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Economías de escala en la industria microfinanciera. Un análisis aplicado al caso peruano


  • Aguilar. Giovanna.

    (Pontificia Universidad Católica del Perú)


This study estimates global economies of scale at both the plant and firm level for five categories of Peruvian microfinance institutions (MFIs) using monthly panel data for the period 2003-2010. It also assesses possible determinants of economies of scale at the firm level for each category of MFIs. The results suggest that while the category of rural banks enjoys economies of scale at the plant and firm levels, the category of financial companies specialized in microfinance shows diseconomies of scale in any level, the specialized banking faces diseconomies of scale at the plant level and, in some cases, constant returns at the firm level. It is found that the skill and ability of staff to develop the microfinance business is an economies of scale determinant, in most of IMFs, with a positive effect.// Este artículo estima economías de escala, a nivel de planta y de firma, para cinco categorías de instituciones microfinancieras (IMF) peruanas utilizando información panel de frecuencia mensual para el periodo 2003-2010. Además, evalúa posibles determinantes de las economías de escala a nivel de firma para cada categoría de IMF. Los resultados sugieren que mientras la categoría de cajas (bancos) rurales goza de economías de escala a nivel de planta y de firma, la categoría de financieras especializadas en microfinanzas experimenta deseconomías de escala a ambos niveles y los bancos especializados en microfinanzas enfrentan deseconomías a escala a nivel de planta y, en algunos casos, retornos constantes a nivel de firma. Se encuentra que la habilidad y capacidad del personal para el desarrollo del negocio microfinanciero es un determinante de las economías de escala, en la mayoría de las categorías de IMF, con un efecto positivo sobre éstas.

Suggested Citation

  • Aguilar. Giovanna., 2014. "Economías de escala en la industria microfinanciera. Un análisis aplicado al caso peruano," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(323), pages .747-778, julio-sep.
  • Handle: RePEc:elt:journl:v:81:y:2014:i:323:p:747-778

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    microfinanzas; economías de escala; instituciones microfinancieras; microcréditos;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages


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