Fotografías: Banco de Imagen Bureau Róbinson Henao Diseño y Diagramación Karin Martínez Camacho Fabián Rivero Camargo Área de Diseño Universidad EAFIT I.

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Medellín Welcome

We are very pleased to welcome you to the XV Annual Meeting of the Latin American and Caribbean Economic Association to Medellín. The Banco de la República, Univer- sidad EAFIT, Universidad de Antioquia, and Centro de Pensamiento de Proantioquia José Darío Uribe Escobar are proud to organize the meeting this year. Governor, Banco de la República The organization of LACEA 2010 has benefited from numerous people. Mauri- cio Cárdenas and Ricardo Hausmann, the past and current presidents of LACEA, were very supportive at the moment of inviting us to organize the meeting in Medellín, the first time the conference has taken place in an intermediate non capital city of the region. Members of our Program Committee were generous with their support in the Juan Luis Mejía Arango selection of the articles and the organization of invited sessions. President, Universidad EAFIT We also thank the administrative staff of EAFIT, first led by María Alejandra Palacio, and then by Alberto Naranjo; people of Grupo Logístico, led by Lina María Granados, people at Banco de la República, led by Diana Mejía; and the students as- sistants, for taking care for all the details required to make your stay pleasant. Alberto Uribe Correa Finally, we want to thank to our sponsors for their generous support that President, Universidad de Antioquia made possible this conference. We are convinced that the material selected by our Program Committee is of high academic quality and hope you agree. Along with this academic program, we are offering you at EAFIT, a friendly environment to interact with your colleagues from over the world. We are delighted to have you in Medellín and wish that you get Juan Sebastián Betancur Escobar to know the city. President Proantioquia Centro de Pensamiento Social Let us invite you to begin enjoying LACEA 2010! 4

LACEA 2010 / Colombia Parque Explora|SalaAbierta II. + + Foreword colleagues and friends. We will have a welcome cocktail at the accepted articles were submitted by people based in other 20 different countries. percent each in Argentina and United Kingdom, and 5 percent in Mexico. The remaining TheUnited States, 12 percent in Chile, 8percent each in Colombia and Brazil, nearly 6 in based weresubmitters accepted of percent 41 America. Central in percent 6 and institutions based in North America, 38 percent in South America, 12 percent in Europe, account for about39percent ofthearticles. Financial policy, topics The remaining Econometrics. Development, Pensions, and and Cycles,Conflict Business Fiscal Remittances, and Inequality, Migration International and Microeconomics, Institutions, Poverty Rate, Exchange Development, Economic of each percentto 3 nearly and Economics, Labor and ProgramEvaluation to percenteach 6 Education,percentTrade, toarerelated articlesto7 the percentof selection ofacademic material. organizedLACEA,and LAMES weboth are confident this that haveyear we a fine very of submissions was not as overwhelming as the previous two conferences, that jointly nearly 20 percent excused their attendance for several reasons. Although the number were 500 werefinally them than accepted. of half reviewed and From accepted, those find in this program. We received nearly 600 submissions, out of which somewhat less effortsto promote event. this I hopeyou have agreat timeatLACEA 2010! Universidad EAFIT, Universidad de Antioquia, Centro de Pensamiento Social de de Social Pensamiento de Centro Antioquia, de Universidad of EAFIT, Presidents the thank to want I also Universidad and conference, the for support their for year this conferences, LACEA previous conference’s Association, sponsors, andgeneral information for participants. Economic Caribbean and American Latin the institutions, organizing the Committee, Program the Committee, Organizing the it: to related informationrelevant all and conference the of program pleasurea and forhonor is an It me tointroduce presentsIt toyouhandbook. this the Juan JoséEchavarría Mayor, Plaza Conference Chair of his paintings and 14 of his sculptures. On Friday we will offer a dinner and party at party and dinner offera will Fridaysculptures.we On his of 14 and paintings his of since 1984, and donated the Botero Donation sculptures2000, a collection 1955, of 112 works of sinceart, including 64 donated paintings include which Botero, Fernando artist Colombian the by made donations the know to chance the have will you which Proantioquia, Third,towant weyouI what want mention to enjoy yourin free yourwith time Most accepted articles, nearly 43 percent, were submitted by people affiliated to Our Program Committee selected papers on a broad range of topics. Nearly 10 Secondly, I want to provide a brief summary of the academic material you will First, I want to join the thanks offered to all those mentioned in the welcome the in mentioned those all offeredto thanks the join to want I First, andonSaturday aclosing cocktail atEAFIT. and and Banco de la República la de Banco , and Alejandro Gaviria, for their combined their for Gaviria, Alejandro and , Museo de Antioquia, de Museo in III. Latin American andCaribbeanEconomic Association Conference Program –Thursday, November 11th Conference Program –Saturday, November 13th Conference Program –Friday, November 12th Contents Map ofUniversidad EAFIT Organizing Institutions Organizing Committee Program Committee General Information Program Structure Sponsors Notes Index Av. SanJuan|EstacióndelFerrocarril 70 69 63 56 43 29 19 16 15 13 9 7 6 +

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LACEA 2010 / Colombia Organizing Committee Centro dePensamiento Social Universidad deAntioquia Banco delaRepública Universidad EAFIT Conference Chair Logistic Operator IV. Plaza Mayor Nicolas Robledo S.,GrupoLogistico Lina MaríaGranados E.,Grupo Logistico Alejandro GaviriaUribe Sergio Andrés Tobón Ospina Juan Sebastián Betancur, President Jorge HugoBarrientos, Alexander Tobón, Co-Chairs Alberto UribeCorrea, President Sebastián LondoñoMora Melanie Triana Salazar Consuelo PáezRodríguez Catalina GómezIrurita Diana MejíaAnzola Staff Carlos MedinaDurango Hugo LópezCastaño Hernando Vargas Herrea, DeputyTechnical Governor José DaríoUribeEscobar, Governor Catalina GómezToro Luis Alejandro Cárdenas Franco Carlos Fernando ArbeláezOrtiz Juan Sebastián Cárdenas Salas Nathalia Franco Pérez Staff Maria A.Palacio, Administrative Chair Alberto J.Naranjo, Administrative Chair Juan LuisMejíaArango, President Juan JoséEchavarría Soto + + V. Program Committee University ofIllinoisatUrbana-Champaign Marcelo Buchelli, Universidad EAFIT Francesco Bogliacino, Universidad delos Andes Raquel Bernal, Universidad deAntioquia Jorge HugoBarrientos, Economic Commission for LatinAmerica andtheCaribbean Alicia Bárcena, University College London Orazio Attanasio, Universidad deAntioquia Mauricio Alviar, Universidad Nacional Andrés Alvarez, Banco delaRepública deColombia Carlos Medina,Program Co-Chair, U. delos AndesandCentro dePensamiento Social Alejandro Gaviria,Program Co-Chair, Universidad EAFIT Alberto J.Naranjo, Program Co-Chair, Banco delaRepública deColombia Juan JoséEchavarría, Conference Chair, Banco Central deChile Luis Felipe Céspedes, Universidad ICESI Juan Esteban Carranza, Universidad delos Andes Juan Camilo Cárdenas, Brookings Institution Mauricio Cárdenas, United NationsDevelopment Program (UNDP) Luis LopezCalva, Universitat Pompeu Fabra Paula Bustos, University ofPennsylvania Flavio Cunha, University ofChicago BoothSchoolofBusiness Patricia Cortés, Harvard University Rema Hanna, Pontificia Universidad Católica Argentina Martin Grandes, Universidad Católica deChile Francisco Gallego, Inter-American Development Bank Arturo Galindo, Harvard Erica M.Field, World Bank Francisco Ferreira, New York University Raquel Fernández, Universidad delos Andes Marcela Eslava, University ofCalifornia, LosAngeles (UCLA) Sebastian Edwards, California Institute ofTechnology Federico Echenique, Inter-American Development Bank Suzanne Duryea, Universidad EAFIT Juan Carlos Duque, Universidad deMontevideo Juan Dubra, Harvard University Rafael DiTella, World Bank Augusto delaTorre, Banco Central deChile José DeGregorio,

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LACEA 2010 / Colombia Universidad EAFIT Mónica Ospina, Columbia University José Antonio Ocampo, Inter-American Development Bank Hugo Ñopo, Universidad Torcuato DiTella Andrés Neumeyer, Bank for International Settlements Ramón Moreno, Stanford University Grant Miller, University ofCalifornia, LosAngeles (UCLA) Adriana Lleras-Muney, University ofCalifornia, LosAngeles (UCLA) Rosa LilianaMatzkin, Inter-American Development Bank Eduardo Lora, Banco delaRepública deColombia Hugo LópezCastaño, New York University Ricardo Lagos, World Bank Maurice Kugler, George Washington University Graciela Kaminsky, Universidad Jorge Tadeo Lozano Salomón Kalmanovitz, Universidad delos Andes Ana MaríaIbáñez, Center for Teaching andResearch inEconomics (CIDE) Susan Parker, UNCTAD, United Nations Ugo Panizza, Inter-American Development Bank Carmen Pages, Universidad delRosario Jesús Otero, Corporación AndinadeFomento Pablo Sanguinetti, The World Bank Jaime Saavedra, MIT Roberto Rigobon, Columbia University Ricardo Reis, Fedesarrollo Guillermo Perry, Corporación AndinadeFomento Leonardo Villar, The World Bank Carlos Eduardo Vélez, Banco delaRepública deColombia Hernando Vargas Herrera, GRADE Martin Valdivia, Northwestern University Sergio Urzua, Columbia University Miguel Urquiola, Banco delaRepública deColombia José DaríoUribe, Banco deMexico Alberto Torres, Universidad deAntioquia Alexander Tobón, Board ofGovernors oftheFederal Reserve System Gustavo Suárez, Fedesarrollo Roberto Steiner, Pontifical CatholicUniversity ofRiodeJaneiro Rodrigo Soares, The World Bank Emmanuel Skoufias, Universidad Torcuato DiTella Ernesto Schargrodsky, VI. Organizing Institutions República deColombia Research attheBanco dela it wasthefirst (first) Colombian institution inthat ranking (W. Rank). ranked sixth (second) among all institutions in South America according to RePec, and of Economic Studies in Medellín. As of September 2010, the Banco de la República was Division Regional a and Cartagena, in EconomicStudies of Center Regional a Bogotá, in Unit Research a has Bank the Today, etc. economics, regional economics, labor markets, exchange labor growth, and development, monetary economic financial, economics, international topics: markets, of range broad a on research produce permanent process ofgrowth anddevelopment. a in economy an serve to itself adapted institution has and this changes, important undergone time, has of passage the With country. the of organization institutional rate andintervening to control interest rates. discount the establishing of responsibility the given also was Board The orthodoxy. regulatory and monetary controls with strict adherence to the parameters of financial both from the private and public sectors, was entrusted by Law 25 with the exercise representatives of of consisting members 10 of composed Directors, of Board Bank’s moneylender.The resort last a as serving and Government the to banker as acting reserves, international country’s the administrating tender, legal Colombian issuing of faculty the with entrusted exclusively was entity remainder.This the contributed individuals private some as well as banks commercial national and foreign and 50% Governmentprovidedthe which of gold, in million 10 startingcapitalof a with society on the 25th of July 1923 by means of Law 25. The Bank was organized as an anonymous Different areas of the of areasDifferent The The Banco de la República la de Banco ac d l República la de Banco Banco de la República la de Banco was established as the Central Bank of Colombia of Bank Central the as established was ly a udmna pr i te cnmc and economic the in part fundamental a plays , in different cities of Colombia, of cities different in ,

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LACEA 2010 / Colombia + Universidad EAFIT Universidad EAFIT Department ofEconomics scientific journals. scientific international ranked high in regularly publish active courses. very are extension groups research with Our together scholars, national in leading program by Master taught a Economics and undergraduate an offers mind, in Economics this of With Department mission. the institutional University the with line in world, the and America, Latin country, the in required are that transformation economic and social is purpose to to with the skills professionals educate necessary lead the processes of and Humanities,Law. country. Today, the University has four Schools – Management, Engineering, Sciences the with responsibility their of aware professionals suitable up bringing the of with purpose entrepreneurs of group a by 1960 on founded was EAFIT Universidad The The Department of Economics is within the Management School and its its and School Management the within is Economics of Department The and Perfil de Coyuntura Económica. LACEA Annual Conference 2010 is the the is 2010 Conference economies. American Latin Annual the of LACEA problems urgent most the around experiences Económica. different share to opportunity Coyuntura de Perfil and Economía de Lecturas journals: academic recognized two publishes Economics of Department the performance, international and distinguished its of result a As national experience. their research and qualification, academic high their both from Applied Econometrics. Applied groups: andconsultancy and Economics, Health Studies, Microeconomics,Macroeconomics,Regional Applied research certified quality Department five The has Economics. Economics of in Master a and program Cooperation International an programs: graduate two and Economics in program undergraduate an offer we research and consultancy in the different fields of the economic science. In this sense, teaching, todevoted is Economicseconomy. Colombianof Department Currently,the the of evolution the by imposed challenges the face to able are who economists, of of Department the 1944, in Economics of the foundationUniversity of Antioquia has played an important its role in the education Since Colombia. in technology the and science of development This the referencein of 1803. point important in an representsinstitution founded university public Colombian a is Antioquia of University The Universidad deAntioquia Department ofEconomics Universidad deAntioquia Nowadays, our teacher staff has a significant background, resulting resulting background, significant a has staff teacher our Nowadays,

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LACEA 2010 / Colombia Centro dePensamiento Social establish publicopinionsandto create effective publicandprivate policies. to findsolutionsofsocialproblems inour region. and policy corporate public social responsibility, in in our incidence Seminarios Tecnicos, direct a a methodological for approach look last, And Trabajo). Also, de (Documentos others. and education, development, researchWorkingPapers socializing projectstroughour and knowledgeprovidenew social market, an labor Social, system, Pensamiento health de Catedra protection, the social inequality, poverty, like topics analyze trough to initiative interdisciplinary institutions social and private signals ofintellectual capacity to create ideasandopinions. increasinglyThink-Tankssector.relevantprivatethe arethat role of knowing Finally, increasinglyworld a challengesin opportunities and interdependent, keepingmind in constructive and solutions in policies terms innovativeof investment establish and social to programs, platform to face intellectual the an country’s provides and research independent promotes which organization an build Second, Colombia. in problems social around all society-academics-enterprises, civil between dialogue the increase improving thesocial publicpoliciesandcorporate socialresponsibility. studies, social and critics, research,opinion, independent the enhance to is purpose Antioquia - PROANTIOQUIA, and ARP SURA, a workers’ compensation corporation. His company of electric energy transportation in Colombia; Foundation for the Progress of private a and COMFAMA autonomous Colombia; social of enterprise; AssociationInterconexión Business Eléctrica National S.A. – the ISA, ANDI, the between largest made alliance inter-institutional an by established was Social Pensamiento de Centro The In brief, the Centro de Pensamiento Social pretends to be a decisive factorto decisive a be pretendsto Social Pensamiento Centro de the brief, In public, between spaces meeting creating to: related are activities main Our First, pillars. three on operations its bases Pensamiento de Centro The VII. Association Caribbean Economic Latin American and ae bt o qaiy tnad ad aaiybidn ciei. AE fnig has funding LACEA criteria. capacity-building and standards quality on activities both various based the to allocated are funds which under process, competitive a of basis the on allocation funding a to evolvedincreasingly has LACEA others. among Development Bank, The Ford Foundation, and Inter-American The the Bank, WorldWilliam The from and grants by Flora supported been Hewletthave meetings Foundation, annual the addition, In Facility. Grant Development Bank’s World the and Network issue. nineteenth its released recently has that Economia journal own its publishing been has LACEA 2000, Since LACEA. of meetings general the during possible is it specialized than papers of more discussion detailed a and allowing workshops and meetings regular (IEN); organize networks Trade, Network associate LACEA’s the Evaluation Network. Camps Economics Impact (PEG); and Finance the International Group the and (TIGN); Economy Network Political Growth and the Integration (NIP); Poverty and Inequality Association. Sciences Social American Latin the Allied the of part with is LACEA 2006. since (LAMES) organized Society Econometric the of Chapter jointly been have meetings These Paris. and Rica Costa José San Puebla, Madrid, Montevideo, Janeiro, de Rio Santiago, Bogotá, methodological or orientation. ideological political, to regard without problems, research and professional greater policy Caribbean encourage and American Latin to with concerned economists among interaction is purpose Its policymakers. and economists and amongideas Americafacilitate exchange toofthe 1992 July foundedin was Latin It Caribbean. the in interests research common with economists of association international an is (LACEA) AssociationEconomic Caribbean and American Latin The AE i gnrul spotd y rns rm h Goa Development Global the from grants by supported generously is LACEA on Network the networks: research specialized five sponsors LACEA Aires, Buenos in meetings annual held has LACEA 1996, from Starting

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LACEA 2010 / Colombia 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Year Past Meetings: BuenosAires, Argentina RiodeJaneiro, Brazil Bogotá,Colombia Mexico City,Mexico Paris, France SanJosé,Costa Rica Puebla,Mexico Madrid,Spain Montevideo, Uruguay RiodeJaneiro, Brazil Santiago,Chile BuenosAires, Argentina Bogotá,Colombia CiudaddeMéxico, México Instituto AutónomoNacionaldeMéxico Location be found atwww.lacea.org. can membership LACEA’sand about activities, InformationmoreFor bylaws, history, with information aboutgrant/funding opportunitiesandacademic activities. newsletter fortnightly a receiving and Collection; Business and Economic JSTOR’s accessto Economia; of issues biannual LACEA; by organized activities academic and LACEA’s annual meetings, mentoring program, summer schools, and other programs in participate to invitations benefits: exclusive enjoy members LACEA All members. association’s activitiesundertheGDNobjective ofbridgingresearch andpolicy. the to closer policy-makers bring to as well as Caribbean, the and America Latin of toreachused been economistsand tominorities, out under-represented of countries Since its inception LACEA has grown to an organization with currently 800 active Universidad Torcuato DiTella Fundación GetulioVargas Fedesarrollo andUniversidad delos Andes Instituto Tecnológico Autonomo deMexico The American University inParis Universidad deCosta Rica, INCAE Universidad delasAméricas CEMFI CERES, Universidad Ort Fundación GetulioVargas Pontificia Universidad Católica deChile Universidad Torcuato DiTella Fedesarrollo, Universidad delos Andes Host Institution VIII. Sponsors • Banco deEspaña • Fondo Latinoamericano deReservas • GrupodeInversiones Suramericana S.A. • Protección S.A. • Coltabaco S.A.-PhillipMorrisInternational Inc. • GrupoNacionaldeChocolates S.A. • Cementos ARGOSS.A • GrupoBBVA • Alcaldía deMedellín • GrupoBancolombia b. 2010Sponsors • TheWorld Bank • LatinAmerican andCaribbeanEconomic Association • International Monetary Fund • Inter-American Development Bank • Global Development Network • Corporación AndinadeFomento • Bankfor International Settlements • Banco Central deChile a. Permanent Sponsors Parque Biblioteca“LeóndeGreiff”|LaLadera +

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LACEA 2010 / Colombia IX. General Information Universidad EAFIT November 13,19:15–20:30 Closing Ceremony Plaza Mayor Medellín,ExposicionesyConvenciones. Novembre 12,19:15–23:00 LACEA DinnerandParty This reception issponsored byBBVA Antioquia Museum November 11,19:35–21:30 Opening Reception Social events order to have access to theconference rooms, lunch,andsocialevents. in times all at badges their show torequired are participants Conference Access to theconference If you needhelporanyassistance, please visitusthere. It willbeopenedthroughout theconference from 8:00to 19:30. The information Deskislocated infront oftheFundadores Auditorium. Information Desk by thelogistic personnel intheuniversity. There willbetransportation to andfrom theUniversidad EAFIT organized Shuttle Buses coffee and tea stations in the buildings where the conferences will be held. Lunch will be served next to the Fundadores Auditorium. There will be Lunch andcoffee breaks hospitals. private these of any at rooms emergency the to directly going recommend we hours, after or conditions serious more For hours. conference the during assistance medical need you if desk information the contact Please Medical Assistance, Hospitals Restaurants in thebuilding18and38. For those who needacomputer there willbeComputer Roomsavailable laptop underthenameINVITADOS.EAFIT University. You can usetheUniversidad EAFIT´saccess to WIFIinyour Wireless internet service for your laptop isavailable throughout the Internet andComputers at theConference Center. Please visittheinformation deskifyou would like to bepicked upbyataxi Taxis La Cafetiere deAnita San Carbón Mystique El Cielo Herbario Tabun La Provincia Sushi Light In China El Zocalo Fatto inCasa Il Forno Hato Viejo Restaurant (Building 18)andthere willbeatravel agency stand (AVIATUR). You can exchange USdollars into Colombian pesos inBancolombia Office Currency exchange andtravel agency French Argentinean grilled New generacion New generacion New generacion Arabic (Mediterranean) French (Mediterranean) Japanese Chinese Mexican Italian Italian Antioqueña Cuisine Sendero PeatonalPlazaMayor|EdificioEPM

LACEA 2010 / Colombia 17 X. Conference Program 1

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Jardín Bontánico, Joaquin Antonio Uribe

Thursday November 11 2010

The Medellin Botanic Garden, Joaquin Antonio Uribe, was opened on April 19th, 1972. It is a “living museum” and a center for the scientific research that offers education, recreation and culture. It has 14 hectares of scientifically organized living collections, which form a beautiful garden of diverse plants of various groups and species to enjoy in the heart of the city. The Botanic Garden has also an exhibition place (Orquideorama) together with a lake, exotic plants and trees, a restaurant, a coffee shop, a theatre, meeting rooms, a gift store, a nursery room, and a parking zone. 1 20 Thursday November 11 2010 LACEA 2010 / Colombia 10:15 -11:45 10:15 -11:45 10:15 -11:45 08:30 -10:00 08:00 -08:30 James A.Robinson,Harvard University AMERICA LATIN IN POLICIES REDISTRIBUTIVE OF ECONOMY POLITICAL THE Co-author: Jaime Saavedra, The World Bank. Miguel Jaramillo, GrupodeAnalisispara elDesarrollo (GRADE) FORCES POLICY AND MARKET OF ROLE THE PERU: REFORM POST-STRUCTURAL IN INEQUALITY Docencia Económica (CIDE)-Mexico. Co-authors: Nora Lustig, Tulane University andJohnScott, Centro deInvestigación y Gerardo Esquivel, ElColegio deMéxico A DECADE OF FALLING INEQUALITY IN MEXICO: MARKET FORCES OR STATE ACTION? (Universidad NacionaldeLaPlata) Co-author: Guillermo Cruces, Center for Distributive, LaborandSocialStudies Nacional deLaPlata) Leonardo Gasparini,Center for Distributive, LaborandSocialStudies(Universidad ARGENTINA OF CASE THE MOTION: IN DISTRIBUTION A Co-author: Nora Lustig, Tulane University Luis Felipe Lopez-Calva, UNDPandTheWorld Bank AMERICA? LATIN IN DECLINE INEQUALITY DID WHY University Tulane Lustig, Nora Chairperson: (brookings institution andundp,2010) decade ofprogress?” Edited byluisf. Lopez-calva andnora lustig Presentation ofthebook:“declininginequalityinlatinamerica: a INVITED SESSIONS Professor ofPublicPolicy Adjunct and Development International for Center Harvard Fellow Velasco, Andrés “TBA” Juan JoseEchavarría, Chair,LACEA 2010 Ricardo Hausmann,President, LACEA OPENING CEREMONY REGISTRATION Associate editor: RaquelBernal,Universidad delos Andes Co-authors: Maurizio Bussolo, andDenisMedvedev, TheWorld Bank Rafael deHoyos, TheWorld Bank EXPANSION? CANAL THE FROM EFFECTS POVERTY LARGE EXPERIENCE PANAMA WILL Associate editor: RodrigoSoares, Pontifical CatholicUniversity ofRiodeJaneiro Jorge Miranda Pinto, Superintendence of Pensions ofChile CHILE FOR EVIDENCE DECISION? RETIREMENT THE AFFECT PROJECTION PENSION PERSONALIZED DOES MIT Rigobón, Roberto Chairperson: Economia Panel: AppliedMicroeconomics Auditorium Fundadores Room: Auditorium Fund adores Room: Auditorium Fabricato Room: 10:15 -11:45 10:15 -11:45 10:15 -11:45 10:15 -11:45 University ofMaryland Co-Authors: EthanIlzetzki,LondonSchoolofEconomics andEnriqueMendoza, Carlos Vegh, University ofMarylandandNber MULTIPLIERS? FISCAL ARE (SMALL) BIG HOW Co-Authors: EricLeeperandNora Traum, IndianaUniversity Todd Walker, IndianaUniversity EXPLORATION BAYESIAN A MULTIPLIERS: FISCAL OF SCIENCE THE Klaus Schmidt-Hebbel,CatholicUniversity ofChile CHILE IN AND WORLD THE IN RULES FISCAL AND CYCLICALITY FISCAL Maryland of University Vegh, Carlos Chairperson: Fiscal Multipliers Universidad delos Andes. Co-Authors: Arturo GalindoandAlejandro Izquierdo, IADB;andMarc Hofstetter, Marcela Eslava, Universidad deLosAndes. COLOMBIA IN DYNAMICS FIRM AND CYCLE BUSINESS THE CONSTRAINTS, CREDIT Min Ouyang, University ofCalifornia Irvine FRICTIONS MARKET FINANCIAL AND TIMES BAD OF VIRTUE Co-Author: Marc Hofstetter, Universidad delos Andes Laurence Ball,JohnsHopkinsUniversity AMERICA LATIN IN UNEMPLOYMENT Andes los de Universidad Eslava, Marcela Chairperson: Micro andMacro Evidence ontheScarring Effects ofRecessions Co-Authors: Renata Narita andJeanMarc Robin,University College London Costas Meghir,University College London COUNTRIES DEVELOPING IN WAGES AND INFORMALITY Emily Conover, Hamilton College EMPLOYMENT INFORMAL AND FORMAL BETWEEN CHOICE WORKERS’ ON SYSTEM PROTECTION SOCIAL COLOMBIA’S OF EFFECTS Chris Woodruff, University ofWarwick DIFFERENT? AFRICA IS MICROENTERPRISES: IN INVESTMENTS CAPITAL London College University Meghir, Costas Chairperson: countries: markets, policiesandinstitutions Individual behaviourofhouseholdsandfirmsindeveloping Alberto Cavallo, MITSloan SchoolofManagement PRICES STICKY DATA AND SCRAPED University Tella Di Torcuato Neumeyer, Andrés Chairperson: under hyperinflation,mild inflationanddeflation The Micro DynamicsofPrice Rigidities:Evidence from Argentina 38 -103 Auditorium Room: 35 -201 Room: 5th Floor Auditorium, Building, Engineering Room: 35 -301 Room:

LACEA 2010 / Colombia 1 21 Thursday November 11 2010 1 22 Thursday November 11 2010 LACEA 2010 / Colombia 10:15 -11:45 11:55-12:55 11:55-12:55 11:55-12:55 11:55-12:55 11:55-12:55 International Migration andRemittances I Co-author: Dante Contreras, University ofChile Paulina Sepulveda, IADB CHILE IN QUASI-EXPERIMENT A FROM EVIDENCE SUPPLY: FEMALE LABOR ON DAY SCHOOL THE LENGTHENING OF EFFECTS THE Eva OlimpiaArceo-Gomez, CIDE-México 1990-2000 MEXICO: IN WOMEN MARRIED OF SUPPLY LABOR Female LaborMarket Outcomes Fernanda Estevan Goncalves, University ofOttawa EDUCATION HIGHER AND COMPULSORY BETWEEN SPENDING PUBLIC OF ECONOMY POLITICAL THE Monserrat Bustelo, University ofIllinoisatUrbana-Champaign NICARAGUA IN SIBLINGS ON EFFECTS INDIRECT PROGRAMS? TRANSFER CASH CONDITIONAL FROM BENEFITING IS ELSE WHO Education I CONTRIBUTED SESSIONS Pablo Sanguinetti,CAF Augusto delaTorre, TheWorld Bank Shawn Cole, Harvard Business School Liliana RojasSuarez, Center for Global Development PANELISTS: CAF Villar, Leonardo Chairperson: This session issponsored bytheCorporación AndinadeFomento New Trend? Recent Innovations to Improve FinancialInclusion:Latest Fad ora Martin Gonzalez Rozada,Torcuato DiTella University Co-author: Fernando Alvarez andMartinBeraja, TheUniversity ofChicago; and Andrés Neumeyer, Torcuato DiTella University ARGENTINA IN INFLATION AND DYNAMICS PRICE Viviana Velez-Grajales, IADB CHILE OF CASE THE DECISIONS: CONTRIBUTION AND WORK ON EFFECTS THEIR AND SYSTEM PENSION ACCOUNT INDIVIDUAL AN TO REFORMS Pensions I Ana SofiaLeonLince, HarrisSchoolofPublic Policy andtheUniversity ofChicago U.S. THE IN IMMIGRANTS MEXICAN OF DESCENDANTS AMONG MOBILITY INTERGENERATIONAL EXPECTATIONS: GREAT Dean Yang, University ofMichigan SALVADOR EL FROM MIGRANTS AMONG EXPERIMENT FIELD A CONTROL: OF PROBLEM THE AND REMITTANCES 35 -101 Room: 38-125 Auditorium Room: 35 -301 Room: 35 -102 Room : 35 -201 Room: 11:55-12:55 11:55-12:55 11:55-12:55 11:55-12:55 Bureau for LatinAmerica andtheCaribbean Co-authors: DagmarHertova, UNDESAandEduardo Ortiz-Juarez, UNDP,Regional Luis F. LopezCalva, UndpandTheWorld Bank DECADE LAST THE IN MEXICO AND CHILE IN CLASS MIDDLE THE STRONGER? BUT BIGGER… Bank (Universidad NacionaldeLaPlata); andLuisF. LopezCalva, UNDPandTheWorld Co-authors: DiegoBattiston, Center for Distributive, LaborandSocialStudies Nacional deLaPlata) Guillermo Cruces, Center for Distributive, LaborandSocialStudies(Universidad CLASS MIDDLE ELUSIVE AMERICA’S LATIN IN? AND UP OR OUT AND DOWN Middle Classes: Measurement andPolitical Economy Implications IADB Co-authors: Pablo Ibarraran, IADBandRodolfo Stucchi, University ofGottingenand Alessandro Maffioli,IADB AMERICA LATIN IN PRODUCTIVITY FIRMS’S AND POLICY SME Bernardo CruzMorais, UCLA PRODUCTIVITY AGGREGATE AND DYNAMICS FIRM ENFORCEMENT, DEBT Institutions andFirm’s Productivity Margarita Rubio,BankofSpain POLICY MONETARY AND CYCLES BUSINESS MORTGAGES, VARIABLE-RATE AND FIXED Andres Fernandez, Universidad delos Andes ECONOMIES EMERGING IN FLUCTUATIONS AGGREGATE OF SOURCES THE ON Business Cycles I Co-author: IaninaRossi, Universidad delaRepublica-Urugay Alvaro Forteza, Universidad delaRepublica-Urugay DENSITIES CONTRIBUTION SPARSE WITH PROGRAMS PENSION (NDC) CONTRIBUTION DEFINED NOTIONAL Eduardo Fernandez-Arias, IADB RESTRUCTURING DEBT SOVEREIGN AND RESORT LAST OF LENDING INTERNATIONAL Co-authors: Pelin Berkmen,RobertRennkackand JamesWalsh; IMF Gaston Gelos, IMF IMPACT OUTPUT THE IN DIFFERENCES CROSS-COUNTRY EXPLAINING CRISIS: FINANCIAL GLOBAL THE The Global FinancialCrisis 35 -401 Room: 35 -203 Room: 35 -202 Room: 27 -102 Room:

LACEA 2010 / Colombia 1 23 Thursday November 11 2010 1 24 Thursday November 11 2010 LACEA 2010 / Colombia 11:55 -12:55 11:55-12:55 11:55-12:55 11:55-12:55 11:55-12:55 Julien Bengui,University ofMaryland MATURITY DEBT INEFFICIENT AND RISK SYSTEMIC Edhec Business School Co-authors: Carlos Carvalho, Federal Reserve BankofNew York andRenéGarcia, Marco Bonomo,GetulioVargas Foundation FRAMEWORK UNIFIED A INFORMATION: INFREQUENT UNDER PRICING STATE-DEPENDENT Macroeconomics Argentina Co-authors: EmilioBlanco andLaura D’amato; Banco Central delaRepublica María Lorena Garegnani, Central BankoftheArgentinian Republic ARGENTINA IN ACTIVITY ECONOMIC OF FORECASTING TERM SHORT FOR INFORMATION CONJECTURAL OF FLOW THE USING Co-authors: Carlos Caceres andAnaCorbacho;IMF Leandro Medina,theGeorge Washington University andIMF THEM? WITH DO TO ANYTHING HAVE LAWS RESPONSIBILITY FISCAL DID PERFORMANCE: FISCAL IN BREAKS STRUCTURAL Econometrics I Claudia Ruiz,UCLA HOUSEHOLDS INFORMAL ON CREDIT FORMAL OF IMPACT THE BANKS: TO PAWNSHOPS FROM Andreas Fagereng, European University Institute CYCLE LIFE THE & ALLOCATION PORTFOLIO HOUSEHOLD MicroFinance Enes Sunel,University ofMaryland ECONOMIES EMERGING IN WELFARE AND INEQUALITY WEALTH INFLATION, ON Universidad NacionaldelSur(Argentina) of Oxford andConsejoNacionaldeInvestigaciones Cientificas y Tecnicas (CONICET)- Maria EmmaSantos, Oxford Poverty and HumanDevelopment Initiative, University COUNTRIES DEVELOPING FOR INDEX NEW A POVERTY: MULTIDIMENSIONAL ACUTE Poverty andInequalityI Carolina MejiaMantilla,UCLA MEXICO FROM EVIDENCE SHARING: RISK AND PREFERENCE RISK Co-author: Pavel Luengas, Oxford University-Green Templeton College Pedro Gerardo BernalLara, University OfChicago MEXICO FROM EVIDENCE DEVICE: SELF-COMMITMENT A AS ROSCAS Microeconomics I 35 -302 Room: 35 -303 Room: 38 -119 Room: 27 -203 Room: 35 -402 Room: 15:05 -16:35 15:05 -16:35 15:05 -16:35 13:55 -14:55 11:55 -12:55 11:55 -12:55 Frederico Finan,UCBerkeley DEVELOPMENT LOCAL AND PATHOLOGIES POLITICAL Alberto Diaz-Cayeros, UCSanDiego MEXICO IN DEVELOPMENT COLONIAL AND POVERTY, IDENTITY, INDIAN Craig McIntosh, UCSanDiego PROGRAM OPORTUNIDADES MEXICO’S FROM EVIDENCE ALLEVIATION: POVERTY OF FOOTPRINT ECOLOGICAL THE Berkeley UC Finan, Frederico Chairperson: Poverty andPolitical Economy inLatinAmerica INVITED SESSIONS University Discussant: Ricardo Hausmann,Center for International Development atHarvard Samuel Bowles, Santa Fe Institute MICROECONOMICS POST-WALRASIAN Andes los de Universidad Cardenas, Camilo Juan Chairperson: PLENARY LECTURE Co-author: Carlos Corseuil, Instituto dePesquisa Econômica Aplicada (IPEA) Rodrigo Moura, Epge/Fgv-Brazil LEVELS EMPLOYMENT ON FIRMS SMALL FOR INCENTIVES TAX OF EFFECTS THE Co-author: Marcela Melendez ,Econestudio-Colombia Arturo Galindo,IADB COLOMBIA IN INVESTMENT AND STIMULUS TAX CORPORATE Business Taxes andSubsidies Orlando Sotomayor, University ofPuerto Rico HURRICANES 1932 AND 1928 RICO’S PUERTO FROM EVIDENCE EFFECTS: HEALTH LONG-TERM AND CRISES ECONOMIC Samuel Berlinski,IADB U.K. THE IN BANS SMOKING OF CASE THE PERFORMANCE: FIRM AND REGULATION MARKET Health andWelfare Co-author: Gwenn Parent, Paris SchoolofEconomics Francesca Castellani, IADB AMERICA LATIN IN CLASS MIDDLE BEING Centre Development OECD - Economist Chief Dayton, Jeff Chairperson: Middle Classes inLatinAmerica

38 -125 Auditorium Room: 5th Floor Auditorium, Building, Engineering Room: Auditorium Fundadores Room: 35 -403 Room: 38 -118 Room:

LACEA 2010 / Colombia 1 25 Thursday November 11 2010 1 26 Thursday November 11 2010 LACEA 2010 / Colombia 15:05 -16:35 15:05 -16:35 15:05 -16:35 Co-Authors: GuilhermeLichand, Pontifical CatholicUniversity ofRiodeJaneiro Rodrigo R.Soares, Pontifical CatholicUniversity ofRiodeJaneiro TRIBUNALS CIVIL SPECIAL BRAZIL’S FROM EVIDENCE ENTREPRENEURSHIP: AND JUSTICE TO ACCESS University ofRiodeJaneiro Co-Authors: Sérgio LeãoandJoãoManoelPinhodeMello, Pontifical Catholic Cláudio Ferraz, Pontifical CatholicUniversity ofRiodeJaneiro BRAZIL IN CREDIT TO ACCESS AND CONTRIBUTIONS CAMPAIGN LENDING: POLITICIZED Co-Authors: Marcos Rangel, Harris School and Mauro Rodriguez, UniversityGabriel Madeira ,University ofSaoPaulo of Sao Paulo CONTRACTS CREDIT OF AVAILABILITY THE IN CHANGES FROM EVIDENCE INFERENTIAL POWER: COMMITMENT AND CHOICE OCCUPATIONAL Janeiro de Rio of University Catholic Pontifical Soares, R. Rodrigo Chairperson: Institutions, Credit, andEconomic Activity Panizza, UNCTAD andTheGraduate Institute, Geneva Marc Flandreau, TheGraduate Institute; NorbertGaillard, World Bank;andUgo LUCK? BAD OR BANKSTERS CRISIS: DEBT INTERWAR THE AND REPUTATION, INTEREST, OF CONFLICTS Financial Stability andUniversidad Torcuato DiTella Universidad NacionaldeLaPlata, andRicardo AníbalPasquini, Center for Martin Grandes, Pontifical CatholicUniversity ofArgentina, Demian Tupac Panigo, AMERICA LATIN IN CEILING SOVEREIGN THE AND SPREADS CREDIT CORPORATE Development Centre Rolando Avendaño, OECDDevelopment Centre, andSebastián Nieto-Parra, OECD AGENCIES RATING AND REPUTATION BANK OF ROLE THE MARKET: BOND CORPORATE EMERGING THE IN PUBLIC GOING OF COSTS THE Geneva Institute, Graduate The and UNCTAD Panizza, Ugo Chairperson: The PricingofEmerging-Market Bonds:Thenversus Now Emmanuelle Martinez,Consultant; OECDDevelopment Centre Co-authors: Rita DaCosta, Consultant; JuanDeLaiglesia, Economist; and Angel Melguizo,Economist OECD,Development Centre. AMERICA LATIN IN INFORMALITY AND PENSIONS POSSIBLE: THE OF ECONOMY THE Nacional deLaPlata); andLuisFelipe López-Calva, UNDPandTheWorld Bank Guillermo Cruces, Center for Distributive, LaborandSocialStudies(Universidad CLASSES MIDDLE AND MOBILITY SOCIAL Chairperson: Juan Camilo Cardenas, Universidad de los Andes los de Universidad Cardenas, Camilo Juan Chairperson: Experiments How Experimentscan Inform Policies andHow Policy can Inform Auditorium Fabricato Room: 35-301 Room: 35 -201 Room: 16:55 -18:25 16:55 -18:25 15:05 -16:35 15:05 -16:35 ROUND TABLE: POLICY ANDMULTILATERALS Luiz A.Pereira daSilva, DeputyGovernor, Central BankofBrazil Professor ofPublicPolicy Andres Velasco, Fellow Harvard Center for International Development andAdjunct Jose DarioUribe,Central BankofColombia PANELISTS: BIS Caribbean, the and America Latin for Economics of Head Moreno, Ramon Chairperson: Settlements This session issponsored bytheBankfor International economies Global factors andmonetary policiesinemerging market Carmen Pages, IADB Hugo A.Hopenhayn,UCLAandNBER William Maloney, TheWorld Bank PANELISTS: Bank World The Ferreira, Francisco Chairperson: Development Bankand TheWorld Bank This Session isco-sponsored bytheInter-American Labor Market DynamicsinLatinAmerica: ANew Paradigm? Juan Camilo Cardenas, Universidad deLosAndes POLICY PUBLIC FOR CHALLENGES THE AND WATERSHEDS IN ACTION COLLECTIVE Environmental Economics Program (LACEEP) Francisco Alpizar,CATIE andDirector oftheLatinAmerican andCaribbean DONATIONS VOLUNTARY ON EVIDENCE EXPERIMENT FIELD FOLLOW! TO WHO ME TELL DO, TO WHAT ME TELL DON’T México; andMaríaJoséRoa,Universidad Carlos IIIDeMadrid. Co-authors: SoniaDiGiannatale, CIDE-México; Patricia LópezRodriguez,ITAM- Alexander Elbittar, CIDEMéxico EXPERIMENT FIELD A DECISIONS: FINANCIAL AND ACQUISITION INFORMATION TRUST, Professor ofPublicPolicy Andres Velasco, Fellow Harvard Center for International Development andAdjunct PANELIST: IADB Levy, Santiago Chairperson: Bank This Session issponsored bytheInter-American Development The Limitsto Growth andProductivity inLatinAmerica Auditorium Fundadores Room: 38 -103 Auditorium Room: Auditorium Fundadores Room:

LACEA 2010 / Colombia 1 27 Thursday November 11 2010 1 28 Thursday November 11 2010 LACEA 2010 / Colombia 16:55 -18:25 16:55 -18:25 18:35 -19:35 19:35-21:30 Location: MuseodeAntioquia OPENING RECEPTION Philippe Aghion,Harvard University CRISIS THE INTO YEARS TWO POLICY GROWTH RETHINKING 2010 LACEA Co-Chair, EAFIT, Universidad Naranjo, Alberto Chairperson: PLENARY LECTURE Andrew Powell, IADB Klaus Schmidt-Hebbel,CatholicUniversity ofChile Augusto delaTorre, TheWorld Bank PANELISTS: España de Banco Alberola, Enrique Chairperson: This session issponsored bytheBanco deEspaña the Curve? Central BanksinLatinAmerica andtheFinancialCrisis:Aheadof Roberto Rigobón,MIT Rodrigo Valdez, IMF Jose DarioUribe,Central BankofColombia DISCUSSANTS: Mauricio Cardenas, Brookings Institution Eduardo Levy-Yeyati, Torcuato DiTella Unversity PRESENTERS: Fedesarrollo Steiner, Roberto Chairperson: Presentation oftheBrookings Economic Outlook for LatinAmerica 38 -103 Auditorium Room: Auditorium Fundadores Room: 38 -125 Auditorium Room: 2

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Metro | Parque Berrío

Friday November 12 2010

Metro de Medellín began operations on November 30, 1995 and currently conveys around 500,000 commuters on a daily basis. The Metro system runs on electricity and, thus, is free of carbon emissions. Furthermore, the Metro Culture promotes good citizenship standards as a foremost value–added benefit. Despite many years in service, the cleanliness and good repair throughout the Metro system, coupled with widespread civility, show how environmental and behavioral standards prevail.

Metro radically improved the city’s lifestyle by providing a rapid and safe mass transit system. In 2004, the company pioneered the first aerial tramway for mass transit worldwide. Currently, there are 3 operational tramway lines and two more are under construction. 2 30 Friday November 12 2010 LACEA 2010 / Colombia 8:45 -10:15 8:45 -10:15 8:45 -10:15 8:45 -10:15 8:15 -8:45 Sergio Urzua,Northwestern University DIFFERENCE? A MAKE THEY DO ECONOMY: DEVELOPING A IN PROGRAMS DEVELOPMENT CHILD EARLY Co-authors: Veronica Amarante, E.MiguelandAndrea Vigorito, UDELAR Marco Manacorda, QueenMary yLSE PANES URUGUAYAN THE FROM EVIDENCE OUTCOMES: BIRTH AND TRANSFERS CASH CONDITIONAL Jere Behrman,University ofPennsylvania COUNTRY DEVELOPING POOR A IN CAPITAL HUMAN PHYSICAL AND INTELLECTUAL TO RETURNS MARKET LABOR BRAWN: VERSUS BRAINS University Northwestern Urzua, Sergio Chairperson: Caribbean: Evidence from theorigin The development and impactofhumancapital inLatinAmerica and Discussant: LuisFelipe LopezCalva, UNDPandTheWorld Bank Co-authors: MeryFerrando andAndrea Vigorito, UDELAR Verónica Amarante, UDELAR PANES OF EVALUATION IMPACT AN - INCOME HOUSEHOLD AND SUPPLY LABOR ADULT ATTENDANCE, SCHOOL Discussant: AnaSantiago,IADB Distributive, LaborandSocialStudies(Universidad NacionaldeLaPlata) Co-authors: GermánBet,Leonardo GaspariniandFrancisco Haimovich, Center for Nacional deLaPlata) María Laura Alzúa,Center For Distributive, LaborandSocialStudies(Universidad ARGENTINA IN OUTCOMES LABOR AND EDUCATIONAL ON LFE OF IMPACT THE ASSESSING Discussant: HugoÑopo,IADB Brito, UNDPIPC-IG. Co-authors: Fabio Soares, Elydia Silva, GuilhermeHirata, JoanaCosta andTatiana Clarissa Teixeira, UNDPIPC-IG OUTCOMES EDUCATION AND HEALTH ON IMPACT HETEROGENEOUS – PROGRAM CCT NONRANDOMIZED A OF EFFECTS CHANGE BEHAVIOURAL AND EXTERNALITY (GRADE) Desarrollo el para Análisis de Grupo Valdivia, Martin Chairperson: Projects PEPResearch Network Impact Evaluation ofSocialPolicies inLatinAmerica INVITED SESSIONS REGISTRATION of Colombia) of Bank (Central Colombia de República la de Banco Arango; E Luis Chairperson: Comparisons Make Sense? Labor Markets inLatinAmerican Countries:DoCurrent 35 -201 Room: 35 -301 Room: 38 -125 Auditorium Room: 8:45 -10:15 8:45 -10:15 8:30 -10:30 Eduardo Levi Yeyati, Universidad Torcuato diTella Fellow CGD,Investigador asociadoFedesarrollo Guillermo Perry, RFKVisitingProfessor atHarvard Kennedy School,NonResident COMMENTS: Chief Economist, Emerging Markets, BBVA HongKong Alicia García Herrero PRESENTATION: Fedesarrollo Steiner, Roberto Chairperson: Beyond theBRICs Associate Editor: Eduardo Fernandez-Arias, IADB Co-author: Kevin Cowan ,Central BankofChile Quy-Toan Do,TheWorld Bank CREDIBILITY BANK CENTRAL AND DOLLARIZATION FINANCIAL Associate editor: ClaudioRaddatz,TheWorld Bank Alessandro Rebucci, IADB ECONOMY WORLD THE IN EMERGENCY CHINA’S AFTER AND BEFORE AMERICA LATIN TO SHOCKS GLOBAL OF TRANSMISSION THE ON Associate Editor: UgoPanizza, UNCTAD Marc Hofstetter, Universidad delos Andes UNION? MONETARY A TOWARD AMERICA: LATIN IN TARGETING INFLATION MIT Rigobón, Roberto Chairperson: Economia Panel: AppliedMacroeconomics Carmen Pages, IADB William Maloney, TheWorld Bank Norman Loayza,TheWorld Bank DISCUSSANTS: Eduardo E.Freire Delgado,NationalDepartmentofStatistics ofColombia, DANE COLOMBIA OF CASE THE Domingo Claps,NationalInstitute ofStatistics ofChile, INE CHILE OF CASE THE Cimar Azeredo Pereira, Brazilian Institute ofGeography andStatistics, IBGE BRAZIL OF CASE THE Tomas Ramirez, Institute ofNationalStatistics andGeography ofMexico, INEGI MEXICO OF CASE THE Francesco Drago, University ofNaples (Parthenope) EXPERIMENT NATURAL A FROM EVIDENCE BEHAVIOR: CRIMINAL ALTERING POLICY A OF EFFECTS INDIRECT UTDT Schargrodsky, Ernesto Chairperson: Crime Economics Fabricato Auditorium Room: 35 -401 Room: 5th Floor Auditorium, Building, Engineering Room:

LACEA 2010 / Colombia 2 31 Friday November 12 2010 2 32 Friday November 12 2010 LACEA 2010 / Colombia 10:40 -12:10 10:40 -12:10 10:40 -12:10 8:45 -10:15 Co-author: Marcelo Olarreaga, University ofGeneva andCEPR Laura Zoratto, Graduade Institute (Geneva) AGREEMENTS TRADE AND GOVERNMENTS WEAK Co-author: Francisco Gallego, Pontifical CatholicUniversity of Chile Maria Valentina Konow Vial,Pontifical CatholicUniversity ofChile DEVELOPMENT FINANCIAL AND OPENNESS TRADE OF ROLE THE ECONOMY: REFORMING A IN CONVERGENCE CAPITA PER GDP REGIONAL Co-author: Sebastian Galiani,Washington University andNormanSchofield Louis) (St. University Washington Torrens, Gustavo DIVERGENCE POLICY TRADE AND DEMOCRACY ENDOWMENTS, FACTOR Trade I CONTRIBUTED SESSIONS Gian-Maria Milesi-Ferrati, IMF Andrew Powell, IADB Carlos Vegh, University ofMaryland PANELISTS: Bank World The Torre, la de Augusto Chairperson: Development Bankand TheWorld Bank This Session isco-sponsored bytheInter -American more balanced andsustainable growth intheregion growth” inLatinAmerica, andthedomestic andworld policiesthatwould allow for discusses thepatterns ofworld growth thatwould beconsistent with“balanced in Central America andtheCaribbeanmaybedelayed. Inthiscontext, thesession some countries inLatinAmerica look positive while therecovery inothers, especially as world recovery unfolds. Given thecurrent pattern ofworld growth, prospects for represents anopportunityto reduce global imbalances orthey willsimply reappear In thissession thediscussion willfocus onwhetherthecurrent global financialcrisis Recomposing world growth: thefuture ofglobal imbalances” Co-Author: Rafael DiTella, Harvard Business School,CIfARandNBER Ernesto Schargrodsky, UTDT MONITORING ELECTRONIC AND PRISON AFTER RECIDIVISM CRIMINAL Ilyana Kuziemko, Princeton University (New Jersey) CLASS AND RACE BY BEHAVIOR AVOIDANCE DRAFT DISPERSION? CAPITAL HUMAN INCREASE DRAFT VIETNAM THE DID Co-authors: DavidBravo, University ofChile; Sergio Urzua,Northwestern University Claudia Sanhueza,UAH-Georgetown University ECONOMY DEVELOPING A CLASS SOCIAL AND GENDER ON BASED DISCRIMINATION MARKET LABOR IDENTIFY TO APPROACH EXPERIMENTAL AN USING Gender Discrimination 38 -103 Auditorium Room: 35 -101 Room: 35-102 Room: 10:40 -12:10 10:40 -12:10 10:40 -12:10 Michigan Co-authors: ClaudiaMartínezA.,University ofChile andDeanYang, University of Diego Aycinena, Francisco Marroquin University MIGRANTS SALVADORAN AMONG EXPERIMENT FIELD A FROM EVIDENCE FLOWS: REMITTANCE ON FEES REMITTANCE OF IMPACT THE Co-authorS: Catalina Amuedo-Dorantes, SanDiegoState University Susan Pozo, Westen MichiganUniversity INTERESTS PORTFOLIO MIGRANT AND REMITTANCES INTERNATIONAL Andrei Zlate, Board ofGovernors oftheFederal Reserve System CYCLES BUSINESS AND REMITTANCES IMMIGRATION, International Migration andRemittances II and Paula Louzano,LehmanFoundation Co-authors: MariaCarolina LemeandVladimirPoncze, GetulioVargas Foundation; André Portela Souza,GetulioVargas Foundation BRAZIL IN EDUCATION OF QUALITY THE ON METHODS TEACHING STRUCTURED OF IMPACT THE Co-authors: Paulo Bastos andJulianCristia, IADB Nicolas Bottan, Iadb GUATEMALA RURAL IN PROGRAM CONSTRUCTION LARGE-SCALE A FROM EVIDENCE SCHOOLS: PRIMARY IN PROGRESSION AND ACCESS PREPRIMARY Norbert Schady,IADB ECUADOR FROM EVIDENCE LONGITUDINAL CHILDHOOD: EARLY IN DEVELOPMENT COGNITIVE AND EDUCATION PARENTAL Education II Cecilia Machado,ColumbiaUniversity GAP WAGE GENDER THE AND HETEROGENEITY SELECTION, Co-author: Alejandro Hoyos, IADB Hugo Ñopo,IADB DISPARITIES OLD CENTURY NEW TO ADDENDUM AN CENTURY: TWENTIETH THE OF TURN ATTHE AMERICA LATIN IN GAPS WAGE GENDER OF EVOLUTION Eduardo Rodriguez-Oreggia, EGAP ITESMCEM MEXICO FOR APPROACH DIFFERENCE-IN-DIFFERENCE A OUTCOMES: LABOR AND HURRICANES Co-author: JonStrand, TheWorld Bank Sebastian Miller, IADB ANALYSIS FOR FRAMEWORK A CLOSEDOWN: INFRASTRUCTURE AND UNCERTAINTY, COST RETROFIT UNCERTAINTY, COST CLIMATE Environmental Economics 38 -103 Room: 35 -301 Room: 35 -202 Room:

LACEA 2010 / Colombia 2 33 Friday November 12 2010 2 34 Friday November 12 2010 LACEA 2010 / Colombia 10:40 -12:10 10:40 -12:10 10:40 -12:10 10:40 -12:10 Rafael Novella, University ofEssex COUNTRIES DEVELOPING FOUR FROM EVIDENCE STATUS: NUTRITIONAL CHILD AND PREFERENCES GENDER EDUCATION, PARENTAL Mónica Ospina,Universidad EAFIT COLOMBIA IN PROGRAM TRANSFER CASH CONDITIONAL A OF EVALUATION IMPACT AN ALLOCATION: TIME INTRAHOUSEHOLD Nikita CespedesReynaga, University ofRochester andCentral BankofPeru TRANSFERS CASH CONDITIONAL OF ANALYSIS EQUILIBRIUM GENERAL Conditional CashTransfers andIntrahousehold Maria Micaela Sviatschi,Universidad deSanAndres-IADB RATES MORTALITY ACCIDENT CAR ON LAWS ALCOHOL-RELATED OF IMPACT THE DRIVERS: DRUNK FOR LAW DRY Northwestern University Co-authors: Tomás Rau,Pontifical CatholicUniversity ofChile andSergio Urzua, Loreto Reyes, University ofChile NEGLIGENCE ENVIRONMENTAL AN FROM EVIDENCE ACHIEVEMENT: ACADEMIC ON EFFECTS ITS AND EXPOSURE LEAD University Co-authors: JamesHeckman,University ofChicago andSergio Urzua,Northwestern Gregory Veramendi, Northwestern University OUTCOMES HEALTH AND MARKET LABOR ON SCHOOLING OF EFFECTS THE Program Evaluation I Co-author: JuanPablo Medina,Central BankofChile Ruy Lama,IMF IS EXCHANGE RATE STABILIZATION AN APPROPRIATE CURE FOR THE DUTCH DISEASE? Co-authors: Burcu Duygan-Bump,Federal Reserve BankofBoston Gustavo Suarez, Federal Reserve Board FACILITY LIQUIDITY FUND MUTUAL MARKET MONEY PAPER COMMERCIAL ASSET-BACKED THE FROM EVIDENCE FACILITIES? LIQUIDITY EMERGENCY RESERVE FEDERAL THE WERE EFFECTIVE HOW Pablo Federico, University ofMaryland MARKETS EMERGING IN POLICY MONETARY AND FRICTIONS CREDIT FLOWS, CAPITAL Monetary Policy Center-Chile Co-authors: Oscar Landerretche, University ofChile; Esteban Puentes, Microdata Nicolas Lillo, University ofChile DATA PANEL USING APPROACH TWO-STAGE A CHILE: IN WAGES ON EFFECT UNION THE Labor Economics I 38 -125 Auditorium Room: 35 -203 Room: 35 -302 Room: 27 -102 Room: 10:40 -12:10 10:40 -12:10 10:40 -12:10 Financial Institutions I Co-author: LeopoldoFergusson, MIT Juan Vargas, RosarioUniversity COLOMBIA FOR HYPOTHESIS A CONFLICT: VIOLENT AND INEQUALITY ECONOMIC OF VARIETIES Marcelo Santos, GetulioVargas Foundation DISTRIBUTION INCOME AND BEHAVIOR CRIMINAL SUPPLY, LABOR Daniel Mejia,Universidad delos Andes-Colombia Pascual Restrepo, Universidad delos Andes-Colombia CONSUMPTION CONSPICUOUS AND CRIME Microeconomics ofCrime Martin Lopez-Daneri,University ofIowa TAX INCOME NEGATIVE A OF EFFECTS MACROECONOMICS THE Co-author: GabrielaAparicio,TheGeorge Washington University Nicolas Oliva TAX COMPLIANCEOFLTU TAXPAYERS: AREGRESSION DISCONTINUITYAPPROACH Co-author: Carlos Vegh, University ofMaryland Guillermo Vuletin, ColbyCollege TAXATION DISTORTIONARY USING EFFECT FLYPAPER THE UNSTICKING Fiscal Policy I Sebastian Gallegos andPilarRomaguera, University ofChile Alejandra Mizala,University ofChile APPROACH MATCHING A (1999-2007): AMERICA LATIN IN GAP WAGE PUBLIC-PRIVATE Co-author: BorjaLarrain, Pontifical CatholicUniversity ofChile Francisco Gallego, Pontifical CatholicUniversity ofChile FAMILYFIRMS IN MANAGERS PROFESSIONAL OF COMPENSATION THE Gurnain Parischa, Bankof Canada INDEX NEW A USING EVIDENCE INTEGRATION: FINANCIAL INTERNATIONAL AND COMPETITION BANK University Co-authors: CarmenReinhart,University ofMarylandandKennethRogoff,Harvard Rong Qian,University ofMaryland ILLUSION? OR ELUSIVE CRISES: BANKING AND INFLATION DEFAULT, FROM GRADUATION ON Co-author: Pierre Boyer, Toulouse SchoolofEconomics (Gremaq) andEhess Jorge Ponce, Central BankofUrugay SUPERVISION BANKING AND BANKS CENTRAL 27 -203 Room: 35 -303 Room: 35 -402 Room:

LACEA 2010 / Colombia 2 35 Friday November 12 2010 2 36 Friday November 12 2010 LACEA 2010 / Colombia 14:35 -16:05 14:35 -16:05 13:25 -14:25 10:40 -12:10 10:40 -12:10 Co-author: Ivan Duran, Universidad EAFIT Michael Ryan, Western MichiganUniversity PLANTS MANUFACTURING CHILEAN OF DECISIONS EXPORTING THE ON FDI INWARD FROM EFFECTS SPILLOVER Ivan Duran, Universidad EAFIT PLANTS MANUFACTURING CHILEAN FROM EVIDENCE HETEROGENEITY: FIRM AND DESTINATIONS EXPORT Johns HopkinsUniversity Co-authors: Pravin Krishna,JohnsHopkinsUniversity andNBER;MineSenses, Jennifer Poole, University ofCalifornia, Santa Cruz DATA EMPLOYER-EMPLOYEE MATCHED FROM EVIDENCE NEW WAGES: AND HETEROGENEITY, FIRM LIBERALIZATION, TRADE Trade II CONTRIBUTED SESSIONS Po, Paris Co-authors: Jeremy Lise,University College LondonandJean-Marc Robin,Science Costas Meghir,University College London WAGES AND SORTING MATCHING, 2010 LACEA Chair, Colombia, of Bank Central Echavarria, Jose Juan Chairperson: PLENARY LECTURE Co-author: Petros Sekeris, University ofNamur Giacomo DeLuca, University ofLeuven andUniversity ofNamur INTENSITY CONFLICT AND INEQUALITY LAND Co-author: HendrikWolff, University ofWashington Alan Fuchs, UCBerkeley MANAGEMENT RISK AND PRODUCTIVITY MEXICO: IN INSURANCE WEATHER-INDEXED Agricultural Economics Co-author: LuisOpazo,Central BankofChile Sergio Schmukler, TheWorld Bank DEBT MARKET EMERGING OF SHORT THE AND LONG THE Gabriel Martinez,Ave MariaUniversity OPENNESS CAPITAL AND QUALITY, INSTITUTIONAL BORROWING, OF COST THE Co-author: SumanBasuandKannanPrakas; IMF Ran Bi,IMF ARRANGEMENTS POOLING RESERVE REGIONAL International Finance 35 -403 Room: 38 -119 Room: Auditorium Fundadores Room: 35 -101 Room: 14:35 -16:05 14:35 -16:05 14:35 -16:05 14:35 -16:05 Co-Authors: Sergio Urzua,Northwestern University Tiago MiguelCastanheira Correia Costa Pires, Northwestern University OUTCOMES? BETTER DAYS, SCHOOL LONGER Co-Authors: GermanBet,CEDLASandJulianCristia, IADB Pablo Ibarraran, IADBand IZA PERU IN SCHOOLS SECONDARY IN OUTCOMES AND USE ACCESS, ICT Education III Co-authors: HugoFaria, IESAandHugoMontesinos Yufa, SimonBolivar University Daniel Morales, CatholicUniversity Andrés Bello andMonteávila University RIGHT? IS WHO FRIEDMAN: VERSUS LIPSET Alvaro Aguirre, University ofPennsilvania INSTITUTIONS CONTRACTING AND DEVELOPMENT ECONOMIC Co-authors: Roberto Chang,Rutgers University; Constantino Hevia, TheWorld Bank Norman Loayza,TheWorld Bank CYCLES NATIONALIZATION AND PRIVATIZATION Economic Development I Claudio Raddatz,TheWorld Bank CRISIS SUBPRIME U.S. THE OF TRANSMISSION THE IN FUNDS WHOLESALE OF ROLE THE AND LIQUIDITY DRY: RUN RIVERS THE WHEN Kamil, IMF Co-author: SebnemKalemli-Ozcan, University ofHouston andNBER;Herman Carolina Villegas Sanchez,University ofHouston BANKS? ILLIQUID OR FIRMS INSOLVENT CRISES: FINANCIAL OF AFTERMATH THE IN INVESTMENT HINDERS WHAT Co-author: Franken Michael,Central BankofChile IMF AISEN, ARI CROSS-COUNTRY A CRISIS: FINANCIAL 2008 THE DURING CREDIT BANK Financial Crisis (Universidad Nacional deLaPlata) Maria AlzuaandGuillermo Cruces, Center for Distributive, LaborandSocialStudies Laura Ripani,IADB AMERICA LATIN FROM EVIDENCE EXPERIMENTAL COUNTRIES: DEVELOPING IN SUPPLY LABOR AND PROGRAMS WELFARE Co-authors: MarianoBosch,Alicante University Raymundo M.CamposVasquez ,El Colegio deMexico MEXICO IN PROGRAM POPULAR SEGURO THE OF CASE THE PROGRAMS: ASSISTANCE SOCIAL OF MARKET LABOR THE IN OFFS TRADE THE The Effects ofSocialPrograms inLACountries 35 -102 Room: 38 -103 Auditorium Room: 35 -401 Room: 35 -301 Room:

LACEA 2010 / Colombia 2 37 Friday November 12 2010 2 38 Friday November 12 2010 LACEA 2010 / Colombia 14:35 -16:05 14:35 -16:05 14:35 -16:05 14:35 -16:05 Nicolas DeRoux,Universidad delos Andes MECHANISM TRANSMISSION MONETARY IN PRICES STICKY BASICS: TO BACK Laura D’amato, Central BankoftheArgentinian Republic VARIABILITY? PRICE RELATIVE MEAN WE WHEN MEAN WE DO WHAT Pontifical CatholicUniversity ofRiodeJaneiro Co-authors: Marco Bonomo,GetulioVargas Foundation andMarcelo Medeiros, Arnildo Correa, Pontifical CatholicUniversity ofRiodeJaneiro MODEL PRICING STATE-DEPENDENT A IN COMPLEMENTARITY STRATEGIC ESTIMATING Prices Co-author: Marcelo Santos, GetulioVargas Foundation Pedro Cavalcanti Ferreira, GetulioVargas Foundation BEHAVIOR RETIREMENT ON TECHNOLOGY AND DEMOGRAPHY SECURITY, SOCIAL OF EFFECT THE of Chile Co-authors: SolangeBerstein andNicolas Torrealba, Superintendence ofPensions Olga Fuentes, Superintendence ofPensions ofChile MITIGATED? BE RISKS CAN HOW SYSTEM: PENSION FUNDED INDIVIDUALLY AN IN Jorge Miranda, Superintendence ofPensions ofChile CHILE FOR EVIDENCE DECISIONS? RETIREMENT AFFECT PROJECTIONS PENSION PERSONALIZED DO Pensions II Co-author: Federico Sturzenegger, Torcuato DiTella University Eduardo Levy Yeyati, UTDT APPRECIATION OF FEAR Gonzalo Varela, University ofSussex URUGUAY OF CASE THE PREMIUM: FORWARD NOT-SO-PUZZLING THE AND EXPECTATIONS RATE EXCHANGE IN COMPONENT LOOKING BACKWARD THE Santiago Acosta Ormaechea,IMF SHOCKS? TO SHARPLY SO REACT MARKETS EMERGING WHY EXPLAIN IMPERFECTIONS MARKET CREDIT DO Exchange Rate I Co-author: MauricioOlivera, Fedesarrollo Jose Cuesta, TheWorld Bank COLOMBIA FOR ESTIMATES MARKET: LABOR THE ONTO DISTORTIONS SECURITY SOCIAL Juan Bonilla,University ofMaryland COLOMBIA – BOGOTA FROM EVIDENCE ACCOUNTABLE SCHOOLS PUBLIC MAKE TO CONTRACT A Program Evaluation II 38 -125 Auditorium Room: 27-102 Room: 35 -203 Room: 35 -302 Room: 14:35 -16:05 14:35 -16:05 14:35 -16:05 Co-author: JuanMuro, Alcala University Jhon J.Mora, Icesi University EFFECTS SUBSTITUTION AND QUANTITATIVE SECTOR: INFORMAL THE IN PARTICIPATION FORCE LABOR THE ON LEVELS WAGE MINIMUM OF INFLUENCE THE OF ANALYSIS COHORT-BASED A Co-author: Giovanni Gallipoli,University ofBritishColumbia Guido MatiasCortes, University ofBritishColumbia CAPITAL HUMAN OF SPECIFICITY THE AND MOBILITY LABOR Carolina Ydrovo Echeverry, Econestudio DESTRUCTION CREATIVE FOR OBSTACLE AN COLOMBIA: IN INFORMALITY BUSINESS Labor Economics II Co-author: Francesco Caprioli,Banca d’Italia Sofia Bauducco, Central BankofChile COMMITMENT LIMITED WITH ECONOMY OPEN SMALL A IN POLICY FISCAL OPTIMAL Co-author: OskarNupia,Universidad delos Andes Marcela Eslava, Universidad delos Andes PICTURE THE INTO POLARIZATION IDEOLOGICAL BRINGING SPENDING: GOVERNMENT AND FRAGMENTATION Eugenia Andreasen, European University Institute CAPITAL OF COST EXTERNAL THE AND INSTITUTIONS DEFAULT, Fiscal Policy II Carlos M.Urzúa,GAP andTecnológico deMonterrey POWER MONOPOLY OF EFFECTS REGIONAL AND DISTRIBUTIVE Co-author: Marc Schiffbauer,TheWorld Bank Sandra Ospina,IMF DATA FIRM-LEVEL FROM EVIDENCE PRODUCTIVITY: FIRM AND COMPETITION Institutions andFirm’s Productivity Maria AnaLugo,TheWorld Bank ARGENTINA IN ACHIEVEMENT SCHOOL AND SEGREGATION INTERACTION, SOCIAL Catholic University ofChile; andSergio Urzua,Northwestern University Co-authors: Romulo Chumacero, Central BankofChile; Ricardo Paredes, Pontifical Francisco Meneses,Ministry ofEducation ofChile SYSTEM SCHOOLING CHILEAN THE IN COMPETITION AND SCHOOL TO DISTANCE 35 -402 Room: 35 -303 Room: 27 -203 Room:

LACEA 2010 / Colombia 2 39 Friday November 12 2010 2 40 Friday November 12 2010 LACEA 2010 / Colombia 16:35 -18:05 16:35 -18:05 16:35 -18:05 16:35 -18:05 14:35 -16:05 14:35 -16:05 Other panelists: Rodrigo Valdes, FMI FAVORABLES EXTERNAS FINANCIERAS CONDICIONES LAS DE RETOS AMÉRICA: LATINO PARA PERSPECTIVAS Chairperson: TBA This Session issponsored bytheInternational Monetary Fund TBA Discussant: Roberto Rigobón,MIT John Nash,TheWorld Bank BUSTS? AND BOOMS BEYOND CARIBBEAN: THE AND AMERICA LATIN IN RESOURCES NATURAL PRESENTATION: REPORT Bank World The Torre, la de Augusto Chairperson: This Session issponsored byTheWorld Bank Commodities: Curse orBlessing? ROUND TABLE: POLICY ANDMULTILATERALS Co-author: Paul Carrillo andShaheEmran, TheGeorge Washington Gabriela Aparicio,TheGeorge Washington University ECUADOR IN COMPLIANCE TAX CORPORATE ON PUNISHMENT INCREASED OF EFFECTS THE CFOS: AND PRISONS, TAXES, Matias Busso, IADB POLICY PLACE-BASED PROMINENT A OF EFFICIENCY AND INCIDENCE THE ASSESSING Taxation Jair Ojeda,Central BankofColombia SHARING RISK INTERNATIONAL AND JONESES THE WITH UP CATCHING HABITS, Marcelo Eduardo Silva, Universidade Federal dePernambuco ECONOMIES EMERGING IN CYCLES BUSINESS FOR ACCOUNTING Michele Valsecchi, University ofGothenburg MEXICO FROM EVIDENCE MIGRATION: INTERNATIONAL AND CERTIFICATION LAND International Economics Jorge LondoñoSaldarriaga,Bancolombia Liliana Rojas-Suarez, Center for Global Development José LuisEscrivá,BBVA Group Panelists: Chairperson: JoseDaríoUribe, Banco delaRepública FINANCIAL REFORM

To be Confirmed be To 35 -403 Room: 38 -118 Room: 38 -125 Auditorium Room: 38 -103 Auditorium Room: Auditorium Fundadores Room: 19:15-23:00 18:15-19:15 Location: PlazaMayor Medellín,ExposicionesyConvenciones LACEA DINNERANDPARTY Delivered by:LantPritchett, Harvard University “TBA” MIT Rigobón, Roberto Chairperson: Albert Hirschman Lecture PLENARY LECTURE Auditorium Fundadores Room:

LACEA 2010 / Colombia 2 41 Friday November 12 2010

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Parque Biblioteca España

Saturday November 13 2010

The Parque Biblioteca España was opened to the community by the mayor of Medellin on March 24th, 2008, as part of the Municipal Libraries Plan. This place has been conceived as a space that can promote different social, cultural and educative programs focused on the improvement of the quality of life for the people living nearby. It is also considered as a place that allows tolerance, freedom and dignity of the human spirit. The park was named Parque Biblioteca España due to the donation made by the Spanish Government through its Agencia de Cooperación Internacional (International Cooperation Agency). 3 44 Saturday November 13 2010 LACEA 2010 / Colombia 8:45 -10:15 8:45 -10:15 8:45-10:15 8:45-10:15 8:45-10:15 8:15 -8:45 Edward Whitehouse, TheWorld BankandSocialProtection-OECD Angel Melguizo,OECD-Center of Development Carmen Pagés, IADB Klaus Schmidt-Hebbel,CatholicUniversity ofChile COMMENTS: David Tuesta, BBVA Research PRESENTATION: Research BBVA Herrero, García Alicia Chairperson: This session issponsored byPensiones ySeguros América, BBVA Pensiones enLatinoamérica: Avances yRetos Pendiente” Presentation ofthebook:“LaReforma delos Sistemas de Raquel Bernal,Universidad deLosAndes WELL-BEING CHILDREN’S ON PROVIDERS CHILDCARE FOR PROGRAM TRAINING TECHNICAL A OF IMPACT THE Co-authors: Grace NoboaHidalgo,Northwestern University Sergio Urzua,Northwestern University CHILE FROM EVIDENCE CENTERS: CHILDCARE PUBLIC IN PARTICIPATION OF EFFECT THE Fiscal Studies(UK) Co-authors: Marco Vera Hernandez,UCLandOrazio Attanasio, UCLandInstitute for Vincenzo DiMaro, UCLandIADB COLOMBIA FROM EVIDENCE CHILDREN: POOR OF STATUS NUTRITIONAL THE AND NURSERIES COMMUNITY Andes los de Universidad Bernal, Raquel Chairperson: Early ChildhoodPrograms in Developing Countries Jose Antonio Ocampo, ColumbiaUniversity Ricardo Hausmann,Center for International Development atHarvard University Guillermo Perry, Fedesarrollo Comments: Francisco R.Rodriguez,UNDP REPORT: THE OF PRESENTATION Andes los de Universidad Mejia, Daniel Chairperson: Development Report The RealWealth ofNations:Presentation ofthe2010Human INVITED SESSIONS REGISTRATION Chairperson and panelist: Christian Zimmermann, University of Connecticut of University Zimmermann, Christian panelist: and Chairperson What about:RePEc:What, how andwho Auditorium Fundadores Room: Auditorium Fabricato Room: 38 -103 Auditorium Room: 35 -301 Room: 10:40 -12:10 10:40 -12:10 8:45 -10:15 8:45 -10:15 Corruption Control Tomás Castagnino, Banco Central delaRepublica Argentina ANALYSIS LEVEL FIRM- A TRADE. OF SPREAD GEOGRAPHIC THE AND QUALITY COSTS, EXPORT Co-author: JohnS.Wilson,TheWorld Bank Portugal Perez Alberto, TheWorld Bank INFRASTRUCTURE SOFT AND HARD REFORM: FACILITATION TRADE AND PERFORMANCE EXPORT Co-author: ManuelAgosin,University ofChile Roberto Alvarez, Central BankofChile andUniversity ofChile 1962-2000 WORLD: THE AROUND DIVERSIFICATION EXPORT OF DETERMINANTS Trade III CONTRIBUTED SESSIONS Universidad delos Andes;andEdgarVilla,Pontificia Universidad Javeriana Co-authors: CatherineRodriguez,Center ofStudiesonEconomic Development, María Laura Alzúa,CEDLAS-Universidad deLaPlata CONFLICTS? PRISON IN- REDUCE PROGRAMS EDUCATIONAL DO PRISONS: IN LIFE OF QUALITY THE de laRepública; andJairo Núñez,Pontificia Universidad Javeriana. Co-authors: Alejandro Gaviria,Universidad delos Andes;Leonardo Morales, Banco Carlos Medina,Banco delaRepública BOGOTÁ OF CASE THE CRIME: AVOIDING OF COST THE Co-author: RonyPshisva, Protego Investment Associates, Mexico Gustavo A.Suarez, Board ofGovernors ofthe Federal Reserve System COLOMBIA IN INVESTMENT CORPORATE AND KIDNAPPINGS CRIMES: CAPITAL Co-author: JoanaNaritomi, Harvard University Rodrigo R.Soares, Pontifical Catholic University ofRiodeJaneiro FACTORS POLICY AND SOCIAL OF ROLE THE AMERICA: LATIN IN RATES CRIME HIGH UNDERSTANDING Mauricio Cárdenas, Brookings Institution INTRODUCTION UTDT Schargrodsky, Ernesto Chairperson: The Economics ofCrime:Lessons for andfrom LatinAmerica Co-Author: Marcelo Caffera, Montevideo University Juan Dubra, Montevideo University TRUTH THE TELL TO POLLUTERS GETTING TO APPLICATION AN WITH DILEMMA, TRAVELLERS’ THE TO SOLUTION A University Montevideo Dubra, Juan Chairperson: 38 -125 Auditorium Room: 5th Floor Auditorium, Building, Engineering Room: 35 -101 Room:

LACEA 2010 / Colombia 3 45 Saturday November 13 2010 3 46 Saturday November 13 2010 LACEA 2010 / Colombia 10:40 -12:10 10:40 -12:10 10:40 -12:10 10:40 -12:10 Cesar M.Rodriguez,IADB AMERICA LATIN IN RATES EXCHANGE OF ECONOMY POLITICAL THE Co-author: Alejandro Arrieta, IndianaUniversity Jorge Guillen, ESAN-Peru ECONOMY DOLLARIZED A IN RISK CREDIT INDUCED CURRENCY Taborda Rodrigo,Universidad delRosario COLOMBIA IN RATE EXCHANGE NOMINAL THE OF BEHAVIOR THE TO APPLICATION AN ECONOMY: THE ON BIAS MEDIA MEASURING Exchange Rate II Luis Garcia, Pontifical CatholicUniversity of Peru PERU OF UNIVERSITY CATHOLIC PONTIFICAL ATTHE PROGRAM A OF CASE THE ATTAINMENT: EDUCATIONAL ON LOANS STUDENT OF IMPACT THE Co-author: Alejandro Arrieta, IndianaUniversity Alex Solis,UC Berkeley EDUCATION HIGHER FOR CONSTRAINTS CREDIT Universidad delRosario Co-author: JuanGallego, Catalina Latorre, DaríoMaldonadoandMónica Ortegon, Darwin Cortés,Universidad delRosario COLOMBIA BOGOTA, FROM EVIDENCE CHILDBEARING: TEENAGE ON SUBSIDIES EDUCATION OF IMPACT Education IV Co-author: OddRuneStraume, University ofMinhoandUniversity ofBergen Paulo Bastos, IADB INEQUALITY WAGE AND DIFFERENTIATION PRODUCT GLOBALIZATION, DIAL Co-authors: Marta MenéndezandAudeSztulman,Université Paris-Dauphine, LEDa- Marta Castilho, Universidade Federal Fluminense STATES BRAZILIAN IN POVERTY AND INEQUALITY LIBERALIZATION, TRADE Samuel Freije, TheWorld Bank COUNTRIES DR-CAFTA IN DISTRIBUTION WELFARE AND LIBERALIZATION TRADE Trade IV University ofCordoba Co-authors: Pedro Esteban Moncarz, Marcelo Capello andAlberto Figueras, National Sebastian Freille, NationalUniversity ofCordoba ARGENTINA FOR EVIDENCE AND THEORY REGIONS: COUNTRY A ACROSS ACTIVITY ECONOMIC OF LOCATION THE ON TRANSFERS FISCAL VERTICAL OF EFFECTS THE AND DISEASE DUTCH THE Public Economics: Intergovernmental Relations 38 -103 Auditorium Room: 35 -301 Room : 35 -401 Room : 35 -102 Room: 10:40 -12:10 10:40 -12:10 10:40 -12:10 Reserve University Co-authors: JoseLuisGarrido,ElColegio deMéxico andSilvia Prina,CaseWestern Carlos Chiapa,ElColegio deMexico POOR THE OF ASPIRATIONS EDUCATIONAL THE ON PROFESSIONALS TO EXPOSURE AND PROGRAMS SOCIAL OF EFFECT THE Development-Peru; andMaria Micaela Sviatschi, SanAndres University andIADB Co-authors: RaulAndrade andJimenaMontenegro, Analysis Group for the Yuri Soares, IADB RESOLUTION CONFLICT ON JUSTICE TO ACCESS IMPROVING OF IMPACT THE Monica Yanez-Pagans, University ofIllinois EXPERIMENT NATURAL RANDOMIZED A FROM EVIDENCE BOLIVIA: IN TECHNOLOGIES INFORMATION AND DELIVERY SERVICE PUBLIC Program Evaluation III Co-author: Nora Lustig, Tulane University Darryl McLeod,Fordham University REGIMES LEFT NEW AMERICA’S LATIN UNDER INEQUALITY AND POVERTY Economics Co-authors: Meltem Aran, Oxford University andJeremie Gignoux,Paris Schoolof Francisco Ferreira, TheWorld Bank TURKEY OF CASE DATA:THE IMPERFECT WITH OPPORTUNITY OF INEQUALITY MEASURING Jessica Baca andJuanP. Ocampo, Universidad delPacífico Juan F. Castro, Universidad delPacífico APPROACH MULTIDIMENSIONAL A PERU: IN POOR THE (RE)COUNTING Poverty andInequalityII Miguel Sarzosa,Oxford University PROGRAMS ALLEVIATION POVERTY DECENTRALIZED IN TARGETING OF DETERMINANTS POLITICAL FIRST: FRIENDS Fernanda Brollo, University ofAlicante BRAZIL IN TRANSFERS FEDERAL OF POLITICS THE RACES: CLOSE IN HANDS ENEMY’S YOUR TYING Co-author: Marcos Valli, Central Bankof Brazil Fabia Carvalho, Central Bank ofBrazil HOUSEHOLDS HETEROGENEOUS WITH MODEL DSGE KEYNESIAN NEW TWO-COUNTRY A OF ANALYSIS BASED SIMULATION A INTERACTION: POLICY MONETARY AND FISCAL Co-authors: JuanPablo Medinaand ClaudiaSoto, Central Bank ofChile Rodrigo Caputo, Central BankofChile POLICY MONETARY OF ROLE THE AND LEARNING UNDER ACCELERATOR FINANCIAL THE Business Cycles II 38 -125 Auditorium Room: 35 -201 Room: 35 -203 Room:

LACEA 2010 / Colombia 3 47 Saturday November 13 2010 3 48 Saturday November 13 2010 LACEA 2010 / Colombia 10:40 -12:10 10:40 -12:10 10:40 -12:10 Martin Valdivia, GrupodeAnálisispara elDesarrollo PERU IN CHILDBEARING TEENAGE AND CULTURE Co-author: Sergio Urzua,Northwestern University Julio Guzman,Alfonso IbañezUniversity INEQUALITY EXPLAINING WHEN BACKGROUND FAMILY AND SKILLS MARKET PRE-LABOR OF ROLE THE DISENTANGLING Co-author: Jorge Andrés Tamayo, Central BankofColombia Carlos Medina,Central BankofColombia CRIME URBAN AND FERTILITY ADOLESCENT BETWEEN LINK THE ASSESSING Labor Economics III Sylvia BeatrizGuillermo Peón, Benemerita Universidad AutónomadePuebla MEXICO IN COMPETITIVENESS MUNICIPAL MEASURE TO PROPOSAL A Richani Nazih,KeanUniversity COLOMBIA IN INSECURITY FOOD AND CONCENTRATION LAND ECONOMY: POLITICAL RENTIER AGRARIAN THE Co-author: CeciliaMendozaandRicardo Pasquini; Torcuato DiTella University Cynthia Goytia, Torcuato DiTella University CONDITION TENURE RESIDENTIAL HOUSEHOLDS’ WITH RELATIONSHIP ITS AND ARGENTINA OF AGGLOMERATES URBAN THE IN REGULATION LAND Urban andRegionalEconomics Co-author: MariaVictoria Fazio, IADB Santiago Levy, IADB 1998-2008 MEXICO, SIZE: FIRM AND INFORMALITY PRODUCTIVITY, Co-author: MikaelCarlsson, Research Department-Sveriges Riksbank Julian Messina, TheWorld Bank DATA EMPLOYER-EMPLOYEE MATCHED FROM EVIDENCE PRODUCTIVITY: AND ADJUSTMENT WAGE Co-author: Monica Parra Torrado, Fedesarrollo Maria Arbelaez,Fedesarrollo FIRMS COLOMBIAN IN PRODUCTIVITY AND INVESTMENT R&D INNOVATION, Firm’s Productivity Co-author: Paulo Santos Monteiro, University ofWarwick Alexandre Janiak,University ofChile SIZE GOVERNMENT AND VOLATILITY AGGREGATE BETWEEN RELATION THE FOR IMPLICATIONS HETEROGENEITY: FORCE LABOR Auditorium Fabricato Room: 38 -119 Room: 27 -203 Room: 14:35 -16:05 14:35 -16:05 13:25 -14:25 10:40 -12:10 10:40 -12:10 10:40 -12:10 James Robinson,Harvard University BALANCES AND CHECKS ENDOGENOUS 2010 LACEA Co-Chair, Andes, los de Universidad Gaviria, Alejandro Chairperson: PLENARY LECTURE Martin Rossi, Universidad deSanAndres, Argentina WEALTH OF ROLE THE POWER: POLITICAL OF ORIGINS THE Antoine Loeper,Northwestern University ELECTIONS NATIONAL AND COORDINATION INTERNATIONAL Microeconomics II Co-author: JuanPablo Rud,Royal Holloway andUniversity ofLondon Fernando Aragon, LondonSchoolofEconomics MINE GOLD PERUVIAN A FROM EVIDENCE RESOURCES: NATURAL OF BLESSING THE Co-author: EdisonVásquez,Universidad NacionaldeColombia (Medellín) Carlos AdriánSaldarriagaIsaza,Universidad NacionaldeColombia (Medellín) POLLUTION AIR OF CASE THE WORLD: DEVELOPING THE FOR VALUES OF TRANSFER Natural Resource Economics Co-author: DavidTobón Orozco, Universidad deAntioquia Jorge HugoBarrientos, Universidad deAntioquia MEDELLIN FROM EVIDENCE EMPIRICAL SERVICE: TELEPHONE FIXED LOCAL THE OF WELFARE CONSUMER AND TARIFFS THREE-PART Sebastian Calonico, University ofMichigan EFFECTS TREATMENT HETEROGENEOUS OF ESTIMATION NONEXPERIMENTAL University -RiodeJaneiro Co-authors: Marcos Lopes,FGV-SP-Brazil; Marcelo Medeiros, Pontifical Catholic Guilherme Lichand,TheWorld Bank CORRUPTION OF DETERMINANTS TO APPLICATION AN DATA WITH AUDITS OF ECONOMETRICS THE Econometrics II Ricardo Paes deBarros, Instituto dePesquisa Econômica Aplicada PROPERTIES AND ISSUES METHODOLOGICAL INDEX: OPPORTUNITY HUMAN Chairperson: Marcelo Giugale, CountryManagerColombia andMexico, World Bank Applications for LatinAmerica Human OpportunityIndex for children: Methodology and INVITED SESSIONS 35 -303 Room: 5th Floor Auditorium, Building, Engineering Auditorium Fundadores Room: 35 -403 Room: 35 -402 Room:

LACEA 2010 / Colombia 3 49 Saturday November 13 2010 3 50 Saturday November 13 2010 LACEA 2010 / Colombia 14:35 -16:05 14:35 -16:05 14:35 -16:05 Models Approach Fiscal Schemesfor Inclusive Development: AMicrosimulation Andes Mauricio Cárdenas, Brookings Institution andMarcela Eslava, Universidad delos APPROACH DATA PANEL A CONFLICT: AND STATECAPACITY BETWEEN INTERACTION THE University Cesar Calderón, TheWorld BankandEduardo Levy Yeyati, Torcuato DiTella DISTRIBUTION INCOME AND STATECAPACITY VOLATILITY, AGGREGATE Christian DaudeandÁngelMelguizo,OECD AMERICA LATIN IN DEMOCRACY AND MOBILITY SOCIAL POLICY, FISCAL ON REPRESENTATION? MORE AND TAXATION Institution Brookings Cárdenas, Mauricio Chairperson: The Economics ofState Capacity Co-author: EricVerhoogen, ColumbiaUniversity Maurice Kugler, TheWorld Bank QUALITY PRODUCT AND SIZE, PLANT PRICES, Co-author: AnaFernandes, TheWorld Bank Caroline Paunov, OECD DATA FIRM-PRODUCT FROM EVIDENCE INNOVATION? STIMULATE TRADE DOES Co-author: JuanCarlos Hallak,SanAndres University Facundo Albornoz,University ofBirmingham SUCCESS EXPORT IN PERSISTENCE Bank World The Kugler, Maurice Chairperson: Firm Performance andInternational Trade Javier Escoval, GrupodeAnalisispara elDesarrollo (GRADE) PERU IN INDEX OPPORTUNITY HUMAN Carlos E.Velez, TheWorld Bank 1997-2008 DIFFERENCES, REGIONAL AND TRENDS CHILDREN: COLOMBIAN FOR OPPORTUNITIES Osvaldo Larrañaga, UNDP,Chile Ricardo Nogueira, Universidade Federal dePernambuco, Brazil PARTICIPANTS: AND CASES COUNTRY Mexico CityCampus Amedeo Spadaro, Paris SchoolofEconomics andCarlos M.Urzua,EGAP-ITESM, IMPLEMENTED METHODOLOGY M. Urzua,EGAP-ITESM, Mexico CityCampus Luis F. LopezCalva, RegionalBureau for LatinAmerica andtheCaribbeanCarlos PROJECT THE OF OBJECTIVES AND OVERVIEW Campus City Mexico EGAP-ITESM, Urzúa, M. Carlos Chairperson: 35 -301 Room: 38 -125 Auditorium Room: Auditorium Fabricato Room: 16:35 -18:05 16:35 -18:05 16:35 -18:05 14:35 -16:05 Co-author: Eduardo Morales and Gloria Sheu,Harvard University Andres Zahler, CIDandHarvard University ENTRY EXPORT OF MODEL STRUCTURAL A ESTIMATING GRAVITY: EXTENDED AND GRAVITY and Leonardo Iacovone, TheWorld Bank Co-authors: AnaCristina Molina,TheWorld BankandGraduade Institute (Geneva); Maurizio Bussolo, TheWorld Bank ANALYSIS FIRM-LEVEL A MARGIN: EXTENSIVE THE AND DR-CAFTA THE Jose-Daniel Reyes, Georgetown University TRADE INTERNATIONAL IN HETEROGENEITY FIRM AND HARMONIZATION STANDARDS PRODUCT Trade V CONTRIBUTED SESSIONS Carlos Montoro, SeniorEconomist, Bankfor International Settlements ENVIRONMENT CONSTRAINED LIQUIDITY A IN REQUIREMENTS RESERVE Luis Felipe Cespedes,Economics Research Manager,Central BankofChile “TBA” Roberto ChangProfessor, DepartmentofEconomics-Rutgers University TARGETING INFLATION AND VOLATILITY FINANCIAL Alberto Torres Research Director, Central BankofMexico ECONOMIES MARKETS EMERGING FOR CONSIDERATIONS STABILITY: FINANCIAL AND POLICY MONETARY BIS Caribbean, the and America Latin for Economics of Head Moreno, Ramon Chairperson: Settlements This session issponsored bytheBankfor International Financial Stability Considerations inMonetary Frameworks Guillermo Cruces, CEDLAS,Universidad NacionaldeLaPlata, Argentina Samuel Freije. TheWorld Bank DISCUSSION: AND COMMENTS GENERAL Marisa Bucheli,Universidad delaRepública, Uruguay Carlos M.Urzua,EGAP-ITESM, Mexico CityCampus Wilson Romero, Universidad Rafael Landivar, Guatemala Brent Neiman,University ofChicago CRISES LARGE IN PRODUCTIVITY AND ADJUSTMENT TRADE Adriana Kugler, Georgetown University COLOMBIA IN REFORMS TRADE FROM EVIDENCE DISPLACEMENT: WORKER AND LIBERALIZATION TRADE Trade VI 38 -103 Auditorium Room: 35 -101 Room: 38 -103 Auditorium Room:

LACEA 2010 / Colombia 3 51 Saturday November 13 2010 3 52 Saturday November 13 2010 LACEA 2010 / Colombia 16:35 -18:05 16:35 -18:05 16:35 -18:05 16:35 -18:05 Co-author: Rafael deSousaCamelo, Fundação Itaú Social Priscilla Tavares, Universidade Presbiteriana Mackenzie SCHOOLS STATEPUBLIC PAULO SÃO FROM EVIDENCE EFFICIENCY: SCHOOL AND MANAGEMENT OUTPUT-BASED Co-author: EmlaFitzsimons,IFS Bansi Malde,Institute for Fiscal StudiesandUniversity College London MEXICO IN MODEL QUANTITY-QUALITY THE TESTING Matias Tapia, Pontifical Catholic University ofChile MARKETS SCHOOL PRIVATE IN INVESTMENTS OF DISTRIBUTION THE AND INCENTIVES, COMPETITION, Education V Co-author: Charles Murry,University ofVirginia Ricardo Correa, Federal Reserve Board EXPOSURE INTERNATIONAL BANKS’ U.S. FROM EVIDENCE CHANNEL? LENDING BANK CROSS-BORDER A THERE IS Mario Villalpando,Banco deMéxico INDUSTRY BANKING MEXICAN THE IN POWER MARKET OF SOURCE A AS SYNERGIES DEPOSIT-LOAN Co-author: LilianaRojas-Suarez, Center for Global Development Alejandro Izquierdo, IADB SHOCKS? FINANCIAL EXTERNAL OF TRANSMISSION THE IMPACT THEY DO HOW AMERICA: LATIN IN BANKS FOREIGN AND INTEGRATION FINANCIAL Financial Institutions II Copenhagen Co-authors: ThomasBarnebeckAndersen andCarl-JohanDalgaard, University of Pablo Selaya, University ofCopenhagen DEVELOPMENT AND DISEASE EYE de Janeiro Co-author: ClaudioFerraz andRodrigoSoares, Pontifical CatholicUniversity ofRio Rudi Rocha,Pontifical CatholicUniversity ofRiodeJaneiro DEVELOPMENT TERM LONG AND CAPITAL HUMAN BETWEEN RELATIONSHIP THE ON EVIDENCE FIELDS: PLANTATION ACROSS COLONIES SETTLEMENT Economic Development II Co-author: GabrielMontes Rojas,Universidad delRosario Pablo Acosta, TheWorld Bank ARGENTINA IN LIBERALIZATION TRADE AND JOBS INFORMAL Alexander Cotte Poveda, University ofGöttingen andUniversidad deLaSalle ANALYSIS DATA ENVELOPMENT DYNAMIC A COLOMBIA: IN DEVELOPMENT ECONOMIC AND VIOLENCE OF CONTROL THE OF EFFECTIVENESS Conflict andDevelopment I 35 -201 Room: 38 -125 Auditorium Room: 35 -301 Room: 35 -203 Room: 16:35 -18:05 16:35 -18:05 16:35 -18:05 Co-author: Esther Hauk, IAE-CSIC Facundo Albornoz,University ofBirmingham INFLUENCE FOREIGN AND WAR CIVIL Co-authors: Sigifredo Laengle and GinoLoyola, University ofChile David Tobón, Universidad deAntioquia CONFLICT ARMED COLOMBIAN OF CASE THE POLARIZATION: UNDER BARGAINING Alan Sanchez,Oxford University PERU IN NUTRITION AND HEALTH EARLY ON CONFLICT ARMED OF IMPACT THE Conflict andDevelopment II Co-author: Fernando Borraz, Central BankofUruguay Leandro Zipitría,Universidad deMontevideo andUniversidad deSanAndrés URUGUAY OF CASE THE RETAILING: IN SETTING PRICE Alberto Cavallo, MIT LIES AND INFLATION ARGENTINA: Tiago Berriel,FGV-Rio EPGE SURPRISES INFLATION OF EFFECTS REDISTRIBUTION WEALTH AND CHOICE PORTFOLIO NOMINAL Topics inInflation Co-authors: MarianaAlfonso andMarinaBassi, IADB Ana Santiago,IADB CHILE IN SCHOOLS VULNERABLE IN GRADUATES UNIVERSITY TOP PLACING OF IMPACT THE ESTIMATING Monica Parra Torrado, Fedesarrollo PROGRAM TRAINING VOCATIONAL SENA’S OF EVALUATION IMPACT Co-authors: Alessandro Maffioli, IADBandMartin Valdivia, GRADE Gonzalo Vásquez,IADB PROMSA ECUADOR’S OF CASE THE FARMERS: SMALL ON PROGRAM TRANSFER TECHNOLOGY A OF IMPACT Program Evaluation IV Co-author: Andres Salazar,DNP-Colombia Edgar Villa,Pontifical Javeriana University INCENTIVES DELINQUENT AND INEQUALITY ECONOMIC TRAPS, POVERTY Monica ConchaAmin,Universidade Federal doRioGrande doSul POLICIES? SOCIAL OR DEVELOPMENT ECONOMIC DELINQUENCY: JUVENIL 35 -401 Room: 27 -102 Room: 35 -302 Room:

LACEA 2010 / Colombia 3 53 Saturday November 13 2010 3 54 Saturday November 13 2010 LACEA 2010 / Colombia 16:35 -18:05 16:35 -18:05 16:35 -18:05 16:35 -18:05 Co-author: NathanielArnold,University ofSouthern California Jihad Dagher,IMF FIRMS SURVIVING OF FINANCING THE UNDERSTANDING BUBBLE: DOT-COM THE GOES POP Co-author: AriAisen,IMF Javier Turen, University ofChile EXPORTERS CHILEAN FROM EVIDENCE TRADE: INTERNATIONAL AND CONTRACTION CREDIT Jennifer Lao,University ofChicago FREEZE CREDIT AND TRADING PREDATORY Credit Access: Determinants andConsequences Jeanne Lafortune, University ofMaryland PARTNERS COHABITING TO RIGHTS ALIMONY GRANTING OF IMPACT THE PRICE? THE PAYING ALREADY BUT MARRIED YET NOT Co-author: DanielWills,Universidad delos Andes-Colombia Ximena Peña, Universidad delos Andes-Colombia COLOMBIA IN GAP EARNINGS ETHNIC Co-author: RóbertVeszteg, Universidad Carlos IIIdeMadrid Danilo Coelho,Instituto dePesquisa Econômica Aplicada (IPEA) BRAZIL IN DIFFERENTIAL WAGE RACIAL AND EDUCATION TO RETURN WOMEN’S ESTIMATING SELECTION: SAMPLE WITH REGRESSION QUANTILE Labor Economics IV Felipe Gonzalez, Pontifical Catholic University ofChile COUNTRYSIDE THE IN INCENTIVES VOTING SUPPORT: GOVERNMENT AND REFORM LAND Fabio Klein, EAESP/FGV-Brazil BRAZIL IN ELECTIONS LOCAL TO APPLIED CYCLE FISCAL OPPORTUNISTIC THE OF TEST NEW A POLICY? FISCAL AFFECT REELECTION FOR RUN TO DECISION AND PERMISSION THE DO HOW Co-authors: Fernanda Brollo, Roberto Perotti andGuidoTabellini; Bocconi University Tommaso Nanncini, Bocconi University CURSE RESOURCE POLITICAL THE Collective Decision-Making Rio deJaneiro Co-authors: Waldyr Areosa andViniciusCarrasco, Pontifical CatholicUniversity of Marta Areosa, Pontifical CatholicUniversity ofRiodeJaneiro RULE RATE INTEREST INFORMATIONAL OPTIMAL Microeconomics III 35 -303 Room: 27 -203 Room: 35 -402 Room: 35-403 Room: 19:15 -20:30 18:15 -19:15 Location: Universidad EAFIT CLOSING RECEPTION UCLA Hopenhayn, A. Hugo “TBA” LACEA President, University, Harvard at Development International for Center Hausmann, Ricardo Chairperson: Carlos Diaz-Alejandro Lecture PLENARY LECTURE Jorge Fernandez, Georgetown University LEARNING? STOP TO WHEN COMMITMENT: AND GRADUALISM Auditorium Fundadores Room:

LACEA 2010 / Colombia 3 55 Saturday November 13 2010 56

LACEA 2010 / Colombia Angel Melguizo. Andrew Powell . Andrés Zahler. Andrés Velasco . Andrés Salazar. Andrés Neumeyer . Andres Fernandez. Andrés Alvarez . Andrei Zlate . Andreas Fagereng . Andrea Vigorito . André Portela Souza. Ana SofíaLeonLince . Ana Santiago. Ana MaríaIbáñez. Ana Fernandes. Ana Cristina Molina Ana Corbacho. Amedeo Spadaro. Alvaro Forteza. Alvaro Aguirre. Alicia García Herrero . Alicia Bárcena. Alexandre Janiak. Alexander Tobón . Alexander Elbittar. Alexander Cotte Poveda. Alex Solis. Alessandro Rebucci. Alessandro Maffioli. Alejandro Izquierdo . Alejandro Hoyos. Alejandro Gaviria. Alejandro Arrieta. Alejandra Mizala. Alberto UribeCorrea. Alberto Torres . Alberto Naranjo Alberto Figueras. Alberto Diaz-Cayeros . Alberto Cavallo. Alan Sanchez. Alan Fuchs. Adriana Lleras-Muney . Adriana Kugler. XI...... Index ...... 6-7-45-46-49 26-44-50 3-6-7-28 8-21-22 21-53 21-52 20-27 23-53 28-32 31-44 8-51 6-8 51 30 53 31 51 53 23 33 24 33 22 50 51 24 50 23 37 48 27 52 46 33 46 35 46 25 53 36 8 8 7 3 7 Carolina Villegas Sanchez. Carolina MejiaMantilla. Carmen Reinhart. Carmen Pages . Carlos Vegh. Carlos Montoro. Carlos Medina. Carlos M.Urzúa. Carlos Fernando ArbeláezOrtiz. Carlos E.Velez . Carlos Corseuil. Carlos Chiapa. Carlos Carvalho. Carlos Caceres. Carlos AdrianSaldarriagaIsaza. Carl-Johan Dalgaard. Burcu Duygan-Bump. Brent Neiman...... Borja Larrain. Bernardo CruzMorais . Bansi Malde. Augusto delaTorre. Aude Sztulman. Arturo Galindo. Arnildo Correa. Ari Aisen. Antoine Loeper...... Carolina Ydrovo Echeverry. Catalina Amuedo-Dorantes. Caroline Paunov. Claudia MartinezA.. Cimar Azeredo Pereira. Clarissa Teixeira. Christian Zimmermann. Christian Daude. Chris Woodruff. Charles Murry . Cesar M.Rodriguez. Cesar Calderon. Cecilia Mendoza. Cecilia Machado. Catherine Rodriguez. Catalina Latorre. Catalina GómezToro . Catalina GómezIrurita ...... 7-22-28-32-40 8-27-31-44 6-7-45-48 21-32-35 39-50-51 7-21-25 37-54 8-50 24 35 51 25 47 24 24 52 34 51 35 46 38 49 49 23 52 37 50 39 33 31 30 44 50 21 52 46 50 48 33 45 46 33 6 6 6 Eduardo Fernandez-Arias. Eduardo E.Freire Delgado. Edison Vasquez. Edgar Villa. E. Miguel. Domingo Claps. Diego Battiston. Diego Aycinena. Diana MejíaAnzola. Denis Medvedev. Demian Tupac Panigo. Dean Yang. David Tuesta. David Tobon Orozco. David Tobón. David Bravo. Darwin Cortés. Darryl McLeod. Dario Maldonado. Dante Contreras. Danilo Coelho. Daniel Wills. Daniel Navia. Daniel Morales. Daniel Mejia. Dagmar Hertova. Cynthia Goytia. Craig McIntosh. Costas Meghir. Consuelo PáezRodríguez. Constantino Hevia. Claudio Raddatz. Claudio Ferraz Claudia Soto. Claudia Sanhueza. Claudia Ruiz. Eric Verhoogen. Eric Leeper Enrique Mendoza. Enrique Alberola. Enes Sunel. Emmanuelle Martinez. Emmanuel Skoufias. Emla Fitzsimons. Emily Conover. Emilio Blanco. Elydia Silva. Edward Whitehouse . Eduardo Rodriguez-Oreggia . Eduardo Ortiz-Juarez ...... Eduardo Morales. Eduardo Lora. Eduardo Levy-Yeyati ...... 23-28-31-38 26-50-52 45-53 22-33 35-44 21-36 31-37 49 23 31 30 31 33 20 26 44 49 53 32 46 47 46 22 54 54 31 37 23 48 25 37 47 32 24 44 33 50 21 21 28 24 26 52 21 24 30 23 51 50 6 6 8 8 Ernesto Schargrodsky. Erica M.Field. Esther Hauk. Esteban Puentes. Eva OlimpiaArceo-Gomez. Eugenia Andreasen. Ethan Ilzetzki. Guido Tabellini. Guido MatiasCortes. Gregory Veramendi. Grant Miller. Graciela Kaminsky. Grace NoboaHidalgo. Gonzalo Vasquez. Gonzalo Varela. Gloria Sheu. Giovanni Gallipoli. Gino Loyola. Gian-Maria Milesi-Ferrati. Giacomo DeLuca. Germán Bet. Gerardo Esquivel. Gaston Gelos. Gabriela Aparicio. Gabriel Montes Rojas. Gabriel Martinez. Gabriel Madeira. Frederico Finan. Franken Michael. Francisco R.Rodriguez. Francisco Meneses. Francisco Haimovich. Francisco Gallego. Francisco Ferreira. Francisco Alpizar. Franceso Caprioli. Francesco Drago. Francesco Bogliacino Francesca Castellani. Flavio Cunha. Fernando Brollo. Fernando Borraz. Fernando Aragon. Fernando Alvarez. Fernanda Estevan Goncalves. Fernanda Brollo. Felipe Gonzalez. Federico Sturzenegger. Federico Echenique. Facundo Albornoz. Fabio Soares. Fabio Klein. Fabia Carvalho...... 8- 31-32-45 7-27-47 7-32-35 30-37 35-40 47-54 50-53 34 53 39 21 54 39 34 44 53 38 51 39 53 32 36 20 23 52 36 26 25 36 44 39 30 27 39 31 25 45 53 49 22 22 54 38 30 54 47 22 7 8 8 7 7 7

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LACEA 2010 / Colombia Jorge Fernandez. Jorge Andres Tamayo. Jon WhaLee. Jon Strand. John Scott. John S.Wilson. John Nash. Joaquín Vial. Joao ManoelPinhodeMello. Joana Naritomi. Joana Costa. Jimena Montenegro. Jihad Dagher. Jhon J.Mora. Jesús Otero. Jessica Baca. Jeremy Lise. Jeremie Gignoux. Jere Behrman. Jennifer Poole. Jennifer Lao. Jeff Dayton. Jeanne Lafortune. Jean Marc Robin. Javier Turen. Javier Escoval. James Walsh. James Robinson. James Heckman. James A.Robinson. Jairo Nuñez. Jair Ojeda. Jaime Saavedra Ivan Duran . Ilyana Kuziemko. Ianina Rossi. Hugo Ñopo. Hugo Montesinos Yufa. Hugo LópezCastaño. Hugo Faria. Hugo A.Hopenhayn. Hernando Vargas Herrea . Herman Kamil. Hendrick Wolff. Gwenn Parent . Gustavo Torrens. Gustavo A.Suarez. Gurnain Parischa. Guillermo Vuletin. Guillermo Perry. Guillermo Cruces. Guilherme Lichand. Guilherme Hirata...... 20-23-26-37-51 8-31-44 8-30-33 27-55 26-49 21-36 8-20 8-45 6-8 6-8 26 45 47 54 39 47 23 55 48 31 33 20 45 40 31 30 36 47 30 36 54 25 54 54 50 49 34 20 45 40 36 32 23 37 37 37 36 25 32 35 35 30 8 Jorge HugoBarrientos . Jorge Guillen. Jorge LondoñoSaldarriaga. Jorge Ponce. Jorge Miranda Pinto . Jorge Miranda . Juan Camilo Cardenas . Juan Bonilla. Jose-Daniel Reyes. Jose LuisEsrcrivá. Jose LuisGarrido. José deGregorio. Jose DarioUribe. Jose Cuesta. Jose Antonio Ocampo. Lina MaríaGranados. Liliana RojasSuarez. Leopoldo Fergusson. Leonardo Villar. Leonardo Morales. Leonardo Iacovone. Leonardo Gasparini Leandro Zipitría...... Leandro Medina. Laurence Ball. Laura Zoratto. Laura Ripani. Laura D’amato. Lant Pritchett. Klaus Schmidt-Hebbel Kevin Cowan. Kenneth Rogoff. Kannan Prakas Julio Guzman. Julien Bengui. Julian Messina. Julian Cristia. Juan Vargas. Juan Sebastian Cárdenas Salas. Juan Sebastián Betancur Juan Pablo Rud. Juan Pablo Medina Juan P. Ocampo. Juan Muro. Juan LuisMejiaArango. Juan JoseEchavarría . Juan Gallego. Juan F. Castro . Juan Esteban Carranza. Juan Dubra. Juan DeLaiglesia. Juan Carlos Hallak. Juan Carlos Duque...... 7-25-26-27 6-7-47-49 6-8-27-28 6-7-20-36 21-28-44 22-52 35-40 20-30 24-38 33-37 34-47 8-44 8-22 7-45 46 20 38 40 51 35 47 38 38 40 51 53 24 21 32 37 40 35 36 48 24 48 35 49 45 31 47 39 46 47 26 50 7 6 6 6 6 7 7 Luis Felipe Lopez-Calva. Luis Felipe Cespedes. Luis EArango. Luis Alejandro Cardenas Franco. Loreto Reyes. Maria Valentina Konow Vial. Maria Micaela Sviatschi. Maria Lorena Garegnani. María Laura Alzúa. María JoséRoa. Maria EmmaSantos. Maria Carolina Leme. Maria Arbelaez. Maria AnaLugo. Maria A.Palacio. Margarita Rubio. Marcos Valli. Marcos Rangel. Marcos Lopes. Marco Vera Hernandez. Marco Manacorda. Marco Bonomo. Marcelo Santos. Marcelo Olarreaga. Marcelo Medeiros. Marcelo Giugale. Marcelo Eduardo Silva. Marcelo Capello. Marcelo Caffera Marcelo Buchelli. Marcela Melendez. Marcela Eslava. Marc Schiffbauer. Marc Hofstetter. Marc Flandreau. Manuel Agosin. Luiz A.Pereira daSilva. Luis Opazo. Luis Garcia. Martin Rossi. Martin Lopez-Daneri Martin Grandes. Martin Gonzalez Rozada. Martin Beraja. Marta Menéndez. Marta Castilho Marta Areosa Marisa Bucheli. Mario Villalpando. Marina Bassi. Mariano Bosch. Mariana Alfonso. Maria Victoria Fazio...... 7-20-23-26-30-50 7-2-39-50 30-37-45 35-38 21-31 34-47 24-38 38-49 7-51 7-26 34 30 24 27 39 32 45 26 24 33 48 23 47 26 49 44 30 49 46 44 25 39 45 27 36 46 22 54 53 48 32 49 35 22 46 46 51 52 37 53 6 6 7 Pablo Selaya . Pablo Sanguinetti . Pablo Ibarraran . Pablo Federico. Pablo Acosta . Osvaldo Larrañaga . Oskar Nupia. Oscar Landerretche. Orlando Sotomayor. Orazio Attanasio. Olga Fuentes. Odd RuneStraume Norman Loayza. Norbert Schady. Norbert Gaillard. Nora Traum. Nora Lustig . Nikita CespedesReynaga. Nicolas Torrealba. Nicolas Robledo S.. Nicolas Oliva. Nicolas Lillo. Nicolas DeRoux. Nicolas Botan. Nathaniel Arnold. Nathalia Franco Pérez. Monserrat Bustelo . Monica Yanez-Pagans. Monica Parra Torrado . Mónica Ospina. Monica Ortegon. Monica ConchaAmin. Mine Senses. Min Ouyang. Mikael Carlsson. Miguel Urquiola. Miguel Sarzosa. Miguel Jaramillo. Michele Valsecchi Michael Ryan. Mery Ferrando . Meltem Aran. Melanie Triana Salazar. Mauro Rodriguez Maurizio Bussolo. Mauricio Olivera. Mauricio Cardenas. Mauricio Alviar. Maurice Kugler. Matias Tapia. Matias Busso. Masa Kawai. Martin Valdivia...... 7-28-45-50 8-30-48-53 20-47 20-51 23-37 31-37 48-53 8-22 7-44 8-34 8-50 50 46 22 34 52 34 25 38 33 26 21 34 38 35 38 33 54 47 46 53 21 48 47 20 39 36 30 47 26 38 40 31 52 39 34 36 52 8 6 6 6 7

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LACEA 2010 / Colombia Pedro Gerardo BernalLara. Pedro Esteban Moncarz. Pedro Cavalcanti Ferreira . Pavel Luengas. Paulo Santos Monteiro. Paulo Bastos. Paulina Sepulveda. Paula Louzano. Paula Bustos. Paul Carrillo. Patricia LópezRodriguez. Patricia Cortés. Pascual Restrepo. Roberto Steiner. Roberto Rigobón. Roberto Perotti. Roberto Chang. Roberto Alvarez. Robert Veszteg. Robert Rennkack. Rita DaCosta. Richani Nazih. Ricardo Reis. Ricardo Pasquini. Ricardo Paredes. Ricardo Paes deBarros. Ricardo Nogueira. Ricardo Lagos. Ricardo Hausmann. Ricardo Correa. Ricardo AníbalPasquini. René Garcia. Renata Narita. Rema Hanna. Raymundo M.CamposVasquez Raul Andrade. Raquel Fernández. Raquel Bernal. Ran Bi. Ramon Moreno Rafael Novella. Rafael DiTella. Rafael deSousaCamelo. Rafael deHoyos. Quy-Toan Do. Priscilla Tavares. Pravin Krishna. Portugal Perez Alberto. Pilar Romaguera. Pierre Boyer. Philippe Aghion. Petros Sekeris . Pelin Berkmen...... 20-25-44-55 8-20-31-40 8-27-51 7-20-44 33-46 37-51 7-32 22 46 38 24 48 33 40 27 35 54 45 37 52 28 24 54 23 26 48 48 38 49 50 52 26 24 21 47 36 34 20 31 52 36 45 35 35 36 23 7 7 8 7 8 7 8 Tomas Ramirez. Tomás Castagnino Todd Walker. Tiago MiguelCastanheira Correia Costa Pires. Tiago Berriel. Thomas BarnebeckAndersen . Tatiana Brito. Taborda Rodrigo. Sylvia BeatrizGuillermo Peón. Suzanne Duryea. Susan Pozo. Susan Parker. Suman Basu. Sonia DiGiannatale. Solange Berstein Sofia Bauducco. Silvia Prina. Sigifredo Laengle. Shawn Cole. Shahe Emran. Sergio Urzua. Sergio Schmukler. Sérgio Leao. Sergio Andrés Tobón Ospina. Sebnem Kalemli-Ozcan. Sebastian Nieto-Parra . Sebastian Miller . Sebastián LondoñoMora . Sebastian Gallegos . Sebastian Galiani. Sebastian Freille . Sebastian Edwards . Sebastian Calonico. Santiago Levy. Santiago Acosta Ormaechea Sandra Ospina. Samuel Freije. Samuel Bowles. Samuel Berlinski. Salomón Kalmanovitz. Ruy Lama. Rudi Rocha. Rosa LilianaMatzkin...... Rony Pshisva. Rong Qian. Romulo Chumacero. Rolando Avendaño. Rodrigo Valdes. Rodrigo Soares. Rodrigo R.Soares. Rodrigo Moura. Rodrigo Caputo. Rodolfo Stucchi...... 8-30-32-34-37-38-44-48 ...... 8-20-52 27-48 45-51 26-45 26 31 37 53 52 46 48 33 27 38 39 47 53 22 40 37 33 35 32 46 47 39 25 25 34 52 45 35 39 40 25 47 23 38 45 21 30 36 36 26 26 7 8 6 8 6 7 8 Yuri Soare. Ximena Peña. Wilson Romero . William Maloney. Waldyr Areosa . Vladimir Poncze. Viviana Velez-Grajales. Vinicius Carrasco. Vincenzo DiMaro. Verónica Amarante. Ugo Panizza Tommaso Nanncini . Tomás Rau...... 8-26-31 27-31 54 51 47 54 33 22 54 44 30 54 34

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XI. Notes

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LACEA 2010 / Colombia Notes XII. 10:00-10:15 19:15-19:35 19:05-19:15 18:35-19:05 18:25-18:35 18:15-18:25 18:05-18:15 17:55-18:05 16:55-17:55 16:45-16:55 16:35-16:45 16:15-16:35 16:05-16:15 15:35-16:05 15:05-15:35 14:55-15:05 14:35-14:55 14:25-14:35 13:55-14:25 13:25-13:55 13:15-13:25 12:55-13:15 12:10-12:55 12:00-12:10 11:55-12:00 11:45-11:55 10:40-11:45 10:30-10:40 10:15-10:30 9:00-10:00 8:45-9:00 8:30-8:45 8:15-8:30 8:00-8:15 19:35-

Thursday, November 11th Program Structure Round Table/Policy Opening Ceremony Opening Reception Coffee Break 10:15 -11:45 Registration Contributed Coffe Break 15:05-16:35 18:35-19:35 16:35-16:55 13:55-14:55 10:15-11:45 12:55-13:55 16:55-18:25 11:55-12:55 19:35-21:30 8:30-10:00 8:00-8:30 Plenary Plenary Invited Invited Lunch Friday, November 12th Albert Hirschman Lecture Round Table/Policy Coffee Break 10:15 -10:40 Registration Contributed Contributed Coffe Break 16:05-16:35 13:25-14:25 18:15-19:15 16:35-18:05 12:10-13:25 19:15-23:00 10:40-12:10 14:35-16:05 8:45-10:15 8:15-8:45 Plenary Plenary Dinner Invited Lunch Saturday, November 13th Carlos Alejandro DiazPrize Closing Reception Coffee Break Coffee Break Registration Contributed Contributed 16:05-16:35 13:25-14:25 18:15-19:15 16:35-18:05 12:10-13:25 19:15-20:30 10:40-12:10 14:35-16:05 10:15-10:40 8:45-10:15 8:15-8:45 Plenary Plenary Invited Invited Lunch

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LACEA 2010 / Colombia