The degree of development and depth of Peru’s banking system is below the average for Latin America during the years 2006-2012, while the banks of Chile is above that average. In terms of concentration, Chilean banks are less concentrated than the banks of Peru, which would show the increased market power of the Peruvian banks. Generally the profitability of banks in Peru is higher than the banks in Chile. On the other hand, in terms of the credit structure Chilean banks differ primarily because in addition to finance companies, the credit to mortgage industry is second in importance, while in the case of Peruvian banks, the financial resources target at companies first and second to consumer credit.

Diversification of bank operations in the most economic sectors , still has space allocated for Classical Financial Theory, which suggests that diversification may be a way to reduce the risk of a portfolio of assets (Haugen, 2001) associated with higher profits and lower operating costs. During the period 2001-2011 the banks that are active in the banking market in Peru have shown a high degree of diversification expressed in the majority stake in a number of economic sectors, also associated with higher rates of return on capital expressed through ratio ROE (Return on Equity)

The structure of lending rates charged in Peru’s banking system shows an inverse relation to the economic scale of the companies that receive the loans from banks, ie establishing preferential lending rates to customers under more economic scale in the market for goods and services, and lending rates higher for customers with smaller scale of business.

The structure and types of credit of Commercial Banks in Peru, is the result of the strategies and the dominant position held by some banks in the system to diversify its financial operations, and serve customers with a strong presence in various sectors of the economy, leaving spaces to other banks that have less economic power and operational capability for the development of its activities.

In line with theoretical and empirical evidence on the relationship between development of financial intermediaries and capital markets with economic growth, we have found the existence of a positive relationship between the developments of the Peruvian financial system and economic growth during the period 1998- 2008. These results suggest that the development of banks measured by bank credit, support and follow economic growth, and therefore suggests that banks only play a strictly technical function of allocating resources in the production process. On the other hand, empirical evidence shows us that economic growth is not explained by capital market development, concluding that the capital market is not an important source of financial resources for the growth of economic activity in Peru.

El sector bancario peruano ha experimentado cambios estructurales significativos a comienzos de los años noventas, pasando por un proceso de reformas, privatizaciones, y de apertura al ingreso de nuevos bancos extranjeros. Es importante señalar que los bancos en el Perú constituyen la fuente primordial de financiamiento de las empresas y familias, por lo que es relevante analizar la estructura de mercado, la competencia y la eficiencia del sector bancario en el periodo 1990-2005. Asimismo, es necesario indicar que se toma en cuenta los planteamientos de King y Levine (1993), en el sentido de que los bancos no intermedian recursos de manera pasiva, sino que evalúan a los prestatarios y asignan crédito a los mejores proyectos presentados por las empresas y familias; y por lo tanto determinan lo que se produce e influyen en el desarrollo económico de un país, por lo que es necesario ...

El presente trabajo tiene por objeto exarninar el comportamiento del sector fabril de la economía peruana, especialrnente en la parte referida a su endeudamiento, realizado bajo un contexto de cambios producidos en la economía luego de 1a aplicación de reformas económicas iniciados en la década de los noventa.

The paper analyzes the risk management of banks that do business in Peru, through the application of indicators that relate the profitability of transactions with the risk. The RAROC (Risk adjusted Return on Capital) is one of the indicators associated with net income of an operation or set of operations of the bank in a year for capital at risk o economic capital. The versatility of this indicator allows to measure the bank ‘s risk management in a cross section, compared to other banks or a market benchmark, as well as to measure the evolution of risk management through a period of time compared to a RAROC target. The result shows that the Big Banks revealed a RAROC above the market average: 2.07 vs. 1.75. Medium Banks showed a RAROC below the overall average: 1.23 vs. 1.75. Finally Small Banks obtained an average ratio of 1.74 vs. 1.75, however within the period they showed a fluctua...

The general objective of the new global economy is the integration of economies and markets. The market for financial assets through the stock exchanges is no exception to this trend of market integration, so that investors can participate in either of the existing exchanges in the world. This paper uses the International CAPM Beta to measure the degree of integration of national stock market to the world market. This beta was obtained from a sample of major national companies that list their shares on the Lima Stock Exchange compared to the index of the world market such as the Standard & Poor’s 500, with the aim of showing correlations between these two markets. In the case of Peru we used this methodology to confirm that the application of this model will lead to expected results on the theory.

The presence of foreign banks in the Peruvian economy is not a new phenomenon. However, its importance is reflected in the recent decades with the opening of the economy and the liberalization of the banking market. The purpose of this study is to assess the effects of foreign banks entry in the behavior of banks in Peru in relation to competition, efficiency, interest margin, and profit. We hypothesize that the foreign banks entry in Peru helps to stimulate domestic banks through greater competition, lower margins, reduced costs, increased efficiency and greater diversity of products and financial services.

The entry of foreign banks in Peru, has not only helped to stimulate domestic banks through greater competition, but to improved efficiency, cost management, and a variety of financial products and services that are offered. The paper analyzes the changes in the structure of direct loans from the banking system in Peru, as a result of the participation of banks of foreign origin, which conducts an assessment of the components of direct credit, such as commercial, consumer, microenterprise, and mortgage loans.

Los resultados encontrados para medir la competencia en el mercado bancario peruano a través del cálculo del H estadístico de Panzar & Rosse, sugieren la presencia de un mercado de competencia monopolística, que ha disminuido su nivel de competitividad en los cinco últimos años; lo que de alguna manera ha producido un efecto en el aumento de los márgenes promedio de la banca durante los cuatro últimos años, el que ha sido atenuado por la competencia de los bancos extranjeros.

El sector bancario peruano ha experimentado cambios estructurales significativos a comienzos de los ar1os noventa, pasando por un proceso de reformas, privatizaciones, y de apertura al ingreso de nuevos bancos extranjeros.Es importante señalar que los bancos en el Perú constituyen la fuente primordial de financiamiento de las empresas y familias. por lo que es relevante analizar la estructura de mercado, la competencia y la eficiencia del sector bancario en el periodo 1990-2005.Asimismo, es necesario indicar que se toma en cuenta los planteamientos de King y Levine (1993), en el sentido de que los bancos no intermedian recursos de manera pasiva, sino que evalúan a los prestatarios y asignan crédito a los mejores proyectos presentados por las empresas y familias; y por lo tanto determinan lo que se produce, e influyen en el desarrollo económico de un país, por lo que su comportamien...

El modelo de los mercados completos para llegar al equilibrio se basa en un conjunto de supuestos que requieren el uso de una gran cantidad de información, sin considerar los altos costos inherentes al manejo de la misma; así como un alto grado de racionalidad de parte de los agentes económicos, lo que es difícil de lograr sin la información apropiada sobre riesgos y rendimientos de activos que conduzcan a tomar las decisiones más adecuadas.De otro lado, el modelo de los mercados incompletos busca explicar algunas de las imperfecciones que afectan a las transacciones en el mundo real, de tal manera que las fricciones que se encuentran permitan entender mejor el rol de los bancos, los que a su vez pueden producir ineficiencias en la asignación de recursos.En mercados en donde no hay acceso a la información de manera amplia, transparente y adecuada, debido a los altos costos econó...

La intervención directa del Estado peruano en la solución de la crisis de carácter financiero, que afectó a la empresas bancarias durante los últimos años de la década pasada, es un fenómeno que merece ser estudiado para determinar las características y los costos asumidos por el Estado para el rescate de bancos en problemas. Si bien la participación del Estado en el rescate de empresas no es un fenómeno privativo del Perú, las experiencias a nivel mundial son un marco de referencia para examinar las razones que llevan a los Estados a intervenir en la solución de una crisis bancaria desde la perspectiva de la política pública.

It examines the relationships between the financial system, the capital markets and the growth of the Peruvian economy, using statistical information for a period between 1995-2008. The changes brought about by the financial sector liberalization, deregulation and liberalization of the economy of more than a decade ago are sufficient grounds to conduct studies to evaluate possible causes of long-term relationships between these variables.To establish these potential relationships we have been applied econometric techniques, using a vector autoregressive model (VAR) to confirm orden y the existence of causal statistical, using the Augmented Dickey Fuller test for determining the existence of unit roots in the series, and Johansen test for explaining the existence of cointegration for the whole series.

The paper seeks to find the factors that influence corporate borrowing, taking as example a set of extractive and manufacturing companies listed on the Lima Stock Exchange. According to the hypothesis and the results of the econometric and statistical evaluation it has been able to establish the existence of a negative relationship between profitability and leverage of this group of companies. The average rate of return of the companies analyzed in the sample is 9.7 percent. Companies with higher negative elasticities show lower rates of return. Companies with lower negative elasticities show rates of return below average performance.

Trade credit is an operation of short-term credit linked to a commercial transaction in which the provider gives facilities to its customers for the purchase of their product under certain conditions to delaying payment.Trade credit plays an important role in agribusiness firms where coexist mainly small and medium producers of sugarcane and other recent complementary products (eg. Artichoke, bell pepper, grapes, etc), offering their products to companies with large scale of production and transformation of raw materials into refineries owned by these companies. These companies have access to financial sources and act as intermediary channels through commercial loans advance sums of money to small and medium farmers with a commitment to deliver their products. These relationships develop asymmetries where the market power held by some firms use trade credit as a major source of financing...

The work has proposed trough the specification of a model to test the consistency of the objective of creating corporate value considering three main determinants: growth, profitability and leverage. Preliminary results confirm the general hypotheses in the research.The most important variables in the work are related to the company’s financial liabilities and their capital stock that together and combined forms the capital structure.The extent to which the firm borrows determines its capital structure. While there is no recipe for finding the optimal degree of the capital structure, the exchange between debt and equity offers insight into the changes in the risk facing the company and its expected return. In theoretical terms more debt increases the risk and higher return is expected. If companies increase their debt they assume greater risk leading a drop in the share price and highe...

The sources of short-term financing of companies, such as trade credit and bank credit relationships, linkages or complementarities are part of the analysis in this study. Several studies and authors have emphasized in some of these funding sources and the reasons why companies turn to these sources. This study aims to demonstrate that all these hypotheses can be consolidated on an approach whereby trade credit and short term financial credit are united in the same process for the maintenance of the financial needs of companies in the process of movement of goods.