Pecunia

Después del inicio de la crisis financiera, la cotización en bolsa de las principales entidades financieras españolas se vio enormemente reducida y se ha mantenido en niveles bajos desde entonces. Con el objetivo de determinar si el valor en bolsa se corresponde con el valor intrínseco, se aplican los modelos de descuento de dividendos y descuento de resultados anormales, y se estima el coste de capital según las circunstancias de cada entidad. Teniendo en cuenta los factores macroeconómicos y sectoriales más relevantes que inciden sobre el valor de estas entidades, los resultados indican que cinco de los seis bancos cotizarían ligeramente por debajo del valor estimado y uno de ellos ligeramente por encima. En cuanto a los costes de capital, nuestros resultados indican que se ven afectados de forma notable por el negocio internacional de las entidades.After the financial crisis started, the market values of the main Spanish financial institutions suffered a sharp cut and their shares have traded at really low levels since then. Trying to determine whether their price corresponds to their intrinsic value, a valuation of these firms is done by applying the dividend discount model and the residual income model. A cost of capital for each institution is also estimated. Taking into account the most relevant macroeconomic and industrial factors affecting the banks’ value, our results indicate that five out of six banks would be slightly undervalued, and the other one is slightly overvalued. Concerning the cost of capital, our results suggest that it is markedly affected by the internationalization of the firms.

La inexistencia de entidades bancarias en las que depositar los caudales particulares hacía preciso, en el Antiguo Régimen, y más, en concreto, en el siglo XVIII, solucionar tal problemática de la mejor manera posible. El burgalés del Setecientos se las ingeniaba para proteger el dinero en efectivo atesorado merced a su ocultación en el interior del mobiliario contenedor disponible en el interior de las viviendas. En los inventarios de bienes más exquisitos nos adentramos, además, en las estancias en las que se encontraban ubicados dichos muebles. Sus “secretos” eran, en la práctica, cajas de caudales habilitadas en las entrañas del mobiliario contenedor. En el Burgos del Setecientos aparece dinero en efectivo en el 49.2% de los inventarios recopilados. En el 27.2% de ellos disponemos del lugar en que era protegido de miradas indeseables.The inexistence of banking entities to deposit the particular flows made necessary, in the Old Regime, and more specifically, in the Eighteenth century, to find a suitable solution. In this period, the Burgos civilians managed to protect the treasured cash by hiding it inside secret containers in the furniture of the houses. In the most exquisite inventories of goods, the rooms where this furniture were located are also shown. Their "secrets" were, in practice, cash boxes enabled in the bowels of the container furniture. In the Burgos of the Eighteenth Century, cash appears in 49.2% of the inventories collected. In 27.2% of them, the place where it was protected from undesirable looks is exposed

Despedida del Dr. José Luis Placer Galán como director de la revista

Multifaceted intellectual and expert in economics and statistics, Riccardo Bachi was able to understand, in real-time, the long-term implications arising in Italy as a result of involvement in the war. A essential objective of this paper meant to explore some methodological aspects of Bachi’s analysis, i.e. his economic indexes, barometers, thermometers and generally his predictive economic statistics. The comparative statistical method together with the historical-economic approach, make the study of this economist very interesting for the scientific community interested in this historical period, even considering that he developed his research when the statistical sources were not yet available. The last but not the least, the post-war activities of Bachi in commenting on the economic and political consequences of the conflict, would have anticipated, surprisingly, the thought of J.M. Keynes.Multifacético intelectual y experto en economía y estadística, Riccardo Bachi fue capaz de comprender, en tiempo real, las implicaciones a largo plazo que surgen en Italia como resultado de su participación en la guerra. Un objetivo esencial de este trabajo era explorar algunos aspectos metodológicos del análisis de Bachi, es decir, sus índices económicos, barómetros, termómetros y, en general, sus estadísticas económicas predictivas. El método estadístico comparativo, junto con el enfoque histórico-económico, hacen que el estudio de este economista sea muy interesante para la comunidad científica interesada en este período histórico, aun considerando que desarrolló su investigación cuando las fuentes estadísticas aún no estaban disponibles. Por último, pero no menos importante, podemos destacar la actividad de Bachi posterior a la guerra, comentando las consecuencias económicas y políticas del conflicto, con lo que, sorprendentemente, se habría anticipado al pensamiento de J.M. Keynes.

L’emigrazione italiana verso il continente americano ha rappresentato un fenomeno dell’età contemporanea di ingenti dimensioni: la grandissima comunità italiana negli Stati Uniti è stata oggetto di numerosi approfondimenti storiografici, letterari, cinematografici, oltre a costituire ormai parte integrante della storia, dell’economia e, in genere, della società americana.Tuttavia, una parte degli emigranti scelse differenti mete: l’America Latina, il Canada. Questo articolo si sofferma sulla nascita e l’integrazione nell’economia canadese della prima comunità italiana −a inizio ‘900− che avrebbe costituito la base per flussi migratori successivi più cospicui, nel secondo dopoguerra.La ricerca, di taglio storico-economico, mette in luce soprattutto l’aspetto finanziario della vicenda, e presenta un’analisi dettagliata –basata sulla documentazione del Servizio Emigrati dell’Archivio Storico del Banco di Napoli– del servizio di raccolta e spedizione in patria delle rimesse degli emigrati da parte delle banche canadesi incaricate: un fenomeno che andò incrementandosi con la crescita della comunità italo-canadese.The Italian emigration to America was a phenomenon of huge dimensions of the contemporary age: the large Italian community in the US has been the subject of numerous insights historiographical, literary, film, besides being now an integral part of the history, of the economy and, in general, of the American society.However, part of the emigrants chose different destinations: Latin America, Canada. This article focuses on the birth and the integration in the Canadian economy of the first Italian community −at the beginning of '900− which would have formed the basis for increased levels of migratory flows, after World War II.The research, historical-economic cutting, highlights especially the financial aspect of the story, and presents a detailed analysis −based on the documentation of the Migrant Service of the Historical Archive of the Banco di Napoli− about the collection and delivery at home of remittances from the Canadian banks responsible: a phenomenon that incremented with the growth of the Italian-Canadian community.