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...California, Los Angeles, and Mauricio Cardenas, FEDESARROLLO, Colombia. The following papers were discussed:

Alberto Alesina, Harvard University and NBER, and Guido Tabellini, IGIER, Bocconi, "Why Fiscal Policy often Procyclical?

Comments: Leonardo Villar, Banco de la Republica, Colombia

Norman V. Loayza and Jamele Rigolini, World Bank, "Informality Trends and Cycles"

Comments: Marcela Melendez, InterAmerican Development Bank

Sebastian Edwards, "Capital Controls, Contagion, and Capital Flows"

Comments: Roberto Junguito, Fasecolda, Colombia

William F. Maloney and Edwin Goni, World Bank, and Mariano Bosch, London School of Economics, "The Determinants of Rising Informality in Brazil: Evidence from Gross Worker Flows"

Comments: Maria Laura Alzua, IERAL de Fundacion Mediterranea, Argentina

Hugo Maul, Universidad Francisco Marroquin, Guatemala, "From Penny Capitalism to Global Markets: The Case of the Guatemalan Informal Sector"

Comments: Pablo Acosta, CAE Venezuela

Pablo Fajnzylber and William F. Maloney, World Bank, and Gabriel V. Montes, University of Illinois, Champaign-Urbana, "Does Formality Improve Micro-Firm Performance? Quasi-Experimental Evidence from the Brazilian SIMPLES Program"

Comments: Maurice Kugler, Harvard University

Raquel Bernal, Universidad de los Andes, Colombia, and Mauricio Cardenas, "Informality in Colombia: The Case of Child Labor"

Comments: Stefania Scandizzo, CAF, Venezuela

Ernesto Schargrodsky, Universidad Torcuato Di Tella, and Sebastian Galiani, Washington University, St. Louis, "Property Rights of the Poor: Effects of Land Titling"

Comments: Daniel Mejia, Banco de la Republica, Colombia

Jennifer Hunt, McGill University and NBER, " Bribery in Health Care in Peru and Uganda"

Comments: Mauricio Olivera, FEDESARROLLO, Colombia

Eric V. Edmonds, Dartmouth College and NBER, and Salil Sharma, Dartmouth College, "Institutional Influences on Human Capital Accumulation: Micro Evidence from Children Vulnerable to Bondage"

Comments: Alejandro Gaviria, Universidad de los Andes, Colombia

Many countries, especially developing ones, follow procyclical fiscal polices; that is, spending goes up (taxes go down) in booms and spending goes down (taxes go up) in recessions. Alesina and Tabellini provide an...

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