We study the effect of public indebtedness on economic growth in Latin American economies. Our main findings indicate that a Public Debt-GDP ratio of 75% leads to a deceleration in growth. On the other hand, a ratio of 35% increases the growth volatility. By using a Panel VAR we also found that external shocks, such as the foreign capital flows and the terms of trade, influence in the public debt effect on the economic growth. Clearly, the higher the level of public debt, the more vulnerable the economy can be in the short term; however, in the long term the growth is relevant for fiscal sustainability.

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Identifying the determining factors of utilities’ profitability is vital in making strategic deci- sions such as optimal resource allocation and business strategy orientation to increase the invested capital. We analyze information from private and public companies in the energy, gas, and oil sectors in Colombia and other American countries. We construct a panel data model from 2000 to 2010 and propose a method that identifies the determining factors of profitability for homogeneous groups of companies using cluster analysis. We use regression analysis to quantify those factors for each cluster. Fixed assets are essential determining factors of profitability; however, investment regulation may lead to significant losses in the realizable value of fixed assets and an increase in the companies’ capital costs. Debt and a munificent environment only affect medium-sized companies. We found some benefits for large companies derived from non-transparent institutional environments.

I conventional mining technologies. In this article available volume, can be increased, given the in Colombia as a contributor to the national GDP.of reserves not accounted for (proved reserves

This is a review article that analyze previous research results and contrasts them with the firm theory in order to propose an economic organization structure for Boyacá's mining sector. Results indicate that the present scheme of contracts between producers and intermediaries is inefficient and promotes inequality. The highest benefits proportion is in the intermediation side, despite the risk and effort falls mainly on the producer. Three different forms of sector's organization are presented, as well as pros and cons aspects from each side are analyzed, in the light of the theoretical framework proposed. Most region farmers are smallholders and they are characterized by a high heterogeneity, it is conclude that alliance scheme is more economic and socially efficient in the relationship between producer and market. Keywords: Coal Production, Organizational design, Contract, Alliances. ESTRUCTURA ORGANIZACIONAL PARA UNA MINA DE CARBÓN EN BOYACÁ ResumenEste es un artículo de revisión que analiza los resultados de investigaciones previas y los contrasta con la teoría de la firma con el propósito de proponer una forma de organización económica para el sector minero de Boyacá. Los resultados señalan que el esquema actual de contratos entre productores e intermediarios es ineficiente y promueve la desigualdad. La mayor proporción de los beneficios queda en manos de los intermediarios, a pesar de que el riesgo y el esfuerzo recaen sobre el productor, principalmente. Se presentan tres diferentes formas de organización para el sector y se analizan los aspectos positivos y negativos de cada una de ellas a la luz del marco teórico propuesto. Como en su mayoría los productores de la región son pequeños y se caracterizan por una alta heterogeneidad, se concluye que el esquema de alianzas es más eficiente económica y socialmente en la relación entre productor y mercado.