Purpose – Commodity price volatility and small variations in climate conditions may have an important impact on the creditworthiness of any agricultural project. The evolution of such risk factors is vital for the credit risk analysis of a rural bank. The purpose of this paper is to determine...

This article extends the parametric portfolio policy approach to optimizing portfolios with a large numbers of assets (Brandt et al. <CitationRef CitationID="CR10">2009</CitationRef>). The proposed approach incorporates unobserved effects into the portfolio policy function. These effects measure the importance of unobserved heterogeneity...</citationref>

This paper analyzes ΔCoVaR proposed by Adrian and Brunnermeier (2011) as a tool for identifying/ranking systemically important institutions. We develop a test of significance of ΔCoVaR that allows determining whether or not a financial institution can be classified as being systemically...

Abstract:Asset correlations are of critical importance in quantifying portfolio credit risk and economic capital in financial institutions. Estimation of asset correlation with rating transition data has focused on the point estimation of the correlation without giving any consideration to the...

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...