Este estudio tiene por objeto evaluar el sistema de subsidios para servicios públicos en Colombia. Con base en la Encuesta de Calidad de Vida del DANE y de la información de tarifas disponible, se caracterizan los esquemas de subsidios vigentes para los servicios de electricidad, telefonía...

Statistical properties, fluctuations and probabilistic arguments are shown to explain the robust dynamics of the Schelling’s social segregation model. With the aid of probability density functions we characterize the attractors for multiple external parameters and conditions. We discuss the...

Este documento presenta un análisis de los efectos de las reformas introducidas por la Constitución de 1991 y por la Ley 142 de 1994 sobre el desempeño del sector de energía eléctrica. Incluye una descripción de esas reformas y del actual marco institucional y regulatorio del sector. El...

Este documento analiza la evolución de la productividad del sector de productos alimenticios a lo largo de las dos últimas décadas. Las técnicas empíricas utilizadas en la estimación de la función de producción controlan los posibles sesgos por la entrada y salida de establecimientos...

This paper analyzes the effects on Colombian manufacturing productivity of tax and foreign trade policy changes during the 1990s. Our results indicate that between 1977 and 1999, aggregate manufacturing productivity largely stagnates and even declines in some of the larger industries. There is...

We consider nancial positions belonging to the Banach lattice of bounded measurable functionson a given measurable space. We discuss risk measures generated by general acceptance sets allowingfor capital injections to be invested in a pre-specied eligible asset with an everywhere positive...

This note highlights the impact of changing the aggregation currency when testing for capital adequacy. This is exemplified using the two most prominent capital adequacy tests used in the financial industry: Value-at-Risk and Expected Shortfall. The test consists in establishing whether the...

We use a dynamic framework to address the questions: i) when should an insurance firm pay out dividends and raise (costly) capital and ii) when should an insurance firm take (liquid) investment risk. Financial decisions are made by a manager who strives to maximize firm value and operates in the...