Crisis in the financial systems: a view from Ecuador

El objetivo de este artículo es analizar el papel del sistema financiero en el Ecuador a partir de diferentes teorías científicas que sustentan la capitalización de las entidades financieras a través del proceso de evaluación del control interno y el marco normativo de Basilea III. El enfoque metodo...

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Autores:
Ordóñez Parra, Janice Licenia
Hernández Aros, Ludivia
Gallego Cossio, Laura Constanza
Rubio Rodríguez, Gustavo Adolfo
Tipo de recurso:
Article of investigation
Fecha de publicación:
2021
Institución:
Universidad Cooperativa de Colombia
Repositorio:
Repositorio UCC
Idioma:
OAI Identifier:
oai:repository.ucc.edu.co:20.500.12494/47087
Acceso en línea:
https://doi.org/10.37956/jbes.v5i4.182
https://hdl.handle.net/20.500.12494/47087
Palabra clave:
Crisis financiera
Entidades financieras
Sistema financiero
Ecuador
Financial crisis
Financial institutions
Financial system
Ecuador
Rights
openAccess
License
Atribución
id COOPER2_5c675d7a89121ca0cc5ea1fcc3a4e445
oai_identifier_str oai:repository.ucc.edu.co:20.500.12494/47087
network_acronym_str COOPER2
network_name_str Repositorio UCC
repository_id_str
dc.title.spa.fl_str_mv Crisis in the financial systems: a view from Ecuador
title Crisis in the financial systems: a view from Ecuador
spellingShingle Crisis in the financial systems: a view from Ecuador
Crisis financiera
Entidades financieras
Sistema financiero
Ecuador
Financial crisis
Financial institutions
Financial system
Ecuador
title_short Crisis in the financial systems: a view from Ecuador
title_full Crisis in the financial systems: a view from Ecuador
title_fullStr Crisis in the financial systems: a view from Ecuador
title_full_unstemmed Crisis in the financial systems: a view from Ecuador
title_sort Crisis in the financial systems: a view from Ecuador
dc.creator.fl_str_mv Ordóñez Parra, Janice Licenia
Hernández Aros, Ludivia
Gallego Cossio, Laura Constanza
Rubio Rodríguez, Gustavo Adolfo
dc.contributor.author.none.fl_str_mv Ordóñez Parra, Janice Licenia
Hernández Aros, Ludivia
Gallego Cossio, Laura Constanza
Rubio Rodríguez, Gustavo Adolfo
dc.subject.spa.fl_str_mv Crisis financiera
Entidades financieras
Sistema financiero
Ecuador
topic Crisis financiera
Entidades financieras
Sistema financiero
Ecuador
Financial crisis
Financial institutions
Financial system
Ecuador
dc.subject.other.spa.fl_str_mv Financial crisis
Financial institutions
Financial system
Ecuador
description El objetivo de este artículo es analizar el papel del sistema financiero en el Ecuador a partir de diferentes teorías científicas que sustentan la capitalización de las entidades financieras a través del proceso de evaluación del control interno y el marco normativo de Basilea III. El enfoque metodológico responde a una exhaustiva revisión bibliográfica y sistematización de las principales teorías sobre la crisis financiera considerando la secuencia cronológica de eventos y procesos de cambio en el tiempo a partir de diferentes hechos, sectores de la sociedad y variables. Como resultado obtuvimos la contextualización del sistema financiero y los elementos que lo afectan, reconociendo los antecedentes, contemporaneidad, causas y consecuencias de la crisis. Concluyendo que la desestabilización del sector financiero es producto del impacto de las crisis financieras reconociendo la importancia de los procesos de control financiero en aspectos de eficiencia y rentabilidad para mitigar graves consecuencias económicas, de ahí la importancia de considerar los principios de la normativa Basilea III promulgada por el Comité de Supervisión Bancaria de Basilea para actualizar los procesos de control interno, sus normas rectoras y su impacto en la entidad financiera, permitiéndoles desarrollar nuevas estrategias de intermediación financiera.
publishDate 2021
dc.date.issued.none.fl_str_mv 2021-12-02
dc.date.accessioned.none.fl_str_mv 2022-11-17T14:14:57Z
dc.date.available.none.fl_str_mv 2022-11-17T14:14:57Z
dc.type.none.fl_str_mv Artículos Científicos
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dc.identifier.bibliographicCitation.spa.fl_str_mv Ordóñez Parra, J. L., Hernández Aros, L., Gallego Cossio, L. C., & Rubio Rodríguez, G. A. (2021). Crisis in the financial systems: a view from Ecuador . Journal of Business and Entrepreneurial Studie, 5(4). https://doi.org/10.37956/jbes.v5i4.182
identifier_str_mv 2576-0971
Ordóñez Parra, J. L., Hernández Aros, L., Gallego Cossio, L. C., & Rubio Rodríguez, G. A. (2021). Crisis in the financial systems: a view from Ecuador . Journal of Business and Entrepreneurial Studie, 5(4). https://doi.org/10.37956/jbes.v5i4.182
url https://doi.org/10.37956/jbes.v5i4.182
https://hdl.handle.net/20.500.12494/47087
dc.relation.isversionof.spa.fl_str_mv https://www.journalbusinesses.com/index.php/revista/article/view/182
dc.relation.ispartofjournal.spa.fl_str_mv Journal of business and entrepreneurial studies
dc.relation.references.spa.fl_str_mv Acuña, M. (2011). International financial crisis: ruptures and challenges | Acuña Ortigoza | Revista de la Universidad del Zulia. Revista de La Universidad de Zulia, 2(4), 39-58. Retrieved from https://produccioncientificaluz.org/index.php/rluz/article/view/12663/12651#
National Assembly of Ecuador. (2014). Organic Monetary and Financial Code. Quito, Ecuador. Retrieved from http://www.pge.gob.ec/documents/Transparencia/antilavado/REGISTROOFICIAL332.pdf
Association of Banks of Ecuador. (2020). Evolution of Banking -August2020 . Quito, Ecuador. Retrieved from https://www.asobanca.org.ec/publicaciones/evolución-de-la-banca/evolución-de-la-banca-agosto-2020
Association of Private Banks of Ecuador. (2020). Association of Private Banks of Ecuador. Quito, Ecuador. Retrieved from https://www.asobanca.org.ec
Central Bank of Ecuador. (2020). Central Bank of Ecuador. Quito, Ecuador. Retrieved from http://www.bce.fin.ec
Blanco, Y. (2015). Comprehensive audit, standards and procedures (2nd Ed.). ECOE Ediciones
Camacho, M., Ciclio, I., & Erráez, J. (2015). THE ECUADORIAN FINANCIAL SYSTEM: SPECIALIZED OR DIVERSIFIED? THE ROLE OF CREDIT SEGMENTS AND INTEREST RATES. Quito, Ecuador. Retrieved from https://contenido.bce.fin.ec/documentos/PublicacionesNotas/Catalogo/NotasTecnicas/nota78.pdf
Caruana, J. (2010). The importance of Basel III for financial markets in Latin America and the Caribbean. Guatemala. Retrieved from https://www.bis.org/speeches/sp101125_es.pdf
Constitution of the Republic of Ecuador. (2008). Constitution of the Republic of Ecuador. Quito. Retrieved from http://rfd.org.ec/repo/leyes1.pdf
Corredor, J. (2015). Harmonization in financial consumer protection in Latin America. Boletin Mexicano de Derecho Comparado, 48(144), 931-972. https://doi.org/10.22201/iij.24484873e.2015.144.4956
Cubero, T. (2009). Specific manual of performance auditing. Retrieved from https://carmas.wikispaces.com/file/view/manual_auditoria_gestion.pdf
Erfani, G., & Vasigh, B. (2018). The Impact of the Global Financial Crisis on Profitability of the Banking Industry: A Comparative Analysis. Economies, 6(4), 66. https://doi.org/10.3390/economies6040066
Estupiñan, R. (2015). Internal control and fraud: analysis of COSO I, II and III report based on transactional cycles (3rd Ed.). ECOE Ediciones. Retrieved from https://books.google.com.ec/books?id=qcO4DQAAQBAJ&printsec=frontcover&source=gbs_ge_summary_r&cad=0#v=onepage&q&f=false
Igan, D., Moussawi, H., Tieman, A., Zdzienicka, A., Dell'Ariccia, G., & Mauro, P. (2019). The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector. IMF WORKING PAPERS, 19(164), 90. Retrieved from https://www.imf.org/en/Publications/WP/Issues/2019/07/30/The-Long-Shadow-of-the-Global-Financial-Crisis-Public-Interventions-in-the-Financial-Sector-48518
Ikapel, F., Namusonge, G., & Sakwa, M. (2020). Corporate Governance Structural Efficiency and Performance of Commercial Banks: Evidence from Banks Listed on the Nairobi Securities Exchange, Kenya. IOSR Journal of Economics and Finance (IOSR-JEF), 11(3), 01-10. Retrieved from https://www.researchgate.net/publication/342693426_Corporate_Governance_Structural_Efficiency_and_Performance_of_Commercial_Banks_Evidence_from_Banks_Listed_on_the_Nairobi_Securities_Exchange_Kenya
Laeven, L., & Valencia, F. (2018). Systemic Banking Crises Revisited. IMF WORKING PAPERS, 18(206), 48. Retrieved from https://www.imf.org/en/Publications/WP/Issues/2018/09/14/Systemic-Banking-Crises-Revisited-46232
León-Manríquez, J. (2015). Global Crisis, National Responses: The Great Recession in Latin America and Asia Pacific (1 Ed.). Montevideo, Uruguay: Mastergraf S.R.L. Retrieved from www.observatorioasiapacifico.org
López, F. (2006). Systematic risk in the Mexican capital market: a case of partial segmentation. Contaduría y Administración, (219), 86-113. Retrieved from https://www.redalyc.org/pdf/395/39521904.pdf
Mantilla, S. (2018). Audit internal control (4th Ed.). Bogotá: ECOE Ediciones. Retrieved from https://www.ecoeediciones.com/wp-content/uploads/2018/04/Auditoría-del-Control-Interno-4ed.pdf
Martínez, H., Rivas, E., Martínez, J., & Treviño, E. (2015). Adequate knowledge of financial instruments and the 2008 crises: impact of top management decisions in mexico. Vinculatéigica EFAN, 1(1), 1113-1134. Retrieved from http://eprints.uanl.mx/17240/1/59.pdf
Mínguez, F. (2011). The structure of the new prudential and supervisory framework: towards Basel III -Dialnet. Papeles de la fundacion de estudios financieros. Retrieved from http://www.felaban.net/artículos.php
Priscila, T., Guevara, M., & Cortez, K. (2019). Comparative analysis between cryptocurrencies and fiat money. Vinculatégica EFAN, 80-89. Retrieved from http://www.web.facpya.uanl.mx/vinculategica/vinculategica_5/8 TRISTAN_GUEVARA_CORTEZ.pdf.
Romero, P. (2017). Banking Crisis in Ecuador: Causes and possible solutions. Quito, Ecuador. Retrieved from https://www.researchgate.net/publication/5017061_CRISIS_BANCARIA_EN_ECUADOR_CAUSAS_Y_POSIBLES_SOLUCIONES
Sotelo, A. (2009). World economic crisis: Domino effect.
Superintendency of Popular and Solidarity Economy. (2019). Superintendency of Popular and Solidarity Economy. Quito, Ecuador. Retrieved from http://www.seps.gob.ec
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spelling Ordóñez Parra, Janice LiceniaHernández Aros, LudiviaGallego Cossio, Laura ConstanzaRubio Rodríguez, Gustavo Adolfo52022-11-17T14:14:57Z2022-11-17T14:14:57Z2021-12-022576-0971https://doi.org/10.37956/jbes.v5i4.182https://hdl.handle.net/20.500.12494/47087Ordóñez Parra, J. L., Hernández Aros, L., Gallego Cossio, L. C., & Rubio Rodríguez, G. A. (2021). Crisis in the financial systems: a view from Ecuador . Journal of Business and Entrepreneurial Studie, 5(4). https://doi.org/10.37956/jbes.v5i4.182El objetivo de este artículo es analizar el papel del sistema financiero en el Ecuador a partir de diferentes teorías científicas que sustentan la capitalización de las entidades financieras a través del proceso de evaluación del control interno y el marco normativo de Basilea III. El enfoque metodológico responde a una exhaustiva revisión bibliográfica y sistematización de las principales teorías sobre la crisis financiera considerando la secuencia cronológica de eventos y procesos de cambio en el tiempo a partir de diferentes hechos, sectores de la sociedad y variables. Como resultado obtuvimos la contextualización del sistema financiero y los elementos que lo afectan, reconociendo los antecedentes, contemporaneidad, causas y consecuencias de la crisis. Concluyendo que la desestabilización del sector financiero es producto del impacto de las crisis financieras reconociendo la importancia de los procesos de control financiero en aspectos de eficiencia y rentabilidad para mitigar graves consecuencias económicas, de ahí la importancia de considerar los principios de la normativa Basilea III promulgada por el Comité de Supervisión Bancaria de Basilea para actualizar los procesos de control interno, sus normas rectoras y su impacto en la entidad financiera, permitiéndoles desarrollar nuevas estrategias de intermediación financiera.The objective of this article is to analyze the role of the financial system in Ecuador based on different scientific theories that support the capitalization of financial institutions through the internal control evaluation process and the Basel III regulatory framework. The methodological approach responds to an exhaustive literature review and systematization of the main theories on the financial crisis considering the chronological sequence of events and processes of change over time from different events, sectors of society and variables. As a result, we obtained the contextualization of the financial system and the elements that affect them, recognizing the antecedents, contemporaneity, causes and consequences of the crisis. Concluding that the destabilization of the financial sector is a product of the impact of financial crises recognizing the importance of financial control processes in aspects of efficiency and profitability to mitigate serious economic consequences, hence the importance of considering the principles of the Basel III regulations promulgated by the Basel Committee on Banking Supervision to update the internal control processes, its governing regulations and its impact on the financial entity, enabling them to develop new strategies of financial intermediation.https://scienti.minciencias.gov.co/cvlac/visualizador/generarCurriculoCv.do?cod_rh=0001438723https://scienti.minciencias.gov.co/cvlac/visualizador/generarCurriculoCv.do?cod_rh=0000784605https://scienti.minciencias.gov.co/cvlac/visualizador/generarCurriculoCv.do?cod_rh=0001431144https://orcid.org/0000-0002-1571-3439orcid.org/0000-0003-3131-235Xhttps://orcid.org/0000-0002-6582-2481jordonezp@ucacue.edu.ecludivia.hernandez@campusucc.edu.colaura.gallego@campusucc.edu.cogustavoadolforubio@gmail.comhttps://scholar.google.com/citations?hl=es&user=i48G4IMAAAAJhttps://scholar.google.com/citations?hl=es&user=SjHqGSYAAAAJhttps://scholar.google.com/citations?user=RSDsVEQAAAAJ&hl=es64-72Universidad Cooperativa de Colombia, Facultad de Ciencias Económicas, Administrativas y Contables, Contaduría Pública, IbaguéContaduría PúblicaIbaguéhttps://www.journalbusinesses.com/index.php/revista/article/view/182Journal of business and entrepreneurial studiesAcuña, M. (2011). International financial crisis: ruptures and challenges | Acuña Ortigoza | Revista de la Universidad del Zulia. Revista de La Universidad de Zulia, 2(4), 39-58. Retrieved from https://produccioncientificaluz.org/index.php/rluz/article/view/12663/12651#National Assembly of Ecuador. (2014). Organic Monetary and Financial Code. Quito, Ecuador. Retrieved from http://www.pge.gob.ec/documents/Transparencia/antilavado/REGISTROOFICIAL332.pdfAssociation of Banks of Ecuador. (2020). Evolution of Banking -August2020 . Quito, Ecuador. Retrieved from https://www.asobanca.org.ec/publicaciones/evolución-de-la-banca/evolución-de-la-banca-agosto-2020Association of Private Banks of Ecuador. (2020). Association of Private Banks of Ecuador. Quito, Ecuador. Retrieved from https://www.asobanca.org.ecCentral Bank of Ecuador. (2020). Central Bank of Ecuador. Quito, Ecuador. Retrieved from http://www.bce.fin.ecBlanco, Y. (2015). Comprehensive audit, standards and procedures (2nd Ed.). ECOE EdicionesCamacho, M., Ciclio, I., & Erráez, J. (2015). THE ECUADORIAN FINANCIAL SYSTEM: SPECIALIZED OR DIVERSIFIED? THE ROLE OF CREDIT SEGMENTS AND INTEREST RATES. Quito, Ecuador. Retrieved from https://contenido.bce.fin.ec/documentos/PublicacionesNotas/Catalogo/NotasTecnicas/nota78.pdfCaruana, J. (2010). The importance of Basel III for financial markets in Latin America and the Caribbean. Guatemala. Retrieved from https://www.bis.org/speeches/sp101125_es.pdfConstitution of the Republic of Ecuador. (2008). Constitution of the Republic of Ecuador. Quito. Retrieved from http://rfd.org.ec/repo/leyes1.pdfCorredor, J. (2015). Harmonization in financial consumer protection in Latin America. Boletin Mexicano de Derecho Comparado, 48(144), 931-972. https://doi.org/10.22201/iij.24484873e.2015.144.4956Cubero, T. (2009). Specific manual of performance auditing. Retrieved from https://carmas.wikispaces.com/file/view/manual_auditoria_gestion.pdfErfani, G., & Vasigh, B. (2018). The Impact of the Global Financial Crisis on Profitability of the Banking Industry: A Comparative Analysis. Economies, 6(4), 66. https://doi.org/10.3390/economies6040066Estupiñan, R. (2015). Internal control and fraud: analysis of COSO I, II and III report based on transactional cycles (3rd Ed.). ECOE Ediciones. Retrieved from https://books.google.com.ec/books?id=qcO4DQAAQBAJ&printsec=frontcover&source=gbs_ge_summary_r&cad=0#v=onepage&q&f=falseIgan, D., Moussawi, H., Tieman, A., Zdzienicka, A., Dell'Ariccia, G., & Mauro, P. (2019). The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector. IMF WORKING PAPERS, 19(164), 90. Retrieved from https://www.imf.org/en/Publications/WP/Issues/2019/07/30/The-Long-Shadow-of-the-Global-Financial-Crisis-Public-Interventions-in-the-Financial-Sector-48518Ikapel, F., Namusonge, G., & Sakwa, M. (2020). Corporate Governance Structural Efficiency and Performance of Commercial Banks: Evidence from Banks Listed on the Nairobi Securities Exchange, Kenya. IOSR Journal of Economics and Finance (IOSR-JEF), 11(3), 01-10. Retrieved from https://www.researchgate.net/publication/342693426_Corporate_Governance_Structural_Efficiency_and_Performance_of_Commercial_Banks_Evidence_from_Banks_Listed_on_the_Nairobi_Securities_Exchange_KenyaLaeven, L., & Valencia, F. (2018). Systemic Banking Crises Revisited. IMF WORKING PAPERS, 18(206), 48. Retrieved from https://www.imf.org/en/Publications/WP/Issues/2018/09/14/Systemic-Banking-Crises-Revisited-46232León-Manríquez, J. (2015). Global Crisis, National Responses: The Great Recession in Latin America and Asia Pacific (1 Ed.). Montevideo, Uruguay: Mastergraf S.R.L. Retrieved from www.observatorioasiapacifico.orgLópez, F. (2006). Systematic risk in the Mexican capital market: a case of partial segmentation. Contaduría y Administración, (219), 86-113. Retrieved from https://www.redalyc.org/pdf/395/39521904.pdfMantilla, S. (2018). Audit internal control (4th Ed.). Bogotá: ECOE Ediciones. Retrieved from https://www.ecoeediciones.com/wp-content/uploads/2018/04/Auditoría-del-Control-Interno-4ed.pdfMartínez, H., Rivas, E., Martínez, J., & Treviño, E. (2015). Adequate knowledge of financial instruments and the 2008 crises: impact of top management decisions in mexico. Vinculatéigica EFAN, 1(1), 1113-1134. Retrieved from http://eprints.uanl.mx/17240/1/59.pdfMínguez, F. (2011). The structure of the new prudential and supervisory framework: towards Basel III -Dialnet. Papeles de la fundacion de estudios financieros. Retrieved from http://www.felaban.net/artículos.phpPriscila, T., Guevara, M., & Cortez, K. (2019). Comparative analysis between cryptocurrencies and fiat money. Vinculatégica EFAN, 80-89. Retrieved from http://www.web.facpya.uanl.mx/vinculategica/vinculategica_5/8 TRISTAN_GUEVARA_CORTEZ.pdf.Romero, P. (2017). Banking Crisis in Ecuador: Causes and possible solutions. Quito, Ecuador. Retrieved from https://www.researchgate.net/publication/5017061_CRISIS_BANCARIA_EN_ECUADOR_CAUSAS_Y_POSIBLES_SOLUCIONESSotelo, A. (2009). World economic crisis: Domino effect.Superintendency of Popular and Solidarity Economy. (2019). Superintendency of Popular and Solidarity Economy. Quito, Ecuador. Retrieved from http://www.seps.gob.ecCrisis financieraEntidades financierasSistema financieroEcuadorFinancial crisisFinancial institutionsFinancial systemEcuadorCrisis in the financial systems: a view from EcuadorArtículos Científicoshttp://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/version/c_970fb48d4fbd8a85info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAtribucióninfo:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2PublicationLICENSElicense.txtlicense.txttext/plain; charset=utf-81748https://repository.ucc.edu.co/bitstreams/c7883d87-0e87-4d2c-bf42-573aea68b52f/download8a4605be74aa9ea9d79846c1fba20a33MD5120.500.12494/47087oai:repository.ucc.edu.co:20.500.12494/470872024-08-10 17:59:33.502metadata.onlyhttps://repository.ucc.edu.coRepositorio Institucional Universidad Cooperativa de Colombiabdigital@metabiblioteca.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