Sistema Regional de Información
en línea para Revistas Científicas de América Latina,
el Caribe, España y Portugal

Despite the benefits of financial inclusion through digital payments, many entrepreneurs in Mexico perceive more obstacles than advantages when joining the payments network. By analyzing the case of E-fectivo, a technological solutions firm that offers financial products and services, this study aims to understand how digital payments contribute to financial inclusion and if a Service-Dominant Logic (SDL) incentivizes a wider adoption of them. To do so, the study was divided into three phases: firstly, the application of a questionnaire took place in Cuetzalan, México within five dimensions: 1) financial inclusion, 2) user experience, 3) personalization, 4) relationship and 5) financial education. Secondly, a graph analysis was made to analyze the percentage and values of respondents that comply with the elements of the SDL. Finally, a statistical and correlation analysis was made to confirm the research questions and adjustment of the model. We found that, even when the use of digital technologies is common and easy in Mexico, that does not guarantee confidence in digital payment services. The limitation of the study is that it considers only rural and semi-rural regions.

Functional currency, investment, and employment in Mexico i) Objective. To estimate the effect on investment and employment of adopting a functional currency scheme in Mexico. ii) Methodology. Using quarterly time series from 2000 to 2019, a model is estimated to determine the effect of the drop in the interest rate on investment, caused by the adoption of a functional currency. By applying the input-output matrix, the effect on employment at the national level is then determined. iii) Results. With the reduction of one percent in the real interest rate, investment would increase by 23.9 billion pesos. iv. Recommendations. Review the tax regime of companies operating in international markets to assess the functional currency regime. v. Limitations and implications. Modifying the fiscal regulations of multinational companies can promote economic growth and job creation. vi. Originality. The study estimates a – priori the effect of the introduction of a functional currency on a national economy. vii. Conclusions. The estimated impact of the functional currency regime in Mexico would be an increase in the national product by 35.6 billion pesos, creating 72.9 thousand additional jobs.

Effects of regulation on the development of Fintech companies. This research seeks to contribute to the discussion about the relationship between innovation and regulation. Evaluates the effect that the implementation of Fintech regulation has had on the number of companies established in the sector in different countries. To measure this effect, it uses a Differences in Differences design with specification of non-parallel trends and Clustering Causal Inference to observe the differentiated impact of regulation on the number of companies considering differences at the city level. The results suggest that regulation, far from inhibiting innovation, has stimulated the creation of innovative companies in the financial sector. These findings allow decision makers to identify conditions in which regulation has positive effects. Unlike other research, this work considers that both regulation and innovation have heterogeneous effects in time and space.

Macroeconomic Determinants of Nonperforming Loans of Peruvian BanksThe objective is to evaluate the response of nonperforming loans by type of credit to shocks of the main macroeconomic variables in Peru from the first quarter of 2012 to the first quarter of 2023. In line with this, the series were subjected to correlation tests, ordinary least squares models and vector autoregressive (VAR). The nonperforming loans of the consumer segment responds significantly to the portfolio balance, while the mortgage segment responds significantly to the occupied PEA and the TAMEX. On the other hand, the non-retail segment's nonperforming loan responds significantly to the portfolio balance, TAMEX, exchange rate and country risk, while the retail segment responds significantly to the occupied PEA and gold prices. This indicates the importance of carrying out an analysis by segments. A limitation of the study is the non-inclusion of specific variables of each banking entity. This study represents the first effort to identify the macroeconomic determinants of nonperforming loans by type of portfolio in Peru through impulse-response analysis.

It is essential in balancing the economic growth and the environmental factor. Indonesia, positioned as a good place in the world economy, can be seen from rapid economic development. It is a milestone regarding the price of sustainability and the environment. This research investigates the economic growth and carbon intensity in Indonesia. It aims to assess the trade-offs associated with economic development's contribution to CO₂ emissions. This study uses econometric data processing in EViews and discusses balancing economic and environmental factors. The study examines the effects of industrialization and economic development in Indonesia as a developing country on carbon emissions. It emphasizes emissions reduction and sustainable economic growth. The recommendations from the survey include clean technologies, renewable energy, international cooperation, and public awareness. Data availability is scarce, and proposed remedies depend on the government's will. The study results are essential for policymakers in Indonesia and other emerging economies. The study offers a unique viewpoint on the industrial structure, economic development, and dynamics of carbon emissions in Indonesia. With cleaner technologies and evidence-based policies, it is possible to have both economic growth and sustainability.

Cryptocurrencies and their market through Principal Components Cryptocurrencies are financial products that have caught the attention of investors, regardless of whether they are qualified or unqualified investors. The above is derived from the possibility of obtaining great returns, but there is an extensive variety of them, with differences in technology or purpose. Understanding them is a challenge since, although they are called currencies, they mostly have characteristics of financial assets. With their arrival, they modified the way of making transactions, the payment system, the monetary policy, and the regulations necessary for them to operate. This research aims to understand the origin and behavior of the cryptocurrency market using Principal Components. This methodology helps us identify the most important factors that drive the market. In our case, it has been revealed that the first three principal components explain the most significant variation, accounting for 94.95% of the market variance. Within the first component, 79.00% of the market variations are concentrated, with Bitcoin, Ethereum, and Lido Staked Ether being the leaders. These findings can be used to understand cryptocurrency market dynamics.

Real Options and Games Theory model for Valuing Strategic CommitmentsStrategic decisions regarding investments in equipment and human resources for the provision of specialized services present exit barriers and high transactional costs. They involve exposure to multiple sources of uncertainty. Their analysis and valuation require models based on Real Options and Game Theory. Motivated by this, a model is proposed to value strategic contracts for the provision of highly specific services, within the framework of simple real options and games (SROG). Its functioning is explored and analyzed using case study methodology in management. For this, formal and informal service contracts of supporting agent analysis are utilized in unconventional shale drilling. From the perspective of the service provider, the model is applied and adapted to value streams of contingent payments derived from strategies, suboptimal outcomes due to the lack of formal agreements, and the value of the exchange option. In the cases of formal supply agreements, it allows for quantifying economic penalties for non-compliance from an SROG perspective. Finally, conclusions are drawn regarding its scope and limitations.

Evaluation of Beta Consistency in the CAPM Model by Using a Memory Bootstrap AnalysisOur work assesses the stability of CAPM beta across ten financial assets using time series analysis and bootstrapping techniques. We recommend incorporating a percentile-based method for a more realistic calculation of stock sensitivity to systematic market risk. It is important to consider beta inconsistencies over time to avoid errors in decision-making and risk management. The assets analyzed include DVN, OXY, ON, FSLR, MRO, ENPH, APA, COP, STLD, and MPC. The findings offer empirical evidence of the changing dynamics in the risk-return relationship and their influence on investment strategies. Finally, we propose an alternative valuation methodology that better captures the presence of extreme values in the financial market.Keywords: Capital Asset Pricing Model (CAPM), Beta, Historical Simulation, Bootstrapping, risk measure.

Se analizan los efectos de las decisiones de financiamiento, la estructura financiera, la eficiencia operativa de los recursos obtenidos por deuda, la utilidad por acción y la participación relativa de la emisora en la actividad productiva nacional, sobre el margen neto de una muestra de empresas clasificadas en el sector industrial de la Bolsa Mexicana de Valores. Las herramientas del análisis son regresión cuantílica, los riesgos downside y upside, así como los índices Omega y de Sortino, abarcando del cuarto trimestre del 2000 al tercer trimestre del 2024. Nuestros resultados confirman la relevancia de esas decisiones sobre la rentabilidad, detectándose efectos asimétricos a través de los diferentes cuantiles de su distribución de probabilidades. Como se esperaba, la evidencia empírica demuestra la necesidad de incrementar las ganancias a una mayor tasa que la del crecimiento de la deuda; asimismo, la respuesta de la rentabilidad ante las decisiones de financiamiento sugiere monitorear un potencial efecto de saturación del escudo fiscal. Los hallazgos pueden ser de utilidad para administradores e inversionistas actuales y potenciales, interesados en el desempeño financiero de las empresas.

The international investment trends have shifted the focus from the broad market to specific sectors. The inflow of Foreign Institutional Investors (FIIs) has integrated the Indian market with global markets, leading to increased market volatility, particularly during crises, due to global risk transmission. Therefore, the present study explores the dynamic interconnectedness between major alternative investments, the Indian benchmark index, and its sectoral indices during major crises, such as the global health crisis and the geopolitical conflict. By exploring the hedging and diversification benefits of gold, oil, OVX, and cryptocurrencies in the Indian stock market. By utilizing TVP-VAR, the SPBSX, SPBCD, SPBC, SPBFS, and SPBI consistently transmitter and SPBF, SPBH, SPBIT, and SPBT act as recipients of volatility. Gold is the most effective hedge, whereas oil and CCI.30 are the least effective hedges against the equity sectors. Our research holds significance for investors and managers seeking to enhance risk-adjusted returns through diversification strategies. This is the first study to provide diversification and hedging by exploring the dynamic connectedness between major alternative investments and the Indian sectoral indices during two distinct crises.