Artículos de revistas

URI permanente para esta colecciónhttps://hdl.handle.net/20.500.12640/4067

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2011 - 20142

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Autor: search.filters.author.Guillén, JorgeTema: search.filters.subject.Data Envelopment Analysis

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    ÍtemAcceso Abierto
    Latin American private pension funds’ vulnerabilities
    (Centro de Investigación y Docencia Ecónomicas, 2011) Guillén, Jorge
    In the last years, we have been witnesses of significant large rates of return in most Latin-American private pension fund institutions (PPF). This outstanding performance of funds can be explained by an economic boom in the region. However, these funds have lately been hampered in some countries, something that contrasts with the successful performance of private pension funds’ returns. We measure management performance with the Data Envelopment Analysis (DEA) technique, and test a sample of eight countries in Latin America to determine if there is any vulnerability in the private pension funds. The results are relevant for policy makers and regulators of pension funds.
  • Miniatura
    ÍtemAcceso Abierto
    Relative power and efficiency as a main determinant of banks’ profitability in Latin America
    (Elsevier, 2014-02-22) Guillén, Jorge; Rengifo, Erick W., & Ozsoz, Emre
    Despite the financial sector liberalization and openness that started in the earlier 90's and significant macroeconomic development as well as increasing inflow of capital toward the region, there is not any evidence of the reduction of interest rates as well as banks' profits in Latin America. In this paper we develop a model to estimate the determinants of Latin American banks' profitability and, try to understand the reasons why banks are reluctant to decrease their interest rate spreads even when change in competitiveness in the financial system is improving. By using Data Envelopment Analysis to better exploit the information of several variables at the same time and, by employing a sample of 200 Banks located in Argentina, Bolivia, Brazil, Costa Rica, Ecuador, El Salvador, Mexico, Nicaragua, Paraguay, Peru, Uruguay and Venezuela; we find that banks' profits grew consistently above the normal levels of profits adjusted by risk. Our results show that banks in Latin America have been profiting from their oligopolistic position in detriment of their clients in particular and of their whole economy in general.