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En un mundo ideal, la educación primaria debería ser universal y financiada por el Estado, y todos los niños deberían poder asistir a la escuela independientemente de la capacidad o buena voluntad de los padres para pagar por ello. No obstante, en muchos países pobres, los gobiernos carecen de los recursos financieros o de la voluntad política para proporcionar una educación básica a todos los niños, a pesar de los beneficios que comportaría no solo para las personas sino para toda la sociedad. En algunos de estos países, los padres cubren una parte o la totalidad del costo de la educación de sus hijos. En este trabajo se examinan las ventajas y desventajas del pago por parte de los usuarios.

Macroeconomics --- Education: General --- Personal Income, Wealth, and Their Distributions --- Education --- Personal income --- Income --- Chad

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In an ideal world, primary education would be universal and publicly financed, and all children would be able to attend school regardless of their parents’ ability or willingness to pay. In many poor countries, however, governments lack either the financial resources or the political will to provide each child with a basic education, despite the benefits that would accrue not only to individuals but to society as a whole. In some of these countries, parents cover part or all of the cost of their children’s education. This paper explores the pros and cons of user payments.

Macroeconomics --- Education: General --- Personal Income, Wealth, and Their Distributions --- Education --- Personal income --- Income --- Chad

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Dans un monde idéal, l’enseignement primaire serait universel et financé sur les deniers publics et les enfants seraient scolarisés, que leurs parents en aient ou non les moyens ou la volonté. Mais dans de nombreux pays pauvres, l'État n'a pas les ressources financières ou la volonté politique nécessaires pour assurer l'enseignement de base à tous les enfants, malgré les avantages qu'en retireraient les individus et la société tout entière. Dans certains de ces pays, les parents paient totalement ou en partie pour l’éducation de leurs enfants. Ce document examine les avantages et les inconvénients des contributions des parents.

Macroeconomics --- Education: General --- Personal Income, Wealth, and Their Distributions --- Education --- Personal income --- Income --- Chad

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Studies have shown that markets may underprice sub-national governments’ risk on the implicit assumption that these entities would be bailed out by their central government in case of financial difficulties. However, the question of whether sovereigns pay a premium on their own borrowing as a result of (implicitly or explicitly) guaranteeing sub-entities’ debt has been explored only little. We use an event study approach with separate equations for two levels of government to test for a simultaneous increase in sovereign risk premia and decrease in sub-national risk premia—or a de facto transfer of risk from the latter to the former—on the day a sovereign bailout is announced. Using daily financial market data for Spain and its autonomous regions from January 2010 to June 2013, we find support for our risk transfer hypothesis. We estimate that the Spanish sovereign’s spread may have increased by around 70 basis points as a result of the central government’s support for fiscally distressed comunidades autónomas.

Risk management. --- Risk assessment. --- Insurance --- Management --- Analysis, Risk --- Assessment, Risk --- Risk analysis --- Risk evaluation --- Evaluation --- Banks and Banking --- Investments: Bonds --- Money and Monetary Policy --- Interest Rates: Determination, Term Structure, and Effects --- Fiscal Policy --- Debt --- Debt Management --- Sovereign Debt --- State and Local Borrowing --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- General Financial Markets: General (includes Measurement and Data) --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial services law & regulation --- Investment & securities --- Finance --- Monetary economics --- Credit risk --- Bond yields --- Yield curve --- Credit default swap --- Market risk --- Financial regulation and supervision --- Financial institutions --- Financial services --- Money --- Credit --- Financial risk management --- Bonds --- Interest rates --- Spain