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This paper highlights lacking parts of present social guidelines in Latin the USA that have an effect on the political-economy equilibrium: specifically, the forget of the center classification as legitimate topic of social coverage, the endurance of source of revenue and wealth inequality in a context of reasonable progress and the necessity to placed extra emphasis on asset accumulation via the bad and the center category. The paper offers monetary and political financial system rationales for devising new guidelines which could right this overlook.

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Extra info for Asset Accumulation by the Middle Class and the Poor in Latin America: Political Economy and Governance Dimensions (Macroeconomia Del Desarrollo)

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Englewood Cliffs, New Jersey, 1979. , "Investor Diversification and International Equity Markets," American Economic Review 81 (1991) 222-226. , "Purchasing Power Parity as an Explanation of Long Term Changes in Exchange Rates," Journal of Money, Credit, and Banking 2 (1970) 348-357. , Entwicklung der Gesetze des Menschlichen Verkehrs, Prager, Berlin, Germany, 1854. Grubel, H. , "Internationally Diversified Portfolios: Welfare Gains and Capital Flows," American Economic Review 58 (1968) 1299-1314.

Decisions with Multiple Objectives, Cambridge University Press, New York, New York, 1993.

If he decides to stay out of the lottery and get w, then we say that he is risk-averse. The decision-maker believes that the satisfaction that he will get out of the certainty is higher than the one that he will get out of the lottery. In other words, for a risk-averse decision-maker, the utility of the expected value of the result of an uncertain situation exceeds the expected utility of that result, which can be expressed mathematically as: u [E(w)] > E [u(w)]. 21 ) Since the notion of risk aversion should be clear, we will now present the way that risk aversion can be estimated, and we will study the relationship between risk aversion and the utility function of a given investor.

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