Ownership structure and risk at Colombian banks

The separation between ownership and the control of capital in banks generates differences in the preferences for risk among shareholders and the manager. These differences could imply a corporate governance problem in banks with a dispersed ownership, since owners fail to exert control in the allocation of capital. In this paper we examine the relationship between the ownership structure and risk for Colombian banks. Our results suggest that a high ownership concentration leads to higher levels of risk.

Short Term Health Shocks and School Attendance: The Case of a Dengue Fever Outbreak in Colombia.

This paper makes use of a short, sharp, unexpected health shock in the form of the 2010 Colombian Dengue outbreak to examine the direct and indirect impact of negative health shocks on behaviour of households in affected areas. Our analysis combines data from several sources in order to obtain a comprehensive picture of the influence of the outbreak, and furthermore to understand the underlying mechanisms driving the effects. Our initial analysis indicates that the outbreak had a substantial negative effect on the health status of adults and adversely affected their ability to function as usual in their daily lives. In our aggregated school data, in areas with high levels of haemorrhagic Dengue we observe a reduction innational exam attendance (last year of secondary school) and on enrolment rates in primary education. Further analysis aims to exploit detailed individual level data to gain a more in depth understanding of the precise channels through which this disease influenced the behaviour and outcomes of the poor in Colombia.

Small-area variation in health care affecting the choice of cesarean delivery: the case of a Colombian health insurer

In the midst of health care reform, Colombia has succeeded in increasing health insurance coverage and the quality of health care. In spite of this, efficiency continues to be a matter of concern, and small-area variations in health care are one of the plausible causes of such inefficiencies. In order to understand this issue, we use individual data of all births from a Contributory-Regimen insurer in Colombia. We perform two different specifications of a multilevel logistic regression model. Our results reveal that hospitals account for 20% of variation on the probability of performing cesarean sections. Geographic area only explains 1/3 of the variance attributable to the hospital. Furthermore, some variables from both demand and supply sides are found to be also relevant on the probability of undergoing cesarean sections. This paper contributes to previous research by using a hierarchical model and by defining hospitals as cluster. Moreover, we also include clinical and supply induced demand variables.

Teorías y algunas experiencias internacionales en el financiamiento de la educación superior: lecciones para Colombia

Se analizan diferentes alternativas para la financiación de la educación superior, teniendo en cuenta que la presencia de fallas de mercado -tanto por el lado de la demanda como por el de la oferta- hace de éste un sector muy particular. Las primeras se relacionan con las decisiones privadas en términos de educación de la población estudiantil, y las segundas con las asimetrías de información que caracterizan el lado de la oferta en el financiamiento de la educación. El documento hace una revisión de literatura académica y de algunas experiencias internacionales sobre las diferentes fuentes de financiación en este sector, así como sus potenciales efectos sobre ciertas variables. Así, esta revisión arroja luces sobre las alternativas para el caso Colombiano.

The international economic crisis and the colombian economy

The purpose of this research is to provide an approximation to the likely effects of the crisis on the Colombian economy and to the effectiveness of policy response. For this, the most relevant transmission channels and policy measures are simulated in the setting of a static computable general equilibrium model (CGE). The results obtained are interesting in their own right and are in line with what could be expected given the information available on the behavior of the Colombian economy. Furthermore, they call into question the effectiveness of governmental intervention as judged by its intended countercyclical effects.

Can SMS Technology Improve Low Take-up of Social Benefits?

Low take up of stigma-free social benefits is often blamed on information asymmetries or administrative barriers. There is limited evidence on which of these potential channels is more salient in which contexts. We designed and implemented a randomized controlled trial to assess the extent to which informational barriers are responsible for the prevalent low take-up of government benefits among Colombian conflict-driven internal refugees. We provide timely information on benefits eligibility via SMS to a random half of the displaced household that migrated to Bogot´a over a 6-month period. We show that improving information increases benefits’ take up. However, the effect is small and only true for certain type of benefits. Hence, consistent with previous experimental literature, the availability of timely information explains only part of the low-take up rates and the role of administrative barriers and bureaucratic processes should be tackled to increase the well-being of internal refugees in Colombia.

Cartoons and economics: general analysis based on colombian economic cartoons

May cartoons be considered as a viable and credible source for the study of economics? There is hardly any research on the subject, even though there is a quite significant amount of cartoons with economic content. This suggests that economics (and economists) have not paid enough attention and do not incorporate in their analysis a relevant primary source. The present paper aims to explore the value of using cartoons as a complementary primary source in economic analysis. We present a way of analyzing economic history through cartoons; first, reviewing cartoons which describe particular historical circumstances and second, examining cartoons that represent generic economic situations and are not necessarily linked to a historical period. We choose 17 cartoons, from different cartoonist, especially Colombian cartoonists that may give us an idea of economic matters and economic history.

A firm-level analysis of ICT adoption in an emerging economy: evidence from the colombian manufacturing industries

This study examines ICT adoption among 3,759 Colombian manufacturing firms, and attempts to identify the factors that are conducive to the adoption and usage of ICT at the firm level. Our major findings are (i) that the adoption of a given information and communication technology is better facilitated when a firm is relatively large, has large human capital, engages in more innovative activities, and when a firm’s organizational structure is better aligned with the given technology; (ii) that positive associations between the key determinants and ICT adoptions are more pronounced for small and medium-sized firms than for large ones, and (iii) that information spillovers within industries is also a determinant of ICT adoptions by the firms.

Demand of children in Colombia : guessing or planning

El artículo analiza los determinantes de la presencia de hijos no deseados en Colombia. Se utiliza la información de la Encuesta Nacional de Demografía y Salud (ENDS, 2005), específicamente para las mujeres de 40 años o más. Dadas las características especiales de la variable que se analiza, se utilizan modelos de conteo para verificar si determinadas características socioeconómicas como la educación o el estrato económico explican la presencia de hijos no deseados. Se encuentra que la educación de la mujer y el área de residencia son determinantes significativos de los nacimientos no planeados. Además, la relación negativa entre el número de hijos no deseados y la educación de la mujer arroja implicaciones clave en materia de política social.

Do Colombian students underestimate higher education returns?

We analyze the determinants of subjective returns of higher education in Colombia. The information on expectations has been collected in categories, motivating the use of interval regression and an ordered probit approaches for modeling the relationship between beliefs and measures of ability, conditioning on individual, school and regional covariates. The results suggest that there are considerable differences in the size of the expected returns according to some population groups and a strong dominance of college against technical education. Gender gaps disappear in college education but it is found that girls tend to believe that professional wages are more concentrated into higher income categories than boys. Finally, it seems that Colombian students overestimate the pecuniary returns to education.

Echoes of the crises in Spain and US in the Colombian labor market : a differences-in-differences approach

This paper presents evidence of the effect of the recent phases of the business cycle in Spain and United States, proxied by their respective unemployment rates, on the labor market of Colombian cities with high migration tradition. These countries are the main destination for labor Colombian migrants. Using information from the household survey between 2006 and 2011 for urban areas in Colombia and a differences-in-differences approach we find that unemployment rates of those countries negatively affect the probability and the amount of remittances received by Colombian households living in areas with high and moderate migration tradition. At a second stage we provide evidence that unemployment rates of those countries positively affect the labor force participation decisions in Colombian regions with the highest migration tradition.

Health insurance as a strategy for access : Streamlined facts of the Colombian Health Care Reform

La reforma colombiana al sistema de salud (Ley 100 de 1993) estableció, como estrategia para facilitar el acceso, la universalidad de un seguro de salud que se adquiere mediante la cotización en el régimen contributivo o mediante la afiliación gratuita al régimen subsidiado, con la meta de cubrir a toda la población con un plan de beneficios único que comprende servicios de todos los niveles de atención. En el documento se analizan los principales hechos estilizados de la reforma en cuanto a cobertura del seguro y acceso y, mediante modelos logit, se estiman los determinantes de la afiliación y del acceso, con datos de las encuestas de calidad de vida de 1997 y 2003. Se destaca que la cobertura pasó del 20% de la población en 1993 al 60% en 2004, aunque parece imposible alcanzar la universalidad; la estructura y evolución de la cobertura muestran que los dos regímenes son complementarios, de modo que mientras el contributivo tiene mayor presencia en las ciudades y entre la población con empleo formal, el subsidiado tiene mayor peso entre la población rural y con bajos niveles de ingresos; por otra parte, el seguro tiene ventajas para la población subsidiada, con una mayor probabilidad de utilización de servicios, aunque el plan es inferior al del contributivo y existen barreras para el acceso.

Pobreza, Empleo y Distribución del Ingreso en las Zonas Rurales de Colombia, Durante la Década de 1990. Una Revisión de Literatura

En este trabajo se examinan los más importantes estudios realizados sobre la pobreza, el empleo y la distribución del ingreso en zonas rurales de Colombia, con especial referencia a la década de 1990. Aunque hay cierta dificultad para identificar los “hechos estilizados” que caracterizan la evolución de estas variables, durante el período de interés, los resultados de la revisión permiten indicar lo siguiente: la pobreza rural tiende a disminuir en el largo plazo, aunque se ve afectada negativamente por el ciclo económico y por la forma como interactúa con el resto de la economía. El empleo rural disminuye su participación en el empleo total y tiende a adquirir características que lo asimilan más al empleo urbano, en la medida en que parece “terciarizarce”. Existe un sesgo antirural que determina que la brecha de ingresos rural-urbana se amplíe secularmente; en tanto que las reformas económicas introducidas a comienzos de la década tuvieron una incidencia positiva en la disminución de la concentración del ingreso rural.