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\put(22,-104.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}                                                                                          PRIV}
\put(270.15,-104.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ADOS DEL}
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\put(207.0037,-128.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}THE COMMERCIAL}
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\put(83.9808,-236.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Recibido: }
\put(127.5892,-236.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2019-10-28}
\put(174.2494,-236.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}                                        }
\put(274.2494,-236.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_29791} Aceptado: }
\put(322.5795,-236.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_29791}2021-01-1}
\put(24.8346,-265.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Código Clasificación JEL: }
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\put(153.7684,-265.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1, G24, G33.}
\put(24.8347,-292.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}RESUMEN}
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\put(128.1347,-312.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como objetivo }
\put(189.5147,-312.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}determinar }
\put(236.0247,-312.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el comporta}
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\put(315.1747,-312.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la cartera }
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\put(98.1647,-322.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}privado del Ecuador durante el período 2010-2018, los factores }
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\put(120.7547,-342.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, riesgo país, variación }
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\put(251.0547,-352.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Central }
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\put(247.7047,-402.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por lo tanto, las conclusiones se deducen a }
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\put(253.0347,-412.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}especia}
\put(282.4647,-412.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lmente }
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\put(24.8347,-422.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}precio del petróleo y planteamientos de políticas económicas.}
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\put(92.5983,-442.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Cartera comercial; morosidad; liquidez; bancos privados; Ecuador}
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\put(24.8347,-462.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ABSTRACT}
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\put(220.8747,-492.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2010-2018, }
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\put(171.8747,-512.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}and liquidity}
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\put(284.7647,-522.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banks. }
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\put(332.6347,-522.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}methodology }
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\put(233.7347,-532.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Integrated }
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\put(383.4447,-532.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(ARIMA) }
\put(24.8347,-542.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}by the estimates}
\put(90.1147,-542.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} of the short-term variables and the second Multivariate }
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\put(391.1947,-542.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}analysis }
\put(24.8347,-552.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(ANCOV}
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\put(24.8347,-604.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Keywords:}
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\put(54.4097,-168.0753){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Andrea León Serrano; Josselyn Lissbeth Chamba Bernal; Samantha }
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\put(365.8946,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}activos }
\put(397.0346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(Peña, }
\put(23.8346,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2010). }
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\put(66.6346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y los riesgos que ésta pueda presentar}
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\put(256.1446,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una gran dependencia }
\put(348.4746,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre }
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\put(398.9446,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de un }
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\put(371.9146,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}PIB }
\put(389.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en }
\put(401.6346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2.2\% }
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\put(190.2546,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2017 }
\put(212.2746,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}logró }
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\put(327.9746,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
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\put(98.60459,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a }
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\put(107.1146,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y }
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\put(370.1246,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al }
\put(380.1246,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}análisis }
\put(412.8946,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las propiedades probabilísticas }
\put(151.0446,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o estocásticas }
\put(209.5546,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de las series del tiempo. Una serie de tiempo }
\put(396.4846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es una }
\put(23.8346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}secuencia }
\put(64.8646,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(76.4746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}observaciones, }
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\put(173.8546,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en determinados }
\put(241.5046,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}momentos, }
\put(287.8446,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los mismos }
\put(334.9746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(351.5846,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}están }
\put(374.3046,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}or}
\put(382.4546,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ganizados }
\put(23.8346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cronológicamente, }
\put(100.3446,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siendo éstos dependientes }
\put(205.7746,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre sí y permiten}
\put(280.0946,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} realizar }
\put(314.8146,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pronósticos (V}
\put(373.2546,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}illavicencio, }
\put(23.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2013) y constan de dos etapas principales: }
\put(40.8425,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(44.3425,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(57.0025,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Identificació}
\put(106.9925,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}n: }
\put(122.0725,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es }
\put(137.7025,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(152.2125,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}determinación }
\put(216.7125,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(236.2225,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}modelo }
\put(273.5125,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}apropiado }
\put(320.8025,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para }
\put(345.3025,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}reproducir }
\put(394.2425,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las }
\put(40.8425,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}características de la serie de esta investigación, según lo indiquen los coeficientes.}
\put(40.8425,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(44.3425,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(57.0025,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Estim}
\put(80.3425,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ación: }
\put(107.0625,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}usando }
\put(137.6725,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(147.1725,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}modelo }
\put(179.4525,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}candidato }
\put(220.6125,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para }
\put(240.1025,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}realizar }
\put(272.3525,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(281.8525,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}serie }
\put(303.0125,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se }
\put(313.6225,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}procede }
\put(347.5525,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a }
\put(354.2725,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cuantificar }
\put(398.7625,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}si }
\put(40.8425,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los parámetros pertenecen o no a estacionariedad para poder tener el modelo óptimo. }
\put(23.8346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(57.00459,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El segundo modelo corresponde al Multivariante }
\put(259.7946,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del análisis de la covarianza }
\put(378.1346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ANCOV}
\put(412.4046,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A: }
\put(23.8346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Los modelos de análisis }
\put(125.6046,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de covarianza }
\put(185.0746,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son ampliamente }
\put(257.3346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}utilizados }
\put(299.5846,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como estrategia }
\put(366.8346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de análisis }
\put(412.9946,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(23.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}datos (Pardo, Garrido, San Martín, y Ruíz, 2013) y se aplican en diferentes áreas del conocimiento, }
\put(23.8346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}permiten }
\put(63.11459,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(74.07459,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}posibilidad }
\put(122.2546,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de estudiar}
\put(166.6946,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, analizar }
\put(208.3146,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un efecto }
\put(250.2246,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a través de la }
\put(310.1646,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}interacción }
\put(358.3246,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre }
\put(382.0546,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}factores }
\put(417.4446,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o }
\put(23.8346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}grupos que se captan }
\put(114.6446,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mediante }
\put(154.9746,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables }
\put(194.7546,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}categóricas. }
\put(245.9046,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El }
\put(257.9246,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ANCOV}
\put(292.1946,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A}
\put(298.8646,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} describe }
\put(339.5446,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una combinación }
\put(412.9946,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(23.8346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}otras téc}
\put(57.0746,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nicas }
\put(79.7646,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de regresiones y análisis }
\put(178.3046,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de varianza, }
\put(228.3946,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en las cuales }
\put(280.3546,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se trabaja }
\put(320.1646,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con variantes }
\put(374.9846,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}categóricas, }
\put(23.8346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las mismas que reciben }
\put(119.0546,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(128.6946,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nombre }
\put(161.6646,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de factores }
\put(207.5946,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(Cayuela, }
\put(248.6146,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2014). Este }
\put(296.5046,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}modelo }
\put(328.9247,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se expresa }
\put(372.6346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con una sola }
\put(23.8346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variable }
\put(58.8246,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dependiente }
\put(109.9246,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(119.9346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cual }
\put(139.3846,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}será explicada }
\put(199.3746,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por cierta }
\put(240.4846,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cantidad }
\put(277.1446,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de factores. }
\put(326.3146,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Para realizar }
\put(379.6346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un análisis }
\put(23.8346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(36.3446,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regresión, }
\put(79.1246,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las }
\put(93.3046,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables }
\put(132.4646,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}independientes }
\put(195.5146,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son continuas, }
\put(256.3646,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(268.8746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}naturaleza }
\put(313.0246,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estrictamente }
\put(369.3946,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cuantitativas, }
\put(23.8346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como se aplica }
\put(88.28461,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para el presente estudio, permitiendo }
\put(242.4546,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}establecer}
\put(282.4346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} comparaciones }
\put(349.0946,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y observar en qué }
\put(23.8346,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cantidad influyen estos factores.}
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\put(57.00459,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El }
\put(70.0146,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}modelo es el }
\put(127.9246,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fundamento }
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\put(240.8146,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una variab}
\put(284.3646,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}le }
\put(295.7046,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dependiente }
\put(348.1346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}explicada }
\put(390.5646,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por una }
\put(23.8346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o más covariab}
\put(87.9346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}les por regresión lineal }
\put(188.9246,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}múltiple. }
\put(229.0446,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Por lo tanto, para el desarrollo del método es }
\put(23.8346,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esencial }
\put(58.9846,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}realizar}
\put(88.9646,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} algunos estudios para escoger el modelo apropiado, los mismos que se exponen a }
\put(23.8346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}continuación:}
\put(49.3465,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•}
\put(52.8465,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9965,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Normalidad, }
\put(109.1365,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}permite }
\put(141.5465,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}medir }
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\put(23.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banco Pichincha y Produbanco.}
\put(75.7841,-187.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Figura 1: Cartera comer}
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\put(57.00259,-367.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Fuente: Banco Central del Ecuador}
\put(178.1866,-367.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} (2019)}
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\put(57.00259,-379.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Elaboración: Los }
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\put(57.00459,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Siguiendo con los resultados y después de varias pruebas de regresiones, fue necesario }
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\put(23.8346,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}algunas etapas, entre ellas tenemos el análisis de raíz unitaria ( López y Martínez, 2013).}
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\put(147.1714,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 1. Fluctuaciones de la Cartera Comer}
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\put(57.00259,-222.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Fuente: Base de datos Superintendencia de Compañías (2019)}
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\put(237.9846,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera }
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\put(385.0146,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año }
\put(402.3046,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2019 }
\put(23.8346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tendremos }
\put(67.5946,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un panorama }
\put(121.2246,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de crecimiento }
\put(182.0646,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la cartera }
\put(232.2246,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial, }
\put(276.2446,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el cual }
\put(304.3246,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pasará de US\$ 2.198 millones }
\put(23.8346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2018) a US\$ }
\put(85.4046,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2.300 millones (2019), es decir un aumento considerable, permitiendo }
\put(383.7146,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estimar y }
\put(23.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}predecir un incremento en los créditos comerciales de los principales Bancos Privados del Ecuador}
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\put(36.3346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regresión }
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\put(240.4646,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}d }
\put(247.4146,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}= }
\put(255.0046,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1, }
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\put(344.7246,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2007) }
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\put(382.5047,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}diferencia }
\put(23.8346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regular de orden (d) en modelos }
\put(153.7946,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ARIMA}
\put(186.5846,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} debe ser mayor o igual a 1. }
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\put(69.8882,-319.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 4.  Modelo }
\put(123.8962,-319.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ARIMA, Gastos de Pr}
\put(199.3042,-319.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ovisiones de los principales Bancos Privados Ecuador}
\put(23.8346,-439.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(57.00259,-439.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}    Fuente: Base de datos Sup}
\put(154.7866,-439.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}erintendencia de Compañías (2019)}
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\put(57.00259,-451.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}    Elaboración: Los }
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\put(145.7626,-451.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es}
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\put(70.59459,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T}
\put(76.00459,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla }
\put(95.8846,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}4 }
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\put(172.0646,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}modelo }
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\put(240.5946,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}AR }
\put(257.7046,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(1) }
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\put(314.4746,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bajo }
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\put(371.3446,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(384.0046,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}confianza }
\put(23.8346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}95\% y los principales }
\put(112.3546,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indicadores }
\put(160.8646,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de bondad de ajuste de la regresión representa }
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\put(41.0746,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2019 }
\put(63.8746,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}este }
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\put(93.00259,-414.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}             Fuente: Base de datos Superintendencia de Com}
\put(283.8906,-414.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pañías (2019)}
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\put(23.8346,-474.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a través de variables }
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\put(57.00259,-198.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Fuente: Base de datos Superintendencia de Compañías  (2019)}
\put(23.8346,-210.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(57.00259,-210.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Elaboración: Los }
\put(117.4586,-210.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autor}
\put(137.7626,-210.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es}
\put(23.8346,-234.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(57.00459,-234.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Como }
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\put(98.82459,-234.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}evidencia, }
\put(144.1546,-234.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(155.8946,-234.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}modelo }
\put(190.4146,-234.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(204.3746,-234.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}análisis }
\put(238.8946,-234.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(252.8546,-234.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}covaria}
\put(282.2846,-234.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nza }
\put(300.6846,-234.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}determina }
\put(345.1846,-234.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(356.9246,-234.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento }
\put(23.8346,-246.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la cartera improductiva ante shocks de variables macroeconómicas }
\put(312.6946,-246.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como el PIB, IPC, }
\put(391.4446,-246.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T}
\put(396.8546,-246.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}asa de }
\put(23.8346,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Desempleo, }
\put(75.0946,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Riesgo }
\put(106.6546,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}país }
\put(126.5346,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y }
\put(135.3046,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Deuda }
\put(165.1746,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pública. }
\put(200.8846,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La }
\put(215.2046,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regresión }
\put(256.1846,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}plante}
\put(280.6246,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ada }
\put(298.2746,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}presenta }
\put(335.3646,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}significancia }
\put(389.6846,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con }
\put(407.8946,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una }
\put(23.8346,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}probabilidad }
\put(76.45461,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}menor al 5\%, por lo tanto, }
\put(181.0846,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el modelo }
\put(222.4446,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}presenta }
\put(257.8346,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un ajuste }
\put(295.3046,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en las variables }
\put(358.1646,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}explicativas }
\put(407.9946,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con }
\put(23.8346,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}0.9962. }
\put(55.5246,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A}
\put(62.1946,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(64.4446,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pesar }
\put(87.79459,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que, }
\put(106.9746,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}existen }
\put(137.5446,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dos }
\put(153.6846,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables }
\put(192.0246,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}exógenas }
\put(231.4746,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(248.1646,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no }
\put(260.4146,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}presentan }
\put(300.9746,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}significancia, }
\put(356.2646,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como }
\put(380.7246,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(390.1846,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}PIB }
\put(407.9946,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y }
\put(415.2446,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(23.8346,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}riesgo }
\put(50.4846,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}país }
\put(68.8046,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con }
\put(85.4546,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una }
\put(102.1046,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}probabilidad}
\put(152.6546,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(154.8646,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(166.5146,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}t }
\put(171.5046,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mayor }
\put(199.2646,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al }
\put(208.6946,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}5\% }
\put(224.2346,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son }
\put(240.3346,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(251.9846,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}igual }
\put(274.1946,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}importancia }
\put(324.1746,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por }
\put(339.7146,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(349.1446,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}influencia }
\put(390.7946,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}positiva }
\put(23.8346,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y negati}
\put(55.9646,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}va en el comportamiento}
\put(155.6746,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} de la cartera. Por lo tanto, la cartera }
\put(304.8346,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}improductiva }
\put(360.8546,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial }
\put(402.9746,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tiene }
\put(23.8346,-318.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un efecto negativo }
\put(101.1346,-318.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ante un shock en el riesgo país, y tendrá una relación }
\put(318.3846,-318.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inversa debido a que si se }
\put(23.8346,-330.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}produce }
\put(58.3746,-330.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un }
\put(70.70461,-330.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aumento }
\put(107.4746,-330.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(122.0246,-330.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}riesgo }
\put(148.7946,-330.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}país }
\put(167.2346,-330.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para }
\put(186.7746,-330.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(196.3246,-330.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año }
\put(213.0946,-330.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2019 }
\put(235.4246,-330.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(244.9746,-330.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera }
\put(274.4946,-330.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}improductiva }
\put(330.1546,-330.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}disminuirá }
\put(375.2546,-330.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}provocando }
\put(23.8346,-342.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}efectos negativos en la calidad de la cartera comercial. }
\put(23.8346,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(57.00459,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La corroboración }
\put(129.8446,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de los modelos permite }
\put(227.7946,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}conocer }
\put(262.5446,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}si existe }
\put(298.7446,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una distribución }
\put(367.1646,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}correcta }
\put(402.4645,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre }
\put(23.8346,-378.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables }
\put(62.58459,-378.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para explicar }
\put(117.3046,-378.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el factor dependiente. }
\put(206.6146,-378.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La aplicación }
\put(263.5546,-378.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de los test Shapiro-W}
\put(349.9846,-378.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ilk y }
\put(370.6646,-378.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V}
\put(377.2946,-378.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}if, plantean }
\put(23.8346,-390.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}conocer }
\put(58.6246,-390.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(68.9846,-390.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}varia}
\put(88.9746,-390.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nza }
\put(105.9946,-390.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de ambas }
\put(147.2646,-390.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regresiones, de la }
\put(221.3846,-390.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera }
\put(251.7146,-390.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}improductiva }
\put(308.1746,-390.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y tasa }
\put(335.0046,-390.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de morosidad, }
\put(395.4446,-390.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ya }
\put(408.0246,-390.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(23.8346,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son explicadas }
\put(85.7746,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con las mismas }
\put(150.6446,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables }
\put(189.6646,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}macroeconómicas, }
\put(267.2746,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es así que en los dos estudios o test }
\put(414.1046,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se }
\put(23.8346,-414.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}visualiza el comportamiento de los factores para ambas regresiones.}
\put(178.3856,-438.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T}
\put(182.9936,-438.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 7 }
\put(205.5216,-438.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T}
\put(210.1296,-438.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}est Shapir}
\put(244.4416,-438.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o-W}
\put(258.9616,-438.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ilk }
\put(23.8346,-558.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}     }
\put(23.8346,-570.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(57.00259,-570.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Fuente: Base de datos Superintendencia de Compañías (2019)}
\put(23.8346,-582.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(57.00259,-582.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Elaboración: Los }
\put(117.4586,-582.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autor}
\put(137.7626,-582.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es}
\put(23.8346,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(57.00459,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}En la tabla 7, se observa que los resultados tienen grado de ajuste en las observaciones }
\put(23.8346,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por los }
\put(56.1746,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valores }
\put(88.7246,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(101.8346,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(112.7246,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}columna }
\put(150.6446,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}W}
\put(159.9046,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} y }
\put(172.2446,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(190.3546,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son cercanos }
\put(246.5646,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a }
\put(254.6746,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1, indicando }
\put(308.9446,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(327.0546,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los factores }
\put(377.7146,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o variables }
\put(23.8346,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}independientes }
\put(87.28459,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}explican }
\put(124.6346,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de forma }
\put(164.8946,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}correcta }
\put(200.5546,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(211.2446,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}modelo. }
\put(247.2146,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Por lo tanto, }
\put(305.2646,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(315.9546,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hipótesis }
\put(354.9846,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nula }
\put(375.6746,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es aceptada }
\put(413.1024,-652.0034){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}105}
\put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y las observacio}
\put(90.9646,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nes se encuentr}
\put(154.7546,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}an distribuidas }
\put(218.5646,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}normalmente }
\put(275.1746,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para ser explicadas, }
\put(360.3046,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tanto la cartera }
\put(23.8346,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}improductiva como la tasa de morosidad.}
\put(193.913,-67.94928){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T}
\put(198.521,-67.94928){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla }
\put(215.193,-67.94928){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}8. T}
\put(227.657,-67.94928){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}est VIF}
\put(23.8346,-175.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9946,-175.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(93.00259,-175.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Fuente: Base de datos Superintendencia de Compañías}
\put(280.1226,-175.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} (2019)}
\put(23.8346,-187.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9946,-187.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(93.00259,-187.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Elaboración: Los }
\put(153.4586,-187.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autor}
\put(173.7626,-187.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es}
\put(23.8346,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(57.00459,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La }
\put(70.23459,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T}
\put(75.64459,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla }
\put(95.17459,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}8 }
\put(103.0446,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}refleja }
\put(130.8946,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(140.9746,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mean }
\put(166.6146,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o }
\put(174.4846,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valor }
\put(197.8946,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(212.9746,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}factor }
\put(239.1546,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(251.4646,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(261.5446,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inflación }
\put(299.4146,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(311.7246,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(321.8046,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}varianza }
\put(358.5346,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en }
\put(370.8446,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}17.90 }
\put(396.2146,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siendo }
\put(23.8346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mayor a 10, indicando que los modelos presentan una multicolinealidad }
\put(325.7146,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alta, es decir}
\put(378.0146,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, se estima }
\put(23.8346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(40.8446,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las }
\put(54.5246,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables}
\put(90.6246,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(93.1946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}macroeconómi}
\put(152.6146,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cas }
\put(167.9546,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tienen }
\put(194.9546,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un }
\put(207.5246,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}coeficiente }
\put(253.4046,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(265.4146,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regresión }
\put(305.1946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variable, }
\put(342.4646,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ya }
\put(354.4746,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que }
\put(371.4846,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no }
\put(384.0546,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}presentan }
\put(23.8346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}colinealidad entre ellas.}
\put(23.8346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}                  }
\put(177.3251,-271.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T}
\put(181.9331,-271.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 9. }
\put(206.4611,-271.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T}
\put(211.0691,-271.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}est Imtest, }
\put(248.0291,-271.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}White}
\put(23.8346,-403.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9946,-403.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(93.00259,-403.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Fuente: Base de datos Superintendencia de Compañías}
\put(280.1226,-403.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} (2019)}
\put(23.8346,-415.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(56.9946,-415.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(93.00259,-415.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Elaboración: Los }
\put(153.4586,-415.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autor}
\put(173.7626,-415.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es}
\put(23.8346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(57.00459,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T}
\put(62.4146,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 9, los resultados del test permiten }
\put(222.1546,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}visualizar }
\put(264.1346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la probabilidad }
\put(328.1046,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con un valor de 0.3423 }
\put(23.8346,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siendo mayor al 0.05, determina}
\put(153.5746,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ndo una distribución }
\put(238.9546,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}relativamente }
\put(296.0946,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}homogénea }
\put(344.9146,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(357.0746,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los residuos a }
\put(414.6746,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo }
\put(23.8346,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lar}
\put(34.2046,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go de la variable de la cartera improductiva. Por lo tanto, se procede a aceptar la Ho. }
\put(23.8346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ho (hipótesis nula) = los datos son homocedásticos}
\put(23.8346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}H1(hipótesis alternativa) = los datos son heterocedásticos}
\put(406.8898,-651.2672){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}106}
\put(133.4969,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T}
\put(138.1049,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 10. Modelo }
\put(194.1129,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ANCOV}
\put(222.4169,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A}
\put(227.7529,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} de la }
\put(247.8329,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T}
\put(252.4409,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}asa de Mor}
\put(290.5129,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}osidad}
\put(23.8346,-318.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}                                }
\put(23.8346,-330.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Fuente: Base de datos Superintendencia de Compañías (2019)}
\put(23.8346,-342.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Elaboración: Los }
\put(84.2906,-342.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autor}
\put(104.5946,-342.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es}
\put(23.8346,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} }
\put(57.00459,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}En la }
\put(79.25459,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T}
\put(84.6646,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla }
\put(103.3746,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}10, el model}
\put(152.1946,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o es óptimo }
\put(200.0146,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para explicar }
\put(253.5246,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el comportamiento }
\put(330.3846,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la }
\put(351.1446,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tasa }
\put(368.7446,-366.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de morosidad }
\put(23.8346,-378.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de los principale}
\put(91.58459,-378.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s bancos privados del Ecuador}
\put(216.1446,-378.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, a través de variables }
\put(309.1546,-378.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}macroeconómicas; }
\put(387.4546,-378.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la cuarta }
\put(23.8346,-390.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regresión tiene }
\put(86.4846,-390.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un buen ajuste por el R al cuadrado y el R al cuadrado ajustado por ser mayor que }
\put(23.8346,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la }
\put(34.5246,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tercera }
\put(65.1946,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regresión }
\put(105.8746,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y así }
\put(128.9246,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mismo los criterios }
\put(210.9946,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(223.9046,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}información }
\put(275.6946,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Akaike }
\put(308.0446,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(AIC) y Schwarz }
\put(381.7646,-402.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(BIC) son }
\put(23.8346,-414.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}menores en comparación del }
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\put(74.58459,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año }
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\put(244.3646,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indicador }
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\put(295.6846,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}basadas en }
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\put(364.7446,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
\put(379.4346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2010 hasta }
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\put(58.11459,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Además, el moldeo }
\put(137.7046,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ANCOV}
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\put(178.6446,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} establece }
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\put(23.8346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se encuentran directamente }
\put(135.0646,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}afect}
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\put(190.9146,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Improductiva, }
\put(249.0446,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T}
\put(254.4646,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}asa de Morosidad, Producto Interno Bruto, }
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\put(212.1046,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V}
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\put(23.8346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador }
\put(59.9246,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}durante }
\put(92.6846,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(102.6846,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}período }
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\put(267.4046,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alteraciones }
\put(317.9346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fueron }
\put(346.8146,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}provocadas }
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\put(23.8346,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crisis internacionales y efectos del precio del barril del petróleo.}
\put(23.8346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}REFERENCIAS BIBLIOGRÁFICAS}
\put(23.8346,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Altimir}
\put(52.8846,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, O, y Devlin, R. (2007). Moratoria }
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\put(265.2146,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}América }
\put(302.8646,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Latina }
\put(331.6346,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(CEP}
\put(352.3946,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}AL). Santiago }
\put(412.9946,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(23.8346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Chile.}
\put(23.8346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Acosta, }
\put(56.0246,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A., }
\put(70.7146,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Gorfinkiel, }
\put(116.7946,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}D., }
\put(131.4846,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Gudynas, }
\put(172.0046,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}E., }
\put(185.5846,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y }
\put(193.0546,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Lapitz, }
\put(223.5646,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}R. }
\put(235.2046,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2005). }
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\put(278.1946,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}riego-pais }
\put(320.6546,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}convencional }
\put(376.4346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. }
\put(381.4046,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}En }
\put(394.9846,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El }
\put(406.3445,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}otro }
\put(23.8346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}riesgo país: indicadores y desarrollo en la economía. }
\put(235.7146,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Abya-Y}
\put(266.9346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ala. 283-319.}
\put(23.8346,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Alvarado, }
\put(70.0146,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}E. (2018). Econom}
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\put(167.7446,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y Finanzas. }
\put(223.7346,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}UnionNnacional }
\put(296.3046,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en la }
\put(325.9046,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Economía }
\put(372.9146,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y Finanzas. }
\put(23.8346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Quito. }
\put(60.5346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Recuperado }
\put(119.7046,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de: }
\put(143.3346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}https://www}
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\put(23.8346,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}REGLAMENT}
\put(85.31459,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}O-MEF-2018-0134-DEUDA-PUBLICA-PIB.pdf}
\put(23.8346,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Álvarez, }
\put(60.6546,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}L., }
\put(74.4346,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Sánchez, }
\put(112.9246,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}I., }
\put(123.9246,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y }
\put(131.5946,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Urtasun, }
\put(167.8846,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A. }
\put(180.2846,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2017). }
\put(212.1146,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El }
\put(223.6746,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}efecto }
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\put(276.6646,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fluctuaciones }
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\put(389.5446,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}petróleo }
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\put(115.9946,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}., Hernández, J., García, }
\put(220.8446,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}J., y Hernández, }
\put(291.9946,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A. (2016). Equations }
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\put(72.1946,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. (2016). Econometría }
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\put(334.0146,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}doi 978-84-692-4355-}
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\put(23.8346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Gutiérrez, }
\put(69.6946,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}J., y Saade, }
\put(126.2146,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A. (2009). Ciclos de Riesgo de Crédito. }
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\put(23.8346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Santiago , Naciones Unidas: LC/TS.2018/109. }
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\put(117.8246,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}C. (2013). Modeling }
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\put(370.4246,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} and }
\put(389.6546,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ARIMA}
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\put(23.8346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mauricio, J. (2007). Introducción: }
\put(162.5146,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis de Series }
\put(236.9846,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T}
\put(242.3946,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}emporales. Madrid: EV}
\put(336.2646,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}iews. Recuperado de: }
\put(23.8346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}https://www}
\put(72.6346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.ucm.es/data/cont/docs/518-2013-1}
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\put(225.7546,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1-JAM-IAST}
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\put(23.8346,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mileris, R. (2012). Macroecono}
\put(152.0546,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mic Determinants }
\put(226.6146,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of  Loan Portfolio Credit Risk in Banks. Kaunas }
\put(23.8346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}University or }
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\put(84.61461,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}echnology}
\put(125.6246,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, Panevezys Institute, 496-504.}
\put(23.8346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ordoñez, }
\put(63.6546,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}R. }
\put(75.7246,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2015). }
\put(107.7846,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Procesos }
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\put(377.2546,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis }
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\put(23.8346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}escenarios }
\put(68.67461,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(Primera }
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\put(337.7546,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Guayaquil }
\put(382.6046,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}: }
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\put(23.8346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}editores.}
\put(23.8346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Pardo, }
\put(51.58459,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A., Garrido, J., San Martín, R., y Ruíz, M. (2013). La interacción }
\put(314.2346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre }
\put(336.6946,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}factores en el análisis }
\put(23.8346,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de varianza: Errores de interpretación. Psicothema, (19), 343-349.}
\put(23.8346,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Peña, }
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\put(64.8246,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2010). }
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\put(177.9846,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dinámica }
\put(219.5846,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}macroeconómica }
\put(292.8246,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e }
\put(302.2046,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inversión }
\put(344.3646,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}privada. }
\put(381.7946,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Economic }
\put(23.8346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Conyunt, 171-189. }
\put(23.8346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ricardias, }
\put(66.1146,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}M. (2012). Macroeconomic }
\put(177.6946,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Determinants }
\put(233.5846,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of }
\put(243.9346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Loan }
\put(266.5046,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Portdolio }
\put(305.7446,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Credit }
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\put(353.1246,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}in }
\put(362.9246,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banks. }
\put(392.4445,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Kaunas }
\put(23.8346,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}University or }
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\put(84.61461,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}echnology}
\put(125.6246,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, 496-504. }
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\put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Superintendencia }
\put(96.22459,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(108.6346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Compañías }
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\put(285.1346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Reporte }
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\put(332.1746,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Estabilidad }
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\put(126.6446,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Recuperado }
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\put(23.8346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Superintendencia }
\put(97.58459,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(111.3546,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bancos }
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\put(191.6646,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. (2017). Reporte }
\put(267.9746,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Comportamiento }
\put(340.0746,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Crediticio }
\put(384.3946,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Sectorial. }
\put(23.8346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Resumen Ejecutivo, }
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\put(379.6146,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ALDOCS/}
\put(23.8346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}downloads/articulos\_financieros/Estudios\%20Sectoriales/2017/ES\_BP\_jun\_2017.pdf}
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\put(29.5946,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}rívez, }
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\put(61.0646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. (2015). Introduccion }
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\put(176.5346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}econometria. }
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\put(302.7546,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Recuperado }
\put(354.7246,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de: }
\put(371.1546,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}https://www}
\put(419.9546,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.}
\put(23.8346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}marcialpons.es/libros/introduccion-a-la-economia/9788436838077/}
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\put(30.4646,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}illavicencio, J. (2013). Introducción a Series de }
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\put(227.6546,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}iempo . Costa Rica.}
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\put(64.8046,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Choi, }
\put(89.72459,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}K., y Fong, }
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\put(144.1046,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. (2008). }
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\put(190.7946,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}framework }
\put(237.6346,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}for }
\put(252.2646,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}stress-testing }
\put(307.4546,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}banks’. }
\put(339.4046,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}The }
\put(357.9246,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Journal }
\put(390.3346,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of Risk, }
\put(23.8346,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}II(1), 3-23. Recuperado de: https://papers.ssrn.com/sol3/papers.cfm?abstract\_id=1327561}
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