Examinando por Autor "Torres, Alejandro"
Mostrando 1 - 8 de 8
Resultados por página
Opciones de ordenación
Ítem Absolute Inequality and Violent Property Crime(Universidad EAFIT, 2016-08-22) Goda, Thomas; Torres, Alejandro; tgoda@eafit.edu.co; atorres7@eafit.edu.coRational choice models argue that income inequality leads to a higher expected utility of crime and thus generates incentives to engage in illegal activities. Yet, the results of empirical studies do not provide strong support for this theory; in fact, Neumayer provides apparently strong evidence that income inequality is not a significant determinant of violent property crime rates when a representative sample is used and country specific fixed effects are controlled for. An important limitation of this and other empirical studies on the subject is that they only consider proportional income differences, even though in rational choice models absolute difference in legal and illegal incomes determine the expected utility of crime. Using the same methodology and data as Neumayer, but using absolute inequality measures rather than proportional ones, this paper finds that absolute income inequality is a statistically significant determinant of robbery and violent theft rates. This result is robust to changes in sample size and to different absolute inequality measures, which not only implies that inequality is an important correlate of violent property crime rates but also suggests that absolute measures are preferable when the impact of inequality on property crime is studied.Ítem Class or location? What explains the rising tide of absolute global income inequality during 1850-2010?(Universidad EAFIT, 2015-03-01) Goda, Thomas; Torres, AlejandroThis paper is the first to decompose absolute global income inequality into its within-country class and between-country location components. The estimates show that until 1970 locational income differences were the main driver of absolute global inequality, whereas its recent growth can be explained primarily by class differences. Nowadays, inequality between classes explains 70% of absolute global market inequality. Additional findings are that absolute income convergence between countries took place after 2005, that it is possible to reduce absolute inequality and to grow at the same time, and that of late within countries net inequality was growing faster than market inequality.Ítem Concentración bancaria, competencia y estabilidad financiera en Colombia(Universidad EAFIT, 2019-02-28) Castaño, Juan David; Torres, Alejandro; jcasta45@eafit.edu.coThe recent increase in concentration levels and the regulation of financial systems around the world has revived the debate on the relationship between banking concentration, market competition and financial stability. In this paper, we study the relationship between these variables for the recent Colombian case. Our results confirms the existence of a strong banking concentration process during the last decade, which has been accompanied in turn by a decrease in the level of competition among banks. However, this process has not compromised the stability of the banking system. On the contrary, it has been improved. Finally, we found a non-linear relationship between these variables, suggesting it is not recommended to increase the banking concentration levels in to the future.Ítem Demanda de dinero en América Latina, 1996-2016: una aplicación de cointegración en datos de panel(Universidad de los Andes, 2020-01-17) Torres, Alejandro; Villca, Alfredo; Posada, Carlos Esteban; Velasquez, Hermilson; Universidad EAFIT. Departamento de Economía y Finanzas; Research in Spatial Economics (RISE)The study of money demand enables us to understand the macroeconomic effects of monetary policy. In this paper, we estimate the money demand for 15 Latin American countries from 1996 to 2016, using panel cointegra-tion and FMOLS estimation methods. We also estimate a model of dynamic common factors to test for the existence of common trends between coun-tries. The results show a long run relationship between money demand, income, and interest rates. However, there is no evidence of common factors between countries, which is consistent with the heterogeneity observed in the estimated elasticities. Contrary to what we expected, in several cases, the estimated income elasticity is greater than one, which could be associated with agents’ higher risk perceptions which affect their liquidity preferences. © 2020, Universidad de los Andes, Facultad de Economia. All rights reserved.Ítem Demanda de dinero en América Latina, 1996-2016: una aplicación de cointegración en datos de panel(Universidad EAFIT, 2018-04) Villca, Alfredo; Torres, Alejandro; Posada, Carlos Esteban; Velásquez, Hermilson; atorres7@ea t.edu.coIn this paper we consider a structural model of general equilibrium that allows us to deduce the demand for money as a function of the level of transactions and the opportunity cost of maintaining it. Through the application of the panel cointegration method and the FMOLS, we estimate the income and interest rate elasticities derived from a long-term relationship for a sample of 15 Latin American countries. The findings suggest the existence of a longterm equilibrium of money demand. The estimates for this exercise for the whole panel are consistent with the predictions of the theoretical model, but the magnitude of the elasticities differs when examined for each country. This seems to indicate that the money markets are not homogeneous and may be associated with different experiences in terms of macroeconomic performance.Ítem Efectos diferenciales de la tasa de cambio real sobre el comercio internacional en Colombia(Universidad EAFIT, 2017-06-01) Torres, Alejandro; Goda, Thomas; Sanchez, Santiago; Romero, Adriana; tgoda@eafit.edu.co; atorres7@eafit.edu.co; ssanch40@eafit.edu.co; aromero9@eafit.edu.coDuring the 2006-2013 period, Colombia experienced on the strongest appreciations in the world. During this same period, the volume of manufacturing exports fell nearly 50%, while the volume if imports rose in the same quantity. This work aims to determine the effect of the real exchange rate on the flow of international commerce in the manufacturing sector. For this end, and as a main approach, sub-sectoral real exchange rate indices are calculated for 19 manufacturing subsectors, noting the potential existence of heterogeneities between them. The price elasticities for exports and imports are also estimated using the bilateral and sub-sectoral real exchange rate index. The results indicate the existence of important differences between the behavior of the real exchange rate between subsectors, and that these differences explain the behavior of exports in the different manufacturing sectors, although the results are not so clear for the case of imports. These results suggest that policymakers should consider the differential effects of their policies on manufacturing performance when they affect the real exchange rate.Ítem Overvaluation of the real exchange rate and the Dutch Disease: the Colombian case.(Universidad EAFIT, 2013-11-12) Goda, Thomas; Torres, AlejandroIn this study, we estimate the impact of the 2004-2012 energy and mining boom on the real effective exchange rate in Colombia and the sectoral composition of its economy. To this end, we introduce the new “extended Dutch Disease” concept, according to which a currency appreciation may not only occur due to traditional “spending” and “relocation” effects but also due to exports and massive inflows of external capital that finances the booming sector. The empirical results indicate that Colombia experienced an overvaluation of its real exchange rate, which in turn negatively affected the competitiveness of its manufacturing and agricultural sector.Ítem Tasa de cambio real y recomposición sectorial en Colombia(Universidad EAFIT, 2013-08-08) Goda, Thomas; Torres, AlejandroEste trabajo analiza el impacto del boom minero-energético experimentado por la economía colombiana en el período 2004-2012 sobre la tasa de cambio real y la participación de los sectores manufacturero e industrial. Para ello se introduce el concepto de “Enfermedad holandesa extendida”, que considera la posible apreciación de la tasa de cambio real no sólo por los efectos tradicionales de “relocalización” y “gasto”, sino además por la entrada masiva de capitales para financiar la explotación de estos sectores. Los resultados empíricos demuestran, por un lado, que la Inversión Extranjera Directa y los Flujos de Portafolio efectivamente generaron una sobreapreciación de la tasa de cambio real que afectó la competitividad de los demás sectores, disminuyendo en consecuencia su participación en el PIB.