Documentos de trabajo (working papers)

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Los investigadores pertenecientes a la Escuela de Finanzas, Economía y Gobierno publican sus documentos de trabajo. Con la publicación de éstos se pretende apoyar la difusión de investigación económica y financiera de alta calidad realizada dentro de la Escuela de Finanzas, Economía y Gobierno de la Universidad EAFIT. Los documentos se constituyen "en material provisional", se publican con el fin de estimular el debate académico. Están dirigidos a expertos, así, los lectores deben tener conocimiento de la economía y finanzas. Las opiniones y posibles errores son responsabilidad única y exclusiva de los autores y no comprometen a la Escuela de Finanzas, Economía y Gobierno, ni a la Universidad EAFIT.

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  • Ítem
    Hunting Militias at All Cost: Urban Military Operation and Birth Outcomes
    (Universidad EAFIT, 2023-08) Cortés, Darwin; Gómez, Catalina; Posso, Christian; Suárez, Gabriel; Universidad EAFIT
    This study examines the impact of the Orion Operation on newborn health out- comes. Previous research has explored the negative effects of conflict on child health, but the specific consequences of state military operations on newborns, especially in urban settings, remain poorly understood. Employing a Difference-in-Differences de- sign and using administrative data from the Colombian Vital Statistics Reports, we assess the effects of the Orion Operation on birth weight, height, and the probability of a high Apgar score. Our analysis reveals a significant reduction in birth weight among infants born in intervention-affected neighborhoods, with concentrated effects observed among married and less educated mothers. We find a decrease in height at birth and a reduction in the probability of having an Apgar score higher than 7, which indicates good health at birth. While direct testing of stress as the primary underlying mecha- nism was unfeasible, our findings suggest that stress might influence birth outcomes. These findings enhance our understanding of the complex impacts of state military operations and underscore the importance of considering the context when assessing their consequences on local communities.
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    Marijuana on Main Streets? The Story Continues in Colombia. An Endogenous Three-part Mode
    (Universidad EAFIT, 2023-06) Ramírez Hassan, Andrés; Gómez Toro, Catalina; Velásquez, Santiago; Tangarife Londoño, Katherin; Universidad EAFIT
    Cannabis is the most common illicit drug, and understanding its demand is relevant to analyze the potential implications of its legalization. This paper proposes an endogenous three-part model taking into account incidental truncation and access restrictions to study demand for marijuana in Colombia, and analyze the potential effects of its legalization. Our application suggests that modeling simultaneously access, intensive and extensive margin is relevant, and that selection into access is important for the intensive margin. We find that younger men that have consumed alcohol and cigarettes, living in a neighborhood with drug suppliers, and friends that consume marijuana face higher probability of having access and using this drug. In addition, we find that marijuana is an inelastic good (-0.45 elasticity). Our results are robust to different specifications and definitions. If marijuana were legalized, younger individuals with a medium or low risk perception about marijuana use would increase the probability of use in 3.8 percentage points, from 13.6% to 17.4%. Overall, legalization would increase the probability of consumption in 0.7 p.p. (2.3% to 3.0%). Different price settings suggest that annual tax revenues fluctuate between USD 11.0 million and USD 54.2 million, a potential benchmark is USD 32 million.
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    Export Market Size Matters: The effect of the market size of export destinations on manufacturing growth
    (Universidad EAFIT, 2022-11-09) Goda, Thomas; Sánchez, Santiago; Universidad EAFIT
    Literature contends that the manufacturing sector is crucial for economic development, and it is conventional wisdom that exports drive manufacturing growth. However, it has not yet been established empirically whether the market size of export destinations is an important factor to explain diverging regional and sectorial manufacturing growth patterns. This article argues that accessing large external markets reduces transaction costs, increases expectations of economies of scale and fosters capital formation. To test this hypothesis, we construct a novel Relative Export Market Size (REMS) index that measures whether the share of sectoral exports that are destined to large economies in one region is higher than in other regions. Using a PVAR model, we verify the impact of the REMS index on value added, employment and capital accumulation of 129 manufacturing sectors in 23 regions in Colombia during the period 1992-2017. The obtained results show that exporting to larger markets has a positive impact on employment, capital formation and value added per capita of manufacturing sectors at a regional level. This finding indicates that exporting to the largest market of the world helps to develop competitive manufacturing sectors.
  • Ítem
    Quality of Communications Infrastructure, Local Structural Transformation, and Inequality
    (Universidad EAFIT, 2022-10-18)
    We analyze the causal impact of improvements in the quality of communication infrastructure on the structural transformation of US counties. Our treatment is the quality of communication infrastructure in a county, measured by the average Internet speed offered to businesses. We use as an instrumental variable the spatial structure of ARPANET, a network funded by the Department of Defense that is considered the precursor of the Internet, and whose location we determine using historical government documents. We show that faster Internet stimulates short-run growth and increases the shares of employment and GDP in high-skilled services, while negatively affecting sectors such as retail, accommodation, and food services. Two mechanisms explain our results. First, input-output linkages since industries that buy more ICT inputs increase their weight on the local economy. Second, a rise in high-skilled workers in ICT intensive occupations, which is consistent with the Rybczynski theorem of the Hecksher-Ohlin Vanek model and with the presence of capital-skill complementarities. Lastly, we find that better Internet increases earnings inequality within U.S. counties. Such finding has implications for Internet subsidies across the country.
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    Redistribution Policy and Social Welfare: A View from Macroeconomics
    (Universidad EAFIT, 2022-03-09) Posada, Carlos Esteban; Universidad EAFIT
    This paper evaluates the effects of redistribution policies on macroeconomic performance, income distribution and social welfare using three alternative social welfare criteria (Pareto's, Rawls' and a mixed one), and establishes the link between the above and the ruler's optimal policy. The main conclusions are the following: 1) a negative effect of redistribution through taxation and subsidies is the increase in the interest rate; 2) as a society advances in the process of wealth redistribution, there comes a time when the ruler faces a trade-off: to maintain this process or to avoid losses in social welfare.
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    Impacto del COVID-19 sobre la demanda y oferta de vivienda nueva No VIS en Colombia
    (Universidad EAFIT, 2022-03-09) Álvarez Zuluaga, Daniela; Betancur Carvajal, Catalina; García Rendón, John; Universidad EAFIT; Universidad EAFIT; Universidad EAFIT
    In this paper we examine the impact of COVID-19 on the demand and supply of new No VIS housing in Colombia. Using a model of Seemingly Unrelated Regression, we find that COVID-19, measured through the number of infections, and the interest rate in UVR present an inverse relationship with the No Vis new housing supply, decreasing the quantities offered during the most critical months of the pandemic. In addition, the price index for new housing complies with the law of supply, which can be validated with what has been observed in 2021 regarding the growth in the launch of new real estate projects, at the same time that prices have also been higher, justified, in part, by the increase in costs as a result of the pandemic.
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    Análisis sectorial del consumo de la electricidad durante la pandemia – COVID-19: evidencia para los mercados no regulado y regulado en Colombia
    (Universidad EAFIT, 2022-03-09) García Rendón, John; Rey Londoño, Felipe; Arango Restrepo, Luis José; Bohórquez Correa, Santiago; Universidad EAFIT; Asimetrix S.A.S.; Agricapital S.A.S; Universidad EAFIT
    In this investigation, through a model of seemingly unrelated equations, we conduct a sectoral analysis of electricity consumption during the pandemic - COVID-19 for the main sectors that make up the Unregulated and Regulated markets in Colombia. Using daily data for the unregulated market and monthly data for the regulated market between February 2015 and May 2021, we find statistically significant evidence of a recomposition in electricity consumption with the pandemic from the mandatory preventive confinement, established by Decree 457 of 2020, the average consumption in the residential sector increased by 16.9%, since they were carrying out their work from their residences. On the contrary, those sectors of the unregulated market subject to quarantines presented a fall. However, in sectors that were not subjected to mandatory preventive isolation, since they were necessary to satisfy the supply of basic services such as health, food (agriculture) and water supply, their coefficients for strict confinement were not statistically significant and presented an increase in electricity consumption.
  • Ítem
    Ampliando las opciones en el mercado laboral: el presente y el futuro de la educación vocacional y técnica en Colombia
    (Universidad EAFIT, 2022-01-12) Chaparro, Juan Camilo; Maldonado, Darío; Universidad EAFIT; Universidad de los Andes
    This work makes a diagnosis of the way in which the regulation of Vocational and Technical Education in Colombia is organized and its relationship with some structural problems of the Colombian labor market. EVT is understood as the set of programs that lead to formally recognized certifications or titles and whose objective is to train workers in skills demanded by the productive sector. In Colombia, this corresponds to the one- to three-year programs offered in Higher Education Institutions (IES), Education Institutions for Work and Human Development (IETDH) and SENA. The relevant qualifications for this study are technological, professional technicians and labor technicians. Although SENA does not use the term technical labor for its titled offer and only uses the term technical, the two types of programs are equivalent, which is why both are called technical labor in the document. On the other hand, this work does not take into account the long-cycle training (four years or more) that is part of Higher Education. The three programs we refer to offer training opportunities to a significant number of Colombians. Altogether, the entire offer of long and short cycles in 2018 had an enrollment of 2.6 million people, with 40% corresponding to EVT programs.
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    Mejores colegios en Colombia: efecto de las condiciones socioeconómicas sobre el desempeño escolar
    (Universidad EAFIT, 2021-05-14) Arenas Alzate, Alejandro; Universidad EAFIT
    This paper presents evidence on the effects of using socioeconomic status (SES) adjusted test scores on schools ranking. Adjusted scores are estimated from the residuals of a linear regression model using data from the Saber 11 exam for the 2014-2020 period. I found that the use of SES-adjusted test scores reduces the socioeconomic gap between schools ranking in the highest performance decile and those ranking below by 69%. This result emphasizes the importance of calculating measures that differentiate the effect of variables that are beyond school control. This paper also presents a data visualization tool that includes indicators on the relative performance of schools, the distribution of their students, and their progress over time based on both adjusted and unadjusted scores. Ultimately, this tool will allow all stakeholders to make decisions based on a broader and more accurate picture of educational quality.
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    Could the Colombian economy grow faster? How it would be possible?
    (Universidad EAFIT, 2021-10-17) Posada Posada, Carlos Esteban; Universidad EAFIT
    This paper presents an economic growth model based on the positive externalities generated by the accumulations of physical and human capital. Such externalities imply, at the macroeconomic level, increasing returns to scale. The model helps to better understand the Colombian economic growth process from 2005-2019, and make conditional forecasts. One of the big obstacles in Colombia to have higher growth rates of the per capita product in the long term is everything that is slowing down a higher human capital growth rate and a greater creation of externalities derived from human capital, that is, everything that is hindering improvements in coverage and quality of the educational process.
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    The Evolution of Citizen Security in Colombia in Times of COVID-19
    (EAFIT University - Inter-American Development Bank, 2021-10-20) Alvarado, Nathalie; Norza, Ervyn; Perez-Vincent, Santiago M.; Tobón Zapata, Santiago; Vanegas-Arias, Martín; Inter-American Development Bank; National Police of Colombia; Inter-American Development Bank; EAFIT University; EAFIT University
    This technical note examines the impact of the COVID-19 pandemic on crime and law enforcement dynamics in Colombia. The analysis uses administrative data on police reports and arrests for different types of offenses. It applies a “difference-in-differences” model, comparing the number of reports and arrests during the quarantine against their pre-quarantine trend. The results show a marked decline in homicides, motor vehicle theft, and other theft types in the initial weeks of the quarantine. The strong initial declines attenuated over time. The results reveal differences in crime dynamics between different regions of the country. The analysis also shows how COVID-19 modified police activity: arrests for offenses such as homicide and robbery decreased, and arrests due to threats to public health increased. This article contributes to a growing number of studies on the pandemic’s social impact and provides data and tools to inform citizen security and criminal justice policies.
  • Ítem
    Determining the banking solvency risk in times of COVID-19 through Gram-Charlier expansions
    (Universidad EAFIT, 2021-09-20) Rendón, Juan F.; Cortés, Lina M.; Perote, Javier; Instituto Tecnológico Metropolitano - ITM; Universidad EAFIT; University of Salamanca
    This paper proposes risk measures for bank solvency by accurately measuring the solvency risk components. These measures consider the minimum regulatory solvency levels and banks’ risk appetite level and risk profile. For this purpose, we used semi-nonparametric statistics to model stylized facts of the risk distribution, particularly the high-order moments of the Solvency Decline Rate, the Tier Decline Rate, and the Portfolio Growth Rate variables. Additionally, these risk measures can be used to measure the risk of regulatory intervention and to define policies that establish the minimum solvency levels required by banking regulators by estimating the Quantile Risk Metrics. As a case study, we collected data on the solvency indicators of the Colombian banking system, which adapts to the standards established by the Basel Committee. According to the results, the liquidity injection measures implemented in response to the needs generated by the COVID-19 pandemic led to an increase in the levels of the risk portfolio in the Colombian banking system, which exceeded the 99th percentile of the probability distribution of monthly portfolio value changes.
  • Ítem
    Broken windows policing and crime: Evidence from 80 Colombian cities
    (Universidad EAFIT, 2021-09-01) Mejía, Daniel; Norza, Ervyn; Tobón Zapata, Santiago; Vanegas-Arias, Martín; Universidad de los Andes; Policía Nacional de Colombia; Universidad EAFIT; Universidad EAFIT
    We study the effects of broken windows policing on crime using geo-located crime and arrest reports for 80 Colombian cities. Broadly defined, broken windows policing consists of intensifying arrests—sometimes for minor offenses—to deter potential criminals. To estimate causal effects, we build grids of 200 × 200 meters over the urban perimeter of all cities and produce event studies to look at the effects of shocks in police activity in the periods to follow. We use spikes in the number of arrests with no warrant—which are more likely associated with unplanned police presence—as a proxy for shocks in broken windows policing. As expected, we observe an increase in crimes during the shock period, as each arrest implies at least one crime report. In the following periods, crimes decrease both in the place of the arrests and the surroundings. With many treated grids and many places exposed to spillovers, these effects add up. On aggregate, the crime reduction offsets the observed increase during the shock period. Direct effects are more immediate and precise at low crime grids, but beneficial spillovers seem more relevant at crime hot spots. The effects of broken windows policing circumscribe to cities with low or moderate organized crime, consistent with criminal organizations planning their activities more systematically than disorganized criminals.
  • Ítem
    Criminal capital persistence: Evidence from 90,000 inmates’ releases
    (Universidad EAFIT, 2021-06-22) Escobar Bernal, Maria Antonia; Tobón Zapata, Santiago; Vanegas Arias, Martín; Universidad EAFIT
    We study persistence in criminal capital by looking at the effects of inmates’ releaseson crime around prisons in Colombia. Leveraging detailed geographic and temporal information on the universe of releases from all prisons and crime reports, we find that property crimes are 16% higher around prisons on days inmates are released. Inmates specialized in property crimes drive the impacts. Improvements in non-criminal human capital or longer incarceration spells do not mitigate these effects. These results suggest the specific deterrence or rehabilitation effects of incarceration are weak for individuals with higher initial levels of criminal capital. We also document two externalities resulting from incarcerating specialized criminals. First, we find evidence of adverse peer effects. Second, in a back-of-the-envelope estimation, we document that crime incidence due to prison location drops property values and property tax revenues. Our results raise concerns about the usefulness of incarceration in its most widely adopted form.
  • Ítem
    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 EAFIT
    Standard 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
    The Incidence of Land Use Regulations
    (Universidad EAFIT, 2021-04-14) Acosta Mejía, Camilo Andrés; Universidad EAFIT; cacosta7@eafit.edu.co
    I study the welfare consequences of land use regulations for low- and high-skilled workers within a city. I use detailed geographic data for Cook County and Chicago in 2015-2016, together with a spatial quantitative model with two types of workers and real estate developers who face regulations. For identification, I use the 1923 Zoning Ordinance, which was the first comprehensive ordinance in Chicago. I find that an increase of 10 percentage points in the share of residential zoning in a block group, relative to block groups with more commercial zoning, leads to a 1.7% increase in housing prices, a 2.6% decrease in wages and a higher concentration of high-skilled residents. Welfare changes can be decomposed into changes in housing prices, sorting, wages and land rents. Results suggest that more mixed-use zoning and looser floor-to- area limits lead to welfare improvements, especially for low-skilled residents, and to a reduction in welfare inequality.
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    Caída y convergencia mundial de las tasas de inflación
    (Universidad EAFIT, 2021-03-19) Posada Posada, Carlos Esteban; Gómez, Wilman; Rhenals, Remberto; Universidad EAFIT; Universidad de Antioquia; Universidad de Antioquia; cposad25@eafit.edu.co
    The trend observed since 1998 towards global disinflation and for national inflation rates to stabilize at low levels is due to the behavior of inflation in the United States according to the econometric exercises reported in this paper with a quarterly frequency data from the United States and 30 other countries. Additionally, the empirical evidence indicates that, in general, national monetary policies have been lax, in the following sense: monetary policy makers have taken advantage of disinflationary (or deflationary) forces coming from the United States to execute lax policies anticipating some benefits from those without fearing that its cost in terms of higher inflation will become evident.
  • Ítem
    Principales barreras para la Generación Distribuida: Evidencia a partir de una revisión de literatura
    (Universidad EAFIT, 2020-01-20) Garcia Rendón, John Jairo; Giraldo Estrada, Valentina; Montoya Posada, Sara; Universidad EAFIT; Universidad EAFIT; Universidad EAFIT; jgarcia@eafit.edu.co; vgiral16@eafit.edu.co; smonto49@eafit.edu.co
    This paper through a literature review examines the main barriers to the adoption of distributed generation (DG).We group these barriers into three levels: i) the institutional and regulatory, where the main barrier is the lack of a stable regulatory framework, with incentives for the implementation of DG; ii) the economic and financial, where we find the need for market restructuring and a tariff structure design that facilitates the entry of new agents into the market, and finally, iii) technical barriers, the main barrier to the functioning of DG, is access to the grid, where in some international markets through the harmonization of standards for the use of networks and procedures for connections have increased transparency and access to the grid.
  • Ítem
    Fuentes de Energía Renovable, Recursos Energéticos Distribuidos y Almacenamiento en Colombia: una revisión de la normatividad
    (Universidad EAFIT, 2020-01-18) Garcia Rendón, John Jairo; Gutiérrez Gómez, Alejandro; Universidad EAFIT; ISA – Interconexión Eléctrica S.A.; jgarcia@eafit.edu.co
    This paper presents the regulations on non-conventional energy resources, distributed energy resources and electricity energy storage in Colombia. Law 1715 of 2014 is the great driving force behind the development of the trends we observe today in renewable energy and energy efficiency. This law, by lifting the restriction on the sale of energy to self-producers and establishing in a single regulation the guidelines for the promotion of clean energy, the participation of consumers in the market and the implementation of mechanisms that will make it possible to develop energy efficiency, constitutes the basis on which an electrical energy policy is being built in accordance with the challenges of decarbonization and the new trends in consumer participation in the management.
  • Ítem
    Cambio técnico y política económica: la teoría y el caso colombiano (1950 - 2019)
    (Universidad EAFIT, 2020-11-12) Posada Posada, Carlos Esteban; Universidad EAFIT; cposad25@eafit.edu.co.
    The right policy to economic growth is based on the theory of a decentralized (market) society whose productive activity expands in the long term amid ups and downs thanks to technical change and the emergence, time and again, of various obstacles to economic growth. In the Colombian case of the last 70 years, the rates of economic growth and technical change have been associated with the inter-sectoral mobilization of productive resources, that is, to what is called “structural change”, and this, in turn, to economic policies (sometimes no so right)
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