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Cuadernos de Economía. Número 109. 2016.

Permanent URI for this collectionhttp://dspace7.ti.uam.es/handle/10486/685345

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    Non-bank financial intermediaries in Latin America: Shadow Banking?
    (Elsevier España S.L.U., 2015-08-15) Roa, María José; Warman, Fanny
    The aim of this study is to provide data on and an analysis of Shadow Banking (SB) in a heterogeneous group of nine Latin American countries. It is concluded that in these economies, the nature of SB is different from that in developed economies. While securitisation activities are performed in some of these countries, they are relatively limited in scope. SB in these economies could be linked to certain financial inclusion institutions with a regulatory framework that is either non-existent or more lax than that which exists for banking institutions.
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    The solvency of spanish credit institutions: A panel data analysis
    (Elsevier España S.L.U., 2016-01-01) Climent Serrano, Salvador
    This paper studies the determining factors that have influenced the solvency of Spanish credit institutions. Eight hypotheses are contrasted with data obtained from the annual accounts of credit institutions covering the period from 2004 to 2011.Two methodologies are used for testing the hypotheses. Econometric models an unbalanced panel data was used for the first six. From the results, it appears that a there is a dependence on the wholesale markets and the socio-economic situation, which has led to an increase in arrears and decline, contributing negatively to solvency. The portfolio of assets, investment property, leverage, increase in personnel expenses and administration and marginal interest and other income contribute to higher solvency. For the last two hypotheses discriminant analysis is used. A contrast between the different behaviours presented by the variables used in the econometric model and two sub-groups within the sample, that is: savings banks and banks on the one hand and entities that have received aid and on the other hand those that have not needed it. The results indicate that differences do exist between entities without aid, although not between commercial and savings banks.
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    The common good and economics
    (Elsevier España S.L.U., 2016-10-31) Crespo, Ricardo F.
    This paper analyzes the meaning of the 'common good' and its impact on economics. It adopts the 'classical notion of the common good' which, conceived by Aristotle and further developed by Thomas Aquinas, has been widely used for centuries. Sections 2 and 3 introduce Aristotle's view on this notion, followed by Aquinas' developments. Section 4 addresses the different meanings of common good in the 20th century. Given that the classical version of the common good implies an anthropological position and a theory of the good, Section 5 extracts them from Aristotle's works, while Section 6 deduces policy implications from the previous definitions. Finally, Section 7 analyzes two current economic theories from the point of view of their relation with the common good: economics of happiness and the capability approach. The final section presents a brief conclusion.
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    Formation of housing rental prices in Machala, Ecuador: Hedonic prices analysis
    (Elsevier España S.L.U., 2016-10-07) Zambrano-Monserrate, Manuel A.
    In Ecuador, the housing prices have been rising sharply in recent years due to external and internal factors of the region. In this study, an analysis is performed on the real estate market in the city of Machala. The hedonic prices method was used to explain the setting of prices for rental housing for the year 2013. To cushion the problem of omitted variables a heteroskedastic frontier regression model is used. Social, environmental, demographic, financial, variables, among others were used. Significant results were found in the environmental variables, such as the type of water supply, distance to central park (green areas), and waste disposal. Rental prices of houses with irregular water supply are 5.79% lower compared to those with a regular supply. In addition, households for which the method of waste disposal is through the municipal service, pay on average, 3.58% more rent than those that do not have this. The houses near the central park are the most valued, as such for every 100 away metres from the city centre, rental prices decrease on average by 5%. Households where life environment is good, rent more expensive properties.
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    Alternative stock markets: A regulatory perspective
    (Elsevier España S.L.U., 2016-02-02) Palacín-Sánchez, María José; Pérez-López, Carmen
    The debate over the appropriate regulation of financial markets has become a burning issue, especially as regards alternative stock markets aimed at small and medium-sized enterprises (SMEs). This article reviews the international research that, on the one hand, analyses alternative markets from an economic-regulatory perspective, and that, on the other hand, studies the control mechanisms that have been identified as key factors to overcoming the limitations of a light regulation, such as corporate governance, nominated advisors, and auditors. The results show that tougher legislation is not a panacea for solving the problems and the limitations that are presented by the development of these alternative stock markets, and that satisfactory results can be provided through the balance and permanent adjustment of the agents involved, and of control mechanisms.