Herrera, Santiago

Middle East and North Africa
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Fields of Specialization
Macroeconomics, Egypt, International Finance, Expenditure Efficiency Measurement and Benchmarking, Latin America
Middle East and North Africa
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Last updated February 1, 2023
Santiago Herrera Aguilera is the Lead Country Economist for Egypt in the Middle East and North Africa region at the World Bank. He has been in this position since September of 2008. He first joined the Bank in May of 1998 as a Senior Economist working for the Latin America and Caribbean Region. In February of 2004 he became the Lead Economist for economic policy at the Poverty Reduction and Economic Management Network in Washington. Prior to joining the Bank, Aguilera was the Deputy Minister of Finance in Columbia from 1995 to 1996. Before that, he was the Director of the National Budget also at the Columbian Ministry of Finance. Aguilera holds a Doctor of Philosophy in Economics from Columbia University in New York. He also holds a Masters degree in Economics from the Universidad de Los Andes in Bogota, Columbia.

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    Productivity in the Non-Oil Sector in Nigeria: Firm-Level Evidence
    (World Bank, Washington, DC, 2017-07) Herrera, Santiago ; Kouame, Wilfried
    This paper examines the determinants of the productivity of Nigerian firms, using three waves of Enterprise Surveys from 2007, 2009, and 2014 and 7,670 firms. The paper uses three alternative measures of productivity, which are found to be highly correlated: labor productivity, value added per worker, and total factor productivity. The more notable trends in the data show: a rise in productivity, with the output of exporting firms decreasing; increasing concentration of production, reflected in the rise of the Herfindahl-Hirschman index by a factor of three; increasing costs of crime, power outages, lack of security, and bribery; significant heterogeneity of these costs along several dimensions, such as firm size, age, location, and the exporting or domestic nature of the market it serves. These costs are inversely related with investment. Regardless of the measure of productivity, its main determinants are the education of the worker, size of the firm, availability of credit, and business climate variables. When labor productivity is used, the stock of capital is also a major determinant of productivity. Within the investment climate variables, power outages and the corruption index are the more significant ones. Power outages are negatively associated with productivity. Bribery is positively related, supporting the "greasing the wheels" hypothesis of bribery as a factor that reduces transaction costs. The impact is nonlinear, as it decreases with firm size. The results also show a positive association between productivity and exporting, but the causality is reversed when the analysis controls for endogeneity: productivity is a weak determinant of the likelihood of a firm becoming an exporter.