Staff, Functions, and Staff Costs at Central Banks: An International Comparison with a Labor-demand Model

During the period 2000-2004 central banks sustained a generalized reduction in their staff, which was accompanied, in most cases, with significant increases in staff costs. This could obey to an enhanced interest of central banks in focusing on their core functions. In fact, central banks have changed the ways they perform their operative functions (e.g. currency operations, payment systems operation, printing notes, etc.) through different strategies aimed at gathering the participation of third parties. These strategies differ according to the relationship that central banks have with the financial sector and the government, as well as to their historical tradition and modernization trend. To explain the effect of these changes on the staff, we estimated a short-term labor demand function for 66 central banks using a panel data model with random effects. Results indicate that central banks’ labor demand is strongly determined by the country’s population, economic development level and changes in operative functions, as well as by staff costs. In addition, we found a low employment-wage elasticity suggesting the presence of a flexible budgetary constrain in central banks.Central Banking, Labor Demand, Modernization, Functions, Staff Costs, Panel Data, Random Effects. Classification JEL: E50; J23; J30; C33

BANKNOTE PRINTING AT MODERN CENTRAL BANKING: TRENDS, COSTS, AND EFFICIENCY

This paper examines trends in banknote printing during the period 2000-2005 for a crosssection of 56 central banks. Because of the high increase in the demand for currency in recent years, central banks have implemented new strategies to increase efficiency in the production of banknotes. Some of them, involve the private sector by means of different modalities (e.g. joint ventures, subsidiaries or purchase of banknotes from specialized companies), and the integration of banknote printing and cash processing in a single complex (e.g. Portugal and Colombia). A cost function using a panel data model with random effects was estimated. It was identified that the denomination structure, the size of banknotes, and the production method used by central banks have a significant impact on production costs. Government printing was found to be the most costly method, while private-sector involvement in the process substantially reduces production costs. Using a non-parametric efficient frontier model, it was found that most central banks have increased its technical efficiency during the period, especially in central banks where the privatesector has involved. Computing a Malmquist index through distance functions it was identified that central banks have showed a moderate increase in its productivity, primarily due to increases in efficiency and, in a lower proportion to technical change. In most of the cases, a positive change in efficiency is mainly the result of higher scale efficiency. This could obey to high increase in demand for currency.Central Banks, Banknote Printing, Efficiency Frontier, Cost Function, Panel Data, Malmquist Index. Classification JEL: E50; C33; C23; C43.

Saturation analysis of cellular network in the city of Bogota - Colombia

El objetivo de este artículo es analizar que tan lejano se puede encontrar el momento en que la saturación de la red de telefonía celular llegue a un estado tan crítico en la ciudad de Bogotá – Colombia, que pueda colapsar. Lo anterior acompañado de el estudio de las normas y leyes que regulan este desarrollo y que podrían brindar una salida a este inconveniente tecnológico.The aim of this paper is to analyze how far you can find the time when the saturation cell phone network reaches such a critical state in Bogotá - Colombia, which might collapse. This together with the study of the rules and laws governing this development and could provide a technological solution to this problem

La investigación al servicio de la docencia en las facultades de medicina para el desarrollo del aprendizaje autónomo y formación de profesionales reflexivos

This paper aims to make a first approximation of the role that research can play in medical learning process, the development of self-regulated and self-directed learning professionals. We propose a reflection from pedagogical aspects concerning the current situation of education in medicine, then analyze certain roles and purposes of research in medical schools, its interaction with the world of education and finally evaluate current educational strategies to generate autonomous learning and metacognition. During the analysis, to explore these aspects, the results of structured interviews applied to students and teachers, from different medical schools, are presented. Research allows the student to access knowledge from three perspectives: developing metacognition skills, complex thinking, and finally learning to learn.El presente trabajo pretende realizar una primera aproximación del papel que puede jugar la investigación en medicina, en el proceso de aprendizaje, dentro del desarrollo de profesionales autorregulados y autónomos. Para ello se propone partir de una reflexión pedagógica de aspectos referentes a la situación actual de la educación en medicina, posteriormente analizar ciertos roles y propósitos de la investigación al interior de las Facultades de Medicina, su interacción con los medios docentes y finalmente evaluar las estrategias educativas actuales para generar aprendizaje autónomo y herramientas de metacognición. Dentro del análisis se integran los resultados de entrevistas a profundidad aplicadas a estudiantes y docentes de diferentes facultades de medicina cuyo objetivo fue explorar los aspectos mencionados. La investigación permite que el estudiante pueda abordar al conocimiento desde tres perspectivas: desarrollar habilidades de metacognición, pensamiento complejo, apartarse de la concepción pasiva tradicional y al final aprender a aprender

Evolución neurológica y capacidad de marcha en pacientes con estenosis de canal y hernia discal ingresados en la Unidad de lesionados medulares.

[Resumen] Introducción: La lesión medular no traumática, incluye etiologías diversas dentro de las cuales encontramos las estenosis de canal. Definimos estenosis de canal degenerativa como un estrechamiento estructural del canal raquídeo, de los recesos laterales y/o de los agujeros de conjunción. Los cambios degenerativos que causan el progresivo estrechamiento del canal y de los agujeros vertebrales pueden dar lugar a radiculopatías y mielopatías, siendo estas más frecuentes a nivel cervical y lumbar. El objetivo del trabajo es la descripción de las características demográficas de las lesiones medulares no traumáticas, debidas a estenosis de canal y hernia discal, encuadrado en nuestro hospital, estudiando la evolución neurológica y los resultados funcionales al alta, tras el tratamiento rehabilitador. Material y Métodos: Se realizará un estudio descriptivo retrospectivo, valorando los pacientes ingresados con lesión medular de causa médica, tras intervención quirúrgica de estenosis de canal y hernia discal, en la unidad de lesionados medulares del hospital de A Coruña. Se analizará el periodo comprendido entre enero de 1995 hasta diciembre de 2018. Se analizarán las características demográficas y clínicas, la intervención rehabilitadora, los resultados funcionales y WISCI. Resultados y Discusión: De nuestra serie de casos, la causa de la lesión medular fue la estenosis de canal en un 62% de los casos, y la hernia discal en un 37.7% con una media de edad de 65 años y 54 años, respectivamente. En un 70% de la muestra global de pacientes se produjo una mejora de la puntuación del índice motor al alta respecto al ingreso, en un 26.3% se mantuvo y en el 3.8% la puntuación del IM empeoró. La movilidad y la capacidad de marcha (WISCI) motor se relacionó con el grado ASIA, el IM y etiología. (p < 0.005).[Abstract] Introduction: Non-traumatic spinal cord injury includes diverse etiologies within which we find the canal stenosis. We define spinal stenosis as a structural narrowing of the spinal canal, lateral recesses and conjunct holes. The degenerative changes that cause the progressive narrowing of the canal and the vertebral holes can lead to radiculopathies and myelopathies, these being more frequent at the cervical and lumbar level. The aim of the study is to describe the demographic characteristics of nontraumatic spinal cord injuries, due to canal stenosis, framed in our hospital, studying neurological evolution and outcome measurements upon discharge, after rehabilitation treatment. Material and Methods: A retrospective descriptive study will be carried out, assessing the patients admitted with non trumatic - spinal cord injury , after surgical intervention of canal stenosis and herniated disc, in the Spinal cord Injury Unit of the A Coruña’s Hospital. The period between January 1995 and December 2018 will be analyzed. The demographic and clinical characteristics, the rehabilitation therapy, the functional outcomes, and WISCI will be analyzed. Results and Discussion: The etiology of spinal cord injury was spinal stenosis in 62% of the cases, and herniated disc in 37.7% with an average age of 65 years, and 54 years respectively. In 70% of the global sample of patients there was an improvement of the score of the motor index on discharge with respect to income, in 26.3% it remained and in 3.8% the score of the MI was worst. The mobility and the ability to march (WISCI) was related to ASIA grade, motor index and etiology. (p <0.005).[Resumo] Introdución: A lesión medular non traumática inclúe diversas etioloxías nas que atopamos a estenosis da canal. Definimos a estenosis do canal dexenerativo como un estreitamento estrutural da canal espiñal, recesos laterais e / ou buratos conxunción. Os cambios dexenerativos que provocan o estreitamento progresivo da canal e os buracos vertebrales poden conducir a radiculopatías e mielopatías, que son máis frecuentes a nivel cervical e lumbar. O obxectivo do estudo é describir as características demográficas das lesións medulares non traumáticas, debidas á estenose de canal, enmarcadas no noso hospital, estudando a evolución neurolóxica e os resultados funcionais tras a alta, despois do tratamento de rehabilitación. Material e Métodos: Levarase a cabo un estudo descritivo retrospectivo que avalía aos pacientes ingresados con lesión medular de orixe médica, logo da intervención cirúrxica da estenose do canal e hernia discal, na Unidade de Lesionados Medulares do hospital da Coruña. Analizarase o período entre xaneiro de 1995 e decembro de 2018. Analizaranse as características demográficas e clínicas, a intervención rehabilitadora, os resultados funcionais, e WISCI. Resultados e discusión: Dos pacientes a estudio, a causa da lesión medular foi a estenose do canal no 62% dos casos e a hernia do disco no 37,7%, cunha idade media de 65 anos e 54 anos, respectivamente. No 70% da mostra global de pacientes, produciuse unha mellora da puntuación do índice motor (IM) no momento da alta respecto ao ingreso, nun 26,3% mantívose, e nun 3,8% a puntuación do IM empeorou. A mobilidade e capacidade para camiñar (WISCI) atópase relacionado co nivel de ASIA, o IM e a etioloxia. (p <0,005).Traballo fin de mestrado (UDC.FCS). Asistencia e investigación sanitaria. Especialidade en investigación clínica. Curso 2018/201

Heterogeneous effects of risk-taking on bank efficiency : a stochastic frontier model with random coefficients

We estimate a stochastic frontier model with random inefficiency parameters, which allows us not only to identify the role of bank risk-taking on driving cost and profit inefficiency, but also to recognize heterogeneous effects of risk exposure on banks with different characteristics. We account for an integral group of risk exposure covariates including credit, liquidity, capital and market risk, as well as bank-specific characteristics of size and affiliation. The model is estimated for the Colombian banking sector during the period 2002-2012. Results suggest that risk-taking drives inefficiency and its omission leads to over (under) estimate cost (profit) efficiency. Risk-taking is also found to have different effects on efficiency of banks with different size and affiliation, and those involved in mergers and acquisitions. In particular, greater exposures to credit and market risk are found to be key profit efficiency drivers.Likewise, lower liquidity risk and capital risk lead to higher efficiency in both costs and profits. Large, foreign and merged banks benefit more when assuming credit risk, while small, domestic and non-merged banks institutions take advantage of assuming higher market riskJorge E. Galán acknowledges financial support from the Spanish Ministry of Education and Science, research project ECO2012-340

Airport Choice Model in Multiple Airport Regions

Purpose: This study aims to analyze travel choices made by air transportation users in multi airport regions because it is a crucial component when planning passenger redistribution policies. The purpose of this study is to find a utility function which makes it possible to know the variables that influence users’ choice of the airports on routes to the main cities in the Colombian territory. Design/methodology: This research generates a Multinomial Logit Model (MNL), which is based on the theory of maximizing utility, and it is based on the data obtained on revealed and stated preference surveys applied to users who reside in the metropolitan area of Aburrá Valley (Colombia). This zone is the only one in the Colombian territory which has two neighboring airports for domestic flights. The airports included in the modeling process were Enrique Olaya Herrera (EOH) Airport and José María Córdova (JMC) Airport. Several structure models were tested, and the MNL proved to be the most significant revealing the common variables that affect passenger airport choice include the airfare, the price to travel the airport, and the time to get to the airport. Findings and Originality/value: The airport choice model which was calibrated corresponds to a valid powerful tool used to calculate the probability of each analyzed airport of being chosen for domestic flights in the Colombian territory. This is done bearing in mind specific characteristic of each of the attributes contained in the utility function. In addition, these probabilities will be used to calculate future market shares of the two airports considered in this study, and this will be done generating a support tool for airport and airline marketing policies.Peer Reviewe

NIC 16: guía teórica y práctica del inmovilizado material

La adopción de las Normas Internacionales de Información Financiera (NIIF) procura mejorar la comparabilidad en los estados financieros, logrando con esto que sea un lenguaje contable-financiero común entre los usuarios de la información financiera, no solamente dentro del territorio nacional sino también fuera de él. La presente tesis NIC 16: Guía Teórica y Práctica del Inmovilizado Material, tiene como objetivo principal analizar los aspectos más relevantes que trae consigo las normas internacionales en lo referente al tratamiento contable de la Propiedad, planta y equipo; aplicado a casos prácticos de nuestra realidad nacional. Este trabajo consta de 5 capítulos, los cuales inician con la base teórica indispensable para el correcto entendimiento de los casos prácticos que se plantean a continuación. Cada uno de los capítulos referentes al tratamiento contable del Inmovilizado Material son los siguientes: 1. Reconocimiento 2. Adquisición 3. Permanencia 4. Disposición y 5. Adopción por primera vez. Con el desarrollo de nuestra tesis queremos contribuir con la ciudadanía al entendimiento de las normas para establecer medidas que contribuyan al fortalecimiento de su actividad empresarial y proveer de una fuente de investigación para docentes, estudiantes y profesionales del área contableContador Público AuditorCuenc

INEQUALITY AND CRIMINALITY REVISITED: FURTHER EVIDENCE FROM BRAZIL

The objective of this study is to shed light on the determinants of criminality in Brazil. In order to undertake it we performed an econometric model based in panel data analysis for Brazilian states: Among the major conclusions we have an important result that income inequality plays an important role in criminality. Results also showed that unemployment and urbanization are positively related to crime factors. Based in panel data GMM methodology we found the existence of "inertial effect" on criminality. Panel data GMM estimator was also used to control the existence of endogeneity related to the variable public security. In this case, the results showed that public security spending is effective to diminishes criminality. Contrary to the common wisdom, we cannot found evidence that poverty increases violent crime. Finally considering the results from the Granger causality tests, it was possible to show that inequality causes crime in fact and not the contrary, what supports that the income inequality in an inequivocous determinant of criminality.