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International Monetary Fund

changes in output and the inputs. Finally, an accounting decomposition cannot determine the fundamental causes of growth. Despite these limitations, many authors still consider the growth accounting exercise as a useful tool to identify the sources of growth. Estimating the two output elasticities 8. In order to determine the output elasticity with respect to each of the two factors of production, we estimate the production function, using the Johansen multivariate cointegration procedure to the series of output, capital, and labor force over the period 1970

International Monetary Fund. Western Hemisphere Dept.

Banking Sector Spreads 1 1. Over the last decade, effective interest rate spreads for the Peruvian banking system have remained relatively stable and elevated . During this period, the system’s profitability improved markedly—in line with the country’s strong economic performance—and as banks (both foreign and domestic) entered and exited the industry. 2. The purpose of this note is to examine Peru’s effective interest spreads through accounting decompositions, financial ratio analysis and spread regressions . Banks play an important intermediation

International Monetary Fund. Western Hemisphere Dept.
The purpose of the study is to examine Peru’s effective interest spread through accounting decompositions, financial ratio analysis, and spread regressions. The government’s financial restructuring programs accelerated the banking sector consolidation process. Robustness of Peru’s credit system and interest rate decomposition has also been viewed. Three key financial ratios—return on equity (RoE), return on assets (RoA), and net interest margin (NIM)—focused by financial statements, have also been studied. Finally, the framework of Espino and Carrera used for the estimation of interest rate spreads has also been discussed.