Abstract: The issue of Network Neutrality has become one of the most discussed topics in the IT sector in recent times with calls by Network Providers to drop the current scheme and allow them to discriminate the traffic that passes through their networks. One of the possible consequences of dropping this framework is that internet providers will now be able to engage in foreclosure of downstream competitors (e.g. VoIP services that compete with their fixed telephony service). To see if such incentives do exist this study analyzes the issue through a theoretical framework, first presenting a review of the literature on the topic; then analyzing one of the few theoretical models available, developed by Chen and Nalebuff, reassessing their conclusion that there are no incentives to degrade the downstream competitor’s service if the downstream good’s valuation is low enough; extending their analysis for the case of higher valuation of the downstream good; and, finally, developing a model where the vertically integrated firm’s upstream product is essential only to the downstream competitor but not to its own downstream product, much like the case of DSL internet providers. The study finds that the conclusion that Chen and Nalebuff reach is misleading, that if the valuation of the downstream good is high enough then foreclosure is profitable and that, when the vertically integrated firm’s product does not require the upstream product, degradation is not profitable but access denial is. Resumen: Recientemente, la neutralidad de la red se ha convertido en uno de los temas más discutidos en el sector de las tecnologías de la información, donde los proveedores de red han abogado para que su uso cese, permitiéndoles así discriminar el tráfico que fluye por sus redes. Una de las posibles consecuencias de cesar el uso de la neutralidad de la red es que los proveedores de internet podrían excluir a competidores en el mercado secundario o “downstream” (p.e. servicios de telefonía IP que compiten con sus servicios tradicionales de telefonía fija). Para determinar si estos incentivos existen, este estudio analiza el problema dentro de un marco teórico, primero presentando una revisión de la literatura disponible; posteriormente analizando uno de los pocos modelos teóricos desarrollado por Chen y Nalebuff, revisando su conclusión de que no hay incentivos para degradar el servicio del competidor en el mercado secundario si la valoración de este servicio es lo suficientemente baja; extendiendo este análisis para el caso en el que la valoración del servicio secundario es más alta; y, finalmente, desarrollando un modelo donde el producto primario (upstream) del proveedor verticalmente integrado es esencial únicamente para el competidor en el mercado secundario pero no para su propio producto, similar al caso de proveedores de internet DSL. El estudio encuentra que la conclusión de Chen y Nalebuff es errónea, que si la valoración del producto secundario es lo suficientemente alta entonces excluir es rentable y que, cuando el proveedor integrado verticalmente no requiere el producto primario, degradar el servicio de su competidor no es rentable pero excluirlo si lo es.

This study investigates the effect of commodity price volatility on sectoral production for three main metal exporters: Australia, Chile, and South Africa. Using quarterly data of the real value added per industry from 1994 to 2015, I perform a SVAR model to analyse the impulse response functions of each industry to a 1% metal commodity price shock. The results show that each country behaves idiosyncratically with the greatest sectoral responses for the construction sector in South Africa, the trade sector in Chile, and the manufacturing sector in Australia. However, some patterns arise across the sample. First, there is no evidence of de-industrialization in the short run given a commodity boom. Second, services and trade sectors seem to benefit from commodity price shocks. Third, the short run impact of the mining sector reflects production capacity constraints and cost structure in the industry. Finally, the overall assessment of the sectoral impact argues against the resource curse hypothesis in the short run as most industries seem to improve their production given an external shock in commodity prices. The increase in each sector after a price shock could came by three channels: the interdependence of other industries with the mining sector, the increase on internal demand due to the increase in private consumption, and the increase of public spending. The results of this study could potentially inform economic policies that allow developing countries that rely on mining activities to shield themselves from price shocks.

This paper aims at assessing the main contributions of cliometrics toward the global and disciplinary integration of social sciences. Through an analogy of a pseudo-market of knowledge it develops an analysis of pressures and responses that cliometricians have faced insofar as an enterprise whose goal is to provide answers to certain questions that society asks. Based on a general appraisal of cliometric-like products, it is found that this U.S. scientific community revolutionized the practice of economic history and gained terrain before the competing traditional history. Subsequently, cliometricians spread their innovations internationally but got through internal divisions which ultimately have enriched their practices and prompted them to cooperate with other scientific communities.

In view of the surge in short-term private capital flows to Colombia and other emerging markets in recent years, housing-price and stock market bubbles have emerged; therefore, the study of the relative effectiveness of controls on private capital flows is a timely and important topic to undertake. Did the nonremunerated reserve requirement imposed on private capital inflows in Colombia decrease the total stock of flows? Following the empirical work of Cárdenas and Steiner (2000), this study modifies their work by adding a second period of controls for Colombia, as well as undertaking a unit root and vector error cointegration analysis. The study finds that controls were not capable of decreasing the total amount of private capital inflows in the short-run, but they were able to do so in the long run. These findings demonstrate that, in the case of Colombia, the careful and nuanced use of controls can (and should) be used by policymakers as an important instrument to prevent volatility in the real exchange rate in a world of increasing financial integration.

The financial industry operates in a rapidly changing environment, where participants need to adapt to the preferences and requirements of customers, the entrance of new competitors and regulation. Along history, Investment Banks have played an important role in the financial industry providing products and services that promote economic growth and providing structure to the market. They are sophisticated and powerful organizations, that before 2007 were believe to be too big to fail. However, the financial crisis exposed their failures and how vulnerable their interconnected structure is, making evident the latent risk that they represent for the economy. Since the crisis regulation become strict and regulators strengthen the vigilance over the activities Investment Banks undertake, undoubtedly creating a new scenario. Simultaneously in the UK a credit crunch occurs, and the access to funds sources for SMEs and individuals suffer a drastic contraction. In that complex environment the Alternative Finance Market emerged, proposing a solution for that segment of the market that was claiming for an efficient, flexible and easy source of fundraising. P2P Lending and Crowdfunding are the most known and relevant models from the Alternative Finance sector, and they had played a significant role, exhibiting a rapid growth, since they began to operate in 2005. After analysing both, the Investment Banking and the Alternative Finance Industry, and performing some empirical analysis, some conclusions were reached. First of all, from the Investment Banking side, they must recognize that more than a threat the Alternative Lending model represent a new source of opportunities. However, Investment Banks will face some challenges in the next years, and they need to work to defend their position in the industry. The research identified four main areas in which Investment Banks should work in the short term. Firstly, they should focus on restoring investors’ and clients’ confidence, which was weakened after the financial crisis. As it was mentioned in the paper, reputation plays a significant role in the financial industry and profits are highly related with it. If Investment Banks do not recover their status and reputation they might lose market-share. On the second place, they must overcome the phase of adjusting to the new regulatory requirements. After meeting the requirements, they can focus their strategy to compete in the current environment and face the challenges that P2P Lending and Crowdfunding are proposing. Thirdly, for defending their position IBs can work to reinforce and innovate in other of their business, taking advantage of their diversified structure. Finally, regarding the Alternative Finance Market, Investment Banks can support the platforms with the complex infrastructure that they already have. Also, they can work towards financial integration and exploit the expertise and reputation they possess. In respect to the Alternative Finance Market, this paper guided us towards some conclusions about some aspects regarding the current situation and the short-term perspectives for the industry. First of all, it was observed that P2P Lending and Crowdfunding have experienced exponential growth that began from the year the first platforms started to operate. Data from the Liberum AltFi Volume Index UK and the volume of origination showed in Zopa´s and RateSetter´s loan books confirmed the trend. The fact that the industry was created to fulfil the demand and abolish the limitations to which SMEs, start-ups and individuals were subject, gave them an advantage from the beginning in the lending business sphere. In addition, they brought to the market a new investment opportunity and opened the access to small investors, who were seeking attractive investment opportunities. Furthermore, the Alternative Finance sector incorporates some elements that make of it an attractive and innovative lending model. Important factors such as transparency, differential pricing, disintermediation, flexibility and that it is built on the online concept give it competitive advantages over the traditional fundraising sources. In the second place, it can be concluded that this alternative lending model may be possibly entering a phase of stabilization. The monthly volume of origination seems to be slowing its growing pace, even though it continues growing, as the Liberum AltFi Volume Index UK indicates. By stabilization, it means grow at a rate of no more than two digits. The next conclusion at which this projects led us is that it seems that everyone has a positive and optimistic perspective about the future of this emerging industry. From academics to practitioners, they are expecting that in the short-term the knowledge and the awareness of the industry increase, causing that more borrowers and investors approach to the business. Moreover, the interest of the government and regulatory entities in the market will improve the existing regulation, creating high standards, what will be perceived by borrowers and lender as a safety signal, inviting them to select these alternatives over the traditional ones. Other factors that are consider as a potential sources of growing are the partnerships that P2P and Crowdfunding platforms are establishing, the new products derived from P2P loans, the creation of a secondary market, the process of securitization and the big flows coming from institutional investors. There is much work that P2P Lending and Crowdfunding platforms need to do in the next years. It is vital that they work to meet the requirements that regulation imposes and achieve the challenges that borrowers, investors and competitors propose. If so, they can secure their position in the financial market. The next years are crucial, they will define the way in which lending model will be structured from now on. The Alternative Finance Market represents a significant opportunity for borrowers, investors, as well for Investment Banks.They need to find a way that ensures that they are going to be active players of this emerging concept and defend their position. Finally, P2P Lending and Crowdfunding must continue working on developing the business model, walking towards establishing their reputation, imposing high standards and offering a differentiated service.

En las tres últimas décadas se han considerado los impactos que las prácticas empresariales pueden ocasionar en los Derechos Humanos, debido al incremento de las actividades industriales y comerciales en el mundo y a los complejos contextos en los que operan las empresas. Por lo tanto, respetar los Derechos Humanos se ha convertido en un imperativo y en una parte esencial de la Responsabilidad Social de las empresas, ya que ésta contribuye en la generación de un entorno favorable que propicia las condiciones adecuadas que le permite a los individuos gozar de sus libertades y derechos fundamentales, garantizándoles a las empresas una mejor reputación y relación con sus grupos de interés. En este trabajo se presentan las estrategias de Responsabilidad Social Empresarial de las principales empresas del sector industrial lácteo colombiano, y la manera en que éstas han incidido en la generación de un entorno favorable que propicia el respeto de los Derechos Humanos y su promoción en la cadena de suministro, pese a las condiciones adversas que históricamente han afrontado los pobladores rurales en cuanto a pobreza, desigualdad de ingresos y niveles de desempleo.

Documento relativo al presupuesto de rentas del Estado Soberano del Tolima. En la primera parte el presidente del Estado se dirige a los ciudadanos para resaltar la importancia del pago de impuestos, en la segunda, aparecen las cuentas destinadas para los gastos públicos y las contribuciones anuales.

Esta edición profundiza el énfasis del libro sobre el desarrollo y la ejecución de las estrategias. Varios capítulos incluyen el tema de la estrategia que se introdujo en el capítulo 1. El capítulo 13 presenta una exposición más amplia de los mapas de la estrategia, como una herramienta útil para la implementación del tablero de control balanceado (balanced scorecard), y realiza una presentación simplificada de la forma en la cual los estados de resultados de las compañías se analizan desde la perspectiva estratégica de la diferenciación del producto o del liderazgo en costos.

El gran motor de la economía contemporánea es el emprendimiento: agentes de cambio detrás de las fuerzas creativo-destructivas schumpeterianas, que garantizan que nuevas empresas más productivas reemplacen los procesos más obsoletos. Este proceso genera crecimiento sostenido, nuevas posiciones laborales que usualmente requieren profesionales calificados. Como tal, se han buscado incesablemente instrumentos de política que promuevan el emprendimiento, así como durante años se promulgaron alternativas como el fomento industrial o el impulso a sectores como la construcción para “jalonar” la economía. No obstante, dominar el emprendimiento ha demostrado ser una tarea notablemente más difícil que las otras políticas de desarrollo. Es aquí donde se entiende la intención emprendedora, y en especial desde las universidades, como fuente de la innovación.

Este texto explora las estrategias y características de dos unidades de trabajo vinculadas a uno de los fenómenos comerciales informales más importantes en Bogotá, conocido popularmente como "El Madrugón", mercado en el que, en su mayoría, se venden artículos de la confección. Este trabajo se ilustró en detalle y relacionalmente con la teoría del sociólogo Pierre Bourdieu, las diversas situaciones a nivel comercial y productivo que estructuran el ingreso y la permanencia en un territorio altamente competitivo que se caracteriza por sus ventas mayoristas en San Victorino (Bogotá, Colombia). Asimismo, este texto trata de entender las lógicas comerciales de un fenómeno urbano cuyo origen está fuertemente configurado por una política pública en relación a la recuperación del espacio público y por una estructura de mercado muy particular que obedece a la deficiencia de espacio comercial en esta zona, así como a la excesiva oferta de trabajadores informales en el mercado laboral bogotano, entre otras razones. El objetivo principal es comprender cómo este territorio se construye a partir de prácticas informales que, en algunos casos, tienen elementos "modernos" de acumulación del capital económico y, en otros casos, el de la supervivencia.