Journal•ISSN: 0718-5286
Estudios De Economia
University of Chile
About: Estudios De Economia is an academic journal. The journal publishes majorly in the area(s): Exchange rate & Inflation. Over the lifetime, 1549 publications have been published receiving 9664 citations.
Papers published on a yearly basis
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TL;DR: In this paper, Durlauf and LeBaron present two definitions of stochastic nonlinearity (IID-Linearity and MDS- Linearity) for nonlinear time series analysis and argue for their usefulness as organizing con- cepts not only for discussion of non-linearity testing but also for building a new class of struc- tural asset pricing models.
Abstract: This paper: (1) Gives a general argument why research on nonlinear science in general and chaos in particular is important in economics and finance. (2) Puts forth two definitions of stochastic nonlinearity (IID-Linearity and MDS- Linearity) for nonlinear time series analysis and argues for their usefulness as organizing con- cepts not only for discussion of nonlinearity testing but also for building a new class of struc- tural asset pricing models. (3) Shows how to use ideas from interacting particle systems theory to build structural asset pricing models that turn IID-Linear or MDS-Linear earnings processes into non MDS-Linear equilibrium returns processes. * I thank the NSF (SES-9122344) and the Vilas Trust for research support; and Steve Durlauf and Blake LeBaron for very useful comments. I thank Carlos Urzua for inviting me to present this work at a most exceptional conference. None of the above are responsible for errors, shortcomings, and opinions expressed in this paper. An earlier version of this paper circulated under the title, "Beyond Randomness, or, Emergent Noise: Interactive Systems of Agents with Cross Dependent Characteristics/'
179 citations
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TL;DR: The performance of the Japanese economy in the last forty-five years, during which it has gone from post-war destitution and near collapse to one of the richest and most productive in the world, is unmatched as discussed by the authors.
Abstract: The performance of the Japanese economy in the last forty-five years, during which it has gone from post-war destitution and near collapse to one of the richest and most productive in the world, is unmatched
157 citations
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TL;DR: The authors discuss the importance of experimentation in economic analysis and present a variety of economic is- sues that have been explored with laboratory techniques, as well as some of the principal lessons learned.
Abstract: The purpose of this paper is to discuss the grow ing importance of experimentation in economic analysis. We present a variety of economic is sues that have been explored with laboratory techniques. We also address some common ob jections to experimentati on, as well as some of the principal lessons that have been learned.
151 citations
TL;DR: In this article, the authors investigated whether the conditional cash tranfers (CCT) had an inequality reducing effect in three Latin American countries: Brazil, Mexico and Chile, and concluded that CCT programs helped reducing inequality between the mid 1990s and the mid 2000s.
Abstract: We decompose changes in the Gini coecient to investigate whether the Conditional Cash Tranfers (CCT) have had an inequality reducing eect in three Latin American countries: Brasil, Mexico and Chile. We conclude that CCT programs helped reducing inequality between the mid-1990s and the mid-2000s. The share of total income represented by the CCTs is very small, less than 1%. But as their targeting is outstanding, the equalising impact of CCTs was responsible for about 21% of the fall in Brazilian and Mexican inequality figures In Chile the eect was responsible for around 15% of the reduction.
109 citations
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TL;DR: In this article, the relationship between international financial integration and economic growth is analyzed empirically, after reviewing the theory and evidence, and analyzes empirically the relationships between financial integration, financial development, and economic development.
Abstract: This paper analyzes the relationship between international financial integration and economic growth. Recent literature, surveyed in this paper, emphasizes the role of financial deepening on economic growth. Less attention has been paid, however, to the role of international financial integration in promoting a deep domestic financial market and through that channel fostering economic growth. Financial integration also permits portfolio diversification, allowing higher profitability of investment and, hence, higher rate of economic growth. Those issues are examines in this paper. In particular, after reviewing the theory and evidence, this paper analyzes empirically the relationships between financial integration and financial development, and between financial development and economic growth.
89 citations