Del mito de las economías capitalistas a la realidad de las economías mixtas

El periodo de transición del feudalismo al capitalismo también está reflejado en el paso de la etapa preindustrial a la industrial. Durante varios siglos el feudalismo y el capitalismo convivieron, mientras que el capitalismo se expandía por Europa y el mundo fundamentado en las principales corrientes proteccionistas y librecambistas del siglo XVIII y XIX. El mercantilismo fue una de las primeras escuelas económicas que se impulsaron desde finales del siglo XV y hasta el siglo XVIII desde las nuevas monarquías de Inglaterra, Francia, España, Portugal y Alemania, la cual se conformó por una serie de políticas para promover la protección y expansión del comercio exterior europeo.

Country Risk Premium: The Case of Chile

Currently there is no agreed method to estimate the Risk Premium accurately, therefore, different authors arrive at significantly different results when calculating the risk premium for a given country or industry. This work estimates the risk premium of the Chilean stock market (PRM) for the period 1993-2020 using different estimation methodologies (Differential Returns, Implicit Return in Current Stock Prices). The results indicate, depending on the methodology used, a Premium for Risk that ranges between 1,91% and 10,28%, which shows the existence of a positive premium for assuming risk in Chile that ranges around 5,3%.

Country Risk Premium: The Case of Chile

Currently there is no agreed method to estimate the Risk Premium accurately, therefore, different authors arrive at significantly different results when calculating the risk premium for a given country or industry. This work estimates the risk premium of the Chilean stock market (PRM) for the period 1993-2020 using different estimation methodologies (Differential Returns, Implicit Return in Current Stock Prices). The results indicate, depending on the methodology used, a Premium for Risk that ranges between 1,91% and 10,28%, which shows the existence of a positive premium for assuming risk in Chile that ranges around 5,3%.

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Market Timing and Pecking Order Theory in Latin America

This article aims to determine if the capital structure of Latin American companies in the emerging markets of Brazil, Chile, Mexico, and Peru, are managed according to the market timing theory or the pecking order theory. The analysis was based on a non-probabilistic sample of 170 companies, with annual data, from an unbalanced panel, in the period 2010-2018. Regressions were applied with the fixed and random effects method. The results do not show significant evidence indicating that Latin American companies comply with the pecking order theory. Furthermore, there is also no definitive evidence that companies benefit from low share prices to issue capital or from debt issuance in the face of high stock market prices. There are signs that they follow a blend of several theories, which would indicate their characteristics in the capital structure of Latin American companies.

Market Timing and Pecking Order Theory in Latin America

This article aims to determine if the capital structure of Latin American companies in the emerging markets of Brazil, Chile, Mexico, and Peru, are managed according to the market timing theory or the pecking order theory. The analysis was based on a non-probabilistic sample of 170 companies, with annual data, from an unbalanced panel, in the period 2010-2018. Regressions were applied with the fixed and random effects method. The results do not show significant evidence indicating that Latin American companies comply with the pecking order theory. Furthermore, there is also no definitive evidence that companies benefit from low share prices to issue capital or from debt issuance in the face of high stock market prices. There are signs that they follow a blend of several theories, which would indicate their characteristics in the capital structure of Latin American companies.

Analysis of the Brazilian tax incentives to innovation and patent data: a Principal-Agent model approach

We propose to evaluate Lei do Bem (law 11.196/05) for Brazilian regions (North, Northeast, Center-West, Southeast and South). This is the first study that analyzes Lei do Bem using extensive game simulations for the different regions of the country. Based on data from 2006 to 2015, we find moral hazard between government and innovative Brazilian companies, as there was no express incentive in the Lei do Bem to stimulate the industrial sector to innovate and register the innovation as a patent. Thus, policies that review the tax incentives structure contained in the Lei do Bem as well as encourage industries and companies to file patents in public patent databases may have positive effects on the Brazilian innovation system.

Analysis of the Brazilian tax incentives to innovation and patent data: a Principal-Agent model approach

We propose to evaluate Lei do Bem (law 11.196/05) for Brazilian regions (North, Northeast, Center-West, Southeast and South). This is the first study that analyzes Lei do Bem using extensive game simulations for the different regions of the country. Based on data from 2006 to 2015, we find moral hazard between government and innovative Brazilian companies, as there was no express incentive in the Lei do Bem to stimulate the industrial sector to innovate and register the innovation as a patent. Thus, policies that review the tax incentives structure contained in the Lei do Bem as well as encourage industries and companies to file patents in public patent databases may have positive effects on the Brazilian innovation system.

Implicancias de la inclusión financiera y el empleo informal en la pobreza monetaria de los departamentos del Perú

A pesar de un crecimiento sostenido del PBI del Perú en los últimos veinte años, la pobreza monetaria aún es el principal problema económico y social. Este fenómeno se extiende a dos factores importantes: la inclusión financiera y el empleo informal, que tienen implicancias en la sostenibilidad de los mecanismos impulsores del crecimiento económico para aliviar la pobreza. Utilizando el modelo econométrico de mínimos cuadrados generalizados factibles (FGLS) con efectos fijos (FEGLS), a fin de controlar los efectos heterogéneos entre los departamentos del Perú durante el periodo 2010-2019, este documento evalúa empíricamente el impacto de la inclusión financiera y el empleo informal en la pobreza monetaria. Los resultados empíricos muestran que la expansión de la inclusión financiera beneficiaría a la reducción de la pobreza monetaria, en tanto con respecto al empleo informal se revela que existe una relación negativa: se determina que su desarrollo está asociado con la reducción de la pobreza, pero no es determinante para su alivio.

Statistical and computational techniques for extraction of underlying systematic risk factors: a comparative study in the Mexican Stock Exchange

This paper compares the dimension reduction or feature extraction techniques, e.g., Principal Component Analysis, Factor Analysis, Independent Component Analysis and Neural Networks Principal Component Analysis, which are used as techniques for extracting the underlying systematic risk factors driving the returns on equities of the Mexican Stock Exchange, under a statistical approach to the Arbitrage Pricing Theory. We carry out our research according to two different perspectives. First, we evaluate them from a theoretical and matrix scope, making a parallelism among their particular mixing and demixing processes, as well as the attributes of the factors extracted by each method. Secondly, we accomplish an empirical study in order to measure the level of accuracy in the reconstruction of the original variables.