espanolEn este trabajo se concluye que, a pesar de los esfuerzos realizados para aumentar la movilizacion de recursos internos en aras de un mayor crecimiento economico en Camerun, el ritmo de crecimiento de dichos aumentos no ha sido seguido por el ritmo de crecimiento economico. En este contexto, este articulo evalua empiricamente el efecto de la movilizacion de los distintos capitulos de recursos nacionales en el crecimiento economico de Camerun. La investigacion empirica se lleva a cabo con informacion de los indicadores de desarrollo del Banco Mundial para Camerun en el periodo 1980- 2013. En el analisis empirico llevado a cabo se utilizan instrumentos de estadistica descriptiva y el metodo de los momentos generalizado con variables instrumentales. Los resultados muestran la existencia de una relacion positiva significativa entre las distintas vertientes de los recursos nacionales y el crecimiento economico camerunes. Desde la perspectiva de la actuacion politica, una conclusion importante es que, ademas de la implementacion de reformas fiscales, para que Camerun pueda financiar sus programas de desarrollo se necesitan medidas como la ampliacion de la base imponible, fuentes alternativas de ingresos, y reformas institucionales EnglishThis paper observes that despite the efforts made to enhance domestic resource mobilization as a means of boosting economic growth in Cameroon, the economy does not seem to grow at the same rate. Against this background, this paper empirically assesses the effect of mobilizing various sources of domestic resources on the economic growth of Cameroon. The empirical investigation is carried out using data from the World Bank’s development indicators (WDI, 2014) for Cameroon for the period 1980- 2013. Descriptive statistics and the Instrumental Variable Generalized Method of Moments (IVGMM) were used to analyze the data. The results show that there is a positive and significant relationship between the various sources of domestic resources and economic growth in Cameroon. From a policy perspective, an important conclusion is that in addition to implementing tax reforms, measures such as widening the tax base, finding alternative sources of revenue, and institutional reforms are needed for Cameroon to fund its development programmes

espanolEste estudio analiza, con un enfoque cuantitativo, los factores que determinan la inclusion financiera en Peru a partir de microdatos de encuestas. Se utilizan correlaciones significativas para identificar aquellos factores socioeconomicos que pueden afectar a la inclusion financiera (o exclusion) de los hogares y las empresas. Se divide la informacion en cuatro niveles: individuos, hogares, municipios y regiones. Los resultados muestran que los grupos tradicionalmente mas vulnerables (mujeres, individuos que viven en zonas rurales y los jovenes) son menos propensos a utilizar el sistema financiero formal. Los prestamos y las hipotecas parecen impulsar mas la inclusion financiera que los productos de ahorro. Para las empresas, la formalidad y la educacion sobresalen como factores significativos para la inclusion financiera. El acceso al sistema financiero formal parece ser un problema para las familias, pero no para las empresas. Ademas, los hogares se ven mas afectados por diferencias regionales EnglishThis study comprises a quantitative approach to the determinants of financial inclusion in Peru based on micro-data from surveys. Significant correlations are used to identify those socioeconomic characteristics that may affect financial inclusion (or exclusion) of households and enterprises. We incorporate four levels of information: individuals, households, towns, and regions. The results show that the traditionally more vulnerable groups (women, individuals living in rural areas, and young people) are less likely to use the formal financial system. Loans and mortgages appear to be better drivers for financial inclusion than saving products. For enterprises, formality and education stand out as significant factors for financial inclusion. Access to the formal financial system seems to be a problem for households but not for enterprises, and households are also more affected by regional differences

In this paper we calibrate the term structure of interest rates of German covered bonds and explain its dynamics in a similar set up to Jakas (2011, 2012). However, two approaches to the affine model are employed here: (i) including and (ii) disregarding the no-arbitrage condition. Similar to Jakas (2011, 2012) the stochastic discount factor (SDF) accounts for such macroeconomic factors as consumer expectations, unemployment rate, inflation rate and money supply. When including no-arbitrage, the yield curves are calibrated using a discrete time affine multifactor term structure model. Interestingly, when the no-arbitrage condition is disregarded, coefficients can take both positive and negative values along the yield curve, something that does not occur with an affine no-arbitrage model. Overall, the empirical findings in this study confirm the observations in the macrofinance literature, suggesting that macroeconomic factors have a strong explanatory power in the movements of the term structure of interest rates. We also find that the influence of macroeconomic variables is more pronounced at the front end rather than on longer maturities.

Financial markets, and particularly stock markets, have become an essential factor in understanding the behavior of the real economies. The analysis of how the stock markets have responded to the recent financial and economic crisis is crucial to understanding the economy's behavior. However, its analysis is not an easy task due, among many other reasons, to the high number of implicated variables. Usually, different graphical techniques are applied to analyze the evolution of the stock markets and to forecast the expected trend of the quoted stock prices. This paper proposes a new graphical methodology to analyze stock market behavior: the Sheaf of Straight Lines Methodology (SoSLM). The main advantage of this methodology is that it helps to compare time paths of a set of time series for a given time period. This makes it possible to better understand the evolution of one of them with respect to the others, in relation to the formed sheaf of straight lines. Simultaneously, it eliminates the difficulties arising when a high number of time series are compared through the joined graphical representation, either in a unique chart or in separated ones. So, it is particularly suitable for application to financial markets. This paper applies the SoSLM to the 35 constituents of the Spanish IBEX 35 index from June to September of 2013. The Spanish stock market has been hit hard by the recent financial crisis, although it has shown signs of recovery since June 2013; so, it presents an interesting case for analysis.