Dissertations / Theses: 'Financial sector credit'

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Okurut, Francis Nathan. "Credit demand and credit rationing in the informal financial sector in Uganda." Thesis, Stellenbosch : Stellenbosch University, 2005. http://hdl.handle.net/10019.1/50308.

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Dissertation (PhD) -- University of Stellenbosch, 2005.
ENGLISH ABSTRACT: This study was motivated by the need to determine the key factors that influence credit demand and credit rationing in the informal financial markets so as to contribute to policy formulation to improve access for the poor in Uganda to the broader (formal and informal) financial sector. The results of the study suggest that credit demand in the informal financial sector is positively and significantly influenced by capacity related variables (education level, and household expenditure) at the household level, and the informal lenders' credit rationing behaviour is also negatively and significantly influenced by household wealth factors (asset values). The same variables have similar effects in the models for credit demand and credit rationing in the broader financial sector. Since households demand credit for both investment and consumption smoothing, improved access to the broader financial sector will enable them to acquire more wealth, and move out of poverty in the long run. The policy options to improve small borrower access to the broader financial sector include provision of incentives to banks to serve the smaller borrowers, development of credit reference bureaus, provision of innovative insurance products to the poor, and broader economic policies that enable households to acquire more wealth. In addition appropriate linkages need to be developed between the formal and informal financial sectors so as to broaden the financial system.
AFRIKAANSE OPSOMMING: Hierdie studie is gemotiveer deur die behoefte om die sleutelfaktore te identifiseer wat die vraag na krediet en kredietrantsoenering in die informele finansiele markte bemvloed ten einde In bydrae te kan maak tot beleid om beter toegang vir die armes tot die bree (formele en informele) finansiele sektor in Uganda te bewerkstellig. Die resultate van die studie dui aan dat die vraag na informele krediet In betekenisvolle en positiewe verwantskap toon met kapasiteitsverwante veranderlikes (vlak van opvoeding en huishoudelike besteding) op die huishoudingvlak. Informele uitleners se kredietrantsoeneringsoptrede toon In betekenisvolle en negatiewe verwantskap met huishoudings se vlak van rykdom (batewaardes). Dieselfde veranderlikes toon soortgelyke verwantskappe in die geval van die modelle vir kredietvraag en kredietrantsoenering in die bree finansiele sektor. Huishoudings se vraag na krediet is vir beide investeringsdoeleindes en om In meer egalige verspreiding van verbruik te verkry. Daarom sal verbeterde toegang tot die bree finansiele sektor hulle in staat stel om meer rykdom te bekom en so uit armoede in die langer termyn te ontsnap. Die beleidsopsies om kleiner leners beter toegang tot die bree finansiele sektor te bied, sluit in voorsiening vir insentiewe aan banke om klein leners te bedien, die ontwikkeling van kredietverwysingsburo's, die voorsiening van innoverende versekeringsprodukte aan die armes, en breer ekonomiese beleid wat huishoudings in staat sal stel om meer rydom te bekom. Toepaslike skakeling tussen die formele en informele finansiele sektore moet ook ontwikkel word ten einde In verbreding van die finansiele sektor te bewerkstellig.

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Lundström, Love, and Oscar Öhman. "Machine Learning in credit risk : Evaluation of supervised machine learning models predicting credit risk in the financial sector." Thesis, Umeå universitet, Institutionen för matematik och matematisk statistik, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-164101.

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When banks lend money to another party they face a risk that the borrower will not fulfill its obligation towards the bank. This risk is called credit risk and it’s the largest risk banks faces. According to the Basel accord banks need to have a certain amount of capital requirements to protect themselves towards future financial crisis. This amount is calculated for each loan with an attached risk-weighted asset, RWA. The main parameters in RWA is probability of default and loss given default. Banks are today allowed to use their own internal models to calculate these parameters. Thus hold capital with no gained interest is a great cost, banks seek to find tools to better predict probability of default to lower the capital requirement. Machine learning and supervised algorithms such as Logistic regression, Neural network, Decision tree and Random Forest can be used to decide credit risk. By training algorithms on historical data with known results the parameter probability of default (PD) can be determined with a higher certainty degree compared to traditional models, leading to a lower capital requirement. On the given data set in this article Logistic regression seems to be the algorithm with highest accuracy of classifying customer into right category. However, it classifies a lot of people as false positive meaning the model thinks a customer will honour its obligation but in fact the customer defaults. Doing this comes with a great cost for the banks. Through implementing a cost function to minimize this error, we found that the Neural network has the lowest false positive rate and will therefore be the model that is best suited for this specific classification task.
När banker lånar ut pengar till en annan part uppstår en risk i att låntagaren inte uppfyller sitt antagande mot banken. Denna risk kallas för kredit risk och är den största risken en bank står inför. Enligt Basel föreskrifterna måste en bank avsätta en viss summa kapital för varje lån de ger ut för att på så sätt skydda sig emot framtida finansiella kriser. Denna summa beräknas fram utifrån varje enskilt lån med tillhörande risk-vikt, RWA. De huvudsakliga parametrarna i RWA är sannolikheten att en kund ej kan betala tillbaka lånet samt summan som banken då förlorar. Idag kan banker använda sig av interna modeller för att estimera dessa parametrar. Då bundet kapital medför stora kostnader för banker, försöker de sträva efter att hitta bättre verktyg för att uppskatta sannolikheten att en kund fallerar för att på så sätt minska deras kapitalkrav. Därför har nu banker börjat titta på möjligheten att använda sig av maskininlärningsalgoritmer för att estimera dessa parametrar. Maskininlärningsalgoritmer såsom Logistisk regression, Neurala nätverk, Beslutsträd och Random forest, kan användas för att bestämma kreditrisk. Genom att träna algoritmer på historisk data med kända resultat kan parametern, chansen att en kund ej betalar tillbaka lånet (PD), bestämmas med en högre säkerhet än traditionella metoder. På den givna datan som denna uppsats bygger på visar det sig att Logistisk regression är den algoritm med högst träffsäkerhet att klassificera en kund till rätt kategori. Däremot klassifiserar denna algoritm många kunder som falsk positiv vilket betyder att den predikterar att många kunder kommer betala tillbaka sina lån men i själva verket inte betalar tillbaka lånet. Att göra detta medför en stor kostnad för bankerna. Genom att istället utvärdera modellerna med hjälp av att införa en kostnadsfunktion för att minska detta fel finner vi att Neurala nätverk har den lägsta falsk positiv ration och kommer därmed vara den model som är bäst lämpad att utföra just denna specifika klassifierings uppgift.

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Hörstedt, Maria, and Johanna Linjamaa. "Credit Risk Evaluation of Swedish SMEs : A Banking Sector Perspective." Thesis, Umeå universitet, Företagsekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-107969.

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As a result from the latest financial crisis, the banking industry has undergone major modifications during the last years in order to limit banks’ risks. A vast majority of existing literature tends to focus upon credit risk evaluation methods and techniques mainly concerning quantitative measures and large companies. Thus, the lack of research regarding credit risk evaluation of SMEs is profound, especially considering Sweden. With the dominant market share of SMEs compared to large corporations the authors found it interesting to further explore this area of the credit assessment process as SMEs largely impact the Swedish business sector. The purpose of the thesis at hand is to explore and provide empirical evidence of which criteria banks assess when evaluating credit risk of SMEs in Sweden. In regards to the purpose the authors have chosen to adapt the perspective of the banking industry throughout the thesis. In order to bridge the research gap the following question was established, “How do banks evaluate credit risk of SMEs in Sweden?” In light of the lack of research regarding qualitative assessment of credit risk, the authors found it interesting in terms of developing new theoretical and practical knowledge to establish the following sub-question, “What are the qualitative criteria used by banks when evaluating credit risk of SMEs in Sweden?” Further, as existing literature mainly focus on large companies the authors found it interesting to compare the findings regarding credit risk evaluation on SMEs to the evaluation process of one of the largest credit rating agencies. As a result the second sub-question was established as following, “Are these criteria similar to the criteria used by Standard & Poor’s in their rating model?” These questions were conducted in order to provide the authors and the reader with further insight regarding the criteria used by banks in their evaluation process. An inductive approach was adopted, in line with the epistemological stance of interpretivism and the ontological belief of constructivism. With this in mind, the authors of the thesis conducted a qualitative exploratory research employing narrative interviews in order to collect the data needed, as of the lack of existing research to address the research questions. The results of the research were that the criteria used in the assessment of credit risk tend to alter from advisor to advisor. The most commonly used criteria by the advisors are budget, business plan, customer’s customers, internal and external discipline, financial statements, industry specifics, historical accounts, key individuals, relationship, repayment capacity and the owner/individual. It was discovered that the qualitative criterion of assessing the individual majorly impacts the credit risk evaluation. However, what matters in the end is the overall impression of both qualitative and quantitative measures of the firm. In regards to sub-question one, the authors established a list of qualitative criteria used by advisors in their credit risk evaluation of SMEs, the most widely used criteria among the advisors are the owner/individual, key individuals, internal discipline, industry specifics, external discipline, customer’s customers, relationship and business plan. In comparison with the criteria used by Standard and Poor’s and the banks, it was evident that the criteria used in the evaluation differed a lot between the two.

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Marques, Ana Catarina Henriques Simões. "Financial crisis spillovers to the corporate sector: Bank-dependent borrowers versus bond market paticipants." Master's thesis, NSBE - UNL, 2013. http://hdl.handle.net/10362/9845.

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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics
This paper provides empirical evidence on the impact that shocks to capital providers have on their borrowers’ performance. We use the recent financial crisis, which was originated in the U.S. mortgage market, as reasonably exogenous shock to the performance of European Union-based companies, therefore allowing us to disentangle credit supply and demand-side frictions. Our results show that bank-dependent firms were more adversely affected by the financial crisis in terms of stock market valuation, investment decisions and profitability, in comparison to firms with access to public debt markets. Overall, we highlight the role that financial intermediaries play in the propagation of financial shocks to the real economy, even across distinct regions.

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Janíčko, Martin. "Essays on Financial Innovation, Credit Constraints, and Welfare." Doctoral thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-165930.

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The submitted thesis is composed of three different articles dealing with issues of financial innovation, credit constraints, and their impact on welfare. The first article treats the contemporary theoretical grasp of the interaction between the financial and real economies, focusing primarily on the role of modern financial innovation in the business cycle. For this purpose, a framework promoted by the Regulation School and Post Keynesians is frequently employed, whilst some other unorthodox streams and mainstream economics are partially discussed as well. All of them aspire -- either per se or under the pressure of the contemporary economic agenda -- to clarify the evolution of financial innovation and credit in the recent era. It is generally found that certain consensus across the schools of economic thought exists, but some of them have done a better job in predicting the consequences of the financial innovation for real economic activity than others. Further, two dynamic macroeconomic models are developed in order to, inter alia, identify the possible effects of extended credit availability presented in the former article on the example of the housing market, and simulate the effects of housing price changes on general welfare. Clearly, this part of the thesis exhibits the indirect consequences of financial innovation as, once again, being rather ambiguous: after having partially unleashed the unprecedented credit granting in the economy, impacting interest rates and loan-to-value ratios, with a subsequent impact on housing prices, it has also influenced credit constrained and unconstrained households in a different manner. Based on an analysis of the situation using partial and general equilibrium analytical frameworks, two somewhat different conclusions are drawn up with respect to the occurrence of various shocks in the models. Under the partial equilibrium framework the effects of relaxation of credit constraints are visible and quite straightforward, indicating relatively simple and intuitive relationship between the price appreciation and general welfare. This is primarily perspicuous for the credit constrained households. In the general equilibrium framework, on the other hand, the transitional dynamics of shock proliferation is more transparent and the impact on credit constrained vs. unconstrained households is more ambiguous and much different from the basic intuition used in the article anchored in the partial equilibrium toolbox.

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Kwablah, Andrews. "Financial Crowding Out of Ghanaian Private Sector Corporations." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/4932.

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The government of Ghana borrows from both domestic and foreign sources to finance the budget deficit. By the year 2013, the domestic debt was 55% of the public debt. Government domestic borrowing is competitive and can potentially crowd out the private corporate sector. Therefore, the specific research problem addressed in this study was whether the Ghanaian government's domestic debt (DEBT) caused financial crowding out (FCO) in Ghana. FCO theory is not conclusive and not proven specifically for Ghana, so the purpose of this research was to investigate its presence in Ghana. The neoclassical theory of FCO underpinned the research. The 2 research questions investigated FCO along the quantity and cost channels. The research examined the relationship between DEBT as the independent variable, the quantity of private sector credit (PSCREDIT), and the net interest margin (NIM) of banks as dependent variables. Covariates were macroeconomic and banking industry variables. The research population was the banking sector of the financial services industry. The research was correlational, and it used time series data from the Bank of Ghana and the World Bank. Data analysis used the autoregressive distributed lag method. The analysis returned a negative relationship between DEBT and PSCREDIT, and a positve relationship between NIM and DEBT. These results indicated the presence of FCO along both the quantity and cost channels. The research provides policymakers a means of quantifying the extent and effects of fiscal policies. The study may contribute to positive social change by promoting the revision of fiscal policies to favor the private corporate sector to invest, create jobs, and grow the Ghanaian economy.

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Breitschopf, Barbara. "Rural financial markets under transformation a study on credit supply and demand in Romania's private farm sector /." [S.l. : s.n.], 2003. http://www.bsz-bw.de/cgi-bin/xvms.cgi?SWB10633969.

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Garach, Jatin Bijay. "The Firm-Specific Determinants of Capital Structure in Public Sector and Private Sector Banks in India." Master's thesis, Faculty of Commerce, 2019. https://hdl.handle.net/11427/31673.

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The banking industry in India has undergone many phases in its history; evolving from a regulated, decentralised system in the early 1800’s, to a regulated, centralised system during British rule, to a nationalised system following India’s independence, and finally a combination of a nationalised and private system adopting global standards as it currently stands. This study has two main aims. Firstly, it will assess the relationship between the firm-specific determinants of capital structure, based on the prevailing literature, and the capital structure of public and private sector banks in India. Secondly, it will determine whether there is a difference in the firm-specific factors that contribute to the determination of the capital structure of public sector banks and private sector banks. This study adopts quantitative methods, similar to previous studies on the relationship between capital structure and its firm-specific determinants. The dependent variable, being total leverage, is regressed against multiple independent variables, being profitability, growth, firm size and credit risk (hereinafter referred to as “risk” unless otherwise indicated) in a multivariate linear regression model. This study adds to the current literature by applying the same firm-specific independent variables to the case of private and public sector banks and then to evaluate and compare the similarities and differences between the regression outputs. The results show that for private sector banks, all independent variables are statistically significant in explaining total leverage, where all the independent variables conform to the current literature on capital structure – profitability (-), firm size (-), growth (+) and credit risk (-). Conversely, for public sector banks, all independent variables were considered to be statistically significant, except for credit risk – profitability (-), firm size (+) and growth (+). These results imply that credit risk is not an important determination in a nationalised banks’ capital structure; thus, providing evidence for the moral hazard theory of public sector banks.

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Pinheiro, Daniel Nobre Martins. "Credit to the private sector and financial crisis: survey of the literature and evidences from the 2015-16 Brazilian crisis." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/24917.

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O presente trabalho analisa a influência do crédito ao setor privado no ciclo de crédito experimentado pela economia brasileira entre 2003 e 2017. A motivação advém das mais recentes contribuições teóricas e empíricas publicadas após a crise financeira global sobre o papel dos aceleradores financeiros e mecanismos de transmissão em gerar fragilidades financeiras de caráter sistêmico. Conclusões em Adrian e Shin (2010) serão o ponto de partida, onde fatores que impactam o capital de intermediários financeiros operam como importantes canais de propagação de choques. A forte expansão do setor financeiro naquele período, junto a um crescimento sem precedentes do endividamento do setor privado, provém um cenário propício para testar este insight. Um modelo de Vetor de Correção de Erros (VECM) será estimado para identificar tendências comuns entre variáveis reais e financeiras, assim como identificar impactos decorrentes de choques e causalidade entre variáveis associadas a crédito, alavancagem, atividade, colaterais e oferta de fundos. Desta forma, a pesquisa espera contribuir à compressão daquele episódio, assim preenchendo um vácuo no debate polarizado entre aqueles que vêm o país como vítima de condições internacionais adversas, e outros que responsabilizam uma longa história de políticas econômicas equivocadas pela crise.
This monograph evaluates the role played by the credit to the private sector on the boom-bust cycle experienced by the Brazilian economy between 2003-2017. The study is motivated by recent theoretical and empirical contributions arriving after the Global Financial Crisis on the role played by financial accelerators and transmission channels in driving systemic financial fragility. It departs from a key insight from Adrian and Shin (2010) where factors affecting the equity base of financial intermediaries operate as a powerful transmission channel for shocks. The strong expansion of the financial activities during the period, coupled with the unprecedent growth of debt and leverage of the non-financial private sector, provide a promising scenario to test that insight. A Vector Error Correction Model (VECM) will be applied to identify common trends on financial and real variables to help to identify effects from shocks and causalities comprising variables related to debt, leverage, activity, collaterals, and funds supply. Thus, it aims at shedding new lights on the comprehension of that episode, so filling a gap on this debate polarized between those who see Brazil as a victim of a stressed global economy, and others who blame a long account of derailing economic policies in driving this fate.

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Carrión, Domínguez Gisela Cecilia, and León Juan Manuel Díaz. "Rol del COSO ERM en la gestión de crédito en el sector de la banca múltiple en el Perú durante el 2018." Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2020. http://hdl.handle.net/10757/653191.

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La presente investigación tomará en cuenta los nuevos cambios presentados en el COSO ERM y evaluará el rol del COSO ERM en la gestión de créditos en el sector de Banca múltiple en el Perú durante el 2018. Los resultados del presente estudio permitirán tener una mejor gestión de riesgo que favorecerá a los negocios reforzando los temas de control de la empresa, identificando y administrando el riesgo de manera integral. Esto llevará a aumentar los resultados positivos y las ventajas de la organización, también reducir las secuelas negativas de los riesgos, pues permitirá identificarlos de manera oportuna. En los siguientes párrafos se presentará los objetivos y las hipótesis que se desprenden de esta investigación. Esta investigación consta de 5 capítulos. En el primer capítulo, se describe algunos conceptos compuestos en el marco teórico, donde se desarrollan el COSO ERM, los diferentes tipos de riesgos, gestión de crédito, rentabilidad, morosidad en el sector y normativas. En el segundo capítulo se desarrolla el plan de investigación. Se determina el problema, luego se detallará el objetivo principal y los específicos. Así como se presentará la hipótesis, la cual será validada a través de las herramientas de investigación. En el tercer capítulo se presentará la metodología de la investigación, el cual tendrá un enfoque mixto y como herramientas se aplicarán entrevistas a profundidad a especialistas en el sector banca y cuarenta encuestas a jefes o analistas que se desempeñan en el sector. En el cuarto capítulo se detallará el resultado de las entrevistas y encuestas aplicadas, las cuales se enlazan con los objetivos e hipótesis planteados en el plan de investigación. En el quinto capítulo, se detalla el análisis de la información recopilada en el capítulo 4. Además, se validan las hipótesis planteadas a través del chi cuadrado y del planteamiento de un caso y, finalmente, se presentarán las conclusiones y recomendaciones que se desprenden después de validar las hipótesis planteadas.
The present investigation will consider the new exchange rates presented in COSO ERM and evaluate the role of COSO ERM in credit management in the Multiple Banking sector in Peru during 2018. The results of this study will allow you to have a better risk management that will favor business by reinforcing the control themes of the company, identifying and managing the risk in full. This will increase the positive results and the benefits of the organization, as well as reduce the negative sequences of risks, so it will be possible to identify them in a timely manner. In the following paragraphs, the objectives and hypotheses that come from this investigation will be presented. This investigation consists of 5 chapters. In the first chapter, we describe some concepts made within the theoretical framework, from which the COSO ERM unfolds, the different types of risks, credit management, profitability, late payment in the sector and regulations. In the second chapter the research plan was developed. If the problem is determined, the main objective and specifics will be detailed. Thus, as the hypothesis will be presented, which will be validated through the investigative tools. In the third chapter, the research methodology will be presented, which will have a mixed approach and how tools will be applied to in-depth interviews with specialists in the banking sector and many interviews with analysts who are performing in the sector. In the fourth chapter, the result of the interviews and applied surveys will be detailed, as they relate to the objectives and hypotheses planted in the research plan. In the fifth chapter, the analysis of the information collected in chapter 4 is detailed. Also, if the hypotheses planted through the square chi and the planting of a case are validated, finally, the conclusions and recommendations that come off will be presented. to validate the planted hypotheses.
Tesis

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AraÃjo, Maria AntÃnia do Socorro Rabelo. "Analysis of the management of people in the process of outsourcing of core activities in the financial sector in CearÃ." Universidade Federal do CearÃ, 2005. http://www.teses.ufc.br/tde_busca/arquivo.php?codArquivo=3636.

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The present study aims to verify how outsourced (contracted) sale teams are managed by commercial banks which operate in credit on consignation competitive business in Ceara State, in order to assure a continuous, qualified and increasing business tide. First, were done teorethical approaches as âthirdâ and âfourthâ outsourcing, strategic administration, human capital management, financial market and credit on consignation negotiation. After bibliographical review, an exploratory and descriptive field research was done with commercial banks placed in Ceara which operate with lending on consignation product. Were administered four semi-structured quetionnaires to banks managers, banks correspondents, internal collaborators and collectors. After, collected iformations were tabulated and received qualitative and quantitative treatment, detecting that the outsourcing of selling activities by banks are motivated by margin, funding, decentralization of sale points and by operational simplicity, as well as was identified as a disadvantage of this outsourcing process the low managing and technical capacity of its correspondent (contracted).This operational simplicity setting, as well as low managing and technical capacity, roughly contribute towards the fragility of staff employee in third and fourth outsourcing sales team management techniques by contracted companies. We believe that the lack of human resources management practices within outsourcing work endangers strategic results of action of both companies involved on this process.
O presente trabalho objetiva verificar como as equipes de vendas terceirizadas (contratadas) sÃo geridas por bancos comerciais que operam no competitivo mercado de crÃdito consignado no Estado do CearÃ para garantir um fluxo contÃnuo, qualificado e crescente de negÃcios. Primeiramente, foram feitas abordagens teÃricas tais como: terceirizaÃÃo; quarteirizaÃÃo; administraÃÃo estratÃgica; gestÃo do capital humano; mercado financeiro e o negÃcio crÃdito em consignaÃÃo. ApÃs a revisÃo bibliogrÃfica, realizou-se uma pesquisa exploratÃria, descritiva e de campo junto a bancos comerciais instalados no CearÃ e operando com o produto emprÃstimo consignado, para a aplicaÃÃo de quatro questionÃrios semi-estruturados junto aos gestores dos bancos, correspondentes bancÃrios, colaboradores internos e angariadores. Em seguida, as informaÃÃes coletadas foram tabuladas e tratadas quantitativa e qualitativamente, constatando que a terceirizaÃÃo das atividades fins de vendas pelos bancos sÃo motivadas pela margem, funding, descentralizaÃÃo de pontos de vendas e pela simplicidade operacional, como tambÃm. Identificou-se como desvantagem desse processo de terceirizaÃÃo a baixa capacitaÃÃo gerencial e tÃcnica do correspondente (contratado). Esse cenÃrio de simplicidade operacional e baixa capacitaÃÃo gerencial e tÃcnica da gestÃo contribuem fortemente para a fragilidade das tÃcnicas da gestÃo de pessoal empregadas nas equipes de vendas terceirizadas e âquarteirizadasâ, pelas empresas contratadas. Acredita-se que a ausÃncia das prÃticas da gestÃo de recursos humanos no trabalho terceirizado compromete resultados estratÃgicos de atuaÃÃo das duas empresas envolvidas nesse processo.

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Staněk, Ondřej. "Zhodnocení bonity klienta banky." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2014. http://www.nusl.cz/ntk/nusl-224516.

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The aim of this thesis is to evaluate the bank client´s creditworthiness for the purpose of loan financing and to formulate some proposals for its improvement. Some methods of financial and non-financial company analysis applied in banking practice are shown there. The proposals to ensure debt service are formulated on the basis of the results of analyzes.

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Orellano, Risco Karla Beliza. "Comportamiento estratégico del sector bancario en el mercado de créditos." Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2021. http://hdl.handle.net/10757/656653.

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El comportamiento del sector bancario, en los últimos años, se ha determinado mediante indicadores no estructurales de competencia. Sin embargo, este comportamiento no ha sido evaluado diferenciando los diferentes segmentos del mercado de crédito, pese a la evidencia de disparidades en grados de concentración, costos e ingresos marginales proveniente de cada mercado. Por ende, el presente trabajo estima el poder de mercado para cada segmento y, se analiza las interacciones entre mercados, a través de un modelo de variaciones conjeturales, para ver si los movimientos iniciales de un mercado afectan el equilibrio de otro mercado. A raíz de ello, se determina que las firmas incrementan sus márgenes cuando reducen su participación en los segmentos mayoristas para incrementar su cuota de participación en los segmentos minorista. Dado que, la coyuntura macroeconómica en los últimos años, incentivo un mayor crecimiento. de la demanda interna de este tipo de créditos.
The performance of the banking sector in recent years has been determined by non-structural indicators of competition. However, this behavior has not been evaluated by differentiating the different segments of the credit market, despite evidence of disparities in concentration, costs, and marginal revenues from each market. Therefore, this paper estimates the market power for each segment and analyzes the interactions between markets through a model of conjectural variations to see if the initial movements of one market affect the equilibrium of another market. As a result, it is determined that firms increase their margins when they reduce their participation in the wholesale segments to increase their share in the retail segments. Given that the macroeconomic situation in recent years has encouraged greater growth in the domestic demand for this type of credit, we have found that firms increase their margins when they reduce their share in the wholesale segments to increase their share in the retail segments.
Trabajo de investigación

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14

Bagdonas, Valdemaras. "Valstybės kredito reitingų įtaka finansų sektoriaus vystymuisi ir užsienio investicijų srautams Baltijos šalyse." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2012. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2012~D_20120703_160300-10939.

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Darbo tema yra aktuali tuo, kad tarptautinės reitingų agentūros, įvertindamos skolų krizę Europoje, pastaruoju metu daugeliui šalių mažino valstybės kredito reitingus ar blogino jų perspektyvas. Nors po prieš trejus metus patirto nuosmukio Baltijos šalių reitingai ir stabilizavosi, jų aukštesnių reikšmių išlaikymas Baltijos valstybėms yra svarbus užsienio investicijų pritraukimo ir šių šalių finansų sektoriaus vystymosi veiksnys. Vis dėlto, reitingų gerėjimas gali turėti ir priešingą poveikį.Todėl svarbu išsiaiškinti situaciją Baltijos šalyse. Tiriamojo darbo objektas yra Baltijos šalių ilgalaikio ir trumpalaikio skolinimosi užsienio valiuta reitingai bei ilgalaikio ir trumpalaikio skolinimosi nacionaline valiuta reitingai. Šio darbo tikslas - atlikus teorinę valstybės kredito reitingų ir jų įtakos šalies finansų sektoriaus vystymuisi ir užsienio investicijų srautams analizę, nustatyti valstybės kredito reitingų įtaką finansų sektoriaus vystymuisi ir užsienio investicijų srautams Baltijos šalyse. Darbo tikslui pasiekti buvo suformuluoti uždaviniai: atlikti teorinę valstybės kredito reitingų ir jų įtakos šalies finansų sektoriaus vystymuisi ir užsienio investicijų srautams analizę, išanalizuoti Baltijos šalių finansų sektoriaus išsivystymo lygį bei užsienio investicijų srautų ir kredito reitingų šiose šalyse pokyčių tendencijas, reitingus įtakojusius veiksnius, nustatyti valstybės kredito reitingų įtaką finansų sektoriaus vystymuisi ir užsienio investicijų srautams Baltijos... [toliau žr. visą tekstą]
The topic of the work is relevant due to the fact, that international credit rating agencies, assessing the debt crisis in Europe, recently downgraded credit ratings or their outlook for many countries. Despite the fact that sovereign credit ratings of Baltic states have stabilized after the decline occured three years ago, higher ratings are the essential factor for Baltic states, seeking to attract foreign investment and promote their financial sector development. Though, the improvements of ratings may have the opposite effect. Therefore, it is important to clarify the situation in Baltic states. The object of the research work – the Baltic states‘ short and long term in foreign and local currency ratings. The purpose of this paper is to establish the impact of sovereign credit ratings on the financial sector development and international capital flows in the Baltic states, doing theoretical analysis on sovereign credit ratings and their impact on the financial sector development and international capital flows in a country. In order to achieve an objective, the following tasks have been fomulated: to accomplish above-mentioned theoretical analysis, to analyse the level of financial sector development, changes in trends of international capital flows and sovereign credit ratings in the Baltic states, reveal the main factors, which affected ratings in these countries and ascertain the influence of these ratings on the financial sector development and international capital... [to full text]

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Oliveira, Mónica Filipa Pérola de Azevedo Tarrinho de. "Financiamento de pequenas e médias empresas vs grandes empresas : evolução da dívida a instituições financeiras." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/10430.

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Mestrado em Ciências Empresariais
Vários são os autores que defendem que as Pequenas e Médias Empresas (PMEs) recorrem à dívida a instituições financeiras de forma diferente das Grandes Empresas (GEs). O presente trabalho pretende averiguar a evolução da dívida a estas instituições por parte das PMEs e das GEs, tentando justificar as diferenças existentes. Para o efeito, foram utilizadas variáveis que definem os níveis de dívida às instituições financeiras e o nível de activos e de investimento destas empresas, reportando ao período entre 1996 e 2005, sendo posteriormente realizada a devida análise estatística. Os resultados obtidos comprovam as diferenças existentes entre as PMEs e as GEs no recurso à dívida a instituições financeiras, sendo que, as PMEs se endividam para financiarem os seus activos e os seus investimentos, ao passo que nas GEs não se verifica a mesma situação.
Several are the authors that defend that Small and Medium Enterprises (SMEs) appeal to the debt to financial institutions in a different way from Big Enterprises (BEs). The present work pretends to investigate the debt evolution to these institutions by the SMEs and by BEs trying to justify the existent differences. For that, there were used variables that define the debt levels to the financial institutions, the assets level and investment level of these enterprises reporting to the period between 1996 and 2005, being afterwards realized the due statistic analyses. The obtained results prove the differences between SMEs and BEs in what concerns the appeal to the debt to financial institutions, being that the SMEs get indebt to finance their assets and investments, in opposite that situation doesn't happen with BEs.

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Richaud, Christine. "Libéralisation financière et comportement des banques en matière d’offre de crédit au secteur privé : cas du Ghana et de la Côte d’Ivoire." Clermont-Ferrand 1, 1998. http://www.theses.fr/1998CLF10189.

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Les politiques de libéralisation financière, formulées dans le but de stimuler la croissance économique par le biais d’une progression de l’épargne privée, et d’une hausse de la productivité et du volume d’investissement, visent plus directement, dans une économie d’endettement, une augmentation de la mobilisation des dépôts par les intermédiaires financiers et une amélioration de l’efficience en matière d’allocation des crédits. L’objet de la thèse est dès lors d’analyser le comportement des banques en matière d’offre de crédit au secteur privé à la suite de la libéralisation financière, lequel présente en effet une importance cruciale pour le succès des réformes. Cette étude est appliquée aux cas du Ghana et de la Côte d’Ivoire, deux pays d’Afrique de l’Ouest qui ont engagé une profonde réforme de leurs systèmes financiers à la fin des années quatre-vingts. Nous montrons que la libéralisation contribue à l’amélioration de la qualité du portefeuille bancaire, mais ne conduit pas nécessairement, en raison d’asymétrie informationnelle et de risques élevés, à une efficience accrue en matière d’allocation des crédits
Financial liberalization is designed to enhance economic growth by stimulating private savings, increasing productivity and investment. In developing countries where banks are usually predominant in financial systems, one of the main purposes of financial reforms is to increase savings mobilization and improve efficiency in credit allocation. Bank behavior regarding credit supply to the private sector represents therefore a crucial issue. The purpose of the dissertation is thus to analyze bank behavior after financial liberalization. This work is applied to two West-African countries, Ghana and Côte d’Ivoire. We argue that financial liberalization may improve the soundness of bank portfolios, but may be not sufficient to improve savings mobilization and credit allocation

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Alexandridisová, Julie. "Analýza vývoje kyperských bank v letech 2010-2016." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-264150.

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This master thesis is based on analyses of the Cypriot banking sector from 2010 to 2016. The aim is to describe the effects of the recent financial crisis in Cyprus to locally operating banks, to assess the assistance provided to Cypriot banks and especially to analyze the development of systemically important Cypriot banking institutions, namely the Bank of Cyprus Group, Cooperative Central Bank, Hellenic Bank and RCB Bank Ltd with emphasis on the most important banking institution in Cyprus. The work draws mainly from published financial results of the systemic banks and from the Central Bank of Cyprus representing the consolidated banking sector. Furthermore, for the purpose of this study was used the Eurostat database, EBA and the IMF periodicals, along with the websites of the credit rating agencies.

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Sogut, Erzen. "The Determinants Of Financial Development And Private Sector Credits: Evidence From Panel Data." Master's thesis, METU, 2008. http://etd.lib.metu.edu.tr/upload/12610098/index.pdf.

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This study investigates the determinants of financial development and private sector credits for a panel of 85 developing and industrial countries using annual data from 1980 to 2006. The results from the panel cross-sectional fixed effects procedure suggest that an increase in the public sector credits and central government debt leads to a decrease in private sector credits in low income and lower middle income counties. For this group of countries, public sector credits, albeit leading to a financial crowding out, are found to be enhancing financial development. For the upper middle income and high income countries, private sector credits are found to increase with public sector credits and financial development and decrease with central government debt. Financial development is affected adversely from inflation and positively from real GDP and public sector credits in high income countries. In upper middle income countries both real GDP and credits to public sector affect financial development positively. In low income countries, on the other hand, public sector credits and inflation are correlated positively with financial development.

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19

Salen, Pierrick. "L'emprunt des collectivités territoriales : un paradoxe du droit public financier." Thesis, Paris 1, 2014. http://www.theses.fr/2014PA010252.

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Le cadre juridique du recours des collectivités territoriales et de leurs groupements au crédit a subi d’importantes modifications lors des nombreuses réformes dont a fait l’objet le secteur public local.En dépit de ces évolutions, l’emprunt des collectivités territoriales continue d’être au coeur d’un paradoxe entre autonomie et contrainte. Il constitue d’abord un facteur d’autonomie pour les décideurs locaux comme cela s’est accentué avec la libéralisation du crédit qui s’est produite au cours de la seconde moitié du XXème siècle. Les collectivités territoriales doivent ainsi désormais user de cette autonomie pour répondre aux enjeux induits par la banalisation de cet instrument qui intègre dans une large mesure le champ du droit privé et dont les pratiques ne cessent de se complexifier. La liberté acquise n’est toutefois pas totale. D’une part, l’autonomie offerte au secteur public local dans son recours à l’emprunt ne reste que relative dès lors que l’État continue d’imposer un encadrement multiple et ce, tant à travers l’existence de règles que par la mise en place de procédures de contrôle.D’autre part, cette autonomie a fait émerger de nouveaux enjeux pour les décideurs locaux qui ont vula notion de risque financer s’inscrire au coeur de leurs politiques d’endettement. L’actualité la plus récente de l’emprunt local demeure du reste une parfaite illustration de ce paradoxe entre autonomie et contrainte avec des collectivités territoriales qui ont connu d’importantes difficultés liées à leur recours au crédit
Regarding the recourse of local authorities and their consortiums to credit, the applicable legalframework went through a number of significant modifications. These modifications took place duringthe numerous reforms of the local public sector. In spite of these evolutions, the indebtness capacity of local authorities continues to be at the heart of an autonomy and constraint paradox. Theliberalisation of credit that took place during the second half of the XXth century accentuated theautonomy factor for local deciders. Local authorities must use this autonomy to find solutions to thechallenges induced by the trivialization of this tool - a tool that for a large part incorporates privatelaw - and the practices of which never cease to increase in complexity. The acquired liberty ishowever not absolute. On one hand the autonomy given to the local public sector in its recourse to debt remains relative as long as the State continues to impose a multi-layered framework - this takingplace not only through the existence of rules but also through the implementation of contro lprocedures. On the other hand, this same autonomy enabled the rise of new challenges for localdeciders : the notion of financial risk found itself at the very heart of their debt policies. The mostrecent event with regards to local debt is a perfect illustration of this autonomy and constraintparadox, and local authorities faced great difficulties regarding their resort to credit

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Pyć, Agnieszka. "Analysis of alternative methods of operational risk transfer across financial industry sectors." Berlin Pro Business, 2009. http://d-nb.info/995945837/04.

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Fink, Gerhard, Peter Haiss, and Goran Vuksic. "Changing importance of financial sectors for growth from transition to cohesion and European integration." Europainstitut, WU Vienna University of Economics and Business, 2004. http://epub.wu.ac.at/184/1/document.pdf.

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We use a production function approach in investigating the relationship between financial development and economic growth in 9 EU accession - mostly transition countries. These findings are compared with the results for the group of 18 developed countries, and separately, with the results for a group of less developed EU countries - structural fund recipients. We use aggregate measures of financial development as well as measures for single segments of financial sectors. In context of transition countries, bond markets are, to our knowledge, taken explicitly into account for the first time. We find that domestic credit and bond markets together with real capital stock growth stimulate economic growth in transition. With progress in cohesion, educational attainment becomes the next important factor that contributes to economic growth followed by labor participation in mature market economies. For the developed countries, financial sector did not play any positive role for growth over the period under study. We conclude that transfer mechanisms for growth differ over the development cycle. This is important to growth theory, to the sequencing of economic reforms and to financial sector development priorities. (author's abstract)
Series: EI Working Papers / Europainstitut

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22

Хлопотов, Д. С., and D. S. Khlopotov. "Факторы повышения конкурентоспособности международного банка на российском рынке : магистерская диссертация." Master's thesis, б. и, 2020. http://hdl.handle.net/10995/95063.

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Актуальность исследования обуславливается тем, что банковская сфера в наше время является высоко конкурентной средой и в свете протекающей глобализации и консолидации финансового сектора наблюдается снижение количества частных банков, что вызвано, в свою очередь, процессами слияния, поглощения и неспособностью противостоять крупным агентам рынка, поддерживая необходимые требования, которые выставляются регуляторами. Финансовые институты вынуждены наращивать свой арсенал конкурентных преимуществ, активно использовать нераспределенную прибыль на формирование отличительных конкурентных факторов и заниматься мониторингом существующих предложений на рынке. Как следствие, кредитным организациям необходимо критически подходить к успехам и неудачам иностранных коллег, повышая эффективность банковского бизнеса, формируя собственные уникальные конкурентные преимущества. Целью диссертационной работы является оценка факторов повышения конкурентоспособности международного банка в разрезе сложившегося отечественного финансового сектора. Объектом диссертационного исследования выступает отечественный филиал АО «Райффайзенбанк». Предметом исследования является процесс формирования конкурентных преимуществ АО «Райффайзенбанк», система экономических, организационных и финансовых механизмов повышения эффективности деятельности банка. Результатами выпускной квалификационной работы являются разработка многофакторной модели формирования чистой прибыли, рекомендации по оптимизации существующих процессов и экономическая оценка эффектов от внедрения предлагаемых инструментов.
The relevance of the study stems from the fact that banking is a highly competitive environment and in light of the proceeding of globalization and consolidation of the financial sector, a decrease in the number of private banks, which caused, in turn, processes of mergers, acquisitions, and the failure to counter major market agents, while maintaining the necessary requirements that are set by regulators. Financial institutions are forced to increase their arsenal of competitive advantages, actively use retained earnings to form distinctive competitive factors and monitor existing offers on the market. As a result, credit institutions need to take a critical approach to the successes and failures of foreign colleagues, increasing the efficiency of the banking business, forming their own unique competitive advantages.

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Sawadogo, Relwendé. "Essais sur les déterminants et les conséquences macroéconomiques du développement du secteur d’assurance dans les pays en développement." Thesis, Clermont-Ferrand 1, 2016. http://www.theses.fr/2016CLF10493/document.

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La présente thèse est composée d’un ensemble de travaux de recherche en économie appliquée qui s’inscrivent dans le champ contemporain de l’économie de l’assurance. La thèse s’interroge sur comment les pays en développement pourraient développer davantage le secteur d’assurance afin de bénéficier des effets sur l’économie domestique. La première partie de la thèse analyse les déterminants macroéconomiques du développement du secteur d’assurance. Premièrement, les résultats montrent que l'augmentation du revenu par habitant conduit à une augmentation des primes d'assurance-vie et l’assurance-vie est un bien de luxe en Afrique Subsaharienne (chapitre 2). On trouve également des preuves que l’impact marginal du revenu dépend de la qualité de l'environnement juridique et politique. Deuxièmement, l’analyse de l’effet des IDE montre que, ceux-ci constituent un facteur clé dans l'augmentation des primes d'assurance non-vie à la fois dans les pays d’Afrique Subsaharienne (ASS) et dans les autres pays en développement (chapitre 3). Troisièmement, les activités d’assurance-vie et bancaire sont substituables en ASS, cependant les résultats indiquent une causalité unidirectionnelle allant du crédit bancaire au secteur privé vers le développement des activités d’assurance-vie (chapitre 4). La deuxième partie de la thèse analyse l’impact du développement du secteur d’assurance sur l’économie des pays en développement. Premièrement, il apparaît que le développement de l'assurance-vie a un effet positif sur la croissance économique dans les pays en développement d'une part et d'autre part, l’effet marginal de l’assurance-vie est influencé par les caractéristiques structurelles des pays (chapitre 5). Les primes d'assurance augmentent de façon significative la valeur des titres négociés sur le marché financier aussi bien avant et après la crise de 2007(chapitre 6). Troisièmement, la thèse a montré qu’il existe une relation à long terme entre le développement de l’assurance non-vie et l’ouverture commerciale et que les primes d'assurance non-vie améliorent l'ouverture au commerce international aussi bien dans les pays en développement que spécifiquement dans les pays à faible et moyen revenu (chapitre 7)
This thesis is composed of a set of research in applied economics that enroll in the contemporary field of economics of insurance. The thesis analyses how developing countries could develop more the insurance sector and benefit from these effects on local economy. The first part explored the determinants of insurance development from a macroeconomic perspective. First, the results show that increase of income per capita leads to an increase in life insurance premiums and that life insurance is a luxury commodity in Sub-Saharan Africa (chapter 2). We also find evidence that the marginal impact of income varies according to the quality of legal and political environment. Second, analysis of effect of the FDI inflows shows that these are a key factor in increase of non-life insurance premiums in countries of Sub-Saharan Africa (SSA) and in other developing countries (chapter 3). In chapter 4, the results highlighted that the activities of life insurance and banking are substitutable in SSA and, however, there is presence of unidirectional causality running from real private credit density to life insurance and insurance density. The second part of the thesis has analysed effect of development of insurance sector on economy in developing countries. First, it appears that the development of life insurance has a positive effect on economic growth on the one hand and on the other hand marginal effect of life insurance is influenced by the structural characteristics of countries (chapter 5). In chapter 6, the results showed that the insurance premiums significantly increase stock market value traded, before as well and after the 2007's economic crisis. Finally, the thesis showed that there is a long term relationship between the development of non-life insurance and trade openness and that non-life insurance premiums improve openness to international trade as well in developing countries than specifically in low and middle income countries (chapter 7)

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Gächter, Martin, Martin Geiger, Florentin Glötzl, and Helene Schuberth. "Sectoral Deleveraging in Europe and Its Economic Implications." Oesterreichische Nationalbank, 2015. http://epub.wu.ac.at/6272/1/foeei.pdf.

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We examine net lending/net borrowing and the underlying debt dynamics at the sectoral level in the European Union. Saving and investment patterns indicate that there have been considerable deleveraging efforts since the start of the global financial crisis, particularly in the nonfinancial corporate and household sectors. In many EU countries, however, this decline in credit transactions has not yet led to a significant reduction of sectoral debt-to-GDP ratios. Subdued output growth and low or even negative inflation rates have undermined the deleveraging process and increased real debt burdens in a number of European economies. Since these are often the countries that had experienced strong credit booms prior to the crisis, rebalancing needs are likely to persist and may be a significant drag on the recovery in the near future. Furthermore, most of the ongoing rebalancing - both in terms of debt levels and current account deficits - is based on a sharp decline in investment rather than an increase in saving, which might lead to lower potential growth in the future. Recent developments may even jeopardize the catching-up process of peripheral euro area countries and non-euro area EU Member States in Central, Eastern and Southeastern Europe.

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25

Tsukamoto, Shuhei. "The sectoral analysis of credit direction and rationing in Japan from 1954 to 1991 : from the viewpoints of flow-of-funds accounts, financial reforms, and business investments /." St. Lucia, Qld, 2004. http://www.library.uq.edu.au/pdfserve.php?image=thesisabs/absthe18082.pdf.

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26

Čuba, Vojtěch. "Finanční zajištění veřejného projektu v průběhu jeho realizace." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2016. http://www.nusl.cz/ntk/nusl-239945.

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The subject of this thesis is to depict the financial provision of a public project during its implementation that includes the draft of its financial provision and the appraisal of the financial feasibility of the investment project. The theoretical part is focused on clarifying the basic concepts that explain the issues of public projects, the public sector and public procurement. The end of the theoretical part describes the various ways to finance public projects. The second part of the thesis is practical. In this part I focused on the creation of the ways to finance the project “Realization of energy savings” that are possible, including the reconstruction of the roof of the building of the Police of the Czech Republic in Brno, at street Cejl No. 474 and No. 159 and the proposal of the optimal financing options.

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Akinwande, Gbenga Segun. "WORKING CAPITAL MANAGEMENT IN TELECOMMUNICATION SECTOR." Thesis, Blekinge Tekniska Högskola, Sektionen för management, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-1180.

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ABSTRACT Title: Working Capital Management in Telecommunication sector: A case study of VGC telecoms Author: Gbenga Segun Akinwande Supervisor: Anders Hederstierna Department: School of Management, Blekinge Institute of Technology Course: Master’s thesis in business administration, 15 credits (ECTS). Background and Problem Discussion: The efficient management of working capital is very vital for a business survival. This is premised on the fact having too much working capital signifies inefficiency, whereas too little cash at hand signifies that the survival of business is shaky. Purpose: The purpose of this research is to study the working capital management in the small and medium scale businesses, using VGC Telecoms Company as a case study, so as to establish factors influencing working capital performance; examine how cash management, inventory management and trade credit management affects working capital management; company effectiveness in converting working capital to ready money; how working capital management impacts on the problem of slow development and to offer recommendations on possible ways of improving working capital management Method: Literatures bordering on different areas of working capital management were reviewed. Thus, this research employed qualitative and quantitative analysis; and semi- structured questions were drafted based on the issues raised from the review of various literatures. In addition, materials from journal articles, textbooks, working papers and industry practitioners are put into consideration. The use of internet and e-mails to send out questions were explored where appropriate. Analysis on the company’s financial statement was carried out in order to verify my findings. Theory: In this research, the theory section looks at various concepts that come up when analyzing the consequences of working capital management for company value and the factors that influence a company’s working capital management performance. I have therefore chosen the most common concept for the theory section. I have also tried to create a theoretical understanding for the company’s sensitivity to a workable WCM policy Analysis: In the analysis of the research findings, I employed qualitative approach to the data analysis whereby the impacts of the poor WCM on the company were discussed in depth. Conclusion: The findings corroborate the postulation of Weston et al that a company’s investment in working capital is a substantial percentage of its total investment. In case of VGC Telecoms, it is as high as 65 percent. An inefficient and ineffective management of this investment will result in slow pace of development and ultimately to the business failure. The performances of the company in the different spheres of working capital management were scored as follows:- • Cash management – 65.4 percent • Inventory management - 78.6 percent • Trade credit management and financing decisions - 60.0 percent This is an average performance of 68 percent. That is, the company’s performance is above average. This is a good performance. The financial statements as interpreted reinforce the validity of this result. The liquidity ratios are high; the collection period is short; and the cash cycle is not quite expansive. This makes it possible to sustain sufficient cash flow for the smooth running of the business. The management of working capital impacts on liquidity, investment portfolio and profitability. All these three factors are decisive in the growth or failure of a business. Hence, good performances in working capital management affects these decisive factors favourably and thus, contribute to growth and success of the business.

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PIFFER, MICHELE. "Saggi sul Credito e la Macroeconomia." Doctoral thesis, Università Cattolica del Sacro Cuore, 2012. http://hdl.handle.net/10280/1268.

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In questa tesi si sostiene che il meccanismo di trasmissione della politica monetaria nasconde un canale di trasmissione del rischio, e che una politica monetaria espansiva non solo aumenta l’offerta di credito ma anche la propensione delle banche a prendere rischio. I modelli macroeconomici esistenti non sono adatti ad identificare questo meccahismo, visto che o non incorporano un settore bancario, oppure si concentrano sull’amplificazione finanziaria dopo una crisi piuttosto che sulla presa del rischio prima delle crisi. La tesi propone un semplice modello in cui il rischio di credito e di insolvenza e’ modellato endogenamente. Il modello mostra l’esistenza di un trade-off tra quantita’ e qualita’ del credito, il che puo’ avere importanti ripercussioni per la gestione della politica monetaria. Successivamente, la tesi sviluppa un paper empirico e di policy che studia la leva finanziaria delle banche. Si sostiene che le misure tradizionali della leva non possono mostrare un importante peggioramento della qualita’ del capitale delle banche prima della crisi del 2007. Si mostra che la qualita’ di tale capitale e’ progressivamente peggiorata prima della crisi, in particolar modo per le banche commerciali. Viene proposta una misura alternativa della leva finanziaria.
This dissertation argues that the transmission mechanism of monetary policy hides a risk taking channel, as loose monetary policy not only increases credit supply but also increases the propensity of banks to take risks. The existing macroeconomic models are ill-designed to identify the forces of this mechanism, as these models either do not have an explicit banking sector, or they focus on ex-post amplification mechanism rather than ex-ante bank risk taking. A simple model is developed, where credit and solvency risk is determined endogenously. The model shows that a trade-off exists between credit quality and credit quantity, and this trade off impacts on the effectiveness of monetary policy. Subsequently, the dissertation develops an empirical, policy paper that investigates banks leverage ratios. It is argued that traditional measures of leverage cannot detect an important decline in bank capital quality before the 2007 crisis. The dissertation shows that capital quality has declined progressively before the 2007 crisis, particularly for commercial banks. A new leverage ratio is proposed.

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Mogha, Vipin. "Three Essays on the Influence of National Culture on Corporate Finance." Thesis, Université Clermont Auvergne‎ (2017-2020), 2020. http://www.theses.fr/2020CLFAD004.

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Introduction générale Cette thèse présente trois essais sur l’influence de la culture nationale sur la finance d’entreprise. Il se base sur le cadre théorique de la nouvelle économie institutionnel (NEI) de Williamson (2000) et sur le modèle de la culture nationale définit par Hofstede (1980, 2001). Cette thèse s’inscrit dans la lignée des travaux plus anciens des fondements de la richesse des nations (Smith, 1776), qui seraient eux-mêmes fondés sur les traditions, les croyances et les pratiques des habitants d’une nation (Voltaire, 1773). Nous lions les trois ensembles de la culture nationale, la finance d’entreprise et les secteurs industriels par les propriétés mathématiques de la topologie (Krantz, 2009). Nous essayons d’appliquer la topologie générale à notre recherche doctorale en ayant à l’esprit, la phrase attribuée à Galilée (1564-1642) : « la nature est écrite en langage mathématique ». Notre approche topologique pourrait aussi s’aligner à la littérature de l’économie sociale de Weber (1904, 1905) et à celle du néo-positivisme (Kraft, 1953). Ces essais empiriques sont fondés sur un échantillon de firmes internationales cotés issues de plus de 30 pays, à minima à la bourse des valeurs de leur pays d’origine. Premier essai Il analyse l’influence de la culture nationale sur le choix de la structure du capital de la firme (Titman & Wessels, 1988). L’analyse de la structure financière est considérée à court-terme et à long-terme. Pour cela nous analysons quatre mesures de structure qui prennent en compte au numérateur soit la dette à court-terme, soit la dette à long-terme et, au dénominateur les fonds propres, en valeur comptable ou en valeur de marché (Titman & Wessels, 1988). La structure du capital de la firme est dépendante de son industrie (Bradley et al., 1984). tend à s’approche de la moyenne à long-terme de cette même industrie. Cette moyenne et appelée « ratio cible » (target ratio). Nous supposons que la distance de la structure financière d’une firme par rapport à ce « ratio cible » est influencée par la culture nationale du pays d’origine de la firme.Deuxième essai Il analyse l’influence de la culture nationale sur la variation du crédit fournisseur autour de la crise financière de 2008. La fréquence des crises ne cesse d’augmenter avec plus de 400 crises financières de types bancaires, monétaires, et souveraines sur la période de 1970 à 2011 (Laeven & Valencia, 2013).Le crédit fournisseur est considéré comme un des piliers du financement à court-terme de l’entreprise en particulier (Petersen & Rajan, 1997). Lors d’une période de difficulté financière, la relation entre fournisseurs et clients semblerait jouer un rôle-clé dans l’extension du crédit fournisseur (Wilner, 2000). Or, le rôle du crédit fournisseur dans le financement à court-terme de la firme a joué un rôle de premier plan après l’éclatement de la crise de 2008 (Coulibaly et al., 2013).Sur la base que la culture nationale influe sur le niveau des provisions comptable du crédit fournisseur (El Ghoul & Zheng, 2016), notre étude porte sur l’influence de la culture nationale sur les ajustements de crédit fournisseur autour de la crise financière de 2008.Troisième essai Cet essai analyse l’influence de la culture nationale sur la valeur de marché de la firme en se fondant notamment sur l’approche proposée dans les travaux de Ohlson (1995). En effet, dans ce cadre-ci, la valeur de marché de la firme est la somme de son actif net comptable et de la somme des revenus résiduels actualisés. Si ces revenus résiduels sont positifs, alors il existe un goodwill qui explique ce pourquoi la valeur de marché est supérieure à l’actif net comptable. Nous postulons dans cet essai que la culture nationale pourrait influencer ce goodwill. Ce goodwill peut avoir plusieurs sources, soit liées aux choix financiers de la firme ou liées à son capital humain (Chauvin et al., 1994). (...)
The premises of this doctoral dissertation is investigating the role played by national culture on corporate financial choices and outcomes. The investigation is done through three empirical essays. The first essay analyzes the influence of national culture on firms’ capital structure choices. The second essay is analyzing the role played by national culture on firms extending more or less trade credit from pre-to-post the mortgage financial crisis. The third essay analyzes the influence of national culture on firms’ market value. Furthermore, a chapter of theoretical conceptualization is done to fit these empirical essays work into a mathematical topology framework. This doctoral dissertation work finds itself at the junction of three broad sets of research bodies. These are the literature around the New Institutional Economics (NIE), the finance literature, and the social economics literature. We glue these literature sets together through the general mathematical topology framework to structure our culture and finance research. Chapter 2 introduces these literature sets and describes the foundations of our three essays.Chapter 3 (essay one) presents the analysis of the links between national culture and firms financing choices leading to their capital structure. Chapter 4 (essay two) presents the analysis of culture’s influence on firm’s choice of extending higher or lower trade credit from pre-to-post the 2008 mortgage financial crisis. Chapter 5 (essay three) presents how firms’ financial value maybe influenced national cultural values.National culture is defined as the firm’s country-of-origin cultural values. We represent it by four of Hofstede (1980, 2001) six cultural dimensions of individualism, masculinity, uncertainty avoidance, and long-term orientation. Hofstede national culture dimensions are largely applied in the growing culture and finance literature, thus providing strong empirically validity. Our choice of Hofstede dimensions are described in chapter 2.We apply these cultural dimensions in our three essays. Our empirical analysis is build following the New Institutional Economics framework (Williamson, 2000). This framework is the key structure around which we are able to build the theoretical bodies of our three essays. NIE has popularized the understanding and acceptance of the non-financial constraints –in macro-and-micro economics– of the social embeddedness level of culture. We empirically test the hypotheses in our three essays following Williamson NIE framework. The empirical tests are done on samples of listed firms from over 30 countries. These tests provide a broad applicability of our results to firms in the globalized economy. The results of our three essays meet our hypotheses expectations of culture’s influence on firms’ financial choices and outcomes.The results provide all stakeholders a lens to view and analyze corporate financial choices and outcomes through firms’ national culture values. Indeed, the financial numbers one may read may have different meaning depending on firm’s country-of-origin cultural values. This understanding would have multiple implications for investors, creditors, managers, shareholders, and policy makers. It may help them in their investing, lending, financing, returns expectations, and policy design to optimize their profits

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Yu, Weibin. "Disaster Risk Management in Agricultural Sectors of China with Focus on Complementarity between Revised Institutions and Traditional Functions." 京都大学 (Kyoto University), 2008. http://hdl.handle.net/2433/68761.

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Kyoto University (京都大学)
0048
新制・課程博士
博士(工学)
甲第14224号
工博第3008号
新制||工||1446(附属図書館)
26542
UT51-2008-Q693
京都大学大学院工学研究科都市社会工学専攻
(主査)教授岡田憲夫, 教授小林潔司, 教授多々納裕一
学位規則第4条第1項該当

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"Modelling the demand for credit to the private sector in South Africa : an investigation of aggregate and institutional sector factors." Thesis, 2013. http://hdl.handle.net/10210/8730.

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M.Comm. (Economics)
The recent global financial and economic crisis has brought about renewed interest in the nexus between credit markets and monetary policy. This research aims to contribute to the understanding of the factors that drive the demand for credit on an aggregate level, and the household and corporate sectors for the South African economy. The study assessed the equilibrium determinants of the aggregate and sectoral demand for credit in South Africa by making use of a cointegrated vector autoregression (CVAR) methodology. In addition, the periods of debt overhang and short-falls, at aggregate and sectoral levels in the credit market, are derived from these equilibrium levels. The estimated models indicate the existence of long-run relationships for the aggregate credit demand equation, a classic demand-type relationship linking aggregate credit with gross domestic product (GDP) and the lending rate is established. For credit extended to the corporate sector, the results indicate that in the long-run it is determined by investment expenditure, operating surpluses and the lending rate. Whereas for credit extension to the household sector, it was found that the lending rate, disposable income and household debt were its important long-run determinants. All the results of the estimated equations are in line with a demand-type relationship and the traditional hypothesis that credit is demanded to finance real economic transactions, namely for liquidity purposes and to finance working capital. The results of the short-term dynamics indicate that credit extension variables are the equilibrium variables, although the speed of adjustment parameter is found to be sluggish, which shows that the slow adjustment to equilibrium from shocks to the credit markets is attributable to the existence of stronger frictions and transaction costs in credit markets. These findings justify the persistent periods of credit overhang and short-falls in South Africa that this study derives from the equilibrium coefficient terms. The study shows that periods of credit overhang and short-falls are linked to the business cycle phases in South Africa.

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Katoroogo, Rachel Mindra. "Behavioural determinants of financial inclusion in Uganda." Thesis, 2016. https://hdl.handle.net/10539/23819.

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Thesis (Ph.D.)--University of the Witwatersrand, Faculty of Commerce, Law and Management, Wits Business School, 2016
Financial Inclusion seeks to overcome the friction that hinders markets from expanding access and use of formal financial products and services to a broad number of people. Despite the significant policy efforts and increased presence of formal financial service providers, the Ugandan economy still bears low levels of financial inclusion, especially in the rural areas. The finance growth and decision-behaviour theories substantiate the importance of understanding the psychological processes underlying observed individual judgments or choices regarding the use of formal financial services. Using Sen’s capability approach, this study examined the personal and societal capabilities that influence financial inclusion of individual financial consumers. Specifically, this study assessed whether the capabilities an individual possessed actually contributed towards their likelihood of financial inclusion. The hypothesized study relationships with financial inclusion were realized, following a positivist and quantitative approach using a cross sectional research design. The sample of 400 individuals to whom the survey questionnaire was delivered were drawn from two distinct regions of Central and Northern Uganda. The two regions represented varying levels of financial inclusion - high inclusion (urban Central) and low inclusion (rural Northern). In this study, besides the traditional regression models, structural equation modelling using Analysis of Moments (AMOS), were used to establish the causal relationships between the hypothesized study variables. The study results revealed that financial self-efficacy, financial literacy, social networks and the interaction of the personal and societal capabilities significantly contributed to an individual’s financial inclusion across the two regions. The results further revealed that the personal and societal capabilities independently, and when combined, contribute towards an individual’s financial self-efficacy. Through an assessment of the mediation effect, this study demonstrated how financial self-efficacy can boost individuals to confidently undertake financial tasks and decisions and consequently, financial inclusion in relation to their capabilities, respectively. The results provide support to Sen’s capability theory as a tool for explaining financial inclusion from a demand side perspective within the Ugandan context.
GR2018

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Arsyad, Lincolin. "An assessment of performance and sustainability of microfinance institutions a case study of village credit institutions in Gianyar, Bali, Indonesia /." 2005. http://catalogue.flinders.edu.au/local/adt/public/adt-SFU20060621.142512/index.html.

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Madula, Mulalo. "Does trade credit facilitate access to bank finance? : empirical evidence from South Africa." Diss., 2017. http://hdl.handle.net/10500/23215.

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The earlier theories considered trade credit as a substitute for bank credit. Recent theories suggest that bank credit and trade credit can also be considered as two complementary sources of financing. By using South African panel data from 2007 to 2015, the study examines if the problem of financial inclusion in South Africa can be mitigated by utilising trade credit data. The empirical findings using trade credit at current period are consistent with the earlier theories of trade credit that trade credit and bank credit are substitutes, but the model was not robust to estimation techniques. The study also used the lagged trade credit as a variable of interest and found that it is positively related to bank credit. This means that the trade credit data from the previous period can facilitate access to bank credit. Therefore, the information from trade credit can serve as a signal about firms’ quality and thus facilitates access to bank finance.
Economics
M. Com (Economics)

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35

Breitschopf, Barbara [Verfasser]. "Rural financial markets under transformation : a study on credit supply and demand in Romania's private farm sector / vorgelegt von Barbara Breitschopf." 2003. http://d-nb.info/968501648/34.

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Carvalho, Ana Cristina Lamez Rodrigues. "Pequenas e médias empresas do sector de turismo e risco de crédito." Master's thesis, 2012. http://hdl.handle.net/10071/5044.

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Com a turbulência vivenciada nos mercados financeiros, após as perturbações provocadas pelas crises económica e financeira despoletadas em 2007, pelo mercado de subprime, o sistema bancário adensou os seus critérios de acesso ao crédito, sendo afectados os segmentos de particulares e empresas. Este projecto de dissertação visa perceber qual o impacto na concessão de crédito e análise de capacidade de reembolso, para o segmento das empresas, em específico para as pequenas e médias empresas do sector de turismo. Foi seleccionada esta estrutura, atendendo à sua representatividade no tecido empresarial português e pelo seu contributo para a economia. Procurou-se também perceber quais terão sido os indicadores mais valorizados pelas instituições de crédito para distinguir os níveis de risco de cada cliente empresa. Para o efeito, foram seleccionadas aleatoriamente empresas que foram distinguidas, em 2000, com o estatuto de PME Excelência, atribuído pelo IAPMEI, em parceria com os maiores grupos financeiros a operar em Portugal. Para estas trinta e uma empresas, foram calculados diversos rácios, identificados como preponderantes para a análise de risco e posteriormente, aferido se alguma manteria, volvidos dez anos, estrutura económica e financeira, que as permitisse ser distinguida como PME Líder e eventualmente Excelência. Os resultados apontam para um reduzido número de confirmações desse estatuto, evidenciando assim que por regra se assistiu a uma degradação significativa no desempenho dessas empresas.
Regarding the turbulence of the financial markets, after the disturbances caused by the economic and financial crisis trigged in 2007, by the subprime market, the banking system thickened their criteria for access to credit, affecting individuals and enterprises. The aim of this dissertation project is to understand the impact in the concession of credit and to analyse the ability to repay, for the enterprise segment, more specifically for small and medium enterprises of tourism sector. This structure was selected given its representativeness in the Portuguese business and its contribution to the economy. On the other hand, the intention of this project is also to understand what the most valuable indicators for the credit institutions are, to distinguish the risk levels of each client or enterprise. For this purpose, were randomly selected enterprises that were honoured in 2000 with the status of PME Excelência (SME Excellence), assigned by the IAPMEI (the Institute for the Support of Small and Medium Enterprises and Innovation), in partnership with the major financial groups operating in Portugal. For these thirty one enterprises, different ratios were calculated, identified as preponderant for the risk analysis, and afterwards was assessed if any enterprise would maintain economical and financial structure, after ten years, which would allow them to be honoured as PME Líder (SME Leader) or eventually Excelência (SME Excellence). The results point to a few confirmations that status, thus showing significant degradation in performance of these companies

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Nevrla, Matěj. "Systémové riziko ve finančním a energetickém sektoru: přístup dynamických faktorových kopula funkcí." Master's thesis, 2016. http://www.nusl.cz/ntk/nusl-345272.

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In the thesis we perform analysis of systemic risk in the financial and energy sector in Europe. As the econometric tool for estimating dependencies across the subjects we employ factor copula model with GAS dynamics of Oh & Patton (2013b). We apply this model to daily CDS spreads. Based on the estimated results we perform Monte Carlo simulations in order to obtain future values of CDS spreads and measure probability of systemic events. We conclude that substantially higher systemic risk is present within the financial sector. We also find that the most systemic companies from both sectors come from Spain. JEL Classification C53, C55, C58, G17 Keywords Credit Default Swap, Energy Sector, Factor Copula, Financial Sector, Generalized Autore- gressive Score Model, Systemic Risk Author's e-mail matej.nevrla@gmail.com Supervisor's e-mail barunik@fsv.cuni.cz

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Jesus, Maria Teresa de. "O papel do setor bancário para o crescimento económico de Angola." Master's thesis, 2014. http://hdl.handle.net/11328/1569.

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A presente dissertação, intitulada "O papel do setor bancário para o crescimento económico de Angola", tem por objetivo o estudo do papel dos bancos no sistema financeiro angolano e no seu crescimento económico, tendo em conta o atual processo de reconstrução social, económica e financeira que o país tem sido alvo, em particular no fomento das pequenas e médias empresas, destacando-se a atuação dos bancos públicos e privados e outras instituições financeiras nos diversos períodos de desenvolvimento do setor financeiro em Angola, bem como o seu impacto nos diversos setores do tecido político, social, cultural e económico do país. Para realizarmos este objetivo, procedemos a uma panorâmica sobre o setor bancário, destacando o seu conceito, função e classificação, uma vez que as instituições bancárias, quer sejam nacionais ou estrangeiras, são cruciais no crescimento e na integração económica do país. Por outro lado, destacamos também o papel do governo no sistema financeiro e no setor bancário em particular, e o papel dos bancos e dos mercados financeiros no crescimento económico dos países africanos. Por último, realçamos o contributo que as instituiçoes bancárias nacionais e estrangeiras podem dar ao crescimento económico e social de Angola e as dificuldades com que as instituições financeiras angolanas se têm deparado. Da análise dos indicadores económicos e do setor bancário angolano podemos concluir que o sistema financeiro angolano tem tido um crescimento considerável, registando-se um crescimento do setor empresarial e dos investimentos privados no país.

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Dzikiti, Weston. "Banking sector, stock market development and economic growth in Zimbabwe : a multivariate causality framework." Diss., 2017. http://hdl.handle.net/10500/22818.

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The thesis examined the comprehensive causal relationship between the banking sector, stock market development and economic growth in a multi-variate framework using Zimbabwean time series data from 1988 to 2015. Three banking sector development proxies (total financial sector credit, banking credit to private sector and broad money M3) and three stock market development proxies (stock market capitalization, value traded and turnover ratio) were employed to estimate both long and short run relationships between banking sector, stock market and economic growth in Zimbabwe. The study employs the vector error correction model (VECM) as the main estimation technique and the autoregressive distributed lag (ARDL) approach as a robustness testing technique. Results showed that in Zimbabwe a significant causal relationship from banking sector and stock market development to economic growth exists in the long run without any feedback effects. In the short run, however, a negative yet statistically significant causal relationship runs from economic growth to banking sector and stock market development in Zimbabwe. The study further concludes that there is a unidirectional causal relationship running from stock market development to banking sector development in Zimbabwe in both short and long run periods. Nonetheless this relationship between banking sector and stock markets has been found to be more significant in the short run than in the long run. The thesis adopts the complementary view and recommends for the spontaneity implementation of monetary policies as the economy grows. Monetary authorities should thus formulate policies to promote both banks and stock markets with corresponding growth in Zimbabwe’s economy.
Business Management
M. Com. (Business Management)

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Silva, Quitéria de Castro Carneiro da. "Crescimento económico e setor financeiro em São Tomé e Príncipe." Master's thesis, 2012. http://hdl.handle.net/10071/7856.

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Classificações Jel: E51, G21, O40
A economia santomense apresenta particularidades a nível fiscal, externo e financeiro que são essenciais para o seu desenvolvimento. O presente artigo tem o propósito de contribuir para a compreensão dessas particularidades. Por um lado, efetuar a estimativa da tendência recente do desempenho económico, e por outro, explicar o contributo do setor financeiro na performance económica. Como o desenvolvimento recente do sistema financeiro afeta o crescimento económico santomense? Para responder a questão, o trabalho recai num estudo exploratório e descritivo de longo prazo do funcionamento da economia. Especificamente, o relatório versa numa análise do setor financeiro, destacando os principais benefícios da sua performance nos últimos dez anos. Os resultados obtidos são consistentes com as teorias de que o sistema financeiro promove serviços que são necessários para a atividade económica de longo prazo.
The economy of Sao Tome has a particular level of taxation, external and financial which are essential for its operation. This article aims to contribute to the deepening and understanding these peculiarities. On the one hand, seeks to estimates of the recent trend of economic performance, and secondly, to explain the contribution of the financial sector in economic performance. As the recent development of the financial system affects santomean the economic growth? To answer the question, the work falls in exploratory and descriptive study of long-term functioning of the economy. Specifically, the report is based on an analysis of the financial system, highlighting the key benefits of its performance in the last 10 years. The results are consistent with the theory that the system promotes financial services that are required for activity of long term.

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Vukić, Igor. "Macro Stress Testing on Credit Risk of banking sectors in PIIGS countries." Master's thesis, 2014. http://www.nusl.cz/ntk/nusl-341197.

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In this paper we stress test the banking sectors of the PIIGS countries. We focus in particular on modeling the credit risk and estimating the impact of changes in macroeconomic variables on the level of capital adequacy. We develop two scenarios - a baseline stress testing scenario and an adverse scenario. The results indicate that under both scenarios, the analyzed banking systems have some capital adequacy issues. We find that the Portuguese banking sector is facing biggest capitalization problems. Number of undercapitalized banks under the adverse scenario is bigger than in baseline scenario for all the countries. Another finding which is common for all the countries is that large-sized privately owned banks are better capitalized than small and medium-sized ones. Last finding concerns ownership structure where we have found that all the state-owned banks are undercapitalized in both scenarios. JEL Classification F12, F21, C53, E37, G21, G28 Keywords bank, credit risk, macro stress testing, PIIGS Author's e-mail igor.vukic@gmail.com Supervisor's e-mail adibabin@gmail.com

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Pieterse, Hendrick Christoffel. "The National credit act of South Africa and the motor finance sector." Thesis, 2009. http://hdl.handle.net/10500/3737.

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Research report, presented to the SBL, Unisa, Midrand
In the midst of a global recession, this study explored whether the act of obtaining motor vehicle finance has become more onerous since the implementation of the National Credit Act, 2005, (NCA), and to determine which variables are contributing to the phenomenon of declining motor finance figures. A quantitative research methodology was applied whereby a portion of the analysis was based on historical motor finance application data attained from a medium sized motor finance institution. Another portion considered survey data obtained from 152 South African consumers and 42 Credit Analysts collected by way of self administered questionnaires. Various statistical tools, including Independent Sample t-Tests and Pearson product-moment correlation tests were applied to the data. The results of the study indicate that the act of obtaining motor finance has indeed become more complex since the inception of the NCA. Of the variables tested, motor vehicle retail prices and general living costs were identified as the main impediments limiting the amount of motor finance granted in the South African motor finance sector.

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Lagoa, Sérgio. "Diferenças sectoriais no acesso ao crédito bancário em Portugal: uma análise de dados em painel usando o inquérito de conjuntura ao investimento." Master's thesis, 2012. http://hdl.handle.net/10071/7896.

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JEL Classification System: E22, E41
Com a crise de dívida que assola Portugal, o racionamento de crédito tem sido apontado como prática corrente por parte dos bancos. As empresas indicam que não recebem o crédito que pretendem. O racionamento de crédito ocorre por haver um desequilíbrio no mercado, entre a procura e oferta de crédito, havendo excesso de procura quem oferece tende a analisar de forma mais pormenorizada e criteriosamente o crédito concedido para assim reduzir o risco o mais possível. A assimetria de informação por partedas empresas é um dos maiores obstáculos na concessão de crédito. A falta de total transparência da empresa leva a que a banca tenda a recusar financiamento como forma de reduzir o risco a que está sujeita, muitas vezes a empresas com capacidade de fazer face ao serviço de dívida. Este estudo possibilita averiguar se em Portugal asempresas dos principais sectores de actividade têm tido o seu crédito racionado e quaisas variáveis que influenciam o racionamento de crédito. De acordo com as conclusões do estudo, em média entre 2002 e 2009 apenas o sector da construção e do imobiliário é que não foram alvode racionamento, os restantes foram alvo de racionamento em diversos períodos da análise.
With the debt crisis plaguing Portugal, credit rationing has been considered standard practice by banks. Companies suggest that they don't get the credit they want. The credit rationing occurs because there is an imbalance in the market between demand and supply of credit, there is an excessive demand that leads to a more careful and detailed analysis in order to reduce the as much aspossible. The asymmetry of information by companies is a major obstacle in the concession of credit, the not total transparency of the companies leads banks to withhold funding as a way to reduce the risk to which it is subject, often to companies with the ability to face the debt service. This study makes it possible to ascertain whether companies in Portugal of major sectors have had their credit rationed and which variables influence credit rationing. According to the findings, in average, between 2002 and 2009, only the construction industry and real estate didn’t have their credit rationed, the rest were subject to rationing in various periods during the analysis.

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Diekmann, Katharina. "Three Essays on Financial Development in Emerging Markets." Doctoral thesis, 2013. https://repositorium.ub.uni-osnabrueck.de/handle/urn:nbn:de:gbv:700-2013051310847.

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This dissertation collects three essays which deal with financial development in emerging markets. Owing to the appliance of different econometric methods on several data sets, insights in the behavior of and the impacts from financial markets are generated. Usually, the financial markets in emerging countries are characterized by the presence of credit constraints. In the first chapter it is shown that the financial development in 19th century Germany generally affected the economy in a positive way. Additionally, when different economic sectors are under investigation, it is revealed that the reaction due to financial development is not homogeneously across the sectors. A structural vector autoregression (VAR) framework is applied to a new annual data set from 1870 to 1912 that was initially compiled by Walther Hoffmann (1965). With respect to the literature, the most important difference of this analysis is the focus on different sectors in the economy and the interpretation of the results in the context of a two-sector growth model. It is revealed that all sectors were affected significantly by shocks from the banking system. Interestingly, this link is the strongest in sectors with small or non-tradable-goods-producing firms, such as construction, services, transportation and agriculture. In this regard, the growth patterns in 19th century Germany are reminiscent to those in today's emerging markets. The second chapter deals with the integration of the stock markets of mainland China with those of the United States and Hong Kong. Market integration and the resulting welfare gains as risk sharing, increasing investment and growth benefits has become a central topic in international finance research. This chapter investigates stock market integration after stock market liberalization which is assessed by spillover effects from Hong Kong and the United States to Chinese stock market indices. Dividing the sample in pre- and post-liberalization phases, causality in variance procedure is applied using four mainland China stock market indices, two indices of the stock exchange in Hong Kong and the Dow Jones Industrials index in the main part. Evidence of global and regional integration is found, but no evidence for increasing integration after the partial opening of the Chinese stock markets, neither with Hong Kong nor with the United States. Based on the idea presented in the first chapter, the third chapter examines one of today's emerging markets. As China is experiencing remarkable economic growth in the recent decades, it is analyzed if and to what extent the ongoing deregulations in the financial system contribute to this development. Structural VARs for gross domestic product as well as for sectoral output data in conjunction with two different bank lending variables are applied. It is indicated that China is positive affected by financial development and that all sectors benefit from domestic bank lending enlargements but to different degrees. Especially in the sectors where mainly state-owned enterprises are represented - such as construction, trade and transportation - shocks in bank lending have a strong positive influence while sectors where private enterprises are prevalent, seem to be more credit constrained.

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Barros, Tchibwabwa Sefo Maria. "O alisamento dos resultados no sector bancário angolano. uma análise através das provisões para crédito de cobrança duvidosa." Master's thesis, 2017. http://hdl.handle.net/10316/82206.

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Dissertação de Mestrado em Contabilidade e Finanças apresentada à Faculdade de Economia
O objectivo desta dissertação centra-se na problemática da manipulação de resultados no sistema financeiro bancário angolano no período de 2008-20014. Nos investigamos se os bancos da banca angolana alisam os resultados e se os gestores usam a conta de provisões para credito de cobrança duvidosa como uma ferramenta para alisar os resultados e gestão de capital. Analisamos também o comportamento da conta provisões para credito de cobrança duvidosa durante o período de crise financeira. Para alcançar os objectivos traçados, iniciamos por fazer a contextualização do actual estado do sistema económico e financeiro da Banca Angola, seguido de uma revisão de literatura sobre estudos que retratam do alisamento de resultados, gestão de capital, provisões para credito de cobrança duvidosa e o comportamento das provisões para credito de cobrança duvidosa durante os períodos de crises financeiras. Em seguida, com base na revisão de literatura definimos os modelos para testar a hipótese de alisamento de resultado, seguimos o modelo dos coeficientes de variação apresentado por Eckel, (1981), e o modelo econométrico apresentado por Pérez, et al., (2006) para testar a robustez dos resultados das provisões para credito de cobrança duvidosa. Os nossos resultados demostram evidencias que os bancos alisam os resultados e que durante o período de crise financeira mais de 72% das instituições financeiras bancarias alisam os resultados. encontramos evidencias que os gestores bancários usam provisões para credito de cobrança duvidosa para alisar os resultados e gestão de capital. não encontramos evidencia de que os gestores usam as PCCD, para alisarem os resultados durante os períodos de crise financeira.
The goals of this dissertation focuses on the problem of manipulation of results in the Angolan banking financial system. We investigate whether Angolan banks' banks income smooth and whether managers use the loan loss provision accounts as a tool to smooth results and management capital. We also analyze the behavior of the loan loss provision accounts during the financial crisis period. In order to reach the objectives outlined, we began by contextualizing the current state of Angola's economic and financial system, followed by a literature review on studies that portray income smoothing, capital management, loan loss provision accounts during periods of financial crises. Following the literature review we defined the models for testing the income smoothing hypothesis, then we followed the model of the coefficients of variation presented by Eckel, (1981), and the econometric model presented by Pérez, et al. (2006) To test the robustness of the results of the allowance for doubtful accounts. Our results show evidence that banks smoothed the results in the period of 2008-2014, and that during the financial crisis period more than 72% of financial institutions banking are smoothed the results through the model of the coefficients of variation of the Eckel. We find evidence that bank´s managers use loan loss provisions to income smooth and manage capital. We do not found evidence that managers use the loan loss provision to smooth out the results during periods of financial crisis.

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Partovi, Lauren Neda. "Creative financing & strategies for mixed-income transit oriented development in Dallas, Texas." 2013. http://hdl.handle.net/2152/22670.

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This study evaluates the current environment for mixed-income transit oriented development along DART rail within the city limits of Dallas. A close look at income and racial disparity is used as the foundation for advocating for a more proactive and aggressive approach to the development of affordable units proximate to affordable transportation choices. Assembling financing for mixed-income TOD projects is especially challenging, and multiple layers of federal, state, and city funding mechanisms are required for achieving the capital requirements of the development. Both typical affordable housing funding methods and new and nontraditional funding methods for multifamily housing were researched and evaluated with the intention to propose possibilities for catalyzing development in DART station areas within the City of Dallas that have, to this point, experienced underdevelopment.
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Drechsel, Katja. "Macroeconomic Challenges in the Euro Area and the Acceding Countries." Doctoral thesis, 2010. https://repositorium.ub.uni-osnabrueck.de/handle/urn:nbn:de:gbv:700-201012176732.

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The conduct of effective economic policy faces a multiplicity of macroeconomic challenges, which requires a wide scope of theoretical and empirical analyses. With a focus on the European Union, this doctoral dissertation consists of two parts which make empirical and methodological contributions to the literature on forecasting real economic activity and on the analysis of business cycles in a boom-bust framework in the light of the EMU enlargement. In the first part, we tackle the problem of publication lags and analyse the role of the information flow in computing short-term forecasts up to one quarter ahead for the euro area GDP and its main components. A huge dataset of monthly indicators is used to estimate simple bridge equations. The individual forecasts are then pooled, using different weighting schemes. To take into consideration the release calendar of each indicator, six forecasts are compiled successively during the quarter. We find that the sequencing of information determines the weight allocated to each block of indicators, especially when the first month of hard data becomes available. This conclusion extends the findings of the recent literature. Moreover, when combining forecasts, two weighting schemes are found to outperform the equal weighting scheme in almost all cases. In the second part, we focus on the potential accession of the new EU Member States in Central and Eastern Europe to the euro area. In contrast to the discussion of Optimum Currency Areas, we follow a non-standard approach for the discussion on abandonment of national currencies the boom-bust theory. We analyse whether evidence for boom-bust cycles is given and draw conclusions whether these countries should join the EMU in the near future. Using a broad range of data sets and empirical methods we document credit market imperfections, comprising asymmetric financing opportunities across sectors, excess foreign currency liabilities and contract enforceability problems both at macro and micro level. Furthermore, we depart from the standard analysis of comovements of business cycles among countries and rather consider long-run and short-run comovements across sectors. While the results differ across countries, we find evidence for credit market imperfections in Central and Eastern Europe and different sectoral reactions to shocks. This gives favour for the assessment of the potential euro accession using this supplementary, non-standard approach.

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Dissertations / Theses on the topic 'Financial sector credit'

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