Spanish Abstract:</B> Aunque no se puede desconocer la transformación que ha atravesado el mercado de capitales colombiano en las últimas dos décadas, su desarrollo futuro requiere superar una serie de retos estructurales. De lo contrario, existe el riesgo de que éste se estanque (como ha...

This paper is aimed to answer a set of questions through an examination of the literature and empirical evidence on annuities. Every section of the paper try to address one specific question, naming: How important is the ageing problem in the world? How is social security being replaced or...

Resumen El otorgamiento de microcréditos de forma eficiente y transparente a través de plataformas digitales a individuos que desarrollan actividades económicas y que buscan mantener su empleo y el de sus trabajadores y que no tienen acceso al sistema financiero convencional es, sin duda, un...

In this paper, we explore the impact of the COVID-19 pandemic on the credit risk of large European companies. We selected corporations belonged to the EuroStoxx 50 Index and whose CDS (Credit Default Swap) may be found in the iTraxx Europe Index. Then we applied the methodology of event studies...

This book represents the first comprehensive effort to analyze informal finance in Peru. We gathered data from a survey designed to capture formal and non-formal credit and savings transactions. We surveyed rural households, urban micro entrepreneurs, and wholesalers from three regions: Junin,...

Until march 2008, two types of institutions coexisted in the bolivian micro financial market : the Microfinancial Institutions for Development (IFD, in spanish), which activities were mainly rural oriented and were not governed by the same banking regulations as all other financial institutions...

The aim of this study is to estimate the future amount of pensions and replacement rate of the individuals affiliated in the Peruvian private pension system. I use Montecarlo simulations that consider independent stochastic processes for the return rate, wage growth, and discount rate of the...

The aim of this research is to assess the determinants of future pensions in the Peruvian Private Pension System (SPP). For this goal, we describe the process for accumulation of funds (a stochastic Wiener process), income streams and employment spells, and then we perform sensitivity analysis...

This paper analyzes the relationship between the quality of the commercial credit portfolio and diversification in the financial entities of Argentina during the period 1998-2006. To this effect, a database of the financial sector (banking and non-banking) is used, which allows to consider three...

Increasing attention is paid to risk management under the recent regulatory frameworks of the insurance and financial sectors. It is required by the regulator that institutions have a capital to face potential losses from their activity. This capital is usually assessed by means of risk...