Diese Arbeit befasst sich mit der Rolle der Unternehmenskreditfinanzierung für die Realwirtschaft. Im ersten Teil untersuche ich die Entwicklung der externen Finanzierungsprämien in den USA in Folge von ökonomischen Schocks und finde, dass die Prämie antizyklisch auf Angebots- und monetäre Schocks reagiert. Im zweiten Teil analysiere ich mit Hilfe eines DSGE-Modells, wie die Zusammenfassung aus Bankkreditfinanzierung und Anleihefinanzierung die Transmission von ökonomischen Schocks beeinflusst. Angenommen, dass große Unternehmen größtenteils Anleihenmärkte verwenden und kleine Unternehmen auf Bankkredite angewiesen sind, zeigt das Modell, dass die Zusammensetzung des Unternehmenskreditfinanzierung relevant für die Verbreitung von Schocks ist. Negative monetäre Schocks und Finanzschocks beeinträchtigen die Kreditvergabe von fragilen Banken, die in Folge die Bankkredite an kleine Unternehmen kürzen. Unternehmen, die auf Anleihenfinanzierung zurückgreifen können, können sich in Zeiten steigender Prämien über Unternehmensanleihen refinanzieren. Daher reduzieren diese Unternehmen nicht in so starken Ausmaß ihre Investitionen wie kleine Firmen. Als Folge davon, ist eine Volkswirtschaft, die nur auf Bankkredite angewiesen ist, stärker von Schocks betroffen als eine Volkswirtschaft mit sowohl Bank- als auch Anleihenfinanzierung. Abschließend wird das Modell verwendet, um eine Kombination konventioneller und unkoventioneller Geldpolitik sowie makroprudentieller Politik in einer Ökonomie mit segmentierten Kreditmärkten zu evaluieren. Es wird gezeigt, dass der optimale Politikmix die höchsten Wohlfahrtsgewinne in Folge von Finanzschocks erreicht. / This thesis examines the role of corporate debt financing for the real economy. First, I study the conditional dynamics of the external finance premium using US data and find that the premium is countercyclical following supply and monetary policy shocks. Second, I analyze to which extent bank and bond financing affect the transmission of economic shocks in the context of a DSGE model. To the extent that large firms predominantly use capital market finance, whereas small firms rely on bank loans, the model predicts that the composition of corporate debt is relevant for the propagation of shocks. Contractionary monetary policy and financial shocks impair the ability of leveraged banks to provide loans, which adversely affects small firms. Bond financing dependent firms can nevertheless issue bonds in times of rising bond finance premia. These firms do not reduce their investments as strongly as bank financing dependent firms. As a consequence, the economy that relies only on bank credit is affected more by shocks than the economy with bank and bond finance. Finally, the model is used to evaluate the optimal mix of conventional, unconventional and macroprudential policies for segmented credit markets. I find that the optimal policy mix attains the highest welfare gains following financial shocks.

O crédito bancário é a principal fonte de financiamento de pessoas físicas e jurídicas no Brasil. Ainda assim, comparações internacionais apontam que o mercado de crédito no Brasil é pequeno em volume de empréstimos concedidos, limitado em número de instrumentos e caro nos preços praticados. O propósito desta tese é apreender as expectativas em relação ao direito supostas em documentos oficiais do Banco Central do Brasil (BCB) que sugeriram, entre 1999 e 2006, medidas para a reversão desse quadro. Para tanto, analisa os argumentos apresentados para a implementação de um conjunto específico de medidas de reforma jurídica dos sistemas de insolvência e de cobrança de dívidas, considerados cruciais para o desenvolvimento financeiro. Como resultado da análise, foi possível identificar um continuum discursivo entre as justificativas apresentadas pelos documentos oficiais do BCB para a adoção das medidas de reforma do mercado de crédito e o que se designou de perspectiva da dotação institucional. Segundo essa visão, a clara definição de direitos de propriedade e eficientes mecanismos para o cumprimento de contratos são precondições essenciais para o crescimento econômico. / Bank loans are the main source of financing for individuals and corporations in Brazil. Nevertheless, when compared to those of other countries, the credit market in Brazil is still small in the overall amount of loans, limited in the number of loan instruments and expensive for borrowers. The present dissertation aims at identifying the role assigned to Law by official Brazilian Central Bank (BCB) documents tackling this problem issued between 1999 and 2006. In order to do so, it analyses the arguments used to justify a set of specific measures intending to reform the legal framework for dealing with two key elements for the development of the credit market: default and forfeiture. It is argued that there is a discursive continuum between the arguments present in the official BCB documents aimed at the reform of the credit market and the tenets of what is called institutional endowment. According to these tenets, the clear definition of property rights and efficient means for contract enforcement are pre-conditions for economic development.

O crédito bancário é a principal fonte de financiamento de pessoas físicas e jurídicas no Brasil. Ainda assim, comparações internacionais apontam que o mercado de crédito no Brasil é pequeno em volume de empréstimos concedidos, limitado em número de instrumentos e caro nos preços praticados. O propósito desta tese é apreender as expectativas em relação ao direito supostas em documentos oficiais do Banco Central do Brasil (BCB) que sugeriram, entre 1999 e 2006, medidas para a reversão desse quadro. Para tanto, analisa os argumentos apresentados para a implementação de um conjunto específico de medidas de reforma jurídica dos sistemas de insolvência e de cobrança de dívidas, considerados cruciais para o desenvolvimento financeiro. Como resultado da análise, foi possível identificar um continuum discursivo entre as justificativas apresentadas pelos documentos oficiais do BCB para a adoção das medidas de reforma do mercado de crédito e o que se designou de perspectiva da dotação institucional. Segundo essa visão, a clara definição de direitos de propriedade e eficientes mecanismos para o cumprimento de contratos são precondições essenciais para o crescimento econômico. / Bank loans are the main source of financing for individuals and corporations in Brazil. Nevertheless, when compared to those of other countries, the credit market in Brazil is still small in the overall amount of loans, limited in the number of loan instruments and expensive for borrowers. The present dissertation aims at identifying the role assigned to Law by official Brazilian Central Bank (BCB) documents tackling this problem issued between 1999 and 2006. In order to do so, it analyses the arguments used to justify a set of specific measures intending to reform the legal framework for dealing with two key elements for the development of the credit market: default and forfeiture. It is argued that there is a discursive continuum between the arguments present in the official BCB documents aimed at the reform of the credit market and the tenets of what is called institutional endowment. According to these tenets, the clear definition of property rights and efficient means for contract enforcement are pre-conditions for economic development.

[pt] Uma característica de alguns conta-próprias e dos empregadores com até cinco empregados brasileiros, é sua baixa produtividade e lucratividade. Além disso, entre estas pequenas empresas, existe uma grande diversidade de níveis de lucro, algumas com patamares de lucro altos quando comparadas às demais e outras com lucros irrisórios. A maioria dos estudiosos associa esta baixa produtividade das pequenas empresas brasileiras ao mercado de crédito em que elas atuam. Segundo eles, as imperfeições no mercado de crédito impedem que estas pequenas produções consigam obter o volume de capital necessário a execução dos projetos mais eficientes. Além disso, como algumas empresas enfrentam restrições creditícias mais severas que outras, elas podem ter produtividade diferentes e consequentemente níveis de lucro diferentes. Ao observar os dados fornecidos pelo IBGE em 1997 sobre estas pequena produções percebe-se que de fato elas operam em patamares de lucro diferentes, algumas com lucros bem acima da média e outras com lucros negativos, e utilizam volumes de capital muito diferentes em seu processo produtivo. Este resultado é estranho, uma vez que as pequenas empresas atuam nos mesmos mercados, sendo tomadoras de preços e provavelmente usam a mesma tecnologia, e portanto, segundo a teoria microeconômica convencional, teriam que empregar o mesmo volume de capital em seu processo produtivo e obter o mesmo nível de lucro. Nesta dissertação, propõe uma abordagem que relaciona o mercado de crédito a diversidade de lucro entre as pequenas empresas brasileiras, sendo as imperfeições credíticias um dos possíveis determinantes para a lucratividade e produtividade destas empresas. / [en] The self-employees and the employers with no more than five employees in Brazil are well known for their low productivity and for their low profitability. These small firms have a great variety of profits level among of them, with some having profits above the mean and others with negative profits. In the majority of the studies, low profitability and low productivity are associated with the imperfections in credit market. The majority of this enterprises do not get the sufficient capital to invest in the most productive projects, because of the restrictions in credit market. When we work with the data for the small employers and self-employees in Brazil, we see that the profits level differs among these firms, and they put different amount of capital in their production. This result is not expected, because the small firms in Brazil participate in the same markets, and probably have the same technology. Thus according to the microeconomic theory, they should have the same profits level and should use the same amount of capital in their production. This paper try to infer if the credit constrains are the only factor that affects small enterprises profit in Brazil.

資訊不對稱為經濟普遍存在之現象，舉凡勞動市場、保險市場與借貸信用市場皆會發生類似主問題。而本文將就資訊不對稱下之借貸信用市場討論效率問題。 　　眾所皆知，當借貸市場存在資訊不對稱時會發生二大問題：道德危險、逆選擇問題，又因此三大問題會導致貸款者對特定契約之供給減少使借貸市場發生超額需求產生信用分配之現象。故可知，市場均衡因資訊不對稱現象之存在可能無法滿足柏拉圖最適。因此本文將借用四個理論模型說明：借貸信用市場之效率問題。 　　理論模型一：逆選擇下之借貸市場效率一最適放款利率與擔保品之決定 　　理論模型二：逆選擇下之借貸市場效率一最適投資水準之決定 　　理論模型三：逆選擇與道德危險下之信用分配效率 　　理論模型四：償還機率訊息不對稱下之資金配置與金融崩潰 　　透過此四個理論模型之分析可歸納出以下之結論： 　　1.借貸市場存在穩定均衡且均衡滿足市場效率時，政府無須干預借貸市場。 　　2.借貸市場存在穩定均衡且無信用分配現象但均衡未滿足市場效率時，政府就應採行自由放任之態度，透過金融中介機構之借貸行為達成社會效率。 　　3.借貸市場存在穩定均衡且存在信用分配現象但均衡未滿足市場效率時，政府就應採行交叉補貼政策干預市場，但並非所有的干預政策皆能使借貸市場之效率提升，其中尤以“補貼低品質借貸契約”之政策為最佳方案，但因為此政策須政府能夠完全區分借款者之品質型態才可採行，因此，若政府無法加以區分借款者之品質型態時，僅好退而求其次採行次佳方案“信用保証政策”。 　　4.借貸市場若不存在均衡，發生金融性崩潰時，政府應擔任最後貸款者之角色，干預借貸市場以降低私人部間之風險。

La letteratura economica che affianca il principio di eguaglianza delle opportunità suggerisce l’introduzione dei valori libertari e di autonomia nella valutazione del benessere sociale. Questa teoria non si concentra sulla semplice eguaglianza tra i cittadini in termini di reddito, salute, utilità ma valuta l’eguaglianza delle loro opportunità affinché esiti plurimi possano essere raggiunti unicamente sulla base dell’impegno dei singoli individui. Nel primo capitolo ripercorriamo attraverso una breve carrellata le indicazioni provenienti da economisti e filosofi della politica che hanno trattato questo argomento nel corso degli ultimi decenni. Nel secondo capitolo ci occupiamo della misurazione della eguaglianza delle opportunità studiando differenti metodologie che coinvolgono l’indice di Atkinson e i suoi sviluppi in termini di eguaglianza. Il terzo capitolo prosegue invece attraverso una analisi empirica sulla salute. I risultati suggeriscono come le decisioni individuali riguardanti il fumo, considerato come un fattore di responsabilità, influenzino gravemente la salute degli individui rispetto alla loro condizione familiare. Il capitolo 4 studia invece l’interazione tra eguaglianza delle opportunità ed efficienza nel mercato del credito dimostrando come, oltre ad una palese violazione del principio egalitario, esistano anche problematiche di efficienza come surrogato delle dinamiche discriminatorie dovute alle asimmetrie informative. / The economic literature on equality of opportunity suggests non-welfarist foundations of social choice introducing the concepts of freedoms and liberties of individuals in the assessment of social welfare. The opportunity egalitarian principle does not focus on equality of outcomes but essentially on equality of means to realize those outcomes, i.e., it places some responsibilities on individuals to decide how much effort to pay in order to exploit the opportunity offered to them. This concept refers to be a part of conventional wisdom and has a long tradition and wide acceptance. On these grounds chapter 1 is devoted to a review of the most recent research on equality of opportunity. Some economists and political philosophers have argued that, in examining distributional questions, instead of focusing on differences in observed incomes or current levels of welfare, it is more appropriate to focus on the choice or opportunity sets that individuals face. Chapter 2 focus on the measurement of the degree of equality of opportunity based on alternative decompositions of the Atkinson index of equality according to welfare theory approach. In chapter 3 we address a measurement in health using data from the British Household Panel Survey (1996-2005). Our results suggest a great incidence of the direct effect of the individual behaviors in terms of lifestyles reducing the indirect contribution of social background. Public health programs are more likely to produce results if targeted on individual responsibility. A different point at issue is tackled in chapter 4 where we introduce the relationship between equality of opportunity and efficiency in the credit market. We show that richer individuals participate more in the credit market even when relatively more averse to effort violating the equality of opportunity principle. Moreover, we find that marginal richer borrowers exert less effort than poorer ones in equilibrium. Empirical evidence in Italy points to a limited impact of policy measures aimed at increasing credit opportunities without targeting accurately the beneficiaries.

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.

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.

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.

[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.