Miguel Angel Tinoco Zermeño, F. Martínez, V. H. T. Preciado
{"title":"Effects of inflation on financial sector performance: New evidence from panel quantile regressions","authors":"Miguel Angel Tinoco Zermeño, F. Martínez, V. H. T. Preciado","doi":"10.22201/FE.01851667P.2018.303.64156","DOIUrl":"https://doi.org/10.22201/FE.01851667P.2018.303.64156","url":null,"abstract":"This paper explores the influence of inflation on the conditional distribution of financial development, an issue that has not received attention in related literature, with data from 84 countries covering the 1980-2010 period. In our data we show the presence of fixed effects, reject cross-sectional dependence in the error structure and justify poolability. Our empirical strategy employs standard and fixed-effects quantile regressions to demonstrate that the influence of inflation varies along the quantiles of the conditional finance distribution. In general, we find a consistently negative and nonlinear effect of price increases on financial variables; in particular, it is statistically significant in the full sample of countries, significant in developing countries, and insignificant in developed countries.","PeriodicalId":44170,"journal":{"name":"Investigacion Economica","volume":"77 1","pages":"94-129"},"PeriodicalIF":0.6,"publicationDate":"2018-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44200672","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Consideraciones al libro Visiones de cambio desde las ciencias sociales","authors":"P. S. Torres, D. M. Ruíz","doi":"10.22201/FE.01851667P.2018.303.64159","DOIUrl":"https://doi.org/10.22201/FE.01851667P.2018.303.64159","url":null,"abstract":"En febrero del 2017, a traves de la editorial de la Escuela Nacional de Estudios Superiores, Unidad Morelia (ENES-UNAM), publicamos el libro Visiones de cambio desde las ciencias sociales . Compilamos las reflexiones de veintiocho colegas de campos disciplinarios diversos. El objetivo central de la obra era hacernos de una postura panoramica del estado de nuestros ambitos profesionales. Pretendiamos reconocer las diferentes influencias que han dado lugar hoy al concierto disciplinario y, a partir de ello, vislumbrar posibles derroteros de cara a las diversas problematicas actuales...","PeriodicalId":44170,"journal":{"name":"Investigacion Economica","volume":"77 1","pages":"177-181"},"PeriodicalIF":0.6,"publicationDate":"2018-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45602488","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"LA RENEGOCIACIÓN DEL TLCAN. EFECTOS ARANCELARIOS Y EL CASO DE LA CADENA DEL CALZADO. COMENTARIOS DE JOSÉ CARLOS RAMÍREZ, JUAN CARLOS MORENO BRID, ISABEL SALAT Y JOAQUÍN SÁNCHEZ. RÉPLICA DEL AUTOR","authors":"E. D. Peters","doi":"10.22201/FE.01851667P.2018.303.64154","DOIUrl":"https://doi.org/10.22201/FE.01851667P.2018.303.64154","url":null,"abstract":"La falta de un monitoreo y evaluacion del Tratado de Libre Comercio de America del Norte (TLCAN) hasta 2017 se ha convertido en un dilema significativo para el Ejecutivo mexicano y su proceso de renegociacion. El analisis parte de las exigencias de la Administracion Trump para renegociar el Tratado y estima los efectos arancelarios —en Mexico y en Estados Unidos— de la cancelacion del mismo, haciendo enfasis en la cadena del calzado. En general, los efectos de la cancelacion del TLCAN no son significativos desde una perspectiva arancelaria, aunque un grupo de cadenas de valor y fracciones si verian significativamente afectadas sus actividades en la region. Partiendo de niveles relativamente altos de integracion en la region de America del Norte, desde inicios del siglo XXI se percibe un creciente proceso de desintegracion; la cadena del calzado es un ejemplo. Se presentan un grupo de propuestas —y mas alla del proceso de renegociacion actual— que reflejan los masivos retos para el sector productivo mexicano en el contexto del TLCAN, tanto desde una perspectiva local, nacional como regional.","PeriodicalId":44170,"journal":{"name":"Investigacion Economica","volume":"77 1","pages":"3-78"},"PeriodicalIF":0.6,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45377257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Gregorio Giménez , María del Pilar Pastor Pérez , Héctor Manuel Malacara Hernández
{"title":"Factores de innovación en los estados de México. ¿A qué se deben las diferencias entre estados con mayor y menor dinamismo innovador?","authors":"Gregorio Giménez , María del Pilar Pastor Pérez , Héctor Manuel Malacara Hernández","doi":"10.1016/j.inveco.2017.06.003","DOIUrl":"10.1016/j.inveco.2017.06.003","url":null,"abstract":"<div><p><strong>T</strong>his work uses a balanced panel data, from the 31 Mexican states during 1997-2012, to identify the reasons of the differences between states with greater and lesser innovative dynamism. To do this, the Oaxaca-Blinder decomposition and the estimator proposed by Driscroll and Kraay are applied. The differences, in terms of innovative success, are mainly explained by the discrepancy in the amount and use of the human capital factor: the most innovative states have more human capital and make a better use of it. Public investment in research and development, as well as the spending on higher education, are factors that contribute also to explain the innovative success. Besides, the most innovative states have greater population density and more scientists, however, less innovative states make better use of these last factors.</p></div>","PeriodicalId":44170,"journal":{"name":"Investigacion Economica","volume":"76 302","pages":"Pages 131-164"},"PeriodicalIF":0.6,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.inveco.2017.06.003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44900150","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Industrial structure and transmission of monetary policy in Latin American countries","authors":"Jorge David Quintero Otero","doi":"10.1016/j.inveco.2018.01.004","DOIUrl":"10.1016/j.inveco.2018.01.004","url":null,"abstract":"<div><p><strong>B</strong>ased on data from the manufacturing industry and its subsectors, this article shows the impact of monetary policy according to the industrial structure in Brazil, Chile, Colombia, Mexico and Peru, the five Latin American countries adopting the system of inflation targeting for the longest time. Results show that the impact of monetary policy on industrial production is stronger in countries where the interest rate channel is more relevant, since the subsectors producing capital goods and durable consumer goods are more sensitive to monetary decisions. These results are closely linked to the role of price rigidities on the differential impact of monetary policy on industrial subsectors.</p></div>","PeriodicalId":44170,"journal":{"name":"Investigacion Economica","volume":"76 302","pages":"Pages 103-129"},"PeriodicalIF":0.6,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.inveco.2018.01.004","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49234650","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ignacio Perrotini Hernádez , Juan Alberto Vázquez Muñóz
{"title":"Is the wage rate the real anchor of the inflation targeting monetary policy framework?","authors":"Ignacio Perrotini Hernádez , Juan Alberto Vázquez Muñóz","doi":"10.1016/j.inveco.2018.01.002","DOIUrl":"10.1016/j.inveco.2018.01.002","url":null,"abstract":"<div><p><strong>N</strong>umerous central banks (<span>cb</span>s) focus on controlling the nominal interest rate (<em>i</em>) to sway the price level and meet the inflation target (π<sup>o</sup>) nowadays (<span>Taylor, 1993</span>, <span>Bernanke, 1999</span>, <span>Woodford, 2003</span>). The <em>i</em> is taken to be the anchor for a low and stable rate of inflation in an open economy model. Yet, some analysts, orthodox and heterodox alike, have challenged this belief arguing that <span>cb</span>s turn to the exchange rate (<em>e</em>) channel and adopt it as a second policy tool with the aim of meeting π<sup>o</sup> (<span>Svensson, 1999</span>, <span>Hüfner, 2004</span>). The purpose of this paper is to show that the veritable anchor of inflation is neither <em>i</em> nor <em>e</em>, but the wage rate and the unit labour costs (<span>ulc</span>). We conduct econometric analyses based on data from a set of inflation targeting countries. The main empirical findings support our hypothesis regarding the higher importance of wages and the <span>ulc</span> <em>vis-à-vis i</em> and <em>e</em> in the determination of the <span>cpi</span>.</p></div>","PeriodicalId":44170,"journal":{"name":"Investigacion Economica","volume":"76 302","pages":"Pages 9-54"},"PeriodicalIF":0.6,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.inveco.2018.01.002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48964980","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Which sectors to stimulate first in Brazil? Estimating the sectoral power to pull the economy out of the recession","authors":"Henrique Morrone","doi":"10.1016/j.inveco.2017.05.001","DOIUrl":"10.1016/j.inveco.2017.05.001","url":null,"abstract":"<div><p><strong>T</strong>he current recession in Brazil has provoked intense discussion concerning ways to boost economic activity. This paper intends to contribute to the debate by ranking the sectors that have the power to pull the economy out of the recession when they are stimulated, employing the eigenvector method developed by <span>Dietzenbacher (1992)</span>. To that end, we first estimated the input-output (I-O) matrix for 2013 applying <span>Guilhoto and Sesso (2005)</span>’s methodology and build an I-O matrix from the National Statistical Accounts. Later, we employed the eigenvector method to find the inter-sector backward linkages and ranked them. The results highlight the importance of petroleum refining and coke, resin manufacturing and elastomers, various chemical products and preparations, and chemicals to boost the recovery of the economy. Nonetheless, the traditional sectors of construction and automotive manufacturing exhibited poor and modest results respectively.</p></div>","PeriodicalId":44170,"journal":{"name":"Investigacion Economica","volume":"76 302","pages":"Pages 55-75"},"PeriodicalIF":0.6,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.inveco.2017.05.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47098284","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Política de salarios mínimos: influencia sobre la desigualdad económica en la Unión Europea","authors":"Francisco J. Sánchez Vellvé","doi":"10.1016/j.inveco.2018.01.003","DOIUrl":"10.1016/j.inveco.2018.01.003","url":null,"abstract":"<div><p><strong>T</strong>his article analyzes the effect of the relative minimum wage on the inequality of disposable income of households in the European Union. To do this, an empirical analysis is carried out with a panel data econometric modeling that allows to verify the effectiveness of the policies of the relative minimum wages on the economic inequality and leads to the estimation of a negative and significant elasticity. However, this effect is reduced by 60% from the start of the economic crisis. This is not a drawback for this measure of minimum wages, which is relative in nature, to be used as a common European reference in the fight against economic inequality. Therefore, economic, social, cultural, labor market and welfare state differences will not be a serious obstacle for their community adoption.</p></div>","PeriodicalId":44170,"journal":{"name":"Investigacion Economica","volume":"76 302","pages":"Pages 77-101"},"PeriodicalIF":0.6,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.inveco.2018.01.003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45704748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Conferencia del Dr. Carlos Alejandro Tello Macías realizada el 15 de febrero de 2017 en el Auditorio Ho Chi Minh a propósito de su nombramiento, por parte del H. Consejo Universitario, como Profesor Emérito de la Facultad de Economía de la Universidad Nacional Autónoma de México (unam)","authors":"Muchas gracias","doi":"10.1016/j.inveco.2018.01.001","DOIUrl":"https://doi.org/10.1016/j.inveco.2018.01.001","url":null,"abstract":"","PeriodicalId":44170,"journal":{"name":"Investigacion Economica","volume":"76 302","pages":"Pages 3-8"},"PeriodicalIF":0.6,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.inveco.2018.01.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92075118","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}