Estatuto Orgánico del Sistema Financiero Colombiano es una publicación integral ya que incorpora las concordancias correspondientes en cada uno de los artículos de la obra; tales como: Decretos Reglamentarios, leyes, resoluciones, circulares, doctrina y jurisprudencia.

El presente manual tiene como objetivo fundamental brindar las herramientas suficientes para resolver cualquier situación que pueda llegar a presentarse dentro del campo financiero. Los conocimientos, que a través de la lectura se pueden adquirir, serán los suficientes como para resolver cualquier problema que en la vida profesional puedan presentarse y servirá además, para que el profesional pueda defender fundamentalmente los intereses de la comunidad por encima de los intereses personales o sectoriales. "Aprender" significa sencillamente la capacidad de poder resolver nuevas situaciones que se planteen.

"Qué es la ética de la empresa"constituye una breve reflexión sobre las ventajas que aportaría el desarrollo de criterios éticos en el ámbito empresarial. En las últimas décadas la falta de ética profesional y de honestidad en el mundo de los negocios ha llenado páginas y páginas de periódicos y ha sido protagonista de noticiarios en todo el mundo. La capacidad que tiene hoy la empresa de cambiar nuestro entorno natural e incluso nuestra forma de relacionarnos es muy significativa. Poder implica responsabilidad, y a mayor poder, mayor responsabilidad.

Does Foreign Direct Investment (FDI) have a positive effect on economic growth in recipient countries? The debate about the positive impact of FDI on economic growth remains open, and therefore the formulation of economic policy in developing regions such as Latin America and the Caribbean is still a dilemma between to adopting policies that support economic openness or implementing policies aimed at promoting the protection of domestic markets. However, in recent years Latin America has been leaning towards policies that promote FDI inflows so as to stimulate market growth and to increase the competitiveness in different branches of economic activity. From this argument, the following thesis investigates the impact of FDI on the growth of Latin American developing economies by presenting an econometric analysis through the application of an OLS pooled panel data analysis for 19 Latin American countries between 1980 and 2010. The result of the research aims to test the hypothesis that establishes a positive relation between FDI inflows and economic growth. To do so, the relation FDI-growth is examined by the use of different control variables related with macroeconomic stability, trade openness, political stability, per capita GDP, and secondary schooling. The results of this research reveal a positive effect of FDI on the economic growth rate of the countries taken in the sample of the study.

The aim of this article is to investigate the determinants of the foreign direct investment (FDI) in some European countries from 2003 to 2010. This period is interesting because it was characterized by huge investments of capital before 2008 and after this date a cooling of the economy due the subprime mortgage implosion. Panel Data of 23 European countries were analyzed among the several FDI macroeconomic triggers proposed by the UNCTAD in the United Nations Conference For Trade and Development report of 2012. Our empirical results are consistent with the objectives of the UNCTAD model. The FDI has become in a very important goal for all the countries because it has positive spillovers that act as boosters for the growing of their economies. Within the positive effects we highlight the transferring of technology to domestic firms, the creation of new and better jobs, the increasing in the number of tax payers and, besides, these investments are a clean source of income with the benefit of not assuming the risk linked to the debt. Consequently, the governments have the need and the duty to promote policies for attracting FDI. If we analyze the case of Europe, one can differentiate three groups of development and several kind of challenges, i.e., the high unemployment rates that some Mediterranean countries are facing, the adverse selection problem that hinders the credit flow across the productive value chain and the migration of the manufacturing to developing countries. Hence nowadays the understanding of the factors determining the FDI is a key issue to link the policy making with the potential investors.

This paper studies the hedging activities of 104 non-financial UK MNEs from 2005 to 2009 to examine their potential effect on the cost of equity. We use the Fama and French Three Factor Model to estimate the cost of equity and we collect detailed information on hedging and risk management activities directly from the annual reports. Although we evidence a negative relation between the cost of equity and hedging activities, we find that the cost of equity is not significantly affected by whether firms are hedgers or non-hedgers. We further use different subsamples and we are able to observe that: (i) size and leverage are important factors in the analysis of hedging and cost of equity, and (ii) the financial crisis plays an active role in the way firms understand and react towards unexpected volatility and risk. Finally we find that controlling for endogeneity of the hedging decision and for potential sample selection bias our results are more robust and are supporting evidence for the negative and significant relationship between hedging and cost of equity.

My dissertation proposes new ways to study decisions in the housing market with structural models that deliver a consistent connection between house values and rents, incorporating investment and consumption motives for housing consumption, and allowing for preference heterogeneity. The models also take into account the difficulty of measuring complete housing quality in estimation by treating it as latent. The dissertation includes applications where I analyze issues like the size of agglomeration benefits of larger cities (New York City vs Chicago), and the dynamics of rent and prices as a reaction to household financial and demographic conditions during the re- cent housing crisis (in Miami). I find that New York has relatively lower qualities of housing and higher prices than Chicago, which implies positive compensating variations required by households moving from the latter to the former; and that there was a disconnect between the rent and ownership markets that suggest that the crisis mainly affected the asset and not the real market, respectively. Also, I find that heterogeneity in tastes plays an important role in the behavior of households in the housing market. I also present models that introduce heterogeneity in tastes to analyze the interaction between households with different demographics. Going beyond a single type of household presents additional challenges for estimation and identification that are addressed. I define types as households with and without children, and asses the effect of the presence of children on how sensitive households are to changes in the market. I obtain the robust result that the presence of children reduces the sensitivity of demand for housing quality to changes in the market. Additionally, I also use machine learning clustering methods to categorize house- holds into different demographic types based on age, number of children and expenditure in the housing market. With these types, I per- form analyses that contrast the implied demands for housing quality in the different obtained clusters. The methods developed in the different chapters are of interest to policy makers and agents who want to follow the evolution of rental rates and prices at different levels of the quality distribution, as well as for those interested in making welfare evaluations of policies that affect local housing markets differently for households with different demographics. Also, they give insight on agglomeration benefits of larger cities and compensations required when moving a household from one area to another.

Documento en el que Santiago Pérez Triana manifiesta al presidente Carlos Eduardo Restrepo, sus impresiones sobre las deudas que ha adquirido el Estado colombiano en los últimos años. A lo largo del documento se habla de la importancia de la unificación de deudas, en especial las colombianas, con el fin de obtener mejoras en la economía nacional. Al final se adjuntan varios documentos con listas de valores y títulos oficiales del gobierno, que sirvieron como insumo para que Pérez Triana realizara sus apreciaciones.

Conjunto de argumentos a partir de los cuales se busca aclarar el estado de la legislación sobre los tratados de Colombia con Venezuela en 1834. A lo largo del documento, que conserva la ortografía de la época, se explican los aspectos constitucionales en materia de relaciones internacionales que legislan el repartimento de la deuda externa, así como el nombramiento de representantes de cada uno de los paises involucrados.

Documento presentado por los apoderados de los acreedores extranjeros al Congreso de Colombia, en el que se manifiestan respecto a las distintas dificultades que existen para que la Nueva Granada pueda pagar la deuda externa.