\documentclass{article} \usepackage{amsmath} \usepackage{color,pxfonts,fix-cm} \usepackage{latexsym} \usepackage[mathletters]{ucs} \DeclareUnicodeCharacter{32}{$\ $} \DeclareUnicodeCharacter{46}{\textperiodcentered} \DeclareUnicodeCharacter{8226}{$\bullet$} \usepackage[T1]{fontenc} \usepackage[utf8x]{inputenc} \usepackage{pict2e} \usepackage{wasysym} \usepackage[english]{babel} \usepackage{tikz} \pagestyle{empty} \usepackage[margin=0in,paperwidth=473pt,paperheight=685pt]{geometry} \begin{document} \definecolor{color_63426}{rgb}{0.133333,0.117647,0.121569} \definecolor{color_29791}{rgb}{0,0,0} \begin{tikzpicture}[overlay]\path(0pt,0pt);\end{tikzpicture} \begin{picture}(-5,0)(2.5,0) \put(416.7006,-652.0034){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}95} \put(304.3388,-33.52557){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ene} \put(313.6558,-33.52557){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}r} \put(315.5668,-33.52557){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o - Abril 2021} \put(283.2253,-41.92572){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(286.4873,-41.92572){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ol 12. N} \put(304.9673,-41.92572){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}° 1 / P} \put(321.1933,-41.92572){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ágs 95-110} \put(336.9417,-50.32562){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}DOI:} \put(348.2537,-50.32562){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(249.6521,-58.72559){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e-ISSN} \put(265.4721,-58.72559){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}: 2528 - 7869 (V} \put(303.2371,-58.72559){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e} \put(306.3031,-58.72559){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}r} \put(308.2071,-58.72559){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sión Electr} \put(333.0151,-58.72559){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}onic} \put(343.2071,-58.72559){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a)} \put(208.0505,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ht} \put(213.8185,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tp} \put(218.9705,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s://w} \put(231.9135,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}w} \put(236.5195,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}w} \put(240.6565,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.r} \put(243.9325,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e} \put(246.9635,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}vis} \put(253.1305,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}t} \put(254.9715,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}as.utm.edu.ec/inde} \put(302.7255,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}x.php/E} \put(321.6465,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}CASine} \put(338.8875,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}r} \put(340.8125,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gia} \put(34.4161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(36.9161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(39.4161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(41.9161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(44.4161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(46.9161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(49.4161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(51.9161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(54.4161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(56.9161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(59.4161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(61.9161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(64.4161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(66.9161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(69.4161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(71.9161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(74.4161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(76.9161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(79.4161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(81.9161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(84.4161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(86.9161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(89.4161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(91.9161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}COMPOR} \put(137.1161,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(143.0461,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}AMIENT} \put(183.9861,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}O } \put(194.2561,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}DE } \put(210.6461,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}LA} \put(223.9861,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(226.4861,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}CAR} \put(247.8061,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}TERA} \put(275.0461,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(277.5461,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}COMERCIAL} \put(340.3361,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(342.8361,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}DE } \put(359.2261,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}LOS } \put(381.7361,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}BANCOS } \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} \put(320.45,-104.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} ECUADOR, 2010-2018} \put(421.834,-104.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(423.364,-104.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(22,-116.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(146.9647,-128.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}BEHA} \put(169.8787,-128.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}VIOR OF} \put(205.2757,-128.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(207.0037,-128.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}THE COMMERCIAL} \put(288.2197,-128.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} POR} \put(307.7137,-128.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}TFOLIO OF} \put(353.9017,-128.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} PRIV} \put(375.1957,-128.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A} \put(380.6677,-128.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}TE BANKS} \put(423.4087,-128.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(327.1737,-140.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}OF} \put(338.6217,-140.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} ECUADOR, 2010-2018} \put(423.3837,-140.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \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: } \put(127.5964,-265.4023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}H6, G1} \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} \put(24.8347,-312.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El presente estudio tiene } \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} \put(284.2047,-312.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}miento } \put(315.1747,-312.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la cartera } \put(368.6047,-312.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(411.2147,-312.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(24.8347,-322.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sistema } \put(59.2847,-322.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancario } \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 } \put(371.2147,-322.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}considerados } \put(24.8347,-332.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}corresponden } \put(82.0947,-332.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(89.9247,-332.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(120.5047,-332.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}improductiva, } \put(179.7147,-332.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tasa } \put(198.6547,-332.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(211.4847,-332.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}morosidad, } \put(259.5947,-332.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Producto } \put(299.0947,-332.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Interno } \put(331.3647,-332.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bruto } \put(357.5347,-332.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(PIB), Índice } \put(414.0147,-332.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(24.8347,-342.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}precios del consumidor} \put(120.7547,-342.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, riesgo país, variación } \put(219.5147,-342.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la deuda pública } \put(305.4947,-342.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y liquidez. } \put(353.2147,-342.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Los datos fueron } \put(24.8347,-352.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obtenidos } \put(66.4047,-352.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(78.5247,-352.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(88.42471,-352.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Superintendenci} \put(153.4047,-352.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(160.5247,-352.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(172.6447,-352.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Compañías, } \put(222.8247,-352.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banco } \put(251.0547,-352.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Central } \put(283.1747,-352.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(298.0747,-352.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador } \put(334.0747,-352.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(341.7647,-352.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Superintendencia } \put(413.8747,-352.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(24.8347,-362.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bancos. La } \put(70.7247,-362.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}metodología } \put(122.4147,-362.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}plantea } \put(152.9847,-362.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dos modelos } \put(204.1647,-362.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}econométricos, } \put(266.6747,-362.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(275.5947,-362.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}primero } \put(308.9547,-362.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(317.8747,-362.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Univariante } \put(366.2247,-362.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autoregresivo } \put(24.8347,-372.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Integrado Media Móvil (ARIMA) } \put(165.2247,-372.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por las estimaciones } \put(250.3847,-372.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de las variables a corto plazo y el segundo } \put(24.8347,-382.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Multivariante } \put(83.1547,-382.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(98.7147,-382.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis } \put(135.3847,-382.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la } \put(159.8247,-382.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Covarianza } \put(209.2447,-382.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(ANCOV} \put(246.8447,-382.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A) que } \put(279.6147,-382.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}permite } \put(314.0447,-382.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}relacionar } \put(357.9047,-382.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables } \put(397.8847,-382.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(416.2147,-382.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(24.8347,-392.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento } \put(93.3447,-392.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la cartera } \put(146.1147,-392.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial. } \put(191.0047,-392.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Los principales } \put(255.8247,-392.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}resulta} \put(282.4847,-392.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dos determinan } \put(347.3047,-392.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que los factores de } \put(24.8347,-402.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estudio provocan alteraciones } \put(148.6447,-402.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en la cartera } \put(202.4647,-402.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial, } \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 } \put(24.8347,-412.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un sistem} \put(63.2647,-412.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a bancario sensible ante las crisis económicas, } \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 } \put(312.5547,-412.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a factores } \put(354.3847,-412.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}externos como el } \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.} \put(24.8347,-442.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Palabras clave: } \put(92.5983,-442.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Cartera comercial; morosidad; liquidez; bancos privados; Ecuador} \put(356.9583,-442.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.} \put(24.8347,-462.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ABSTRACT} \put(79.1147,-462.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(24.8347,-482.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}The } \put(43.4647,-482.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}objective } \put(83.1947,-482.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of this } \put(112.1347,-482.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}study is to } \put(157.4947,-482.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}determine } \put(200.5547,-482.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(215.8547,-482.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}behavior } \put(253.9247,-482.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of the } \put(280.6347,-482.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}commercial } \put(330.9147,-482.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}portfolio } \put(368.9947,-482.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of the } \put(395.7047,-482.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}private } \put(24.8347,-492.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}banking } \put(61.4147,-492.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}system } \put(93.5547,-492.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of Ecuador } \put(143.9147,-492.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}during } \put(174.3847,-492.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(190.9647,-492.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}period } \put(220.8747,-492.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2010-2018, } \put(271.0647,-492.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(287.6447,-492.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}factors } \put(319.2147,-492.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}considered } \put(366.8947,-492.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}correspond } \put(415.6847,-492.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}to } \put(24.8347,-502.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}unproductive } \put(80.3647,-502.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}portfolio, } \put(120.6247,-502.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}late } \put(137.8247,-502.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}payment } \put(175.0247,-502.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Rate, } \put(198.6147,-502.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Gross Domestic } \put(265.7947,-502.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Product (GDP), consumer } \put(373.2247,-502.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}price } \put(395.9747,-502.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}index } \put(420.9547,-502.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, } \put(24.8347,-512.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}country } \put(57.5347,-512.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}risk, variation } \put(114.8747,-512.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of public } \put(152.5047,-512.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}debt } \put(171.8747,-512.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}and liquidity} \put(221.7147,-512.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. } \put(226.1847,-512.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}The } \put(243.8847,-512.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}data } \put(262.6947,-512.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}were obtained } \put(320.8547,-512.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}from the } \put(356.8147,-512.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Superintendence } \put(24.8347,-522.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of } \put(35.6647,-522.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Companies, } \put(85.6647,-522.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Central } \put(117.5947,-522.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bank } \put(141.2047,-522.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of } \put(152.0347,-522.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador } \put(187.8547,-522.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}and } \put(204.7947,-522.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Superintendence } \put(273.9347,-522.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of } \put(284.7647,-522.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banks. } \put(314.5847,-522.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}The } \put(332.6347,-522.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}methodology } \put(387.9047,-522.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}proposes } \put(24.8347,-532.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}two } \put(42.1647,-532.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}econometric} \put(91.5947,-532.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(93.92471,-532.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}models, } \put(127.6447,-532.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(142.1947,-532.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}first } \put(160.0847,-532.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(174.6347,-532.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mobile } \put(205.8547,-532.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Media } \put(233.7347,-532.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Integrated } \put(276.0447,-532.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autoregressive } \put(338.9147,-532.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Univariate } \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 } \put(318.5747,-542.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of the covariance } \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} \put(62.4347,-552.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A) allows to relate } \put(145.2847,-552.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables } \put(185.4347,-552.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}with the behavior } \put(262.5747,-552.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of the commercial } \put(342.4747,-552.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}portfolio. } \put(383.8447,-552.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}The main } \put(24.8347,-562.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}results determine } \put(96.6247,-562.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}that } \put(114.4747,-562.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(129.5447,-562.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}study factors } \put(184.1247,-562.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cause } \put(209.1847,-562.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alterations } \put(253.6847,-562.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}in the } \put(279.3847,-562.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}commercial } \put(329.4347,-562.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}portfolio, } \put(369.7847,-562.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}therefore, } \put(411.2247,-562.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(24.8347,-572.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}conclusions are deduced to a banking system sensitive to economic crises, especially } \put(379.8047,-572.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}to external } \put(24.8347,-582.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}factors such as the price of oil and economic policy approaches.} \put(24.8347,-604.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Keywords:} \put(71.4948,-604.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Commercial portfolio; late payment; liquidity; private banks; Ecuador} \put(353.6548,-604.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.} \end{picture} \begin{tikzpicture}[overlay] \path(0pt,0pt); \filldraw[color_29791][nonzero rule] (22pt, -156.26pt) -- (422.386pt, -156.26pt) -- (422.386pt, -156.26pt) -- (422.386pt, -155.26pt) -- (422.386pt, -155.26pt) -- (22pt, -155.26pt) -- cycle ; \end{tikzpicture} \begin{picture}(-5,0)(2.5,0) \put(31.9097,-168.0753){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Lady } \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 } \put(327.6897,-168.0753){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Abigail } \put(360.0097,-168.0753){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(366.1297,-168.0753){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ega } \put(381.9597,-168.0753){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Aguilar} \put(137.1856,-188.0753){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Universidad } \put(188.3856,-188.0753){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Técnica de Machala, Ecuador} \put(43.3184,-208.0753){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mail:} \put(65.5352,-208.0753){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} llady@utmachala.edu.ec; jchamba3@utmachala.edu.ec; svega3@utmachala.edu.ec} \put(406.8898,-651.2672){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}96} \put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}INTRODUCCIÓN} \put(23.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Actualmente } \put(77.3646,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mantener la estabilidad } \put(172.4146,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}económica } \put(218.1646,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es una prioridad para las economías, especialmente } \put(23.8346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por las consecuencias } \put(113.3346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de las rece} \put(155.7746,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siones o crisis económicas; } \put(267.3446,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un aspecto } \put(312.5746,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a considerar } \put(363.9046,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es el } \put(384.6946,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}adecuado } \put(23.8346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}manejo de la cartera comercial } \put(160.6146,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como requisito fundamental } \put(282.2546,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que recoge los activos y pasivos } \put(23.8346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(41.9846,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}permiten } \put(81.2346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}verificar } \put(118.2546,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(129.1746,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}escasez } \put(162.8646,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(176.0146,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entrada } \put(209.1446,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(222.2946,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}efectivo } \put(258.2046,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(266.9146,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(277.8446,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cobranza } \put(317.6346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(330.7846,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cuentas } \put(364.4746,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pendientes. } \put(413.4446,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El } \put(23.8346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento } \put(93.47459,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crediticio } \put(135.3346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de los agentes económicos } \put(250.6046,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es un causal del desenvolvimiento } \put(397.7446,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de las } \put(23.8346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}economías; } \put(73.4046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el mismo estipula } \put(151.0246,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las diferentes } \put(209.6046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}políticas } \put(247.5146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}creditici} \put(280.2746,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}as acogidas } \put(331.6346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por los intermediarios } \put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financieros, } \put(73.5946,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(94.1846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}luego } \put(119.7846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}determin} \put(155.3346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ar } \put(166.4846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(177.0846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}riesgo } \put(204.9046,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(Superintendencia } \put(281.0346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(293.8546,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bancos, } \put(329.1746,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2017). } \put(358.3846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Los } \put(376.7646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}riesgos } \put(408.4746,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son } \put(23.8346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}verificados } \put(72.1846,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(89.9846,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}medio } \put(119.4446,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(133.3546,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}diferentes } \put(177.2546,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}factores } \put(213.3746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(240.0646,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(251.7546,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tasa } \put(271.7746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(285.6846,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}morosidad, } \put(334.8746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(366.5346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}improductiva, } \put(23.8346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}liquidez } \put(58.5946,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre otros, para el análisis de la cartera } \put(219.6946,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(261.6646,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o también } \put(303.9646,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}llamada } \put(338.1646,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(367.9046,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de créditos es } \put(23.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}preciso } \put(55.6546,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dominar } \put(91.92461,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(102.0846,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alcance } \put(134.9946,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}administrativo } \put(195.7046,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiero } \put(238.6346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(256.0146,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}permit} \put(282.1246,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e } \put(289.5046,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}reconocer } \put(331.8646,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(345.9146,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fallas } \put(370.5146,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}existentes } \put(412.8946,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(23.8346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las entidades y la ejecución de procesos para alcanzar una mejoría (Ordoñez, 2015).} \put(23.8346,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Estudios desarrollados por } \put(166.1246,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}W} \put(174.7646,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ong, Choi, y Fong (2008) ar} \put(287.6746,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gumentan } \put(329.8446,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sobre los factores de la } \put(23.8346,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera comercial, } \put(98.92459,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}uno de ellos corresponde a un trabajo de investigación } \put(322.9246,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}realizado } \put(362.5546,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en Hong Kong } \put(23.8346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mediante } \put(63.0446,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(72.8246,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aplicación } \put(116.4746,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(128.4746,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regresiones, } \put(179.0746,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}constatando } \put(229.3946,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(254.1746,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(267.8446,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}carteras } \put(301.4846,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}globales } \put(337.3746,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son afectadas } \put(393.5746,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cuando } \put(23.8346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se emplea } \put(67.8446,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una relación } \put(121.2946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre las tasas de interés y los precios, el resultado presenta un dato muy } \put(23.8346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}significativo } \put(76.97459,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}debido } \put(107.8846,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(126.0146,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(141.3746,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancos } \put(172.8346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}continúan } \put(215.9646,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}presentando } \put(267.9746,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}beneficios } \put(312.2146,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(320.3446,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pesar } \put(345.1346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(363.2646,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}todo } \put(384.7346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}riesgo } \put(412.8646,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(23.8346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(53.5746,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(64.45461,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}controlado } \put(109.7646,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(121.7546,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}manera } \put(153.7246,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}moderada. } \put(198.1946,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Otro } \put(219.0746,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estudio } \put(250.5046,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}refleja } \put(278.0346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(287.7946,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}afectación } \put(331.4246,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(343.4146,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(353.1746,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(382.9146,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(23.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en el mercado; } \put(83.8546,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sin embar} \put(122.3846,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go (Amaya, 2015) aporta } \put(223.6146,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con una investigación } \put(311.9746,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en Colombia, } \put(367.4646,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}determinando } \put(23.8346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que la relación } \put(83.7946,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}existente } \put(121.3746,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre los indicadores } \put(205.2246,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de mora, tasa de interés, precios, tasas de cambio } \put(399.8346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y PIB } \put(23.8346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}favorecen en la regulación de los riesgos de crédito y mercado.} \put(23.8346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Los indicadores como PIB, tasa de morosidad y liquidez} \put(292.4946,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, son relevantes } \put(360.5546,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al momento } \put(412.9746,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(23.8346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}incluirlos } \put(63.3046,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(74.43459,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(83.34459,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estudio } \put(113.9246,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}debido } \put(142.8346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(148.9646,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(157.8746,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obtención } \put(199.0046,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(210.1346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fluctuaciones } \put(264.5946,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}económicas } \put(313.4946,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(329.6246,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}impactan } \put(367.9746,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(379.1046,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(388.0146,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mercado } \put(23.8346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiero } \put(65.8246,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(Gutiérrez } \put(108.9146,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(115.9246,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Saade, } \put(144.3146,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2009). } \put(172.1546,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Es } \put(184.1646,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}así, } \put(199.7846,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(209.0146,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}objetivo } \put(243.7946,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(258.0246,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}presente } \put(293.3446,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estudio } \put(324.2446,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}consiste } \put(358.4746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(369.9246,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}determinar } \put(415.2446,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(23.8346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento } \put(91.6246,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la cartera } \put(142.2346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(183.9146,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del sistema bancario privado del Ecuador durante el período } \put(23.8346,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2010-2018; las variables } \put(126.6946,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que intervienen } \put(192.4746,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}han sido seleccionada} \put(281.0246,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s para } \put(308.4846,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(318.8846,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}investigación } \put(375.3846,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mediante } \put(415.2146,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(23.8346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}formulación } \put(74.47459,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(85.68459,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}modelos } \put(121.3446,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}econométricos } \put(181.4246,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Univariante } \put(229.8446,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autoregresivo } \put(288.8246,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Integrado } \put(328.9046,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Media } \put(356.2246,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Móvil } \put(382.4446,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(ARIMA) } \put(23.8346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y (ANCOV} \put(69.1046,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A) permitiendo } \put(133.3246,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}relac} \put(152.7546,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ionar variables } \put(214.7446,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con el comportam} \put(287.2946,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}iento de la cartera } \put(361.8346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial, } \put(406.4246,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} por } \put(23.8346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo } \put(35.9546,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tanto, } \put(62.7946,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(75.4646,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}identifica } \put(117.0246,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(135.8046,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}situación } \put(176.2546,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}moderada } \put(220.0246,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(233.8046,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}incertidumb} \put(282.1346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}re } \put(294.2446,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(303.5846,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}problemas } \put(349.5846,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}macroeconómicos } \put(23.8346,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por las consecue} \put(92.0246,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ncias de la caíd} \put(156.5446,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a del precio de petróleo y apreciación del dólar} \put(352.2646,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, además permite } \put(23.8346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}evidenciar } \put(68.6046,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(81.7346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}decrecimiento } \put(141.5046,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(154.0746,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(164.4146,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(194.7346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(237.2846,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(257.6146,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(267.9546,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año } \put(285.5246,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2016, } \put(311.1546,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(323.7246,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(334.0646,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siguiente } \put(373.2946,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año } \put(390.8647,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2017 } \put(413.9947,-427.9493){\fontsize{10}{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}escenario favorable por la liquidez del mercado internacional } \put(270.1046,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}generando una mediana expansión del } \put(23.8346,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gasto } \put(47.3846,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}público } \put(79.8146,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(87.2546,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(96.9146,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aumento } \put(133.7846,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(145.6646,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(155.3146,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}liquidez } \put(189.9646,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(204.6246,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sistema } \put(237.0546,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiero } \put(279.4746,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(295.2446,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(304.8946,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aumento } \put(341.7646,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(353.6446,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}créditos } \put(387.7346,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}internos.} \put(23.8346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La } \put(71.7346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}importancia } \put(123.6846,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(137.3046,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}conocer } \put(173.1346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(188.9946,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamientos } \put(262.6046,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financieros, } \put(313.1646,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son } \put(331.2446,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fundamentales } \put(393.7346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(415.1246,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(23.8346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estabilidad } \put(70.5446,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de las naciones, establecer la dinámica } \put(232.7246,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de los indic} \put(280.5946,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}adores macroeconómicos } \put(386.2146,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y para el } \put(23.8346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fomento del desarrollo de los sectores productivos en evitar aumento de las carteras de morosidad.} \put(23.8346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Esta } \put(43.3246,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}investigació} \put(91.6446,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}n } \put(98.9146,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}justifica } \put(132.8446,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(142.3346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estudio } \put(173.4946,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(189.0946,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(198.5846,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}rol } \put(211.9646,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dominante } \put(256.4446,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(268.1546,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(281.5346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entidades } \put(321.5646,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financieras, } \put(369.6447,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}situación } \put(408.0146,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(23.8346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(34.5246,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ve } \put(46.3246,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}reflejada } \put(83.1046,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(98.7946,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(108.3646,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(137.9146,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(149.7146,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crédito, } \put(182.3346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(191.9046,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}misma } \put(220.9246,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(237.7246,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(248.4146,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}afecta } \put(274.6346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(290.3246,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}factores } \put(324.3246,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}internos } \put(358.8946,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(370.6946,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(380.2646,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}institución } \put(23.8346,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o externos, } \put(69.8146,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crisis bancarias que sur} \put(162.0646,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gen en una economía o caída de activos. En este marco, el trabajo } \put(23.8346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se desarrolla en cuatro partes, la primera parte: Introducción; } \put(273.3846,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}segundo, Marco teórico que describe } \put(23.8346,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los factores } \put(72.81459,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la cartera } \put(125.1646,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comerc} \put(154.5946,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ial; } \put(170.2046,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la tercera } \put(210.2846,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}parte, } \put(235.6046,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la metodolo} \put(283.4346,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gía econométrica; } \put(357.9547,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cuarta } \put(385.2147,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}parte } \put(408.0347,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(23.8346,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los resultados estimados y la quinta presenta las conclusiones. } \put(23.8346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Las } \put(74.0146,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}instituciones } \put(127.1446,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financieras } \put(173.0346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son } \put(189.5046,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(199.2946,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}motor } \put(225.7546,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crediticio } \put(266.0846,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(278.0946,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(291.7846,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}economías, } \put(339.6246,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(350.5346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}exponen } \put(386.9846,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(393.9946,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}riesgos } \put(23.8346,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}generando en algunos casos problemas de morosidad y rentabilidad, que son } \put(358.0746,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}provocados por } \put(23.8346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}situaciones } \put(71.0946,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inter} \put(89.4246,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nas } \put(105.5846,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(117.8446,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(127.8846,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}institu} \put(152.8946,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ción } \put(172.9346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o } \put(180.7646,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(196.9246,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}externalidades. } \put(260.0046,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Las } \put(277.2646,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financieras } \put(323.4046,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(334.5646,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}encuentran } \put(381.2546,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}integradas } \put(23.8346,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por diferentes intermediarios } \put(144.6246,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y mercados a través de los cuales} \put(282.8846,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} se moviliza } \put(336.4746,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el ahorro en los usos } \end{picture} \newpage \begin{tikzpicture}[overlay]\path(0pt,0pt);\end{tikzpicture} \begin{picture}(-5,0)(2.5,0) \put(416.7006,-652.0034){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}97} \put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}productivos } \put(74.75459,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(95.6646,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}facilitar } \put(130.4546,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(141.3746,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}acumulación } \put(196.1646,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(209.3046,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}capital. } \put(242.1546,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La } \put(256.4046,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}actuación } \put(298.4146,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(311.5546,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los bancos } \put(358.3946,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y sus funciones } \put(23.8346,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(36.2846,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(46.5146,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sistema } \put(79.5246,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiero } \put(122.5246,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(134.9746,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(152.4246,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}economía } \put(194.3146,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}solventan } \put(235.6546,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(249.7746,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}necesidades } \put(300.5446,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}internas } \put(335.2146,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(347.6646,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}diferentes } \put(390.1046,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sectores } \put(23.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}productivos, tales como reducir la brecha de obtención } \put(254.7746,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de créditos, disminuir la probabilidad } \put(412.9846,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(23.8346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inestabilidad } \put(77.7346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiera } \put(119.9546,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(127.7546,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}generar } \put(160.5346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}marcos } \put(192.2146,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(204.4546,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regulación } \put(249.4546,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}prudencial } \put(294.4646,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}haciendo } \put(333.3546,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(345.5946,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(355.6146,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}banca } \put(381.7346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(398.9746,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(411.2146,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(23.8346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}industrias con mayores regulaciones (Ricardias, 2012).} \put(23.8346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Los } \put(73.84459,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancos } \put(103.4546,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comerciales} \put(151.2046,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(153.0446,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o } \put(159.8846,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(171.1646,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}desarrollo } \put(212.9846,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}desempeñan } \put(264.2446,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(273.3046,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}papel } \put(296.8046,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(308.0846,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inclusión } \put(346.5846,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiera } \put(387.8446,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sobre } \put(411.3446,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(23.8346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Pequeñas } \put(64.2646,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(71.92461,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Medianas } \put(113.4646,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Empresas } \put(155.0046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(PYMES), } \put(200.1746,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(225.0546,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}proveedores } \put(276.5846,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(288.6846,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}liquidez, } \put(326.0546,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(338.7146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}recurso } \put(370.8046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(387.9046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}favorece } \put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(31.2946,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(45.9846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}accionistas } \put(92.8746,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(109.2246,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sus } \put(125.0246,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inversiones } \put(173.5846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(181.6046,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(191.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}acceso } \put(221.4946,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(231.7246,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiamiento } \put(294.1746,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(Kulfas, } \put(329.6846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018). } \put(358.5346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Esto } \put(379.3346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fomenta } \put(415.1146,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(23.8346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}llegada } \put(55.8446,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de inversiones con impa} \put(154.6646,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ctos positivos en el crecimiento} \put(283.2746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} económico, } \put(335.9146,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}caso contrario, } \put(398.5446,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}puede } \put(23.8346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}conllevar } \put(65.2146,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a una crisis de quiebra bancaria } \put(203.5246,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con repercusiones negativas sobre el PIB. Las crisis } \put(23.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancarias } \put(65.4146,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}actual} \put(89.2946,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mente } \put(117.5546,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son } \put(135.2646,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tema} \put(154.7046,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s } \put(162.4146,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(175.6746,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estudio } \put(208.3846,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(225.5346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(240.4646,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}influencia} \put(279.9046,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s } \put(287.6146,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(300.8746,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}factores } \put(336.3446,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}macroeconómicos } \put(412.9146,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(23.8346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(38.3146,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancos } \put(68.8946,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(76.7046,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(86.7346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}forma } \put(113.4246,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}directa } \put(143.4346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(160.6846,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}afecta } \put(187.3646,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(201.8446,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}balances } \put(239.0846,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}institucionales } \put(299.6646,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(307.4746,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}precios } \put(339.1646,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(351.4146,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \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). } \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}Las variables } \put(113.3046,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}económica} \put(156.6246,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s también } \put(198.4846,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son determinantes } \put(274.2246,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(294.3146,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(304.4146,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento } \put(372.8346,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la } \put(395.2546,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(23.8346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(66.6346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y los riesgos que ésta pueda presentar} \put(221.8846,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. Existe } \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 } \put(371.8446,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las variables } \put(23.8346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}macroeconómicas } \put(100.0746,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de un país con el riesgo que pueda existir } \put(281.4946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en el portafolio } \put(349.7446,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de créditos } \put(398.9446,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de un } \put(23.8346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}banco (Mileris, } \put(89.3746,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2012). La varia} \put(152.6846,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ción y crecimiento } \put(232.5146,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la economía } \put(298.4646,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de un país está canalizada } \put(409.1046,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(23.8346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}varios } \put(51.1846,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}factores, } \put(88.2346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(108.3546,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador } \put(144.5746,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}conserva } \put(183.0246,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(193.1546,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dependencia } \put(246.0346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(261.1646,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}precio } \put(289.0546,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}barril } \put(313.6146,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(328.7446,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}petróleo } \put(364.4146,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(380.6546,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(394.6746,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}divisas } \put(23.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}generadas } \put(66.17461,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(77.97461,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(91.44461,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}exportaciones. } \put(151.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Los } \put(169.1946,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}datos } \put(192.6646,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(207.2446,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año } \put(224.0446,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2010 } \put(246.4046,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}presentaron } \put(295.4146,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(307.7746,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crecimiento } \put(357.3346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \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\% } \put(23.8346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(40.2146,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}debajo } \put(69.9246,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(82.4146,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo } \put(93.2446,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}proyectado } \put(140.7246,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}debido } \put(170.9946,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(178.4846,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(192.6446,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crisis } \put(216.8046,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financieras } \put(263.1746,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(280.6646,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mantuvo } \put(318.7146,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Estados } \put(352.8746,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Unidos } \put(384.8146,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(402.3046,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}otros } \put(23.8346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}países. En el 2016 el panorama cambió negativamente } \put(246.1846,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a un decrecimiento } \put(324.8246,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de -1.3\% por los precios } \put(23.8346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(38.6346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}petróleo } \put(73.9846,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(89.89461,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(106.9146,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}caída } \put(130.5946,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}importante } \put(176.4946,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(183.5146,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}niveles } \put(214.4246,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inferiores, } \put(257.8246,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}desde } \put(283.1746,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ese } \put(298.5246,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año } \put(315.5446,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(325.3446,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}economía } \put(366.7946,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(381.5946,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}país } \put(400.2846,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no } \put(412.8646,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ha } \put(23.8346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}experimentado } \put(85.2746,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crecimientos } \put(138.3846,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alto} \put(153.3846,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s, } \put(161.7946,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(181.0246,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \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 } \put(235.4046,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aumentar } \put(274.6246,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(286.0846,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(298.1046,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1.8\% } \put(320.9546,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(327.9746,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(337.2046,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año } \put(353.6646,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018 } \put(375.6846,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(387.1446,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(399.1646,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}0.4\%.} \put(23.8346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Un factor } \put(98.60459,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(106.0746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}considerar} \put(147.3246,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, es el } \put(174.4646,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}riego } \put(198.0446,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}país } \put(217.1846,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por el } \put(243.7946,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}grado } \put(269.5946,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(282.0646,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}probabilidad } \put(335.6346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(353.1046,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un país } \put(385.2746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}incumpla } \put(23.8346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(40.6646,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sus } \put(55.83459,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obligaci} \put(88.0546,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ones } \put(108.7746,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(120.6046,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}moneda} \put(152.2646,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(154.6546,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}extranjera, } \put(199.5146,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(211.3446,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}su } \put(222.6246,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}calificación } \put(271.1046,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}depende, } \put(309.3146,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(321.1446,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gran } \put(341.3046,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}medida, } \put(375.6246,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(385.2346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inversión } \put(23.8346,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}extranjera } \put(68.39459,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}directa a cada nación y en consecuencia } \put(244.8346,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}su desarrollo económico } \put(351.3346,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y social (Acosta, } \put(23.8346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Gorfinkiel, } \put(69.50459,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Gudynas } \put(107.1146,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(114.1746,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Lapitz, } \put(144.2746,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2005). } \put(172.1646,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador } \put(207.5446,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(217.9346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ha } \put(229.4346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}caracterizado} \put(282.7246,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(284.7846,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(300.1746,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obtener } \put(332.2246,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}este } \put(349.8346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indicador } \put(389.6646,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}superior } \put(23.8346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en comparación con países Latin} \put(153.9146,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}oamericanos } \put(206.7046,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por distintos factor} \put(281.7546,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es, como: caída precio del petróleo, } \put(23.8346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inestabilidad } \put(77.0546,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}política, } \put(111.6646,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}jurídica y los choques externos. Durante el 2018, Ecuador llega a su } \put(381.3746,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}punto más } \put(23.8346,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alto } \put(41.9646,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del período de estudio con 923 puntos, uno de los motivos se debe a la moratoria } \put(377.8446,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de pago de } \put(23.8346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(38.3046,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bonos Global } \put(96.6846,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(Altimir } \put(132.2546,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(140.0546,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Devlin, } \put(172.5746,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2007). } \put(201.2046,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El } \put(212.8946,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}rol } \put(226.8046,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(241.8246,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}empleo } \put(274.0546,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(286.2946,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(296.3146,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}economía } \put(337.9846,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(350.2246,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(363.0246,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}país } \put(381.9346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}permite } \put(415.2746,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(23.8346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}proyección de ingresos de las familias, } \put(177.2846,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la capacidad } \put(228.1446,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de consumo como factor prioritario } \put(368.9346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de regulación } \put(23.8346,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y control para las economías domésticas, sin embar} \put(227.8446,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go, las eventualidades } \put(317.8146,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}generan crisis provocando } \put(23.8346,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la supresión de personal o fuerza laboral. } \put(23.8346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Es fundamental } \put(123.6546,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}acotar } \put(151.4146,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que el sistema } \put(213.0646,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de bancos privados agrupados en bancos grandes y } \put(23.8346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}medianos, } \put(67.1946,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tiene } \put(89.1646,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(98.9146,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}16\% de fondos disponibles } \put(209.5846,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e } \put(216.5546,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inversiones } \put(264.6346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}colocados } \put(307.1546,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en entidades } \put(359.4246,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}internacionales, } \put(23.8346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por lo que la } \put(80.4846,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}probabilidad } \put(134.4946,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de ser afectados } \put(203.7646,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ente } \put(223.8946,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}shocks externos } \put(291.9346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es importante, } \put(353.0246,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en el } \put(376.6246,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}caso de los } \put(23.8346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancos } \put(54.1746,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pequeños } \put(94.5146,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(104.3046,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}21\% } \put(125.2046,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(137.2146,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(151.4546,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}recursos } \put(187.3446,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(198.2446,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}encuentran } \put(244.6846,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(256.6946,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(270.9346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancos } \put(301.2746,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}grandes } \put(334.9446,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(349.7346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sistema } \put(382.3046,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiero } \put(23.8346,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}privado, aunque un hipotético } \put(146.6846,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}default de los bancos grandes puede perjudicarlos (Superintendencia } \put(23.8346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de Bancos del Ecuador} \put(115.3446,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, 2018) . } \put(23.8346,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Otra } \put(78.4146,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variable } \put(114.2646,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(127.3546,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}interés} \put(154.0146,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(157.6646,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(169.6446,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(180.5046,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento } \put(249.6846,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(262.7746,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(273.6346,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tasa } \put(292.8346,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(305.9146,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}desempleo, } \put(354.8246,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(369.5746,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fluctuaciones } \put(23.8346,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(44.3046,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(54.78459,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año } \put(72.48459,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2010 } \put(95.74459,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}presentaron } \put(145.6546,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(158.9146,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}incremento } \put(207.1546,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(222.6346,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indicador } \put(263.6646,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(276.3646,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1} \put(280.9946,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1\% } \put(297.5846,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(314.1746,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}situaciones } \put(361.8646,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}económicas } \put(412.3246,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no } \put(23.8346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}controladas } \put(73.2746,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como las reformas en los incentivos } \put(224.4046,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del sector agropecuario } \put(322.7246,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y empresarial, } \put(383.5546,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}afectando } \put(23.8346,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(36.2846,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un decrecimi} \put(88.72459,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ento } \put(108.9546,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estable } \put(139.7246,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}durante } \put(172.7246,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(182.9546,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018 manteniendo } \put(260.6246,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(274.7446,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cifras } \put(299.9646,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}reguladas, } \put(343.7946,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}así } \put(357.9146,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(368.1446,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}emisión } \put(402.8246,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(415.2746,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(23.8346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}deuda } \put(50.5546,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pública } \put(82.8246,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(93.9946,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}considerada } \put(144.5846,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(161.8646,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}herramienta } \put(212.4546,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(224.7346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}decisiones } \put(269.2346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(289.2846,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(306.5646,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(316.6246,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Estado } \put(346.6846,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pueda } \put(373.4046,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiar } \put(411.2346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(23.8346,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}actividades } \put(72.6646,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}referentes } \put(115.9346,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a la } \put(135.2946,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inversión } \put(176.3646,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o gasto corriente } \put(249.5546,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(275.6246,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}eventualidades } \put(338.8946,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}recesivas } \put(379.3946,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(Alvarado, } \end{picture} \newpage \begin{tikzpicture}[overlay]\path(0pt,0pt);\end{tikzpicture} \begin{picture}(-5,0)(2.5,0) \put(406.8898,-651.2672){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}98} \put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018).} \put(23.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El } \put(67.9146,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}análisis de } \put(111.3946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(120.6346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}deuda } \put(146.5346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pública } \put(177.9946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}total } \put(197.7846,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(212.0246,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador } \put(247.3646,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alcanzó} \put(277.9046,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} el } \put(289.1646,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}41\% en } \put(320.9746,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(330.2146,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2017, incrementándose } \put(23.8346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(44.6446,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(55.4646,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018 en 43.5\%, la } \put(134.8546,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}deuda } \put(162.3346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}externa } \put(195.3646,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ha sido uno de los principales } \put(323.0546,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}componentes } \put(379.4246,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(400.2346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dicho } \put(23.8346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aumento. } \put(63.6546,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El } \put(75.42461,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}endeudamiento } \put(139.3946,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}externo } \put(172.2646,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sigue } \put(196.2546,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siendo } \put(225.2446,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(235.3446,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fuente } \put(263.2146,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(275.5346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiación } \put(327.2946,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}relevante } \put(366.8146,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(386.9046,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador} \put(419.8246,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, } \put(23.8346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}especialmente } \put(84.22459,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por los niveles } \put(148.8046,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de caída } \put(186.8446,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(202.8146,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}precio } \put(231.5546,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(247.5246,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}barril } \put(272.9346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(288.9046,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}petróleo } \put(325.4246,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y apreciación } \put(384.0046,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(399.9746,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dólar} \put(419.9746,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. } \put(23.8346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Los } \put(41.5946,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancos } \put(72.1246,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}privados } \put(109.3246,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}grandes } \put(143.1846,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son } \put(159.8346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(177.0346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}muestra } \put(211.4446,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}significativa } \put(263.0846,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(278.0546,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aporte } \put(305.7946,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}económico } \put(352.4246,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(360.1846,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiero } \put(402.9246,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(415.1246,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(23.8346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dinámica } \put(62.61459,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de un Estado, por lo expuesto, el } \put(193.0646,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}presente } \put(228.5146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estudio } \put(259.5346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}plante} \put(283.9746,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a determinar } \put(335.9846,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(345.3346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento } \put(413.0046,-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}la cartera comercial de los bancos privados del Ecuador} \put(245.9646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. } \put(23.8346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El } \put(69.98459,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sistema de Bancos atendió } \put(184.6646,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(193.1946,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un total } \put(229.1546,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(242.6846,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}25 sectores } \put(293.0746,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}económicos } \put(344.9346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(358.4646,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(369.7746,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018, siendo } \put(23.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los más relevan} \put(88.6046,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tes: consumo por tarjeta } \put(192.0446,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de crédito } \put(236.8146,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con 21.89\% comercio } \put(330.6346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al por mayor y menor } \put(23.8346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(15,76\%), consumo } \put(111.4946,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no productivo } \put(176.3846,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(13,31\%), industria } \put(262.9346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}manufacturera } \put(326.4546,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(10,60\%), vivienda } \put(412.4346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no } \put(23.8346,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}productiva } \put(69.8046,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(8,22\%) } \put(105.4946,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(113.6946,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}agricultura } \put(160.2146,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}– } \put(168.4146,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ganadería } \put(210.4846,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(5,43\%). } \put(248.6746,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}En } \put(262.9846,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo } \put(273.9646,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(291.6046,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}refiere } \put(320.3446,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(327.9846,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(338.4046,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}morosidad, } \put(386.3246,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(396.7447,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mayor } \put(23.8346,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}contribución } \put(79.2746,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(88.61459,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}este } \put(109.0646,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indicador } \put(151.7246,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(166.0646,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}términos } \put(205.9646,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(220.3046,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sector } \put(249.0846,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}económico } \put(297.8546,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es el } \put(323.2046,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}consumo } \put(364.2146,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no productivo } \put(23.8346,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(0,78\%) y el consumo tarjetas de crédito (0,75\%), en cuanto a los factores de riesgo de la cartera, } \put(23.8346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}además } \put(56.3146,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(68.2446,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(77.9546,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}morosidad } \put(122.6646,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}conforme } \put(163.4746,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(173.1846,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indicador } \put(213.4346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(225.3646,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pérdidas } \put(261.7346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esperadas } \put(303.0946,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ex } \put(315.0246,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}post solo un sector } \put(392.2046,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tuvo } \put(412.4746,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(23.8346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento } \put(91.92459,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}favorable, } \put(134.7246,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es decir } \put(168.1446,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un decremento } \put(229.8846,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(241.8746,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(255.5346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pérdidas en } \put(303.9546,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(317.6146,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}actividades } \put(365.1446,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(377.1346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los hogares } \put(23.8346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como empleadores (Superintendencia de Bancos del Ecuador} \put(270.8446,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, 2018).} \put(23.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Las } \put(74.87459,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}acotaciones } \put(124.9546,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}explica} \put(153.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}n } \put(162.2646,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cómo } \put(187.9146,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ciertas } \put(217.4446,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables } \put(256.9746,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}influyen } \put(293.1846,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(306.0546,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(316.7046,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sector } \put(344.0146,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancario, } \put(384.3745,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}si } \put(394.4745,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}uno } \put(412.9045,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(23.8346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los bancos que se utilizaron } \put(140.1146,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para realizar } \put(193.5946,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el estudio presenta } \put(272.4746,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un deterioro } \put(324.8746,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en la cartera } \put(378.1846,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de créditos } \put(23.8346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}puede } \put(50.6646,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}verse } \put(74.7146,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}perjudicado } \put(124.8646,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(137.2546,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}su rentabilidad } \put(199.8046,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(216.0846,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(233.4746,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ruptura } \put(265.3046,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(277.6946,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(287.8646,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}rotación } \put(323.5746,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(335.9646,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fondos, los } \put(383.2546,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}datos } \put(407.3146,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(415.2646,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(23.8346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}experiencia } \put(72.8046,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(85.1346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(95.2446,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}trayectoria } \put(140.8846,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}institucional } \put(193.2146,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(208.3146,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banco } \put(236.7446,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Pichincha } \put(279.0646,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ha } \put(291.3946,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}demostrado } \put(340.9346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ser } \put(355.4846,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(365.5846,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiera } \put(407.8946,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(23.8346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mayor } \put(52.6146,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}participac} \put(92.0346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ión, } \put(110.5446,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tal } \put(123.7646,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(135.3246,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}así, } \put(152.1646,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(169.8346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(190.2746,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(200.7246,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año } \put(218.3946,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2016 } \put(241.6246,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alcanzó } \put(275.3846,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}US\$ } \put(296.3946,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2.894 } \put(322.1246,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}millones } \put(359.7946,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sobre } \put(384.6846,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(395.1346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(23.8346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(66.9846,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}total } \put(88.4846,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de los Bancos Privados más grandes del país, Produbanco representa } \put(378.1346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el segundo } \put(23.8346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}banco en importancia } \put(115.6046,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con una participación } \put(207.3646,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de US\$ 1.466 mil} \put(281.1046,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lones (Banco Central } \put(371.2146,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del Ecuador} \put(419.9146,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, } \put(23.8346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2019).} \put(23.8346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}MET} \put(46.4346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ODOLOGÍA} \put(23.8346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El } \put(34.3046,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estudio } \put(64.7746,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tiene } \put(85.7846,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(109.5846,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}objetivo } \put(143.9346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}conocer } \put(177.1646,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(185.9646,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento } \put(253.0846,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(264.1046,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(272.9046,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(301.6846,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(342.6846,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(356.4846,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sistema } \put(388.0546,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancario } \put(23.8346,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}privado del Ecuador durante el período 2010-2018, con los siguientes factores: cartera } \put(366.5746,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}improductiva, } \put(23.8346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tasa } \put(41.6346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de morosidad, Producto Interno Bruto, índice } \put(224.0046,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de precios } \put(266.8246,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(281.2946,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}consumidor} \put(328.1146,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, Riesgo País, } \put(384.1346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(390.2546,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ariación } \put(23.8346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(35.6446,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(45.2346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}deuda } \put(71.4846,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pública } \put(103.2846,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(110.6546,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}liquidez } \put(145.2346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(159.8246,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sistema } \put(192.1846,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiero. } \put(237.0446,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Las } \put(253.8546,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bases } \put(277.8846,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(289.6946,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}datos } \put(313.1746,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fueron } \put(341.6446,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obtenidas } \put(382.3346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(396.9246,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banco } \put(23.8346,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Central } \put(56.3246,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(71.5946,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador } \put(107.9646,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(BCE), } \put(139.6246,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Superintendencia } \put(212.0946,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(224.5846,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Compañías, } \put(275.1346,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(283.1946,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(293.4646,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Superintendencia } \put(365.9446,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(378.4346,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bancos. } \put(413.4246,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El } \put(23.8346,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}método emplead} \put(89.81461,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o es descriptivo,} \put(154.2846,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} permitió } \put(192.3746,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}describir los diferentes} \put(282.6646,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} factores que afectaron } \put(374.3546,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en la cartera } \put(23.8346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(66.03459,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(73.25459,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}través } \put(99.9146,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(112.1346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(122.1346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}verificación } \put(172.1146,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(184.3346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables } \put(223.2046,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}relacionadas } \put(275.9546,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(285.9546,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estudio, } \put(320.1246,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(331.2346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}consideró } \put(372.8946,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}también } \put(407.8846,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(23.8346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}revisión } \put(60.3546,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bibliog} \put(88.6946,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ráfica } \put(115.2046,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}porque } \put(147.2746,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(159.9046,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}consultó } \put(198.0946,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(211.8346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}distintos } \put(250.0346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}artículos } \put(288.7646,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}científicos, } \put(336.6746,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}capítulos } \put(377.0846,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(390.8246,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}libros } \put(417.9046,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e } \put(23.8346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}informes económicos. } \put(23.8346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El enfoque de investigac} \put(153.4646,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ión es cuantitativo, } \put(229.6546,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por la aplica} \put(277.6646,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ción de modelaciones } \put(364.6846,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}econométricas } \put(23.8346,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en la realización } \put(94.5246,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de proyecciones } \put(163.5046,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la morosidad y la calidad } \put(283.8246,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la cartera } \put(337.8546,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mediante } \put(377.8946,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el gasto de } \put(23.8346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}provisiones } \put(73.7546,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(87.0046,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los bancos } \put(134.0646,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}privados más } \put(192.2346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}grandes } \put(227.1446,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(243.1746,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}país. } \put(265.5946,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Un planteamiento } \put(342.0847,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}econométrico } \put(400.3147,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es un } \put(23.8346,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}modelo } \put(58.08459,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}económico } \put(106.2146,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}formulado } \put(152.1246,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(165.8146,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}forma } \put(193.9446,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}matemática } \put(244.2846,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(255.7546,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cual } \put(276.6646,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}especificó } \put(320.9046,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(332.3746,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tipo } \put(352.1846,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(365.8746,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}relación } \put(402.3346,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre } \put(23.8346,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables } \put(62.8546,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}endógenas } \put(107.9946,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(115.9246,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}exógenas, } \put(158.5646,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(168.7146,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}número } \put(202.1946,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(214.5646,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables, } \put(256.0846,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}introducción } \put(309.5546,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(321.9246,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(332.0746,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}perturbación } \put(385.5345,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aleatoria, } \put(23.8346,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es decir} \put(54.2546,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, recoge el efecto de las variables no incluidas fundamentalmente (T} \put(326.2946,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}rívez, 2015). } \put(23.8346,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La } \put(72.83459,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}propuesta } \put(116.9946,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fue } \put(135.0446,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(149.7646,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}análisis } \put(185.0446,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}econométrico } \put(244.7446,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}uniecuacional, } \put(308.0546,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}realizando } \put(354.9746,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}proyecciones } \put(413.0046,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(23.8346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la carter} \put(57.2046,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a comer} \put(90.0246,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cial } \put(107.8546,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y la tasa de morosidad mediante } \put(244.2846,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el gasto en provisiones a través del modelo } \put(23.8346,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autorregresivo Integrado de Media Móvil (ARIMA) } \put(247.3846,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y la utilización } \put(314.4446,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del modelo de análisis de } \end{picture} \newpage \begin{tikzpicture}[overlay]\path(0pt,0pt);\end{tikzpicture} \begin{picture}(-5,0)(2.5,0) \put(416.7006,-652.0034){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}99} \put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}covarianza } \put(69.3046,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ANCOV} \put(103.5746,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A} \put(110.2446,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} para } \put(132.8946,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(146.7246,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables } \put(185.5446,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}endógenas, } \put(232.9746,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tales } \put(254.0246,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(278.9646,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(288.9046,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Cartera } \put(321.0546,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}improductiva } \put(377.0946,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y la } \put(394.7546,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tasa } \put(413.0246,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(23.8346,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}morosidad, se analizaron a través de variables exógenas macroec} \put(280.9146,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}onómicas como el Producto Interno } \put(23.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bruto, Indicador de Precios del Consumidor} \put(200.0746,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, la } \put(214.6146,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(220.0346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}asa de desempleo, Riesgo país y Deuda pública. } \put(23.8346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El prime} \put(91.56459,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}r modelo imple} \put(152.3546,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mentado corresponde al } \put(249.3546,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ARIMA} \put(282.1446,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} y el segundo modelo al } \put(378.4046,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ANCOV} \put(412.6746,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A. } \put(23.8346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El Modelo } \put(72.56461,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ARIMA} \put(105.3546,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} permite } \put(145.1846,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obtener la representación } \put(254.6246,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la serie en términos de interrelación } \put(23.8346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}temporal } \put(62.7946,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(75.6546,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables } \put(115.1646,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(Casimiro, } \put(161.0846,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2016). } \put(190.3346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Con } \put(210.4246,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}este } \put(229.3946,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}modelo, } \put(265.3146,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(277.0646,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}realizaron } \put(320.4546,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}proyecciones } \put(376.6246,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(397.2546,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(407.8946,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año } \put(23.8346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2019 } \put(46.6146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(66.6046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}conocer } \put(101.0346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}si } \put(110.4846,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}han } \put(127.7046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tenido } \put(155.4746,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o } \put(163.2546,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no } \put(176.0346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fluctuaciones } \put(231.5746,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estacionarias} \put(283.2146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, } \put(288.4946,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo } \put(299.0546,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cual } \put(318.4846,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hace } \put(339.5746,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}énfasis } \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, } \put(137.7946,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}medidos } \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.} \put(23.8346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \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 } \put(179.8146,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que incorpora } \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 } \put(166.7465,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(175.8365,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}grado de ajuste } \put(236.9865,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de las observacio} \put(304.5965,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nes a través } \put(351.8565,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(365.9465,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comando } \put(49.3465,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(60.93649,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Shapiro } \put(94.01649,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}W} \put(103.0565,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ilk, } \put(118.2665,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(127.6365,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cual } \put(146.4465,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(160.2665,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valores } \put(191.1165,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}W} \put(200.3765,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} deben } \put(228.5565,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}presentarse } \put(275.6865,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre } \put(297.8265,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}0 y 1, ya } \put(333.3665,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(349.9565,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mientras } \put(386.5365,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}más } \put(49.3465,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cerca } \put(73.4965,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estén } \put(97.1065,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estos valores } \put(152.1065,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de 1 mejor } \put(199.0565,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}será } \put(218.2165,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(228.4965,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}implementación } \put(295.9865,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de variables } \put(347.6465,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(360.1465,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tal } \put(373.2065,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}manera } \put(49.3465,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que se aceptará } \put(112.1465,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la hipótesis nula de normalidad, } \put(240.8365,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el cual es el más adecuado para muestras } \put(49.3465,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}menores a 50 (García, Herrera, Hernández, García, y Hernández, 2016).} \put(49.3465,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•} \put(52.8465,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(56.9965,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Factor } \put(85.65649,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(98.2065,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inflación } \put(136.3165,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(148.8665,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(159.1965,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}varianza, } \put(198.6765,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(210.1165,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}realiza } \put(239.8665,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(247.4165,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}través } \put(274.4065,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(289.7365,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comando } \put(329.3265,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}VIF } \put(348.5465,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(368.8665,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}medir } \put(395.2965,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(49.3465,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}punto } \put(74.2065,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(85.72649,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(95.01649,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variación } \put(134.2965,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(150.8065,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}existe } \put(176.2065,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre } \put(198.2665,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(211.4565,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables } \put(249.6265,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mediante } \put(288.3565,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(302.1065,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}coeficientes } \put(351.3865,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(362.9065,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regresión, } \put(49.3465,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los mismos que se incrementan a causa de la colinealidad (González, 2016).} \put(49.3465,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•} \put(52.8465,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(56.9965,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Homocedasticidad, } \put(136.6065,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la varianza } \put(183.0565,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no debe ser heterogénea, } \put(285.1265,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la explicación } \put(343.8065,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre variables } \put(49.3465,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}debe ser homogénea. } \put(135.2065,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Según (Carmona, } \put(207.1765,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2015) indica } \put(259.4265,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que el valor p debe ser mayor a 0.05 } \put(49.3465,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para aceptar la hipótesis nula, el cual indica que los residuos son homocedásticos. } \put(49.3465,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}•} \put(52.8465,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(56.9965,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Para determinar } \put(125.8865,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el comportam} \put(182.5565,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}iento } \put(206.4565,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la cartera } \put(262.0165,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(305.3365,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de los Bancos Privados } \put(49.3465,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}más } \put(68.8465,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}grandes, es necesario } \put(158.6965,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aplic} \put(178.1365,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ar } \put(189.2965,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los dos modelos } \put(258.9165,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}econométric} \put(308.3365,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}os, utilizando } \put(366.4965,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables } \put(49.3465,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}macroeconómicas para analizar el impacto en cada indicador} \put(292.2765,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.} \end{picture} \newpage \begin{tikzpicture}[overlay]\path(0pt,0pt);\end{tikzpicture} \begin{picture}(-5,0)(2.5,0) \put(406.8898,-651.2672){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}100} \put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}RESUL} \put(56.2646,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(62.1946,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ADOS} \put(23.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Antes } \put(48.1546,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(58.58459,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(66.79459,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}verificación } \put(114.9946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(125.4246,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}resulta} \put(152.0846,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dos, } \put(169.4746,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(178.7946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}necesario } \put(217.5446,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}presentar } \put(255.1846,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}algunos } \put(287.2946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hallazgos } \put(326.0546,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sobre } \put(348.7046,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(356.9146,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento } \put(23.8346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(35.8746,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(45.6946,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(75.4946,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(117.5246,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(129.5646,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(143.8446,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancos } \put(174.2246,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}privados } \put(211.2646,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(226.0846,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador} \put(259.0046,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, } \put(264.1146,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(276.1546,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(285.9846,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Figura } \put(314.6946,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1 } \put(322.3046,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}observamos } \put(372.6746,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(389.7146,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(403.9946,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}años } \put(23.8346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2013 y 2014, 2016 y 2017 existe } \put(159.8946,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un aumento } \put(210.1046,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(222.4346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}activos } \put(253.6546,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(265.9846,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(276.0945,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Banco } \put(307.4245,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Pichincha } \put(349.7445,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y Produbanco, } \put(410.7945,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(23.8346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(41.6446,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}más } \put(61.1246,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}destacan } \put(98.9146,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(106.7246,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pesar } \put(131.1946,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(144.0046,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(154.5946,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crisis } \put(179.0746,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(195.7746,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(206.3546,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}déficit } \put(234.7146,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(247.5246,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(258.1046,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}balanz} \put(284.2046,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(292.0146,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(334.8046,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no } \put(348.1746,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}petrolera, } \put(389.5746,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}llegaron } \put(23.8346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a superar los UD\$ } \put(104.2946,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}9.000 millon} \put(156.7846,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es y con medidas de restriccio} \put(283.8846,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nes a las importaciones, } \put(387.4046,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el sector } \put(23.8346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiero } \put(66.3446,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tuvo } \put(86.64459,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(103.6046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}concentración } \put(162.2046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(174.1646,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}activos } \put(205.0146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(219.7546,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}87\%, } \put(243.1046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(256.7346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}utilida} \put(282.2946,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}des } \put(298.1446,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crecieron } \put(337.8546,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no } \put(350.3746,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(360.1146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ritmo } \put(384.3046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esperado, } \put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sin emba} \put(59.0746,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}r} \put(62.2246,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go alca} \put(90.2346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nzaron el 20\% por encima } \put(194.7546,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del crecimiento } \put(257.9946,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la economía } \put(319.2646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en el 2010-2018; el Banco } \put(23.8346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(36.7346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Guayaquil } \put(81.8546,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(90.3146,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Pacífico } \put(125.9946,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(133.8946,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pesar } \put(158.4546,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(171.3546,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}formar } \put(202.0246,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}parte } \put(225.4746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(238.3746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(253.5046,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}más } \put(273.0746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}consolidados } \put(328.7546,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(344.4346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mercado } \put(382.3246,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiero } \put(23.8346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ecuatoriano, } \put(75.6646,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mantuvo } \put(113.3546,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(130.4746,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}constante } \put(170.9246,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tasa } \put(189.1546,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(201.2746,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}activos } \put(232.2846,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sin } \put(246.6446,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crecimie} \put(281.0646,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nto } \put(296.5346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}significativo } \put(348.6646,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(360.7846,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comparación } \put(415.1146,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \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} \put(159.8241,-187.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cial de los principales Bancos privados de Ecuador} \put(331.7761,-187.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, 2010-2018} \put(23.8346,-367.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \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)} \put(23.8346,-379.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00259,-379.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Elaboración: Los } \put(117.4586,-379.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autor} \put(137.7626,-379.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es} \put(23.8346,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \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 } \put(23.8346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}enfocarse en el modelo que permitió una mejor explicación } \put(265.4846,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con respecto a las constantes obtenidas } \put(23.8346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(35.5546,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(45.0546,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(74.5346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial. } \put(118.7346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Las } \put(135.4546,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}predicciones } \put(188.2646,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(207.7546,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(224.4746,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sean } \put(244.5246,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}suficientemente } \put(309.5646,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}correctas } \put(347.9246,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tienen } \put(374.6346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(391.3546,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cumplir } \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).} \end{picture} \newpage \begin{tikzpicture}[overlay]\path(0pt,0pt);\end{tikzpicture} \begin{picture}(-5,0)(2.5,0) \put(413.1024,-652.0034){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}101} \put(142.5634,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(147.1714,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 1. Fluctuaciones de la Cartera Comer} \put(291.6674,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cial} \put(23.8346,-222.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \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)} \put(23.8346,-234.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00259,-234.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Elaboración: Los } \put(117.4586,-234.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autor} \put(137.7626,-234.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es} \put(23.8346,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mediant} \put(90.33459,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e el } \put(112.2346,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}test } \put(131.2446,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(DF} \put(146.6246,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A) aumentado, } \put(213.7846,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se permite } \put(262.8946,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}visualizar } \put(306.8846,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}si una variable } \put(375.5546,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o factor } \put(414.1146,-258.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(23.8346,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estacionaria } \put(74.0746,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o no, es decir } \put(129.8546,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}conocer el } \put(173.7046,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento } \put(241.7346,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de una variable } \put(305.2946,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en un determinando } \put(387.1846,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tiempo } \put(417.4546,-270.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(23.8346,-282.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}conocer si se presentan variaciones o cambios en un período seleccionado.} \put(23.8346,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La } \put(37.0046,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}interpretación} \put(92.5446,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(95.1646,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(110.0046,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}resultado } \put(149.2846,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}test } \put(165.7946,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Statisfic } \put(200.6446,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}corresponde } \put(252.1346,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(259.1946,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}-2.265 } \put(287.6446,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e } \put(294.7046,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indica } \put(321.7546,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(338.8146,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(348.6546,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Cartera } \put(380.6946,-294.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Comercial } \put(23.8346,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(35.2346,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(52.7346,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variable } \put(88.00459,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no } \put(101.0746,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estacionaria } \put(151.8946,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(168.2946,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(182.4646,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fluctuaciones } \put(238.2946,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variadas } \put(274.6746,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(282.1746,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo } \put(293.0146,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lar} \put(303.3846,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go } \put(316.4546,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(331.7346,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}período } \put(365.3446,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(373.4146,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no } \put(386.4846,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}consta } \put(415.0946,-306.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(23.8346,-318.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valor entre los rangos establecidos (-2.597 a -3.481) para ser una raíz unitaria. } \put(337.9846,-318.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(343.4046,-318.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 1. } \put(171.9911,-342.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(176.5991,-342.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 2. Gasto de Pr} \put(243.5671,-342.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ovisiones} \put(23.8346,-498.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00259,-498.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Fuente: Base de datos Su} \put(154.3386,-498.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}perintendencia de Compañías (2019)} \put(23.8346,-510.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00259,-510.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Elaboración: Los } \put(129.4586,-510.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autor} \put(149.7626,-510.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es} \put(23.8346,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La } \put(71.03459,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}varia} \put(91.02459,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ble } \put(106.7246,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gasto } \put(131.3246,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(144.2546,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}provisiones } \put(193.8446,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mediante } \put(233.9846,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(244.6846,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}coeficien} \put(280.7846,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}te } \put(291.4846,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}test } \put(308.8546,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estadístico } \put(354.5546,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(367.4846,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}-5.19 } \put(391.8046,-534.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}permite } \put(23.8346,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}determinar } \put(70.5446,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(81.1646,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pertenencia } \put(130.6446,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(141.2646,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}grupo de } \put(180.8346,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}factores } \put(215.8846,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no } \put(229.2846,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estacionarios } \put(284.8846,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e } \put(292.7246,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indica } \put(320.5546,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(338.3946,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ha } \put(351.2346,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tenido } \put(379.6346,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aumento } \put(417.4645,-546.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(23.8346,-558.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}disminuciones } \put(84.3746,-558.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a lo lar} \put(112.4846,-558.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go del tiempo } \put(170.7646,-558.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con un valor de tendencia } \put(277.3046,-558.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de -0.074. Por lo tanto, } \put(375.8046,-558.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mediante } \put(415.2146,-558.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(23.8346,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}prueba } \put(52.7346,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}DF} \put(64.78461,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A, } \put(76.19461,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(85.10461,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}interpretación } \put(142.3246,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sobre } \put(165.6746,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(174.5846,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(203.4646,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(244.5746,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(251.2646,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(260.1747,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indicador } \put(299.6247,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gasto } \put(322.4247,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}público } \put(354.1147,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son } \put(369.6946,-570.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}significativas } \put(23.8346,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(34.0446,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}resultar } \put(67.0246,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(77.2346,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}95\% } \put(98.5546,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nivel } \put(121.5346,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(133.9646,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}confianza; } \put(178.0446,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(188.2546,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}t } \put(194.0246,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estadístico } \put(239.2246,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(251.6546,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valores } \put(283.5246,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}absolutos } \put(324.2946,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(335.6146,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}superior } \put(371.3746,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(378.8046,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(393.4646,-582.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valores } \put(23.8346,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}críticos } \put(55.5746,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(67.3246,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(76.8546,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}prueba } \put(106.3746,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}DF} \put(118.4246,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A} \put(125.0946,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(127.4046,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(134.1546,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cualquier } \put(173.6746,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nivel } \put(195.9846,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(207.7346,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}confianza, } \put(250.8646,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(261.5046,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}decir} \put(281.0946,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, } \put(285.9046,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(296.5446,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}rechaza } \put(329.3746,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(338.9046,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hipótesis } \put(376.7746,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nula } \put(396.3046,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ya } \put(408.0546,-594.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(23.8346,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no existen problemas de raíz unitaria. } \put(176.1046,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(181.5146,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 2.} \put(23.8346,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Analiza} \put(88.10459,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dos los modelos y realizadas } \put(202.1346,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las pruebas, se procedió a seleccionar: } \put(353.8746,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(382.9946,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(406.8898,-651.2672){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}102} \put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e indicador del gasto de provisiones} \put(90.9657,-55.94928){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(95.5737,-55.94928){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 3. Modelo } \put(147.5817,-55.94928){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ARIMA, Cartera Comer} \put(232.0697,-55.94928){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cial de los Bancos Privados Ecuador} \put(23.8346,-175.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00259,-175.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Fuente: Base de datos Su} \put(154.3386,-175.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}perintendencia de Compañías (2019)} \put(23.8346,-187.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Elaboración: Los } \put(130.2906,-187.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autor} \put(150.5946,-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}En } \put(70.89459,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(80.71459,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(86.12459,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla } \put(105.5646,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}3 } \put(113.3446,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(123.3446,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}modelo } \put(156.1246,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tiene } \put(178.3446,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(190.5846,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}AR } \put(207.2646,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(1) } \put(221.7146,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(229.4946,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}MA} \put(245.0646,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(247.8446,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(1) } \put(262.2846,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bajo } \put(282.2846,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(290.0746,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(307.2946,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(320.0846,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nivel } \put(342.8646,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(355.0846,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}confianza } \put(396.1846,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}95\% } \put(417.3046,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(23.8346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los principales indicadores de bondad de ajuste de la regresión representan un modelo óptimo. } \put(23.8346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El } \put(35.5746,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}102082.8 } \put(75.9246,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(90.9946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}coeficiente } \put(137.1546,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}constante } \put(177.7746,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obtenido } \put(215.6246,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(227.9146,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(237.9846,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(268.0346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(310.3046,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indica } \put(337.5946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(354.8846,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(374.9446,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \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} \put(418.9846,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.} \put(23.8346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La } \put(36.3346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regresión } \put(75.4946,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tuvo } \put(95.22459,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(119.3946,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}operador } \put(156.8846,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(168.2746,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}diferencia } \put(210.1946,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regular } \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, } \put(264.4546,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(280.8446,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}según } \put(306.1246,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mauricio } \put(344.7246,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2007) } \put(373.3347,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \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. } \put(65.2802,-319.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \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)} \put(23.8346,-451.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00259,-451.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Elaboración: Los } \put(125.4586,-451.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autor} \put(145.7626,-451.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es} \put(23.8346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La } \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 } \put(104.1046,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}establece } \put(143.9646,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(161.6246,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(172.0646,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}modelo } \put(205.2746,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tiene } \put(227.9246,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \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) } \put(272.5846,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(280.8046,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}MA} \put(296.3746,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(299.5946,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(1) } \put(314.4746,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bajo } \put(334.9146,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(348.1346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nivel } \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 } \put(346.7546,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un modelo óptimo. } \put(23.8346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El modelo del indicador } \put(122.5546,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de gasto de provisiones muestra } \put(252.6146,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la calid} \put(281.7346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ad de la cartera } \put(344.8746,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e indica } \put(378.6746,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que para el } \put(23.8346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año } \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 } \put(82.2246,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indicador } \put(122.7846,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(133.9146,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}encontrará } \put(178.9046,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estable } \put(209.4646,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(221.7046,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}relación } \put(256.7046,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(273.9446,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(283.9646,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crecimiento } \put(333.9646,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estimado } \put(372.8646,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(385.1046,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(395.1246,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(23.8346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial, } \put(67.9046,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es decir el indicador } \put(149.8146,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aumentará } \put(193.6146,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en un 3.64\% aproximadamente, } \put(321.6246,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es decir no hay necesidad } \put(23.8346,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de aumentar las provisiones de cartera debido a la afectación de resultados de los bancos.} \put(413.1024,-652.0034){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}103} \put(128.8466,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(133.4546,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 5. Modelo } \put(187.4626,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ANCOV} \put(215.7666,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A} \put(221.1026,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} de la Cartera Impr} \put(288.0546,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}oductiva} \put(23.8346,-402.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(23.8346,-414.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(56.9946,-414.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \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)} \put(23.8346,-426.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(56.9946,-426.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(93.00259,-426.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Elaboraci} \put(152.3386,-426.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ón: Los } \put(179.4666,-426.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autor} \put(199.7706,-426.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es} \put(23.8346,-450.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-450.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}En la tabla que antecede} \put(152.5446,-450.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, los criterios permiten } \put(243.3946,-450.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}realizar } \put(275.4646,-450.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la selección } \put(324.0746,-450.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de modelos, permitiendo } \put(23.8346,-462.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}encontrar el mejor para explicar } \put(151.4146,-462.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el comportamiento } \put(228.1146,-462.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la cartera } \put(277.8846,-462.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}improductiva } \put(333.1846,-462.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de los bancos privados } \put(23.8346,-474.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a través de variables } \put(112.0946,-474.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}macroecon} \put(155.9646,-474.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ómicas; } \put(190.6746,-474.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la primera } \put(236.1946,-474.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regresión (r1) tiene } \put(318.6346,-474.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un buen ajuste } \put(382.2046,-474.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a la serie, } \put(23.8346,-486.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}debido } \put(54.72459,-486.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a que } \put(80.9446,-486.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los criterios } \put(132.7146,-486.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(145.8246,-486.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}información } \put(197.8146,-486.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Akaike } \put(230.3646,-486.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(AIC) y Schwarz } \put(304.6846,-486.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(BIC) } \put(331.6846,-486.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son menores } \put(386.7946,-486.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(394.9046,-486.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los del } \put(23.8346,-498.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}segundo modelo (r2).} \end{picture} \newpage \begin{tikzpicture}[overlay]\path(0pt,0pt);\end{tikzpicture} \begin{picture}(-5,0)(2.5,0) \put(406.8898,-651.2672){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}104} \put(131.1122,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(135.7202,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 6. Modelo estimado de la Cartera Impr} \put(285.7842,-30.43372){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}oductiva} \put(23.8346,-198.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \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 } \put(85.97459,-234.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \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 } \put(140.8346,-414.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(146.2446,-414.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}est } \put(159.6746,-414.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}White.} \put(139.0946,-438.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(143.7026,-438.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 1} \put(163.9346,-438.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1. Modelo estimado de } \put(242.2306,-438.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(246.8386,-438.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}asa de Mor} \put(284.9106,-438.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}osidad } \put(23.8346,-570.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(56.9946,-570.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(93.00259,-570.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Fuente: Base de datos Superintendencia de Compañías} \put(280.1226,-570.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} (2019)} \put(23.8346,-582.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(56.9946,-582.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(93.00259,-582.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Elaboración: Los } \put(153.4586,-582.4337){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autor} \put(173.7626,-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 } \put(70.34459,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(79.61459,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(85.02458,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla } \put(103.9146,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1} \put(108.5446,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1 } \put(115.7746,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(126.3346,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}demue} \put(152.9946,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}stra } \put(169.6646,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(186.3346,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(195.7846,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regresión } \put(235.2246,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tiene } \put(256.8946,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}significancia } \put(309.6746,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(325.2346,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(334.6846,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}probabilidad } \put(387.4646,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}menor } \put(415.2446,-606.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(23.8346,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}5\%, con ajuste } \put(84.5146,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en las variables } \put(148.2446,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}explicativas } \put(198.3646,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de 0.9817. La tasa de morosidad } \put(332.0846,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la cartera } \put(383.0246,-618.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(23.8346,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}está } \put(41.3146,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siendo } \put(69.3646,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}afect} \put(88.7946,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ada } \put(104.6046,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}significativamente } \put(179.8546,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ante } \put(198.4446,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(210.3846,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}shock } \put(235.6546,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(247.0346,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(256.1846,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tasa } \put(273.6746,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(285.0546,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}desempleo, } \put(332.2546,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(342.5246,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}decir } \put(364.4446,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}directamente } \put(418.0146,-630.4337){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \end{picture} \newpage \begin{tikzpicture}[overlay]\path(0pt,0pt);\end{tikzpicture} \begin{picture}(-5,0)(2.5,0) \put(413.1024,-652.0034){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}107} \put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la variable dependiente, } \put(120.7146,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por lo tanto, un aumento } \put(219.8146,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del 1\% en la tasa de desempleo } \put(345.2546,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en el período 2010-} \put(23.8346,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018 provoca } \put(82.4646,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que la } \put(110.5446,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tasa } \put(129.3046,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de morosidad } \put(187.3846,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aumente } \put(224.4646,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en un 0.0012161\%, esto implica } \put(359.3846,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(369.8146,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}existencia } \put(413.0046,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(23.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(40.3946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}población } \put(81.9446,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(98.5046,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}menos } \put(126.7346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ingresos, afectación } \put(207.8846,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(214.4446,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(223.7846,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}capacidad } \put(265.8746,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(277.4346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}consumo } \put(315.6646,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y aumento } \put(359.3346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(370.8946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(380.2346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}morosidad } \put(23.8346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial.} \put(23.8346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Considerando el IPC la relación } \put(194.6146,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es contraria, } \put(248.9246,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de acuerdo a Álvarez, Sánchez y Urtasun } \put(23.8346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2017), un aumento } \put(104.9046,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en los precio} \put(155.9846,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s de los productos de la } \put(252.0246,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}canasta} \put(281.4546,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} básica } \put(311.4246,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de cualquier } \put(363.0546,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}país conlleva } \put(418.0246,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(23.8346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alterar } \put(52.1846,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(62.2246,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}rentabilidad } \put(112.8046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de los consumidores, } \put(200.4246,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en los bancos } \put(257.7646,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y un estancamiento } \put(338.4246,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o disminución } \put(398.5146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de los } \put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}créditos comerciales.} \put(175.3251,-151.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(179.9331,-151.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 12. } \put(208.4611,-151.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(213.0691,-151.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}est Imtest, } \put(250.0291,-151.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}White} \put(23.8346,-259.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(56.9946,-259.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(93.00259,-259.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Fuente: Base de datos Superintendencia de Compañ} \put(282.7866,-259.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ías (2019)} \put(23.8346,-271.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(56.9946,-271.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(93.00259,-271.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Elaboración: Los } \put(165.4586,-271.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Autor} \put(185.7626,-271.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es} \put(23.8346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La } \put(69.92459,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tabla} \put(89.36459,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} 12, permite } \put(139.5146,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}visualizar } \put(180.7546,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(190.3446,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}probabilidad } \put(243.2546,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(257.8446,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}test } \put(274.1046,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(285.9146,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estudio } \put(317.1746,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(328.9846,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}0.3423 siendo } \put(387.3346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mayor } \put(415.2546,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(23.8346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}0.05, presentando una distribució} \put(156.1546,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}n relativamente } \put(220.0946,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}homogénea } \put(268.4546,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de los residuos a lo lar} \put(356.7846,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go de la variable } \put(23.8346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la tasa de morosidad y se acepta la Ho. } \put(23.8346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ho (hipótesis nula) = los datos son homocedásticos} \put(23.8346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}H1(hipótesis alternativa) = los datos son heterocedásticos} \put(23.8346,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}DISCUSIÓN} \put(23.8346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Las } \put(42.0946,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}revisiones } \put(86.4646,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}teóricas } \put(121.3846,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}plantean} \put(155.2646,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(159.0846,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(177.3446,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(188.3846,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sistema } \put(222.2046,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiero } \put(266.0146,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}está } \put(285.3846,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}formado } \put(323.0846,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(340.2346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancos } \put(371.8246,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}públicos } \put(409.5346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y/o } \put(23.8346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}privados, } \put(63.95461,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sociedades } \put(110.4546,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financieras, } \put(159.4546,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cooperativas } \put(213.1746,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(225.7946,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ahorro } \put(255.0746,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(263.2546,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crédito } \put(294.2046,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(302.3846,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mutualistas, } \put(353.6246,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(370.1346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo } \put(381.0946,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tanto, } \put(406.7746,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}este } \put(23.8346,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sector } \put(51.0646,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(62.7546,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fundamental } \put(116.0946,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(128.8846,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(143.3446,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}operaciones } \put(194.4546,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(207.2446,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(217.8146,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}economía } \put(260.0446,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}debido } \put(290.6147,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(298.4047,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(316.1947,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}generan } \put(351.1947,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiamientos } \put(417.8747,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(23.8346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sectores productivos del país e incrementan } \put(202.3746,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la riqueza, } \put(247.1646,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los bancos privados son los que entregan } \put(415.2146,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(23.8346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mayor información de las operaciones a los entes de control.} \put(23.8346,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El anális} \put(93.83459,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}is de la competitividad } \put(195.6046,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}efectiva } \put(231.8646,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre } \put(256.4646,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las empresas ha constituido } \put(377.1146,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}uno de los } \put(23.8346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}elementos } \put(68.11459,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(81.29459,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la economía } \put(134.8646,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(148.0446,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mercado, } \put(188.7046,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}reasignación } \put(242.9746,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(256.1546,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}recursos productivos } \put(344.1746,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y el } \put(363.8746,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aumento } \put(402.0446,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(415.2245,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(23.8346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cantidad } \put(60.0446,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ofrecida de los productos para el bienestar } \put(230.1946,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la sociedad. Es indudable } \put(345.4346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que los bancos más } \put(23.8346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}influyentes } \put(70.8246,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(83.3646,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador } \put(119.7846,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siguen } \put(149.0046,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siendo } \put(178.2146,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banco } \put(206.8646,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Pichincha, } \put(251.9046,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Produbanco, } \put(305.2746,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pero } \put(326.1446,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(336.4646,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}participación } \put(391.7646,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}permite } \put(23.8346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}establecer } \put(67.0546,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}difere} \put(90.3746,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ncias } \put(114.1746,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre } \put(137.4146,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los mismos, pues el } \put(221.2546,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banco } \put(250.0546,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Pichincha destaca } \put(325.4246,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}su mayor } \put(366.3646,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}concentración } \put(23.8346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(36.1446,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}activo} \put(60.5846,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s; } \put(70.13461,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(80.2246,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento } \put(148.6346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(160.9446,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(171.0346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(201.1046,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(243.3946,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(255.7046,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cada } \put(276.8946,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entidad } \put(309.2046,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiera } \put(351.5046,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(368.8146,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}relación } \put(403.8946,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(411.2046,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(23.8346,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variables Producto Interno Bruto, IPC, } \put(186.5946,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(192.0046,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}asa de desempleo, riesgo país y deuda pública destacan } \put(23.8346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un comportamie} \put(90.58459,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nto moderado } \put(151.3146,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a pesar } \put(184.8146,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de los períodos de crisis suscitados en } \put(349.3246,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(360.5246,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2013 y 2014 y } \put(23.8346,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2016 y } \put(54.9146,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2017; } \put(80.7346,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los bancos } \put(126.2546,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no } \put(139.2946,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sufrieron } \put(178.4346,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}consecuencias } \put(238.6646,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}importante} \put(281.9846,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s porque } \put(319.7246,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}seguían } \put(353.3146,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}manteniendo } \put(408.0046,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(23.8346,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estable } \put(54.6146,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}liquidez } \put(89.8346,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiera, } \put(134.7746,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}representando } \put(193.8746,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}positivamente } \put(252.9846,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(260.4346,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(270.6646,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}economía } \put(312.5546,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(330.0046,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}luego } \put(355.2346,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(366.5746,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}rehabilitó } \put(407.9046,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(23.8346,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el aumen} \put(60.1346,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}to del precio del petróle} \put(154.7946,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o en el 2017-2018, como alcanc} \put(282.1446,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e a los desafíos de la banca privada } \put(23.8346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ante } \put(43.6146,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}factores } \put(78.3846,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}exógenas } \put(118.7146,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}incontrolables, } \put(180.9846,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}demostraron } \put(234.0946,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ser } \put(248.8746,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(261.9946,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sector } \put(288.9946,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fortalecido } \put(335.4246,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(343.5446,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(356.1046,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}confianza } \put(397.5446,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(415.1046,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(23.8346,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}resto de países.} \end{picture} \newpage \begin{tikzpicture}[overlay]\path(0pt,0pt);\end{tikzpicture} \begin{picture}(-5,0)(2.5,0) \put(406.8898,-651.2672){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}108} \put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}CONCLUSIONES} \put(23.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Es } \put(36.0946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indudable } \put(77.7846,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(87.2646,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}importancia } \put(137.2846,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(148.9846,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estudiar } \put(182.8946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(192.3746,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}capacidad } \put(234.6046,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dinámica } \put(273.5146,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(285.2146,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(299.1446,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancos } \put(329.1746,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}privados } \put(365.8746,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(377.5746,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(387.0546,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador} \put(419.9746,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, } \put(23.8346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}actualmente } \put(74.0146,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}representan } \put(121.9746,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}más } \put(139.9546,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(154.0446,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}50\% } \put(174.2446,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(185.5546,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(199.0946,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}activos } \put(229.2946,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}totales, } \put(259.7746,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}influyendo } \put(304.4246,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(315.7346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(328.7146,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}políticas } \put(364.4746,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}monetarias } \put(410.2246,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(23.8346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}país. } \put(45.2846,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mediante } \put(85.8946,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(95.9546,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}clasificación } \put(148.7746,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(161.0546,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancos } \put(191.6646,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(208.9446,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}realiza } \put(238.4346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(248.4946,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Superintendencia } \put(320.7546,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(333.0346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bancos, } \put(367.8146,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(378.9846,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}escogieron } \put(23.8346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para el estudio los bancos de mayor importancia } \put(221.2746,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y participación} \put(281.2146,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} como: Banco de Pichincha, Banco } \put(23.8346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(38.3046,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Pacifico, } \put(75.2746,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banco } \put(103.0746,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Guayaquil } \put(146.9846,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(154.2346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Produbanco. } \put(206.7546,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Los } \put(224.0046,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}resultados } \put(266.8046,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obtenidos } \put(307.9446,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}demostraron } \put(360.1846,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(376.8746,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(390.7946,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}factores } \put(23.8346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que afectan } \put(74.3446,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el comportamiento } \put(154.3046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la cartera } \put(208.9646,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(251.9946,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en la economía } \put(318.3346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del Ecuador presenta una } \put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}situación } \put(64.2946,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}moderada } \put(108.0746,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de incertid} \put(152.4146,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}umbre y problemas macroecon} \put(281.5446,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ómicos, es decir los causales han } \put(23.8346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tenido } \put(51.2246,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un comportamiento } \put(131.5446,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variable } \put(166.1346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}frente } \put(191.8446,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a la } \put(208.2846,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(237.8646,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial } \put(279.6746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por la } \put(305.0046,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}caída } \put(328.4946,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(343.1046,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}precio } \put(370.4846,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(382.3145,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}petróleo } \put(417.4645,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(23.8346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}apreciación del dólar} \put(107.2846,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, llevando a un decrecimiento de la cartera comercial en el período 2016. } \put(23.8346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Sin embar} \put(97.56459,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go, durante el 2017 el escenario externo es favorable por el incremento } \put(382.7946,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del precio } \put(23.8346,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del barril de petróleo, } \put(114.8646,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}liquidez } \put(150.1946,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del mercado } \put(203.0646,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}internacional } \put(258.3746,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alcanz} \put(283.9146,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ando una moderada } \put(366.5546,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}expansión del } \put(23.8346,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gasto público, evitando } \put(123.6446,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}caídas } \put(152.5546,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de las reservas internacionales, } \put(284.5746,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}manteniendo } \put(340.1446,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}liquidez } \put(376.2846,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del sistema } \put(23.8346,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiero } \put(66.9846,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(75.14461,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aumento } \put(112.7446,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(128.1246,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crédito} \put(155.8946,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(159.0546,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}interno, } \put(193.0446,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}demostrando } \put(247.8646,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(265.4646,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sólo } \put(285.2946,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dos } \put(302.3446,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancos } \put(333.2746,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lograron } \put(370.3146,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aumentar } \put(410.6746,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(23.8346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}activos como es el Banco Pichincha y Produbanco durante el período 2010-2018. Después } \put(388.1846,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de haber } \put(23.8346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aplicado } \put(61.2646,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las técnicas } \put(111.6946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de recolección } \put(174.3346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de datos se determinó } \put(267.9946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que los principales } \put(348.6546,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancos privados a } \put(23.8346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pesar } \put(47.0646,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(58.6346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}contar } \put(85.7446,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(102.3146,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}considerable} \put(152.8546,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s } \put(158.8746,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}recursos } \put(194.3246,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financieros } \put(240.3246,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}han } \put(256.8946,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sufrido } \put(287.3546,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}decrecimientos } \put(350.0146,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(361.5846,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(370.9246,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(400.2446,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(23.8346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banco Pacífico y Guayaquil.} \put(23.8346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La } \put(70.33459,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}meto} \put(90.33459,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dología } \put(123.1146,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}econom} \put(154.7746,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}étrica } \put(179.7546,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}determinó } \put(223.0746,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alteraciones } \put(273.6046,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(285.8246,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(295.8246,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento } \put(364.1446,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(376.3646,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(390.8146,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}factores } \put(23.8346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la cartera comercial } \put(116.2046,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de los bancos privados del Ecuador} \put(255.8646,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. Por } \put(276.7946,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo tanto, se concluye que a través del } \put(23.8346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}modelo } \put(56.2346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ARIMA} \put(89.0246,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} se ajusta } \put(129.5646,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}muy } \put(150.3046,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bien } \put(170.4846,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(177.8846,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(188.0646,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}serie } \put(209.9046,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(222.3046,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(252.4546,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercial, } \put(297.3346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indicando } \put(339.7245,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un crecimiento } \put(402.8445,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la } \put(23.8346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}misma } \put(52.97459,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(64.89459,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(74.58459,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año } \put(91.50459,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2019, } \put(116.4846,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estableciendo } \put(173.3846,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(183.0746,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}relación } \put(217.7546,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(234.6746,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(244.3646,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}indicador } \put(284.6046,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(296.5246,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}calidad } \put(327.8746,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(339.7946,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(369.4646,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(indicador } \put(413.0346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(23.8346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gasto } \put(47.4146,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de provisiones) } \put(111.2346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tomando } \put(148.7046,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en cuenta } \put(189.1746,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que las } \put(219.6646,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}predicciones } \put(272.6646,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}están } \put(295.6846,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}basadas en } \put(341.1646,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}datos } \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 } \put(23.8346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el 2018. } \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} \put(171.9746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A} \put(178.6446,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} establece } \put(220.3946,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que la cartera } \put(276.9046,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}improductiva } \put(332.7846,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y la tasa de morosidad } \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} \put(154.4946,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}adas por factores macroeconóm} \put(281.2746,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}icos. Es decir se cumple el objetivo } \put(23.8346,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del traba} \put(57.97459,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}jo de estudio, los factores Cartera } \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, } \put(23.8346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Índice } \put(50.8846,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de Precios del Consumidor} \put(157.2146,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, Riesgo país, } \put(212.1046,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(218.2246,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ariación } \put(252.4946,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la Deuda Pública } \put(333.4946,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y Liquidez } \put(378.1646,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del sistema } \put(23.8346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiero, } \put(68.6046,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}determinaron } \put(124.1946,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(133.6946,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento } \put(201.5146,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(213.2346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(222.7346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cartera } \put(252.2046,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comerc} \put(281.6346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ial } \put(293.9146,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(308.4146,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sistema } \put(340.6946,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancario } \put(377.4046,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}privado } \put(410.2346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \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 } \put(136.0146,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2010-2018, } \put(184.6246,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}significando } \put(236.2946,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(253.5146,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \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 } \put(395.1346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(411.2446,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \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 } \put(200.6846,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la Deuda en } \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). } \put(266.8346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El } \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} \put(154.0546,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ía } \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} \put(192.1346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.finanzas.gob.ec/wp-content/uploads/downloads/2019/01/} \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 } \put(250.7746,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(262.8846,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(276.6646,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fluctuaciones } \put(332.1046,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(346.9946,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}precio } \put(374.6546,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(389.5446,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}petróleo } \put(23.8346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sobre } \put(47.8346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(57.3946,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inflacion} \put(92.3946,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(94.7346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}española. } \put(134.5646,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banco } \put(162.4546,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(174.2346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}España } \put(205.4546,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(bde), } \put(231.3946,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Eurosistema} \put(280.8346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s. } \put(289.5646,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Recuperado } \put(339.6646,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de: } \put(354.2246,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}https://www} \put(403.0246,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.bde.} \put(23.8346,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/ArticulosAnaliticos/2017/} \put(23.8346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T2/fich/beaa1702-art14.pdf} \end{picture} \newpage \begin{tikzpicture}[overlay]\path(0pt,0pt);\end{tikzpicture} \begin{picture}(-5,0)(2.5,0) \put(413.1024,-652.0034){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}109} \put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Amaya, } \put(58.86459,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}C. } \put(71.68459,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2015). } \put(104.4946,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Evaluación } \put(153.1246,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(168.9946,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}riesgo } \put(197.0846,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(210.1746,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crédito } \put(241.5846,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(254.6746,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(265.5446,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sistema } \put(299.1945,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiero } \put(342.8345,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(355.9245,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Colombia. } \put(401.5145,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1-12. } \put(23.8346,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Colombia. } \put(71.83459,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Recuperado } \put(125.6446,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de: } \put(143.9246,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}http://repositorio.banrep.gov} \put(257.7046,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.co/bitstream/handle/20.500.12134/2082/} \put(23.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}TEF\_12.pdf?sequence=1\&isAllowed=y} \put(23.8346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banco } \put(51.5546,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Central } \put(83.1646,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del Ecuador } \put(133.0446,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(BCE). (2019). Sistema } \put(228.9946,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de pagos y valores. } \put(306.8246,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Recuperado } \put(356.7546,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de: } \put(371.1446,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}https://www} \put(419.9446,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.} \put(23.8346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bce.fin.ec/index.php/servicios-bancarios} \put(23.8346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Carmona, } \put(65.8746,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}J. (2015). } \put(107.2046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Modelos } \put(145.0946,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Econométricos } \put(207.9646,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aplicado } \put(244.7246,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(264.8246,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(274.9346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}explicación } \put(323.9146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(339.0246,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Desempleo. } \put(389.3946,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}México. } \put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Recuperado } \put(93.2346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de: } \put(127.1046,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}https://www} \put(175.9046,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.ugr} \put(191.1846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.es/~jchica/Pagina2/GUIME/Modelos\%20alumnos/MLG/} \put(23.8346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Explicacion\%20del\%20desempleo\_ST} \put(179.1646,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.pdf} \put(23.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Casimiro, P} \put(70.7446,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. (2016). } \put(108.4246,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis de Series } \put(184.7546,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(190.1646,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}emporales: } \put(237.3246,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Modelos } \put(275.0646,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ARIMA. } \put(314.1746,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Herriko , } \put(354.1646,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(360.2846,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}asco: Enpresal-} \put(23.8346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Zientzien. doi:978-84-692-3814-1} \put(23.8346,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}García, } \put(56.9846,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}X., Herrera, } \put(110.0546,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \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 } \put(382.8746,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}to predict } \put(23.8346,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the normal diam} \put(92.5246,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}eter } \put(111.5846,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}based on the stump diameter } \put(236.3546,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of } \put(248.2046,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Abies religiosa } \put(314.1146,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(Kunth) Schltdl. } \put(384.7546,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}et Cham. } \put(23.8346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Revista Mexica} \put(90.3546,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}na de Ciencias Forestales, 95-104. Recuperado de: https://www} \put(372.0446,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.redalyc.or} \put(414.6246,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}g/} \put(23.8346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pdf/634/63449187008.pdf} \put(23.8346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}González, } \put(66.2546,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(72.1946,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. (2016). Econometría } \put(161.9646,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}básica } \put(188.7446,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Aplicada } \put(227.1846,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con Gretl. } \put(269.3546,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Recuperado } \put(319.4546,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de: } \put(334.0146,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}doi 978-84-692-4355-} \put(23.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}8} \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. } \put(309.0146,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}23. Colombia. } \put(374.6646,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Recuperado } \put(23.8346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de: } \put(109.0046,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}http://repositorio.banrep.gov} \put(222.7846,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.co/bitstream/handle/20.500.12134/21} \put(374.3346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}15/TEF\_43.} \put(23.8346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pdf?sequence=1\&isAllowed=y} \put(23.8346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Kulfas, } \put(55.4046,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}M. } \put(69.20461,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2018). } \put(100.7746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banca } \put(128.1746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(140.0246,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}desarrollo } \put(182.4246,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e } \put(189.2746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inclusión } \put(228.3446,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiera } \put(270.1746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(282.0246,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(295.5446,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pequeñas } \put(335.1646,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(342.5746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}medianas } \put(382.7446,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}empresas. } \put(23.8346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Santiago , Naciones Unidas: LC/TS.2018/109. } \put(235.1146,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Recuperado} \put(282.8746,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} de: https://repositorio.cepal.or} \put(414.6346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}g/} \put(23.8346,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bitstream/handle/1} \put(97.89459,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1362/44359/1/S1801} \put(181.4246,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}139\_es.pdf} \put(23.8346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}López, } \put(53.9946,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}D., y Martínez, } \put(117.8246,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}C. (2013). Modeling } \put(203.0546,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}video } \put(227.9446,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}transmission } \put(281.1746,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}losses using SARIMA} \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} \put(422.4446,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(23.8346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}models. Specif. } \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} \put(212.7946,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1-1} \put(225.7546,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1-JAM-IAST} \put(278.7246,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}-Libro.pdf} \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 } \put(79.20461,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \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 } \put(146.2346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}administrativos } \put(210.7946,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(223.1246,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(233.2346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}or} \put(241.3846,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ganización } \put(287.5946,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}empresarial } \put(337.1346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}moderna: } \put(377.2546,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis } \put(412.9246,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \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 } \put(106.8546,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ed.). Ecuad} \put(152.8046,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}or: } \put(167.1046,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Universidad } \put(219.1746,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Laica } \put(244.3846,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(251.0146,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}icente } \put(278.0746,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Rocafuerte } \put(325.1246,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \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}: } \put(388.5746,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Manglar } \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, } \put(50.7146,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}C. } \put(64.8246,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2010). } \put(98.9346,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Shocks } \put(132.7746,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}exógenos, } \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 } \put(332.7646,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Risk } \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 } \put(79.20461,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \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. } \end{picture} \newpage \begin{tikzpicture}[overlay]\path(0pt,0pt);\end{tikzpicture} \begin{picture}(-5,0)(2.5,0) \put(406.8898,-651.2672){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}110} \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 } \put(156.6046,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(164.5746,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Seguros } \put(199.7646,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(SuperCias). } \put(253.0046,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2019). } \put(285.1346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Reporte } \put(319.7646,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(332.1746,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Estabilidad } \put(380.1346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Financiera } \put(23.8346,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(35.5046,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Junio } \put(64.4046,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2019, Quito. } \put(126.6446,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Recuperado } \put(181.6246,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de: } \put(201.0746,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}http://estadisticas.superbancos.gob.ec/portalestadistico/} \put(23.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}portalestudios/wp-content/uploads/sites/4/downloads/2019/06/reporte\_estabilidad\_jun\_2019.pdf} \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 } \put(145.1246,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(158.8946,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador} \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, } \put(117.7646,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Quito. Recuperado de: http://oidprd.sbs.gob.ec/medios/POR} \put(374.3046,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \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} \put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(29.5946,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}rívez, } \put(56.2946,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}F} \put(61.0646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. (2015). Introduccion } \put(156.4546,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a la } \put(176.5346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}econometria. } \put(232.6646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Santiago, } \put(274.3746,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Chile. } \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/} \put(23.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(30.4646,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}illavicencio, J. (2013). Introducción a Series de } \put(221.8946,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(227.6546,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}iempo . Costa Rica.} \put(23.8346,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}W} \put(32.4746,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ong, } \put(52.9446,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}J., } \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, } \put(138.7346,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(144.1046,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. (2008). } \put(181.1546,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A} \put(187.8246,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \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} \end{picture} \end{document}