Archive for Chile

¿Bajó la pobreza 8 puntos en el primer año de García? (4-IV-08)

Posted in Año 2008 with tags , , , , , , , , , , on June 24, 2009 by Farid Matuk

Ministro Carranza pronostica 42% de pobreza para 2007

 “En América solo Chile tenía el Grado de Inversión, ahora somos dos los países, con lo que garantizaremos un mayor atractivo para la inversión y para generar más empleo, lo que llevará a cumplir con la reducción de la pobreza, que para el 2007 bajó al 42% o un poco por debajo. Nosotros la encontramos en 50%”, acotó (el ministro Carranza)[1].

En Julio 2006, el entonces congresista electo y hoy Ministro del Interior, Luís Alva Castro señalo que una pobreza de 48% para 2006 era una manipulación “grosera” de las cifras[2]. En Julio 2007, los expertos contratados por el gobierno encontraron que sin la manipulación grosera, la pobreza era 44%. 

De esta manera, la reducción de la pobreza en los cinco años –de la administración Toledo- que corren del 2001 a 2006 no serían los seis puntos que significa reducirla de 54% a 48% tal como los resultados del Censo Continuo del 2006 determinaban, sino una fabulosa reducción de diez puntos. 

En realidad, el reporte de los técnicos tenía como intención mostrar que la reducción de la pobreza entre 2005 y 2006 había sido cuatro puntos en el primer año de la administración García, pero en Julio del año pasado el engaño no funcionó porque como lo dijo el ex Ministro de Trabajo Villarán, el 2006 corresponde a la administración anterior y no a la actual.[3] 

Pero ahora tenemos que el Ministro Carranza nos dice que encontró la pobreza al 50% cuando el estudio de los técnicos de la presente administración señala que fue 44% el 2006. Pero en el Marco Macroeconómico Multianual 2008-2010 las tablas de pobreza han sido omitidas, mientras que el Marco Macroeconómico Multianual 2007-2009[4] se encuentra 50% de pobreza para 2005 con las cifras repudiadas por el Ministro del Interior. 

El Ministro Carranza anuncia que la pobreza bajará 8 puntos en el primer año de su gestión, y para ello altera la realidad diciendo que la pobreza era 50% en el inicio de su gestión, cuando en realidad el 50% corresponde al 2005 con una metodología rigurosa, y no complaciente como la presente. 






Cointegration, Dependency and Manufacturing (24-IV-09)

Posted in 04 - Abril, Año 2009 with tags , , , , , , , , , , , , , , , , , , , , , , , , , , on April 24, 2009 by Farid Matuk

Chile - USA (1981-2008)

Chile - USA (1981-2008)

Peru - USA (1981 - 2008)

Peru - USA (1981 - 2008)

These graphs show –for a naked eye- a similar cycle over time, besides differences on timing and amplitude, there is a similar number of boom and boost processes. A first question to analyze is the existence of cointegration between those series, and if the answer is affirmative to evaluate the dependency of some from one.


Cointegration concept comes from econometrics and it is related to time series which evolve over time in a similar pattern, cointegration does not imply causality between the variables analyzed, it implies a similar concept of parallel lines in geometry.


On the other side dependency theory in economics, implies the existence of a center and a periphery, equivalent to solar system in astronomy, the planets does not have exact orbits, but they are not comets drifting on the outer space. The dependency concept tells of an economy that is the center for periphery economies, which essentially are tied up to the evolution of the center.


This note founds that Chile and Peru manufacturing sector are periphery economic activities to the USA industrial sector on the long run, obviously in the short run a periphery sector may drift away, but sooner or later return to its orbit. A simulation is run from August 2006 up to December 2008, when Peru has a new presidential tenure in July 28th 2006, which shows a Peru industrial sector drifting-up, and then a forecast is made to evaluate how much economic contraction will face Peru to be back on track.


The monthly series are taken from International Monetary Fund’s International Financial Statistics Compact Disk disseminated March 2009. Only series from Chile and Peru are chosen from South America due lack of availability for other countries, only USA series will be taken from 24 advanced economies (IMF lingo), as center country. The series start in January 1979 because Peru is the constraint, until December 2008 because is most recent available data from USA. The codes are […66EY.ZF…] for Chile and Peru, and […66…ZF…] for USA; which is available here.


A first step is taking logarithm of each series, then to evaluate the existence of unit root for each one, which is accepted. A cointegration test between Chile, Peru and USA is rejected with zero lags, but a loop from 1 to 60 lags is run to find 12 lags (a calendar year) as appropriate to accept cointegration between the analyzed variables. The evaluation is constraint until July 2006, since Peru has a new presidential tenure since August 2006.


Two approaches were tried to model the dependency of Peru and Chile to USA. The unsuccessful one was an Error Correction Model (ECM) which shows a strong equilibrium relationship between Peru and Chile, but the equilibrium error component was nil for Chile equation and strong for Peru; but in any circumstance was possible to reject a null hypothesis for USA inclusion in the equilibrium relationship or in the equilibrium error.


The second and successful approach was a Vector Autoregressive (VAR) model with USA as exogenous component. The lag period was 12, since this length was found as adequate on the cointegration analysis described above. The computer code in RATS is here, and the output results are here.


The first null hypothesis tested for no relation between Chile and Peru is rejected for each equation and therefore the naked eye observation was correct. A second set of null hypothesis for each USA coefficient being zero in both equations is carried out, to find them rejected and to conclude that USA industrial sector has influence on Chile and Peru manufacturing sector, in the impact multipliers. A third set of null hypothesis for equilibrium multipliers of USA being zero is carried out, to find them accepted; this unexpected outcome is interpreted as neutrality on the long run of the level of USA industrial activity for Chile and Peru manufacturing sectors, only if USA variable become constant which never have been observed. A fourth set of null hypothesis for equilibrium unitary elasticity between Chile and Peru is carried out, to find them rejected; this outcome allows concluding that USA individual shocks in Chile and Peru become permanent for the level of manufacturing activity.


Those four sets of null hypothesis are re-run with a Seemly Unrelated Regression (SUR) model with similar specification in order to evaluate cross equation restrictions. The previous four null hypotheses are evaluated and similar conclusions are obtained. The fifth null hypothesis of USA impact coefficients with similar values vis-à-vis for Chile and Peru is carried out, to find them rejected; this outcome allows concluding differentiated short run impact between Chile and Peru, nevertheless for both countries the equilibrium multiplier for USA is zero. Finally, a sixth null hypothesis for null intercept in Chile and Peru is carried out and accepted; this outcome allows to conclude that long run average level of manufacturing in Chile and Peru is the long run multiplier of Peru and Chile –respectively- multiply by the average level of industrial activity in USA.


The third and sixth null hypotheses are imposed in a new estimation on the SUR model in order to produce a forecast outside the boundaries of the estimation, which are January 1979 and July 2006. The forecast values are plotted in graphs for Chile and Peru showing an interesting feature which differentiates Chile and Peru; while Chile forecast values are close to observed values, Peru forecast values are systematically below observed values.


A first econometric conclusion is the existence of cointegration between Chile, Peru, and USA. A second econometric conclusion is the dependency of Chile and Peru with USA which is coherent with the economic dependency theory. A third conclusion is Chile manufacturing sector is on track, and its contraction will mirror USA industrial contraction. A fourth conclusion is Peru manufacturing sector is off track, and its contraction will be more than proportional to USA industrial contraction.



Chile Forecast (August 2006 - December 2008)

Chile Forecast (August 2006 - December 2008)

Peru Forecast (August 2006 - December 2008)

Peru Forecast (August 2006 - December 2008)

Chile and Peru gap between observed and forecast values

Chile and Peru gap between observed and forecast values

20090317 – Peru economy slows, growing by 3.1 pct in January

Posted in 3 Cables with tags , , , , , , , , , , , , , , , on March 19, 2009 by Farid Matuk

Peru’s boom sputtering? Economic growth slows to 3.1 pct in January
Associated Press Writer

LIMA, Peru (AP) _ Peru posted its lowest economic growth rate in years on Monday, saying it expanded by just 3.1 percent year-to-year in January amid signs that a three-year economic boom fueled by soaring metals prices could be sputtering.

The Andean nation’s economy grew by 9.8 percent last year, faster than China’s, but has slowed as the global financial crisis drives down prices and demand for its main mineral exports.

Peru’s statistics institute reported Monday that the economy grew by 3.1 percent in January over the same period a year earlier, the lowest monthly rate of President Alan Garcia’s term, which began in 2006.

 The report said exports fell 38.6 percent in January over the same period the year before.

The government is projecting 5 percent growth in 2009, which would be one of the highest in the world amid the global downturn. But analysts are already questioning the figure.

The government is implementing a $3 billion anti-crisis package aimed at infrastructure and public works to combat the effects of falling export prices.

The former head of the statistics institute, Farid Matuk, says the formal growth figure only represents reality for Peru’s upper crust. Despite soaring commodity prices that prompted growth rates of 8 percent in 2006, 8.9 percent in 2007 and 9.8 percent in 2008, job growth in Peru as a whole was stagnant, Matuk said.

Monday’s report said that overall employment from December 2008 through February 2009 fell by 0.7 percent in metropolitan Lima compared to the same period the year before, although it said that formal sector employment grew by 5.1 percent.

Matuk said statistics institute figures show that the number of employed Peruvians in metropolitan Lima who lack a college education has actually fallen by 3 percent since February 2007.

“In the past two years there have not been substantial improvements in household living standards and employment is basically stagnant because growth has been based on raw materials” like mining and other non-labor intensive industries, Matuk told the Associated Press.

We are in the same boat (17-III-09)

Posted in 03 - Marzo, Año 2009 with tags , , , , , , , , , , , , , , , , on March 17, 2009 by Farid Matuk

In July 2007, I did a series of graphs with quarterly data that I copy below with IFS compact disk from International Monetary Fund, in order to find how syncronizated was Peru and the countries around it with the industrialized countries.

The spreadsheet is here, the tab called “Data” contains all numbers for the graph, and the numbers above the red line are taken from IMF compact disk with no modification, column F contains IMF codes for each variable.

Besides obvious lags, the syncronization is evident and only differences are due to national policies of how to face boom and bust cycles. The most pathetic example is Peru with Garcia’s first term where the policy was against the tide, and economic failure established a regional record.

Colombia - Peru (Manufacturing Production)

Colombia - Peru (Manufacturing Production)

In this graph is possible to see how maximum and minimum values through the cycle are in sync between Colombia and Peru for manufacturing production.

Chile - Peru (Manufacturing Production)

Chile - Peru (Manufacturing Production)

In this graph is possible to see how maximum and minimum values through the cycle are in sync between Chile and Peru for manufacturing production.

Just a Coincidence?

Next three graphs show the relation of Colombia, Chile, and Peru manufacturing production index with the IMF’s Advanced Economies industrial production index.

Advanced Economies - Colombia (Manufacturing Production)

Advanced Economies - Colombia (Manufacturing Production)

Advanced Economies - Chile (Manufacturing Production)

Advanced Economies - Chile (Manufacturing Production)

Advanced Economies - Peru (Manufacturing Production)

Advanced Economies - Peru (Manufacturing Production)

In the graphs for Colombia and Chile, for early 90s there is breakdown in the relation between both countries and the Advanced Economies, an explanation for this could be find in graph below that shows a similar gap between USA and the Advanced Economies. Therefore Colombia and Chile are more in sync with USA than with the Advanced Economies.

Advanced Economies - USA (Manufacturing Production)

Advanced Economies - USA (Manufacturing Production)

Finally, in Peru graph is possible to see how Garcia in his first term (1985-1990) had two all time records, one for maximum manufacturing production with a peak of 8% in the beginning of his tenure and other for minimum manufacturing production with a trough of -10% at the end of his tenure.

And now again, Garcia likes to sail against the tide and for sure as before Peru will sink at unthinkable degree, due to Garcia manic need to negate external reality.

Fri Jul 25, 2003 1:16 am

Posted in 2003-07 Julio with tags , , , , , , , , , on February 21, 2009 by Farid Matuk

¿Corta Duración?

El día de ayer Gestión reseño una intervención de Lucho Carranza
con el siguiente título “Actual ciclo económico sería de corta
duración”. De acuerdo a la definición de ciclo planteada en mensajes
anteriores, la fase expansiva ya terminó.

Cabe señalar que el último ciclo expansivo duró 19 meses, y los
dos previos 17 y 12 respectivamente. Respecto al problema de la
volatilidad, los últimos años no muestran “(una volatilidad) tres
veces la de Chile.”

Si se observan los gráficos de Manufactura y Exportaciones
comparados para Perú y Chile, la volatilidad se concentra en los
80s. En todo caso como sugiere Lalo Morón se pueda hacer unos GARCH
para Perú y Chile y ver los resultados.

Farid Matuk

20090129 – Tasa poblacional disminuyó por la economía y la salud

Posted in RPP with tags , , , , , , , , , , , , , on January 30, 2009 by Farid Matuk


 La tasa poblacional en el Perú, disminuyó en los últimos años a causa de la economía y la salud, manifestó el ex jefe del Instituto Nacional de Estadística e Informática, Farid Matuk, en comunicación desde Irak, para Radio Capital 96.7, Tu Opinión Importa.

A nivel de Sudamérica, refirió que la tasa de crecimiento poblacional  del Perú es más alta que la de Chile pero más baja que la de Bolivia.      

Matuk señaló que el problema central radica en los niveles de ingreso y el acceso a la salud. Las familias prefieren tener menos hijos porque hay emergencias más inmediatas como la alimentación, el vestido y el transporte.

Thu Apr 24, 2003 1:18 am

Posted in 2003-04 Abril with tags , , , , , , , , , , , , , , , on January 28, 2009 by Farid Matuk

Falso Rezago

            En el archivo IMF_0902 se encuentra en la pestaña “Paridad” un cuadro comparado de las brechas entre Peru y Chile, estas son 79% en 1960, 66% en 1970, y 87% en 1996. En este caso se tiene la misma canasta de bienes y servicios en ambos servicios, y se halla que Perú luego de reducir la brecha en 1970, la brecha se amplia en 1996.

             En la pestaña “PBIpc US$” se hace otra comparación entre Perú y Chile usando dólares nominales per cápita, a fin de evitar las altas variaciones del tipo de cambio se ha establecido promedios móviles decenales. Aqui se observa como la brecha se estuvo reduciendo sistemáticamente hasta 1988, y desde esa fecha la brecha se ha venido ampliando. Este resultado es coincidente con los estudios de paridad del párrafo anterior.

             En la pestaña “PBIpc Real” se hace nuevamente la comparación entre Perú y Chile. En este caso es el PBI real de cada país, es decir, la canasta es la misma al interior de cada país. Forzando una base 100 para la década del ’60, el resultado para el Perú es 15% de crecimiento luego de 40 años, mientras que para Chile es un crecimiento de 70%. Lo cual esta en contradicción con las dos pestañas anteriores.

             La conclusión es que existe una sistemática subestimación del crecimiento del PBI real por el uso de deflatores explícitos para el sector servicios ante la carencia de índices de volumen para dicho sector.

            El problema tambien puede ser visto de otra manera. Para el año base 1994 tal como esta publicado el consumo final de hogares es 71.3 miles de millones de soles, mientras el consumo intermedio de las industrias es 73.2 miles de millones de soles. Pero mientras para el consumo final se muestrean 70,000 precios al mes, para el consumo intermedio se muestrean 5,000 precios al mes. Es decir 14 veces menos para dos variables de prácticamente similar tamaño.

             Este hecho hace que el Valor Bruto de Producción sea deflatado sobre una base muy frágil, y dada la metodología hallada en el Instituto se produzca una subestimación sistemática del PBI, aunque otra metodología igualmente frágil hubiera podido producir un resultado inverso.

             En el archivo PBI_Movil, se tienen series largas mensuales con la base 1994 de todos los sectores del denominado PBI Mensual. Se han construido dos índices sintéticos, uno con aquellos sectores que cuentan con información de campo, y otro con aquellos sectores con elaboración de gabinete.

             Me he abstenido de hacer ejercicios de cointegración porque no me encuentro familiarizado con las últimas técnicas, pero sería interesante hallar el resultado. El panorama mundial es que el sector servicios crece mas rápido que el sector bienes y por lo tanto la hipótesis nula de cointegración debiera rechazarse.

             En la ventana de datos con la que contamos se produce un efecto difícil de esclarecer, en el sentido que la llamada primarización de la economía en los años recientes, popularmente llamado “Efecto Antamina”, es pasible de ser medida. Mientras que el neologismo del “supermercadismo”, usado en el contexto de nuevos centros comerciales tales como el de Los Olivos o de nuevas tiendas de departamentos en provincia tales como la de Arequipa, no es pasible de ser medido.

La conclusión es que mientras tenemos información de campo de las áreas mas tradicionales de la economía, carecemos de información de campo para las áreas mas dinámicas de la economía.