Revista Galega de Economía <p style="text-align: justify;">The <em>Revista Galega de Economía </em>is published twice a year. It was founded in 1992 and it is promoted by the Faculty of Economics and Business Administration of the University of Santiago de Compostela. Its aim is to promote academic research by publishing original articles that meet the highest analytical standards and provide new ideas that contribute to and disseminate economic and business knowledge.&nbsp; RGE is an international peer-reviewed open access journal.&nbsp; The articles published are related to specialities in the fields of economics and business (marketing and market research, applied economics, financial economics and accounting, economics, sociology and agricultural policy, fundamentals of economic analysis , economic history and institutions, business organization and quantitative economics); it is also open to other fields as long as it contributes significantly to addressing problems of economics and business management. The target audience is made up of academics, researchers, professionals, business executives and public decision-makers.</p> <p style="text-align: justify;">The <em>Revista Galega de Economía </em>is indexed in <a href="">SCOPUS</a>, <a href="">Dialnet</a>, <a href="">InDICEs-CSIC</a>, <a href="">IDEAS-RePEc</a>, <a href="">REDALYC</a>,&nbsp;<a title="REDIB" href="" target="_blank" rel="noopener">REDIB</a>, <a href="">DOAJ</a>, <a href=""><span style="font-size: 11.0pt;">ERIH PLUS</span></a> and EconIS, among others. It is also is included in different tools for the analysis of scientific journals such as <a href="">MIAR</a>, <a href="">DICE</a>, <a href="">Latindex</a> or <a href="">CIRC</a>.</p> <p style="text-align: justify;">The digital portal of<em> Revista Galega de Economía </em>is published in Galician, Spanish, and English. The articles published are in Galician, Portuguese, Spanish, and English.<em>&nbsp;</em></p> Universidade de Santiago de Compostela. Servizo de Publicacións e Intercambio Científico en-US Revista Galega de Economía 1132-2799 <p>From 2019 papers and articles published in this journal are subject to the following terms:&nbsp;</p> <p>1. The University of Santiago de Compostela retains the patrimonial rights (copyright) of articles published, and encourages and enables reuse of the same under the license specified in point 2.</p> <p>2. Articles are published in the online edition of the journal under a <a title="License Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)" href="" target="_self">License Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)</a>. All papers can be copied, used, disseminated, transmitted and publicly displayed, provided acknowledgment of authorship, the URL, and the journal are mentioned and that the materials are not used for commercial purposes.</p> <p>3. All authors agree with the license used by the journal with the conditions of self-archiving and open access policy.</p> <p>4. Authors are allowed to disseminate electronically (e.g. in institutional repositories or on their own websites) the published version of their manuscripts, as these favours circulation and early diffusion and thus possibly increases the citations and scope among the academic community (See <a title="The Effect of Open Access" href="" target="_self">The Effect of Open Access</a>).</p> <p>Before this year, when publishing in Revista Galega de Economía, the author cedes all the exploitation rights of his/her article to the University of Santiago de Compostela which, under the conditions and within the restrictions stated in the legislation on intellectual property, is the copyright holder. The fact of its holding the copyright grants the University of Santiago de Compostela&nbsp; the exclusive right, worldwide, to:</p> <ul> <li class="show"> <p>publish the article’s final version in the journal, and distribute it and/or communicate it publicly, both in the journal itself and in other related media, in print format, digital format or any other format that can be created in the future;</p> </li> <li class="show"> <p>translate or write abstracts of the article, and distribute them and/or communicate them publicly, and authorize a third party for the same right or transfer the same right to a third party;</p> </li> <li class="show"> <p>deposit copies or references of the article in file-stores on line, both in platforms belonging to the University of Santiago de Compostela and in platforms belonging to a third party which has received the corresponding authorization by the University of Santiago de Compostela.</p> </li> </ul> Profit rates and assets-price inflation in the Spanish economy <p>The paper provides an in-depth analysis of profitability in Spain between 1995 and 2014, showing that behind the asset-price inflation of the growth period and its corresponding macroeconomic imbalances, an underlying problem of capital valorization can be found. For this purpose, a study of various measures of profitability is carried out based on the concept of productive labor and highlighting the role of finance (interest rates and indebtedness). The evolution of the profit rate in previous years is also shown , together with a comparison with countries in the Eurozone, both in the most advanced areas and in the periphery. The paper reveals the large extent of the underlying profitability crisis, with a huge fall of profit rates from the late sixties, during the period of the housing boom, and throughout the subsequent recession. In addition, this drop in profitability stands out in relation to other economies of the European periphery. Hence, the study puts the rate of profit at the center of the debate on the Great Recession in Spain, despite its absence in much of the economic literature.</p> Juan Pablo Mateo Tomé Maximiliano Francisco Nieto Ferrández Copyright (c) 2021 Universidad de Santiago de Compostela 2021-12-01 2021-12-01 30 4 1 21 10.15304/rge.30.4.7273 Evaluation of international competitiveness and insertion in global value chains: An analysis input-output for the industrial sector <p>This article examines the commercial performance of the top 12 industrial goods exporting countries in 2004-2013, analyzing both the purported partnership between labour productivity and external competitiveness, and the role of highly technological industries in export success. The application of Wang, Wei, and Zhu's methodology (2018), based on the use of global input-product matrices, for U.S. and Chinese trade, shows the best U.S. positioning in Global Value Chain (GVC) and exemplifies the relevance of new global productive dynamics for the evaluation of international trade at the sectoral level.</p> Raúl Vázquez López Copyright (c) 2021 Universidad de Santiago de Compostela 2021-12-01 2021-12-01 30 4 1 17 10.15304/rge.30.4.7432 An analysis of foreign bank stability in Spain. Correlation with the business cycle and foreign trade <p>The aim of this work is to study the degree of stability, as well as the establishment guidelines, of the foreign bank (FB) installed in Spain and its correlation with the business cycle and the volume of foreign trade. The results are detailed by legal form and show that the FB has achieved a high degree of stability for a high number of institutions, especially in the legal form of branches, and low turnover rates between entities, especially in the legal form of subsidiaries. The time series regression models reveal that the stability of the FB is associated with the degree of openness to foreign trade and, in detail, by legal form, both in subsidiaries and branches, and also with the business cycle. Lastly, the time series analysis test shows the existence of a structural change in the years 2012-2013, indicating the resilience of the FB installed in Spain to the impacts of the crisis,</p> Manuel Angel Corrás-Arias Copyright (c) 2021 Universidad de Santiago de Compostela 2021-12-01 2021-12-01 30 4 1 20 10.15304/rge.30.4.7385 An econometric analysis of private insurance in the urban and rural population in Mexico <p>The objective of this work is to identify the factors that affect the purchase of private insurance in Mexico, both in rural and urban populations. A logistic model has been estimated with multiple explanatory variables obtained from the National Survey of Financial Inclusion (ENIF) 2018. The results show that the probability of having insurance is higher the higher the income and, especially, if they have a fixed periodicity, and also the higher the level of studies in the case of the urban population. Age is also a determining factor, with the probability of having insurance being higher among those over 36 years old for the urban case or for the age group between 46 and 55 years for the rural population. The characteristics common to both populations are that they keep a record of spending, live accompanied, use mobile phone and banking correspondents.</p> José Carlos González Núñez Fernando José Mariné Osorio Copyright (c) 2021 Universidad de Santiago de Compostela 2021-12-01 2021-12-01 30 4 1 19 10.15304/rge.30.4.7682 Marketing strategies of global and local brands in developing economies: a comparative study in the Ecuadorian chocolate market <p>The aim of this paper is to analyze international brand strategies in the chocolate market for a developing country as Ecuador. Two interesting results stand out. Firstly, despite being a country with a great cocoa tradition, which predisposes to a preference for local products or brands, Nestlé leads the chocolate market. The main elements that explain this leadership are based on the implementation of a hybrid strategy that has managed to combine a global positioning for all the markets in which it operates with the adaptation of its marketing programmes to the local market (Ecuador). Secondly, Nestlé, in addition to having achieved the recognition of a global, well known and, therefore, a great notoriety brand, was able to adapt to a developing economy through competitive pricing, significant promotional activity, an intensive distribution strategy and a wide range of products that also offers new products for different segments such as white chocolate with crispy rice or chocolate made from fine cocoa from Ecuador.</p> Domingo Calvo Dopico Ángel María del Castillo Puente Salomón Roberto Arias Montero Copyright (c) 2021 Universidad de Santiago de Compostela 2021-12-01 2021-12-01 30 4 1 19 10.15304/rge.30.4.7824 Analysis of mergers and acquisitions between 2009 and 2020 <p>This paper studies the dynamics and trends in processes of mergers and acquisitions in a highly competitive and global economic environment. The aim of this study is to analyse and divide into periods M&amp;A agreements in the global economy. The study produces a precise definition and discusses benefits and drawbacks of such horizontal and vertical agreements. The authors discuss historical waves of mergers and acquisitions processes and present 11 individual periods containing special aspects and description of types of the agreements, as well as supplement the periods with COVID-19 pandemic flow for 2020-2021. A polynomial regression analysis is used to predict the mechanism, results and magnitude of mergers and acquisitions. Furthermore, a discrete time model enables studying behaviour pattern of mergers and acquisitions happened during 2009-2020. The results demonstrate that transnational companies are greatly attributed to economic growth through mergers and acquisitions despite their rather high preparation and implementation costs. It may be expected an escalation of capital redistribution among pharmaceutical and bioengineering companies in a post-pandemic period due to increased M&amp;A agreements.</p> Natalya Chernenko Tetiana Moiseienko Olena Korohodova Yaroslava Hlushchenko Copyright (c) 2021 Universidad de Santiago de Compostela 2021-12-01 2021-12-01 30 4 1 18 10.15304/rge.30.4.7558 Acknowledgement of reviewers 2021 Maria Luisa Chas-Amil Copyright (c) 2021 Universidad de Santiago de Compostela 2021-12-01 2021-12-01 30 4