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  • Document

    Fiscal and monetary contraction in Chile : a rational - expectations approach

    Policy Research Working Papers, World Bank, 1995
    To analyze the probable macroeconomic impact of fiscal and monetary retrenchment in Chile, an open economy, dynamic rational expectations macroeconomic model is applied to data for Chile.For the past two decades, Chile has consistently pursued a course of macroeconomic stabilization and deep economic reform.
  • Document

    Pension reform and growth

    Policy Research Working Papers, World Bank, 1995
    Replacing a payasyougo pension system with a fully funded scheme could eliminate the incentives (under the pay as you go system) to informalize production and employment. Simulations of an endogenous growth model suggest that long-term growth could increase substantially by such a reform.
  • Document

    Pension systems and reforms : country experiences and research issues

    Policy Research Working Papers, World Bank, 1995
    Country experiences of old age social security arrangements, and 15 research and policy design issues not addressed in the literature.Pension reform is spreading around the globe, from Latin America to the OECD countries, and major reform projects are being discussed in many other developing, transition, and OECD countries.Arrau and Schmidt-Hebbel survey current research issues and country e
  • Document

    Sustainability of private capital flows to developing countries : is ageneralized reversal likely?

    Policy Research Working Papers, World Bank, 1995
    Developing countries that undertake adequate domestic reform should continue to expect capital inflows, despite recent events in Mexico and the U.S. Federal Reserve Board's raising of interest rates during 1994.Since 1989, private capital flows to a select group of developing countries have increased sharply, but developments in 1994 have caused concern about the sustainability of those flows.
  • Document

    The impact of minimum wages in Mexico and Colombia

    Policy Research Working Papers, World Bank, 1995
    Comparative data from Mexico and Colombia are used to analyze the impact of minimum wages. In Mexico, low levels of compliance and ineffective levels of minimum wages imply negligible employment effects.
  • Document

    Savings and education : a life - cycle model applied to a panel of 74 countries

    Policy Research Working Papers, World Bank, 1995
    In the long run, education improves the national saving rate and hence growth. But this positive effect takes time to be completely realized, and it varies across regions and levels of development.Morisset and Revoredo analyze how education contributes to savings. There are many reasons to believe that education and savings may be linked, either positively or negatively.
  • Document

    Agricultural trade liberalization in the Uruguay Round : one step forward,one step back?

    Policy Research Working Papers, World Bank, 1995
    The Uruguay Round appears to have made import protection in agriculture more transparent, but at the expense of significant liberalization in most countries.
  • Document

    Migration and the skill composition of the labor force : the impact of trade liberalization in developing countries

    Policy Research Working Papers, World Bank, 1995
    The average skill level of the labor force in a developing country tends to improve under a policy of trade liberalization and to decline under increased protection.In the standard Heckscher-Ohlin model, trade and migration are substitutes (that is, migration decreases with trade liberalization).
  • Document

    Interest rates, credit and economic adjustment in Nicaragua

    Policy Research Working Papers, World Bank, 1995
    Nicaragua's dollar equivalent and real interest rates are not unusually high by regional standards.
  • Document

    Employment and wage effects of trade liberalization : the case of Mexicanmanufacturing

    Policy Research Working Papers, World Bank, 1995
    Cuts in Mexico's tariff levels were associated with a slight decline in employment in Mexico and with increases in average wages (perhaps reflecting improved productivity in the reformed industries and a shift toward the use of more skilled workers).

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