La Revista
  Último Número
  Números Anteriores
  Revistas Colombianas
Site Meter 

Español | English




El perro y el frisbee
Andrew G. Haldane y Vasileios Madouros [pdf][html]

[Keywords: Banking crises, financial regulation, complexity, financial stability; JEL : G01, G21, G28]

This paper explores why the type of complex financial regulation developed over recent decades may be a suboptimal response to the increasing complexity of the financial system. Examples from other disciplines illustrate how decision-making in a complex environment can benefit from simple rules of thumb or ‘heuristics'. We perform a set of empirical experiments to assess the relative performance of simple versus complex rules in a financial setting. We find that simple metrics, such as the leverage ratio and market-based measures of capital, outperform more complex risk-weighted measures and multiple-indicator models in their capacity to predict bank failure. A consistent message from these experiments is that complexity of models or portfolios can generate robustness problems. We outline five policy lessons from these findings, covering both the design of financial regulation itself and possible measures aimed at reducing complexity of the financial system more directly.

Commercial globalization and card redistribution
Pierre Salama [pdf][html]

[Keywords: globalization, development strategies, emerging countries; JEL: F5, O1, L11]

The new commercial globalization changed the map of the global industry. Today's world is different from yesterday. North does not dominate South in the same way. In the South there are large heterogeneities between developing countries, the emerging Asian and Latin American countries, etc. Some countries in the South have come to impose their own rules. However, not all emerging economies in the South have the same capacity prevail, as Latin America. Some Asian countries benefit temporarily from high growth, but experience a process of deindustrialization that weakens them. Some theories and analytical tools have become outdated or inaccurate, such as the center-periphery approach. Countries that yesterday belonged to the periphery have acquired characteristics of the old center and even exercise control over developed countries.

Lauchlin Currie: Development and Economic Growth
Álvaro Montenegro

[Key words: development, economic growth, economies of scale, leading sector; JEL: B31, O10, O40]

This article is a guide to Lauchlin Currie's thoughts on development and economic growth. Growth is a necessary condition for development and a minimum of law and order is a necessary condition for growth. According to Currie, the causes of growth are not to be found in the traditional factors of production but in the social interaction that generates desire in individuals for what others have. These desires move individuals to work more, open new markets, invent products, cut costs; all of which drive production per capita.

Federalism and taxation in the sovereign State of Panama, 1850-1886
Salomón Kalmanovitz [pdf][html]

[ Key words: federalism, taxation, Panama, economic history; JEL: H23, H30, N46, N76]

The economic history of Panama during the 19th century is generaly unknown in Colombia and its financial accounts present a puzzle which is difficult to unravel. This investigation contributes to the elucidation of both problems; taking into account demography, geography and fiscal accounts as they appear in the budges of the State of Panama. The subsidiary hypothesis is that the federalist system that Colombia chose between 1855 and 1886 constituted an acceptable modus vivendi between the Panamanian elites and the Colombian political center. The strategic interests of Panama, however, were growingly compromised by the centralist political system that was put in place through the 1886 Constitution. The failure of the French initiative to build the Canal, the Colombian civil war of 1899-1902 won by the conservatives and the rejection of the Herrán-Hey treaty (which would have allowed the U.S to build the canal) all combined to convince the Panamanian elite to abandon Colombia at the hands of the American Empire.

FARC and the costs of kidnapping
María del Pilar Castillo V. y Giácomo Balbinotto [pdf][html]

[Key words: agency theory, kidnapping, contracts, JEL : D82, D86]

This article analyzes, from an agency theory perspective, the effects produced on the Revolutionary Armed Forces of Colombia (FARC) by both political kidnapping as a long-run political strategy, and its long duration caused by Álvaro Uribe's government decision to not accept prisoner exchanges. These elements led to a separation between the FARC leaders' objectives and the goals of its field commanders. In such a case, the connection between them reveals the existence of a moral hazard problem which has become stronger and more harmful over time.

The income elasticity of culture consumption in Cali
Luisa Fernanda Bernat, Jhon James Mora y Blanca Zuluaga [pdf][html]

[Key words: income elasticity, cultural consumption, demand of culture; JEL : Z1, Z11]

This article analyzes the consumption of culture in Cali (Colombia), by estimating the income elasticity of cultural demand. The results correspond exclusively to a group of cultural goods and services, unlike previous contributions where calculations have been made for education and culture together. By using the Incomes and Expenditures Survey of 2010, we found that the elasticity of the cultural demand is close to unity (0.99), but different from one at 95% of statistical significance. For this reason, we cannot categorically assert that cultural goods and services are luxury goods.

Codes of conduct of oil companies in Colombia: A characterization
Yuri Gorbaneff, Elsa Margarita Uribe G. y Guillermo Hoyos [pdf][html]

[Keywords: codes of conduct, moral philosophy, oil industry; JEL: M14]

We explore the traits that characterize the codes of conduct with the aim to understand the parameters of responsibility and ethical performance that Colombian oil companies define for themselves and for their stakeholders. The paper is exploratory and descriptive and uses the method of multiple case study. The codes are grouped in three blocks according to their structure. We show the philosophical roots of codes. Codes of global companies are extensive and legal. Local companies with international ambitios have less extensive codes, but maintain their legal nature. Codes of small local enterprises are short and mission-focused by this tone. Virtually all codes have their roots in utilitarian ethics.

Ecological economics and the political economy of Karl Marx
Julián Sabogal Tamayo [pdf][html]

[Keywords: Political Economy, ecological economics , objective, method; JEL: B51, Q56, Q57]

The purpose of this article is to contribute to the discussion on the differences and possible relationships between the Marx's political economy and the ecological economy. It emphasizes the differences in objectives, object and method. Finally it outlines the convergences and the need for solidarity and mutual learning.


Revista de Economía Institucional
Universidad Externado de Colombia
Cra. 1 No. 12-68 Casa de las Mandolinas
Bogotá, Colombia
(571) 2826066 ext. 1307

Creative Commons License
Creative Commons Attribution 3.0 Unported License