Estudios de Economía <p>Estudios de Economía is published, since 1973, two times a year by the Department of Economics at the University of Chile. Its purpose is to publish empirical as well as theoretical papers in every field of Economics. All papers must go through refereeing process by two anonymous referees. As part of our editorial policy, an answer regarding the status of a paper will not exceed two months from its reception. If that were not the case, the authors are free to send their paper for consideration for publication elsewhere.</p> Departamento de Economía - Facultad de Economía y Negocios, Universidad de Chile. en-US Estudios de Economía 0304-2758 Exclusive dealing in the presence of a vertically integrated firm This study constructs a successive Cournot model to investigate the possibility that a separated upstream input supplier can solely sell the intermediate good to a separated downstream manufacturer through an exclusive contract in the presence of a vertically integrated rival. We find that the separated firms are indifferent on whether to sign the exclusive contract or not if the downstream party is less efficient than the integrated firm in producing the final good. Next, the separated firms with an efficient downstream party are indifferent between signing or not signing, willing to sign, and not willing to sign the exclusive contract if the upstream cost differential is relatively low, medium, and high, respectively. Finally, signing such an exclusive contract does not increase consumer surplus and social welfare Dang-Long Bui Damiana Simanjuntak Joe Maganga Zonda Copyright (c) 2023 Estudios de Economía 2023-06-06 2023-06-06 50 1 A new look at the pollution halo hypothesis: The role of environmental policy stringency The effect of Foreign Direct Investments (FDIs) on greenhouse gas (GHG) emissions, has attracted the attention of researchers in recent years. However, the indirect effects of environmental policies in the process were not sufficiently considered. This study uses a panel threshold methodology to examine the nonlinear impact of environmental policy stringency on the relationship between FDIs and GHG emissions in 25 OECD countries. Our results show a negative relationship between FDIs and GHG emissions if the countries have environmental policy stringency index above a threshold level of (2.22). The results are also supported by the fixed effects model, which indicates a threshold effect of (2.88). The threshold effect is mostly due to the stringency of nonmarket-based environmental policies. Hale Akbulut Ahmet Burçin Yereli Copyright (c) 2023 Estudios de Economía 2023-06-06 2023-06-06 50 1 Decline in values of degrees and recent evolution of wage inequality: Evidence from Chile Using data from nationally and regionally representative household surveys, we analyze the association between the changes in coefficients of dummy variables for higher education degrees in the wage equation and evolution of wage inequality in Chile from 2013-2017. Employing a decomposition method using unconditional quantile regressions, we find that a significant decline in the coefficients of professional degrees, especially from new private universities, with a larger magnitude at upper quantiles, is associated with a substantial reduction in wage inequality. The results are robust to the correction for sample selection bias and control for workers’ occupation and firm size categories. Yoshimichi Murakami Tomokazu Nomura Copyright (c) 2023 Estudios de Economía 2023-06-06 2023-06-06 50 1 On the welfare analysis of external reference pricing and reimbursement policy The co-existence of external referencing pricing (ERP) and reimbursement policy is common in many countries. Thus, this research examines whether or not the imposition of ERP is socially desirable in the presence of reimbursement policy. For direct sales channel, we find that the home social welfare is worse-off with ERP if the home copayment rate is too high. Our main results are robust under indirect sales channel. Moreover, the home social welfare under the pharmacypurchasing-price (PPP) ERP is larger than that under the ex-factory-price (EFP) ERP if the home copayment rate is high enough. Finally, the profit of brand-name firm under indirect sales channel is higher than that under direct sales channel if the home copayment rate is too high. Van-Chung Dong Yan-Shu Lin Pei-Cyuan Shih Copyright (c) 2023 Estudios de Economía 2023-06-06 2023-06-06 50 1 Mothers’ labor supply and conditional cash transfers: Evidence from Chile Taking advantage of a reform that made Chile’s most popular conditional cash transfer program substantially more generous, I study its impact on mothers’ labor supply using a difference-in-difference strategy. Previous research has focused on these effects near the inauguration of CCTs, never before more than 20 years later. I find that older mothers respond to the reform by increasing their probability of working, but young mothers between 18 and 24 years old reduce their labor force participation. Meanwhile, intensive margin responses are always non-positive. This is policy-relevant information to many countries with CCTs today. Gonzalo Dona Copyright (c) 2023 Estudios de Economía 2023-06-06 2023-06-06 50 1 Corruption and Income Inequality, Empirical Evidence for Mexico (2010-2020) Mexico, among the OECD countries, is the country with the greatest difference in income between rich and poor. This situation has been accompanied by high levels of perception of corruption. The goal is to show that corruption and income inequality are correlated. The estimates are affected by the endogeneity problem caused by the two-way causality of corruption and income inequality, and by measurement errors of the variable used for corruption. Therefore, the method of simultaneous equations is used and it is estimated by error-component two stage least squares (EC2SLS), alternatively the Generalized Method of Moments (GMM) and sys-GMM are used, to analyze the sensitivity of the results. Robust evidence is found of a positive relationship between corruption and income inequality in Mexico in the period 2010-2020. Héctor Flores Márquez Omar Neme Castillo Humberto Ríos Bolívar Copyright (c) 2023 Estudios de Economía 2023-06-06 2023-06-06 50 1