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Managerial efficiency and failure of U.S. commercial banks during the 2007-2009 financial crisis: was this time different? 2007-2009年金融危机期间美国商业银行的管理效率和破产:这次不同吗?
Ecos de Economia Pub Date : 2016-12-02 DOI: 10.17230/ECOS.2016.43.1
Pilar B. Álvarez-Franco, Diego A. Restrepo-Tobón
{"title":"Managerial efficiency and failure of U.S. commercial banks during the 2007-2009 financial crisis: was this time different?","authors":"Pilar B. Álvarez-Franco, Diego A. Restrepo-Tobón","doi":"10.17230/ECOS.2016.43.1","DOIUrl":"https://doi.org/10.17230/ECOS.2016.43.1","url":null,"abstract":"Compared with previous crises few banks failed as a result of the U.S. financial crisis of 2007-2009. We investigate the role played by managerial efficiency in the non-systemic bank failures during the crisis. During previous waves of bank failures, cost-inefficient banks and banks with relatively less capital or low-quality assets were more likely to fail. Using data from 2001 to 2010, we show that profit inefficiency—our proxy for managerial inefficiency— is a robust predictor of bank failures while cost inefficiency is unrelated to them. In addition, capital adequacy lost importance in predicting non-systemic bank failures during the crisis while loan quality remained a strong predictor. Our results suggest that profit efficiency can be an important managerial indicator in monitoring banks.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"20 1","pages":"4-22"},"PeriodicalIF":0.0,"publicationDate":"2016-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67418501","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: 7
The labor-supply effects of extending health insurance to workers’ partners: The experience of Uruguay 向工人的伴侣提供医疗保险的劳动力供给效应:乌拉圭的经验
Ecos de Economia Pub Date : 2016-12-02 DOI: 10.17230/ECOS.2016.43.3
C. Parada
{"title":"The labor-supply effects of extending health insurance to workers’ partners: The experience of Uruguay","authors":"C. Parada","doi":"10.17230/ECOS.2016.43.3","DOIUrl":"https://doi.org/10.17230/ECOS.2016.43.3","url":null,"abstract":"In December 2010 Health Insurance in Uruguay was extended to the partners of workers in the formal labor market. This extension may have modified the incentives to participate in the formal and informal labor markets, potentially reducing overall participation or the share of individuals in the formal labor market whose partners were formally employed. Using a difference-in-differences methodology, effects of the Health Insurance expansion are estimated by comparing individuals affected by the policy over time with similar but unaffected individuals. We find negative and statistically significant effects: the policy extension reduces the share of the economically-active population in the formal labor market by 0.95 percentage points and women in formal employment in the private sector by 2.13 percentage points.  In addition to these effects, we find significant heterogeneous effects by age, educational level, and the formality conditions of the partners. We also find an effect of the policy on occupation, though of smaller magnitude and not always statistically-significant.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"20 1","pages":"39-64"},"PeriodicalIF":0.0,"publicationDate":"2016-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67418745","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
Macroeconomic Effects of Oil Price Fluctuations in Colombia 哥伦比亚石油价格波动的宏观经济影响
Ecos de Economia Pub Date : 2016-12-02 DOI: 10.17230/ECOS.2016.43.2
Leonardo Quero-Virla
{"title":"Macroeconomic Effects of Oil Price Fluctuations in Colombia","authors":"Leonardo Quero-Virla","doi":"10.17230/ECOS.2016.43.2","DOIUrl":"https://doi.org/10.17230/ECOS.2016.43.2","url":null,"abstract":"This research aims to study the effects of oil price changes on the Colombian economy during 2001:Q1 to 2016:Q2. A structural vector auto-regression model in the spirit of Blanchard and Gali (2010) is estimated under a recursive identification scheme, where unexpected oil price variations are exogenous relative to the contemporaneous values of the remaining variables. Drawing on impulse-response estimates, a 10% increase in the oil price generates the following accumulated orthogonalized responses: i) a contemporaneous 0.4% increase in GDP growth, later on the effect reaches its maximum in the first quarter (1.7% increase) and starts to decay after two quarters; ii) a contemporaneous 1.2% decrease in unemployment, then the effect remains slightly negative and reaches its maximum after ten quarters (5.1% decrease); iii) a contemporaneous 0.9% decrease in inflation, followed by an 0.2% increase by quarter three, and thereafter the effect remains slightly negative.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"20 1","pages":"23-38"},"PeriodicalIF":0.0,"publicationDate":"2016-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67418618","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: 6
Colombian mutual funds that invest in stocks: Do they create value? 投资股票的哥伦比亚共同基金:它们创造价值了吗?
Ecos de Economia Pub Date : 2016-06-22 DOI: 10.17230/ECOS.2016.42.5
Juan David Velásquez Monsalve, Nicolas Arango Toro
{"title":"Colombian mutual funds that invest in stocks: Do they create value?","authors":"Juan David Velásquez Monsalve, Nicolas Arango Toro","doi":"10.17230/ECOS.2016.42.5","DOIUrl":"https://doi.org/10.17230/ECOS.2016.42.5","url":null,"abstract":"In this research we evaluate the performance of 73 Colombian stock mutual funds from 2005 to 2015. To quantify the value added by these funds compared to their respective benchmarks, Jensen’s alpha is calculated using  two regression methodologies: Ordinary Least Squares (OLS) and Quantile Regression. We also analyze whether these funds show any evidence of market timing. We recommend the creation of a private firm in Colombia that would provide investors with accurate information about the features and historical performance of Colombian mutual funds, as Morningstar Inc. does in the USA. This would enable investors to choose the best fund options andmake the mutural fund market more efficient and appealing to new potential investors.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"20 1","pages":"90-110"},"PeriodicalIF":0.0,"publicationDate":"2016-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67418075","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
An analysis of herd behavior in Latin American stock markets 拉丁美洲股票市场羊群行为分析
Ecos de Economia Pub Date : 2016-06-22 DOI: 10.17230/ECOS.2016.42.1
Juan Benjamín Duarte Duarte, Laura Daniela Garcés Carreño, Katherine Julieth Sierra Suárez
{"title":"An analysis of herd behavior in Latin American stock markets","authors":"Juan Benjamín Duarte Duarte, Laura Daniela Garcés Carreño, Katherine Julieth Sierra Suárez","doi":"10.17230/ECOS.2016.42.1","DOIUrl":"https://doi.org/10.17230/ECOS.2016.42.1","url":null,"abstract":"This research investigates whether the major stock markets in Latin America (Brazil, Mexico, Chile, Colombia, Peru and Argentina) exhibited herd behavior over the period January 2, 2002 to June 30, 2014, using the variation in the returns overall and by sector in the most representative stock market index in each country, using the model proposed by Christie y Huang (1995). The results do not reveal any herd behavior in the total market, or in the sectors of the markets examined in the study.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"20 1","pages":"4-18"},"PeriodicalIF":0.0,"publicationDate":"2016-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67418202","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
An evaluation of the transmission of the policy interest rate to the financial system’s interest rates in Colombia 哥伦比亚政策利率对金融体系利率传导的评价
Ecos de Economia Pub Date : 2016-06-22 DOI: 10.17230/ECOS.2016.42.2
Jose E. Gomez-Gonzalez, E. R. González-Molano, Carlos Alfonso Huertas-Campos, D. Cristiano-Botia, Ximena Chavarro-Sanchez
{"title":"An evaluation of the transmission of the policy interest rate to the financial system’s interest rates in Colombia","authors":"Jose E. Gomez-Gonzalez, E. R. González-Molano, Carlos Alfonso Huertas-Campos, D. Cristiano-Botia, Ximena Chavarro-Sanchez","doi":"10.17230/ECOS.2016.42.2","DOIUrl":"https://doi.org/10.17230/ECOS.2016.42.2","url":null,"abstract":"This paper studies monetary policy transmission using several statistical tools. We find that the relationships between the policy interest rate and the financial system’s interest rates are positive and statistically significant, and transmission is complete eight months after policy shocks occur. The speed of transmission varies according to the type of interest rates. Transmission is faster for interest rates on loans provided to households, and is particularly rapid and complete for rates on preferential commercial loans. Transmission is slower for credit card and mortgage rates, due to regulatory issues (interest rate ceilings).","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"41 1","pages":"19-45"},"PeriodicalIF":0.0,"publicationDate":"2016-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67418225","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
For love or for money? A study of the marriage wage premium in Colombia 为了爱还是为了钱?哥伦比亚婚姻工资溢价研究
Ecos de Economia Pub Date : 2016-06-22 DOI: 10.17230/ECOS.2016.42.4
Laura Gómez Duarte, Sami Gabriel Coavas Blanquicett
{"title":"For love or for money? A study of the marriage wage premium in Colombia","authors":"Laura Gómez Duarte, Sami Gabriel Coavas Blanquicett","doi":"10.17230/ECOS.2016.42.4","DOIUrl":"https://doi.org/10.17230/ECOS.2016.42.4","url":null,"abstract":"Being married may raise worker productivity and increase the probability of remaining in a job and, as consequence, obtaining a wage premium. Yet, this effect may be different for males and females. In developing countries, such as Colombia, the premium may be larger than in developed countries due to the differing social norms and labor market structures. Using cross-sectional data from Colombian Household Surveys, this paper examines the marriage wage premium and its evolution in Colombia both at the aggregate level and by gender. We find a marriage wage premium for both male and female populations; this wage premium is explained by the greater human capital endowment in married people and to employer favoritism due to the “social norms” which consider being married an appropriate behavior and reward it.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"20 1","pages":"70-89"},"PeriodicalIF":0.0,"publicationDate":"2016-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67418390","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
Global trends in relative and absolute income inequality 相对和绝对收入不平等的全球趋势
Ecos de Economia Pub Date : 2016-06-22 DOI: 10.17230/ECOS.2016.42.3
Thomas Goda
{"title":"Global trends in relative and absolute income inequality","authors":"Thomas Goda","doi":"10.17230/ECOS.2016.42.3","DOIUrl":"https://doi.org/10.17230/ECOS.2016.42.3","url":null,"abstract":"This paper provides an overview of historic worldwide trends in relative and absolute income inequality. Depending on the concept used, inequality trends differ considerably. Inequality between countries increased strongly during 1820-2000 and started decreasing at the beginning of the twenty-first century, whether measured in relative or absolute terms. Within-country inequality, on the contrary, grew especially strongly during the last decades: Its growth rate accelerated after 1950 in absolute terms and after 1975 in relative terms. Absolute global inequality also increased substantially in the post-1950 period, whereas relative global inequality decreased slightly during this period.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"47 1","pages":"46-69"},"PeriodicalIF":0.0,"publicationDate":"2016-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67418295","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: 12
Tendencias mundiales de desigualdad de ingreso en términos absolutos y relativos 绝对和相对收入不平等的全球趋势
Ecos de Economia Pub Date : 2016-06-01 DOI: 10.17230/ECOS.2015.42.3
Thomas Goda
{"title":"Tendencias mundiales de desigualdad de ingreso en términos absolutos y relativos","authors":"Thomas Goda","doi":"10.17230/ECOS.2015.42.3","DOIUrl":"https://doi.org/10.17230/ECOS.2015.42.3","url":null,"abstract":"This paper provides an overview of historic worldwide trends in relative and absolute income inequality. Depending on the concept used, inequality trends differ considerably. Inequality between countries increased strongly during 1820-2000 and started decreasing at the beginning of the twenty-first century, whether measured in relative or absolute terms. Within-country inequality, on the contrary, grew especially strongly during the last decades: Its growth rate accelerated after 1950 in absolute terms and after 1975 in relative terms. Absolute global inequality also increased substantially in the post-1950 period, whereas relative global inequality decreased slightly during this period.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"20 1","pages":"46-69"},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67418167","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
Evidence that Risk Adjustment is Unnecessary in Estimates of the User Cost of Money 风险调整在用户资金成本估算中是不必要的证据
Ecos de Economia Pub Date : 2015-12-01 DOI: 10.17230/ECOS.2015.41.3
Diego A. Restrepo-Tobón
{"title":"Evidence that Risk Adjustment is Unnecessary in Estimates of the User Cost of Money","authors":"Diego A. Restrepo-Tobón","doi":"10.17230/ECOS.2015.41.3","DOIUrl":"https://doi.org/10.17230/ECOS.2015.41.3","url":null,"abstract":"Investors value the special attributes of monetary assets (e.g., exchangeability, liquidity, and safety) and pay a premium for holding them in the form of a lower return rate. The user cost of holding monetary assets can be measured approximately by the difference between the returns on illiquid risky assets and those of safer liquid assets. A more appropriate measure should adjust this difference by the differential risk of the assets in question. We investigate the impact that time non-separable preferences has on the estimation of the risk-adjusted user cost of money. Using U.K. data from 1965Q1 to 2011Q1, we estimate a habit-based asset pricing model with money in the utility function and find that the risk adjustment for risky monetary assets is negligible. Thus, researchers can dispense with risk adjusting the user cost of money in constructing monetary aggregate indexes.","PeriodicalId":40682,"journal":{"name":"Ecos de Economia","volume":"19 1","pages":"49-70"},"PeriodicalIF":0.0,"publicationDate":"2015-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67418031","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
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