Se presentan las principales conclusiones de este trabajo, asi como algunas reflexiones sobre cual creemos que podria ser el camino a seguir hacia la integracion de la economia peruana al mundo.

This chapter describes the institutional framework to which firms in mining and hydrocarbons sector are exposed. It explains the basic model in detail and introduces some particularities of each subsector. The chapter discusses the limitations of available data and describes the empirical strategy implemented to deal with it. It introduces accelerated depreciation in Deacon's model as an important feature of the Peruvian framework. The taxes and contributions that comprise the Peruvian tax system and that affect the mining and hydrocarbons sectors throughout the whole entire production chain can be classified in four types: transaction taxes, wealth taxes, compensation for the exploitation of natural resources, income taxes. Royalties are a percentage of the production value of hydrocarbons extracted by the contractor, calculated on international prices. The contract contemplates for the exploitation consortium a differentiated scheme of royalties to be applied to the three different products that are feasible to be exploited: oil, liquid gas and natural gas.

This paper documents the relationship between regional financial development and firm growth in the Peruvian manufacturing sector. In order to control for mutual causality between credit availability and firm growth, industry differences in financial dependence on external funds are exploited. The 1994 and 2008 rounds of the National Economic Census are used, permitting analysis at the firm level as well as the activity level. Results suggest a significant and positive effect of financial deepening on surviving firms` growth. However, this effect is smaller for micro enterprises, suggesting that the cost of external funding decreases with financial development mainly for large firms. The conclusions remain unchanged when entering and exiting firms are included. The paper further finds that credit expansion have encouraged not only firm growth but also firm entry. The results are robust using an alternative measure of financial dependence.

This paper examines the link between financial deepening and formalization in Peru. Using data from the National Household Survey, Bloomberg and the Central Bank of Peru Central Bank, the Catão, Pagés, and Rosales (2009) model is implemented at activity level (2-digits ISIC), and the Rajan and Zingales (1998) approach of sectors' dependence on external funds is followed. The sample is divided into three firm size categories, and two formality measures are assessed. Using the accounting books specification, robust results are obtained, supporting a significant and positive effect of credit growth on formalization only for the self-employment firms category. Alternatively, using the pension enrollment specification, the channel is found positively significant only for firms with more than 10 workers; there is a smaller effect for firms with 2-10 workers. There is also a significant between effect, explaining the transition from small firms to larger firms due to greater credit availability.

El presente libro recopila investigaciones realizadas por jovenes estudiantes y recien egresados de economia con motivo del I Concurso Nacional: ¨Gasto en la mira: Evaluando el gasto publico¨, organizado por la Universidad del Pacifico con el apoyo de Global Development Network (GDN). Las cinco investigaciones ganadoras fueron: Integral de Nutricion (PIN), Analisis de beneficiarios del Programa Projoven 2008-2010, Gasto en la mira: el caso de Fitel 2008-2010, Analisis del presupuesto y gasto 2008-2010: El caso del programa Wawa Wasi, y , finalmente, del Vaso de Leche en el distrito de Oyon. Asimismo, el libro presenta investigaciones realizadas por profesores de la universidad en torno a la transparencia presupuestaria en los sectores salud y saneamiento; asi como la inequidad en el sector educacion.

Policymaking in Peru over the last 25 years has been largely dominated by the Executive, and has been influenced by a variety of structural and political factors as well as by the personal ambitions of presidents and the public perception of crisis. With few exceptions, neither the Congress nor the other branches and levels of government have played effective roles in defining the national policy agenda, promoting inter-temporal cooperation and providing checks and balances on executive power. This is due in part to constitutional arrangements, in part to electoral outcomes, and in part to the historical weaknesses of political parties and other actors. Although this situation has been partially modified since 2001, it is not clear that the general pattern has changed. While certain arenas of decision-making have been reformed in recent years, in many spheres policymaking remains an arbitrary and unpredictable process, resulting in policies that are of low quality, poorly enforced and easily reversed. Although reforming aspects of the political and electoral systems could contribute to improving this outcome, the instability of the political regime per se has been a deterrent to longer-term institutional development.

Con el fin de entender el desarrollo más reciente del proceso de descentralización fiscal, así como el papel que las reglas fiscales juegan sobre su resultado, esta monografía analiza el desempeño de las finanzas subnacionales de la región, y propone una metodología orientada a mejorar la comprensión de los determinantes del desempeño fiscal subnacional y a evaluar su sostenibilidad fiscal en el corto y el largo plazo. Esta metodología se aplica luego a los casos específicos de Colombia y Perú. El propósito último es contribuir a la discusión y al entendimiento de la descentralización fiscal en América Latina.

Una nocion convencional es que la alta concentracion en un mercado implica necesariamente falta de competencia, haciendo recomendable la adopcion de medidas para evitar la alta concentracion. La teoria economica sugiere muchas razones para que este vinculo no exista. En el presente articulo se analiza el mercado de siete productos bancarios en el Peru y se muestra, a traves de la estimacion econometrica de un modelo de demanda residual corregido por la calidad del producto que ofrece cada institucion financiera que, en efecto, la alta concentracion no implica necesariamente falta de competencia. Por el contrario, los datos sugieren que en la mayoria de los mercados la competencia aumento.

After almost 20 years of prudent macro policies, Peru seems in better shape than before to withstand the effects of a financial crisis. Progress, however, has left some policy areas unscathed and the labor market is one of them. In this paper we analyze the potential effects of the crisis on labor market outcomes, and discuss policy options to address short run and structural considerations. We review stylized facts from this and previous crisis to account for potential transmission mechanisms, review policy options and results from past and existing labor market interventions, and build a DSGE model to provide further insight regarding labor market outcomes and the effects of transitory and permanent policy measures. On the countercyclical front, our analysis reveals that the main risk that the policymaker should aim to mitigate is a surge in informality and underemployment. For this, job protection alternatives (as temporary payroll tax holidays already implemented) have to be accompanied by a strengthened and better focalized reemployment service, especially if the shock transpires into the non-tradable sector. On the more structural side, policy should aim at the prime drivers of informality in our country: low productivity and high formal labor costs. For the latter, progressive access to labor benefits for small firms (already introduced via a special labor regime) could be complemented by introducing different minimum wage levels according to firm size and a generalized reduction in firing costs. Low productivity issues, on the other hand, can be addressed by strengthening and integrating existing training programs and information networks which have already proven successful in terms of formal job creation. Simulations reveal that permanent non-wage cost reductions (like those introduced via the special labor regime) can increase formal employment and formal GDP participation by 2 percentage points. Structural policy interventions also exhibit a large countercyclical potential due to their permanent nature. This implies that we should not wait for the crisis to be over to start their implementation.

El actual Sistema de Pensiones en el Peru adolece de dos deficiencias, la baja cobertura y la poca densidad de aportes. Ademas, el Estado ha agravado este problema al causar mayores desigualdades con sus subsidios mal enfocados. En este contexto, se plantean dos medidas. En primer lugar, se analiza la viabilidad y la necesidad de introducir pensiones no contributivas como mecanismo para garantizar que los adultos mayores no esten en situacion de pobreza al llegar a la edad de jubilacion. Asimismo, se plantea la necesidad de subsidiar la cobertura de los jovenes que recien ingresan al mercado laboral, lo cual es mas eficiente que subsidiarlos al momento de la jubilacion. Ambas medidas permiten aliviar los problemas antes mencionados y no ejercen una presion significativa sobre los recursos fiscales.