Do U.S. and Colombian macro factors improve the forecasting ability of unrestricted VAR models of the local term structure of interest rate?

Este estudio empírico compara la capacidad de los modelos Vectores auto-regresivos (VAR) sin restricciones para predecir la estructura temporal de las tasas de interés en Colombia -- Se comparan modelos VAR simples con modelos VAR aumentados con factores macroeconómicos y financieros colombianos y estadounidenses -- Encontramos que la inclusión de la información de los precios del petróleo, el riesgo de crédito de Colombia y un indicador internacional de la aversión al riesgo mejora la capacidad de predicción fuera de la muestra de los modelos VAR sin restricciones para vencimientos de corto plazo con frecuencia mensual -- Para vencimientos de mediano y largo plazo los modelos sin variables macroeconómicas presentan mejores pronósticos sugiriendo que las curvas de rendimiento de mediano y largo plazo ya incluyen toda la información significativa para pronosticarlos -- Este hallazgo tiene implicaciones importantes para los administradores de portafolios, participantes del mercado y responsables de las políticas

A systematic literature review of the current trends and challenges of internationalization of higher education in Latin America

This paper aims to consolidate a sample of existing academic literature on the modes, trends, risks and challenges of the internationalization of higher education in Latin America published over the last 15 years -- Following a systematic literature review methodology, it was seeking to analyze and synthesize a sample of 25 published academic articles on the specifically chosen topic -- As a consequence of this review, it was found that progress has been made on the subject and there is an awareness of the impact it has on quality, international indicators still lag far behind those of more developed regions -- The creation and implementation of accreditation and evaluations processes, the commodification of higher education and the presence of new providers and regionalization efforts were perceived as trending topics in the publications -- Risks and challenges such as lack of governmental support and brain drain, are respectively perceived by researchers as the most concerning -- Finally, an emphasis is made on the comprehensiveness that must characterize this process in order to be successful, meaning that it should “embrace all the educational processes” (Gacel-Ávila, 2007, 406)