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...

Abstract: While PISA datasets have been used for measuring inequality of educational opportunity they have important limitations: (i) samples only cover a relatively limited fraction of developing countries´ cohorts of 15-year-olds, and (ii) such fractions are not uniform across countries and...

Resumen: En este trabajo se explora, desde el punto de vista empírico, el comportamiento de la profundización, apertura y cierre de mercados de exportación a nivel sectorial para Colombia durante el periodo 1997-2010, con énfasis en los dos periodos de recesión que presenta la economía...

Abstract:Free media may not favor political accountability when other democratic institutions are weak,and may even bring undesirable unintended consequences. We propose a simple model in whichpoliticians running for office may engage in coercion to obtain votes. A media scandal thatexposes...

AbstractHow the degree of publicness of goods affect violent conflict? Based on the theoretical model in Esteban and Ray (2001) we find that the effect of the degree of publicness depends on the group size. When the group is small (large), the degree of publicness increases (decreases) the...

Abstract: We design a financial network model that explicitly incorporates linkages across institutions through a direct contagion channel, as well as an indirect common exposure channel. In particular, common exposure is setup so as to link the financial to the real sector. The model is...

This paper investigates the role of works councils in a simple agency framework in which works councils are supposed to monitor manager´s information on behalf of the workforce, but they are independent agents who might pursue their private interest. First, we consider that workers can...

Abstract: We describe the evolution of international trade and the behavior of export diversification in Colombia during the period 1991-2011. For measuring trade diversification and following up its behavior along the period, we employ alternative ways of decomposing trade flows along its...

Abstract: We offer a new explanation of partial risk sharing based on coalition formation and segmentation of society in a risky environment, without assuming limited commitment and imperfect information. Heterogenous individuals in a society freely choose with whom they will share risk A...

Resumen: La literatura sobre la calidad de la educación ha prestado poca atención al papel que tienen las bibliotecas públicas dentro de los determinantes del desempeño educativo.Las bibliotecas públicas son activos externos al colegio y al hogar del estudiante, pero hacen parte del entorno...