Network externalities across financial institutions

We propose and estimate a financial distress model that explicitly accounts for the interactions or spill-over effects between financial institutions, through the use of a spatial continuity matrix that is build from financial network data of inter bank transactions. Such setup of the financial distress model allows for the empirical validation of the importance of network externalities in determining financial distress, in addition to institution specific and macroeconomic covariates. The relevance of such specification is that it incorporates simultaneously micro-prudential factors (Basel 2) as well as macro-prudential and systemic factors (Basel 3) as determinants of financial distress. Results indicate network externalities are an important determinant of financial health of a financial institutions. The parameter that measures the effect of network externalities is both economically and statistical significant and its inclusion as a risk factor reduces the importance of the firm specific variables such as the size or degree of leverage of the financial institution. In addition we analyze the policy implications of the network factor model for capital requirements and deposit insurance pricing.

Corrupción, reforma y realidad. Incidencia de la corrupción publicada por los medios de comunicación en la estructura de la policía nacional de Colombia (1993 – 2012)

El texto analiza el impacto de la corrupción policial presentada por los medios de comunicación desde 1993 hasta el 2012 en la estructura interna de la Policía Nacional de Colombia. En el primer capítulo se plantea un estado del arte del concepto de corrupción policial, asimismo, se incluyen las teorías bajo las cuales se ha entendido el fenómeno a nivel mundial buscando generar soluciones plausibles a un flagelo en el que se ven inmiscuidos una gran cantidad de cuerpos policiales en el mundo. En el segundo apartado, se evalúa de manera cuantitativa cómo los casos de corrupción han modificado la estructura de la Policía Nacional, pero a su vez, cómo éstas modificaciones han sido evanescentes. En el tercer capítulo, se escudriña el impacto y los cambios estructurales desde la perspectiva de los miembros del cuerpo policial, recurriendo a la recolección de datos de manera cualitativa por medio de entrevistas y encuestas. En el cuarto momento se analiza la incidencia de los directores de la policía en la lucha contra la corrupción policial y como se establece una relación entre los subalternos y los mandos medios al momento de realizar este tipo de actividades. Finalmente se plasman las conclusiones a las que se llegó posterior a la realización del trabajo investigativo.

Natural resource windfalls and efficiency of local government expenditures: evidence from Peru

We study the role of natural resource windfalls in explaining the efficiency of public expenditures. Using a rich dataset of expenditures and public good provision for 1,836 municipalities in Peru for period 2001-2010, we estimate a non-monotonic relationship between the efficiency of public good provision and the level of natural resource transfers. Local governments that were extremely favored by the boom of mineral prices were more efficient in using fiscal windfalls whereas those benefited with modest transfers were more inefficient. These results can be explained by the increase in political competition associated with the boom. However, the fact that increases in efficiency were related to reductions in public good provision casts doubts about the beneficial effects of political competition in promoting efficiency.

Estilos de aprendizaje que predominan entre los estudiantes universitarios.

Resumen basado en el del autor

Subsurface drip irrigation emitter spacing effects on soil water redistribution, corn yield and water productivity

Emitter spacings of 0.3 to 0.6 m are commonly used for subsurface drip irrigation (SDI) of corn on the deep, silt loam soils of the U.S. Great Plains. Subsurface drip irrigation emitter spacings of 0.3, 0.6, 0.9 and 1.2 m were examined for the resulting differences in soil water redistribution, corn grain yield, yield components, seasonal water use, and water productivity in a 4‐year field study (2005 through 2008) at the Kansas State University Northwest Research‐Extension Center, Colby, Kansas. The results indicate that there is increased preferential water movement along the dripline (parallel) as compared to perpendicular to the dripline and that this phenomenon partially compensates for wider emitter spacings in terms of soil water redistribution. Corn yield and water productivity (WP) were not significantly affected by the emitter spacing with application of a full irrigation regime

Surveillance and data retention in Poland

The object of analysis in the present text is the issue of operational control and data retention in Poland. The analysis of this issue follows from a critical stance taken by NGOs and state institutions on the scope of operational control wielded by the Polish police and special services – it concerns, in particular, the employment of “itemized phone bills and the so-called phone tapping.” Besides the quantitative analysis of operational control and the scope of data retention, the text features the conclusions of the Human Rights Defender referred to the Constitutional Tribunal in 2011. It must be noted that the main problems concerned with the employment of operational control and data retention are caused by: (1) a lack of specification of technical means which can be used by individual services; (2) a lack of specification of what kind of information and evidence is in question; (3) an open catalogue of information and evidence which can be clandestinely acquired in an operational mode. Furthermore, with regard to the access granted to teleinformation data by the Telecommunications Act, attention should be drawn to a wide array of data submitted to particular services. Also, the text draws on the so-called open interviews conducted mainly with former police officers with a view to pointing to some non-formal reasons for “phone tapping” in Poland. This comes in the form of a summary.

Comentario Internacional: revista del Centro Andino de Estudios Internacionales. 10 (Reseñas)

Presenta las reseñas del siguiente libro: Michael Kenney, From Pablo to Osama. Trafficking and Terrorist Networks, Government Bureaucracies, and Competitive Adaptation, The Pennsylvania State University Press, United States, 2007, 248 pp.