Resumen Este trabajo evalúa empíricamente el papel de los flujos de capital en el crecimiento económico de México durante el período 1994-2023. La hipótesis central es que los flujos de capital contribuyen a mantener un crecimiento de largo plazo mayor al que se justificaría con equilibrio en la cuenta corriente. La principal contribución es proveer evidencia consistente con la hipótesis Thirlwall-Hussain (1982). Es decir, se requieren entradas de capital para financiar los déficits en la cuenta corriente de las economías que crecen más allá de sus medios. Este estudio es pionero en contrastar este modelo para el caso de México. Nuestras estimaciones, con base en un modelo de corrección de errores, muestran que los flujos de capital, las exportaciones y las importaciones están estrechamente ligadas. Las exportaciones y la inversión extranjera directa proveen las divisas necesarias para enfrentar la dependencia de tecnología y bienes de capital. La conclusión es que el financiamiento es una variable clave de la dependencia a lo largo de las cadenas globales de valor. La principal limitación es que se requiere investigación adicional para generalizar nuestros resultados.

Abstract The present paper empirically assesses the role of capital flows in the output dynamics of the Mexican economy over the period 1994-2023. We hypothesize that capital flows have helped sustain a long-term economic growth rate that exceeds what is warranted by Mexico’s current account equilibrium. Our main contribution is to furnish empirical evidence supporting the Thirlwall-Hussain (1982) hypothesis. That is, capital flows are needed to finance the current account gap of economies growing beyond their means. Our analysis represents the first empirical test ever of such a model for the case of Mexico. Furthermore, our estimates from a vector error-correction model show that capital flows (FDI), imports and exports are intimately linked. Moreover, exports and FDI together provide the foreign exchange used to cope with technological and capital goods dependence. We conclude that finance is the most salient variable of overall economic dependence along the global supply chains. The main limitation of our study is that further empirical comparative analysis is required before generalizations can be reasonably made, a task for future endeavors.

Abstract Purpose. The main purpose of this paper is to analyse the influence of capital efficiency on the economic growth of Bangladesh using the Harrod-Domar (H-D) model. Design/methodology/approach. We use annual data from 1980 to 2019 for this paper. Three steps are taken in the data analysis. First, to check the existence of a unit root, we use the augmented Dickey-Fuller (ADF) test and to determine co-integration among the variables, we use the Johansen-Juselius co-integration test. Next, for long-run estimation, we use the dynamic ordinary least square (DOLS) estimator. The sensitivity of the long-run estimations is further checked by the fully modified OLS (FMOLS) and autoregressive distributed lag (ARDL) estimators. Lastly, we use the Granger causality test to determine the long-run causality among the variables. Findings. The long-run co-integration test validates the co-integrating relationship among the variables. DOLS estimations reveal that the economic growth of Bangladesh is negatively associated with the incremental capital output ratio (ICOR), validating the notion that capital efficiency matters for achieving higher economic growth. On average, an increase in ICOR by a unit tends to reduce economic growth in the long term by 0.75 percent. Our results also reveal no significant relationship between savings and economic growth when the model is extended. Finally, causality results indicate unidirectional causality between ICOR and economic growth. Practical implications. Based on the results obtained, we argue that the enhancement of capital productivity could bring efficiency because ICOR is an inverse of capital productivity. Since Bangladesh’s capital productivity is considerably low compared with other neighbouring countries, it is suggested that firms should gradually move towards technological advancement and enhance economies of scale, etc. in the long run. Moreover, policies in favour of continuous skill development programmes could be highly effective in increasing capital productivity given that capital follows a vintage structure. Originality/value. This is the first paper to analyse the economic growth pattern of Bangladesh using the traditional H-D model by incorporating variables such as savings and ICOR and also by relaxing the assumption of time-invariant (i.e. fixed) data of the variables. Moreover, this paper extends the traditional H-D empirical model by introducing key indicators and time breaks for Bangladesh’s economy through a stepwise regression process.

Abstract This paper presents a new dataset with estimates of expenditures on education and some indicators of elite bias in educational policies in Brazil between 1933 and 2010. Estimates of public expenditures on education as a proportion of GDP (total, pre-tertiary education and higher education) are similar to those presented by Maduro (2007). The novelty of this study is the series of expenditure estimates by schooling level (primary, lower secondary and upper secondary). Based on these estimates, we also present an indicator of elite bias: the ratio of expenditures per student in primary education (EF1) in relation to expenditures per student in higher education. These ratios were historically low, but there was an abrupt increase from the late 1960s onwards. Rather than a consequence of an increase in spending per primary school student, the elite bias indicator’s increase resulted mostly from the expansion of enrollment in higher education. 193 2010 total, total (total pretertiary pre tertiary 2007. 2007 . (2007) primary, (primary secondary. secondary) EF1 EF (EF1 low s onwards 19 201 200 (2007 (EF 1 20 (200 2 (20 (2 (

Resumo Este trabalho apresenta uma nova base de dados com estimativas de despesas em educação e alguns indicadores de viés elitista nas políticas educacionais no Brasil entre 1933 e 2010. As estimativas de despesa pública em educação como proporção do Produto Interno Bruto (PIB) (total, educação básica e ensino superior) são semelhantes às apresentadas por Maduro (2007). A novidade do presente trabalho são as séries de estimativas de despesas por ciclo de ensino (EF1, EF2 e EM). A partir destas estimativas, apresenta-se também um indicador de viés elitista: a razão de despesas por estudante no primário (EF1) em relação ao gasto por aluno no ensino superior. Essas razões foram historicamente baixas, mas houve uma elevação abrupta a partir do final da década de 1960. Este aumento se deu mais pela expansão da matrícula no ensino superior do que por uma elevação de gastos por estudante no primário. 193 2010 PIB (PIB total, total (total 2007. 2007 . (2007) EF1, EF1 EF (EF1 EM. EM EM) apresentase baixas 1960 19 201 200 (2007 (EF 196 1 20 (200 2 (20 (2 (

RESUMEN Las tiendas de barrio son reconocidas en el ámbito nacional como un canal de distribución tradicional, el cual se encarga de comercializar productos de la canasta familiar a muy bajos precios y con la oportunidad de ofrecer crédito a sus clientes, el cual es conocido como "fiado". La llegada de grandes superficies comerciales a la ciudad de Tunja ha generado en este nicho del mercado nuevas dinámicas en el manejo de sus finanzas personales. El objetivo de la investigación es analizar la gestión de las finanzas personales de los tenderos de la ciudad de Tunja. La investigación se enmarca en el paradigma cuantitativo descriptivo correlacional y se llevó a cabo con una muestra aleatoria de 200 tenderos. Se utilizó una encuesta focalizada en datos de gestión financiera y prácticas comerciales, la cual fue validada por expertos y evaluada mediante el estadístico Alfa de Cronbach para garantizar su confiabilidad. Los resultados indican escasa educación financiera, falta de registros formales y planificación a largo plazo entre los tenderos. Se subraya la importancia de promover la educación financiera para mejorar sus finanzas y respaldar políticas gubernamentales que favorezcan la inclusión financiera y brinden apoyo a los tenderos para fortalecer la economía local. CODIGO JEL D14, L81, A20, O021 CONTENIDO Introducción; 1. Revisión de literatura; 2. Metodología; 3. Resultados; Conclusiones; Referencias.

ABSTRACT Neighborhood stores are recognized nationally as a traditional distribution channel, which is responsible for marketing family basket products at very low prices and with the opportunity to offer credit to their customers, which is known as 'fiado'. The arrival of large commercial surfaces in the city of Tunja has generated new dynamics in the management of personal finances in this market niche. The objective of the research is to analyze the management of personal finances of the storekeepers in the city of Tunja. The research is framed in the descriptive correlational quantitative paradigm and was carried out with a random sample of 200 storekeepers. A survey focused on financial management data and commercial practices was used, which was validated by experts and evaluated using Cronbach's Alpha statistic to ensure its reliability. The results indicate a lack of financial education, absence of formal records, and long-term planning among the storekeepers. The importance of promoting financial education to improve their finances and support government policies that favor financial inclusion and provide support to the storekeepers to strengthen the local economy is emphasized. JEL CODES D14, L81, A20, O021 CONTENT Introduction; 1. Literature Review; 2. Methodology; 3. Results; Conclusions; References.

RESUMO As lojas de bairro são reconhecidas nacionalmente como um canal de distribuição tradicional, responsável por comercializar produtos da cesta familiar a preços muito baixos e com a oportunidade de oferecer crédito aos seus clientes, o que é conhecido como 'fiado'. A chegada de grandes superfícies comerciais na cidade de Tunja gerou novas dinâmicas no manejo das finanças pessoais neste nicho de mercado. O objetivo da pesquisa é analisar a gestão das finanças pessoais dos comerciantes da cidade de Tunja. A pesquisa é enquadrada no paradigma quantitativo descritivo correlacional e foi realizada com uma amostra aleatória de 200 comerciantes. Utilizou-se uma pesquisa focada em dados de gestão financeira e práticas comerciais, que foi validada por especialistas e avaliada através do estatístico Alfa de Cronbach para garantir sua confiabilidade. Os resultados indicam uma escassa educação financeira, falta de registros formais e planejamento a longo prazo entre os comerciantes. Enfatiza-se a importância de promover a educação financeira para melhorar suas finanças e apoiar políticas governamentais que favoreçam a inclusão financeira e ofereçam suporte aos comerciantes para fortalecer a economia local. CLASSIFICAÇÃO JEL D14, L81, A20, O021 CONTEÚDO Introdução; 1. Revisão da literatura; 2. Metodologia; 3. Resultados; Conclusões; Referências.

RESUMEN Los objetivos del presente trabajo son, por un lado, mostrar que la relación entre América Latina y el Fondo Monetario Internacional (FMI) es el fiel reflejo de una lucha de clases a escala mundial, donde la correlación de fuerzas internas y externas se ha articulado a lo largo de los años en favor del capital; por el otro, reflexionar sobre las posibilidades concretas que se presentan en la región ante el futuro si ésta pretende revertir esta nefasta historia. El artículo sostiene que el FMI ha cumplido un papel clave en la reconfiguración y la extensión del dominio del capital financiero internacional sobre los recursos productivos de América Latina, a partir de favorecer la consolidación de una clase capitalista local subordinada a los designios y el poder del capital trasnacional.

ABSTRACT The aim of this paper is: first, to show that the relationship between Latin America and the International Monetary Fund (IMF) is a faithful reflection of a class struggle on a world scale, where the correlation of internal and external forces has been articulated over the years in favor of capital; second, to analyze the concrete possibilities that the region will face in the future if it intends to reverse this unfavorable history. The paper argues that the IMF has played a key role in the reconfiguration and extension of the dominance of international finance capital over the productive resources of Latin America by favoring the consolidation of a local capitalist class subordinated to the designs and power of transnational capital.

Resumen Las finanzas corporativas sustentables son un mecanismo importante para hacer frente a la crisis climática y sus efectos adversos a la sociedad y el medio ambiente. Particularmente, se han propuesto e implementado los indicadores Ambiental, Social y Gobierno (ESG, por sus siglas en inglés) como un marco normativo de evaluación para las empresas de múltiples sectores. Los estudios realizados en materia de ESG aun no son concluyentes del todo, pero sirven para incorporar más que criterios económicos a las decisiones de inversión en las empresas y, de esta forma, orientarse en las inversiones responsables. Entre una variedad de criterios, la responsabilidad corporativa y la diversidad en posiciones de alta dirección ha cobrado relevancia en la actualidad. Dado lo anterior, el objetivo de este trabajo es analizar el efecto de la inclusión de mujeres en posiciones de liderazgo de alta dirección en las empresas de alta capitalización y su impacto en los indicadores ESG, realizando un especial énfasis en las organizaciones del sector industrial. Se realizó un estudio longitudinal a través de datos panel balanceados de las empresas que componen el índice Standard & Poor's 500, se estimó la regresión lineal con efectos aleatorios, así como del análisis de impacto mediante la Estimación Sintética de las Diferencias (SDID). Los resultados muestran un leve incremento en la participación de las mujeres en los altos mandos (CEO), particularmente en los últimos años (2020-2022). Además, existe una incidencia estadísticamente positiva entre la participación de una mujer CEO en un mejor desempeño de los indicadores ESG de las empresas, con un impacto de 0.2401 puntos, siendo el indicador ambiental el mayor impactado, con 0.6522 puntos.

Abstract Sustainable Corporate Finance is an important mechanism to address the climate crisis and its adverse effects on society and the environment. Environmental, Social and Governance (ESG) criteria have been proposed and implemented as a normative evaluation framework for companies in multiple sectors. However, ESG studies are not yet fully conclusive, but they serve to incorporate more than economic criteria to investment decisions in companies, and in this way, to focus on responsible investments. Among a variety of criteria, corporate responsibility and diversity in top management positions have gained significance today. Given this context, the aim of this study is to analyze the effect of including women in top leadership positions within high-cap companies and their impact on ESG indicators, with a particular focus on organizations in the industrial sector. A longitudinal study was conducted using balanced panel data of the companies that make up the Standard and Poor's 500, linear regression with random effects was estimated, as well as impact analysis using the Synthetic Difference in Difference (SDID). The results show a slight increase in the participation of women in top management (CEO), particularly in the last years (2020-2022). In addition, there is a statistically positive incidence between the participation of a female CEO in a better performance of the ESG indicators of the companies, with an impact of 0.2401 points, being the environmental criterion the most impacted with 0.6522 points.

Resumen. En la actual crisis ecológica global una de las cuestiones a considerar son los desafíos de transición hacia fuentes de energía renovables como la eólica, solar o hidrógeno. El presente trabajo analiza la gobernanza financiera como una de las dificultades para avanzar con mayor celeridad a la descarbonización de las economías y la transición energética. Para ello, se analizan cuatro ejes que atraviesan la relación finanzas y transición energética: (I) las jerarquías monetarias y las jerarquías ecológicas; (II) la suba de tasa de interés como aliada del petróleo y el gas; (III) deuda externa, deuda ecológica y canje de deuda por naturaleza; (IV) el rol de las Empresas Transnacionales (ETN) y las Agencias de Crédito a la Exportación (ECA), y se dejan algunas propuestas. Los ejes seleccionados no incluyen todos los aspectos de la relación entre finanzas y transición energética donde podrían caber otras cuestiones tales como el negocio millonario de los mercados de carbono voluntarios y el denominado greenwashing (lavado de activos verde).

Abstract. In the current global ecological crisis, one of the issues to consider is the challenge of transition towards renewable energy sources such as wind, solar or hydrogen. This work analyzes financial governance as one of the difficulties in moving more quickly towards the decarbonization of economies and the energy transition. To this end, four axes that cross the relationship between finance and energy transition are analyzed: (I) monetary hierarchies and ecological hierarchies; (II) the increase in interest rates as an ally of oil and gas; (III) external debt, ecological debt and debt-for-nature swap; (IV) the role of Transnational Companies (TNC) and Export Credit Agencies (ECA), and some proposals are left. The selected axes do not include all aspects of the relationship between finance and energy transition where other issues could fit, such as the million-dollar business of voluntary carbon markets and the so-called “greenwashing”.

RESUMO O objetivo deste artigo é abordar como o endividamento das famílias e mercado de crédito contemporâneos surgem como os elementos definidores na reconfiguração da política social tanto nos países em desenvolvimento quanto nas economias avançadas. Começamos lembrando que a implementação de políticas de renda como núcleo de um novo paradigma de proteção social tem contribuído para promover expansão dos mercados financeiros. Tomamos o Brasil como um estudo de caso para ilustrar como essa nova conexão entre as políticas de transferência de renda (contributivas ou não contributivas) e os mercados de crédito se desdobrou resultando no aumento do endividamento das famílias. Mostramos evidências de que a conexão entre dívida e benefícios monetários assegurados pelo Estado é efetiva e significativa. avançadas financeiros contributivas significativa

ABSTRACT The aim of this article is to address how household debt and contemporary credit markets seem to be the defining elements in the reshaping of social policy both in developing and developed countries. We start off by recalling how the implementation of income policies as the core of a new social protection paradigm has contributed to promote market-based finance. We take Brazil as a case study to illustrate how this new connection between state guaranteed income policies and credit markets has unfolded resulting in increasing household debt. We show evidence that the connection between household debt and state-provided monetary benefits is effective and significant. countries marketbased market based finance stateprovided provided significant

ABSTRACT The popular and solidarity economy plays a significant economic role in contemporary society. This is why many of its actors must learn how to assume their role within taxation. This article focuses on the literature review associated with Accounting, Finance and Economics, in order to, with a solid and specialized perspective, analyze the qualitative relationship between these actors’ financial education and tax exemptions. The review of knowledge gaps, strategies to improve tax and financial education, and strengthening tax compliance, allowed to conclude that early financial education, technological platforms development and public policies promulgation associated with financial and financial aspects tax, conform the way to follow for achieving comprehensive training that covers fiscal aspects and improves the relationship of popular and solidarity economy actors with tax exemptions.

RESUMEN La economía popular y solidaria juega un papel económico significativo en la sociedad contemporánea. Es por esto que muchos de los actores que la conforman deben aprender cómo asumir su rol dentro de la fiscalidad. Este artículo se enfoca en la revisión de la literatura asociada con Contabilidad, Finanzas y Economía, para así, con una perspectiva sólida y especializada, analizar la relación cualitativa entre educación financiera y exoneraciones tributarias de estos actores. La revisión sobre las brechas de conocimiento, las estrategias para mejorar la educación tributaria y financiera, y el fortalecimiento del cumplimiento tributario, permitieron concluir que la educación financiera temprana, el desarrollo de plataformas tecnológicas y la promulgación de políticas públicas asociadas a los aspectos financieros y tributarios, son el camino a seguir para lograr una formación íntegra que abarque aspectos fiscales y mejore la relación de los actores de economía popular y solidaria con las exenciones fiscales.

RESUMEN El objetivo de la investigación es analizar la incidencia de la inversión pública sobre la recaudación del impuesto predial en gobiernos locales provinciales de la macrorregión sur del Perú durante el período 2010-2020. El tipo de estudio es aplicado, bajo el enfoque cuantitativo, diseño no experimental, tipo longitudinal de panel, de carácter descriptivo y explicativo. Los datos para cada municipalidad provincial fueron extraídos del portal informativo del Ministerio de Economía y Finanzas (MEF) segmentadas mediante el análisis de conglomerados. El método de estimación econométrica toma en cuenta la metodología para datos longitudinales de panel. Teniendo en cuenta el análisis de conglomerados y las estimaciones econométricas, los resultados muestran que un incremento del 1% en la inversión pública en transportes, saneamiento y cultura y deporte, provocó un aumento en la recaudación del impuesto predial de aproximadamente 0,3182%, 0,1208% y 0,0923% respectivamente (primer clúster); un incremento del 1% en la inversión pública en transportes, cultura y deporte, provocó un aumento en la recaudación del impuesto predial de aproximadamente 0,2588% y 0,1434% respectivamente (segundo clúster); y un incremento del 1% en la inversión pública en transportes y saneamiento, provocó un aumento en la recaudación del impuesto predial de aproximadamente 0,2923% y 0,1377% respectivamente (tercer clúster).

ABSTRACT The objective of the research is to analyze the incidence of public investment on property tax collection in provincial local governments of the southern macro region of Peru during the period 2010 to 2020. The type of study is applied, under the quantitative approach, design non-experimental, longitudinal panel type, descriptive and explanatory. The data for each provincial municipality were extracted from the information portal of the Ministry of Economy and Finance (MEF) segmented through cluster analysis. The econometric estimation method takes into account the methodology for longitudinal panel data. Taking into account the cluster analysis and econometric estimates, the results show that a 1% increase in public investment in transportation, sanitation, and culture and sports, caused an increase in property tax collection of approximately 0.3182%, 0.1208%. and 0.0923% respectively (first cluster), a 1% increase in public investment in transport, culture and sports, caused an increase in property tax collection of approximately 0.2588% and 0.1434% respectively (second cluster) and an increase in the 1% in public investment in transportation and sanitation, caused an increase in property tax collection of approximately 0.2923% and 0.1377% respectively (third cluster).

Abstract Presented as a model of monetary stabilization, the Real Plan laid the foundations upon which the dynamics of contemporary Brazilian economy unfold. Its impact extends far beyond the containment of inflationary pressures, with repercussions on the national economy as a whole. The macroeconomic scenario shaped by this plan catalyzed a transformation in the Brazilian political economy, standardizing the financialization process: since 1994, under its contours, there had been a restructuring and subsequent consolidation of the predominant role played by national finance in the power bloc built during the 1990s. The hypothesis of inertial inflation was a subsidy for its rules, with a central focus on the operationalization of Selic to meet internal aggregate demand and exchange rate appreciation. Thereby, by the way it changed the Brazilian economic panorama, the Real Plan is understood as a central concept in our economic history, a symbol of its time and the spirit of this era. JEL: N26, N46 stabilization unfold pressures whole process 1994 contours 1990s s rules appreciation Thereby panorama history era JEL N26 N N4 199 N2 19 1

Resumo Apresentado como modelo de estabilização monetária, o Plano Real lançou as bases sobre as quais se revela a dinâmica econômica brasileira contemporânea. Seus efeitos vão além do combate às pressões inflacionárias, com reflexos na economia nacional em sua totalidade. Sua macroeconomia transformou a economia política brasileira, normatizando seu processo de financeirização: desde 1994, sob seus contornos, reestruturou-se e, posteriormente, consolidou-se o papel dominante das finanças nacionais no bloco no poder construído ao longo da década de 1990. A hipótese da inflação inercial serviu como subsídio às suas regras, cujo cerne apresenta a operacionalização da Selic visando a demanda agregada interna e a valorização cambial. Desse modo, pela maneira como alterou o panorama econômico brasileiro, compreende-se o Plano Real como conceito em nossa história econômica, símbolo de seu tempo e espírito de sua época. monetária contemporânea inflacionárias totalidade financeirização 1994 contornos reestruturouse reestruturou posteriormente consolidouse consolidou 1990 regras cambial modo brasileiro compreendese compreende época 199 19 1

ABSTRACT This research aims to illustrate how, under the scenario of global financialization, Colombia’s productive model changed and now is led by finance which extracted value, creating instability, and provoking a crowding out effect on real sector embodied here by the manufacture share of GDP. The above became evident in the 1990s thanks to free-market reforms implemented. The research uses heterodox theory to empirically verify the hypotheses by creating variables representing the proposed phenomena and exposing them through descriptive analysis and a VARX model.

RESUMO Este trabalho mostra como, no cenário da financeirização global, materializou-se na Colômbia um modelo econômico no qual as finanças extraem valor, criam instabilidade e causam um efeito de deslocamento no desenvolvimento produtivo representado aqui pelo setor industrial. Isto ficou evidente a partir das reformas focadas no livre mercado na década de 1990. Com o objetivo de explicar este processo, o trabalho recorre à teoria heterodoxa e verifica empiricamente as hipóteses criando variáveis que representam os fenômenos propostos, expondo-os através de uma análise descritivo e um modelo VARX.

Abstract Purpose: This paper makes a novel attempt to estimate the potential impact of credit risk on foreign direct investment (FDI hereafter), thereby focusing on a completely unexplored area in the existing empirical literature. Design/methodology/approach: To provide a comprehensive understanding of the relationship between credit risk and FDI inflows, the study incorporates all the eight-member economies of the South Asian Association of Regional Cooperation (SAARC hereafter) and analyzes a panel data set, over the period 2011 to 2019, extracted from the World Development Indicators, using the suitable econometric techniques for the efficient estimations of the specified models. Findings: The results indicate a negative and statistically significant relationship between the credit risk of the banking sectors and FDI inflows. Similarly, market size and inflation rate appear to be the two other main factors behind the increasing FDI inflows in the SAARC member economies. Interestingly, the size of the market became irrelevant in attracting FDI inflows when the Indian economy is excluded from the sample due to its higher economic weight. On the other hand, FDI inflows are not dependent on the level of trade openness, with most of the specifications showing either an insignificant or negative coefficient of the variable. Practical implications: The obtained results are unique and robust to alternative methodologies, and hence, the SAARC economies could consider them as the critical inputs in formulating the appropriate policies on FDI inflows. Originality/value: The findings are unique and original. The authors have established a relationship between credit risk and FDI for the first time in the SAARC context.

RESUMEN Objetivo: Identificar aspectos críticos de la Cadena de Frío en el Perú Metodología: Estudio descriptivo. Se analizaron datos del Ministerio de Economía y Finanzas (MEF) y del Ministerio de Salud (MINSA) de los años 2020-2021, así como los registros administrativos de las Estrategias Sanitarias Regionales de inmunizaciones del MINSA en 2020. Se consideraron aspectos técnicos de la Norma Técnica de Manejo de cadena de frío, como es obsolescencia, dotación, funcionalidad y capacidad de almacenamiento. Resultados: En el año 2020, en términos de obsolescencia el 61.8% de los equipos de cadena de frío a nivel nacional presentaban obsolescencia, siendo regiones claves como Lima Metropolitana (capital del país) la más afectada con un 88%. En cuanto a la dotación de equipos, el 9% de los establecimientos de salud del primer nivel carecen de equipos de refrigeración, siendo Loreto la región con mayor déficit 46%, seguida de Huancavelica con un 21% de brecha. En términos de funcionamiento, se registra que el 84% de los equipos a nivel nacional funcionan, y el 16% reportan fallas técnicas, lo cual representa alto riesgo en la seguridad y potencia inmunogénica de las vacunas a prever. En términos de capacidad, al considerar el almacenamiento trimestral o mensual para las vacunas contra la COVID-19 u otras emergencias sanitarias se identificaron brechas significativas. Conclusiones: Existen riesgos en la operatividad, suministro y capacidad de almacenamiento de las vacunas del esquema nacional de inmunizaciones de Perú incluso ante emergencias sanitarias.

ABSTRACT Objective: The aim of this study was to identify critical aspects of the Cold Chain in the immunization process in Peru. Methodology: A descriptive study was conducted, analyzing data from the Ministry of Economy and Finance (MEF) and the Ministry of Health (MINSA) for the years 2020-2021, as well as administrative records from the MINSA's Regional Health Strategies for immunizations in 2020. Technical aspects established in the Health Technical Standard for Cold Chain Management, such as obsolescence, allocation, functionality, and storage capacity were taken into account. Results: In the year 2020, at the national level, 61.8% of the cold chain equipment showed obsolescence, with some regions exceeding 75%, with Lima’s metropolitan region being the most affected at 88%. Concerning equipment allocation, 9% of the first-level health facilities lacked refrigeration equipment, with Loreto having the highest deficit (46%), followed by Huancavelica with a 21% gap. The overall equipment functionality nationwide was 84%, meaning that 16% of health facilities experienced technical failures, affecting vaccine’s storage capacity and posing risks to their safety and immunogenicity. Significant gaps were identified when considering quarterly or monthly storage for COVID-19 vaccines or other health emergencies. Conclusions: This study highlights potential risks in the operability and storage capacity of the national immunization program's vaccines in Peru during contingencies such as the COVID-19 pandemic or other health emergencies.

RESUMEN Objetivo: Medir la influencia de la adopción de las billeteras digitales en la inclusión financiera de comerciantes ambulantes en Cusco. Métodos: Se empleó un enfoque cuantitativo con un alcance explicativo, prospectivo y analítico. El diseño fue no experimental y de corte transversal. El recabo de la información se realizó mediante encuestas, utilizando un cuestionario como instrumento, que se aplicó a 242 participantes. El análisis de datos se llevó a cabo a través de un modelo de regresión lineal. Resultados: Se determinó que la adopción de billeteras digitales influye de forma significativa y positiva en la inclusión financiera (β = 1.938, p < 0.05); además, se observó un grado de determinación óptimo (R2= 99 %). Con respecto a las dimensiones de la inclusión financiera, también se encontró una influencia significativa y positiva de la adopción de billeteras digitales (p < 0.05). Conclusión: La adopción de billeteras digitales tiene una influencia significativa y positiva en la inclusión financiera; por ende, el acceso al sistema financiero de sectores marginados requiere de la colaboración conjunta entre las entidades financieras y el Gobierno para proponer políticas y encaminar la inclusión financiera.

RESUMO Objetivo: Medir a influência da adoção de carteiras digitais na inclusão financeira dos comerciantes ambulantes em Cusco. Métodos: Foi desenvolvido com base em método de abordagem quantitativa, escopo explicativo de natureza prospetiva e analítica, delineamento não experimental e corte transversal. As informações foram coletadas por meio da pesquisa como técnica e do questionário como instrumento, os quais foram aplicados a 242 participantes. A análise dos dados foi realizada por meio de modelo de regressão linear. Resultados: Foi determinado que a adoção de carteiras digitais tem uma influência significativa e positiva na inclusão financeira (β = 1.938, p < 0.05), além disso, o grau de determinação foi ótimo (R2= 99 %). Quanto às dimensões da inclusão financeira, constatou-se que foram influenciadas pela adoção de carteiras digitais de forma significativa e positiva (p < 0.05). Conclusão: A adoção de carteiras digitais tem uma influência significativa e positiva na inclusão financeira, portanto, o acesso ao sistema financeiro para setores marginalizados requer a participação conjunta entre entidades financeiras e o Governo para propor políticas e direcionar a inclusão financeira.

ABSTRACT Objective: To measure the influence of adopting digital wallets on the financial inclusion of street vendors in Cusco. Methods: A quantitative approach with an explanatory, prospective and analytical scope was employed. The design was non-experimental and cross-sectional. Information was collected through surveys, using a questionnaire as the instrument, which was applied to 242 participants. Data analysis was conducted using a linear regression model. Results: It was determined that the adoption of digital wallets has a significant and positive influence on financial inclusion (β = 1.938, p < 0.05); additionally, an optimal degree of determination was observed (R2= 99 %). Regarding the dimensions of financial inclusion, a significant and positive influence of digital wallet adoption was also found (p < 0.05). Conclusion: The adoption of digital wallets has a significant and positive influence on financial inclusion; therefore, access to the financial system for marginalized sectors requires joint collaboration between financial entities and the Government to propose policies that promote financial inclusion.