NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Alvaro Garcia Marin

Universidad de Chile
Department of Economics
Diagonal Paraguay 257
Santiago, Chile

E-Mail: algarcia@fen.uchile.cl

NBER Working Papers and Publications

November 2015The U.S. Debt Restructuring of 1933: Consequences and Lessons
with Sebastian Edwards, Francis A. Longstaff: w21694
In 1933, the U.S. unilaterally restructured its debt by declaring that it would no longer honor the gold clause in Treasury securities. We study the effects of the abrogation of the gold clause on sovereign debt markets, the Treasury's ability to issue new debt, investors' willingness to hold Treasury bonds, and on the Treasury's borrowing costs. We find that the restructuring was followed by a flight to quality in the sovereign market. Despite this, there was little effect on the Treasury's ability to sell new debt or the willingness of investors to roll over restructured debt. The Treasury incurred a marginally higher cost of capital by issuing new bonds without the gold clause.
September 2014Constitutional Rights and Education: An International Comparative Study
with Sebastian Edwards: w20475
We investigate whether the inclusion of social rights in political constitutions affects social performance. More specifically, we analyze whether including the right to education in the constitution has been related to better "educational outcomes." We rely on data for 61 countries that participated in the 2012 PISA tests. Our results are strong and robust to the estimation technique: we find that there is no evidence that including the right to education in the constitution has been associated with higher test scores. The quality of education depends on socioeconomic, structural, and policy variables, such as expenditure per student, the teacher-pupil ratio, and families' background. When these covariates are excluded, the relation between the strength of constitutional educational right...

Published: Edwards, Sebastian & Garcia Marin, Alvaro, 2015. "Constitutional rights and education: An international comparative study," Journal of Comparative Economics, Elsevier, vol. 43(4), pages 938-955. citation courtesy of

May 2013Exporting and Plant-Level Efficiency Gains: It's in the Measure
with Nico Voigtländer: w19033
While there is strong evidence for productivity-driven selection into exporting, the empirical literature has struggled to identify export-related efficiency gains within plants. Previous research typically derived revenue productivity (TFPR), which is downward biased if more efficient producers charge lower prices. Using a census panel of Chilean manufacturing plants, we compute plant-product level marginal cost as an efficiency measure that is not affected by output prices. For export entrant products, we find efficiency gains of 15-25%. Because markups remain relatively stable after export entry, most of these gains are passed on to customers in the form of lower prices, and are thus not reflected by TFPR. These results are confirmed when we use tariffs to predict export entry. We also ...
 
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