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Cuadernos de Economía. Número 111. 2016.

Permanent URI for this collectionhttps://hdl.handle.net/10486/685347

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    Money, income, and capital: A reform of the system of national payments
    (Elsevier España S.L.U., 2016-10-27) Carrera, Andrea
    Despite business investment prompts economic growth, it is necessary to ask what financial problems eventually arise at the national level when investment is carried out, and what banking policies may be enacted to avert them. One of the main arguments of this work consists in the role potentially played by commercial banks whenever these policies are conducted. Monetary institutions should recognize a fundamental difference between distributive payments and those transactions that are at the origin of new income. We argue that a reform of the system of national payments would prevent monetary disorders from triggering any divergence between global demand (households’ purchasing power) and global supply (output).
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    Is there discrimination against women in the Ecuadorian labour market?
    (Elsevier España S.L.U., 2015-12-03) Posso, Alberto
    Most studies addressing gender inequality focus exclusively on the wage gap. This work aims at correcting this bias by focusing on factors such as employment, formality of employment and underemployment. Ecuador has been chosen as a scenario for this study because of its relatively unique labour market structure in Latin America. Using survey data at a household level, this study finds evidence of discrimination against women in the form of lower wages and disparities in terms of employment, underemployment and formality. It is argued that equal pay legislations could foster the reduction of these gaps. This study also recommends policies driven to promote equality at home by, for example, teaching the benefits of formal employment to household members.
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    Exposure to interbank market and risk-taking by Mexican banks
    (Elsevier España S.L.U., 2015-12-19) Tovar-García, Edgar Demetrio
    Banks can avoid bank runs and panic using the interbank market as a type of coinsurance. Moreover, because of the possibility of losing financial assets, they theoretically have incentives to monitor their peers, borrowing in this market. This paper examines whether bank risks are explained by their exposure to the interbank market. The market discipline hypothesis suggests that bankers are well equipped to monitor their peers, and the interbank borrowing is par excellence an uninsured deposit. Consequently, banks with a larger exposure to the interbank market should present strong bank fundamentals. Using a sample of 37 Mexican banks, from December 2008 to September 2012, and dynamic panel models based on the SYS GMM estimator, I did not find evidence in favor of the market discipline hypothesis. These results are robust to different indicators of bank risk and exposure to interbank markets. This is a wake-up call for policymakers, who should restore market discipline in interbank operations, following the disclosure policy in Basel III.
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    Alibaba and the more than forty speculators. From the «Open Sesame» to «technology-company bubble bursts in Wall Street»
    (Elsevier España S.L.U., 2016-01-16) Sotelo González, Joaquín; González García, Joaquín
    Less than 15 years after the technology bubble burst of the late 20th century (dotcom/Tech) that led to a deep economic downturn for the Tech sector in 2001, there are now fears that today's markets seem to have forgotten the hard learned lessons from this not too distant disaster. After careful analysis of several reports published by the Securities and Exchange Commission and a detailed monitoring of the Tech Industry outcomes found in the general and specialised media over the last 5 years, a study is presented outlining the current situation of the Tech securities market. Considering the latest strong growth of the abovementioned market, it is not difficult to see that overheating has remerged, and the debate is now on whether the results this time will be different from those of the recent past.
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    Integration, financial contagion and securities risk: Empirical evidence for the period 1995-2016
    (Elsevier España S.L.U., 2016-10-10) Piffaut, Pedro V.; Rey Miró, Damià
    Contagion is generally defined as the correlation between markets above what is already implicit in the fundamentals of the underlying assets. However, there is considerable disagreement on definitions of the foundations and the mechanisms that link these asset returns. The present study aims to capture and detect the spread between the main stock indices in the United States, Europe and Asia markets.
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    Interoperability between Central Counterparties: Impact on the distribution of capital consumption among member firms
    (Elsevier España S.L.U., 2016-09-03) Massa, José J.
    Central Counterparties (CCPs) are financial infrastructures designed to reduce counterparty risk. They do so by virtue of novation of trades, becoming the buyer to the seller and the seller to the buyer. CCPs manage the counterparty risk collecting Margins from its Members. Interoperability among CCPs allows those Members that maintain positions in several CCPs (like big investment banks or HFTs) to concentrate all their trades in one CCP. After an Interoperability arrangement is implemented, these Members can reduce their total exposure by netting long and short positions, thus enjoying a reduction in the Margins they have to post. But Interoperability reduces the Margins for some Members at the price of creating new risks for the whole system. These new risks have to be covered with Interoperability Margins, additional to the Position-related ones. As a consequence, Members with a below-average use of Interoperability – like local Banks or final investors – will suffer an increase in the Margins they have to post. Interoperability – which is compulsory in Europe by virtue of EMIR – implies a transfer of capital from local Banks and final investors to big Investment Banks and HFTs. The rationale for defending such a policy should be openly discussed: it is not easy to realize why capital in the hands of HFTs and big Investment Banks is preferable to capital in the hands of local Banks and buy-side firms.