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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]
  • Evidence that Risk Adjustment is Unnecessary in Estimates of the User Cost
           of Money

    • 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

    • 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

    • 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

    • 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

    • 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)
  • The Feldstein-Horioka Paradox – Evidence for Colombia during

    • First page: 4
      Abstract: This paper examines the relationship between national investment and saving in Colombia during the period 1925-2011.  Consistent with Cardenas and Escobar (1998), an Error Correction Model is used to examine short and long run effects.  The results provide evidence that investment and saving are co-integrated during the study period. The results for the co-integration vector, with and without structural breaks, indicate that capital mobility was low, which is consistent with the Feldstein – Horioka [1980] paradox.  The results imply that increases in domestic saving rates reduce the mobility of financial capital in Colombia.
      PubDate: 2015-06-30
      DOI: 10.17230/ecos.2015.40.1
      Issue No: Vol. 19, No. 40 (2015)
  • Regional Relationships in New Housing Prices in Colombia

    • First page: 25
      Abstract: This study examines the regional relationships in the price of new housing in seven major cities in Colombia during the period 1999 Q2 to 2013 Q3 using time series statistical techniques.  We show that while regional prices tend to converge in the long run, there is no evidence that price shocks in the capital (Bogotá) diffuse to other cities.  We do find evidence that prices in some smaller cities are affected by prices in neighboring cities.
      PubDate: 2015-06-30
      DOI: 10.17230/ecos.2015.40.2
      Issue No: Vol. 19, No. 40 (2015)
  • The Effect of Central Bank Policy Decisions on Stock Market Returns in

    • First page: 48
      Abstract: This paper analyzes the stock-market response to monetary policy decisions made by the Central Bank of Chile.  We use a methodology designed for the study of low frequency events and monthly data from September 2001 to December 2013 to estimate the effect of anticipated and unanticipated changes in the Chilean monetary policy interest rate on stock returns.  In contrast to the research findings in the literature for the U.S., we find no evidence that monetary surprises affect Chilean stock returns.
      PubDate: 2015-06-30
      DOI: 10.17230/ecos.2015.40.3
      Issue No: Vol. 19, No. 40 (2015)
  • The Effect of a Sports Stadium on Housing Rents: An Application of
           Geographically Weighted Regression

    • First page: 66
      Abstract: Researchers have determined that real estate prices vary in continuous ways as a function of spatial characteristics.  In this study we examine whether geographically weighted regression (GWR) provides different estimates of price effects around a sports stadium than more traditional regression techniques.  We find that an application of GWR with hedonic prices finds that the stadium has a negative external effect on housing rents that extends outward 560 meters, in contrast to the positive external effect on housing rents found using a conventional estimation technique.
      PubDate: 2015-06-30
      DOI: 10.17230/ecos.2015.40.4
      Issue No: Vol. 19, No. 40 (2015)
  • The Struggle for Territorial Control in Colombia: An Analysis of the
           Dynamics of the Armed Conflict

    • First page: 81
      Abstract: This paper reviews the literature on the theory of armed conflict and examines its application to the insurgents´ struggle with the State for political and territorial control in Colombia during 1999-2010.  The analysis examines three sub-periods during this period and several geographic regions to analyze the effect of varying levels of participant capability on the dynamics of the conflict, as measured by the intensity of the conflict over time.  We conclude that as long as there are asymmetries between the State and the insurgency, armed confrontation is likely to continue.
      PubDate: 2015-06-30
      DOI: 10.17230/ecos.2015.40.5
      Issue No: Vol. 19, No. 40 (2015)
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