Journal of CENTRUM Cathedra. Vol. 06, Issue 01

URI permanente para esta colecciónhttp://54.81.141.168/handle/123456789/194734

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JCC Volume 6 - Issue 1 - 2013
  • The Evolving Role of Reserve Requirements in Monetary Policy Carrera, César; 1
  • Efficiency Determinants and Dynamic Efficiency Changes in Latin American Banking Industries Hassan, M. Kabir; Sanchez, Benito; 2
  • Evaluating the Efficiency of Turkish Banks: A Risk and Profitability Approach Eken, Mehmet Hasan; Kale, Süleyman; 3
  • The Lending Interest Rates in the Microfinance Sector: Searching for its Determinants Cotler, Pablo; Almazan, Deyanira; 4
  • Public Pension Governance and Asset Allocation Dobra, Matt; Lubich, Bruce; 5
  • The Effects of Trade Expansion: Poverty and Inequality in Post-NAFTA Mexico Navarro, De Hoyos; E, Rafael; 6
  • Entrepreneurial Skills, Significant Differences between Serbian and German Entrepreneurs Morales, Carlos E; Feldman, Percy Marquina; 7

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    • Miniatura
      ÍtemAcceso Abierto
      The Lending Interest Rates in the Microfinance Sector: Searching for its Determinants
      (Pontificia Universidad Católica del Perú. CENTRUM, 2013) Cotler, Pablo; Almazan, Deyanira
      Using data from 1299 microfinance institutions (MFIs) in 84 countries and following different approaches, it was found the lending interest rate is determined by the funding cost, the loan size, and the efficiency level of MFIs. With respect to competition, results are mixed. Only in Asia is a negative correlation between competition and lending interest rates detected. For other subsamples, it was found the competition is more likely to be negatively correlated with the size of loans.
    • Miniatura
      ÍtemAcceso Abierto
      The Evolving Role of Reserve Requirements in Monetary Policy
      (Pontificia Universidad Católica del Perú. CENTRUM, 2013) Carrera, César
      The design of monetary policy has been a subject of debate in the specialized literature. Over the last three decades, this literature has moved from questioning the very existence of reserve requirements (RRs) to analyzing and discussing their role as a tool for monetary policy. The large variation in how central banks implement RRs around the world suggests that a consensus has yet to emerge on what constitutes an optimal reserve requirement strategy. I survey the main modeling strategies which incorporate RRs in the design of monetary policy. Furthermore, I discuss different modeling approaches in which RRs can affect the banking system, improve monetary policy decisions, and help achieve a central bank’s macroeconomic objectives.
    • Miniatura
      ÍtemAcceso Abierto
      Evaluating the Efficiency of Turkish Banks: A Risk and Profitability Approach
      (Pontificia Universidad Católica del Perú. CENTRUM, 2013) Eken, Mehmet Hasan; Kale, Süleyman
      Conventional performance indicators, especially after recent financial restructuring initiatives, are criticized more than ever for not associating performance and risk. The purpose of this study is to benchmark performance of banks in comparison to risk-taking preferences, under different models with data envelopment analysis, to evaluate whether risks are reasonably priced. Comparing a bank’s risk efficiency with its competitors may provide additional insights to regulatory and supervisory authorities together with bank management. The results indicate that profitability of banks is not necessarily parallel with their risk-taking preferences. Banks with low risk efficiency should revise their business style for potential improvements.
    • Miniatura
      ÍtemAcceso Abierto
      Public Pension Governance and Asset Allocation
      (Pontificia Universidad Católica del Perú. CENTRUM, 2013) Dobra, Matt; Lubich, Bruce
      This paper analyses the relationship between governance, asset allocation, and risk among state and local government-operated pension systems in the United States of America. It is argued that governance influences investment decisions and risk profiles of public sector pension systems, creating the potential for agency problems to exist between decision makers, plan members, and taxpayers.
    • Miniatura
      ÍtemAcceso Abierto
      Entrepreneurial Skills, Significant Differences between Serbian and German Entrepreneurs
      (Pontificia Universidad Católica del Perú. CENTRUM, 2013) Morales, Carlos E.; Feldman, Percy Marquina
      An extensive literature review reveals various authors acknowledge skills have an impact on entrepreneurial success. However, a lack of consensus regarding the main skills an entrepreneur needs is apparent. In this study, a contribution is made to the debate with empirical data and analysis, in two steps: by testing mean differences and reducing data with a principal components analysis. A sample of 394 potential entrepreneurs was administered the SAT-ECENT questionnaire, testing four skills: readiness to change, learning capacity, impact on people, and stress tolerance. The questionnaires were administered in Serbia (n = 190) and in Germany (n = 204). In this paper, evidence about two main issues is presented: Entrepreneurial skills vary significantly across countries, and the skill tolerance to stress plays an important role in explaining the variance in the development of entrepreneurial skills in the two countries. Discussion is focused on the research implications and relevance of the findings as well as the practical implications for entrepreneurship promotion programs.
    • Miniatura
      ÍtemAcceso Abierto
      Efficiency Determinants and Dynamic Efficiency Changes in Latin American Banking Industries
      (Pontificia Universidad Católica del Perú. CENTRUM, 2013) Hassan, M. Kabir; Sanchez, Benito
      This paper investigates the determinants of efficiency and dynamic efficiency changes across Latin American banking industries during recent periods of financial liberalization. Allocative, technical, pure technical, and scale efficiency measures are calculated and analyzed for seven Latin American countries. Consistent with extant literature, profit inefficiency is higher than cost inefficiency across our sample, suggesting that most of the profit inefficiency comes from the revenue side. The decomposition of revenue efficiency into revenue allocative efficiency and technical efficiency suggests that the source of inefficiency is regulatory (allocative) rather than managerial (technical). Moreover, consistent with what practitioners would expect, efficient banks have lower overhead costs relative to total income, use resources better, have higher quality portfolios, and have higher earnings (e.g., higher return on assets – ROA and return on equity – ROE) than inefficient ones. Furthermore, financial liberalization has brought productivity increases throughout Latin America; but this increase in productivity is a consequence of technological progress rather than enhanced technical efficiency.
    • Miniatura
      ÍtemAcceso Abierto
      The Effects of Trade Expansion: Poverty and Inequality in Post-NAFTA Mexico
      (Pontificia Universidad Católica del Perú. CENTRUM, 2013) Navarro, De Hoyos; E, Rafael
      This paper illustrates how microeconometric techniques can be used to uncover the micro dynamics behind macro shocks. Our model’s results are used to generate a scenario where the Mexican economy experienced the negative shock of the peso crisis in the absence of trade liberalization in the form of the North American Free Trade Agreement (NAFTA). The findings are that under such a scenario, the poverty headcount ratio would have increased more than 2 percentage points above the observed level of 1996. The relative increase in labor remuneration and participation in the expanding tradable sector helped cushion the negative income effects of the peso crisis.