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
- Carlos J. Ponce, 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
Economic Networks in the Capital Markets of the BRICS: Insights through Graph Theory
Por: Marc Cortés Rufé, University of Barcelona, Barcelona, Spain; Jordi Martí Pidelaserra, University of Barcelona, Barcelona, Spain; Cecilia Kindelán Amorrich, Canadian University of Dubai, Dubai, United Arab Emirates.
In the dynamic global economic landscape, the BRICS nations, along with emerging countries like Egypt, Saudi Arabia, and the UAE, are reshaping commercial and financial integration. This study focuses on their unique economic alliance, highlighting the expansion of their diverse economies. It utilizes graph theory to examine the harmonization of risk and return profiles across various financial markets, indicating a move towards a more unified global economy. While integration brings challenges such as exposure to global financial volatility, strategic macroeconomic policymaking is crucial. This analysis underscores the significant influence of these economies on global economic trends, emphasizing the need for ongoing dialogue for their integration into the global financial system. The research highlights the importance of sophisticated analysis by policymakers, investors, and analysts in navigating this complex economic landscape… Leer más.
Fuente: Revista de Análisis Económico, Vol. 41, Nº 1, pp. 3-36 (abril 2026).
Relationship between GDP and Public Finances in Ecuador: Impact on fiscal sustainability and indebtedness
Por: Frank Cordovilla León, Universidad Metropolitana del Ecuador, sede Machala. Facultad de Ciencias Económicas y Empresariales (FCEE); Armando Urdaneta Montiel, Universidad Metropolitana del Ecuador, sede Machala Facultad de Ciencias Económicas y Empresariales (FCEE); Ronald Prieto Pulido, Facultad de Administración y Negocios de la Universidad Simón Bolívar-Colombia; Segundo Camino-Mogro, ESAI Business School, Universidad de Especialidades Espiritu Santo y Superintendencia de Compañias, Valores y Seguros, Ecuador.
Gross Domestic Product (GDP) and public finances are essential for assessing a country’s economic health. In Ecuador, these variables have been influenced by fiscal policies and economic fluctuations, particularly due to dollarization and dependence on oil. This study evaluates the relationship between GDP and the General Government Fiscal Revenue (IFGG) in Ecuador, using quarterly data from the 2006–2023 period. Through VAR models, Johansen cointegration tests, and Granger causality analysis, a long-run equilibrium and bidirectional relationship is identified. The VAR model shows that previous quarter GDP positively influences current IFGG. However, fiscal elasticity is inelastic, indicating limited tax responsiveness to economic growth. Impulse-response and variance decomposition analyses reinforce this interdependence. The study concludes that while economic growth boosts fiscal revenue, fiscal sustainability requires structural reforms and countercyclical policies to strengthen revenue collection and control public spending… Leer más.
Fuente: Revista de Análisis Económico, Vol. 41, Nº 1, pp. 3-36 (abril 2026).
Accounting Argentina’s Growth Failure: Adjusting Productivity by Utilization Effects and Natural Capital
Por: Ariel Coremberg, IIEP-UBA-CONICET – Universidad del CEMA, Argentina.
At the beginning of the 20th century, Argentina’s per capita income was comparable to Australia’s, a recent settlement with a natural-resource-rich economy. But today, expectations and promises are broken. Argentina’s current per capita income is less than one-third of Australia’s. Argentina’s long-run growth performance was clearly below potential. However, Argentina typically exhibits rapid short-run recoveries, comparable in magnitude to the high growth rates observed in China. Such sharp short-run recoveries could mask a failure in long-run growth. The paper introduces a methodology to analyze Argentina’s growth failure through growth accounting, including short-term utilization effects and natural capital, enabled by the recent update of the ARKLEMS+LAND database from the Center of Studies of Productivity. In 2023, GDP per capita and labor productivity were at 1974 levels, and Total Factor Productivity was lower than in the 1950s. Short-run productivity gains are transitory, primarily due to labor and capital utilization effects during recoveries. The contribution of natural capital increased during the commodity price boom. This was due to the impact of rent shares on GDP and on the volume of natural capital services. Generalized Total Factor Productivity (GTFP), when natural capital is included, was moderately higher than standard TFP, which measures only the contributions of produced capital and labor. The lack of productivity growth explains Argentina’s underwhelming growth and the frustration of Argentine society with its expectations for potential living standards… Leer más.
Fuente: Revista de Análisis Económico, Vol. 41, Nº 1, pp. 3-36 (abril 2026).
Unravelling the Determinants of Banking Efficiency in Argentina: A Two-Stage Analysis of the Argentine Banking Sector
Por: Facundo Eduardo Costa de Arguibel, Facultad de Ciencias Económicas, Universidad Nacional de Misiones, Misiones, Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas (CONICET), Argentina; Juan Antonio Dip, Facultad de Ciencias Económicas, Universidad Nacional de Misiones, Misiones, Argentina; Gerardo Orlando Stvass, Facultad de Ciencias Económicas, Universidad Nacional de Misiones, Misiones, Argentina.
This paper studies the interrelationship between non-traditional activities, ownership structure, and performance of banks in Argentina from 2012 to 2019. Using the Simar and Wilson (2007) approach, we estimate banks’ technical efficiency through Bootstrapped Data Envelopment Analysis (DEA), including and excluding non-traditional activities. A truncated regression with Bootstrap is employed to analyse the impact of non-traditional activities and asset origin on efficiency. Our robust results demonstrate a positive relationship between non-traditional activities and bank efficiency, with foreign banks outperforming local peers in leveraging diversification. Additionally, public banks are found to be less efficient than private ones. Our results highlight the critical role of non-traditional activities in the banking output mix, as their exclusion could lead to an underestimation of efficiency. Consequently, it is essential to incorporate these activities in efficiency assessments. The results remain robust across different variable selections and specifications… Leer más.
Fuente: Revista de Análisis Económico, Vol. 41, Nº 1, pp. 3-36 (abril 2026).
Total Factor Productivity and Its Determinants in Economies with Heterogeneous Innovation Capacities
Por: Francisco Reyna Salazar, Facultad de Economía, Universidad Nacional Autónoma de México (UNAM), Ciudad de México, México; Héctor Eduardo Díaz Rodríguez, Universidad Autónoma Metropolitana, Unidad Xochimilco, Ciudad de México, México; Mario Alberto Morales Sánchez, Facultad de Economía, Universidad Nacional Autónoma de México (UNAM), Ciudad de México, México.
Economic growth theory, based on the Solow model, posits that technological change is key to increasing per capita income, while Innovation theory suggests that technological change is boosted by factors that foster innovation such as human capital, infrastructure, and institutions. This study analyzes the impact of factors related to innovation capacity on the Total Factor Productivity (TFP), as a proxy of technological change, of 132 countries between 2013 and 2021, categorizing them into high, medium, and low productivity groups, using the Global Innovation Index through an artificial neural network methodology. The results show that while high-productivity countries rely on human capital and institutions, low-productivity countries benefit more from creative activities and improvements in basic infrastructure… Leer más.
Fuente: Revista de Análisis Económico, Vol. 41, Nº 1, pp. 3-36 (abril 2026).