 So we have two types of questions, go ahead and answer them. Yes, two more types of questions. So you have data for everyone, right? You're saying it's data for movers, that means you have to work on it. And it seems to me that they are on average for our writers. High increasing in salaries per year, right? Twenty percent, thirty percent. I'm a lot less, highest for the movers. Yes, exactly. It's a thing that's higher for the movers, but it's high for coal. So maybe it would be nice to see national averages, so then when we see the increase for the failures of this, twenty-one percent increase. I'd say it's low for even the increase in annual revenues. So compared to the average, what do you mean? Over time? I see the numbers and it is twenty-nine percent increase per year for failures, and this is the lowest. So going to average between twenty-nine and thirty-seven is the national average. Yes. I still think it's high, right? No, it is higher when I compare this. I actually didn't compare this with the OECD countries. I gave this average and I compare this with the OECD countries. And it is high. So probably it's going to be higher. So to get the point, it would be nice to see the national average, then I see that the other twenty-nine percent is no compared to the national average. So let me collect some questions here and here, and then I give them to you. Okay, please, here. Can you introduce yourself, please? I'm Ursula. So are those only the ones that have the growth? Because I imagine that between the week, there are a lot that also lose weight, right? I would like to see this Saturday. Because if they grow at the higher moments, they show a lot of differences in the tails of the distribution. Do you want to answer that? Can I? Okay, good. So I have the large tables with this. I couldn't show it here. So for each, this is like the same wage or wage decrease. Same wage is zero gain. And I have the average decrease, the average loss, the average gain. And that's why I construct the next slide. This is the proportion. The magnitude of the losses versus the gains, yes. I have these in tables. The next slide is the average, the weighted average. Construct from the tables. I didn't show the loss. 30% so we have a lot of negatives and a lot of positives. Okay, both showing both. So I could have here. I think you already answered. I was puzzled by the decrease, but actually it's non-zero growth also. I was puzzled by that, but you already answered. Very little have no growth, no change, no real change because of inflation. So we have a wage which is a bit higher in the specific occasions. Let's see if it's more or less compared to the general wage loss also. For example, today in this country, so I don't want to consider this. No, I didn't. I didn't. I know that Mexico has one of the least binding minimum wages. I don't know if it varies with across occupations, but I know there is a chapter. Some people focusing on this aspect of inequality and the role of minimum wages. It's somehow included in the formal employee status. Somehow, of course, but I mean, I would need to have that separately for... Yeah, it could be. It definitely contributes for not having, let's say, losses. For the losses being lower in sums for some occupations and sectors. Are there any other additional questions? It's just a great issue. And you have also a lot of wage losses among the owners. So I wonder whether in the finalizing, like, what is motivating those workers to move to a wage increasing job? I mean, the characteristic of... The jobs, yeah. Amenities. Yeah, I mean, that's why I like the top, the agenda on amenities. And I would show if I had time to show evidence on amenities, mainly health insurance, supplemental health insurance, and the role of this for the transitions, even involving a pay cut. So, yeah, that's really important, yeah. The question is about how to... What would be your ideas on how to regulate this economy in which you have a high degree of normality and a lot of... A lot of... So there are new unions, in that sense, right? I mean, when you have a formal training market or you can do what you have to do with it. So what would be the solutions for that? I mean, what are your ideas to... Are there any other questions or should you... I can go ahead. Yeah, no, that's a difficult question. It's a very good question, but it's a difficult one. And you're moving a lot of... A lot of miles into elements that... I'm not sure we fully understand yet. For instance, what is the role of unions in this monopsony power? One would expect that unions will limit the degree of monopsony power in the labor market. Clearly minimum wages and the literature here has been much more... Has been dealing a lot with the connection between monopsony power and minimum wages. Minimum wages is one way of limiting the degree of monopsony power in the world, right? Now, in the informal sector, minimum wages are not imposed and unions are absent. So one would expect much higher degrees of monopsony power there. How to go about it and what to do it? I think one dimension that Latin America needs to think very carefully about is the enforcement of the minimum wage and how that would affect labor markets. The degree of lack of enforcement of minimum wages, even in sectors in which the minimum wage should be enforced, is tremendously high in many countries. Brazil is one exception. One of the very few countries where the minimum wage is highly enforced, but mostly in the Dominican country, the degree of enforcement is very, very low. So this has been coupled with increases of the minimum wage which may be unsustainable in some cases and it's kind of a policy equilibrium and I don't know how we get out of that policy equilibrium, but part of solving the problem of informality, I believe, would come from the enforcement of the minimum wage and thinking about that dimension. No, very good. Very good. Thank you very much. I have just one small question. It's going to show us the wage growth by person title. It will show us that, I mean, the largest wage increases were at the low bottom at the bottom of the distribution. I wonder whether that's just driven by scale. I mean, it could be that they are just growing by just a thousand pesos or ten dollars or so, but of course the rate increase is way much larger than a similar change at the top of the distribution. So how shall we take that into account to reconcile David, are you sure? No, sure. But that is true in any situation, right, in which you are doing this type of analysis and it hasn't been true in any expansion in Latin America. The fact that the wages at the bottom have grown much more rapidly than the wages at the top was not necessarily the case in previous shorter expansions that we have observed. So in a sense, it's a new fact. Yeah, I mean, clearly doubling wages for low-skill workers is easier than doubling wages for high-skill workers and it's more likely to happen, but I think it is still interesting as a trend. Are there any other questions or comments? So, in the Toginabi Democracy, you said that you were looking at the period of the boom in economic prices, and actually after 2015, it started to collapse a bit, and then we have the pandemic. So have you seen what is happening in this period of the decline of inequality afterwards? Not on my own research. You have an expert in the city next to you that wrote, I think, the most complete paper of what happened, the wages during the... And I'm going to... Just as Shiko, who is much wiser than me, I'm going to defer to her that knows much better than me. No, I'm not going to put Julia on the spot, but she knows the story much better than me. Thank you. Let's say the Italian rent, right? When the fund size is increasing, basically they are bringing in more productive loans as the rent on the old land dissipates. So basically the fund size is increasing because the rent on the old land is dissipating. So that is why you probably will see that quadratic relationship because of the dissipation of rents. So they keep bringing new loans into cultivation. So I think that may be what is explaining the increase in the fund size because as they explored so much of the already existing loans, they have to bring in new to increase profits. So income increase in the size, but up to a point and it begins to fall. So I think that the rent on the Ricardian rents approach will be a very good explanation to what is going on in the world. And I have a second contribution or question. That would be whether the people are living on the February, or less February agricultural land or not. That would determine the size. For example, in many European countries in Africa, about 40% of farming people live on less February agricultural land. So that makes farming difficult. So those people are bound to be poor. So they are trapped in this resource test for lack of betterment because of where their geographical influence. So they are poor because of their geography and also due to the fact that they are on less February agricultural land. So basically those are my two questions. Maybe collect one more. Thank you for this really interest. I have two points, more like ideas and contributions. Do you consider how land plays a double role as being wealth that relates to income in the future as a collateral that could be related to this process? To the relationship between productivity, perhaps part of the puzzle. And the second one. Yes, you have considered the role of wealth being like land being wealth and in a way providing a way of being a collateral for farms to grow, following your point in the way. And also like the role of taxation. You know, and it comes to my mind that there was a series of papers in 2014, 2015 from Stinklitz. And he had four papers and he had like an interesting one talking about land, really quality. Like that was like an ember, 20 to 15 papers or something like that. Because it could be very interesting It's a very, very important both the four questions that you did. With regards to the first one about new land into cultivation and bringing new land that is very important. First, the regressions that we are the correlations that I showed there we are controlling for land quality. So this is not just raw correlations but we have some control in there but what you're saying is very important. So one important thing that we are going to do precisely because of what you're saying is trying to decompose the rural inequality through regions because partly of that might be basically land quality that is driving these differences which is very important. About bringing new land which was not being used before and now it's being used and of less quality. The case of Colombia I think it's important because most of the land is already allocated but you do have that process where you have the first lands that were allocated of much better quality and the newer ones of much less quality. So we can try to leverage that to see whether that is driving the effect. On the U-shape this U-shape that they present here the foster and rosin bike that we did this is not the paper but it's at the very micro level it's at the farm level and they control as well for quality because it's a panel and they are able to control for a lot of things. So this is really driven by these productivity effects. About land size I think that's very important. We are not going to go into that in this paper but I think that once we have all the information that we have of all the data that we have one second step would be to understand what determines land size, farm size and what are the drivers of that and we believe that's very important whether it's policies whether it has to do with credit constraints whether it has to do as well with other roles of land which is not only for productive reasons but because it's wealth and it's a credit collateral for example but we are not going to go into that for this paper. So we are very descriptive to get a lot of data and to understand the data quite well and then what we want to do is to have really our research agenda on these and that's one of the things that we would really like to understand what are farm sizes so small in most of the Latin American countries. With respect to wealth you are right and here again we are not trying to understand what are all the consequences of land inequality for example here we are being very careful we are just mentioning farm size we are not going into land inequality but that may have many other consequences on development and on income inequality so we are not going to go into that but we do believe that's very important and we hope again when we have more data to try to explore those things but we are not going to do it in this paper and about the role of taxation on land I think that's a very important point because taxation can be important to reduce the use of unproductive land and to really improve land markets because if you impose a tax and if the land is not being productive basically what you are contributing to is for people to sell the land and for land markets to be much more dynamic than what they are right now and that might be explaining the small land sizes as well so yes those are very important points I have very briefly do you have any controls for technology or something like that or the role of technology in this relationship that you are finding the question is whether there are controls for technology I use my speaker Chico I think it's very different and this question is not really about the paper because I know you want the paper to be the scripture and data foundation for this researcher so for the researcher I wonder if you think it's useful to think in terms of the multiple market and volume of the paper that would explain for different mechanisms why the existing distribution of farm size, DDAs from some optimal distribution given crop types and technology so in my mind there is a simple model in which if you have a crop type and land type and the kinds of capital that would give you an optimal farm size people don't converge to that from smaller farms and large farms because there are multiplicative failures in the labor market which is the kind of cost that was at that point but also different kind with having to hold the land as a safety because they can't move to the city can't go about the failure but insurance market failure around that credit market failure around I'm the better entrepreneur and my neighbor I could buy this land out and we would sort it and then there are land market land issues many market failures were often failures like you were saying and regulations so it just seems to be this is a very unhealthy one but it seems to be that what to do with this correlation will depend so fundamentally on which of these failures is affecting lots at what range that the positive way of saying this is that the insurance agenda really has to move forward on all of these questions this is one last thing both the points I wanted to raise have been asked from technology and land size if you bring in technology land size doesn't matter we have worker farming for example we have technology where you can land the plant size is also more on a small land we can have great productivity so who cares about large land size that's my first point which I felt was not important enough which is the way which I thought it was doing the second point was the role of the state when we talk about land the state matters and the state has ownership and one would also say control for the land and when land is not productively employed the state can intervene to take over to ensure it's more productively and the state the relationship between the land and the state and the community to ensure that the land is more well utilized so those are the two points I wanted to raise but I would like to see how you respond to this because this is what we are saying in South East Asia is transparent so now you have a physical task so yes technology is very important and since it was only a 20 minute presentation I was not able to bring some things that we have already on technology and what you see is that the use of technologies of course much larger for larger farms and here economies of scale play a big role because if you have a very small land size attractor it's going to be too big for example for using the land size what you find is the U shaped relation for example in Colombia we have found is that when you have mechanization basically the point where it starts being positive the relation shifts to the left so it does play a very important role your point is very important and we are not going to go into this in this paper it's impossible because basically what we are doing right now data that it's going to be good for answering all those questions but of course here the role of the state the role of markets and the role of regulations for land are very important so what we can do once we have all this data is really to try to understand this but let me give you an example about for example how a land creates for example obstacles for migration we know and there is ample evidence showing that people that have land migrate less even though wages in the urban areas are higher that might be partly explained because labor land markets are very difficult and they don't move much so people are not able to sell the land to migrate or because land is really something that is important and wealth and insurance and they don't sell it so trying to understand all that I think it's quite important we have a lot of regulations across Latin America that are similar about for example a threshold on land size and all those type of things and we would be able to understand all that and I think that is answering part of your question you are absolutely right we are not going into the role between land and the state and how the state determines land distribution and how the states can create regulations for land to be productive and not have on productive land as I say the purpose of this paper is to be quite descriptive but then to open a research agenda on Latin America precisely on all the things that you were mentioning and Chico was mentioning because first what we want to do is to have enough information to go into all that you are mentioning because that's where we want to go to try to understand what determines land size about technology and land size I differ a little bit from you you are right that technology can improve agricultural productivity but there is a matter of scale there so yes small agricultural producers can use technology to improve productivity but they have to for example create cooperatives to have this economies of scale to have good technology for some types of technology that is not the case but there is the issue of economies of scale there that is important and lastly going into what Chico was mentioning is what is the optimal size of land and what we find here for Latin America and that happens also in Asian countries and African countries as well is that you have a really large percentage of lands and farms that are too small really to be productive so what we want to understand is which is really the optimal size or when the lands are too small to be really productive and to really generate opportunities for people and increase income that is really what we want to understand as well but this is not what this paper is going to address that would be too much thank you very much