Documentos de trabajo (working papers)
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Los investigadores pertenecientes a la Escuela de economía y Finanzas 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 Economía y Finanzas 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 Economía y Finanzas, ni a la Universidad EAFIT.
Todo persona que consulte el material, podrá realizar citas conforme a lo permitido por la ley citando en todo caso las fuentes.
Recent Submissions
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Confrontando un modelo DSGE con los datos
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-12-01)In this document we try to answer a key question in macroeconomic modeling. How much does a stochastic model of general equilibrium reproduce the data? To answer this question we use three metrics. First, we compare the ... -
Transición energética en Reino Unido para la integración de fuentes no convencionales de energía y redes inteligentes
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-12-01)This paper describes the UK's energy transition to achieve 25% renewable energy generation by 2016 and reduce per capita CO2 emissions from 10,744.1 kg CO2/pc in 1990 to 6,560.2 in 2016. But at the same time, studies are ... -
Transición energética en España e integración de fuentes de energías no convencionales
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-12-01)This paper reviews the transition that the Spanish electricity market has had to include non-conventional energy sources. Although in Spain CO2 emissions between 2000 and 2018 have fallen by an average of 4.5 MtCO2/habitant, ... -
Fuentes renovables no convencionales y redes inteligentes en Brasil y Chile
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-12-01)This paper presents the advances Brazil and Chile have made in non-conventional renewable energy sources (NCRE) and smart grids. Brazil, like Colombia, is highly dependent on water to generate energy, which has led to ... -
Integración de fuentes de energías renovables no convencionales y redes inteligentes en Estados Unidos: evidencia para PJM1
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-12-01)Some of the challenges that have been faced in the North American markets with the inclusion of wind and solar power generation sources, consists in how to deal with the uncertainty and variability that these sources ... -
Transición energética en Alemania e integración de fuentes de energías no convencionales
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-12-01)German energy policy has undoubtedly been a worldwide benchmark for renewable energy. With the implementation of the Renewable Energy Sources Act in 2000, 36% of gross electricity consumption in 2018 came from renewable ... -
Transición energética en Francia para la incorporación de fuentes de energías no convencionales y redes inteligentes
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-12-01)Despite the fact that the installed capacity in nuclear energy in the French electricity market still represents the highest percentage, 47% in 2017, non-conventional renewable energies resources, wind and solar, already ... -
Modeling the electricity spot price with switching regime semi-nonparametric distributions
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-11-22)Spot prices of electricity in liberalized markets feature seasonality, mean reversion, random short-term jumps, skewness and highly kurtosis, as a result from the interaction between the supply and demand and the physical ... -
Determinants of real exchange rate movements in 15 emerging market economies
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-10-01)Previous work has established that an appreciation of the real exchange rate (REER) con-tributes to premature deindustrialization, less productive investment and dependence on commodity booms and busts in emerging markets ... -
Saving Rates in Latin America: A Neoclassical Perspective
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-07-03)This paper examines the time path of saving rates between 1970 and 2010 in Chile, Colombia, and Mexico through the lens of the neoclassical growth model. The findings indicate that two factors, the growth rate of TFP and ... -
Bank Market Power and Firm Finance: Evidence from Bank and Loan Level Data
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-08-29)We present new measures of market power for the banking industry in Colombia and estimate their effect on the cost of credit for non-financial firms. Our results suggest that bank competition increased during the 2006-2008 ... -
El precio spot de la electricidad y la inclusión de energía renovable no convencional: evidencia para Colombia
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-08-25)Energy transition is prevalent nowadays, and Colombia is not an exception to this pheno-menon. Energy coming from non-conventional renewable resources is one main feature of this phenomenon. Therefore, this paper evaluates ... -
Colombian Economic Growth, Investment and Saving: From 1954 to 2019 and Beyond
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-08-20)This paper presents an interpretation of post-1953 Colombian economic growth and a discussion on future outcomes. The interpretation takes the form of a data playback guided by the decentralized equilibrium version of the ... -
Is there a balloon effect? Coca crops and forced eradication in Colombia
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-07-30)One explanation for the increasing number of hectares with coca cultivation is that eradication strategies displace coca crops but fail to completely clear affected areas. In the drug policy literature, that dynamic ... -
Determinantes de los precios relativos de la vivienda: Bogotá versus Medellín
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-06-08)Este documento presenta un modelo de oferta y demanda para explicar por qué el precio de la vivienda es mayor en Bogotá que en Medellín. Por medio de una estimación por máxima verosimilitud (Vector de Corrección de Error ... -
Modelización de la demanda de energía eléctrica: más allá de la normalidad
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-06-04)The main characteristic that differentiates electricity markets from other markets corresponds to the need to produce energy at the same time it is consumed, to such an extent that in real time the systems must maintain ... -
Uncertainty in Electricity Markets from a seminonparametric Approach
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-06-04)The spot price of electricity is highly skewed and heavy-tailed, as a result of the interaction of different variables that affect that market. Such characteristics impact the design of power plants with different ... -
Concentración bancaria, competencia y estabilidad financiera en Colombia
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-02-28)The 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 ... -
Firm size and concentration inequality: A flexible extension of Gibrat’s law
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-03-06)The study assesses the performance of the lognormal distribution (Gibrat, 1931) compared with its generalization in terms of a semi-nonparametric (SNP) expansion, the log-SNP distribution, for determining economic ... -
Law abiding diplomats: Evidence from diplomatic parking tickets in Washington D.C.
(Universidad EAFIT; Escuela de Economía y Finanzas, 2019-01-23)Why people conform to social norms? Answering this question has important implications for economic development and institutional reforms. Posner (2000a, p. 3) argue that law and economics have no compelling answers. In ...
