Revista de Economía del Caribe

Editorial #34

Revista de Economía del Caribe — 2024-12-30

El desarrollo económico se refiere al proceso mediante el cual una economía mejora su capacidad de producir bienes y servicios, incrementando así el bienestar de su población. Este fenómeno implica no solo el crecimiento del PIB, sino también la reducción de la pobreza, la creación de empleo y la mejora de la infraestructura y servicios básicos. Para lograrlo, es fundamental fomentar políticas que promuevan la inversión, la educación y la innovación, asegurando que los beneficios del crecimiento sean inclusivos y sostenibles a largo plazo. Es el tema central de este nuevo número de la Revista de Economía del Caribe. Los estudios presentados en esta edición ofrecen una visión multidimensional que revela la complejidad de los desafíos actuales a nivel global y regional, y cómo los diferentes factores interactúan para moldear los resultados económicos en contextos específicos.

Returns from education in labor income for formal and informal workers in the Junín region: 2016 – 2021

Juan Carlos Perez Ticse — 2024-12-30

The objective of this article is to identify the main determinants of the “returns to education in labor income for formal and informal workers in the Junín region: 2016 -2021”. To do this, we use the ENAHO database for the period. 2016 to 2021, where we use the Mincer model, the Heckman methodology, and the Oaxaca-Blinder model. The results obtained were that men earn 22 % more than women in both sectors, highlighting that university higher education has positive effects in both sectors (14 % in the formal and 14.7 % in the informal); Work experience benefits the formal sector (0.262 %) but harms the informal sector (-0.006 %) and the place of residence positively influences both sectors (8.83 % in the formal sector and 9.02 % in the informal sector). The results of this study show that education continues to be a determining factor in the labor income of workers in the Junín region, both in the formal and informal sectors.

Per capita income and institutions: an empirical analysis

Luciano Ferreira Gabriel — 2024-12-30

The main objective of this article is to empirically analyze how political and economic institutions quality influence the economic development of countries. For this purpose, a sample of 151 countries in the period from 2000 to 2020 was used for panel data estimations. The main results suggest that political and legal institutions that suffer from greater influence of the armed forces as well as the low quality of laws concerning property rights have a more intense and negative impact on per capita income of developing countries. In addition, it was verified that the greater income inequality, by benefiting a few society sectors with greater political representation, negatively influences the per capita income level.

The Impacts of Oil Market Sentiment on Macroeconomic Variables: A Panel Vector Autoregression Analysis

Diego Pitta de Jesus — 2024-12-30

In recent years, OPEC decisions on oil production have caused changes in the price of the commodity and, consequently, have affected the macroeconomic variables of countries. Thus, the objective of the paper is to build an oil market sentiment index from OPEC’s monthly reports and to verify its effects on macroeconomic variables in oil exporting and importing countries. To calculate the polarity, a specific dictionary for economic and financial texts was used. After building the index, a VAR Panel model was estimated. The main results showed that increases in oil market sentiment, that is, more optimism in the commodity market, is capable of raising the economy’s product, reducing the short-term interest rate, and raising the inflation rate. In addition, more optimism in the market leads to lower oil prices. Finally, the results also illustrate that despite the significant effect of the sentiment index on the model variables, this magnitude is lower about oil price shocks.

Beyond the keynesian revolution: a comparative study of economic thought schools after keynes

José Alderir Silva — 2024-12-30

Keynes' contributions had a significant impact on the development of economic theory, generating several schools of thought in both mainstream and heterodoxy. The neoclassical-Keynesian synthesis sought to combine elements of neoclassical theory with Keynesian theory, aiming to reconcile the microeconomic principles of the classical model with Keynes's thinking. The monetarist school aimed to emphasize the role of the money supply in determining production, introducing concepts such as adaptive expectations and the natural rate of unemployment. Conversely, the new classical economists focused on rational expectations and the ability of markets to adjust rapidly through the flexibility of prices and wages. New Keynesians incorporated Keynesian ideas into neoclassical theories, particularly regarding price rigidity and market imperfections. Finally, the post-Keynesian school evolved from Keynes's theories, seeking to distance itself from both conventional interpretations and the approaches of earlier schools. Thus, the goal of this article is to analyze the evolution of economic theory within these five post-Keynesian schools of economic thought, highlighting their similarities and differences.

Impact of the Tekoporã program on the departmental monetary poverty of paraguayan families in the period 2018-2019

Anibal David Cuenca López — 2024-12-30

This paper aims to assess the impact of the Tekoporã Program on the departmental monetary poverty of Paraguayan families in the 2018-2019 period. To this end two quasi-experimental evaluation methods were estimated: Propensity Score Matching and Differences in Differences. The main result was the importance of receiving benefits from the Program as a way of reducing extreme poverty. However, it is necessary to establish new conditionalities regarding adult work, as well as the productive promotion of families, as a way of increasing the effectiveness of Tekoporã.

Postgraduate research support: does the increase in the scholarship have an impact on the dropout rate?

Tatiane Tenório da Gama Leite de Freitas — 2024-12-30

Graduate studies in Brazil have been facing problems with dropout and demand, which leads to the need to review policies such as financial incentives. Given this, the objective of this research is to analyze the impact of the adjustment of the Capes scholarship on the dropout rate of master's degree scholarship holders. To this end, and with longitudinal data from 2010 to 2015, the article uses pairing and heterogeneity techniques. The estimates show that the chances of dropout decrease after the increase in the scholarship. Thus, the findings reinforce the importance of financial incentive policies for graduate studies, especially in the context of low demand that the country presents.

Strategic direction in Ingelec for recognition by the National System of Science, Technology and Innovation

Germán Darío Hémbuz Falla — 2024-12-30

The objective of the research was to establish the scope of the strategic direction 2023-2028 of the R&D&I area of Ingelec Group S.A.S. to be recognized by the National System of Science, Technology and Innovation (SNCTI), the guidelines of the strategic process focused on R&D&I were analyzed, strategic actions were formulated with the EFMQ Model (European Foundation for Quality Management) and finally, the strategic scope was determined with the guide of the Ministry of Science, Technology and Innovation (Minciencias). The study had a mixed, descriptive approach, with non-probabilistic intentional sampling. The study population was the electronic engineering company, 6 coordinators, management, and coordination of R+D+i (Research, Development, and Innovation) were approached. The interview and the EFQM questionnaire with (7) REDER criteria, an improvement plan, a Gantt diagram, and a checklist were projected.

Impact of investment in human capital on economic growth: A comparison between Ecuador and Peru

Lesly Tatiana Moreira Campoverde — 2024-12-30

Investment in human capital is historically linked to economic growth, supported by numerous studies, although some findings question this relationship. In this context, a comparative study of the impact of educational investment on economic growth in Ecuador and Peru between 2000 and 2022 is carried out, identifying differences and similarities between both countries. The research uses time series data from official sources such as the World Bank and the Economic Commission for Latin America and the Caribbean, with these data are estimated multiple linear regression models based on the extended model of Solow. Interestingly, the coefficients obtained indicate that while in Ecuador education spending has a significant positive effect on per capita GDP, in Peru it has a negative effect. These findings underline that the effectiveness of educational investment in economic growth depends on the specific context of each country and that the belief that more investment is always better can be misleading without considering critical factors to ensure that spending is directed towards the productive sector and generates sustainable long-term benefits.

Demographic evolution and labor market: a perspective from the colombian caribbean region between 1985 and 2050

Rafael Salinas — 2024-12-30

Demographic analysis is crucial for understanding labor and social dynamics in the Caribbean region of Colombia. This study examines how demographic variables such as birth rates, mortality rates, and migration impact the labor market using a mixed-methods approach and a descriptive scope, based on data from the National Administrative Department of Statistics. The results reveal a strong connection between demographic characteristics and labor market behavior, highlighting high informality and the need for inclusive policies. It concludes that demographic composition significantly impacts the availability of employment in the region.