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REVISTA D ECONOMÍA
INSTITUCIONAL No. 7, SECOND SEMESTER 2002
Analysis of the Economic Cycle
on Imperfect Competition
Julián J. Arévalo, Angélica Castro
y Édgar Villa [pdf] [html]
[Key words: economic cycle, imperfect competition, stylised
facts, economic growth, JEL: E30, O11, O49]
The aim of this paper, which is part of a broader research
project, is to analyse the fluctuations of output in a framework
of imperfect competition based on the stylised facts. We
conclude that these movements can be originated by supply
or demand shocks, or simply by the adjustment of the economy
when goods or labor markets are not balanced because of
price and wages rigidities. On the other hand, it justifies
the Keynesian argument related to government interference
in cases where the economy cannot overcome a recessive stage
on its own.
Determinants of the Real
Exchange Rate in Colombia. A Neokeynesian Approach
Álvaro Martín Moreno Rivas [pdf] [html]
[Key words: real exchange rate, tradable goods, non-tradable
goods, fundamentals, devaluation, equilibrium, JEL: E12,
E40]
This article presents a model of real exchange rate using
a neokeynesian approach, which is estimated with econometric
methods of the English school. The empirical model is dynamic
and respects the restrictions of the long run equilibrium
between real exchange rate and macroeconomic fundamentals.
It shows that the amount of appreciation and depreciation
of the real exchange rate is determined by changes in terms
of trade, openness of the economy, capital flows and acceleration
of nominal devaluation. Public spending increases are not
significant of the conventional levels of statistic confidence.
Finally, the article evaluates if devaluation meets the
requirements of weak, strong and super exogenity.
Financial Crisis and Credit
Rationalization
José Eduardo Gómez y Nidia Ruth Reyes [pdf] [html]
[Key words: credit, financial crisis, postkeynesian theory,
economic institutions, financial variables, JEL: E12, E44,
E51, G18]
The idea that credit is important has gained importance
in the contemporary macroeconomic theory. However, almost
all the models that explicitly include financial variables
in their explanation of economic behaviour continue to differentiate
between the monetary and the real economy in the long run.
This paper proposes a relationship between credit restrictions
and financial crisis based on postkeynesian theory. In this
context, credit rationalization appears as a natural phenomenon
in modern capitalist economies, and not as a result of the
bankers’ voluntary action will or their imperfect
information due to the confidentiality of investors’
knowledge. Financial crisis are endogenous, but they can
be prevented by the correct behaviour of the economic institutions.
Development, Diversity and
Equity in the 21th Century
Alfredo Sarmiento Gómez [pdf] [html]
[Key words: equity, diversity, education, human capital,
economic development, JEL: I20, I31, O15]
Today there are two tendencies in apparent contradiction:
increasing globalisation and the rise of cultural, religious
and national individualities. In the struggle for equity,
human rights have followed society from the individual to
the universal organization; from civil rights to the “liberation
from misery” and the “liberation from fears”.
The engine of development is the individual and social forms
of constructing our own destiny. Taking advantage of market
potential requires general access to education, property
and credit. Education forms citizens capable of interacting
freely in a multicultural and multi-ideological society,
that they manage, understand and enjoy, with different meanings
regarding their specific and diverse communities, attitudes
and conducts. We are all limited, but have boundless possibilities.
Rationality and Cooperation
Between Firms. Testing Habitual Behaviour in Greek Industries
Michel S. Zouboulakis y John Kamarianos [pdf] [html]
[Key words: rationality, cooperation, trust, informal relations,
transaction costs, opportunism, competitive firms, non competitive
firms, JEL: D21, D23, D29]
The aim of this empirical research was to test the influence
of some social factors such as social norms, habits and
routines, which are actually constraining the entrepreneurial
strategy. In order to measure the extent of these influences
we have focused on informal arrangements and cooperation
between firms, including informal relations, trust links,
family links etc. Firms having long term informal relations
benefit from lower costs of making transactions enforceable,
including the costs of information and planning, and furthermore
protect themselves from the hazards of opportunism. In doing
so, firms do cooperate consciously adopting patterns of
behaviour that largely exceed market arrangements. This
is true not only for non-competing firms (i.e. firms with
client-customer relations) who have developed in that direction
a nexus of diverse long-term strategies, but also for competing
firms producing identical goods.
Theory of Games: Where are
We Going? (60 Years After von Neumann and Morgenstern)
Sergio Monsalve [pdf] [html]
[Key words: theory of games, economic analysis, economic
behavior, decision taking, evolutionary games, JEL: C70]
This paper explores the main problems of the theory of
games as a tool of economic analysis. It also points out
the new perspectives of the solution concepts including
their context and finally it presents some comments regarding
the future of the field.
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