stephanie espinosa ensayo sistema financiero
TRANSCRIPT
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1ENSAYO SISTEMA FINACIERO
UNIVERSIDAD TECNICA PARTICULAR DE LOJA
II ENCUENTRO NACIONAL DE BANCA Y FINANZASJOSE SALVADOR CORTES GARCIA
STEPHANIE GABRIELA ESPINOSA TORRESFebrero 2016.
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Tabla de Contenidos
C!"#$%o 1 Iro'$(()*&................................................................................................................1Lo+ Re#o+ 'e % 'e+(e%er()*& e(o&*,)( 'e C-)& e% (,b)o 'e !o%"#)(,o&e#r) e& USA.....................................................................................................................2
A/e$r+ e,!re&'e'or+......................................................................................................4Co,o !r#)()!r e& e% ,er('o 'e /%ore+ ...........................................................................7Cr)+)+ )&&()er )er&()o&%...............................................................................................11E/o%$()*& 'e% +)+#e, )&&()ero e& e% E($'or ................................................................15
C!"#$%o 2 Re+$%#'o+ ')+($+)*&..........................................................................................20L)+# 'e reere&()+....................................................................................................................21.......................................................................................................................................................21
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Capítulo 1
Introducción
E& e% !re+ee e&+o ,$e+#r /r)o+ #e,+ +obre e(o&o," &)/e% &()o&%
e )er&()o&% ')(- )&/e+#)()o&e+ $ero& br('+ !or !o&ee+ e% !+'o
')()e,bre 'e% 201 e+#e (o&re+o #$/o % '$r()*& 'e 'o+ '"+ #e&)e&'o (o,o
!r#)()!e+ /r)o+ e ),!or#e+ e3!o+)#ore+ #o &)/e% %o(% (o,o &()o&%
,o+#r'o 'e+'e +$ !er+!e(#)/ % e(o&o," (#$% 4$e e+#5 e&re&'o e% !"+
e% ,$&'o.
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Los Retos de la desaceleración econóica de C!ina " el cabio de política
onetaria en #SA
L &$e/ &or,%)''7 e+ e% %e, e(o&*,)(o 'e C-)&. L &()*& +)5#)(
- +),)%'o 4$e e% (re(),)eo &$% 'e 'ob%e '")#o &o /o%/er58 !or %o 4$e
reor)e +$ e(o&o," 'e ,&$(#$r+ e ),!or#()o&e+ -() e% ,er('o
)er&o. E+#e !ro(e+o #e&'r5 ),!(#o+ (o%#er%e+ e& A,9r)( L#)&8 4$e :$e
$& !!e% (%/e e& ,#er) 'e (o,er()o (o& C-)&.
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;,'' 'e +$+ ),!or#()o&e+ 'e % re)*& A+)
P(")(o.
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("' 'e ,#er)+ !r),+? !or o#ro8 +$ 'e+(e%er()*&8 e3!%)( L$r I#$rb)'e
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G%)&'o8 (oor')&'or 'e % e+#r" e& E(o&o," Neo()o+ 'e % U&)/er+)''
A&5-$(8 e& ere/)+#.
To'o+ %o+ e,eree+8 )&(%$e&'o %$&o+ !"+e+ 'e A,9r)( L#)& 4$e
'e!e&'e& ,$(-o 'e% ,er('o (-)&o8 (o,o Per=8 Are)& Br+)%8 e+#5&
+$r)e&'o !or e+# 'e+(e%er()*&.7
E& 2018 C-)& #$/o e% (re(),)eo ,5+ b:o e& 2 o+ ;.
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C-)& e+#5 -()e&'o $& !$e+# 'e %ro ,e')&o !%@o e& +e,eo+
'e ('e&+ 'e /%or8 (o,e e% #,b)9& (#e'r5#)(o 'e % U&)/er+)'' N()o&%
A$#*&o, 'e 93)(o ;UNA
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Cr%&'8 1>M? P)+#r$) e# %.8 1>>M< o 4$e e+#$')& #)!o+ 'e e3!&+)*&8 (o,o
!$e'e +er % !er#$r 'e +$($r+%e+ ;B)#&er Poe%8 1>M? L$8 200>>>? Cr!eer Pe#er+e&8 2002< 4$e e%
(re(),)eo 'e %o+ (#)/o+ 'e % e,!re+ +e re%()o& 1 1 (o& e% )&&(),)eo
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)er&o ;Cr!eer Pe#er+e&8 2002
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• PRIVADO8 +o& %+ &eo()()o&e+ 4$e +e re%)@& e& or, ')re(# ere
(o,!r'or /e&'e'or8 +)& % )er/e&()*& 'e $& (+ 'e /%ore+.
• PRIARIO8 e+ 4$e% e& e% ($% +e re%)@ % !r),er /e o (o%o(()*&
'e /%ore+ 4$e -(e e% e,)+or (o& e% )& 'e ob#e&er ')re(#,ee %o+
re($r+o+.
• SECUNDARIO8 (o,!re&'e %+ &eo()()o&e+ !o+#er)ore+ % !r),er
(o%o(()*& 'e /%ore+.
Entidades de control&
• CONSEJO NACIONAL DE VALORES e+ e% *r&o '+(r)#o %
SUPERINTENDENCIA DE COPANIAS 4$e e+#b%e(e % !o%"#)( e&er%
'e% ,er('o 'e /%ore+ re$% +$ $&()o&,)eo.
• SUPERINTENDENCIA DE COPANIAS e+ % )&+#)#$()*& 4$e e:e($# %
!o%"#)( e&er% 'e% ,er('o 'e /%ore+ (oro% %o+ !r#)()!e+ 'e%
,er('o.
• BOLSAS DE VALORES #r/9+ 'e +$ ($%#' 'e $#orre$%()*&
!$e'e& ')(#r +$+ re%,eo+ 'e,5+ &or,+ )er&+ 'e !%)(()*&
e&er% !r #o'o+ +$+ !r#)()!e+8 +" (o,o8 e:er(er e% (oro% 'e +$+
,)e,bro+ e ),!o&er %+ +&()o&e+ 'ero 'e% 5,b)#o 'e +$ (o,!e#e&().
Los participantes&
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• EISORES8 +o& (o,!"+ !=b%)(+8 !r)/'+ o )&+#)#$()o&e+ 'e% +e(#or
!=b%)(o 4$e )&&()& +$+ (#)/)''e+ ,e')e % e,)+)*& (o%o(()*& 'e
/%ore+8 #r/9+ 'e% ,er('o 'e /%ore+.
• INVERSIONISTAS8 +o& 4$e%%+ !er+o&+ &#$r%e+ o :$r"')(+ 4$e
')+!o&e& 'e re($r+o+ e(o&*,)(o+ %o+ 'e+#)&& % (o,!r 'e /%ore+8
(o& e% ob:e#o 'e %orr $& reb)%)'' 'e($' e& $&()*& 'e% r)e+o
'4$)r)'o. Pr !r#)()!r e& e% ,er('o 'e /%ore+ &o +e re4$)ere 'e
,oo+ ,"&),o+ 'e )&/er+)*&.
• BOLSAS DE VALORES8 +o& (or!or()o&e+ ()/)%e+ +)& )&e+ 'e %$(ro 4$e
#)e&e& !or ob:e#o br)&'r %o+ +er/)()o+ ,e(&)+,o+ &e(e+r)o+ !r %
&eo()()*& 'e /%ore+ e& (o&')()o&e+ 'e e4$)''8 #r&+!re&()8
+e$r)'' !re()o :$+#o.
• CASAS DE VALORES +o& (o,!"+ &*&),+ $#or)@'+8 ,)e,bro+
'e %+ bo%++ 'e /%ore+ ($ !r)&()!% $&()*& e+ % )er,e')()*& 'e
/%ore+8 'e,5+ 'e +e+orr e& ,#er) 'e )&/er+)o&e+8 $'r
e+#r$(#$rr e,)+)o&e+ +er/)r 'e ee (o%o('or 'e %+ e,)+)o&e+
!r),r)+.
• DEPOSITO CENTRALIZADO DE COPENSACION Y LIUIDACION DE
VALORES8 e+ $& (o,!" &*&), 4$e +e e&(r 'e !ro/eer+er/)()o+ 'e 'e!*+)#o8 ($+#o')8 (o&+er/()*&8 %)4$)'()*& re)+#ro 'e
#r&+ere&() 'e %o+ /%ore+. O!er #,b)9& (o,o (5,r 'e
(o,!e&+()*&.
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RUEDA DE PISO8 e+ % (o&($rre&() "+)( 'e o!er'ore+ 'e /%ore+8 (o& e%
ob:e#o 'e oer#r 'e,&'r )&+#r$,eo+ e& e% (orro o %$r "+)(o 4$e !o&e
')+!o+)()*& !r #% ee(#o % bo%+ 'e /%ore+.
RUEDA ELECTRNICA8 e+ e% +)+#e, 'e )er(o&e3)*& e& e% 4$e %+ oer#+8
'e,&'+8 (%(e+ ()erre+ 'e o!er()o&e+ +e ee(#=& #r/9+ 'e $& re' 'e
(o,!$#'ore+8 'e !ro!)e'' 'e % bo%+ o (or#' !or e%%.
'enta(as
• E+ $& ,er('o or&)@'o8 )er'o8 e)(@ #r&+!ree8 e& e% 4$e %
)er,e')()*& 'e /%ore+ e+ (o,!e#)#)/8 or'e&'8 e4$)##)/ (o)&$8
(o,o re+$%#'o 'e $& )&or,()*& /er@8 (o,!%e# o!or#$&.
• E+#),$% % e&er()*& 'e -orro8 4$e 'er)/ e& )&/er+)*&.
• Ge&er $& %$:o ),!or#e !er,&ee 'e re($r+o+ !r e%
)&&(),)eo e& e% ,e')&o %ro !%@o.
Crisis %inanciera internacional
L (r)+)+ e(o&*,)( ,$&')% e+ e% ,5+ (%ro e:e,!%o 'e % )&+o+#e&)b)%)''
'e% ,$&'o (!)#%)+#. E+# +e !ro! (o,o !&'e,) (o,)e&@ 'e+#r !5&)(o e& %o+ !r)&()!%e+ ,er('o+ )&&()ero+8 b$r+5#)%e+8 b&(r)o+
,o&e#r)o+.
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Se re4$)ere& !ro$&'o+ (,b)o+ e& e% +)+#e, 'e Bre##o& oo'+8 ),!$e+#o
'e+'e 1> !or %+ !o#e&()+ /e&(e'or+ e& % II G$err $&')%8 (o& e% ,o'e%o
'e% %)bre ,er('o 4$e e+#5 )rre,e')b%e,ee o#'o.
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B&(o $&')% &o -& #e&)'o e% (or:e e% %)'er@o !r e&rer %o+ re#o+
%+ &$e/+ re%)''e+ 8 e& (o&+e($e&()8 -& ("'o e& r/e+ errore+8
e&er&'o )&(er#)'$,bre+8 'e+(o&)&@ e )&e+#b)%)'' e& % e(o&o," ,$&')%.
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L !r),er r& (r)+)+ 'e% (!)#%)+,o ;1M1M>M< '$r* 2 o+? $e % (r)+)+ 'e%
(!)#%)+,o )&'$+#r)% % ("' 'e% ),!er)o br)#5&)(o. Se !re+e* ($&'o %
!o%"#)( %)ber% &+)o+ !or $,er +$+ &&()+ 'e+eb )&(re,er %
e3!%o#()*& 'e %o+ #rb:'ore+8 e&re&'o+e +$+ re)/)&')(()o&e+.
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e% ,e(&)+,o !r e&rer e++ (or')(()o&e+ $er % Se$r)'' So()%8
4$e $e e% r& (#%)@'or 'e% +)+#e, (!)#%)+#.
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,er('o+ b$r+5#)%e+8 %o 4$e e&er* re(e+)*& e(o&*,)(8 'e+e,!%eo 'e 2
e+#&%()*&.
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#rb:'ore+ (o& +$+ )&re+o+ $,er"& % 'e,&' 'e b)e&e+8 e+#
)&(re,er" % )&/er+)*&8 e&er&'o ,5+ e,!%eo (re(),)eo e(o&*,)(o. De
&$e/o e% (!)#%)+,o +%/'o !or % )er/e&()*& 'e% E+#'o.
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E+# (r)+)+ 'ebe bor'r+e 'e+'e % r"@ 'e +$+ ($++ &o 'e+'e +$+
(o&+e($e&()+8 re4$)ere 'e $& &$e/o or'e& e(o&*,)(o ,$&')% 4$e or#%e@( %
E+#'o8 (oro%e % e+!e($%()*&8 ,o#or)(e e% (re(),)eo8 e&ere e+#b)%)''
(o&)&@. E% b%o4$e Br)(+ A,9r)( L#)& #)e&e& $& ro% (er% e& % e'))(()*&
'e% &$e/o +)+#e, e(o&*,)(o ,$&')%.
E$olución del sistea %inanciero en el Ecuador
L S$!er)e&'e&() 'e B&(o+ Se$ro+ 'e% E($'or 'e)&e $&+)+#e, )&&()ero (o,o e% (o&:$o 'e )&+#)#$()o&e+ 4$e #)e&e (o,o ob:e#)/o
(&%)@r e% -orro 'e %+ !er+o&+. E+# (&%)@()*& 'e re($r+o+ !er,)#e e%
'e+rro%%o 'e % (#)/)'' e(o&*,)( (producir y consumir) haciendo que los
fondos lleguen desde las personas que tienen recursos monetarios excedentes
hacia las personas que necesitan estos recursos. Los intermediarios financieros
crediticios se encargan de captar depósitos del público y, por otro, prestarlo a los
demandantes de recursos”.
I,!or#&()8 $&()o&e+ e+#r$(#$r
E% +)+#e, )&&()ero 'e+e,!e $& !!e% $&',e% e& e% $&()o&,)eo
'e+rro%%o 'e % e(o&o,". L !r#)()!()*& 'e %o+ ee+ )&&()ero+ !$e'e
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(!#r !ro,o/er e% -orro8 !r %$eo (&%)@r%o -() %o+ ')eree+ ee+
e(o&*,)(o+? ()%)#r e% )er(,b)o 'e b)e&e+ +er/)()o+? e+#)o&r ,e')o+ 'e!o b$+(r e% (re(),)eo e(o&*,)(o 'e % !ob%()*&.
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)&&()ero8 !$e+ +o& %o+ 4$e ore(e& ')re(#,ee +$+ +er/)()o+ % !=b%)(o. S)&
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)&&()er+. A+" #,b)9&8 %+ (o,!"+ 'e +e$ro+8 %+ )&+#)#$()o&e+ 'e
+er/)()o+ )&&()ero+ %+ (o,!"+ $3)%)re+ #,b)9& (o&or,& e% +)+#e,)&&()ero e($#or)&o +e e&($er& b:o e% (oro% 'e % S$!er)e&'e&() 'e
B&(o+ Se$ro+ 'e% E($'or.
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A (o)&$()*&8 +e 'e+(r)be& %$&o+ 'e %o+ !r)&()!%e+ #)!o+ 'e ee+
)&&()ero+ 'e% +e(#or !r)/'o
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)&&()er8 re()b)e&'o ')&ero 'e ee+ e(o&*,)(o+ ;'e!*+)#o+< !r
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be&e)()o ')()o&% +obre % )&/er+)*&.
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ee+ 4$e8 ,e')e % (!#()*& (&%)@()*& 'e re($r+o+ )er&o+
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!ro'$(#)/+.
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)&&(),)eo 'e /)/)e&'8 (o&+#r$(()*& b)e&e+#r ,)%)r 'e +$+
+o()'o+.
• Coo!er#)/+ 'e -orro (r9')#o So& +o()()o&e+ $#*&o,+ 'e
!er+o&+ 4$e +e re=&e& 'e or, /o%$r) !r +#)+(er +$+
&e(e+)''e+ +!)r()o&e+ e(o&*,)(+8 +o()%e+ ($%#$r%e+8 ,e')e
$& e,!re+ 'e !ro!)e'' (o&:$ e+#)*& +)& )&e+ 'e %$(ro.Co,o !r)&()!)o 'e +$ $&()o&,)eo8 %o+ b&(o+ 'ebe& r)@r % %)4$)'e@8 %
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(!(e+ 'e (o&/er#)r %o+ 'e!*+)#o+ 'e +$+ (%)ee+ e& ')&ero ($&'o 9+#o+ +e %o+
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!)'&. L reb)%)''8 e3))' !or %o+ !ro!)e#r)o+ (()o&)+#+8 4$e %
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(o&:$o 'e b)e&e+ 'ere(-o+ +$!er)ore+ +$+ 'e$'+.
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)&&()ero8 b+#e (o&/e&)ee !r % 9!o( $&4$e &o ,$ 'e+rro%%'o. E&% (#$%)''8 #r+ &%)@r $& , 'e !o+)b)%)''e+ +obre!+&'o
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+o%/ee.
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o&'o+ !r % (re()*& 'e $& )&+#)#$()*& b&(r). E& 1M608 +e (re& e% B&(o
L$@$rr B&(o Pr#)($%r. E& 1M>>8 % Le Ge&er% 'e B&(o+ $e
!ro,$%'. E& 1>28 +e $&' e% B&(o Cer% e& 1>2M8 % S$!er)e&'e&()
'e B&(o+ e% B&(o H)!o#e(r)o 'e% E($'or.
E& 1>M8 'eb)'o 4$e e% +)+#e, )&&()ero +e / 'e($&'o %+ !o%"#)(+ 'e%
Fo&'o o&e#r)o Ier&()o&%8 +e e&er $& (r)+)+ )&&()er e& e% !"+ e&
1>M. E& 1>>8 +e 'ero* % Le Ge&er% 'e B&(o+ 'e 1>M !or % Le Ge&er%'e I&+#)#$()o&e+ 'e% S)+#e, F)&&()ero. A(#$%,ee8 +e e&($er /)ee %
Co'))(()*& 'e % Le Ge&er% 'e I&+#)#$()o&e+ 'e% S)+#e, F)&&()ero8
!$b%)(' e& e% Re)+#ro O)()% 20 'e% 2 'e e&ero 'e 2001.
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Lista de re%erencias
http://geocrisisemergentes.blogspot.com/
http://dspace.utpl.edu.ec/bitstream/123456789/3019/1/Aguirre20!udino20"iana
20Ale#andra202620Andrango20Anrango20$usana20del20%ocio.pd&
http://'''.(isionindustrial.com.m#/industria/economia)*)&inan+as/el)e&ecto)china)su)
desaceleracion)en)la)economia)global.html
http://'''.bolsade,uito.in&o/uploads/normati(a/normati(a)del)mercado)de)(alores/le*)
de)mercado)de)(alores/141024195748)
4d&8d7eda00bdc4ba0e84cd4b59cbe50-le*ercadoalores.pd&
.
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