Innovación en hidrocarburos en Colombia

Este artículo presenta parte del Proyecto DNP- Uniandes sobre Clusters en la industria minero energética. El análisis se centrará en la innovación en hidrocarburos: primero, el planteamiento básico; segundo, los retos y oportunidades, y tercero, las líneas de acción en las que Colombia puede trabajar.//This article presents a fragment of the DNP- Uniandes project on Clusters in the energy mining industry. Specifically, the analysis focuses on innovation in hydrocarbons, starting with the project's basic approach. Next, it exposes the challenges and opportunities present in the Colombian context. Finally, it discusses the lines of action within which Colombia will move forward

Foreign investment, institutional quality, public expenditure and activity of venture capital funds in emerging countries

This paper is an empirical analysis of the effects of foreign direct investment (FDI), institutional quality and the size of a government on venture capital (VC) activity. We conclude that institutional quality, the FDI and public spending have definitive importance as elements for the development of a public policy that increases the quantity and quality of venture capital fund (VCF) investment. Higher institutional quality, higher FDI and lower public spending allow the VCF investment volume to grow. The FDI shows higher level of significance in promoting investment in high-tech companies and institutional quality increases the productivity of FDI investment in the generation of VCF. Government spending dramatically and adversely affects the activity of VCF and institutional quality increases the negative effect of government spending on the activity of VCF in emerging countries. This last result suggests that the higher the institutional quality of a country, the less state intervention it requires to promote investment of VCF. The results are consistent with the hypothesis of the FDI spillover and crowding out of public spending

Foreign direct investment, institutional quality, economic freedom and entrepreneurship in emerging markets

This study investigates the relationship between foreign direct investment, institutional quality, economic freedom, and entrepreneurship in emerging markets. The research compares the capacity and appetite for business creation among high-income, low-income and emerging countries. The results are based on a panel study of data, from 2004 to 2009 for 87 countries, using as its source “The World Bank Entrepreneurship Snapshots” to look at the connection between business creation, institutional quality, market freedom and foreign direct investment (FDI). The findings reveal a strong positive relationship between institutional quality and business generation in all three of the above categories. The freedom to create businesses and invest has an impact on business generation in emerging countries, while the influence of international trade appears more important as a spur to the genesis of business in low-income countries. Finally, there is a direct and significant relationship between FDI and business development in emerging countries. This result is consistent with “the spillover theory of entrepreneurship” (, and )