You are on page 1of 60

c ¦ c c

cc
c 

c ¦ c c c cc


c 

c ¦ c c cc
c 

c ¦ c c c cc


c 

Intergenerational Social Mobility in Latin America: ¦ c c cc


c 

A Review of Existing Evidence

c ¦ c c c cc


c 

c ¦ c c cc
c 

c
c
c 
c
cc  c

c
c
c
c
c
c ¦ c c c cc
c 

c ¦ c c cc
c 

c
c
c
c
c
c
c
c
c
c
c
c
c
c
cc 
c 
 c
c c  c 
 ccc
cc !"c #$c  !c %c &c 'c
c! cc
c
c c  c (c c  c 
c  
c  c c  
c  c c # $c
 !c%"c c cc

cc cc (c
c
c
c
Abstract
c
&c!!c c'c
c c c c  cc )c
c *c 
cc 
c
c c c  c  c  c
  c (  c &c
c c  c  c  "c  c

"c c c  c  c c  'c c c  "c c 'c  !
c
'c  'c  c  c
 !
c  c %c c +
c *c 
c +
c
,
c&c
cc"c'ccc (c ccc 'c
c
!!c c (c c  c
  c -c )c c c ! 
c
 c
 c ccc

"c'ccc
c
 cc c c( c  c  "cc cc!"c.!c
( c "c 'c c
 c ccc
 !
c c
 
c ccc (c
c&c!!c c'
cccc
c c
c c
c (c c  /c  'c c (c  c  c
 c"cc c 
c'c
c c. "c 'cc cc

 "c
c c%c
 ccc
c ¦ c c cc
c 

JEL Classifications: 0"c 10"c#0c

c Gc
Dey words: # c* c  c  "c )c "c #2"c ¦ c cc 

* c3. "c3
 c
c
c 
c 
 c
c cc  c 
 cc
ccc !c (c#$c  !c%c&c'c
c! c
cc
cc c (cc c
c 
c c c 
c cc#$c
 !c%"c c cc

cc cc (c&c c%c' c  c
'c( cc 

c c
ë Introduction: Perceptions of Intergenerational Mobility in Latin America
and the Role of Social Exclusion
c ¦ c c cc
c 

)cc
cc  c c cccc c2c !
c c
c cc4c5cc3c cc!ccccc c( c! %ccc
 "c c c ! c  c  c c  $ c
c  'c c 6! 7c (c  c

  ccc cccc c


  ccc(c cc

c  c c
((c ((c (c   c  '"c c c c !c (c
((c
! ! c  !"c c c c  c "c 
c c !"c 
c c c  c
%c !! "c  c c ( c &c c c ! "c c c c
c (c c c c  !c (c c ! ! "c c !c  c ( c
c2c !! c( cc&' c c'cc! c (c c
  "c
( c"c cc
((c '(cc
!
c cc
c (c c  c&c
c (c c cc c%cc  c (c c
  c c"c %c
cc c
c (c!(cc
cc!  c cc c
  c c
 c!
c (c"c
cc c ccc
c ¦ c c cc
c 

¦ 
 
           

 

  
   
    
     ! 


           
  
  

 " # $ !


 %
   &    '
c

c üc
!
c c c ! c (c 
c  "c  c  c  c c
 c 
c  c c
c (c 2c (c !! c c c  c -c !c c
6'c
c 7c cc6c
cc$ 7ccc cc c! 
c c c c
 c 
c   c  'c c  c  c c c 8 c ( c (c ! c  c 
c  c
9c cc
cc c (cc! c  c (c%c( c
c%$ 
c

c 
c ! $
c   c c c c  c .! c (c  c  c
!! c ( c c ! ! c  c 
c 3 "c G00 c 4"c : c 
c ;"c
5<=c
&c !c (c c. "c c2"c2c (c !! "c! "c
 c c
c 'ccc
cc 
c c>! cG00üc6 c. c
(c (c c )c c 
c c  c  c c c !c 2c  c

  "c 'c c c  c ! c c c ' c c c  /c c (c
 !c
' 
c7c
&c !!c c  c %c  !c 
c  c  c  "c c 'c c c ¦ c cc 

c
c
"c( c c c c
cccc cc
 !c (c c. c
c ccc
   c
cc((c c c!
"c
   c 
c   cc 
c c ((c c  c %"c 'c c ( c c )c
c &c !!c 'c c  c 

c c c (c %c 2 c 


c  c  c
 c  ccc c
cc  c! 
c c .c
c 
c
c&c
2 c
?c c'cc c c cc)c@c#c c
 cc)c c  'ccc c ccc' 
"c
c(c "c'@c -cc
cc
c (c  c  cc )c @c ; 'cc c  c 
cc
c

c c )c @c ; 'c c c c ((
c -c c c c ((c (c c
 c
   "c c c  c !
c 
c .! c (c c  c 
 "c
cc c %c
c c    c 
c  c "c   c c c
 @c
c
4 cc!!c (cc2c  c !! c( c"c c c ¦ c cc  cc

 c  
c c c ( c (c  c  c c &"c 'c c !!c c c
 c  c  "c c  c  c .c 
c c  c  c
 "ccc
 !cc c%c
c c! cc c 
ccc

c c
 c c  c c c (c  c  c 
c c
c (c  c
 cc
&c .c  c (c c !!c (c  c c
 c c c
( c (c ¦ c cccc
c

¦ c
 c c c
 
c c%c !c
c
( "c
cc
c c
¦ c cccc
c
 c c c  c Ac c   c c 
c c !c ' %c c
)c %c  c c c  c 
c  c  c  c c
c  c * c üc  c c 
c 
c 
c c !c 
c  c ( c ¦ c cccc
c

c c c cc)c"c !cc'c


c( c ¦ c cccc
c

>3 c  "c 'c * c üc ( c !c c  8c


c 
c
 c  c ¦ c cccc
c

¦ c cccc
c
!! c (c  c c c  c 
c c  !c 'c 2c "c 'c * c c
'c !! c (c  c  c c )c c * c 1c c  c 
c c ¦ c cccc
c

!c ' %c c 


c c c 'c c (  'c 2 ?c -c 
c
 c c  c c c  @c c c
c (c  c  c c ¦ c cccc
c

)c"c
c* c=c !cc(c%c 
c ¦ c cccc
c

¦ c c
cc c c

¦ c c cc
c 
2 What is Social Mobility? : Some Basic Concepts
c
* c ccc
(
ccc'c

c c !c c!'
c c
''
c
( c c c c c !  c  c  c 'c c  c 5c 9 c !("c
   c
(c c cc c 'c
((c cc c ! c
 !c
cc
c! c
ccc&ccc
ccc (c "c
! c"c
c !! c( c
"c c c 
 cccc
-cc   ccc
(c c ccc (c c
'c c c c ! c  !"cc  ccc  c c
c c  c 
c  c  c -c  c c 
"c c c !c c

c c (c  Ac c c c c c c !(c ! c c A c c c
!cc cc (c(c !! c
4 c c   c ! c (c 'c c  !c (c  c  c %c c 

c
  
@c!c
( c
cc( c
c c
c&cc
cc c
c c %cc
!
c (c

c  c cc 
 cc! 
c c c4
c
cccccccccccccccccccccccccccccccccccccccc cccccccccc c
5
c&c
( cc( cc c
 c!?BB'''' 
 c

c 1c
G00"c c  !c (c  c  c c (
c 
c c !
c
((c !c
'c c c2 ccc c !c
c. cc!c
(
cc
c G000c c 6 c  c c 
c c c  c (c  c  c c
!(cc 'c!
cc    cc
 7c&c
( cc c c
!c (c c   c c c  c   c  'c 'c c c c 
c  c
 cc
((c c !ccc 


ccGc& c
cc cc !"c
'c 'c (  'c c ' %c (c c G000"c 4
c G000c 
c G00c 
c Cc G001c
9  "cc 
c c
c c cccc ccc cc (c c
2"cc 
c cc'cccc c ccc cc'ccc
cccc c c cc
  c (c c  c  c3c c
c  c c c  c  c c ( c c  
c c (c  c
 "c c!(c
 ccc "c
 cc c! ( cc
c
 cc c cc
&c c  c c ! c
 c c c  c  c #c c
 c  c  ."c c c (c c  
 c c 

/c c c


c4 c.!"c

/c ccccc
cc c 
cc cc
 ccccc
c#cc c c ."c'ccc( c (cc
'"c c !c c c c c ("c 
c c c c 
c c  c c c
 "c( c
c c
c c%c c
 c (cc!c
cc
c
&c c (c c
 c c%c
!
c c'c!c (c cc (c
* c !c (c  c c !c '  c c c
 !c c &c

cc%c (c c ccc2c  ?cccccc (c
 c  c c ! c 
c c c (c c  c
  "c 'c c c  !c
 c%
c ccc (c! $! c  ' c
cc%c (c cccc (cc
 c
  c&c cc c 
c c. c (cc! c  !c( c
c c 
c c !c  c c c . c (c (c c (c c
! ! c( c$c"c
cc
 cc
c ¦ c c cc
c 

cccccccccccccccccccccccccccccccccccccccc
 

ccccccccccc     




c( c 

c    c  c c  

c   c   c   c  c   c   )c c*   c  +c

(  c  c  c c  c,   c  -c

c =c
u Measuring Intergenerational Measuring Social Mobility: A simple
metricIn Latin America
c
c
ccc! c "ccccc (c c c c
c
c
 ccc c
c cc c ccc "ccc
 c'c( c cc c (cc
c cc!cccc c
c
R  
 R
    ¦ c c
cc c 

c ¦ c c cc
c 

&c  c  c c 3c  c c c c (c c  Ac c   c

c c c c c  c 
cc 
cc!c ' %cc
)c c 
c c
 !
c  c c 
c c c ! c  "c c c c
c (c  c  c c
c
 ccc c
c c c  cc
c c'c c

ccc cc(  'cc
&c  c  c
c  c !c  c  c  c  c c
 c!c (c!c
c%c c  c  c c c
((c c (cc
(c
 c  c   c   c  c c c  c  c   c c

c  c c ; '"c c c !c (c
c c c  c c ( c
 !
c
 c 
c c  c c ( c c  c c c
 !c  c "c ( c .!"c
4'"cG001"c( cc
c 
c c
c ccccc!!c
c
R  
 R
    ¦ c c cc
c 

cc c (9 c!ccc


c c c cc 
c
c  c c (( c c c  c c c c 9 c c (c
 c c  c c c !c  c  c c c !c 
"c
 c c"c'cc
 
c  '?cc
c ¦ c c cc
c 
c c „ „  
   „  „     
  „ 
„      „     „    
„ 
   „        5c
c

c Uc
'c c !c !c  "c  c c c 
.c (c  c 
c    c c c
!c  c (c c 

/c  c &c !c  c  c
 c"c"cc c c  c&c!c  cc2 c5c
cc( c5$  (cc c (cc c (c c$5c!c cc c 'c
   (c .c c c c  c
c %
c  c !c  c 5$  c c
c (cc
c (c c c
#cc
c c(cc( c (c  c
ccc cc
c
 c  c &c  ((c c (c 'c 0c 
c 5c c ! c  !c c
 c!c (c c
cc'cccc!c c
c 
c'cccc
/c c4 c.!"c(c  c0c
c(/c
c.
cc c!c c (cc   c c0c!"cc 
c!
cc
c /c c'c.
ccc (cc /c  c c50c!c"c0 0c!c
#c c !( c  c  c  c ' 
c 67c c (c c  c  c 0c &c !c

c!c c c cc c %ccc( c (c!c
 c
((c 'c !c c c c c 
c  c c 
c c


c9 cc( 
ccc!cc( c
 !c  cc 
c
c 
cc2c c
c ¦ c c cc
c 

u   cc ¦ c cc 

&c c  c c c c ' c ! c c 'c c 2 c 5c  c c
 c c c4"cc c (cc
c (c c c
c c c 'c c  8c  c c
c  c c  c &c c  c c
c (c! "c c c c (c(cc( cccc! 
c c c
C'c G00"c c c 
c c c c c c (c c  c c (c c

c ccc (cc!c'cc(cc 
ccc(c>c
c c
"ccc /c!"c(c'c 
cc cc 

ccc c (c
cc'c% 'cc c (cc c! ( ccc!cc c ccc
 c!
c c 'cc c&cc cc$c
c
c cc

 c (c c  !c  ((c c c  !c c  c (c c
!
c
 cc

c <c
c
4 c c  "c c c  

c c c c (c (/c  c 
c c c
 c  c (cc /c c c
c&c c  c!! c c c( c
($c c'cc
cc c cc ccc$2c c (c /c
c c(/cc  c( cc c c cc-cc c cc
c (c !c c ( c c (c 
c  c c  c c  
c  c
c
c  c 4c 
c   "c G001c ((c c c c (c  c  c
 cc c cc c (c cc& c  c( c"c cc
c  
c c c  c (c 

c
 c (c  c  c  "c  c c c
 c!c  cY?c
c ¦ c c cc
c 

    " §5 
Y
  
    " 


3c 
c ( c c +*c 

c !
c c  c c  c ; '"c c

c 'ccc c 'c
''
c 
c
c c c c*  c5<<Gc

c Dc 5<<Gc c
c ( c c c *
c (c # c c *# c 
c c
E c) 
c*cE)*c
cccc  c( cc c' 
c
cc
c
c (c c!c c 'cc c11c!ccc
 c
c! cc!cccc .cccc
ccc c
(  c c c  /c  c
c  c  c (  c c c (/c   c c
! c c !c c  c c
c c ( c
 !c  c #(c c c c
c (c  c "c c c c (c 
 "c ! c c  c "c c ' $c
 c c  

üc &c (c !c  c (c c c  ((c (c !c
c
c ( cc(cc c
cccc  ! c 'cc(/c
 c &c c c c c  /c c 
c c c !

c  c (c c
(/c E c c c (/c  c c c  
c 'c c c 
c c  c c 
c
!
 c (cc /c cc

cccccccccccccccccccccccccccccccccccccccc cccccccccc c

c3c
c( cc+
c*c( 
cc ¦c 
c0Gc*c( c.!c*'c
c;c5<="c c
c
;c5<==c
cc
c& c5<Ucc
ü
c cG00üc(c cc2cc' $!c' $cc2c

c 50c
+
c c ' $!c c  c  c c ' c !c c 2c

 c c  c 
c 9"c 5<<G"c 
c c 
c ,"c 5<<Gc 2 c 5c
' 
c c
c?c
c ¦ c c cc
c 
 
       2     Gc
c
*c   cc2 c5cc c 
cc
ccc ! "ccc c  ccc 
c
( cc(  'c ?c
c ¦ c c cc
c 
  
          c
c
&c cccGc
c
c (c /c c c 
c'c(/c "c
ccc c (c c
c  c( c?c
c
2 "cFc 
"cGc¦D "$5 $ cGc¦ "$5c ¦ c c c  cc
cc  c
 c c cc
c 
c ¦ c c cc
c 

&c! cc'ccc 
ccc(/c cc
 cc
c c!
c
c (/c c c c  c 


c c c .! c  c &c c c 
c
 c c c 
c  c c  c  c "c 
 c c

((c (c !cc (c c c (cc c c


c
c ¦ c c cc
c 

ü  Y  Y  „ „ Y  „    Y  ¦ c cc c 

&c cc' c!! ?c(cc !cc!c


c c c c( c
)c c c c  !c c  c c 'c
 !
c   c  
"c c
 cc
 c
c cc
c
c (c c ccc
c ¦ c c cc
c 

c
*9 c
ccc c c c( cc c

cc%c
(c $c!c
c c  c
cc!c(  c c
/c c
c
!/c 
 c 
c ! c  c 'c c  c %c c  c c

c 55c
!/c'c c#cc' $c!! cc(/c ccc 
c'c
c c 
c c  c c 
c !
 c (c c  /c  c 3c ( c "c  "c
c
ccc' $c!! ccc c cc)ccc 'ccc

 !
c "c
c c'cc 'cc (c cc+
c*c
cc
+
c ,
c &c "c c 'c c c ( c 
c
 !
c  c c
!
cc4cGc
c
¦ c c cc
c 
¦ 
 

 
  

   

   

          
          
  
      
      
         
   
   
    













"





#
 






!














 Y!c4 c
 !
c "c %cG001 c( c "c4c
c  cG001ü c( c "c
EHI c
c9
cG001 c( c"cC'cG005c
c
c
&c (c !c  c c (c c  c c (c c c
'cc 'c!
cccc&c
 !
c  ccc
'c ( c
%cG001c
cc
c cc cc c ! c c
8
c c c ! c c
c $c ! 
c  c c +*c c (c 0ü=c c C'c G00ü  &c c +*c
c c  
c 0ü0"c 'c 
c ( c 3 !c  c 
c 
c  'c c c
 ccc c 'c!cc4 c.!"cc( c4
c

c 
cc05c
c0G"c!c

c 5Gc
4 c)c"cc cc! 
cc4cGcc c 
c c
($
c !"c c c   c (  c ( c ' c
c c  c c ($
c
 c !c 
c c c  c  c c c c ' $!c
c  c  c c ' $!c c 2c 
 c ! c



 
c  
#c c c 
c ( c "c EHI c 
c 9
c G001c c ' $!c c
 c  c  c c  c  c "c (
c c (c 0G$
0Uc ( c Cc * c 
c 0G$01=c ( c c c c ' cc &c c  c #c
c ( c c  c G$1c c Cc * c 
c ! c .!"c ! c 
c
 c c!
c(/c ccc c

cc4cGcc
4c
c   cG001üccc
c (c c  c (c 'c
( c  c &c c 2 c 5c cc ' $!c c  c 
c 
c (
c
cc ¦ c ((c( c cc( c0Uc c011c
!
c cc  cc#c c

c( c "c cG00üccc c!c (cc
c(
cc
cc (c01<ccc
&c c ( c )c c 
c  c  c !
c c 4c Gc c
 8c c!c' c c (c c'c !
c'cc+*cccC'cG00üc
4"c c c 
c 'c
c c ( c  c c c !c c c %c 
c

''
"ccc.
cc cc
c 
ccc!c 'c 'c $
c  c c  c c * 
"c c !'
c c c c ( c c (c c  /c
  c  c  c !c c c
 !
c  c &c 
c ( c c  'c "c
c
c c
c c c c($c((c c"c cc c cc
( c c  cc& c5ccc
c ¦ c c cc
c 

able ë
Chile Estimates for Intergenerational Mobility Elasticities
for Different Son Cohorts in Chile
c
* c  c $ c c cc

cccccccccccccccccccccccccccccccccccccccc cccccccccc c

c cG00ücc(/c
 ccccc! 
c c ( "cc! 
ccc!'
c c
ccccc

c 5c
G$üc 0ü1c ¦ c c cc
c 

$üüc 0Gc ¦ c c cc


c 

ü$üc 01c ¦ c c cc


c 

$1c 0Uc ¦ c c cc


c 

4c*!c 0üc ¦ c c cc


c 

c ¦ c c cc
c 

 Y!cEHI c
c9
cG001c
c

c ¦ c c!" c#

c ¦ c cc c


!" c#
ü
 R  
 R    
 
c

# cccccc c


cc!cc c
c ((!ccc cc
  c (c!/c c&c! "c '"cc
cc;cc (c c ccc 'cc (cc!/c
/c c

  c"cc c c (cc c



c (cc! c
!cc c 
c'c. c ( c cc
c%c
c c !c
  c c c c'c c%c
 c)%'"c 'c ccc!!c
c c (c . c (c c 8 c (c c ! ! c ( c c  c c
!! c c 
 c 
c  c 
c  c
c  "c c c
c
cc
!
c c(c c&cc.!c'c!cccc
c!!c
c (cc 
 c'c
  c
#c 
c  c !c  c !c (c  c  "c c c
 c2cc
cc2
c c ccc'cc ccc
c %c  "c 'c c c!  c c c ((!c 'c  c  c c !c
 ccc(/c c
#c cc   c !c  c c  c  c (c  /c c c (/c
c4 c.!"cc
c& c5<<0"c*  c5<<G"c
cC'cG005c
c
c 2
c c c c  c  "c 
c c !c c c c  c
' 
c c c c c  c (c  'c  c c ! 
c c c C'c G005"c

c 5üc
 c c ccc c c (c  'c  c
!
"c( c.!"c
¦ c c cc
c 
c 'c c((c'cc ¦ c c 
c ¦ c cc  cc 

¦ c$%c c  cc
c
ü      
   ccc c cc
c 
c ¦ c c cc
c 
&c
c (c %c  c  
c  c  c c c   
c c c ¦ c c cc
c 

¦ c c cc
c 
c c c (c 
 c 'c (c c  "c c ( c c  c
¦ c c cc
c 
-c
c c !
c c c  c ."c c (  c c  !
c  c
¦ cc c cc
c 
&'c(c c)
%Ac !!c   c (c c !! "c c c (  c c  c  c
¦ cc c cc
c 
4 c .!"c  
c c  c .c c  c  c c # c c c 
c &'c(c c)

¦ c c cc
c 
"c c c 
c  c c
!
c c c  c .c c  c c 
c c
¦ c c cc
c 
 c%"c
cc(  c c c !c'cc
ccc c ¦ cc c cc
c 
&'c(c c)
ccc
¦ cc c cc
c 
&c
c (cc c."c '"cc( '
"ccc.c 'cc &'c(c c)
¦ c c cc
c 
.c  c 'c c
  c (c 
/c c
!
c c c !/c c & c Gc
¦ cc c cc
c 
 'c  'c  c c ( c c
 !
c  c 
c ' c )c c &'c(c c)
¦ c c cc
c 
 ?c c
c c
¦ cc c cc
c 
c &'c(c c)
¦ c c cc
c 
able 2 Comparative Evidence on Income Persistence
¦ c c cc
c 
in Bottom and op Quintiles and Quartiles ¦ cc c cc
c 
&'c(c c)
(transition matrices between father and son position in income distribution)
¦ cc c cc
c 
c &'c(c c)

¦ cc c cc
c 
Bottom Bottom op op
&'c(c c)
Country Study Quartile Quintile Quartile Quintile c ¦ c c cc
c 
„"# Y      ¦ cc c cc
c 
&'c(c c)

c 4 c
c)( c5<<Uc 
c 
c 0G$0c 
c
¦ c c cc
c 
*'
c > cG000c 
c 
c 0Gc 
c
¦ cc c cc
c 
+,c 
"cCc
c9cG00c 0=c 
c 0ü0c 
c &'c(c c)
¦ c c cc
c 
+*c c5<<Gc 
c 
c 01$0ü0c 
c
¦ c c cc
c 
C'cG005c 0ü0c 
c 0ü5c 
c
¦ cc c cc
c 
  Y        &'c(c c)

 c 4c


c  cG001üc 
c 0c 
c 0üc ¦ c c cc
c 

¦ cc c cc
c 
&'c(c c)

c 5c
c EI c
c9
cG001c 0< $00c 00 $0=c 0ü$0 c 0ü=$0= c ¦ c c cc
c 

¦ c c cc
c 

¦ cc c cc
c 

cFc c
c &'c(c c)
c3c c( c!

c c
  cc ¦ cc c cc
c 
&'c(c c)
c
¦ cc c cc
c 
& c c( c  ccc c c!c (c 'cc &'c(c c)

¦ c c cc
c 
c
c (cc /c  
 c 'c
  c&c!cc 'c  cc 'cc
cc (cc
  cc#ccc (c "cc!  ccc c (cc(cc
c  'c 2c 'c c c c c !c 'c c !  c c c  c (c c
(c c c c 2c 'c c c c c 2c c üc !c 4c 
c
  "c G001üc &c %c (c  c c c c (c c  c
  c c (c ' c
 c (c. ?cc%c (c !! c( cc
c (cc! c c2c c%c

c ! c c ! c ! !c 
c c !
 c (c     c !c
 cc
c cc6'$ ((7c


 "cc
c 'cccc c!'
c c( cc  c (c
cc
  cc
''
c c( cc !c&ccccc c
c( cc! c c ccc( ccc c  c! c#ccc (c "c c
c (c4c
c  cG001üc 'ccc!  ccc

c'c c
( cc 'c'c c cccc1c!c'cc!  c (c(c( c
cc cc 'c'c cc 
c=c!c&cc!c c 
c( cc
+
c*cD"c5<<Gc
cc+
c,
c 
"c9c
c
"c5<<=c
& c c  c ! 
c 
c c
((c  c (c  c  c c
 c
  c c ! ! c  !c 3
c ( c  c & c c  'c "c 'c
 '$c  c c !c c  c .

c  !c c c ( $

"c
!!cc cc c!c c $.

c !ccc'c
c ¦ c c cc
c 

able u Income Persistence in Bottom and op Quintiles by Race for Brazil
c
Population Bottom op
Group Quintile Quintile
c c üc ¦ c c cc
c 

c 51c
%c ü=c Gc ¦ c c cc
c 

-c Gc 0c ¦ c c cc


c 

 Y!c4c
c  cG001üc ¦ cc cccc c c

c 
c
¦ c c cc
c 
c

+!!$c ccc%
c c 'cc cc
 c !! "c c
 c cc c%c# ccc
c%"c c cc
! "c 
c ! c  c c ! c c
c c
c (c  c  c
4c
c  cG001üc!c cc cc!c (c'c&c
c
(c!cc01Gc( cc c (c(c'c  '$
c'"c cc '"c0"c( c
(c 'c  $
c 'c &c
((c c  c 'c c  'c  c
 "c c c (c c c %c  c c  
1c 

c c c G00ü"c  c
 
c( c  "cc'cc!c (c  'c  c((cc
c (c
 c !"c 
c c 
c c c  'c  c c c c
! c
c (c c cc c
c ¦ c c cc
c 

ü  ¦ c c 

An alternative methodology for analyzing rank mobility is the rank regression A rank
regression analyzes the relationship between earnings ranks instead of earnings levels he
equation below represents the rank alternative to equation (ë)
¦ c c cc
c 

 
           (4) ¦ c c c c!#
¦ c c 
¦ c c c c!#
where  is the son¶s rank in the earnings distribution and is a function of the father¶s rank ¦ c c 
 ¦ c c c c!#
in his earnings regression    is the rank degree of persistence, and it is equal to the
¦ c c 
rank correlation coefficient, by definition it must lie between 0 and ë if we assume a
¦ c c c c!#
positive correlation ¦ c c 

It is important to point out that the rank regression equation and the level- ¦ c c 

¦ c c 
regression equation are two different measures and that one does not necessarily imply the

cccccccccccccccccccccccccccccccccccccccc cccccccccc c
1
cC'cG005c! c cc

 cc c 



c c (cc ! ccc
c (c!c

c'c(/c'cc
c c
c c4 cc ccc

cccG00c

c 5=c
other For example, if < ë in the level regression, then the income expectations of future ¦ c c 

¦ c c 
generations will be mean reverting as the time horizon increases, but there are no
implications for the rank mobility, meaning that across generations the incomes will get
closer to the mean and the variance of the income distribution will diminish However, the
³poor sons´ in future generations may descend from today¶s poor generation since the < ¦ c c 

¦ c c 
ë from the level regression does not imply much about the ordering of the families As

Grawe (200ë) notes, the persistence of income rank is not dependent on the degree of ¦ c c 

¦ c c 
income persistence or the dynamic trajectory of the variance of earnings and only reflects
changes in the ordering of families and individuals across generations
¦ c c cc
c 

ü  
 !

he quantile regression method was introduced by Doenker and Basset (ë) his ¦ c c c*  

¦ c c 
methodology¶s main feature is that it allows the characterization of the impacts of the
regressors across the entire conditional distribution of the dependent variable for a given
set of regressors In addition, QR methodology is robust to outliers, i e the estimated
coefficient vector is not sensitive to outlier observations on the dependent variable  he ¦ c c 

¦ c c cc%+


quantile regression technique enables us to consider income persistence beyond the average %,

level; for example this tool enables us to measure the outcomes of very talented children ¦ c c 

he interpretation of the quantile regression estimates is similar to mean regression ¦ c c cc%+
%,
It is also possible to develop the level and rank measures using quantile regression
Quantile regressions are dependent on both the slope (the rate of income persistence) of the
conditional expectation function and the conditional variance around the regression line ¦ c c 

¦ c c cc
c 

üü" #R   ¦ c c cc%+


%,
c
¦ c c 
-c  
c c  c  c c c ! c  c c c
((c 'c

 c  c
  c
c c 
c  c  c c # c

  c
cc %ccc c
cc
c (c cc c

  c cc* c c c c %ccc  c ccc

cccccccccccccccccccccccccccccccccccccccc cccccccccc c
=
c*c, %c
c; %cG00Gc( cc c! c (cc
ccc

c 5Uc

c  c %c c
c (c  c (c c ! c  c  !c (c ! c c c
c -c c  !c (c c ! ! c c c  c c c 
 c
! !"cc! ! "c c c ccc c!( 
ccc c (c
 c
  c
"c%c
'c cc
c!  c (cc !c c
!c ! c $ c
cc
c c !! c (c   c 2c c   "c 4c 
c
9
 c G00c  c c  c !! c c  c c c c ! !  c (c
 c 2c c c .!
c c
((c c     c c c c
!c  "c !/c ! c 
c c &c ( 
c c G0c !c (c 2c c
 cc
c ccCc ((cc
c c2c (ccc EHI c

c&% '%cG001c(
cc
c( c c

c G00c  c c 
c (c 2c (c !! c c  c c
*!("cc
c( c cc c%c !! c (c c !
c c c (c
(c 
c  
c "c c  c c  c c .!
c (c c c
 "c.! c (c( c
 c
c c%"cc.!
ccc2c (c
!! c c c c  
c c c %c (c c c   c 
c c
 c-cc!!c c cc 
 c c (c
c cc
$ 'c

c 'c c c '"ccc c(c c ccc
cc
 'c cccc
c ¦ c c cc
c 

ü$   


 
 
c

# c  cc ( c c c  "c 'c c  c %
c 'c c
  c "c !c 'c  c !
c (c c c  

c &c    c
(' %ccccc
cc "cc(c  c( c

c
cccc(c%c c cccc (c c
 cc cc
 "ccc!cc%c
c cc cc
 
c  c c !c  c ! "c 

c c  c %!c c  ! c c
 cc!  c-c !cc%c

c'cc!(c c 
c c
ccccc c

c 5<c
c )%'"c c  'c c (c  c  c c c 
c  c ! c !c

cc
 cc 'c ) '$

c

cc %cc cc (cc

c!c!c
cc c%c cc!!
cccc cc&c%$c

c  cc! !  ccccc  
c
c  $
!
c
' 
c c c c c c

c ( c  $%
c ' %" Uc . c c   c


c (c '$

c' %c
c
 
cc * cG"c c c 
c

/c cc
'cc  cc c 

c C"cc

/c  cccc c
! c c c c  
c c  cBc  c c c c c !
c &c c !
c
 c ( c c 
c c c 
c c c c c  c c  c c ($c
!
"c
!
c cccc
c
c  c  c c c c 'c c  c
 "ccc( cc
 !
c' 
c4 c)c"c c!c
cc
c c
(  'c c c 

c ( c  c c !"c  c c  c  c c
ccc c c!
c (c

/c
cccc
c c c ccc c(
c c$c
c 
c
c 
c 9. c ( c 5<UUc  c 5<<1"c -
c G005c (
c  c 
c (c 
c
 c ccc c c"c c  cc9. cc
c c
c c
ccc

c#ccc' %c c"c9. "c
c "c4
c
ccG001c !c c  c!c
c! c
cc  'c !c
c
(
c c
c c !! cc! ccc  !cc.!ccc c
'c c   c c  'c c c c c c .!c  c
c  c
!
c

 "cc!c c
c'c

c' cc( cc!
c
!  cc c' c.!ccccc
cc
ccc cc 
c
¦ c c c cc  cc
c&c!!c c cccc9. "c c ccc
c c
¦ c c!&% # ccc
c
ccc%+c%,

#c c c 


"c  c c c G00Uc  !c  c  c 
.c ( c )c ¦ c$%c c cc
c 

¦ c-  c!.  #cc%+


c  c c c c (c c 5<<0c 
c G000c &c  c c c 'c %,

 !c c ! c c "c c c 


c c c c c  c ¦ c c!&% # ccc

ccc%+c%,

cccccccccccccccccccccccccccccccccccccccc cccccccccc c ¦ c c!&% # ccc


U
ccc%+c%,
c&cc cc
cc  ccccc (cccccc c
 c( c
)cccc ¦ c c!&% # ccc
c
ccc%+c%,

c G0c
 c c )c c  "c c 
c  c c  c c  c c c
 c c'c+c
c   cc ccc !! c
 cc
 ccc
 c c
.c&c!!c cccc cc.!
c
c c
 !c c ! c 
c 2c 
 c 'c  c c .!
c c   c
ccc c c
 cc

c ¦ c-  c!.  #

¦ c c cc
c 

)c
c Jcc(cccJcc


"c!  c
c.Jc) c!Kc c cK
ccc

c
c



cc!  c( c2 c2c.! c c
 c cc cK
c
c 

c c*c c
 ccc)ccJccc


cc
!  cc 

"cc  c c!
c c
 cJ c cc
cc
c ¦ c c cc
c 

¦ c c!" c#

¦ c*c/c cc  c


 /0c c cc
c 

¦ c c!" c#


c%+c%,
¦ c c cc
c 

c G5c
4 Current Perceptions of Intergenerational Social Mobility in Latin America
c
Cc c ! !c ! 
c  c "c !! c (c  c  c 
c  c c
(
c ( c c  $c ! !c (c   c 
c  c  c 

c 'c
ccc c' %c
c
cccc
c!c!c(cc
c c c
ccc
cc (c
cc c9  "c

c' c(c!!
ccc
 c'c c! !c( c! cc('c
c ccc
( c

c  c  c c c  c  c 
c "c c c c c c  c  c
 cccc"c' cccc!c
c
c' %"ccc ccc
( cc

c c c!'
"c'cccc! c'cc!  c
c ¦ c c cc
c 


igure 3
Social Mobility an Ineuality in Latin America

()
 M
<ig = ine >uality <ig = ine >uality
Lo? social mobility <ig = social mobility

( )( 

ini coefficient


" 
 
C 
( 
4 MM     
"
2  9!  
 %
   "
A uste

 

$
32
( (  c '
c!  
M c #
 

&
( 

LM
( *( ( ( ( +( ((
 N  
,
- . / - 1
9 Social Mobility In e base on teenagers0 13±19 years
5  6c
c 7O 888 
: ;
 6c 5c( cc
c cc 
c c c!c 
c
c
c

4cc 'cc !c 'c c c


c c2c@
c
'c c Cc  ((c 
8
c  c c  ! c  c  Ac c 
c c 
c

c GGc
G000"c c c  c c  !c 'c  c  c 
c 2c ; '"c
C"c 3
"c 
c  c c  c c  c 6(7c  "c
!c c
2c
c 'c c
+
c c "c c c 
c !c c )c c c c
!c cc! !c( c c
cc
c c ccc cc
 c c c (c c )  c ! c c c Cc G001c !c
 c (cc ccc( ccc! c (c5=c ccc cc 'c
c& cü"c=ü5c!c (c

c
ccG000c

cc !! c c  c
! cc2"c
c11c!c cc! cc cc 2c (c%c (c
c
' %c "c=5c!c (ccc!c 
cc c! c  cc
c ¦ c c cc
c 

able 4
Perceptions of Social Mobility in Latin America and the Caribbean
!

G000 5<<U 5<<1


opportunities to overcome poverty
ccccccc*c !! c( c G< @ @
ccccccc+2c !!  =ü5 @ @
Causes of poverty
ccccccc)%c (c
c' %cc 1 @ @
ccccccc>c 11 @ @
Success depends on personal connections
ccccccccP =5 =5 =1ü
cccccccccE GU GU= G1
Hard work leads to success
ccccccccP ü1G ü5 üüü
cccccccccE U ü< 1

 Y ?c)  c


"c! 
c cCcG001
$ ?c& c!c!c( cc! c c)  c! 
cccc!(
 c
c
c

4cüc!c!! c (c!c


c(c c 
c cc("c)c
c ccc!c c"cc!c'c 'c c ((ccc
c  c 4 c !! c (c 6!7c  "c c c c c (c !c c

((c 'c 'c c!c (c !


c c /c!c>cc c
"c( c

c Gc
6(7c "ccc 'cc
((c 'cc cc (cc.c c
 /c
c !
c c /c 'c cccc(c
"ccc.! c
 c)cc (c!'
c c c( cc(c c
c
c ¦ c c cc
c 

Figure 4 Perceptions of Past and Future Mobility


Expressed by Latinobarometer Respondents
c

B B
C 
G B
C M O
GB B
 N
F B P QOQR
C

FB B

E B
C
EB B

B
DC
B B
D 
B
C
B B

I K L G F E B E F G L K I
H HJ H H HC H H H HD D C J

c
c
 Y!cCcG001c
E ?c* 8c c ccc
(("c ccc (c5c c50"c 'ccc /c
  cc
cc! c /c  cc
c

6 What Hhinders Determinants of Social Mobility in Latin America?


c
&cc (c c c ccc cc

c cc'
cc (c
( c&c c c
c c!c' %cc
cc c( ccc c
 'c
'c c ccc c(cccc (c% 'c(ccc

c (c c "cc!c


c c c!Ac2c (c

c Güc
!! "c
 "c c
 !"c   c
c c
 !"c
c
 c%c
c   Ac c

cc
c
, 'c(c cc
c (c c c c
cc(  '?cc
ccc ¦ c c cc
c 
 c © Y  % %%Yc * c 

c ' %c 
"c ( c  c  "c c  c
((cc c3(( cc c((
c cc c( "c '"c

c c 
c !! c (c (( c c c ((
c c /c
c
 c  Y %  &Y# „c *!c 
c  c ( c c ( c
! cc  c "c
c c c c 
c   c  c c


cc c (c67c


c67cE "cc c (c
c
 c c c


ccc (c
 cccc
c! "c

cc(cc  c
c cc c.!
c c(c c
cc'cc
 c "Y  % % „  ' Y # c &c c 6(c % 
7c
 !c c '
c c (c ( c c c !c 
 "c !c
 "c 
c c % 
"c ( c c c c ( 
c  c
 c c  c c "c c 
c !
c  c


c (c c c  c c 
B c  c c &c ( c c
(c  c 
c   c  "c c !c  "c

c ! c !! c &c c ( c (c 
c 
c


c c c !cc
!c( cc!c

c(c "c c  c
c
 "c
cc c%c (c
c c c' %cc
 c  Y' % „ Y " „„   %  „  Y' # Y#  Y   c
4c ' c  c  c  'c c (c
 "c c$
!c 
c .! "c c  c c 6%7c ( c c  c  c c
.ccc !c2 c (c 'cc
cc
 c („   %Y &  ""„ %   Y #    Y' c 4c
 8c c !c  c c c( c (c
 cc%c

c Gc
 cc c cc 'c2c
c2c (c"c
c
 c

c c ("c 
c 8 c c 
c c  c  c 
c c
%cc
 c         Y      &  "  „ Y   c ) c %c
 c c 
c  "c c 

c  c  c .

c
 !cccc cc (c8 c 
c cc8 c2"c
"c ("c
c c c
c cc 8c cc c
!$c! cc
 c  ' %  %  # "  Y "Y Y  c 4c ' c %c c
!  c (c! cc
c cc cc
c c  ! c 
c c c ! c  c  %"c 
c
! "c "c 
c c
c &c c 
c
!! c ( c 
 "c "c 
c c c !!c ((c c
c.
c( c c
c
Ñ   %$  
&R'(  #Ñ   %R  
  ¦ c c cc
c 

Ñ'
)(*  Ñ"+&,-RR$."/0*R1$ÑR*R!
c

*c 
c c   c .
c
c (c 
c c c  c
c  c c
 !c  "c !c c +
c *c 
c c +
c ,
"c
'c c  'c c (c  c c c
 !
c c #c c c (c c +
c
,
cccc

c
cc c c( c  c cc5<=0c !
c c
 c cc5<Uc
"cCc
c9"cG00 c
"cCc
c9"cG00=cc
&c 
c ( c c +
c ,
c 
c c
 !
c  c
 ! c c
 !c
c'c2 c5c c%c c 
 cc((c (c!c c
cc
((c
c (c
c "ccc
 c
c  $ c c
&c
 !  cccc c( c
c c c
c
 c
c
 $ c ?c
c ¦ c c cc
c 
 
‰   $    #     c ¦ c c  cc c c c

c 
c
¦ c c cc
c 
c

c G1c
&c cc c (cc.! c c c!c ?c
c
    
  $  
‰     
c
#
  # 
‰       # 

c
#c c 
ccc !  c  c
 ! c c  c c ( 
c c 2 c 5c
 ?c
c ¦ c c cc
c 
   " "   " §5 
T ¦ c c c  cc cc  c

     S   c c cc
c 
) Y   " §5 
c ¦ c c cc
c 
&c
c 'c 'c c
(c
ccc! c (c
((c
c
(cc c cc&c
c( c+,ccc!( c(
cc
c 
 c c  c .!
c c c c c c 
c c c c
 !c 'c (c  c 
c 
 c c 
"c Cc 
c 9 "c
G00 c 
"c Cc 
c9"cG00=c3c cc c !c 'c 
c
(cc
c! c(cc c
c ( c 
 c c
c  '"ccc c
'
c( cc
 ccc
&c c  ccc(c (cc c (cc( cc)cc
'cc
cc c!  c
c c%c (c
c#cc c'c( c ccc
(c( ccc!cc( cc c&c
cc c (c
 c
cc
((c (c c .! c (c 
 c  c 
c 
 c !! "c    c 
c
c !c (c  c
 !"c c ((c (c c  c %c
 !c
   c   "c   c
cc"c
c cc
cc((c
(c  $ c ( c ( c  c c ( c 'c (c  c c c
c c 2c (c !! "c 'c c  c %
c 'c c  c 
c
 c cc
c ¦ c c cc
c 

&$2
 %"))  
c

c G=c
;c  c  c c .!
c  c
c c (c (c     c
% 
c c 

c   c c c 4
c 5<1Gc ! c "c  c
2c c c  c (c c  c c c 
c c c 'c (c c c c c
!  cc!
cc ccccc
c (c2c c ccc
 "c2c (c !! "c
c
c c4c
cC .cG00Uc! ! cc
(' %c
cc2c (c !! c( c.c )c c  cc c

 c &c  c c 6 !! c ! (7c 'c %c  c  !c 
c  c
(  c c 'cc!cc cc
c! c  cc
& cc!ccc (c4c
cC .c2c (c !! cc&c
 c cc!c (c2ccc  c c c "c  
c
!c!c c
c c.c67c c
"cc c"c!c (c "c
 /c
 "c(/c
 c
c(/c ! c&ccc
c

c c c c ccc%c!c
c'c
c  c#cc
"cc'c c (c c "c c
c ccc c'ccc (c
2c (c !! c
c 'c c cc
c
c
c ¦ c cc  cc c 
 cc
c c&'c1%cc,
cc2c)c&'c1%c
,c2c)cc%,

c GUc
able 
Ferreira and Gignoux Inequality of opportunity Estimates ¦ c c cc
c 

(Labor income, per capita household income, non-parametric estimates)


c

U ercentage of
otal inequality Inequality
inequality explained by due to
(mean log unequal unequal
deviation) opportunity opportunity
 ## „„ Y Z 
V 0=U1 0G< 0G0
W  0151 0ü< 0G5

 01U 0G1 051
X 01= 0G5G 05ü
X 0=G 0Gü 05ü0
Y    010U 0G0 05G
´ &„#"Y "  Z 
X 015< 0= 0G5
[  01< 0G< 0GG<
\ 010 0ü1 0G5U
\ 0= 0G<G 051
]    0< 0G0 05ü0

 0ü5= 0G<0 05G5 c
 Y!c /c c 
c c4c
cX .cG00Uc ¦ cc cccc c c

c 
c
¦ c c cc
c 
c \c
c [ cccG00Uc c !c
c (c
/c2c (c !! c
( cc !c (c)cc c& c
c 
cc
  c (cc ccc
(c c"c
c"c'c
c c
ccc
c ¦ c c cc
c 

&R(  (R( 


$  
 
 

9c )c c  c c .!



c 
 c  c 
c c  c ( c

 c( cc ccE "c2ccc'"c
cc 'c2c (c! c

 "c  c 'c c !! c  c (c  c  c  "c c c c (c 
c

 ! c c c  'c  


c 
 c "c ( c .!"c c 
 c c c
.! c (c c 
 c c 
c G00üc "c  '"c c c  c c

c G<c
.!c c c '%c  c (c  "c 'c c (c ( c  c   c

 "c c
c%
c'c8 c!"cc c !c
!
c( c c
c 4 "c c  
c c 3 "c *
"c 
c &  c 5<<U"c c c (c

((ccc c
 c c ccc"c!cccc
c  c
c c c ( c )c "c  c c c !
c  c

c  c  c c c 
 c 
 c #(c (c % 
c c ! c c

c
 c  "c cccc 'c c cc( cc c (c
(c % 
c c ! 
c !! c ( c c c 
 c 3c  c

 c cc c c (ccc c'cc cc
c
 c "ccc c (ccc
c (c c cc c cc
E c !"c 
c ( c c  c  'c c 
c ( c $ c 
c
 $

c !c c  c %c  c
c c c (c  c c  c '
c 
c

 c (c  c 
 c  c c !$
c  c c
c c   c  ((c 'c 
c 
c !c 
 c c c
 c  ((c ( c)c c  "c'cc.! c (c "ccc c
 c( c
 !
c "c
c c( cc+
c*cc& c1c3
c( c
c c(
ccc cc c  cc c
"c'c!cc
 c( c c  c& c=c
4 "c
c( c)cc 'cc
c (cc c
c c


c!cc c%c c
c cc(c"c 
c
c* %c5<<Ucc
 c c  
c  c !c c c
!
c  c 
c (c % 
c
 cc.! c c cGUc c( c5<U0c c5<<1c
c 
cc
"cc
c+ccc c c c'c cccc cc
c ¦ c c cc
c 

able 6 Schooling Elasticities Estimatesc


c

Country Elasticity
„"# Y c ¦ c c cc
c 

CcC'"cG005c 0üc ¦ c c cc


c 

+*cC'"cG005c 0G1c ¦ c c cc


c 

+*c"cCc
c* %"cG005c 0c ¦ c c cc
c 

c 0c
+,cC'"cG005c 05<c ¦ c c cc
c 

  Y  c ¦ c c cc


c 

 c"cCc
c* %"cG005c 0=0c ¦ c c cc
c 

cEHI c
c9
"cG001=c 0G5c ¦ c c cc
c 

  c"cCc
c* %"cG005c 0=0c ¦ c c cc
c 

9. c"cCc
c* %"cG005c 00c ¦ c c cc
c 

cC'"cG005c 010c ¦ c c cc


c 

c"cCc
c* %"cG005c 00c ¦ c c cc
c 

c ¦ c c cc
c 

c 5c
c

c
cCcG005c cc c c c
.cc  c( c ¦ c c cc  cc

c(ccc  cc
cccc(c&ccc(c (c
(c % 
c
c c !cc  cc c!c 'c c c
c  c (c c!c 'c
c
c>c c (cc

 ccc!c "ccc2ccc' c cccccc
( cc(c&c
c c51c ccc c
cc+
c*c
cc
(
c
ccc  cc 'c5Uc ccccc)cccc
c+
c*cccc
c
c
c
c
c
c
c
c ¦ c c cc
c 

able  Schooling Elasticity by Cohort in Chile


c
* c  c cQc c cc
G$üc 05c ¦ c c cc
c 

$üüc 05c ¦ c c cc


c 

ü$üc 0Güc ¦ c c cc


c 

$1c 0ü5c ¦ c c cc


c 

c*!c 0G5c ¦ c c cc


c 

c ¦ c c cc
c 

 Y!cEHI c
c9
cG001c
c
c


c G00Gc  c c ! c (c (c % 
c c
c c

 c (cc( c5Uc ccc c 4  'c"c
c
c* %c

c Gc
5<<U"c c  c c  c !<c c (c c 
 c c c 
 c (c
!! c 
c c  c !c  c  c  c c ! c (c (c
% 
c 4cc 'c 
/cc;c (
c 
cc "c "c
+c
c cc c 'cc  c c "c 'c Cc

c cc ccc cc
c ¦ c c cc
c 

cccccccccccccccccccccccccccccccccccccccc cccccccccc c
<
c9c (c c!cFcc (c
 c(cc
c c ccccc
cc
cc
c$ccc (c
 c

c c
Figure  Andersen Social Mobility Estimates
(based on teenagers ëu-ë years)

`
 a

$b%ac

db
%ce

fab


&a'g

fcbc ce
%

fc chc


(aaia c

) hgc *a+, g

jc c
- . b

/  bck

`
h,c

` kc
 *gc

l gcbc
 %c

-gc b

m
.c

mbci


n c ahc c
 

_ _
 ^    ^  ^    ^   ^    ^ 

 Y!c
cG00Gcc
$!c cc
c<c (
cc*c( cc
c+cc 
c
c c!c c
c

c üc
"c Cc 
c * %c G005c .c c  c  c (c
 cc( c)cc c
cc+
c*c&cc
cc c

c   ccc cc9. c
cc3cc
!
cc4c1c4"c
=c 'ccc
c(cc&cccc( ccc c
c   c

cc' cc c ccc' c c>cc c
"cc
c c c
 c  c c c +
c *"c 9. c 
c c &c c 
c c ( c +
c
*c
c c
c
c cc c!cc! c cc
c ¦ c c cc
c 

c
¦ opqr 
stqqr uv tw v v ys y
r rrw uqrw x  uw  qrw x z tt wo

ˆ‰
 {Š ‹ … {Œ

†€ ‡
… 

ƒ„
‚~ ~ …

 €
{
ˆ€„ ‰
…

&{|  }~ $

     O    L  M      N  
 “ ”• — ™ — › œ €€ ‰ ‰
Ž ‘’1 ’ – 2 ˜–   –2 – š  34 ’ 5O   ‚~ { … ~ }~{00 } { 

 ’1 
& ’ž  ‘2
 œ


 
  

c c
cc
c ¦ c c cc
c 

c
¦ g Ÿre
¢ £ £
e ¡er ffere  ce tergeerat oa !o  ty(Ur a ¤o¥ Ÿat o)

­ §® ® ®
 
 ¯  

¬ §ª


© ª « §


¨
- ± 


²

¦ §
. 

0 05 0G 0 0ü 0 01 0= 0U
© ª ®§ °°§ § ®
     
µ ±
³  ´   ¶X · ·
 ³ %¸G005



&¹º » ¼ ½¾ X¿¿¾
 À %¹  º
  X¿¿G001¿
Á º   » ½ º)º¿  ½º
 º ÂÀX¹ À ¿¹ À4¿U¾' º ¹
¹¿ ¿
¿ººÂ¿º
 Àºº 
 ¦ c c cc
c 

c 1c
¦ "
ÃÄ Å Æ Ç


     È   #   É  
15

14

13
Children6 ear ( hooling

12
Ò
Ñ 11

Ð 10

8
7atin
ÕÖ
erica
7
UnitedState
6

5
0 2 4 6 8 10 12 14 16 18 20
Í
Parent6Ê ear Ë( Ì ËËÎÏng

Source: Óaviria Ô2006) 





#n the cae o( ur an 9e.ico" inder and -oodru(( ×2002) argue that there i Øi.ed
evidence on intergenerational educational Ø o ility  >n one hand" the decreae in
intergenerational educational correlation among cohort !reented y inder and -oodru((
× 2002)in&a le8uggetarieinintergenerationalmo ilityovertime >ntheotherhand"the
do'n'ard trend i revered et'een the third and (ourth cohort" indicating that thi trend
lo'ed during the 1980  &hi ta le (urther ho' the !ro!ortion o( children 'ho have more
chooling than their !arent" another meaure o( intergenerational mo ility  Ù n intereting
!attern i (ound in the gender com!arion (or ur an 9e.ico" 'here older 'omen have greater
intergenerationalmo ility'hencom!aredtomen 


c =c
 b 8 ¦ c c cc
c 

÷   f n  n  n  Sh ÷b


÷  n Oh  Cn 

F h Ch d
P  n  E  n
Edu n 
P  n E n
Ch Ch    A nm n
L  
C  n
÷ n m n ÷ n m n
c
 c c c c (c  
c c c c (c  
c c c c (c  
c c c c (c  
c c c c (c  
c c 3 c      
C "c c c c (c      
 "c c c c (c      
 "c c G "c c' c(       
4 c (c       
+ c* "c c c c (c      
ò
ô

öô

ú
û
ü
ü
ûý

›  Oc c c- ((c 


ó
õö
÷
ó

ø
ø
ù
Ý

Ý
äå

èé

Þå
ë

ßé

ë
ãé
å

ßé
áé

ð
å

å
ñ
ð

ë
ãé
å

ßå

åé
é
å

ë
ãé

ãé
é

Þé
$ Oc c( c c c c' c4 c( c c "c c "c c c c c c c( c c c c c c( ' Oc ' c
àì

ïì

ßì

ßì
ì

ïì

àì

ì
ÚÛ

Þ
ßà
áâ
Þà

ãâ

Þ
æ
ã
áà
Þ
à
ß
ç
Þ

ê
áâ
Þà

ãâ
æ
ã
ãâ

Þ
î
Þ
á
à
æ
ã

ï
ê
ßâ
Þ
æ
æ

Þ
áà
ï
ê
ßà
æâ

Þ
à
æ
ã

ï
ê

ï
ç
Þ
à
ãâ

ãà
Þ

ï
à
æ
ã

ßà

ã
à

îÞ
Ü

 c (c
ë
ãé
å

c c
å
ñ
ð

c c
ð

c' c( ' c
ìå
ë

c'
Þé

c c (c
ë
ãé
å

cEcFc c
ßå
é
ñé


ì
àì

ïì

ãì
Þ
ßâ
à
ã
à
æ
ã

ï
ê
ßâ
Þ
ßà
æâ

ã
á
Þ
à

Þ
Þâ

ß
ï

î
Þ
Þ
ßâ
à
ã
à
æ
ã

ï
ê

ï
ß
î
ß
Þ

c
c
c

c Uc
c

c <c
&c
ccc
  c (c c
 c c( c9. c 'c
c!/c
 c!c c! c cc
/c
 c4 c.!"cc!!c
 
c ! c!  c( cc c (cc

c!cc( c05ccc(c
  c c0üccc
c
c( c   "c 'cc ! 
c!  c( c c (c


c!cc0=<c( cc(c  c
c0U0c
c0Uüc( cc
c
c( c   "c
!ccc
c  c 
 c c c c c )c "c 'c !c c
((c c
 c c c  c
((c c c #c  "c ( c .!"c c c

c c c  c 
 c c 'c !c  c )c 
c * "c 5<<"c
'cc%
c c(c  c
c c! c !! cc&c
cc
 c  c (ccc ccccc (c cc
#c 
c  c !c  $c c 
 "c "c Cc 
c * %c G005c
c cc( c c
c   c&cc
cc 'c
 c
 ccc 'c
c (cc
  c& c<ccc
c ¦ c c cc
c 

able 
Intergenerational education transition matrices
!

Education of Children
c c * c c)c* c
Education of Parents * 

) * 
 ;
„ **+
c cc 5G GüG 5ü5 50
* c 
c 5G1 G1G Gü <
* 
 <5 5= Gü üUG
cc c GG 1 5üG ==5
& c ü5= GG 51G 5UU
,Y -„**.
c cc 10G G< 50U 5
* c 
c 5G G0 G<G G=
* 
  5<0 G= üG<
cc c  55< 5<< 1ü=
& c ü1 Gü0 5GU UU
 Y ?c"cC"c
c* %cG005 c

c ü0c
¦ c cc 




&üR( 

  (* '" * 'Ñ'
) 
c

-c c
c cc !c 'c
 c
c c c c
 
c c (c  "c 
c ( c c  c c  'c ! c !c c

 c2c
c c  c 'cc
c '$ c
c
#c c
 c (c  c  c  "c !c c  !c 'c
 c. "cc
c! %cc
 cc  c c 62c (c
!! 7cc 
c c!! cccc! c
cc $c c%c
 c (c
c&c

c (cccc (c cc cc
c .c (c2c (c !! c ((cc c
 c (c
/c c c
#c!c"cccc
c( cc (cc.c c'c 
cc2c
!! c c (c 
c (c c  c c c (c % 
 50c 
c c

c c c ( c c !c  c 
c
 !c (c  c  c c
c 

c &"c c (c c %c c  c 'c !c  c ((c c
!c c
c!
c!cc cc((c cc

c
 !cc
* c c c c 
c c c
 !
c  c c c 

c

 !c  c 


c c
"c c 'c c c !c (c c 

c

 !c ! c c 


"c 
c 
c 
c  c ; '"c 
c ( c

 !c  "c 


c c !c )c "c c c 
c
'c ( c c c ('c
 c *
c G001"c (c 'c c 
c cc 

c
 !c c )c
"c 
ccc!!c c cc
 !c
(c c)cc

c 
c c !c 
c c     c c c c 'c c #c c (c c
((c (c "cc
c! c cc
c((c (c 
 cc
(c! "c ccc c$ 
c
cc c
c 9c
cc( 
cc  
c  c cc! c
c
(c 
/c c c 

 "c  c 


c &c G00üc (
c c c  c

cccccccccccccccccccccccccccccccccccccccc cccccccccc c
50
c*"c( c.!"c %cG001c
c cG00üc

c ü5c
 ccc! c( cc! c
/c"cc'c  c( c!c
"c!c "c c
c /cc3c

ccccc%
c'c
(c 
/c  c 9$4 %c G00üc (
c 
c ( c 9. c  'c "c
  c ( c !c 
 "c  c 
c '"c c 

c c 
c  c c
 c 
c'cc!  c (c c ccc(cc
3c 

c
 !c  c ((c
c !
c  c c ((c (c (c
 c 
c c ( c c  c  c 
c  c 
c c &c 
c
 c  "c c !!
"c "c % /c
"c !c  "c  c
! c
"c 
 c
"c   c c
"c 
c  %c c 'c c
9$4 %"cG00üc4"cc
ccCc 'c(c((c (c! 
c
$(c  c (c c c c 
c  c %"c 
c c 'c "c 
c
 ! c 
 c 
c c 'c (c ' /c 
c ;

 c c "c G00U c


9 cc"cG00< ccc"cG00<Uc
3
 c
c 
c%cc%cc( c! c  c&c
c (c c
 c

c ccc
 c
c c
c cc67c
c
c (cc
c (c c !c-cc !c 'c(/c

c  /c c c c %
c  c 
c  "c c  c $2c ( c

 cc cccccccc %cc c c (c
! c
c!  c c cc
c ¦ c cc  cc

>c -3c E33 c c &)3c ;33@c >c P>+c ;3c EPc E># 3c C;c 3*+)&*c
4>9c3 @c
c
c ¦ c c cc
c 

&34 5  (


Ñ'
) 
c

c c c c  c  c  c 


c  c . c c  c
! 
cc! c (c6!7c c"c( c.!"c "c* "c
c+"cG00 c
E "c . c c c ( c c    c (c    "c
"c 
2c
! c 
c 
c c (c   c ( c  c !c c c  cc
-c c c (c  c 
c
 c c c  

c c    c 
c  c

c üGc

 !"c  c c 
c c c .

c  !c  c 6 7c 
c c c
(  c ccc (cc c'c

c
cc#cc  c!!c
c    c 
c  c
 !c c !c 

c ( c !!c c c
  "c! c
c c(c (cc 'c cc
&c  'c
c (c c 
c  
c ! c c  
c !c  'c  c
 c cc! ! c
cc
B!c!ccccc"c c
'c c !c (c ! ! c c c c c  
c  c c  'c c (c
 c  c +   c 
c 
c !! c ( c  c ( c ! c c
 
c ( c !  c c  c >c c c 
"c  c
 !c c c
 
ccc c
cc c !
c c
2c c !! c c
c c( cc! cc 
c c 
c'c

c c c
&c
 !c!cc "c( c"c(  '
c6 c
  "7c
c !c  
c c c  $ c (c c c (c c ! ! c  c 
c
 c (cc  "c c
c! c  55c&c!/c ((c .
c c c

 !"c 'c


c  c !c  
c  c  c
 !c 
c
   c&c!cc cc c 'c c ccc
 !
c c
4c 
c   c G001"c & c 50c (
c c  c !c c  c  c
 c &c c c c ( 
c c c ! c "c c E "c 
c c c c c
* c#c

 "c'ccc* cccc c!ccc !c2c


(c(/c ccü=c!c!  ccc c (cc(cccc c2c
'cccc2"cccE cc'c (c c cccc  c (c
c
  c c Uc !c !  c c c  c (c c (c c c  'c  c 2c
'cccc2c
c ¦ c c cc
c 

able ë0 Intergenerational Persistence of Wages in Brazil by Region


c

Region Elasticity
E c 0Uc ¦ c c cc
c 

E c 0=c ¦ c c cc


c 

* c 0üc ¦ c c cc


c 

cccccccccccccccccccccccccccccccccccccccc cccccccccc c
55
c*"c( c.!"cCH$9Jc
c-  %cG00ccc

c üc
* c 01Gc ¦ c c cc
c 

9
'c 0c ¦ c c cc
c 

 Y!c4c
c  cG001c ¦ cc cccc c c

c 
c
¦ c c cc
c 
c
4c <c
!c c ! c  !c 'c c  c  c 
c
   c c &c ! c  !c c c ( c c (c c ( c c   
c
 "c c c c  c !  c  c  c  c c  c 
 c 
c  c %c
!! c'c
c
c' %cc
cc cc9c c c"c
!c  c ( c  
c c "c 
c  c c  
c   c 
c c !c
!! c c c !"c 'c  
c c  c !'
c  c  c #c c
! c  c %c  c  "c  '"c c    c c  c c !"c c c
c  c
c !c c ! ! c  !c +c c  c  c 
.c 
c c 
 c
cc (ccc5Uc "c
cG005c(
c"c'cc.! c (c
 "c  c c c  c c  c  c c c c  ! c c "c
c
c ccc((
cc!! .ccc'c c(c % 
c
c ¦ c c cc
c 

c üüc
¦ 

  

 
 


(""
þ 

   
 
 
'"
 
  


&"
 

%" 
   
   
 
R

$"  
  


#" R  
 

 

  
!"
")%" ")&" ")'" ()""
  * +    ,(-.(' /

 ÿ   +0"""/)
 ÿ 1   

  
      ) 


c üc
&&/   Ñ'
)    . 
5 6

5  ( #

*# 
c
c c c c
 !c 
c
 !
c  "c c  c ! c
c (c
 c  c  c c c c !c  %c c 

c c  c c  c
%c; '"c c%c
cc cccc (c c "cccc
(c c !c c 'c c c c !!c 
c

c ( c c  !c (c ' %"c
c c c '%c c ((c (c c 
 c !! c c  c #c


 "c
 c 
c  c %c  c c  'c  c  "c c c
 c'c!cc c
 c !! "c c
cc cc (c

c
c.

c !cc
-c  c .! "c c  c %c c c  c ((
c ( c c '"c
c'c2A c 
c'ccc c
 Ac'ccc
c (c! c&ccc!  c.! c ( cc!  "c
c
   c  "c    c 
c %$ 
c   c c 3  c
c"c '"cc 'cc 'c 'c!c c!
cc
 c
"c!c( c '$%
c' %cc
; 'cc'ccc((c (cccc c%c c c @c&c
 c 
c  c ( c c  c 
c c 
c c
  c (c  c

c c 


c  c c c c !  c ((c (c  c %c
c c  c
 c *c c c 5<<0"c c c
c (c 2c c c  c c ! c

c #2c c



c c  "c   "c c 
c +"c 
c c
"c3
c
c c c
c
cc  cc 9. c
c cc
4c50c>cc c
"c'c2cc
ccc8 c (c ccc
 "c
c c c  c 
c   "c 
c c 
c c "c c

c Cc ((c c c
c 'c 'c 2c 
c  c !c !c
  
c c2ccc( c  
c
 !c cc

c ("c (c  c ( c !! "c 
c (c  c (c 
c
c-c'c( c cc
c (c'c2cccc (cc  c
c
c

c ü1c
¦  ¦ c c cc
c 
                  !"#

) !



) !  
 
), Ô
   
)
( + +2   /
*)
)
  
(  Ô  +  
& )   4R  


  /
  11  

&      

  
   
)  3
   R   
' 
 
&  
%  4

)


) 
 
)  ) )  ) ) ! ) !
1
-./  0R Ô +
2334
/) "
11

 #$$


¦ 56
<< =
$75867 9 87 8 78:68 ;  78 ""

R
X) X

PR
X)

P WR
Z )
/

[
[
Z O
P VR  L 
K H
R4+

)
R   L F
O
P UR D E F GFBH? I 
)  
> ?@? J?
 4   
P TR C @? N
)
A B     
  
P RR  
) M
 
P SR @BB 
)

P QR
)
P QR P SR P RR P TR P UR P VR P WR PR R
) ) ) ) ) ) ) X) X) X
\ ] RÔ +^__`/) YB WWP
a  4+ X /
] 56 4 b1  1 4



c ü=c
+
c'c 
 c'ccc2"c!cc'c2"cc
 c c c c c  @c &c 'c c
!
c c ( c ((c
 c  c 
c  'c c ((c
((c  !c (c 
$!c !c c  c
!c c ( c c c  !"c c c! c c c 

c c c
c (c $c!c
c
c
  c
cc
-c !c  c c  c 
 "c 
c  'c c (c  c  c c

 c"cc'
c!c (cc c%c 
cc2c
c
c
 c  c  c c c 
c c  c %c  c (c
 c ( c

B!c !c c c c c  c 
 c  c "c c
((c (c '
c !c c c  c %c c c c  c  c "c
c c  c !c (c  '$

c !B$

c 
c c (c ( c 
c
cc
&c '
c (c !c c c  c %c c c ( 
c  c   c  c 
c
 c2cc c (cc c (cc cc.!
cc c cc
c'c2c#c9. "c( c"cccc
 cc.!cGc!c
(cccc2c 
c 'c5<Uüc
c5<<ü5Gc#c "cc
 cc'c
2cc 
c'cc
cc cc2c (c
 cccc c
( c
cc!ccc c
 c#3"cG001c
c 4c 5Gc 
"c 'c 2c

c ( c  c 

 "c c  c (c


'c (c %
c ' %c  c  c (c %
c ' %c(c c 5üc ! c c c 'c
 c ( 
c c C  "c 9 $4 c 
c &c G001c ( 
c c c c 'c
 ( cc%c!cc(c&cc
ccc c
 c(c
c  "c 
c c c c  
c  c c .! c (c c !c 
 c c &
c
   c
cc!
c5<UU$5<<c c  
c cc
 cc'c2"c
c !  c c c  c c 'c  c ( c 
c c c %
c ' %c #c
 c cc.!c (c9. "c c
c   "c
c   cc cc c
c !  
c 'c c c c  c (c c
  c )   c (( cc 
c  c
c!
c c
c 'c c ( cc! c
c!  
c cc 'cc

c

cccccccccccccccccccccccccccccccccccccccc cccccccccc c
5G
c) "c  c
c)cG00c

c üUc
! c 
c 2 5c +! c c  c c %c ( c (c . "c  c 'c c
' c8 c( c (c c%c. ?c
! c
c! c! cc

cccccccccccccccccccccccccccccccccccccccc cccccccccc c
5
c4"c)c
c-$ cG00=c

c ü<c
¦ c c cc
c 
¦ $ 
% &        % & %  '    ( ) 
$* +, --.

ti d d( kr lskill gt d mjskill g cdmrl n8 ls


 


8 drkrs h ir jt)







 cr d( e ill
f g

G
G
G
 r l(t is)
G
G G G
ti  ri t
 is)

    G       G  G G G 

 r:rrir  it  9i-# i G )


r

u
o
p

o
t q


t: skill 8 rkrsr (i  st s8     r(8r rs (s li kill 8 rkrsr (i  st s8    r r rs (
t

ov

ov
v

ov

ov

ov
v
o

o
s
y

o
zo

o


c 0c
#cc! c c c cccc ccc ccc'c2c
c  c 
c
c  c c c   
c  c 2c
c  c 
c
(c  c ( c !! c 
c  'c (c c 
 c c 2c c ( c
c( c
c ccc cc c c
c ¦ c c cc
c 

6 Conclusions Final Remarks


c
&cc#cc!!c'cc'
c'cc.c!c
ccc c
c  c  c  c c )c c 
c c
c 3c  c c
 c (c $c!c
ccc c!
cc  cc (c c "cc
   c (c
cc'c(  c c $!c    c(  c"c $c
!c
c
c
c cc
c (c c2ccc c 'cc c(c c
!  c 
c 
c
c (c  c  c  c &c c (
c
  c
cc(  '?c
c ¦ c c cc
c 
 c # c* c  c  c c  c c  'c c c  "c c
'c  !
c 'c c
 !
c  c 'c c  'c c (c
 "cc+
c*c
c+
c,
c
 c &cc c ccc (c ccc 'c
c!!cc (cc
 c
  c &c c (c  c  c  c
c c c !ccc 'cc "c'cc c
 
c 'c! c!"cc  c!c c.

c! ! c
c c ( $

c c c  c 
c ! c  c +!!c c
 cc c c 
c'c6
 7c c!
c !"c
c c 'c c  "c 
c  c
 !
c  "c %
c !  c 'c
c  c c  c c 
 c c  c  c %c  c 
c
! c
 c( cc !c
 c #c  c
c cc
c (c c c cc

 !
c  "c 
 c  c 
c c  c c 
 c c
( 
c c ccc
c (c c c3c cc c
c ! 
c  c 
 c  c c c

"c 'c

c 5c
c c 
c  c c c  c ( c  c   "c c
 c .!c ( c c c
!c  'c 
 c  c c c

 !
c "c
cc+
c*c
cc+
c,
cc
! c 
"cccc (c cc c c 
c
'c 'cc (cc cc
 c
 c ) c %c
cccc (c c c cc
cc (cc!cc'cccc!!c
c

c( c
c  !c (c ' %"c c c c '%c c ((c (c
c
 c !! c c c-cc.! c (c c
c
  "c c 
c !c c c  c %c c c  c c  c c
 
c 'c 
c 'c 2c #c  c 'c  'c ! c c

 c  c c c  c c  c  'c  c  "c c
cc cc $c
c ( cc

c

$!c!cc
c  c 
c  c %c  c c  'c  c  A
c c  c 'c !c c  c 
 c !! A c 
c
c cc (c

c c.

c !cc
 c &c    c ! c 
c c 
c !! c ( c  c ( c
! c c  
c !  c c  c >c c c 
"c  c

 !ccc 
ccc c
cc c !
c c

2c c !! c cc c( c! cc 
c
c 
c'c

c c c
c
&cc c c  c! c
cccc cc c (cc
%c c (cc %cc
c (c  c ccc 2c (c !! c
((c ( c ! c
c c 'c  c c  c
(c 'c ! c ! c 
c
 c c 

c  c c 2c (c !! c 9c 
c c (c c

c (c  c c cc%c ( c

cc c'c( cc


 c c 2c !! c #c c ! c  c  "c  'c c c c  c  c
 c 'c!c (c c
c

c Gc
&c /c 'cc (c c c c!c! %c'cc
c (cc&c(cc c
c! c
c! "c
c!  c c
%cc
( "c c 'c 2!c 

c  c !!c c c c (c 
c !  c (c
 c#! cc
 c2c
c"ccc
c "c
cc c

c !c c c ('c !  c c ( c ! c * 
"c  c  "c  c
c "c 
c    c  
 c c c c (( "c "c 
c  c

 c  c c '



c c 
c 
c  c  c &
"c ! %c
' 
c c $

c  c 

c ((c  c  c 'c  $c 


  c (c
'c "c  c c ! !"c c c ! c (("c c (c (c
(c c c '
(c c %c c (c %c  c c  c (c ((c ( c
c c( cc

c cc( c! c2c (c !! c
 cc
 !c (cc
c c!ccc $c!c c2 c
 c4"c&cc
c( c! %c
c! ccc c(
c'c c
 cc c
cc ccc! ccccc 'cc

c 
c !! c ( c c ! ! c  
c &c c ! c c 
c %c (c c 4 c
"cc cc c cc  c'cc2 c! 
cc c
  c
c (c c c '
c c c ! c (c  c c c
 c c cc)ccc
c ¦ c cc  cc

ccc
¦ c$%c cc  cc 
c cc
c 

c c
References
c ¦ c c cc
c 


"c)3cG000c6* c9 cc)c7c)c "c ?c+

c Jc
 "c# c
c# c*  $3 Jc9 !
c
c
$$$$c G00Gc 6* c 9 c c )c ?c )%c 'c 
c * 7c )c  "c
 ?c+

c Jc "c# c
c# c*  $3 Jc
9 !
c
c


"c 3c c c G00üc 6 c   'c c c # c 9 @c
3
c ( c  7c * c  "c  ?c  c E c
c   c
3 R cc* cE 3*cc9 !
c
c
"c :"c 
c c ,c 5<<Gc 6&c 3((c (c c c * c 3c c 3
 c
?c c !! c (c #c  c 'c 9 c ( c &' c
*!7c‰ Y „%&Y   „  cU=?cGU$1c
 "c 9"c 
c c 9c 5<<Gc 64c ) c *!!c 
c >$$8 c *?c c
3!c 9
c 3
c +c !c c *7c /0 %  
 # c<?c=$<c
 "c:c G001c 6 c9 c 9c @c c S$3.!c c (cc )%c 'c
4c * c 
c 
/c S7c *"c +
c *?c *c +c
9 !
c
cc
"c :c G000c 6* c 9 ?c !c 
c 9c c )c c 
c c
 7c #?c Ec 
c 
c c C"c 
 c $0  Y' $0 1""Y 2
  #  „ „    &   3Y„#  - "c "c +
c *?c
 %c# B c3
'c( c# cc
"c :"c Ec 
c 
c 9c * %c 5<<Uc 6# c * c 9 c 
c
9 c 
 c 
c * c  c c )c 7c c >((c (c c (c
3  c - %c !c U1c - "c "c +
c *?c #$c
 !c%c!?BB'''
 BB!  B! (B! -$U1!
(c
"c:"ccCc
c9c* %cG005c6# c9 cc)c7c
c !c - %c !c üGc - "c "c +
c *?c #$
c  !c%c

c üc
"c:"c
cc& c5<Uc6# c3c9 ccc+
c*?c
* c3c
cc&c (c%/c # c3
'/c9
7c /0
%  #  c1=?c5ü5$5c
$$$$c 5<<0c 6&c # c  c 'c 
/c 
c 3c 
c &c
/c# ?cc( cc9cc*c (c# c 7c/0
%  #3 „& c1?c55$G=c
"c :c c c G00Uc 6-c c 
c c *%@c c #!c (c $* "c ¦ 

 

* $Pc
c $* c3.!ccC7c#4#c  c!cUG1c
- "c "c+
c*?c# c4
c cc#cc

"c 9c G00c 6 
c  c 3. c E c *c 3?c +c Tc
c c 9 

c
* c c #

c
c >! 

c c c Hc ! T 7c ,„4  #„   
5Y 6# # #  cG?cü=$ü<üc
$$$$c G00üc 63
Jc c 3c * c c c H?c +c 3
 c c
c  c c c
3
Jc *! c c c 9 

c  c c c 9c
c & 8
c
+  7c #?c 7 8„ Y Y„ #  9 "Y 2! #   8„# #c
)"c?cC! c
cTc!cc   cC 3cc
 "c -&"c 
c 9c ;c 5<==c 6! c 3 c c 3c 4 c ( c E  %c
97c„  „&# #/ Y& c1"cGü5$U0cc

"c 9"c 
c c -
((c G00Gc 6#2c 
c # c 9 c c * ?c
&c c (c 9. 7c   „"  #  „ Y „ &  c 0?c Gü<$G1=c
 c  ?c 6# c 9 c c 3
 c c c 9. 7c
5<<<c9 !
c
c

"c E"c 
c c C"c 
 c $0  Y' $0 1""Y 2   #  „
„    &   3Y„#  - "c "c +
c *?c  %c
# B c3
'c( c# cc
8U%
"c"c
c9c:Vc5<<=c6# c# c9 cc*'
c !
c c
c+*7ccY  /0cU=?c500<$505Uc

"c :"c c Cc 
c )c 9c G00=c 6 c ( c # c # c
?cE $ c*%"c c
c3
 7c #Dc  c!c*c
Güc "cC?c#c( cc*
c (c) B#Dc

c c

"c :"c c Cc 
c *c 9c G00c 6# c 9 c c 3 !c 
c E c
7c c ( c3  c ( c ! c ) 
"c +
c ,
?c * c
&c!?BB'''  B! B# 9 !
(c
  "c 4"c 4c 4c 
c 9c 9
 c G00c 6#2c (c > "c #2c (c
>!! cc 7c- 
c%c cc- %c!c5=üc- "c
"c+
c*?c- 
c%c
"c E"c 3c * c 
c :c +c G00c 6* c 3. "c 9 c 
c 7c c „  „
/0c?c<Qc

'%"c )"c 
c Cc *  c G00Gc 6# c # c 9 c  c 7c
Y  /0c<G5?c$üüc
"c "c9c4 
c
c:cEHI cG001c6c# c
c# cc
c c c  c
c c ; 

c
c  c ;8 7c * "c ?c +

c
c c
9 !
c
c
%"c 9c G001c 6 c  c 
c  c  c 
@c ) c ( c c  c c
! c (c C c 3c 9 7c #Dc  c !c *c 5<<c
 "cC?c#c( cc*
c (c) B#Dc
"c4"c
c c3 c )!KcG00c6# c * c9 cc + c9. 7c
8/0cU?c5üü$10ccc
"c9"c
ccCcG005c6* c  c
c # c9 cc )c
7c „"  # „ Y „&  cü<?c=$üc

"c )"c *c 9"
c ;c 
c 5<<=c 6# c 9 c c 7c  
‰ Y „ c50=?cü=$11c
"c c G00c 6# c 3c 9 c c  7c !c !
c c c 3c
9c (cc )c c
c  c3  c   "c "c9. "c
> c<$55cc
$$$$c G00üc 6# c & c (c )(c 3?c E'c 3
c ( c  7c
c  "c +
c *?c +c (c 9"c !c (c 3  c 
c
 ! c*
c cc9 !
c
c
3  c  c( c)cc
cc  c3 ) cG001c  „8 Y  
%  Y c* "c ?c3 ) c

c 1c
3 "c :"c :c *
c 
c 9c &  c 5<<Uc 6) c  c
c  c  c c c H7c
 c
c& 8 cG1c)"c?cC! c
cTc!cc   cC 3c
4"c "c4)c: c
cc;c5<=c 6! c (c* c9 ccc
c+*?c&c c (c>! c*7c „ / Y& cü?cG<$10c
4"c4"c
c:cC .cG00Uc6&c9c (c#2c (c>!! ?c& c
c
!! c  c )c 7c c - 
c %c  c c - %c !c ü1<c
- "c "c+
c*?c- 
c%c
4"c 4;C"c Cc )c 
c 9c -$ c G00=c 6&
c )   "c 3! c 4 'c

c -c #2c c  7c - 
c %c  c c - %c !c ü50Uc
- "c "c+
c*?c- 
c%c
4c *c 
c 4c   c G001c 6# c 9 c (c -c c  7c ,Y -„ 
/0% YcG1G?c5U5$G55c
4
"cCcG000c6# c9 ?c !c
c97c#?cEc
c
c  cC"c

 c $0 Y'$01""Y 2  # „„  &  
3Y„#  %c# B c3
'c( c# cc
4
"c Cc G00c 6&c 9c 4c (c 3  c 9 7c #"c +
c *?c c
+"c !c (c3  c9 !
c
c
4
"c Cc c c G001c 63c 9 c c "c 9. c 
c  ?c &c c
c (c 3c 
c c *c (c 9 c ;! 7c #"c +
c
*?c c+c9 !
c
c
4 "cE"c
c*c)( c5<<Uc6# c# c9 cc 
7c#?c9c %"c

 c   Y  Y'  „     # & 5  Y %  # : &„#Y c
>'"c 
?c*c 
c
4
"c 9c 5<1Gc  " „ # 5Y# c  "c +
c *?c +c (c  c
c
4'"cEcG00=c6'c>c (cc ?cc c*
cc*  $3  c9 cc
cc!!7c Y# ‰ Y „%  c55?5G$5üücc
CH$9J"c 3"c 
c 9c -  %"c 
 c G00c („ ;  „  „# #  ,Y „ <
 „(„   #„ ,Y -„ c"c ?c# c
c2c3 Rc
!
c#3B- 
c%c
c

c =c
C"c *c G001c 6E c c * c 9 7c  c "c ?c +

c
c *c

c9 !
c
cc
C"c c G001c 69 

c * c c c )?c 

c c ! 7c   "c
  ?c4
c
c3  "c+

c
c c 
c 9 !
c
c
!?BB  

 B B
' 
B<51UBüü=B(B 

G0 !
( ccc
C  "cC"cEc9 $4 c
c c&cG001c6&
c)   c
cc3  c (c
*%c 3c ((c c  7c ‰ Y „ %  Y  „   c 1UG?c ü$
1=c
C"c c G00c 6&c 3  c (c ;!!?c #c c C   c ( c c E c
!! 7c3Y„# 1?cü5$c
$$$$cG00 c6#c c  !c( cc3  c (c;!!7c 3Y„#, '/ Y&
1YYcG0G?G05$G5cc
C"c "c
c*c cG00Gc  ""  # Y#&"!1""Y  #  Y $0
 Y' cc- "c "c+
c*?c %c# ccc
C'"c E c G005c 6# c 9 c c c +*c 
c   
?c Sc 
c 9c
 c 97c  "c +
c *?c +c (c  c  c

 c
$$$$cG00c6)(c cccc3 c (c# c3c7c4c

c ) c *
"c c *
c c c !c G0=c >'"c 
?c
*c 
c
$$$$c G00üc 6# c 9 c ( c - @c &c 3.!c (c ;c
c ) 'c 3c
* cc# c!7c#?c9c %"c
 c= Y  „ „ c
$Y&Y  # Y"c  
"c+
c,
?c  
c+cc
# c
c 2c 3 Rc !
c #3c G001c 6* c c c S
c
c


c
c
c c7cE c&c#3cG5=1c"c ?c#3c
;

 "c :c c c G00Uc 6&c #!c (c E c c 3c 

c c # "c ; c
- %
"c
c-c (cCc
7c  c=5c4 ?cü55$ü51c
)"c "c 
c 4c * c 5<<c 63((c (c 4c % 
c c 3c 
c c  c
* ?c3
c( c 7c‰ Y „%8„ „  505ü?c=50$5ü0c
) "c "c c   c 
c Ec )c G00c 6 c 3
 c 3.!c c c # c
#2cc9. @7c#?c4c  "c4;Cc4"c
cEc)"c
 c >&

c Uc
Y  %   Y           #    Y c
>.( 
"c +
c ,
c 
c - "c "c +
c *?c>.( 
c +cc

c- 
c%c
9$4 %"c c G00üc 6&c ;c  !c &!c c 9. 7c 9. c "c 9. ?c
 c
c#Jcc c3 Jc # 3c9 !
c
c
9 "c :c c c c G00<c 6&c #!c (c E c c 3c 

c c 3
 c
 cCc
7c ‰ Y „ c55<c=cc
EHI "c :c 
c )c 9
c G001c 6c 4
c c # c # c 
c
3
 c9 cc 7c* "c ?c+

c
c c
EHI "c :"c 
c c  c G00üc 69 

c # c
c # c c c c c
  ?c 3c  c
c 7c - %c !c G50c * "c ?c +

c
c
"c !c (c3  ccc
EHI "c:"c
cc&% '%cG001c6#2c (c> cc#2c (c>!! cc
7c* "c ?c+

c
c c9 !
c
c
>! "c :c G00üc 63  c  !c 
c * c # 7c #?c 9c c 
c :c
9 "c 
 c  „  „   #   „"       Y c
- "c "c+
c*?c#$c  !c%cc
> "c&cG000c6# c# c9 cc*'
?c-c c&.$ c* '@7c
/0%  #3 „& cü1?cüG5$1c
c
c  "c c c c G00Uc 69c #2c (c >!! c ( c 
7c - 
c
%c  c c - %c !c ü1<c c - "c "c +
c *?c - 
c
%cc
"c 3c 5<<Gc 6c (c # c 9 c c # c 
c 37c /0 %
  #  c=ü?cü1$11c
 "c :3c G00üc 632c >!! c 
c # c 9 ?c C c  
c
# c # c & c 97c #?c 9c %"c 
 c = Y  „
 „ $Y&Y  # Y"c  
"c+
c,
?c  
c
+cc
 "c)"c
cCc&cG00üc6&c c (c9c c c c 
c;7c
c E' %c - %c !c $ü<=c - "c "c +
c *?c #$
c  !c%cc

c <c
*
"c Ec63c 

c  !cc )c c 
cc  7c - 
c %c
 cc- %c!cU1<c- "c "c+
c*?c- 
c%c
*'"c-;"c
c9c;c5<=c #   1 "   # Y   cE'cP %"c+
c
*?c
cc
*  "cCc5<<Gc6# c # c9 ccc +
c*7cY    c
/0cUG?c<$ü0Uc
-
"c Sc G005c 6# c 9 c 
c %c
c c c ?c !c

8c c ) c 9%c c &' c )c c 7c   %
>Y  c<G?cüü<$15c
- 
c %c G001c 3Y„# „"   # Yc c - "c "c +
c *?c - 
c
%c
D"c :c 5<<Gc 6 c  '
c 9
 c c 3  c *7c Y 
 /0cUG cü0<$üG<c
c ¦ c c cc
c 

c
c
c

c 10c