El riesgo de mercado y su incidencia en los portafolios de inversión de las economías domésticas, caso adquisición de vivienda y activos financieros

Abstract

El propósito de la tesis es abordar el problema del riesgo de mercado y su incidencia en el portafolio de inversión (incluyendo la tenencia de vivienda) de las economías domésticas, analizando su relación con el comportamiento de los Hogares frente al riesgo, desde el punto de vista del ingreso y la edad del jefe del Hogar. Se establecieron las posibles vinculaciones que pueden existir entre el nivel microeconómico (aversión al riesgo) que motivan las decisiones de los inversores y el nivel macroeconómico (riesgo de mercado) que determinan el comportamiento de los mercados, donde se encontró que existe una relación directa entre la aversión al riesgo y una menor volatilidad en el precio de los activos financieros Para tal efecto, se utilizó el método de media varianza para calcular la participación óptima de los activos que conforman sus portafolios de inversión y la rentabilidad de tener vivienda propia, y ésta se determinó a partir del flujo neto de la casa, el cual se definió como la diferencia entre el ingreso que genera el alquiler de la vivienda y el pago de la cuota hipotecaria, y que no había sido considerado bajo esta perspectiva. La aversión al riesgo y el riesgo de mercado si son factores que inciden sustancialmente en la toma de decisiones de los agentes al momento de conformar los portafolios de inversión, especialmente en la última década, cuando el sistema financiero ha ofrecido otras alternativas de inversión, pero que siguen siendo desconocidas para muchas personas / Abstrat. The purpose of the thesis is to investigate the problem of market risk and their impact on the investment portfolio (including home ownership) of households, analyzing their relationship to the behavior of households to risk, from the point of view of income and age of head of household. Possible links were established that may exist between the micro level (risk aversion) that motivate the decisions of investors and the macro level (market risk) that determine the behavior of markets, where it was found that there is a direct relationship between aversion to risk and less volatility in financial asset prices. We used the mean-variance method to calculate the optimal participation of the assets that comprise their portfolios and profitability of homeownership, and this was determined from the net flow of the house, which was defined as the difference between the income generated from rental housing and paying the mortgage payment. The aversion to risk and market risk if they are factors that substantially affect the decision making of agents at the time of forming the portfolios, especially in the last decade, when the financial system has offered alternative investments, but which remain unknown to many people.

Abstract: The purpose of the thesis is to investigate the problem of market risk and their impact on the investment portfolio (including home ownership) of households, analyzing their relationship to the behavior of households to risk, from the point of view of income and age of head of household. Possible links were established that may exist between the micro level (risk aversion) that motivate the decisions of investors and the macro level (market risk) that determine the behavior of markets, where it was found that there is a dire ct relationship between aversion to risk and less volatility in financial asset prices . We used the mean - variance method to calculate the optimal participation of the assets that comprise their portfolios and profitability of homeownership, and this was d etermined from the net flow of the house, which was defined as the difference between the income generated from rental housing and paying the mortgage payment. The aversion to risk and market risk if they are factors that substantially affect the decision making of agents at the time of forming the portfolios, especially in the last decade, when the financial system has offered alternative investments, but which remain unknown to many people.