Journal

Browse the categories to access the content of academic, scientific and opinion publications of the professors and students of the Department of Economics PUC-Rio.

The effect of longevity on schooling and fertility: evidence from the Brazilian demographic and health survey

Journal of Population Economics

V 19, P 71-97, 01/01/2006

Rodrigo Reis Soares.


Fixed points as Nash equilibria

Fixed Point Theory and Application

01/01/2006

Juan Pablo Torres-Martínez.


Mortality Reductions, Educational Attainment, and Fertility Choice

American Economic Review

V 95, N 3, P 58-601, 01/06/2005

This paper develops a model where reductions in mortality are the main force behind economic development. The model generates a pattern of changes similar to the demographic transition, where gains in life expectancy at birth are followed by reductions infertility and increases in the rate of human capital accumulation. The onset of the transition is characterized by a critical level of life expectancy at birth, which marks the movement of the economy from a Malthusian equilibrium to an equilibrium with investments in human capital and the possibility of long-run growth.

Rodrigo Reis Soares.


The Quantity and Quality of Life and the Evolution of World Inequality

American Economic Review

V 95, N 1, P 277-291, 01/03/2005

GDP per capita is usually used to proxy for the quality of life of individuals living in different countries. Welfare is also affected by quantity of life, however, as represented by longevity. This paper incorporates longevity into an overall assessment of the evolution of cross-country inequality and shows that it is quantitatively important. The absence of reduction in cross-country inequality up to the 1990s documented in previous work is in stark contrast to the reduction in inequality after incorporating gains in longevity. Throughout the post-World War II period, health contributed to reduce significantly welfare inequality across countries. This paper derives valuation formulas for infra-marginal changes in longevity and computes a "full" growth rate that incorporates the gains in health experienced by 96 countries for the period between 1960 and 2000. Incorporating longevity gains changes traditional results; countries starting with lower income tended to grow faster than countries starting with higher income. We estimate an average yearly growth in "full income" of 4.1 percent for the poorest 50 percent of countries in 1960, of which 1.7 percentage points are due to health, as opposed to a growth of 2.6 percent for the richest 50 percent of countries, of which only 0.4 percentage points are due to health. Additionally, we decompose changes in life expectancy into changes attributable to 13 broad groups of causes of death and three age groups. We show that mortality from infectious, respiratory, and digestive diseases, congenital, perinatal, and "ill-defined" conditions, mostly concentrated before age 20 and between ages 20 and 50, is responsible for most of the reduction in life expectancy inequality. At the same time, the recent effect of AIDS, together with reductions in mortality after age 50-due to nervous system, senses organs, heart and circulatory diseases-contributed to increase health inequality across countries.

Gary S. Becker , Tomas J. Philipson, Rodrigo Reis Soares.


Accountability and Corruption: Political Institutions Matter

Economics and Politics

V 17, N 1, P 1-35, 01/03/2005

This study uses a cross-country panel to examine the determinants of corruption, paying particular attention to political institutions that increase accountability. Even though the theoretical literature has stressed the importance of political institutions in determining corruption, the empirical literature is relatively scarce. Our results confirm the role of political institutions in determining the prevalence of corruption. Democracies, parliamentary systems, political stability, and freedom of press are all associated with lower corruption. Additionally, common results of the previous empirical literature, related to openness and legal tradition, do not hold once political variables are taken into account.

Daniel Lederman , Norman V. Loayza, Rodrigo Reis Soares.


"Bureaucracy as a mechanism to generate information."

Rand Journal of Economics

V 35, N 2, P 245-259, 01/06/2004

Luigi Zingales, Walter Novaes.


Development, Crime, and Punishment: Accounting for the International Differences in Crime Rates

Journal of Development Economics

V 73, N 1, P 155-185, 01/01/2004

This paper analyzes the determinants of the heterogeneity in crime rates across countries,

focusing on reporting rates and development. The behavior of the reporting rate is studied by

comparing data from victimization surveys to official records. Reporting rates are strongly

correlated with development: richer countries report a higher fraction of crimes. The positive

relation between development and crime found in previous studies is shown to result from this

correlation. Once the presence of the reporting error is accounted for, development does not affect

crime. Reductions in inequality and increases in growth and education are associated with

reductions in crime rates.

Rodrigo Reis Soares.


Capital structure choice when managers are in control: Entrenchment versus efficiency.

Journal of Business

V 76, P 49-81, 01/01/2003

Walter Novaes.


Labor Turnover and Labor Legislation in Brazil

Economía: Journal of the Latin American and Caribbean Economic Association

V 4, N 1, P 165-222, 01/01/2003

Gustavo Gonzaga.


"Managerial turnover and leverage under a takeover threat"

Journal of Finance

V 57, N 6, P 2619-2650, 01/01/2002

Walter Novaes.


"Visibility versus complexity in business groups: evidence from Japanese Keiretsu"

Journal of Business

V 74, P 79-100, 01/01/2001

Kathrin Dewenter, Dick Petway, Walter Novaes.


"Inflationary bias and state owned financial institutions"

Journal of Development Economics

V 47, P 135-154, 01/01/1995

Walter Novaes, Sergio Werlang.


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