Scielo RSS <![CDATA[Estudios de economía]]> http://www.scielo.cl/rss.php?pid=0718-528620200001&lang=pt vol. 47 num. 1 lang. pt <![CDATA[SciELO Logo]]> http://www.scielo.cl/img/en/fbpelogp.gif http://www.scielo.cl <![CDATA[Potential output, output gap and high inflation in Argentina (2007-2015)]]> http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862020000100005&lng=pt&nrm=iso&tlng=pt Abstract: I investigate the causes of the high inflation Argentina experienced from 2007 to 2015. To do so, I estimate the potential output and the output gap using the Blanchard-Quah decomposition for this country and compare it to the estima- tions I obtained for other economies in the region were inflation was kept under control. I find that there are some country specific patterns in Argentina that can explain the high inflation observed during the analyzed years. First of all, Argentinean potential output grew at a slower pace than the rest of the countries, most notably since 2011. Second, there has been in Argentina a positive and increasing output gap since 2007, which was highly correlated with the inflation rate. Last, a comparison between the actual interest rate and the one derived from an ex-post monetary policy rule reveals that monetary policy was too lose in Argentina but that has not been the case in the rest of the countries. The policy implications of these findings are straightforward: Argentina could have reduced inflation by following a monetary rule, just like the rest of the Central Banks in the region seem to have done.<hr/>Resumen: Este trabajo investiga las causas de la alta inflación que experimentó Argentina de 2007 a 2015. En particular, se calcula el producto potencial y la brecha del producto utilizando la descomposición de Blanchard-Quah para este país y se la compara con las de otras economías de la región donde la inflación se mantuvo bajo control. Se evidencia que Argentina experimentó un estancamiento en su producto potencial, así como una brecha del producto altamente correlacionada con la tasa de inflación. Asimismo, se muestra que la política monetaria fue demasiado laxa en este país. <![CDATA[Long Memory in the Energy Consumption by Source of the United States: Fractional Integration, Seasonality Effect and Structural Breaks]]> http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862020000100031&lng=pt&nrm=iso&tlng=pt Abstract: In this paper, long memory behavior of the energy consumption by source of the United States has been examined using the fractional integration technique for the three conventional cases of no regressors, an intercept, and an intercept and a linear trend. In addition, this study extends majority of past studies by considering the effects of seasonality and structural breaks. Using monthly data, it is found that across all the sources considered, energy consumption exhibits long memory with the degree of persistence largely ranging between 0 and 1. Also, the estimated results of the models with seasonality effect and structural breaks show that the energy consumption series have significantly strong seasonal pattern and autoregressive components, and the presence of structural breaks significantly alter the degree of persistence of most of the energy sources. The reports of this study have serious policy implications in the aspect of energy consumption mix, energy consumption efficiency and environmental concerns.<hr/>Resumen: Este trabajo examina el comportamiento de memoria larga del consumo de energía en Estados Unidos utilizando la técnica de integración fraccional. Este estudio extiende trabajos pasados incluyendo un análisis de estacionalidad y de quiebres estructurales. Utilizando datos mensuales se observa que todas las fuentes de consumo de energía consideradas exhiben memoria larga, estacio- nalidad y quiebres. <![CDATA[Are local governments more efficient as the same political coalition governs? A study among Chilean municipalities]]> http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862020000100049&lng=pt&nrm=iso&tlng=pt Resumen: Últimamente, se ha generalizado una desconfianza en relación con la gestión de los recursos públicos. Este trabajo mide la eficiencia técnica de las municipali- dades en Chile, haciendo especial énfasis en aquellos factores de tipo político que inciden en la eficiencia en la gestión local. En particular, el foco es puesto en la relación entre la ideología política del Gobierno local con el Gobierno central. Para ello, se utilizan datos de panel de municipalidades chilenas para los años 2010-2016. Las estimaciones siguen dos etapas. Primero, se mide la eficiencia mediante el Análisis Envolvente de Datos. Segundo, se estima un modelo Probit Fraccional para explicar estos niveles. Las estimaciones señalan que en promedio las municipalidades proveen un 49% menos de bienes y servicios que el óptimo. Niveles de eficiencia más altos se obtienen en comunas más grandes, urbanas y con mayor participación del Fondo Común Municipal. La eficiencia aumenta cuando el alcalde se presenta a reelección y se reduce en períodos en que gobierna una coalición de izquierda. Esto último se ve atenuado por un mayor grado de influencia del consejo municipal, sugiriendo una incidencia de la relación entre el Gobierno central y local en la eficiencia.<hr/>Abstract: Lately, questionings have emerged on how public resources are managed. This work calculates the technical efficiency of municipalities in Chile, with special emphasis on the political factors that drive efficiency in the management of local resources. In particular, focus is placed on the relationship between political ideology of the local government and central government. To do this, we use a panel data of Chilean municipalities for the years 2010-2016. The methodology follows two stages. First, we estimate efficiency scores by the Data Envelopment Analysis (DEA) approach. Second, a Fractional Probit model is estimated to explain these scores. The main results show that, on average, municipalities produce 49% achieve 49% less of output than the optimal. Higher levels of efficiency are obtained in larger, urban communes and with greater participation in the Municipal Common Fund. Efficiency increases when the mayor presents himself for a re-election and is reduced in the periods in which a left coalition governs. The later effect is reduced to the extent that the majority of the municipal council share the same ideology of the national government, suggesting an effect of the relationship between the central and local government on efficiency levels. <![CDATA[IT resources and business survival: competitive advantage revisited]]> http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862020000100079&lng=pt&nrm=iso&tlng=pt Resumen: El estudio de las disfunciones financieras de las empresas ha sido un tópico común en la investigación a lo largo de las últimas décadas; no obstante, algunos aspectos de los procesos de fracaso han recibido relativamente poca atención. Este trabajo profundiza en su dimensión temporal. Exploramos la forma en que una categoría concreta de recursos, los activos y capacidades vinculados a las tecnologías de la información, altera la probabilidad de sobrevivir durante diferentes horizontes arbitrarios. Diseñamos y ajustamos una regresión de Cox, partiendo de la fundamentación teórica aportada por el enfoque de recursos y capacidades. Hallamos evidencia indicativa de que las expectativas de su- pervivencia están influidas por el uso de recursos TIC orientados a la gestión comercial, por la experiencia de gestión en materia de TIC y por la habilidad para desplegar estrategias de colaboración interna y externa. Los resultados son robustos incluso cuando se consideran las particularidades de la actividad y las características financieras específicas de cada empresa.<hr/>Abstract: The study of firms’financial imbalances has been a common topic in research over the last decades; however, some aspects of the failure processes have received little attention. This research deepens into the temporal dimension of bankruptcy, and explores whether IT resources affect the expected lifetime of a firm. Drawing on the resource-based view of the firm, we design and adjust a Cox regression. We found evidence that the average lifetime and the odds of surviving beyond any arbitrary time t are modified by the availability and the pattern of use of marketing-oriented IT resources, by IT management experience, and by the ability to deploy internal and external collaboration strategies. The results are robust when considering the industry and the financial situation of each company. <![CDATA[Household’s demand for Food Commodities in Pakistan: Issues and Empirical Evidence]]> http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-52862020000100127&lng=pt&nrm=iso&tlng=pt Abstract: The household’s demand analysis is very crucial in the sense that undernourishment negatively affects productivity. Food demand is crucial to gauge the household’s ability or willingness to purchase/consume different food commodities. The study attempts to analyze the household’s food demand in Pakistan by estimating the Quadratic Almost Ideal Demand System (QUAIDS) on Household Integrated Income and Consumption Survey (HIICS) 2015-16 data. It has been found that the household’s locality, dependency ratio, living in own house, age and level of education of household head have significant impacts on demand for different food commodities. It has been further found that hoteling, fruits &amp; dry fruits, soft drinks &amp; bottled water, bakery products, beef &amp; mutton, chicken &amp;seafood are luxury goods. Eggs, sugar &amp; sweets, pulses, tea &amp; coffee, vegetables, rice, and edible oil &amp; ghee are necessity goods. The spices, milk &amp; yogurt and wheat are close to sticky food items. The price elasticities suggest that the demand for beef &amp; mutton, seafood, eggs, and soft drinks is relatively elastic in comparison to other food commodity groups. Moreover, the demand for tea &amp; coffee is least elastic revealing that price of tea has a very marginal impact on its demand.<hr/>Resumen: El análisis de la demanda de alimentos de los hogares es crucial porque la des- nutrición afecta negativamente a la productividad y porque permite evaluar sus posibilidades de comprar y consumir diferentes alimentos. Este trabajo aplica el Sistema cuadrático casi ideal de demanda (QUAIDS) a la encuesta integrada de hogares de Pakistan para el periodo 2015-2016. Se encuentra que los princi- pales determinantes de la demanda son la localización, razón de dependencia, propiedad de vivienda, edad y educación, estimando las elasticidades precio e ingreso para los distintos bienes.