Mostrar el registro sencillo del ítem

dc.contributor.authorAnzola, Camilospa
dc.contributor.authorVargas Pachon, Paola Sophiaspa
dc.contributor.authorMéndez-Morales, Edgard Albertospa
dc.date.accessioned2020-01-17T19:29:33Z
dc.date.available2020-01-17T19:29:33Z
dc.date.issued2019-04-17
dc.identifier.citationAnzola Morales, C., Vargas Pachón, P., & Morales, A. (2019). Transición entre sistemas financieros bancarios y bursátiles. Una aproximación mediante modelo de Swithing Markov. ECONÓMICAS CUC, 40(1). https://doi.org/10.17981/econcuc.40.1.2019.08spa
dc.identifier.issn0120-3932, 2382-3860 electrónicospa
dc.identifier.urihttp://hdl.handle.net/11323/5857spa
dc.description.abstractFinancial systems are considered to be one of the determinants of economic growth; these systems typically fall into two categories, banking and stock market. The literature on factors such as domestic credit to the private sector, traded shares (% of GDP), GDP per capita and inflation can be indicators of transition from one type of financial state to another. Therefore, the main contribution of this article is to determine the probability of transition between states of the banking financial system to a stock market and vice versa, present in emerging Latin American countries such as Mexico, Colombia, Brazil and Chile (belonging to the OECD). To perform these calculations, a twostate Switching Markov methodology is used as an analysis tool for the study period 2000-2016, with data from the World Bank in the financial information group. The results obtained reflect how over time, most countries remain in a single state, ie, despite international economic conditions there is no transition or changes in the financial system.eng
dc.description.abstractLos sistemas financieros se consideran como uno de los factores determinantes para el crecimiento económico; estos sistemas típicamente se reúnen en dos categorías, bancarios y bursátiles. La literatura referente evidencia a factores como el crédito interno al sector privado, las acciones negociadas (% del PIB), el PIB percápita y la inflación, pueden ser indicadores de transición de un tipo de estado financiero a otro. Por consiguiente, el aporte principal del presente artículo es determinar la probabilidad de transición entre estados del sistema financiero bancario a uno bursátil y viceversa, presentes en países latinoamericanos emergentes como México, Colombia, Brasil y Chile (pertenecientes a la Organización para la Cooperación y el Desarrollo Económicos-OECD). Para realizar estos cálculos se utiliza una metodología Switching Markov de dos estados como herramienta de análisis para el periodo de estudio comprendido entre 2000-2016, con datos provenientes del Banco Mundial en el grupo de información financiera. Los resultados obtenidos reflejan como a través del tiempo, la mayoría de los países se mantienen en un solo estado, es decir, a pesar de las condiciones económicas internacionales no existe transición o cambios de sistema financiero.spa
dc.format.mimetypeapplication/pdfspa
dc.language.isospa
dc.publisherCorporación Universidad de la Costaspa
dc.relation.ispartofseriesECONÓMICAS CUC; Vol. 40, Núm. 1 (2019)spa
dc.rightsCC0 1.0 Universalspa
dc.rights.urihttp://creativecommons.org/publicdomain/zero/1.0/spa
dc.sourceECONÓMICAS CUCspa
dc.subjectSistemas financierosspa
dc.subjectCadenas de Markovspa
dc.subjectOCDEspa
dc.subjectBancosspa
dc.subjectBolsas de valoresspa
dc.subjectFinancial systemsspa
dc.subjectMarkov chainsspa
dc.subjectOECDspa
dc.subjectBanksspa
dc.subjectStock exchangesspa
dc.titleTransición entre sistemas financieros bancarios y bursátiles. Una aproximación mediante modelo de Swithing Markovspa
dc.typeArtículo de revistaspa
dc.identifier.urlhttps://doi.org/10.17981/econcuc.40.1.2019.08spa
dc.source.urlhttps://revistascientificas.cuc.edu.co/economicascuc/article/view/2367spa
dc.rights.accessrightsinfo:eu-repo/semantics/openAccessspa
dc.identifier.doi10.17981/econcuc.40.1.2019.08spa
dc.identifier.eissn2382-3860spa
dc.identifier.instnameCorporación Universidad de la Costaspa
dc.identifier.pissn0120-3932spa
dc.identifier.reponameREDICUC - Repositorio CUCspa
dc.identifier.repourlhttps://repositorio.cuc.edu.co/spa
dc.relation.ispartofjournalECONÓMICAS CUCspa
dc.relation.ispartofjournalECONÓMICAS CUCspa
dc.relation.referencesAghion, P., Howitt, P. & Mayer-Foulkes, D. (2005).The Effecto Financial Development on Convergence: Theory and Evidence. The Quarterly Journal of Economics, 120(1). 173–222. http://dx.doi. org/10.1162/0033553053327515spa
dc.relation.referencesAllen, F., Bartiloro, L., Gu, X. & Kowalewski, O. (2018). Does economic structure determine financial structure? Journal of International Economics, 114(1). 389–409. http://dx.doi. org/10.1016/J.JINTECO.2018.08.004spa
dc.relation.referencesAllen, F. & Gale, D. (2000). Comparing financial systems. Cambridge: MIT Press.spa
dc.relation.referencesAllen, F., Gu, X. & Kowalewski, O. (2017). Financial Structure, Economic Growth and Development. [IÉSEG Working Paper Series 2017-ACF-04]. Recuperado de https://papers.ssrn.com/sol3/pa-pers.cfm?abstract_id=3035298spa
dc.relation.referencesBeck, T. & Levine, R. (2002). Industry growth and capital allocation:: does having a market- or bank-based sys-tem matter? Journal of Financial Economics, 64(2). 147–180. http://dx.doi. org/10.1016/S0304-405X(02)00074-0spa
dc.relation.referencesBetancourt, R., Misas, M. y Bonilla, L. (2011). La transmisión de las tasas de interés en Colombia: un enfoque multivariado con cambio de régimen [Pre-sentación]. Recuperado de http://www.banrep.gov.co/sites/default/files/publicaciones/archivos/mec4.pdfspa
dc.relation.referencesBruno, G., De Bonis, R. & Silvestrini, A. (2012). Do financial systems converge? New evidence from financial assets in OECD countries. Journal of Comparative Economics, 40(1). 141–155. http:// dx.doi.org/10.1016/J.JCE.2011.09.003spa
dc.relation.referencesCalvo, A. Parejo, J., Rodríguez, L. y Cuervo, Á. (2014). Manual del sistema financiero español (25 ed.). Barcelona: Ariel Economía y Empresa.spa
dc.relation.referencesČihák, M., Demirgüç-Kunt, A., Feyen, E. & Levine, R. (2012). Benchmarking Financial Systems Around the World. [Working Paper 6175]. Washington, D.C.: World Bank. http:// documents.worldbank.org/cura-ted/en/868131468326381955/pdf/ wps6175.pdfspa
dc.relation.referencesDemirgü-Kunt, A. & Levine, R. (2001). Financial structure and economic growth: a cross-country comparison of banks, markets, and development. Cambridge: MIT Press.spa
dc.relation.referencesDong, K., Hong, S. & Myung, H. (2018). ‘A study on Classification of Insider threat using Markov Chain Model’, KSII Transactions on Internet and Information Systems, 12(4). http://dx.doi. org/10.3837/tiis.2018.04.027.spa
dc.relation.referencesErgungor, O. (2004). Market- vs. bank-based financial systems: Do rights and regulations really matter? Journal of Banking & Finance, 28(12). 2869–2887. http://dx.doi.org/10.1016/J.JBANKFIN.2003.04.001spa
dc.relation.referencesFreixas, X. & Rochet, J-C. (2008). Microeconomics of banking. Cambridge: MIT Press.spa
dc.relation.referencesGerschenkron, A. (1962). Economic backwardness in historical perspective : a book of essays. Cambridge: Harvard University Press.spa
dc.relation.referencesGoutte, S. (2014). Conditional Markov re-gime switching model applied to economic modelling. Economic Modelling, 38(c), 258-269. http://dx.doi. org/10.1016/j.econmod.2013.12.007spa
dc.relation.referencesHerger, N., Hodler, R. & Lobsiger, M. (2008). What Determines Financial Development? Culture, Institutions or Trade’, Review of World Economics, 144(3). 558–587. http://dx.doi. org/10.1007/s10290-008-0160-1spa
dc.relation.referencesIMF, IFS and data files, and World Bank and OECD GDP estimates. (julio 10, 2018). Domestic credit to private sector by banks (% of GDP). [Fichero de datos]. Recuperado de https://data. worldbank.org/indicator/FS.AST. PRVT.GD.ZSspa
dc.relation.referencesKaufmann, S. & Valderrama, M. (2008). Bank lending in Germany and the UK: are there differences between a bank-based and a market-based country? International Journal of Fi-nance & Economics, 13(3). 266–279. http://dx.doi.org/10.1002/ijfe.345spa
dc.relation.referencesLee, B. (2012). Bank-based and market-based financial systems: Time-series evidence. Pacific-Basin Fi-nance Journal, 20(2). 173–197. http://dx.doi.org/10.1016/J.PAC-FIN.2011.07.006spa
dc.relation.referencesLevine, R. (2002). Bank-Based or Market-Based Financial Systems: Which is Better? [Working Paper 9138]. http:// dx.doi.org/10.3386/w9138spa
dc.relation.referencesLevine, R. (1997). Financial Develop-ment and Economic Growth: Views and Agenda. Journal of Economic Literature, 35(2). 688–726. Recuperado de https://www.jstor.org/ stable/2729790spa
dc.relation.referencesLevine, R. & Zervos, S. (1999). Stock Mar-kets, Banks, and Economic Growth. The World Bank (Policy Research Working Papers). http://dx.doi. org/10.1596/1813-9450-1690spa
dc.relation.referencesLevine, R., Beck, T. & Maksimovic, V. (2000). Financial Structure and Economic Development: Firm, Industry, and Country Evidence. [WPS2423]. http://dx.doi.org/10.1596/1813-9450-2423spa
dc.relation.referencesLópez, E. y Joa, L. (2001). Markov chains applied to the analyzis of the prog-ress of research projets. Revista cubana de informatica medica, 9(1). 44–51. Recuperado de http://www. medigraphic.com/cgi-bin/new/resu-menI.cgi?IDARTICULO=72043spa
dc.relation.referencesLuintel, K., Khan., M., Arestis, P. & Theo-doriditis, K. (2008). Financial structure and economic growth. Journal of Development Economics, 86(1). 181–200. http://dx.doi.org/10.1016/J. JDEVECO.2007.11.006spa
dc.relation.referencesMerton, R. (1995). A Functional Perspective of Financial Intermediation. Financial Management, 24(2). 23–41. http://dx.doi.org/10.2307/3665532spa
dc.relation.referencesProchniak, M. & Wasiak, K. (2017). The impact of the financial system on economic growth in the context of the global crisis: empirical evidence for the EU and OECD countries. Empirica, 44(2). 295–337. http:// dx.doi.org/10.1007/s10663-016 - 9323-9spa
dc.relation.referencesPussetto, L. (2008). Sistema financiero y crecimiento económico: Un misterio sin resolver. Palermo Business Review, 1(1). 47–60. Disponible en https://www.palermo.edu/economi-cas/cbrs/pdf/1Business04.pdfspa
dc.relation.referencesRajan, R. & Zingales, L. (1998). Financial Dependence and Growth. [Working Paper 5758]. http://dx.doi. org/10.3386/w5758spa
dc.relation.referencesRajan, R. & Zingales, L. (2003). Banks and Markets: The Changing Character of European Finance. [CRSP Working Paper No. 546]. http://dx.doi.org/10.2139/ssrn.389100spa
dc.relation.referencesRuss, K. & Valderrama, D. (2012). A the-ory of bank versus bond finance and intra-industry reallocation. Journal of Macroeconomics, 34(3). 652–673. http://dx.doi.org/10.1016/J.JMA-CRO.2012.05.004spa
dc.relation.referencesStulz, R. (2000). Financial Structure, Corporate Finance and Economic Growth. International Review of Finance, 1(1). 11–38. http://dx.doi. org/10.1111/1468-2443.00003spa
dc.relation.referencesTerceño, A. y Guercio, B. (2011). El crecimiento económico y el desarrollo del sistema financiero. Un análisis comparativo. Investigaciones Euro-peas de Dirección y Economía de la Empresa. 17(2). 33–46. http://dx.doi. org/10.1016/S1135-2523(12)60051-3spa
dc.relation.referencesZogning, F. (2017). Comparing financial systems around the world: capital markets, legal systems, and governance regimes. Economics, Management, and Financial Markets, 12(4). 43–58. http://dx.doi. org/10.22381/EMFM12420172spa
dc.title.translatedTransitions between banking and stock market financial systems. A Switching Markov model approachspa
dc.type.coarhttp://purl.org/coar/resource_type/c_6501spa
dc.type.contentTextspa
dc.type.driverinfo:eu-repo/semantics/articlespa
dc.type.redcolhttp://purl.org/redcol/resource_type/ARTspa
dc.type.versioninfo:eu-repo/semantics/acceptedVersionspa
dc.relation.citationissue1spa
dc.relation.citationvolume40spa
dc.type.coarversionhttp://purl.org/coar/version/c_ab4af688f83e57aaspa
dc.rights.coarhttp://purl.org/coar/access_right/c_abf2spa
dc.relation.ispartofjournalabbrevRevista Económicas CUCspa


Ficheros en el ítem

Thumbnail
Thumbnail

Este ítem aparece en la(s) siguiente(s) colección(ones)

  • Revistas Científicas [1682]
    Artículos de investigación publicados en revistas pertenecientes a la Editorial EDUCOSTA.

Mostrar el registro sencillo del ítem

CC0 1.0 Universal
Excepto si se señala otra cosa, la licencia del ítem se describe como CC0 1.0 Universal