Este documento analiza la eficiencia (técnica, de escala, de costos y asignativa) del sistema bancario colombiano entre 2000-2012, utilizando la metodología DEA (Data Envelopment Analysis). Ésta se basa en funciones de producción individuales de las entidades que componen el sistema,...

Este trabajo estudia la relación entre los aumentos en la concentración y las dinámicas de competencia del sector financiero crediticio de los últimos años en la economía colombiana. Se encuentra que a pesar de los incrementos en la concentración que reflejan diversos indicadores...

This paper presents two versions of a spatial competition model for the banking sector. The first version, describes a framework that follows closely Salop’s spatial competition model. This version is modified in the second part by introducing the loan market and default risk probabilities for...

This paper presents a multimarket spatial competition oligopoly model for the Colombian deposit market, in line with the New Empirical Industrial Organization (NEIO) approach. In this framework, banks use price and non-price strategies to compete in the market, which allows us to analyze the...

This paper studies the determinants of the probability of participating in a process of merging or acquisition for financial institutions in Colombia. We use survival analysis techniques and competing risks models to estimate the probability of participating in such processes as an acquiring or...

Classic financial theory relies on the absolute perfection of capital markets, which results in one of the milestones of theoretical corporate finance: the firm’s value is invariant to the choice of capital structure. As an extension to the aforementioned proposition by Modigliani and Miller...

El objetivo del trabajo es investigar, de forma exploratoria, los determinantes del comportamiento de los ingresos operacionales de las empresas en Colombia. Se repasan las distintas teorías que explican el crecimiento y tamaño de las empresas y se estima un modelo de regresión por...

This paper studies whether the geographical separation of markets constitutes a factor that helps explain the dynamics of agricultural prices. To do this, we employ a highly disaggregated dataset for Colombia that consists of weekly observations on wholesale prices for 18 agricultural products...

En la actualidad, los inversionistas y en especial los de la industria manufacturera, carecen de suficiente información que les permita conocer cuál es la ciudad del Pacífico Latinoamericano que ofrece las mejores condiciones para localizar su industria. Para tal efecto, se desarrolló en...

This paper offers some preliminary steps in the marriage of some of the theoretical foundations of the new economic geography with spatial computable general equilibrium models. Modeling the spatial economy of Colombia using the traditional assumptions of CGE models makes little sense when one...