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An audit study was conducted in Colombia following the protocols in Giné and Mazer (2017). Trained auditors visited multiple financial institutions, seeking credit and savings products. Consistent with Gabaix and Laibson (2006) and similar to Giné and Maz

In the Ecuador many financial derivatives exist as the options which are considered to be negotiable values of agreement to the laws, procedure and in force codes in the country. For the contracts of options it is necessary to bear his regulations in mind well, since every country determines them in order that to the moment of his contractual celebration no important aspect is excluded and especially that both parts that intervene in the contract agree with every with determined in the same one, but in this type of alone contract one has the obligation and also it exists a type of guarantee named occupies first place for what if it does not manage to complete the contract in the certain date it is necessary to to pay the above mentioned premium. The contracts options qualify in puts and call the two are purchases and sales of underlying assets in which they are negotiated by the Stock exchange that can be in Quito or in Guayaquil but always having present the Ecuadoran regulations as the Law of stock market, Civil Code, Code of Trade, Organic Law of Institutions Of The Financial System, the Law of Stock market, the Codification of Monetary, Financial Resolutions, Of Values And Insurances. ; En el Ecuador existen muchos derivados financieros como las opciones las cuales son consideradas como valores negociables de acuerdo a las leyes, normas y códigos vigentes en el país. Para los contratos de opciones se debe de tener bien en cuenta sus normativas, ya que cada país las determina para que al momento de su celebración contractual no se no excluyan ningún aspecto importante y sobre todo que las dos partes que intervengan en el contrato estén de acuerdo con cada con lo determinado en el mismo, pero en este tipo de contrato solo uno tiene la obligación y también existe un tipo de garantía denominada prima por lo que si no se llega a completar el contrato en la fecha determinada se debe pagar dicha prima. Los contratos opciones se clasifican en puts y call los dos son compras y ventas de activos subyacentes en los ...

In the Ecuador many financial derivatives exist as the options which are considered to be negotiable values of agreement to the laws, procedure and in force codes in the country. For the contracts of options it is necessary to bear his regulations in mind well, since every country determines them in order that to the moment of his contractual celebration no important aspect is excluded and especially that both parts that intervene in the contract agree with every with determined in the same one, but in this type of alone contract one has the obligation and also it exists a type of guarantee named occupies first place for what if it does not manage to complete the contract in the certain date it is necessary to to pay the above mentioned premium. The contracts options qualify in puts and call the two are purchases and sales of underlying assets in which they are negotiated by the Stock exchange that can be in Quito or in Guayaquil but always having present the Ecuadoran regulations as the Law of stock market, Civil Code, Code of Trade, Organic Law of Institutions Of The Financial System, the Law of Stock market, the Codification of Monetary, Financial Resolutions, Of Values And Insurances. ; En el Ecuador existen muchos derivados financieros como las opciones las cuales son consideradas como valores negociables de acuerdo a las leyes, normas y códigos vigentes en el país. Para los contratos de opciones se debe de tener bien en cuenta sus normativas, ya que cada país las determina para que al momento de su celebración contractual no se no excluyan ningún aspecto importante y sobre todo que las dos partes que intervengan en el contrato estén de acuerdo con cada con lo determinado en el mismo, pero en este tipo de contrato solo uno tiene la obligación y también existe un tipo de garantía denominada prima por lo que si no se llega a completar el contrato en la fecha determinada se debe pagar dicha prima. Los contratos opciones se clasifican en puts y call los dos son compras y ventas de activos subyacentes en los cuales son negociados por la Bolsa de Valores que puede ser en Quito o en Guayaquil pero siempre teniendo presenten las normativas ecuatorianas como la Ley de mercado de valores, Código Civil, Código de Comercio, Ley Orgánica de Instituciones Del Sistema Financiero, la Ley de Mercado de Valores, la Codificación de Resoluciones Monetarias, Financieras, De Valores Y Seguros. Todas absolutamente todas estas normativas son muy importantes ya que son las que están vigentes en el Ecuador y son las que se deben utilizar para poder realizar los contratos de opciones sin ninguna dificultad.

The effects of financial system on economic growth rate are identified. To do this in an endogenous stochastic growth model with two types of financial systems, efficient and inefficient ones, the effects on growth are studied. This investigation shows that financial inefficiency has a negative impact on growth. A financial regulation through a capital yield tax corrects negative impacts on growth; furthermore, the necessary conditions for growing under this scenario are characterized. An empirical study is carried out in order to verify the relationship between economic growth and financial regulations. © 2017 Universidad Nacional Autónoma de México, Facultad de Economía. ; Versión del editor ; Producción Científica de la Universidad de Panamericana

Peer Reviewed ; This paper studies a model of endogenous bank opacity. Why do banks choose to hide their risk exposure from the public? And should policy makers force banks to be more transparent? In the model, bank opacity is costly because it encourages banks to take on too much risk. But opacity also reduces the incidence of bank runs (for a given level of risk taking). Banks choose to be inefficiently opaque if the composition of their asset holdings is proprietary information. In this case, policy makers can improve upon the market outcome by imposing public disclosure requirements (such as Pillar Three of Basel II). However, full transparency maximizes neither efficiency nor stability. The model can explain why empirically a higher degree of bank competition leads to increased transparency. I am grateful for financial support from the European Union through ADEMU (Horizon 2020 Grant 649396) and ERC Advanced Grant (APMPAL) GA 324048, from the Spanish Ministry of Economy and Competitiveness through the Severo Ochoa Programme for Centres of Excellence in R&D (SEV-2015-0563) and through Grant ECO2013-48884-C3-1P, and from the Generalitat de Catalunya (Grant 2014 SGR 1432).

Scale-free (inhomogeneous) connective structures with modular (highly clustered) hierarchies are ubiquitous in real–world networks. Evidence from the main Colombian payment and settlement systems verifies that local financial networks have self-organized

The constitutional forecast on the key local financial autonomy on which political autonomy is basedhas had a uneven legislative development. In the area of public expenditure, this autonomy has beensignificantly strengthened. By contrast, in the area of revenue, financial adequacy depends substantiallyon state sources and to a lesser extent than the corresponding Autonomous Treasury. The local tax systemneeds of an in-depth review to makes it fully adecuate for financing of their competences. Judicial decisionshighlight the need for such modification of the local tax system. What has happened with the Judgementson Capital Gains Tax is a clear example of this. ; La previsión constitucional sobre la autonomía financiera local clave sobre la que se asienta la autonomía política ha tenido un dispar desarrollo legislativo. En el ámbito del gasto público se ha fortalecido sensiblemente esa autonomía. Por el contrario en el ámbito del ingreso, la suficiencia financiera depende sustancialmente de fuentes estatales y en menor medida de la correspondiente Hacienda autonómica. El sistema tributario local está necesitado de una revisión en profundidad que lo haga plenamente apto para la financiación de sus competencias. Los fallos judiciales ponen de relieve la necesidad de esa modificación del sistema tributario local. Lo que ha pasado con las Sentencias sobre el Impuesto de Plusvalía es un claro ejemplo de ello.

Colombia's financial system has experienced important transformations during the last two decades. In order to illustrate the most significant modifications, Tables 1 and 2 present a summary of the financial system's structure during four different points in time: 1986- 1989, 1990, 1995, and 2001. Table 1 shows the assets of different types of banks (private domestic banks, foreign banks and state-owned banks), Savings and Loans corporations, and the rest of the financial system, all of them as a proportion of GDP. Table 2 complements the information by presenting the participation of each financial intermediary in the total assets of the financial system.

ABSTRACT The present study aims to identify the importance of Islamic micro-financing schemes among the financial institutions and also determine the knowledge and attitudes of the respondents towards Shari'ah based financial products. A mixed-method approach, including quantitative and qualitative designs, has been employed by recruiting 255 and 15 respondents, respectively. The results showed no significant differences between respondents' knowledge and access to Shari'a-compliant finance. Similarly, there were no significant differences between respondents depending on their length of stay in the UK, ethnicity, and employment status. Moreover, this required financial support and empowerment from the government and related institutions.

The education like people's innate process, it has not escaped to the agenda of all the governments that they have not scrimp efforts to leave their impronta in regulations and norms that guide this fundamental right. Now the incumbent government has prepared, in law terms, a project that he has like foundation to impart with obligatory character, in the schools and colleges so much publics as private, the financial education. This article seeks to establish ojective criteria parallel, products of the reflection of daily facts that deserve to be kept in mind in the measure that these norms that are about settling down, be product of debates and diverse points of views for the group of actors that they can present pertinent proposals to the thematic of the reference in an effective and punctual way ; La educación como proceso connatural de las personas, no ha escapado a la agenda de todos los gobiernos que no han escatimado esfuerzos para dejar su impronta en regulaciones y normas, que orienten este derecho fundamental. Ahora el gobierno de turno ha preparado, en términos de ley, un proyecto que tiene como fundamento impartir con carácter obligatorio, en las escuelas y colegios tanto públicos como privados, la educación financiera. En este articulo se trata de establecer paralelo unos criterios objetivos, productos de la reflexión de hechos cotidianos que merecen ser tenidos en cuenta en la medida que estas normas, que tratan de establecerse, sean producto de debates y puntos de vistas diversos por el conjunto de actores que de manera efectiva y puntual puedan presentar propuestas pertinentes a la temática de la referencia