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1
artículo
This paper sponsored by San Marcos´s National University, is exploratory-descriptive-quantitative based on the construction of increasing and decreasing future revenues flows at low and high interest rates, that is, a mathematical simulation; Objectives: To evaluate how to establish a neutral discount factor, in Latin America and the Caribbean, to apply to international financial reporting standards. Verify how to estimate a neutral real interest rate. To study whether a normalized and transparent neutral real interest rate contributes to the fight against money laundering and corruption. It is concluded that, in both the emerging and non-emerging countries, the efficient use of macroeconomic tools is rewarded with low interest rate; on the other hand, higher interest rates are applied to countries with higher inflation rates due to the poor management of their economy. We confirm that ...
2
artículo
This paper identifi es the Latin American companies for which the beta calculation is possible and consequently their corporate discount rates with an acceptable degree of confi dence. The selection is based on companies whose shares are listed with suffi cient liquidity in both local stock markets as well as the New York Stock Exchange. At the time of the sample, 88 companies had qualifi ed for the direct beta calculation. The instability of the liquidity indicators and the market dynamics themselves make it necessary to update the analysis often.
3
artículo
Publicado 2011
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The dialectic of the tribute or contradiction in its abstract essence, could be formulated as follows: the tax presupposes private property, because only the owner may be taxed as real estate, personal property or of indefinite assets expressed in paper money is that the subject of "taxable event" but at the same time, it puts into question (and of course, limits and cuts in practice) the very core of private property, through which the institution of the tax exists and may continue exist. This reflection, developed at the philosophical level, we can perceive that the institution called the tribute is also of interest to those who move in this complex area. In our country, the Consolidated Text of the Tax Code, approved by Supreme Decree N º 135-99-EF (published on August 19 of 1,999) chose the tripartite classification for purposes of developing the concept of species tax is so, accord...
4
artículo
Publicado 2011
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The dialectic of the tribute or contradiction in its abstract essence, could be formulated as follows: the tax presupposes private property, because only the owner may be taxed as real estate, personal property or of indefinite assets expressed in paper money is that the subject of "taxable event" but at the same time, it puts into question (and of course, limits and cuts in practice) the very core of private property, through which the institution of the tax exists and may continue exist. This reflection, developed at the philosophical level, we can perceive that the institution called the tribute is also of interest to those who move in this complex area. In our country, the Consolidated Text of the Tax Code, approved by Supreme Decree N º 135-99-EF (published on August 19 of 1,999) chose the tripartite classification for purposes of developing the concept of species tax is so, accord...
5
artículo
This paper identifies the Latin American companies for which the beta calculation is possible and consequently their corporate discount rates with an acceptable degree of confidence. The selection is based on companies whose shares are listed with sufficient liquidity in both local stock markets as well as the New York Stock Exchange. At the time of the sample, 88 companies had qualified for the direct beta calculation. The instability of the liquidity indicators and the market dynamics themselves make it necessary to update the analysis often.
6
artículo
Publicado 1979
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Currently there is confusion about the role of interest rates, due in part to the inflationary process is given and it is relatively new to a country with little tradition of inflation. It says, for example, that the interest rate should not increase because of business failures would cause or that the interest rate should increase because it needs to encourage savings. This article aims to provide the framework for discussion relevant to analyze the economic policies that have been taken and to be taken in the future with respect to the interest rate.
7
artículo
Publicado 2018
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La presente investigación es del tipo exploratorio-descriptivo-cuantitativa basado en la construcción de flujos creciente y decreciente de ingresos futuros a tasas bajas y altas de interés, esto es, una simulación matemática. Los objetivos son: Evaluar cómo instaurar un factor de descuento neutral, a nivel de América Latina y el Caribe, para aplicar a las normas internacionales de información financiera. Verificar cómo estimar una tasa de interés real neutral. Estudiar si una tasa de interés real neutral normada y transparente coadyuva al combate contra el lavado de activos y la corrupción. Se concluye que, tanto en los países emergente y no emergente, se premia el uso eficiente de los instrumentos macroeconómicos con bajas tasas de interés, por lo contrario, elevadas tasas de interés a los países con superiores índices de inflación por manejo defectuoso de su economí...
8
artículo
The reason for understanding the evolution of the real exchange rate lies in the central importance of this variable to the country's development, especially in the growth of the tradable sector. This research analyzes the development of the real exchange rate under the 1990-94 Peruvian Stabilization Program from a dynamic econometric perspective. The resulting model is subjected to a series of tests. The overall evidence supports the argument that the real exchange rate rejects the hypothesis of the Purchasing Power Parity theory (PPP), in the short, as well as long terms. Therefore, it is wrong to use the PPP to explain the evolution of the real exchange rate. This fact increases the need to find a universally valid alternative theoretical approach. The results in the long run show that the behavior of the differential between domestic interest rates and foreign rates in dolla...
9
artículo
Introduction: Intrauterine insemination is part of the strategies for initial management in infertile couples. However, limited research has taken place in our country regarding its effectiveness in the pursuit of pregnancy, and it is therefore important to define patients, indications and conditions associated with higher rates of clinical pregnancy. Objective: To identify factors associated with clinical pregnancy in intrauterine insemination. Methods: Retrospective study in 633 infertile couples at the Centro de Fertilidad y Ginecologia del Sur, Cusco, Peru. 1 053 cycles of intrauterine insemination were performed in both spontaneous and stimulated ovulation, with double or single insemination performed before or after ovulation, using a semen sample from the spouse, processed either by swim-up or by density gradients. Results: Clinical pregnancy rate was 8.2% per insemination cycle a...
10
artículo
Private investments depend on a set of variables, including country risk and interest rate. The degree of sensitivity will also depend on how the financial market is organized, which in many cases, such as the Peruvian, has oligopolistic characteristics. In a way, this may generate a series of distortions in the degree of interest rates influence on productive investments.According to the theoretical conception, interest rate depends on the type of monetary policy implemented by the central banks, if it is expansive it must fall, achieving an opposite effect if the position is restrictive. The evidence indicates that the degree of correlation between the primary issue and the interest rate is weak and positive, so that the effects that the monetary authority can achieve is minimal with respect to investments. The opposite is true of the monetary rate that exerts a high influence on inter...
11
artículo
Publicado 2016
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This paper investigates empirically the interest rate channel of the transmission mechanism of the monetary policy in Peru. Using monthly data for the six largest banks for the period June 2003 – June 2010 we study the two main policy instruments used under the inflation-target regime: the rate of monetary policy and the required bank reserves rate. We fit a dynamic panel data model obtaining two fundamental results. First, increases in the rate of monetary policy affectpositively and significantly the interest rates on commercial loans charged by the six largest banks of the country. Second, no evidence is found that the required bank reserves rate on deposits in Peruvian currency
12
artículo
Publicado 2016
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This paper investigates empirically the interest rate channel of the transmission mechanism of the monetary policy in Peru. Using monthly data for the six largest banks for the period June 2003 – June 2010 we study the two main policy instruments used under the inflation-target regime: the rate of monetary policy and the required bank reserves rate. We fit a dynamic panel data model obtaining two fundamental results. First, increases in the rate of monetary policy affectpositively and significantly the interest rates on commercial loans charged by the six largest banks of the country. Second, no evidence is found that the required bank reserves rate on deposits in Peruvian currency
13
tesis doctoral
Universidad Nacional Agraria La Molina. Facultad de Economía y Planificación. Departamento Académico de Economía y Planificación
14
artículo
Publicado 2022
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Purpose: This study examines the effect of the informational content of local credit rating announcements in emerging markets on the liquidity of their bond markets. This study analyses the liquidity of bonds in various emerging bond markets using a sample of nine countries: Argentina, Mexico, Peru, Hungary, Poland, Spain, Turkey, Hong Kong and Greece. The sample includes daily data on sovereign bonds that go from July 2009 to July 2017. The main focus is on the period before and after the sovereign debt crisis. This study notes that the bond liquidity is affected due to the sign of the rating granted by the rating agencies for each country. Design/methodology/approach: This study aims to question the sources of liquidity problem of sovereign bonds issued by the emerging countries. The study’s database consists of daily data of all nine emerging countries for the period from July 2009 ...
15
tesis de maestría
Los últimos eventos de crisis financieras han generado muchas controversias sobre el rol que han presentado las clasificadoras de riesgo en los mercados financieros debido a la poca precisión de sus evaluaciones expost y sus cuestionados indicadores de riesgo los cuales son empleados por inversionistas e instituciones financieras en la toma de decisiones al momento de adquirir instrumentos de deuda emitidos por determinado país o corporación. Este contexto ha generado la búsqueda de herramientas alternativas como es el caso de las primas de credit default swap (CDS) cuya evidencia empírica ha demostrado reflejar situaciones potenciales de crisis mucho antes que la valorización de los instrumentos financieros realizado por las agencias clasificadoras de riesgo. En ese sentido, el objetivo de esta investigación en primer lugar será verificar la relación de dependencia entre las p...
16
artículo
The objective of this article was to analyze the Bank interest rates for Micro and Small Businesses (Mypes), Peru, 2015 to 2018, being of great importance the research since Mypes are 99.4% of companies in the country and provide 88 % of employment. The type of investigation was descriptive, analytical - deductive and comparative - historical method. The results indicated that the Bank’s active interest rates were for micro-enterprises: 34.89% (2015), 37.19% (2016), 36.29% (2017) and 32.70% (2018) and for small companies: 20.45% (2015), 21.65% (2016), 19.76% (2017) and 18.50% (2018); both in national currency. Concluding, that between the years 2015 to 2018, the banks determined high active interest rates, as a result of the freedom granted by Article 9 of the Banking Law, and the behavior they presented was the product of the monetary policy established by the BCRP, since the interest...
17
artículo
The objective of this article was to analyze the Bank interest rates for Micro and Small Businesses (Mypes), Peru, 2015 to 2018, being of great importance the research since Mypes are 99.4% of companies in the country and provide 88 % of employment. The type of investigation was descriptive, analytical - deductive and comparative - historical method. The results indicated that the Bank’s active interest rates were for micro-enterprises: 34.89% (2015), 37.19% (2016), 36.29% (2017) and 32.70% (2018) and for small companies: 20.45% (2015), 21.65% (2016), 19.76% (2017) and 18.50% (2018); both in national currency. Concluding, that between the years 2015 to 2018, the banks determined high active interest rates, as a result of the freedom granted by Article 9 of the Banking Law, and the behavior they presented was the product of the monetary policy established by the BCRP, since the interest...
18
artículo
Publicado 2020
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The dynamics of the unemployment rate over time reflects the performance of the labor market, one of the most important determinants of well-being in any economy. The unemployment rate is one of the main indicators used to analyze the prosperity and economic situation of a country, and also allows analyzing the economy from two perspectives: the first from the supply side and from the demand side. In this research we are going to analyze the dynamics of unemployment in Metropolitan Lima.For this purpose, we will use the data from the Permanent Employment Survey - EPE from 2002 to 2018 to calculate the monthly unemployment rates. We are interested in studying the development dynamics of the unemployment rate in Metropolitan Lima, and also in comparing the development dynamics ofthe said rate in different cones, men and women, and also the dynamics in different age groups. The main objecti...
19
tesis de maestría
Los últimos eventos de crisis financieras han generado muchas controversias sobre el rol que han presentado las clasificadoras de riesgo en los mercados financieros debido a la poca precisión de sus evaluaciones expost y sus cuestionados indicadores de riesgo los cuales son empleados por inversionistas e instituciones financieras en la toma de decisiones al momento de adquirir instrumentos de deuda emitidos por determinado país o corporación. Este contexto ha generado la búsqueda de herramientas alternativas como es el caso de las primas de credit default swap (CDS) cuya evidencia empírica ha demostrado reflejar situaciones potenciales de crisis mucho antes que la valorización de los instrumentos financieros realizado por las agencias clasificadoras de riesgo. En ese sentido, el objetivo de esta investigación en primer lugar será verificar la relación de dependencia entre las p...
20
artículo
Publicado 2017
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Purpose – This paper aims to analyse the volatility of the fixed income market from 11 countries (Brazil, Russia, India, China, South Africa, Argentina, Chile, Mexico, USA, Germany and Japan) from January 2000 to December 2011 by examining the interbank interest rates from each market. Design/methodology/approach – To the volatility of interest rates returns, the study used models of auto-regressive conditional heteroscedasticity, autoregressive conditional heteroscedasticity (ARCH), generalized autoregressive conditional heteroscedasticity (GARCH), exponential generalized autoregressive conditional heteroscedasticity (EGARCH), threshold generalized autoregressive conditional heteroscedasticity (TGARCH) and periodic generalized autoregressive conditional heteroscedasticity (PGARCH), and a combination of these with autoregressive integrated moving average (ARIMA) models, checking whic...
