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Remittances and the level of small and madium sized enterprise start-upsGlommen Andersson, Elin January 2009 (has links)
This thesis within economics is examining the impact that remittances could have on the level of new small and medium sized enterprise start-ups. Remittances could be seen as a capital flow and would therefore increase the level of new SME start-ups but is this really the case? A model is developed with a panel data set over 45 countries all across the globe over a two year period. Six businesses environment variables are included in the regressions to see how the businesses environment affects the level of new SME start-ups. This model is also used when testing if the relationship between remittances and the level of new SMEs are stronger in the middle income countries than in the lower income countries. The descriptive statistics shows that both remittances and the number of new SME`s have increased from 2003 to 2005. The level of new SME`s have increased with a larger percentage share in the middle income countries relative to low income countries. The results from this thesis are somewhat difficult to interpret. Although there seems to be the case that remittances are not affecting the level of new SME start-ups when including all the countries in the same regression. As the countries are divided into two groups one can see a stronger relationship between remittances and the level of new SME started in the low income countries than in the middle income countries. One can also see that credit right and the cost of starting a new business is strongly related to the level of new SME.
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Libéralisation commerciale, développement financier et inégalités de revenuCréchet, Jonathan 07 1900 (has links)
Nous avons mené une étude empirique pour tester les conclusions théoriques d'un article de Foellmi et Oeschlin (2010), selon lesquelles la libéralisation commerciale accroît les inégalités de revenu dans les pays dont les marchés financiers sont affectés par des frictions. On réalise une régression sur des indices synthétiques de la distribution des revenus, de type Gini, de l’ouverture commerciale, en interaction avec un indicateur de disponibilité du crédit. On dispose d’un panel de pays en développement et de pays émergents, comprenant des données annuelles. Il apparaît que les signes de nos variables d’intérêts sont toujours cohérents avec l’analyse de Foellmi et Oeschlin, même après intégration de divers groupes de variables de contrôle et également lorsque les régressions sont effectuées sur des données agrégées par 5 ans. Néanmoins, les paramètres perdent en significativité pour certains groupes de variables de contrôle, certainement du fait de la faible qualité des données et de la taille relativement modeste de l’échantillon. / We lead an empirical analysis based on a model by Foellmi and Oeschlin (2010), in which
trade liberalization increases income inequalities in developing countries where the credit market
is imperfect. We build a panel of developing and emerging countries with annual observations and
we regress synthetic indexes of inequality on trade, in interaction with a measure of financial
development. The coefficients of interest are always consistent with Foellmi and Oeschlin's
analysis, even if we add several control variables and if we perform the estimations on 5 yearsaverage
observations. But the parameters lose significance after adding some control variables,
because the estimations suffer of a lack of precision.
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Modelli a generazioni sovrapposte per due paesi con un mercato finanziario integrato / TWO-COUNTRY OLG MODELS WITH INTEGRATED FINANCIAL MARKETRILLOSI, FRANCESCO 13 May 2013 (has links)
La tesi, costituita da due parti e tre capitoli, si concentra sulle conseguenze macroeconomiche della globalizzazione, prendendo in considerazione vari schemi di un modello a generazioni sovrapposte, in un mercato finanziario integrato. Per ipotesi, gli agenti vivono per due periodi e sono divisi in due gruppi: i "vecchi" che posseggono il fattore capitale e i "giovani" che offrono lavoro e risparmio. Nella prima parte si suppone che i mercati siano perfetti. Dopo aver ricevuto il loro reddito, i giovani ottimizzano consumo e risparmio. Diverse ipotesi vengono avanzate sull'apertura dei mercati, ma le economie convergono sempre verso uno stato stazionario asintoticamente stabile. Nella seconda parte i mercati finanziari sono imperfetti e i prestiti sono razionati. I giovani agenti risparmiano tutto il loro reddito e consumano solo nel secondo periodo della loro vita. In queste nuove ipotesi si possono riscontrare dinamiche endogene di tipo periodico. / The essay, made by two parts and three chapters, focuses on macroeconomic effects of globalization, considering various schemes of a two-country OLG model with integrated financial market. For hypothesis, agents live for two periods and are divided in two groups: the "old" that own the capital factor and the "young" that supply labor and savings. In the first part markets are supposed to be perfect. After received their income, the young optimize their consumption and savings. Different hypotheses about the opening markets are considered, but the economies ever converge to an asymptotically stable steady state. In the second part the financial markets are imperfect and borrowing is constrained. The young agents save all their income and consume only in the second period of their life. In these new hypotheses endogenous, periodic dynamics may occur.
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[en] PRIVATIZATION AND LIQUIDATION OF STATE-OWNED BANKS: IMPACTS OVER COMPETITIVENESS IN THE BRAZILIAN CREDIT MARKET / [pt] PRIVATIZAÇÕES E LIQUIDAÇÕES DE BANCOS OFICIAIS: IMPACTOS SOBRE ACOMPETITIVIDADE DO MERCADO DE CRÉDITO BRASILEIRODANIEL FERREIRA LIMA 01 September 2005 (has links)
[pt] Um argumento comum contra as privatizações de bancos
oficiais é que
elas elevam o spread bancário, por reduzirem a pressão
competitiva sobre
bancos privados. Este artigo demonstra, porém, que bancos
oficiais podem
inibir a competição entre bancos privados, tornando
ambíguo o impacto das
privatizações sobre o spread. Para avaliar esta
ambigüidade, determinamos o
impacto das 20 privatizações e liquidações de bancos
oficiais, ocorridas entre
1996 e 2001, sobre preços de ações negociadas na BOVESPA.
Identificamos
que não houve perda de valor para as empresas mais
endividadas e que,
apesar das privatizações terem aumentado o valor de
mercado de um dos
maiores bancos privados brasileiro (Banco Real), os preços
de outros bancos
privados caíram. Esta evidência favorece à hipótese de
que os bancos oficiais
inibiam a competição entre os bancos privados. / [en] A common argument against privatizations of state-owned
banks is that it
leads to larger interest rates, through the riddance of
competitive pressure
over private banks. This paper demonstrates that state-
owned banks also
can prevent a high competition between private-owned
banks. The impact
of privatizations over oligopolistic credit markets is,
therefore, an empirical
question. In order to answer this question, we studied the
20 Brazilian banks
privatizations during the second half of 90`s using stock
returns. We could
not identify negative changes in value for the most
leveraged public firms.
Furthermore, while only one large Brazilian private bank
(Banco Real)
benefited from the privatizations, other private banks
lost market value.
These findings are consistent with the hypothesis that
privatizations lower
spreads by fostering competition in the credit markets.
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Evolução recente dos mercados de crédito e de títulos no Brasil e sua atuação no financiamento dos macro-setores indústria, comércio e serviços (1996-2007): uma interpretação pós-keynesianaCaetité, Alex Nery [UNESP] 23 October 2009 (has links) (PDF)
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caetite_an_me_arafcl.pdf: 1252633 bytes, checksum: 194f2f4deb25bdb917728eeb4f75dad4 (MD5) / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) / Esta dissertação apresenta uma análise, a partir de uma ótica pós-keynesiana, da trajetória do volume total de crédito e de títulos para o financiamento empresarial e, mais especificamente, para os macro-setores indústria, comércio e serviços, no Brasil, entre os anos 1996-2007. Esse período é dividido em dois (1996-2003 e 2004-2007) sendo o primeiro caracterizado pela estabilidade do volume e fluxo desses recursos e o último pela evolução consistente dos mesmos. / This thesis analyses, through a post-keynesian perspective, the trajectory of the total volume of credit and bonds to finance business and, more specifically, for the industrial macro-sectors, commerce and service, in Brazil, between 1996-2007. The period is two folded (1996-2003 and 2004-2007), being the former characterized by the volume and flow of those resources and the later through its consistent evolution.
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開放經濟體下納入信用市場之匯率動態 / Exchange Rate Dynamics in a Small Open Economy with Credit Market林育聖, Lin,Yu-Sheng Unknown Date (has links)
In the literature, a considerable theoretical and empirical works have investigated the credit channel of monetary transmission mechanism. This dissertation extends the Bernanke and Blinder (1988) model to an open-economy setting with flexible exchange rate and perfect capital mobility. By means of the framework, we examine the exchange rate dynamics and the adjustment of real output. It turns out that, with a significant credit channel effect, the exchange rate puzzle may occur in the short run and in long run. Moreover, in contrast to Dornbusch (1976), this dissertation shows that, depending upon the strength of the credit channel effect, overshooting, undershooting and counter-shooting impact effect may occur when international capital mobility is perfect. / In the literature, a considerable theoretical and empirical works have investigated the credit channel of monetary transmission mechanism. This dissertation extends the Bernanke and Blinder (1988) model to an open-economy setting with flexible exchange rate and perfect capital mobility. By means of the framework, we examine the exchange rate dynamics and the adjustment of real output. It turns out that, with a significant credit channel effect, the exchange rate puzzle may occur in the short run and in long run. Moreover, in contrast to Dornbusch (1976), this dissertation shows that, depending upon the strength of the credit channel effect, overshooting, undershooting and counter-shooting impact effect may occur when international capital mobility is perfect.
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Snabblånebranschens uppkomst och utveckling : En studie av finansiellt gap och entreprenöriella möjligheter / Instant loans industry emergence and development : A study of the financial gap and entrepreneurial opportunitiesRazaghi, Atefeh, Nordström, Anne-Marie January 2015 (has links)
Syften: Syftet med studiet är dels att redogöra för huvudorsaken som har gett upphov till uppkomsten av snabblånebranschen. Dels att framställa väsentliga faktorer som har föranlett att branschen kan stanna kvar på snabblånemarknaden. Metod: Med avseende på studiets två frågeställningar har vi använt oss dels av kvalitativ ansats för att kunna beskriva noggrant anledningen till uppkomsten av snabblånebranschen via en tolkning av en del intervjufrågor. Dels tillämpades en kvantitativ ansats för att komma till viktiga faktorer som resulterat i att företagen inom denna bransch stannat kvar på kreditmarknaden. Teoretisk referensram: Studiens teoretiska referensram utgörs av vetenskapliga artiklar och böcker som handlat om informationens asymmetriska påverkan, finansiella gap och entreprenöriska möjligheter. Vidare har relevant material från Finansinspektionen, Kronofogden och Konsumentverket använts som grund till den kvalitativa undersökningen för det empiriska studien. Empiriska studier: Den empiriska studien utförts på åtta av branschens fyrtiofyra företag snabblåneföretag, som tillhör branschorganisationen S.K.E.F. Slutsats: Till följd av asymmetrisk information mellan parter (kreditgivare & kredittagare) avstår stora och traditionella kreditinstitutioner från att förmedla krediter till vissa kredittagare som har låg kredittrovärdighet. Därigenom skapas en marknad som utmärks av obalans mellan utbud av kapital och efterfrågan på kapital vilket leder till uppkomsten av ett finansiellt gap. Entreprenörer upptäcker affärsmöjligheter genom att skapa nya tjänster som efterfrågas av marknaden. På så vis fyller snabblåneföretagen det finansiella gapet på kreditmarknaden som inte fylls av andra kreditinstitutioner. Studiens resultat visar att snabblåneföretag erhåller låga vinster. Men om företagen motverkar kreditrisker genom regelrätta och noggranna kreditbedömningar leder detta troligtvis till högre vinst. / Purposes: The purpose of the study is partly to account for the main reason that has given rise to the emergence of instant loans industry. Secondly to produce significant factors have led the sector to remain on the instant lending market. Methods: With respect to the study's two issues, we have used both a qualitative approach to describe accurately the reason for the emergence of instant lending industry through the interpretation of some interview questions. We have partly applied a qualitative approach to understand the important factors that constitute the fact that the sector manage to remain in the credit market. Theoretical framework: The study's theoretical framework is made up of scientific articles and books that dealt with media information’s asymmetric impact, financial gaps and entrepreneur opportunities. Furthermore, the relevant material from the Financial Supervisory Authority, The Swedish Enforcement Authority and Swedish Consumer Agency has been used in order to obtain a qualitative survey of the empirical study. Empirical studies: Our empirical study consists of eight out of the industry's forty-four instant loan companies that belong to the trade organization S.K.E.F. Conclusion: As a result of asymmetric information between the parties refrain large and traditional credit institutions from providing loans to borrowers by low of credibility. A market characterized by imbalance between supply of capital and demand for capital lead to an emergence of a financial gap within the market. Entrepreneurs find business opportunities by creating new services demanded by the market. Thus fills the instant loans companies the financial gap on the credit market that is not filled by other credit institutions. The result of this study concludes that firms obtain low profits. But if companies counteracts credit risk this will likely lead to a higher profit by making regular and thorough credit checks on the borrower.
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[en] ESSAYS ON BANKING / [pt] ENSAIOS EM ECONOMIA BANCÁRIAMARCELO NUNO CARNEIRO DE SOUSA 02 August 2018 (has links)
[pt] Em 2003, o Congresso Nacional aprovou uma lei regulamentando o crédito consignado, o que causou um grande impacto no crédito a pessoas físicas. No capítulo 1, forneço evidências que o crédito consignado teve um efeito pequeno, mas não desprezível, nas escolhas ocupacionais. Em particular, eu encontro
evidências que o crédito consignado está associado positivamente com escolhas ocupacionais com características de empreendedorismo. Esse efeito é mais forte em indivíduos que estão numa faixa etária onde dificilmente será um aposentado e residem em famílias com aposentados e pensionistas, o que sugere a existência de mecanismos de transferência intra-familiares. No Capítulo 2, eu apresento evidências de que o crédito consignado tem um efeito pequeno, mas não desprezível, nos indicadores de saúde dos idosos. Em particular, o crédito consignado está: 1) negativamente associado com as taxas de
mortalidade nas faixas etárias de 60 a 69 anos e 70 a 79 anos. 2) negativamente associado com indices de dificuldades físicas. Esse efeito é maior em famílias com menor renda. 3) positivamente associado com um número de consultas médicas por ano. Usando uma abordagem diff-diff, encontro evidência de que um possível mecanismo é um aumento de gastos com saúde nas famílias com maior proporção de ganhos oriundos de aposentadorias nas suas rendas. / [en] In 2003, the Brazilian Congress passed a law regulating payroll lending, which had a large impact on consumer lending (Coelho et al [2011]). In Chapter 1, I present evidence that that payroll lending had a small but non-negligible impact on occupational choice. In particular I find that payroll lending is
positively associated with more entrepreneurial-like occupations. The effect is stronger for individuals in age ranges unlikely to have retirees in families with retirees or pensioners, suggesting that intra-family transfer mechanisms are operative. In Chapter 2, I present evidence that that payroll lending had a small but non-negligible impact on health outcome for elderly citizens. In particular, we find that Payroll Lending: 1) is negatively associated with death rates on age ranges of 60-69 and 70-79 years old; 2) is associated with less physical disabilities. The effect is stronger for individuals in families with lower incomes; 3) is associated with more medical consultations per year. Using a diff-diff approach, I also find evidence that one possible mechanism is more health care spending in families with more proportion of retirement benefits in their income.
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Mitigating high ‘equity capital’ risk exposure to ‘small cap’ sector in India: analysing ‘key factors of success’ for ‘Institutional Investors’ whilst Investing in small cap sector in IndiaNarang, Anish 30 October 2014 (has links)
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Previous issue date: 2014-10-30 / This paper deals with the subject of mitigating high ‘Equity Capital’ Risk Exposure to ‘Small Cap’ Sector in India. Institutional investors in India are prone to be risk averse when it comes to investing in the small cap sector in India as they find the companies risky and volatile. This paper will help analyse ‘Key Factors of success’ for ‘Institutional Investors’ whilst investing in Small Cap sector in India as some of these Indian small cap stocks offer handsome returns despite economic downturn. This paper has been harnessed carefully under the influence of expert investors, which includes Benjamin Graham (Security Analysis); Warren Buffet; Philip Fisher (Common Stocks and Uncommon Profits); and Aswath Damodaran.
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[en] THREE ESSAYS ABOUT APPLIED MICROECONOMICS OF BANKING / [pt] TRÊS ENSAIOS SOBRE MICROECONOMIA BANCÁRIA APLICADACHRISTIANO ARRIGONI COELHO 19 June 2008 (has links)
[pt] Esta tese de doutorado está dividida em três ensaios que
têm como característica comum a análise de questões
empíricas sobre o sistema bancário brasileiro. No primeiro
ensaio, a estrutura concorrencial do mercado bancário
brasileiro é estudada com o objetivo de avaliar se bancos
públicos têm maior ou menor efeito competitivo vis-à-vis
bancos privados. Para isso, utiliza-se metodologia de
Bresnahan e Reiss (1991) para se estudar competição em
mercados locais concentrados. Encontra-se robusta evidência
empírica de que bancos públicos têm menores efeitos
competitivos do que os bancos privados. No segundo ensaio,
estuda-se o efeito da disseminação de uma nova modalidade de
crédito no Brasil, o crédito consignado. Nesse tipo de
crédito há uma colateralização total através da dedução do
pagamento do empréstimo diretamente do salário do devedor.
Para conseguirmos medir adequadamente o efeito da
introdução da nova modalidade, utilizamos um outro tipo de
modalidade de crédito, crédito para a aquisição de
veículos, como grupo de controle. Os resultados mostram uma
forte queda da taxa de juros e um expressivo aumento do
volume de crédito, o que indica que a introdução do crédito
consignado teve forte efeito sobre o mercado de crédito no
Brasil. No terceiro ensaio, estuda-se a relação entre
política monetária e o mercado de crédito bancário. A
literatura internacional, tanto empírica como teórica,
mostra que o mercado de crédito poderia ter importante
papel como amplificador de choques de política monetária.
Nesse estudo, o foco será o mercado de crédito bancário e o
que a literatura convencionou chamar de canal de crédito
bancário. Utilizando uma nova estratégia de identificação,
baseada em um estudo de evento em torno da reunião
do comitê de política monetária quando decidindo sobre a
taxa básica de juros a vigorar na economia, mostra-se que
não há evidência do canal de crédito bancário
no Brasil. Apesar de o efeito direto da taxa básica de
juros sobre o volume e a taxa de juros do crédito ter sido
significativo, não se pode relacioná-lo ao canal de
crédito bancário, uma vez que bancos menores e/ou menos
líquidos não reagem mais a choques de política monetária do
que os bancos maiores e/ou mais líquidos. / [en] This PhD thesis is divided in three essays on empirical
microeconomics of banking. The first essay evaluates the
competitive impact of public banks vis-à-vis private ones.
A methodology based on Bresnahan and Reiss (1991) is used to
access competition in local concentrated markets. We find
robust evidence that, relative to private banks, state-
owned banks are anti-competitive. In the second essay the
introduction of a new type of credit, the payroll loans, is
analyzed. In this type of credit there is a complete
collateralization of the debt through the direct withdrawal
of the loan payment from the debtor`s salary. In order to
properly measure this effect we used another type of
credit, automobile loans, as control group. Results show a
statistical and economic significant reduction of
interest rate and increase of credit volume, which show
that the creation of payroll loans had strong effect on the
Brazilian credit market. In the third chapter I study
the relation between monetary policy and banking credit
market. The international literature, both theoretical and
empirical, suggests that credit markets could have
important role in the amplification of monetary policy
shocks. In this essay I focus on the banking credit market
and what literature calls banking lending channel.
Using a new identification strategy, based on an event
study around monetary policy committee reunion setting the
basic interest rate target, I find no evidence of banking
lending channel in Brazil. Despite the significant direct
effect of basic interest rate on credit interest rate and
volume, there is no link between this effect and the
banking lending channel, since smaller and/or less liquid
banks do not react more to the monetary policy shocks than
bigger and/or more liquid banks.
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