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\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 }
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\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 }
\put(230.6446,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
\put(242.1546,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Ecuador}
\put(275.0746,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, }
\put(281.8746,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}ha }
\put(295.6146,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}tenido }
\put(324.9046,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}como }
\put(351.4146,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}características }
\put(412.3346,-67.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}no }
\put(23.8346,-79.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}presentar }
\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 }
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\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 }
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\put(76.5246,-271.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}pues tanto }
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\put(341.8946,-391.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, 2018).}
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\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)}
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\put(56.7546,-451.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}, 2002, p. 1)}
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\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. }
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\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 }
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\put(130.7046,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}(2010), }
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\put(310.9146,-163.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}10,75\%,  siendo }
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\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)}
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\put(117.1264,-271.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 1. Emisor}
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\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}
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\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 }
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\put(102.855,-151.9493){\fontsize{8}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}abla 3. Negociaciones Bursátiles por}
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\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 }
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\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 }
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\put(280.8846,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}icio }
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\put(343.7446,-43.94928){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}del }
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\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 }
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\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 }
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\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 }
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\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 }
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\put(23.8346,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}En }
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\put(183.8846,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un }
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\put(220.1146,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
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\put(355.7746,-139.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}el }
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\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 }
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\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 }
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\put(193.1646,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}un }
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\put(241.6146,-151.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
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\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} }
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\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 }
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\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 }
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\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 }
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\put(317.5246,-247.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}acceder }
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\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. }
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\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 }
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\put(133.3046,-307.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}analiz}
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\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 }
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\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 }
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\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 }
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\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). Emisores }
\put(210.2846,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}a Nivel }
\put(243.6046,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Nacional.}
\put(282.2046,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426} Quito: }
\put(314.4246,-295.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}BVQ. 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). Operación Bursátil en el Mercado de Renta Fija. }
\put(23.8346,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Book }
\put(49.3846,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Publishing }
\put(96.0546,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Co, }
\put(114.1046,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}LLC. }
\put(139.3746,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}Obtenido }
\put(180.4746,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}de }
\put(193.7946,-415.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}https://books.google.es/books?hl=es\&lr=\&id=NGzdBgA}
\put(23.8346,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}AQBAJ\&oi=fnd\&}
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\put(118.9846,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}A7\&}
\put(139.0446,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}dq=re}
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\put(221.3946,-427.9493){\fontsize{10}{1}\usefont{T1}{cmr}{m}{n}\selectfont\color{color_63426}+bol}
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\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 }
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\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}
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\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 }
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\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 }
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\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}
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\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}
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