Revista Finanzas y Política Económica https://editorial.ucatolica.edu.co/index.php/RFYPE <p>The <em>Revista Finanzas y Política Económica</em> - Journal of Economics (ISSN:&nbsp;2248-6046,&nbsp;E-ISSN: 2011-7663), is the official publication of the Faculty of Economics of Catholic University of Colombia. Since 2007 until today, the journal has created a research and scientific space&nbsp;where the issues related to economic policies, finance and other topics linked to economics in the Colombian, Latin American, and global context, are analyzed and discussed by top-level researchers.</p> Universidad Católica de Colombia en-US Revista Finanzas y Política Económica 2248-6046 <p>This journal is licensed by a Creative Commons Attribution License (CC BY-NC-SA 4.0) <a href="http://creativecommons.org/licenses/by-nc-sa/4.0/" target="_blank" rel="noopener">Attribution-Non Commercial 4.0 International</a>. For the CC licenses, the principle isthe creative freedom. This system complements the copyright without opposing it, conscious of its importance in our culture. The content of the articles is the responsibility of each author, and does not compromise in any way, to the magazine or the university. It allows the transmission and reproduction of titles, abstracts and full content, with academic, scientific, cultural ends, provided acknowledgment of the respective source. This work cannot be used for commercial purposes.&nbsp;</p> <p><a href="http://creativecommons.org/licenses/by-nc-sa/4.0/" rel="license"><img src="https://i.creativecommons.org/l/by-nc-sa/4.0/88x31.png" alt="Licencia de Creative Commons"></a></p> A simple extension of Rolle’s theorem and its relation with multiple internal rates of return (IRR) https://editorial.ucatolica.edu.co/index.php/RFYPE/article/view/2376 <p>It has been stated a simple extension of the Rolle?s theorem. This extension permits to determine the amount of numbers &nbsp;in which &nbsp;in a given interval using the characteristics of the function &nbsp;in that interval. The extension has been proved and the geometric interpretation is presented. Illustrative examples have been developed for each of the cases that can be obtained by applying the extension. The relation of this theorem with the problem of multiple internal rates of return (IRR) is presented.</p> Fernando Gómez Villarraga Copyright (c) 2019 Revista Finanzas y Política Económica http://creativecommons.org/licenses/by-nc/4.0 2019-06-12 2019-06-12 11 2 10.14718/RFYPE.2019.11.2.2376 Determinants of the Mexican Bilateral Trade Balance: Income, Exchange Rate and Exports Composition https://editorial.ucatolica.edu.co/index.php/RFYPE/article/view/2203 <p>Using dynamic panel data models, we study the determinants of the Mexican bilateral trade balance with 39 trade partners from 1990 to 2016. The literature claims that income and real exchange rate are the key independent variables. Here, export composition is included as explanatory variable, previously neglected. Results differ from other researches: there is no robust evidence on the effect of income; there is evidence of the association between bilateral balance and real exchange rate; and there is a weak positive link with exports consisted of high-tech goods, partially explaining the persistent trade deficit of Mexico.</p> Carlos A. Carrasco Edgar Demetrio Tovar-García Copyright (c) 2019 Revista Finanzas y Política Económica http://creativecommons.org/licenses/by-nc/4.0 2019-12-06 2019-12-06 11 2 10.14718/RFYPE.2019.11.2.2203 Analysis of Transport Infrastructure Development and Competitiveness in the Member Countries of Pacific Alliance (2007-2016) https://editorial.ucatolica.edu.co/index.php/RFYPE/article/view/2209 <p>The development of transport infrastructure is a key element for increasing competitiveness, as it reduces the distance effect and freight transport costs, allowing the generation of efficiencies in market integration. This descriptive study uses a comparative methodology, taking as variables the indicators of global competitiveness of the member countries of the Pacific Alliance during the period 2007-2016. The analysis of the results shows a weak trend in the infrastructure development of the Pacific Alliance group and a notable asymmetry among the member countries. There is a need for an individual strategy in each country that is in line with the objectives of trade integration in Asia. Another finding suggests that the achievement of better indicators depends on other significant variables and on the way in which the costs of transport infrastructure investments are passed on to agents who move freight.</p> Raul Alberto Cortes Villafradez Nicolas de la Peña Cárdenas Copyright (c) 2019 Revista Finanzas y Política Económica http://creativecommons.org/licenses/by-nc/4.0 2020-01-17 2020-01-17 11 2 10.14718/RFYPE.2019.11.2.2209 Credit cards effects on consumption structure and inequality of Mexican households https://editorial.ucatolica.edu.co/index.php/RFYPE/article/view/2262 <p>En este artículo se analizan los efectos de la tenencia de tarjeta de crédito (TC) sobre la estructura y la distribución del gasto de las familias mexicanas en el 2016. Para ello, se usan regresiones cuantílicas en dos etapas para estimar modelos de los determinantes del consumo y se instrumenta el efecto de las TC por categoría de gasto. Se evidencia así que estas tienen un efecto positivo sobre el consumo agregado, guiado principalmente por el aumento del gasto en salud y rubros menos básicos como vestido, comunicaciones y esparcimiento. A su vez, se encontró que no tienen efectos significativos sobre los gastos en educación y bienes durables. Los efectos de las TC son mayores en la parte alta de la distribución de consumo, por lo que pueden cuestionarse dichos efectos sobre la reducción de la desigualdad y el bienestar futuro de las familias, dadas las condiciones del proceso de inclusión financiera en el país.</p> Owen Eli Ceballos Mina Luis Enrique Santiago Ayala Copyright (c) 2019 Revista Finanzas y Política Económica http://creativecommons.org/licenses/by-nc/4.0 2019-12-06 2019-12-06 11 2 10.14718/RFYPE.2019.11.2.2262