Examinando por Autor "Torres Garcia, Alejandro"

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    An estimate of Total Factorial Productivity in Colombia at the level of departments and industrial divisions
    (Universidad EAFIT, 2020-03-11) Rivera Arbeláez, Mateo Andrés; Torres Garcia, Alejandro
    In this paper, we estimate the Total Factor Productivity (TFP) for 11 departments and 20 industrial divisions in Colombia during the period 2012-2016. To this end, we employ a semiparametric method proposed by Levinsohn and Petrin (2003), using official information of the Encuesta Anual Manufacturera –EAM (Annual Manufacturing Survey), which considers microdata information of most Colombian manufacturing firms. The departments of Bolivar, Bogotá, Cundinamarca and Antioquia exhibits the higher productivity growth during the period, in contrast with Valle del Cauca, Cauca and Tolima, which shows the lowest performance. In terms of industrial divisions, it stands out the Manufacture of pharmaceuticals, medicinal chemical and botanical products; Manufacture of chemicals and chemical products and Manufacture of electrical equipment; while traditional sectors as Manufacture of food products, beverages and textiles reports the lower productivity growth levels. This results remarks the importance to implement policies that helps to improve the industrial performance of some strategic sectors as a way to close the income gap between regions.
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    Real exchange rates and manufacturing exports in emerging economies: the role of sectoral heterogeneity and product complexity
    (Springer, 2024-01-02) Goda, Thomas; Torres Garcia, Alejandro; Larrahondo, Cristhian; Universidad EAFIT; BID
    The empirical evidence on the relationship between the real exchange rate and export performance in emerging economies is inconclusive. In this paper, we present evidence that one reason for this inconclusiveness is the use of real exchange rate (RER) measures that do not consider the heterogeneity between economic sectors. To this end, we calculate a unique sectoral bilateral RER index (SBRER) for 12 Latin American economies, which considers the variation of producer price differentials and bilateral nominal exchange rates across 21 manufacturing sectors and 38 trade partners between 2001–2018, and to estimate the effect of SBRER movements on manufacturing exports. The regression results show that the SBRER is a significant determinant of aggregate manufacturing exports, whereas the bilateral RER is not significant. Moreover, sectoral export elasticities indicate that mainly sectors with low levels of product complexity and, to a lesser extent, those of medium complexity are affected by RER movements. These findings show that it is important to consider sectoral heterogeneity when estimating RER export elasticities from a macroeconomic perspective.