Regional trade integration and industrialization: Colombia and South America in the first half of the 20th Century

This thesis includes three studies to assess historical evidence of the failure of Colombia and South America to achieve regional integration and the role played by exports other than coffee in the period of greatest industrial development in Colombia during the 20th Century. A wide range of theories and empirical models are deployed for this purpose. First regional integration is evaluated in the whole American continent with a new database of global bilateral trade for two time periods: 1870-1913 versus 1914-1950, and from this study the Andean countries, and particularly Colombia, emerge as the least regionally integrated territories.Programa Oficial de Doctorado en Historia EconómicaPresidente: Pablo Astorga.- Secretario: Marc Badía-Miró.- Vocal: Daniel A. Tirad

Estimating portfolio value at risk with GARCH and MGARCH models

RESUMEN: El objetivo de este artículo es estimar algunos modelos GARCH, univariados y multivariados, para los retornos diarios de un portafolio compuesto por cinco activos del mercado financiero colombiano, con el fin de evaluar cual muestra mejor desempeño en el cálculo del Valor en Riesgo del portafolio. Para calcular el VaR, con un nivel de confianza del 95%, se le asigna igual peso a los activos en el portafolio. Los resultados muestran que los modelos GARCH univariados tienen mejor desempeño que los MGARCH en la estimación del VaR del portafolio.ABSTRACT: The aim of this paper is to estimate GARCH models, univariate and multivariate, for the daily returns of a portfolio consisting of five Colombian financial market assets, in order to evaluate which shows better performance in estimating the Value at Risk of the portfolio. To calculate VaR, with a confidence level of 95%, equal weight is assigned to the assets in the portfolio. The results show that the univariate GARCH models outperform the MGARCH in estimating the VaR of the portfolio

The roots of regional trade in the Americas 1870 to 1950

The oft-mentioned failure of the economic integration of South America contrasts with the North American, European and East Asian experiences. While low levels of development, geographical and historical explanations are at the root of our understanding of South America's scarce regional trade integration, due to data limitations such explanations have been little analyzed quantitatively in the long run before the Second World War. We use for the first time a new database on bilateral trade for 11 countries of the region between 1870 and 1950. Our results confirm the conventional view of the existence of a historical handicap of regional trade in the Americas, especially during the commodity boom of the Atlantic globalization prior to the First World War

Power politics and the expansion of U.S. exports, 1879-1938

In this paper we present for the first-time quantitative evidence of the effect of U.S. power policy on the expansion of its export market from the late-19th century to the eve of World War II. U.S. imperial policies were expressed through annexation, dominion, and gunboat policies, as did other empires, and exports to these markets grew more than three times faster than the rest of the territories. Our most relevant contribution to the discussion that power plays a critical role in international trade is based on a new geographically extensive database with information on bilateral trade flows, market size, trade costs and variables that capture U.S. political and military power. We first estimate a gravity equation to see the relationship between our political variables and U.S exports and then we present causal evidence of the role of the colonies and protectorates in the expansion of U.S exports through an event study and the estimation of a generalized difference-in-differences model

Desarrollo del modelo del capital intelectual para impactar en los resultados organizacionales

Este artículo presenta el desarrollo de un modelo de capital intelectual para facilitar el logro de los resultados organizacionales y así impactar en la sociedad. La evolución del capital intelectual se muestra como producto de los capitales humano, estructural y cliente. Además se refuerza la importancia de una articulación armónica para que la organización cambiante se fortalezca y pueda alcanzar los niveles necesarios de competitividad y productividad.This article presents the development of a model of intellectual capital to facilitate the profit of the organizational results and thus to hit in the society. The evolution of the intellectual capital is a result of the human, structural and client capitals. In addition the importance of an harmonic joint is reinforced so that the changing organization is fortified and is able to reach the necessary levels of competitiveness and productiveness

Solución de dos estudios de caso soportados en el uso de tecnología CISCO.

La Prueba de habilidades prácticas forma parte de las actividades evaluativas del Diplomado de Profundización CISCO: CCNA R&S: Introduction to Networks y CCNA R&S: Routing and Switching Essentials, busca identificar el grado de desarrollo de competencias y habilidades que fueron adquiridas a lo largo del diplomado. Lo esencial es poner a prueba los niveles de comprensión y solución de problemas relacionados con diversos aspectos de Networking. Las tareas asignadas en cada uno de los dos (2) escenarios propuestos , acompañado de los respectivos procesos de documentación de la solución, correspondientes al registro de la configuración de cada uno de los dispositivos, la descripción detallada del paso a paso de cada una de las etapas realizadas durante su desarrollo, el registro de los procesos de verificación de conectividad mediante el uso de comandos ping, traceroute, show ip route, entre otros; permiten poner a prueba las habilidades y competencias.The Practical Skills Test is part of the evaluation activities of the CISCO Deepening Diploma: CCNA R&S: Introduction to Networks and CCNA R&S: Routing and Switching Essentials, seeks to identify the degree of development of skills and abilities that were acquired throughout the diploma . The essential thing is to test the levels of understanding and solution of problems related to various aspects of Networking. The tasks assigned in each of the two (2) scenarios proposed, accompanied by the respective documentation processes of the solution, corresponding to the registration of the configuration of each of the devices, the detailed description of the step by step of each of the stages carried out during its development, the registration of connectivity verification processes through the use of ping, traceroute, show ip route commands, among others; allow you to test skills and competencies

Cinemática y cálculo de paleotensores de esfuerzo para el conjunto principal de fallas en el proyecto Túnel de Amagá

El análisis poblacional de fallas junto con la reconstrucción y análisis de paleoesfuerzos en la corteza terrestre representa una metodología de gran utilidad para comprender la evolución tectónica, cinemática y posible reactivación de las fallas en una región determinada, además, el entendimiento de estos datos puede ser de gran utilidad en la construcción de proyectos de infraestructura subterránea. La zona de estudio del presente trabajo se encuentra localizada en el área afectada por el proyecto de infraestructura Túnel de Amagá, abarcando los municipios de Amagá y Venecia en el suroeste del departamento de Antioquia. En los alrededores del proyecto y en los frentes de excavación del Túnel de Amagá se realizó la recolección de los datos denominados por Delvaux y Sperner (2003) como datos de fallamiento, los cuales consisten en el rumbo y buzamiento del plano de falla, el Trend y el Plunge de los indicadores cinemáticos dentro del plano y el sentido del movimiento de la falla si el indicador cinemático lo permite definir, además, se recopilaron 1697 datos de planos de falla y 2011 datos de familias de diaclasas de los frentes de excavación que se tenían hasta el momento en el portal entrada del túnel. El análisis cinemático y la inversión de estrías por medio del método diedros rectos permitió realizar el análisis de paleo tensores de esfuerzo que indica que el proyecto Túnel de Amagá y sus alrededores están afectados por un tensor de esfuerzos principal con orientación NE-SW. Este tensor es especialmente crítico para las labores de excavación subterránea que se tienen en el túnel de Amagá ya que genera una alta tendencia al movimiento en las fallas con dirección W-E y NW-SE las cuales presentan, además, una disposición especialmente desfavorable debido a que tienen una dirección paralela a subparalela al eje del túnel

Effects of body weight and research conditions on the productive energy content of corn germ meal fed to growing-finishing pigs

Four experiments were conducted to investigate the effect of corn germ meal (CGM) inclusion level on growth performance and carcass traits of pigs, and to determine the productive energy (PE) of CGM by correcting ME estimates for caloric efficiency relative to a control (reference diet). All four experiments used a RCBD. The first two experiments were conducted from weaning (~6.5 kg BW) to finishing (~130 kg BW) at a commercial facility with CGM inclusions that ranged from 0 (Control) to 40%. The corn-soybean meal-based control diet (0% CGM) was used as the reference diet to compare with the CGM diets to estimate PE. Caloric efficiency (calories consumed per unit of weight gain) was calculated for each treatment using the feed:gain ratio. The ME value of CGM used to formulate diets in the first experiment was 3,037 kcal/kg. In this study, increasing CGM level linearly increased feed:gain (P 0.05) in both experiments but numerically very different in Exp. 2 (2,465, 2,568, and 2,439, respectively, for Exp.1, and 2,455, 1,829, and 1,924, respectively, for Exp. 2). For Exp. 1 (commercial conditions), adding fat to the CGM diet resulted in similar productive ME estimates for CGM compared to CGM‒No Fat diet when measured during the whole of the Growing-Finishing period. Under university conditions (Exp. 2), fat addition to the CGM diet resulted in variable PE estimates between growing periods, and numerically greater values than those obtained with the CGM-No Fat diets. The results of these experiments suggest that the PE of CGM should be determined under commercial research conditions due to the variable results obtained under university conditions. Also, estimating PE over a limited part of the growing period resulted in similar PE estimates to those obtained during the whole of the growing-finishing period