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Papers by Sergio Restrepo

Lecturas de Economía, 2014

Comercio exterior colombiano y su financiación con la banca local: un análisis a nivel de firmas ... more Comercio exterior colombiano y su financiación con la banca local: un análisis a nivel de firmas Resumen: en este trabajo se estima la elasticidad de las exportaciones y las importaciones al crédito otorgado por la banca comercial, usando información cruzada a nivel de firmas en Colombia. Replicando la metodología empírica de Paravisini et al. (2011), se encontró que una reducción del crédito de 10% reduce el valor exportado e importado en 3,95% y 5,12% y el volumen en 2,33% y 3,63%, respectivamente. Se hace uso de la metodología de panel de datos con variables instrumentales para controlar por otros factores que afectan la demanda de crédito por parte de las firmas.

Currency Mismatches and Vulnerability to Exchange Rate Shocks: Nonfinancial Firms in Colombia, Nov 22, 2017

After building up foreign currency denominated (FC) liabilities over several years, Colombian fir... more After building up foreign currency denominated (FC) liabilities over several years, Colombian firms might be vulnerable to a shift in external conditions. We undertake three empirical exercises to better understand these vulnerabilities. First, we identify the determinants of FC borrowing. Second, we investigate the implications for real activity, finding a balance sheet effect that transmits exchange rate fluctuations to investment and is asymmetric, much stronger for depreciations than for appreciations. Finally, we find that foreign exchange derivatives are not used solely for hedging, due in part to monetary authority intervention to smooth exchange rate volatility. However, a full explanation remains open for future research.

Usando una base de datos tipo panel con una muestra de firmas del sector real colombiano, se dete... more Usando una base de datos tipo panel con una muestra de firmas del sector real colombiano, se determina que las empresas en Colombia no calzan la composicion por monedas de sus pasivos con la de sus activos e ingresos. Los resultados muestran la importancia de tener una medicion adecuada del grado de exposicion cambiaria de la firma al momento de cuantificar los efectos de una depreciacion sobre inversion y produccion.

IMF Working Papers, 2017

After building up foreign currency denominated (FC) liabilities over several years, Colombian fir... more After building up foreign currency denominated (FC) liabilities over several years, Colombian firms might be vulnerable to a shift in external conditions. We undertake three empirical exercises to better understand these vulnerabilities. First, we identify the determinants of FC borrowing. Second, we investigate the implications for real activity, finding a balance sheet effect that transmits exchange rate fluctuations to investment and is asymmetric, much stronger for depreciations than for appreciations. Finally, we find that foreign exchange derivatives are not used solely for hedging, due in part to monetary authority intervention to smooth exchange rate volatility. However, a full explanation remains open for future research.

Ensayos sobre Política Económica, 2012

In this paper we study the interrelation between capital flows and financial stability in Colombi... more In this paper we study the interrelation between capital flows and financial stability in Colombia between 1995 and 2011 using quarterly data. Using level cointegrated VAR models it is found that even though it does not seem to exist a significant direct correlation between capital flows and financial stability, there is an indirect relationship between these two variables mediated by the ratio loans/GDP.

Any dispute related to the use of the works of the IDB that cannot be settled amicably shall be s... more Any dispute related to the use of the works of the IDB that cannot be settled amicably shall be submitted to arbitration pursuant to the UNCITRAL rules. The use of the IDB's name for any purpose other than for attribution, and the use of IDB's logo shall be subject to a separate written license agreement between the IDB and the user and is not authorized as part of this CC-IGO license. Following a peer review process, and with previous written consent by the Inter-American Development Bank (IDB), a revised version of this work may also be reproduced in any academic journal, including those indexed by the American Economic Association's EconLit, provided that the IDB is credited and that the author(s) receive no income from the publication. Therefore, the restriction to receive income from such publication shall only extend to the publication's author(s). With regard to such restriction, in case of any inconsistency between the Creative Commons IGO 3.0 Attribution-NonCommercial-NoDerivatives license and these statements, the latter shall prevail. Note that link provided above includes additional terms and conditions of the license. The opinions expressed in this publication are those of the authors and do not necessarily reflect the views of the Inter-American Development Bank, its Board of Directors, or the countries they represent.

Lecturas De Economia, 2014

Journal of Ethnopharmacology, 2006

The ethnobotanical survey conducted in this study showed that 21 plant species belonging to 14 fa... more The ethnobotanical survey conducted in this study showed that 21 plant species belonging to 14 families are used in traditional medical practice in Limpopo Province, South Africa, for the treatment of diarrhoea. Methanol, ethanol, acetone and hot water extract from different plant parts (leaves, roots, bark and stem rhizome), of several of these plants (Indigofera daleoides, Punica granatum, Syzygium cordatum, Gymnosporia senegalensis, Ozoroa insignis, Elephantorrhiza elephantina, Elephantorrhiza burkei, Ximenia caffra, Schotia brachypetala and Spirostachys africana), were screened for antibacterial activity against Vibro cholera, Escherichia coli and Staphylococcus aureus, Shigella spp., Salmonella typhi. The antibacterial activity was determined by agar-well diffusion method and expressed as the average diameter of the zone of inhibition of bacterial growth around the wells. The minimum inhibitory concentration (MIC) of active extracts was determined by using the micro-plate dilution assay. Most of the extracts showed relatively high antibacterial activity against most of the tested microorganisms with the diameter of inhibition zones ranging between 10 and 31 mm. Of the plants studied, the most active extracts were those obtained from Punica granatum and Indigofera daleoides. All extracts from two plants, namely, Punica granatum and Ozoroa insignis, were active against all bacterial strains while only organic extracts of Indigofera daleoides inhibited the growth of all tested microorganisms. Water extract of Punica granatum were equally active as organic extracts against bacteria such as Staphylococcus aureus, Shigella sonnei and Shigella flexneri. All extracts of Elephantorrhiza elephantina, Elephantorrhiza burkei and Ximenia caffra and Schotia brachypetala were not active against Escherichia coli and Salmonella typhi. The MIC values for active extracts ranged between 0.039 and 0.6 mg/ml. The results obtained appeared to confirm the antibacterial potential of the plants investigated, and their usefulness in the treatment of diarrhoea.

El empleo depende de la creación y expansión de empresas. Las empresas exitosas aprovechan las ec... more El empleo depende de la creación y expansión de empresas. Las empresas exitosas aprovechan las economías de escala para su expansión en el mercado doméstico y posteriormente en el de exportación. Se descubre una estrecha relación entre economías de escala, productividad y empleo. La transformación de la economía no depende de la transferencia de recursos de un sector a otros sino de la transferencia de unidades menos productivas a otras nuevas y/o más productivas. La empresa en expansión es la que más empleo genera pero la empresa nueva es la que conduce a la transformación de la economía.

Lecturas de Economía, 2014

Comercio exterior colombiano y su financiación con la banca local: un análisis a nivel de firmas ... more Comercio exterior colombiano y su financiación con la banca local: un análisis a nivel de firmas Resumen: en este trabajo se estima la elasticidad de las exportaciones y las importaciones al crédito otorgado por la banca comercial, usando información cruzada a nivel de firmas en Colombia. Replicando la metodología empírica de Paravisini et al. (2011), se encontró que una reducción del crédito de 10% reduce el valor exportado e importado en 3,95% y 5,12% y el volumen en 2,33% y 3,63%, respectivamente. Se hace uso de la metodología de panel de datos con variables instrumentales para controlar por otros factores que afectan la demanda de crédito por parte de las firmas.

Currency Mismatches and Vulnerability to Exchange Rate Shocks: Nonfinancial Firms in Colombia, Nov 22, 2017

After building up foreign currency denominated (FC) liabilities over several years, Colombian fir... more After building up foreign currency denominated (FC) liabilities over several years, Colombian firms might be vulnerable to a shift in external conditions. We undertake three empirical exercises to better understand these vulnerabilities. First, we identify the determinants of FC borrowing. Second, we investigate the implications for real activity, finding a balance sheet effect that transmits exchange rate fluctuations to investment and is asymmetric, much stronger for depreciations than for appreciations. Finally, we find that foreign exchange derivatives are not used solely for hedging, due in part to monetary authority intervention to smooth exchange rate volatility. However, a full explanation remains open for future research.

Usando una base de datos tipo panel con una muestra de firmas del sector real colombiano, se dete... more Usando una base de datos tipo panel con una muestra de firmas del sector real colombiano, se determina que las empresas en Colombia no calzan la composicion por monedas de sus pasivos con la de sus activos e ingresos. Los resultados muestran la importancia de tener una medicion adecuada del grado de exposicion cambiaria de la firma al momento de cuantificar los efectos de una depreciacion sobre inversion y produccion.

IMF Working Papers, 2017

After building up foreign currency denominated (FC) liabilities over several years, Colombian fir... more After building up foreign currency denominated (FC) liabilities over several years, Colombian firms might be vulnerable to a shift in external conditions. We undertake three empirical exercises to better understand these vulnerabilities. First, we identify the determinants of FC borrowing. Second, we investigate the implications for real activity, finding a balance sheet effect that transmits exchange rate fluctuations to investment and is asymmetric, much stronger for depreciations than for appreciations. Finally, we find that foreign exchange derivatives are not used solely for hedging, due in part to monetary authority intervention to smooth exchange rate volatility. However, a full explanation remains open for future research.

Ensayos sobre Política Económica, 2012

In this paper we study the interrelation between capital flows and financial stability in Colombi... more In this paper we study the interrelation between capital flows and financial stability in Colombia between 1995 and 2011 using quarterly data. Using level cointegrated VAR models it is found that even though it does not seem to exist a significant direct correlation between capital flows and financial stability, there is an indirect relationship between these two variables mediated by the ratio loans/GDP.

Any dispute related to the use of the works of the IDB that cannot be settled amicably shall be s... more Any dispute related to the use of the works of the IDB that cannot be settled amicably shall be submitted to arbitration pursuant to the UNCITRAL rules. The use of the IDB's name for any purpose other than for attribution, and the use of IDB's logo shall be subject to a separate written license agreement between the IDB and the user and is not authorized as part of this CC-IGO license. Following a peer review process, and with previous written consent by the Inter-American Development Bank (IDB), a revised version of this work may also be reproduced in any academic journal, including those indexed by the American Economic Association's EconLit, provided that the IDB is credited and that the author(s) receive no income from the publication. Therefore, the restriction to receive income from such publication shall only extend to the publication's author(s). With regard to such restriction, in case of any inconsistency between the Creative Commons IGO 3.0 Attribution-NonCommercial-NoDerivatives license and these statements, the latter shall prevail. Note that link provided above includes additional terms and conditions of the license. The opinions expressed in this publication are those of the authors and do not necessarily reflect the views of the Inter-American Development Bank, its Board of Directors, or the countries they represent.

Lecturas De Economia, 2014

Journal of Ethnopharmacology, 2006

The ethnobotanical survey conducted in this study showed that 21 plant species belonging to 14 fa... more The ethnobotanical survey conducted in this study showed that 21 plant species belonging to 14 families are used in traditional medical practice in Limpopo Province, South Africa, for the treatment of diarrhoea. Methanol, ethanol, acetone and hot water extract from different plant parts (leaves, roots, bark and stem rhizome), of several of these plants (Indigofera daleoides, Punica granatum, Syzygium cordatum, Gymnosporia senegalensis, Ozoroa insignis, Elephantorrhiza elephantina, Elephantorrhiza burkei, Ximenia caffra, Schotia brachypetala and Spirostachys africana), were screened for antibacterial activity against Vibro cholera, Escherichia coli and Staphylococcus aureus, Shigella spp., Salmonella typhi. The antibacterial activity was determined by agar-well diffusion method and expressed as the average diameter of the zone of inhibition of bacterial growth around the wells. The minimum inhibitory concentration (MIC) of active extracts was determined by using the micro-plate dilution assay. Most of the extracts showed relatively high antibacterial activity against most of the tested microorganisms with the diameter of inhibition zones ranging between 10 and 31 mm. Of the plants studied, the most active extracts were those obtained from Punica granatum and Indigofera daleoides. All extracts from two plants, namely, Punica granatum and Ozoroa insignis, were active against all bacterial strains while only organic extracts of Indigofera daleoides inhibited the growth of all tested microorganisms. Water extract of Punica granatum were equally active as organic extracts against bacteria such as Staphylococcus aureus, Shigella sonnei and Shigella flexneri. All extracts of Elephantorrhiza elephantina, Elephantorrhiza burkei and Ximenia caffra and Schotia brachypetala were not active against Escherichia coli and Salmonella typhi. The MIC values for active extracts ranged between 0.039 and 0.6 mg/ml. The results obtained appeared to confirm the antibacterial potential of the plants investigated, and their usefulness in the treatment of diarrhoea.

El empleo depende de la creación y expansión de empresas. Las empresas exitosas aprovechan las ec... more El empleo depende de la creación y expansión de empresas. Las empresas exitosas aprovechan las economías de escala para su expansión en el mercado doméstico y posteriormente en el de exportación. Se descubre una estrecha relación entre economías de escala, productividad y empleo. La transformación de la economía no depende de la transferencia de recursos de un sector a otros sino de la transferencia de unidades menos productivas a otras nuevas y/o más productivas. La empresa en expansión es la que más empleo genera pero la empresa nueva es la que conduce a la transformación de la economía.