Recent Submissions

  • Determinants of real exchange rate movements in 15 emerging market economies 

    Goda, Thomas; Priewe, Jan (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 

    Fernández, Andrés; Ayse, Imrohoro˘glu; Tamayo, Cesar E (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 

    Gomez-Gonzalez, Jose E.; Tamayo, Cesar E.; Valencia, Oscar M. (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 

    García Rendón, John J; Pérez Libreros, Alex F (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 

    Posada, Carlos Esteban (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 

    Dávalos, Eleonora; Morales, Leonardo Fabio (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 

    Unknown author (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 

    Rendón, Juan F.; Trespalacios, Alfredo; Cortés, Lina M.; Villada, Hernán D. (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 

    Trespalacios, Alfredo; Cortés, Lina M.; Perote, Javier (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 

    Castaño, Juan David; Torres, Alejandro (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 

    Cortés, Lina; Lozada, Juan; Perote, Javier (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. 

    Alvarez Franco, Pilar (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 ...
  • Determinants of Total Factor Productivity: The cases of the main Latin American and emerging economies of Asia (1960 - 2015) 

    Gómez, Wilman; Posada, Carlos Esteban; Rhenals, Remberto (Universidad EAFIT; Escuela de Economía y Finanzas, 2018-12-01)
    The objective of this paper was to explain the greater or lesser growth rate of total factor productivity, TFP, in the main East Asian and Latin American economies between 1960 and 2015. We found econometric evidence ...
  • Demanda de dinero en América Latina, 1996-2016: una aplicación de cointegración en datos de panel 

    Villca, Alfredo; Torres, Alejandro; Posada, Carlos Esteban; Velásquez, Hermilson (Universidad EAFIT; Escuela de Economía y Finanzas, 2018-04)
    In 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 ...
  • Efectos del crédito hipotecario sobre el precio de la vivienda nueva NO VIS en Medellín 

    Garcia, John; Cadavid, Natalia; Aristizábal, Erika (Universidad EAFIT; Escuela de Economía y Finanzas, 2018-11)
    Exploring the credit factors in new housing NO VIS, allows different views of social dynamics that facilitate access or not to it. In this sense, determine the effects of the mortgage loan on the price of new non-VIS housing ...
  • Redes inteligentes y mecanismo de respuesta de la demanda: el caso del sector eléctrico colombiano Smart grids and demand response mechanism: the case of the Colombian electricity market ? 

    Garcia, John; Gutiérrez, Alejandro; Velasquez, Hermilson; Vargas, Luisa (Universidad EAFIT; Escuela de Economía y Finanzas, 2018-11)
    Smart grids now figure prominently in the international debate on the design and regulation of electricity markets. This paper analyzes the potential effects of implementing a demand response mechanism in the Colombian ...
  • Muddying the waters: Who Induces Volatility in an Emerging Market? 

    Yepes, Paula; Agudelo, Diego; Gencay, Ramazan (Universidad EAFIT; Escuela de Economía y Finanzas, 2018-11)
    Do all investor types contribute equally to volatility formation? Although stock volatility should ideally originate only from fundamental innovations, it is embedded into prices through the trading process. We compare the ...
  • Dynamic Macroeconomics: A Didactic Numeric Model 

    Posada Posada, Carlos Esteban; Sánchez Gonzalez, Santiago (Universidad EAFIT; Escuela de Economía y Finanzas, 2018-04-28)
    Teaching Dynamic Macroeconomics at undergraduate courses relies exclusively on intuitive prose and graphics depicting behaviours and steady states of the main markets of the economy. But when the case of forward-looking ...
  • How does information disclosure affect liquidity? Evidence from an Emerging Market 

    Agudelo, Diego A.; Arango, Ignacio (Universidad EAFIT; Escuela de Economía y Finanzas, 2018-11)
    Cross-sectional models positively relate firm information disclosure with stock liquidity, but dynamic models in news releases days show an opposite relation. We address this puzzle by studying the effects of information ...
  • Are foreigners the vectors of Contagion? A study of six emerging markets 

    Agudelo, Diego A.; Múnera, Daimer J. (Universidad EAFIT; Escuela de Economía y Finanzas, 2018-11)
    We investigate for the role of Foreigners, Local Institutions and Local individuals in days of Contagion in a set of six emerging markets from 2007 to 2016. We propose a new and intuitive continuous measure of Contagion ...

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