Thesis (Licenciado en Contaduría)--Universidad Nacional Autónoma de México, 1983. / At head of title: Universidad Nacional Autonoma de Mexico. Facultad de Contaduria y Administracion. Includes bibliographical references (leaves [235]-238).

L'ampleur sans précédent de la crise financière de 2007-2008 a donné naissance à une vaste littérature dévolue à l'analyse du phénomène du Shadow Banking, considéré comme le principal responsable de la débâcle bancaire et financière de la Grande Récession, sans pour autant apporter une compréhension globale. L’objectif de cette thèse est, à l’aide d’une approche positive, d’étudier les racines et effectuer une dissection du Shadow Banking, indispensable pour cerner sa complexité, en établir une compréhension globale et comprendre son rôle central dans le financement de l’économie et la création monétaire. Avant d’être normative, cette étude nécessite surtout une démarche positive qui doit présenter des faits et des mécanismes d’un point de vue analytique. Pour cela, ce travail contribue à la littérature existante en proposant une démarche progressive exposant les outils de la migration supposée des risques bancaires en dehors du bilan des banques et démêlant le vrai du fantasme dans une lecture approfondie des enjeux du Shadow Banking. Dans cette logique, le premier chapitre de ce travail de thèse s’est porté sur ce qui semblait être à l’origine de la crise de 2007-2008, à savoir la circulation des actifs et des risques des banques au travers de la vente de crédits bancaires. Il y est établi que le transfert d’actifs bancaires dans sa forme moderne est une réalité depuis plus de quarante ans, fragilisant l’hypothèse d’un phénomène récent coupable du péché originel menant à la crise, ce fardeau semblant dévolu à la titrisation. Le second chapitre de ce travail de thèse est ainsi consacré à l’étude de la titrisation et plus particulièrement de ses origines et de ses mécanismes. A l’image de la vente de crédit, l’hypothèse d’un phénomène récent est vite écartée par la riche et longue histoire du processus de titrisation qui s’étend sur plus de quatre siècles. A l’opposé d’un phénomène balbutiant et uniquement américain, la titrisation révèle des racines européennes et anciennes loin d’être dénuées d’une certaine instabilité. En revanche, il est avéré que la forme moderne de la titrisation doit son schéma au secteur public américain qui a, par son choix de privilégier les engagements sur la détention des actifs, entretenu le mirage d’une bénédiction de Midas sensé permettre de créer de la qualité ex-nihilo. Si cette fable est loin d’être soutenable, il n’en reste pas moins que la titrisation peut être un processus vertueux de répartition de qualité et de rendement rendu possible par la diminution des asymétries d’information, accompagné d’une amélioration sensible de la liquidité du financement. Cependant, elle n’en reste pas moins le support préférentiel des arbitrages réglementaires bancaires permis par l’attentisme des régulateurs. Enfin, à la lumière de ces éclairages nécessaires sur les outils de la finance moderne, le troisième chapitre de ce travail de thèse se consacre à l’étude du Shadow Banking. Après en avoir exposé et dénoncé les poncifs, il offre une lecture du phénomène qui dépasse le simple fantasme d’un système bancaire parallèle caché dans les ombres en proposant une lecture qui mène progressivement à s’interroger sur le basculement du système financier vers une dynamique de collatéralisation intensive. Cette multiplication des assurances trouve alors son paroxysme dans l’émergence d’une nouvelle hiérarchie monétaire, les banques centrales abandonnant un peu plus leurs prérogatives au secteur privé : les banques disposent depuis près d’un siècle de la capacité de création monétaire qui a été, peu à peu, cédée de concert au Shadow Banking. Ce troisième chapitre appelle une réflexion ultérieure sur la place de la banque dans le système financier et sur l’avenir de la création monétaire qui échappe de plus en plus aux banquiers centraux. / The unprecedented scale of the 2007-2008 financial crisis has spawned a vast literature devoted to analyzing the phenomenon of Shadow Banking, considered as the main cause of the banking and financial debacle of the Great Recession, without noticeably providing a global understanding of the phenomena. The main objective of this thesis is, using a positive approach, to study the roots and perform a dissection of the Shadow Banking in order to understand its complexity, establishing a comprehensive understanding of its central role in financing economy and money creation. Before being prescriptive, this study requires above all a positive step that should present facts and mechanisms of an analytical point of view. In this way, this work contributes to the existing literature with a progressive and didactic approach exposing the migration tools of banking risks outside of balance sheets of banks and disentangling fact from fantasy in a thorough reading of the challenges of the Shadow Banking. In this logic, the first chapter of this thesis is devoted to what appeared to be the cause of the crisis of 2007-2008, namely the migration of banks’ assets and risks through credits sales. There is evidences of loan sales for more than forty years, weakening the hypothesis of a recent phenomenon guilty of the original sin leading to the crisis, this burden pretends vested in the securitization. The second chapter of this thesis is thus devoted to the study of securitization and especially of both its origins and its mechanisms. Just like the sale of credit, the assumption of a new phenomenon was quickly ruled out by the long and rich history of the securitization process that spans over four centuries. In contrast to the fledgling and uniquely American phenomenon, securitization reveals its ancient European roots and appears far from being devoid of a certain instability. However, it turned out that the modern form of securitization owes its pattern to the American public sector that, by its choice of using commitments instead of detention of assets, maintaining the mirage of a Midas’ blessing allowing to create ex nihilo quality. If this tale is far from being sustainable, the fact remains that securitization can be a virtuous process offering both quality and yield distribution, reducing information asymmetries, and significantly improving liquidity. However, it remains the preferred medium for banks’ regulatory arbitrages, the later allowed by wait-and-see regulators. Finally, in light of these necessary insights into the tools of modern finance, the third chapter of this thesis is devoted to the study of the Shadow Banking. After exposing its clichés, it offers a lecture of the phenomenon that goes beyond the fantasy of a shadow banking system hidden in the shadows, by providing an approach that gradually leads to the changeover of the financial system to a dynamic and intensive collateral form. This multiplication of insurances then finds its climax in the emergence of a new monetary hierarchy, central banks abandoning their prerogatives to the private sector. Since a century, banks have monetary creation capacities that were, gradually, transferred to the Shadow Banking. This third chapter conclude on the need of further research on the new role of the banking system in the financial system and the future of money creation increasingly eluding central bankers.

Financial journals have just begun to examine the implications of unsecured fixed-rate loans between lenders and borrowers administered over the internet. This study observes 31,550 loans issued between June 2007 and April 2013 with a 36-month term, that are fully paid or charged off, based on a data set from the largest P2P lending website. Initial findings within peer-to-peer (P2P) lending markets have identified that social disclosures may influence these markets. The result of this analysis unambiguously confirms social disclosures influence lenders and the factors significant for funding a loan are inconsistent with the factors significant to repayment of the loan. Prescriptive filters based on social disclosures can improve the likelihood of selecting a creditworthy borrower and increase the models explanatory power. The study finds that distinct forms of social disclosure and specific content within social disclosures predict the amount of funding received and probability of loan repayment.

Please read the abstract in the section 00front of this document / Dissertation (M Inst Agrar (Agricultural Economics))--University of Pretoria, 2007. / Agricultural Economics, Extension and Rural Development / unrestricted

This study examined whether or not financial intermediation can explain the variations in the savings-investment ratio in South Africa during the period 1990 to 2012. The study specifically tests the McKinnon Conduit Effect hypothesis which states that increasing interest rate raises the capacity of financial savings via financial intermediaries based on data from South Africa. Apart from informal graphical test, this study employed formal tests such as the Augmented Dickey-Fuller and Phillips Perron stationarity tests to test the properties of the variables considered, including interest rates, for stationarity. In order to ascertain the long-run and short-run dynamics between its variables, the Johansen co-integration test is utilized, while the Error Correction Mechanism is also employed. Results from the study state that financial assets (a proxy for financial intermediation), income and real interest rate all positively impact the savings-investment ratio. Additionally, short-run analysis results showed that income, financial assets and real interest rates positively influence the savings-investment ratio. Real interest rates were seen as being both positive and statistically significant. Therefore the study recommended that the financial services sector and the South African Reserve Bank (SARB) should work together as this will result in the improvement of efficiencies in price discovery with regards to bank charges, access to banking facilities and the timely provision of services in order to encourage savings (for investment purposes) in the South African economy.

This study examines the impact of the real estate broker on the effectiveness of buyer search by focusing on the linkages between search intensity and the duration of search. How long a buyer searches depends on how sensitive the buyer is to within-period search costs and across-period, sequential search costs. High-income individuals and other homebuyers with high within-period search costs tend to search longer and less intensively. Buyers with high across-period search costs, such as out-of-town buyers, tend to search more intensively. Brokers, by reducing the opportunity costs of within-period search, increase buyer search intensity, which in turn reduces actual search time.

This study examines the factors that affect the decision by home buyers to use real estate brokers and the subsequent effect this decision has on home prices. Buyers with high opportunity costs and the least amount of information about local market conditions are the most likely to use brokers; a finding consistent with the role of the real estate broker as a market intermediary. Not surprisingly, these were some of the same factors that also have a positive impact on selling price. An important finding of this study is that when selection bias is adequately controlled, the real estate broker has no appreciable, independent impact on selling price. This, in turn, suggests a nonsegmented, highly competitive housing market.

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Yes / The financial crisis of 2008 provides evidence for the instability of the conventional banking system. Social banks may present a viable alternative for conventional banks. This paper analyzes the performance of social banks related to the bank business model, economic efficiency, asset quality and stability by comparing social banks with banks where the difference is likely to be large, namely with the 30 global systemically important banks (G-­SIBs) of the Financial Stability Board over the period 2000-­2014. We also analyze the relative impact of the global financial crises on the bank performance. The performance of social banks and G-­SIBs is surprisingly similar.