Cómo citar/ How to cite Acevedo, N. y Jiménez, L. (2015). Índice para la medición de la competitividad en Colombia. Revista CEA, 1(2), 109-121.Recibido: 12 de mayo de 2015 Aceptado: 25 de junio de 2015Resumen Esta investigación presenta una metodología para la construcción de un índice compuesto para medir la competitividad como factor de crecimiento económico para Colombia, a partir de los modelos de competitividad de Michel Porter y el trabajo de Cho y Moon. Los índices actuales presentan falencias en la construcción, desde la parte teórica o desde el manejo estadístico. Es por esto que se implementó el análisis factorial, herramienta estadística que permite una construcción objetiva evitando la inserción de subjetividades en la ponderación y agregación de variables. También, la utilización de datos duros provee a la investigación de mayor confiabilidad. Por medio de esta construcción se evidenciaron los esfuerzos que realiza el país para mejorar la competitividad apoyada por la estabilidad macroeconómica, sin embargo rezagada por la seguridad y salud pertenecientes a la institucionalidad. Los resultados concuerdan con las recomendaciones de los estudios económicos que hace la Organización para la Cooperación y Desarrollo Económico para Colombia.Palabras clave: Índice compuesto, competitividad, análisis factorial, diamante de la competitividad. AbstractThis research presents a methodology for the construction of a composite index to measure competitiveness as a factor for economic growth in Colombia, from competitiveness models by Michel Porter and the work of Cho and Moon. Current rates have shortcomings in construction, from the theory or the statistical management. That is why a factor analysis was developed, a statistical tool that allows an objective construction, avoiding mistakes from including subjectivity in the weighting and aggregation of variables. Also, the use of hard data provides greater reliability to the research. Thanks to this construction the efforts of the country to improve competitiveness supported by macroeconomic stability were evident, nevertheless; lagging behind due to the safety and health belonging to the institutions. The results are consistent with the recommendations of the economic studies presented by the Organization for Economic Co-operation and DevelopmentColombia.
<p>The objective of this study is to assess tax incentives in Colombia to foster investment in wind parks. Fiscal incentives seek to diversify energy consumption with non-conventional renewable energy sources, since power is mostly generated by hydraulic force and since its price is impacted during dry seasons. The price of energy is modeled according to a regression toward the mean. This stochastic process was chosen because during droughts in Colombia there are price increases, which then return to their average value. This is an upward and downward spike behavior, as well as a regression toward the mean. Given price uncertainty and its impact on cashflow, wind parks were valued with real options to flatten the reversal for five years. The real option of flattening as an American call option was considered. Results show that, according to traditional valuation methods, wind parks in Colombia are not profitable even with tax incentives. However, according to the real options method, tax incentives do make these projects economically viable.</p>
<p><span>In this paper evaluate six exchange rate hedging strategies with financial options from the OTC market in Colombia. Three hedging strategies for importers and three for exporters were raised. The coverage for importers was carried out with the traditional strategy of long call, bull call spread and bull put spread, the last two correspond to options portfolios. the coverage for importers was carried out with the traditional strategy of long put, bear call spread and bear put spread, the last two correspond to options portfolios. to determine the best hedging strategy, the currency price was modeled with a Wiener process and the VaR for the six covered scenarios was calculated and compared with the VaR of the uncovered scenario. The results shown by the six hedging strategies manage to mitigate the exchange risk, but the most efficient strategies are the traditional ones for both importers and exporters.</span></p>
<p><span>One of the main problems for the growth of the Colombian market is the short variety of investment instruments found in the local market. In this way, an exchange rate hedging strategy is proposed using exotic options, specifically, barrier-type options. These types of options are not offered in the Colombian market. Monte Carlo simulation is used to determine the effect that the hedging strategy has on currency risk. From the results, it is concluded that the exchange risk is decreased with the hedging strategy because the 5th and 95th percentiles are lower than in the scenario without hedging. Finally, the code that was used to model the barrier options is explained.</span></p>
<span lang="EN-US">The financial market currently offers derivative products whose characteristics allow investors to reduce the negative impact of natural market fluctuations on the value of their assets. Hedging with financial options is one of the possible strategies that an investor can implement in order to reduce the exposure or risk of their investments. This paper aims to assess the real impact of financial options as a hedging instrument on an investment portfolio made up of variable income assets of the Colombian market. The results show that for options with an upward trend, call options allow future losses to be hedged; on the other hand, for bearish trends, coverage is made with put options.</span>
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