Indicadores de Desempeño y Vulnerabil idad de las Finanzas Públicas Estatales en México
Alfonso Mendoza Velázquez
Abstract
La vulnerabilidad e inestabilidad de los sistemas financieros son temas latentes en la práctica y estudio de la economía dado los eventos recientes de colapso en varios
mercados. Este artículo define la inestabilidad financiera de los gobiernos statales como la acumulación creciente y excesiva de deuda más allá de su valor social neto. A partir de un análisis multivariado en este documento se desarrollan seis índices que miden el pulso de las finanzas públicas estatales en México del año 2001 al 2007. Estos índices, no correlacionados entre sí, capturan más del 90% de la variabilidad estadística observada en las finanzas públicas estatales en México e indican la posición relativa de cada entidad federativa contra el resto de los estados en materia de dimensión financiera, apalancamiento, sostenibilidad de la deuda, resultados e inversión. Con estos índices se forma además un indicador de vulnerabilidad financiera agregado. El conjunto de indicadores puede ser usado, entre otros, por el funcionario local para comparar la posición relativa de su entidad respecto a otros estados y por el regulador/supervisor para determinar la vulnerabilidad del sistema financiero subsoberano en su conjunto.
domingo, 31 de agosto de 2008
Documento de Trabajo CIIE, No. 2008-05
Experienced Poverty and Income Poverty in Mexico: A Subjective Well-Being Approach
Mariano Rojas
This paper uses a life-satisfaction conception of well-being to define experienced poverty. Based on a domains-of-life approach, it shows that experienced poverty is a broader concept than income poverty and that they lead to substantial dissonance in the classification of persons as poor. It is argued that experienced poverty better captures the complexity of being human. It is shown that raising the income received by persons does not automatically translate into greater well-being. It states that public policy should be concerned not only about getting people out of income poverty, but also about placing them in a life-satisfying situation.
Mariano Rojas
This paper uses a life-satisfaction conception of well-being to define experienced poverty. Based on a domains-of-life approach, it shows that experienced poverty is a broader concept than income poverty and that they lead to substantial dissonance in the classification of persons as poor. It is argued that experienced poverty better captures the complexity of being human. It is shown that raising the income received by persons does not automatically translate into greater well-being. It states that public policy should be concerned not only about getting people out of income poverty, but also about placing them in a life-satisfying situation.
Documento de Trabajo CIIE, No. 2008-04
The Information Content and Redistribution Effects of State and Municipal Rating Changes in Mexico
Alfonso Mendoza Velázquez
Abstract
The fiscal and financial reforms carried out in Mexico in 2000 have encouraged a widespread presence of rating agencies and have allowed several States and Municipalities to raise funds through bond offerings in the capital market. Any local government in Mexico intending to access credit and capital markets must count with at least one credit rating from one of the three main agencies: FitchRatings, Moody’s and Standard & Poor’s. This paper investigates the impact of rating changes to State and Municipal governments on bond returns in Mexico. By employing a Capital Asset Pricing Model (CAPM) structure for the mean equation that allows conditional volatility, we find strong support for the Information Content Signaling Hypothesis (ICSH), i.e., rating upgrades (downgrades) are followed by greater (lower) bond returns. We also find some support for the Wealth Redistribution Hypothesis (WRH) indicating that rating upgrades (downgrades) are followed by lower (greater) bond returns. In addition to this, we find high volatility persistence, significant asymmetric responses of volatility to bad and good news, a negative association between market volatility and the level of bond returns and significant effects of volatility in response to rating changes. Finally, the estimations show the market anticipates and responds to rating changes within five-day momentum windows. There is a comparatively stronger reaction of returns on the event day favoring the hypothesis of market inefficiency.
Alfonso Mendoza Velázquez
Abstract
The fiscal and financial reforms carried out in Mexico in 2000 have encouraged a widespread presence of rating agencies and have allowed several States and Municipalities to raise funds through bond offerings in the capital market. Any local government in Mexico intending to access credit and capital markets must count with at least one credit rating from one of the three main agencies: FitchRatings, Moody’s and Standard & Poor’s. This paper investigates the impact of rating changes to State and Municipal governments on bond returns in Mexico. By employing a Capital Asset Pricing Model (CAPM) structure for the mean equation that allows conditional volatility, we find strong support for the Information Content Signaling Hypothesis (ICSH), i.e., rating upgrades (downgrades) are followed by greater (lower) bond returns. We also find some support for the Wealth Redistribution Hypothesis (WRH) indicating that rating upgrades (downgrades) are followed by lower (greater) bond returns. In addition to this, we find high volatility persistence, significant asymmetric responses of volatility to bad and good news, a negative association between market volatility and the level of bond returns and significant effects of volatility in response to rating changes. Finally, the estimations show the market anticipates and responds to rating changes within five-day momentum windows. There is a comparatively stronger reaction of returns on the event day favoring the hypothesis of market inefficiency.
Documento de Trabajo CIIE, No. 2008-03
X-inefficiency in the use of income to attain economic satisfaction
Mariano Rojas
Abstract
This investigation uses a subjectivewell-being approach to provide a novel empirical answer to an old normative debate in economic literature: whether consumers use efficiently their income. Basedona large database fromMexico, the paper shows that there exists substantial X-inefficiency in the use of income; even when a relaxed criterion to define the thick frontier is followed. X-inefficiency in the use of income can emerge from personal errors and from social-organization deficiencies. Sustainable development concerns make it critical to focus on reducing X-inefficiency as an alternative way to increase economic well-being.
Mariano Rojas
Abstract
This investigation uses a subjectivewell-being approach to provide a novel empirical answer to an old normative debate in economic literature: whether consumers use efficiently their income. Basedona large database fromMexico, the paper shows that there exists substantial X-inefficiency in the use of income; even when a relaxed criterion to define the thick frontier is followed. X-inefficiency in the use of income can emerge from personal errors and from social-organization deficiencies. Sustainable development concerns make it critical to focus on reducing X-inefficiency as an alternative way to increase economic well-being.
Documento de Trabajo CIIE, No. 2008-02
Watkins, K. "Health, Social Roles, and Life Cycle: A Gender Approach"
Abstract
Gender is an important issue for studying health and medication use. Most of the literature has identified significant health-related differences between men and women. These can be explained by biological factors, socioeconomic issues, and psychological features. The present study analyses in particular the effects of multiple roles and life cycle on female health. It is based on surveys on medication use, implemented in Costa Rica in June 2003, 2004, and 2005. Results show that generally having no roles is better for women’s well-being than having three roles. However, those women with one or two roles possess worse health conditions than those with three roles. When controlling for life cycle, it appears that young women with preschool and elementary school children are most vulnerable. Their health perception, life, and economic satisfaction are significantly lower than for the rest of women.
Abstract
Gender is an important issue for studying health and medication use. Most of the literature has identified significant health-related differences between men and women. These can be explained by biological factors, socioeconomic issues, and psychological features. The present study analyses in particular the effects of multiple roles and life cycle on female health. It is based on surveys on medication use, implemented in Costa Rica in June 2003, 2004, and 2005. Results show that generally having no roles is better for women’s well-being than having three roles. However, those women with one or two roles possess worse health conditions than those with three roles. When controlling for life cycle, it appears that young women with preschool and elementary school children are most vulnerable. Their health perception, life, and economic satisfaction are significantly lower than for the rest of women.
Documento de Trabajo CIIE, No. 2008-01
_____Acón, K., Watkins, K. "Uso de medicina alternativa en Costa Rica"
Abstract
El presente estudio trata sobre el uso de la medicina complementaria y alternativa en Costa Rica, lo cual ha sido muy poco estudiado en el país. Este encuentra que la medicina es utilizada por la quinta parte de la población costarricense, quienes la consideran primordialmente complemento de la medicina alópata y efectiva solamente para ciertos padecimientos. Los tipos de enfermedades comúnmente tratados por MCA son: digestivas, respiratorios, dolencias varias y crónicas. Los especialistas de MCA más frecuentados por los hombres son los nutricionistas, y en el caso de las mujeres son los homeópatas. Los quiroprácticos ocupan el tercer lugar. En cuanto a las características más comunes entre los usuarios de MCA se encuentran que el uso de ésta se encuentra positivamente relacionado con el sexo femenino y el nivel de educación.
Abstract
El presente estudio trata sobre el uso de la medicina complementaria y alternativa en Costa Rica, lo cual ha sido muy poco estudiado en el país. Este encuentra que la medicina es utilizada por la quinta parte de la población costarricense, quienes la consideran primordialmente complemento de la medicina alópata y efectiva solamente para ciertos padecimientos. Los tipos de enfermedades comúnmente tratados por MCA son: digestivas, respiratorios, dolencias varias y crónicas. Los especialistas de MCA más frecuentados por los hombres son los nutricionistas, y en el caso de las mujeres son los homeópatas. Los quiroprácticos ocupan el tercer lugar. En cuanto a las características más comunes entre los usuarios de MCA se encuentran que el uso de ésta se encuentra positivamente relacionado con el sexo femenino y el nivel de educación.
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