Pang Po Hing. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves 67-71). / ABSTRACT --- p.i / ACKNOWLEDGMENT --- p.ii / LIST OF TABLES --- p.v / LIST OF FIGURES --- p.vi / Chapter CHAPTER 1: --- INTRODUCTION --- p.1 / Chapter CHAPTER 2: --- LITERATURE REVIEW --- p.4 / Chapter 2.1 --- Theoretical Review --- p.4 / Chapter 2.1.1 --- Properties of a Target Variable --- p.4 / Chapter 2.1.2 --- Money View --- p.4 / Chapter 2.1.3 --- Credit View --- p.5 / Chapter 2.2 --- Empirical Review --- p.8 / Chapter 2.2.1 --- Money View --- p.8 / Chapter 2.2.2 --- Credit View --- p.10 / Chapter CHAPTER 3: --- METHODOLOGY --- p.14 / Chapter 3.1 --- Vector Autoregression (VAR) --- p.14 / Chapter 3.1.1 --- Estimation of the Reduced Form VAR Model --- p.14 / Chapter 3.1.2 --- The Parameters Restrictions --- p.17 / Chapter 3.1.3 --- The Wald Statistics --- p.23 / Chapter 3.1.4 --- Impulse Response Functions --- p.24 / Chapter 3.1.5 --- Variance Decompositions --- p.25 / Chapter 3.1.6 --- Structural Decomposition --- p.26 / Chapter 3.2 --- Data Diagnoses --- p.27 / Chapter 3.2.1 --- Stationarity of the Time Series --- p.27 / Chapter 3.2.1.1 --- Definition of Stationarity --- p.27 / Chapter 3.2.1.2 --- The Unit Root Tests --- p.27 / Chapter 3.2.1.2a --- The Augmented Dickey and Fuller Tests --- p.27 / Chapter 3.2.1.2b --- The Phillips and Perron Tests --- p.29 / Chapter 3.2.1.2c --- Lag Lengths for the Unit Root Tests --- p.30 / Chapter 3.2.2 --- Selecting the Order of the VAR Model --- p.31 / Chapter 3.2.1 --- Tests for the Model Stability --- p.31 / Chapter 3.3 --- Estimation Procedures --- p.34 / Chapter CHAPTER 4: --- EMPIRICAL RESULTS --- p.36 / Chapter 4.1 --- Results of the Data Diagnoses --- p.36 / Chapter 4.1.1 --- Results of the Unit Root Tests --- p.36 / Chapter 4.1.2 --- Lag Length of the VAR Model --- p.38 / Chapter 4.1.3 --- Results of the Likelihood Ratio Tests --- p.38 / Chapter 4.2 --- Estimation of the Reduced Form VAR Model --- p.39 / Chapter 4.2.1 --- Results of the Parameters Estimates --- p.39 / Chapter 4.2.2 --- The Wald Statistics --- p.43 / Chapter 4.2.3 --- Variance Decompositions --- p.47 / Chapter 4.2.4 --- Impulse Response Functions --- p.54 / Chapter CHAPTER 5: --- IMPLICATIONS AND CONCLUSIONS --- p.62 / REFERENCES --- p.67 / APPENDICES --- p.72

Submitted by Aline Batista (alinehb.ufpel@gmail.com) on 2017-08-28T21:32:00Z No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Dissertacao_Aline_Jansen_.pdf: 1999717 bytes, checksum: f216d9a3236ab2fc5dd0f23d5527ce98 (MD5) / Approved for entry into archive by Aline Batista (alinehb.ufpel@gmail.com) on 2017-08-28T21:55:39Z (GMT) No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Dissertacao_Aline_Jansen_.pdf: 1999717 bytes, checksum: f216d9a3236ab2fc5dd0f23d5527ce98 (MD5) / Made available in DSpace on 2017-08-28T21:55:45Z (GMT). No. of bitstreams: 2 license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Dissertacao_Aline_Jansen_.pdf: 1999717 bytes, checksum: f216d9a3236ab2fc5dd0f23d5527ce98 (MD5) Previous issue date: 2017-02-18 / Sem bolsa / A preocupação com o desenvolvimento do tema governança tem progredido a cada dia, tendo em vista a busca constante de uma gestão com maior eficácia nas mais variadas organizações, sendo incluídas, portanto, as cooperativas. Baseado nisso, e buscando o aprimoramento da supervisão das cooperativas de crédito, o Banco Central do Brasil (BACEN) realizou uma pesquisa entre 2006 e 2009, a partir da qual foi definido o conceito de governança cooperativa. Sendo assim, o presente trabalho analisou, a partir da teoria institucional, como ocorre a aplicação dos mecanismos da governança cooperativa em cooperativas de crédito de livre admissão após a padronização das práticas de governança pelo Banco Central do Brasil. Para atingir esse objetivo, foi utilizada a abordagem qualitativa com a estratégia de estudo de caso em uma cooperativa de crédito de livre admissão na cidade de Pelotas/RS. Dessa forma, foram somadas sete entrevistas semiestruturadas, utilizando-se a técnica snowball e a amostragem por saturação. Além disso, também foram feitas observações in loco e pesquisa documental na unidade de análise. Os resultados mostraram que uma das principais mudanças após a divulgação das diretrizes de boas práticas de governança pelo BACEN (2009) foi com relação à definição dos papéis, o mesmo sendo exclusivamente estratégico para o Conselho de Administração e somente operacional para a Diretoria Executiva. Outra modificação relevante percebida nesta pesquisa foi a utilização dos Coordenadores de Núcleo como representantes dos seus grupos na votação da Assembleia Geral, levando o voto do que foi decidido anteriormente nas Assembleias de Núcleo, nas quais foi constatado um aumento das taxas de participação dos associados. Em síntese, uma limitação deste estudo foi com relação à pesquisa ter sido feita com alguns colaboradores de dentro da cooperativa, não agregando a opinião de outros stakeholders. Consequentemente a isso, sugere-se como estudo futuro pesquisar a percepção dos associados quanto às estruturas de governança utilizadas pelas cooperativas. Por fim, destaca-se que este trabalho resultou em contribuições teóricas e gerenciais para o embasamento do tema governança cooperativa. / The concern surronding the development of the governance has progressed every day, bearing in ming the constant search for a more effective management in the most varied organizations, therefore, the cooperatives are being included in this niche. Based on this, and seeking to improve the supervision of credit cooperatives, Brazil’s Central Bank (BACEN) conducted a survey between 2006 and 2009, where the concept of cooperative governance was defined. On that account, the present study has analyzed how the application of cooperative governance mechanisms occurs in cooperatives of free credit admission after the standardization of governance practices by Brazil’s Central Bank, from the perspective of the institutional theory. To achieve this goal, the qualitative approach was used among the strategy of case study in a cooperative of free credit admission in the city of Pelotas / RS. That way, seven semi-structured interviews were used, using the snowball technique and the saturation sampling. In addition, in loco observations and documentary research were also carried out in the unit of analysis. The results showed that one of the main changes after the disclosure of good governance practices by BACEN (2009) was regarding the definition of the roles, which is exclusively strategic for the Board of Directors and only operational for the Executive Board. Another relevant modification perceived in this research was the use of the Centre Coordinators as representatives of their own groups in the General Assembly voting, taking the vote of what was decided previously in the Centre Assemblies, in which an increase among the members was founded in the participation rates. In summary, the downside of this study was that the research was done with some employees within the cooperative, not adding the opinion of others stakeholders. Consequently, it is suggested as a future study to investigate the members' perception on the governance structures used by the cooperatives. Finally, this work resulted in theoretical and managerial contributions to support the cooperative governance theme.

Charakteristika ratingu. Dělení a druhy ratingu (rating emise × rating emitenta; dlouhodobý rating × krátkodobý rating; mezinárodní rating × lokální rating). Obecné požadavky kladené na rating. Proces tvorby ratingu. Vyžádaný rating. Nevyžádaný rating. Ratingový proces na bázi volně přístupných informací. Uplatňované ratingové systémy. Ratingová kriteria. Využití a interpretace ratingové známky. Funkce ratingu. Rating v souvislosti s BASEL II. Rating v souvislosti s hospodářskými krizemi.

Práce pojednává o řízení rizik v leasingové společnosti. Popisuje proces hodnocení bonity klienta a faktory ovlivňující schvalování obchodních případů. Charakterizuje ratingový a scoringový model v konkrétní leasingové společnosti, hodnotí jejich nedostatky a navrhuje změny na jejich vylepšení. Obsahuje i praktický příklad komplexního hodnocení obchodního případu včetně posouzení bonity klienta prostřednictvím ratingového modelu a nástrojů finanční analýzy.

The subject of this dissertation is a cooperative banking in the Czech Republic and Austria. This sector is in the Czech banking system made by credit unions and in Austria made by cooperative banks. Working with the theoretical part deals with the origin and historical development of these institutions, examines the legal environment in both countries, which does not neglect the influence of The European Union directives, and briefly describes the Austrian banking market with the accent on the functioning of the local supervisors. The practical part analyzes the current status and role of the cooperative banking institutions in the Czech and Austrian territory and compares the cooperative sector and banks sector. Finally, it made a brief summary and evaluation of the most important conclusions, where emphasis is placed on a comparison between the Czech and Austrian cooperative banking and their mutual differences.

This thesis deals with credit risk and selected methods of its evalua- tion. It is focused on assumptions, calculation methods, results and specifics of the CreditMetrics and the CreditRisk+ models. The CreditRisk+ model analytically determines the portfolio credit losses distribution that is caused by defaults of counterparties. In the CreditMetrics model, the credit migration risk is addition- ally considered and the future portfolio value distribution is calculated using the Monte Carlo simulation. The third approach covered in this thesis is the Solvency II, the set of requirements proposed by the European Union for determination of regulatory capital for insurance companies. In the practical part the three ap- proaches are applied on a set of three portfolios of different credit quality. Their results, particularly the determined level of capital required to cover the risk of unexpected credit losses, are analyzed and compared.

The present master thesis deals with non-banking microfinance institutions and examines its abilities and role in the poverty alleviation process. It is more than necessary to pay attention to the rural sector and its development as any successful transition of the economy requires transition of the rural sector as well. In many transition economies people in the rural areas continue to live on the edge of poverty, engaged in subsistence agriculture and remain susceptible to wide range of shocks. In such countries rural population unlike urban one did not benefit to the same extend from transition and need special attention and supporting policy measures. Due to low penetration rate of microfinance institutions into rural areas, lacking or insufficient size of collateral, financial illiteracy many poor but active man face problems to obtaining finance for the development of new income opportunities. In this context the master thesis emphasizes the role of savings and credit associations, which unlike the commercial banks operate mainly in rural sector, have the most significant effect on poverty alleviation. Finally, the author analyses the activity of 3 non-banking microfinance institutions of the Republic of Moldova and uses publicly available data to calculate the outreach, efficiency and...

This thesis investigates monetary transmission asymmetries in CEE region. The first part addresses the role of credit growth in monetary transmission in the Czech Republic. Employing Logistic Smooth Transition Vector Autoregression model over the 1998:M1-2012:M3 period, we find that high credit growth dampens the effectiveness of monetary policy. No asymmetries in relative effects of contractionary and expansionary monetary policy shocks have been documented. In the second part, we apply the variation of Panel VAR to examine the role of financial structure in monetary transmission. The analysis is conducted on a sample of eight CEE states, encompassing the 1999:Q1-2009:Q4 period. Higher credit dependence is found to enhance the interest rate pass-through. However, cross-country asymmetries vanish when the credit dependence is interacted with the measure of banking sector competition. The ultimate role of financial structure in output and price fluctuations is indeterminable.

O presente estudo tem por objetivo analisar o papel das certificações ambientais no setor sucroalcooleiro na obtenção de ganhos tanto econômicos quanto financeiros. Para isto, foi realizado um estudo de caso dos elos presentes no setor paulista, a fim de comprovar a existência desses ganhos e de que forma eles ocorrem. Foram ainda utilizados dados primários e secundários obtidos por meio de amplo levantamento bibliográfico e também de questionários enviados aos mais importantes elos do setor. O setor sucroalcooleiro tem sido um dos principais meios para a obtenção dos objetivos brasileiros frente à política nacional de mudanças climáticas. Pelo processo de cogeração intrínseco ao setor, tem-se uma das formas mais limpa e renovável de obtenção de energia elétrica, e pela produção de etanol, tem-se a solução para a substituição dos combustíveis fósseis de forma eficiente. Apesar de suas características, muitos questionamentos foram levantados ao longo dos anos a respeito da real sustentabilidade do setor no Brasil, e é justamente para responder a eles que as certificações surgiram. Ao se certificarem, os elos do setor sucroalcooleiro brasileiro sinalizam o cumprimento das exigências estabelecidas para obtenção do referido selo, como o caso do BONSUCRO que atesta as boas práticas do setor desde a plantação até os produtos finais. Assim, por meio dos selos abrem-se novas possibilidades ao setor, como os mercados, europeu e dos EUA, além do acesso as linhas de crédito exclusivas providas pelo BNDES, que tem como diretrizes o cumprimento de normas ambientais. Concluiu-se que a certificação é de fato uma forma de o setor sucroalcooleiro paulista obter ganhos tanto econômicos, quanto financeiros principalmente por meio dos mercados restritos e políticas de crédito do BNDES. Apesar disso, o trabalho demonstra que há ainda a necessidade de um ajuste das linhas oferecidas pelo banco como um caminho para que os interesses do setor e do BNDES possam convergir, e as políticas públicas realmente incentivarem e darem maior visibilidade à produção brasileira de etanol. / The present study aims to examine the role of environmental certifications in the sugarcane sector in achieving both economic and financial gains. For this purpose, we conducted a case study of the links present in the state of São Paulo in order to prove the existence of such gains and how they occur. Therefore, were used primary and secondary data that were obtained through extensive literature review and also by the answers obtained with the use of questionnaires that were sent to the most important links of the sector. The sugar and alcohol sector has been a major means for achieving the goals of the Brazilian national policy on climate change. By the cogeneration process, that is intrinsic to the sector, we have one of the most clean and renewable way of obtaining electricity, and by the production of ethanol, the solution for the replacement of fossil fuels efficiently. Despite its features, many questions have been raised over the years about the real sustainability of the sector in Brazil, and it is precisely to answer these questions that the certifications have emerged. It is through the process of certification that the links of the Brazilian sugarcane sector show compliance with the requirements laid down for obtaining the said certificate, as is the case of BONSUCRO certificate, that attest that the sector has followed the best practices from the planting of the sugarcane to its final products. Thus, new possibilities for the sector are opened through the certificates, such as the European and the American markets, plus access to exclusive lines of credit provided by BNDES, which has as guidelines the fulfillment with environmental standards. It was concluded that the certification is actually a form of the sugarcane sector of the state of São Paulo obtain gain both economic and financial mainly through restricted markets and by the credit policies of the BNDES. Nevertheless, the study demonstrates that there is still a need for an adjustment of the lines offered by the bank as a way for the interests of the sector and the BNDES may converge, and public policies actually encourage and give greater visibility to Brazilian ethanol production.

O presente trabalho analisa e discute a crise de mobilidade cotidiana nas duas últimas décadas, em São Paulo, tendo em vista o agravamento gradativo das condições de circulação viária na metrópole paulistana. Considerando o espaço como produto, condição e meio de reprodução das relações sociais, defendemos a tese de que a atual crise da mobilidade cotidiana advém de um conjunto de medidas que foram formuladas e implantadas através de políticas econômicas de orientação neoliberal, com destaque para os novos meios de financiamento à produção do espaço urbano e à reorganização produtiva da indústria automobilística nacional, bem como para as estratégias voltadas ao incentivo do consumo de bens duráveis, viabilizado pela ampliação das linhas de crédito para a aquisição de bens duráveis, principalmente carros. A esses elementos associam-se outros, tais como: a extensão e a densidade da ocupação urbana, a baixa qualidade dos sistemas de transportes coletivos e o traçado da infraestrutura viária. A apreciação conjunta desses elementos constitui o quadro a partir do qual realizamos nossa análise / This dissertation analyzes and discusses the crisis of daily mobility in the past two decades in São Paulo, caused by the gradual worsening of the conditions of road circulation in the metropolis. Regarding space as a product, a condition and a means of the reproduction of social relations, we put forth the hypothesis that the current crisis of mobility is the outcome of a number of actions that were formulated and implemented as part of neoliberal economic policymaking. Among such actions are the new sources of credit for the production of urban space, the restructuring of the domestic automobile industry and the strategies that encourage the purchase of durable goods (especially cars) made possible by the expansion of consumer credit. Other elements combine with these three basic causes, such as the low quality of public transit systems and the road layout. By taking account of all these elements together, we build the framework upon which we carry out our analysis