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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]
  • Unions and Economic Performance in Developing Countries: Case Studies from
           Latin America

    • Authors: Fernando Rios-Avila
      Pages: 4 - 36
      Abstract: This paper analyzes the economic impact of unions on productivity in the manufacturing sector across six Latin American countries: Argentina, Bolivia, Chile, Mexico, Uruguay, and Panama. Using an augmented Cobb-Douglas production function, the paper finds that unions have positive, but mostly small, effects on productivity, with the exception of Argentina, with a large negative effect, and Bolivia, with no effect. An analysis on profitability shows that, in most cases, the positive productivity effects barely offset higher union compensation, and that unions are negatively related to investment in capital and R & D. Different explanations for these effects are discussed.
      PubDate: 2017-06-22
      DOI: 10.17230/ecos.2017.44.1
      Issue No: Vol. 21, No. 44 (2017)
  • Robust Estimation of beta and the hedging ratio in Stock Index Futures In
           the Integrated Latin American Market

    • Authors: Juan Carlos Gutierrez Betancur, Astrid Katherine Gutiérrez Díaz, Andrés Gómez Fernández
      Pages: 37 - 71
      Abstract: This paper examines the effect exerted by outliers in the equity betas in the Integrated Latin American Market (MILA), estimated by two different methods: ordinary least squares (OLS) and robust estimation (RMM). To illustrate the empirical relevance of the estimated betas, we evaluate the hedging ratio using stock index futures. The results indicate that the estimates made by the RMM method provide a better fit and increase the efficiency of a hedging strategy when there are outliers in the estimation window of beta.
      PubDate: 2017-06-22
      DOI: 10.17230/ecos.2017.44.2
      Issue No: Vol. 21, No. 44 (2017)
  • The Rural Roads Impact on Education Performance in Antioquia (Colombia):
           an ordered probit model

    • Authors: Guillermo David Hincapie, Ivan Montoya Gomez, John Jaime Bustamante
      Pages: 72 - 85
      Abstract: This paper aims to determine the impact of the Antioquia department’s road system, particularly the rural roads system, on the probability of advancement in the educational achievement of students from rural areas in high schools in Antioquia, Colombia. For this we propose an ordered logistic model of educational performance, defining as a independent variable a transformation of the rural road densities in relation to the supply of sewage, energy, telephone service, among others, with the aim of capturing the variability and dispersion of rural areas in each municipality. The results show that rural roads influence the probability of increasing educational performance for rural students.
      PubDate: 2017-06-22
      DOI: 10.17230/ecos.2017.44.3
      Issue No: Vol. 21, No. 44 (2017)
  • The Effect of Increased Schooling in the Colombian Labor Market Between
           2008 and 2016

    • Authors: Tomás Aristizábal Lopera, Esteban Ángel López
      Pages: 86 - 100
      Abstract: We examine the changes in the supply of Colombian workers with different levels of schooling and estimate the effect of these changes on salaries between 2008 and 2016 using a Mincer model.  The share of the work force with primary schooling or less declined from 46% to 32.5%, the share with secondary schooling rose from 36% to 39.5%, and the share with tertiary schooling rose from 18 to 28%.  We find that schooling had positive effects at every level of schooling, but particularly at the tertiary level.  The marginal effect of a year of schooling declined at every level.  In real terms we find an increase of 21% in average salaries for workers with primary schooling between 2008 and 2016 but few changes in average salaries among more educated workers.  Since the share of more educated workers increased, total labor income in Colombia increased substantially over these years.
      PubDate: 2017-06-22
      Issue No: Vol. 21, No. 44 (2017)
  • Does managerial discretion affect debt maturity in Chilean firms? An
           agency cost and asymmetric information approach

    • Authors: Jorge Andrés Muñoz Mendoza, Sandra María Sepúlveda Yelpo
      Abstract: We address debt maturity determinants for Chilean firms using data whose information was drawn from the Longitudinal Survey of Companies (ELE). Results from pooled Tobit regressions indicate that for firms with high growth opportunities, managerial discretion will encourage longer debt terms, a decision that contributes to reducing liquidity risk. For firms with low growth opportunities, managerial discretion does not affect debt maturity, while external monitoring reduces it. These results provide new evidence for international literature. Other conclusions suggest that debt maturity is positively related to firm size, capital structure, and asset tangibility and negatively related to agency costs and membership in a holding company. These findings are consistent with international studies.
      PubDate: 2016-12-14
      DOI: 10.17230/ecos.2016.43.4
      Issue No: Vol. 20, No. 43 (2016)
  • The labor-supply effects of extending health insurance to workers’
           partners: The experience of Uruguay

    • Authors: Cecilia Parada
      Abstract: In December 2010 Health Insurance in Uruguay was extended to the partners of workers in the formal labor market. This extension may have modified the incentives to participate in the formal and informal labor markets, potentially reducing overall participation or the share of individuals in the formal labor market whose partners were formally employed. Using a difference-in-differences methodology, effects of the Health Insurance expansion are estimated by comparing individuals affected by the policy over time with similar but unaffected individuals. We find negative and statistically significant effects: the policy extension reduces the share of the economically-active population in the formal labor market by 0.95 percentage points and women in formal employment in the private sector by 2.13 percentage points.  In addition to these effects, we find significant heterogeneous effects by age, educational level, and the formality conditions of the partners. We also find an effect of the policy on occupation, though of smaller magnitude and not always statistically-significant.
      PubDate: 2016-12-02
      DOI: 10.17230/ecos.2016.43.3
      Issue No: Vol. 20, No. 43 (2016)
  • Managerial efficiency and failure of U.S. commercial banks during the
           2007-2009 financial crisis: was this time different?

    • Authors: Pilar B. Álvarez-Franco, Diego A. Restrepo-Tobón
      Abstract: Compared with previous crises few banks failed as a result of the U.S. financial crisis of 2007-2009. We investigate the role played by managerial efficiency in the non-systemic bank failures during the crisis. During previous waves of bank failures, cost-inefficient banks and banks with relatively less capital or low-quality assets were more likely to fail. Using data from 2001 to 2010, we show that profit inefficiency—our proxy for managerial inefficiency— is a robust predictor of bank failures while cost inefficiency is unrelated to them. In addition, capital adequacy lost importance in predicting non-systemic bank failures during the crisis while loan quality remained a strong predictor. Our results suggest that profit efficiency can be an important managerial indicator in monitoring banks.
      PubDate: 2016-12-02
      DOI: 10.17230/ecos.2016.43.1
      Issue No: Vol. 20, No. 43 (2016)
  • Macroeconomic Effects of Oil Price Fluctuations in Colombia

    • Authors: Leonardo Quero-Virla
      Abstract: This research aims to study the effects of oil price changes on the Colombian economy during 2001:Q1 to 2016:Q2. A structural vector auto-regression model in the spirit of Blanchard and Galí (2010) is estimated under a recursive identification scheme, where unexpected oil price variations are exogenous relative to the contemporaneous values of the remaining variables. Drawing on impulse-response estimates, a 10% increase in the oil price generates the following accumulated orthogonalized responses: i) a contemporaneous 0.4% increase in GDP growth, later on the effect reaches its maximum in the first quarter (1.7% increase) and starts to decay after two quarters; ii) a contemporaneous 1.2% decrease in unemployment, then the effect remains slightly negative and reaches its maximum after ten quarters (5.1% decrease); iii) a contemporaneous 0.9% decrease in inflation, followed by an 0.2% increase by quarter three, and thereafter the effect remains slightly negative.
      PubDate: 2016-12-02
      DOI: 10.17230/ecos.2016.43.2
      Issue No: Vol. 20, No. 43 (2016)
  • 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
      DOI: 10.17230/ecos.2016.42.1
      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
      DOI: 10.17230/ecos.2016.42.5
      Issue No: Vol. 20, No. 42 (2016)
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