The best contribution academically can provide financial events that contributed to the development of international finance is to study them in depth so that their treatments and outcomes allow experts and stakeholders to have a better understanding of its evolution , characteristics and importance . The International Securities Secondary Market of External Debt (MSDE) is typified as a very unique market, defining it as a bilateral trading market with special features, which has had a crucial role. Although its contribution was marginal compared to the total amount of debt then 59 billion dollars were converted versus 600 billion dollars in debt, thanks to this market. First, they constitute new financial arrangements that under the market mechanism, allowed to alleviate or partially solve the plight of the financial statements of its principal and secondary actors, allowed to clarify a...

The best contribution academically can provide financial events that contributed to the development of international finance is to study them in depth so that their treatments and outcomes allow experts and stakeholders to have a better understanding of its evolution , characteristics and importance . The International Securities Secondary Market of External Debt (MSDE) is typified as a very unique market, defining it as a bilateral trading market with special features, which has had a crucial role. Although its contribution was marginal compared to the total amount of debt then 59 billion dollars were converted versus 600 billion dollars in debt, thanks to this market. First, they constitute new financial arrangements that under the market mechanism, allowed to alleviate or partially solve the plight of the financial statements of its principal and secondary actors, allowed to clarify a...

El objetivo general de la investigación es determinar si es representativo el uso de las teorías de creación de valor y de la jerarquización financiera de la estructura de capital en la gestión financiera de las empresas industriales y mineras enlistadas en la bolsa de valores de Lima, mediante la contrastación empírica de los modelos de los autores López - Lubián (2000), Fernández P. (2004) y, Fernández y Rojas Conde (2004 ). Para ello se consideró una muestra de 13 empresas: 8 industriales y 5 mineras . La Hipótesis General planteada señala que para el caso peruano no es representativo el uso de las teorías mencionadas, la hipótesis ha sido comprobada .Los resultados encontrados son los siguientes: de las 13 empresas evaluadas se ha encontrado que ninguna empresa industrial o minera cumple plenamente las pruebas de los postulados de la teoría de creación de valor. Las...

Purpose: The purpose of the paper is to examine the differences in the impact of financial stress in advanced and emerging economies. Design/methodology/approach: The authors employ a panel vector autoregression model (PVAR) for a comparative analysis of the relationship between financial stress, economic growth and monetary stability in 14 advanced and emerging economies. A homogeneous measure of financial stress is constructed and measured as an index that provides signals of stress episodes in an economy. Findings: The impact of financial stress shocks is greater on the economic growth of advanced economies; likewise, financial stress shocks are significant only in advanced economies. The interbank interest rate is negatively affected by financial stress in emerging economies. In general, the results show a clear view of the importance of financial stability and the economic relevance...

Purpose: The purpose of the paper is to examine the differences in the impact of financial stress in advanced and emerging economies. Design/methodology/approach: The authors employ a panel vector autoregression model (PVAR) for a comparative analysis of the relationship between financial stress, economic growth and monetary stability in 14 advanced and emerging economies. A homogeneous measure of financial stress is constructed and measured as an index that provides signals of stress episodes in an economy. Findings: The impact of financial stress shocks is greater on the economic growth of advanced economies; likewise, financial stress shocks are significant only in advanced economies. The interbank interest rate is negatively affected by financial stress in emerging economies. In general, the results show a clear view of the importance of financial stability and the economic relevance...