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Journal Cover Ecos de Economía
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  This is an Open Access Journal Open Access journal
   ISSN (Print) 1657-4206
   Published by Universidad EAFIT Homepage  [4 journals]
  • An analysis of herd behavior in Latin American stock markets

    • Authors: Juan Benjamín Duarte Duarte, Laura Daniela Garcés Carreño, Katherine Julieth Sierra Suárez
      Pages: 4 - 18
      Abstract: This research investigates whether the major stock markets in Latin America (Brazil, Mexico, Chile, Colombia, Peru and Argentina) exhibited herd behavior over the period January 2, 2002 to June 30, 2014, using the variation in the returns overall and by sector in the most representative stock market index in each country, using the model proposed by Christie y Huang (1995). The results do not reveal any herd behavior in the total market, or in the sectors of the markets examined in the study.
      PubDate: 2016-06-22
      Issue No: Vol. 20, No. 42 (2016)
  • An evaluation of the transmission of the policy interest rate to the
           financial system’s interest rates in Colombia

    • Authors: Jose Eduardo Gomez-Gonzalez, Eliana González-Molano, Carlos Huertas-Campos, Deicy Cristiano-Botia, Ximena Chavarro-Sanchez
      Pages: 19 - 45
      Abstract: This paper studies monetary policy transmission using several statistical tools. We find that the relationships between the policy interest rate and the financial system’s interest rates are positive and statistically significant, and transmission is complete eight months after policy shocks occur. The speed of transmission varies according to the type of interest rates. Transmission is faster for interest rates on loans provided to households, and is particularly rapid and complete for rates on preferential commercial loans. Transmission is slower for credit card and mortgage rates, due to regulatory issues (interest rate ceilings).
      PubDate: 2016-06-22
      Issue No: Vol. 20, No. 42 (2016)
  • Global trends in relative and absolute income inequality

    • Authors: Thomas Goda
      Pages: 46 - 69
      Abstract: This paper provides an overview of historic worldwide trends in relative and absolute income inequality. Depending on the concept used, inequality trends differ considerably. Inequality between countries increased strongly during 1820-2000 and started decreasing at the beginning of the twenty-first century, whether measured in relative or absolute terms. Within-country inequality, on the contrary, grew especially strongly during the last decades: Its growth rate accelerated after 1950 in absolute terms and after 1975 in relative terms. Absolute global inequality also increased substantially in the post-1950 period, whereas relative global inequality decreased slightly during this period.
      PubDate: 2016-06-22
      Issue No: Vol. 20, No. 42 (2016)
  • For love or for money? A study of the marriage wage premium in

    • Authors: Laura Gómez Duarte, Sami Gabriel Coavas Blanquicett
      Pages: 70 - 89
      Abstract: Being married may raise worker productivity and increase the probability of remaining in a job and, as consequence, obtaining a wage premium. Yet, this effect may be different for males and females. In developing countries, such as Colombia, the premium may be larger than in developed countries due to the differing social norms and labor market structures. Using cross-sectional data from Colombian Household Surveys, this paper examines the marriage wage premium and its evolution in Colombia both at the aggregate level and by gender. We find a marriage wage premium for both male and female populations; this wage premium is explained by the greater human capital endowment in married people and to employer favoritism due to the “social norms” which consider being married an appropriate behavior and reward it.
      PubDate: 2016-06-22
      Issue No: Vol. 20, No. 42 (2016)
  • Colombian mutual funds that invest in stocks: Do they create value?

    • Authors: Juan David Monsalve, Nicolas Arango Toro
      Pages: 90 - 110
      Abstract: In this research we evaluate the performance of 73 Colombian stock mutual funds from 2005 to 2015. To quantify the value added by these funds compared to their respective benchmarks, Jensen’s alpha is calculated using  two regression methodologies: Ordinary Least Squares (OLS) and Quantile Regression. We also analyze whether these funds show any evidence of market timing. We recommend the creation of a private firm in Colombia that would provide investors with accurate information about the features and historical performance of Colombian mutual funds, as Morningstar Inc. does in the USA. This would enable investors to choose the best fund options andmake the mutural fund market more efficient and appealing to new potential investors.
      PubDate: 2016-06-22
      Issue No: Vol. 20, No. 42 (2016)
  • Evidence that Risk Adjustment is Unnecessary in Estimates of the User Cost
           of Money

    • Authors: Diego A. Restrepo-Tobón
      Abstract: Investors value the  special attributes of monetary assets (e.g.,  exchangeability, liquidity, and safety)  and pay a premium for holding them in the form of a lower return rate. The user cost of holding monetary assets can be measured approximately by the difference between the  returns on illiquid risky assets and  those of safer liquid assets. A more appropriate measure should adjust this difference by the  differential risk of the  assets in question. We investigate the  impact that time  non-separable preferences has on the  estimation of the  risk-adjusted user cost of money. Using U.K. data from 1965Q1 to 2011Q1, we estimate a habit-based asset pricing model  with money  in the utility function and  find that the  risk  adjustment for risky monetary assets is negligible. Thus, researchers can dispense with risk adjusting the  user cost of money  in constructing monetary aggregate indexes.
      PubDate: 2015-12-01
      Issue No: Vol. 19, No. 41 (2015)
  • Exchange rate dynamics, structural breaks, and central bank interventions
           in Colombia

    • Authors: Jorge Mario Uribe, Natalia Restrepo López
      Abstract: We evaluate the effectiveness of the Colombian Central Bank´s interventions in the foreign exchange market during the period 2000 to 2014. We examine the stochastic process that describes the exchange rate, with a focus on the detection of structural breaks or unit roots in the data to determine whether the Central Bank´s interventions were effective. We find that the exchange rate can be described either by a random walk or by a trend-stationary model with multiple breaks. In neither cases do we find any evidence that the exchange rate was affected by the Central Bank interventions.
      PubDate: 2015-12-01
      Issue No: Vol. 19, No. 41 (2015)
  • An Analysis of Colombian Power Market Price Behavior from an Industrial
           Organization Perspective

    • Authors: Ona Duarte Venslauskas, John J. García Rendón
      Abstract: We analyze the behavior of spot prices in the Colombian wholesale power market, using a series of models derived from industrial organization theory.  We first create a Cournot-based model that simulates the strategic behavior of the market-leader power generators, which we use to estimate two industrial organization variables, the Index of Residual Demand and the Herfindahl-Hirschman Index (HHI).  We use these variables to create VAR models that estimate spot prices and power market impulse-response relationships.  The results from these models show that hydroelectric generators can use their water storage capability strategically to affect off-peak prices primarily, while the thermal generators can manage their capacity strategically to affect on-peak prices.  In addition, shocks to the Index of Residual Capacity and to the HHI cause spot price fluctuations, which can be interpreted as the generators´ strategic response to these shocks.
      PubDate: 2015-12-01
      Issue No: Vol. 19, No. 41 (2015)
  • Evidence of Discrimination Against Afrocolombians in the Colombian Labor
           Market in Major Cities in 2007

    • Authors: José Santiago Arroyo Mina, Leonardo Belalcazar Fernández, Luis Felipe Pinzón Gutiérrez
      Abstract: This paper evaluate the hypothesis that race is a determining factor in access to quality employment in Colombia during 2007.  Using data from the Large Integrated Household Survey (2007-I), we estimate a generalized ordered logit model.  The results provide evidence that individuals self-identified as Afrocolombian have a higher  probability of being in a low quality job than other Colombians.  This probability is higher by 1.9% in Cali, 3.4% in Bogotá, 12.6% in Barranquilla, 1.8% in Cartagena, 1.1% in Medellin and 3.8% overall in these five cities, results that could indicate that there is racial discrimination against Afrocolombians in the Colombian labor market. 
      PubDate: 2015-12-01
      Issue No: Vol. 19, No. 41 (2015)
  • The Effect of Private Management of Public Schools on Student Achievement
           in Bogotá, Colombia

    • Authors: Ángela Rocío López Sánchez, Andrés Felipe Virgüez Clavijo, Jaime Andrés Sarmiento Espinel, Adriana Carolina Silva Arias
      Abstract: During the last 15 years, the public school system in Bogotá, Colombia has maintained a concession system in which 25 schools are managed privately with exemptions to many of the rules required in the traditional schools.  This study uses the propensity-matching technique to examine whether students in the privately-managed schools have better scores on the Saber 11° examinations taken upon completion of secondary school.  The results for 251 schools indicates that students with comparable socioeconomic characteristics score considerably better on these tests in the privately-managed schools than in the traditional public schools.  Thus, there is evidence that the privately-managed public schools are a cost-effective alternative to the traditional public school.  
      PubDate: 2015-12-01
      Issue No: Vol. 19, No. 41 (2015)
School of Mathematical and Computer Sciences
Heriot-Watt University
Edinburgh, EH14 4AS, UK
Tel: +00 44 (0)131 4513762
Fax: +00 44 (0)131 4513327
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