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‣ Novas estratégias de financiamento do agronegócio: uma análise sobre a viabilidade de emissão do CDCA pelas cooperativas; New strategies of agribusiness financing: an analysis about the viability of emission of CDCA by the cooperatives

Souza, Juliana Vilela Prado de
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 12/03/2007 Português
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O CDCA - Certificado de Direitos Creditórios do Agronegócio e mais outros quatro títulos de financiamento foram institucionalizados em 31 de dezembro de 2004, pelo governo federal. Esses títulos têm como objetivo captar recursos no mercado financeiro de forma a suprir parte da demanda crescente por linhas de financiamento agrícola. O CDCA pode ser emitido por empresas do agronegócio, inclusive cooperativas agropecuárias e deve apresentar como lastro direitos de crédito. O objetivo desse estudo foi, então, analisar a viabilidade do CDCA enquanto instrumento de capitalização de cooperativas agropecuárias. Para essa análise buscou-se identificar os custos de operação, transação e financeiro das operações. Para se chegar ao objetivo, o estudo se baseou em duas fontes de dados: as operações já realizadas com os títulos e a estrutura de capital de cooperativas agropecuárias, bem como as operações a crédito realizadas por essas organizações. As empresas que emitiram o CDCA no mercado financeiro nacional e internacional incorreram em custos de transação e operação. Verificou-se que nas organizações analisadas, com alto nível de endividamento de curto prazo, com custo médio do capital elevado, puderam emitir o CDCA por taxas de juros bastante atrativas...

‣ Os mútuos dos sócios e acionistas na falência das sociedades limitadas e anônimas; The loans of partners and shareholders in the bankruptcy proceedings of limited liability partnerships and corporations

Costa, Patrícia Barbi
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 26/10/2009 Português
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Este trabalho propõe-se a analisar os mútuos como direitos creditórios dos sócios das sociedades limitadas e dos acionistas das sociedades anônimas na legislação nacional e o tratamento dado pela legislação falimentar brasileira a esses direitos de crédito, à luz dos mesmos conceitos existentes no Direito Comparado, especificamente na Alemanha e nos Estados Unidos da América. A eleição dos referidos dois países para a análise do Direito alienígena justifica-se porque: (i) a Lei de Insolvência Alemã (Insolvenzordnung InsO), de 5.10.1994, em vigor desde 1.1.1999 e editada em substituição à antiga legislação datada de 1877, que previa os institutos da falência e concordata de forma muito semelhante ao sistema falimentar brasileiro do Decreto-lei nº 7.661, de 21.6.1945 (Decreto-lei 7.661/45), veio a regulamentar os institutos da recuperação e liquidação de empresas, com objetivos também muito semelhantes aos da Lei nº 11.101, de 9.2.2005 (Lei de Recuperação de Empresas e Falências), tendo ainda passado por recente reforma em novembro de 2008; (ii) o Bankruptcy Code, que compõe o Título 11 do United States Code, em vigor desde a reforma inserida no sistema concursal norte-americano por meio do Bankruptcy Reform Act of 1978...

‣ Cédula de crédito bancário: aspectos jurídicos de sua negociação e proteção dos investidores; Bank credit note: legal aspects of its negotiation and investors protection

Guazzelli, Tatiana Mello
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 10/05/2013 Português
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Muitas controvérsias cercam, atualmente, a negociação da Cédula de Crédito Bancário (CCB), dividindo a doutrina e atraindo a atenção do mercado financeiro e de capitais. A discussão central gira em torno da natureza jurídica da CCB, mais especificamente de seu enquadramento no conceito de valor mobiliário, do qual decorreria a competência da Comissão de Valores Mobiliários para regulamentar e supervisionar as ofertas públicas de CCBs. A análise da natureza jurídica da CCB torna-se, assim, imperativa para a delimitação do campo de atuação da Comissão de Valores Mobiliários. Para fins dessa análise, examina-se neste trabalho, inicialmente, o conceito e características dos títulos de crédito e valores mobiliários. Analisa-se, ainda, o conceito de CCB, sua origem, finalidade no âmbito do mercado financeiro, elementos característicos e modelos de negociação. Este trabalho também tem por escopo a investigação dos riscos associados à CCB e o exame da necessidade e das formas de se assegurar a proteção dos investidores. Diante dos elementos característicos da CCB e do conceito de valor mobiliário adotado pelo direito brasileiro, este trabalho conclui sobre a não caracterização da CCB como valor mobiliário. Este trabalho propõe-se...

‣ Mortgage lending by limited-income credit unions : community development or not?

Stevens, Rebecca
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 40 leaves; 2843742 bytes; 2843498 bytes; application/pdf; application/pdf
Português
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by Rebecca Stevens.; Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1987.; Title as it appeared in the Massachusetts Institute of Technology Graduate List, June 1987: Mortgage lending by credit unions in low-income neighborhoods: patterns and implications.; Bibliography: leaves 39-40.

‣ Increasing Access to Credit through Reforming Secured Transactions in the MENA Region

Alvarez de la Campa, Alejandro
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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This paper provides a comparative summary of secured transactions systems related to the use of movable property as collateral in the MENA region vis a vis international practices in countries with modern secured transactions systems. The paper sets out the importance of introducing reforms in the area of secured transactions with the objective of increasing access to credit for businesses, particularly SMEs. The MENA region clearly lags behind all other regions in the introduction of secured transactions reforms. The paper summarizes many of the weaknesses common across the region. The two main critical areas that need urgent reforms are the creation of modern secured transactions laws and electronic movable collateral registries, and the need to improve enforcement mechanisms for security interests in movable property.

‣ The Economic Impact of Banking the Unbanked : Evidence from Mexico

Bruhn, Miriam; Love, Inessa
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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This paper examines the effects of providing financial services to low-income individuals on entrepreneurial activity, employment, and income. The analysis exploits cross-time and cross-municipality variation in the opening of Banco Azteca in Mexico to measure these effects with a difference-in-difference strategy. Banco Azteca opened more than 800 branches simultaneously in 2002, focusing on low-income clients. The results show that the opening of Banco Azteca led to an increase in the number of informal business owners by 7.6 percent. Total employment also increased, by 1.4 percent, and average income went up by about 7 percent.

‣ Working Group Session LAC 2006 of the Global Judges Forum : Summary Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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Over fifty participants from 31 different Latin American, Caribbean, North American and European countries came together in the Buenos Aires Stock Exchange Building in order to discuss the following topics: Mediation and Arbitration in Commercial/Insolvency Cases, Streamlining Commercial Proceedings using Non-Judicial Entities and Processes, Delegation/Substitution in Enforcement Proceedings, and Judicial Cooperation and Court-to-Court-Communication in Cross-Border Insolvency Proceedings. The first three topics formed a unit as they all dealt explicitly with delegation of judicial work to non-judicial entities. The first topic dealt with possible alternative entities, such as mediators and arbitrators while the following two topics investigate which aspects of court and enforcement procedures respectively could be subjected to such delegation and substitution. The fourth topic, in contrast, touched on a completely different subject, the co-operation between courts, which, as a consequence of globalization...

‣ The Gambia : An Assessment of the Investment Climate

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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The situation in The Gambia is a good example of the many challenges small states have to deal with. The country is faced with institutional capacity constraints and due to a narrow resource base and a small domestic market, its production base and exports show little diversification. Like other small states, the country tends to rely heavily on external trade and foreign investment to overcome its scale and resource limitation, increasing its vulnerability to external shocks. The objective of this report is to analyze the investment climate of The Gambia in its every dimension. It is the first time such a comprehensive report is prepared by the World Bank about the investment climate in The Gambia. Recent World Bank reports only look at specific areas of the investment climate and do not provide a global assessment of investment climate issues based on firm level data as does this report. A final and brief chapter provides a synthesis of the report and some strategic directions aimed at improving the business environment in the country.

‣ Financial Surety : Guidelines for the Implementation of Financial Surety for Mine Closure

Sassoon, Meredith
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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It is now accepted practice that when a company relinquishes a mining title, whether for an exploration or mining site, it is responsible for carrying out the rehabilitation of that site prior to departure. To ensure this is the case, most jurisdictions now require some form of closure plan or rehabilitation program to be submitted to the regulatory authority prior to the start of any work on the site. It is an increasingly common requirement for the closure plan to contain details of the estimated cost of rehabilitation and for a financial surety to be established at the same time. This report aims to provide governments with the information they need to make their own informed decisions. It is based on a review of existing financial surety systems in a number of countries. Questionnaires were sent out to a total of fourteen regulatory authorities; of these, nine provided sufficient detail about their existing financial surety systems to be included as full case studies. These are presented in the section case studies along with a summary of the latest European Union (EU) waste directives. Except where otherwise stated...

‣ The Effect of a Land Titling Programme on Households’ Access to Credit

Piza, Caio; Barros de Moura, Mauricio José Serpa
Fonte: Taylor and Francis Publicador: Taylor and Francis
Tipo: Artigo de Revista Científica
Português
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This paper assesses the effects of property titling on households’ access to and use of credit by focusing on household responses to an exogenous change in their formal ownership status. We isolate the credit effect on legal ownership by comparing households from communities in Osasco, Brazil. Our statistical estimates suggest that land titling increases credit use, decreases reliance on credit borrowed from relatives, and increases credit borrowed from commercial banks. We also find that treated households increased their consumption of time-saving durable goods, which explains an observed reallocation of time among household members, with adults working more and children less.

‣ University of Florida fraternity Sigma Chi Derby (Production number 33)

University of Florida
Fonte: University of Florida; University of Florida Publicador: University of Florida; University of Florida
Tipo: mixed material
Publicado em //1966 Português
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Production number 33: Production title: Sigma Chi Derby: Production date: 1966: There is no production or credit information available for this film: Derived from 16 mm film: Color / no sound / Total running time: 00:08:08 minutes

‣ Moldova Financial Sector Assessment Program; Insolvency and Creditor/Debtor Regimes--Report on the Observance of Standards and Codes

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Report; Economic & Sector Work :: Financial Sector Assessment Program; Economic & Sector Work
Português
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The World Bank assessed the insolvency and creditor or debtor regimes (ICR) of Moldova pursuant to the joint international monetary fund (IMF) and World Bank initiative on the observance of standards and codes (ROSC). The Moldovan authorities have made remarkable progress over the last decade in taking on board a broad range of reform related to the commercial law regime, including the laws pertaining to creditor protection and insolvency. Loans are often over collateralized, reducing available credit and increasing the incentives for lenders to rely primarily on their collateral for repayment rather than to support restructuring efforts. The secured transactions regime requires improvement, importantly regarding the facilitation of important credit instruments over category of assets. The rules aimed at encouraging good corporate behavior at times of financial distress may be improved and obstacles on insolvency filing by creditors removed to ensure timely filing of insolvency proceedings. There are also certain risks to creditor rights...

‣ Rwanda Economic Update, May 2013 : Maintaining Momentum with a Special Focus on Rwanda's Pathway Out of Poverty

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Economic Updates and Modeling; Economic & Sector Work
Português
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The Rwanda economic update reports and synthesizes recent economic developments and places them in a medium term and global context. It analyzes the implications of these developments and policies for the outlook of Rwanda's economy. In this way, these reports contribute to the implementation of the Bank's Africa strategy. The economic update reports cover in each edition a special feature on a selected topic. It is intended for a wide audience, including policy makers, business leaders and other market participants, and the community of analysts, engaged in Rwanda's economy. Rwanda's economy is estimated to have grown by a robust 8 percent in 2012, continuing a decade-long period of strong economic growth. The economic expansion was driven by buoyant private sector activity, particularly in the services sector, where growth exceeded expectations. This strong economic performance has allowed Rwanda to claim for the third year in a row, the title of the fastest growing economy in the East African Community. The domestic economy remained strong despite an estimated 20 percent reduction in Official Donor Assistance (ODA) in 2012...

‣ Financial Sector Assessment Program - Poland : Credit Union Sector Regulatory and Supervisory Framework in Transition

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
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A World Bank-International Monetary Fund (IMF) mission visited Warsaw February 19 - March 5, 2013, to undertake an update of the Financial Sector Assessment Program (FSAP) conducted in 2006. The team was led by Luc Everaert (IMF) and Brett Coleman (World Bank) and included Karl Driessen, Nancy Rawlings, Yinqiu Lu, Jorge Chan-Lau, Rishi Ramchand (all IMF), Katia D'Hulster, Heinz Rudolph, Andrey Milyutin, John Pollner, Ignacio Tirado (all World Bank), as well as external experts David Walker (Canadian Deposit Insurance Corporation), Monnie Biety (independent consultant), and Fernando Montes-Negret (former World Bank and IMF). This note is prepared by Monnie Biety. The primary focus of this note is on the legal, regulatory, and supervisory framework of Poland's credit unions (SKOKs) at a time when the authorities are transitioning them to a stronger, more stable footing. The note reviews the law, regulations, and supervision regime in force at the time of the FSAP mission and suggests ways to help strengthen the SKOKs in a phased manner that gives viable SKOKs the necessary time and support to meet the new requirements. While the draft law was not reviewed during the FSAP as it was anticipated that there were to be many changes to the draft...

‣ Analysis of the Impact of Land Tenure Certificates with Both the Names of Wife and Husband in Vietnam

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Women in Development and Gender Study; Economic & Sector Work
Português
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The 2003 land law defines that the Land Tenure Certificate (LTCs) carries both the wife's and husband's names. Theoretically, the requirement of both the wife's and husband's names on the LTCs aims at enabling the wife to participate more actively in household economic production for poverty reduction, and to protect the rights of the woman in the event of civil disputes over the land that has been provided with a LTCs. A field-based research was conducted in order to assess whether the joint-title LTCs has had positive impacts on the household in general and on the woman's roles in the household in particular, as intended by the 2003 land law. The report is organized in three sections: (1) introduction; (2) study findings with five contents: access to credit; investment opportunities and outcomes; land use rights security; impacts on women's position in family and in community; and issuance and conversion of LTCs; and (3) proposals to land administration agencies.

‣ Going Digital : Credit Effects of Land Registry Computerization in India

Deininger, Klaus; Goyal, Aparajita
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
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Despite strong beliefs that property titling and registration will enhance credit access, empirical evidence in support of such effects remains scant. The gradual roll-out of computerization of land registry systems across Andhra Pradesh's 387 sub-registry offices allows us to combine quarterly administrative data on credit disbursed by all commercial banks for an eleven-year period (1997-2007) aggregated to the sub-registry office level with the date of shifting registration from manual to digital. Computerization had no credit effect in rural areas but led to increased credit-supply in urban ones. A marked increase of registered urban mortgages due to computerization supports the robustness of the result. At the same time, estimated impacts from reduction of the stamp duty are much larger, suggesting that, without further changes in the property rights system, impacts of computerization will remain marginal.

‣ Land and Urban Policies for Poverty Reduction : Proceedings of the Third International Urban Research Symposium Held in Brasilia, April 2005, Volume 1

Freire, Mila; Lima, Ricardo; Cira, Dean; Ferguson, Bruce; Kessides, Christine; Mota, Jose Aroudo; Motta, Diana
Fonte: World Bank, Washington, DC and Institute for Applied Economic Research, Brasilia Publicador: World Bank, Washington, DC and Institute for Applied Economic Research, Brasilia
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
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The first paper of this section (Durand-Laserve) documents how increasing pressures on urban land and the 'commodification' of shelter and settlement has increased 'market evictions' of families holding intermediate tide to property, although international declarations and pressures have contributed to reducing 'forced evictions.' The second paper (Mooya and Cloete) uses the tools of the New Institutional Economics to analyze the argument in Hernando DeSoto's path-breaking book, The Mystery of Capital, that full legal tide is the key to turning 'dead capital' in the form of informal property held by many low-income families into an economic asset and to detonating broad-based economic growth. The paper concludes that intermediate forms of tenure can have the virtues of full legal tide if properly constructed, and then examines the case of Namibia in this context. The third paper (Fernandes) documents and assesses the recent efforts of the Brazilian federal Ministry of Cities to develop a comprehensive approach for regularizing title throughout that country. In the fourth paper...

‣ Land and Urban Policies for Poverty Reduction : Proceedings of the Third International Urban Research Symposium Held in Brasilia, April 2005, Volume 2

Freire, Mila; Lima, Ricardo; Cira, Dean; Ferguson, Bruce; Kessides, Christine; Mota, Jose Aroudo; Motta, Diana
Fonte: World Bank, Brasilia Publicador: World Bank, Brasilia
Tipo: Publications & Research; Publications & Research :: Working Paper
Português
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47.070864%
The first paper of this section (Durand-Laserve) documents how increasing pressures on urban land and the 'commodification' of shelter and settlement has increased 'market evictions' of families holding intermediate tide to property, although international declarations and pressures have contributed to reducing 'forced evictions.' The second paper (Mooya and Cloete) uses the tools of the New Institutional Economics to analyze the argument in Hernando DeSoto's path-breaking book, The Mystery of Capital, that full legal tide is the key to turning 'dead capital' in the form of informal property held by many low-income families into an economic asset and to detonating broad-based economic growth. The paper concludes that intermediate forms of tenure can have the virtues of full legal tide if properly constructed, and then examines the case of Namibia in this context. The third paper (Fernandes) documents and assesses the recent efforts of the Brazilian federal Ministry of Cities to develop a comprehensive approach for regularizing title throughout that country. In the fourth paper...

‣ A Global View of Business Insolvency Systems

Westbrook, Lawrence; Booth, Charles D.; Paulus, Christoph G.; Rajak, Harry
Fonte: Washington, DC: World Bank and Brill Publicador: Washington, DC: World Bank and Brill
Tipo: Publications & Research :: Publication; Publications & Research
Português
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The purpose of this book is to provide a coherent overview of the insolvency systems found around the world. Its intended audience includes academics, judges, lawyers, and policymakers. Its focus is on businesses rather than natural persons. The authors hope to give the reader a sense of some of the principal approaches to managing the general default of a business debtor. The authors will discuss the nature of the costs and benefits arising from the various policy choices legislators have made. In the process, they will emphasize the close interrelationship among various elements of an insolvency regime so that these elements can be viewed as part of an overall system and not just as a series of policy decisions about particular rules, such as the method of initiation of an insolvency case or the balance struck in setting the boundaries of an avoidance power. The organization of the book reflects our view of insolvency laws as complete systems, including not only the 'insolvency' or 'bankruptcy' code of a jurisdiction but also closely related laws and the institutional framework in which those laws are applied. The book takes a systematic approach to a variety of topics related to credit and insolvency regulation. The functional analysis starts with the study of debt enforcement...

‣ Credit Calibration with Structural Models: The Lehman case and Equity Swaps under Counterparty Risk

Brigo, Damiano; Morini, Massimo; Tarenghi, Marco
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 22/12/2009 Português
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In this paper we develop structural first passage models (AT1P and SBTV) with time-varying volatility and characterized by high tractability, moving from the original work of Brigo and Tarenghi (2004, 2005) [19] [20] and Brigo and Morini (2006)[15]. The models can be calibrated exactly to credit spreads using efficient closed-form formulas for default probabilities. Default events are caused by the value of the firm assets hitting a safety threshold, which depends on the financial situation of the company and on market conditions. In AT1P this default barrier is deterministic. Instead SBTV assumes two possible scenarios for the initial level of the default barrier, for taking into account uncertainty on balance sheet information. While in [19] and [15] the models are analyzed across Parmalat's history, here we apply the models to exact calibration of Lehman Credit Default Swap (CDS) data during the months preceding default, as the crisis unfolds. The results we obtain with AT1P and SBTV have reasonable economic interpretation, and are particularly realistic when SBTV is considered. The pricing of counterparty risk in an Equity Return Swap is a convenient application we consider, also to illustrate the interaction of our credit models with equity models in hybrid products context.; Comment: An extended and updated version of this paper with the title "Credit Calibration with Structural Models and Equity Return Swap valuation under Counterparty Risk" will appear in: Bielecki...