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Jia, Xiangping. "Credit rationing and institutional constraint evidence from rural China." Frankfurt, M. Berlin Bern Bruxelles New York, NY Oxford Wien Lang, 2008. http://d-nb.info/990036154/04.
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Buechel, Kathryn Jean. "Institutional Adaptation and Public Policy Practices of Military Transfer Credit." Diss., Virginia Tech, 2020. http://hdl.handle.net/10919/96791.
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Veterans who served our country, return with a wealth of experience that transfer into military credit for prior service. These transfer credits in institutions of higher education apply towards education degree attainment. With colleges and universities implementing individual policies for acceptance of credits, veterans experience a loss of credits leading to a duplication of required classes to achieve degrees. To understand inconsistent practices, both federal and institutions of higher education polices are examined. Framed by institutionalization theory, this research sheds light on the public policy process and administration of credit at the organization over time. The study provides findings for how the largest public college and higher education institution in the state of California awards academic credit for military education. Evidence suggests that public higher education institutions adapt based on effective leaders who define and defend the organization's institutional values and mission.
This study provides findings on institutional adaptations to create policies and practices that public administrators use to apply transfer military credit into postsecondary academic credit. The focus is on postsecondary credit transferred, or articulated, by entering military first-year students using the GI Bill. The study asks how have major institutions of higher education formalized institutional policies and practices on awarding academic credit for military education?Doctor of Philosophy
This study provides findings on institutional adaptations to create policies and practices that public administrators use to apply transfer military credit into postsecondary academic credit. The focus is on postsecondary credit transferred, or articulated, by entering military first-year students using the GI Bill. The study asks how have major institutions of higher education formalized institutional policies and practices on awarding academic credit for military education?
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Chatterjee, Sumon. "Small borrowers need and the credit market: a study of formal and informal market borrowing in the district of Darjeeling, West Bengal." Thesis, University of North Bengal, 2021. http://ir.nbu.ac.in/handle/123456789/4362.
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Webster, Christopher J. "Small farmer participation in the institutional credit market : a Thai case study." Thesis, University of Hull, 1985. http://hydra.hull.ac.uk/resources/hull:8531.
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The central task of this thesis is to understand why the institutional credit disbursed by rural credit programmes (RCPs) in developing countries tends to by-pass the small farmers to whom it is frequently directed. In undertaking this task, a number of secondary research objectives are pursued, notably, the measurement of credit demand and the investigation of credit-rationing procedures. The case for RCPs is discussed and selected aspects of programme performance examined. The problem of large-farmer bias is identified and several possible explanations drawn from the literature, which relate broadly to demand-side (borrower) behaviour and supply-side (lender) behaviour. The importance of these various explanations is examined in the context of a case study of farmers in N.E. Thailand. By constructing a series of linear programming (LP) models of representative farms, short-term credit demand is derived and the scarcity value of credit is found to be high for independent farmers (those not participating in the RCP). Questionnaire responses support a positive interpretation of the LP results (independent farmers face a credit-supply shortage) and provide additional evidence that the tendency of small farmers not to borrow from institutions cannot be explained by lack of demand. Demand schedules are constructed to quantify some of the income disadvantages facing farmers who have no access to institutional credit. The behaviour of the major lending institution in the study area is then explored in greater detail by investigating the possibilities for non-price credit rationing. Multiple discriminant analysis (MDA) is employed firstly to identify the precise criteria by which small farmers are excluded from the institution's loan portfolio,· and secondly, to estimate the population total of independent farmers in the survey area excluded by these criteria. The number is high, indicating that lender behaviour is a major barrier to small farmer institutional borrowing. Income schedules from the MDA and LP analyses are brought together to show that some relaxation of the current rationing criteria would allow more small farmers access to rural credit without necessarily jeopardising the lender's commercial viability.
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Hadjixenophontos, Andreas. "The institutional structure and economic rationale of co-operative organisation in Cyprus." Thesis, London School of Economics and Political Science (University of London), 1998. http://etheses.lse.ac.uk/2860/.
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This thesis presents an examination of the role of co-operatives in the economic development of pre-independent Cyprus and also in the economic reconstruction effort following the war events of 1974. The provision of credit is a key element of the contribution made by the co-operative movement during these two different phases of the island's modern economic history; first agricultural credit and then housing credit. Government involvement is treated as a very important variable in the co-operative function and various types of such involvement are examined in the course of the thesis, ranging from zero to maximum government input. This maximum type relates to a situation where the initiation, financing and control of co-operatives are tightly in the hands of state agents. In this respect various aspects of institutional theory are applied in order to explain empirical findings. Another important variable of the co-operative function relates to political party involvement. Existing beliefs about the ill-effects of politicisation are put to the test using highly sensitive empirical evidence from Cyprus, available to the author only due to his special relationship with the co-operative movement. The effects of such politicisation are also studied in relation to member participation.
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Ridley, Michael Antony. "Joint implementation in the Framework Convention on Climate Change and the Second Sulphur Protocol : an empirical and institutional analysis." Thesis, University College London (University of London), 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.264188.
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Einig, Sandra Elisabeth. "Financial managers', institutional investors' and other interested parties' perception of credit rating agencies and rating quality." Thesis, University of the West of Scotland, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.494772.
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By providing an independent evaluation of the probability of default, Credit Rating Agencies (CRAs) play an important role in the functioning of credit markets for a wide range of stakeholder groups. However, the recent turmoil in the international financial markets following the subprime crisis in the US has once again raised questions about the ability of CRAs to meet market needs. This thesis elicits and compares the views of key market participants concerning issues of ratings quality. Specifically, this thesis reports the results of interviewbased research with key market participants, and constructs a measurement instrument to capture ratings quality provided by CRAs. A questionnaire survey is administered to four stakeholder groups in public debt markets: issuers; non-issuing financial managers; institutional investors; and other interested parties. The theoretical model is developed using the extant quality literature which has informed analysis of other gatekeepers such as auditors. The ratings quality model is then extended to a full structural equation model to identify how those ratings quality factors identified in the measurement model affect the issuers' commitment to their CRAs and ultimately their intention to continue the business relationships with their CRAs. This research is the first systematic empirical study of debt market participants' perceptions of CRAs and provides a first step in defining ratings quality and identifying its different characteristics. This study is also the first of its kind to be conducted in a non-US setting and thus provides valuable insights at a time when European regulators are showing an increased interest in the concept of ratings quality.
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Mahdi, Ilara R. E. "Access to credit, indebtedness and debt refinancing amongst microenterprises in Freetown, Sierra Leone : an institutional approach." Thesis, SOAS, University of London, 2016. http://eprints.soas.ac.uk/23648/.
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Gitonga, Loise. "Financial inclusion: A look at the institutional and credit organisational enablers in the South African market." Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/28998.
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To serve the underserved markets successfully companies have to re-evaluate their strategies and approach towards the poor; this is also true for financial institutions and governments seeking to address financial exclusion or looking to fully bank the under banked in their economies. This study examines the regulatory enablers put in place by the South African government; the organisational enablers in form of financial institutions; and the products or services these institutions offer the under banked or unbanked in the society. In examining the products and services offered four factors were taken into consideration i.e. availability, acceptability, affordability and target market awareness of the product. The study was carried out using a deductive qualitative approach; the hypothesis was 'some of the macro and micro enablers required when seeking to serve the underserved are missing in South Africa'. From our analysis; there are very specific positive steps being taken to enhance the macro environment. Hopefully as these undertakings are established the micro-environment will improve. Such improvements are expected to include; increase in strong, reliable national players serving the underserved; increase in providers of good and safe services for the underserved and enhanced awareness among consumers on the products available for them.
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Saint-Macary, Camille [Verfasser], and Manfred [Akademischer Betreuer] Zeller. "Microeconomic impacts of institutional transformation in Vietnam's Northern uplands : empirical studies on social capital, land and credit institutions / Camille Saint-Macary. Betreuer: Manfred Zeller." Hohenheim : Kommunikations-, Informations- und Medienzentrum der Universität Hohenheim, 2013. http://d-nb.info/1042992177/34.
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Malaki, Akhil. "Informal Finance and Microfinance in Jamaica and Trinidad & Tobago : An Institutional Study." Doctoral thesis, Stockholm : Acta Universitatis Stockholmiensis : Almqvist & Wiksell International [distributör], 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-766.
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Fox, Jacqueline Frances. "The role of institutional credit in agricultural development : the case of the Bank for Agriculture and Agricultural Co-operatives, Thailand." Thesis, University of Hull, 1992. http://hydra.hull.ac.uk/resources/hull:10690.
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This thesis attempts to evaluate the lending policy of Thailand's Bank for Agriculture and Agricultural Cooperatives (BAAC) from a developmental perspective. Firstly the question of access to institutional credit is examined in terms of the distribution of BAAC loans spatially and by the economic status of borrowers; secondly, the study uses the case study approach to analyse the farm-level effectiveness of three types of lending instrument a) short-term production loans, by scale of farming operation and access to irrigation (the "credit-only" model); b) short-term production loans with extension support (the credit extension model) and; c) long-term investment loans disbursed within the project framework (the project lending model). One of the case studies is drawn from the Central region and two from the Northeast. The results of the study indicate that for a variety of reasons, BAAC directs subsidised loans mainly towards the country's most agriculturally productive areas and most economically secure farmers. This orientation is long-established and is likely to have contributed to the problem of inequality in the distnbution of income and wealth in rural areas. Since 1975, institutional credit has been an important part of a government strategy to increase the flow of funds and provision of support services to the rural sector. The Bank has recruited large numbers of relatively poorer farmers. However, using farm-size as a measure of economic status shows that BAAC clients generally have larger farms than their neighbours. In the Northeastern region, the percentage of BAAC clients with farms below the median is only 11 per cent compared to 23 per cent for the Central and Eastern regions and 20 per cent country-wide. The bulk of loan disbursement is also directed towards medium- and large-scale farmers. Inter-provincial variations in the recruitment of and disbursement of loans to small-scale farmers, are explained in terms of varying strategies employed by branch managers to meet the terms and conditions of the Branch Evaluation Procedure, despite convincing evidence that repayment rates for this group are as good if not better than for larger-scale operators. Regardless of the Bank's economic orientation farm-level analyses of the effects of short-term borrowing show that production loans are most critical to and are used most effectively by small-scale farmers, particularly those in rainfed areas. At present, however, the farm-level effect of technical support, given in association with loans to small-scale farmers, though positive, is still weak. Improvement in the impact of the credit-extension model will depend on further development of the working relationship between BAAC and the Department of Agricultural Extension (DoAE). The effectiveness of long-term project loans, in terms of increasing the productive capacity and income-generating potential among smallscale farmers, is also limited. The challenge to the Bank is to develop projects that meet the Bank's criteria with regard to financial viability and also yield a good return to the borrower after loan repayment obligations have been met. The extent to which the BAAC can provide an equitable and effective service within the context of rural development policy as a whole, depends on active government intervention to prevent the erosion of the Bank's capital base, promotion of the type of interagency cooperation necessary to provide integrated support services to farmers, and prioritisation of planning for the small farm sector.
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Johannesson, Maja, and Sofie Stejmar. "Gröna obligationer - Vägen till en mer hållbar kreditmarknad : En studie om aktörers motiv och ekonomiska drivkrafter på den svenska marknaden för gröna obligationer." Thesis, Linköpings universitet, Nationalekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-120196.
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Bakgrund: År 2007 emitterade Världsbanken den första gröna obligationen i världen tillsammans med SEB. Vasakronan emitterade den första gröna företagsobligationen år 2013 och därefter har marknaden expanderat. Gröna obligationer har samma finansiella egenskaper som traditionella obligationer, skillnaden ligger i att obligationslikviden från gröna obligationer ska finansiera miljö- eller klimatvänliga projekt. Gröna obligationer ger investerare och emittenter incitament att implementera hållbara investeringar eller projekt. Syfte: Uppsatsens syfte är att undersöka och analysera motiv och ekonomiska drivkrafter till aktörers deltagande på den svenska marknaden för gröna obligationer. Utöver det ämnar uppsatsen kartlägga de institutionella förutsättningarna för uppkomsten av gröna obligationer, samt belysa utmaningar och framtidsutsikter. Genomförande: Uppsatsen baseras på en kvalitativ metod och 13 intervjuer har genomförts. De intervjuade personerna representerar grupperna: emittenter, investerare, banker och certifieringsinstitut. För att belysa gröna obligationers och marknadens karaktärsdrag har en litteraturstudie utformats. De empiriska materialet har analyserats med institutionell teori, spelteori, finansiell teori och CSR teori, samt tidigare forskning om CSR och SRI. Slutsats: Ett antal institutionella faktorer och enskilda aktörers initiativ har varit bidragande till den svenska gröna obligationsmarknadens uppkomst och utveckling. Framträdande motiv och ekonomiska drivkrafter för samtliga aktörer är möjligheten att visa upp en grön och hållbar profil, det faktum att gröna obligationer har samma finansiella egenskaper som traditionella obligationer och att de har en grön egenskap. Framtida utmaningar för marknadens fortsatta tillväxt är utvecklingen av standarder och att öka utbudet av gröna obligationer.Background: In 2007 the World Bank issued the first green bond in the world in co-operation with SEB. Vasakronan issued the first green corporate bond in 2013 and since then the market has expanded. Green bonds have the same financial characteristics as traditional bonds, the difference being that the proceeds from green bonds have to finance environmental or climate friendly projects. Green bonds give incentives to investors and issuers to implement sustainable investments and projects. Aim: The purpose of the thesis is to examine and analyze motives and economic incentives behind the participation of players in the Swedish green bond market. In addition, the thesis maps out the institutional conditions that enabled the emergence of green bonds and highlight the future challenges and prospects. Completion: This thesis is a qualitative study of 13 interviews conducted by the authors. The interviewees represent the following groups: issuers, investors, banks and certifiers. A literature review about green bonds is provided to illustrate the characteristics of green bonds and the market. The empiric material is analyzed using institutional theory, game theory, financial theory and CSR theories, as well as previous research about CSR and SRI. Conclusion: A number of institutional conditions and individual actions have contributed to the rise and development of the Swedish green bond market. The motives and economic incentives that apply to all the players in the market are the opportunity to enhance a green and sustainable profile, the fact that green bonds have the same financial characteristics as traditional bonds and that they include a green feature. Future challenges for the growth of the green bond market include the development of standards and to increase the supply of green bonds.
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Vateva, Tzveta. ""Corporate Governance and Default Risk"." Kent State University / OhioLINK, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=kent1412703653.
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Ögren, Anders. "Empirical studies in money, credit and banking : the Swedish credit market in transition under the silver and gold standards 1834-1913." Doctoral thesis, Handelshögskolan i Stockholm, EHFF - Stiftelsen för Ekonomisk-historisk och Företagshistorisk Forskning, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-1876.
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The empirical results reached in this thesis contradict the traditional theoretical view of money as being exogenously introduced into an economy as a medium of exchange intended to reduce the transactions costs associated with barter. Instead money was endogenously created in the form of credit. Thus, the long run neutrality of money also is called into question. The varying quality of different kinds of money reflects the demand for them. If legal tender was of higher quality than private promissary notes, it was because the former were in greater demand. Concisely put, the market determines the value, and therefore the quality, of various kinds of money. The principal problem addressed in this thesis is how, during the expansive nineteenth century, it was possible to satisfy the ever growing need for credit and means of payment without sacrificing the fixed exchange rate. Particular attention is paid to the private note issuing banks, the so called Enskilda banks, that dominated the Swedish banking system throughout the nineteenth century. In addition to their note issuing, the Enskilda banks were characterized by unlimited owner liability. An examination of the ongoing political process from a rational choice perspective, indicates that initially the concept of note issuing Enskilda banks enjoyed wide spread support. They were considered to be a reasonable response to the problem of establishing a commercial banking system in an illiquid economy. The distribution of political and economic power in favor of the Crown and the Nobility included their control over the issuance of bank charters. The monopolistic policy they followed in this regard, however, resulted in growing hostility towards these. As a result, starting in the middle 1860's, a more liberal attitude towards the establishment of banks began to prevail. By the end of the nineteenth century, various political interest were able to engineer the revocation of the Enskilda banks’ note issuing rights. The special characteristics of the Enskilda banks, the right to issue bank notes and the unlimited liability of their owners, have caused them to be perceived as outdated, at least once Joint Stock banks were introduced. In contrast to the Enskilda banks, these were unable to issue notes but instead provided their owners with limited liability. The thesis demonstrates that, given the initial illiquidity of the Swedish economy, the Enskilda banks actually were the more efficient alternative. Indeed, the note issuing privileges of the Enskilda banks became one of the principal factors behind the development of liquid domestic capital markets. An empirical study that includes the most basic constraints faced by the nineteenth century Swedish economy, the demands of the specie standard and the general shortages of reliable means of payment and of credit, reveals that the Enskilda bank system can not, strictly speaking, be considered an example of free banking. Instead of holding specie reserves, the Enskilda banks backed their notes with central bank (Riksbank) notes. This was not because the public preferred Enskilda bank to Riksbank notes. Rather it was the result of a monetary adverse selection process; Gresham’s Law. Previously utilized, lower quality, means of payment were replaced by Enskilda bank notes. By accepting some of the discount costs, the Enskilda banks made their notes circulate at par with Riksbank notes. Thus a domestic specie exchange system was created. The note issuance of the Enskilda banks paved the way for the deposit based commercial banking system that followed, and it was essential for the monetization of the economy that occurred during the late 1860's. The long run expansion of the money supply was unrelated to growth in Riksbank reserves, specie holdings or the monetary base. Other countries operating under the specie standard also experienced monetary growth, indicating that the specie standard actually was a system of credit. Money supply, as measured in terms of Riksbank and Enskilda bank notes held by the public, eventually reflected the level of output (GDP). VAR-tests indicated that annual changes in the level of Riksbank reserves preceded changes in the money supply which, in turn, preceded changes in the level of prices, thus supporting the price quantity theory. These results are summarized in a regression model that estimates domestic price movements as a function of current changes in international prices and GDP and of lagged changes in domestic prices and the money supply. The final chapter is an empirical analysis of the support provided to the Swedish banking system during the most severe financial crises of the nineteenth century. Maintaining the specie standard was over riding goal of the Riksbank. In times of crises, this concern prevented the Bank from supporting the banking system in accord with the classical lender of last resort recipe; to inject liquidity and briefly suspend convertibility. The thesis argues that in a transitional economy, such as that of nineteenth century Sweden, the fixed exchange rate makes it impossible in times of crisis to support the banks at all costs. Doing so might well convert a banking crisis into a currency crisis. Indeed, this is exactly what has happened in various countries on several occasions during the late twentieth century. Instead the appropriate procedure for acting as lender of last resort in a transitional economy is to initially support the banks, but only as long as central bank reserves are not exhausted. Should the seriousness of the crisis make this insufficient, the authorities should then proceed to import high powered money as a way of supplementing their reserves. The possibility that such action will be needed makes it particularly important that the country’s public finances be kept in good order.Diss. Stockholm : Handelshögskolan, 2003. Sammanfattning på engelska
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Malone, Caroline E. ""Sea Water Fish in a Freshwater Pond:" An Institutional Approach to Understanding Cooperative Scarcity in the United States." Scholarship @ Claremont, 2014. http://scholarship.claremont.edu/scripps_theses/499.
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There is remarkable cooperative organization scarcity in the United States. Particularly in the credit union and worker cooperative sectors, this scarcity is not satisfactorily explained by neo-classical economic models that assume competitive conditions and profit-maximizing organizations. This paper supplements the conventional economic understandings of credit union and worker cooperative scarcity with an institutional analysis. Mechanisms of coercive, mimetic, and normative institutional isomorphism developed in DiMaggio and Powell’s theory of organizational isomorphism are applied to provide greater understanding of credit union and worker cooperative scarcity in the US. It appears that these forces of isomorphism work in conjunction with one another, as well as with competitive forces of isomorphism, to cyclically reproduce the scarcity of credit unions and worker cooperatives which prevails in the US.
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Hughes, Peter T. "Trust : economic notions and its role in money and banking." Thesis, University of Stirling, 2010. http://hdl.handle.net/1893/3063.
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This thesis has two aims; to explore the economic notions of trust to develop a coherent understanding of trust within economics and to apply this understanding to the operation of money and banking. There has been a recent explosion of work about trust within economics but little consensus. This thesis explores this body of work by first developing a framework based on the different perceptions of the work of Adam Smith. The framework argues that the academic discipline of economics can be understood as mirroring the discussions of the work of Adam Smith. The Academic discipline of economics can be seen as comprising of approaches that only consider behaviour as relating to self-interested and those approaches that have adopted a stance that includes both self-interest and social, organic behaviour. The beginning of this thesis explores the notions of trust offered by Behavioural Game Theory and Institutional Economics and argues that the notions of trust developed using the institutional framework offer a richer conceptualisation and are more widely applicable to other areas addressed by economics. This concludes by developing a theory of trust in the institutional tradition based on the work of Simmel and draws a distinction between trust as applied to agency and confidence applied to structure. After drawing a distinction between trust and confidence based on agency and structure, this thesis then uses this theory to address the understanding of the operation of money and then banking. Money, or more specifically the operation of money as influencing behaviour, can be understood as being a complex institution with both agency and structural elements allowing a coherent understanding of money and trust. The same can be said of trust and banking, but a very different model develops as banks are organisations rather than complex institutions. This thesis concludes by considering the current financial crisis and the policy responses using the trust and confidence framework. Trust has been an important concept for money and banking, but without a satisfactory framework for analysis. The contribution of this thesis is to have developed a coherent framework for analysing trust, and applying it to money and banking.
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Capurro, Alejandro. "Comparing agricultural financing in Uruguay and New Zealand." Lincoln University, 2009. http://hdl.handle.net/10182/2344.
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In 2008, New Zealand’s gross domestic product (GDP) was four times the size of Uruguay’s, and its export earnings were five times Uruguay’s. Nevertheless, agricultural products accounted for over 60% of export earnings for both economies. This highlighted the importance that the agricultural sectors of Uruguay and New Zealand had to their respective foreign trade sectors. The success with which both countries’ agricultural sectors solved their financial needs would be influential to their export sectors and overall economies. Through the use of expert interviews, a multiple-case study strategy was employed to carry out a comparative study of the agricultural financing systems of Uruguay and New Zealand. The findings revealed contrasting situations in both countries. Chief among them were the differences encountered in agricultural debt relative to agriculture’s contribution to total GDP in each country. In Uruguay this figure was 26% whereas in New Zealand it amounted to almost 400%. The differences found were largely attributable to the institutional frameworks in place in each country (i.e. the legal and cultural norms that structure political, social and economic interactions), as well as the historical contexts in which the institutions evolved. In Uruguay, the institutional framework limited producers’ possibilities of accessing bank credit due to restrictive central bank regulations. The lack of access to international credit markets by Uruguayan banks due to the country’s unfavourable credit risk rating was an additional factor which limited credit availability. These were largely a result of the financial crisis (and the subsequent recession) that had occurred in the region in 2002. Producers in Uruguay were able to access costlier seasonal capital and some medium-term capital from informal lenders such as cooperatives, processors and input suppliers. Nevertheless, if they required medium and long term credit, Uruguayan farmers needed to deal with the banking system. Furthermore, the high cost of registering mortgages, combined with long-term loan facilities that generally did not go for longer than ten years, resulted in a limited demand for high-volume, long-term credit on producers’ side. Almost the exact opposite situation was found in New Zealand. No great financial turmoil had affected New Zealand since the economic reforms of 1984, in which the economy in general was deregulated. An institutional framework which promoted access to credit, combined with a favourable country credit risk rating which promoted open access to overseas funding for banks, meant that the agricultural sector was able to expand its use of credit uninterruptedly since the early 1990s. Also, in contrast with the Uruguayan case, mortgaging of properties was relatively straightforward and inexpensive, and long term lending could be approved for terms of generally up to 20 years. These factors contributed to the expansion of rural credit in New Zealand. However, New Zealand’s agricultural debt was found to be greatly exposed to one subsector (the dairy farming sector). Moreover, the level of debt of New Zealand’s agricultural sector surpassed its contribution to GDP many times over, which raised doubts concerning the long-term sustainability of that level of debt.
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Kramer, Dirk [Verfasser]. "Credit Guarantee Schemes for Small Businesses: between Euphoria and Scepticism : Concepts and Experiences with Institutional Structures in Europe and Latin America – with Case Illustrations from Germany and Brazil / Dirk Kramer." Berlin : Freie Universität Berlin, 2013. http://d-nb.info/1045859184/34.
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Bretan, Pedro Luis Accioli Nobre. "Essays on industrial organization." reponame:Repositório Institucional do FGV, 2010. http://hdl.handle.net/10438/8447.
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This thesis is comprised of three essays with a common goal: expand the theories about what drives the shape of an industry and its consequences. All three are theoretical and applied, in the sense of being detailed studies about the inner workings of industries and their impact on the shape of the latter. In the first chapter I model how the interplay among institutional quality, trust and contract incompleteness affects firms' decisions about their international mode of organization. Second second chapter also concerns industries' ownership choices, but in a complete different perspective, focusing in information transmission between the different parts that constitute a supply chain. Finally, third chapter uses industrial organization modeling to show how the internal structure of an industry influence the risk of payroll-backed loans.
Esta tese compõe-se de três ensaios que versam sobre o formato, em termos de estrutura de governança, das indústrias e como a estrutura interna das mesmas influenciam esses formatos e seus produtos. O primeiro capítulo apresenta um modelo de como a qualidade institucional, confiança e incompleteza contratual afetam as decisiões das firmas sobre a melhor forma de se organizarem internacionalmente. O segundo capítulo vai na mesma direção de explicar a organização das indústrias, mas com foco no efeito da transmissão de informação entre as unidades constituintes das organizações sobre o formato ótimo das mesmas. Ambos trabalhos usam modelos dinâmicos. O terceiro capítulo se utiliza da modelagem de organização industrial para mostrar como a estrutura interna de uma indústria influencia no risco de crédito consignado.
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Magnabosco, Ana Lelia. "Fatores determinantes do investimento e o papel das mudanças institucionais na acumulação de capital e no crescimento do Brasil." Universidade de São Paulo, 2015. http://www.teses.usp.br/teses/disponiveis/12/12140/tde-18082015-110654/.
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Esta tese analisa os fatores determinantes do investimento e seus efeitos sobre o crescimento econômico das nações, em geral, e do Brasil, em particular. O foco da discussão na acumulação de capital decorre do fato de que 2/3 do crescimento econômico brasileiro foi devido a esse processo. Para avaliar a questão, a tese combina três abordagens complementares: a visão teórica, a avaliação histórica e a análise econométrica. O trabalho está dividido em duas partes: a primeira trata dos determinantes teóricos do investimento e faz a análise econométrica com dados internacionais. A segunda traz a análise do crédito e do investimento no Brasil, reunindo as abordagens histórica e econométrica. A visão teórica fundamenta a análise e define as variáveis-chave que afetam o investimento: juros, crédito de longo prazo, retorno do capital e preço dos ativos. Parte-se da visão de que as mudanças institucionais afetam o investimento porque buscam preservar o retorno dos investidores e dos bancos. A análise econométrica avalia o comportamento dos investimentos em três níveis: macroeconômico internacional, macroeconômico brasileiro e setorial brasileiro. A análise internacional considera um painel com dados de 39 economias entre 1995 e 2011. São utilizadas as técnicas de cointegração em painel conforme as metodologias de Kao (1999) e Pedroni (1999, 2004). A avaliação econométrica do agregado da economia brasileira é feita com dados anuais entre 1953 e 2013 e utiliza as técnicas de cointegração de Johansen (1995) e de Gregory e Hansen (1996), para avaliar a possibilidade de quebras estruturais. A análise desagregada é feita com base em dados de 31 setores de atividade econômica entre 1995 e 2009 e nas técnicas de cointegração em painel. Os resultados das avaliações econométricas de painel (internacional e setorial) mostram relações estáveis e positivas entre investimento, crédito e retorno do capital, e relações negativas entre investimento, taxa de juros de longo prazo e taxa real de câmbio, corroborando os princípios teóricos. Os resultados para o agregado da economia brasileira (séries de tempo) confirmam haver relações estáveis e positivas entre investimento, crédito e retorno do capital, mesmo na presença de quebra estrutural. A abordagem histórica analisa a constituição dos mecanismos de financiamento ao investimento no Brasil e suas principais alterações ao longo da história. São avaliados os papéis do crédito hipotecário, do mercado acionário, da implantação do Banco Nacional de Desenvolvimento Econômico (BNDE) e do Banco Nacional da Habitação (BNH) e das reformas institucionais dos anos 1960. Também são descritas as principais mudanças institucionais ocorridas nas décadas de 1990, 2000 e 2010. A interpretação histórica do contexto institucional brasileiro e os resultados das análises econométricas sugerem que as mudanças institucionais ocorridas ao longo da história econômica do país foram fundamentais para a retomada do crédito de longo prazo na economia. Elas também contribuíram para amenizar a queda do retorno do capital.This doctoral dissertation analyzes the determining investment factors and their effects on economic growth of the nations in general and on Brazil in particular. This discussion focuses especially on capital accumulation because this process has accounted for two thirds of Brazilian economic growth. To investigate this question, this study combines three complementary approaches: a theoretical vision, a historical assessment, and an econometric analysis. The dissertation is divided into two parts. The first discusses the theoretical determining factors of investment and presents an econometric analysis using international data. The second analyzes credit and investment in Brazil, combining historical and econometric approaches. The theoretical overview provides a basis for the analysis and defines the key variables that influence investment: interest rates, longterm credit, return of capital, and the price of assets. This investigation is based on the premise that institutional changes affect investment because they attempt to preserve the return of both investors and banks. The econometric analysis evaluates the behavior of investment on three levels: international macroeconomic, Brazilian macroeconomic, and Brazilian industries. The international analysis considers a panel of 39 economies containing data from 1995 to 2011. This study employed panel cointegration techniques based on the methods described by Kao (1999) and Pedroni (1999, 2004). The econometric evaluation of the aggregate of the Brazilian economy uses annual data from 1953 to 2013 and cointegration techniques described by Johansen (1995) and by Gregory and Hansen (1996), to assess the possibility of structural changes. The disaggregated analysis uses data from 31 economic industries, from 1995 to 2009, and panel cointegration techniques. The results of the panel econometric evaluations (international and sector) show stable and positive relations between investment, credit and return of capital, and negative relations between investment, long-term interest rate, and real exchange rate, confirming the theoretical principles. The results for the aggregate of the Brazilian economy (time series) confirm positive and stable relations between investment, credit, and return of capital, even when there is a structural change. The historical overview investigates the creation of investment financing mechanisms in Brazil and how they have changed over time. This dissertation analyzes mortgage securities, equity market, the establishment of the National Economic Development Bank (BNDE) and the National Housing Bank (BNH), and the institutional reforms of the 1960s. It also describes the main institutional changes of the 1990s, 2000s and 2010s. The historical interpretation of the Brazilian institutional setting and the findings of the econometric analyses suggest that the institutional changes that have taken place over Brazil\'s economic history were essential in making long-term credit again available in the economy. They have also helped to minimize the decreasing trends in the returns of capital.
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Godoy, Sara Gurfinkel Marques de. "O Protocolo de Kyoto e os países em desenvolvimento: uma avaliação da utilização do Mecanismo de Desenvolvimento Limpo." Universidade de São Paulo, 2011. http://www.teses.usp.br/teses/disponiveis/90/90131/tde-21112011-233304/.
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Com base na Nova Economia Institucional, o foco desta pesquisa foi o de identificar os custos de transação existentes nos projetos de MDL (Mecanismo de Desenvolvimento Limpo) e investigar se eles são barreiras para o desenvolvimento do projeto, e se podem afetar a eficiência de projetos já implantados. Mais especificamente, foram analisadas as variáveis que afetam as diferenças entre as reduções de emissões estimadas nos projetos de MDL e as reduções realmente verificadas (Sucesso de Redução - SR), depois do projeto implantado e monitorado. A fim de cumprir esse objetivo, esta pesquisa contou com levantamento de dados secundários relativos aos projetos de MDL realizados em todo o mundo, e dados primários relativos aos projetos brasileiros de MDL. A análise das informações mostrou que os países mais relevantes em número de projetos são Índia, China, Brasil, mas este ranking se altera dependendo da variável analisada (por exemplo, volume de emissão reduzida ou estimada). Os setores mais relevantes em volume de redução são de HFC, N2O, mas este perfil se altera quando analisado o número de projetos, ficando em primeiro lugar biomassa, hidroelétrica e energia eólica. Em relação ao SR, a maior parte dos projetos não apresenta eficiência satisfatória. No entanto, em volume de reduções a maior parte dos projetos cumpre mais que 91% de SR. Os setores mundiais mais eficientes são N2O e HFC (Brasil N2O e troca de energia fóssil), e os setores de resíduos sólidos e agricultura (Brasil, agricultura e resíduos sólidos) são os menos eficientes. Finalmente, esta pesquisa conclui que custos de transação afetam o sucesso da redução de MDL, e os mais importantes são os custos ex-ante, resultantes de problemas de falhas de informação (como, por exemplo, problemas com as organizações que intermedeiam o processo dos MDLs) e problemas de mensuração (problemas relacionados com metodologias dos MDLs).Based on the New Institutional Economics, the focus of this research was to identify transaction costs in CDM projects (Clean Development Mechanism) and investigate if they can affect project efficiency, and also if they create project development barriers. More specifically, this research analyzed the variables that could affect the differences between CDM estimated emission reduction projects and actual reductions obtained (Reduction Success - RS) after the project has been implemented and monitored. To fulfill this goal, this research included a secondary global CDM projects data survey, and primary data survey related to Brazilian CDM projects. Data analysis showed that the most important countries in terms of number of projects are India, China, Brazil, but depending on the variable analyzed (for instance, emission reduction volume) this ranking could change. The most relevant sectors in emission reduction volume were HFCs, N2O, but this would change when we analyze number of projects, where biomass would come first, followed by hydroelectric and wind energy. When considering RS, most projects do not show satisfactory performance. However, in terms of emission reductions amount, most of the projects achieve more than 91% RS. The most efficient sectors in the world are HFC and N2O (in Brazil, N2O and fossil fuel), and the least efficient sectors are solid waste and agriculture (in Brazil, agriculture and solid waste). Finally, this research concludes that transaction costs affect the success of CDM reductions, and the most relevant are ex-ante costs, resulting from information problem gaps (these problems relate to parties involved in the CDM process) and measurement problems (CDM methodologies).
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Achioyamen, Chichi Violet, and Johansson Sophia Kazmi. "Institutional Factors and Financial Development in Sub-Saharan Africa for the period 2004-2018 : Control of Corruption, Rule of Law, Political Stability and Absence of Violence, and Voice and Accountability." Thesis, Södertörns högskola, Nationalekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-45289.
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The purpose of this study is to have an in-depth understanding of the importance of the institutional environment for financial development in 43 Sub-Saharan African countries during the years 2004-2018. Using new institutional economic theory (NIE) we study how the four institutional factors Control of Corruption, Rule of Law, Political Stability and Absence of Violence, and Voice and Accountability affect financial development. We also survey how the effect of institutional factors varies when there are either high, medium or low levels of corruption. Empirical results show a positive linear relationship between all institutional factors and financial development. However, when corruption levels are high the correlation between institutional factors and financial development varies and has a weak linear relationship. Inferential statistics results from a fixed effect regression model with robust standard errors shows; when we control for the financial environment, Political Stability and Absence of Violence is the only indicator for the institutional environment that has a positive significant effect on financial development. We thereby conclude that the institutional environment, mostly political institutions, are important for financial development.Syftet med denna studie är att få en djupgående förståelse av institutionell miljö för finansiell utveckling i 43 Subsahariska afrikanska länder för åren 2004–2018. Med hjälp av den nya institutionella ekonomiska teorin undersöker vi hur de fyra institutionella faktorer Kontroll av Korruption, Rättsstat, Politisk Stabilitet och Frånvaro av Våld och Röst och Ansvarsskyldighet påverkar finansiell utveckling. Vi undersöker också hur effekten av institutionella faktorer varierar när det finns hög, medium eller låg nivå av korruption. Empiriskt resultat visar ett positivt linjärt samband mellan alla institutionella faktorer och finansiell utveckling. Däremot, när korruptions nivåerna är höga är korrelationen mellan institutionella faktorer och finansiell utveckling varierar och har ett svagt linjärt samband. Resultatet från inferentiell statistik med fixed-effektregressionsmodell med robust standardfel visar att; när vi kontrollerar för den finansiella miljön, kvarstår endast Politisk Stabilitet och Frånvaro av Våld som en indikator för institutionell miljö som har en positiv signifikant effekt på finansiell utveckling. Vi konstaterar därmed att institutionell miljö, särskilt politiska institutioner är viktiga för finansiell utveckling.
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Martins, Joana Sofia Luís. "Credit risk of financial institutions." Master's thesis, NSBE - UNL, 2014. http://hdl.handle.net/10362/11692.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and EconomicsAlthough there is substantial literature on credit risk, studies often do not consider financial institutions. However, considering that several entities are exposed to these institutions, namely through the counterparty role that they play, it is of major relevance the accurate assessment of its credit risk. As such, this study aims at analysing three different models to measure credit risk of financial institutions and conclude which one best predicts credit rating downgrades. The three models studied comprise a credit scoring model; a naïve approach of the Merton (1974) Model; and CDS spreads. The results show that all three models are statistically significant to predict credit rating downgrades of financial institutions, though the latter two prove to better and more timely anticipate downgrades than the credit scoring model.
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Odeh, Oluwarotimi Omoniyi. "Credit rating in an agricultural credit institution : methods and issues /." Search for this dissertation online, 2005. http://wwwlib.umi.com/cr/ksu/main.
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Fabiani, Emerson Ribeiro. "Reformas institucionais do mercado de crédito bancário no Brasil (1999-2006): uma análise jus-sociológica." Universidade de São Paulo, 2009. http://www.teses.usp.br/teses/disponiveis/2/2139/tde-11112011-133759/.
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O crédito bancário é a principal fonte de financiamento de pessoas físicas e jurídicas no Brasil. Ainda assim, comparações internacionais apontam que o mercado de crédito no Brasil é pequeno em volume de empréstimos concedidos, limitado em número de instrumentos e caro nos preços praticados. O propósito desta tese é apreender as expectativas em relação ao direito supostas em documentos oficiais do Banco Central do Brasil (BCB) que sugeriram, entre 1999 e 2006, medidas para a reversão desse quadro. Para tanto, analisa os argumentos apresentados para a implementação de um conjunto específico de medidas de reforma jurídica dos sistemas de insolvência e de cobrança de dívidas, considerados cruciais para o desenvolvimento financeiro. Como resultado da análise, foi possível identificar um continuum discursivo entre as justificativas apresentadas pelos documentos oficiais do BCB para a adoção das medidas de reforma do mercado de crédito e o que se designou de perspectiva da dotação institucional. Segundo essa visão, a clara definição de direitos de propriedade e eficientes mecanismos para o cumprimento de contratos são precondições essenciais para o crescimento econômico.Bank loans are the main source of financing for individuals and corporations in Brazil. Nevertheless, when compared to those of other countries, the credit market in Brazil is still small in the overall amount of loans, limited in the number of loan instruments and expensive for borrowers. The present dissertation aims at identifying the role assigned to Law by official Brazilian Central Bank (BCB) documents tackling this problem issued between 1999 and 2006. In order to do so, it analyses the arguments used to justify a set of specific measures intending to reform the legal framework for dealing with two key elements for the development of the credit market: default and forfeiture. It is argued that there is a discursive continuum between the arguments present in the official BCB documents aimed at the reform of the credit market and the tenets of what is called institutional endowment. According to these tenets, the clear definition of property rights and efficient means for contract enforcement are pre-conditions for economic development.
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Wäckerle, Manuel. "On the Bottom-up Foundations of the Banking-Macro Nexus." Kiel Institute for the World Economy, 2013. http://dx.doi.org/10.5018/economics-ejournal.ja.2013-40.
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The complexity of credit-money is conceived as the central issue in the banking-macro nexus, which the author considers as a structural as well as process component of the evolving economy. This nexus is significant for the stability as well as the fragility of the economic system, because it connects the monetary with the real domain of economic production and consumption. The evolution of credit rules shapes economic networks between households, firms, banks, governments and central banks in space and time. The properties and characteristics of this evolutionary process are discussed in three sections. First, the author looks into the origins of the theory of money and its role for contemporary monetary economics. Second, he briefly discusses current theoretical foundations of top-down as well as bottom-up approaches to the banking-macro nexus, such as dynamic stochastic general equilibrium and agent-based models. In the third part he suggests an evolutionary framework, building on a generic rule-based approach, to arrive at standards for bottom-up foundations in agent-based macroeconomic models with a banking sector. (author's abstract)
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Mukherjee, Anirban. "Transition of credit institutions : theory and evidence." Thesis, University of British Columbia, 2010. http://hdl.handle.net/2429/30022.
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Economic development is characterized by the expansion of interpersonal trade which requires the institutions for contract enforcement. In order to sustain trade at a greater scale, a society needs to develop the formal institutions that can enforce contracts between strangers. Hence, economic development can be characterized by the development of formal institutions.
My PhD dissertation seeks to identify factors that cause the transition from the kinship based or informal institutions to the law based or formal institutions. In order to compare the process of transition in a now developed country with that in a developing country, one case study from early modern England and one from colonial India are considered.
In the context of early modern England, my thesis identifies such a transition in the credit and the legal institutions. I find that the increase in social heterogeneity in early modern England rendered the informal institutions ineffective and induced people to move to the formal institutions for resolving disputes. Consequently, formal institutions developed following a 'learning by doing' mechanism. I develop a theoretical model that attempts to capture the historical accounts of this process, and generates some testable implications which I test using the archival data from The National Archive, England. The historical evidence is consistent with my model's predictions.
The study on early modern England, in my dissertation, is complemented by a study on Nattukottai Chettiars, a major banking caste from South India. In the first quarter of the twentieth century some of the Chettiar Bankers switched from caste based banking to joint stock banking. I analyze this transition using a theoretical model, and provide historical evidence in support of my analysis.
A general pattern of transition emerges from the case studies. The informal institutions have advantage in processing information flowing through the community networks. A society moves from the informal to the formal institutions when the informal institutions lose that edge. In the English case, the informal institutions lost the edge because of increasing social heterogeneity while in the Indian case the improvements in communication technology caused the transition.
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Mazzoli, Marco. "Market concentration, credit institutions and the macroeconomy." Thesis, University of Warwick, 1994. http://wrap.warwick.ac.uk/3505/.
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Chapter one is a brief discussion of a few methodological premises. The second chapter is meant to show (by means of a theoretical analysis) the effective macroeconomic relevance of oligopsony in the market for credit. This is done by using two models. In the first (simplified) model - where the behaviour of the supply function of bank credit to industrial firms is captured by a "Cobb-Douglas" reduced form - an exogenous decrease in the market power of the industrial firms on the credit market increases the effectiveness of monetary policy. In the second model, where the banking sector behaves consistently with the portfolio allocation theory, the results are weakened: it is still true that, apart from extreme cases, reductions in the market power of industrial firms in the credit markets increase the macroeconomic level of investment and affect the monetary policy multiplier, but the sign of the latter effect becomes ambiguous and depends on the analytical forms of the behavioural functions. Both models, however, show that modifications of the market structure in the banking sector have, in general, macroeconomic effects. The third chapter suggests an interpretation of the phenomenon of “securitization" on the basis of Williamson's [1985] contractual framework. It is pointed out that in securitized financial systems substitutability between securities and intermediated credit is an empirically relevant phenomenon that makes the demand for bank credit to industry more unstable than the supply. For this purpose, a comparative econometric analysis has been performed with British and German data, because the two countries had (apart from the phenomenon of securitization) many similarities in their regulatory systems, as well as in the degree of concentration of their banking sectors and in the magnitude of the respective economies, at least until German Unification. The analytical form of the bank credit supply function is based on the "credit view". This specific aspect of the behaviour of banks is analyzed in Chapter 4, which contains an empirical analysis (performed with Italian data) of the free liquidity ratio for commercial banks, interpreted on the basis of the recent literature on investment decisions under conditions of investments' irreversibility and uncertainty. Chapters 5 and 6 examine the interactions between industrial firms and financial intermediaries in a "microeconomic" perspective. The focus is on the investment decision, and one of the main concerns is to perform a theoretical and empirical analysis on the connections between risk, cost of capital and investment decisions. Chapter 5 contains an empirical analysis of the firms' investment decision based on a theoretical model where the decisions concerning investment and the firms' financial structure are taken simultaneously. The results are not conclusive, in part because of the complexity of the causal links among market structure, investment and financing decisions suggested by various contributions in finance as well as in industrial economics. The study of such causal links is precisely the concern of Chapter 6, which contains an analysis of the implications of a few alternative hypotheses (based on precise results of the industrial economics literature) on the link existing between the cost of capital, the market structure and the profit margins.
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Berg, Bengt Åke. "Volatility, integration and grain banks : studies in harvests, rye prices and institutional development of the parish magasins in Sweden in the 18th and 19th centuries." Doctoral thesis, Handelshögskolan i Stockholm, EHFF - Stiftelsen för Ekonomisk-historisk och Företagshistorisk Forskning, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-481.
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This study is the first to focus primarily on the Swedish parish magasins, the country’s most widespread credit institution in the last half of the 18th, and the first part of the 19th, century. During the Early Modern Period, grain price volatility was a matter of great concern. The parish magasins were conceived as a substitute for government action intended to stabilize grain prices and offer relief in case of crop failure. The thesis analyzes the problems of harvest variability and grain price fluctuations utilizing both theory and empirical evidence. It is concluded that market integration, especially by permitting imports, was more effective than inter-harvest storage in reducing the likelihood of high prices. Initially the peasants were sceptical of the new institution. Although the establishment of the magasins was strictly speaking voluntary, substantial hierarchical pressure was applied. Once they had come into existence, however, the magasins evolved into a type of grain bank. The parishioners found them useful as a source of communal revenue at a time of rising need for local public expenditure for education and poor relief. In addition, the failure of the grain market to meet the needs of the peasantry created a demand for loans in kind. Although by no means ideal, in the absence of any superior institutions, the magasins provided valuable services. When improvements in both municipal finance and the functioning of the grain markets occurred in the second half of the 19th century, the magasins became obsolete. Both history and geography impact the formation of institutions. This study describes one such case of institutional development and attempts to explain why the outcome deviated from the original intention.Diss. Stockholm : Handelshögskolan i Stockholm, 2007
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Narang, Anish. "Mitigating high ‘equity capital’ risk exposure to ‘small cap’ sector in India: analysing ‘key factors of success’ for ‘Institutional Investors’ whilst Investing in small cap sector in India." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/13469.
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This paper deals with the subject of mitigating high ‘Equity Capital’ Risk Exposure to ‘Small Cap’ Sector in India. Institutional investors in India are prone to be risk averse when it comes to investing in the small cap sector in India as they find the companies risky and volatile. This paper will help analyse ‘Key Factors of success’ for ‘Institutional Investors’ whilst investing in Small Cap sector in India as some of these Indian small cap stocks offer handsome returns despite economic downturn. This paper has been harnessed carefully under the influence of expert investors, which includes Benjamin Graham (Security Analysis); Warren Buffet; Philip Fisher (Common Stocks and Uncommon Profits); and Aswath Damodaran.
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Carrer, Marcelo José. "Determinantes da demanda e da utilização de crédito rural por produtores de bovinos de corte no estado de São Paulo." Universidade Federal de São Carlos, 2012. https://repositorio.ufscar.br/handle/ufscar/3691.
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Previous issue date: 2012-02-03Universidade Federal de Minas Gerais
The present study aims to identify determinants of the decision of beef cattle farmers on whether or not to demand rural credit. The specific purposes are: i) identify barriers to the rural credit demand by beef cattle farmers in the state of Sao Paulo; ii) identify determinants of adoption of different rural credit contracts by beef cattle farmers and; iii) identify determinants of the volume of rural credit used by beef cattle farmers. The sample comprises data on 86 livestock farmers in 10 regions of São Paulo State. The empirical analysis of the survey data is performed with the estimation of a logit model and with descriptive statistics. The theoretical framework used was the New Institutional Economics applied to the context of rural credit markets, with main focus on screening, monitoring and enforcement problems of rural credit contracts. The results show that all farmers who demanded credit in 2010 had access to it. However, the bureaucracy (which increases transaction costs) inherent in the process of obtaining credit and the fear of losing the collateral has been identified as mechanisms of selfselection and therefore self-exclusion from the process of farmers demand for rural credit. In the logit model results was found that farmers who adopted capital intensive production systems, have off-farm income, have more than one farm, are younger and are affiliated to producers association linked to livestock are more likely to demand rural credit. Some of these variables, such as greater number of farms and income from off-farm activities may present distortions in rural credit policy for beef cattle in São Paulo. Resources under special conditions from the governmental rural credit program may be coming at the hands of farmers who least need these resources. To identify the determinants of the expansion of access and use of rural credit by farmers were also used a logit model. The results showed that farmers who adopted capital intensive production systems, have more farms, are older and adopt risk management mechanisms are more likely to use two or more rural credit contracts. These farmers have adopted different strategies to overcome the volume limits of governmental rural credit, which were presented in the study. We concluded that the relaxation of requirements for obtaining rural credit is not the best mechanism to increase demand and use of rural credit by beef cattle farmers. On the contrary, the relaxation of conditions of access to rural credit can make the results of the rural credit policy disastrous in terms of default and financial sustainability. Last but not least, some suggestions were presented for beef cattle rural credit policy in the State of São Paulo. These suggestions are grounded in the results of econometric models presented here and go beyond the rural credit market itself.
O presente trabalho tem como principal objetivo identificar os determinantes da demanda de crédito rural por produtores de bovinos de corte no Estado de São Paulo. Os objetivos específicos são: i) identificar os entraves à demanda de crédito rural pelos produtores de bovinos de corte no Estado de São Paulo; ii) identificar os fatores determinantes da adoção de diferentes contratos de crédito rural pelos pecuaristas de corte paulistas e; iii) identificar os fatores determinantes do volume de crédito rural utilizado pelos produtores. Para atender tais objetivos, foram coletados dados primários junto a 86 pecuaristas de corte em 10 mesorregiões do Estado de São Paulo no período de janeiro a setembro de 2011. Os dados foram analisados por meio de estatísticas descritivas (média, freqüência, desvio-padrão, etc.) e modelos econométricos (modelo logit e modelo de regressão linear múltipla). As análises foram realizadas a luz da Nova Economia Institucional aplicada ao contexto do funcionamento do mercado de crédito rural, com enfoque principal nos problemas de screening, monitoramento e enforcement dos contratos de crédito rural. Os resultados encontrados demonstraram que todos os pecuaristas da amostra que demandaram crédito rural em 2010 obtiveram acesso ao mesmo. Contudo, a burocracia (que aumenta os custos de transação) inerente ao processo de obtenção de crédito e o receio de perder a garantia foram identificadas como mecanismos de auto-seleção e, consequentemente, auto-exclusão dos pecuaristas do processo de demanda por crédito rural. Os resultados do modelo logit mostraram que os pecuaristas que possuem maior número de propriedades rurais, maior intensidade tecnológica no sistema de produção, fontes de renda oriunda de atividades não rurais, são mais novos e participam de redes políticas relacionadas à produção rural possuem maior probabilidade de demandar crédito rural. Algumas destas variáveis, como por exemplo, maior número de propriedades e renda oriunda de atividades não rurais podem apresentar distorções na política de crédito rural para a pecuária de corte paulista. Recursos controlados pelo governo a taxas de juros subsidiadas podem estar chegando às mãos dos pecuaristas que menos necessitam de tais recursos. Para identificar os fatores que determinam a expansão do acesso e da utilização de crédito rural pelos pecuaristas de corte paulistas também foram utilizados modelos logit. Os resultados dos modelos mostraram que os pecuaristas que possuem maior intensidade tecnológica, maior número de propriedades, adotam mecanismos de gestão de risco e são mais velhos possuem maior probabilidade de utilizar dois ou mais contratos de crédito rural. Esses pecuaristas adotam diferentes estratégias para superar os limites de volume do crédito rural oficial, as quais foram apresentadas no estudo. Concluiu-se que o afrouxamento das exigências para a obtenção de crédito rural não é o melhor mecanismo para aumentar a demanda e a utilização de crédito rural pelos pecuaristas de corte em São Paulo. Pelo contrário, o afrouxamento das condições de acesso pode tornar os resultados da política de crédito rural desastrosos do ponto de vista da inadimplência e da sustentabilidade financeira. Por fim, foram apresentadas algumas sugestões para a política de crédito rural na pecuária de corte no Estado de São Paulo. Essas sugestões estão embasadas nos resultados dos modelos econométricos do presente estudo e perpassam por outros mercados além do mercado de crédito rural propriamente dito.
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Derrocks, Velda Charmaine. "Credit risk management in development finance institutions and SMME sustainability." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/14862.
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Small, Medium and Micro Enterprises (SMMEs) make a significant contribution to the South African Economy. Regardless of size, these businesses have the ability to create employment, make a generous contribution to tax collections, uplift communities and serve as a beacon of hope for those trapped in the cycle of poverty and unemployment. However, SMMEs lack access to much-needed financial resources that are critical for their growth. Development Finance Institutions (DFIs) aim to bridge the gap between the SMME’s financial needs and the development of the respective SMME businesses, by providing funding to entrepreneurs with potentially viable businesses and ideas. Debt funding to these SMMEs are based on sound commercial lending principles that take various non-quantitative variables into account. The sustainability of SMMEs is a primary concern to all participants in the economy, as it is known that SMME failure rates are high Therefore, the primary objective of this study was to investigate the impact that the credit risk management practices of DFIs have on the sustainability of SMMEs, by examining a case study of a typical DFI. An electronic questionnaire survey was considered as an appropriate measurement method for this study. The targeted population of the study included SMMEs in the Eastern Cape that are Trust for Urban Housing (TUHF) clients and 23 SMMEs were identified as part of the study sampling frame. A total number of 14 questionnaires were returned out of the 23 targeted SMMEs - giving a response rate of 61%. The quantitative data was processed using the STATISTICA program, leading to appropriate descriptive statistical analyses. In order to better understand the impact of credit risk management practices on the sustainability of SMMEs, a hypothesis was formulated and linear regression analysis was used to establish the statistical significance of certain credit risk principles and sustainability characteristics. The results of the empirical study revealed that credit risk management practises do impact on the sustainability of SMMEs. Further, by testing the hypothesis, it was also revealed that certain sustainability variables are regarded as more important than others.
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Dejan, Austin J. "Credit Supply, Price and Financial Stability in Markets and Institutions." ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2453.
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In Chapter 1, the staggered nature of the adoption of interstate bank branching deregulation in the United States is utilized as an exogeneous shock to investigate the managerial incentives involved in corporate socially responsible (CSR) activities. Using Kinder, Lydenberg, and Domini Research & Analytics, Inc. for our CSR measures, we find a significant negative relation between the extent of deregulation and CSR practices, which implies that deregulation-led rising competition in product market makes the non-financial firms more concerned about protecting interests of shareholders than other stakeholders. Specifically, firms with low pricing power tend to significantly reduce their CSR activities. Our results are robust using alternative empirical specifications and CSR measures.
Chapter 2 investigates the interaction between price stability and financial stability for “Fragile Five” countries. In the first step, we investigate the causation linkage between price stability and financial stability indicators. In the second step, we analyze the effect of financial stability instruments, lending rate and required reserve ratio, on price stability. We then test the price stability instrument policy rate on financial stability. Empirical findings, in the first step, indicate that there is no meaningful relationship between policy objectives in the short run, while the relation between financial stability and price stability occurs in the longer time frequencies. However, the situation is not valid for all economies. In the second step, we measure the effects of monetary policy tools employed by the central bank of each of the Fragile Five countries. The findings from the analysis that investigates the effects of each policy instrument imply that the policy rate instrument implemented to achieve the inflation target does not affect the financial stability goal. Similarly, the reserve requirement ratio instrument to achieve the financial stability goal does not affect the price stability goal. On the other hand, results give some implication about the negative effects of the lending rate instrument on the inflation targeting objective.
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Beretka, Endre. "Earnings management : a study of credit institutions in Hungary, 1999-2012." Thesis, Anglia Ruskin University, 2016. http://arro.anglia.ac.uk/701683/.
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After the fall of the communist regime in Hungary, the country went through a transitional change. As a result, new financial reporting and accounting standards were put forward for adoption by Parliament in compliance with pertaining European and international legislation. The examination of credit institutions’ financial statements is an unexplored area in Hungary. This study set out to investigate their annual financial reports to seek evidence if credit institutions, both large and small by assets size, avoided earnings decreases and/or engaged in earnings management (EM) prior to and after the 2008 financial crisis. The Burgstahler and Dichev (1997), Degeorge, Patel and Zeckhauser (1999) models and Kolmogorov-Smirnov, Monte-Carlo Method, accrual, benchmark and distributional tests were used to study credit institutions financial statements for the period of 1999-2012. A total of 16 banking industry specific ratios were selected to analyse credit institution’s annual financial statements. Four hypotheses were tested with three empirical testing approaches with 95% and 99% confidence intervals and 0.05 and 0.01 significance levels. The findings of this study confirm that foreign and domestic credit institutions trading in Hungary, regardless of their size, not only managed their earnings but also avoided earnings decreases both prior to and after the 2008 financial crisis. Additionally, 7 out of the 16 tested ratios do not contain total assets; therefore, they do not suffer from a possible reverse accruals effect. The application of non-accruals base ratios for statistical testing may increase the power of the test. The conclusion and the original contribution this study provides to the pool of knowledge on the subject in question adds new evidence to existing literature on earnings management by being the first to examine as well as to provide significant evidence on earnings management of foreign and domestic credit institutions trading in Hungary, an ex-communist Eastern European economy.
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Beretka, Endre. "Earnings management: a study of credit institutions in Hungary 1999-2012." Thesis, Anglia Ruskin University, 2016. https://arro.anglia.ac.uk/id/eprint/701683/1/Beretka_2016.pdf.
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After the fall of the communist regime in Hungary, the country went through a transitional change. As a result, new financial reporting and accounting standards were put forward for adoption by Parliament in compliance with pertaining European and international legislation. The examination of credit institutions’ financial statements is an unexplored area in Hungary. This study set out to investigate their annual financial reports to seek evidence if credit institutions, both large and small by assets size, avoided earnings decreases and/or engaged in earnings management (EM) prior to and after the 2008 financial crisis.
The Burgstahler and Dichev (1997), Degeorge, Patel and Zeckhauser (1999) models and Kolmogorov-Smirnov, Monte-Carlo Method, accrual, benchmark and distributional tests were used to study credit institutions financial statements for the period of 1999-2012. A total of 16 banking industry specific ratios were selected to analyse credit institution’s annual financial statements. Four hypotheses were tested with three empirical testing approaches with 95% and 99% confidence intervals and 0.05 and 0.01 significance levels.
The findings of this study confirm that foreign and domestic credit institutions trading in Hungary, regardless of their size, not only managed their earnings but also avoided earnings decreases both prior to and after the 2008 financial crisis. Additionally, 7 out of the 16 tested ratios do not contain total assets; therefore, they do not suffer from a possible reverse accruals effect. The application of non-accruals base ratios for statistical testing may increase the power of the test.
The conclusion and the original contribution this study provides to the pool of knowledge on the subject in question adds new evidence to existing literature on earnings management by being the first to examine as well as to provide significant evidence on earnings management of foreign and domestic credit institutions trading in Hungary, an ex-communist Eastern European economy.
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Nesarul, Karim. "Export financing in Bangladesh: a study of export credit by financial institutions." Thesis, University of North Bengal, 2003. http://hdl.handle.net/123456789/566.
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Scott, Aisling M. "The Efficiency of Credit Unions." Scholarship @ Claremont, 2012. http://scholarship.claremont.edu/cmc_theses/348.
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The objective of this paper is to explain the variation in efficiency of credit unions over the past decade. This study creates an evaluation metric for credit union performance by using a nonparametric technique called data envelopment analysis (DEA). Efficiency is based on the credit unions ability to maximize the members’ benefits by providing adequate loans and savings accounts at low prices while minimizing the resources used. The sample consists of 704 credit unions from 2001 to 2010. Several environmental characteristics were found to influence efficiency. The findings demonstrate evidence for economies of scale as number of members, average savings size, and total assets all positively influence efficiency. The results also indicate that federal charter, number of branches, share of real estate loans, and average loan size negatively correlate with efficiency.
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Gantsho, Mandla Sizwe Vulindlela. "Corporate entrepreneurship in development finance institutions an experimental case study design /." Thesis, Pretoria : [s.n.], 2006. http://upetd.up.ac.za/thesis/available/etd-11152006-162242.
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Varotto, Simone. "The measurement and regulation of credit and market risk in financial institutions." Thesis, Birkbeck (University of London), 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.401810.
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Coppes, Robert C. "Credit and market risk : an analysis of capital requirements for banking institutions." Capelle a/d IJssel : Labyrint Publication, 1997. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=008171553&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Onorato, Mario. "Essays on credit risk, risk adjusted performance and economic capital in financial institutions." Thesis, City University London, 2005. http://openaccess.city.ac.uk/8452/.
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This dissertation consists of three autonomous essays, discussing the following topics: 1. the pricing of defaultable bonds, loans and plain vanilla credit derivatives, 2. the use of risk-adjusted performance measurement, for optimal portfolio management in the banking, asset management and insurance industries 3. return on economic capital as a measure of value created by the holding of bank assets and the operation of bank business units.
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Jones, Laurence. "The credit rating industry under new regulatory regimes : the case of financial institutions." Thesis, Bangor University, 2019. https://research.bangor.ac.uk/portal/en/theses/the-credit-rating-industry-under-new-regulatory-regimes(86afd105-d094-431e-b345-1e9db149cb46).html.
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The dominant role of credit ratings, along with the failure of important FIs, exacerbated the 2008 crisis and caused further damage to European economies, which highlighted the need for effective regulation to prevent a reoccurrence. This thesis investigates the effect of EU and US recent regulatory reforms of the rating industry on the quality of credit ratings of financial institutions (FIs), as well as the impact of the new EU financial regulatory initiatives on the performance of FIs. The first empirical Chapter focuses on the EU reforms of credit rating agencies (CRAs) and provides evidence supporting the presence of a conservative rating bias in the post regulatory period, as increased scrutiny, fines and liability increase the cost of over rating. CRAs exhibit an unwarranted decrease in EU FI ratings, evidenced by an increase in false warning and a fall in the informativeness of FI rating downgrades in the post regulatory period. A subsequent rise in stock market responses to rating upgrades is consistent with CRAs expending greater effort to ensure they are justified. The second empirical Chapter focuses on the US reforms of CRAs and reports no significant impact on FI ratings, rather each CRA has responded differently to the passage of the US Dodd-Frank Act (DFA). There is, however, a significant reduction in stock market reactions to FI credit rating signals, consistent with diminishing reliance on credit ratings by market participants in the US. The third empirical Chapter builds and estimates a dynamic model of FI behaviour using discrete choice dynamic programming (DCDP). The model is used to simulate and examine the impact of regulations, including EU reforms of CRAs, capital adequacy regulation (Basel III), and the bail-in regime, on FIs' behaviour in the real economy. The results show that the shift to increasingly conservative rating behaviour triggered by the CRA reforms has caused FIs to respond by manipulating their capital ratios and to reduce lending activities. The results also show that more stringent capital requirements stimulate FIs to hold more capital, reduce lending and reveal a positive influence in reducing bank insolvency rates, particularly during the crisis period. The introduction of a bail-in regime reveals similar results, but crucially stimulates the adoption of a stable equilibrium (unlike Basel III). This thesis highlights drawbacks with the current regulatory reforms of the EU and US FI rating industries and suggests potential solutions. The thesis also informs the policy debate surrounding the best way to regulate both CRAs and FIs and ensure that there is not a reoccurrence of the problems present in the 2008 financial crisis.
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Omomowo, Kolawole Emmanuel. "The lords of poverty? Micro-credit institutions and social reproduction in South Africa." University of the Western Cape, 2015. http://hdl.handle.net/11394/4668.
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Philosophiae Doctor - PhDThe broader conception of poverty as ‘quality of social reproduction’ demonstrates the delicate nature of the interaction between the institutions of the family/household, the economy and the state. These institutions interact in the dispensation of individual, productive and collective consumptions important for social well-being and social reproduction in society. The gap in the configuration of these consumptions relationship opens the space for the institution of micro-credits to thrive in South Africa to the detriment of adequate ‘quality of social reproduction’ especially for people living in ‘poverty range’ or ‘precarious prosperity’. The lack of comprehensive social policy regime provides the recipe for the consumption of micro-credit at the desperate, need and choice dimensions, in order to close the gap between income and consumption needs to facilitate social reproduction of concerned family/households. Micro-credit consumption is viewed as an individual response, in the absence of collective consumption in the form of social policy, to smoothen individual consumption, and to cater for the strain or challenges of social reproduction. The implications of this, for concerned family/households, are imperative to how poverty is perceived, hence, the question ‘the lords of poverty’? In addition to the income and expenditure conception of poverty, the understanding of poverty dynamics will be enriched by engaging with the method through which the poor and ‘precarious prosperous’ (people living within ‘poverty range’) respond to the gap between their income and expenditure to finance shortfalls in their consumption needs. The relief sought from micro-credit (the focus of this study) to finance the gap in consumption needs can alleviate poverty, and at the same time perpetuates it through chronic indebtedness. The patronage of micro-credit in the form of cash loan, retail goods credit and informal micro-credit in the way people living within the ‘poverty range’ live their lives, as well as the activities of micro-credit institutions are highlighted in this study. Consumer credit consumption has become such a permanent feature of the social reproduction efforts of individual households in South Africa that it is crucial to understand the broader institutional interaction that may account for this. Further, it is important to understand how the patronage of consumer credit impact on the need that prompted it in the first place and other implications that may speak to the quality of social reproduction of households. These are the core problematics that are engaged in this study. The relationship between poverty (as well-being) and the consumption of micro-credit is considered within the broader framework of political economy. The effects of predatory institutions, such as microcredit, could be significant for the quality of social reproduction of households.
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Nier, III Charles Lewis. "Race Financial Institutions, Credit Discrimination And African American Homeownership In Philadelphia, 1880-1960." Diss., Temple University Libraries, 2011. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/147848.
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HistoryPh.D.
In the wake of Emancipation, African Americans viewed land and home ownership as an essential element of their "citizenship rights." However, efforts to achieve such ownership in the postbellum era were often stymied by credit discrimination as many blacks were ensnared in a system of debt peonage. Despite such obstacles, African Americans achieved land ownership in surprising numbers in rural and urban areas in the South. At the beginning of the twentieth century, millions of African Americans began leaving the South for the North with continued aspirations of homeownership. As blacks sought to fulfill the American Dream, many financial institutions refused to provide loans to them or provided loans with onerous terms and conditions. In response, a small group of African American leaders, working in conjunction with a number of the major black churches in Philadelphia, built the largest network of race financial institutions in the United States to provide credit to black home buyers. The leaders recognized economic development through homeownership as an integral piece of the larger civil rights movement dedicated to challenging white supremacy. The race financial institutions successfully provided hundreds of mortgage loans to African Americans and were a key reason for the tripling of the black homeownership rate in Philadelphia from 1910 to 1930. During the Great Depression, the federal government revolutionized home financing with a series of programs that greatly expanded homeownership. However, the programs, such as those of the Federal Housing Administration, resulted in blacks being subjected to redlining and denied access to credit. In response, blacks were often forced to turn to alternative sources of high cost credit to finance the purchase of homes. Nevertheless, as a new wave of African American migrants arrived to Philadelphia during post-World War II era, blacks fought to purchase homes and two major race financial institutions continued to provide mortgage loans to African Americans in Philadelphia. The resolve of blacks to overcome credit discrimination to purchase homes through the creation of race financial institutions was a key part of the broader struggle for civil rights in the United States.
Temple University--Theses
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Laureano, Graziella Lage. "Sale of credit portfolio and risk: the case of financial institutions in Brazil." reponame:Repositório Institucional do FGV, 2009. http://hdl.handle.net/10438/4671.
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Previous issue date: 2009-04-17T00:00:00ZThis study examines whether the sale of credit portfolios are used by financial institutions for risk management, according to Stanton (1998) and Murray (2001) or to capture resources, as indicated in Cebenoyan and Strahan (2001) and Dionne and Harchaoui (2003). Two hypotheses on credit portfolio sales were tested: 1) promote rating improvement to the remaining portfolio, or 2) drive to financial leverage - with worsening on the remaining portfolio -, controlling for recourse existence and to whom those assets were sold. The sample includes quarterly information from 145 financial institutions from the first quarter 2001 to second quarter of 2008. The results provide empirical evidence that financial institutions use these sales to improve the rating of the remaining credit portfolio, i.e. they transfer, in most cases, low quality assets, assuring good ratings and improving liquidity. Additionally, following Harchaoui and Dionne (2003) proposal - which besides testing, demonstrating that regulatory requirements promote leveraging in high-risk assets – it was observed the relationship between the Basel Index and credit portfolio rating. The conclusions were similar to those found by Dionne and Harchaoui(2003): the more adequate – higher Basel Index - the financial institution, the greater its chances of having a bad quality credit portfolio.
Este estudo analisa se as vendas de carteiras de crédito são utilizadas por instituições financeiras para gestão de risco, de acordo com Stanton(1998) e Murray(2001) ou para captação recursos, como apontado em Cebenoyan e Strahan(2001) e Dionne e Harchaoui(2003). Duas hipóteses foram testadas quanto às vendas de carteira de crédito: 1) implicam em melhor rating na carteira remanescente; ou 2) promovem alavancagem financeira - com piora na carteira remanescente -, controlando para a existência de coobrigação e para quem esses ativos foram transferidos. A amostra inclui informações trimestrais de 145 instituições financeiras do primeiro trimestre de 2001 ao segundo trimestre de 2008. Os resultados oferecem evidências empíricas de que as instituições financeiras utilizam estas vendas para melhora do rating da carteira de crédito remanescente, ou seja, elas transferem, em sua maioria, ativos de baixa qualidade, garantindo bons ratings e melhorando a liquidez. Adicionalmente, seguindo a proposta Dionne e Harchaoui(2003) - que além de testar, evidenciam que exigências regulatórias promovem alavancagem em ativos de alto risco - foi observada a relação entre o Índice de Basiléia e rating da carteira de crédito. As conclusões foram semelhantes às encontradas por Dionne e Harchaoui(2003): quanto mais adequada – maior Índice de Basiléia - uma instituição financeira for, maiores as chances de ela possuir uma carteira de crédito com qualidade ruim.
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Zajíčková, Miroslava. "Credit scoring a jeho nástroje." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-112781.
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The aim of this thesis is to compare the scoring models of banking and non-banking institutions when using specific outcomes of the request for a loan of CZK 100 000,- of several natural persons with varying credibility (the credibility of credit). The theoretical part is divided into two chapters, the first deals with the explanation of basic terms (credit, the applicant, bank and non-bank institutions, credit scoring, rating, review on the software used and legislation in the CR). The second chapter is devoted to describe the process of credit scoring, scoring models and a scoring function. The practical part is dedicated to the comparison of two methods for approval of applicants for the loan at the non-bank and bank institutions. The final chapter presents a summary of both methods used for approval and the authoress' subjective evaluation and recommendations for improving both used methods.
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Batin, Artyom. "Risk management in microfinance institutions." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-201080.
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In the following paper I have tried to find the correlation between type of ownership and effective risk management in the operations of microfinance institutions in India. The results found are consistent with the current findings of how the type of ownership does not impact both the financial or social performance of MFIs. Dataset of 72 MFIs was acquired from the Microfinance Information Exchange on MFIs and evaluated using an OLS regression. The results show that the type of ownership insignificantly impacts both the credit and liquidity risk ratios of MFIs. It is possible that the impact of ownership type is more evident in other aspects of operations. In the future, a study on type of ownership and exposure to strategic and market risks could be a way forward.
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Arsyad, Lincolin, and arsy0002@flinders edu au. "AN ASSESSMENT OF PERFORMANCE AND SUSTAINABILITY OF MICROFINANCE INSTITUTIONS: A Case Study of Village Credit Institutions in Gianyar, Bali, Indonesia." Flinders University. Development Studies, 2006. http://catalogue.flinders.edu.au./local/adt/public/adt-SFU20060621.142512.
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Microfinance institutions have evolved as an economic development tool intended to benefit low-income people. The benefit, however, can only be achieved if the institutions have a good financial and outreach performance. This study has three objectives. The first objective is to assess the influences of informal and formal institutions and their interrelationships on the practical operational arrangement of Village Credit Institutions of Bali (Lembaga Perkreditan Desa or LPD). Second, to evaluate the financial performance and outreach indicators of the institutions and to assess the influence of informal and formal institution on the sustainability of the institutions, which has received little attention from previous studies. Finally, to outline some elements of a strategic business plan for two selected village credit institutions (LPDs) in Gianyar district, LPD Mas and LPD Kerta.
By using a case study approach, this study finds that the informal institutions (such as social values, norms, and sanctions) have significant influences on the practical arrangements of the LPDs, including the organisation, recruitment procedure, delivery mechanism, and remuneration system. Along with the influence of informal institutions, the formal institutions have also had some direct influences on the practical operational arrangements of the LPDs that are reflected in the supervision and guidance system of LPDs, an obligation to apply prudential principles of banking, and the remuneration system. The findings also show that the local government regulations (formal institutions) concerning the LPDs have accommodated the informal institutions of the Balinese in the background of their establishment, status and ownership, and organisation of the LPDs.
Based on the performance indicators - portfolio quality, leverage, capital adequacy ratio (CAR), productivity, efficiency, profitability, self-sufficiency, and outreach � the LPDs in Gianyar district could be considered as success microfinance institutions. The success is influenced by some important factors. First, the use of local people in managing the LPDs and the application of character-based lending system in screening the clients. This has resulted in a high clients� sense of belonging and moral obligation to support the development of the LPD Second, the use of social (custom) sanctions in the contractual enforcement has forced the borrowers to comply with their credit contract in a timely fashion. Third, the use of local community personnel whose remuneration is based on performance and low transaction costs has resulted in the high efficiency of LPDs. Fourth, a growing economy and supporting government policy at all levels through provision of a legal basis for the LPDs and the Central Bank regulation (formal institutions) have also contributed to the success of the LPDs. Thus, based on the necessary conditions of sustainable microfinance institution proposed by some scholars(Yaron 1994; Christen 1998), it can be concluded that the Gianyar district LPDs have been sustainable, and by that implication they have positive net social benefits for their clients.
Any attempt, however, to replicate the achievements of the LPDs by imitating its mode of operations should be conducted with great caution. A mechanism that works well in one socioeconomic environment (in this instance, in Bali) will not necessarily work in another, where the social system including social norms and values are different. But, the experience of the LPDs is a valuable thing since it has highlighted some critical issues that should be considered when handling the complex issue providing financial services to rural people.
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Rosário, João David Claro Ferreira do. "Credit risk and banking activities." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12580.
Full textAbstract:
Mestrado em FinançasO risco de crédito para o sector bancário é um assunto muito importante. Nesse sentido, é primordial adquirir ferramentas para medir este risco com algum grau de segurança de modo a ser possível tomar as decisões corretas sobre o crédito cedido a clientes. O objetivo deste trabalho é compreender o quão importante é o risco de crédito para as instituições financeiras e apresentar uma forma de o medir associado com o crédito a empresas, analisando um modelo de score para avaliar que o mesmo seja avaliado. Este trabalho também descreve as atividades desenvolvidas nos principais departamentos de uma instituição bancária, de acordo com um estágio que teve lugar no Banco BIC, desenvolvendo desta forma uma revisão da literatura ao risco de crédito, uma descrição sobre a evolução da banca, modelos de avaliação assim como também uma análise a uma empresa, utilizando o modelo Z-Score, comparando o resultado obtido com a classificação fornecida por uma agência de rating. Os resultados provaram que o modelo em análise foi eficaz, proporcionando uma avaliação, dentro das suas limitações, de acordo com a classificação fornecida por esta agência de rating.
Credit risk in banking industry is a very important subject. Therefore, it is important to acquire tools to measure it, with some degree of reliability, in order to be possible to take the correct decisions regarding client loans. The objective of this final project is to understand the importance of the credit risk to financial institutions and to present a way of measuring this risk associated with loans to companies, analysing a score model to evaluate this risk. This project also describes the activities developed by the main departments of a banking institution in accordance to an internship which took place in Banco BIC, developing this way a literature review to credit risk, banking evolution and score models as well as analysing a company using the Z-Score model, comparing the results obtained with the rating provided by a rating agency. The results proved that the model under analysis was effective, providing a reliable output within its limitations, correspondingly to the rating provided by this rating agency.