Este libro no es un libro de texto ni un manual donde se trata de forma sistemtica y pormenorizada el papel del Estado en la economa. Al lector que busque un manual, le recomiendo el de Stiglitz, "La economa del Sector Pblico", donde se explica todo mucho mejor de lo que pudiera hacerlo yo. Eso s, algunas partes del libro son un poco densas para el lector profano en la materia. Tambin es muy recomendable el manual de Bustos Gisbert, "Lecciones de Hacienda Pblica I. El papel del Sector Pblico".

The cryptocurrency market is emerging as a new asset class for the investment. As the traditional asset prices are often noted to be influenced by the liquidity risk, this study links the cryptocurrency liquidity cost to its yields. Pre-pandemic uncertainty, the Bitcoin liquidity cost was found to be priced in its returns during the same trading session. Post-pandemic crisis, the relationship was changed. The liquidity cost was reported not to be priced in the Bitcoin returns at the time of same trading session. Post-pandemic crisis, however, the liquidity cost imposed by the liquidity supplier on day t − 1 was noted to be priced in the Bitcoin return of day t . In the cryptocurrency market, this study quantifies the effects on the Bitcoin returns of its liquidity cost, and if such effects vary pre- and post-pandemic uncertainty.

This paper provides an analysis of the overall investment in listed companies made by a sample of 30 sovereign wealth funds. The first part of this paper comprises a theoretical description of sovereign wealth funds, while the second part covers the analysis of the investment made at both the aggregate and individual levels. The results achieved from this analysis lead to the conclusion that Europe, Asia and North America attract more than two-thirds of total investment, with the financial sector being the one that attracts more funds. Another result indicates that more than 80% of total investment in listed companies comes from five sovereign wealth funds. Finally, the results also show that there is a group of sovereign wealth funds from Southeast Asia and the Middle East that have a high concentration and percentage of control over the investments they made, which could be an indicator of strategic positions.

This article deals with the problems caused by the expiry of the sanctioning procedure and the prescription of offences and sanctions in the social order. It analyzes those sanctioning procedures initiated ex officio in which, once the proposal for a sanction has been formulated and notified to the administrated party, the latter appeals it and, once the statute of limitations for the infraction and the sanction has expired, the Administration issues an express resolution rejecting the appeal that empowers it to collect the sanction imposed. This way of acting by the Administration, leaving the appeal without a resolution, without executing the sanction and prolonging this situation for years, means that the administered party is submerged in the most absolute legal uncertainty. This article reconsiders this unjust jurisprudential criterion in the light of the new Law 39/2015.

This paper analyzes the discrimination of sustainable companies taking into account their overall ESG score. For this, a linear discriminant model is described through economic and financial variables, the size of the companies, as well as their membership in the industrial sector. The model has a moderately high percentage of successes, although not symmetrical for the two classifications proposed. On the other hand, there is an improvement in the results by incorporating only those variables that have been significant and with greater weight in the model. It’s observed how the size of the company is a very important discriminatory variable. This result is confirmed in the literature in other works.

We survey a sample of the Uruguay firms in the business sector, about the use of financial instruments as: Debt Structure, Net Value Present, Internal Rate of Return, Payback Period and other capital budgeting instruments. We follow the line research o Graham & Harvey (2001) and others works that replicate the same line. Using a logistic regression model, we arrive to the result that use of the financial tools is limited, results that are in sintony with other emerging economies. We observed that use of the financial tools is related with the size of the company, the setting of a debt target, the level of education and training, as well as the seniority of the person responding, as explanatory factors of greater use of the selected tools.

The aim of this study is to conduct an analysis of the investment made by the fifteen largest sovereign wealth funds on listed European companies. The analysis is divided into two sections: a descriptive one and a statistical one. The methodology used for this purpose consisted of mining data from Orbis database and running a binomial logistic regression. The main results show that, in the first place, the Norwegian fund is the one that invests in a larger amount of companies and European countries. Another significant result indicates that the United Kingdom is the country that receives the most investment. Finally, the results lead also to the conclusion that, concerning investing, sovereign wealth funds are influenced by a set of factors such as company size, profitability, and leverage, whereas the company’s home country and the economic sector it belongs are not determining factors.

In accordance with Article 31, section IV, of the Political Constitution of the United Mexican States, it is established that it is the obligation of Mexicans to contribute to public expenditures, whether of the Federation, of the Federal District or of the State and Municipality in which Reside, in the proportional and equitable manner provided by the laws. It should also be noted that this precept is based on the fact that this obligation considers compliance based on the principles of generality, equity, obligations and transparency in the destination of public spending. However, when citizens perceive that their contributions do not comply with what is established in the regulations in question, there is a so-called tax evasion. Which in accordance with Camargo (2005), that concept is defined as the reduction of an amount of a tax produced within a country by those who are obliged to pay it do not, however, they do obtain benefits through a behaviour fraudulent. Based on this premise, the purpose of this study is to estimate in the best possible way the potential collection that could be obtained by the Federal Government, particularly from the payment of income tax by people who carry out transactions in the informal market, focusing on analysis on the citizens that are dedicated to the sale of merchandise in the markets on wheels, considering simultaneously the benefits that these people would obtain when paying this tribute. For this, 300 surveys were carried out, considering the answers, as well as the application of the Real Options methodology (Trigeorgis et al., 1996) and the Game Theory model (Mas-Colell et al., 1995), the estimation of the collection by expanding the tax base and the benefits in monetary terms at the moment these people enter the formal market.