This paper analyzes the measure of systemic importance ΔCoVaR proposed by Adrian and Brunnermeier (2009, 2010) within the context of a similar class of risk measures used in the risk management literature. Inaddition, we develop a series of testing procedures, based on ΔCoVaR, toidentify and...

Abstract: Financial integration has been pursued aggressively across the globe in the last ?fty years; however, there is no conclusive evidence on the diversi?cation gains (or losses) of such e?orts. These gains (or losses) are related to the degree of comovements and synchronization among...

Abstract: Financial integration has been pursued aggressively across the globe in the last fifty years; however, there is no conclusive evidence on the diversification gains (or losses) of such efforts. These gains (or losses) are related to the degree of comovements and synchronization among...

We analyze the determinants of subjective returns of higher education in Colombia. The information on expectations has been collected in categories, motivating the use of interval regression and an ordered probit approaches for modeling the relationship between beliefs and measures of ability,...

This paper presents evidence of the effect of the recent phases of the business cycle in Spain and United States, proxied by their respective unemployment rates, on the labor market of Colombian cities with high migration tradition. These countries are the main destination for labor Colombian...

El diseño del sistema de seguridad social en salud y su efectiva implementación es uno de los mas grandes retos de la sociedad, y a su vez es la principal garantía del goce efectivo del derecho a la salud. Un gran desafío de estos sistemas es la administración del riesgo financiero...

El presente artículo busca responder hasta qué punto pensar y participar en espacios de discusión acerca de la política de ciencia y tecnología permite resolver las tensiones propias de la interrelación de actores de la política de ciencia y tecnología, así como también legitimar la...

El artículo presenta diferentes alternativas a la estratificación socioeconómica de viviendas basados en información catastral para la ciudad de Bogotá, D.C., y evalúa su impacto en cuanto a cambios de estratos de los hogares, errores de inclusión y exclusión e impacto financiero, frente...

Despite a growing body of literature on how environmental degradation can fuel civil war, the reverse effect, namely that of conflict on environmental outcomes, is relatively understudied. From a theoretical point of view this effect is ambiguous, with some forces pointing to pressures for...

The purpose of this expository article is to present a self-contained overview of some results on the characterization of the optimal value function of a stochastic target problem as (discontinuous) viscosity solution of a certain dynamic programming PDE and its application to the problem of...