Recent Submissions

  • Cooperativismo y su impacto en el rendimiento agropecuario local

    Paredes Díaz, Carlos; Moreno Huaccha, Kenji (CIES - Consorcio de investigación econonómica y social, 2019-08-01)
    Este documento examina el impacto de la membresía cooperativa agropecuaria sobre los rendimientos financiero y productivo en los años 2015 y 2016. Empleamos los modelos Propensity Score Matching y Pooled OLS sobre los datos del Censo de Cooperativas y de la Encuesta Nacional Agropecuaria. Nuestro análisis revela que la membresía cooperativa afecta positivamente los rendimientos en los sectores agrario y agropecuario, pero no en el sector pecuario. Dicho impacto supera los impactos estimados para otras formas de asociatividad. Asimismo, se encuentra un efecto spillover positivo de una localidad con alta presencia cooperativa sobre localidades aledañas. Finalmente, se descubre que la participación femenina en directorios cooperativos agropecuarios también influye positivamente sobre los rendimientos de los productores agropecuarios.
  • Social license to operate in the mining industry: the case of Peru

    Sícoli Pósleman, Claudia; Sallan, Jose M.; claudia.sicoli@upc.pe (Taylor and Francis Ltd., 2019-03-15)
    Mining is an important industry in Peru, but local communities where mining takes place do not perceive its benefits. Mining corporations need to achieve legitimacy within these communities. The main objective of this study is to identify the factors that determine the provision of social licenses to operate in Peru’s mining regions. We conducted this research using a case study of two Peruvian mining companies. Our study concludes with the identification of four essential factors needed to achieve a social license to operate within these communities: a deep understanding of the socioeconomic environment, a strong commitment to the community, an active presence of Government, and effective communication between the actors involved in mining activities. The combination of these elements can result in improved trust levels between companies and society, enabling all agents to recognize the costs and benefits resulting from mining.
    Acceso abierto
  • An empirical application of a stochastic volatility model with GH skew Student's t -distribution to the volatility of Latin-American stock returns

    Lengua Lafosse, Patricia; Rodríguez, Gabriel; patricia.lengua@upc.pe (Elsevier B.V., 2018-08)
    Using daily stocks returns data of a set of Latin-American countries (Argentina, Brazil, Chile, Mexico and Peru) for the sample period 1996:01–2013:12, we estimate a stochastic volatility model incorporating both leverage effects and skewed heavy-tailed disturbances through of the GH Skew Student's t-distribution based on Bayesian estimation method proposed by Nakajima and Omori (2012). Two alternative models are estimated, one using an alternative Skew Student's t-distribution and the other using a symmetric Student's t-distribution. The results suggest the presence of leverage effects in all markets except for Peru where the evidence is unclear. In addition, there is evidence of asymmetries and heavy tails in the Argentina and S&P500 markets while in the other countries there is no robust evidence of such characteristics. Using the Bayes factor, the results indicate that the SVGHSkewt model dominates the other two models for the cases of Peru, Argentina, Brazil and S&P500 whereas the simple SVt model is preferred for the markets of Mexico and Chile. Similar findings are obtained after performing a robustness analysis regarding the priors of the parameters associated with the skewness and the tails of the distribution.
    Acceso restringido temporalmente
  • Tracking Exchange Rate Management in Latin America

    Universidad Peruana de Ciencias Aplicadas (UPC) (Elsevier B.V., 2015-03-18)
    The exchange rate is one of the most important prices in any open economy. Tracking deviations from its long-run value may provide important information for policymakers. One way to track such deviations is to examine numerical patterns in exchange rates to see if the patterns appear to have been subject to some degree of policy management. Following this approach, we use Benford’s Law as our base case for free-floating exchange rates. Benford’s Law argues that the frequence of the appearance of numerals finds 1’s more frequent, than 2’s, than 3’s, etc., and this established statistical patterns has been verified and used in research tests in many scientific fields. We apply our forensic approach to exchange rates, computing the distribution of exchange-rate observed values and comparing them with those of Benford’s Law. We document such cases for 15 Latin American countries. Latin American countries are small open economies that are characterized for having different degrees of dollarization and intervention in the forex market, primary based on US dollar transactions. This is an alternative view of how these characteristics play a role with respect to an implied equilibrium exchange rate.
    Acceso abierto