Vol 27, No 62 (2024): Enero-Junio

This research aimed to analyze the effect of the COVID-19 pandemic on evidences of financial contagion and the response of the Peruvian stock market to shocks occurred in the stock markets of various emerging countries amid the COVID-19 health crisis. Additionally, it conducts a comparative analysis of the effects of volatility in pre- and post-pandemic times. The method used applied dynamic correlation models and vector autoregressive models on daily time series of stock indices from January 2005 to December 2022. Conditional dynamic correlations and Granger causality directions were estimated. The most salient findings are a significant increase in the dynamic correlation index during the crisis period compared to pre-pandemic periods and even higher than those observed during the American financial crisis in 2008. Furthermore, causality was estimated at optimal lag levels, and the responses of the Peruvian stock market were shown as empirical evidence of financial contagion. This research is important for monetary policy in Peru, for stock market pricing, and for the diversity of options in structuring investment portfolios with international financial assets that seek efficiency in risk management and returns.

The purpose of this work is to characterize the bibliographic content according to the behaviour of financial risks in the banking and insurance sector during the crisis caused by the covid-19 pandemic. To achieve this, a bibliometric review with Bibliometrix of RStudio and a systematic review of the literature between 2020 and 2023 were carried out, to identify the places, universities, countries and authors that have studied the topic, as well as the possible problems and characteristics of the financial sector (banking and insurance) from the beginning of the restrictions resulting from covid-19 until today. It is highlighted that Anglo-Saxon and European countries are the ones that have studied these issues the most, in addition to identifying the importance of the sector within the recovery of the economy in emerging countries, as well as to identify and characterize the credit and portfolio risks as they can be minimized from empirical aspects and if it is the case, to generate the necessary strategies so that the materialization of these risks does not have a great impact within the economic context of the sector and the country's economy.

The aim of this work was to evaluate the measures adopted by the Central Bank and by the National Bank for Economic and Social Development (BNDES) to mitigate the effects resulting from the COVID-19 crisis, in the light of the discussion regarding the importance of public banks, not only as instruments for the correction of market failures, but also as drivers of economic development. The methodology was based on the analysis of government programs and disbursements by public banks, especially the BNDES, in addition to the actions of the Central Bank, against the backdrop of ongoing transformations in financial market, in macroeconomic context, and in the balance of forces in federal government. The study showed the relevant role of public banks in increasing credit for financial and non-financial companies and in supporting health entities, despite the adverse economic and political context.

Neighborhood stores are recognized nationally as a traditional distribution channel, which is responsible for marketing family basket products at very low prices and with the opportunity to offer credit to their customers, which is known as 'fiado'. The arrival of large commercial surfaces in the city of Tunja has generated new dynamics in the management of personal finances in this market niche. The objective of the research is to analyze the management of personal finances of the storekeepers in the city of Tunja. The research is framed in the descriptive correlational quantitative paradigm and was carried out with a random sample of 200 storekeepers. A survey focused on financial management data and commercial practices was used, which was validated by experts and evaluated using Cronbach's Alpha statistic to ensure its reliability. The results indicate a lack of financial education, absence of formal records, and long-term planning among the storekeepers. The importance of promoting financial education to improve their finances and support government policies that favor financial inclusion and provide support to the storekeepers to strengthen the local economy is emphasized.

Trade liberalization has been a tool for country development. This research aimed to show, firstly, that trade liberalization generates, in the long run, distributive effects inducing internal conflicts within countries. Secondly, economies of scale and productivity increases lead to conflicts between countries due to the competition generated by attempts to maintain or gain market share in international markets. The results are derived from the Stolper-Samuelson theorems for internal effects and participation functions to visualize conflicts between countries. Thirdly, Nash equilibria resulting from modeling various trade policy schemes following a strategic approach are structured and analyzed. Finally, it is concluded that countries can improve outcomes from international trade if they apply strategic trade policy schemes that make room for potential actions of their opponents within a game theory framework.

An agrivoltaic system is a strategic and innovative approach that combines renewable energy with agricultural production. Several existing studies describe the advantages of agrivoltaic systems from different points of view. However, a deeper analysis of these systems is needed to understand their economic viability and their compatibility with the main agricultural products in Colombia, such as coffee. A literature review was conducted with the aim to determine the current status and economic viability of this technology in Colombia, as well as define the main profits generated by this system. Additionally, an analysis of the implementation of this technology in other countries was carried out to determine the costs and estimate the profitability of this system based on the simulation of a case study. The results of the research revealed that in the proposed designs for the agrivoltaic system, the expected profitability is up to 9% with a return of investments in the medium term. This presents a great approximation to the implementation of agrivoltaics systems in Huila and their compatibility with coffee cultivation.

El principal objetivo de este artículo es analizar la corrupción en el sector educativo en Brasil. Para cumplir con este objetivo, se construyó un índice de corrupción en el área de educación para los municipios brasileños y a partir de él se verificaron sus determinantes en un modelo econométrico, con las variables explicativas dispuestas en cuatro dimensiones: (i) institucional; (ii) gestión administrativa y pública; (iii) transparencia publica, y (iv) factores geográficos, económicos y sociales. La principal referencia de datos fueron los Informes del Programa de Inspección Municipal de la Contraloría General de la Unión (CGU). Entre las principales evidencias empíricas encontradas, se corrobora la hipótesis de que los municipios con menor nivel de desarrollo y educación y, por tanto, con más deficiente control social, son los más vulnerables a la ocurrencia de irregularidades con los recursos públicos. Por otro lado, los resultados obtenidos confirman la importancia de promover la transparencia en la gestión pública como mecanismo para inhibir la corrupción y como herramienta para ayudar a controlarla.

Informal economy is considered a global issue, causing significant distortions in economic development, particularly in less developed regions. This research focuses on exploring crucial elements for estimating the size of this phenomenon in non-capital regions of Colombia, identifying underestimation traits. The methodology encompasses an exploratory scope based on theoretical review, utilizing tools such as the ILO, the Mimic Method, and measurement methods with connected indicators, applied in Mexico and Europe. Although adopted in some Latin American countries, the results have been limited. The study concludes with a quantitative and evaluative approach, generating new indicators to enhance the estimation of the informal economy and understand the behavior of this sector in Colombian regions. Current metrics fail to pinpoint the dynamics of this sector, and this quantitative approach contributes to a deeper understanding of its behavior. This work contributes to the discussion on how to address and measure the informal economy, providing a more solid foundation for the formulation of policies and economic strategies in specific contexts.

The acquisition of housing is considered a key element in ensuring quality of life; however, this event is affected by various variables that can either facilitate or hinder the achievement of this goal, such as the interest rate. The objective of this research is to analyze the impact of fluctuations in interest rates on housing credit disbursements in Colombia during the period 2018-2023, evaluating both the social interest housing (vis) market and the non-social interest housing market. The methodology used includes dividing the data into three different periods: pre-pandemic, pandemic, and post-pandemic, with a total of 64 data points analyzed. Through descriptive statistics and correlational analysis, the change in interest rates and their impact on the number of disbursements for both types of housing are evident. The results reveal that the interest rate had a greater influence on vis disbursements during the pandemic period, which raises significant implications for monetary policy and the mortgage market in Colombia, particularly in evaluating the long-term effects of a high interest rate.