This study follows a three–pronged approach to investigate the effects of the global financial crisis on the South African retail credit market (using Woolworths as subject). These three prongs, or areas, include a literature study, step–by–step credit scoring guide and an application of this guide in an empirical study. To achieve this goal, credit scoring was selected as the quantitative tool to illustrate these effects. Two different periods were chosen to supply a snapshot of the retail credit industry, namely the retail credit situation before and during the global financial crisis. To correctly define and understand the mechanics affecting South Africa's retail credit industry, a literature review was conducted to investigate the global financial crisis, the South African retail credit market and credit scoring itself. The literature investigation explains the global financial crisis and identifies some of the primary drivers behind it. These drivers included the US housing bubble, the introduction of subprime loans and the securitisation of these loans (mortgage backed securities). The study found that these drivers, especially the securitisation of subprime loans, were the vehicle used to enable the crisis to spread globally. The ultimate goal of the study was to provide the individual, and companies, with an understanding of the global financial crisis' effects on the consumer specifically through their credit worthiness and retail credit behaviour. Through the use of credit scoring, the study found that at least one retailer (Woolworths) in the retail industry was affected. Woolworths placed a stronger emphasis on reducing their credit exposure whilst consumers were steadily increasing their facility utilisation. / Thesis (M.Com. (Risk management))--North-West University, Potchefstroom Campus, 2012.

This study follows a three–pronged approach to investigate the effects of the global financial crisis on the South African retail credit market (using Woolworths as subject). These three prongs, or areas, include a literature study, step–by–step credit scoring guide and an application of this guide in an empirical study. To achieve this goal, credit scoring was selected as the quantitative tool to illustrate these effects. Two different periods were chosen to supply a snapshot of the retail credit industry, namely the retail credit situation before and during the global financial crisis. To correctly define and understand the mechanics affecting South Africa's retail credit industry, a literature review was conducted to investigate the global financial crisis, the South African retail credit market and credit scoring itself. The literature investigation explains the global financial crisis and identifies some of the primary drivers behind it. These drivers included the US housing bubble, the introduction of subprime loans and the securitisation of these loans (mortgage backed securities). The study found that these drivers, especially the securitisation of subprime loans, were the vehicle used to enable the crisis to spread globally. The ultimate goal of the study was to provide the individual, and companies, with an understanding of the global financial crisis' effects on the consumer specifically through their credit worthiness and retail credit behaviour. Through the use of credit scoring, the study found that at least one retailer (Woolworths) in the retail industry was affected. Woolworths placed a stronger emphasis on reducing their credit exposure whilst consumers were steadily increasing their facility utilisation. / Thesis (M.Com. (Risk management))--North-West University, Potchefstroom Campus, 2012.

El presente trabajo de investigación muestra la viabilidad financiera del proyecto inmobiliario propuesto por la empresa Qualis SAC en el estudio que concluye en mayo 2021, frente a la receción económica que ocasiona el fenómeno del niño. La viabilidad del proyecto no es sólo financiera, sino también se percibe por el sostenido desarrollo del sector inmobiliario en el Perú y por el apoyo de parte del Estado, que a través de programas sociales como Techo Propio y Mi Vivienda hace accesible el crédito al consumidor. El proyecto también tiene un enfoque social considerando a la población de Chaclacayo, la cual eventualmente es afectada por los estragos antes mencionados. El desarrollo del proyecto propone el uso del Recurso Humano de la zona, la creación de obras publicas, viviendas de calidad con servicios básicos y accesibles. El estudio de mercado realizado, muestra que los clientes tienen conocimientos básicos en programas sociales para la obtención de una vivienda, sin embargo, representan una demanda insatisfecha, la cual busca adquirir una casa propia ya construida a un precio accesible. El análisis de rentabilidad es favorable, obteniendo como resultados un VAN de S/8,208,420, una TIR 22.88% la cual es mayor a un WACC de 8.60% que incluye un nivel de riesgo país afectado por la pandemia del covid-19 (se excluye el riesgo político en el análisis). En conclusión, recomendamos la elaboración del proyecto financiero debido a que genera beneficios para los accionistas y cuenta con enfoque social. / The following research work seeks to demonstrate the financial viability of the real-estate project proposed by the company Qualis SAC in the study concluding May 2021, facing the economic recession created by the climate phenomenon known as El Niño. The viability of this project is not only financial in nature but also focuses on supporting the ongoing development of real-estate in Peru and with the help of the government, which through social equity initiatives such as Techo Propio and Mi Vivienda have made real-estate and loans accesible for consumers. The project also has a social impact lens focusing specifically on the community of Chaclacayo, which is directly affected by the natural phenomenon and social inequities previously mentioned. The developmental aspect of the project proposes the use of Human Resources in the area, the creation of more public works, and quality homes with basic necessities and accessibilities for the community. Market study research shows that consumers have basic knowledge of social programs for the purpose of homeownership, however, they represent a sector whose needs have not been met, which seeks to purchase finished homes at a price that is accessible. The profitability analysis is favorable, achieving, as a result, an NPV of S/8,208,420, and an IRR of 22.88%, which is higher than a WACC of 8.60% that includes the level of risk of a country affected by the COVID-19 pandemic (political risk excluded from analysis). In conclusion, we recommend the green light of the financial project due to the benefit it generates for the investors, and the social impact it generates for the community. / Trabajo de investigación

Thesis submitted in fulfillment of the requirements for the degree of Master of Management in Finance & Investment In the Faculty of Commerce and Law Management Wits Business School at the University of the Witwatersrand, 2015 / Risk based pricing has been a topic of discussion since the 2008 financial crisis as a result of the on-selling of packaged sub-prime assets. This paper will highlight the importance of correctly assessing risk within the framework of consumer credit provision. We will begin with a brief overview of the South African unsecured lending market, look into the definition of risk based pricing and the impact it has had in the market and conclude the paper by using a model by Robert Phillips to calculate the interest rate to be offered to a customer. / AC2016

A long period of low interest rates, economic growth and a booming housing market hasresulted in an increase in the debt level of Swedish households. New digital ways of providingfinancial services are changing the traditional banking world and are often praised for beingefficient and inclusive. Financial intermediaries, a party between a buyer and a seller that actsas a mediator to efficiently facilitate transactions, play an important role in the economy andsociety. Approximately 40-55 percent of unsecured consumer loans were taken through a loanintermediary in Sweden during 2020. As a result of the situation of the Swedish credit market,there is a need to understand how the actors in the market are connected and how they createvalue together. Loan intermediaries are an important and interesting actor to analyze furthersince such a large share of unsecured consumer loans are taken through their service, andbecause this kind of service is growing to be an increasing part of the credit ecosystem.According to business ecosystem theory, all actors are viewed within a closed system. In theideal scenario, participants would cooperate to foster stability and systematic benefits andimbalances in the ecosystem have harmful impact on all members. This master thesis aims atdeveloping an ecosystem of the Swedish credit market and to describe loan intermediaries'contribution to a more efficient consumer credit market.First, this study resulted in the development of a methodology to identify, describe, andvisualize ecosystems. A five-step process was identified and implemented to create anunderstandable image of the credit market ecosystem. The method resulted in an ecosystemmap, visualizing 26 generic actors and their interconnections. Second, to gain a deeperunderstanding of how loan intermediaries contribute to an efficient system, semi-structuredinterviews were held with representatives from loan intermediary companies and the SwedishEnforcement Authority. According to this study, loan intermediaries contribute to a moreefficient consumer credit market by providing access to credit, by making information moretransparent and readily available for consumers, and by driving innovation. / En lång period av låga räntor, ekonomisk tillväxt och en blomstrande bostadsmarknad har letttill att de svenska hushållens skuldsättning har ökat. Nya digitala sätt att tillhandahållafinansiella tjänster förändrar den traditionella bankvärlden och hyllas ofta för att vara effektivaoch inkluderande. Finansiella intermediärer, en part mellan en köpare och en säljare som agerarsom medlare för att effektivt underlätta transaktioner, spelar en viktig roll i ekonomin och isamhället. Ungefär 40–55 procent av blancolån togs genom en låneförmedlare i Sverige under2020. Situationen på den svenska kreditmarknaden uppmärksammar ett behov av att förstå hurmarknadens aktörer är sammankopplade och hur de skapar värde tillsammans. Låneförmedlareär en viktig och intressant aktör att analysera vidare eftersom en så stor andel av blancolånentas genom deras tjänster, och eftersom denna typ av tjänst växer till en allt större del avkreditekosystemet. Enligt teorin om ”business ecosystems” betraktas alla aktörer i ett slutetsystem. I ett perfekt scenario skulle deltagarna samarbeta för att främja stabilitet ochsystemfördelar och obalans i ekosystemet har en skadlig inverkan på alla medlemmar. Dennamasteruppsats syftar till att utveckla ett ekosystem över den svenska kreditmarknaden ochbeskriva låneförmedlarnas bidrag till en mer effektiv konsumentkreditmarknad.För det första resulterade studien i utvecklingen av en metod för att identifiera, beskriva ochvisualisera ekosystem. En process i fem steg identifierades och genomfördes för att skapa enbegriplig bild av kreditmarknadens ekosystem. Metoden resulterade i en ekosystemkarta somvisualiserade 26 generiska aktörer och deras inbördes kopplingar. För att få en djupareförståelse för hur låneförmedlare bidrar till ett effektivt system genomfördes semistruktureradeintervjuer med representanter från låneförmedlingsföretag och Kronofogden. Enligt studienbidrar låneförmedlare till en effektivare konsument-kreditmarknad genom att ge tillgång tillkrediter, tillgängliggöra transparent information samt genom att driva innovation.

This study was designed to help those persons developing and delivering consumer education curriculum understand the needs of Middlesex, Virginia High School Students. The instrument used was a consumer knowledge survey developed by a partnership between the Consumer Federation of American and American Express. The 52 item questionnaire was designed to measure knowledge in six key areas of consumption-consumer credit, checking/savings accounts, automobile insurance, housing rental, food purchase, and automobile purchase. The respondents were students attending Middlesex High School from the four grade levels with completed Informed Consent forms. There were 55 respondents from a total pool of 375 (freshmen, 44%; sophomores, 27%; juniors, 13%; and seniors, 16%). Descriptive statistics were used for demographic items. Non-statistical comparisons were made between grade levels, descriptive demographic characteristics, and consumer categories. Comparisons were also made between the data collected and the data of the national consumer knowledge survey by the Consumer Federation of America and American Express Company. The results indicate that Middlesex High School students were not well prepared for the world of consumption. Overall, the students who responded had limited understanding of consumer knowledge in the six specific areas. The average score was 39%. Students had the poorest understanding of consumer credit, auto insurance, and food purchases. Scores for these category areas averaged less than 40%. The students scored highest on housing rental (45%) and checking/savings accounts (44%). The seniors scored the highest overall score (48%), which was higher than the national average of high school seniors (42%). / Master of Science

The objective of this research is to investigate the existence of structural changes in unsecured lending time series data and analyse the impact thereof on trends in consumer demand for unsecured credit spanning the years from 2008 to 2015. This is achieved by identifying dates when structural changes occurred over this period. The identified structural break date is linked to an influential economic event or monetary policy change that took place in South Africa of which the impact on three unsecured credit categories are analysed. Unsecured credit growth in South Africa has been subjected to intensive scrutiny since the inception of the National Credit Act (Act No. 34 of 2005) by various regulatory bodies. In 2012 the National Credit Regulator (NCR) commissioned a research study into examining the impact that the National Credit Act (Act No. 34 of 2005) has had on the consumer credit market. The empirical part of this study involved the gathering of time series data on unsecured loans approved, unsecured credit granted per income category and unsecured credit granted from the National Credit Regulator (NCR) database and performing descriptive and econometric analysis. The Zivot-Andrews (1992) and augmented Dickey-Fuller tests determined the break dates which were linked to a significant economic event while the one sample t-test of means compared average loan values before and after the break date. Results of the study indicate that the break dates determined coincided with economic events and monetary policy changes in South Africa, such as the collapse of African Bank, the implementation of the National Credit Amendment Act, prime interest rate movements and the introduction of a debt counselling program by the government. These events, coupled with stricter lending criteria and no further loans being granted to customers already more than three months in arrears, restrained the uptake of unsecured loans to lower and middle income groups. The introduction of new affordability criteria and increasing interest rates in 2014 further negatively impacted demand for unsecured loans. However, higher income earners had the advantage of being able to apply for higher loan amounts. Findings could be used by monetary policymakers and financial institutions to constantly monitor credit trends, improve credit assessment techniques and review lending criteria. / Business Management / M. Com. (Financial Management)

This dissertation considers the possible impact certain requirements of the National Credit Act 34 of 2005 (hereafter NCA) has on reckless credit lending by credit providers. The dissertation will identify problem areas created by the provisions of the NCA and the impact thereof on security or partial performances linked to the credit agreement. “Reckless credit lending” used to be a new terminology introduced in the credit market to increase consumer spending, but it is currently a well-known practice in the credit industry. The NCA aims at protecting consumers, especially against present everincreasing reckless-credit practices. However, certain provisions relating to reckless credit are mostly ambiguous and vague. The NCA is silent on the development and implementation of guidelines and policies relating to the prevention of reckless credit and the consequences of such an order on security and/or performances (whether there was partial or full performance). This study will discuss the prevention and consequence of reckless credit by referring to the NCA, articles written by various authors, as well as court decisions where related concerns were addresses by the judges concerned with this issue. Although the provisions stipulated in the amended NCA improve the position of the consumer in the credit market, the legislature should have drafted certain applicable provisions with more care and detail. A more detailed draft could circumvent vagueness in particular areas of concern. / Private Law / LL. M.

Cette thèse examine l'impact du développement du marché du crédit sur la croissance économique et essaye d'apporter un éclairage sur certains résultats empiriques controversés relevant de cette littérature. A cette fin, nous investiguons l'impact du développement du marché du crédit à la consommation et celui du marché du crédit à l'investissement sur la croissance. A l'aide d'une extension du modèle d'Aghion et al (2005), nous mettons en évidence que le développement du marché du crédit à la consommation au détriment de celui des crédits à l'investissement affecte défavorablement la croissance économique. Ces constatations sont validées empiriquement sur un échantillon de 27 pays européens.Sur le plan empirique, nous exploitons les techniques des séries temporelles et celles des données de panel afin de dégager les relations de court terme et de long terme entre le développement du marché du crédit et la croissance économique. L'application porte sur un échantillon de 20 pays hétérogènes couvrant la période 1960-2009. Les évidences empiriques valident une relation positive à long terme entre le développement du marché du crédit et la croissance économique alors que la relation de court terme diffère d'un pays à un autre.En utilisant un panel de pays MENA, nous démontrons que le développement du marché du crédit islamique et celui du marché du crédit conventionnel affectent négativement le développement économique de la région. Enfin, nous démontrons que la relation crédit-croissance dans les pays MENA est non linéaire et déterminée par le niveau de développement du secteur des technologies de l'information et de la communication. / This thesis examines the effect of credit market development on economic growth in order to provide explanations for the ambiguous results of empirical studies on this relationship. To this end, we assess the different effects of consumer credit market and entrepreneurial credit market on economic growth. Using an extension of the framework of Aghion et al (2005), we show that the development of the consumer credit market to the detriment of the development of entrepreneurial credit market affects negatively economic growth. We provide empirically validation of these findings on a sample of 27 European countries during the period 1995-2009.Moreover, using both time series techniques and panel data methods, we investigate empirically the short-term and long-term relationships for a sample of 20 heterogeneous countries over the period 1960-2009. Our results confirm a positive long-term relationship between credit market development and economic growth while the short-run relationship differs from one country to another.Furthermore, we inspect the effects of the development of islamic credit market and the development of conventional credit market on economic growth in MENA countries. Applying the generalized method of moments (GMM) estimators developed for dynamic panel, we find that both islamic credit market and conventional credit market harmful for economic growth. Examining the non-linear effect of credit market development on economic growth, we show that that economies in Mena region can benefit from credit market development only once a threshold of ICT development is reached.

The thesis aims to specify means of consumer protection in financial services in the Czech legal system, to clarify their structure, assess efficiency and evaluate the extent to which consumer protection is provided. Main topic of interest is restricted within the purview of the financial ombudsman of the Czech Republic. The first chapter focuses on definition of instrument of consumer protection in financial services and their classification from a theoretical point of view. The next three chapters are devoted to a detailed depiction of consumer protection means in three segments of the financial market: payment system, consumer credit and collective investment. Legal provisions concerned with the Czech financial ombudsman are the matter of subject of the last chapter, which is accompanied with a brief analysis of functioning efficiency of this institution. Applied methods are interpretation of Czech legal framework, description of consumer protection instruments and basic statistical methods used for data comparison, which are the basis for general deductive implications. The paper pinpoints deficiencies of the legal provisions and its conclusions consist of suggestions in specific fields. The main output of the thesis includes an emphasis of the need of progress in financial readiness of...