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Item type:Publication, Determinants of Market Power in the Peruvian Regulated Microfinance Sector(Springer, 2020-12-01)The objective of this study is to analyze the evolution and determinants of market power in Peru’s regulated microfinance sector during the period of January 2003 to June 2016. We estimate both a conventional Lerner index (LICON) and an efficiency-adjusted Lerner index (LIADJ) using information from a wide panel of microfinance institutions (MFIs), thus finding that the LIADJ is significantly greater than the LICON. This result confirms that not considering MFIs’ inefficiency leads to an underestimation of their market power. Both indices decreased until 2014, which indicates that regulated MFIs’ market power decreased significantly for more than a decade. Beginning in 2015, market power significantly grew; the largest entities as well as those with the highest efficiency have greater market power. This last result evidences the fulfillment of the efficient structure (ES) hypothesis. In addition, a less elastic demand for microcredit, a lower default risk, as well as the processes of mergers, takeovers, and changes in the business structure of some MFIs, increase market power. Finally, the MFIs that operate in localized areas exhibit greater market power. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Market prices in the Anthropocene age(Springer International Publishing, 2021-09-16)Economics is the science of scarcity. According to the standard market model of neoclassical theory, market prices tend to reflect real scarcity under capitalism. Competition leads to that result. Is this claim true under the Anthropocene age, in which natural resources are degrading through depletion and pollution? In order to answer this question, this essay presents a market model of the unified theory of capitalism. The two market models are compared on assumptions and empirical predictions. Facts tend to be consistent with the predictions of the unified theory model and refute those of the neoclassical model. On epistemological grounds, unified theory explanation is superior. Therefore, market prices do not provide society with the correct signals about real scarcity. The results are used to clarify some usual misconceptions about the role of the market system in the functioning of capitalism. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Market power, social welfare, and efficiency in the Peruvian microfinance(Springer Science and Business Media Deutschland GmbH, 2024-04-01)This study quantifies the social welfare loss caused by market power in Peru’s regulated microfinance industry and analyzes its effect on microfinance institutions’ (MFIs) efficiency from 2003 to 2019. We estimate the efficiency-adjusted Lerner index as a measure of market power and obtain efficiency scores via cost and profit stochastic frontiers estimation using data from a wide panel of MFIs. Additionally, to analyze the effect of market power on the MFI’s efficiency, we estimate a fixed effects model with instrumental variables to correct the endogeneity problem. The results show that the welfare loss due to market power in Peru’s regulated microfinance industry has increased from 0.12% of GDP in 2003 to 0.27% in 2019. It is also found that market power positively affects Peruvian MFIs’ efficiency. Therefore, reducing market power leads to a welfare gain by lowering the social welfare loss (Harberger’s triangle) and a welfare loss due to decreased efficiency in MFIs. However, we find that reducing market power leads to a positive net effect on social welfare due to greater welfare gain than loss. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Measuring Market Power in a Spatial Context: Evidence from the Retail Vehicular Natural Gas Market of Lima, Peru(RELX Group (Netherlands), 2023-01-01)