Determinantes de la demanda de turismo en Colombia 2004 2007: seguridad, comercio y otros factores

El turismo es un sector de gran dinamismo en países en desarrollo, casos como México o Perú son modelos latinoamericanos que se han destacado por el desarrollo del sector turístico y en años recientes Colombia ha presentado cifras importantes respecto a los demás países de la región. Aquí se pueden practicar cuatro líneas de turismo potenciales según el Plan Sectorial de Turismo Nacional 2008 2011 Un Destino de Clase Mundial como son el Turismo Ecológico, Cultural, de Salud y de Convenciones y Eventos. El objetivo de este documento es hallar los principales factores que influyeron en la llegada mensual de viajeros extranjeros a Colombia en el periodo 2004 2007 a través de la estimación de modelos de panel de datos, mediante la utilización tanto de variables microeconómicas como macroeconómicas así como otras variables culturales y geográficas. Como resultado se puede resaltar que factores como el número de llegadas del periodo inmediatamente anterior y el índice de intercambio comercial influyen de manera positiva, mientras el índice de secuestros, reduce de forma significativa el número de llegadas de viajeros extranjeros a Colombia.

De lo micro a lo macro prudencial: Un análisis de la supervisión bancaria desde la econometría espacial

La crisis que se desató en el mercado hipotecario en Estados Unidos en 2008 y que logró propagarse a lo largo de todo sistema financiero, dejó en evidencia el nivel de interconexión que actualmente existe entre las entidades del sector y sus relaciones con el sector productivo, dejando en evidencia la necesidad de identificar y caracterizar el riesgo sistémico inherente al sistema, para que de esta forma las entidades reguladoras busquen una estabilidad tanto individual, como del sistema en general. El presente documento muestra, a través de un modelo que combina el poder informativo de las redes y su adecuación a un modelo espacial auto regresivo (tipo panel), la importancia de incorporar al enfoque micro-prudencial (propuesto en Basilea II), una variable que capture el efecto de estar conectado con otras entidades, realizando así un análisis macro-prudencial (propuesto en Basilea III).

Impacto de la innovación en el crecimiento de la oferta exportable de bienes no tradicionales en Colombia

El objetivo de este paper es avanzar en la comprensión existente acerca del impacto de la innovación (en este caso entendida como la inversión en actividades de innovación) en las exportaciones no tradicionales. El estudio analiza un conjunto de datos de empresas colombianas que desempeñan sus actividades en los sectores de la Clasificación Industrial Internacional Uniforme – CIIU - durante el periodo del 2005 al 2012. Para esto se usó un modelo de datos panel en el cual a través de la teoría Box Jenkins, se lograron identificar las variables estadísticamente significativas en el desempeño de las exportaciones. Los hallazgos permiten comprobar las teorías acerca de la relación positiva entre estas variables, y en nuestro caso particular demostrar el impacto que tienen las actividades de innovación en el desarrollo de las exportaciones. Finalmente los resultados sugieren que el estímulo de la innovación y políticas que la promuevan es esencial para el crecimiento de las exportaciones.

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.

Sustainable agricultural intensification or Jevons paradox? The role of public governance in tropical South America

The process of global deforestation calls for urgent attention, particularly in South America where deforestation rates have failed to decline over the past 20 years. The main direct cause of deforestation is land conversion to agriculture. We combine data from the FAO and the World Bank for six tropical Southern American countries over the period 1970–2006, estimate a panel data model accounting for various determinants of agricultural land expansion and derive elasticities to quantify the effect of the different independent variables. We investigate whether agricultural intensification, in conjunction with governance factors, has been promoting agricultural expansion, leading to a ‘‘Jevons paradox’’. The paradox occurs if an increase in the productivity of one factor (here agricultural land) leads to its increased, rather than decreased, utilization. We find that for high values of our governance indicators a Jevons paradox exists even for moderate levels of agricultural productivity, leading to an overall expansion of agricultural area. Agricultural expansion is also positively related to the level of service on external debt and population growth, while its association with agricultural exports is only moderate. Finally, we find no evidence of an environmental Kuznets curve, as agricultural area is ultimately positively correlated to per-capita income levels.

Governance, agricultural intensification and land sparing in tropical South America

In this paper we address two topical questions: How do the quality of governance and agricultural intensification impact on spatial expansion of agriculture? Which aspects of governance are more likely to ensure that agricultural intensification allows sparing land for nature? Using data from the Food and Agriculture Organization, the World Bank, the World Database on Protected Areas, and the Yale Center for Environmental Law and Policy, we estimate a panel data model for six South American countries and quantify the effects of major determinants of agricultural land expansion, including various dimensions of governance, over the period 1970–2006. The results indicate that the effect of agricultural intensification on agricultural expansion is conditional on the quality and type of governance. When considering conventional aspects of governance, agricultural intensification leads to an expansion of agricultural area when governance scores are high. When looking specifically at environmental aspects of governance, intensification leads to a spatial contraction of agriculture when governance scores are high, signaling a sustainable intensification process.

Growth and Inequality : A study of Swedish municipalities

This paper explores the relationship between the growth rate of the average income and income inequality using data at the municipal level in Sweden for the period 1992-2007. We estimate a fixed effects panel data growth model where the within-municipality income inequality is one of the explanatory variables. Different inequality measures (Gini coefficient, top income shares, and measures of inequality in the lower and upper ends of the income distribution) are also examined. We find a positive and significant relationship between income growth and income inequality, measured as the Gini coefficient and top income shares, respectively. In addition, while inequality at the upper end of the income distribution is positively associated with the income growth rate, inequality at the lower end of the income distribution seems to be negatively related to the growth rate. Our findings also suggest that increased income inequality enhances growth more in municipalities with a high level of average income than in those with a low level of average income.

Essays on regulatory risk issues

Most studies around that try to verify the existence of regulatory risk look mainly at developed countries. Looking at regulatory risk in emerging market regulated sectors is no less important to improving and increasing investment in those markets. This thesis comprises three papers comprising regulatory risk issues. In the first Paper I check whether CAPM betas capture information on regulatory risk by using a two-step procedure. In the first step I run Kalman Filter estimates and then use these estimated betas as inputs in a Random-Effect panel data model. I find evidence of regulatory risk in electricity, telecommunications and all regulated sectors in Brazil. I find further evidence that regulatory changes in the country either do not reduce or even increase the betas of the regulated sectors, going in the opposite direction to the buffering hypothesis as proposed by Peltzman (1976). In the second Paper I check whether CAPM alphas say something about regulatory risk. I investigate a methodology similar to those used by some regulatory agencies around the world like the Brazilian Electricity Regulatory Agency (ANEEL) that incorporates a specific component of regulatory risk in setting tariffs for regulated sectors. I find using SUR estimates negative and significant alphas for all regulated sectors especially the electricity and telecommunications sectors. This runs in the face of theory that predicts alphas that are not statistically different from zero. I suspect that the significant alphas are related to misspecifications in the traditional CAPM that fail to capture true regulatory risk factors. On of the reasons is that CAPM does not consider factors that are proven to have significant effects on asset pricing, such as Fama and French size (ME) and price-to-book value (ME/BE). In the third Paper, I use two additional factors as controls in the estimation of alphas, and the results are similar. Nevertheless, I find evidence that the negative alphas may be the result of the regulated sectors premiums associated with the three Fama and French factors, particularly the market risk premium. When taken together, ME and ME/BE regulated sectors diminish the statistical significance of market factors premiums, especially for the electricity sector. This show how important is the inclusion of these factors, which unfortunately is scarce in emerging markets like Brazil.

Sanitation and health: empirical evidence for Brazilian municipalities

The relationship between sanitation policies (access and quality) and health in Brazilian municipalities was estimated from 2003 to 2010 using a panel data model with corrections for missing data. The results suggest a limited effect of sanitation policy on health. Compared with results from the literature, we found that the worsening quality of water appears to be associated with increased rates of mortality and hospitalization for children up to one month of age. Improvements in sewage sanitation have reduced the mortality and morbidity rates in children aged one to four. Improved access to piped water is associated with decreased hospitalization related to dysentery and acute respiratory infections (ARI) and does not have an effect on child mortality. Finally, epidemiological transition is only supported by weak evidence, including a more intense effect of reduced access to sanitation in municipalities with the worst mortality and morbidity indicators. In most models, this theory has been rejected

Avaliação de impacto do Programa de Modernização Tributária e da Gestão dos Setores Sociais Básicos (PMAT) na arrecadação de ISSQN e IPTU dos municípios, no período de 1999 a 2011

O objetivo deste trabalho é avaliar o impacto do Programa de Modernização da Administração Tributária e da Gestão dos Setores Sociais Básicos (PMAT), gerido pelo Banco Nacional de Desenvolvimento Econômico e Social (BNDES), na arrecadação tributária dos Municípios, no período de 1999 a 2011. Para tanto, utilizamos um modelo econométrico de dados em painel com estimador de efeitos fixos. As variáveis dependentes são os logs da arrecadação de ISSQN e IPTU, as variáveis explicativas são os desembolsos do BNDES e o PIB municipal desagregado. Realizamos regressões com dummies de tratamento e com o log dos desembolsos. Além realizar regressões com toda a amostra disponível, delimitamos a amostra do grupo de controle em dois subgrupos para tentar eliminar efeitos de tendências entre entidades. A primeira delimitação foi utilizar a amostra que realizou consultas ao banco de fomento e não obteve sucesso. A segunda delimitação foi a de municípios que possuem proximidade geográfica daqueles comtemplados pelo financiamento. Os resultados encontrados demonstram não haver significância estatística entre desembolsos realizados pelo BNDES e a trajetória da arrecadação dos tributos em análise na maior parte dos modelos utilizados. Apenas nas regressões com dados da amostra que realizou consulta ao BNDES, obteve-se significância estatística, ao nível de 5% para o tributo IPTU, no efeito acumulado ao longo do tempo.

The impact of climate change on the tourism sector in the Caribbean

The main aim of this study is to estimate the economic impact of climate change on nine countries in the Caribbean basin: Aruba, Barbados, Dominican Republic, Guyana, Jamaica, Montserrat, Netherlands Antilles, Saint Lucia and Trinidad and Tobago. A typical tourism demand function, with tourist arrivals as the dependent variable, is used in the analysis. To establish the baseline, the period under analysis is 1989-2007 and the independent variables are destination country GDP per capita and consumer price index, source country GDP, oil prices to proxy transportation costs between source and destination countries. At this preliminary stage the climate variables are used separately to augment the tourism demand function to establish a relationship, if any, among the variables. Various econometric models (single OLS models for each country, pooled regression, GMM estimation and random effects panel models) were considered in an attempt to find the best way to model the data. The best fit for the data (1989-2007) is the random effects panel data model augmented by both climate variables, i.e. temperature and precipitation. Projections of all variables in the model for the 2008-2100 period were done using forecasting techniques. Projections for the climate variables were undertaken by INSMET. The cost of climate change to the tourism sector was estimated under three scenarios: A2, B2 and BAU (the mid-point of the A2 and B2 scenarios). The estimated costs to tourism for the Caribbean subregion under the three scenarios are all very high and ranges from US$43.9 billion under the B2 scenario to US$46.3 billion under the BAU scenario.

Modeling the spatial dynamics of economic models

The advances that have been characterizing spatial econometrics in recent years are mostly theoretical and have not found an extensive empirical application yet. In this work we aim at supplying a review of the main tools of spatial econometrics and to show an empirical application for one of the most recently introduced estimators. Despite the numerous alternatives that the econometric theory provides for the treatment of spatial (and spatiotemporal) data, empirical analyses are still limited by the lack of availability of the correspondent routines in statistical and econometric software. Spatiotemporal modeling represents one of the most recent developments in spatial econometric theory and the finite sample properties of the estimators that have been proposed are currently being tested in the literature. We provide a comparison between some estimators (a quasi-maximum likelihood, QML, estimator and some GMM-type estimators) for a fixed effects dynamic panel data model under certain conditions, by means of a Monte Carlo simulation analysis. We focus on different settings, which are characterized either by fully stable or quasi-unit root series. We also investigate the extent of the bias that is caused by a non-spatial estimation of a model when the data are characterized by different degrees of spatial dependence. Finally, we provide an empirical application of a QML estimator for a time-space dynamic model which includes a temporal, a spatial and a spatiotemporal lag of the dependent variable. This is done by choosing a relevant and prolific field of analysis, in which spatial econometrics has only found limited space so far, in order to explore the value-added of considering the spatial dimension of the data. In particular, we study the determinants of cropland value in Midwestern U.S.A. in the years 1971-2009, by taking the present value model (PVM) as the theoretical framework of analysis.

Topics in Local Economic Development

This thesis contributes to the current debate in literature about local economic development by considering two different topics: quality of institutions, and the role of clusters in innovation and productivity growth. The research is built upon three papers. The first paper deals with the analysis of the effect of administrative continuity on administrative efficiency. The analysis underlines the importance of different typologies of social capital. Findings reveal a positive impact on administrative efficiency (AE) by administrative continuity (AC) when it is coupled by bridging and linking social capital. On the contrary, bonding social capital influences negatively the effect by AC on AE. The second paper investigates the spatial interaction in levels of quality of government (QoG) among European regions. Notwithstanding the largely recognised role by institutions in the design of regional policies, no study has been conducted about the mechanisms of interaction and diffusion of QoG at regional level. This research wants to overcome this knowledge gap in literature. Findings reveal a heterogeneity in spatial interaction among groups of regions, i.e. ‘leader regions’ (Northern regions) and ‘lagging regions’ (Southern regions), when considering different mechanisms of interaction (learning / imitating competition and pure competition). Moreover, the effect of wealth on the levels of QoG is nonlinear. Finally, the third paper analyses the relation among specialization and productivity within the agricultural sector. In literature, the study of clusters dynamics has long neglected agriculture. The analysis describes the changes in sectorial specialization for eight main crop groups in Italian regions (NUTS 3), assessing the existence of spatial autocorrelations by using an exploratory data analysis. Furthermore, the effect of specialization on productivity is analysed within the main crop groups using a spatial panel data model. Findings reveal a marked tendency to specialization in the Italian agriculture, and a heterogeneous effect by specialization on productivity.

The Returns to Migration: The Influence of Education and Migration Type

We show the impact of migration type on real wages over time. We create a migration and earnings history from the National Longitudinal Survey of Youth over the period 1979-2002. We estimate the effects of primary, onward, and two types of return migration on real wages using a panel data model with individual, location, and time fixed effects. Panel data are well suited for the study of the returns to U.S. internal migration because the influence of migration on wages has been found to occur years after the event. We differentiate return migration into two types: return to a location with ties that form a geographical anchor (home) and return to a prior place of work. We find that real wage growth varies by migration type. Education attainment is a significant factor in real wage growth. Our results show that onward migration is an important channel by which the monetary rewards to a college education are manifested.