Orientador: Gilda Figueiredo Portugal Gouveia / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Filosofia e Ciencias Humanas / Made available in DSpace on 2018-08-15T05:30:11Z (GMT). No. of bitstreams: 1 Camargo_OrsonJoseRobertode_M.pdf: 2056289 bytes, checksum: ed24a283a8afd82d09f42e75fd0a6eb5 (MD5) Previous issue date: 2009 / Resumo: O presente trabalho analisa, do ponto de vista contextual, a Medida Provisória nº 114 de março de 2003, convertida em Lei nº 10.696 de julho do mesmo ano, a partir da ótica da elite política brasileira - especificamente a bancada ruralista. A bancada ruralista é tida como um dos grupos conservadores do Congresso Nacional, com forte coesão interna e intensa capacidade de pressão junto ao Executivo e Legislativo brasileiro, para que seus interesses sejam contemplados. O estudo considera a discussão, em plenário, dos parlamentares ruralistas sobre a MPV nº 114/03, que dispõe da renegociação das dívidas do crédito rural e visa analisar como as renegociações dos recursos públicos aplicados no financiamento da produção agropecuária brasileira reproduzem e aprofundam a desigualdade social. Tanto financiamento para a produção agropecuária como a renegociação das dívidas do crédito rural não consideram equitativamente todos os produtores rurais, colocando a discussão diante de questões de justiça social ao não propiciar mecanismos para a redução da desigualdade social / Abstract: Taking in consideration a contextual analyses, this dissertation investigates the March 2003 Governmental Decree 114, which was converted in the Federal Law number 10.696 in July 2003. This study focus on the thoughts and actions of the rural landowners members of the Congress (the bancada ruralista), which are considered one of the most conservative political sectors in the country. The Bancada Ruralista is also considered to be a very strong lobby, with internal cohesion and capacity of pressure on the Executive and the Legislative. The dissertation analyses the debates around the Governmental Decree 114 among the members of the Congress, particularly the bancada ruralista discussion on the defense of the large landowners' interests. The Governmental Decree 114 established new standards regarding the renegotiation of public rural credit and the landowner's federal debts. Therefore it was considered a crucial political issue for the bancada ruralista lobbies. The study demonstrates how the application of the federal resources on the large agribusiness reproduces and deepens the country social inequalities, since the rural producer are not equally considered in these negotiations, clearly favoring the large and most politically powerful rural landowners / Mestrado / Sociologia Politica / Mestre em Sociologia

Malgré d’importants avantages, la dette comme source de financement implique un risque d’insolvabilité. La faillite et la liquidation des actifs ont un coût élevé non seulement pour l’emprunteur et le prêteur, mais aussi pour la société en général. La détresse des entreprises peut en effet d’une part se propager dans l’économie et provoquer une contagion et d’autre part impliquer des externalités négatives (telle la chute du prix des actifs liquidés). La renégociation de la dette survient donc comme une alternative à la faillite/liquidation, une solution qui peut se montrer avantageuse pour toutes les parties impliquées et pour la société. Cette thèse propose une analyse théorique de la renégociation de la dette dans deux contextes particuliers. Le premier concerne le cas de la dette d’entreprise. Le second concerne le cas des crédits hypothécaires. À notre connaissance, tous les modèles de la littérature sur la dette d’entreprise impliquent ou autorisent un nombre infini de renégociations de la dette. Cette caractéristique empêche l’analyse du nombre optimal de renégociations. Pour pallier cet inconvénient, nous introduisons des coûts fixes de renégociation dans un modèle structurel de renégociations multiples. On analyse la réduction optimale du coupon, le moment et le nombre de renégociations. En ce qui concerne la renégociation des crédits hypothécaires, nous contribuons au débat sur la crise actuelle des saisies immobilières en étudiant en premier lieu la décision d’un prêteur de renégocier ou de saisir, et en second lieu l’impact négatif de la saisie sur les prix immobiliers. Enfin, sont analysés le rôle de la titrisation des crédits dans les décisions de saisir les biens immobiliers ou de renégocier les dettes en souffrance, ainsi que les contrats des gestionnaires immobiliers / Despite important advantages debt financing entails a risk of impossibility of payment. Bankruptcy and foreclosure are costly not only for the borrower and the lender, but also to the community as a whole through contagion and negative externality effects. Renegotiation then arises as a win-win solution for the parties involved. This thesis focuses on the analysis of debt renegotiation for the cases of corporate debt and home mortgage debt. To our knowledge, all the previous work on corporate debt renegotiation implies an infinite number of renegotiations. This feature preempts the analysis of the optimal number of renegotiations. We address this drawback by incorporating fixed renegotiation costs in a structural model of multiple renegotiations, analyzing the optimal debt reduction, timing and the number of rounds. Regarding home mortgage renegotiation, we contribute to the debate about the current foreclosure crisis by studying a lender’s decision to renegotiate or to foreclose, and the negative effect of foreclosure on house prices. Finally, the role of securitization in foreclosure and renegotiation decisions, as well as servicer contract design are investigated.

In my first chapter I follow the methodology put forth by Bohn(1998), the market-based sustainability method to measure whether the sovereign debt is sustainable or not. I work with a panel of 125 countries for 26 years and along with incorporate different institutions ratings by ICRG’s political risk ratings. In my analysis I find out that the debt on average is sustainable for countries up to certain extent and thus giving us an inverted U shape debt-exports curve. I use country exports to find out if the debt is sustainable or not. I also find that better institutions do give an edge to countries when it comes to borrowing as it lowers the risk expectations on the lenders part. The findings do vary based on the country’s income level and based on its geographical location.

Despite its prominent role in firms' external financing, debt is highly underrepresented in the academic literature, compared to equity financing (Cumming, 2016). This thesis investigates corporate debt under diverse bankruptcy regulation in Europe (Chapter 1), as well as benefits arising from debt renegotiation among US firms (Chapter 2 and 3). The first study examines whether corporate borrowing responds to the strength of creditor rights, which differ greatly across countries. We use a difference-in-differences (DiD) methodology around an EU-wide bankruptcy reform in 2002 as an exogenous shock that reshaped the institutional environment for corporate debtors and their creditors in Europe. Our findings suggest that subsidiaries in the EU decrease their leverage when they are exposed to less creditor-friendly regimes after 2002, while there is hardly any impact on leverage when shifting to an equally creditor-friendly regime, and even less so when shifting to a more creditor-friendly one. We conclude that the legal environment under which credit is granted matters for firms' access to finance. The following two studies take a closer look into the bank-firm relationship during which renegotiations of existing loans are frequently observed. While the area of private debt renegotiation (among healthy firms) is not very well researched so far, this is the first study to link between loan renegotiation and firms' credit rating (Chapter 2) and firms' adjustments toward capital structure targets (Chapter 3). Firms' credit rating is important as it determines the rate firms have to pay for private debt and it governs capital requirements of lenders (Basel II and III). The study shows a positive impact on a firm's credit ratings whenever there was a loan amendment in the month prior to the rating update. Amending loans after the initial loan contract therefore carries signalling power to the capital market (in line with existing literature) and implies benefits to both borrowers and lenders. The third study finds an additional beneficial effect of loan amendments for firms. We investigate whether loan amendments might serve as a channel available to firms to speed up their adjustments toward capital structure targets. Against a broad range of alternative leverage target definitions used in the capital structure literature recently, loan amendments tend to accelerate firms' speed of adjustments by up to 10.6 percent points within twelve months after the loan has been amended (in addition to firms' general speed of adjustment). Therefore, our studies provide evidence for additional, novel benefits of corporate debt renegotiation which encourages firms to update and optimise financial contract design even after origination.

Orientador: Francisco Luiz Cazeiro Lopreato / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-10T10:08:56Z (GMT). No. of bitstreams: 1 Vieira_DaniloJorge_M.pdf: 3998304 bytes, checksum: 6938562babd230de9f35cbc8b4b6d12e (MD5) Previous issue date: 2006 / Resumo: O trabalho aborda as conseqüências do ajuste das finanças estaduais efetuado a partir da renegociação da dívida pública, promovida ao amparo da Lei 9.496/1997, sobre a capacidade de implementação de políticas autônomas de fomento por parte dos estados. Demonstra, de início, que os novos parâmetros de gestão fiscal estabelecidos no bojo do processo de ajustamento, aprofundados posteriormente por meio da promulgação da LRF, fizeram emergir fortes restrições, implicando na desarticulação daquelas políticas, que perderam substância e espaço no âmbito dos orçamentos. A partir da análise mais detalhada da experiência de Minas Gerais, verifica, primeiramente, o impacto que tal reordenamento fiscal e financeiro teve para as finanças públicas. Avalia, em seguida, os desdobramentos sobre as estratégias levadas adiante pelo governo mineiro para apoiar a estrutura produtiva local, descrevendo as mudanças pelas quais passaram as diretrizes de atuação e os instrumentos de estímulo manejados, que se tornaram muito mais contidos, obscurecendo as perspectivas de crescimento e modernização da base econômica instalada na região. Conclui que a nova institucionalidade emergente a partir da renegociação da dívida problematizou a evolução dos desequilíbrios econômicos regionais, uma vez que a desestruturação das políticas fomentadoras dos estados ¿ que ocuparam, ainda que de maneira deficiente, a lacuna deixada pelas ações do governo central ¿ não foi acompanhada por uma presença mais incisiva da União. Assim, o ajuste fiscal deixou como saldo possibilidades bem mais opacas de retomada de um novo ciclo expansivo e resultou, em verdade, no debilitamento amplificado da atuação conjunta do setor público, que adquiriu feições bem mais acanhadas a favor do crescimento, empalidecendo as perspectivas de desenvolvimento regional / Abstract:This research analyze the consequences of the adjustment of the states finances, promoted by agreement of the public debt (supported in Law 9.496/1997), for the capacity of the states for implementation of regional development policies. It demonstrates that the established new fiscal parameters in the process of the adjustment, fortified later with the LRF (¿Fiscal Responsibility Law¿), resulted in very restrictions, implying in the rupture of those policies and, thus, in the her loss of substance and of space in the budgets. From the more detailed analysis of the experience of Minas Gerais's state, it verifies, first, the impact that such fiscal and financial adjustment had for the public finance. After this discussion, it evaluates the impact on the used strategies by the government of Minas Gerais to stimulate the local productive structure, describing the changes in the directives and in the used instruments to promote the growth, showing that these had been contained, weakening the possibilities of development of the economic base installed in the region. In the conclusion, it calls the attention that the resultant fiscal order of the adjustment process had consequences for the evolution of the regional economic inequalities, because it weakened the development policies of the states, but without establishing, at the same time, a more strong action of the central government in the attack to the regional inequalities / Mestrado / Economia Regional e Urbana / Mestre em Desenvolvimento Econômico

La tesi analizza come le relazioni tra banche e imprese influenzino la capacità di aziende in difficoltà di rinegoziare il loro debito. Dopo una rassegna della teoria, con particolare attenzione ai fallimenti di mercato che ostacolano la rinegoziazione (primo paper), la tesi approfondisce i problemi di coordinamento tra più banche in presenza di multiaffidamento (secondo paper). Un modello a giochi ripetuti viene utilizzato per descrivere la situazione di banche che si incontrano ripetutamente per discutere su numerose imprese in difficoltà. In tale contesto, il coordinamento è raggiunto seguendo una classica ,'trigger strategy', che prevede la punizione dei comportamenti opportunistici. All’aumentare del numero di banche, altre strategie possono essere utilizzate, come l’esclusione dei creditori considerati inaffidabili (‘ostracismo’), migliorando così la probabilità di cooperare. L’ultimo paper affronta questi temi empiricamente: le banche ristrutturano più facilmente aziende il cui debito è prevalentemente di origine bancaria, più grandi e con una migliore situazione economica e finanziaria prima della crisi. Al crescere del numero di banche la probabilità di ristrutturare e il credito concesso dopo la crisi aumentano fino ad una soglia, stimata tra tre e quattro banche, oltre la quale trovare un accordo diventa più difficile. Questo risultato può aiutare a spiegare la diffusione del multiaffidamento. / The thesis analyses how bank-firm relationships affect firms facing financial distress and their capability to renegotiate outstanding debt. The first paper reviews the theoretical contributions on this process and the market failures that hinder it. The second paper studies coordination problems among multiple banks. Banks have more than one distressed firm to face and, therefore, they come across repeatedly and behave strategically. This setting is modelled as a repeated game, wherein coordination is improved by following a classical trigger strategy, which threatens a punishment in case of free riding behaviours. As the number of lending banks increases, different strategies can be adopted, such as ostracism against untrustworthy players, thus improving the likelihood of cooperation. The last paper analyses empirically the issue: banks tend to restructure those firms they are more involved in, larger and with a better economic and financial situation before the distress event. A higher number of banks and more dispersed debt increase the restructuring probability, the new credit granted after the distress event and the survival probability, up to a threshold estimated between three and four banks, beyond which reaching an agreement becomes harder. This result gives a new rationale to multiple banking relations.