Pub Date : 2020-05-15DOI: 10.24275/UAM/AZC/DCSH/AE/2020V35N89/GALVEZ
O. Gálvez-Soriano
BSTRACT This paper studies the role of education on the economic growth of Mexico. The Uzawa-Lucas Model is used to study the contribution of human capital on growth, while the specific role of education is accounted with a Vector Error Correction (VEC) Model. The main finding of this paper is that an increase of one percent in human capital implies an increase of 1.59 percent on Mexican Gross Domestic Product (GDP). And given the role of education on human capital, an increase of one percent in years of schooling causes an increase in the long run GDP growth rate of 2.19
{"title":"Could Education Increase the Economic Growth of Mexico?","authors":"O. Gálvez-Soriano","doi":"10.24275/UAM/AZC/DCSH/AE/2020V35N89/GALVEZ","DOIUrl":"https://doi.org/10.24275/UAM/AZC/DCSH/AE/2020V35N89/GALVEZ","url":null,"abstract":"BSTRACT This paper studies the role of education on the economic growth of Mexico. The Uzawa-Lucas Model is used to study the contribution of human capital on growth, while the specific role of education is accounted with a Vector Error Correction (VEC) Model. The main finding of this paper is that an increase of one percent in human capital implies an increase of 1.59 percent on Mexican Gross Domestic Product (GDP). And given the role of education on human capital, an increase of one percent in years of schooling causes an increase in the long run GDP growth rate of 2.19","PeriodicalId":127265,"journal":{"name":"Análisis Económico","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127023122","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-15DOI: 10.24275/UAM/AZC/DCSH/AE/2020V35N89/RUA
Andrés Felipe Rúa-Ortiz, H. Merritt, Alejandro Valencia-Arías
In recent years the number of natural disasters caused by global warming has grown. Following these disasters, the use of fossil fuels to meet global energy demand has been criticized by considering the alternative of replacing oil with cleaner energy such as solar, wind and hydraulic. However, the adoption and implementation of alternative energies face both economic and structural advantages and disadvantages. Among the former are the growing technological innovations that increase its attractiveness in terms of opportunity costs, and in the latter are the low economic competitiveness that alternative (or clean) technologies still offer compared to oil. This article addresses the origin of the substitution from a historical framework by postulating that the technological boom of alternative energies, in particular solar energy was induced by the oil embargo that the United States suffered in 1973 and served as an incentive to fire research in these technologies. Following a bibliometric search methodology, the analysis is divided into six stages to demonstrate that the rise in the price of oil triggered the rise of alternative energy but as the number of published articles grew, the research area was consolidated, separating from the effect price.
{"title":"Innovación tecnológica inducida:un análisis bibliométrico de la investigación en energía solar, 1960-2018","authors":"Andrés Felipe Rúa-Ortiz, H. Merritt, Alejandro Valencia-Arías","doi":"10.24275/UAM/AZC/DCSH/AE/2020V35N89/RUA","DOIUrl":"https://doi.org/10.24275/UAM/AZC/DCSH/AE/2020V35N89/RUA","url":null,"abstract":"In recent years the number of natural disasters caused by global warming has grown. Following these disasters, the use of fossil fuels to meet global energy demand has been criticized by considering the alternative of replacing oil with cleaner energy such as solar, wind and hydraulic. However, the adoption and implementation of alternative energies face both economic and structural advantages and disadvantages. Among the former are the growing technological innovations that increase its attractiveness in terms of opportunity costs, and in the latter are the low economic competitiveness that alternative (or clean) technologies still offer compared to oil. This article addresses the origin of the substitution from a historical framework by postulating that the technological boom of alternative energies, in particular solar energy was induced by the oil embargo that the United States suffered in 1973 and served as an incentive to fire research in these technologies. Following a bibliometric search methodology, the analysis is divided into six stages to demonstrate that the rise in the price of oil triggered the rise of alternative energy but as the number of published articles grew, the research area was consolidated, separating from the effect price.","PeriodicalId":127265,"journal":{"name":"Análisis Económico","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132796416","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-15DOI: 10.24275/uam/azc/dcsh/ae/2020v35n2/lizarazu
Eddy Lizarazu Alanez
{"title":"Una ilustración en el modelo MF estocásticode Mark (2000): simulación y estimación del efecto desbordamiento","authors":"Eddy Lizarazu Alanez","doi":"10.24275/uam/azc/dcsh/ae/2020v35n2/lizarazu","DOIUrl":"https://doi.org/10.24275/uam/azc/dcsh/ae/2020v35n2/lizarazu","url":null,"abstract":"","PeriodicalId":127265,"journal":{"name":"Análisis Económico","volume":"116 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124721734","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-15DOI: 10.24275/uam/azc/dcsh/ae/2020v35n2/gonzalez
J. González García
{"title":"Causas, evolución y perspectivas de la guerra comercial para China","authors":"J. González García","doi":"10.24275/uam/azc/dcsh/ae/2020v35n2/gonzalez","DOIUrl":"https://doi.org/10.24275/uam/azc/dcsh/ae/2020v35n2/gonzalez","url":null,"abstract":"","PeriodicalId":127265,"journal":{"name":"Análisis Económico","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115702362","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-15DOI: 10.24275/UAM/AZC/DCSH/AE/2020V35N89/JAIME
D. Camacho, V. Ahumada
This research analyzes the dynamics of the Mexico-US trade involving the steel and aluminum industries’ main tariff headings during the years of the North American Free Trade Agreement. We make use of the intra-industry trade (IIT) approach, which is based on the Grubel-Lloyd (GL) index and the A and B indices developed by Brülhart. The main contribution lies in the quantification of the ITT of the steel and aluminum industries not only from the static perspective by means of the GL index, but also from the dynamic perspective by way of Brülhart’s A and B indices. Based on this empirical evidence and on the smooth adjustment hypothesis, we evaluate the potential adjustment costs resulting from a new round of tariffs imposed by US on the steel and aluminum imported from Mexico.
{"title":"Comercio intraindustrial y los índices A y B de Brülhart del acero y el aluminio para el comercio México-Estados Unidos","authors":"D. Camacho, V. Ahumada","doi":"10.24275/UAM/AZC/DCSH/AE/2020V35N89/JAIME","DOIUrl":"https://doi.org/10.24275/UAM/AZC/DCSH/AE/2020V35N89/JAIME","url":null,"abstract":"This research analyzes the dynamics of the Mexico-US trade involving the steel and aluminum industries’ main tariff headings during the years of the North American Free Trade Agreement. We make use of the intra-industry trade (IIT) approach, which is based on the Grubel-Lloyd (GL) index and the A and B indices developed by Brülhart. The main contribution lies in the quantification of the ITT of the steel and aluminum industries not only from the static perspective by means of the GL index, but also from the dynamic perspective by way of Brülhart’s A and B indices. Based on this empirical evidence and on the smooth adjustment hypothesis, we evaluate the potential adjustment costs resulting from a new round of tariffs imposed by US on the steel and aluminum imported from Mexico.","PeriodicalId":127265,"journal":{"name":"Análisis Económico","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131296465","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-15DOI: 10.24275/uam/azc/dcsh/ae/2020v35n2/martinez
Gabriel Martínez González
{"title":"Effect on employment of minimum wages in Mexico","authors":"Gabriel Martínez González","doi":"10.24275/uam/azc/dcsh/ae/2020v35n2/martinez","DOIUrl":"https://doi.org/10.24275/uam/azc/dcsh/ae/2020v35n2/martinez","url":null,"abstract":"","PeriodicalId":127265,"journal":{"name":"Análisis Económico","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122197239","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-15DOI: 10.24275/uam/azc/dcsh/ae/2020v35n2/jaime
Daniel David Jaime Camacho
{"title":"Comercio intraindustrial y los índices A y B de Brülhart del acero y el aluminio para el comercio México-Estados Unidos","authors":"Daniel David Jaime Camacho","doi":"10.24275/uam/azc/dcsh/ae/2020v35n2/jaime","DOIUrl":"https://doi.org/10.24275/uam/azc/dcsh/ae/2020v35n2/jaime","url":null,"abstract":"","PeriodicalId":127265,"journal":{"name":"Análisis Económico","volume":"45 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120896630","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-15DOI: 10.24275/UAM/AZC/DCSH/AE/2020V35N89/MARTINEZP
M. T. V. Martínez-Palacios
En esta investigación se desarrolla un modelo de equilibrio general dinámico estocástico sobre las decisiones de consumo e inversión de un agente adverso al riesgo representativo de una economía pequeña y cerrada, sujeto al riesgo de mercado de los activos que conforman el portafolio, esto en un horizonte temporal finito con fecha final aleatoria. Se supone que el agente tiene acceso a tres activos: una acción, cuya tasa de interés es estocástica, una opción suscrita sobre la acción y un bono libre de riesgo. Los precios de los activos se expresan en unidades del bien de consumo y no hay impuestos ni costos de transacción en el mantenimiento del portafolio. El problema planteado es útil para caracterizar la prima de una opción asiática de venta de tipo americano con precio de ejercicio flotante como solución de una ecuación diferencial parcial. Palabras clave: Control óptimo estocástico; selección de portafolio; opciones asiáticas de tipo americano; tasa de interés estocástica.
{"title":"Decisiones óptimas de consumo y portafolio con opciones asiáticas de tipo americano enun modelo de equilibrio general dinámico estocástico","authors":"M. T. V. Martínez-Palacios","doi":"10.24275/UAM/AZC/DCSH/AE/2020V35N89/MARTINEZP","DOIUrl":"https://doi.org/10.24275/UAM/AZC/DCSH/AE/2020V35N89/MARTINEZP","url":null,"abstract":"En esta investigación se desarrolla un modelo de equilibrio general dinámico estocástico sobre las decisiones de consumo e inversión de un agente adverso al riesgo representativo de una economía pequeña y cerrada, sujeto al riesgo de mercado de los activos que conforman el portafolio, esto en un horizonte temporal finito con fecha final aleatoria. Se supone que el agente tiene acceso a tres activos: una acción, cuya tasa de interés es estocástica, una opción suscrita sobre la acción y un bono libre de riesgo. Los precios de los activos se expresan en unidades del bien de consumo y no hay impuestos ni costos de transacción en el mantenimiento del portafolio. El problema planteado es útil para caracterizar la prima de una opción asiática de venta de tipo americano con precio de ejercicio flotante como solución de una ecuación diferencial parcial. Palabras clave: Control óptimo estocástico; selección de portafolio; opciones asiáticas de tipo americano; tasa de interés estocástica.","PeriodicalId":127265,"journal":{"name":"Análisis Económico","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122507219","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-05-15DOI: 10.24275/UAM/AZC/DCSH/AE/2020V35N89/MARTINEZ
Gabriela Gonzalez
{"title":"Effect on employment of minimum wages in Mexico","authors":"Gabriela Gonzalez","doi":"10.24275/UAM/AZC/DCSH/AE/2020V35N89/MARTINEZ","DOIUrl":"https://doi.org/10.24275/UAM/AZC/DCSH/AE/2020V35N89/MARTINEZ","url":null,"abstract":"","PeriodicalId":127265,"journal":{"name":"Análisis Económico","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126574060","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-09-30DOI: 10.24275/UAM/AZC/DCSH/AE/2019V34N87/ARRIAGA
Rosalinda Arriaga Navarrete, J. Olivares, Miriam Magnolia Sosa Castro
El presente trabajo tiene por objetivo analizar y comparar estrategias de diversificacion internacional, empleando activos tradicionales (acciones) y exchange traded fund (ETFs) de cuatro diferentes paises: Alemania, Reino Unido, Estados Unidos y Mexico; el periodo de estudio es de enero de 2012 a abril del ano 2018. La hipotesis es que, la estrategia de inversion que incluye ETFs es mas redituable, tanto por la naturaleza de dichos instrumentos, como por las comisiones que se generan a traves de la estrategia tradicional, en la cual se emplea un numero mayor de activos, con el objeto de diversificar el riesgo de cada mercado local. La metodologia implementada consiste en el modelo de Markowitz, para la obtencion de la frontera eficiente, ademas de la estimacion del Valor en Riesgo (VaR) de cada portafolio (tradicional vs ETF). Clasificacion JEL: G10, G11 Abstract The objective of this paper is to analyze and compare international diversification strategies, using traditional assets (stocks) and exchange traded fund (ETFs) from four different countries: Germany, the United Kingdom, the United States and Mexico; the study period is from January 2012 to April 2018. The hypothesis is that the investment strategy that includes ETFs is more profitable, both because of the nature of these instruments and because of the commissions that are generated through the traditional strategy, in which a greater number of assets is used, in order to diversify the risk of each local market. The methodology implemented consists of the Markowitz model, to obtain the efficient frontier, in addition to the estimation of the Value at Risk (VaR) of each portfolio (traditional vs. ETF). JEL Classification: G10, G11.
本研究旨在分析和比较四个不同国家的传统资产(股票)和交易所交易基金(etf)的国际多元化策略:德国、英国、美国和墨西哥;学习时间为2012年1月至2018年4月。hipotesis是,inversion战略包括ETFs是最大有裨益,不论这些文书的性质,以及各委员会的传统战略成败得失,即采用虚拟资产,以多样化的各个地方市场的风险。该方法包括马科维茨模型，以获得有效边界，以及每个投资组合(传统vs ETF)的风险价值(VaR)估计。本文的目的是分析和比较来自四个不同国家的国际多元化战略，使用传统资产(股票)和交易所交易基金(etf):德国、英国、美国和墨西哥;研究时间为2012年1月至2018年4月。The hypothesis is that The investment战略,包括ETFs is more profitable, both of The nature of这些文书和是因为委员会that are generated through The greater传统战略,in which a number of assets is, in order to以可使用的是The risk of每一个当地市场。所采用的方法包括马科维茨模型，以获得有效的边界，以及对每个投资组合(传统与ETF)的风险价值(VaR)的估计。JEL分类:G10、G11。
{"title":"Análisis de estrategias de inversión de diversificación internacional: portafolios tradicionales vs ETFs","authors":"Rosalinda Arriaga Navarrete, J. Olivares, Miriam Magnolia Sosa Castro","doi":"10.24275/UAM/AZC/DCSH/AE/2019V34N87/ARRIAGA","DOIUrl":"https://doi.org/10.24275/UAM/AZC/DCSH/AE/2019V34N87/ARRIAGA","url":null,"abstract":"El presente trabajo tiene por objetivo analizar y comparar estrategias de diversificacion internacional, empleando activos tradicionales (acciones) y exchange traded fund (ETFs) de cuatro diferentes paises: Alemania, Reino Unido, Estados Unidos y Mexico; el periodo de estudio es de enero de 2012 a abril del ano 2018. La hipotesis es que, la estrategia de inversion que incluye ETFs es mas redituable, tanto por la naturaleza de dichos instrumentos, como por las comisiones que se generan a traves de la estrategia tradicional, en la cual se emplea un numero mayor de activos, con el objeto de diversificar el riesgo de cada mercado local. La metodologia implementada consiste en el modelo de Markowitz, para la obtencion de la frontera eficiente, ademas de la estimacion del Valor en Riesgo (VaR) de cada portafolio (tradicional vs ETF). Clasificacion JEL: G10, G11 Abstract The objective of this paper is to analyze and compare international diversification strategies, using traditional assets (stocks) and exchange traded fund (ETFs) from four different countries: Germany, the United Kingdom, the United States and Mexico; the study period is from January 2012 to April 2018. The hypothesis is that the investment strategy that includes ETFs is more profitable, both because of the nature of these instruments and because of the commissions that are generated through the traditional strategy, in which a greater number of assets is used, in order to diversify the risk of each local market. The methodology implemented consists of the Markowitz model, to obtain the efficient frontier, in addition to the estimation of the Value at Risk (VaR) of each portfolio (traditional vs. ETF). JEL Classification: G10, G11.","PeriodicalId":127265,"journal":{"name":"Análisis Económico","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127934066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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