Until the eruption of the 2007-2008 international crisis, the decade was characterized by a high growth of credit - especially credit lines for consumption - and of GDP in a large part of the developed and developing worlds. By the end of the period, the process coincided with increasing...

The paper studies the behavior of the household saving rate during the period from 1985 to 2016. We examine the variables considered by the literature to determine the long-term saving rate: Income, wealth, unemployment, credit and indebtedness, public savings, population structure, social...

This document carries out an exhaustive review of the literature, at the microeconomic level, on mainly behavioral problems aimed at promoting voluntary savings for old age (retirement). The different mechanisms and/or tools described have been designed to promote this type of savings,...

The existence of incomplete financial markets, in an environment of uncertainty, is one of the problems of the Latin American economies, that determines a suboptimal path of public spending, with the consequent loss of social welfare. The existence of a high degree of positive correlation...

Changes on consumption of Mexican households generated by unexpected shocks in income, both permanent and transitory, are analyzed during the period 2000-2016 following the methodology developed by Blundell et al. (2008), which allows to evaluate which hypothesis on the response of consumption...

With the aim of quantifying the effect of the decrease in interest rates on consumer loans (both credit cards and personal loans, in local currency to the non-financial private sector) in Argentina between March and December 2020, monthly error correction models are estimated, and counterfactual...

Spanish Abstract: El modelo de ciclos reales desarrollado en este artículo busca explicar el exceso de volatilidad del consumo relativo al producto en países de América Latina. El modelo incorpora dos características presentes en estas economías: altos niveles de desigualdad de ingreso y un...

Spanish Abstract: El presente artículo analiza la importancia de la seguridad jurídica en la banca paralela (shadow banking) y en particular en el ejercicio de la actividad de financiación participativa (crowdfunding). La Ley de fomento de la financiación empresarial, que regula el...

Spanish Abstract: El crowdfunding es un servicio financiero que conecta a los inversores con los promotores de negocios que buscan financiación a través de una plataforma. Hay dos formas: el crowdfunding de inversión (en sentido estricto), ya sea el crowdfunding de capital o deuda, y el...