This paper analyzes whether the decline in economic growth that follows a banking crisis occurs because of a reduction in the amount of credit available (finance effect) or a worsening in the allocation of investable resources (asset allocation effect). We use a sample of more than 2500...

This paper analyses the relevance of two different reasons for banks to acquire firms' stock: the increase of agency costs in the lending relationship (the agency costs hypothesis), and participation in the expected profits of undervalued firms (the information asymmetry hypothesis). Results...

This document describes the evolution of defense, justice and security spending and criminality in Colombia since 1950. It presents some considerations about its efficiency and analyzes some pertinent indicators. Also it proposes some policies that the authors believe are useful to increase...