Examinando por Autor "Velásquez, Hermilson"
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Ítem Aspectos teóricos y empíricos de la relación empresa bancos(Universidad EAFIT, 2003-01-27) Jaramillo, Alberto; Velásquez, Hermilson; Ortiz, Javier Santiago; Serna Rodriguez, Natalia; Zuluaga Diaz, FranciscoFrom the perspective of the enterprise business cycle policy, this article tests, for the Colombian case, what the authors named “the Krugman’s Hypothesis”, by which the real sector explains partially the performance of the financial sector. With the information available at Superintendencia de Valores, during the period 1997-2001, using the Canonical Analysis method, a method to quantify the correlation between two sets of variable, the results show, through the operational earnings of the businesses and the credit provision of the finance firm, the real sector had an impact on the financial sector.Ítem Crime in Colombia: More law enforcement or more justice?(Universidad EAFIT, 2014-02-01) Gómez, Catalina; Velásquez, Hermilson; Rendón, Andrés J.; Bohorquez, Santiago; cgomezt1@eafit.edu.co; evelas@eafit.edu.co; arendonc@eafit.edu.co; sbohorqu@eafit.edu.coThis study considers the effect that judicial and police efficiency exercised on crime in 25 of the 33 political-administrative divisions in Colombia during the period 2000- 2011. Specifically, the study seeks to determine whether the reduction of crime was the result of increases in the cost of crime as a result of the strengthening of the country’s security forces, especially the National Police, or instead was due to the greater efficiency of the penal system resulting from a structural change stemming from Act 906 of 2004. To view this we propose a model of dynamic panel data that not only includes the individual and temporal effects of the variables of interest, but also allows us to understand the inertia in criminal behavior. The results indicate an inverse relationship between the number of crimes and the greater efficiency of the police and judicial action, which is consistent with the evidence reported in other international work. Robustness checks confirmed the validity of the findings.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 Determinantes del precio de la vivienda nueva No VIS en Medellín: un modelo estructural(Universidad EAFIT, 2016-03-28) García, John J.; Díaz, Sebastián; Upegui, Juan C.; Velásquez, Hermilson; jgarcia@eafit.edu.co; sdiazmo@eafit.edu.co; jupegui@eafit.edu.co; evelas@eafit.edu.coWe employ a multi-equation structural model of the housing market to analyze the determinants of the price of new housing in Medellin during 2009-2014. The model includes observed variables and unobserved variables, such as costs that are not included in the housing cost index but that still affect prices. In the analysis we employ an industrial organization framework to examine the interaction between microeconomic and macroeconomic variables. The results indicate that employment, economic growth, and public policies (subsidies) affect real housing prices positively, while inflation affects real prices negatively. In addition to the variables typically included in the analysis in prior research, we include several determinants of housing supply, including construction costs, and two market interest rates.Ítem Efecto de los Ingresos Permanentes sobre el Delito: Un Enfoque Espacial y un Caso de Aplicación(Universidad EAFIT, 2014-02-20) Gómez Toro, Catalina; Velásquez, Hermilson; Urrego, Joaquín Andrés; Valderrama, Juan DavidThis paper analyzes the impact of increment in the permanent income on crime in each spatial unit and their neighbors. Different specifications of spatial panel data are estimated to capture the effects of spatial distribution and income on crime. In the particular case of Medellin, the estimated impact of increase 1% in permanent income in specific commune is a decrease in crime near to 0,67%, and the effects of each neighbor are variable and significant. Tests statistics can show the robustness of the conclusions and the adequate specification of the model.Ítem Efectos espaciales en la formación de precios en mercados minoristas de Gas Natural Vehicular(Universidad EAFIT, 2015-07-15) García, John J.; Montenegro, Carlos M.; Velásquez, Hermilson; jgarcia@eafit.edu.co; evelas@eafit.edu.coThe gas distribution system for natural gas vehicles (NGV) in the Service Stations (EDS) in Colombia is highly concentrated, which gives the retail distributors market power. The pricing mechanism appears to approximate a Bertrand type of oligopolistic model, with a dominant firm setting the prices. The geographical location of the EDS generates strategies that influence price formation. In this research, a spatial contiguity matrix is designed, which includes socio-economic and distance characteristics, related to the EDS geographic location. We use a spatial panel model of Durbin type, which includes fundamental variables to explain the GNV price formation.Ítem Matching laboral: Una aproximación emprírica y metodológica(Universidad EAFIT, 2013-12-01) Hurtado Rendón, Álvaro Arturo; Velásquez, Hermilson; Canavire, Gustavo; Rubiano, Luisa Fernanda; Isaza, EstebanSe estudia y analiza el matching laboral de las personas adscritas al programa de Medellín solidaria. De esta forma se caracterizó la población de Medellín Solidaria en función de su oferta laboral y se realizaron análisis comparativos con la demanda laboral de la ciudad de Medellín de manera indirecta, teniendo en cuenta escenarios posibles del mercado laboral caracterizados mediante geo-referenciación. Se encontró que la educación técnica y tecnológica es la que presenta los efectos marginales más elevados para esta población y, además que existe niveles de discriminación en contra de las mujeres. Es así como un hombre y una mujer de iguales características e igual nivel de educación al realizar el ejercicio de matching laboral muestra que existe una probabilidad mayor de empleo en favor de los hombres.Ítem El poder de mercado en industrias minoristas de gas natural vehicular(Universidad de Zaragoza, 2014) García, John J.; Velásquez, Hermilson; Montenegro, Carlos Mauricio; Universidad Eafit,Escuela de Economía y Finanzas, Medellín, Antioquia, Colombia; Universidad Eafit,Escuela de Economía y Finanzas, Medellín, Antioquia, Colombia; Empresas Públicas de Medellín; Escuela de Economía y Finanzas; Economía; Estudios en Economía y EmpresaÍtem A Spatial Analysis to Permanent Income as Deterrent of Homicides: the case of Medellin City(Universidad EAFIT, 2016-05-04) Urrego, Joaquin A.; Gómez Toro, Catalina; Velásquez, Hermilson; cgomezt1@eafit.edu.co; evelas@eafit.edu.coThis paper studies the relationship between permanent income and homicides, estimating an income-crime elasticity. We assume that this elasticity varies across geographical areas. We estimate different specifications of Spatial Panel Models using information of urban areas in Medellin (Colombia), areas known as communes. Spatial Models consider the importance of location and the type of neighbors of each commune. We simulate an intervention over permanent income in order to estimate the income elasticity for each commune and the average elasticity of income-crime on the city. We provide evidence about spatial dependence between the homicides per commune and their neighbors, and about a relationship between homicides and neighbor’s income. In our case of study, the average estimated impact of 1% increase in permanent income in a specific commune produces a decrease in the homicide rate on average in 0.39%. Finally, permanent income plays a crime deterrent role, but also this effect of income on crime varies across the city, showing that some areas are strategically located to this kind of intervention.