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Mes: octubre 2020

La importancia del ahorro interno en la economía nacional

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La teoría económica define al ahorro como la diferencia entre el ingreso disponible y el consumo. A nivel agregado, el ahorro consiste en el proceso mediante el cual una economía reserva una parte de los ingresos derivados de su producción y los utiliza para generar ingresos en el futuro. A pesar de sus variadas conceptualizaciones, el ahorro interno juega un papel fundamental en el desarrollo de los países ya que constituye la principal fuente de recursos para financiar actividades de inversión y generar proyectos de reforma estructural que promuevan el desarrollo socioeconómico.

En palabras del reconocido economista John Maynard Keynes, el ahorro desencadena un efecto positivo en el crecimiento económico de cualquier nación. La explicación sencilla es que los recursos proporcionados por prácticas de ahorro permiten la inversión adecuada en capital físico y humano, lo cual aumenta los niveles de productividad y, por ende, la producción total.

Existen distintos enfoques teóricos relativos al ahorro, pero para fines pragmáticos, se utilizará el ejemplo de los “tigres asiáticos” el cual es el más claro suceso para explicar los grandes beneficios que aporta la construcción de una cultura de ahorro en cualquier país. Hong Kong, Corea del Sur, Taiwán y Singapur demostraron que a pesar de bajos niveles de ingreso o PIB per cápita, el ahorro interno es posible y eficiente. Dichos países alcanzaron elevados niveles de ahorro superiores al 30% del Producto Interno Bruto en promedio, lo cual les permitió lograr crecimiento económico sostenido. Así, pudieron pertenecer al grupo de países recientemente industrializados a partir de la década de los 70s.

Como se puede observar en la gráfica adjunta, el grupo comprendido por los países de Asia han tenido un fuerte incremento, tanto en su tasa de inversión como de ahorro interno, y consecuentemente, del crecimiento económico. Para dicho grupo de países, la inversión alcanzó el 42,3% del PIB, mientras que la tasa de ahorro alcanzó el 43,4% del PIB. El efecto directo fue un incremento positivo del 6,5% en la variación interanual del Producto Interno Bruto.

Por el contrario, tenemos el caso de América Latina y el Caribe. Su dinámica en inversión y ahorro ha empeorado con el transcurso del tiempo. Su tasa de ahorro interno en la década de los 90s era del 18,5% del PIB y en 2014 alcanzó el 17,3%. Así, la tasa de crecimiento económico ha sido del 1,3%, lo cual son dos puntos porcentuales por debajo de la expansión económica global. De esta forma, queda demostrado la importancia que el ahorro interno tiene en el crecimiento económico.

Dificultades en la cultura de ahorro ecuatoriana

Para Ecuador y sus pares latinoamericanos existen varios factores que dificultan el proceso de ahorro interno. Entre los principales factores está las limitadas posibilidades de colocar el ahorro financiero ya que las imperfecciones de los mercados de capital están sumamente extendidas. En América Latina, los mercados financieros son menos desarrollados y existe un considerable grado de desconfianza hacia el sistema bancario. La práctica adoptada para elevar la tasa de ahorro consiste en un incremento atractivo de la tasa de interés como recompensa por ahorrar. Si embargo, debido a las limitaciones de liquidez y a la necesidad de cubrir los gastos de subsistencia, el impacto de dicha política no posee un efecto considerable.

De esta forma, cuando se requieren de recursos para proyectos de inversión en capital productivo, Ecuador y varios países latinoamericanos necesitan de asistencia externa. Así, se ha fortalecido la grave dependencia del ahorro externo. El caso más conocido fue la crisis de deuda de 1982. A finales de dicho año, las fuentes de financiamiento externo se cerraron para toda América Latina, lo cual paralizó la adquisición de capital productivo. El efecto inmediato fue una reducción drástica en la productividad agregada y la producción total de cada nación. Fomentar el ahorro interno es la única oportunidad que como países en desarrollo tenemos para evitar el riesgo constante de los fondos externos.

Mecanismos para estimular el ahorro

Como se ha demostrado, el ahorro interno es un factor fundamental para estimular el crecimiento económico. La teoría económica establece que para impulsar una cultura de ahorro en América Latina es imprescindible elaborar políticas que permitan el desarrollo del mercado financiero. Además, varios expertos aseguran que la disponibilidad de nuevos instrumentos financieros para la captación de recursos sería la mejor estrategia para optimizar la tasa de ahorro interno en cualquier país.

Desde hace varias décadas, los fundamentos macroeconómicos aseguran que un incremento en la tasa de interés podría elevar los niveles de ahorro en cualquier nación. Sin embargo, debido al comportamiento general de la sociedad ecuatoriana, dicha técnica no funciona como se esperaría. La realidad ecuatoriana es que únicamente cuando el gobierno tiene superávit fiscal o impone políticas de ahorro forzado (sistema de pensiones), las tasas de ahorro interno realmente tienen un incremento significativo.

De esta forma, ampliar los niveles de ahorro interno será una tarea imposible si no se ejecutan los siguientes cambios en el sistema financiero:

  1. Consolidación y permanencia de los cambios estructurales adoptados en los últimos años: es fundamental garantizar la estabilidad de los mercados financieros del Ecuador para mejorar los niveles de confianza en el ahorrista potencial.
  2. El desarrollo de nuevos instrumentos en el sistema financiero, acompañados de una adecuada regulación: desarrollar instrumentos financieros que se adecuen a las necesidades y al perfil de cada individuo permitirá incrementar las preferencias individuales hacia el ahorro y evitar el consumo inmediato.
  3. La apertura del sistema financiero a la competencia de nuevos intermediarios, tanto internos como externos: la flexibilización del sistema financiero aumentaría el nivel de competencia existente. De esta forma, existiría una amplia oferta de productos financieros que generen condiciones óptimas de ahorro en el país. Adicional, apoyar al Mercado de Valores a financiar empresas nacionales, permitiría transferir recursos desde los ahorristas directamente al sistema productivo.

HOW TO INVEST

HOW TO INVEST

1. Contact a broker

To invest in the stock market it is necessary to contact a broker since in Ecuador they are the only entities authorized to execute investments.

It is important to mention that the companies that list their titles in the stock market are very solid and strictly regulated companies.

At PlusValores we not only help the investor to choose the best investment option. Subsequently, the purchase and sale transaction is carried out efficiently on the stock exchanges.

2. Deliver the required documentation

Once the investor has made his decision, the delivery of the following documents is required:

  1. General forms (Know your client).
  2. Copy of passport.
  3. Copy of the visa or temporary entry permit in the case of non-resident foreigners in Ecuador.
  4. Copy of the electricity, water or telephone bill. (Any kind of certificate that ensures your place of residence).
  5. Last bank or saving account statement. (Any kind of certificate that has the necessary information to be able to make the deposits of the profits obtained in the market of securities of Ecuador).

 

3. Transfer funds

The next step is transfer funds. Once PlusValores confirms the transfer, they can carry out the transaction in the stock exchange systems.

4. You are already an investor

Once the transaction is closed, the investor receives all the documents that support the transaction.

You need to know that:

It is necessary to know that the security you acquired is dematerialized, this means that you will not have a physical title, but an electronic title, which will be registered in a centralized securities depository.

5. Receive the return

Now, the time to receive your return has come. In the case of fixed income, you will receive interest and dividends in case of shares on the dates established in the contract.

Remember that:

If you want to recover your investment before the deadline, you can sell the securities through a broker.

Summary

  1. Ecuador’s financial markets are based on the US dollar, so no currency risk.  The financial markets are safe and regulated.
  2. Even during the COVID crisis the market grew.
  3. You don’t have to live in Ecuador to invest in the country’s financial market.
  4. If you are an expat living in Ecuador, you can use stocks, bonds, and commercial paper (True about commercial paper?) to fulfill the Investor Visa requirements.  These investments alternatives can offer a higher return than a CD and are as safe (or safer) as a bank or saving CD.  Plus,  if you need to leave the country quickly, unlike bank or saving CD’s , there is a ready market to sell your investment.
  5. There a number of outstanding investment alternatives.
  6. It’s easy to invest.  
  7. Plus Valores  with its English-speaking staff can direct you to the best financial  alternatives to match your investment or visa requirement needs.

FINANCIAL ASSETS

FINANCIAL ASSETS

A brief introduction about what the financial market of Ecuador offers

Public Securities

Public securities are debt securities issued by various organizations belonging to the Ecuadorian public sector. Below we can see what are the public sector investment options in relation to the effective annual rate. It is important to mention that the effective annual interest rate is the real return on a savings accounts or any interest-paying investment when the effects of compounding over time are taken into account.

Corporate Bonds

Corporate bonds are securities issued by private companies to finance their activities. The accumulated amount negotiated for June 2020 covers an amount of 218 million dollars. As can be seen in the graph, there is hopeful dynamic in the corporate bond market.

Commercial Paper

Commercial paper is a security that represents debt which grants a right to collect interest and capital in the short term. The amount negotiated is around 402 million dollars in this year. 55 companies have issued commercial paper. In the attached graph are the 10 companies with the highest returns in the commercial paper market.

Accounts Receivable Factoring

Accounts Receivable Factoring are generic securities whose structuring does not require a risk rating. The amount negotiated in this security for 2020 is around 173 million dollars. In the attached graph are the 10 companies with the highest returns.

TWO INVESTMENT EXAMPLES

Fixed Income (Corporate Bonds)

In fixed income, there are several investment options, among which PAPIZZEC stands out.

PAPIZZEC is the company in charge of the establishment and administration, here in Ecuador, of the third largest restaurant chain in the United States, Papa Johns. It arrived in 2004, and currently has 16 stores nationwide, being one of the main objects of demand in the market.


Stocks

Regarding stocks, one of the best alternatives is Corporación Favorita

Corporación Favorita is the largest non-state company in Ecuador. It has 22 national commercial chains and 12 international commercial chains. It has 15 industrial plants, 9 distribution centers and 332 national commercial stores. Despite the pandemic, Corporación Favorita has given good results since most of its business lines did not stop operating during the sanitary emergency. The company is an important part of a strategic sector that provides financial stability to all its shareholders.

Financial Alternatives in Ecuador

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FINANCIAL ALTERNATIVES IN ECUADOR

Market of Securities in Ecuador

Public Securities, Corporate Bonds and Commercial Paper

Structure of the Market of Securities

As in the United States, there is the New York Stock Exchange (NYSE), National Association of Securities Dealers Automated Quotation (NASDAQ) and the American Stock Exchange (AMEX), here in Ecuador  the market of securities is made up of two important stock exchanges. Thus, through the strategic participation of the Quito Stock Exchange (BVQ) and the Guayaquil Stock Exchange (BVG), the market of securities in Ecuador has evolved in an efficient way.

Consolidation and development

Is there a market of securities in Ecuador?

Absolutely,

At the end of 2019, the amounts traded on the stock market represented 10.4% of GDP (Gross Domestic Product) of Ecuador. Indicator below several Latin American countries. However, considering that it is a relatively young market, it is on a hopeful path of consolidation and development. As can be seen in the attached graph, at the end of 2019, the stock market registered 11,797 million dollars in negotiated amounts, which represented  growth of 57.8% compared to the previous year.

Financing Mechanism

Efficient financing alternative

Private companies have placed a total of 4,559 million dollars in the stock market, which is 23.5% more than in 2018. As can be seen in the attached table, renowned companies with an impressive level of sales are using the stock market as a financing alternative. In this way, an important change can be observed in the preferences of companies to obtain financing.

Smart Investment

Is it profitable to invest in the market of securities of Ecuador?

The stock market is an excellent investment alternative since it offers different instruments from companies with higher returns than those offered by the traditional financial system. Currently, there are accounts receivable factoring closing with returns of around 9%.

All companies that issue securities in the stock market have to make their information public. Thus, investors have the information to execute smart investments.

In times of pandemic

Good news!

Despite the terrible impact of COVID-19 on the Ecuadorian economy, the stock market is growing amid this crisis. Between January and April 2020, operations represent 4,174 million dollars, 5.12% more than in the previous period. At a time when businesses need liquidity, accounts receivable factoring and commercial paper have become a necessity for many companies. The isolation and paralysis of productive activities has hit the economic system. So the resilience of the stock market is impressive.

Regulatory Agent

The entity that issues the securities market regulations is the Junta de Política y Regulación Monetaria y Financiera which is the financial policy and regulation board in Ecuador. Is also responsible for issuing the regulation in the monetary, credit, exchange, financial and insurance.

In this way, the high degree of regularization and supervision provides safety and transparency to all actors in the stock market.

Supervisory Agent

Superintendencia de Compañías, Valores y Seguros is the supervisory agent for the stock market in Ecuador. This entity exercises the surveillance, audit, intervention, control and supervision of the stock market for which it will be governed by the provisions of the law of stock market.

Financial Markets in Ecuador

Dollarized Economy

In Ecuador, the U.S. dollar is recognized as domestic currency. For this reason, Ecuador becomes an attractive investment destination. Below are the most important advantages.

1.Investment with less risk: The dollar allows international companies to see the country as an attractive destination for investments, because there is no exchange risk and there is low inflation.

2.Long-term credit: With a strong currency, financial institutions have more incentive to lend over the long term, because they know that the value of money will remain stable.

3.Government cannot print currency: The government cannot print money in excessive quantities. Therefore, the expense is controlled,  and this does not allow hyperinflation.

Derechos reservados, Plusvalores Casa de valores Ecuador

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