Essays on macroeconomics and development (Colombia, Uruguay)

"Effects of Income Distribution on Growth": Several theories hold that income distribution affects economic growth. Some of them use cross-section country regression analysis to demonstrate their beliefs. This procedure has such a bulk of problems that its results should be analyzed carefully. Theories supported by this kind of empirical verification are most affected. Results suggest that a relationship between income distribution and economic growth exists but it seems to be nonlinear, complex and dynamic. Alternative statistical methods can be used in combination with historical and case studies, where institutions are included, for a better understanding of prevalent linkages.; "Determinants of Infant Mortality in Uruguay, 1880--1950": The chief causes of infant mortality behavior in Uruguay between 1880 and 1950 are empirically explored. The main hypothesis to be tested is that infant mortality is correlated with both economic and non-economic indicators, including medical advancements. While most economic variables behave as theory predicts, it is of particular interest to show that non-economic factors could have overshadowed or even offset positive effects of economic development on infant mortality. This exploration is original for several reasons: The country under examination (a developing one), the period (mainly prewar in the twentieth century), the method (an interdisciplinary one), and the bulk of variables considered.; "An Alternative Analysis of Financial Instability and Fragility in Colombia": We apply Minsky's financial instability hypothesis to Colombia between 1970 and 2000. Financial instability was latent during those three decades, increasing in the 1990s with the implementation of structural adjustment reforms. Both domestic financial reforms and the liberalization of balance-of-payments accounts increased the financial fragility of domestic agents. Increased financial vulnerability, along with higher domestic interest rates, accounts for recent economic and financial crises, with the private sector playing an important role. By considering historical, structural, institutional, and financial issues, this exploration offers an alternative explanation of Colombian business cycles, with an emphasis on economic and financial crises.