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Evolução da estrutura de mercado bancário e de crédito do Brasil no período de 2001 a 2007; Evolution of credit and banking market structures in Brazil from 2001 to 2007

Ercolin, Tiago Mayoral
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 18/01/2010 PT
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Com a implantação do Plano Real em julho de 1994, o setor bancário brasileiro se deparou com o fim das receitas de floating que eram obtidas através de um ambiente inflacionário. Apesar das adaptações operacionais na busca por novas fontes de receitas, a redução no número de bancos no país foi uma das conseqüências mais notáveis, sendo que este processo teve incentivo até mesmo do governo (federal e estadual) através de programas como Proer e Proes. Aliado a isso, as altas taxas de juros cobradas sobre empréstimos, os elevados spreads, os significativos reajustes das tarifas de serviços, o escasso crédito e os altos lucros do setor, fizeram surgir conjecturas sobre o grau de concentração e poder de mercado dos bancos no Brasil. Contudo, a maioria dos estudos sobre a estrutura de mercado do setor bancário no país não indicaram estruturas extremas (oligopólio ou concorrência perfeita), sendo que em vários trabalhos o mercado de crédito se tornou menos concentrado de 1995 até começo da década seguinte, mas não se chegando ao consenso sobre a situação do mercado bancário no país. Além do que, os trabalhos apresentados na revisão bibliográfica utilizaram em sua maioria variáveis como ativo, patrimônio líquido...

Risco de crédito em redes interbancárias

Quadros, Vanessa Hoffmann de
Fonte: Universidade Federal do Rio Grande do Sul Publicador: Universidade Federal do Rio Grande do Sul
Tipo: Dissertação Formato: application/pdf
POR
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Uma característica dominante do sistema financeiro contemporâneo é a intrincada rede de conexões entre instituições financeiras, destacando-se a rede de empréstimos do mercado interbancário, através da qual é feita a transferência de recursos líquidos de bancos com superavit de liquidez para bancos deficitários. Ao mesmo tempo em que o mercado interbancário é responsável pela alocação eficiente de liquidez, a estrutura das exposições interbancárias pode ser considerada fator de risco sistêmico por ser fonte de contágio em caso de crise financeira. A insolvência de um banco pode se propagar na rede levando à insolvência de um grande subconjunto conectado de bancos. Estudos empíricos tem evidenciado que algumas redes interbancárias apresentam características de redes livres de escala. O presente trabalho explora as características de contágio financeiro em redes cuja distribuição de links se aproxima a uma lei de potência, através de um modelo deliberadamente simplificado que define a estrutura patrimonial dos bancos a partir de informações de conectividade da rede. Variando os parâmetros de formação das redes obtemos distribuições com diferentes concentrações de dívidas e de direitos, criando três perfis principais...

Desenvolvimento social e política pública: uma análise de eficiência, eficácia e efetividade do bolsa família no COREDE norte do Rio Grande do Sul

Santos, José Martins dos
Fonte: Pontifícia Universidade Católica do Rio Grande do Sul; Porto Alegre Publicador: Pontifícia Universidade Católica do Rio Grande do Sul; Porto Alegre
Tipo: Dissertação de Mestrado
PORTUGUêS
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No século XX o padrão de consumo mundial evoluiu em proporção superior a toda história da humanidade. Concomitante à riqueza global e ao progresso tecnológico persistiu a pobreza, com pouca alteração no grau de concentração de renda. No Brasil, verificou-se certa reversão dessa tendência histórica, atribuída, entre outros fatores às políticas de transferência de renda, refletindo sua relevância como política de segurança alimentar e desenvolvimento. Nesta perspectiva, o Programa Bolsa Família assumiu status internacional como política pública, por integrar políticas emergenciais e estruturantes, permitindo, por um lado, o acesso à alimentação e, por outro, à superação da condição de pobreza. Entretanto sua sustentação configura-se ainda como um grande obstáculo tanto no âmbito financeiro quanto no âmbito político e institucional. O maior desafio consiste em superar a condição de política pública de governo para tornar-se uma política pública de Estado. Neste contexto, a avaliação de impacto junto às famílias beneficiárias pode constituir-se em um indicador fundamental para tomada de decisões consistentes ao nível da gestão pública.Este estudo procurou demonstrar a contribuição do Programa Bolsa Família para o desenvolvimento econômico e social...

The Co-movement of Asset Returns and the Micro-Macro Focus of Prudential Oversight

Majnoni, Giovanni
Fonte: Banco Mundial Publicador: Banco Mundial
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The integration of micro-prudential oversight with the macro-approach to financial stability -- long in the making -- raises several issues of coordination of regulatory responsibilities. This paper argues that a decomposition of the covariance of asset returns into an endogenous volatility component -- which can be reduced -- and an exogenous volatility component -- which we have to live with -- helps address these coordination issues and provides the basis for financial health diagnostics and supervisory responses to observed symptoms of financial instability. By linking risk origination and risk control, the paper may also contribute to the search for an operational definition of the term "macro-prudential."

Trade and Competition Policies for Growth in Lebanon: A General Equilibrium Analysis

Dessus, Sebastien; Ghaleb, Joey R.
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Artigo de Revista Científica
EN
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Using recent data on concentration indexes, we estimate that rents accruing from monopolistic positions represent more than 16 percent of GDP in Lebanon. In turn, using an applied computable general equilibrium model, we compare the long term impact of raising domestic competition with that of reducing import tariffs. Simulation results suggest that Lebanon would largely benefit from the reduction of anti-competitive practices. By way of comparison, reducing tariffs would be structurally less effective in terms of raising investment opportunities and real wages, which, in the long run, would inevitably affect economic growth.

Natural Resource Abundance, Growth, and Diversification in the Middle East and North Africa : The Effects of Natural Resources and the Role of Policies

Diop, Ndiamé; Marotta, Daniela; de Melo, Jaime
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
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This book is organized as follows: this first chapter examines the pattern of structural transformation in Middle East and North Africa, or MENA and summarizes the role of various factors examined thoroughly in the rest of the volume. This second chapter examines the correlates of this overall disappointing performance. At the macro level, MENA countries have been unable to maintain depreciated (undervalued) real exchange rates for long periods, yet such undervaluation has proved important to offset the market failures and poor institutional environment that severely hit the dynamic non-resource-intensive traded sectors. This third chapter shows that services sectors in resource-rich MENA countries have been declining as a share of gross domestic product (GDP) and of non-mining GDP as per capita incomes increase. This fourth chapter explores the presence of systematic differences between the patterns of diversification in MENA and the rest of the world. This fifth chapter shows that from a historical perspective...

Globalization and Development : A Latin American and Caribbean Perspective

Ocampo, José Antonio; Martin, Juan
Fonte: Palo Alto, CA: Stanford University Press; Washington, DC: World Bank Publicador: Palo Alto, CA: Stanford University Press; Washington, DC: World Bank
EN_US
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This book is organized as follows: Chapter 1) Globalization: a Historical, Multidimensional - Perspective. Chapter 2) International Trade and the New Global Production - Structure. Chapter 3) The International Mobility of Capital and Labor. Chapter 4) Inequalities and Asymmetries in the Global Order. Chapter 5) An Agenda for the Global Era

Long-Term Drivers of Food Prices

Baffes, John; Dennis, Allen
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
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It is becoming increasingly apparent that the post-2004, across-the-board, commodity price increases, which initially appeared to be a spike similar to the ones experienced during the early 1950s (Korean War) and the 1970s (oil crises), have a more permanent character. From 1997-2004 to 2005-12 nominal prices of energy, fertilizers, and precious metals tripled, metal prices went up by more than 150 percent, and most food prices doubled. Such price increases, especially in food commodities, not only fueled a debate on their key causes, but also alarmed government officials, leading to calls for coordinated policy actions. This paper examines the relative contribution of various sector and macroeconomic drivers to price changes of five food commodities (maize, wheat, rice, soybeans, and palm oil) by applying a reduced-form econometric model on 1960-2012 annual data. The drivers include stock-to-use ratios, crude oil and manufacturing prices, the United States dollar exchange rate, interest rate, and income. Based on long-run elasticity estimates (approximately -0.25 for the stock-to-use ratios...

Clusters of Competitiveness

Nallari, Raj; Griffith, Breda
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
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Competitiveness is a broad subject with applications at the level of the firm, industry, region, nation, and global economy. Each one of these aspects has a rich literature drawn on by academics and policy makers over a long period. This book seeks to present a broad overview of the main ideas underlying competitiveness and its applications, highlighting, and discussing in greater depth the topics that are of relevance currently. The book draws out the experiences of and lessons for developing economies and examines in detail the role for policy. This paper is structured as follows: chapter one addresses competition and competition policy; chapter two examines competitiveness by analyzing its many different indicators; chapter three looks further at indexes of national competitiveness that describe international competitive performance; chapter four addresses innovation, an increasingly important aspect of competitiveness; and chapter five discusses competitiveness and clusters.

A Sector Assessment : Accelerating Growth of High-Speed Internet Services in Azerbaijan

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
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Azerbaijan s development at the beginning of the XXI century is characterized by the great success story of its petroleum industry, which has propelled Azerbaijan to the level of the most rapidly growing economies in Europe and Central Asia. While oil and gas reserves are finite and their extraction and transportation is largely impacted by exogenous factors the Government of Azerbaijan has recently focused its policies on economic diversification, which, among others, prioritizes public investment spending to boost the information and communication technologies (ICT) sector. It is envisaged that by 2020 Azerbaijan s ICT sector should become one of the main contributors to the non-oil GDP and should facilitate country s transition into the knowledge economy. Telecommunications liberalization, modernization and extension of the national telecom infrastructure, implementation of e-government, and other sector-specific policies have helped stimulate the growth of the local ICT sector which since 2005 has been expanding at an average rate of 25-30 percent. The telecom industry...

Broadband in Russia

Rossotto, Carlo Maria; Gelvanovska, Natalija; Hohlov, Yuri; Maciule, Vaiva; Shaposhnik, Sergei
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
EN_US
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It is widely recognized that broadband is of fundamental importance to the social and economic development of a nation. The focus of the paper is on infrastructure-related actions; measures to stimulate demand for broadband are, therefore, only marginally addressed. This paper aims to provide a platform for debate with the Russian counterparts in the sector, and to discuss the measures needed to develop broadband in support of actions aimed at economic growth. This paper examines the broadband market in Russia and preconditions for its sustainable development. It begins by presenting arguments demonstrating the importance of broadband to the overall economic development of Russia, including from the perspective of diversification of the economy and new job creation. The paper benchmarks Russia s broadband performance with Organization of Economic Cooperation and Development (OECD) comparators, as well as with other nations leading the way in broadband diffusion. The paper takes stock of the existing broadband market structure in Russia and its main players as they stand today...

Brazil's Bank Spread in International Context : From Macro to Micro Drivers

Jorgensen, Ole Hagen; Apostolou, Apostolos
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
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In an international context, this paper analyzes the main drivers of Brazil's bank spreads measured by the net interest margin, by estimating internationally comparable measures for (i) institutional and regulatory (micro-) factors; (ii) macro-economic factors; and (iii) banking competition factors. The paper produces and applies a novel data set covering 197 areas and countries; ranging from 1995 to 2009, including 106 banks for Brazil and 16,434 banks worldwide. The analysis finds that micro-factors are the main drivers of spreads across the world. In the case of Brazil, the spread is found to be strongly accounted for by micro-factors -- also in international comparison. For example, micro-factors contributed 7.2 percentage points (79 percent) of the 11.5 percent total spread in Brazil in 2009, while macro-factors and banking competition factors jointly accounted for only 1.9 percentage points (21 percent). Conversely, Brazil does not rank high in international comparison in terms of macro-economic risk: Brazil and other countries from Latin America and the Caribbean are found to feature the highest micro-factors in the world while having the second-highest spreads and the second-lowest contribution of macro-factors. These unique findings suggest that countries striving toward reducing bank spreads should consider policies aimed at reducing microeconomic frictions in their banking sectors...

Natural Resources in Latin America and the Caribbean : Beyond Booms and Busts?; Los recursos naturales en America Latina y el Caribe : mas alla de bonanzas y crisis?

Sinnott, Emily; Nash, John; de la Torre, Augusto
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH
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Throughout, the history of the Latin America and Caribbean (LAC) region, natural resource wealth has been critical for its economies. Production of precious metals, sugar, rubber, grains, coffee, copper, and oil have at various periods of history made countries in Latin America-and their colonial powers-some of the most prosperous in the world. In some ways, these commodities may have changed the course of history in the world at large. Latin America produced around 80 percent of the world's silver in the 16th through 19th centuries, fueling the monetary systems of not only Europe, but China and India as well. The dramatic movements in commodity markets since the early 2000s, as well as the recent economic crisis, provide new data to analyze and also underscore the importance of a better understanding of issues related to boom-bust commodity cycles. The current pattern of global recovery has favored LAC so far. Countercyclical policies have supported domestic demand in the larger LAC economies, and external demand from fast-growing emerging markets has boosted exports and terms of trade for LAC's net commodity exporters. Prospects for LAC in the short term look good. Beyond the cyclical rebound...

Is There a New Vision for Maghreb Economic Integation? Volume 2. Annex; Une nouvelle vision pour l'integration economique du Maghreb : rapport principal

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
ENGLISH; EN_US
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This report on the new vision for Magreb economic integration argues that assessing the benefits from regional integration can best be done in the context of the broader issues of economic integration in the world economy and more specifically with the main trading partner, the European Union. Based on empirical evidence the paper finds that there is limited potential for intraregional merchandise trade integration in the Maghreb. The report also alerts that benefits from deeper economic integration are no means automatic. Several worldwide studies have argued that weaknesses in the investment climate not only hinder a country's imports and inward foreign direct investment, they also deter exports from enterprises operating in the domestic economy (World Bank, 2005). Service liberalization requires complementary policies and effective regulation, ranging from prudential regulation to pro-competitive regulation in telecommunications. The concluding message emerging from the analysis is that a strategy focusing on service sector and investment climate reforms aimed at facilitating market competition and contestability would improve growth...

Russia Economic Report, No. 30, September 2013 : Structural Challenges to Growth Become Binding

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Economic Updates and Modeling; Economic & Sector Work
ENGLISH; EN_US
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Russia's economy lost steam in 2013. Growth slowed to 1.4 percent in the first half (H1) of 2013, compared to 4.5 percent in H1 2012. This report examines in its first part several aspects of the economic slowdown. It shows that the slowdown was largely the result of weaker demand, which was due to a combination of external and domestic factors, some of which are cyclical and others structural. The structural challenges to the Russian economy and its growth, such as non-competitive sectors and markets, are another important factor to consider in the economic slowdown. The special focus note in part three of this report discusses the link between growth patterns in Russia, firm survival and diversification in manufacturing and will also highlight the impact of limited competition as a structural constraint. This note looks at the role of growth volatility as a possible explanation. It examines the role of surges and slumps in manufacturing output and its microeconomic implications in the dynamics of emergence and sustainability of nascent economic activities. The dynamics of the industrial output of the economy as whole...

Corporate Governance in Emerging Markets : Why It Matters to Investors—and What They Can Do About It

Ararat, Melsa; Dallas, George
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
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What should investors do when scholarly research on corporate governance in emerging markets does not provide conclusive evidence on which aspects of governance matter most across all the emerging markets and how they affect firm performance? A researcher and a practitioner team up to offer guidelines and recommendations that focus on board independence and business group affiliation. Every day, institutional investors in emerging markets must make practical decisions on the basis of incomplete and at times conflicting information. So, it is critically important that they make the best use of this imperfect knowledge. Moreover, investors too often enter emerging markets with misguided perceptions of the underlying realities. And worse, they may cling to a conceptual framework of governance that does not allow them even to consider the searching questions they should be asking. This Private Sector Opinion, by the authors, explicitly highlights this problem. The authors identify a serious gap in research on emerging markets between high-level cross-country studies...

What Drives Bank Competition? Some International Evidence

Claessens, Stijn; Laeven, Luc
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
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Using bank-level data, the authors apply the Panzar and Rosse (1987) methodology to estimate the extent to which changes in input prices are reflected in revenues earned by specific banks in 50 countries' banking systems. They then relate this competitiveness measure to indicators of countries' banking system structures and regulatory regimes. The authors find systems with greater foreign bank entry and fewer entry and activity restrictions to be more competitive. They find no evidence that the competitiveness measure negatively relates to banking system concentration. Their findings confirm that contestability determines effective competition, especially by allowing (foreign) bank entry and reducing activity restrictions on banks.

The Effectiveness of Boards of Directors of State Owned Enterprises in Developing Countries

Vagliasindi, Maria
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH
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This paper aims to shed some new light on the conditions needed to ensure the effectiveness of Boards of Directors of state owned enterprises with a focus on infrastructure sectors. In the case of developing countries, empirical studies have found evidence of positive links between the composition of the Board of Directors and financial performance. Yet the lack of solid theoretical foundations, and in some cases poor data availability, makes the conclusions of most studies weak. Several policy recommendations emerge from the review of the economic literature and evidence from case studies. First, the introduction of a sufficient number of independent directors emerges as an important corporate governance milestone. Empowering them to exercise effective monitoring of management, however, may prove to be a formidable challenge for of state owned enterprises. More attention to board procedures, particularly related to the Board selection and evaluation process, is essential, to produce the necessary insulation of Boards from government interference. Ensuring sufficient continuity of services to directors is particularly crucial to improve corporate governance. In addition...

El sector funerario está muy vivo: análisis del sector funerario en Colombia en la década 2000-2010

Castro Calvijo, Inés Stella
Fonte: Facultad de administración Publicador: Facultad de administración
Tipo: info:eu-repo/semantics/bachelorThesis; info:eu-repo/semantics/acceptedVersion Formato: application/pdf
Publicado em 06/12/2012 SPA
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Debido a la importancia del sector funerario en Colombia, el trabajo que se presenta a continuación, describe el sector funerario de acuerdo a tres temas de interés. El primer capítulo, comprende la descripción de la industria y sus servicios. El segundo capítulo analiza los indicadores de concentración y financieros en los años del 2000 al 2010. Finalmente, la tercera sección muestra los aspectos internacionales del sector como lo son las instituciones y asociaciones del gremio, la regulación y la innovación a nivel global.; Centro de Estudios Empresariales para la Perdurabilidad; Due to the importance of the funeral industry in Colombia, we intend to describe de funeral industry according to three topics of interest. The first chapter comprehends a description of the industry and services offered. The second chapter analyses concentration and financial indexes in the period of 2000-2010. Finally, the third section refers to the international aspects of the industry. It talks about the associations, regulations and innovation, both in products and services, at a global level.

Privacy-Preserving Methods for Sharing Financial Risk Exposures

Abbe, Emmanuel A.; Khandani, Amir E.; Lo, Andrew W.
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
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Unlike other industries in which intellectual property is patentable, the financial industry relies on trade secrecy to protect its business processes and methods, which can obscure critical financial risk exposures from regulators and the public. We develop methods for sharing and aggregating such risk exposures that protect the privacy of all parties involved and without the need for a trusted third party. Our approach employs secure multi-party computation techniques from cryptography in which multiple parties are able to compute joint functions without revealing their individual inputs. In our framework, individual financial institutions evaluate a protocol on their proprietary data which cannot be inverted, leading to secure computations of real-valued statistics such a concentration indexes, pairwise correlations, and other single- and multi-point statistics. The proposed protocols are computationally tractable on realistic sample sizes. Potential financial applications include: the construction of privacy-preserving real-time indexes of bank capital and leverage ratios; the monitoring of delegated portfolio investments; financial audits; and the publication of new indexes of proprietary trading strategies.