Lecturas de Economia最新文献

{"title":"On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia","authors":"J. Barrientos, E. Velilla, David Tobón-Orozco, F. Villada, J. López-Lezama","doi":"10.17533/UDEA.LE.N88A05","DOIUrl":"https://doi.org/10.17533/UDEA.LE.N88A05","url":null,"abstract":"Abstract: This paper presents an estimation of the reaction of electricity demand to changes in price levels of forward contracts in the manufacturing industry of Colombia. To that end, a structural vector autoregressive (SVAR) model was developed, considering several economic activities at different voltage levels. The industrial sectors under study showed an electricity demand not significantly sensitive to price variations. However, the food and drink sectors, plastic and rubber manufacturing, as well as retail trade turned out to be more sensitive to price shocks than the chemical industry or textile manufacturing. Such inelasticity could be softened if information concerning prices and quantity demanded were of common knowledge, or if the forward curve were observable. Resumen En este articulo se presenta una estimacion de la reaccion de la demanda a niveles de precios de contratos forward de electricidad en la industria manufacturera de Colombia. Se desarrollo un modelo de vectores autorregresivos estructurales (SVAR) considerando varias actividades economicas a diferentes niveles de tension. Los sectores industriales bajo estudio no mostraron una demanda de electricidad significativamente sensible a variaciones de precios. Sin embargo, los sectores de alimentos y bebidas, caucho y plastico, asi como el sector comercial minorista resultaron ser mas sensibles a choques de precios que la industria quimica o el sector de manufactura de textiles. Dicha inelasticidad podria suavizarse si la informacion concerniente a precios y cantidades demandadas fuera de conocimiento comun, o si la curva forward pudiera ser observable.","PeriodicalId":52205,"journal":{"name":"Lecturas de Economia","volume":"1 1","pages":"155-182"},"PeriodicalIF":0.0,"publicationDate":"2017-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17533/UDEA.LE.N88A05","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47670191","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":"Gasto público y crecimiento económico: un análisis regional para Colombia, 1984-2012","authors":"Jacobo Campo, Henry Mendoza","doi":"10.17533/UDEA.LE.N88A03","DOIUrl":"https://doi.org/10.17533/UDEA.LE.N88A03","url":null,"abstract":"Resumen La literatura empirica presenta diversos resultados acerca del impacto que tiene el gasto publico sobre el producto interno bruto (PIB) de los paises en general. Este articulo presenta evidencia sobre el impacto que tiene dicho gasto sobre el PIB en 24 departamentos de Colombia, durante el periodo 1984-2012. Ademas, se aplica una prueba de causalidad con datos de panel con el fin de determinar si la relacion se sustenta mediante el enfoque keynesiano o el enfoque wagneriano. A traves de un modelo de datos de panel cointegrado, se obtiene esta relacion y se estiman los coeficientes de la relacion de equilibrio de largo plazo. Los resultados muestran un efecto positivo y significativo del gasto publico primario sobre el PIB, lo cual va en la via del enfoque keynesiano y confirma la hipotesis de que aumentos en el gasto publico contribuyen al crecimiento economico. Abstract: The empirical literature shows mixed results regarding the impact of public spending on the gross domestic product (GDP) of countries in general. This paper presents evidence on the impact of public spending on regional GDP in 24 departments of Colombia, during the period 1984-2012. In addition, we apply a causality test with panel data with the aim to determine whether this relationship is supported by the Keynesian approach or the Wagnerian approach. Using a model of cointegrated panel data, we obtain the long-run equilibrium relationship and estimate its coefficients. The results show a significant and positive effect of primary public spending on GDP, which is in line with the Keynesian approach and confirms the hypothesis that increases in public spending contribute to economic growth.","PeriodicalId":52205,"journal":{"name":"Lecturas de Economia","volume":"1 1","pages":"77-108"},"PeriodicalIF":0.0,"publicationDate":"2017-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17533/UDEA.LE.N88A03","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48527146","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":"Ni muy cerca ni muy lejos: parques urbanos y bienestar subjetivo en la ciudad de Barranquilla, Colombia","authors":"A. Vargas, Paola Marcela Roldan","doi":"10.17533/UDEA.LE.N88A06","DOIUrl":"https://doi.org/10.17533/UDEA.LE.N88A06","url":null,"abstract":"This article studies the relationship between life satisfaction and distance from the place of residence to the nearest urban park in the city of Barranquilla, Colombia. Using self-reported information on life satisfaction and spatial data on park location, we find a significant, inverted U-shaped effect of distance to urban parks on wellbeing. If distance to the urban park is too large, then the positive effects of the park cannot be enjoyed as much; but, if distance is too short, then negative effects due to noise, congestion or fear of crime may occur and outweigh the positive effects of the park. In general, results suggest that parks improve the welfare of urban populations and that their potential effect is greater if the factors that generate disutility to nearby residents are intervened.","PeriodicalId":52205,"journal":{"name":"Lecturas de Economia","volume":"1 1","pages":"183-205"},"PeriodicalIF":0.0,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17533/UDEA.LE.N88A06","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46334868","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":"External cycles and commodities in Latin America and the Caribbean: a cointegration analysis with breaks","authors":"Fernando Delbianco, Andrés Fioriti","doi":"10.17533/UDEA.LE.N88A02","DOIUrl":"https://doi.org/10.17533/UDEA.LE.N88A02","url":null,"abstract":"External cycles and commodities in Latin America and the Caribbean: a cointegration analysis with breaks Abstract:  In this paper, we seek to characterize the relationship between the cyclical behavior of foreign accounts and commodity price indexes for Latin America and the Caribbean. Using several tests of stationarity that allow for the presence of breaks, we conclude that commodity prices are cointegrated with the current accounts in Latin American countries, suggesting that developmentalism plans did not obtain the desired productive diversification and that the region still relies heavily on commodities to determine its foreign position. Another important result supports the findings of Delbianco and Fioriti (2014, 2015) that the region had suffered two sudden stops in the last 60 years, both driven by shifts in commodity prices. Keywords: external sector, structural breaks, cointegration, Latin America JEL Classification:  C12, C58, E44, F44. Ciclos externos y productos basicos en America Latina y el Caribe: un analisis de cointegracion con quiebres Resumen:  En este trabajo se busca caracterizar la relacion entre los comportamientos ciclicos de la cuenta corriente y los indices de precios de los productos basicos (commodities) para America Latina y el Caribe. Usando diferentes test de estacionariedad que permiten la presencia de quiebres, se encuentra evidencia de que los precios de los commodities se encuentran cointegrados con las cuentas corrientes de los paises de Latinoamerica, lo que sugiere que los planes desarrollistas no generaron la diversificacion productiva deseada y que la posicion externa de la region todavia depende fuertemente de los productos basicos. Los resultados tambien apoyan los hallazgos de Delbianco y Fioriti (2014, 2015) que sostienen que la region ha sufrido dos quiebres estructurales en los ultimos 60 anos, ambos derivados de cambios en los precios de los commodities. Palabras Clave:  sector externo, quiebres estructurales, cointegracion, America Latina Clasificacion JEL:  C12, C58, E44, F44. Les cycles internationaux et le marche des matieres premiers en Amerique latine et les Caraibes: une analyse de cointegration avec rupture Resume:  Cet article cherche a caracteriser la relation entre le comportement cyclique de la balance courante et les indices de prix des matieres premieres pour l’Amerique latine et les Caraibes. Tout en utilisant differents tests de stationnarite afin d’etablir la presence de ruptures, nous montrons que les prix des matieres premieres sont cointegres avec les balances courantes des pays d’Amerique latine, ce qui suggere que les plans de developpement n’ont pas entraine la diversification productive souhaitee et que le positionnement des pays sur les marches internationaux depend encore fortement des matieres premieres. Ces resultats appuient egalement les conclusions avancees par Delbianco et Fioriti (2014, 2015) qui affirment que la region latino-americaine a subi deux ruptures struct","PeriodicalId":52205,"journal":{"name":"Lecturas de Economia","volume":"1 1","pages":"51-76"},"PeriodicalIF":0.0,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17533/UDEA.LE.N88A02","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43115705","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":"Economic conditions and birth spacing in Colombia: a semi-parametric approach","authors":"Blanca Zuluaga, Luis Jaramillo, Luis F. Gamboa","doi":"10.17533/UDEA.LE.N87A04","DOIUrl":"https://doi.org/10.17533/UDEA.LE.N87A04","url":null,"abstract":"This document aims to provide evidence on the association between economic conditions and household fertility decisions related to birth spacing by using a Cox proportional hazards model. The contribution of the paper is twofold: first, it adds to the scarce existing literature on this topic for Latin America by offering evidence for Colombia; second, local heterogeneity in economic performance is considered by using regional economic growth as a shock potentially modifying household decisions. We find that better economic performance is associated with reductions in birth spacing. Thus, it seems that demand for children might be procyclical, an income effect predominating; however, when good conditions persist, demand for children decreases, suggesting the dominance of a substitution effect. An alternative interpretation is simply that economic growth increases the probability of having children, automatically reducing the risk after the boom.","PeriodicalId":52205,"journal":{"name":"Lecturas de Economia","volume":"1 1","pages":"97-123"},"PeriodicalIF":0.0,"publicationDate":"2017-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67599532","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":"Health opportunities in Colombia","authors":"Felipe Rivera","doi":"10.17533/UDEA.LE.N87A05","DOIUrl":"https://doi.org/10.17533/UDEA.LE.N87A05","url":null,"abstract":"Resumen: De acuerdo con la teoria de igualdad de oportunidades, la desigualdad en un resultado final (por ejemplo, los ingresos monetarios) es causada, principalmente, por dos tipos de caracteristicas: las circunstancias y el esfuerzo individual. Los individuos no tienen control sobre las primeras, pero si sobre el esfuerzo. Las desigualdades en los resultados finales que son generadas por las circunstancias se consideran injustas, mientras que las generadas por las segundas, no. En este articulo se busca calcular el nivel de desigualdad injusta en salud existente en Colombia. Se concluye, preliminarmente, que en Colombia hay evidencia de desigualdad de oportunidades en salud, la cual explica entre el 30% y el 40% de la desigualdad total en el estado de salud autorreportado por los individuos. Considerando solamente las circunstancias observables, se concluye que la salud de la madre, la estructura del hogar durante la ninez y el genero son caracteristicas individuales que tienen una influencia considerable sobre este tipo de desigualdad. Abstract: According to the theory of equality of opportunity, inequality in final outcomes (e.g., monetary income) is mainly caused by two broad characteristics: circumstances and individual effort. Individuals have no control on the former but on the latter. Inequalities in final outcomes caused by circumstances are considered unfair, while those generated by effort are not. In this paper, we calculate the level of unjust inequality in health in Colombia. A preliminary conclusion is that Colombia presents evidence of inequality of opportunities in health, which explains between 30% and 40% of total inequality in self-reported health status. Considering only observable circumstances, mother’s health, household structure through childhood, and gender are individual characteristics that have considerable influence on this type of inequality.","PeriodicalId":52205,"journal":{"name":"Lecturas de Economia","volume":"1 1","pages":"125-164"},"PeriodicalIF":0.0,"publicationDate":"2017-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43898691","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":"Economía, rentas criminales y políticas públicas en Medellín, por Tobón, D. y Valencia, G. (Eds.)","authors":"A. Eslava","doi":"10.17533/UDEA.LE.N87A08","DOIUrl":"https://doi.org/10.17533/UDEA.LE.N87A08","url":null,"abstract":"El problema de las rentas criminales en las ciudades latinoamericanas suele recibir atencion mediatica y, por ello, realza a los antagonistas del juego social. Sin embargo, academicos y algunos gobiernos tecnicos han comenzado a darle la altura que merece al debate publico. Es una fase inicial de la construccion de argumentos pero, aunque cuesta arriba, el camino es promisorio. Justamente alli esta localizado el aporte que un grupo de investigadores de la Universidad de Antioquia, de la Facultad de Ciencias Economicas y del Instituto de Estudios Politicos, auspiciados por la Secretaria de Seguridad de la Alcaldia de Medellin, logro construir para la conversacion que Medellin requiere en la ardua tarea de gestionar y promover la seguridad y la convivencia en la ciudad.","PeriodicalId":52205,"journal":{"name":"Lecturas de Economia","volume":"1 1","pages":"223-229"},"PeriodicalIF":0.0,"publicationDate":"2017-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47543474","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":"Effects of monetary policy announcements on exchange rate volatility: an analysis for Colombia, 2008-2015","authors":"Juan Ciro, Claudio Oliveira de Moraes, Juan Camilo Gómez Zapata","doi":"10.17533/UDEA.LE.N87A03","DOIUrl":"https://doi.org/10.17533/UDEA.LE.N87A03","url":null,"abstract":"This paper seeks evidence on the effects of central bank communication. To do this, the ability of financial markets to predict monetary policy decisions in Colombia is evaluated. Also, the effects of surprise decisions by the central bank of Colombia on exchange rate volatility are estimated. The results show that central bank communication decreases the volatility of the exchange rate. In addition, it is found that other variables such as external risk, the price of oil and external interest rates affect exchange rate volatility in Colombia.","PeriodicalId":52205,"journal":{"name":"Lecturas de Economia","volume":"1 1","pages":"67-95"},"PeriodicalIF":0.0,"publicationDate":"2017-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48577741","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":"Desigualdad de oportunidades en el sistema de educación pública en Bogotá, Colombia","authors":"A. Sánchez, A. Clavijo, A. Arias, Jaime Andrés Sarmiento Espinel","doi":"10.17533/UDEA.LE.N87A06","DOIUrl":"https://doi.org/10.17533/UDEA.LE.N87A06","url":null,"abstract":"Education is a means to equalize opportunities among individuals and to improve their welfare and future income. Nevertheless, there is limited literature assessing the degree of educational inequality in Colombia, and more so regarding public education. In this sense, this paper presents a comparative analysis of inequality of opportunity in academic achievement of two models of public education in Bogota: traditional and concession. To do this, propensity score matching estimations are used on a dataset collected from a sample of students who took the Saber 11 test in 2012. The results indicate that concession schools exhibit a lower degree of inequality of opportunities compared with traditional public schools.","PeriodicalId":52205,"journal":{"name":"Lecturas de Economia","volume":"1 1","pages":"165-190"},"PeriodicalIF":0.0,"publicationDate":"2017-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46701621","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":"Globalización y desigualdad: evidencia en América Latina","authors":"W. Rodríguez, Rocío Contreras Collantes","doi":"10.17533/UDEA.LE.N87A01","DOIUrl":"https://doi.org/10.17533/UDEA.LE.N87A01","url":null,"abstract":"Resumen: Este articulo investiga la relacion entre globalizacion y desigualdad en doce economias latinoamericanas durante el periodo 2000-2013 mediante analisis de datos de panel. Con base en la importancia que da la literatura a la estructura de una economia, se dividieron los paises segun niveles de corrupcion, educacion, tamano del pais y apertura comercial. Los resultados sugieren que la apertura de mercado genera una disminucion de la desigualdad, mientras que la inversion extranjera la aumenta. Estructuralmente, los paises con mayor corrupcion, mayor apertura de mercado y mayor tamano aprovechan mejor las ventajas de la globalizacion con el fin de disminuir la desigualdad. Abstract: This study explores the relationship between globalization and income inequality in twelve Latin American economies during the period 2000-2013 using panel data analyses. Based on the importance that the literature gives to a country’s structure, the sample is grouped according to corruption levels, educational attainment levels, gross domestic product (GDP) and trade openness. The results show that higher trade openness generates a decrease in income inequality, while higher foreign direct investment increases it. Countries characterized by higher levels of corruption, trade openness and GDP take better advantage from globalization to decrease income inequality.","PeriodicalId":52205,"journal":{"name":"Lecturas de Economia","volume":"1 1","pages":"9-33"},"PeriodicalIF":0.0,"publicationDate":"2017-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17533/UDEA.LE.N87A01","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46400671","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}