTRACT FROM AUTHOR]

This paper delves into an analysis of illegality in migration, from a migrant perspective. To do this, established and assimilated historical practices in selected groups of Mexican migrants were analyzed according to immigration status and settlement area. The argument presented here is that illegality has a functional character for the reproduction of the migrant trajectory. This is demonstrated using a comparative analysis of the way migrants' decisions allow them to integrate their trajectories into two contexts which show unequal development. Such integration determines its functionality independently of the existence of restrictive migration policies in nation-state contexts. [ABSTRACT FROM AUTHOR]

This paper proposes a new approach to the classification of Developmental States (DS) based on their public efforts to foster human development. We conceptualize DS within a multidimensional framework that includes three main dimensions (economic, social and democratic), and run a hierarchical cluster analysis for 112 countries in order to build a multidimensional taxonomy of DS. We propose a country-classification and characterize three country-groups with different developmental public efforts: i) the human development States; ii) the unbalanced developmental States and iii) the non-developmental States. Our multidimensional taxonomy offers a more complex understanding of the variety of public efforts devoted to promote human development, thus overcoming the restricted -economical- conception of DS, which is mainly focused to the East Asian region. [ABSTRACT FROM AUTHOR]

Social exclusion is a complex, multidimensional process which points to the persistence of a variety of deprivations in key dimensions of life, education among them. Working within this context, this paper studies determinants of exclusion in the educational dimension, specifically from its original degree (access), and seeks to evaluate whether they vary in relation to the socioeconomic conditions of the target population. To do this, logistic regression models were calculated using data from Argentina's Permanent Household Survey (PHS), in addition to information obtained from our own survey, performed in April of 2016 in three vulnerable communities of Bahía Blanca, Argentina. [ABSTRACT FROM AUTHOR]

This paper analyzes sustainability-related factors of collective action around irrigation water management in the Moche and Virú valleys, located on the coast of Peru. Using a random effects panel model, this econometric analysis found that the variables which are relevant for the sustainability of collective action are different in each valley. The economic outcome can be measured by the effectiveness of collecting irrigation water tariffs, a capacity which is transferred from the State to User Boards. The importance of the Chavimochic irrigation project is also highlighted--a project which permanently widened water availability, and which simultaneously combats climate change, as well as the increase in water demand. [ABSTRACT FROM AUTHOR]

International fragmentation of production and economic integration are two structural motors of change that have characterized the global economy for decades. However, an interest in analyzing these two processes together has recently intensified due to the neo-protectionist turn in trade and economic policy in the United States. This paper examines trade and productive relations between Mexico, the United States and Canada, demonstrating how the global value chains (GVCs) in which they participate obscure global tendencies (centrifugal forces) and regional countertendencies (centripetal forces) that provoke changes in the geography and composition of productive linkages. These processes have the result of restructuring, and to a certain extent disintegrating, the regional bloc. [ABSTRACT FROM AUTHOR]

The signing of the Final Agreement between the Colombian National Government and the Revolutionary Armed Forces of Colombia (FARC) on November 24, 2016, created many expectations. However, key advances that were achieved during the subsequent months gave way to a period of stagnation and even actual backsliding in its implementation. This paper analyzes the difficulties of fulfilling the Final Agreement, in particular as concerns its first point regarding Comprehensive Rural Reform (CRR). The analysis is based on the argument that if the Agreement was focused on generating the conditions necessary to end armed conflict and reestablish democratic conditions in the country, it also contains structural factors which infringe upon the consolidation of peace. [ABSTRACT FROM AUTHOR]

Within the framework of Latin American post-war structuralism, the global economy was the grounds of antagonism between a central (industrialized) pole and the periphery (providers of primary goods). This paper argues that addressing the specific way this antagonism is reproduced in the historical conditions of new capitalism requires considering the emergence of a chain-shaped structural logic, which differentiates activities of knowledge creation from those of knowledge reproduction within distinct productive sectors. This chain logic does not challenge the concept of structure, in terms of a sectoral differentiation in post-war capitalist production, but rather imposes it as a dominant norm. [ABSTRACT FROM AUTHOR]

Copyright of Problemas del Desarrollo. Revista Latinoamericana de Economía is the property of Universidad Nacional Autonoma de Mexico. Instituto de Investigaciones Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Problemas del Desarrollo. Revista Latinoamericana de Economía is the property of Universidad Nacional Autonoma de Mexico. Instituto de Investigaciones Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Problemas del Desarrollo. Revista Latinoamericana de Economía is the property of Universidad Nacional Autonoma de Mexico. Instituto de Investigaciones Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Problemas del Desarrollo. Revista Latinoamericana de Economía is the property of Universidad Nacional Autonoma de Mexico. Instituto de Investigaciones Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Problemas del Desarrollo. Revista Latinoamericana de Economía is the property of Universidad Nacional Autonoma de Mexico. Instituto de Investigaciones Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Problemas del Desarrollo. Revista Latinoamericana de Economía is the property of Universidad Nacional Autonoma de Mexico. Instituto de Investigaciones Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Problemas del Desarrollo. Revista Latinoamericana de Economía is the property of Universidad Nacional Autonoma de Mexico. Instituto de Investigaciones Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)