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Cuadernos de Economía. Número 113. 2017

Permanent URI for this collectionhttps://hdl.handle.net/10486/690528

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    The literature on the interaction of fiscal risk and financial stability - A survey
    (Elsevier España, 2016-10-27) Echevarria Icaza, Victor
    This article presents a review of the literature on aspects of fiscal and financial crises. Firstly, an analysis is made on how fiscal policy may become unsustainable, whether it is due to a worsening of the fundamentals of a country, or to increasing international financial turmoil. Particular attention is paid to the literature on the role of financial institutions and their sovereign links in a crisis context. This link may mean that sovereign stress is transferred to the banks, via holdings of sovereign debt or vice versa, on account of the implicit (or explicit) guarantee that banks may have from the sovereign. Secondly, a review is made of the determining factors of the connectedness amongst financial institutions and between sovereign banks. The indicators of connectedness can help understand how systemic risk builds up. Finally, an analysis is made on how the debate on macro-prudential policy has evolved to tackle the issue of system-wide financial stress
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    Cambio geoespacial y sectorial del ensamble para exportación en México. Estructura, geoespacio y estrategia. 1990 a 2014
    (Elsevier España, 2016-08-17) Bátiz López, José Luis; Ranfla González, Arturo; Rivera Ríos, Miguel
    México se ha convertido en el séptimo productor mundial de vehículos automotores, pero su función es ensamblar partes y componentes procedentes de las empresas globales, principalmente de Estados Unidos, que absorbe la parte mayoritaria de las re-exportaciones. El auge del ensamble automotriz está relacionado con dos procesos fundamentales: de una parte tiende a culminar el objetivo gubernamental de aumentar el empleo y la captación de divisas en un momento crítico, pues las re-exportaciones de electrónicos mostraron signos de desaceleración por otro lado, la región Centro-Occidental donde se han concentrado la apertura de las nuevas plantas ha aumentado su participación en el PIB nacional, provocando un cambio en el balance nacional. En primera instancia, este creciente rol jugado por México en las redes de producción global podría verse como una oportunidad para lanzar una estrategia de aprendizaje tecnológico al estilo asiático. Sin embargo, no es ese el caso, no por las razones que se esgrimen habitualmente ----es decir, falta de iniciativa---- sino por problemas estructurales de larga gestación relacionados con la naturaleza de la reforma económica neoliberal, que acotaron sustancialmente el margen estratégico de acción para instaurar políticas alternativas. El artículo concluye señalando que un resultado no planificado del auge del ensamble es la aparición de una plataforma productivo-logística derivada de la relativa proximidad en que operan las plantas en esa estratégica región del país; esa plataforma parece abrir oportunidades inéditas de asociación de empresas locales a las automotrices redes globales, principalmente en el sector servicios. Irónicamente, esta oportunidad parece no haberse visualizado ni existen, por lo mencionado arriba, los instrumentos de promoción para efectuar ese giro
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    Homicide and land prices: A spatial analysis in Santiago de Cali
    (Elsevier España, 2016-07-16) Burbano Valencia, Enrique Javier; Zafra Sanz, María Isabel
    Since 2000, Cali has had the highest mean annual homicide rate among the major Colombian cities. The model of Mills (1972) is extended to include the homicide per commune (from 2005 to 2012) as a measure of social distance, and to quantify the effect of this phenomenon on land prices (mean appraisals). Using an annual panel, the estimates of the model --- the family violence rate being the instrumental variable --- show that an increase in the homicide rate of one unit reduces the appraisals by 1.6%. One plausible interpretation is that homicides operate as a regressive tax on property wealth in Cali because it is more concentrated in the communes of the lower socio-economic stratum, systematically expanding the intra-urban social distance
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    Do current and future managers think alike? An experiment with LNG capacity auctions
    (Elsevier España, 2016-03-24) Otamendi, Francisco Javier; Doncel, Luis Miguel
    An experiment has been carried out in the laboratory to assess the difference in the bidding behaviour between current managers of an energy company and future managers or university students of Economics. The novelty of the experiment is that it has precisely mimicked a real capacity auction of LNG off-loading and that the professionals that have participated belong to the energy company that is responsible for the auctions. The experiments show that the laboratory setting is appropriate both for teaching and experimentation. The research results demonstrate that professionals bid higher than students and that women bid higher than men
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    ICT-finance-growth nexus: Empirical evidence from the Next-11 countries
    (Elsevier España, 2016-03-22) Prakash Pradhan, Rudra; Arvin, Mak; Mahendhiran, Nair; Bennett, Sara; Bahmani, Sahar
    This study assesses the causal relationship between information and communication technology (ICT) penetration, financial development, and economic growth in Next-11 countries between 1961 and 2012. A panel vector auto-regressive (VAR) model is used to detect the direction of causality between ICT, financial sector development and economic growth for these countries. The results reveal that there is Granger-causality among the variables both in the short run and in the long run, although the exact nature of the results varies by the ICT penetration indicators for the sample countries. Empirical results from this study provide valuable insights on policies pertaining to ICT penetration, financial sector development and economic growth
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    Análisis de la estructura del mercado laboral en Colombia: un estudio por género mediante correspondencias múltiples
    (Elsevier España, 2016-04-01) Ramoni Perazzi, Josefa; Orlandoni Merli, Giampaolo
    A pesar del creciente nivel educativo y de participación laboral, varios estudios indican que en Colombia las condiciones laborales difieren según el género. Este trabajo, basado en el análisis de correspondencias múltiples aplicado a datos de la Gran Encuesta Integrada de Hogares en 2007 y 2014, tiene por objetivo estudiar la segmentación por género del mercado laboral colombiano a través de mapas perceptuales sociales que permitan comparar la estructura general de dichos mercados y observar su evolución en el tiempo. Los resultados soportan la tesis de mercado laboral segmentado, con claras diferencias tanto en salarios como en sectores y condiciones de empleo y con un cierto rezago en la evolución del mercado laboral de las mujeres
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    A new view on Robbins’s definition of conomics: The notions of real and formal scarcity
    (Elsevier España, 2016-02-05) Falgueras Sorauren, Ignacio
    This article analyses Robbins’s famous definition of economics. It shows that this definition was introduced by the author to solve long-standing problems regarding the subjectmatter of the science that were associated with some of the existing definitions. The article also draws attention to some confusion that surrounds the way Robbins understood the (new) subject-matter and which also slid into his definition. To escape the ambiguities caused by Robbins’s confusion, we propose a more precise way of understanding the subject-matter of economics. The insight gained reveals that Robbins’s definition really contains two sub-definitions: one that describes the subject-matter (real scarcity) and another that describes the method of the science (formal scarcity). This finding sheds light on some analyses and interpretations of this definition in the literature