Integración bursátil en América Latina: un análisis de los mercados en Chile, Perú y Colombia

Carlos Dulio Llanco Rodríguez; Ivonne Yanete Vargas Salazar; Diego Fernando Romero Sanabria; Pablo Itamar Rodriguez Cordova; John C. Edmunds

doi:10.17533/udea.le.n105a360840

Authors

Carlos Dulio Llanco Rodríguez Universidad Nacional Mayor de San Marcos https://orcid.org/0000-0002-3262-5529
Ivonne Yanete Vargas Salazar Universidad Nacional Mayor de San Marcos https://orcid.org/0000-0002-0836-5309
Diego Fernando Romero Sanabria Universidad Nacional Mayor de San Marcos https://orcid.org/0000-0002-5819-6937
Pablo Itamar Rodriguez Cordova Universidad Nacional Mayor de San Marcos https://orcid.org/0009-0004-8115-709X
John C. Edmunds Babson College Wellesley Massachusetts https://orcid.org/0009-0005-7602-162X

DOI:

https://doi.org/10.17533/udea.le.n105a360840

Keywords:

finance, capital movement, profitability, financial market, indexes

Abstract

This article presents an analysis of the stock market integration in Latin America, with a focus on Chile, Peru and Colombia. The main goal is to determine the existence of stock market integration between them. To this end, the existence of cointegration vectors in the stock market indices and the propagation of variance between these countries has been tested, with a VEC model to model the equation of the measurement of returns and a DCC-GARCH model to capture the dynamics of correlations between markets and to analyze the spread of risk between regions. The results indicate that Latin American stock markets do not present a common growth trend, which reveals fundamental differences between them that hinder the integration process. Being that Chile and Peru maintain competitive performances both internationally and regionally, sharing certain statistical characteristics. And, in contrast, Colombia has been losing its regional competitiveness and is obtaining lower results

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Author Biographies

Carlos Dulio Llanco Rodríguez, Universidad Nacional Mayor de San Marcos

Juan Pérez es bachiller en Economia por la Universidad Nacional Mayor de San Marcos. Actualmente se desempeña como Analista de Inversiones en Grupo Coril SAB. Sus líneas de investigación se centran en la gestion de riesgos, las ciencias de datos aplicadas a las finanzas y los mercados de capitales.

Ivonne Yanete Vargas Salazar, Universidad Nacional Mayor de San Marcos

Ivonne Yanete Vargas Salazar es docente asociado e investigador de la Universidad Nacional Mayor de San Marcos (UNMSM), miembro del Grupo de Investigación de la UNMSM, docente RENACYT. Magister en Dirección y Gestión Empresarial y Maestro en Project Management. Con experiencia en el ámbito de la tributación, planeamiento, gestión de proyectos, docencia e investigación. Sus líneas de investigación abarcan Economía, Política Económica,Tributación, Dirección y Gestión Empresarial, Project Management, Educación, Ética, Ciencias Sociales.

Diego Fernando Romero Sanabria, Universidad Nacional Mayor de San Marcos

Diego Fernando Romero Sanabria holds a Bachelor's degree in Economics with a focus on Public Economics from the National University of San Marcos. He has professional experience as an economic analyst in the public sector. His research interests include sustainable finance, public policy, and economic development.

Pablo Itamar Rodriguez Cordova, Universidad Nacional Mayor de San Marcos

Pablo Itamar Rodríguez Córdova es Bachiller en Economía por la Universidad Nacional Mayor de San Marcos, con experiencia en el ámbito de la consultoría económica e intereses enfocados en estudios socioeconómicos en Latinoamérica. Sus líneas de investigación abarcan el desarrollo económico, las políticas públicas y la investigación de mercados.

John C. Edmunds, Babson College Wellesley Massachusetts

John C. Edmunds is Professor of Finance at Babson College. He has taught extensively at overseas MBA programs, including Instituto de Empresa in Madrid, Spain, INCAE in Central America and La Universidad Católica Madre y Maestra in the Dominican Republic, and two universities in Chile. He has also taught at other schools in the Boston area, including the Arthur D. Little School of Management, Boston University, the Fletcher School of Law and Diplomacy, Harvard University, Hult International Business School, and Northeastern University. He is a member of the Golden Key Society, and at Hult as well as Arthur D. Little he was voted Professor of the Year. He has lived in six countries and spent eighteen years abroad. He is fluent in Spanish and also speaks French. Dr. Edmunds's areas of interest are international finance, derivatives, capital markets, and emerging markets. He is the author of over 300 articles and cases published both in academic and practitioner journals. He has published five books. Over 150 of his articles are about Latin American capital markets and have been published in Spanish. Six of the most cited are “Financiar a Emprendedores,” Estrategia (Chile), “¿Cayendo al Segundo Lugar?” El Diario Financiero (Chile), “Iberoamérica necesita un Davos propio,” Expansión (Madrid), “Los Nuevos Ricos,” América Economía, “¿Cuándo Emergerá la Bolsa Emergente?” El Diario Financiero (Chile), and “El Valor Escondido de América Latina,” América Economía. Dr. Edmunds holds a D.B.A. in International Business from Harvard Business School, an M.B.A. in Finance and Quantitative Methods with honors from Boston University, an M.A. in Economics from Northeastern University, and an A.B. in Economics cum laude from Harvard College. He has consulted with the Harvard Institute for International Development, the Rockefeller Foundation, Stanford Research Institute, and numerous private companies.

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