The Comparative analysis for three models adjusted to a production function to the Ecuadorian financial system, period 2015-2020
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Abstract
In this paper, an adjusted Cobb-Douglas production function for the Ecuadorian private financial system is proposed from
three different points of view, with the objective of identifying the efficient use of the production factors. In the three models,
the production and elasticities of capital and labor inputs are determined, and the relationship between these and production
is explained from the uptake, placement, and total product, with their respective economies or diseconomies of scale. The
functions were estimated by ordinary least squares for the 24 banks of the private financial system in Ecuador with time series
data with a monthly frequency from 2015 to 2020. The main discoveries indicate that for deposits the labor factor passes into
the background, for placements, the labor factor is essential and for the total product, capital is more productive than labor.
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