Crisis financieras : esta vez no es distinto.

Este artículo presenta una discusión sobre las principales características teóricas de las diferentes tipologías de crisis financieras. Para ello, se hace una explicación detallada del funcionamiento del sistema financiero moderno, la historia reciente de la macroeconomía y las propiedades conceptua...

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Autores:
Rivera-Lozano, Miller
Rivera-Garzón, Nicolás
Tipo de recurso:
Article of investigation
Fecha de publicación:
2019
Institución:
Universidad Católica de Colombia
Repositorio:
RIUCaC - Repositorio U. Católica
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spa
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oai:repository.ucatolica.edu.co:10983/29416
Acceso en línea:
https://hdl.handle.net/10983/29416
https://doi.org/10.14718/revfinanzpolitecon.2019.11.1.8
Palabra clave:
Financial system
Macroeconomics
Speculative bubble
Emerging economies
Financial crises
Burbuja especulativa
Crisis financieras
Economías emergentes
Macroeconomía
Sistema financiero
Crises financeiras
Sistema financeiro
Macroeconomia
Bolha especulativa
Economias emergentes
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openAccess
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Miller Rivera Lozano, Nicolás Rivera Garzón - 2019
id UCATOLICA2_3932492e7d89b77d00f66bd08ec4cf44
oai_identifier_str oai:repository.ucatolica.edu.co:10983/29416
network_acronym_str UCATOLICA2
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repository_id_str
dc.title.spa.fl_str_mv Crisis financieras : esta vez no es distinto.
dc.title.translated.eng.fl_str_mv Financial crises : it is not different this time.
title Crisis financieras : esta vez no es distinto.
spellingShingle Crisis financieras : esta vez no es distinto.
Financial system
Macroeconomics
Speculative bubble
Emerging economies
Financial crises
Burbuja especulativa
Crisis financieras
Economías emergentes
Macroeconomía
Sistema financiero
Crises financeiras
Sistema financeiro
Macroeconomia
Bolha especulativa
Economias emergentes
title_short Crisis financieras : esta vez no es distinto.
title_full Crisis financieras : esta vez no es distinto.
title_fullStr Crisis financieras : esta vez no es distinto.
title_full_unstemmed Crisis financieras : esta vez no es distinto.
title_sort Crisis financieras : esta vez no es distinto.
dc.creator.fl_str_mv Rivera-Lozano, Miller
Rivera-Garzón, Nicolás
dc.contributor.author.spa.fl_str_mv Rivera-Lozano, Miller
Rivera-Garzón, Nicolás
dc.subject.eng.fl_str_mv Financial system
Macroeconomics
Speculative bubble
Emerging economies
Financial crises
topic Financial system
Macroeconomics
Speculative bubble
Emerging economies
Financial crises
Burbuja especulativa
Crisis financieras
Economías emergentes
Macroeconomía
Sistema financiero
Crises financeiras
Sistema financeiro
Macroeconomia
Bolha especulativa
Economias emergentes
dc.subject.spa.fl_str_mv Burbuja especulativa
Crisis financieras
Economías emergentes
Macroeconomía
Sistema financiero
Crises financeiras
Sistema financeiro
Macroeconomia
Bolha especulativa
Economias emergentes
description Este artículo presenta una discusión sobre las principales características teóricas de las diferentes tipologías de crisis financieras. Para ello, se hace una explicación detallada del funcionamiento del sistema financiero moderno, la historia reciente de la macroeconomía y las propiedades conceptuales y empíricas de las crisis financieras. Se concluye que un banco central está limitado para actuar contra burbujas de crédito y que los modelos macroeconómicos actuales no pueden explicar correctamente las interacciones dentro los mercados financieros. Asimismo, se deduce la posibilidad de que las economías emergentes en el ámbito mundial sufran crisis financieras en los tiempos próximos.
publishDate 2019
dc.date.accessioned.none.fl_str_mv 2019-01-01 00:00:00
2023-01-23T16:15:40Z
dc.date.available.none.fl_str_mv 2019-01-01 00:00:00
2023-01-23T16:15:40Z
dc.date.issued.none.fl_str_mv 2019-01-01
dc.type.spa.fl_str_mv Artículo de revista
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dc.relation.citationendpage.none.fl_str_mv 147
dc.relation.citationissue.spa.fl_str_mv 1
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dc.relation.ispartofjournal.spa.fl_str_mv Revista Finanzas y Política Económica
dc.relation.references.spa.fl_str_mv Ahn, T K., Ostrom, E. y Walker, J. M. (2003). Heterogeneous preferences and collective action. Public Choice, 117(3/4), 295-314. https://doi.org/10.1023/B:PUCH.0000003739.54365fd
Avila, R. (2018, 12 de agosto). El efecto Turquía. Portafolio. Recuperado de http://www.portafolio.co/opinion/ricardo-avila/el-efecto-turquia-brujula-ricardo-avila-519982
Banco Mundial (2018). Global Financial Development report 2017/2018: Bankers without Borders. Washington: Autor.
Bernanke, B. y Gertler, M. (2001). Should Central Banks respond to movements in asset prices? The American Economic Review, 91 (2), 253-257. https://doi.org/10.1257/aer.9L2.253
Blanchard, O. (1997). Is there a core of usable macroeconomics? The American Economic Review, 87(2), 244-246. https://doi.org/10.1257/jep.32.L97
Blanchard, O. (2018). Should we reject the natural rate hypothesis? The Journal of Economic Perspectives, 32(1), 97-120.
Blanchard, O., Amighini, A. y Giavazzi, F. (2012). Macroeconomía. Madrid: Pearson.
Blanchard, O., Dell'Ariccia, G. y Mauro, P (2010). Repensar la política macroeconómica. Revista de Economía Institucional, 12(22), 61-82.
Bordo, M., Eichengreen, B., Klingebiel, D. y Martínez-Peria, M. S. (2001). Is the crisis problem growing more severe? Economic Policy, 16(32), 51-82. https://doi.org/10.1111/1468-0327.00070
Calvo, G. (1991). The perils of sterilization. Staff Papers (International Monetary Fund), 38(4), 921-926. https://doi.org/10.2307/3867130
Caprio, G. y Klingebiel, D. (1997). Bank insolvency: Bad luck, bad policy, or bad banking? ]En M. Bruno (Ed.), Annual World Bank Conference on Development Economics 1996 (pp. 79-104). Washington: Banco Mundial.
Chang, H.-J. (2013). Patada a la escalera: la verdadera historia del libre comercio. Ensayos de Economía, 23(42), 27-57.
Chorafas, D. (2013). Queen Elizabeth II and the economists: The changing role of Central Banks. En The changing role of Central Banks. Nueva York: Palgrave Macmillan. https://doi.org/10.1057/9781137332288
Colander, D., Howitt, P, Kirman, A., Leijonhufvud, A. y Mehrling, P (2008). Beyond DSGE models: Toward an empirically based macroeconomics. The American Economic Review, 98(2), 236-240. https://doi.org/10.1257/aer.98.2.236
Dornbusch, R., Fischer, S. y Startz, R. (2007). Macroeconomía (10.a ed.). Ciudad de México: McGraw-Hill.
Esfahani, H. S. y Ramírez, M. T. (2003). Institutions, infrastructure, and economic growth. Journal of Development Economics, 70(2), 443-477. https://doi.org/10.1016/S0304-3878(02)00105-0
Farhi, E. y Tiróle, J. (2018). Shadow banking and the four pillars of traditional financial intermediation [EconPol Working Paper 16]. https://doi.org/10.3386/w23930
Glaeser, E., Wei Huang, Y. M. y Shleifer, A. (2017). A real estate boom with Chinese characteristics. The Journal of Economic Perspectives, 31 (1), 93-116. https://doi.org/10.1257/jep.3L1.93
Haldane, A. y Turrell, A. (2017). An interdisciplinary model for macroeconomics [Staff Working Paper 696]. https://doi.org/10.2139/ssrn.3079789
Hernández, I. (2005). Teoría política y fiscal. Bogotá: Universidad Externado de Colombia.
Janssen, M. y Ostrom, E. (2006). Empirically based, agent-based models. Ecology and Society, 11 (2). https://doi.org/10.5751/ES-01861-110237
Jonung, L. y Hagberg, T (2005). How costly was the crisis of the 1990s? A comparative analysis of the deepest crises in Finland and Sweden over the last 130 years. Bélgica: Comisión Europea.
Kaminsky, G. y Reinhart, C. (1999). The twin crises: The causes of banking and balance-of-payments problems. The American Economic Review, 89(3), 473-500. https://doi.org/10.1257/aer.89.3.473
Kaminsky, G., Reinhart, C. y Végh, C. (2003). The unholy trinity of financial contagion. The Journal of Economic Perspectives, 17(4), 51-74. https://doi.org/10.1257/089533003772034899
Kirman, A. (1989). The intrinsic limits of modern economic theory: The emperor has no clothes. The Economic Journal, 99(395), 126-139.
Krugman, P (2008). Trade and wages, reconsidered. Brookings Papers on Economic Activity, 2008, 103-137.
Lissardy, G. (2018, 6 de septiembre 6). Joseph Stiglitz, Nobel de Economía, sobre la crisis de Argentina: "Las medidas de austeridad ralentizarán la economía e impondrán un alto costo en la gente". BBC News Mundo. Recuperado de https://www.bbc.com/mundo/noticias-america-latina-45427972
Lorente, L. (2018). Dinámica del crecimiento económico. Bogotá: Universidad Nacional de Colombia.
Lucas, R. (1976). Econometric policy evaluation: A critique. Carnegie-Rochester Conference Series on Public Policy, 1(1), 19-46. https://doi.org/10.1016/S0167-2231(76)80003-6
Mishkin, F. S. (2017). Rethinking monetary policy after the crisis. Journal of International Money and Finance(73), 252-274.
Monsalve, S. (2017). Competencia bajo equilibrio general. Bogotá: Universidad Nacional de Colombia.
Ostrom, E. (2000). The danger of self-evident truths. PS: Political Science and Politics, 33 (1), 33-44. https://doi.org/10.2307/420774
Prescott, E. (1995). Comment on computable general equilibrium models and monetary policy advice. Journal of Money, Credit and Banking, 27(4), 1502-1505. https://doi.org/10.2307/2078067
Prescott, E. (2002). Prosperity and depression. The American Economic Review, 92(2), 1-15.
Prescott, E. (2006). The transformation of macroeconomic policy and research. The American Economist, 50(1), 3-20. https://doi.org/10.1177/056943450605000101
Raworth, K. (2017). Doughnut economics : seven ways to think like a 21st century. Vermont: Chelsea Green Publishing.
Reinhart, C. (2015). The antecedents and aftermath of financial crises as told by Carlos F. Díaz-Alejandro. Economía, 16(1), 189-217. https://doi.org/10.3386/w21350
Reinhart, C. y Rogoff, K. (2008). Is The 2007 U.S. subprime crisis so different? An international historical. American Economic Review, 98(2), 339-344. https://doi.org/10.1257/aer.98.2.339
Reinhart, C. y Rogoff, K. (2009). The aftermath of financial crises. The American Economic Review, 99(2), 466-472. https://doi.org/10.1257/aer.99.2.466
Reinhart, C. y Rogoff, K. (2011). Esta vez es distinto: ocho siglos de necedad financiera. Madrid: Fondo de Cultura Económica.
Reinhart, C. y Rogoff, K. (2014). Recovery from financial crises: Evidence from 100 Episodes. The American Economic Review, 104(5), 50-55. https://doi.org/10.1257/aer.104.5.50
Sims, C. (1996). Macroeconomics and Methodology. TheJournal of Economic Perspectives, i0(1), 105-120. https://doi.org/10.1257/jep.10.L105
Snowdon, B. y Vane, H. (2005). Modern macroeconomics: Its origins, development and current state. Cornwall: Edward Elgar Publishing.
Solow, R. (2004). Even a worldly philosopher needs a good mechanic. Social Research, 71 (2), 203-210.
Solow, R. (2008). The state of macroeconomics. The Journal of Economic Perspectives, 22(1), 243-246. https://doi.org/10.1257/jep.22.2.243
Stiglitz, J. (1998). Más instrumentos y metas más amplias para el desarrollo. Hacia el Consenso Post-Washington. Recuperado de http://old.clad.org/portal/publicaciones-del-clad/revista-clad-reforma-democracia/articulos/012. https://doi.org/10.2307/3467160
Stiglitz, J. (2009). Crisis mundial, protección social y empleo. Revista Internacional del Trabajo, 128(1-2). https://doi.org/10.2307/3467160
Stiglitz, J. (2011). Rethinking development economics. The World Bank Research Observer, 26(2), 230-236. https://doi.org/10.1093/wbro/lkr011
Stiglitz, J. y Gallegati, M. (2011). Heterogeneous interacting agent models for understanding monetary economies. Eastern Economic Journal, 37(1), 6-12. https://doi.org/10.1057/eej.2010.33
Svensson, L. (2000). Open-economy inflation targeting. Journal of International Economics, 50(2000), 155-183. https://doi.org/10.1016/S0022-1996(98)00078-6
Thaler, R. (2000). From Homo economicus to Homo sapiens. The Journal of Economic Perspectives, 14(1), 133-141. https://doi.org/10.1257/jep.14.L133
dc.rights.spa.fl_str_mv Miller Rivera Lozano, Nicolás Rivera Garzón - 2019
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spelling Rivera-Lozano, Miller7a6f2d7d-6bbd-4a92-88ea-4d52023a9f26Rivera-Garzón, Nicolás2b27dfcf-b4ca-42c5-aa06-999df1da05032019-01-01 00:00:002023-01-23T16:15:40Z2019-01-01 00:00:002023-01-23T16:15:40Z2019-01-01Este artículo presenta una discusión sobre las principales características teóricas de las diferentes tipologías de crisis financieras. Para ello, se hace una explicación detallada del funcionamiento del sistema financiero moderno, la historia reciente de la macroeconomía y las propiedades conceptuales y empíricas de las crisis financieras. Se concluye que un banco central está limitado para actuar contra burbujas de crédito y que los modelos macroeconómicos actuales no pueden explicar correctamente las interacciones dentro los mercados financieros. Asimismo, se deduce la posibilidad de que las economías emergentes en el ámbito mundial sufran crisis financieras en los tiempos próximos.This article discusses the main theoretical characteristics of several types of financial crises. With this objective in mind, it presents a detailed explanation of the functioning of the modern financial system, recent history of macroeconomics, and the conceptual and empirical properties of financial crises. It concludes that a central bank is limited to act against credit bubbles and that current macroeconomic models cannot explain correctly interactions in financial markets. In addition, it deduces the possibility that emerging economies worldwide will experience financial crisis in the coming months.application/pdftext/html10.14718/revfinanzpolitecon.2019.11.1.82011-76632248-6046https://hdl.handle.net/10983/29416https://doi.org/10.14718/revfinanzpolitecon.2019.11.1.8spaUniversidad Católica de Colombiahttps://revfinypolecon.ucatolica.edu.co/article/download/2894/2636https://revfinypolecon.ucatolica.edu.co/article/download/2894/2982Núm. 1 , Año 2019147112911Revista Finanzas y Política EconómicaAhn, T K., Ostrom, E. y Walker, J. M. (2003). Heterogeneous preferences and collective action. Public Choice, 117(3/4), 295-314. https://doi.org/10.1023/B:PUCH.0000003739.54365fdAvila, R. (2018, 12 de agosto). El efecto Turquía. Portafolio. Recuperado de http://www.portafolio.co/opinion/ricardo-avila/el-efecto-turquia-brujula-ricardo-avila-519982Banco Mundial (2018). Global Financial Development report 2017/2018: Bankers without Borders. Washington: Autor.Bernanke, B. y Gertler, M. (2001). Should Central Banks respond to movements in asset prices? The American Economic Review, 91 (2), 253-257. https://doi.org/10.1257/aer.9L2.253Blanchard, O. (1997). Is there a core of usable macroeconomics? The American Economic Review, 87(2), 244-246. https://doi.org/10.1257/jep.32.L97Blanchard, O. (2018). Should we reject the natural rate hypothesis? The Journal of Economic Perspectives, 32(1), 97-120.Blanchard, O., Amighini, A. y Giavazzi, F. (2012). Macroeconomía. Madrid: Pearson.Blanchard, O., Dell'Ariccia, G. y Mauro, P (2010). Repensar la política macroeconómica. Revista de Economía Institucional, 12(22), 61-82.Bordo, M., Eichengreen, B., Klingebiel, D. y Martínez-Peria, M. S. (2001). Is the crisis problem growing more severe? Economic Policy, 16(32), 51-82. https://doi.org/10.1111/1468-0327.00070Calvo, G. (1991). The perils of sterilization. Staff Papers (International Monetary Fund), 38(4), 921-926. https://doi.org/10.2307/3867130Caprio, G. y Klingebiel, D. (1997). Bank insolvency: Bad luck, bad policy, or bad banking? ]En M. Bruno (Ed.), Annual World Bank Conference on Development Economics 1996 (pp. 79-104). Washington: Banco Mundial.Chang, H.-J. (2013). Patada a la escalera: la verdadera historia del libre comercio. Ensayos de Economía, 23(42), 27-57.Chorafas, D. (2013). Queen Elizabeth II and the economists: The changing role of Central Banks. En The changing role of Central Banks. Nueva York: Palgrave Macmillan. https://doi.org/10.1057/9781137332288Colander, D., Howitt, P, Kirman, A., Leijonhufvud, A. y Mehrling, P (2008). Beyond DSGE models: Toward an empirically based macroeconomics. The American Economic Review, 98(2), 236-240. https://doi.org/10.1257/aer.98.2.236Dornbusch, R., Fischer, S. y Startz, R. (2007). Macroeconomía (10.a ed.). Ciudad de México: McGraw-Hill.Esfahani, H. S. y Ramírez, M. T. (2003). Institutions, infrastructure, and economic growth. Journal of Development Economics, 70(2), 443-477. https://doi.org/10.1016/S0304-3878(02)00105-0Farhi, E. y Tiróle, J. (2018). Shadow banking and the four pillars of traditional financial intermediation [EconPol Working Paper 16]. https://doi.org/10.3386/w23930Glaeser, E., Wei Huang, Y. M. y Shleifer, A. (2017). A real estate boom with Chinese characteristics. The Journal of Economic Perspectives, 31 (1), 93-116. https://doi.org/10.1257/jep.3L1.93Haldane, A. y Turrell, A. (2017). An interdisciplinary model for macroeconomics [Staff Working Paper 696]. https://doi.org/10.2139/ssrn.3079789Hernández, I. (2005). Teoría política y fiscal. Bogotá: Universidad Externado de Colombia.Janssen, M. y Ostrom, E. (2006). Empirically based, agent-based models. Ecology and Society, 11 (2). https://doi.org/10.5751/ES-01861-110237Jonung, L. y Hagberg, T (2005). How costly was the crisis of the 1990s? A comparative analysis of the deepest crises in Finland and Sweden over the last 130 years. Bélgica: Comisión Europea.Kaminsky, G. y Reinhart, C. (1999). The twin crises: The causes of banking and balance-of-payments problems. The American Economic Review, 89(3), 473-500. https://doi.org/10.1257/aer.89.3.473Kaminsky, G., Reinhart, C. y Végh, C. (2003). The unholy trinity of financial contagion. The Journal of Economic Perspectives, 17(4), 51-74. https://doi.org/10.1257/089533003772034899Kirman, A. (1989). The intrinsic limits of modern economic theory: The emperor has no clothes. The Economic Journal, 99(395), 126-139.Krugman, P (2008). Trade and wages, reconsidered. Brookings Papers on Economic Activity, 2008, 103-137.Lissardy, G. (2018, 6 de septiembre 6). Joseph Stiglitz, Nobel de Economía, sobre la crisis de Argentina: "Las medidas de austeridad ralentizarán la economía e impondrán un alto costo en la gente". BBC News Mundo. Recuperado de https://www.bbc.com/mundo/noticias-america-latina-45427972Lorente, L. (2018). Dinámica del crecimiento económico. Bogotá: Universidad Nacional de Colombia.Lucas, R. (1976). Econometric policy evaluation: A critique. Carnegie-Rochester Conference Series on Public Policy, 1(1), 19-46. https://doi.org/10.1016/S0167-2231(76)80003-6Mishkin, F. S. (2017). Rethinking monetary policy after the crisis. Journal of International Money and Finance(73), 252-274.Monsalve, S. (2017). Competencia bajo equilibrio general. Bogotá: Universidad Nacional de Colombia.Ostrom, E. (2000). The danger of self-evident truths. PS: Political Science and Politics, 33 (1), 33-44. https://doi.org/10.2307/420774Prescott, E. (1995). Comment on computable general equilibrium models and monetary policy advice. Journal of Money, Credit and Banking, 27(4), 1502-1505. https://doi.org/10.2307/2078067Prescott, E. (2002). Prosperity and depression. The American Economic Review, 92(2), 1-15.Prescott, E. (2006). The transformation of macroeconomic policy and research. The American Economist, 50(1), 3-20. https://doi.org/10.1177/056943450605000101Raworth, K. (2017). Doughnut economics : seven ways to think like a 21st century. Vermont: Chelsea Green Publishing.Reinhart, C. (2015). The antecedents and aftermath of financial crises as told by Carlos F. Díaz-Alejandro. Economía, 16(1), 189-217. https://doi.org/10.3386/w21350Reinhart, C. y Rogoff, K. (2008). Is The 2007 U.S. subprime crisis so different? An international historical. American Economic Review, 98(2), 339-344. https://doi.org/10.1257/aer.98.2.339Reinhart, C. y Rogoff, K. (2009). The aftermath of financial crises. The American Economic Review, 99(2), 466-472. https://doi.org/10.1257/aer.99.2.466Reinhart, C. y Rogoff, K. (2011). Esta vez es distinto: ocho siglos de necedad financiera. Madrid: Fondo de Cultura Económica.Reinhart, C. y Rogoff, K. (2014). Recovery from financial crises: Evidence from 100 Episodes. The American Economic Review, 104(5), 50-55. https://doi.org/10.1257/aer.104.5.50Sims, C. (1996). Macroeconomics and Methodology. TheJournal of Economic Perspectives, i0(1), 105-120. https://doi.org/10.1257/jep.10.L105Snowdon, B. y Vane, H. (2005). Modern macroeconomics: Its origins, development and current state. Cornwall: Edward Elgar Publishing.Solow, R. (2004). Even a worldly philosopher needs a good mechanic. Social Research, 71 (2), 203-210.Solow, R. (2008). The state of macroeconomics. The Journal of Economic Perspectives, 22(1), 243-246. https://doi.org/10.1257/jep.22.2.243Stiglitz, J. (1998). Más instrumentos y metas más amplias para el desarrollo. Hacia el Consenso Post-Washington. Recuperado de http://old.clad.org/portal/publicaciones-del-clad/revista-clad-reforma-democracia/articulos/012. https://doi.org/10.2307/3467160Stiglitz, J. (2009). Crisis mundial, protección social y empleo. Revista Internacional del Trabajo, 128(1-2). https://doi.org/10.2307/3467160Stiglitz, J. 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The Journal of Economic Perspectives, 14(1), 133-141. https://doi.org/10.1257/jep.14.L133Miller Rivera Lozano, Nicolás Rivera Garzón - 2019info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2https://creativecommons.org/licenses/by-nc-sa/4.0/https://revfinypolecon.ucatolica.edu.co/article/view/2894Financial systemMacroeconomicsSpeculative bubbleEmerging economiesFinancial crisesBurbuja especulativaCrisis financierasEconomías emergentesMacroeconomíaSistema financieroCrises financeirasSistema financeiroMacroeconomiaBolha especulativaEconomias emergentesCrisis financieras : esta vez no es distinto.Financial crises : it is not different this time.Artículo de revistahttp://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/version/c_970fb48d4fbd8a85Textinfo:eu-repo/semantics/articleJournal articlehttp://purl.org/redcol/resource_type/ARTinfo:eu-repo/semantics/publishedVersionPublicationOREORE.xmltext/xml2527https://repository.ucatolica.edu.co/bitstreams/2388c460-1f94-400f-81c0-38c48694d674/download0fb7382f331b1900168f0d4ca8c98127MD5110983/29416oai:repository.ucatolica.edu.co:10983/294162023-07-14 11:37:38.911https://creativecommons.org/licenses/by-nc-sa/4.0/Miller Rivera Lozano, Nicolás Rivera Garzón - 2019https://repository.ucatolica.edu.coRepositorio Institucional Universidad Católica de Colombia - RIUCaCbdigital@metabiblioteca.com