Economía
Permanent URI for this communityhttp://54.81.141.168/handle/123456789/175934
e-ISSN: 2304-4306
ECONOMÍA Journal was initially established as the “Revista Economía” of the Department of Economics of the Pontificia Universidad Católica of Peru (PUCP) in 1977. It is the oldest academic journal on economics in the country. Building on that legacy, ECONOMÍA has now been relaunched as an internationally refereed journal dedicated to publishing original academic research on economics in English, with an expanded and prestigious Editorial Board, as well as a large team of Associated Editors that guarantee the highest theoretical and methodological standards.
ECONOMÍA also offers a manuscript management platform that provides an eficient workflow among authors, associate editors and referees throughout the process of manuscript submission and evaluation. In this new stage, ECONOMÍA aspires to continue leading the progress of academic literature in the country as well as position itself in a prominent place in the Latin American region.
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Item Unknown Climate Risk Stress Test: Impact of Climate Change on the Peruvian Financial System(Pontificia Universidad Católica del Perú, 2024-06-20) Romero, Daniel; Salinas, Juan Carlos; Talledo, JacquelineWe develop the first climate risk Stress Test for the Peruvian financial system following a topdown approach. Focusing on the microeconomic channel, we evaluate how heavy rainfall and droughts, under a scenario of pure physical risk, will marginally affect the probability of default (PD) of borrowers by 2050. Using information from the Credit Registry, the National Oceanic and Atmospheric Administration (NOAA), and CMIP6 precipitation projections (37 modeling groups), we calibrate the marginal impacts differentiating by economic sector and geographical location. We find that, on average, by December 2050, the probability of default of the Peruvian financial system would increase by 4.9% with respect to December 2020. By geographic area, borrowers located on the northern coast (Piura, Lambayeque) and the southern highlands (Ayacucho, Cusco) would be negatively affected by heavy rainfall, while the rainforest (Madre de Dios, Ucayali) would be negatively affected by droughts. Moreover, the economic sectors affected by heavy rainfall or droughts would be agriculture, commerce, and transportation & communications.Item Metadata only Peru 2020-2021: Household Income, Consumption, and Savings during the Pandemic(Pontificia Universidad Católica del Perú, 2024-06-20) Francke, Pedro; Benites Garnique, JosuéPeru is among the countries hardest hit by the COVID-19 pandemic, experiencing significant losses in terms of lives and well-being. This study examines the income, expenditure, and savings patterns of Peruvian households amidst the pandemic, with a focus on rural/urban and formal/informal differences. Additionally, we analyze shifts in consumption, particularly regarding food and health expenditures. Utilizing data from the National Household Survey (ENAHO), we conducted a multi-period analysis at the quarterly level spanning 2019-2021, with the prepandemic quarter as the reference point. Our findings reveal substantial disparities between rural and urban areas, as well as within these segments based on the formal or informal employment status of household heads, regarding income, expenses, savings, and shifts in consumption patterns. While all segments experienced income reductions, rural households recovered swiftly but maintained reduced food consumption. Formal workers experienced less income loss and did not dissave, whereas urban informal workers were most affected in terms of income and food deprivation. Finally, we discuss how these findings can inform public policy discussions in Peru, particularly related to social protection.Item Metadata only Savings, Investment, Terms of Trade, and Sustainability of the Internal Approach: 1993 - 2019(Pontificia Universidad Católica del Perú, 2024-06-20) Villacampa Portuguez, Pablo LorenzoWelfare measures and their assessment involve a set of indicators that, as economic thought evolves, are subject to critique. Nonetheless, the ultimate debate focuses on the quality of life and the conditions fostered by each economy. Using data from the period 1993 to 2019, this paper presents an analysis of the current account and terms of trade, highlighting the significance of these variables, as they encompass important flows and contribute to shaping market conditions and the resulting benefits. The study employs both Vector Error Correction (VECM) and Structural Vector Error Correction (SVECM) models to explore the interplay between external dynamics and their effects on the economy. The findings reveal that an export price shock has an expansive effect on investment, yet its impact on savings becomes marginally significant over time. Unexpected shocks on investment are roughly 38% reliant on external factors, of which an average of 32% is attributable to export prices, underscoring the tight correlation between investment and international market dynamics. Notably, the results indicate that external dynamics primarily exert short-term effects. Consequently, despite periods of robust growth, reduced unemployment, and poverty reduction, these indicators have not proven to be sustainable in Peru.Item Metadata only From Cash to Deposits: Effects on Women’s Status andWell-being(Pontificia Universidad Católica del Perú, 2024-06-20) Marquez-Padilla, Fernanda; Parker, Susan W.We study the short term effects of an experiment which transitioned conditional cash transfer beneficiaries from receiving benefits in cash at temporary payment modules to receiving benefits through account deposits on women’s status, work and financial inclusion. The experiment was implemented in the context of the Mexican Prospera program in 150 communities in the state of Hidalgo. Our results suggest an immediate and important positive impact of the transition to deposits on women’s control of resources in the household.Item Metadata only Impact of Taxes, Transfers, and Subsidies on Income Distributionand Poverty in Argentina(Pontificia Universidad Católica del Perú, 2023-12-29) Rossignolo, DarioThis study evaluates the impact of direct and indirect taxes, as well as public expenditure on transfers (monetary and in-kind, economic subsidies, healthcare, and education), on income distribution and poverty in Argentina. It utilizes a standard fiscal incidence analysis and combines data from the Permanent Household Survey (EPH) and the National Household Expenditure Survey (ENGHo). The findings indicate that fiscal policy has been a powerful instrument in reducing inequality and poverty. However, unusually high levels of public spending could potentially render the programs unsustainable.Item Metadata only The Odyssey of science: The case of Karl Popper and Adolfo Figueroa(Pontificia Universidad Católica del Perú, 2023-12-29) Figueroa, Adolfo IvanWhat does the Immanuel kant´s paradox mean for science? Why is the difference between analytic and synthetic sentences-propositions a central puzzle in science, epistemology, analytical philosophy, and philosophy of science? These inquiries entail a profound research on the foundation of philosophy and science. Despite all this necessary endeavor, this brief article focuses on the case Popper-Figueroa with the purpose to highlight the basic philosophical challenges regarding the construction of the bedrock - the substantiality of ontology- or the substratum in the scientific process.Item Metadata only International Remittances and the Labour Market in Peru(Pontificia Universidad Católica del Perú, 2023-11-28) Nuñez, Roy; Arceo-Gomez, Eva OlimpiaInternational remittances are a relevant source of income in developing countries, with important implications for the labour market of recipient countries. Peruvian international migration is a particular case of Latin America, since it tends to be concentrated in middle-and high-income households and in highly educated people, who display particular preferences in relation to the labour market. Using data from 2004 to 2019, we analysed the impact of remittances on employment, hours worked, and wages of Peruvian workers. Our results show that remittances reduce labour participation by 9.8 percentage points (pp). On average, the effect is greater among dependent workers than self-employed workers (-7.5 pp versus -3 pp). Similarly, we observed an increase in hourly income in both types of work (10.1% and 65%, respectively). In this sense, the Peruvian case offers a new perspective on the effect of remittances on the labour market, where despite having most of its labour force in informal jobs and self-employment, it does not encourage employment in those sectors, as occurred in previous studies.Item Metadata only The effect of financial education on college students’ knowledge and skills(Pontificia Universidad Católica del Perú, 2023-12-29) Galarza Arellano, Francisco B.There is a growing literature on the importance of adults’ financial education, especially in developed countries. The literature is less abundant when it comes to assessing the effect of financial education programs on the individuals’ financial knowledge and behavior, particularly in developing countries. This article evaluates the effect of Gestionando mis finanzas (GMF) on the financial knowledge and skills of college students in Peru. With a duration of one month, this virtual course of basic financial education was very effective in increasing the financial knowledge of the students. In addition to an increase by 0.96 standard deviations in the financial knowledge score, GMF had considerable effects on the self-perception of financial knowledge and mathematical skills, as well as on savings behavior. The effects on other aspects of financial behavior, such as price comparison before purchasing, price bargaining, and budgeting, were modest. I did not find any differential effect by sex, but I did observe a greater financial learning in students from higher socioeconomic levels.Item Metadata only Altitude and Distance Relationships with the Multidimensional Poverty Index: The case of Peru(Pontificia Universidad Católica del Perú, 2023-08-23) Delgado, AugustoThis paper studies the potential association between two geographic indicators, distance and altitude, with the Multidimensional Poverty Index (MPI) for 1,874 district in Peru by using the National Census of 2017. We investigate whether higher altitude or longer distance is associated with higher MPI values. For this purpose, we use the distance of each district to three different potential spaces of reference. First, we use the shortest distance to the metropolitan area of Lima; second, the shortest distance to the capitals of coastal departments; third, and finally, the shortest distance to the sea. We obtain three relevant results. First, we find evidence that altitude is statistically significant and positive associated with variation of MPI among districts. Second, the distance with respect to the sea appears to be more relevant to explaining differences in MPI than the distance to the Metropolitan area or coastal departmental capitals. Finally, we find evidence of spatial externalities of MPI across districts which also seem to be stronger than the direct effect of altitude and distance.Item Metadata only Industrial Policies vs Public Goods under Asymmetric Information(Pontificia Universidad Católica del Perú, 2023-08-23) Hevia, Constantino; Loayza, Norman V.; Meza-Cuadra, ClaudiaThis paper presents an analytical framework that captures the informational problems and tradeoffs that policy makers face when choosing between public goods (e.g., infrastructure) and industrial policies (e.g., firm or sector-specific subsidies). The paper first provides a discussion of the literature on industrial policies. It then presents an illustrative model, where the economy consists of a set of firms that vary by productivity and a government that can support firms through general or targeted expenditures. The paper examines the cases of full and asymmetric information on firm productivity. Working under full information, it describes the first-best allocation of government resources among firms according to their productivity. It then introduces uncertainty by restricting information regarding firm productivity to be private to the firm. The paper develops an optimal contract (which replicates the first-best) consisting of a tax-based mechanism that induces firms to reveal their true productivity. As this requires high government capacity, the paper considers other simpler policies, one of which is the provision of public goods to all firms. The paper concludes that providing public goods is likely to dominate industrial policies under most scenarios, especially when government capacity is low.