Examinando por Autor "Torres García, Alejandro"
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Ítem Absolute Income Inequality and Rising House Prices(Universidad EAFIT, 2016-12-01) Goda, Thomas; Stewart, Chris; Torres García, Alejandro; tgoda@eafit.edu.co; atorres7@eafit.edu.coIncome inequality and house prices have risen sharply in developed countries during the last three decades. We argue that this co-movement is no coincidence but that inequality has driven up house prices on the grounds that it raises the total demand for houses, which inflates their prices considering supply restrictions. To test this hypothesis, we conduct cointegration tests for a panel of 18 OECD countries for the period 1975-2010. The results suggest that income inequality and house prices in most OECD countries are positively correlated and cointegrated, and that in the majority of cases absolute inequality Granger-causes house prices when measured in absolute terms. Relative inequality, on the other hand, is not cointegrated with house prices, which is expected given that total house demand depends on the absolute amount of investible income.Ítem Ciudades y regiones(Universidad EAFIT, 2021) Acevedo Jaramillo, Ana Beatriz; Duque Cardona, Juan Carlos; Dávalos, Eleonora; Díaz Díez, Cristian; Echeverri R., Alejandro; García Cruz, Gustavo Adolfo; Gómez Velásquez, Alejandro; Leyva Botero, Santiago; Mejía Dugand, Santiago; Muñoz, Juan Carlos; Suárez Tamayo, David; Torres García, Alejandro; Universidad EAFITEste texto aporta en primer lugar recomendaciones para las ciudades en materia de protección ambiental, transporte público seguro y eficiente, energía limpia y renovable, y espacios públicos y accesibles para el encuentro, el esparcimiento y la cultura. Asimismo, presenta sugerencias para profundizar la incompleta descentralización colombiana, en particular a partir de la reforma administrativa y el fortalecimiento de la participación ciudadana. El capítulo cierra con propuestas en materia de finanzas territoriales y desarrollo regional rural, apoyado este último en la consolidación de los ingresos de los pequeños y medianos campesinos, y en la transición a la agricultura inteligente para el cambio climáticoÍtem Commodity Prices Shocks and the Balance Sheet Effect in Latin America(Universidad EAFIT, 2018-06-26) Torres García, Alejandro; Wberth Escobar, Laura; atorres7@eafit.edu.co; lmwberthe@eafit.edu.coEmerging market economies(EMEs), particularly the commodity exporterones,are ex- posed to world’s dynamics through different channels. In this paper,we consider the role of (exogenous) commodity prices shocks in explaining business cycles in EMEs,by proposing a financial transmission mechanism: the balance sheet effect. Our hypothesis is that a nega- tive commodity price shock increases the firm’s external debt and the cost of the new debt. In consequence,the aggregate investment decreases amplifying the output contraction.To test it,we estimate a series of VAR models using quarterly data on corporate external debt, nominal exchange rate, EMBI+ spreads, the local currency value of external debt to nomi- nal GDP ratio and real GDP,covering the period 2000-2017. We do this for Latin America and then, we focus on five particular economies: Brazil, Chile, Colombia, Mexico and Peru. We find that balance sheets do matter and they exacerbate the output’s contraction when the commodity price shock is negative. We also find that, turning the financial channel off, the real GDP cumulative response in Latin America is smaller than in the unrestricted model. Finally, we find no evidence on the existence of the balance sheet effect for Chile.Ítem Competitividad, sostenibilidad y equidad(Universidad EAFIT, 2021) Botero García, Jesús; Tamayo Tobón, César; Torres García, Alejandro; Gonzalez-Perez, Maria Alejandra; Universidad EAFITSe proponen alternativas para recuperar el empleo, avanzar en la formalización laboral y buscar una mejor asignación de recursos que contribuyan a un mayor crecimiento empresarial. Adicionalmente se presentan recomendaciones específicas para hacer más equitativa la política fiscal, especialmente en lo que tiene que ver con la tributación de y las transferencias hacia personas naturales. También se sugieren opciones sobre cómo el potencial ambiental del país puede convertirse en una ventaja competitiva para las empresas nacionalesÍtem Sectoral real exchange rates and manufacturing exports: A case study of Latin America(Universidad EAFIT, 2021-08-12) Goda, Thomas; Torres García, Alejandro; Larrahondo Dominguez, Cristhian David; Universidad EAFITStandard theory considers the real exchange rate (RER) as an export determinant. A common limitation of cross-country evidence is the use of effective (REER) or bilateral (BRER) RER indices, both of which have the same values across sectors. The novel contributions of this paper are to propose a variety of goods trade model, to exploit exchange rate variations across sectors by constructing a unique sectoral bilateral RER index (SBRER) for 12 Latin American countries, 21 sectors and 38 trade partners, and to estimate empirically the effect of SBRER movements on Latin American manufacturing exports during 2001-2018. The obtained results show that the SBRER is a statistically significant determinant of aggregate manufacturing exports, whereas the REER coefficient has an unexpected sign and the BRER appears not to be significant. Moreover, sectoral export elasticities indicate that in Latin America mainly low-technology sectors are affected by SBRER movements. Overall, these findings make evident that it is important to consider sectoral heterogeneity regarding trade partners and production costs when estimating RER export elasticities from a macroeconomic perspective and they provide new evidence on the effect of RER movements on Latin American exports.Ítem Unconventional Monetary Policy and Inflation in the U.S.: How Much Inflation was Missing?(Universidad EAFIT, 2020-03-12) Posada Posada, Carlos Esteban; Torres García, Alejandro; Villca Condori, Alfredo; cposad25@eafit.edu.co; atorres7@eafit.edu.co; avillcac@eafit.edu.coThe U.S. inflation rate for the period 2008-2016 was abnormally low despite the execution of a high expansive monetary policy, which has been called “the missing inflation paradox”. In this paper we estimate the missing inflation as the difference between the inflation predicted, and the observed rate using two monetarist models. The results support the adequacy of this approach to explain the inflation during 1970-2005. However, after that, the estimated missing inflation was around 3.5%-3.9% annually on average. Interestingly, this phenomenon apparently starts in 2006, previous to the beginning of the Great Recession. Although we do not present a formal explanation, the models used allow us to suspect the existence of an unusually high (and transitory) increase in the demand for real money balances.