The Federal Reserve System has the purpose to get the recovery economic and putting to the EE.UU.in the path to sustainable economic growth, for this the Fed come developing the quantitative easing programs, the same have for objective reduce unemployment rate to 6.5% for 2014; this could get, if the Fed designs a purchase program of assets; this mean inject of first power money to the economy, raising the balance of the Fed. In this way the Fed drops anchor the monetary policy to the evolution of the employ, this is expressed in the unemployment rate. The results hasn't been disappointing, but the employment objectives did not reach to the goals of the 2013 around of 6.5%, the last result was 7.%. Still the Fed in its december 2013 meeting began the tapering of monetary stimulus programs. This article, we study the relationship between Qe and the employ; specially with the Non Farm Payr...

In this paper we demonstrate that the performance of Peru´s financial exchange rate is determinated significantly for the performance of USD like conducting currency in the international financial market It is important to say that the policy of exchange rate policy in Perú into of a scheme Banco Central de Reserva del Perú’s (BCRP) has a constraint from the outside, indirectly of Federal Reserve Bank in United State of American. Our research concludes that the framework to learn the financial markets and particularly the currency markets is in the approach of assets portfolio, where investor make decisions looking for returns of these assets and their currencies. This characteristic has been deepen since financial crises in the 2008 and appears when the financial system experience liquidity risk. In this situation the USD be appreciated respect to rest of currencies.

The financial crises 2008 was very different respect to others financial crises because in this the market capitals had financial instruments very sophisticated that had two characteristic: one side, permitted debt structuring through which the debt instruments was segmented in capital and interest, that allowed risk diversification and low it. Other side, the agreements included embedded “insurances” known like CDS (credit default swap) which are exchange annuity payments that supported in case the debt fall in default. This scheme into of a context of globalization potentiated and deepened the crises.

The integration and merger of the stock exchanges have the propose to increase their participation in the international or regional capital markets; but this will be possible if the stock exchange’s transaction costs are competitive respect to others markets. The MILA is an interesting experience because the integration imply three countries that have similar economic performance, but it will be necessary that the economic model continue without modification in the member countries.

After a profile of excellence economic growth in China during the first decade of XXI century; this country is experiencing a crisis of accumulation model. This paper aims to develop a theoretical framework of a scheme employing the criteria of political economy to explain the problem which crosses the giant Asian country, the pampering that will not be solved using mainly conventional policies macroeconomic and / or monetary and so-called structural reforms required.

In this first paper, we have the purpose of present the theorical fundamentalsand the macroeconomic multifactor modelderived from those; this model isbased on the Balance of Federal Reserve System, applied to explain national stock exchanges’ returns in the USA after financial crisis the 2007.We propose to work the model using different macroeconomic variables to the original model of The Arbitrage Pricing Theory of Chen-Ross-Roll, and we keep on Shanken’s proxy, the same that we permit to build a model using difference variables to the proposals at the original model.Of other side, the operational definitions of the variables used in our model, also, differ of established in the original model; in this, the variables are defined as risk premium, in our proposal they are defined as risk premium price.

This article, applying the micro attribution model, has like objective to analyze the performance of stock investment of the pension fund managers (AFP) to the called investment abroad. Many studies in Perú respect to AFP ‘s performance portfolios had been conducted using the framework of the efficient frontier. Other important aspect refers to the AFP’s make decision of choosing investors specialized to portfolio management directed outward; policy which failed to achieve profitability over of returns of market indices of regions where they traded at a later period to 2007-2008 financial crises.

El Sistema de la Reserva Federal de los Estados Unidos de América (Fed) con el propósito de hacer posible la recuperación económica y colocar ha EE.UU. en la senda del crecimiento económico sostenido, desarrollo los programas de flexibilidad cuantitativa (quantitative easing –QE-) los mismo que tuvieron por objetivo reducir la tasa de desempleo a 6.5% para el 2014; esto se podría conseguir si el Fed desarrollaba un programa de compras de activos, lo que significa ingresar dinero de primer poder a la economía, levantando el balance del Fed. Planteado de esta forma el Fed anclaba la política monetaria a la evolución del empleo, expresado en la tasa de desempleo. Los resultados no han sido decepcionantes, todo lo contrario, pero sobre los objetivos del empleo no se ha llegado a finales del 2013 a una cifra cercana a la planteada de 6.5% y el último resultado se ubicó en 7% de t...

El comportamiento del tipo de cambio financiero doméstico (E) definido por la relación Nuevo Sol (PEN)/Dólares Americanos (USD), se encuentra determinado de forma significativa por el comportamiento que toma el USD, como divisa conductora, en el mercado financiero internacional expresado por la relación Euro (EUR)/USD. Resulta importante señalar que la política cambiaria, dentro del esquema de política monetaria, dirigida por el Banco Central de Reserva del Perú (BCR), encuentra un factor de restricción notable para la administración del tipo de cambio. Nuestra investigación concluye además, que el marco conceptual para entender los mercados financieros, y dentro de estos al mercado de divisa, se encuentra en el enfoque de activos o de portafolio de inversiones, donde los inversionistas se guían por las rentabilidades que ofrecen los activos dominados en dichas monedas; esta...

La crisis financiera 2008 fue muy diferente respecto a otras crisis financieras porque en esta el mercado de capitales tenía instrumentos financieros muy sofisticados que tuvieron dos características: por un lado, permitieron estructurar deuda a través de la cual los instrumentos de deuda fueron segmentados en capital e intereses que permitieron diversificar riesgo y bajarlo. Por otro lado, los acuerdos incluyeron seguros conocidos como CDS (credit default swap) los cuales intercambian anualidades que apoyan en caso la deuda caiga en insolvencia. Este esquema dentro de un contexto de globalización potenció y profundizó la crisis.

The integration and merger of the stock exchanges have the propose to increase their participation in the international or regional capital markets; but this will be possible if the stock exchange’s transaction costs are competitive respect to others markets. The MILA is an interesting experience because the integration imply three countries that have similar economic performance, but it will be necessary that the economic model continue without modification in the member countries.

Después de un excelente perfil de crecimiento económico en China durante la primera década del siglo XXI, este país experimenta una crisis de modelo de acumulación. El presente documento tiene por objeto desarrollar un marco teórico que parte de un esquema que emplea los criterios de la economía política para explicar que el problema por el cual atraviesa el gigante del Asia, no se resolverá recurriendo principalmente a las políticas convencionales de tipo macroeconómico monetario, concernientes a las reformas estructurales requeridas.

En este primer documento, tenemos el propósito de presentar los fundamentos teóricos y el modelo macroeconómico multifactorial que se deriva de aquellos; este modelo está basado en el balance del sistema de la Reserva Federal, aplicado para explicar los retornos en las bolsas nacionales en los Estados Unidos de América después de la crisis del 2007.Nosotros proponemos trabajar el modelo usando variables macroeconómicas diferentes al modelo original de valuación por arbitraje de Chen-Ross-Roll, y seguimos la proxi de Shanken, que nos permite construir un modelo empleando variables distintas a las propuestas por el modelo original.De otra parte, las definiciones operacionales de las variables empleadas en nuestro modelo, también, difieren de las establecidas en el modelo original; en este, las variables se definen como prima de riesgo, en nuestra propuesta se definen como precio d...

This article, applying the micro attribution model, has like objective to analyze the performance of stock investment of the pension fund managers (AFP) to the called investment abroad. Many studies in Perú respect to AFP ‘s performance portfolios had been conducted using the framework of the efficient frontier. Other important aspect refers to the AFP’s make decision of choosing investors specialized to portfolio management directed outward; policy which failed to achieve profitability over of returns of market indices of regions where they traded at a later period to 2007-2008 financial crises.

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