Revista de Análisis Económico (RAE) es una publicación de carácter internacional y bilingüe del Departamento de Economía, Facultad de Economía y Negocios de la Universidad Alberto Hurtado. La revista, que se publica dos veces por año, en abril y octubre, tiene por objetivo estimular la producción y el intercambio intelectual de estudios teóricos y empíricos en materias económicas.
Lee aquí el último número RAE
EDITORES
- Rafael Roos Guthmann, Universidad Alberto Hurtado
- Rocío Valdebenito, Universidad Alberto Hurtado
ASISTENTE EDITORIAL
- Carolina Bermeo M., Universidad Alberto Hurtado
ASSOCIATE EDITORS / EDITORES ASOCIADOS
- Joaquín Coleff, Universidad Nacional de La Plata, Argentina
- Constantino Hevia, Universidad Torcuato Di Tella, Argentina
- Claudia Martínez, Pontificia Universidad Católica de Chile
- Consuelo Silva, Pontificia Universidad Católica de Chile
EDITORIAL BOARD / CONSEJO EDITORIAL
- Claudio Agostini, Universidad Adolfo Ibáñez, Chile
- James Albrecht, Georgetown University, USA
- Guillermo Calvo, Columbia University, USA
- Augusto Castillo, Universidad Alberto Hurtado, Chile
- Sebastián Edwards, University of California, USA
- Eduardo Engel, Universidad de Chile
- Alvaro José Riascos, Universidad de los Andes, Colombia
- Susan Vroman, Georgetown University, USA
Últimos artículos RAE
Multidimensional and monetary poverty in Peru: Evidence of their evolution, determinants, and the impact of the pandemic
Por: Dante Urbina, Universidad de Lima y Nicole Ariana Cáceres Bautista, Banco de Crédito del Perú.
The COVID-19 outbreak has left a profound economic aftermath, disrupting decades of consistent progress in poverty reduction in several countries. In this context, it is relevant to study the Peruvian economy since it experienced one of the highest COVID-19 mortality rates globally, its GDP declined by 11% and its monetary poverty rate rose to 30%, a situation not observed since 2010. Therefore, to better understand Peru’s socioeconomic landscape after the pandemic, we construct a Multidimensional Poverty Index during the period 2019-2022 and compare it with monetary poverty using data sourced from the National Household Survey. We find that the latter was more volatile than multidimensional poverty. Employing logistic panel regressions, consistent patterns emerge in terms of the signs and statistical significance of the marginal effects for both poverty measurements across various weighting structures and poverty cutoffs. For instance, certain demographic groups, including rural women, those with only primary education, the unemployed and informal workers, exhibit a significantly heightened probability of experiencing both monetary and multidimensional poverty. The pandemic also increased the likelihood of experiencing both types of poverty across all scenarios considered. Conversely, individuals of mestizo ethnicity and those with higher education levels demonstrate a reduced likelihood of experiencing both types of poverty.… Leer más.
Fuente: Revista de Análisis Económico, Vol. 40, Nº 1, pp. 3-32 (abril 2025).
Effects of Beta Convergence in the Stock Markets of the Pacific Alliance through Annual Financial Statements
Por: Marc Cortes Rufe, Department of Business, University of Barcelona y Jordi Marti Pidelaserra, Department of Business, University of Barcelona.
This investigation delves into the ramifications of beta convergence on the stock markets of the Pacific Alliance countries, scrutinizing data extracted from their annual financial statements. Beta convergence, denoting the gradual mitigation of risk and return disparities in international financial markets, is inexorably entwined with the process of market integration. Employing sophisticated econometric methodologies, the study discerns nuanced convergence or divergence patterns within crucial financial ratios, including the Quick Ratio, Return on Equity (ROE), Return on Assets (ROA), Working Capital, Cash Conversion Cycle, and Debt-to-Equity Ratio, thereby furnishing invaluable insights into corporate performance. The findings therefore contribute decisively to well-informed decision-making processes for discerning investors, analysts, and executives maneuvering within the dynamic and intricately interlinked global financial milieu….. Leer más.
Fuente: Revista de Análisis Económico, Vol. 40, Nº 1, pp. 33-66 (abril 2025).
US Monetary Policy Uncertainty Impact on Latin American Currency Market Volatility
Por: Miriam Sosa, Metropolitan Autonomous University; Alejandra Cabello-Rosales, National Autonomous University of Mexico; y Edgar Ortiz Calisto, National Autonomous University of Mexico.
This paper analyzes whether the US Monetary Policy Uncertainty (MPU) impacts the exchange rate volatility of the Integrated Latin American Market (MILA) countries1, over the period 2004-2022. For this purpose, we employ univariate GARCH models and Vector Autoregressive Markov Switching Models (MS-VAR). Originality lies in the analysis of emerging countries using a dynamic model to observe how currencies volatility is affected through US Monetary Policy changes. This research also reveals how currency volatility evolves and which market is more vulnerable to foreign monetary shocks. Results evidence long memory and persistence in currencies volatility. In particular, the Colombian peso (COP), the Chilean peso (CLP) and the Peruvian sol (PEN) appear to have been affected in their behavior since the unconventional monetary policy measures implemented in 2008 during the global financial crisis. In contrast, the Mexican Peso (MXN) has been affected since the COVID-19 monetary policy changes. In terms of the MS-VAR results, all volatility currencies influence its own previous values. US MPU seems to impact the exchange rates volatility during the high volatility regime.… Leer más.
Fuente: Revista de Análisis Económico, Vol. 40, Nº 1, pp. 67-84 (abril 2025).
Research and Development internal and external and impacts on innovation and productivity
Por: Mario Tello Pacheco, Pontificia Universidad Católica del Perú.
Encouraging innovation and productivity in the countries of Latin America and the Caribbean is a central policy issue for these economies. Consequently, the objective of this paper is to analyze the impact of investment in internal and external R&D -postulated by many as motors of technological change and growth- on the process of innovation and labor productivity for a sample of formal manufacturing companies of the period 2009-2014 of a middleincome economy, Peru, of the region. The analysis of this impact is based on the estimation of a CDM model (acronym due to Crepón, Duguet, and Mairesse, 2008) of thirteen equations, which suggests that companies in Peru are not taking advantage of R&D activities (internal and external) and continue to depend on physical and human capital, and not on the results of innovation, to increase labor productivity. These results point to a greater diffusion of the programs that promote said investments… Leer más.
Fuente: Revista de Análisis Económico, Vol. 40, Nº 1, pp. 85-110 (abril 2025).
Urban Parks: Assessing Non-Market Environmental Values and Policy Strategies for Sustainable Urban Development
Por: Manuel A. Zambrano-Monserrate, Universidad Espíritu Santo, Samborondón, Ecuador y Maria Alejandra Ruano, Escuela Superior Politécnica del Litoral.
El Parque Samanes es el parque urbano más grande del Ecuador y el tercero en América Latina. Es una de las áreas protegidas del país, hogar de muchas especies nativas y silvestres, y un espacio de recreación para turistas locales y extranjeros. Asimismo, al ser un bien no excluible y no rival, el Parque Samanes es un bien público. Muchos bienes públicos no tienen un mercado; en consecuencia, no pueden tener un precio. El problema de lo anterior es que no se incorporan en la toma de decisiones, lo que conlleva a su deterioro con el tiempo; el Parque Samanes es un ejemplo de ello. Sin embargo, la población demanda este tipo de bienes, y su valor se refleja en el excedente del consumidor. La valoración económica de bienes sin mercado busca estimar el excedente del consumidor de los bienes públicos. Este excedente se puede utilizar como referencia para proyectos de política pública que busquen preservar el recurso. Esta investigación aplica el método del costo de viaje (método de valoración indirecta) para estimar el excedente del consumidor de los visitantes al sitio. El excedente del consumidor se estimó en 4,50 dólares por visita (por persona)… Leer más.
Fuente: Revista de Análisis Económico, Vol. 40, Nº 1, pp. 111-125 (abril 2025).