Descalces cambiarios, repercusiones en el balance general y protección contra el riesgo en empresas no financieras chilenas

(Disponible en idioma inglés únicamente) En este trabajo se emplea una nueva base de datos de la composición cambiaria de activos y pasivos para analizar los factores determinantes y las consecuencias de los descalces cambiarios en empresas no financieras chilenas. Al igual que en estudios anteriores al nivel de empresa en Chile, descubrimos que en períodos siguientes a una depreciación, las empresas con más deuda denominada en dólares no registran un desempeño menor que sus contrapartes con pasivos denominados en pesos. No obstante, una vez que controlamos adecuadamente las diferencias en la composición en divisas de los activos, los ingresos y las posiciones en derivados netos, sí descubrimos un efecto considerable en el balance general. Hallamos además que los instrumentos derivados desempeñan un papel importante de aislamiento de las inversiones empresariales contra las sacudidas del tipo de cambio. Siguiendo la misma dirección de estudios anteriores, también hallamos pruebas de correspondencia cambiaria entre las empresas chilenas. En Chile, las compañías consiguen reducir los riesgos vinculados con la exposición al riesgo cambiario al hacer corresponder la composición en divisas de sus pasivos con la de sus ingresos y activos, así como también adquiriendo instrumentos derivados si no hay disponibles instrumentos de cobertura reales. Por último, hallamos cambios significativos en el nivel de exposición neta a las divisas tras la introducción del régimen de cambio flotante en 1999. Sostenemos que una interpretación posible de estos resultados se debe al efecto de una mayor variación del tipo de cambio sobre el riesgo relativo de la deuda interna y externa.

Currency Mismatches, Balance Sheet Effects and Hedging in Chilean non-Financial Corporations

Using a new database on the currency composition of assets and liabilities this paper explores the determinants and consequences of currency mismatches in Chilean non-financial firms. As in previous firm level studies for Chile, we find that in periods following a depreciation firms with higher dollar debt do not underperform their peso counterparts. However, once we adequately control for differences in the currency composition of assets, income and net derivative positions, we do find a significant balance sheet effect. In addition, we find that derivatives play a role in insulating firm level investment from exchange rate shocks. In line with previous studies, we also find evidence of currency matching in Chilean corporates. Firms in Chile actively reduce the risks associated with exchange rate exposure by matching the currency composition of their debt with that of their income and assets, and by taking on derivatives if no “real” hedge is available. Finally, we find significant changes in the level of net currency exposure after the exchange rate was floated in 1999. We argue that one possible interpretation of these results is due to the effect of higher exchange rate variance on the relative risk of domestic and foreign debt.

New Frontiers for Monetary Policy in Chile

This paper assesses the efficiency of the current Inflation Targeting (IT) scheme in place at the Central Bank of Chile. Using a small macroeconomic model of the Chilean economy, our main results are as follows: (i) an efficient monetary policy requires a bias towards output stabilization around its long run trend; (ii) the switch to forecast-targeting, implicit in the current IT scheme in Chile, results in an efficiency gain; (iii) targeting core inflation is not efficient; (iv) ceteris paribus, efficiency could be enhanced if monetary policy leans against the wind when facing shocks to the cost of international finance.

Hybrid Controller based on Null Space and Consensus Algorithms for Mobile Robot Formation

This work presents a novel hybrid control approach based on null space and consensus algorithms to solve the scalability problems of mobile robot formation and improve leader control through multiple control objectives. In previous works, the training of robots based on the null space requires a rigid training structure based on a geometric shape, which increases the number of agents in the formation. The scheme of the control algorithm, which does not make formation scalability possible, must be changed; therefore, seeking the scalability of training based on null space is a challenge that could be solved with the inclusion of consensus algorithms, which allow the control structure to be maintained despite increasing or decreasing the number of robot followers. Another advantage of this proposal is that the formation of the followers does not depend on any geometric figure compared to previous works based on the null space; this new proposal does not present singularities as if the structure is based on geometric shape, the latter one is crucial since the formation of agents can take forms that cannot be achieved with a geometric structure, such as collinear locations, that can occur in many environments. The proposed hybrid control approach presents three tasks: i) leader position task, ii) leader shape task, and iii) follower formation task. The proposed algorithm is validated through simulations, performing tests that use the kinematic model of non-holonomic mobile robots. In addition, linear algebra and Lyapunov theory are used to analyze the stability of the method. Doi: 10.28991/ESJ-2022-06-03-01 Full Text: PD

Análisis Institucional y Económico del Sector de Telecomunicaciones en Chile

This paper studies the case of the Chilean telecommunication sector, which has been subject to a deregulation process during the last decade. Important firms that were historically owned and managed by the Public Sector have been recently transfered to pr

Estabilidad de la Demanda de Dinero, Cointegración y Política Monetaria

The stability of the demand for money is of primary importance for the design of monetary policy. If it is found that a stable long term relation exists then the monetary authority should set strict monetary targets for this term if it wants to keep infla

Plan de negocios para la creación de una empresa de monitoreo de medios de comunicación (periódicos, revistas, radio, tv e internet), en Colombia

Administrador (a) de EmpresasPregrad

Evaluation of Hyaluronic Acid Dilutions at Different Concentrations Using a Quartz Crystal Resonator (QCR) for the Potential Diagnosis of Arthritic Diseases

The main objective of this article is to demonstrate through experimental means the capacity of the quartz crystal resonator (QCR) to characterize biological samples of aqueous dilutions of hyaluronic acid according to their viscosity and how this capacity may be useful in the potential diagnosis of arthritic diseases. The synovial fluid is viscous due to the presence of hyaluronic acid, synthesized by synovial lining cells (type B), and secreted into the synovial fluid thus making the fluid viscous. In consequence, aqueous dilutions of hyaluronic acid may be used as samples to emulate the synovial fluid. Due to the viscoelastic and pseudo-plastic behavior of hyaluronic acid, it is necessary to use the Rouse model in order to obtain viscosity values comparable with viscometer measures. A Fungilab viscometer (rheometer) was used to obtain reference measures of the viscosity in each sample in order to compare them with the QCR prototype measures

Convergence analysis of the triangular-based power flow method for AC distribution grids

This paper addresses the convergence analysis of the triangular-based power flow (PF) method in alternating current radial distribution networks. The PF formulation is made via upper-triangular matrices, which enables finding a general iterative PF formula that does not require admittance matrix calculations. The convergence analysis of this iterative formula is carried out by applying the Banach fixed-point theorem (BFPT), which allows demonstrating that under an adequate voltage profile the triangular-based PF always converges. Numerical validations are made, on the well-known 33 and 69 distribution networks test systems. Gauss-seidel, newton-raphson, and backward/forward PF methods are considered for the sake of comparison. All the simulations are carried out in MATLAB software