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‣ Financing constraints and fixed-term employment contracts: evidence from the 2008-09 financial crisis

Fernandes, Ana P.; Ferreira, Priscila
Fonte: Universidade do Minho. Núcleo de Investigação em Microeconomia Aplicada Publicador: Universidade do Minho. Núcleo de Investigação em Microeconomia Aplicada
Tipo: Trabalho em Andamento
Publicado em /06/2015 Português
Relevância na Pesquisa
69.02418%
This paper investigates the effects of financing constraints on employment decisions of firms, when it is possible to choose between permanent and fixed-term workers. We use linked employer-employee data for the universe of private sector firms in Portugal, and the 2008-09 financial crisis as a shock for identification. We find that firms in sectors that intrinsically rely more on external finance increased the share of fixed-term employment and hires after the crisis, while the effect for firms with wider access to buyer-supplier credit is relatively lower. At the worker level, workers in sectors that require significant external financing are more likely to be hired with a fixed-term contract after the crisis, while those in sectors that have wider access to supplier credit are less likely. Our results suggest that the crisis induced financially constrained firms to use the more flexible fixed-term contracts more intensively. Credit from suppliers alleviated this effect by potentially providing an alternative source of funds to credit from financial institutions.; European Union FEDER Programme, and Fundação para a Ciência e a Tecnologia. Project EXPL/IIM-ECO/1207/2013.

‣ Credit risk of financial institutions

Martins, Joana Sofia Luís
Fonte: NSBE - UNL Publicador: NSBE - UNL
Tipo: Dissertação de Mestrado
Publicado em /01/2014 Português
Relevância na Pesquisa
79.789136%
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 Economics; Although 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.

‣ Measuring Household Usage of Financial Services : Does it Matter How or Whom You Ask?

Cull, Robert; Scott, Kinnon
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
69.962754%
In recent years, the number of surveys of access to and use of financial services has multiplied, but little is known about whether the data generated are comparable across countries, or within the same country over time. This paper reports results from a randomized experiment in Ghana to test whether the identity of the respondent and the inclusion of product-specific cues in questions affect the reported rates of household usage of financial services. The analysis shows that rates of household usage are almost identical when the head reports on behalf of the household and when the rate is tabulated from a full enumeration of household use. Randomly selected informants (i.e., non-heads of the household) provide a less complete summary of household use of financial services than the other two methods. The findings also show that for credit from formal institutions, informal sources of savings, and insurance, usage rates are higher when questions are asked about specific financial products rather than about the respondent s dealings with types of financial institutions. In short...

‣ Financial Access 2009 : Measuring Access to Financial Services around the World

Consultative Group to Assist the Poor
Fonte: Consultative Group to Assist the Poor/The World Bank, Washington, DC Publicador: Consultative Group to Assist the Poor/The World Bank, Washington, DC
Português
Relevância na Pesquisa
70.242153%
Financial Access 2009 introduces the latest data from a survey of financial regulators in 139 countries. It presents indicators of access to savings, credit, and payment services in banks, and in regulated nonbank financial institutions. It is intended for a broad audience of policymakers, researchers, practitioners, multilateral and bilateral investors, in order to guide monetary policy, monitor systemic risks, and collect information on the values of deposits and credit. This report reviews three interventions: disclosure requirements, interest rate caps, and methods to address excessive lending that can result in consumer indebtedness. Improved transparency and disclosure allow borrowers to make informed choices and can facilitate competition in financial markets, eventually leading to lower prices and improved products. Policies to restrict interest rates or credit quantity, especially in consumer credit, seem to have limited effect but require further analysis.

‣ Financial (Dis-)Information : Evidence from an Audit Study in Mexico

Gine, Xavier; Martinez Cuellar, Cristina; Mazer, Rafael Keenan
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
60.042495%
An audit study was conducted in peri-urban Mexico to understand the quality of information and products offered to low-income potential customers. Trained auditors visited multiple financial institutions seeking credit and savings products. Consistent with Gabaix and Laibson (2006), staff voluntarily provides little information about avoidable fees, especially to auditors trained to reveal little knowledge about the market. In addition, clients are almost never offered the cheapest product, most likely because staff is incentivized to offer more expensive products that are thus more profitable to the institution. This suggests that disclosure and transparency policies may be ineffective if they undermine the commercial interest of financial institutions.

‣ Global Survey on Consumer Protection and Financial Literacy : Oversight Frameworks and Practices in 114 Economies

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
60.1996%
Financial consumer protection and financial education policies, in conjunction with the regulation of financial institutions and markets, need to ensure safe access to financial services and support financial stability and financial inclusion objectives. Consumer protection and financial literacy can contribute to improved efficiency, transparency, competition, and access to retail financial markets by reducing information asymmetries and power imbalances among providers and users of financial services. Rapid progress toward widespread financial inclusion must be appropriately complemented with checks and balances that ensure a responsible provision of financial services and products. A number of international efforts are in place to improve dialogue and identify best practices in financial consumer protection. To contribute to the international dialogue on financial consumer protection the World Bank in conjunction with Fin-CoNet, an international cooperation platform for supervisory agencies in the area of financial consumer protection...

‣ Experiences of Microfinance Institutions Serving Very Small to Small Enterprises in Latin America

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Relatório
Português
Relevância na Pesquisa
60.113403%
Very small enterprises (VSEs) in Latin America and the Caribbean (LAC) represent a broad and heterogeneous segment, often underserved by formal financial institutions. They are generally informal and often family businesses. The financial needs of these enterprises are typically overlooked by “downscaling” banks, which find larger and often more formal small and medium enterprises (SMEs) to be a more natural market for their products and services. Microfinance Institutions (MFIs) are starting to move upmarket to serve SMEs, and in particular, VSEs within this segment. However, they use varying definitions, methodologies and products to do so and to date there has been little research or documentation of their experiences. This report highlights the results of a recent study of the existing practices in Latin America of MFIs serving VSEs, where VSEs are considered to be those businesses with financing needs of between US$7,000 and US$30,000. It is a starting point for an institution considering entering the segment, or for one that finds itself having grown into the segment “organically” but with a view to strengthen its position. It includes several checklists for MFIs interested in expanding upmarket into the VSE space...

‣ Kyrgyz Republic : Access to Financial Services Policy Note

World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
Português
Relevância na Pesquisa
60.132217%
The purpose of this paper is to report on the level of access to formal financial services in the Kyrgyz Republic, assess the key obstacles to improving access, and make recommendations to overcome these obstacles. The paper is organized as follows. Sections II to IV examine the supply of financial services. Specifically, section II presents a profile of financial intermediation by banks, focusing their supply of financial services, particularly lending and deposits. Section III presents a profile of lending by Aiyl Bank, a specialized bank with a limited license, which is mandated to lend for agriculture. Section IV presents a profile of lending by non-bank financial institutions (NBFIs), including microfinance organizations (MFOs) and credit unions. Section V examines the demand side for financial services, drawing on enterprise surveys to assess firms' perceptions of their access to finance. Section VI presents a brief analysis of the impact of the events of April 2010 on access to finance. Section VII discusses key obstacles in increasing access to finance from banks and NBFIs. Section VIII concludes with policy recommendations that derive from the preceding analysis.

‣ Financial Inclusion in Brazil : Building on Success

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
Relevância na Pesquisa
60.153027%
The development of a far reaching correspondent banking network is one of the key factors behind Brazil's success story in financial inclusion. Between 2005 and 2011, the number of correspondents approximately doubled to more than 160,000. The Central Bank encouraged financial institutions to reach out to more distant consumers and to communities where they had not previously been active, including lower income areas, through partnerships with a variety of retail establishments including some with public ties such as the post office network and lottery agencies. Regulators have gradually reduced restrictions on correspondent banking, such as individual approval processes, in response to early successes with this program. The legal framework also facilitated healthy expansion by putting the onus on regulated institutions to train and monitor their correspondents. This Technical Note (TN) does not include an analysis of the causes underlying Brazil's continued high credit cost but many of the issues discussed here may be contributing factors. These include the lack of savings and related dependence on credit which may reduce price elasticity in credit markets; information asymmetries which add to the cost of credit evaluation and increase risk for lenders; and competition issues (as with mobile payments and the so-called no-surcharge-rule on payment methods). The Aide Memoire for the FSAP mission provides further discussion of these important issues.

‣ Measuring Household Usage of Financial Services : Does it Matter How or Whom You Ask?

Cull, Robert; Scott, Kinnon
Fonte: World Bank Publicador: World Bank
Tipo: Journal Article; Journal Article
Português
Relevância na Pesquisa
69.27166%
In recent years, the number of surveys on access to and use of financial services has multiplied, but little is known about whether the data generated are comparable across countries or within the same country over time. A randomized experiment in Ghana tested whether the identity of the respondent and the inclusion of product-specific cues in questions affect reported rates of use of financial services. Rates of household use are almost identical whether the head reports on behalf of the household or whether the rate is tabulated from a full enumeration of household members. A less complete summary of household use of financial services results when randomly selected informants (nonheads of household) provide the information. For credit from formal institutions, informal sources of savings, and insurance, reported use is higher when questions are asked about specific financial products rather than about the respondent's dealings with types of financial institutions. In short, who is asked the questions and how the questions are asked both matter.

‣ Strengthening Quality, Growth, and Performance in Agriculture Finance : Lessons from India

AgriFin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Other Agricultural Study; Economic & Sector Work
Português
Relevância na Pesquisa
60.11559%
This report presents the key message, lessons, and insights from agrifin's first knowledge exchange event, held in Hyderabad, India, March 7-12, 2011. Agrifin is a special initiative aimed at building capacity in agriculture finance for commercially-oriented smallholders and small and medium enterprise (SME) agribusiness market segments. The initiative, managed by the World Bank, through generous support from the bill and Melinda gates foundation, provides matching grant funding to financial institutions and regulated microfinance institutions that have a demonstrated potential for scaling up sustainable business models in agriculture finance. in complement to the grant funding, agrifin fosters learning in the agriculture finance space by facilitating peer-to-peer exchanges, such as this event, as well as by documenting and sharing lessons learned with the broader public, based but not exclusively on agrifin grant recipients' experiences. This event provided an opportunity for agrifin's partner financial institutions in Burkina Faso...

‣ South Africa Economic Update : Focus on Financial Inclusion

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Economic Updates and Modeling; Economic & Sector Work
Português
Relevância na Pesquisa
60.0674%
Conditions in global financial markets have eased since mid-2012, reflecting improvements in fiscal sustainability and the establishment of mutual support mechanisms in the European Union (EU), even as the global economic recovery remains fragile and susceptible to downside risks. South Africa's growth slowed from 3.5 percent in 2011 to 2.5 percent in 2012, reflecting primarily the sluggish external environment and domestic labor strife. Growth declined in 8 of the 10 major subsectors. Researchers, policymakers, and other financial sector stakeholders are becoming more interested in the transformative power of financial inclusion. In South Africa, expanding access to financial services for individuals and small enterprises could reduce the country's persistent income inequality and stimulate growth. South Africa, as Africa's only G20 member and as one of the BRICS, plays an influential global role, and progress in financial inclusion could thus have an important demonstration effect. While formal financial institutions offer an array of financial services...

‣ Lessons Learned from Past Financial Crises : Korea 1998-2000 - Investing Equity/Quasi-Equity with Agility in Financial Institutions

Masse, Jean-Marie
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
69.700366%
International Finance Corporation (IFC) was very active in the Republic of Korea immediately after the Asian financial crisis erupted in 1997. IFC reestablished operations in Korea and opened a local office in October 1998, and closed it in late 2002 after Korea recovered from the crisis. At the end of 1997, the Korean economy suddenly started to contract, the Korean won plummeted by over 100 percent against the US dollar, and liquidity in the banking sector dried up. Major commercial banks as well as smaller specialized financial institutions all faced increases in non-performing loans and were unable to roll over their shorter-term funding. In response to this crisis, IFC's first priority was to strengthen financial institutions through both financing and advisory services, and enable them to lead the restructuring process. IFC then injected liquidity into the trading system through trade enhancement facilities. IFC supported the restructuring of corporations facing liquidity problems and helped its clients grow as the recovery began. IFC helped strengthen Korea's financial sector by giving priority to financial sector reform. The Board approved investments of about US$670 million in 16 banks and finance companies.

‣ Reform of China's Rural Credit Unions : Policy Note

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
Português
Relevância na Pesquisa
60.11962%
The reform of the Rural Credit Unions (RCUs) currently faces a number of major inter-related challenges. These must be resolved if China is to create a 'modern rural financial system'. The key issues facing policy-makers are: Consolidating independent shareholder ownership in order to realize effective corporate governance and create sustainable commercial financial institutions; reshaping the relationship between provincial governments and the RCU system in order to bring to an end direct government administrative intervention in RCU management; preventing government subsidies and special policies, which are intended to ensure that RCUs meet policy goals to support the rural economy, from generating rent-seeking behavior and moral hazards that undermine commercial sustainability; and enabling the growth of a diverse range of rural financial institutions that would create competition and force greater efficiencies in rural financial markets. Policy reforms since 2003 have sought to address these issues...

‣ The Cross-Country Magnitude and Determinants of Collateral Borrowing

Nguyen, Ha; Qian, Rong
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
60.329326%
Using the World Bank Enterprise Survey covering 6,800 firms across 43 developing countries, this paper investigates the prevalence and determinants of collateralized borrowing. It focuses on the following two aspects: (1) whether firms' loans from financial institutions require collateral (the extensive margin) and (2) the collateral value relative to the loan value (the intensive margin). On the first aspect, it finds that collateral borrowing is prevalent. On average, 73 percent of loans from financial institutions require collateral. Firms that are small or sell domestically are significantly less likely to pledge collateral. Shorter loans and loans from non-bank financial institutions are also less often associated with collateral. On the second aspect, it finds that on average the loan value is at least 72 percent of the collateral value. The only robust and significant determinants of the collateral value are the type of assets used for collateral. The analysis also checks whether countries' income and institutions affect collateralized borrowing. It finds that firms in countries with higher income and better institutions and credit information are significantly less likely to pledge collateral. These factors...

‣ Remittances and Financial Inclusion : Evidence from El Salvador

Anzoategui, Diego; Demirgüç-Kunt, Asli; Martínez Pería, María Soledad
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
70.08111%
This paper investigates the impact of remittances on financial inclusion. This is an important issue given recent studies showing that financial inclusion can have significant beneficial effects on households. Using household-level survey data for El Salvador, the authors examine the impact of remittances on households' use of savings and credit instruments from formal financial institutions. They find that although remittances have a positive impact on financial inclusion by promoting the use of deposit accounts, they do not have a significant and robust effect on the demand for and use of credit from formal institutions. If anything, by relaxing credit constraints, remittances might reduce the need for external financing from financial institutions, while at the same time increasing the demand for savings instruments.

‣ Consumer Protection and Financial Literacy : Lessons from Nine Country Studies

Rutledge, Susan L.
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
60.106924%
The recent turmoil in financial markets worldwide has emphasized the need for adequate consumer protection and financial literacy for long-term stability of the financial sector. This Working Paper aims to summarize key lessons from reviews of consumer protection and financial literacy in nine middle-income countries of Europe and Central Asia (Azerbaijan, Bulgaria, Croatia, the Czech Republic, Latvia, Lithuania, Romania, the Russian Federation and Slovakia). All the country assessments used a systematic common approach, based on a set of Good Practices for Consumer Protection and Financial Literacy developed by the World Bank's Europe and Central Asia Region. The objective of the Working Paper is to contribute to the international dialog on strengthening financial consumer protection and financial literacy in emerging markets.A financial consumer protection regime should meet three objectives. First, consumers should receive accurate, simple, comparable information of a financial service or product, before and after buying it. Second...

‣ Cambodia : Study on Access to Financial Services for Small and Medium Agribusiness Enterprises in Cambodia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Financial Sector Study
Português
Relevância na Pesquisa
70.156797%
Agriculture has been a mainstay of the Cambodian economy. It has seen significant growth throughout the 2000s and showed a significant resilience against external shocks during the 2008-09 economic and financial crises. Agribusiness enterprises do not operate in isolation from the rest of the economy. The state of production of agricultural raw materials, the state of the financial sector, and the nature of the financial sector's engagement with the real sector activities, as well as broader issues that affect private sector development all impact the development of the agribusiness sector. The current study seeks to analyze some of these linkages. It focuses specifically on the role the financial sector has played in the growth and development of the agribusiness sector. The study builds on the existing analytical work on agricultural and small and medium enterprise (SME) finance in Cambodia. The study was carried out in three major phases. The first phase was to determine a methodology to gather new information on linkages between agribusinesses and financial institutions. The second phase involved a survey of financial institutions (banks...

‣ Financiamento de pequenas e médias empresas vs grandes empresas : evolução da dívida a instituições financeiras

Oliveira, Mónica Filipa Pérola de Azevedo Tarrinho de
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Dissertação de Mestrado
Publicado em //2012 Português
Relevância na Pesquisa
68.83916%
Mestrado em Ciências Empresariais; Vários são os autores que defendem que as Pequenas e Médias Empresas (PMEs) recorrem à dívida a instituições financeiras de forma diferente das Grandes Empresas (GEs). O presente trabalho pretende averiguar a evolução da dívida a estas instituições por parte das PMEs e das GEs, tentando justificar as diferenças existentes. Para o efeito, foram utilizadas variáveis que definem os níveis de dívida às instituições financeiras e o nível de activos e de investimento destas empresas, reportando ao período entre 1996 e 2005, sendo posteriormente realizada a devida análise estatística. Os resultados obtidos comprovam as diferenças existentes entre as PMEs e as GEs no recurso à dívida a instituições financeiras, sendo que, as PMEs se endividam para financiarem os seus activos e os seus investimentos, ao passo que nas GEs não se verifica a mesma situação.; Several are the authors that defend that Small and Medium Enterprises (SMEs) appeal to the debt to financial institutions in a different way from Big Enterprises (BEs). The present work pretends to investigate the debt evolution to these institutions by the SMEs and by BEs trying to justify the existent differences. For that...

‣ Relevance of corporate governance to credit risk analysis in financial institutions

Oliveira, Marcelle Colares; Universidade Federal do Ceará-Departamento de Contabilidade Programa de Pós-Graduação em Administracão e Controladoria; Barbosa, Flávia Lorenne Sampaio; Instituto de Ciências Jurídicas e Sociais Professor Camillo Filho
Fonte: UNIVERSIDADE FEDERAL DO PARANÁ - ACCOUNTING DEPARTMENT Publicador: UNIVERSIDADE FEDERAL DO PARANÁ - ACCOUNTING DEPARTMENT
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; Pesquisa Teórico-Empírica Formato: application/pdf
Publicado em 20/12/2014 Português
Relevância na Pesquisa
69.538374%
The purpose of this study was to analyze whether the adoption of corporate governance (CG) by firms applying for loans is relevant to the process of credit analysis in financial institutions. The investigation consisted of an exploratory, qualitative multiple-case study of three of five Brazil’s largest financial institutions: Banco Itaú, Banco do Brasil e BNDES, with in-depth semi-structured interviews. The study used as analysis categories the CG practices recommended by International Finance Corporation - IFC (CG tools for listed and unlisted firms), Brazilian Institute of Corporate Governance  ‒ IBGC, Brazilian Security and Exchange Commission – CVM, Brazilian Stock Exchange - BM&FBovespa (GC rules for Level 1, Level 2 and New Market listing segments). In the point of view of the interviewed, from a list of the 21 CG practices, organized into five groups, 10 practices were considered extremely relevant, 8 very relevant, and 3 few relevant. Among the five subcategories of analysis, the one assigned the highest average rank of relevance was “transparency and disclosure”, followed in decreasing order by “control environment and process”, “treatment of minority shareholders”, “commitment to corporate governance”...