Universidad de los Andes Department of Economics Research Paper Series最新文献

{"title":"Labor Market Power in Developing Countries: Evidence from Colombian Plants","authors":"Francesco Amodio, N. de Roux","doi":"10.2139/ssrn.3854185","DOIUrl":"https://doi.org/10.2139/ssrn.3854185","url":null,"abstract":"How much can employers in low and middle-income countries suppress wages below marginal productivity? Using plant and customs data from Colombia, we exploit predetermined variation across plants in sales export destination combined with variation in exchange rates to generate plant-specific shocks to marginal revenue productivity and labor demand. We estimate a firm-level labor supply elasticity of around 2.5, implying that workers produce about 40% more than their wage level. Our results indicate that Colombian and US manufacturers have a comparable degree of labor market power.","PeriodicalId":446687,"journal":{"name":"Universidad de los Andes Department of Economics Research Paper Series","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116760512","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}

{"title":"Transmisión Crediticia, Liquidez y Capital Bancario en Colombia (Credit Transmission, Liquidity, and Bank Capital in Colombia)","authors":"Sergio Clavijo","doi":"10.2139/ssrn.3822637","DOIUrl":"https://doi.org/10.2139/ssrn.3822637","url":null,"abstract":"<b>Spanish Abstract:</b> Este documento analiza efectos de la política monetaria expansiva global sobre la velocidad de transmisión crediticia (esto es, la forma en que la repo del banco central afecta el costo final crediticio). El desafío bancario actual consiste en balancear, de una parte, la competencia bancaria que tiende a acelerar dicha transmisión y, de otra parte, los riesgos de contraparte-crediticia.<br><br>En Colombia, esa velocidad de transmisión crediticia ha sido rápida en cartera corporativa, pero lenta en cartera de consumo, donde en ésta última los plazos se han ido extendiendo (a 6 años) y prevalecen contrataciones a tasas fijas (en un 87%). Así, la profundización de instrumentos de cobertura como los swaps de tasas de interés y la mejor combinación entre el “mercado mostrador” (OTC) y “registro-BVC” ayudarían en agilizar dicha transmisión. También ayudaría la mayor flotación en tasas de interés atadas al IBR, y menos a DTF, tanto en mercado monetario como en mercado de capitales, en línea con el movimiento global de la LIBOR a SOFR. Pero consolidar esta profundización en mercados locales requiere que Colombia logre preservar su “grado de inversión” en 2021-2022.<br><br>La compresión en margen de intermediación bancaria, el potencial deterioro de la cartera y las mayores exigencias en índices de liquidez de mediano plazo y capital disponible (tier-1) constituyen importantes desafíos en el inmediato futuro. Colombia se ha destacado por su ágil acoplamiento a las exigencias regulatorias a nivel regional, durante 2017-2020, contándose dentro del 42% de la banca regional con estándar Basilea III.<br><br>No obstante, a Colombia le restan tareas en depuración de capital. Con menores utilidades disponibles durante 2021-2022, por efectos de la pandemia-Covid, la banca que opera en Colombia tendrá exigentes tareas para balancear riesgos de contra-parte crediticia con mayor exigencia de liquidez y capital bancario.<br><br><b>English Abstract:</b> This document analyses monetary policy effects on transmission of credit interest rates in Colombia with particular attention to the period of global liquidity spurred by the Covid-pandemic during 2020-2022. Challenges for banks operating in Colombia are twofold: they face increasing banking competition (reinforced by FINTECH) and increasing credit risks due to deteriorating macro-financial conditions after a -6.8% real-GDP and an average of 16% in unemployment over 2020. Expected rebound for 2021 looks mild at 4% in real-GDP and staggered unemployment averaging 14%.<br><br>Credit transmission has been fairly rapid in corporate credits, but slow in consumption loans, given contract prevalence at fix-rates (87% of total) and extensions averaging 6 years in the latter. Gains in credit transmission would require: i) deepening of the swaps market of interest rates, currently focused at OTC instead of the registered market; and ii) increasing the floating portion related tothe IBR (bid-market over th","PeriodicalId":446687,"journal":{"name":"Universidad de los Andes Department of Economics Research Paper Series","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127958694","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}

{"title":"Acumulación regulatoria y productividad: evidencia para Colombia y Estados Unidos (Regulatory Accumulation and Productivity: Evidence for Colombia and the United States)","authors":"José Libardo Mejía","doi":"10.2139/ssrn.3821775","DOIUrl":"https://doi.org/10.2139/ssrn.3821775","url":null,"abstract":"<b>Spanish Abstract:</b> Este artículo presenta un aporte al desarrollo de la base de datos REGCOL 1.0 en la cual se evidencia el flujo de regulación al que se ven enfrentados nueve grandes sectores productivos en Colombia entre el año 1991 y 2014. A partir de la variable de flujo, se construye una aproximación al nivel de regulación en Colombia y aprovechando la existencia de un indicador comparable para Estados Unidos, se presenta una primera estimación de la relación entre el proceso de acumulación regulatoria y la Productividad Total de los Factores (PTF) a través de la metodología de efectos fijos. Se encontró para ambos países que los incrementos del nivel de regulación tienen rendimientos marginales decrecientes sobre la PTF. De tal forma, existe un nivel aproximado a partir del cual el nivel de regulación puede estar relacionado con un menor nivel de PTF.<br><br><b>English Abstract:</b> This article presents a contribution to the development of the REGCOL 1.0 database, which shows the flow of regulation faced by nine large productive sectors in Colombia between 1991 and 2014. From the flow variable, builds an approximation to the level of regulation in Colombia and takingadvantage of the existence of a comparable indicator for the United States, a first estimate of the relationship between the regulatory accumulation process and Total Factor Productivity (TFP) is presented through the methodology fixed effects. It was found for both countriesthat increases in the level of regulation have diminishing marginal returns on TFP. Thus, there is an approximate level from which the level of regulation can be related to a lower level of TFP.","PeriodicalId":446687,"journal":{"name":"Universidad de los Andes Department of Economics Research Paper Series","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124460700","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}

{"title":"Money Matters: Global Banks, Safe Assets and Monetary Autonomy","authors":"Sergio Florez-Orrego","doi":"10.2139/ssrn.3821781","DOIUrl":"https://doi.org/10.2139/ssrn.3821781","url":null,"abstract":"This paper depicts an often neglected channel of transmission of monetary policy, namely international safety appetite, as an important source of production and risk-taking international monetary spillovers. The model features a local economy with exogenous financial frictions that lead firms to need both local and foreign financing to pay for their factors of production. Global and local risk-averse banks supply firms with risky loans while buying safe assets to governments to hedge themselves against equity shocks. Monetary policy shocks of a hegemon currency issuer affect returns obtained by banks for the risky loans they concede, altering these agents' risk pricing and balance sheet composition. Main results outline that global monetary policy tightening reduces the returns of risky global loans, inducing global banks to reduce risky loan creation, ultimately decreasing both production and consumption volatility internationally. Two more secondary results arise. First, local monetary authorities may counteract global monetary policy spillovers, but this will entail a trade-off between boosting production and reducing consumption volatility. Second, both global and local expansive monetary policy increase the demand for global safe assets, relaxing the budget constraint of monopolistic global safe asset issuers. Understanding the international safety appetite mechanism of transmission appears to be of critical importance as it may impact the effectiveness of monetary policy in open economies as well as its optimal design.","PeriodicalId":446687,"journal":{"name":"Universidad de los Andes Department of Economics Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114182018","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}

{"title":"La Agenda Global de Género: un camino para el empoderamiento (Global Gender Agenda: A Pathway to Empowerment)","authors":"María del Pilar López-Uribe, María Alejandra Terrazas Chávez, María Paula Neira, P. Pastrana","doi":"10.2139/ssrn.3821769","DOIUrl":"https://doi.org/10.2139/ssrn.3821769","url":null,"abstract":"<b>Spanish Abstract:</b> ¿Cuáles son los logros y retos que las mujeres han enfrentado durante los últimos 20 años? Este capítulo buscar dar una explicación más detallada de los caminos para el empoderamiento de la mujer en siete áreas: política, salud, educación, trabajo, posconflicto, agricultura, y la reducción de la violencia sexual. A pesar del significativo progreso en la equidad de género, en la actualidad hay retos que solo puede ser enfrentados con cambios culturales y educativos. Se han dado diversas políticas que buscan la reducción de las brechas de género en muchas esferas, pero para lograr este objetivo es crucial cambiar las creencias sociales desfavorables, comportamientos, estereotipos y los tipos de violencia hacia las mujeres. En consecuencia, la definición de una agenda de género es vital para establecer el punto inicial hacia el empoderamiento de la mujer en el mundo y para proveer ciertos mínimos que los gobiernos deben lograr en aras de la equidad de género. Esta definición depende de las necesidades de cada región, pero las mujeres enfrentan problemas urgentes para la equidad de género en el acceso a servicios médicos, información y crédito especialmente en zonas rurales.<br><br><b>English Abstract:</b> What are the most significant achievements and challenges women have faced over the last 20 years? This chapter aims to provide a more in-depth explanation of women's pathway to empowerment in seven main areas: politics, health, education, work, post-conflict, agriculture, and reduction of sexual violence. Despite the significant progress in gender equality, nowadays there are critical challenges that can only be addressed by cultural and educational changes. There can be many fruitful policies that aim to reduce gender gaps in many spheres but changing unfavorable social beliefs, behaviors, stereotypes, and any kind of violence against women is crucial to achieving this goal. Thus, the definition of a gender agenda is vital to establish the starting point towards women empowerment worldwide and to provide minims that governments must achieve in gender equality. This definition depends on each region's needs, but women face more urgent problems for gender equality in access to healthcare services, information, and credit, especially in rural areas.","PeriodicalId":446687,"journal":{"name":"Universidad de los Andes Department of Economics Research Paper Series","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127962499","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}

{"title":"An Economic Theory of Labor Discrimination","authors":"Hernán Vallejo","doi":"10.2139/SSRN.3811768","DOIUrl":"https://doi.org/10.2139/SSRN.3811768","url":null,"abstract":"This article presents a theory of labor discrimination based on the behavior of economic agents that maximize utility and profits. The article makes use of a monopsony that hires workers that have the same labor productivity, to focus on perfect discrimination; discrimination by quantities of labor hired; and discrimination by types of labor hired. The article concludes that in such contexts, workers with the same productivity may be discriminated in wages and quantities of labor hired, when firms make use of their market power; when there are differences in the opportunity costs and the wage elasticities of labor supply among workers; when there is asymmetric information, self-selection and adverse selection; and when firms or governments decide not to allow for wage discrimination. First best minimum wages may contribute to improve employment and welfare, but higher minimum wages may not.","PeriodicalId":446687,"journal":{"name":"Universidad de los Andes Department of Economics Research Paper Series","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121789478","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}

{"title":"Employment Differentiation, Minimum Wages and Firm Exit","authors":"Hernán Vallejo","doi":"10.2139/SSRN.3811780","DOIUrl":"https://doi.org/10.2139/SSRN.3811780","url":null,"abstract":"The economic literature acknowledges that labor markets can often be described by monopsonistic competition. In such a structure, employers have market power and in the long run, zero profits due to the free entry and exit of firms. This article builds a model to analyze the role of minimum wages when employment is differentiated. It shows that first best and second best minimum wages can increase employment and improve efficiency by reducing market power, at the expense of having firm exit, higher concentration among employers, and less employment variety. As such, this article can provide insights on the higher firm exit rates observed among new, small and lower productivity firms.","PeriodicalId":446687,"journal":{"name":"Universidad de los Andes Department of Economics Research Paper Series","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127857068","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}

{"title":"Train to Opportunity: the Effect of Infrastructure on Intergenerational Mobility","authors":"Julián Costas-Fernández, J. Guerra, Myra Mohnen","doi":"10.2139/ssrn.3751814","DOIUrl":"https://doi.org/10.2139/ssrn.3751814","url":null,"abstract":"Can transport infrastructure promote intergenerational mobility? This paper estimates the causal impact of the railroad network on intergenerational occupation mobility in nineteenth century England and Wales. We create a new dataset of father and son pairs by linking individuals across the 100% censuses of 1851, 1881 and 1911. By geolocating individuals down to the street level, we measure access to the railroad network using the distance to the nearest train station. To address the non-random access to the railroad network, we create a hypothetical railway map based solely on geographic cost consideration. We find that sons who grew up one standard deviation (roughly 5 km) closer to the train station are 6 percentage points more likely to work in a different occupation than their father and 5 percentage points more likely to be upward mobile. Access to the railroad network benefitted families at the top and bottom of the occupational ranking. Through a decomposition exercise, we find that the majority of upward mobility is driven by improvements in local labour opportunities.","PeriodicalId":446687,"journal":{"name":"Universidad de los Andes Department of Economics Research Paper Series","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121634527","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}

{"title":"Cuarentena y post cuarentena en Colombia: preocupaciones económicas, aislamiento social y aprobación del gobierno (Quarantine and Post Quarantine in Colombia: Individuals’ Economic Concerns, Social Distancing and the Approval of the Government)","authors":"Oskar Nupia","doi":"10.2139/ssrn.3737185","DOIUrl":"https://doi.org/10.2139/ssrn.3737185","url":null,"abstract":"Spanish Abstract: Usamos datos de encuestas en Colombia para analizar preocupaciones economicas personales y sociales generadas por la COVID-19, el cumplimiento del aislamiento y la aprobacion del gobierno, antes y despues de la cuarentena. Usando regresiones probabilisticas estimamos correlaciones entre estas variables y caracteristicas socioeconomicas de las personas. En el periodo post-cuarentena las preocupaciones personales aumentaron, mientras las sociales disminuyeron. Un alto porcentaje de personas reportan ambas preocupaciones. El cumplimiento de la cuarentena aumento, pero la aprobacion del gobierno disminuyo. Mujeres cabeza de hogar, individuos con personas a cargo, personas recibiendo subsidios del gobierno y trabajadores informales tiene mayor probabilidad de reportar preocupaciones economicas personales. Las sociales son mas bajas entre jovenes y mas importantes entre mujeres y persona informadas. El cumplimiento de la cuarentena es menor entre jovenes y mayor entre no trabajadores y trabajadores informales. La aprobacion del gobierno es menor entre jovenes, personas recibiendo subsidios y trabajadores informales. \u0000 \u0000English Abstract: Using two waves of surveys from Colombia, we analyze individuals’ economic and social concerns generated by the COVID-19, the compliance with social distancing, and the approval of the government during and after the quarantine. Using probabilistic regressions, we estimate correlations between these variables and individuals’ socioeconomic characteristics. Personal economic concerns increased in the post quarantine period, while social concerns went down. A high percentage of people report both concerns. The compliance of quarantine increased and the approval of the government went down. Women household head, individuals with dependents, people receiving subsidies from the government and informal workers are more likely to report personal economic concerns. Social concerns are less likely among young and more likely among women and informed people. The quarantine compliance is less likely among young and more likely among no workers and informal workers. The government approval in less likely among young, people receiving subsidies and informal workers.","PeriodicalId":446687,"journal":{"name":"Universidad de los Andes Department of Economics Research Paper Series","volume":"96 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121212274","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}

{"title":"Disinflations and Income Distribution","authors":"Laura Gómez-Acevedo, M. Hofstetter","doi":"10.2139/ssrn.3712705","DOIUrl":"https://doi.org/10.2139/ssrn.3712705","url":null,"abstract":"Most countries in the world have brought inflation down to very low rates. While there is broad consensus regarding the fact that polices aimed at bringing down inflation have adverse consequences on aggregate output and unemployment, at least in the short run, we know little about the distributional impact of disinflations. We find that along with disinflation, the income distribution tends to worsen: the Gini increases and the income share of those at the top of the income distribution significantly increases. We discuss the implications of these findings for monetary policy.","PeriodicalId":446687,"journal":{"name":"Universidad de los Andes Department of Economics Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129451198","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}