Browsing by Author "Fuentes San Martín, Rodrigo"
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- ItemFinancial stability and risk allocation under varying levels of competition(2013) Johnson Wander, Paul; Fuentes San Martín, Rodrigo; Rosende R., Francisco; Tapia G., Matías; Pontificia Universidad Católica de Chile. Instituto de EconomíaDeveloped countries vary widely in terms of levels of competition exhibited within the banking sector. This paper measures the empirical effects of competition on financial stability using the Lerner index as a proxy for competition. Theoretically, competition may influence the probability of a banking crisis via the charter value channel or the risk allocation channel, the latter of which provides an ambiguous result. Logit probability models show that competition may decrease stability, especially when deposits are guaranteed by government insurance programs, and when the non-bank financial sector is large. Risk allocation is shown to be negatively correlated with competition, a fact that supports the conclusion that the risk allocation channel is dominated by the notion that increased competition encourages risk taking at the bank level. Nonetheless, the results should be tempered by the fact that the competition-stability relationship appears to depend greatly on other factors, including the regulatory system and non-bank competitors.
- ItemHigher education policy, graduate taxes and wealth distribution(2017) Guarda Leighton, Sebastián Geoffrey; Mies, Verónica; Fuentes San Martín, Rodrigo; Cerda, Rodrigo; Kohn, David; Pontificia Universidad Católica de Chile. Instituto de EconomíaThis thesis intends to shed light on the possible efects of higher education policyreforms on the distribution of wealth, specifically the implementation of free highereducation, replacing tuition fees. A novel alternative for financing the reform is examined: a tax on the labor income of higher education graduates. The analysisis based on a quantitative OLG life cycle model, with heterogeneous agents, intergenerational links, incomplete financial markets, endogenous education decision,and general equilibrium in the determination of wages. The results indicate a slightdecrease in wealth inequality, explained by an increase in enrollment, graduationand a smaller earnings premium for higher education.
- ItemMinimum wage and productivity: Evidence from Chilean manufacturing plants(2018) Álvarez, Roberto; Fuentes San Martín, Rodrigo
- ItemUna Mirada Desagregada al Deterioro de la Productividad en Chile:¿Existe un Cambio Estructural?(2014) Fuentes San Martín, Rodrigo; García Trujillo, Gonzalo Alberto
- ItemMirando el desarrollo económico de Chile : una comparación internacional(Pontificia Universidad Católica de Chile., 2005) Fuentes San Martín, Rodrigo; Mies, Verónica
- ItemOn the welfare and distributional effects of implementing an expenditure fiscal rule(2017) Corrales Lara, Luis Fernando; Cerda, Rodrigo; Fuentes San Martín, Rodrigo; Kohn, David; Mies, Verónica; Pontificia Universidad Católica de Chile. Instituto de EconomíaEl objetivo del documento es estudiar los efectos en bienestar y distribución de riqueza de implementar una regla fiscal de gasto en un país en vías de desarrollo. En particular, quiero medir estos efectos en un entorno dinámico de transición, provocado por un choque agregado negativo y transitorio. Se computaron los efectos en bienestar en un marco de política fiscal anticíclica discrecional y en un esquema de regla fiscal de gasto, y se compararon. En el trabajo se encuentra que, en promedio, los agentes preferirán un marco de regla fiscal de gasto en lugar de una política fiscal anticíclica discrecional, pues las perdidas en bienestar, en promedio, son menores y los efectos en distribución son nulos.
- ItemThe Impact of a Carbon Tax on the Chilean Electricity Generation Sector(2015) Benavides, Carlos; Gonzales, Luis; Diaz, Manuel; Fuentes San Martín, Rodrigo; García, Gonzalo; Palma Behnke, Rodrigo; Ravizza, Catalina