The Revista de Economía del Caribe is a biannual publication of the Economic department of Universidad del Norte, Barranquilla (Colombia), which purpose is disseminate the results carried out in the area of economics. The Revista de Economía del Caribe is aimed to social science professionals and investigators whom are interested in the economic fundamentals applied to education, health, environment, job market, regional growth and institutions, among others aspects.
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Copyright (c) 2025 Revista de Economía del Caribe
Credit and savings dynamics in the context of the Covid-19 crisis in Costa Rica (2019–2023)
In December 2019, the emergence of SARS-CoV-2 caused a severe health, economic, and social impact globally. This article examines the effects of the pandemic on credit and private savings in Costa Rica, using a mixed-methods approach that combines quantitative and qualitative data from official sources and media reports, covering the period 2019–2023. During 2020, the most critical year, real GDP contracted, affecting key macroeconomic variables, including savings and credit. The behavior of these indicators reveals an economic crisis whose magnitude was amplified by pre-existing structural conditions that exacerbated the effects of the pandemic.
CRM relational management and customer satisfaction in public institutions
The problem identified in public institutions is related to poor staff training, resistance to change, and inadequate strategic planning, which have limited the effectiveness of public service, despite the existence of customer relationship management (CRM) software in some institutions. The objective of this study focused on examining CRM relationship management and its impact on user loyalty in public institutions in Ecuador. The study included 200 users of public services, selected through systematic probability sampling. The results indicated that user loyalty maintained a significant correlation (Rho=0.873; p=0.000) with CRM management, confirming that user trust improved as public servants improved their responsiveness in bureaucratic processes.
Does population aging influence Brazilian economic growth?
This paper empirically tests the relationship between productivity and the aging of the Brazilian population from 2012 to 2022, using quarterly data from IBGE and PNAD Contínua. The study follows a Solow-augmented model with the dependency ratio incorporated and employs Johansen cointegration and VECM methods. Results show that population aging exerts a positive and statistically significant effect on economic growth, while the savings rate has a negative long-term effect on per capita income. These findings contrast with much of the international literature, highlighting specific demographic and institutional features of Brazil. The results have policy implications for pension reform, labor participation of older adults, and active aging strategies.
The Digital disruption and value creation in virtual stores in the city of Guayaquil
The impact that the digital era has had in recent years has driven significant progress in organizations, enabling them to overcome obstacles and achieve success. The purpose of this study was to analyze how digital disruption impacts the generation of value in virtual stores in the city of Guayaquil- Ecuador. This research adopts a correlational approach and uses quantitative methods. The results reveal a Pearson correlation coefficient of 0.979, with a p-value of 0.001, which is less than the significance level of 0.05. This indicates that digital disruption impacts the creation of value in virtual stores. In this sense, addressing the challenges associated with digital disruption, even those that already exist, will deliver superior performance that takes full advantage of new technologies.
Fiscal communication and its effects on monetary policy: an analysis based on natural language processing
The purpose of this article is to investigate how the tone of the fiscal authority's communications can influence monetary policy decisions. To this end, a fiscal policy sentiment index was developed using machine learning techniques, using the monthly public debt reports issued by the National Treasury as a source of information. The sentiment index was used as an explanatory variable in two approaches to achieve the central objective of the article. In the first, a traditional version of the central bank's reaction function was estimated using classic econometric techniques. In the second, the analysis was expanded towards a Dynamic Stochastic General Equilibrium model (DSGE), in order to estimate central bank reaction functions and, with this, produce inferences about the effect of fiscal policy sentiment in the behavior of monetary policy. The main results suggest that fiscal policy sentiment has influenced the monetary policy decision-making process in Brazil, indicating a possible scenario of fiscal dominance. In this sense, this article contributes an unprecedented approach to an important topic in public finance by reinforcing the fundamental role of communication and coordination between monetary and fiscal authorities.
Incidencia de la capacitación técnica y la inversión en tecnología en la productividad de los pequeños productores agrícolas del cantón Quevedo
This study explores how technical assistance influences the productivity of small farmers in Quevedo, Ecuador, where agriculture plays a central role in the local economy. Eighty farmers from a local collection center, representing diverse ages, educational backgrounds, and farming experience, participated in the research. Using a mixed-methods approach, the study combined unstructured interviews, structured questionnaires, and document analysis, along with a multiple linear regression model to understand how factors such as technical support, farm size, technology use, and farmer age affect income. The results reveal that technical assistance significantly boosts farmers’ earnings, increasing average income by 73.3 USD per person by helping them adopt better cultivation practices, manage pests effectively, and optimize resources. Larger farm areas also contribute to higher income, although success depends on proper management, access to inputs, and favorable climatic conditions. These findings highlight the critical role of practical training and consistent support in improving productivity. The study concludes that providing technical assistance is essential for enhancing profitability, promoting innovative farming practices, strengthening direct sales, and fostering sustainable development in rural Quevedo.
Agricultural Economics, Rural Development, Innovation in Agriculture, Sustainable Development
Behavioral economics of crime: dual process, ambiguity and intertemporal inconsistency
This study aims to review and systematize the literature on the Behavioral Economics of Crime. The analysis is organized into three main areas: dual cognitive processes, ambiguity, and intertemporal inconsistency, as these are closely related to core topics in Behavioral Economics. For each of these areas, the study explores their effects on criminal decision-making, as well as their implications for law enforcement policies and the formulation of legal norms within Criminal Law.
Climatic and macroeconomic factors associated with the price of criolla potato in Bogotá: an analysis using time-lagged models
This study analyzes the relationship between climatic and macroeconomic variables and the price of Solanum phureja (criolla potato) in Bogotá, Colombia, during the 2014–2023 period. Time-lagged econometric models of up to six months, Pearson correlation coefficients, and multiple regression analyses were applied. Results show that the Representative Market Rate (TRM) and extreme climatic phenomena (El Niño/La Niña) are the main determinants of price dynamics, while rainfall and fertilizer prices exhibited no statistical significance. The findings provide empirical evidence on the drivers of price volatility in the criolla potato market and offer practical insights for risk management and policy design in the agricultural sector, particularly under the increasing influence of climatic and economic uncertainty. Time-lagged regression models (up to six months), Pearson correlation coefficients, and multiple regression analysis were applied to identify significant associations. Results show that the TRM is the most influential variable, followed by climatic anomalies and oil prices. Conversely, precipitation and urea prices were not statistically significant, possibly due to limitations in data representativeness. The findings provide empirical insights into decision-makers in the agricultural sector, supporting more informed risk management strategies and policy development in the context of increasing price volatility in food markets.
Analysis of sustainability and resource management practices in coal mines: case of the municipality of Sogamoso, Boyacá.
<span class="NormalTextRun SCXW96209336 BCX8" data-ccp-parastyle="ng-star-inserted1" data-ccp-parastyle-defn="{"ObjectId":"a6ad6051-fc72-5b03-bbe3-2b3ca9f28978|1","ClassId":1073872969,"Properties":[469777841,"Times New Roman",469777842,"Times New Roman",469777843,"Times New Roman",469777844,"Times New Roman",469769226,"Times New Roman",268442635,"24",469775450,"ng-star-inserted1",201340122,"2",134233614,"true",469778129,"ng-star-inserted1",335572020,"1",335551547,"9226",335559740,"240",201341983,"0",134233118,"true",134233117,"true",469778324,"Normal"]}">Coal mining is an economic pillar in Colombia, but its sustainability is called into question due to its impacts. This study seeks to evaluate the optimization of resources derived from coal mines in the municipality of Sogamoso, Boyacá, considering environmental, social, and public health aspects. Using a mixed approach, combining documentary analysis with multivariate statistical analysis of multiple correspondence, direct observation, 23 interviews, and 80 surveys of key stakeholders, the results reveal a deep gap between Colombia's robust legal framework and its weak enforcement. Responsible optimization in mining is associated with environmental awareness, legal knowledge, and community participation; its absence reflects governance failures. Therefore, there is an urgent need to strengthen oversight and community capacity to transition toward sustainable mining, integrating capital management, costs, and circular value.
Adaptive antitrust regulation for algorithmic markets: integrating behavioral economics and rational choice in digital governance
The accelerated digitalization of markets and the automation of economic decision-making through algorithms have surpassed the traditional frameworks of competition law, giving rise to new forms of economic power and tacit coordination that challenge the regulatory capacity of States. Accordingly, this article aims to propose a legal framework for antitrust regulation in algorithmic environments by combining rational choice theory with behavioral economics, in order to balance normative coherence, deterrent effectiveness, and technological adaptability. The findings reveal that behavioral economics, while offering valuable tools to understand cognitive biases and organizational dynamics, lacks an effective normative theory to ensure proportionality and sanctioning coherence. Based on this diagnosis, the study proposes a legal framework that preserves the structural rationality of law, integrates behavioral mechanisms, and establishes standards for algorithmic transparency and auditability. Thus, it advances a redefinition of antitrust enforcement designed to reconcile democratic legitimacy, empirical effectiveness, and technological adaptability.
Impact of human capital on the economic growth of municipalities in Paraná: a spatial analysis from 2002 to 2021
This article examines the impact of human capital on the economic growth of municipalities in Paraná, Brazil, from 2002 to 2021, using spatial econometric models. The study analyzes variables such as higher education enrollment, energy consumption, and population growth, assessing their direct and indirect effects on municipal GDP. By incorporating the spatial dimension, the analysis captures interactions between neighboring municipalities, highlighting spatial externalities in regional growth. The findings support public policy formulation aimed at sustainable growth, emphasizing the importance of investments in human capital and infrastructure for regional economic development.
Perception of corruption and government approval in Latin America
This study analyzes the relationship between perceptions of executive branch corruption and government approval in 18 Latin American countries. A total of 11,582 observations from the 2018 Latinobarómetro are used, and a Multilevel Logit model is estimated. Results show that higher perceptions of executive corruption reduce the probability of government approval by 19.1 percentage points. These findings indicate that perceived corruption undermines governmental credibility, reveals institutional fragilities in the region, and limits the effectiveness of public policies.
Public investment in education and its effect on human development in Ecuador.
La inversión pública en educación y su impacto en el desarrollo humano en Ecuador durante el periodo 2000-2022 constituye un factor determinante para el progreso socioeconómico del país. La literatura académica destaca la relación entre la inversión educativa y el desarrollo social en América Latina. Se aplicó una metodología cuantitativa basada en series de tiempo y un modelo de regresión lineal múltiple utilizando datos de fuentes oficiales. Los resultados muestran una asociación positiva significativa entre el aumento del gasto educativo y la mejora en indicadores como las tasas de escolarización y la reducción de las brechas socioeconómicas. Se concluye que la implementación de estrategias de educación integral es fundamental para potenciar el desarrollo humano en Ecuador.
Social Mobility in Peru: Impact of Education and the Socioeconomic Environment of the Head of Household (2014-2023)
Historically, parental education has been key to the social and economic mobility of their children. This article examines its impact and various socioeconomic variables (sex, age, mother tongue, disability, place of residence and region) on the educational opportunities and social mobility of heads of household in Peru (2014-2023). Using a Generalized Ordinal Logit Model and the National Household Survey, it is confirmed that parental education is fundamental in the educational level of the head of household, supported by previous studies in Latin America. These findings highlight the need to invest in education to reduce inequalities and build more equitable societies where all people have the same opportunities.
Socioeconomic conditions and insurance for farmers in Eastern Antioquia
Socioeconomic, labor, and social security aspects are described and analyzed in 21 legally constituted associations of small agricultural producers in eastern Antioquia. This is a descriptive, cross-sectional study, with surveys administered to 432 members and/or employees and semi-structured interviews with legal representatives. Problems of unemployment and social insecurity were observed. It was evident that 70% had low levels of education; health coverage was 94.7% for men and 96.7% for women, however, with access problems; 6.6% of men and 6.3% of women had occupational risk coverage; 8.2% of men and 7.9% of women were affiliated with pensions.
Consumption, emigration and remittances: a causal relationship? The Colombian case in the 2005-2022 period.
In this paper, using a VECM Error Correction Model, the relationship between emigration, remittances, real exchange rate and household final consumption for the period 2005-2022 is studied. The analysis is supported by the Keynesian consumption function, which establishes the dependence of consumption on income. Other variables such as the real exchange rate index, Colombian emigration, which according to the perception establishes a Granger causality relationship with remittances, are included. Now, as remittances have increased, they have become part of the permanent income of recipient families, which establishes a relationship between consumption and remittances, so it would be expected that emigration affects consumption. The results found indicate that the elasticity of consumption with respect to remittances is very low, and that it is much higher with respect to percentage changes in the emigration of Colombians. Similarly, it has been found that there is a Granger causal relationship between emigration and final household consumption, and between emigration and remittances.
Latin America and the Caribbean: Exploring consumption from the permanent income hypothesis
The object of this study is to verify the hypothesis of permanent income through a consumption function of Latin American and Caribbean countries. An equation that associates household consumption with current income and long-term income for data from 14 Latin American and Caribbean countries in the 20 years of the period 2004-2023 is proposed. Using the panel data technique, results that verify a strong relationship between consumption and current income exclusively are obtained, which is framed within the Keynesian theory and does not allow verification of compliance with the permanent income hypothesis.
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.
Copyright (c) 2024 Revista de Economía del Caribe
Business Expectations and Gender Differences: The Case of SMEs in Panama
Panama, located at the crossroads of the Americas, has experienced robust economic growth and political stability in recent years, making it an attractive destination for foreign investment. Small and medium-sized enterprises (SMEs) are the backbone of any economy. They contribute significantly to job creation, income generation, and economic growth. In Panama, SMEs play a similar role. Using data from the World Bank, we implement a Tobit Regression Model to analyze the relationship between the business environment and business expectations among SMEs in Panama, and to test the hypothesis that women leaders are more likely to have lower business expectations. We find that women-led firms are more likely to have negative expectations, relative to their counterparts.
Tax Policy and Informality in the Brazilian Economy
The COVID-19 pandemic highlighted the extent of informality in the Brazilian economy. Factors such as unemployment, employment without formal contracts, and a high tax burden are widely documented in the literature as key determinants of this phenomenon. However, the specific impacts of tax changes on informality remain underexplored. This study aims to analyze the effects of fiscal experiments on informality in Brazil using a dynamic general equilibrium model. The results show that increases in tax rates stimulate informality across various dimensions – consumption, production, and labor – leading to negative consequences for tax revenue and exacerbating levels of tax evasion.
Ceará’s lobster exports: an approach by autoregressive vectors – VAR
Animal protein consumption has been growing worldwide with the advancement of globalization in trade, and it is sensitive to exchange rate changes and domestic product prices. Brazil stands out as one of the world's largest exporters of protein commodities, and Ceará is one of Brazil's largest fish exporters. Therefore, this study aims to analyze how exchange rate changes and changes in lobster prices affect the volume of lobster exported by the State of Ceará (the largest lobster exporter in the country). The selected period covers 2002 to 2022, and the analysis will be conducted using the Vector Autoregressive (VAR) approach. The results show that there is no long-term relationship between the variables and that the dynamics of lobster exports from Ceará can be explained much more by factors inherent and subjective to the supply and demand for the product rather than by macroeconomic variables commonly used in studies of this nature.
Strategies for the development of the State of Acre in Brazil: a spatial approach
The study aims to analyze the dynamics of the productive structure and the determinants of intermunicipal income inequalities in the state of Acre, Brazil. Regional economic indicators and spatial econometrics techniques were used. The results show the dynamics of the commerce and services sectors, which strengthened the economy in the context of the COVID-19 pandemic, as well as the agricultural sector, which experienced a relative decrease in participation, followed by construction and industry. In addition to reinforcing public and welfare policies, the study concludes that there were spatial effects of health, education, infrastructure, and other variables on the per capita income differentials among municipalities.
Postgraduate research support: does the increase in the scholarship have an impact on the dropout rate?
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.
Tatiane Tenório da Gama Leite de Freitas
Impact of investment in human capital on economic growth: A comparison between Ecuador and Peru
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.
Strategic direction in Ingelec for recognition by the National System of Science, Technology and Innovation
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.
The Impacts of Oil Market Sentiment on Macroeconomic Variables: A Panel Vector Autoregression Analysis
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.
Impact of the Tekoporã program on the departmental monetary poverty of paraguayan families in the period 2018-2019
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.
Per capita income and institutions: an empirical analysis
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.