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Tasas de descuento en Latinoamérica: Hechos y desafíos

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  • Samuel Mongrut

    (Universidad del Pacífico)

Abstract

Identifica y explica las características principales de los mercados emergentes latinoamericanos, clasificados así según el International Finance Corporation (IFC). Se argumenta que estas características deben ser consideradas con el fin de estimar tasas de descuento en el contexto de una economía emergente. Asimismo, se comparan las principales propuestas que se han realizado a través del tiempo para estimar la tasa de descuento en mercados emergentes. Se utilizan siente métodos para estimar el costo del capital propio en el caso de inversionistas bien diversificados y dos métodos para estimarlo en el caso de inversionistas imperfectamente diversificados. Además, se utiliza un método para estimar el rendimiento requerido en el caso de inversionistas no diversificados. Con los nueve primeros métodos se estiman costos de capital propio por sectores económicos para los seis países considerados (Argentina, Brasil, Colombia, Chile, México y Perú). De forma consistente con el grado de diversificación del inversionista y para la mayoría de países considerados, se obtiene que los rendimientos requeridos son los de mayor magnitud, seguidos por el promedio de costos de capital para inversionistas imperfectamente diversificados y por el promedio de costos de capital para inversionistas bien diversificados.

Suggested Citation

  • Samuel Mongrut, 2006. "Tasas de descuento en Latinoamérica: Hechos y desafíos," Working Papers 06-09, Centro de Investigación, Universidad del Pacífico.
  • Handle: RePEc:pai:wpaper:06-09
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    References listed on IDEAS

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    1. Skoufias, Emmanuel & Quisumbing, Agnes R., 2004. "Consumption insurance and vulnerability to poverty : a synthesis of the evidence from Bangladesh, Ethiopia, Mali, Mexico and Russia," Social Protection and Labor Policy and Technical Notes 29141, The World Bank.
    2. Ferreira, Francisco & Prennushi, Giovanna & Ravallion, Martin, 1999. "Protecting the poor from macroeconomic shocks," Policy Research Working Paper Series 2160, The World Bank.
    3. Martin Ravallion & Shubham Chaudhuri, 1997. "Risk and Insurance in Village India: Comment," Econometrica, Econometric Society, vol. 65(1), pages 171-184, January.
    4. Kraay, Aart, 2004. "When is growth pro-poor? Cross-country evidence," Policy Research Working Paper Series 3225, The World Bank.
    5. Cochrane, John H, 1991. "A Simple Test of Consumption Insurance," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 957-976, October.
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