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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Open Access
Culture and innovation in Peru from a management perspective
(CENTRUM Publishing, 2012) Scott, Gregory Joseph; Chaston, Ian
Political stability, macro-economic caution and the aggressive pursuit of free trade have enabled Peru to emerge as one of the fastest growing economies in Latin America. This economic expansion has created heightened interest in the evolution of corporate culture and its influence on firm performance. This paper examines organizational performance in relation to the influence of cultural values on innovation by means of a survey of upper level managers. Involvement in innovation did not assist sales growth whereas involvement in open innovation did. There was a positive relation between open innovation and power distance and uncertainty. No relationship was identified for individualism and masculinity. Practical implications are open innovation may enhance business performance while declining power distance and lower aversion to uncertainty can have a positive impact as well.
Open Access
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).
Open Access
Transportation Costs and the Social Savings of Railroads in Latin America. The Case of Peru
(CENTRUM Publishing, 2012) Zegarra Basurco, Luis Felipe
This article estimates the social savings of the railroads in Peru in the late 19th and early 20th centuries. The construction of railroads made it possible for Peruvians to substitute the traditional system of mules and llamas, although only for a few routes. Using primary and secondary sources, I estimate the social savings for 1890, 1904, 1914 and 1918. Social savings ranged between 0.4% and 1.4% of GDP in 1890, but then increased to a range between 3.7% and 9.5% of GDP in 1918. The social savings of railroads in Peru were comparable to those for the United States and Great Britain, but were much lower than those for Mexico, Brazil and Argentina.
Open Access
Evaluating the Performance of Indian Banking Sector using Data Envelopment Analysis during Post-Reform and Global Financial Crisis
(CENTRUM Publishing, 2012) Kumar, Mukesh; Vincent, Charles
Enticed by the reform of Indian banking sector in the early 1990s and further slowdown in the economy as a result of global financial crisis in late 2000s, the current study analyzes the performance of Indian banks using data envelopment analysis. The performance is measured in terms of technical efficiency, returns-to-scale, and Malmquist productivity index for a sample of 33 banks, consisting of 19 public sector and 14 private sector banks during the period spanning 1995-96 to 2009-10. The jackknifing analysis, followed by the dummy variable regression model is used to identify the outlier and its possible impact on overall efficiency trends. Findings reveal that efficiency scores are robust in the sense that the inclusion of outlier does not affect the overall efficiency trends. The public sector bank is faintly doing better than the private sector banks in terms of (i) technical efficiency since 2003-04 and (ii) scale efficiency from 2000-01 onwards. There is growing tendency of public banks operating under increasing returns to scale, implying that substantial gains could be obtained from altering scale via either internal growth or consolidation in the sector. The difference in the Total Factor Productivity (TFP) change between these two types of banks is found to be statistically significant in favour of public sector banks. The technological change has been the dominating source of productivity growth, whereas, the contribution of pure efficiency change and scale change are found to be negligible in Indian banking sector during the period of study. The reform in Indian banking sector has clearly re-energized the Indian banking sector as a whole, resulting in a positive change in TFP through technological change possibly as a result of adoption of latest technology and new business practices in post reform period. However, there is evidence of shrink in the market resulting in movement of the banks towards increasing returns-to-scale as well as negative growth in TFP in both the sectors during the period of global financial crisis.
Open Access
The Impact of Deposit Dollarization on Financial Deepening
(CENTRUM Publishing, 2012) Court Monteverde, Eduardo; Ozsoz, Emre; Rengifo Minaya, Erick Williams
Banks in highly dollarized economies face risks that significantly affect their ability to perform their financial intermediation role. In these economies, dollarization plays a dual role: on one hand, it provides a hedging instrument protecting the value of savings and, on the other hand, it generates currency mismatch on banks’ balance sheets and increases default risk. Through these effects deposit dollarization can impact credit extension. This paper investigates the role of deposit dollarization on the financial depth of 44 emerging market economies. Findings suggest that deposit dollarization has a consistent and negative impact on financial deepening, except in high-inflation economies.
Open Access
Adapting Fuzzy Linguistic SERVQUAL Model: A comparative analysis of bank services in Malaysia
(CENTRUM Publishing, 2012) Vincent, Charles; Kumar, Mukesh; Suggu, Srinivas
Fuzzy logic provides a useful tool for dealing with decisions in which the phenomena are imprecise and vague. The application of non-parametric statistical analysis in the SERVQUAL model could be more meaningful in the presence of skewed distribution of customers’ scores. The current paper aims to construct a fuzzy SERVQUAL method for evaluating the service quality of banks in Malaysia for different market segments, namely conventional, Islamic and foreign banks. Further, a comparison of service quality gaps has been assessed with respect to demographic characteristics of the customers to answer a fundamental question “What do customers want from banking services and which elements of service quality is important for different customers?” The sample is made up of 766 bank customers, consisting of the customers from conventional, Islamic and foreign banks from different parts of Malaysia. The data have been collected by using the structured questionnaire, which consists of three sections. Section 1 deals with consumers’ usage of banking channels and their banking behavior. Section 2 contains 26 statements related to service quality dimensions based on past literature. Finally, Section 3 contains the questions related to the socio-demographic profiles of respondents. First, the effectiveness of the Fuzzy linguistic scale and the Likert scale was compared by using the test of internal consistencies on dimensions of service quality. Further, the assumptions of analysis of variance (ANOVA) were checked for appropriateness of statistical analysis to be performed for the comparative analysis. Finally, the SERVQUAL gaps are analyzed and compared across 3 market segments and different groups of customers based on demographic characteristics by using non-parametric approach.
Open Access
La Innovación en la Organización de Servicios con el Sistema de Solidaridad en Perú
(CENTRUM Publishing, 2012) Arroyo Laguna, Juan; Pastor Goyzueta, Ada
To analyze the performance of Solidarity System (SISOL) in Lima Metropolitan in the period 2004-2011, and its relation to its organizational model, in contrast to other performances and offer models existing in the health sector in Peru. The measurement of the performance indicators was based on data from SISOL, a survey to 4.570 users of SISOL applied in the last quarter of 2011, the National Household Surveys of the years 2003-2011 and statistical information from the Ministry of Health and Social Security. The study revealed positive results in terms of growth of SISOL´s demand in Lima, high productivity of consultations by human resource and high levels of user satisfaction. The study explains the relationship of these results with the characteristics of SISOL model: 1) the presence of specialists in primary care, 2) financial self-sustainability of the system, and 3) shared risk between public sector and micro-enterprise services. The strategy of development of this innovation was from outside of institutional contexts resistant to change. The results support the necessity of renewing primary health care, particularly for urban areas, correcting the unnecessary escalation. They also show the possibility of public-private synergy in a different model from outsourcing, in which both sectors share risks and act collaboratively in each facility. Finally, SISOL calls to imagine new articulation ways in segmented models.
Open Access
Free Banking and Bank Entry in Latin America
(CENTRUM Publishing, 2012) Zegarra Basurco, Luis Felipe
This article analyzes the impact of free-banking on the banking sector in Latin America in the 19th and early 20th centuries. I use data for seven countries to compare the entry of banks and the growth of bank output prior and after the enactment of free-banking laws to determine whether free-banking (by establishing general requirements for granting note-issuance rights) lowered barriers to entry. The results show that in most Latin American countries the adoption of free-banking laws did not cause in the short run an increase in bank entry and in bank output growth.
Open Access
Analizando la Evolución de los E-servicios en los Principales Municipios Peruanos
(CENTRUM Publishing, 2012) Bohórquez López, Victor Wilfredo
The aim of this study is to analyze the evolution of development of e-services provided by major Peruvian municipalities, for which information is collected in late 2006 and mid 2012 in 43 municipalities of Lima. The results show that they have evolved positively in terms of access to information, as well as consultations and online payments, but there are many e-services to improve. On the side of citizen participation, municipalities are using social networks to be closer to citizens, giving them the option to interact in an environment that is more familiar to them.
Open Access
The need of an integrated approach for studying the mergers and acquisitions in Latin America
(CENTRUM Publishing, 2014) Chión Chacón, Sergio Julio; Alfaro Paredes, Emigdio Antonio
The financial theory about the increased market of mergers and acquisitions in the world, presented diverse reasons for entering into this type of strategic processes, different results about the success or the failure after some years of functioning, and diverse approaches for a better comprehension about financial and non financial variables which are related to those results. In this paper, these themes were explained with a special attention to the market of mergers and acquisitions in Latin America, due to its special characteristics as emerging market and concluded that although the approaches for studying the mergers and acquisitions are so diverse, the proposition of another approaches for researching mergers and acquisitions in Latin America could be related to the situation of the firms to be joined (financial and non financial), the management of those processes, the characteristics of those processes, and the economic behavior of the countries of the firms.
Open Access
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.
Open Access
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.
Open Access
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.
Open Access
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.
Open Access
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.
Open Access
Débil Competitividad e Institucionalidad: El crecimiento no sostenible del modelo informal
(CENTRUM Publishing, 2015) Arroyo Laguna, Juan
El estudio se basa en una amplia revisión bibliográfica y documental, así como en bases de datos de estadísticas nacionales e internacionales. Revisa las diferentes teorías sobre las relaciones entre informalidad, competitividad e institucionalidad y las contrasta con lo sucedido en los últimos diez años en el Perú, valorando aquellas que pueden dar cuenta de la articulación de lo formal e informal. Revela que se ha producido una combinación de crecimiento sin competitividad y con un debilitamiento institucional, que es el modelo de economía y sociedad de la informalidad. Se fundamenta el paso de la “informalidad blanda” a la “informalidad dura”, con la consiguiente expansión de la cultura de trasgresión y encarecimiento de los costos de transacción. Concluye que el ciclo de crecimiento no sostenible que se vivió en la década pasada produjo un éxito fácil que estará a prueba con el cambio en el entorno global y nacional.
Open Access
Knowledge and Participation of Barranquilla’s Citizens in the Colombian Stock Market
(CENTRUM Publishing, 2015) León, Guillén; Afcha Chávez, Sergio Moisés
This paper empirically examines the level of awareness and participation of citizens of Barranquilla in Colombia's stock market. To do this, we surveyed 800 individuals distributed in five locations in the city. Using a logit model type factors influencing the level of market knowledge of small investors as well as the variables that influence the probability of investment are estimated. The results show that the income range is the variable with the greatest influence on the level of knowledge and investment in the stock market. Finally, it is confirmed that this is a market with very specific characteristics in which, in most cases, enter those with a full knowledge of investments they put in.
Open Access
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.
Open Access
Indicadores de Productividad y Competitividad Regional Relacionados al Agro
(CENTRUM Publishing, 2015) Coronado Del Águila, Francisco
A nivel mundial, la competitividad de un país es evaluada comparando: la tecnología, el desarrollo empresarial, la infraestructura física, y los mercados de capital, entre otros. Para definir la productividad regional de un país, considerando los factores agrícolas, se plantean indicadores relacionando: la población rural, la disponibilidad de agua y suelo, y el peso y el valor bruto de la producción, encontrando que la costa norte de Perú, la que ha recibido las mayores inversiones para irrigaciones, ocupa el primer lugar. Los bajos valores de los indicadores, han indicado oportunidades de mejora que pueden alcanzarse con políticas apropiadas. La competitividad de cada región resulta de comparar los valores de productividad. La comparación de la prelación por orden de competitividad de las regiones no caracterizadas por producción agrícola, coincide con los presentados por CENTRUM Católica en los años 2013 y 2014, y el Instituto Peruano de Economía.
Open Access
Time use in the city and labor productivity: Distribution patterns of work, transportation and leisure
(CENTRUM Publishing, 2015) Arroyo Laguna, Juan
The study examines the patterns of time use in Metropolitan Lima, its deciding factors and the reciprocal influence among times, based on the National Time Use Survey. A typology of working hours in the city is identified, with particular mixtures of time uses, some with efficient time uses and some without, in an urban environment without planned time management. Three main use patterns are recognized: adult workers, women devoted to household chores and single men. It is proven that work time is affected mainly by income level and age, travel time by main occupation, and free time by age. It is confirmed that the population spends time outside of work in activities that do not necessarily imply rest. The individual margins for an optimum time management are narrow. The contrast between the results with the literature on the topic reveals a lot of similarities but also differences.