\documentclass{article} \usepackage{amsmath} \usepackage{color,pxfonts,fix-cm} \usepackage{latexsym} \usepackage[mathletters]{ucs} \DeclareUnicodeCharacter{32}{$\ $} \DeclareUnicodeCharacter{46}{\textperiodcentered} \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(406.8898,-651.2672){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}128} \put(276.154,-33.52557){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Se} \put(282.013,-33.52557){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}p} \put(285.24,-33.52557){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tie} \put(291.414,-33.52557){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mbr} \put(301.774,-33.52557){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e} \put(304.84,-33.52557){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} - Diciembr} \put(331.104,-33.52557){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e 2020} \put(282.4225,-41.92572){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(285.6845,-41.92572){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ol 11. 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\put(253.1306,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}t} \put(254.9716,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}as.utm.edu.ec/inde} \put(302.7256,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}x.php/E} \put(321.6466,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}CASine} \put(338.8876,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}r} \put(340.8126,-67.12561){\fontsize{7}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gia} \put(21,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(61,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(113.3673,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}EL} \put(126.1573,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} MERCADO DE CAPIT} \put(230.6973,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ALES } \put(258.9473,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Y} \put(265.8073,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} SU IMP} \put(302.2873,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ACT} \put(323.2273,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}O EN LA} \put(363.2373,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} ECONOMÍA} \put(422.4073,-92.40228){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(221.6192,-102.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ECUA} \put(249.2192,-102.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(255.7092,-102.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ORIANA} \put(295.7192,-102.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} EN EL} \put(327.3992,-102.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} PERIÓDO 2001-2019} \put(21,-122.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57,-122.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(131.04,-122.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}THE CAPIT} \put(181.43,-122.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}AL} \put(193.97,-122.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} MARKET} \put(238.49,-122.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(240.04,-122.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}AND ITS IMP} \put(297.12,-122.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ACT} \put(316.85,-122.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} ON } \put(335.07,-122.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}THE ECUADORIAN} \put(422.37,-122.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(257.1544,-134.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ECONOMY} \put(307.3144,-134.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} IN } \put(321.6444,-134.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}THE PERIOD 2001-2019} \put(72.9808,-230.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Recibido: } \put(116.5892,-230.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2020-09-28 } \put(178.2494,-230.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(280.1994,-230.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Aceptado: } \put(326.5794,-230.4023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2020-09-25} \put(23.8346,-250.9023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Código Clasificación JEL: } \put(126.5963,-250.9023){\fontsize{9}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}G1; E22; O} \put(23.8346,-277.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}RESUMEN} \put(23.8346,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El } \put(35.6446,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mercado } \put(74.1046,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(86.4646,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valores } \put(118.2646,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(130.6246,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(140.7646,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador} \put(173.6846,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, } \put(179.1046,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}representa } \put(223.1046,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(240.4646,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fuente } \put(268.3646,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(280.7246,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiamiento } \put(343.0746,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(363.2046,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(377.2346,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}empresas } \put(417.3646,-297.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(23.8346,-307.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el país, analizando } \put(103.6346,-307.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}así el periodo 2001-20109. 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\put(366.8246,-337.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valor } \put(390.1646,-337.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}efectivo } \put(23.8346,-347.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}negociado } \put(67.2046,-347.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}resultó } \put(96.7046,-347.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}insignificante } \put(152.8646,-347.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(169.5846,-347.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(186.3046,-347.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variación } \put(225.7846,-347.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(237.5046,-347.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}3\% } \put(253.1146,-347.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(268.7246,-347.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año, } \put(287.9446,-347.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}teniendo } \put(324.6546,-347.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}resultados } \put(367.4846,-347.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}desfavorables } \put(23.8346,-357.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en términos de desarrollo. } \put(134.6846,-357.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El Mercado } \put(186.3546,-357.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de valores } \put(231.9146,-357.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}representa } \put(276.6246,-357.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}desarrollo } \put(320.2346,-357.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(341.0646,-357.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(351.9046,-357.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}país, considerado } \put(23.8346,-367.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}así } \put(37.7646,-367.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}uno } \put(55.58459,-367.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(67.8446,-367.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(82.33459,-367.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mecanismos } \put(134.5846,-367.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(146.8446,-367.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiamiento } \put(209.0946,-367.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(229.1146,-367.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}solventar } \put(268.5846,-367.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(278.6146,-367.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}deuda } \put(305.3046,-367.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pública, } \put(340.0546,-367.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dinamizando } \put(394.5246,-367.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(406.7846,-367.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esta } \put(23.8346,-377.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}forma } \put(50.4646,-377.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la econom} \put(92.0946,-377.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ía. } \put(104.5646,-377.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El } \put(116.2046,-377.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador } \put(152.2746,-377.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}todavía } \put(184.4646,-377.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no ha desarrollado } \put(261.5846,-377.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}este } \put(279.8846,-377.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mercado } \put(317.0646,-377.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}debido } \put(347.0346,-377.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a la } \put(364.1946,-377.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}poca } \put(385.8246,-377.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inserción } \put(23.8346,-387.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del sector privado y la limitada emisión de valores registrados. } \put(23.8346,-407.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Palabras clave: } \put(91.5983,-407.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}emisión de bonos; Ecuador; inversionista; crecimiento económico.} \put(23.8346,-427.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ABSTRACT} \put(78.11459,-427.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(23.8346,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}The } \put(42.2746,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Stock } \put(67.9546,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Market } \put(99.72459,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}in } \put(110.3946,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador } \put(146.6046,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}represents } \put(190.0346,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(197.3646,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}source } \put(226.3546,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of } \put(237.5746,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financing } \put(277.6846,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}for } \put(292.2346,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}companies } \put(337.8946,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}and } \put(355.2245,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(370.3345,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}country} \put(400.2345,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, } \put(405.6245,-447.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}thus } \put(23.8346,-457.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}analyzing the Stock Market the period 2001-20109. For this, the descriptive, comparative } \put(407.9446,-457.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}and } \put(23.8346,-467.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bibliographic } \put(81.0946,-467.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}methodology } \put(137.8146,-467.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}was considered, } \put(207.0646,-467.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}knowing the } \put(262.1646,-467.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}impact } \put(293.3246,-467.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}that } \put(312.2646,-467.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the capital } \put(359.0146,-467.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}market } \put(390.7246,-467.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}has had } \put(23.8346,-477.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}through } \put(58.1846,-477.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(73.6446,-477.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}issuance } \put(110.7646,-477.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of sovereign bonds. In this } \put(223.3446,-477.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}way it } \put(252.0446,-477.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}became} \put(282.5846,-477.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} known that } \put(334.5246,-477.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(349.9846,-477.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Stock } \put(376.0046,-477.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Market } \put(408.1246,-477.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}is a } \put(23.8346,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financing } \put(64.8746,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alterna} \put(92.0846,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tive } \put(110.9046,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}for } \put(126.3946,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}compa} \put(153.0546,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nies } \put(172.9946,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}and } \put(191.2646,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}investors } \put(231.1946,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}in } \put(242.8046,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(258.8446,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}country} \put(288.7446,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. } \put(295.0746,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}In } \put(307.2346,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador} \put(340.1546,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, } \put(346.4846,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(362.5246,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}effective } \put(400.7046,-487.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}value } \put(23.8346,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}traded } \put(52.6646,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}was } \put(72.0546,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}insignificant } \put(125.3346,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}with } \put(146.9546,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(155.2346,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variation } \put(194.6146,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of } \put(206.7846,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}3\% } \put(223.9546,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}per } \put(240.5646,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}year} \put(257.3746,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, } \put(263.7146,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}having } \put(294.7746,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}unfavorable } \put(346.3646,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}results } \put(376.3146,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}in } \put(387.9346,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}terms } \put(413.9946,-497.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of } \put(23.8346,-507.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}development. } \put(80.6346,-507.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}The } \put(99.0146,-507.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}stock } \put(122.9546,-507.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}market } \put(153.5446,-507.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}represents } \put(196.9146,-507.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}development } \put(251.3946,-507.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}for the } \put(280.9346,-507.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}country} \put(310.8346,-507.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, thus } \put(335.6646,-507.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}considered } \put(381.8146,-507.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}one } \put(399.0846,-507.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of the } \put(23.8346,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financing } \put(64.8046,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mechanisms } \put(117.9946,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}to } \put(129.5246,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}solve } \put(154.3846,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(170.3546,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}public } \put(199.1046,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}debt, } \put(222.5746,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}thus } \put(242.9946,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}boosting } \put(281.1946,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(297.1646,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}economy} \put(333.1746,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. } \put(339.4246,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador } \put(376.4946,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}has } \put(393.5746,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}not } \put(410.1046,-517.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}yet } \put(23.8346,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}developed } \put(67.9446,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}this } \put(85.40459,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}market } \put(116.1846,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}due } \put(133.6346,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}to } \put(144.4246,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(159.6546,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}limited } \put(190.9946,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}insertion } \put(229.0046,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of the } \put(255.5746,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}private } \put(286.3446,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sector } \put(313.2346,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}and } \put(330.6846,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}the } \put(345.9146,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}limited } \put(377.2546,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}issuance } \put(414.1446,-527.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}of } \put(23.8346,-537.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}registered securities.} \put(23.8346,-559.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Keywords:} \put(70.4948,-559.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(72.9948,-559.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bond issue; ecuador} \put(152.0248,-559.9023){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, investor; economic growth.} \end{picture} \begin{tikzpicture}[overlay] \path(0pt,0pt); \filldraw[color_29791][nonzero rule] (21.5pt, -158.941pt) -- (421.886pt, -158.941pt) -- (421.886pt, -158.941pt) -- (421.886pt, -157.941pt) -- (421.886pt, -157.941pt) -- (21.5pt, -157.941pt) -- cycle ; \end{tikzpicture} \begin{picture}(-5,0)(2.5,0) \put(27.5128,-168.784){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Fabricio Javier } \put(89.5428,-168.784){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Vásquez Obando; Hilda Ramona Muñoz } \put(254.6028,-168.784){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(260.7228,-168.784){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}era; } \put(278.0328,-168.784){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}W} \put(286.6728,-168.784){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}endy Michelle Ortega Medranda} \put(139.1241,-188.784){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Universidad } \put(190.3241,-188.784){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Técnica de Manabí, Ecuador} \put(29.2559,-208.784){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mail:} \put(51.4727,-208.784){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} fabriciovasquez87@gmail.com; hilda84munoz@gmail.com; michelyn2020@hotmail.com} \put(413.1024,-652.0034){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}129} \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}El creci} \put(55.9046,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}miento económico de un país responde a varios factores, uno de ellos es el Mercado de } \put(23.8346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}capitales, } \put(65.61459,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(84.35459,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(98.09459,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(109.6046,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}región } \put(139.4446,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(148.7446,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}específicamente } \put(216.9046,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } 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\put(62.7146,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mayor } \put(90.4946,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}liquidez } \put(124.9346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y los altos } \put(167.1846,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}costos de } \put(206.0846,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}participación, } \put(263.0146,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}teniendo } \put(299.6746,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(324.1246,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}resultado } \put(363.0146,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un Mercado } \put(413.0146,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(23.8346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}capitales poco desarrollado, limitando así la participación de la invesrión extranjera directa. } \put(23.8346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El mercado de capitales } \put(128.7446,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es un mercado donde se lleva a cabo la transacción de instrumentos } \put(23.8346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financieros } \put(69.7946,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(76.3146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mediano } \put(112.8346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(119.9146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lar} \put(130.2846,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go } \put(142.3646,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}plazo } \put(166.1046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(173.1846,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}donde } \put(199.7046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}diferentes } \put(241.2046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}agentes } \put(273.2646,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}acuden } \put(303.6646,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(315.1846,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}busca } \put(340.0346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tanto } \put(362.1046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(373.6246,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiación } \put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(48.2646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de inversión, todo ello } \put(139.0446,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}acompañado } \put(191.7846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de riesgos y ventajas } \put(276.1646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que supone el } \put(332.7846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mismo, } \put(364.7246,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de igual } \put(398.5846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}forma } \put(23.8346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}“sur} \put(40.3146,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ge } \put(52.2846,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(62.0346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}oferta } \put(87.8846,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(95.4146,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}demanda } \put(134.0346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(146.0046,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fondos, } \put(178.2546,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(188.0046,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}principal } \put(226.0746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}objetivo } \put(261.3746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(273.3446,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}este } \put(291.4246,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mercado } \put(328.3746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(339.2346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que, } \put(358.7046,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}su } \put(370.1246,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}participación } \put(23.8346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(36.1346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(46.2146,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bolsa } \put(71.8546,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(83.9746,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(90.0946,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores } \put(116.8346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es de } \put(140.3246,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}intermediario, } \put(199.5546,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}canalizando } \put(250.1646,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los recursos hacia } \put(324.8246,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(334.9046,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inversionista” } \put(393.3046,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(Prado, } \put(23.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2014, p. 29).} \put(23.8346,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Otra } \put(78.8046,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}particularidad } \put(138.3646,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(154.6146,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mercado } \put(193.0746,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(206.5446,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}capitales } \put(245.5546,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo } \put(257.3646,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}menci} \put(281.8046,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ona } \put(300.2746,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Gitman } \put(334.3046,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2009) } \put(364.9946,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}donde } \put(393.4646,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(406.9346,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}este } \put(23.8346,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mercado } \put(62.3046,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}“ } \put(70.78459,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(83.16459,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}compran } \put(122.1946,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(131.2346,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}venden } \put(164.1546,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}títulos } \put(193.2046,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(201.6846,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}corto } \put(226.2746,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}plazo, } \put(254.4746,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(272.9546,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}vencimiento } \put(326.4246,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}menores } \put(364.3446,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(372.8246,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(386.8746,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año. } \put(407.8546,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Las } \put(23.8346,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inversiones } \put(72.3846,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}recurren al mercado } \put(156.3446,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de capital } \put(198.4346,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(218.6446,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}realizar } \put(251.6146,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}transacciones } \put(308.4746,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de título } \put(345.0346,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de lar} \put(367.8446,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go plazo, } \put(408.0046,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(23.8346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}vencimiento menores a un año, como las acciones los bonos” (p. 33). } \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}En Ecuador el mercado} \put(153.1946,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s de valores está regido por meca} \put(291.1546,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nismo como la Ley de Mercado } \put(23.8346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(36.8746,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(42.9946,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores } \put(70.6546,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(88.8746,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tiene } \put(112.0946,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(138.0946,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}finalidad, } \put(179.3746,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lograr } \put(207.0346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(218.0346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}canalización } \put(271.7846,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(285.0046,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(300.4546,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}recursos } \put(337.5546,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hacia } \put(362.4346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(377.3246,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}actividades } \put(23.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}productivas, } \put(76.5246,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pues tanto } \put(121.9146,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las empresas del sector privado como del sector público } \put(381.6846,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}buscan en } \put(422.4246,-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}este } \put(42.8346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(46.2946,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}espacio } \put(79.7346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(83.1946,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(101.0846,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(104.5446,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}solución } \put(141.8846,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(145.3446,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(166.0046,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}enfrentar } \put(205.5446,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sus } \put(221.7846,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}problemas } \put(266.8946,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(279.7846,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiamiento } \put(342.6646,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o } \put(351.1147,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tener } \put(374.5547,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}rentabilidad } \put(23.8346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(43.9546,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiar } \put(81.8546,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inversión, } \put(124.4846,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(134.6146,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(151.9646,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(163.2046,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}realiza } \put(192.7546,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(200.1046,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}través } \put(226.8946,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(242.0246,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mercado } \put(280.4746,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(292.8246,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valores } \put(324.6147,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(332.5247,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mercado } \put(369.8547,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(382.2047,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crédito } \put(412.8847,-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}mediano y lar} \put(78.6346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go plazo. } \put(23.8346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}De } \put(70.92459,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esta } \put(88.73459,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}forma } \put(114.8746,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}“aunque } \put(150.4546,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(164.3946,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gobiernos } \put(206.0946,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siguen } \put(234.4646,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siendo } \put(262.8346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(276.7646,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}principales } \put(322.9046,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}usuarios } \put(358.5046,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(370.2046,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}este } \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}como } \put(48.7646,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mecanismo } \put(97.0246,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(109.1846,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiamiento, } \put(173.8346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}[……], } \put(205.7146,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(215.6446,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sector } \put(242.2346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}privado } \put(275.4946,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}usa } \put(291.5446,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esta } \put(309.8046,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fuente } \put(337.5046,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(349.6646,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}manera } \put(381.8046,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}creciente” } \put(23.8346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(Arbeláez } \put(66.5346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}et } \put(77.0446,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al.,2001,p. } \put(122.5546,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}9). } \put(136.6746,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(139.9646,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(143.2546,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La } \put(157.0946,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}participación } \put(212.5846,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(228.0946,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Estado } \put(258.6046,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuat} \put(281.3745,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}oriano } \put(310.2145,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(322.9445,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(333.4546,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mercado } \put(372.2845,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(385.0146,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}capitales, } \put(23.8346,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(35.6746,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ve } \put(48.6246,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}reflejado } \put(87.1246,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(100.0746,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(110.8046,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}emisión } \put(145.9846,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(158.9346,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bonos } \put(186.3346,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(194.2846,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}través } \put(221.6746,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(237.4046,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ministerio } \put(282.5846,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(295.5346,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Finanzas } \put(334.5946,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(343.1046,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(361.0546,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son } \put(378.4546,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}registrados } \put(23.8346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(36.4146,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(46.7746,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banco } \put(75.4646,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Central } \put(108.0446,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(123.4046,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador} \put(156.3246,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, } \put(161.9646,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siendo } \put(191.2146,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estos } \put(214.3546,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}títulos } \put(242.5046,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o } \put(250.6446,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valores, } \put(285.1646,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(302.7446,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(310.3246,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}su } \put(322.3546,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}vez } \put(339.3746,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sirven } \put(366.9546,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(387.3046,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiar } \put(23.8346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}proyectos de desarrollo social, económico, víal, agrupecuario, entre otros. (SFV} \put(341.8946,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, 2018).} \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}A} \put(63.67459,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} día de hoy} \put(107.6446,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, el Mercado de capitales } \put(210.5846,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en Ecuador es lim} \put(285.6146,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}itado, esto a pesar del crecimiento } \put(23.8346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que en estos últimos años se ha obtenido por parte del sectro privado. } \put(324.6946,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Además, no ha logrado } \put(23.8346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(37.2346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}consolidación } \put(98.95461,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}necesaria, } \put(144.8246,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}justamente } \put(194.3246,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por la } \put(227.2346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}poca } \put(252.2946,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}particip} \put(282.8446,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ación } \put(310.6846,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(326.3046,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}capitales } \put(367.4646,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}empresariales } \put(23.8346,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}especialmente } \put(83.6846,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}captación } \put(125.2146,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de invesrión extranjera, } \put(223.9846,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}todo ello pese a ofrecer activos de inversión que } \put(23.8346,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por sus caracterí} \put(89.8546,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sitcas } \put(114.8246,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cuentan } \put(148.6746,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con una moneda } \put(217.4646,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fuerte } \put(243.5346,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y estable } \put(281.8046,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(301.7646,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}otros mercados, } \put(368.0846,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siendo este } \put(415.2446,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(23.8346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dólar} \put(43.8346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. (Perez et al., 2015)} \put(23.8346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A} \put(63.67459,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(65.92459,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}continuación, } \put(122.3246,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(132.9046,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}presenta } \put(168.4646,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(177.9246,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}metodología } \put(230.1646,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(241.8446,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estudio } \put(272.9746,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}centrada } \put(309.0846,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(320.7646,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(337.4446,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}revisión } \put(371.9046,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bibliográfica } \put(23.8346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del impacto } \put(74.25459,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del Mercado de capitales } \put(178.3946,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en la economía } \put(242.9046,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ecuatoriana } \put(291.9746,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a través de datos analizados } \put(408.0046,-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}logran evidencia} \put(90.6046,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}r la negociación} \put(155.2646,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} llevada acabo en dicho mercad} \put(283.0546,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o con respecto al PIB, } \put(375.5946,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esto porque } \put(23.8346,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la mayoria de transacciones } \put(136.1346,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}responden al sector privado que dinamizando } \put(318.4846,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de esta forma la economía } \put(23.8346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del país.} \put(23.8346,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}MET} \put(46.4346,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ODOLOGÍA} \put(23.8346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La } \put(36.4246,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}metodología } \put(88.4546,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}utilizada } \put(124.9246,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(136.4046,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}este } \put(153.9946,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}trabajo } \put(183.7946,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}responde } \put(221.9346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(228.4146,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(244.8946,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}investigación } \put(300.2546,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}descriptiva } \put(346.1646,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(362.6446,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Según } \put(389.6846,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Campos } \put(23.8346,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2017, } \put(51.9846,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pág.18) } \put(84.5746,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}permite } \put(117.4346,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}“especificar } \put(166.9446,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(180.3746,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}propiedades } \put(231.0046,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(245.5446,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}objeto } \put(272.8546,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o } \put(280.1746,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fenómeno } \put(322.4746,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(339.2346,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(349.8846,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}va } \put(361.6446,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(368.4046,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estudiar } \put(402.3746,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(409.6946,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dar } \put(23.8346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un panorama lo más exacto } \put(134.7546,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}posible de éste”, al igual que una metodología } \put(320.0746,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}documental } \put(369.0346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que permitirá } \put(23.8346,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}recopilar } \put(63.2046,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}información } \put(115.9246,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}relevante} \put(152.5646,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} en } \put(169.6846,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cuanto } \put(200.1846,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(211.2446,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estudio } \put(243.9746,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de Mercado } \put(296.6346,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de capitales, } \put(351.2346,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(364.5146,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esta } \put(383.9046,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}forma, } \put(414.1246,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(21.2915,-8.318481){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_Fabricio } \put(297.8035,-8.318481){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Vásquez; Hilda Muñoz; } \put(376.0915,-8.318481){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}W} \put(383.0035,-8.318481){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}endy Ortega } \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}130} \put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}busca conocer el impacto } \put(131.5746,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del mercado en mención } \put(235.9846,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y las variab} \put(284.0246,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}les ecómiocas } \put(344.2846,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que afectan } \put(394.5346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para el } \put(23.8346,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}periodo 2001-2019, mismas que serán contrastadas con datos y análisis que permitan } \put(377.3246,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entender el } \put(23.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento de los Mercados de valores en Ecuador} \put(247.9346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. } \put(23.8346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}RESUL} \put(56.2646,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(62.1946,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ADOS } \put(23.8346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador y el Mercado de valores} \put(23.8346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El Ecuador fue unos de los primeros países de } \put(220.9046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}América } \put(259.0246,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}latina} \put(281.2446,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} en tener una Bolsa de } \put(379.2946,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(385.4146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores en } \put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}registrando } \put(72.1246,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(82.6546,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}misma } \put(112.6346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(125.3846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1844. } \put(151.1946,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Para } \put(172.2746,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(182.8046,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}década } \put(213.8646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(226.6146,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(241.5946,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}noventa } \put(276.5546,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(288.1946,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crea } \put(308.1546,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(318.6846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bolsa } \put(344.7746,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(357.5246,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Comercio } \put(400.2646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(23.8346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}institución } \put(68.97459,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}jurídica, } \put(104.9346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(115.0646,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cual } \put(134.6346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estaba } \put(162.5446,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}regida } \put(190.4446,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(206.6946,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(216.8246,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}código } \put(246.9546,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(259.3146,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comercio } \put(299.4346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(311.7946,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1906 } \put(334.7146,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pero } \put(355.4046,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no } \put(368.3246,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fue } \put(384.0146,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}suficiente } \put(23.8346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para estimular el Mercado de valores, creándose entre } \put(238.0546,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1935 y 1936 la denominada } \put(349.3046,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bolsa de } \put(385.4046,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(391.5246,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores y } \put(23.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Productos del Ecuador C. en Guayaquil. (Superitendencia de Compañias, } \put(319.1346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(325.2546,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores y Seguros, 2019). } \put(23.8346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Posteriormente, en febrero de 1969, la Comisión Legislativa } \put(281.5346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Permanente facultó, y en julio de } \put(23.8346,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ese } \put(40.9946,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mismo } \put(72.61459,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año, } \put(93.9446,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ratificó } \put(126.6546,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(138.2546,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}decisión } \put(175.9746,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mediante } \put(217.0146,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(228.6146,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cual } \put(249.6546,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(261.2546,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Presidente } \put(307.2946,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(321.1246,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(332.7246,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}República, } \put(380.1546,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dispuso } \put(415.1046,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(23.8346,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}establecimiento } \put(90.22459,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de las bolsas de valores, como compañías anónimas, en las ciudades de Quito y } \put(23.8346,-211.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Guayaquil, regidas por las normas de la Ley de Compañías y bajo el control de la Superintendencia } \put(23.8346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de Compañías.} \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}La } \put(69.79459,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nueva Ley } \put(113.7046,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ayudó a que se pueda } \put(200.4346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}consolidar } \put(244.3346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(253.7946,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mercado de valores, lo cual } \put(365.7946,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para estimular } \put(23.8346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las negociaciones } \put(97.9946,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y a los partici} \put(154.2546,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pantes se les otor} \put(224.7746,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gó incentivos } \put(282.2846,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tributarios tales como exoneración } \put(23.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de impuestos para las negociaciones, } \put(173.3546,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aunque las empresas que cotizan } \put(305.9246,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en el Mercado de valores son } \put(23.8346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pocas en comparaciones con países desarrollados.} \put(23.8346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Realidad del Mercado de valores en el Ecuador} \put(23.8346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}La inestabilidad económica } \put(140.4846,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del país estuvo presente durante algunas décadas, en los años 90 el } \put(23.8346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tamaño } \put(56.08459,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}promedi} \put(89.4146,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o } \put(97.2346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(109.4946,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(123.4246,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}firmas } \put(151.2446,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}registradas } \put(197.3746,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(209.6346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(219.6746,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bolsa, } \put(246.1046,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(medido } \put(282.2446,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(307.2746,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(317.3146,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}capitalización } \put(375.6546,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(387.9146,-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}dividida } \put(59.0146,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(74.7446,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(84.3646,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}número } \put(117.3146,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(129.1546,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}firmas } \put(156.5546,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}registradas } \put(202.2746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(214.1146,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bolsa), } \put(243.4546,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tuvo } \put(263.6346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(276.0346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}decrecimiento } \put(335.0746,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(349.6946,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}77\% } \put(370.4246,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}desde } \put(395.5946,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1995 } \put(417.9946,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(23.8346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1999 . } \put(50.7846,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Arbeláez et al.,( 2001).} \put(23.8346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Asimiso, existieron } \put(137.9846,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}otros factores } \put(195.3346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que generaron } \put(255.4546,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}negativ} \put(284.8946,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}idad para la economía } \put(376.8246,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de aquellos } \put(23.8346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}días, teniendo como hechos relevantes el cierre } \put(217.9746,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de los principales } \put(291.7846,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancos del Ecuador} \put(370.5746,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, la caída } \put(410.2146,-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}precio del barril del petroleo, } \put(144.1946,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}principal } \put(182.5446,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fuente de ingreso para el estado, y la devaluación } \put(384.6346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del Sucre } \put(23.8346,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(48.4946,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}moneda } \put(82.5946,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}local } \put(104.4746,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(116.3546,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aquel } \put(140.4546,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entonces, } \put(180.3846,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obligando } \put(222.8146,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(232.4746,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gobierno } \put(270.4646,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de turno } \put(305.8946,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dar } \put(321.1046,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}paso a } \put(348.7546,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(358.4146,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dolarización } \put(410.2746,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(23.8346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}país } \put(43.0746,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(55.6446,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(65.9946,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año } \put(83.5646,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2000, } \put(109.1946,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}considerado } \put(160.6446,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(178.2146,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año } \put(195.7846,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}marcado } \put(233.3346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(249.7946,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}“la } \put(264.5846,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inestabilidad } \put(318.8146,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(334.1646,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sistema } \put(367.2846,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiero, } \put(412.9046,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(23.8346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}medio } \put(51.3146,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(63.2446,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}accion} \put(89.3446,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(100.1646,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dolosas } \put(132.6546,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(144.5846,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}algunos } \put(178.1846,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}administradores } \put(244.5446,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(256.4746,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancos } \put(286.7346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(294.2246,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financieras”. } \put(346.9646,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(Banco } \put(378.3246,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Central } \put(410.2446,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(23.8346,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador} \put(56.7546,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, 2002, p. 1)} \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}De } \put(72.04459,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esta } \put(90.97459,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}forma } \put(118.2346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(126.6146,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(139.4346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}acuerdo } \put(174.4646,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(182.2846,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(192.8846,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}información } \put(245.1346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}recabada } \put(284.0346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(300.7446,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(304.1246,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(314.7246,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bolsa } \put(340.8846,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(353.5246,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(359.6446,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores } \put(386.9046,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(399.7246,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Quito } \put(23.8346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(BVQ) y la } \put(69.61459,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bolsa } \put(94.32459,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(105.5146,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(111.6346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores } \put(137.4446,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(148.8146,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Guayaquiel } \put(196.8346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(BVG) se registra } \put(268.7146,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(285.0846,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}desde } \put(309.7846,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(318.9346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año } \put(335.3046,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2001 hasta } \put(379.7146,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}noviembre } \put(23.8346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del 2019 se ha negociado un tota} \put(152.2846,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}l de 94,405.000 millones } \put(252.1946,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de dólares, de los cuales el 95\% pertenecen } \put(23.8346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(30.7846,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valores } \put(62.1746,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(74.1246,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}renta } \put(96.6246,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fija } \put(111.9146,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(119.4246,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}5 } \put(126.9346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}\% } \put(137.7746,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(144.7246,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}renta } \put(167.2246,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variable, } \put(204.4346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tanto } \put(226.9446,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(236.6746,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}BVQ } \put(260.3046,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(285.0346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(294.7646,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}BVG } \put(318.3946,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}basan } \put(343.6746,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sus } \put(358.9746,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valores } \put(390.3646,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(402.3146,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}renta } \put(23.8346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fija } \put(39.0546,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(46.49459,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no } \put(58.93459,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(70.81459,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}renta} \put(90.80459,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(93.24459,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variable, } \put(130.3946,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}negociaciones } \put(189.4746,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(206.3546,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(218.2346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}otras } \put(240.1146,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bolsas } \put(267.5546,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(279.4346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valores } \put(310.7546,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(322.6346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(332.2946,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mundo } \put(362.5146,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}suelen } \put(390.5046,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}generar} \put(419.9346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. } \put(23.8346,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}De ahí } \put(52.2146,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(68.9046,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(78.3746,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}considere } \put(118.9446,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(128.4146,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}primer } \put(157.3246,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inversor } \put(192.3446,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(206.8146,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador } \put(242.3846,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(251.8546,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Institut} \put(280.1946,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o Ecuatoriando } \put(343.0046,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(354.6946,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Seguridad } \put(397.4946,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Social } \put(23.8346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(IESS), esto a través de la compra mayorista de bonos privados y del Estado. } \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}Durante el periodo } \put(137.2146,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de análisis de investigación } \put(253.0546,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2001-2019) se registra } \put(355.0046,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que para el } \put(404.1046,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}años } \put(23.8346,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2012 el volume} \put(88.33459,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}n de transaccion} \put(155.5946,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es en el Mercado de valores volvió a caer} \put(329.8146,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, una tendencia } \put(395.9946,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que se } \put(23.8346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}arrastra desde el 2009 y que se explica } \put(180.8546,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por la falta } \put(226.8246,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de participaci} \put(281.0146,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ón del sector estatal, } \put(365.3646,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a pesar de que } \put(23.8346,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el número de ofertas públicas creció. Según datos de la Bolsa de } \put(291.7246,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(297.8446,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores de Quito (BVQ), en ese } \put(23.8346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}período el volumen transado en el mercado bursátil cayó en un 41\%.} \put(21.0354,-4.483887){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El mercado de capitales y su impacto en la economía ecuatoriana en el periódo 2001-2019} \put(309.8128,-4.483887){\fontsize{8}{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(413.1024,-652.0034){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}131} \put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Emisiones de bonos en Ecuador} \put(23.8346,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Según } \put(52.72459,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Courty } \put(84.21459,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(89.62459,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}arralleras } \put(130.7046,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2010), } \put(163.7546,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}citado } \put(192.0746,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(205.4046,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Moreno, } \put(243.4546,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2014) } \put(274.0046,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}agrega } \put(304.5346,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(322.8646,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(338.4246,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bonos } \put(366.2046,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son } \put(383.9846,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}“títulos } \put(417.3145,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o } \put(23.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}instrumento } \put(74.5946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(87.0246,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}deuda, } \put(116.3946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(133.8246,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pueden } \put(165.6946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}contraer } \put(201.4346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(216.0946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gobiernos } \put(258.5246,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(266.5146,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}empresas } \put(306.7146,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(324.1446,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(338.8046,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tenedores } \put(380.1046,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(392.5346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}estos, } \put(418.0246,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(23.8346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cambio de pagos futuros por concepto de intereses y capital” (p.73) } \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}En } \put(70.28459,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecua} \put(90.27459,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dor } \put(105.7746,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}existieron } \put(147.3746,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}algunas } \put(180.0946,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}emisiones } \put(222.2546,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(233.8646,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bonos } \put(259.9246,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sumamente } \put(307.6346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}importantes } \put(357.0146,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(376.3946,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(389.6746,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}finanzas } \put(23.8346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(38.9946,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}país. En el } \put(84.7546,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año 1994 se emit} \put(154.1246,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ieron los Bonos Brady y para el } \put(286.3546,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año 2000 los Bonos Globales, } \put(410.7746,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(23.8346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cuales } \put(51.3846,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fueron } \put(80.0446,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(92.6046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}canje } \put(116.2646,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(128.2646,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(142.4946,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bonos } \put(170.6246,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Brady } \put(197.6246,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(213.5146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bonos } \put(241.6446,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Globales } \put(279.7546,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(295.6446,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}causa } \put(320.4146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(332.4146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(342.1946,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crisis } \put(365.8646,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiera } \put(407.8546,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(34.4646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}presentó } \put(70.6446,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(82.3846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(91.9046,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año } \put(108.6446,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1999 } \put(130.9446,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(feriado } \put(164.8946,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancario) } \put(204.9546,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mismos } \put(238.3746,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(255.1146,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tuviero} \put(283.4446,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}n } \put(290.7446,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(315.2646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}finalidad } \put(352.5645,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cubrir } \put(378.7445,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(392.1545,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}deudas, } \put(23.8346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los acreedores de los bonos brandy podían canjearlos por estos bonos globales 2012 y 2030.} \put(23.8346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Además, Ecuador } \put(97.9446,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}coloco } \put(127.3646,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}USD 1.000 millones } \put(212.5946,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de bonos soberanos en los mercados } \put(361.9046,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}internacionales } \put(23.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(33.4046,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}28 } \put(45.7546,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(57.5446,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}enero } \put(82.1046,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(93.8946,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2019, a } \put(125.5346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un plazo } \put(161.8946,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(173.6846,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}10 años y } \put(214.0646,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(220.8546,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(237.6446,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tasa } \put(255.5446,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(267.3346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}interés } \put(296.3446,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(310.9146,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}10,75\%, siendo } \put(377.4046,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(390.8646,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mejores } \put(23.8346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}condiciones para la situación actual externa. (Ministerio de Economia y Finanzas, 2019)} \put(23.8346,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}RESUL} \put(56.2646,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(62.1946,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ADOS} \put(23.8346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Una vez realizad} \put(90.5946,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o un recorrdio } \put(149.1146,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}teórico } \put(179.1746,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sobre los principales } \put(263.2446,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}acápites } \put(297.7346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(314.4646,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}forman } \put(345.6346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}parte } \put(367.9146,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(379.6446,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(389.1546,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}presente } \put(23.8346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}investigación, } \put(82.95461,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se analizará } \put(133.9646,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(151.7046,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}respecto } \put(188.3246,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a otros datos } \put(243.7746,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que permitan } \put(300.3646,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entender } \put(338.0946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(348.6146,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comportamiento } \put(417.4546,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(23.8346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}situación } \put(61.7546,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del Mercado de capitale} \put(155.4746,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s del Ecuador} \put(208.1246,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, a continuación } \put(272.1546,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se conocerán } \put(325.1946,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los resultados obtenidos. } \put(112.5184,-271.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(117.1264,-271.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 1. 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\put(354.3246,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(357.1046,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}continuación, } \put(414.0346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(23.8346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}refleja los montos bursátiles negociados en el país desde 2001-2019.} \put(111.5809,-307.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(116.1889,-307.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 2. Montos bursátiles negociados en el país desde 2001-2019.} \put(157.0634,-607.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Fuente: Bolsa de } \put(215.8074,-607.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(220.8554,-607.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alor} \put(234.4874,-607.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es de Guayaquil } \put(23.8346,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Los resultados } \put(119.0546,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obtenido} \put(154.0546,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s en la } \put(184.3546,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tabla } 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\put(75.3996,-509.9187){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2013} \put(163.7953,-509.9187){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}3,721} \put(254.2756,-509.9187){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}95,129} \put(331.354,-509.9187){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}3.91\%} \put(75.3996,-523.4655){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2014} \put(163.7953,-523.4655){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}7,544} \put(252.2756,-523.4655){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}101,726} \put(331.354,-523.4655){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}7.42\%} \put(75.3996,-537.0124){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2015} \put(163.7953,-537.0124){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}5,047} \put(254.2756,-537.0124){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}99,290} \put(331.354,-537.0124){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}5.08\%} \put(75.3996,-550.5593){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2016} \put(163.7953,-550.5593){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}8,336} \put(254.2756,-550.5593){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}99,937} \put(331.354,-550.5593){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}8.34\%} \put(75.3996,-564.1062){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2017} \put(163.7953,-564.1062){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}6,617} \put(252.2756,-564.1062){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}104,295} \put(331.354,-564.1062){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}6.34\%} \put(75.3996,-577.653){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018} \put(163.7953,-577.653){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}7,475} \put(252.2756,-577.653){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}107,562} \put(331.354,-577.653){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}6.95\%} \put(58.5945,-591.1999){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ene 19 - nov 19} \put(161.7953,-591.1999){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}10,219} \put(252.424,-591.1999){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1} \put(256.128,-591.1999){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}13,097} \put(331.354,-591.1999){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}9.04\%} \put(21.0354,-4.011475){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El mercado de capitales y su impacto en la economía ecuatoriana en el periódo 2001-2019} \put(309.8128,-4.011475){\fontsize{8}{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(413.1024,-652.0034){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}133} \put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valores } \put(56.2146,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ecuatoriana, } \put(108.2946,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}donde } \put(136.2346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es evidente } \put(185.4346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(203.3746,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tendencia } \put(245.1846,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variable,} \put(279.8946,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} aportando } \put(326.8846,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}menos } \put(356.4946,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(372.2146,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1} \put(376.8446,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1\% al } \put(404.3946,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}PIB, } \put(23.8346,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siendo el 2006 el año que más aportación } \put(191.8246,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dio con el 10.39\%, esto según Pérez et al., (2015) se debe } \put(23.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(31.4946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(49.1546,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}“marcada } \put(90.6846,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tradición } \put(129.4546,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(139.8946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiamiento } \put(202.5446,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(220.2046,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}deuda } \put(247.3046,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(263.8546,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}parte } \put(287.0646,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(299.7246,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(314.0546,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mismas } \put(347.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}empresas, } \put(390.7646,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(402.3145,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}decir } \put(23.8346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sienten desconfianza de acudir al Mercado de } \put(207.7446,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(213.8646,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores para obtener financiamiento” (p.10). } \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}De acuerdo a la } \put(130.0146,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}BVG (2019), entre } \put(213.8046,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los valores } \put(263.3746,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}públicos } \put(301.7746,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mayormente } \put(356.2646,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}negociados } \put(405.7646,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son: } \put(23.8346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Títulos } \put(55.5046,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(71.0546,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banco } \put(99.9346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Central, } \put(135.2046,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bonos } \put(164.0946,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}CFN, } \put(189.3846,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bonos } \put(218.2746,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(233.8246,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Estado, } \put(266.8746,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Certificados } \put(318.5346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(331.1246,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(336.5346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esorería, } \put(374.0146,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Certificados } \put(23.8346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de Inversión, Notas de crédito, Cupones; mientras que los } \put(256.4346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Títulos de } \put(298.8646,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(304.9846,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alor privado son } \put(372.2046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aquellos que } \put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comprenden tanto el sector productivo como el financiero. } \put(98.247,-151.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(102.855,-151.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 3. Negociaciones Bursátiles por} \put(225.599,-151.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(227.455,-151.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(232.647,-151.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ipo de Renta desde 2001-nov 2019} \put(165.2919,-463.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Fuente: Bolsa de } \put(224.0359,-463.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(229.0839,-463.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alor} \put(242.7159,-463.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es de Quito } \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}En la tabla 3, se puede analizar } \put(181.5346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la participación } \put(245.3546,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que los emisores de títulos han realizado } \put(407.9546,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(23.8346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}respecto } \put(59.83459,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(66.96459,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(81.32459,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tipos } \put(103.4646,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(115.5946,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}renta, } \put(140.7746,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(152.9046,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}este } \put(171.1446,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}caso } \put(191.6046,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(202.6246,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}evidenciando } \put(258.6246,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(275.7546,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(287.8846,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mayor } \put(316.1246,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}porcentaje } \put(360.4546,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(374.8146,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}emisores } \put(413.0546,-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}titulos } \put(51.5546,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(63.7046,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valor } \put(86.9646,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo } \put(97.4646,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hacen } \put(123.4946,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(130.6446,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}través } \put(157.2446,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(169.3946,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(186.5446,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}renta } \put(209.2446,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fija, } \put(227.2346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}donde } \put(254.3846,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(265.4346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}generan } \put(299.7946,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}más } 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\put(348.8077,-227.5646){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}4\%} \put(75.9311,-241.1115){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2004} \put(142.2677,-241.1115){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}3,519,777} \put(222.689,-241.1115){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}106,986} \put(287.5302,-241.1115){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}97\%} \put(348.8077,-241.1115){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}3\%} \put(75.9311,-254.6584){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2005} \put(142.2677,-254.6584){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}3,355,234} \put(222.689,-254.6584){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}146,598} \put(287.5302,-254.6584){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}96\%} \put(348.8077,-254.6584){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}4\%} \put(75.9311,-268.2053){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2006} \put(142.4162,-268.2053){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}4,541,81} \put(170.1202,-268.2053){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1} \put(222.689,-268.2053){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}323,556} \put(287.5302,-268.2053){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}93\%} \put(348.8077,-268.2053){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}7\%} \put(75.9311,-281.7521){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2007} \put(142.2677,-281.7521){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}3,179,986} \put(222.689,-281.7521){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}289,778} \put(287.5302,-281.7521){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}92\%} \put(348.8077,-281.7521){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}8\%} \put(75.9311,-295.299){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2008} \put(142.2677,-295.299){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}4,993,032} \put(222.689,-295.299){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}177,969} \put(284.5302,-295.299){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}96.6\%} \put(345.8077,-295.299){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}3.4\%} \put(75.9311,-308.8459){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2009} \put(142.2677,-308.8459){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}5,070,857} \put(219.689,-308.8459){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1,356,427} \put(284.5302,-308.8459){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}78.9\%} \put(343.8077,-308.8459){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}21.1\%} \put(75.9311,-322.3928){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2010} \put(142.2677,-322.3928){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}4,973,914} \put(222.689,-322.3928){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}132,086} \put(284.5302,-322.3928){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}97.4\%} \put(345.8077,-322.3928){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2.6\%} \put(76.0796,-335.9396){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}201} \put(87.7836,-335.9396){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1} \put(142.2677,-335.9396){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}3,647,719} \put(222.8374,-335.9396){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1} \put(226.5414,-335.9396){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}12,917} \put(284.5302,-335.9396){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}97.0\%} \put(345.8077,-335.9396){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}3.0\%} \put(75.9311,-349.4865){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2012} \put(142.2677,-349.4865){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}3,603,982} \put(222.689,-349.4865){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}144,135} \put(284.5302,-349.4865){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}96.2\%} \put(345.8077,-349.4865){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}3.8\%} \put(75.9311,-363.0334){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2013} \put(142.2677,-363.0334){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}3,573,902} \put(222.689,-363.0334){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}148,365} \put(284.5302,-363.0334){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}96.0\%} \put(345.8077,-363.0334){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}4.0\%} \put(75.9311,-376.5803){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2014} \put(142.2677,-376.5803){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}6,341,090} \put(219.689,-376.5803){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1,203,048} \put(284.5302,-376.5803){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}84.1\%} \put(343.8077,-376.5803){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}15.9\%} \put(75.9311,-390.1271){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2015} \put(142.2677,-390.1271){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}4,969,257} \put(224.689,-390.1271){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}77,666} \put(284.5302,-390.1271){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}98.5\%} \put(345.8077,-390.1271){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1.5\%} \put(75.9311,-403.674){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2016} \put(142.2677,-403.674){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}8,240,083} \put(224.689,-403.674){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}96,386} \put(284.5302,-403.674){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}98.8\%} \put(345.8077,-403.674){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1.2\%} \put(75.9311,-417.2209){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2017} \put(142.2677,-417.2209){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}6,574,386} \put(224.689,-417.2209){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}42,475} \put(284.5302,-417.2209){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}99.4\%} \put(345.8077,-417.2209){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}0.6\%} \put(75.9311,-430.7678){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018} \put(142.2677,-430.7678){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}7,407,270} \put(224.689,-430.7678){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}67,512} \put(284.5302,-430.7678){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}99.1\%} \put(345.8077,-430.7678){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}0.9\%} \put(62.0483,-444.3146){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ene-nov 2019} \put(140.2677,-444.3146){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}10,136,087} \put(224.689,-444.3146){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}83,102} \put(284.5302,-444.3146){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}99.2\%} \put(345.8077,-444.3146){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}0.8\%} \put(21.327,-4.011475){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_Fabricio } \put(297.839,-4.011475){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Vásquez; Hilda Muñoz; } \put(376.127,-4.011475){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}W} \put(383.039,-4.011475){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}endy Ortega } \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}134} \put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1\% en la emisión de títulos de renta variable, } \put(204.5146,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siendo este tipo de inversión más riesgo, donde Muñoz } \put(23.8346,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}menciona } \put(64.7046,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(81.1346,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}este } \put(98.6746,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tipo } \put(116.2246,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(127.6546,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}renta } \put(149.6346,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}“dependen } \put(194.3846,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(208.5946,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}resultado } \put(247.2446,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(261.4546,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ejerc} \put(280.8846,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}icio } \put(297.8746,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}económico } \put(343.7446,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(357.9546,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}emisor } \put(387.1646,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(398.5945,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}forma } \put(23.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de dividendos y capital } \put(118.5446,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y no tienen un rendimiento } \put(228.4646,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}conocido al momento de la emisión. El principal } \put(23.8346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}instrumento } \put(74.8146,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}son las acciones } \put(143.8446,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que son títulos } \put(206.7846,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que representan } \put(273.7146,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una participación } \put(346.7546,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la propiedad } \put(413.0046,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(23.8346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}acuerdo al capital aportado” (Muñoz, 2015,p . 20 ) } \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}Finaliza} \put(89.22459,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ndo con lo antes expuesto, quién tiene } \put(254.4946,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un título } \put(293.5546,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de renta variable, } \put(369.6046,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}desconoce el } \put(23.8346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}beneficio } \put(64.4946,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(82.9446,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obtendrá, } \put(124.4346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no } \put(138.4446,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}está } \put(158.0046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}prestando } \put(200.8946,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dinero } \put(230.4546,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(238.9046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cambio } \put(272.3446,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(285.7946,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(304.2446,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(316.5846,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo } \put(328.3746,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}devuelvan, } \put(375.9746,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sino } \put(396.6546,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(415.1046,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comprar } \put(59.4046,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pasa } \put(79.42461,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(86.11461,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ser propietario } \put(146.1446,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(157.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(174.5246,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}parte } \put(196.7646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(208.4546,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(217.9246,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}compañía, } \put(261.5446,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}arriesgando } \put(310.4446,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(322.1346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esta } \put(339.9346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}manera } \put(371.6046,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}su inversión. } \put(23.8346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}En } \put(37.5046,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cambio, } \put(72.0046,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cuando } \put(103.4446,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(116.0046,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inversor } \put(151.3346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}compra } \put(183.8846,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(196.4446,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}título } \put(220.1146,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(232.1146,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}renta } \put(254.6646,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fija } \put(270.0046,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sabe } \put(290.3346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(307.3346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}exactitud } \put(346.5446,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}si } \put(355.7746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(365.5546,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tipo } \put(383.6746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(395.6746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}interés } \put(23.8346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(36.1146,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fijo } \put(53.4046,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}qué } \put(71.7946,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}rendimiento } \put(124.0646,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}va } \put(137.4546,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(145.8446,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obtener } \put(179.7746,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(193.1646,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(207.1146,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}período } \put(241.6146,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(255.0046,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tiempo } \put(286.7246,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fijado } \put(313.4546,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(326.8446,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}antemano, } \put(372.1646,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(384.4446,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}decir } \put(408.3746,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(412.3246,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(23.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}producto seguro siempre } \put(126.5546,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que se mantenga } \put(197.0546,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}hasta su vencimiento } \put(284.7746,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y que la empresa } \put(356.5546,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}emisora } \put(391.1646,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}goce de } \put(23.8346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}buena salud financiera. } \put(23.8346,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}DISCUSIÓN} \put(23.8346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Una de las principales } \put(114.8846,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}consecuen} \put(156.5346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cias de acuerdo } \put(220.6446,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a (Zambrano } \put(274.4946,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Farias et al., 2017) con respecto } \put(404.4046,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a las } \put(23.8346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nuevas } \put(54.3746,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}formas } \put(84.9146,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(97.1246,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiamiento} \put(156.5546,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(159.3246,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}existentes } \put(201.5246,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(221.4946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(235.3746,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}empresas } \put(275.3446,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(287.5546,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador} \put(320.4746,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, } \put(325.7446,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}considerando } \put(381.8246,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(399.0346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}existe } \put(23.8346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}poco } \put(45.4846,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}conocimiento } \put(102.1246,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sobre } \put(125.9946,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}diversas } \put(160.9746,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alternativas } \put(209.2746,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}existentes } \put(250.9246,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(262.5746,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador } \put(298.1046,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(317.5246,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}acceder } \put(350.2646,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(356.9146,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}una } \put(373.5646,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiación } \put(23.8346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}considerando justamente } \put(128.1446,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el escaso desarrollo del Mercado de valores con el que actualmente } \put(414.0746,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(23.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cuenta, adiciona} \put(88.3546,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}l, se establece } \put(144.7346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la limitada } \put(188.8146,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}información existente } \put(277.3246,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre las partes, así como el no deseo } \put(23.8346,-283.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de transparentar por parte de las empresas los estados financieros. } \put(23.8346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(57.00459,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}De } \put(71.42459,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}igual } \put(94.18459,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}forma, } \put(123.3246,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(133.3046,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}analiz} \put(157.1846,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ar } \put(167.7146,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(182.1446,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}montos } \put(214.3546,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bursátiles } \put(255.4346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(272.6346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}respecto } \put(308.7146,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(318.6946,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}PIB (Patricio } \put(374.2046,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}et } \put(384.1846,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al., } \put(399.1646,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2018) } \put(23.8346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}plantea } \put(56.2346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que dichas } \put(103.2846,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variaciones } \put(152.3546,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}responden a que en la } \put(246.6446,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}economía } \put(289.0446,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ecuatoriana, } \put(341.1546,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}constantemente } \put(406.8846,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}está } \put(23.8346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dependiendo } \put(79.08459,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del precio del petróleo, considerando siempre } \put(273.6646,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la situación } \put(325.2946,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de la volatilidad } \put(397.1746,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en los } \put(23.8346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ingresos sobre las exportaciones} \put(154.8346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, este se verá afectado } \put(247.8946,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sea de forma positiva o negativa, } \put(385.7546,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}adicional } \put(23.8346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(33.5946,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}apreciación } \put(82.2146,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(96.9746,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dólar } \put(120.0646,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(137.0446,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}generan } \put(171.2346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(188.2146,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(202.4246,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inversionistas } \put(259.9646,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}busquen } \put(295.8346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}derivados } \put(337.2546,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financieros } \put(383.6746,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cuando } \put(415.0946,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(23.8346,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}precio del petróleo disminuye} \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}Finalme} \put(89.78459,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nte } \put(103.7346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(Rosero, 2010) concuerda } \put(207.5046,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que la } \put(232.6246,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}concentrac} \put(275.9346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ión de valores } \put(332.2246,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}está } \put(349.5046,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dado en la } \put(390.7946,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}emisión } \put(23.8346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(36.3946,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}renta } \put(59.5046,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fija, } \put(77.9046,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siendo } \put(107.1346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}casi } \put(125.8046,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inexistente } \put(172.2446,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(182.5846,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mercado } \put(220.1346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(232.6946,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}renta } \put(255.8046,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variable } \put(291.1246,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(303.6846,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador} \put(336.6046,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, } \put(342.2246,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}adicional } \put(381.9946,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(392.3346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sistema } \put(23.8346,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bancario } \put(61.0346,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(72.1446,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}quien } \put(97.1446,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}realiza } \put(126.5646,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(136.5646,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mayor } \put(164.8946,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cantidad } \put(201.5446,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(213.7646,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}emisiones } \put(256.5446,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(268.7646,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}renta } \put(291.5346,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fija, } \put(309.5946,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}asegurando } \put(357.9146,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(367.9146,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}utilización } \put(412.9046,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(23.8346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dicho mercado como fuente adicional de liquidez. } \put(23.8346,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}CONCLUSIONES } \put(23.8346,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}De acuerdo a lo expuesto } \put(123.6146,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y a los resultados obtenidos en la investigación, } \put(310.5646,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}existe } \put(335.6346,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un vínculo } \put(379.1146,-463.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}importante } \put(23.8346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre el desarrollo del Mercado de valores de un país y sus tasas de crecimiento } \put(353.1746,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}económico } \put(400.1646,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(23.8346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}lo } \put(34.3546,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}reflejan } \put(67.08459,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(81.4946,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}datos, } \put(107.8446,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a } \put(115.0246,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}partir } \put(139.4246,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(154.3846,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}año } \put(171.5646,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2016 } \put(194.3046,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(204.2646,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mercado } \put(242.5446,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(254.7246,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valores } \put(286.3446,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mantuvo } \put(324.0846,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(336.8246,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}nivel } \put(359.5646,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}considerable } \put(412.8446,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(23.8346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}comparación } \put(78.2346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(95.4346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(98.1946,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}años } \put(119.2846,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}anteriore} \put(154.8246,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s } \put(161.4746,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}reflejando } \put(204.2246,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(221.4246,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(231.4046,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}PIB } \put(249.7246,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}evidencie } \put(290.7946,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(303.5546,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crecimiento } \put(353.5146,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(365.7146,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(375.6946,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mercado } \put(412.8846,-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}capitales, } \put(64.6346,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}generando } \put(109.6046,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(122.3646,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}esa } \put(138.4546,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}forma, } \put(168.1546,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mayor } \put(197.0146,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}confianza } \put(238.6446,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(255.2946,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}parte } \put(278.5946,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(291.3546,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los } \put(306.3446,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inversores } \put(350.7646,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(363.5246,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(374.0546,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mercado } \put(412.9046,-511.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(23.8346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}capitales. } \put(64.6646,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Después de } \put(114.6846,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}haber } \put(140.2446,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}investigado } \put(189.6946,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sobre los bonos en } \put(269.7546,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador} \put(302.6746,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, el } \put(319.0946,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}efecto } \put(346.8746,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(364.6646,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ha } \put(377.4546,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}causado } \put(413.0146,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ha } \put(23.8346,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sido positivo } \put(77.0346,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}porque ha ayudado a solventar } \put(199.9746,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(209.3446,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}deuda } \put(235.3746,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pública } \put(266.9646,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y dinamizar } \put(316.2446,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(325.6146,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}economía, } \put(369.1346,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}considerando } \put(23.8346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que para los próximos años el Estado deberá } \put(208.6746,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cancelar } \put(245.0246,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los bonos que fueron emitidos, } \put(373.2746,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siendo estos } \put(23.8346,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}años difíciles, } \put(81.33459,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}porque } \put(111.3346,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tendrán } \put(143.5546,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(160.2246,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}cumplir } \put(193.5646,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sus responsabilidades } \put(281.9046,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}con } \put(298.5746,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los acreedores } \put(357.4546,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(369.1246,-559.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los diferentes } \put(23.8346,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bonos } \put(50.9346,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que están por cumplir su fecha tope de cobro. El Mercado de capitales } \put(343.4246,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}o de valores es una } \put(23.8346,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alternativa } \put(68.3246,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(80.0546,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiamiento } \put(141.7746,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(153.5046,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mercados } \put(194.1146,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}emer} \put(213.9246,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}gentes } \put(241.7646,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}sea } \put(256.8246,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(276.3246,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}empresas } \put(315.8246,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}e } \put(322.5546,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inversionistas } \put(379.8446,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(391.5746,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(403.8646,-583.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}país, } \put(23.8346,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}además podría representar parte esencial de los ingresos del mismo, sin embar} \put(356.1846,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}go, en Ecuador } \put(422.3646,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(422.3646,-595.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(23.8346,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}este } \put(41.7546,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(44.1246,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(46.4946,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mecanismo } \put(94.4046,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(96.7746,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(99.14461,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(110.9546,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiami} \put(153.1746,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ento } \put(172.7646,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no } \put(185.1346,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(195.8346,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}encuentra } \put(237.0646,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}desarrollado } \put(288.8546,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por } \put(304.5546,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}múltiples } \put(344.1446,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}motivos, } \put(381.2446,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}entre } \put(403.5946,-607.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ellos } \put(23.8346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(34.6346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}poca } \put(57.0946,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inserció} \put(88.75459,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}n de } \put(110.3546,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}empresas } \put(151.1446,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(176.9446,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}emisores } \put(216.0746,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(229.0946,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valores. } \put(264.0546,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Las } \put(282.0746,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}empresas } \put(322.8646,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}emisoras } \put(361.9946,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(375.0146,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los sectores } \put(23.8346,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que coti} \put(56.5946,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}zan en el Mercado de valores involucra } \put(222.0046,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el sector comercial } \put(302.4846,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y el industrial } \put(362.4446,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}siendo las más } \put(21,-5.428772){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El mercado de capitales y su impacto en la economía ecuatoriana en el periódo 2001-2019} \put(309.7773,-5.428772){\fontsize{8}{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(413.1024,-652.0034){\fontsize{12}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}135} \put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}significativa, } \put(78.6146,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}formando } \put(120.8846,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un } \put(134.2746,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}papel } \put(159.3246,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crucial } \put(189.9246,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(202.7546,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(213.3646,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}economía, } \put(258.1346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(268.7446,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}poca } \put(291.0146,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}información } \put(343.2846,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que } \put(361.1146,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}se } \put(372.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tiene } \put(395.6646,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}genera } \put(23.8346,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}que muchas empresas no particip} \put(156.1446,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en en emitir } \put(206.0746,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}acciones, } \put(245.3946,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}provocando la } \put(304.6046,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}representación } \put(365.2946,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de un 10\% del } \put(23.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}PIB, lo cual ha ocasionado que las compañías no hayan podido utilizar } \put(309.9146,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}los ahorros privados para su } \put(23.8346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}capitalización. } \put(84.0446,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Finalmente, } \put(133.7246,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el Mercado de valores en Ecuador ha ido incrementando } \put(358.8246,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}paulatinamente, } \put(23.8346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}aunque, } \put(58.1946,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(68.39459,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valor efectivo } \put(127.1046,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}negociado ha crecido, } \put(218.5146,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(228.7146,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}variación } \put(268.8946,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es solo de un 3\% en los últimos } \put(401.6246,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}años, } \put(23.8346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}por lo que, la situación } \put(117.8146,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en el país resulta menos favorable } \put(256.2346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en térm} \put(286.5246,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}inos de desarrollo del Mercado de } \put(23.8346,-103.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}valores según los montos negociados analizados.} \put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}REFERENCIAS BIBLIOGRÁFICAS} \put(23.8346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Arbeláez, } \put(65.03459,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}M. } \put(78.48459,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A., Zuluaga, } \put(131.1946,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}S., Guerra, M. L., \& } \put(215.1646,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(221.2846,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}elasco, } \put(250.8346,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A. (Marzo de 2001). FUNDACIÓN } \put(397.1946,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}P} \put(401.8446,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ARA} \put(422.4146,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(23.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}LA} \put(36.6146,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(38.5246,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}EDUCACIÓN } \put(99.3246,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}SUPERIOR } \put(149.2146,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Y} \put(156.0646,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(157.9746,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}EL} \put(169.8246,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(171.7346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}DESARROLLO } \put(239.7646,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}“FEDESARROLLO”. } \put(330.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Obtenido } \put(369.9646,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(381.3146,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Evolución } \put(23.8346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Reciente } \put(61.2646,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(75.92461,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mercado } \put(113.9046,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(125.7946,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Capita} \put(151.9046,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}les } \put(165.4646,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y } \put(172.9146,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(184.8046,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(198.3546,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}firmas } \put(225.8046,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Comicionistas} \put(283.0346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(285.4846,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(297.3746,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bolsa } \put(322.6046,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(334.4846,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Colombia } \put(376.3746,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1990-2000: } \put(23.8346,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}https://www} \put(75.3846,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.repository} \put(120.5346,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.fedesarrollo.or} \put(185.4446,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}g.co/bitstream/handle/1} \put(284.9846,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1445/1285/Repor\_Marzo\_2001\_} \put(23.8346,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Arbelaez\_et\_al\%20copia.pdf?sequence=3\&isAllowed=y} \put(23.8346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Banco } \put(51.1746,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Central } \put(82.4046,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del Ecuador} \put(129.1846,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. (2002). La } \put(176.7646,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}economía } \put(217.4246,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuatoriana } \put(266.9646,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de 1999. Obtenido } \put(341.4946,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de https://contenido.} \put(23.8346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bce.fin.ec/documentos/PublicacionesNotas/Catalogo/Memoria/1999/cap2.pdf} \put(23.8346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bolsa de } \put(60.7346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(66.85461,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores de Guayaquil. (2019). Sector Público. Guayaquil: } \put(293.5546,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}BVG. Obtenido de https://www} \put(419.9146,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.} \put(23.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}bolsadevaloresguayaquil.com/productos/sectorpublico/SPEne17.pdf} \put(23.8346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Bolsa } \put(49.9446,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(62.53459,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(68.65459,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alore} \put(88.64459,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}s de } \put(108.6346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Quito. } \put(137.2446,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2019). 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Obtenido } \put(381.9146,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(394.6846,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}https://} \put(23.8346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}www} \put(44.8546,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.bolsadequito.com/index.php} \put(23.8346,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Campos, } \put(62.5246,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}M. (2017). Métodos y técnicas } \put(192.3246,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(205.1746,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}investigación } \put(261.9046,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}acad} \put(280.2246,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}émica. } \put(310.0046,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Costa } \put(336.1946,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Rica: } \put(360.7046,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Universidad } \put(412.9946,-331.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(23.8346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Costa Rica. Obtenido de http://repositorio.ucr} \put(221.8846,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.ac.cr/bitstream/handle/10669/76783/Campos\%20} \put(23.8346,-355.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ocampo\%2C\%20Melvin.\%202017.\%20M\%C3\%A9todos\%20de\%20Investigaci\%C3\%B3n\%20} \put(23.8346,-367.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}acad\%C3\%A9mica.\%20\%28versi\%C3\%B3n\%201.1\%29.\%20Sede\%20de\%20Occidente\%2C\%20} \put(23.8346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}UCR.pdf?sequence=1\&isAllowed=y} \put(23.8346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Echeverri, } \put(67.4346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}M., Sierra, J. P} \put(125.2446,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}., \& } \put(141.9346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Aguilar} \put(172.0846,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, J. M. (2015). 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(2009). } \put(108.5346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Fundamentos } \put(164.4346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(175.8846,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}investigación } \put(231.2146,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(Décima } \put(267.6446,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}edición } \put(299.0846,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ed.). } \put(318.8646,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(E. } \put(332.8146,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}P} \put(337.2746,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. } \put(341.7846,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Rosas, Ed.) } \put(389.1346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}México: } \put(23.8346,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Pearson Educac} \put(89.28459,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ión de México, S.A. } \put(179.7746,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de C.V} \put(208.6846,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. Obtenido de https://www} \put(319.7246,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.uv} \put(331.5846,-487.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.mx/personal/clelanda/} \put(23.8346,-499.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}files/2016/03/Gitman-y-Joehnk-2009-Fundamentos-de-inversiones.pdf} \put(23.8346,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Instituto Nacional de Estadística} \put(152.2546,-523.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} y Censo. (2019). Instituto Nacional de Censos y Estadísticas. Quito. } \put(23.8346,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Obtenido de https://www} \put(141.1546,-535.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.ecuadorencifras.gob.ec/cerca-de-900-mil-empresas-se-registraron-en-} \put(23.8346,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ecuador} \put(55.2846,-547.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}-en-2018/} \put(23.8346,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ministerio } \put(67.3746,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de Economía } \put(121.0946,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y Finanzas. } \put(167.8846,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(28 de enero } \put(218.4746,-571.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de 2019). 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J. (1} \put(123.0346,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1 de Junio de 2014). Bonos Financieros } \put(295.9646,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}focalizados } \put(345.6846,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en los Bullet } \put(403.8146,-619.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y en } \put(23.8346,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}America. } \put(64.8846,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}CIENCIAS UNEMI, 72-80. Obtenido } \put(225.7946,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de CIENCIA} \put(279.3546,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} UNEMI: https://doi.or} \put(374.3646,-631.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}g/10.29076/} \put(21.2915,-5.428772){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_Fabricio } \put(297.8035,-5.428772){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Vásquez; Hilda Muñoz; } \put(376.0915,-5.428772){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}W} \put(383.0035,-5.428772){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}endy Ortega } \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}136} \put(23.8346,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}issn.2528-7737vol7iss1} \put(118.1946,-31.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1.2014pp72-80p} \put(23.8346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Muñoz, M. M. (2015). } \put(118.3346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ANÁLISIS DE LA} \put(196.1346,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} IMPOR} \put(230.2846,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}T} \put(235.5946,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ANCIA} \put(266.7146,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} DEL} \put(288.8546,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} MERCADO DE } \put(361.2146,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(367.1546,-55.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ALORES EN } \put(23.8346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}EL} \put(35.6846,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} ECUADOR } \put(89.61459,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Y} \put(96.47459,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} LA} \put(112.2346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} NECESIDAD } \put(174.8546,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}DE DIFUSION } \put(240.8146,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}DE CUL} \put(276.2146,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}TURA} \put(302.8946,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} BURSA} \put(338.1146,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}TIL. 30. Recuperado } \put(23.8346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el 16 de diciemb} \put(90.36459,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}re de 2019, de http://repositorio.ucsg.edu.ec/bitstream/3317/5880/1/T} \put(367.3746,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}-UCSG-PRE-} \put(23.8346,-91.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ESP-CFI-225.pdf} \put(23.8346,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Patricio, } \put(60.8446,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}J., Silva, C., Lilibeth, } \put(152.2246,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}K., \& } \put(178.4746,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A} \put(184.9546,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}veiga, } \put(212.5146,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}S. (2018). Mercado } \put(295.4746,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de valores } \put(340.5946,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y su contribución } \put(415.2246,-115.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}al } \put(23.8346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}crecimiento } \put(73.6646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(85.7346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}la } \put(95.58459,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}economía } \put(137.0846,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ecua} \put(155.4046,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}toriana. } \put(188.2946,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Revista } \put(220.7446,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(226.8646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}enezolana } \put(269.4646,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(281.5346,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Gerencia, } \put(322.7446,-127.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}23(83), 563–578. https://} \put(23.8346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}doi.or} \put(47.2646,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}g/10.31876/revista.v23i83.24480} \put(23.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Perez, } \put(51.9246,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}M. O., Rivera, } \put(114.8346,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}H. } \put(127.3846,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A., \& Solis, G. L. (1} \put(213.0846,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}1 de 06 de 2015). } \put(289.1446,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Análisis } \put(325.3046,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del } \put(340.9046,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Mercado } \put(379.8246,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(392.4646,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(398.5846,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores } \put(23.8346,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuatoriano } \put(74.8046,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como fuente de inversión para las PyMES / } \put(251.5446,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Analysis of Ecuadorian } \put(348.3646,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}market } \put(378.7846,-175.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}values as a } \put(23.8346,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}source of investments } \put(115.4946,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}for small} \put(151.9746,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} and medium-sized } \put(232.5146,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}businesses. CIENCIA} \put(320.3846,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} UNEMI, 8. Obtenido } \put(412.9746,-187.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(23.8346,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}https://doi.or} \put(75.0546,-199.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}g/10.29076/issn.2528-7737vol8iss13.2015pp8-15p} \put(23.8346,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Prado, P} \put(56.22459,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. S. (14 de Marzo de 2014). } \put(165.0746,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Alternativas } \put(216.0546,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}De Financiamiento } \put(294.1246,-223.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}¿Por Qué No Funciona La Bolsa } \put(23.8346,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}De } \put(37.9946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(44.1146,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores } \put(70.6746,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(82.7946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(92.6946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador } \put(128.6946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}? } \put(135.8146,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Período } \put(169.6046,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2007 } \put(192.2846,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}- } \put(198.2946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}2012. } \put(223.4746,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Obtenido } \put(263.3746,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(275.4946,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Universidad } \put(327.0546,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Católica } \put(363.0546,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(375.1746,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Santiago } \put(412.8546,-235.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(23.8346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Guayaquil } \put(67.8846,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Facultad } \put(104.7046,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(116.5346,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ciencias } \put(153.3546,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Económicas } \put(204.2446,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Y} \put(211.1046,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(212.9446,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Administrativas, } \put(281.7146,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Carrera: } \put(316.8546,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Economía } \put(359.7845,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}.Memorias } \put(405.2245,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(23.8346,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}obtener el } \put(70.5246,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Título de Economista.: } \put(171.4046,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}http://repositorio.ucsg.edu.ec/bitstream/3317/1432/1/T} \put(389.0646,-259.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}-UCSG-} \put(23.8346,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}PRE-ECO-CECO-13.pdf} \put(23.8346,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Rosero, L. (2010). El desarrollo} \put(152.1946,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} del mercado de valores en el Ecuador: una aproximación. } \put(389.0546,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador } \put(23.8346,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Debate, } \put(57.1546,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}80, 23–34. } \put(102.1546,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}http://repositorio.flacsoandes.edu.ec/bitstream/10469/3490/1/RFLACSO-ED80-} \put(23.8346,-319.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}02-Rosero.pdf} \put(23.8346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}SFV} \put(40.8946,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. (2018). Bonos del Estado Ecuatoriano. } \put(201.3346,-343.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Obtenido de Santa Fe casa de valores S.A: https://www} \put(419.8846,-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}santafevalores.com/index.php/bonos-del-estado-ecuatoriano} \put(23.8346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Superitendencia } \put(90.9946,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de Compañias, } \put(153.2146,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(159.3346,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores y Seguros. } \put(231.1246,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2019). Superitendencia } \put(330.1746,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de Compañias, } \put(392.3946,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(398.5146,-379.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores } \put(23.8346,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}y Seguros. Recuperado el 10 de 12 de 2019, de Intendencia } \put(260.4246,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Nacional } \put(298.7446,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de Mercado de } \put(359.6446,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(365.7646,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores: } \put(394.6446,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}https://} \put(23.8346,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}portal.supercias.gob.ec/wps/portal/Inicio/Inicio/MercadoV} \put(257.3746,-403.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}alores} \put(23.8346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Zambrano } \put(67.25459,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Farias, F} \put(101.2846,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. J., Martinez} \put(153.4146,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Mayor} \put(182.2146,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ga, R. X., Balladares } \put(267.0346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ponguillo, K. } \put(322.2546,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A., \& Molina } \put(377.9246,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}V} \put(384.5546,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}illacis, } \put(413.2646,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}C. } \put(23.8346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}J. } \put(33.2646,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2017). } \put(65.4646,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El } \put(77.3846,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}mercado } \put(114.8446,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(127.3246,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}capital} \put(153.9746,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}es } \put(165.3446,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como } \put(190.5946,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}fuente } \put(218.6146,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de } \put(231.0946,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}financiamiento } \put(293.5646,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}para } \put(313.8046,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}las } \put(327.9546,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}PYMES } \put(364.3346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}en } \put(376.8146,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el } \put(387.0646,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador} \put(419.8346,-439.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}. } \put(23.8346,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}INNOV} \put(54.7646,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A} \put(61.4346,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Research Journal, 2(3), 130–149. https://doi.or} \put(250.3946,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}g/10.33890/innova.v2.n3.2017.87} \put(23.8346,-475.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} } \put(21.0354,-5.901184){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}El mercado de capitales y su impacto en la economía ecuatoriana en el periódo 2001-2019} \put(309.8128,-5.901184){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_} \end{picture} \end{document}