Papers by Narda Sotomayor
In Peru, as in many other developing countries, the absence or imperfections of credit and insura... more In Peru, as in many other developing countries, the absence or imperfections of credit and insurance markets characterizes the environment of formal market institutions. However, when formal market institutions fail to meet some demands, informal arrangements, such as market interlinkages, may help to fill in the gaps. This paper analyzes credit-output interlinked contracts (COIC), based on detailed surveys of wholesale traders and farmers in a typical valley of Peru. After identifying a typical COIC, we explain how the structure of behavior of contracting parties who interact repeatedly can sustain mutually beneficial outcomes. COIC accomplishes the role of making credit available to small farmers and, at least, partially insures the participants of the contract. Long term personal relationships allow trust and reputation to develop and helps to overcome the problems caused by asymmetric information. The permanent threat of punishment by breaking the relationship makes immediate ga...
Liquidity Constraints and the Productivity of Small Scale Enterprises in Ecuador
Competitive Environment and Financial Stability in the Peruvian Microfinance System
This paper examines the relationship between competition and financial stability for Peruvian mic... more This paper examines the relationship between competition and financial stability for Peruvian microfinance institutions, during the 2002-2016 period. Using the Panzar and Rosse H-statistic as well as the Boone indicator for the evaluation of competition, and the Roy Z-score as a proxy for financial stability, we find a non-linear relationship (inverted U-shaped) between competition and financial stability, which validates the Martinez-Miera and Repullo approach. Furthermore, we find that competition in the Peruvian microfinance system might increase even when market concentration increases; and, according to the H-statistic, the market structure that best fits this system is monopolistic competition.
Credit-Output Interlinked Contracts: The Relationships Between Traders and Farmers
ARTICULOS HECTOR NOEJOVICH. Historia Econdmica e Institucionalismo: Lecciones del Historicismo Al... more ARTICULOS HECTOR NOEJOVICH. Historia Econdmica e Institucionalismo: Lecciones del Historicismo Aleman PAUL D. McNELIS y LILIANA ROJAS-SUAREZ. Devaluacion del Tipo de Cambio, Dolarizacion e Incertidumbre: Una Comparacion entre Bolivia y Peru ADOLFO FIGUEROA. Pequena Agricultura y Agroindustria en el Peru TATIANA VELAZCO. Mejoras en el Status de la Mujer y su Impacto sobre el Bienestar de los Ninos: Un Enfoque Microeconomico JAVIER KAPSOLI. Un Modelo de Integracion Fracciona1 para el Tipo de Cambio Real WILFREDO LEIVA. Precios Competitivos en el Problema de Crecimiento Economico NARDA SOTOMAYOR, RICHARD L. MEYER Y CARLOS E. CUEVAS. Restriccion de Liquidez y Efecto en la Productividad Total de Empresas de Pequena Escala en Ecuador MAXIMO VEGA-CENTENO Y M.A. REMENYI. El Sistema Previsional en el Peru: Sistema Nacional de Pensiones VS. Sistema Privado de Pensiones
Economica, 1989
El objetivo del presente trabajo es analizar los instrumentos de politica agraria mas importantes... more El objetivo del presente trabajo es analizar los instrumentos de politica agraria mas importantes utilizados por el gobierno aprista. La pregunta que buscamos responder es sobre las lecciones que podemos deducir, en terminos de politica economica, a partir de dicha experiencia. Pero, antes, presentaremos brevemente algunas consideraciones teoricas.
INbICE ARTICULOS ADOLFO FIGUEROA, Productividad agrícola y crisis económica en el Perú 9 NERIDE S... more INbICE ARTICULOS ADOLFO FIGUEROA, Productividad agrícola y crisis económica en el Perú 9 NERIDE SOTOMARINO. Riesgo e inestabilidad de las funciones de demanda: un amilisis a partir de funciones de gasto 35 J. FERNANDO LARIOS. El impacto de la política monetaria sobre los precios relativos de los sectores agrario y no-agrario en Perú 67 JUAN ANTONIO MORALES A. Creación de dinero y demanda por dinero durante la alta inflación boliviana de 1982-1985 99 RESENAS HERACLIO BONILLA. Las consecuencias económicas de la Independéncia en Hispanoamérica 133 HECTOR OMAR NOEJOVICH. La bolsa. Introducción al sistema bursátil de Max Weber. GE-RARDO M. GONZALES ARRIETA.
Violencia estructural en el Perú : economía
Política agraria de corto plazo
Revista Economia, 1989
El objetivo del presente trabajo es analizar los instrumentos de política agraria más importantes... more El objetivo del presente trabajo es analizar los instrumentos de política agraria más importantes utilizados por el gobierno aprista. La pregunta que buscamos responder es sobre las lecciones que podemos deducir, en términos de política económica, a partir de dicha experiencia. Pero, antes, presentaremos brevemente algunas consideraciones teóricas.
Economia, Mar 15, 2012
NERIDE SOTOMARINO y CARMEN VARGAS. Hacia la erradicación de la pobreza urbana 83 JANINA LEON. Mic... more NERIDE SOTOMARINO y CARMEN VARGAS. Hacia la erradicación de la pobreza urbana 83 JANINA LEON. Microempresas urbanas: el caso de Lima Metropolitana 103 RODOLFO CERMEÑO. Elementos para una estrategia de desarrollo industrial en el Perú 123 NARDA SOTOMAYOR. Políticas agrarias de corto plazo 143 MAXIMO VEGA-CENTENO y CECILIA GARA-VITO. Crecimiento, empleo y distribución del ingreso 163 HERACLIO BONILLA LUIS PENALOZA y SO-FIA VALENCIA. ;La crisis de qué crisis? 191 CHRISTINE HUNEFELDT y NELSON ALTAMI-RANO. Crisis de acumulación'y eslabonamientos sociales: una reflexión histórica 207 ADOLFO FIGUEROA. Integración de las políticas de corto y largo plazo 225
Economia, Mar 20, 2012
INbICE ARTICULOS ADOLFO FIGUEROA, Productividad agrícola y crisis económica en el Perú 9 NERIDE S... more INbICE ARTICULOS ADOLFO FIGUEROA, Productividad agrícola y crisis económica en el Perú 9 NERIDE SOTOMARINO. Riesgo e inestabilidad de las funciones de demanda: un amilisis a partir de funciones de gasto 35 J. FERNANDO LARIOS. El impacto de la política monetaria sobre los precios relativos de los sectores agrario y no-agrario en Perú 67 JUAN ANTONIO MORALES A. Creación de dinero y demanda por dinero durante la alta inflación boliviana de 1982-1985 99 RESENAS HERACLIO BONILLA. Las consecuencias económicas de la Independéncia en Hispanoamérica 133 HECTOR OMAR NOEJOVICH. La bolsa. Introducción al sistema bursátil de Max Weber. GE-RARDO M. GONZALES ARRIETA.
In Peru, as in many other developing countries, the absence or imperfections of credit and insura... more In Peru, as in many other developing countries, the absence or imperfections of credit and insurance markets characterizes the environment of formal market institutions. However, when formal market institutions fail to meet some demands, informal arrangements, such as market interlinkages, may help to fill in the gaps. This paper analyzes credit-output interlinked contracts (COIC), based on detailed surveys of wholesale traders and farmers in a typical valley of Peru. After identifying a typical COIC, we explain how the structure of behavior of contracting parties who interact repeatedly can sustain mutually beneficial outcomes. COIC accomplishes the role of making credit available to small farmers and, at least, partially insures the participants of the contract. Long term personal relationships allow trust and reputation to develop and helps to overcome the problems caused by asymmetric information. The permanent threat of punishment by breaking the relationship makes immediate ga...
Financial Structure of Farm Businesses under Imperfect Capital Markets
American Journal of Agricultural Economics
Recent finance studies have considered whether gaps between a firm's costs of internal and ex... more Recent finance studies have considered whether gaps between a firm's costs of internal and external sources of investment funds, arising from capital market imperfections, influence its investment behavior and funding preferences. This study tests the applicability of the pecking order and partial adjustment theories of financial structure to farm businesses by fitting a set of simultaneous financial equations with farm panel data from Illinois. Model results indicate that Illinois farms adjust to long-run financial targets for equity, debt, and leasing, but that additional financing needs follow a pecking order that is stronger for farms with greater asymmetric information problems Copyright 2000, Oxford University Press.
El objetivo del presente trabajo es analizar los instrumentos de política agraria más importantes... more El objetivo del presente trabajo es analizar los instrumentos de política agraria más importantes utilizados por el gobierno aprista. La pregunta que buscamos responder es sobre las lecciones que podemos deducir, en términos de política económica, a partir de dicha experiencia. Pero, antes, presentaremos brevemente algunas consideraciones teóricas.
Innovations: Technology, Governance, Globalization, 2011
Although there is much evidence that access to financial services correlates positively with econ... more Although there is much evidence that access to financial services correlates positively with economic development, basic convenient transfer and payment services are still unavailable for low-income segments of the Peruvian population. The experience of Kenya, the Philippines, and other countries has shown that electronic money (e-money) products can be effective in extending payment services. However, in Peru, the absence of regulation for the provision of schemes based on e-money prevents good investments and at the same time encourages fraudulent activities. This policy memo discusses the main elements of establishing a regulatory framework for e-money. It recommends that policymakers first define e-money, taking into account the laws and regulations of a particular country. If e-money is not defined as a deposit, then it follows that financial institutions may provide emoney products, along with telecommunications companies and similar operators. This will provide contestability in the market and more efficiency in the provision of e-money-based products for the benefit of consumers, particularly the poor.
Lease Pricing for Farm Real Estate
Review of Agricultural Economics, 2000
... Illinois, in particular, has the highest incidence of both farm real estate leasing and share... more ... Illinois, in particular, has the highest incidence of both farm real estate leasing and share leasingcontracts in the United States. ... Leasing Practices and Principles Leasing of farmland occurs in largely informal markets with relatively simple contracts (Reiss 1984). ...
Financial Structure of Farm Businesses Under Imperfect Capital Markets
American Journal of Agricultural Economics, 2000
... supported by consid-erable empirical research. See, for example, Allen, Baskin, Remolena, Cla... more ... supported by consid-erable empirical research. See, for example, Allen, Baskin, Remolena, Claggert, Griner and Gordon; Vogt, Titman and Wessels; and Shyam-Sunder and Myers. The primary approach in these studies is ...
Agricultural Finance Review, 2000
Uploads
Papers by Narda Sotomayor