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Infraestructura pública y su importancia para el crecimiento económico: El caso de Oaxaca (México) 公共基础设施及其对经济增长的重要性：以墨西哥瓦哈卡为例
Ecos de Economia Pub Date : 2018-06-18 DOI: 10.17230/ECOS.2018.46.1
Luis Enrique Rojas Ramírez, Alejandro Molina Vargas
{"title":"Infraestructura pública y su importancia para el crecimiento económico: El caso de Oaxaca (México)","authors":"Luis Enrique Rojas Ramírez, Alejandro Molina Vargas","doi":"10.17230/ECOS.2018.46.1","DOIUrl":"https://doi.org/10.17230/ECOS.2018.46.1","url":null,"abstract":"El objetivo del presente trabajo es estimar el impacto de la infraestructura pública sobre el crecimiento económico en las ocho regiones de Oaxaca para el periodo 2003-2013. Dado que se carecen de estadísticas, se emplea la metodología propuesta por Gerber (2003) para calcular el crecimiento económico de las regiones. Y para medir el impacto de la infraestructura en el crecimiento, con base en Hoechle (2007) se aplica un modelo de efectos fijos con errores estándar de Driscoll y Kraay (DKSE). Los resultados indican que la inversión en infraestructura ha sido insuficiente y mal asignada; la infraestructura social es la que muestra mayor impacto en el crecimiento; por último, los resultados sugieren que las regiones más dinámicas requieren de una mayor inversión en infraestructura económica, mientras que las regiones atrasadas necesitan de infraestructura social.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"22 1","pages":"4-27"},"PeriodicalIF":0.0,"publicationDate":"2018-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45152390","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
How can the risk from the mismatch between inflation rates in mortgage and labor markets be mitigated 如何减轻抵押贷款和劳动力市场通胀率不匹配带来的风险
Ecos de Economia Pub Date : 2017-12-13 DOI: 10.17230/ECOS.2017.45.3
M. Grandes, D. Galinsky
{"title":"How can the risk from the mismatch between inflation rates in mortgage and labor markets be mitigated","authors":"M. Grandes, D. Galinsky","doi":"10.17230/ECOS.2017.45.3","DOIUrl":"https://doi.org/10.17230/ECOS.2017.45.3","url":null,"abstract":"This paper proposes a financial instrument to mitigate the risk of a mismatch between inflation and wage variations that would affect the repayment of inflation-indexed mortgages in relatively high inflation economies, where housing finance is at an incipient phase of its development. In particular, using the Argentine experience in 2016-2017, and the empirical evidence of the two preceding decades, three swap/insurance options are proposed and simulated that would allow the debtors to limit their exposure to inflation.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"21 1","pages":"39-66"},"PeriodicalIF":0.0,"publicationDate":"2017-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48354421","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Analysis of the financial margins required to hedge risks in electric power futures markets 电力期货市场对冲风险所需的财务保证金分析
Ecos de Economia Pub Date : 2017-12-13 DOI: 10.17230/ECOS.2017.45.4
J. Pantoja-Robayo, Kelly Maradey Angarita, Alfredo Trespalacios Carrasquilla
{"title":"Analysis of the financial margins required to hedge risks in electric power futures markets","authors":"J. Pantoja-Robayo, Kelly Maradey Angarita, Alfredo Trespalacios Carrasquilla","doi":"10.17230/ECOS.2017.45.4","DOIUrl":"https://doi.org/10.17230/ECOS.2017.45.4","url":null,"abstract":"One of the strengths of futures markets is the elimination of counterparty risk, but to accomplish this, it is important to consider the financial guarantees the clearing house requires from market participants. These margins must hedge the risk related to extreme variations in the product price, but they should not be excessive to avoid limiting the number of participants in the market. In this paper we propose a new methodology to provide appropriate margins in the electric power futures market, and we present an application for the Colombian market. We conduct a Monte Carlo simulation to assess the daily changes of the futures price and estimate measures of risk for different scenarios for “El Nino” weather conditions, holding periods, and expiration times. We find that the new methodology substantially modifies required financial guarantee levels compared to the methodology currently used to calculate margins.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"21 1","pages":"67-105"},"PeriodicalIF":0.0,"publicationDate":"2017-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44686378","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Un índice único de bancarización con datos georreferenciados con Una aplicación para la Argentina 一个独特的银行指数与地理参考数据与阿根廷的应用程序
Ecos de Economia Pub Date : 2017-12-13 DOI: 10.17230/ECOS.2017.45.2
F. García
{"title":"Un índice único de bancarización con datos georreferenciados con Una aplicación para la Argentina","authors":"F. García","doi":"10.17230/ECOS.2017.45.2","DOIUrl":"https://doi.org/10.17230/ECOS.2017.45.2","url":null,"abstract":"espanolEste trabajo construye un Indice de Bancarizacion (IB) usando informacion georreferenciada de la zona central de la Argentina a partir de las dos primeras componentes principales obtenidas aplicando la metodologia MULTISPATI que permite una mejor visualizacion de la variabilidad espacial. A pesar de observar un peso relativo similar de los indicadores parciales utilizados para medir las dimensiones de analisis de la bancarizacion sobre la primera componente, no sucede lo mismo sobre la segunda donde se detectan diferencias. El IB revela un nivel de bancarizacion heterogeneo dentro del area central de Argentina. EnglishThis paper constructs a Banking Index (BI) of geographic coverage and applies it to the central area of Argentina. The Index is created using georeferenced data from the first two principal components obtained applying MULTISPATI methodology, which facilitates visualization of the spatial distribution of coverage. Although the relative weights are similar for the partial indicators used to measure the first component of the Banking Index, some differences are detected in the weights for the second component. The BI reveals a heterogeneous level of banking coverage within the central area of Argentina.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"21 1","pages":"24-38"},"PeriodicalIF":0.0,"publicationDate":"2017-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41939034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The effect of a police sectoral communication network on crime rates in Bogotá, Colombia 哥伦比亚波哥大<e:1>警察部门通讯网络对犯罪率的影响
Ecos de Economia Pub Date : 2017-12-13 DOI: 10.17230/ecos.2017.45.1
Luis Eduardo Sandoval Garrido, Margarita Marín Jaramillo
{"title":"The effect of a police sectoral communication network on crime rates in Bogotá, Colombia","authors":"Luis Eduardo Sandoval Garrido, Margarita Marín Jaramillo","doi":"10.17230/ecos.2017.45.1","DOIUrl":"https://doi.org/10.17230/ecos.2017.45.1","url":null,"abstract":"In an evaluation of the police sectoral communication network in Bogota, Colombia, we show that the police response to criminal activity is enhanced with better nodal communication in the sectoral network. Restricted and unrestricted networks are considered to reduce crime and improve policing coverage in adjacent areas. We find that nodal communication reduces the most frequent crimes and raises the efficiency of police units. The results indicate that crime is reduced for localities adjacent to each other with lower unemployment, a higher level of education, and with more communication in the sectoral network.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"21 1","pages":"5-25"},"PeriodicalIF":0.0,"publicationDate":"2017-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67418593","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Robust Estimation of beta and the hedging ratio in Stock Index Futures In the Integrated Latin American Market 拉丁美洲一体化市场股指期货的稳健估计与套期保值比率
Ecos de Economia Pub Date : 2017-06-22 DOI: 10.17230/ecos.2017.44.2
Juan Carlos Gutiérrez Betancur, Astrid Katherine Gutiérrez Díaz, Andrés Fernández
{"title":"Robust Estimation of beta and the hedging ratio in Stock Index Futures In the Integrated Latin American Market","authors":"Juan Carlos Gutiérrez Betancur, Astrid Katherine Gutiérrez Díaz, Andrés Fernández","doi":"10.17230/ecos.2017.44.2","DOIUrl":"https://doi.org/10.17230/ecos.2017.44.2","url":null,"abstract":"This paper examines the effect exerted by outliers in the equity betas in the Integrated Latin American Market (MILA), estimated by two different methods: ordinary least squares (OLS) and robust estimation (RMM). To illustrate the empirical relevance of the estimated betas, we evaluate the hedging ratio using stock index futures. The results indicate that the estimates made by the RMM method provide a better fit and increase the efficiency of a hedging strategy when there are outliers in the estimation window of beta.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"21 1","pages":"37-71"},"PeriodicalIF":0.0,"publicationDate":"2017-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67418497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The Effect of Increased Schooling in the Colombian Labor Market Between 2008 and 2016 2008年至2016年哥伦比亚劳动力市场入学率上升的影响
Ecos de Economia Pub Date : 2017-06-22 DOI: 10.17230/ECOS.2017.44.4
Tomás Aristizábal Lopera, Esteban López
{"title":"The Effect of Increased Schooling in the Colombian Labor Market Between 2008 and 2016","authors":"Tomás Aristizábal Lopera, Esteban López","doi":"10.17230/ECOS.2017.44.4","DOIUrl":"https://doi.org/10.17230/ECOS.2017.44.4","url":null,"abstract":"We examine the changes in the supply of Colombian workers with different levels of schooling and estimate the effect of these changes on salaries between 2008 and 2016 using a Mincer model.  The share of the work force with primary schooling or less declined from 46% to 32.5%, the share with secondary schooling rose from 36% to 39.5%, and the share with tertiary schooling rose from 18 to 28%.  We find that schooling had positive effects at every level of schooling, but particularly at the tertiary level.  The marginal effect of a year of schooling declined at every level.  In real terms we find an increase of 21% in average salaries for workers with primary schooling between 2008 and 2016 but few changes in average salaries among more educated workers.  Since the share of more educated workers increased, total labor income in Colombia increased substantially over these years.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"21 1","pages":"86-100"},"PeriodicalIF":0.0,"publicationDate":"2017-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42484502","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Sistema Vial Terciario y Educación Rural en Antioquia (Colombia): un modelo probit ordenado y multivariado 安蒂奥基亚(哥伦比亚)的三级道路系统与农村教育:有序和多元概率模型
Ecos de Economia Pub Date : 2017-06-22 DOI: 10.17230/ECOS.2017.44.3
Guillermo David Hincapié-Vélez, Ivan Montoya-Gomez, J. Bustamante
{"title":"Sistema Vial Terciario y Educación Rural en Antioquia (Colombia): un modelo probit ordenado y multivariado","authors":"Guillermo David Hincapié-Vélez, Ivan Montoya-Gomez, J. Bustamante","doi":"10.17230/ECOS.2017.44.3","DOIUrl":"https://doi.org/10.17230/ECOS.2017.44.3","url":null,"abstract":"This paper aims to determine the impact of the Antioquia department’s road system, particularly the rural roads system, on the probability of advancement in the educational achievement of students from rural areas in high schools in Antioquia, Colombia. For this we propose an ordered logistic model of educational performance, defining as a independent variable a transformation of the rural road densities in relation to the supply of sewage, energy, telephone service, among others, with the aim of capturing the variability and dispersion of rural areas in each municipality. The results show that rural roads influence the probability of increasing educational performance for rural students.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"21 1","pages":"72-85"},"PeriodicalIF":0.0,"publicationDate":"2017-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45460890","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Unions and Economic Performance in Developing Countries: Case Studies from Latin America 发展中国家的工会与经济绩效:来自拉丁美洲的案例研究
Ecos de Economia Pub Date : 2017-01-01 DOI: 10.2139/ssrn.2392550
F. Avila
{"title":"Unions and Economic Performance in Developing Countries: Case Studies from Latin America","authors":"F. Avila","doi":"10.2139/ssrn.2392550","DOIUrl":"https://doi.org/10.2139/ssrn.2392550","url":null,"abstract":"espanolEste articulo analiza el impacto economico de los sindicatos sobre la productividad en el sector manufacturero en seis paises de America Latina: Argentina, Bolivia, Chile, Mexico, Uruguay y Panama. Utilizando una funcion de produccion aumentada de Cobb-Douglas, el documento encuentra que los sindicatos tienen efectos positivos, pero sobre todo pequenos, sobre la productividad, con la excepcion de Argentina, con un gran efecto negativo, y Bolivia, sin efecto. Un analisis de la rentabilidad muestra que, en la mayoria de los casos, los efectos positivos de la productividad apenas compensan una indemnizacion sindical mas alta, y que los sindicatos estan relacionados negativamente con la inversion en capital y en I + D. En el articulo se discuten diferentes explicaciones de estos efectos. EnglishThis paper analyzes the economic impact of unions on productivity in the manufacturing sector across six Latin American countries: Argentina, Bolivia, Chile, Mexico, Uruguay, and Panama. Using an augmented Cobb-Douglas production function, the paper finds that unions have positive, but mostly small, effects on productivity, with the exception of Argentina, with a large negative effect, and Bolivia, with no effect. An analysis on profitability shows that, in most cases, the positive productivity effects barely offset higher union compensation, and that unions are negatively related to investment in capital and R & D. Different explanations for these effects are discussed.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"122 1","pages":"4-36"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68172986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Does managerial discretion affect debt maturity in Chilean firms? An agency cost and asymmetric information approach 管理自由裁量权会影响智利公司的债务期限吗?代理成本与信息不对称方法
Ecos de Economia Pub Date : 2016-12-14 DOI: 10.17230/ecos.2016.43.4
J. A. M. Mendoza, S. M. S. Yelpo
{"title":"Does managerial discretion affect debt maturity in Chilean firms? An agency cost and asymmetric information approach","authors":"J. A. M. Mendoza, S. M. S. Yelpo","doi":"10.17230/ecos.2016.43.4","DOIUrl":"https://doi.org/10.17230/ecos.2016.43.4","url":null,"abstract":"We address debt maturity determinants for Chilean firms using data whose information was drawn from the Longitudinal Survey of Companies (ELE). Results from pooled Tobit regressions indicate that for firms with high growth opportunities, managerial discretion will encourage longer debt terms, a decision that contributes to reducing liquidity risk. For firms with low growth opportunities, managerial discretion does not affect debt maturity, while external monitoring reduces it. These results provide new evidence for international literature. Other conclusions suggest that debt maturity is positively related to firm size, capital structure, and asset tangibility and negatively related to agency costs and membership in a holding company. These findings are consistent with international studies.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"20 1","pages":"65-87"},"PeriodicalIF":0.0,"publicationDate":"2016-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67418934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
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