New Economics Papers
on Central and South America
Issue of 2008‒03‒25
four papers chosen by

  1. Redes e polarização urbana e financeira: uma exploração inical para o Brasil By Marco Crocco; Ricardo Machado Ruiz; Anderson Cavalcante
  2. A interação entre universidades e empresas em perspectiva histórica no Brasil By Wilson Suzigan; Eduardo da Motta e Albuquerque
  3. Anatomía de los ciclos económicos en Colombia 1970-2007 By Gloria Cecilia Martínez
  4. Credit Cyclicality in Chile: A Cross-Country Perspective By Ludvig Soderling

  1. By: Marco Crocco (UnB); Ricardo Machado Ruiz (Cedeplar-UFMG); Anderson Cavalcante (University of Cambridge)
    Abstract: This paper aims, in an exploratory way, to discuss the regional network of financial services in Brazil and its role in the configuration of the Brazilian urban network and its hierarchy. To achieve this objective, the paper, based on the seminal works of both CHRISTALLER (1966) and LÖSCH (1944/54), tries to understand how the process of spatial urban configuration works. Based on this framework it is possible to focus on the financial system, especially on the factors that determine the locational decision of financial institutions, aiming the building of a polarization system of the financial activities. The paper will adopt a adapted gravitation model to analyze the power of attraction of different financial centers based on diverse variables (credit, total assets, functional and structural diversification).
    Keywords: polarization, financial system, centrality, urban network
    JEL: R12 G20 O16
    Date: 2008–03
  2. By: Wilson Suzigan (Unicamp); Eduardo da Motta e Albuquerque (Cedeplar-UFMG)
    Abstract: The interaction between firms and universities in Brazil is very weak. The successful “points of interaction” between science and technology are scarce and localized. This paper investigates the historical roots of this pattern of interaction. The hypothesis of this paper suggests this pattern of interaction could be explained by the combination between, first, the late beginning of the formation of universities and research institutes (circa 1808) and, second, the late industrialization. Furthermore, the successful points of interaction are products of long term processes of institutional building and systematic and persistent long term investments.
    Keywords: interaction between universities and firms, historical roots, science, technology
    JEL: N O3
    Date: 2008–03
  3. By: Gloria Cecilia Martínez
    Abstract: Este documento analiza los cuatro ciclos completos económicos que se presentaron en Colombia desde 1970. Se logró identificar que los cambios en factores externos, como lo son las mejoras en los términos de intercambio y flujos de capital, han sido impulsadores de los auges. Adicionalmente, como principal objetivo, muestra la responsabilidad que han tenido factores y políticas internas en el desarrollo de los ciclos. Estos han sido amplificadores del impulso externo inicial convirtiéndolo en auges insostenibles que llevan a la economía a condiciones vulnerables. Por lo tanto, los factores que fueron inicialmente impulsos del crecimiento se convierten en detonadores de la crisis.
    Date: 2008–03–12
  4. By: Ludvig Soderling
    Abstract: This paper analyzes the determinants of credit cyclicality. It constructs a financial development index and studies whether it affects the amplitude of impulse responses to shocks to output, terms of trade, global liquidity, and global risk appetite. The paper uses both country-specific VARs for cross-country analyses and panel VARs to compare impulse responses between various country groupings. The study finds evidence that financial development-especially stronger creditor rights-can mitigate credit cyclicality, given that the response of credit to output or terms of trade shocks is stronger in countries with weaker financial systems.
    Keywords: Credit , Chile , Liquidity , Terms of trade , Private sector ,
    Date: 2008–03–05

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