Media bias and central bank response. Evidence from the nominal exchange rate behavior in Colombia

Since 1991 Colombia has had a market-determined Peso - US Dollar Nominal Exchange Rate (NER), after more than 20 years of controlled and multiple exchange rates. The behavior (revaluation / devaluation) of the NER is constantly reported in news, editorials and op-eds of major newspapers of the nation with particular attention to revaluation. The uneven reporting of revaluation episodes can be explained by the existence of an interest group particulary affected by revaluation, looking to increase awareness and sympathy for help from public institutions. Using the number of news and op-eds from a major Colombian newspaper, it is shown that there is an over-reporting of revaluation episodes in contrast to devaluation ones. Secondly, using text analysis upon the content of the news, it is also shown that the words devaluation and revaluation are far apart in the distribution of words within the news; and revaluation is highly correlated with words related to: public institutions, exporters and the need of assistance. Finally it is also shown that the probability of the central bank buying US dollars to lessen revaluation effects increases with the number of news; even though the central bank allegedly intervenes in the exchange rate market only to tame volatility or accumulate international reserves.

Sunlight disinfects? Free media in weak democracies

Free media may not favor political accountability when other democratic institutions are weak, and may even bring undesirable unintended consequences. We propose a simple model in which politicians running for office may engage in coercion to obtain votes. A media scandal that exposes these candidates increases their coercion effort to offset the negative popularity shock. This may result in the tainted politicians actually increasing their vote share. We provide empirical evidence from one recent episode in the political history of Colombia, the ‘parapolitics’ scandal featuring politicians colluding with illegal armed paramilitary groups to obtain votes. We show that colluding candidates not only get more votes than their clean competitors, but also concentrate them in areas where coercion is more likely (namely, areas with more paramilitary presence, less state presence, and more judicial inefficiency). Harder to reconcile with other explanations and as a direct test of the effects of media exposure, we compare tainted candidates exposed before elections to those exposed after. We find that those exposed before elections get as many votes as those exposed once elected, but their electoral support is more strongly concentrated in places where coercion is more likely. Our re

La implementación del programa “revolución educativa” en la educación media técnica de la provincia centro del departamento de Boyacá (2002-2010)

El objetivo de esta investigación diagnostica radica en explicar los efectos de la implementación de la Revolución Educativa en las instituciones de Educación Media Técnica en la Provincia Centro del Departamento de Boyacá. Es así que se pretende demostrar si los procesos de implementación de articulación de la Institución Educativa Francisco de Paula Santander y la Institución Técnica Nacionalizada con el SENA, responden o no a las necesidades de los estudiantes frente a la coyuntura Nacional y Regional actual. Para lograr dicho fin, fue imperativo abordar esta problemática desde los siguientes enfoques: descriptivo, explicativo, analítico y propositivo; adicionalmente se realizaron encuestas a estudiantes, profesores y directivos de las Instituciones Educativas, de igual manera se llevaron a cabo una serie de entrevistas al Director Regional del SENA y al Secretario de Educación Departamental, como actores fundamentales del proceso. Permitiendo así formular posibles soluciones que apoyen la consolidación del proceso de articulación.