Centro de Competitividad, Finanzas Corporativas y Políticas Públicas

Permanent URI for this collectionhttp://54.81.141.168/handle/123456789/166746

Este centro promueve el estudio de las finanzas, tanto corporativas como públicas, y analiza la competitividad y los efectos de las políticas públicas en el mercado y las expectativas, con especial incidencia en Perú y Latinoamérica. Tiene por objetivo coadyuvar al desarrollo de conocimientos, información y capacidades en beneficio de la sociedad, sobre temas relacionados con el quehacer del Estado, la inserción del Perú y Latinoamérica dentro del escenario global, los criterios de productividad, competitividad y efectividad organizacional en los proyectos de inversión (tanto públicos como privados), el impacto de las políticas públicas (fiscales y monetarias) en el mercado, los indicadores de buen gobierno (gobernabilidad y gobernanza), , las expectativas empresariales y del consumidor, y demás temas afines.

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    Facilidad para Hacer Negocios y Desempeño Económico: Vínculos y Oportunidades de Política
    (CENTRUM Publishing, 2015) Hopkins Larrea, Raúl Alfonso
    Desde el año 2003 el Banco Mundial ha venido produciendo los informes anuales Doing Business que miden las regulaciones que tienen incidencia en áreas críticas del ciclo de vida de una empresa. El vínculo entre estos indicadores y el desempeño económico ha sido explorado en la literatura del crecimiento económico (por ejemplo, Djankov, McLiesh y Ramalho (2006), Eifert (2009), Parker y Kirpatrick (2012) con una perspectiva de mediano y largo plazo. El objetivo de este trabajo es: (i) presentar la situación de America Latina y del Perú en el contexto del Infome sobre Doing Business; (ii) examinar la relación existente, de corto plazo, entre este índice y el desempeño económico agregado; y (iii) complementar el análisis precedente, examinando la diversidad de los puntajes en los componentes del Doing Business dentro de cada país y las oportunidades de colaboración que ello sugiere. El trabajo es un primer paso en el estudio de este tema, que ha sido escasamente tratado en la literatura económica peruana.
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    Who monitors the monitor? Effect of Party Observers on Electoral Outcomes
    (CENTRUM Publishing, 2015) Casas, Agustín; Díaz, Guillermo; Trindade, Andre
    We ask how monitoring by individuals with preferences regarding the outcome of the supervised task interferes with the task's process: do the monitors' presence biases the results in favor of their own preferences? To do that, we construct a novel dataset from the raw voting records of the 2011 national elections in Argentina. We exploit a natural experiment to show that electoral observers with partisan preferences cause a 1.7% to 7% increase in the vote count of the observers' preferred party. This bias, which appears under various electoral rules, concentrates in municipalities with lower civic capital (Guiso et al. (2011)) and weakens the accountability role of elections.
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    The impact of R&D subsidies on R&D employment composition
    (CENTRUM Publishing, 2014) Afcha Chávez, Sergio Moisés; García Quevedo, José
    In this paper we examine the impact of subsidies granted at national and regional levels on a set of R&D employment variables and, specifically, we seek to identify the existence of the behavioural additionality effects of these public subsidies on firms’ R&D human resources. We begin by assessing the effects of public funds on R&D private expenditures and on the number of R&D employees, and then focus on their impact on the composition of human resources engaged in R&D as classified by occupation and level of education. The data used correspond to the Spanish Technological Innovation Panel for the period 2006-2011. To control for selection bias and endogeneity, a combination of non-parametric matching techniques are implemented. After ruling out the existence of crowding out effects, our results show that R&D subsidies increase the number of R&D employees. However, no increase is found in the average level of qualification of R&D staff members in subsidized firms. All in all, the effects of public support are heterogeneous being dependent on the source of the subsidy and the firms’ characteristics.
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    Regulatory Design and Technical Efficiency: Public Transport in France
    (CENTRUM Publishing, 2015) Díaz, Guillermo; Vincent, Charles
    Public transport systems are often subject to a close regulatory oversight because of their economic and social impacts. In the case of France, this has led to an institutional design that has involved the participation of private firms in the service provision, and the use of incentive contracts to regulate them, among other characteristics. We study the effect of these institutional features on the efficiency of the firms in the sector. For this, we use nonparametric Data Envelopment Analysis (DEA) techniques to estimate the input usage efficiency, and explore a few potential institutional and regulatory determinants. We apply a conditional DEA approach and fixed effects second stage regressions to control for potentially observed and unobserved sources of heterogeneity across different environments in which the firms operate. Our results point to a differential effect of private and mixed public-private companies. In particular, having the performance of public operators as the benchmark, efficiency is relatively higher for private firms, but lower when the service is delegated to a mixed public-private firm. Furthermore, the effects seem to diverge greatly by contract type when the firm is mixed so that, when the contract is of the cost reimbursement type, performance is lower than the public firm benchmark, while for other contract types there are no statistically significant differences.
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    Por una Propuesta de Reforma Política: ¿Por qué no la Circunscripción de Peruanos Migrantes?
    (CENTRUM Publishing, 2016) Castillo Cucalón, Kristel Karina
    Los peruanos en el exterior vienen participando 36 años en los procesos electorales del Perú. Esta comunidad tiene un potencial político y económico que no se representa en el Legislativo peruano. El actual diseño político institucional obvia que este grupo tiene un conjunto de ofertas y demandas particulares de la realidad migrante que las élites políticas desatienden. En el presente artículo se analiza el tratamiento político que se le ha dado a la representación de los peruanos en el exterior en el diseño legislativo electoral peruano y se evalúa en perspectiva comparada. Dado que otros países en el mundo con poblaciones electorales parecidas, como Croacia y Ecuador, tienen circunscripciones especiales de residentes en el exterior es paradójico que el Perú no cuente con una. El estudio muestra las incoherencias que han imposibilitado la creación de la circunscripción especial de peruanos en el exterior y explora propuestas de reforma aplicada.
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    Fundamentos Teóricos de la Intervención Pública en Política Tecnológica
    (CENTRUM Publishing, 2014) Afcha Chávez, Sergio Moisés
    El objetivo de este trabajo es revisar los argumentos que justifican la acción gubernamental en política tecnológica, así como el funcionamiento de las principales herramientas e incentivos utilizados en la promoción, directa e indirecta, de actividades de I+D.
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    Corrupción en el Perú: Visión del Ejecutivo Peruano
    (CENTRUM Publishing, 2015) Daly, Jorge Luis; Navas, Óscar Darío
    El propósito de este estudio es precisar la visión que tiene el ejecutivo peruano de la corrupción y definir las formas que impactan en su actuar.
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    Peru's Great Depression: A Perfect Storm?
    (CENTRUM Publishing, 2015) Llosa, Luis Gonzalo; Panizza, Ugo
    We describe Peru's great depression over the 1970’s and 1980’s and discuss possible hypotheses that may explain its deep collapse and slow recovery. The main finding of the paper is that it is very hard to find a single explanation for Peru's great depression. Very much like a perfect storm, so many things went wrong at the same time, with the effects of each negative shock amplifying those of the other shocks. In particular, our findings suggest that the external shocks that hit the country in the 1980s were amplified by a weak and fractionalized political system (for a discussion of the interaction between external shocks and ability to recovery from external shocks, see Rodrik, 1999), limited domestic entrepreneurial capacity, and lack of a coherent industrial policy that could lead to the discovery of new productive activities.
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    Price dynamics in the Spanish housing market between 1995 and 2008. Evidence from a panel of provinces
    (CENTRUM Publishing, 2014) Gil Serrate, Ramiro
    In this paper we follow the specific literature in order to obtain a theoretical framework for the analysis of the dynamics of house prices. From this framework results a long run relationship between the house price variable and its fundamentals. This relationship is estimated using a static and a dynamic panel for the 50 Spanish provinces and the period 1995-2008. Previous to the estimation a detailed panel unit root analysis is done. The results obtained from the estimation are according to the theory and present clear evidence of serial correlation in house prices and of income elasticity of 0.3. However, the results also suggest the existence of additional information that has not been considered in the empirical analysis. This is the existence of a spatial pattern in the data for which we provide clear evidence. Consequently, cross section dependence has to be explicitly taken into account in subsequent analysis of Spanish house prices.
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    China’s Banking Industry
    (CENTRUM Publishing, 2012) Valer Dávila, José Carlos
    The present report will show that in 10 years time, China’s banking industry would still be dominated by Chinese firms. Analyzing the future competitive environment in China’s banking industry, we can see from the different sources that the non-market environment (mainly governmental policy) will drive the trends of the future (see p.18). Thus, only if the government continues to open industries, like banking, to foreign investment (see p.20), will we see an increase from the current 2% market share of multinational banks. In that scenario, Chinese banks could suffer pricing pressure and lower profitability, as seen in China’s banking value chain (see p. 11). For a better understanding of the issue, this report presents an overview of China’s banking industry (brief history, current status of its value chain) and then it highlights trends in both the international and Chinese market environment using scenarios that, as we will see, depend mostly on economic development and stability. The uniqueness of China’s banking industry arises from the institutional voids (immature financial market, poor regulation, large ownerships by government entities, lack of trained professionals, limited financial markets and products, and an inefficient finance allocation due to virtual intermediation monopoly and the capital controls). In order to evaluate if Chinese firms are able to compete with foreign firms in the domestic market (see p.32), I find that the CAGE distances (comparing with the banks in the Asian regions and worldwide averages) are the main obstacles to be overcome by multinational firms. However, multinational banks have the advantage of a more developed financial knowledge that could allow them to ARBITRAGE the immaturity of China’s fee-based business, to ADAPT, not by buying but by investing in the listed shares, or to AVOID the rules by listing foreign banks (dual listing, depositary receipts or A-H share classes), as an HSBC example will show. Finally, I must state that preparing this report has been particularly difficult because of the institutional void of information. For instance, “the numbers say Chinese Banks are doing brilliantly” but the market doubts the veracity of the numbers given the institutional void of poor information and regulation (The economist, 2011).