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Riscos e gestão dos riscos para o mutuário em financiamentos internacionais : caso dos projetos de defesa brasileiros de grande porte

Leocadio, Larissa Caldeira Leite
Fonte: Universidade do Minho Publicador: Universidade do Minho
Tipo: Dissertação de Mestrado
Publicado em //2013 POR
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26.75%
Dissertação de mestrado em Negócios Internacionais; A Defesa de um país com as dimensões do Brasil é naturalmente dispendiosa e, considerando as características do mercado de defesa, bem como a complexidade das compras e contratações dessa área, o uso de financiamentos internacionais frequentemente se mostra adequado à realização de projetos de Defesa. Tomando-se os casos dos dois financiamentos internacionais de grande porte, atualmente em execução no âmbito do Ministério da Defesa do Brasil, relativos aos projetos H-X BR e PROSUB, o presente trabalho de dissertação objetiva identificar e analisar os riscos do mutuário e apresentar medidas de mitigação ou limitação para esses riscos. Para tal seguem-se os passos da sequência lógica da gestão de riscos – identificação do risco, mensuração do risco e controle do risco –, adaptando conceitos e técnicas à dinâmica da Administração Pública. Observa-se nesta investigação a exposição do Custo do Financiamento ao risco de mercado, com foco nos fatores de risco de taxa de juros e de taxa de câmbio, por meio de testes de estresse de cenários. A exposição ao risco de liquidez, ao risco de evento e ao risco de crédito é analisada com uso de classificações fornecidas por agência de rating e instituições governamentais. A exposição ao risco operacional foi identificada sob um enfoque primário...

Brazilian credit union member groups: borrower-dominated, saver-dominated or neutral behavior?

Bressan,Valéria Gama Fully; Braga,Marcelo José; Resende Filho,Moisés de Andrade; Bressan,Aureliano Angel
Fonte: ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração Publicador: ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/03/2013 EN
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27.26%
Theoretical models concerning Credit Unions (CUs) suggest that the type of CU domination determines the way it allocates the monetary value it generates. A borrower- (saver-) dominated CU benefits borrower (saver) members at the expenses of saver (borrower) members, and a neutral CU equally benefits its member groups. This paper applies direct measure of monetary benefits to each member group (Patin & McNiel, 1991a) to test for the existence of dominated behavior in Brazilian CUs, and is the first to apply panel data regressions to identify the determinants of CUs behavior. We use a unique panel data with 40,664 observations taken from 533 CUs affiliated with the largest Brazilian cooperative network. Results indicate Brazilian CUs are dominated by borrowers, but behave close to neutrality. Panel regression estimates show that common or multiple bond type, size and overdue loans of a CU have no effect on its behavior, the greater the total amount of loans over social capital and adjusted equity over total assets are the more likely a CU is borrower dominated, and the greater the age and current operational expenses over total asset of a CU are the more likely a CU is saver dominated.

Screening in New Credit Markets: Can Individual Lenders Infer Borrower Creditworthiness in Peer-to-Peer Lending?

Khwaja, Asim Ijaz; Iyer, Rajkamal; Luttmer, Erzo F.P.; Shue, Kelly
Fonte: John F. Kennedy School of Government, Harvard University Publicador: John F. Kennedy School of Government, Harvard University
Tipo: Research Paper or Report
EN_US
Relevância na Pesquisa
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The current banking crisis highlights the challenges faced in the traditional lending model, particularly in terms of screening smaller borrowers. The recent growth in online peer-to-peer lending marketplaces offers opportunities to examine different lending models that rely on screening by multiple peers. This paper evaluates the screening ability of lenders in such peer-to-peer markets. Our methodology takes advantage of the fact that lenders do not observe a borrower’s true credit score but only see an aggregate credit category. We find that lenders are able to use available information to infer a third of the variation in creditworthiness that is captured by a borrower’s credit score. This inference is economically significant and allows lenders to lend at a 140-basis-points lower rate for borrowers with (unobserved to lenders) better credit scores within a credit category. While lenders infer the most from standard banking “hard” information, they also use non-standard (subjective) information. Our methodology shows, without needing to code subjective information that lenders learn even from such “softer” information, particularly when it is likely to provide credible signals regarding borrower creditworthiness. Our findings highlight the screening ability of peer-to-peer markets and suggest that these emerging markets may provide a viable complement to traditional lending markets...

Liability Structure in Small-scale Finance : Evidence from a Natural Experiment

Carpena, Fenella; Cole, Shawn; Shapiro, Jeremy; Zia, Bilal
Fonte: Banco Mundial Publicador: Banco Mundial
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Microfinance, the provision of small individual and business loans, has witnessed dramatic growth, reaching over 150 million borrowers worldwide. Much of its success has been attributed to overcoming the challenges of information asymmetries in uncollateralized lending. Yet, very little is known about the optimal contract structure of such loans -- there is substantial variation across lenders, even within a particular setting. This paper exploits a plausibly exogenous change in the liability structure offered by a microfinance program in India, which shifted from individual to group liability lending. The analysis finds compelling evidence that contract structure matters: for the same borrower, required monthly loan installments are 6 percent less likely to be missed under the group liability setting, relative to individual liability. In addition, compulsory savings deposits are 19 percent less likely to be missed under group liability contracts.

The Trade Response to Global Downturns : Historical Evidence

Freund, Caroline
Fonte: Banco Mundial Publicador: Banco Mundial
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The author examines the impact of historical global downturns on trade flows. The results provide insight into why trade has dropped so dramatically in the current crisis, what is likely to happen in the coming years, how global imbalances are affected, and which regions and industries suffer most heavily. The author finds that the elasticity of global trade volumes to real world GDP has increased gradually from around 2 in the 1960s to above 3 now. The author also finds that trade is more responsive to GDP during global downturns than in tranquil times. The results suggest that the overall drop in real trade this year is likely to exceed 15 percent. There is significant variation across industries, with food and beverages the least affected and crude materials and fuels the most affected. On the positive side, trade tends to rebound very rapidly when the outlook brightens. The author also finds evidence that global downturns often lead to persistent improvements in the ratio of the trade balance to GDP in borrower countries.

Structured Finance in Latin America : Channeling Pension Funds to Housing, Infrastructure, and Small Businesses

Cheikhrouhou, Hela; Gwinner, W. Britt; Pollner, John; Salinas, Emanuel; Sirtaine, Sophie; Vittas, Dimitri
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
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The report covers several types of structured finance with such capital market instruments as mortgage-backed securities, structured bond issues for infrastructure financing, securitization of small and medium enterprises (SME)-related assets, and securitization of loans to SMEs. The report also covers factoring and leasing, which can be important sources of finance for SMEs and can be pooled and packaged into marketable securities and sold to pension funds. The report does not cover other types of structured finance, such as exchange trade funds, structured notes with capital protection, or structured financing outside capital markets, such as bank syndications. Chapter 1 focuses on private pension fund investment management and the role of structured bonds. Chapter 2 focuses on the increasing use of structured finance for housing in Latin American countries. Chapter 3 deals with the less developed yet promising area of structured bonds for infrastructure financing. Chapter 4 focuses on the use of structured bonds for SME finance...

The Economic Effects of a Borrower Bailout : Evidence from an Emerging Market

Gine, Xavier; Kanz, Martin
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
EN_US
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This paper studies the credit market implications and real effects of one the largest borrower bailout programs in history, enacted by the government of India against the backdrop of the 2008-2009 financial crisis. The study finds that the stimulus program had no effect on productivity, wages, or consumption, but led to significant changes in credit allocation and an increase in defaults. Post-program loan performance declines faster in districts with greater exposure to the program, an effect that is not driven by greater risk-taking of banks. Loan defaults become significantly more sensitive to the electoral cycle after the program, suggesting the anticipation of future credit market interventions as an important channel through which moral hazard in loan repayment is intensified.

Corporate and SME Workouts

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Trabalho em Andamento
EN_US
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Bank loans can become non-performing because of problems with the borrower s financial health, problems with the design or implementation of lender protection features, or both. In ascertaining how to deal with a problem loan, it is important to distinguish between a borrower s ability to pay and willingness to pay, Making this distinction is not always easy and requires effort. This manual was written as a guide for lending institution staff dealing with non-performing loans (NPLs) extended to corporations and small and medium enterprises (SMEs). It deals with both ad hoc and systemic financial distress and delves into how borrower problems may have arisen in the first place. It provides guidance to lending institutions staff responsible for handling individual problem loans and to senior managers responsible for organizing portfolio-wide asset resolution.

World Bank Lending for Financial Inclusion

Kumar, Anjali; Narain, Sushma; Rubbani, Swizen
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Trabalho em Andamento
EN_US
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The purpose of the paper is to present a more granular view of such projects through the in-depth focus on a limited number of case studies, with a view to understanding what factors in the design of such lending have helped achieve objectives of expanded access, and what forms of interventions may have been less successful. It examines the nature of Bank lending vehicles, the partnering borrower institutions, the country environments in which its loans were extended, as well as broader elements of good practice that make for loan success. It examines the beneficiaries targeted and results achieved. It aims to draws lessons that suggest what factors could lead to success or failure in Bank operations focused on financial access. The remainder of the paper is organized as follows: section two briefly describes the set of the Bank s projects selected for detailed review. Sections three to six contain the core findings of the review. Section 3 focuses on alternative forms of borrower institutions that have served as vehicles for Bank projects...

Assessing Borrower Ownership Using Reform Readiness Analysis; Evaluar la identificacion de los prestatarios mediante el analisis de preparacion para la reforma

Morrow, Daniel
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
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The succesful selection and design of Bank lending operations involving policy reforms depends on the World Bank's capacity to assess borrower ownership. The Bank must know whether there is sufficient ownership to justify lending and, if not, how to work with the government to build broader ownership as a prerequisite for lending. This Note surveys the tools that the Bank has typically used to assess borrower ownership, recommends a promising new assessment instrument called reform readiness analysis, and describes how to use this new instrument. The Note also discusses how the Bank might contribute to building ownership.

Identification Strategy : A Field Experiment on Dynamic Incentives in Rural Credit Markets

Giné, Xavier; Goldberg, Jessica; Yang, Dean
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
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How do borrowers respond to improvements in a lender's ability to punish defaulters? This paper reports the results of a randomized field experiment in rural Malawi that examines the impact of fingerprinting borrowers in a context where a unique identification system is absent. Fingerprinting allows the lender to more effectively use dynamic repayment incentives: withholding future loans from past defaulters while rewarding good borrowers with better loan terms. Consistent with a simple model of borrower heterogeneity and information asymmetries, fingerprinting led to substantially higher repayment rates for borrowers with the highest ex ante default risk, but had no effect for the rest of the borrowers. The change in repayment rates is driven by reductions in adverse selection (smaller loan sizes) and lower moral hazard (for example, less diversion of loan-financed fertilizer from its intended use on the cash crop).

Participation in Country Economic and Sector Work

Aronson, Dan R.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
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Using a participatory approach in the Bank ' s country economic and sector work may involve extra costs, as well as some loss of control over timing and quality of work. Experience suggests, however, that these costs are more than offset by substantial benefits, including improvements in the Bank-borrower relationship, speedier acceptance of recommendations, both by the Bank and the borrower, and increased in-country capacity for policy research and analysis.

Bank Bailouts, Competition, and the Disparate Effects for Borrower and Depositor Welfare

Calderon, Cesar; Schaeck, Klaus
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
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37.15%
This paper investigates how government interventions into banking systems such as blanket guarantees, liquidity support, recapitalizations, and nationalizations affect banking competition. This debate is important because the pricing of banking products has implications for borrower and depositor welfare. Exploiting data for 124 countries that witnessed different policy responses to 41 banking crises, and using difference-in-difference estimations, the paper presents the following key results: (i) Government interventions reduce Lerner indices and net interest margins. This effect is robust to a battery of falsification and placebo tests, and the competitive response also cannot be explained by alternative forces. The competition-increasing effect on Lerner indices and net interest margins is also confirmed once the non-random assignment of interventions is accounted for using instrumental variable techniques that exploit exogenous variation in the electoral cycle and in the design of the regulatory architecture across countries. (ii) Consistent with theoretical predictions...

What Does Debt Relief Do for Development? Evidence from India’s Bailout Program for Highly-Indebted Rural Households

Kanz, Martin
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
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This paper studies the impact of a large debt relief program, intended to attenuate investment constraints among highly-indebted households in rural India. It isolates the causal effect of bankruptcy-like debt relief settlements using a natural experiment arising from India's Debt Relief Program for Small and Marginal Farmers -- one of the largest debt relief initiatives in history. The analysis shows that debt relief has a persistent effect on the level of household debt, but does not increase investment and productivity as predicted by theories of debt overhang. Instead, the anticipation of future credit constraints leads to a greater reliance on informal financing, lower investment and a decline in productivity among bailout recipients. The results suggest that one-time settlements may be insufficient to incentivize new investment, but can have significant real effects through their impact on borrower expectations.

The Concept of Odious Debt : Some Considerations

Nehru, Vikram; Thomas, Mark
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
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Despite the popularity of the term among advocates of debt forgiveness, there is little agreement on a workable definition of "odious" debts and there are but few examples where the concept has been invoked in law to justify non-payment of sovereign debts. Most often, these have been cases when a successor state or government has refused to honor certain debts contracted by its predecessor state or government. Repudiating sovereign debts on broader grounds - such as that money may have been misused by the borrower or that results were not as hoped for at the outset of lending - would create real risks not only of reduced financial flows to poorer countries as a result of the danger of ex post challenges to lenders' claims, but also of moral hazard and lack of project ownership. This paper presents a discussion of the extant legal and financial environment facing developing country sovereign borrowers and develops a proposed approach within this environment to address issues of concern underlying the concept of odious or illegitimate debt. The authors make the case for focusing attention on codes of conduct along the lines of the Equator Principles and on refining forward-looking attempts to increase aid effectiveness and recover stolen assets.

The Development and Migration of Concepts from Donor to Borrower Disciplines: Sublanguage Term Use in Hard & Soft Sciences

Losee, Robert M.
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 13/09/1995
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Academic disciplines, often divided into hard and soft sciences, may be understood as "donor disciplines" if they produce more concepts than they borrow from other disciplines, or "borrower disciplines" if they import more than they originate. Terms used to describe these concepts can be used to distinguish between hard and soft, donor and borrower, as well as individual discipline-specific sublanguages. Using term frequencies, the birth, growth, death, and migration of concepts and their associated terms are examined.; Comment: uuencoded compressed postscript file

Still on the loan use: terminology and interpretation generations of writers on liability of the borrower; Ainda sobre o comodato: terminologia e gerações exegéticas de escritores sobre a responsabilidade do comodatário

Sampaio, Rodrigo de Lima Vaz
Fonte: Universidade de São Paulo. Faculdade de Direito Publicador: Universidade de São Paulo. Faculdade de Direito
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; Formato: application/pdf
Publicado em 01/01/2010 POR
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The loan for use must be examined considering two expressions of the roman sources: “beneficium tribuere” and “custodia praestare”. The first branch off the name of the fattispecie, that, in Roman Law, switched between “utendum dare” and “commodare”. The second refers to the liability of the borrower. Due to its complexity, an outlook of juridic literature leads to the construction of “three interpretation generations of writers on liability of the borrower”. Also, arrives at the upshot that the criteria of liability can and must dialogue in the same legal relationship.; O comodato deve ser analisado tendo-se em vista duas expressões das fontes romanas: “beneficium tribuere” e “custodiam praestare”. A primeira decorre da nomenclatura da fattispecie, que, no Direito Romano, alternava-se entre “utendum dare” e “commodare”. A segunda diz respeito à responsabilidade do comodatário. Devido à complexidade desta, um panorâma da literatura jurídica leva à construção de “três gerações exegéticas de escritores sobre a responsabilidade do comodatário”. Chega-se, também, à conclusão de que os critérios desta podem e devem dialogar em uma mesma relação jurídica.

The liability of the borrower in case of Act of God or in force majeure: about the “principle of the sacrifice of the proper thing”; Da responsabilidade do comodatário pelo caso fortuito ou da força maior - acerca do princípio do sacrifício da coisa própria

Sampaio, Rodrigo de Lima Vaz
Fonte: Universidade de São Paulo. Faculdade de Direito Publicador: Universidade de São Paulo. Faculdade de Direito
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; Formato: application/pdf
Publicado em 01/01/2008 POR
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37%
O devedor, em geral, exime-se do caso fortuito e da força maior pela regra “res perit domino”. Entretanto, em certas circunstâncias, ele passa a responder por estes eventos. Neste contexto, no contrato de comodato existe um antigo dispositivo, atualmente previsto no art. 583 CC/2002, segundo o qual o comodatário responde por exceção a esta regra, em uma hipótese que se passou a denominar do princípio do sacrifício da coisa própria. O presente artigo visa desenvolver tanto o fundamento quanto a pertinência desta hipótese frente ao parâmetro geral de responsabilidade do comodatário e as demais hipóteses pelas quais o comodatário responde agravadamente, vale dizer, justamente pelo caso fortuito ou de força maior.; The debtor, in general, does not exempt itself from the obligation in case of act of God or force majeure due to the “res perit domino” rule. However, in some cases, he is liable for these events. In this context, there is an old provision in the lending contract rules, with provision in the article 583 of the Brazilian Civil Code of 2002, by which the borrower is liable in the case of the principle of the sacrifice of the proper thing. The present article aims to develop not only its foundings as well as the convenience of this rule in terms of general parameters of liability of the debtor and other hypothesis which debtor’s liability is aggravated in case of act of God or force majeure.

The objective liability of the borrower in the Roman Law; Da responsabilidade objetiva do comodatário no direito romano

Sampaio, Rodrigo de Lima Vaz
Fonte: Universidade de São Paulo. Faculdade de Direito Publicador: Universidade de São Paulo. Faculdade de Direito
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; Formato: application/pdf
Publicado em 01/01/2009 POR
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In a technical sense, custodia can be considered synonymous of strict liability. Studies in Roman Law consider yet the strict liability of the borrower, in the classic period, and its subjective liability, in the period of Justinian. From the analysis of the Internal History of Roman Law, and of the exegesis of the main old sources, it can be arrived at the conclusion that the borrower, in the period of Justinian and in some hypotheses, was liable for custodia.; Enquanto sentido técnico, a custodia pode ser considerada sinônimo de responsabilidade objetiva. Os estudos de Direito Romano defendem ainda os critérios objetivo de responsabilidade do comodatário, no período clássico, e subjetivo, no período justinianeu. A partir da análise da História Interna do Direito Romano e da exegese das principais fontes antigas, pode-se chegar à conclusão que o comodatário, no período justinianeu e em algumas hipóteses, respondia por custodia.

Market structure and borrower welfare in microfinance

Fetzer, Thiemo; de Quidt, Jonathan
Fonte: The London School of Economics and Political Science, Suntory and Toyota International Centres for Economics and Related Disciplines Publicador: The London School of Economics and Political Science, Suntory and Toyota International Centres for Economics and Related Disciplines
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em 20/09/2012 EN; EN
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Motivated by recent controversies surrounding the role of commercial lenders in microfinance, we analyze borrower welfare under different market structures, considering a benevolent non-profit lender, a for-profit monopolist, and a competitive credit market. To understand the magnitude of the effects analyzed, we simulate the model with parameters estimated from the MIX Market database. Our results suggest that market power can have severe implications for borrower welfare, while despite possible information frictions competition typically delivers similar borrower welfare to non-profit lending. In addition, for-profit lenders are less likely to use joint liability than non-profits.