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Both sides of the institutions and growth debate have resorted largely to microeconometric techniques in testing hypotheses. In this paper, I build a panel structural vector autoregression (SVAR) model for a short panel of 119 countries over 10 years and find support for the institutions hypothesis. Controlling for individual fixed effects, I find that exogenous shocks to a proxy for institutional quality have a positive and statistically significant effect on GDP per capita. On average, a 1 percent shock in institutional quality leads to a peak 1.7 percent increase in GDP per capita after six years. Results are robust to using a different proxy for institutional quality. There are different dynamics for advanced economies and developing countries. This suggests diminishing returns to institutional quality improvements.

Economic development --- Institutions (Philosophy) --- Philosophy --- Econometric models. --- Econometrics --- Macroeconomics --- Institutions and Growth --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Semiparametric and Nonparametric Methods --- Estimation --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Personal Income, Wealth, and Their Distributions --- Econometrics & economic statistics --- Estimation techniques --- Vector autoregression --- Structural vector autoregression --- Personal income --- Econometric analysis --- National accounts --- Econometric models --- Income --- United States

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Private consumption has been a key driver of growth in Brazil for more than a decade. Over this time, Brazilian consumers have benefited from a favorable policy environment, a rapid phase of development—dramatically increasing economic, financial and social inclusion— and a supportive external environment. Meanwhile, infrastructure gaps have widened and investment and productivity levels have fallen behind. The consumption-led growth model now appears to have run its course. The prospect of a period of macroeconomic adjustment presents an opportunity to adjust policy settings to ensure stronger, more balanced and sustainable growth over the medium term.

Consumption (Economics) --- Consumer demand --- Consumer spending --- Consumerism --- Spending, Consumer --- Demand (Economic theory) --- Banks and Banking --- Macroeconomics --- Macroeconomics: Consumption --- Saving --- Wealth --- Investment --- Capital --- Intangible Capital --- Capacity --- Macroeconomic Analyses of Economic Development --- Personal Income, Wealth, and Their Distributions --- Aggregate Factor Income Distribution --- Interest Rates: Determination, Term Structure, and Effects --- Finance --- Consumption --- Disposable income --- Income --- Real interest rates --- Private consumption --- National accounts --- Financial services --- Economics --- National income --- Interest rates --- Brazil

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In this study, we document the decline in income inequality and a convergence in consumption patterns in Brazilian states in a new database constructed from micro data from the national households’ survey. We adjust the state-Gini coefficients for spatial price differences using information on households’ rental prices available in the survey. In a panel regression framework, we find that labor income growth, formalization, and schooling contributed to the decline in inequality during 2004-14, but redistributive policies, such as Bolsa Família, have also played a positive role. Going forward, it will be important to phase out untargeted subsidies, such as public spending on tertiary education, and contain growth of public sector wages, to improve budgetary efficiency and protect gains in equality.

Labor --- Macroeconomics --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Personal Income, Wealth, and Their Distributions --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- National Government Expenditures and Education --- National Government Expenditures and Welfare Programs --- Economic Development: Human Resources --- Human Development --- Income Distribution --- Migration --- Aggregate Factor Income Distribution --- Education: General --- Wages, Compensation, and Labor Costs: General --- Education --- Labour --- income economics --- Income --- Income inequality --- Income distribution --- Wages --- National accounts --- Brazil --- Income economics

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Gender segmentation in labor markets shapes the local effects of international trade. This paper develops a theory that embeds trade in gender-segmented labor markets and shows that in this framework, foreign demand shocks may increase or decrease the female-to-male employment ratio. If a foreign demand shock from a relevant market happens in a female-intensive (male-intensive) sector, the model predicts that the female-to-male employment ratio should increase (decrease). The paper then uses plausibly exogenous variation in the exposure of Tunisian local labor markets to foreign demand shocks and shows that the empirical results are consistent with the theoretical prediction. In Tunisia, a country with a high degree of gender segmentation in the labor markets, foreign demand shocks have been relatively larger in male-intensive sectors. This induced a decrease in the female-to-male employment ratio, with households likely substituting female for male labor supply.

Gender-based violence.

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Inadequate infrastructure has been widely viewed as a principal barrier to growth and development in Latin America and the Caribbean. This paper provides a comprehensive overview of infrastructure in the region and highlights key areas in which infrastructure networks can be enhanced. The public and private sectors play complementary roles in improving the infrastructure network. Therefore, it is critical to strengthen public investment management processes as well as the regulatory framework, including to ensure an appropriate mix of financing and funding for projects and to address environmental concerns.

Infrastructure (Economics) --- Public investments --- Government investments --- Investments, Public --- Expenditures, Public --- Investments --- Capital budget --- Economic development projects --- Investment of public funds --- Capital, Social (Economics) --- Economic infrastructure --- Social capital (Economics) --- Social infrastructure --- Social overhead capital --- Economic development --- Human settlements --- Public goods --- Public works --- Capital --- Finance --- Infrastructure --- Investments: General --- Public Finance --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- National Government Expenditures and Related Policies: Procurement --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Economic History: Transport, Trade, Energy, Technology, and Other Services: Latin America --- Caribbean --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Investment --- Intangible Capital --- Capacity --- Industry Studies: Transportation and Utilities: General --- Macroeconomics --- Public finance & taxation --- Public investment and public-private partnerships (PPP) --- Public investment spending --- Private investment --- Transportation --- National accounts --- Expenditure --- Saving and investment --- Public-private sector cooperation --- Brazil