Search

This paper argues that this year's "Nobel" prize in economics celebrates one of the weakest aspects of modern macroeconomic thinking: its limited ability to understand the macro-financial instability of modern capitalism. Instead of challenging the stubborn refusal to take seriously thinkers who confront the essential importance of finance and its dangers for the modern world, such as Hyman Minsky or Hyun Song Shin, it flaunts the tendency to ignore them. And it argues that if the Prize Committee had wanted to reward those who seek to understand the dynamics of the modern global financial system and its interconnections with the real economy, it should have given it to the BIS team, which dates back to the time of William White, and to academic economists associated with the BIS such as Hyun Song Shin. [ABSTRACT FROM AUTHOR]

En este artículo se evalúa la eficiencia de la banca colombiana utilizando modelos de frontera no paramétricos. Los resultados indican que la industria bancaria ha presentado una tendencia creciente en su eficiencia, afectada por la crisis financiera global de 2008. A partir de 2009 se observa una rápida recuperación en las medidas de eficiencia, a excepción de la eficiencia en costos, lo cual sugiere que, ante choques externos, los costos de ajuste de la industria bancaria son mayores. Las fusiones y adquisiciones dentro de la industria contribuyen de forma importante al incremento en la eficiencia bancaria.

This article evaluates the efficiency of Colombian banking using nonparametric border models. The results indicate that there has been a gradual increase in efficiency and that the global financial crisis of 2008 affected this trend. Since 2009 there has been a rapid recovery of efficiency measures, except for cost efficiency. This suggests that, in the face of external shocks, the adjustment costs of banks are greater. Mergers and acquisitions contribute to the increase in banking efficiency. [ABSTRACT FROM AUTHOR]

Para beneficiarse con la globalización del capital es necesario que el mercado financiero doméstico esté bien desarrollado y regulado. Este artículo analiza el efecto de la globalización del capital sobre el sistema financiero desde una perspectiva institucional. El cambio institucional se produce a través del mercado y de acuerdos gubernamentales y no gubernamentales de integración financiera. La evidencia empírica sugiere que la globalización del capital tiene una relación positiva con el desarrollo institucional del sistema financiero, pues refuerza los derechos de propiedad privada y reduce los mercados financieros monopólicos.

To obtain benefits from capital globalization, it is necessary for the domestic financial market to be well-developed and regulated. This paper analyzes the effect of capital globalization on the financial system from an institutional perspective. Institutional change is produced by the market and the government and non-government agreements introduced by the financial integration. The empiric evidence suggests that capital globalization has a positive relationship with the institutional development of the financial system, because it reinforces private property rights and reduces monopolist financial markets. [ABSTRACT FROM AUTHOR]