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Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

India's coastal cities have been playing a pivotal role in international relations through culture, commerce, and connectivity since the hoary past. In modern times, coastal cities such as Mumbai (formerly Bombay) on the Arabian Coast and Kolkata (formerly Calcutta) on the Bay of Bengal have been active actors in international affairs. While Mumbai has been the hub of international trade and commerce, Kolkata has been the junction of cultural bonhomie with Bangladesh and Southeast Asian countries, which gained more traction due to cross-border movements of technology, information, education, trade and finance, and artistic tools bolstered by the New Economic Policy beginning in the early 1990s. Indian states and metropolitan cities are enhancing their positions in international affairs with tangible gains. Mumbai is referred to as India's financial capital and the home to the headquarters of great global business houses and financial organisations. Similarly, Kolkata is known as the cultural capital of India (Sri Aurobindo, Tagore, Shanti Niketan, Bengali folk art and culture etc.) and a destination for foreign tourists, artists and curious researchers. This paper examines the growth and impact of city diplomacy in India through the prism of federalism in advancing local interests in international politics. It attempts to assess the role of Indian cities from a comparative perspective in the conduct of city diplomacy from economic and cultural aspects. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper is a discussion of the creation of agent-based models from the exclusive perspective of monetary phenomena. These correspond to Schumpeter's monetary analysis in its ideal version. A set of general principles formalizes a population of agents interacting in a decentralized way on the sole basis of monetary phenomena. We make use of these principles, and the subsequent agent-based model is a dynamic, non-deterministic system, whose numerical simulations are able to mimic stylized facts in macroeconomics. Further extensions of the model make possible the expansion its descriptive power, and its use in economic research. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper analyzes the convergence hypothesis and the impact of social policy on the economic growth of the six largest countries in Latin America between 1980 and 2010. Results suggest that social public policies have positively influenced growth in these economies. Particularly, there are non-observed variables (fixed effects) that positively affect the economic growth in Venezuela and Chile; however, there are other non-observed variables that may be negatively affecting growth in Brazil and Mexico. Regarding the convergence hypothesis, results reveal that the speed of convergence diminishes as real income rises, implying that these countries might be converging to their stable states. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Entrepreneurship has become a prominent and strategically important issue when talking about the driving forces of prosperity and job creation. However, entrepreneurship seems to be poorly defined. The paper studies central assumptions by questioning what many contemporaries take for granted. The paper shows that it is necessary to define the term "entrepreneurship". Recent arguments should distinguish the difference, sometimes contradictory, between the phenomenon of dynamic fast growing firms and that of the emergence of new microenterprises of the self-employed that have neither the intention nor the possibility of growing. Economic policy debate should specify more precisely what is really meant when talking about entrepreneurship. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The analysis of innovative processes such as securitization leads to asking if the behavior of economic agents is a response to the institutional changes with specific objectives, or if the changes in the regulatory regime are the result of market behaviour or needs of the economy. The objective of this paper is to apply the theory of institutional change of North (agent, source, process and way of change) to examine the Colombian market in the period 1993-2013 in order to explore the main events which had an influence on the performance of securitization in general, and mortgage securitization in particular. [ABSTRACT FROM AUTHOR]

The 1949 World Bank mission headed by Lauchlin Currie recommended an integral attack on the interlocking vicious circles of underdevelopment through a widening of domestic and international markets and a reform of macroeconomic policy formulation. In 1950 Currie was invited by the Colombian Government to return as adviser to a new national planning board. In 1952 Albert Hirschman was also hired as an adviser to this board. This paper discusses the heated disagreements between these two distinguished economists, their influence on the theory and practice of economic development in Colombia and of the World Bank, and in particular their focus on planning based on an integral program versus individual project approaches to planning. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

El artículo trata las implicaciones de adoptar la dolarización financiera en Colombia. Define la dolarización financiera como la adopción oficial de una moneda extranjera para efectuar transacciones financieras. Analiza el impacto de la dolarización financiera en varios países latinoamericanos en base a evidencia empírica.

El artículo analiza la regulación de tarifas en el sector de la salud en Colombia. Según el autor, el objetivo de la regulación es "evitar una guerra de precios" que pueda comprometer la calidad de servicios. Se discuten los antecedentes de la regulación de tarifas. El artículo sigue con un análisis de la regulación, enfocando en cómo evitar pérdidas al sector hospitalario, y concluye que depende de la capacidad del gobierno para vigilar su aplicación.

Presents abstracts of several articles related to economic history. "The Colonial Origins of Comparative Development: An Empirical Investigation," by Daron Acemoglu, Simon Johnson and James A. Robinson; "Hume and Institutional Theory," by Carlos Mellizo; "Capitalism, Development and the State. A Critical Account of Schumpeter's Theory of the State," by Diego Sánchez-Ancochea.

In Mexico, wages have stagnated and profits have increased since 1980. This paper analyzes the causes of this performance both at an aggregate and sectorial level. Although in theory trade liberalization should have led to increased wages and a reduction of profits, an unlimited supply of labor prevented wages from increasing and transformed productivity gains in higher returns on capital. Growth of qualified employment was not the result of generalized technological advances; it reflected changes in the composition of labor supply. Higher investment in human capital does not necessarily lead to higher productivity or income. If the improvement in education of the labor force is to generate higher productivity, a public policy of stimulus for economic growth is required. [ABSTRACT FROM AUTHOR]

Se presentan resúmenes en inglés y español para el artículo "Prácticas para mejorar la regulación en Colombia" de Mario Andrés Pinzón.

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

El artículo discurre sobre la relación entre la desigualdad, las crisis financieras y el estancamiento. El autor comenta sobre el impacto de la crisis financiera global de 2008 en la economía global y describe el desarrollo de políticas económicas durante este periodo. También se considera el concepto de la economía pluralista.

El artículo discurre sobre la creación de dinero en las economías modernas. Los autores comentan sobre la influencia de las políticas financieras de los bancos centrales en la creación de dinero. También se considera el papel de los bancos centrales en la compra de activos, la cual afecta la cantidad de dinero en circulación.

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

El artículo presenta una crítica literaria acerca de "Tiranía de los expertos" de William Easterly. El autor comenta sobre la teoría de Easterly sobre las políticas económicas promulgadas por varios tipos de gobiernos, particularmente las dictaduras, y su impacto en los pobres. También se considera la representación de las condiciones experimentadas por inmigrantes ilegales en los Estados Unidos.

El artículo discurre sobre la relación entre el crecimiento económico, la desigualdad y la pobreza en el mundo del siglo 21. El autor comenta sobre la falta de políticas económicas dedicadas a la población pobre, incluyendo la redistribución del ingreso y la reducción de la pobreza absoluta. También se considera la importancia de tanto el desarrollo como el crecimiento económico.

El artículo discurre sobre las políticas económicas asociadas con impuestos en Colombia durante el periodo entre 1993-2010. Los autores comentan sobre la distribución del ingreso en el país y describen la desigualdad económico entre los colombianos. También se considera la falta de impacto del impuesto sobre la renta en cuanto a la desigualdad.