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DEDICATORIA
Dedico la presente tesis al ser que ms amo en este mundo mi hija Valeria. Por ser la
fuente de mi inspiracin y motivacin para superarme cada da ms y as poder luchar para que
la vida nos depare un futuro mejor.
5& 6 7
8 5

5& 6 7
8 5

Primero y antes que nada, dar gracias a Dios, por estar conmigo en cada paso que doy, por
fortalecer mi corazn e iluminar mi mente y por haber puesto en mi camino a aquellas personas
que han sido mi soporte y compaa durante todo el periodo de estudio.
A mis padres, por su comprensin y ayuda en momentos malos y menos malos. Me han
enseado a encarar las adversidades sin perder nunca la dignidad ni desfallecer en el Intento. Me
han dado todo lo que soy como persona, mis valores, mis principios, mi perseverancia y mi
empeo, y todo ello con una gran dosis de amor y sin pedir nada a cambio.
A mis hermanos, con quienes prcticamente hemos vivido las mismas historias, los mismos
pesares y las mismas alegras, gracias por estar a mi lado y compartir todos esos secretos y
aventuras que solo se pueden vivir entre hermanos.
A todos mis amigos pasados y presentes; pasados por ayudarme a crecer y madurar como
persona y presentes por estar siempre conmigo apoyndome en todas las circunstancias posibles.
De igual manera mi ms sincero agradecimiento al Ing. Walter Molina Jaro, colega y tutor,
quien fue un pilar fundamental en el desarrollo del presente trabajo y por compartir conmigo sus
amplios conocimientos y experiencia adquirida a lo largo de su vida profesional.
5& 6 7
8 5

5& 6 7
8 5

.

.
El presente trabajo se concreta en el estudio y desarrollo de la administracin y gestin del riesgo
crediticio en una entidad de intermediacin financiera no bancaria denominada Cooperativa de
Ahorro y Crdito La Sierra Ltda.
Uno de los problemas identificados en dicha entidad, fue el incremento de las previsiones de
cartera incobrable en los ltimos tres perodos, mismo que pone en riesgo las utilidades para los
socios y la sostenibilidad en el mediano plazo de la entidad.
En este sentido, el objetivo principal del trabajo, es el diseo de una poltica de control de
riesgo crediticio, que contribuya al incremento de la rentabilidad en dicha entidad.
El anlisis dedica su esfuerzo al escenario de post crdito, a partir del cul se enfoca la
gestin de riesgo de un crdito otorgado y el comportamiento de la cartera.
La poltica propuesta se presenta en 2 procesos claramente identificados: i) La
administracin, que implica tener un sistema de alerta temprana que incluya la revisin
permanente de la cartera, la cual, nos permita identificar los sntomas de un crdito dbil,
mantener la carpeta completa del cliente y reaccionar ante algn posible deterioro de cartera; ii)
El control de gestin del riesgo, que implica informes de gestin de crdito, que permiten
mostrar a la gerencia y socios de la Cooperativa, los componentes financieros individuales que
ayuden a la toma de decisiones.
Para su desarrollo se utilizaron los mtodos inductivo y deductivo, que complementando con
ciertas tcnicas auxiliares facilitaron la comprensin del presente trabajo.
Los objetivos formulados en el trabajo, fueron cumplidos en su plenitud, llegando a una
aplicacin prctica y concluyendo de esta manera, que a mayor control y seguimiento oportuno
de los crditos otorgados, menor incremento de previsiones para incobrables, originando de esta
manera un incremento de la rentabilidad.
5& 6 7
8 5

5& 6 7
8 5

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&= =' = )
08+ 9'")") #%:" 3% 3 '%) )!3%) 2" #"%)

); A < ; & )&' ; ; &6
&> : A &6 =& :'
&=& <'% &='

0; 1

<
2
E <D B0GG4C ? ' ) &=F =:%

< < > ! = =
)&' ) @
' 6 #> % = <
"
T
:
:

;<

6
0;0 )!7#!7 3 #!"=%)

C X
=6
(
P
=6 H :
: '=& ; 6 6 & 3L
5& 6 7
8 5
03

6C X
( P , H :
& ! & ' %
= & == A =: &%
DG KGL
C X $
($ P : 9 Q , H :
! & ==' : =: :>
&:<' ' '=& = &
) 3L
0;+ )!7#!7 3 )"=%)

C X 6 E6
(== P = E6 H :
&
! 6: ==' ; =
=: =: =E6% = ) =
% : =: DG KGL
6C X &
(,== P & , H :
&
# ==' )& ; =:

&A ==' & A ) :
0;5 '"33 3 !

C X # $
(# P 9' H B - Y 9' Y
=& - Y =& 9'C
! &A &=% ; =6
)&' : '=&
& 13L
0;6 ">7"3?
C X
=6 6 E6
(
= P
=6 H 6 E6
! & = = ; =: )
6 =E6 :% =< 9 8 '
6 & &A& G/G & ) / 6'
04
5& 6 7
8 5
/ 0

1

2

=<
6C X
=6 (: &= :
(
(= P B
=6 Y (: &=C H :
! 6: = = ; )
= &= 6 =< '
G0 & ) / & 6'
=<
0;8
%'= #"
C X & :
( P & , H :
! & ==' : :>
== % A A )
: & ' > ! A &9% ; Z
< &= > 6 = '
)& ' =9 &!& 6 < /GL
6C X # &
(#= P # H &
) & # & -%
9'% =& -

=& 9' ! <
:> > ; A ! 6 '
& 6 & 3GL =& = &=& &&
C X $ <6 &
($= P $ <6 H &
= ' ; 6 9 ='
> $ ; = -% & A 6
= 3 & ' /GG &
&
0;; )!7#!7 2" #"

C X : : :
( P B(: &= Y $C H :
! ;> ==' : ;
=:
&A :' : =: ;
= ' A 6 K3
MGL
5& 6 7
8 5
0D

6C X : :

(= P 6 E6 H :
& < ==' =: ; ) =
:% 8 : )
>
' 6 = M3L
0;@ !:"'"33
C X ( :
(( P ( H :
& : 6 6 = & &' :!
> : )9 = ' ) 8
=9 = ; ; =& &Z : =&
6C X , ' & ,
(,= P , ' H & ,
! =& & A ' ) 6
& , =9 '=& 6 & )' =:
6 : B C
% & 6 ; : &=
=6% &= : : < =
8 &"
P , Y => (&= H &
:
6 & BC
& ; 6 = :
&= )'& &E& < = "
P => (&= H & &
6 = (: B(C
= : & : =: = =
= & : = &=F!
( P => (&= H = (:
= : & & &< = &
=& ) && = &A &=
6 = : ) &
&
&% =6% : = :%
: : 6
=> (&=
B
(C
( &9 8& ! = &
0K
5& 6 7
8 5
/ 0

1

2

&=F!% ; ) )& & & &

& 6 : 6 =&% ( ) :
& =: &=
0@

#> & ! = ' ;
&6 &= ==% =!)&" '%%
&% ;<% : : E F 8/3 B0GG/C
& A : = =: 8
>" '% ) )<% :%
& % ;< F &
8K B0GG/C & ; ? 8=&: : )
&=! = ) &% = = > 8
=& :' ; =< &
&= : & &
/MMG% 9 #
=: 8 >@ &= ) &
? @
9 ) ;
< &! % 8 22 )
: ; ) A ' ) ; '
) ==' : = '&
&6 ' = &8
& 69: & 69:%
: = = = 9 #
>% B*C% 6 = 6 69
)& &<' =: > =&: 8
6 & = = )< ;
8 ; &= & % :
& :' < 69:"
0@0 :A!"=%) 3
0@00 " ! 3 3" ")!#"C A#7!"=

8KB0GG/C & ; ? & & =:
8 > &A &= &
A F & 8& &' ; : &A A &
)' =6& ):
= ) 9&=% & =<
5& 6 7
8 5
0M

) =: 8 > 6 = >6% &6>
= ) =66 6 )% =:
: => = &@
& =& ) A= =& A
=6&A% 8 9 ; =6& ::
&A $A&% ?& @ ; )&'
&6
0@0+ !"%) & DC7') 3 ='7#"C )! 3"?3%)

)'&
) < & :
< = =: 8 > = : = &6>
6 & ) : ; = 86

= &9 &' ; ) &9 &='
= == 9 &=& & )&
)< =: 8 > :% &9&
A =: )
0 & & & # 5 @
0@05 ')"D"##"% ) :A!"=) & %B!"=)

8K B0GG/C & ;? &6 & 6
< & = =
)&' &=& :" ) &=: =:
8
> <' )&' ) & :
== 8& )< = &= & =:
8 > :
= = &= ) &=:
69: ,E : 69: )
) & # ;
)' &> 6 9 69: 6 = :
: 69:% =6 = )& 69: =:
8
> ; = = )&' ) &
6 & )' 69: =& ' 6
=6& 9 &' =& E
; =: 8 > 6 )' 69 ,
= &= 6 = :% ! =
) &A 6E; = =6& ; )
@
0@06 2#"'"! '

7B=")"C
&A & 8& &'% &
== & = =: =
) : = = 8 A &
1G
5& 6 7
8 5
/ 0

1

2

& A : = =: 8

> : &6 = )'
' A ==' ) <'
) :% = && J ;
&= = &6> &= =: 8 >
' & :' = &6 ==
=:% = :) )&' ) < A
) % :& )A &8 : ==
: ==' =
&=' #
8K B0GG/C 8 A &=: ; ? = =
& =!) &:& =:
8
> & & I6 &= =
9 # =: 8
>% = &
)' # =: 8 >% =
& ' & &) =% & # !
) == ; &6 )"
& # :E ) 6 )
A ! ==' &8 =! & &<' &=
' :% =:
= =: 8
> 6 &= )
6 A &= ! = = )
6 =: 8 > &=:
# & &8 =!% &
: : = : =6& ; &=F
: &
)' &6 &'&
:& :% =: 8
> ;
& : = : : :
88 ; & # :E & )
: =' # ) &
8& =:'% 8& &' & ==
# = : '

=' , ) F & 8& = A
A : = =: 8 >@
2
12
Weston J., F. Brigham E. (2000). Fundamentos de Administracin Financiera. (Dcima

Edicin). Mxico D.F. Mxico: Alfaomega
Tamones R. y Gallego S. (1999). Diccionario de Economa y Finanzas. Madrid, Espaa:
5& 6 7
8 5
1/

Alianza Editorial
Lpez D., I. (1995) Cobertura de Riesgo de Inters y de Cambio. Anlisis prctico de
los instrumentos financiaros aplicables. Instituto Superior de Tcnicas y Prcticas
Bancarias. Madrid, Espaa
Van Horne James C.,y Wachowicz, JR John M.. (1998). Fundamentos de
Administracin
Financiera. (Octava Edicin). Madrid, Espaa: McGraw-Hill
Informacintomada de: Revista Especializada en Finanzas. Recuperado el5 de mayo
2009 http://www.gestiopolis.com/recursos/documentos/fulldocs/fin/riskduff.htm
Gitman, L. J. (1997) Fundamentos de Administracin Financiera. (7ma Edicin). Mxico
D.F., Mxico:Oxford University Press Harla.
Prez,Elmer(2006). Entidades FinancierasTeorayPrctica.(Cuarta Edicin).
Cochabamba, Bolivia: T.G. KIPUS.
Richardson David C. (2001). Sistema de Monitoreo Perlas. Consejo Mundial de
Cooperativas de Ahorro y Crdito. Madsison, Wisconsin USA
10
5& 6 7
8 5
+ 1

2

+ 1

2

# A :% = =! 6 &=&
& % &=: =: 9
> ; < ) =' )
& &&% 6% )& && ' )&' !
& ) % & =: =: '
) && =! =& : B&
&=C &= ) : =: &
& &' ) & ) ) =: %
& 6 && & =:% & ; =:
A '&7)% =& &
6 &= 69
5& 6 7
8 5
11

+0 1

2
A ' $1 B0GGDC 6 ; &

&' ) 6 6% '
6 :
&=F ) )< =E6 & )%
&) &= & =' )9
: &! :> & )% =: =
& : % 6 & &
=% :& = : &A =' 8'&

' = :% & 6 :: &
=' ' > &% => &A
F ' 69 & & A& &>% >
& > ::% &= &9 <
& ' & >
; )9 ):6 : '&
&6> &' =' < ='
6 6% & & = :> &
)
' 0GGK% ) )& ; 8 )& :< &A <
& )% )< 6% ; )9
='% & & !
69 & &A% = &% =
= =
=% )& 6: :' ) & 6
=& & ' 0GGM% 8 &) ):&%
& : : ;<% 6: : 6
% 6 ) 6
< : )9
= : :
=' =E6 1/ &< 0GGM [3%M2/ &
'% & =& & [03/ & ;: 2L%
86> & & = = '
& ) =) ; =
& 8% ; 3ML =' A
6 =6% : 9 8J &6%
>& 6% =' =< )9 8 =& & &A ;
&
12
5& 6 7
8 5
+ 1

2

! &6>% =& & ' 0GGM% E

=' & % 86> =' -
& = [/G3 &% = ; =' &
- < [ 0%44G &% 86> &
:' = &6 0GGK
69 : )'
=& &% = = : &
5& 6 7
8 5
13

=' && - & ' =

' =' & 9 6: & 030
&% < 1/ &< 0GGM [1%0K/ & ;: 33L
='% 86> =A& & ==' =
&6 0GGK% :< 4 = = & =='
&& & F 0GGK

> & 6 1/ &< 0GGM [
14MM & M3L = : =& &% ;
= & = & '% 6: ;
8 : 13 & = &6 0GGK%
< :' E& /0 & 6: &
[ 22/ & B/2LC

I F 0GG2% &=6 ; 86 & %
: = 6:<' =
6% ! ; 1/ &< 0GGM &
[
/%GD3 & ;: 0ML % ; 8 F 1/
&< 0GGK & =! ' /KL%
;:
[3K1 & =% - )' =
14
5& 6 7
8 5
+ 1

2

):% ; < = [ 1 & : 69% ) = =: =' -% ;
=& 8 6 : &
! - = =
) ' 0GGK% ; 6 = :' '
=& : & =)! > & 9%
' 0GGM 8 = = 6:<'
6 ; & = & )
& % =9 & = =
6 6

& [ /D4 &% 86 &
[ /4 & >& 6 /L = '
&6 0GGK% :! =& & &
6 =& ) &!% 88
6 ; ! & 3L 1/ &< 0GGM ) !
&& & F 0GGK 4L &&% 9 0GGD%
6 & & 6 =: =!)
= /GGL% A 1/ &< 0GGM /00L% &6% =
A =: > = 6
=> E ) =: !% 6 &
6 8 /3ML
=& < E == =< =
>J =&% 8 1/
&<
0GGM = 22L% = < 0ML
5& 6 7
8 5
86&6
1D

/DL = & 6

& & &A =
=' = % = ' 0GG3 6:
: !; ;< & 6 1/ &< 0GGM
< [
0%42/ &% 86> & 1D & = &6
0GGK% &6 E& & 8 [4D/ & B12LC

1K
5& 6 7
8 5
+ 1

2

;< & 6 = 22L ='% =
=% 3GL 8 ;< A : ! =E6 & =
$ $: B23LC : =E6 )
B23LC :' ;< ! & 8 =&
& 6 < = =: & 8 &)
= & ;< & 6 1/ 9 0GGD
=6 : &= & 9 =!
4GL =& & = ' >
< ' 10L% =& : &
=& & = ' 8 =:
& [0K & & 6 : /24L
6 = /DM/L% 86> &
' 0GG3% F ; : :
=& F >
5& 6 7
8 5
1M

E& & =& 8 [ MM &% [30/
& &< 0GGK [40G & &< 0GGM% ==&
= % ; 8 =& &9 :
: ) ' = B C & 6 8
& /1ML /1DL &< &6 0GGK =:& /2%1L
&< 0GGM% & &A ) = = &

++

& =: $ )& = & 6%
% E& 6 = =! 9
=' : = ; 6 =: =
= $% )8% :> 69 &:

&6 0GGD% :
=: =: 8
>
6 =6 3DL 31L :& : =: &
&' )% =:& : & 30K &
' =: 23K & '
$D B0GGDC =' =E6< 1/GM& '
2G
5& 6 7
8 5
+ 1

2

% & = 202 & ' =

&6 0GG4% &
=' =: 8 > 6% :)
> =: <' 0K1K & '
% ;: 4DL & &' )%
& = F 0GGD 111 & '
& > E &
% 6: ' 0GG1 &
< K0 & ' % :)A 00
& ' = & '
0GG4 ! & < 0ML% ) : = &6
0GG4 B20LC
9 0GGK% : =: =: 8 > 6
= 30L
2KL :& :
=: &
&' )% =:&
=& & =
'% : & /K4 & '

=: /G3 & '
=& & = '% =' =E6
< 100/ & ' % & = //0 &
' = &6 0GGD

2
= & =< )9 &A :%
2
" $
5& 6 7
8 5
2/

/32D & ' % ;: ==' 2KL

6 = =E6 &6> &=% ='
8 ; < /3G4 & '
24KL 6 =E6

3
E ==' : :% 01 ; )&

& =: 8 > 6 % =&&%
3D0L =' =E6% /D 6
&% ==' /L 1L

4
9 0GGK% & =: 8 > 6 43G%2M0

=' =& & 0GGK% 6: = 02%4M4
3
" $
" $
20
5& 6 7
8 5
+ 1

2

: % MKDL ' & /G & '

> =: < 1G1/ & '
% ;: 44L & &' )

& <% > &' /M1 & '
& > E
& % 6: ' 0GG1

D
2K3L > & =:

=:" +E ,< B030LC% #! B/2/LC
BM0LC 30/L 6 0G =:
6 & &F
==' =>& &
> < 2GML% ; &> = 1DML%
8= :: /MGL 00L = > &
& > = &
& = & > & =& & '
0GGK% > & &' /30 & '%
;: DKKL & >
" $
5& 6 7
8 5
21

K
& < KK & ' %

:)A G4 & ' = &
' 0GGD ! & < 0ML% &
&& ==' ; &6 0GGD = >%
=>& & ! & DGL% &> 2/L%
> 8= :: /ML > & 0/L

M
' =:' = 66 % 1G 9 0GGK%

: =:' =!) < //2 & '
% &' G/ & ' %
= &6 0GGD ! 6%
& ' =:' =!) 6 &% 8 & /2GDL
/0MML =! <% = = &' =:
& & , 6% =:' = =: 8
> 6 E 6 &A = &
> &% ):6& =' :
" $
" $
22
5& 6 7
8 5
+ 1

2

/G
) ! /L% 3L /GL% < 0MG3

& ' = M3KL % &
: ==' =: )
;& =:' =!) = 24L %
; =:' < 2KL% & =9 ;&
=:'

//
& 9 0GGK% ;< < M32 & '

% & ) /1 & ' =
= ' 403L ;< A )& = :
&= 1D3L = =6
/G
//
" $
" $
5& 6 7
8 5
23

/0
<' ;< 6 =' =E6 & =: <
0M4L% & = ) &6 0GGD% ; ) 1//L%
= = &' : !; &
>
E& & & 9 0GGK% > : =&
= ): & 9 <' /04L > =:
=& = ): & 9 0ML% A =&
& ' 0GGK% &' > :

&=& =: & 9
/0
" $
24
5& 6 7
8 5
+ 1

2

/1
& % > : =& = ):

& ' /K03L /D24L% &6 0GGD 9 0GGK% && &%
> =: =& = ): ' 1M/L
1D0L
=& & 0GGK% & =: 8
=: = G4 & ' % ' ; 8 =& ;
&
< G1L
/KL%
=:& ; 6&% : '
' = & 6 9 = &% E
:' -
& ) 6 ) < D1DL% =
' D0/L ; ' &6 0GGD = &= = :
6' = : ;: //0L
& =:
6 &9& > ='

: ) % =: B
=C 6 & =& &
0GGK
/1
" $
5& 6 7
8 5
2D

/2
=& 6 =: 8 > 6 <

4D1 & ' % & K/ & '
= &6 0GGD% = =% =
& = : = % = 9 E :'
-
) ' =& < 001ML &
=& )9 & 8 ) : '
&6 0GGD B0GKLC : : ) =&
=: 8 > 6% : &= = =&
% ) & & = &
=' = :
+5 1

2

# A ) =6 =& &=F
)% = ) : =
=9 : 6 : ; & )&
= % = = ! =: &='
&A :6% ! ; & = : = % =
&= 6 9 ) ; =& = =='
= 6% = &6> ?=@ > ;
/2
" $
2K
5& 6 7
8 5
+ 1

2

= ' =>& ; & =

= 69 :'% =A &>
< = 6% & =: &
+50 9'")") 3 / 3"#) % ?% ) 2" #")

+500 9'")") 3 '"33 3 !
E & # <M B/MMGC ! ? ;
F = ) >6 =66 %
&6> ) ' 6 & ; ;
= &A =) :'@

</G B/MMKC ; ? : &
; % 6 ! == = )!
9! && @
& % ; &
) = = &< : > = =
)8 =: : ' >
& =>& =6& &A =
=: 8 > % & =>&
= 6 = = 0GGD B=C 0GGK 6:
& 1
A &=: $ 6A& & =
0GGK% & ' 0GGD ' & ) &=:
=: =
- = $ ; &= E& E
><// B0GG4C B - Y - Y 9'
Y =& - Y =&
- Y =& 9C% &
=: :"
: =& & ( /0 B0GGKC MKM0L%

& 6 M14GL &=:&% : =:
= 69 & 6%= ;
5& 6 7
8 5
2M

=' &6% ) /GGL = &

= & H =& = =:
=9 &A =6 & ; 6: &
- = $ & :"
: =& G33L% & 6 G33L

&=% =: =9 &
& &% ) ; E& & > :
' =&% = 0GGK ' A &=:
= 0GGD 6: & =: GD2L GDKL
: 9' = $ "
: =& G31L% & 6 3K3L

&=: & ; =: = 0GGK : =
& =& & 6%= = & % = ;
=: 6 6 & ! &=
=: 6: &' 2K1L 1D2L ; !
&A 69 =6
- = & & :"
3G
5& 6 7
8 5
+ 1

2

: & = & ; =:

=' <6 & & ) =9 &A&
DGD3 L ;6 : =& /320L
= =:
9' = # B - Y
9' Y =& - Y =&
9C & :"
) & # & -%

9'% =& -

=& 9'
: '=& & 13L ><// B0GG4C &='
& ; =: 6 : = & '=&
=% & ; > ) )'%
; : 6 &!& =6 6: & 301DL
34GGL = 0GGD 0GGK =:&
' :' = (66 = $ &
:"
: =& & 1M2L

5& 6 7
8 5
& 6

3/

K1GL =:' < = =: = &

&6> = & 6 = 0GGK 6: &'
0GGK = 0GGD =: ) ;
> =6 = & =< 6
; 6 /L
+50+ )!7#!7 3 #!"=%)

' =6 & : &= = :
"
: =& & /4G1L% & 6

1DD2L : &= & ; =: 6: =9 &
=& & %
& & 6 0GGK &&
$ &: ) = = 9% ' =:
)& : &= )
(: ) =! 6: &
=
' = : "
: =& & DDD/L% 6 31/0L

: &= & ; =: ! & =&
6 & & 0GGK% ) ; = &A
4GL : % = & =:
A & =: & DG KGL% =:
; &9 ! 6: &' =
' = 6 = :
30
5& 6 7
8 5
+ 1

2

"
: =& & /G/ L% 6 G2ML

&=: & ; =: ! = =&
& 6 & & = 0GGK ) ;
= 6 ; = ! : ;
) = 6 = 6:
&' = =:
' $ <6 = : &
:"
: =& & GG2L% 6 G41L

% &=:& =: 6: =9 =
=& & & & 6 = 0GGK !
= ; : )9 ' < =9
: <6% :< ; ):6 &
: &=: ; ) 6
' (: & = : "
5& 6 7
8 5
31

: & < /MDL% 6 304L =:

<' : & & = 0GGK
&A &= = ; A :
=& =: J =' =< )9% ! :
=: ) =!% ==' : =E6
=: &: =' =< )9 & =='
' 0GGD% = & = 0GGK
' $ = : "
: & < 0K/L%

6 024L
=: <' : & & 0GGK 6
A &= = % )% &6 % ;= %
;= &='% :8!% 6
6 '%
&6> & : =: = &:<'
!& & )' = ) = 0GGK
& ==' = 0GGK ' '=& =
& ) 3L
' : = : "
32
5& 6 7
8 5
+ 1

2

: & < G21L% 6 G0ML =:

<' : & & = 0GGK : A
&= = 6 : ) &=' !
<6
+505 )!7#!7 3 )"=%)

' 6 E6 :
& & "
! 6: ==' ; =
=: =: =E6% = ) =
: = =: DG KGL
= =E6 ; <' =: ):
=:% && & ='&
' & :
& & "
! & ==' )& ; =:
&A ==' & A ) :
)& 69 &6 = ' 6 6
5& 6 7
8 5
33

)% =: ;' 6'

=% 6 =
+506 / 3"# 3 ">7"3?

E &/1 B/MM2C ? ;< &= & = =
&& = &= 6 =< )8 :&@
! =& & /000L% 6 /32DL

&=: & ; =: 6 : )
=& & ' 0GGK ! = =6 ;
=: 6 =< =9 =
)< &% & = = ; =:
) 6 =E6 :% =< 9 8
' 6 & &A& G/G & ) /
6' =< =: =& ' 0GGK
' 0GGD & : =
'
=6 &A (: &= =
6 E6 "
! =& & 03K2L 6 2D00L

: &= & =: : ) =&
6 ' & =: = 69
0GGK && ) $ % =:
=6 = = 6 =<
' =6 & : &= = =:
34
5& 6 7
8 5
+ 1

2

"
! =& & /DM0L 6 2/D1L

! 6: = = ; =: = &=
6 =< ' G0
& ) / & 6' =<
' 0GGD =& = ' 0GGK :&
= =% & & &
&=:& =: 6 : = 69 =&
& 6 = & & ' 0GGK
=6 = 6 =9 =:
'
=6 & (: &= =
: E6 : 9 8 "
! =& & DK/0L 6 DD02L

: &= & =: : = =& 6
& ' 0GGK && ) $ %
=: ! : &9 =6 = = =:
=E6 : =' 9 8
+508
%'= #"
&/1 B/MM2C ; ? ' & &=
& ; &= = @
' & = : "
5& 6 7
8 5
3D

! & ==' : :>
== % A A )
: & ' > ! A &9% ; !
< &= > 6 = '
)& =: =9 &!& 6 < /GL
=:% = &!&
=& & /G33L 6 M34L
' # = & & "
) & # & -%

9'% =& -

=& 9'
! < :> > ; A
! 6 ' & 6 & 3GL
=& = &=& &&
%
=: = 69 3GL
' $ <6 = & "
! = ' ; $ 9
=' > $ ; = -% &
A 6 = 3 & ' /GG
& &
3K
5& 6 7
8 5
+ 1

2

& ; = : 6
69 A% = 6 &=:

+50;
7D"#" #" 3 B"!'H
# = ( ' : =: :
8 ) = ( = =
=> =: ) )
= ?8' )@ ) ; =
66 =>
! = ==' % =: 69

= = 6:=% $GG3 = == =
= = ' 0GGK $ GG3 = = 0GGD 6: =
& >6
' =& =: & "
=& )% <' = =: )

=: )9 ' ) = ==
B=C
=: & :& ) =:
> )9% ;< =6 ; &=&
= =&&% &6 =
=& = A=& 6

E : =: =6&
& '
- =&" # 0 B :C =:
5& 6 7
8 5
3M

=& & /K : % = ; = &

+50@ )!7#!7 2" #"

' : : = : "
! ;> ==' : ;
=:
&A% :' : =: ;
= ' A 6 K3
MGL
' 0GGK 6: ; A %
=
!
0GGD ; = 69 A% ; =
: =9 =
' 6 E6 = : "
! =& < ==' =: ; )
= :% 8 : ) '
6 = M3L
& &6 ; M3L% A =
69
+50E / 3"# 3 !:"'"33

&/1 B/MM2C ; ? : & 6%
> ) & &= :% :% = :
@
4G
5& 6 7
8 5
+ 1

2

) = =
= = = =: & =6&
) : =: & & '
E ; :
)& = < 6% : &
= 6 : =&%
=& : = & A = ! &=
6 F
' ( = : "
=& : 6 6 = & &'

:! > : )9 = ' )
8 =9 = ; ; =& &A :
=&
=& : & =: #, = = $$/2
B/MM4C /DK2 &6 0GGK /2G3L &6 0GGD
: 6 ) =&
:% & 6 69 = )
' , ' = & "
! =& & A ' ) 6
& , =9 '=& 6 & )' =:
)' $$/2 B/MM4C ' 0GGK <' G41
& //D1L % = M//L% & : =
=: ' 0GGD )' & ) GD4L /0 &
5& 6 7
8 5
4/

2M3L% = & =& )'% &

):6 = =:
+5+ 9'")") !"#'

E &/1 B/MMDC ? &=' ) <
) &= )8 = &@
(=' A - $ B' 0GGK
0GGDC
' :

$ 1/
&6 0GGK B- 1C% =
= ; &A &= : A % ; =
40G1L :% 6 ; & = A
> = =:% = =
- ; 34GML :
= : &A &= ?$ @% ;
) ; =: : :
314L :%6:A ; &6 :
):
A = ; =: K00L : )
& =6 = 8 ) 6 =<
' $ 1/
&6 0GGD &=&
) & &6 ='% &A &=%
? -@ = 3K//L
' :
&
: & 1/
&6 0GGK% = 6: ; :
$ 041%403KD4 = KDG3L% ?6
E6@ $ 022% MM1%D30 ; < KGMGL : &%
F ; =: A ='
=E6% = ; =& && >
& : 6 $ 1M%001%3M2 ;
= /0M3L = &=' & ):
) : ; & % =& 6 :
' :
& =! 0GGD% : $
011%4/3%K0/ = : : K42DL%
?6 E6@ $ 00G%GM0%/D1 = K/2DL ' 8
: ; =: 6 = $ 1% G43%K/0 =!
6: =!% ; & < /131L
= 6 K/2DL% = ; =
' : ; & =! )&%
<' ; == &
40
5& 6 7
8 5
+ 1

2

+55 9'")") %"?% !'

E &/1 B/MMDC ? = A ) :E &=F
' &=@
= &6 :% 6 Q
% = % = % ; &A
&& % = = = :% &%
& F
(=' A I< $ B' 0GGK Q 0GGDC
' :
; 8 & =! < B0GGK Q 0GGDC
?(: &=@% && ; &' $ 2G% 0D3%KG4 ;
= /4231L% ==& = (:
! &6> & ): :% &
)
) ?$ @ &6> & 3132L
& ) =' ) ==&
; & ' ) ?(: &@% &= < $ 01%
0MD%131 ; =! =: <'
& = ; ) % ; 9 &
?
=' < 9@
; : &' ?$ <6@% &=
$ K22%0407 = 3/30L 6: ; 0GGK '
&< $ ; = -
' :
&
; &' ):& ) ?:@ ; >&

6 $ 2%3G0%1G2 : : = 3/%41L
; 8 ) & ; & ): ? = @
; >& 6 = $ 4G4%/D0 : : =
/040L
, : &' = = <
(=' A - > B 0GGK70GGDC (
& =: ? ( =:@ ; $
3%3G2%/G1 ; : : /KK1L F 0GGK% F 0GGD
6: && &=&% : 6 $2%D33%1/G :
: = /40DL &6 '
6 ( = $ <6

= ? &'@% & ):% :
6 $ /D%/D3%1KD7 ; : : 3KDDL 0GGK
F 0GGD 6: ; &6> &A =: :
5& 6 7
8 5
41

6 $ /3%014%212 ; = 30/2L =

' ? &:@ = &
& )' &6 =!% && ; ) %
'
(=' A I<
> B 0GGK70GGDC
(
?=' : @ : & $
/%12/%M0/ ; : : /1D3/L = 6: )<
=' > &:&

= ? @% : & $
/%G0K%GK17 ; : : 33410L% 6: ; 8
& ):& =:
+56 9'")")

& & & '% &! % &= =
&= ; & !% = 9&=% '
&=
:<% = ( H : 6&= ;
)
='
=' )'& < & )
)&' % : =!)
> (66 3% 2M2H0GG3 $ 4 ,

=' )'& ) =
6: 2
P (\,
( ; & = =:
= 66 = => 6 =>& =! 6 W &
== = & ) 8 &
' & ) =: = =>& 66
/" ==' & ) =: =
=>& 66 &=' =: ; = 6
=>& & & /0 & B)' I -
9'C
42
5& 6 7
8 5
+ 1

2

& < E & & /GGL%

&6 : = &% & ; =:
; ) =&
0" =& & ) =: = =>&
66 => =: = 6 =>&
& & & B:' = (66 :' =
(66 )' IC% B)' :' = 66 % $%

-C
& = /GGL =: ; =
=>& & & /0 & = =>& & &6
= % =: A = =>&
66 & & /0 &
4 :" ==' !% & : =' ;
=: 8 > = 8 =
;' :
=: =: B :% :' =
(66% )' I -% 9'J )'
$%
% - 9'J :J 9 8
='
<C% B 8
=' <J =C
5& 6 7
8 5
43

& ; =: A =

: ;' : =:% = & /GGL
: 6 = =A&
P (, ,( ( ]
= &' :
=:
=: &6> ): :
=: ' = 6 6J % &6>% ; )6 =
=: &6 : > =!% &6
&6 ) ' & &='
&A &= 6 ) )<
= % <
6% :< ; ==
=: 8 > = & :
/" ==' & =9 : :
=>& B $% :' = 66C% B
:C
& < A DG Q KGL% = <
&% ) ; : =: E ; &9
= &' )
0" & =9 : : :
=< B(: &=C% B :C
44
5& 6 7
8 5
+ 1

2

& &A& 0GL ' 0GGK =: &

=9 & ' 0GGD = 69 ; =:
& : &= = 69 0GL :
1" & =9 : : :
=< : ; =: 8 < =< A &=
=
=' < 9% =' : E6% ='
% ! - : ,
!
& &A& /GL ' 0GGK =: :

) &!&% ' 0GGD <' = : :
= =A& 6:% ' 0GGK =: 9
= =
:
3" =& & =9 : )
=' 8 =< )9 B6 E6 = 8%
6 E6 <C
& DG Q KGL 6: ; =:

=6 ) ; =: & )&
5& 6 7
8 5
4D

' =' =E6
:
=
D" =& & =9 : )
= ) ='
& &A& 0GL 6: ; = :
& = 69 & ; && = =='
= = : =:&
K" & =9 : ) =
) = ( :

66% = =' 9 ;
A & : 66 : =
E =A = & : 2GL
= 6 = & : &
,^ 0221M
&6 /MM4 B= % :J &C
& &!& /GL &6 : =%

) ; = = &= ='
=:
M" =& & : = % =>
9 =: = : = ) & / 0%
6 ; => =B= % :J
&J :' = (66J )' I -%
9'J )' $%
% -J )' 9'C%
B :C
4K
5& 6 7
8 5
+ 1

2

& &!& /GL 6 ' 0GGK &=

& ) ' 0GGD 8 & ==' ;
=: : = 6
=66 =>
P (

(-
: &=: ; :
&=: ) =: 8 > :&%
: 6 6 ) &=
: &=:
/" ==' & =9 &
=>&% =>& & =
:< = =>& & &
& = & 3L ' 0GGK
=A& &% )& ' 0GGD :
9 & 88 = : = &% & ;
=>& & A ) 6 : =:
0" =& & =9 : ; =
= : % 8 & "
$ &% 9 % = 6 6 <6
5& 6 7
8 5
4M

& = & 3L ' 0GGK
=A& &% )& ' 0GGD% &= &
<% 69 : &=: B=
( ,% = % = C% B$ &%
9 % = 6 6 <6C
1" =& & =9 : &=: )
= % = =: ; =
& & /GGL 6: ; =

A ) &A ; : &=: B$
&% 9 % = 6 6 <6C =
: &% : % : :
6 &6> 8 ; &= &
& ? @
P
,
(#(, W
# = =: 6 %
=
) = = 6 8
/" =& & & =>&
B( % ( =:C% B -% -%
9'% =& -%
=& -% =&
9
&% ; &= ; 6 ) =:%
= =: ; 6 : = ; &
DG
5& 6 7
8 5
+ 1

2

= ( & /GL

' 0GGK 6: ; =: = 6
% = & 6 :% =: =
3" =& & & BC =' 8
B % (&= = ( 6 =' 8C% B
&
=' 8 'C
& ; ; = : & =' 8
& )' )' 1/ &6 0GGK2 &

G21L & /0 & //K3L )
)'% ) ; : & A =
D" =& & & BC =

& & & ; 3 =: &= &%

= = 3% ) ; ; 6 =
& =6
K" =& & & 6
= & & :%
=:% =: = =>& 66 !&
= = % =:%
% ) & : )
9 : ) 9 B0GGDC
& ) = 6 =:

=: = =>& 66
& =
= =&& /GL
=& :
M" =& & &'
: =: 8 > & & =9
5& 6 7
8 5
D/

: : ) ) =:

2 $ $:% $$% '&
= % =:
&'
& ; : & /GL =: &= &%
; ' & ) :
/G" =& & => = :
& =>& & = 6 66 )
=: 6 = = ) =!
=& 6 =: 8 >
& ; ) ) = 6 /GGL =>&
& _ /0 & 13L =>& & / Q /0 &
=: & ; = 6 =66
=> = 66
/0" ! =& & ) &6>% =
& = = 4GL
'% 2GL = :
& _ /L ) = < & K 6: ; :
6 & /L & =& /GL ; K
=6 & = (
P (`(
]
# = =: = ) 6 9
=< ;< & =: 8 >
& )<& ): = ; = ) &
; = : ;< &6> & ): : =
; : &=: )
0" =& & &=& ; 6
D0
5& 6 7
8 5
+ 1

2

=: 6 =' : ;< =

=6% (: &=% $ <6% (:
=&% $ :
& /GL

: 6 &6
= : = &% & ; =: A
= &=& &
1" =& & =9 : :
!; &=: B
=6% (: &=C
& a /L 6: ; &6 : =
&% =A ' & ==' ' 0GGK )
; =: : &=: ; ) :& 6
P b
(#(,
& =: =: : 8 =>&

%
> = A &= ="
& 8 BCJ ' :6 )
'
& =>&" 8 % = =>&
% F : ; =: =!
& 6 :6
&6> ' & =9 &
&A &= )% ! & &
E& &! )% & B=>
9 = )'C : = :6 =< =:
8 >
/" =& & & F 8 )8
=>&
5& 6 7
8 5
D1

#" & =9 =>& = B/C% /

6 & ; // &=% / & ; //
& =9 =>& = B/C% / 6

// , &=
& =9 =>& = B/C% / 6
& ; // &=% / & //
=: & =>&
0" =& & & F 8 )8
: !;
#" & =9 : !; B0C% 0 6 &
; // &=
& =9 : !; B0C% 6 // ,
&=
& =9 : !; B0C% 0 6 & ;
// , &=
=: & : !;
3" =& & & F 8 )8 ='
8
#" & =9 =' 8 B3C% 3 6
& ; // , &=
& =9 =' 8 B3C% 6
// , &=
& =9 =' 8 B3C% 3 6
D2
5& 6 7
8 5
+ 1

2

& ; // &=

=: & =9 =' 8 =<
)9 D" =& & & F 8 )8
=
#" & =9 = BDC% D 6 &
; // , &=
& =9 = BDC% D 6
// , &=
& =9 = BDC% D 6
& ; // &=
=: & =9 =
/G" =& & & F 8 )8 E&
=: 8 >
#" _ 3L 6 & ; & & &%

&
//" =& & & F 8 )8 :

5& 6 7
8 5
D3

#" _ ; )' )' 1/ &6 0GGK &

G41L /0 & //D1L%
& = )'% =:
&= &
+6

=' = )' &&% >
= = &
= / B# 'C ' <& & : =
=:"
!
D4
5& 6 7
8 5
+ 1

2

! = &% 86% = =%

' &% =!
'
& > & )
6! & :' & 6
0GGK% ' $ $: ; )A
& ) =! ; A : &%
$: ' A :<% = ; ) A %
% & = c&U% &'
&% ! && ' $ =: $:

6 & ; & 6 ?'
6@ ) ; = )
='
> E )
& E )% =' 0M 6 F <
& 3MKG & '
!
: ' =! = 6 =
: : ' == =:% =
!
= ==
& & ; ::&% :& ; :6 ='
=: ; &= )< = :
9&=% =8!6 &= =:% = &= &= %
=& 6)A 6:% =; &= &9
& = &9 = ; &%
= ='% ; & 69 ):
= 6 == 8 &6
&= ) &=F &=% ' 8 :' &A
; > &= = &A ; 6 :
)9 &6& & )< 6
%
& &=& = =6 =

#
& =: 8
=;F & &=
> ) ==&
&
)6
= =' :
&! ' 8 :% 8 : 8
: &% 6 : = =;F &=
= =
&A A : )& B'C 6
=;F 8 & ; 6 : %
6 &= !
;F &= A =6 :J %
5& 6 7
8 5
DD

: &% 6 B
=;FC &= &= &= &

=:
= % 88 8 =&
= ; ==6 6; & &= )
=% ; ; >
& &9 ) =% :< ;
E % % =
=: 8
> % =&
& =% : =! &=&% =
) =6 =: ; : '%
&6% = ) '% 6 )% &% : 6
&'
!% 6 6 &9 &
= % 6 : : ; ) &
; &9 9 & % &=9
)' = :& ; &
' = 6
=: )& & >% &
:: < 6 <
=: 6 :)' =>&%
&A MG%GL A = =>& & )
[ 0GGGG% & &!& > E& [ 3G% =& [
0%DGG #< 0GGM
= & :)' =)
& =& =% = & :)
'
+8

2
A & )
"
=& & = '% >&
& &' ) E & =' 6% '
6 : &=F ) )< =E6
6 & ) &) &= &
='% & :< &A =% =
8' &9 : =>& &
>% &9 &=F )% ) =: :
DK
5& 6 7
8 5
+ 1

2

=& & & > & A&

: '&
&=% &'
> = =>&% &' ==' < ='
=) =E6 = 8 &
-
= & A % =
% =: ='& =A& ; )
% &6 6 &9 =)&
; ) > : 9'% & & ; 6
& & >) ) & =: =
66
' :% =: & =='
<6% = 6 =
=6% )& 6 <6 &
<6 : =& 6 & <6
=:% & ; =: A
= 6 =E6% = ! &
='&
;< 6% =& = = 6
6 =<
: =: & '% A =
= : &6 = ) =
6: = >6 =& & =

)% & :& ):6 =
==' : ; ==' =: ;
) ='& =
6 =:% = : ;
6 = 69 =& & =:
A : = ; : &A =: %

=: &A =: 6 E6 &='
& & >6 ) =66 :
= A 8<% : : &:& &=
& (: &=% $ ;
& (: &%
=' < 9 $
<6
' : &% ; )' & ) :
&A = = &A =
A : % &A =: (
=: = ( = $ <6
5& 6 7
8 5
DM

&& A & ==' &:

A 8< =' :
: ): & =
) & & :
& & "
KG
' & ) =: = =>& 66%

& /% 0 4 =: A =
: ;' : ; =: &
)&'
% ; =& & &=' &A

&= 6 6 == =: &
:
A / = ; ; &9
= &' ) 0% 1 3 =
== ; =& = = &
D & ; = & 69 &A& %
& ) =' K
M &= & % ) = ( ) ; A
6 =66 =>
: & / ; ==' 6

= &% = ; ; =>& & A )
6 : 0 1 &= & %
69 : &=: = A )
&A ; =:&
& % & = 6

/ & ; =: = = 6
3% & ; = )' & % & ;
: & A = D &= &% : ;
& = 3 K% =& 6: ;
=& /GL M% & ; =: &= & &
; =: & ) : /G% & ;
=: A < 6 = =66 =>
/0 & ; ) = & &
=6 & = (
= &=& ;<% 0 = :

= &% & ; =: A &=
; 6 6 : ;< 1 & ;
=: & : &=: ) 6
F &% & / & ; =:

& =>&% 0 6: ;
& : !; 3 & ; =:
& =9 =' 8 =< )9 D 8 : ;
=: & =9 =
5& 6 7
8 5
+ 1

2

/G 6: ; & E&

&= &% ) & //% =& 6: ;
& : &= & & =='
)' ' 1/H/0H0GGK
T
&% & =6 = =:'

& % + % )&' ; & '%
& =<% =: = ) =6& & <
)< =E6
&% E 9% & > =:

=6'% % ; ?= && =; % &
: '=&@
2
12
Superintendencia de Bancos y Entidades Financieras SBEF (2005). Boletn Informativo.

Recuperado el 15 de Mayo de 2009 de www.sbef.gov.bo
Ley N 1488 (2003) Ley de Bancos y Entidades Financieras, La Paz Bolivia
Superintendencia de Bancos y Entidades Financieras SBEF (2005). Boletn
Informativo. Recuperado el 17 de Mayo de 2009 de www.sbef.gov.bo
Anuario-Memoria de la Superintendencia de Bancos y Entidades Financieras SBEF.
Recuperado el 20 de Mayo de 2009, de
http://www.sbef.gov.bo/archivos/anuario_memoria2000/infges/cap02.htm
Secretaria de Turismo. (1990). Manual de Finanzas Hoteleras, (1ra. Edicin).Mxico:
Editorial Limusa S.A
Andrade, Simn (1998). Diccionario de Finanzas Economa y Contabilidad. (1ra.
Edicin). Lima, Per: Editorial Lucero S.R.L
Prez, Elmer (2006). Entidades Financieras Teora y Prctica. (4ta. Edicin).
Cochabamba, Bolivia: Kipus
ASFI (2008). Asociacin de Entidades Financieras Especializadas en Micro Finanzas.
Boletn Informativo N 61 31/12/2008. La Paz -Bolivia
Gitman, Lawrence J. (1997). Fundamentos De Administracin Financiera. (Sptima.
Edicin). Mxico: Editorial Harla S.A
5& 6 7
8 5
K/

Banco Central de Bolivia. BCB (1999).Indicadpres EconmicosTasas de Inters

Anuales
Efectivas, Sistema Bancario y No Bancario. Recuperado el 19/05/2009 de
www.bcb.gov.bo
K0
5& 6 7
8 5
/ 5
/

/ 5

/

= =!% ' 8 )
)< ) =:% 9& = > E&%
: ; =& ==' &
: ; = =:% = = ==
; = =' =A & = ; =: =
66 & & ) ) ) '
=:
50 /

5& 6 7
8 5
K1

= ==% ==' 6 & =& ;

=& =&<' > :>
' & &% % ;
6A & ; &A
( , -(( ,(
# ,, B-C
== ! = == &'
% ' &= F > %
&& ; =&A"
=& = ; = &
=) >%
() :& = ; ; & =::
=& ' =' 6 %
# =6 &= = > ;<%
:%
# =& = &: =%
' '&
)%
!% 6
=' & & &= 8 %
): 6 =6 >% =
= & ' =

6& &= 8 & ' =:

500 '# # & B'"##"C

"
=A ; = ' 9! ;
& 6 = [ 3%GGG7 ;: $% '
= ; : & 6A &A& )& =
=& -
6A & =& ; =& &
< ) ; = ) ='
> =:
6A & = ) & =&
= F >
)A 6A ; = ' >
-
50+ %) ')

& 6 69 & :' % =
& =>&% &
K2
5& 6 7
8 5
/ 5
/

& A=& 6 ; :

& = ' =
) > ' & % A &
== =6 =& &6 ;
= ) & ! &&% 6A =
& & = B+)
= >C% 88
& &' (% 6A ) : ;
= == 6A
; ) 9' 6 86 =:&
E - B &A C% & &!& 4G !
=
! ) >% ' &
% 86A & ) &
&A E - ; 6:
F ; = ) & =
F = ) == % % !%
=>& =&% ; & [ 3%GGG7
;: $ )&A = E -
69: = & % >
! $% - , &A A%
) %
% % % I
505 3%) 3 % !%'

# ' % = &
' % ) &=& =
6 ! & >
/" BC
A : ==' &=
&
=: A = 69 %
&= 9 = & & ;%
% 6 : =
&A = % ; = ==
'& 6 : = = '=&% ; =& 8
6 ! & )
A :
= = 69
% = 6A
0" B )<C

A ; 6A ; = =6&
'& ; ==% ' =66& ) &=&
& = 6A ; ;
5& 6 7
8 5
K3

6&& ! & )

6A &9 =' ! = =
, 6A & ! %
= 6A : & &
6A =& =% 6 : B=<% !%
C ; =& 8 6 =&
6A : &A& = =
E > :'
&=% =A = & ' /
1" BC
6A ; ; & '&
& ; 6: =6 =' =<
:
=
) ! = $ )&A
& 6 = =% )9

)9 9 ) ; ' =& 6 &A
KGL = 6 ) =
6A && 6 =
=< <6 =< A )' =
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6A 6 && & &A A= =6 :' 6A
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K4
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8 5
/ 5
/

= ' 9! = E = '&% 6A

: & && !% &A &=% :
9): ; )A &> B; A &A C
6A )'
=
; = ; & 6 = =% )9
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4GL
KGL = 6 ) =%
E $
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== =6 = "
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A =6 &
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9 ! 6
A
9 - 6
& ' &' &J =9 6 %
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508 %) )B#4D"#)

5& 6 7
8 5
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) 69 & - & A !J &A
; = ; & = : A +)
= +)

= >% E& = 6
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% :A ' && )% = 6
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A & & 69
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:
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KK
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8 5
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;
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, BC"

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= $/%0M3%/2M7 B: ,^ 172C% ; = 34KKL%
' =>J : % =6 = $ 1%3D/%MMM7 B
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"
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A ) (& : ( B

1/H/0H0GGKC
:"
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"
11
12
5& 6 7
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KGMGL K/02L
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)&
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& '% &= 8 9:

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; ) '% = 6 =:
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" =: ? @
5& 6 7
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/GG
5& 6 7
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& :' 8 "

# &> : 8 & &= 6
&% = ) <
) = &% &A &E & &
&' ) = 69 &' =
< A = >
> : &A &= )%
6 ; == ) % = ;
= > 6A & A
< % =! =&% 6 =
)
69: )& ' = 69% &=
=% =' =A% 6: '& )9
) =66 & =: =
5& 6 7
8 5
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66% : 6 =:%

&=6 8=' )&
6 & =66 ; )
= = = )& 6
=< = ' =! 6 ) &
>
' 0GGK% 8 )& :< &A < & )%
)< 6% ; )9
='% & & ! 69 &
6 =: ? @ & <6 '
: $ % 8 6: )
& &% ' = &
% : %6 ! &% =:
6 ) =
% & =: ) :& &A
&= =:% : %
% $ (J ' ; =
6

(= == & & ' ; :

=& : = % )& =!
=& & > - & B-C
== & > - & B-C% & =!
% ; =& < & &%
69: & &A& % =: ? @

= ==% =: &

=:% : ; : &&
! &6>% 6 ; E && 0GGM% &=
A ) &!% =
% &=% % 6& 8 69 > )& 9
6% = & ;> &! ) ' '&
6 &9 =! &6 = )& = =:
! = = ; $: =
&' &% & ; : :)' &
' = ; )9 &=
=% =!% ! = ; &= & ;
== = ) =
/G0
5& 6 7
8 5
= ) ; =&

::
& &8 &=
5& 6 7
8 5
/G1

/G2
5& 6 7
8 5
2/
2/
Andrade, Simn (1998). Diccionario de Finanzas Economa y Contabilidad. (1ra.
Edicin). Lima, Per: Editorial Lucero S.R.L
Anuario-Memoria de la Superintendencia de Bancos y Entidades Financieras SBEF.
Recuperado el 20 de Mayo de 2009, de
http://www.sbef.gov.bo/archivos/anuario_memoria2000/infges/cap02.htm
ASOFIN (2008). Asociacin de Entidades Financieras Especializadas en Micro
Finanzas. Boletn Informativo N 61 31/12/2008. La Paz Bolivia
Banco Central de Bolivia. BCB (1996).Indicadpres EconmicosTasas de Inters
Anuales Efectivas, Sistema Bancario y No Bancario. Recuperado el 19/05/2009 de
www.bcb.gov.bo Bernstein, Leopold A. (1997). Fundamentos de Anlisis Financieros.
(Tercera Edicin). Santiago de Chile, Chile: McGraw Hill.
Gitman, L. J. (1997). Fundamentos De Administracin Financiera. (Sptima. Edicin).
Mxico: Editorial Harla S.A
Informacintomada de: Revista Especializada en Finanzas. Recuperado el 5 de Mayo
2009 http://www.gestiopolis.com/recursos/documentos/fulldocs/fin/riskduff.htm
Ley N 1488 (2003) Ley de Bancos y Entidades Financieras, La Paz Bolivia
Lpez D., I. (1995) Cobertura de Riesgo de Inters y de Cambio. Anlisis prctico de
los instrumentos financiaros aplicables. Instituto Superior de Tcnicas y Prcticas
Bancarias. Madrid, Espaa
Prez, Elmer (2006). Entidades Financieras Teora y Prctica. (4ta. Edicin).
5& 6 7
8 5
/G3

Cochabamba, Bolivia: Kipus

Secretaria de Turismo. (1990). Manual de Finanzas Hoteleras, (1ra. Edicin).Mxico:
Editorial Limusa S.A
Tamones R. y Gallego S. (1999). Diccionario de Economa y Finanzas. Madrid, Espaa:
Alianza Editorial
Van Horne James C.,y Wachowicz, JR John M.. (1998). Fundamentos de
Administracin Financiera. (Octava Edicin). Madrid, Espaa: McGraw-Hill
Weston J., F. Brigham E. (2000). Fundamentos de Administracin Financiera. (Dcima
Edicin). Mxico D.F. Mxico: Alfaomega
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= 69: :' : = ; &

&& 9 &
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&=& 69 == A% =& !
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)' & &= =

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Adm y Control de Riesgo Crediticio en La Cooperativa de Ahorro y Credito La Sierra

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