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Analysis of the Economic Cycle on Imperfect Competition
Julián J. Arévalo, Angélica Castro y Édgar Villa [pdf] [html]

[Key words: economic cycle, imperfect competition, stylised facts, economic growth, JEL: E30, O11, O49]

The aim of this paper, which is part of a broader research project, is to analyse the fluctuations of output in a framework of imperfect competition based on the stylised facts. We conclude that these movements can be originated by supply or demand shocks, or simply by the adjustment of the economy when goods or labor markets are not balanced because of price and wages rigidities. On the other hand, it justifies the Keynesian argument related to government interference in cases where the economy cannot overcome a recessive stage on its own.

Determinants of the Real Exchange Rate in Colombia. A Neokeynesian Approach
Álvaro Martín Moreno Rivas [pdf] [html]

[Key words: real exchange rate, tradable goods, non-tradable goods, fundamentals, devaluation, equilibrium, JEL: E12, E40]

This article presents a model of real exchange rate using a neokeynesian approach, which is estimated with econometric methods of the English school. The empirical model is dynamic and respects the restrictions of the long run equilibrium between real exchange rate and macroeconomic fundamentals. It shows that the amount of appreciation and depreciation of the real exchange rate is determined by changes in terms of trade, openness of the economy, capital flows and acceleration of nominal devaluation. Public spending increases are not significant of the conventional levels of statistic confidence. Finally, the article evaluates if devaluation meets the requirements of weak, strong and super exogenity.

Financial Crisis and Credit Rationalization
José Eduardo Gómez y Nidia Ruth Reyes [pdf] [html]

[Key words: credit, financial crisis, postkeynesian theory, economic institutions, financial variables, JEL: E12, E44, E51, G18]

The idea that credit is important has gained importance in the contemporary macroeconomic theory. However, almost all the models that explicitly include financial variables in their explanation of economic behaviour continue to differentiate between the monetary and the real economy in the long run. This paper proposes a relationship between credit restrictions and financial crisis based on postkeynesian theory. In this context, credit rationalization appears as a natural phenomenon in modern capitalist economies, and not as a result of the bankers’ voluntary action will or their imperfect information due to the confidentiality of investors’ knowledge. Financial crisis are endogenous, but they can be prevented by the correct behaviour of the economic institutions.

Development, Diversity and Equity in the 21th Century
Alfredo Sarmiento Gómez [pdf] [html]

[Key words: equity, diversity, education, human capital, economic development, JEL: I20, I31, O15]

Today there are two tendencies in apparent contradiction: increasing globalisation and the rise of cultural, religious and national individualities. In the struggle for equity, human rights have followed society from the individual to the universal organization; from civil rights to the “liberation from misery" and the “liberation from fears". The engine of development is the individual and social forms of constructing our own destiny. Taking advantage of market potential requires general access to education, property and credit. Education forms citizens capable of interacting freely in a multicultural and multi-ideological society, that they manage, understand and enjoy, with different meanings regarding their specific and diverse communities, attitudes and conducts. We are all limited, but have boundless possibilities.

Rationality and Cooperation Between Firms. Testing Habitual Behaviour in Greek Industries
Michel S. Zouboulakis y John Kamarianos [pdf] [html]

[Key words: rationality, cooperation, trust, informal relations, transaction costs, opportunism, competitive firms, non competitive firms, JEL: D21, D23, D29]

The aim of this empirical research was to test the influence of some social factors such as social norms, habits and routines, which are actually constraining the entrepreneurial strategy. In order to measure the extent of these influences we have focused on informal arrangements and cooperation between firms, including informal relations, trust links, family links etc. Firms having long term informal relations benefit from lower costs of making transactions enforceable, including the costs of information and planning, and furthermore protect themselves from the hazards of opportunism. In doing so, firms do cooperate consciously adopting patterns of behaviour that largely exceed market arrangements. This is true not only for non-competing firms (i.e. firms with client-customer relations) who have developed in that direction a nexus of diverse long-term strategies, but also for competing firms producing identical goods.

Theory of Games: Where are We Going? (60 Years After von Neumann and Morgenstern)
Sergio Monsalve [pdf] [html]

[Key words: theory of games, economic analysis, economic behavior, decision taking, evolutionary games, JEL: C70]

This paper explores the main problems of the theory of games as a tool of economic analysis. It also points out the new perspectives of the solution concepts including their context and finally it presents some comments regarding the future of the field.


Revista de Economía Institucional
Universidad Externado de Colombia
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Bogotá, Colombia
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