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Regulação financeira, poder no mercado e crise financeira; Financial Regulation, Market Power and Financial Crisis

Ribeiro, Ivan César
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 10/12/2012 Português
Relevância na Pesquisa
36.28%
Os bancos nunca foram tão grandes como depois da Crise de 2008. No momento de maior pânico, logo após a quebra do Lehman Brothers, autoridades do mundo inteiro autorizaram fusões e aquisições antes vetadas. Era preciso garantir a estabilidade do sistema financeiro alegava-se e tentar preservar a concorrência nesse instante apenas aumentaria o pânico. O Brasil não ficou imune a esse movimento. Fusões como a do Itaú com o Unibanco e aquisições como a da Nossa Caixa pelo Banco do Brasil levaram o setor a um grau de concentração nunca visto antes. A discussão entre o Conselho Administrativo de Defesa Econômica (CADE) e o Banco Central, sobre quem deve julgar tais concentrações, faz parecer que existe uma contradição entre a disciplina constitucional da defesa da concorrência e a garantia da segurança e estabilidade das instituições financeiras. O resultado é a proliferação de instituições hipertrofiadas, os megabancos, em prejuízo desses mesmos princípios da ordem concorrencial estabelecidos constitucionalmente. Os principais argumentos em favor dos megabancos seriam, primeiro, o de que as rendas derivadas de poder no mercado que estes auferem (o chamado valor de franquia) formaria um colchão que aumentaria a sua resistência no caso de choques como o de 2008. Em segundo lugar...

Instrumentos de avaliação de desempenho estratégico : um estudo na indústria hoteleira

Barreira, António Maria Furtado de Antas
Fonte: Instituto Superior de Economia e Gestão Publicador: Instituto Superior de Economia e Gestão
Tipo: Dissertação de Mestrado
Publicado em /10/2011 Português
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46.22%
Mestrado em Ciências Empresariais; A realização de constantes avaliações do desempenho estratégico e os ajustamentos às estratégias são, cada vez mais, um factor chave do sucesso das empresas. O recurso a sistemas de avaliação de desempenho estratégico torna-se então fundamental uma vez que estes disponibilizam uma ferramenta de controlo do processo estratégico. Devido à crescente preocupação por parte das organizações com os activos intangíveis, foi então necessário recorrer a sistemas de avaliação actuais, que considerem medidas não financeiras de desempenho. Alguns desses sistemas mais conhecidos são o Balanced Scorecard e o Tableaux de Bord. O objectivo principal deste trabalho é conhecer quais os instrumentos/sistemas de avaliação de desempenho estratégico utilizados na indústria hoteleira. A partir de um questionário realizado a hotéis de quatro e cinco estrelas do distrito de Lisboa pretendia-se ainda averiguar de que forma é realizada a gestão estratégica, mais concretamente o tipo de indicadores utilizados na gestão dos hotéis. Caso o Balanced Scorecard fosse o sistema adoptado pela unidade hoteleira, procurava-se analisar de que forma este era utilizado e ainda os benefícios por ele proporcionados. Com este estudo foi possível concluir que o Tableaux de Bord é o sistema mais utilizado neste universo da indústria hoteleira enquanto o Balanced Scorecard tem uma adesão ainda reduzida...

The Korean Financial Crisis of 1997 : Onset, Turnaround, and Thereafter

Lee, Kyu-Sung
Fonte: World Bank Publicador: World Bank
Português
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36.33%
This book chronicles how Korea dealt with and overcame the crisis over time. The book is organized into eleven chapters. Chapter one outlines the troubling financial market conditions at home and abroad before the crisis. Chapter two then delves into the origin of the crisis and offers analyses on the shortcomings of the Korean economy and the instability of the international financial system. In chapter three, policy measures the government executed in the wake of the onset of the crisis are described and analyzed. Chapter four probes the steps taken to reduce the risk of sovereign insolvency in the face of the cool market reaction to the initial package of crisis response measures announced by the International Monetary Fund in December 1997. Chapter five describes the background within which the government established the institutional framework necessary for corporate, financial, and labor market restructuring between December 1997 and April 1998. The government efforts to secure additional foreign currency liquidity through the markets and to devise initiatives to counter the massive unemployment are discussed in detail. In chapter six...

Countercyclical Financial Regulation

Ren, Haocong
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
36.28%
The global financial crisis has focused much attention on procyclicality, particularly in the context of a macroprudential framework. This paper reviews a set of prudential measures that can be adopted by national authorities to deal with procyclicality and discusses issues in designing and implementing such measures. For developing countries, in addition to some general considerations on policy design and implementation, a range of issues may warrant special attention. These include the balance between financial stability and financial development objectives, selection and calibration of policy instruments according to national circumstances and taking into account data limitations and capacity constraints as well as other practical challenges, and continued efforts to improve supervisory independence, supervisory powers and analytical capacity and to ensure adequate resources in order to perform the required tasks. Given the limited practical experience with countercyclical prudential measures, developing countries (as well as developed countries) will have to ascend a learning curve and experiment with select instruments while carefully monitoring and evaluating their effectiveness over time before a framework matures.

Measures of Investor and Consumer Confidence and Policy Actions in the Current Crisis

Dailami, Mansoor; Masson, Paul
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
36.27%
The current financial crisis has highlighted the danger that declines in confidence can have a self-fulfilling effect on economic activity. In this paper, the authors consider ways of measuring investor and consumer confidence, and try to explain the evolution of confidence using measures of financial volatility, investment performance, macroeconomic outcomes, and policy actions. They identify a link between investor and consumer confidence. Finally, they show that liquidity provision and easing of interest rates had only a limited effect on financial market spreads during the crisis, arguing for additional measures to address the loss of confidence. The paper focuses on the need for financial regulatory reform, and shows how the incentives to cooperate in this area are stimulated by a common shock to confidence.

Vietnam : Country Financial Accountability Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
36.3%
Vietnam is in the process of reforming its economy, adopting market economy mechanisms, and integrating into the world economy. Like a number of countries in the process of transition to a market economy, Vietnam faces challenges in improving its laws and regulations, strengthening its institutions, and buiding capacity to improve financial accountability. While it is difficult to attain quickly all the requirements of a market economy, it is possible to focus initially on a critical subset of these requirements and take a series of steps that are compatible with the Vietnamese environment. Such a gradual approach, currently being taken by the government, should lead to tangible achievements in financial accountability over time. Experience has shown that stand-alone measures to strengthen financial accountability are not effective. These need to be complemented by parallel measures that form part of a comprehensive reform adddressing issues such as human resources, compensation structure, performance measures...

Financial Development, Growth, and Poverty : How Close are the Links?

Patrick Honohan
Fonte: World Bank: Washington, DC Publicador: World Bank: Washington, DC
Português
Relevância na Pesquisa
36.31%
The causal link between finance and growth is one of the most striking empirical macroeconomic relationships uncovered in the past decade. As this branch of the literature matures, the focus shifts from growth to other aspects of economic prosperity, and from financial depth to multidimensional measures of financial development. The author reviews the evolution of the literature and contributes by: Showing that financial depth is negatively associated with headcount poverty, even after taking account of mean income and inequality. Illustrating the pitfalls in equating financial development with financial depth. Proposing alternative measures of financial development that, though summary, capture its multidimensional nature.

The Financial and Fiscal Impacts

Sato, Motohiro; Boudreau, Laura
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
46.21%
The Great East Japan Earthquake (GEJE) occurred against the backdrop of a struggling economy and public finance system under stress, implying an exceptional fiscal cost and imposing a fiscal management challenge to the Government of Japan (GoJ). In response, the government committed to a full-scale national initiative that has evinced its ability to quickly mobilize short- term liquidity but leaves in question its reliance on debt issuance and taxation measures to finance longer-term reconstruction. This note examines the fiscal costs of the event, the financial measures taken by the GoJ to fund these expenses, and the fiscal implications of these actions. Lessons learned and recommendations for developing countries are distilled from this discussion. In the aftermath of the event, the GoJ announced a full-scale national response in which the government would support: 1) rebuilding disaster-resilient regions, 2) restoring the livelihoods of the disaster-affected population, and 3) reviving the local economy and industry. To finance this approach...

Dealing with the Challenges of Macro Financial Linkages in Emerging Markets

Canuto, Otaviano; Ghosh, Swati R.
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
Relevância na Pesquisa
36.29%
The 2008 financial crisis has highlighted the challenges associated with global financial integration and emphasized the importance of macro financial linkages. In the financial sector, attention is being directed toward macro prudential regulations that are geared toward the stability of the financial system as a whole. The Third Basel Accord (Basel III) aims to dampen the pro-cyclicality of the financial sector and to reduce cross sectional systemic risks partly by introducing measures to address liquidity and issues of banks being too big to fail. In the macro arena, the facts that price stability was not sufficient to guarantee macroeconomic stability and that financial imbalances developed despite low inflation and small output gaps have highlighted the need for additional tools (macro prudential policies) to complement monetary policy in countercyclical management. Emerging markets face different conditions and have key structural features that can have a bearing on the relevance and efficacy of the measures. The chapters in this volume discuss the challenges of dealing with macro financial linkages and explore the policy toolkit available for dealing with systemic risks with particular reference to emerging markets. This report is organized as follows: chapter one is adapting macro prudential approaches to emerging and developing economies; chapter two is adapting micro prudential regulation for emerging markets; chapter three presents capital flow volatility and systemic risk in emerging markets: the policy toolkit; chapter four presents monetary policy and macro prudential regulation: whither emerging markets; chapter five deals with macro prudential policies to mitigate financial vulnerabilities in emerging markets; chapter six presents sailing through the global financial storm; and chapter seven presents operation of macro prudential policy measures.

Learning from Financial Crises

Lim, Jamus Jerome; Minne, Geoffrey
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
36.26%
This paper considers the question of whether international banks learn from their previous crisis experiences and reduce their lending to developing countries in the event of a financial crisis. The analysis combines a bank-level dataset of bank activity and ownership with country-level data on the stock of historical crisis events between 1800 and 2005. To circumvent selection and endogeneity concerns, the paper exploits temporal variations in the relative recency of crises as instruments for crisis experience. The results indicate that foreign banks with greater crisis experience reduced their lending significantly more relative to other foreign banks, which can be interpreted as evidence in favor of a learning effect. The findings survive robustness checks that include alternative measures of crisis experience, additional controls, and decompositions into different types of crises. The question of learning is also examined from the perspective of other measures of bank performance.

Financial Sector Assessment : Vietnam

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
36.25%
Vietnam has achieved remarkable progress since the start of its transition from a centrally planned economy in the mid-1980s. The Economic Renovation Policy announced in December 1986 marked the transition from a centrally planned economy to a mixed economy with greater reliance on markets and increased participation of private financial and non-financial institutions. These reforms contributed to an impressive performance in the last two decades, since 1990 the annual GDP growth has exceed 7 percent and per capita income has increased three-fold. This Financial Sector Assessment Program (FSAP) provides a broad set of policy recommendations that can be used to operationalize the SEDP and the banking restructuring program. The recommendations fall into three groups: (i) a plan to work out the large stock of existing NPLs; (ii) measures to ensure sound new flows of finance and prevent the accumulation of additional NPLs; and (iii) a set of policy steps designed to protect the financial sector during the envisaged reform period. For each group of measures...

Republic of Korea Financial Sector Assessment Program Technical Note : Crisis Preparedness and Crisis Management Framework

International Monetary Fund; World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
36.35%
Korea experienced a financial crisis in the late 1990s, which it overcame successfully. The rich experiences gained in handling past crises have helped in the establishment of a broad crisis management framework in Korea. The successful management of the 1997 financial crisis is reported to have been guided by the following principles: (i) bold and decisive measures are required to regain market confidence, rather than incremental ones; (ii) though Government will take the lead in crisis management initiatives, private capital should be encouraged to fully participate in the process; (iii) bank recapitalization and creation of a bad bank are not mutually exclusive options; the crisis management measures should be politically acceptable and have built-in exit strategies with clear time-frames; (iv) moral hazard should be minimized; and (v) all forms of financial protectionism must be rejected. Korea responded to the 2008 global financial crisis with certain policy measures that helped the Korean financial and real sectors to weather the immediate effects of the global crisis. These included policy and financial support to stabilize the money...

On the relationship between financial measures and contractor pricing strategy: Empirical tests in the defense aerospace industry

Moses, O. Douglas
Fonte: Monterey, California. Naval Postgraduate School Publicador: Monterey, California. Naval Postgraduate School
Tipo: Relatório
Português
Relevância na Pesquisa
46.13%
This report includes two separate but related empirical studies of the relationship between financial measures for defense aerospace contractors and pricing strategies adopted by contractors. Two pricing strategies are identified: skimming and penetration. Collectively the findings indicate that the adoption of a particular pricing strategy is associated with the financial condition of the contractor as reflected in measures of risk, asset utilization and organizational slack. Keywords: Financial ratios; Hypothesis; Correlation; Multiple; Regression tests; Price reduction; Organizational Decision making; Variables.)

The Austrian Legal Measures in course of the Financial Turmoil

Putzer, Alexander
Fonte: Universidad de Alcalá de Henares. Servicio de Publicaciones Publicador: Universidad de Alcalá de Henares. Servicio de Publicaciones
Tipo: Artigo de Revista Científica Formato: application/pdf
Português
Relevância na Pesquisa
36.35%
I. INITIAL POSITION. II. A EUROPEAN FRAMEWORK IN THE FIELDS OF COMPETITION LAW. III. OVERVIEW OF THE LEGAL MEASURES AGAINST THE FINANCIAL TURMOIL. IV. LIQUIDITY CARE (IBSG): 1. Measures of liquidity care. 2. Austrian Clearingbank AG. 3. Guarantees for debentures. 4. Stipulation of a time of the IBSG. V. RE-CAPITALISATION (FINSTAG): 1. Measures of re-capitalisation. 2. Instrument of the FinStaG. 3. Conditions and requirements for the re-capitalisation and also for emission liability accoding to the IBSG. VI. COMMON ASPECTS OF THE IBSG AND THE FINSTAG. VII. DEPOSIT-GUARANTEE: 1. Recent changes. 2. Future of deposit-guarantee. VIII. OTHER ACCOMPANYING MEASURES: 1. Authorization of the Financial Market Authority to the order of a capital add-on. 2. Empowerment of the Financial Market Authority on the regulation of short sales. 3. Reporting obligations of the Financial Market Authority regarding the FinStaG. 4. Amendment of valuation rules in the Insurance Supervisory Act. 5. Future-oriented investor-compensation. IX. THE SPANISH REGULATIONS IN COMPARISON. 1. Overview. 2. Fund for Acquisition of Financial Assets from Financial Institutions. 3. Guarantee Scheme for Credit Institution. 4. Deposit-Guarantee and Investor-Compensation Scheme. 5. Conclusion. X. INTERNATIONAL REGULATORY OUTLOOK AFTER THE FINANCIAL TURMOIL: 1. Rating Agencies. 2. Deposit-Guarantee. 3. Tax Havens. XI. CONCLUDING REMARK.; En muchos países se ha puesto de manifiesto que para poder superar de forma rápida y eficiente la crisis del mercado financiero era necesaria la intervención estatal. Con el objetivo de evitar daños a la economía austriaca...

Navy flying clubs management control systems and performance measures

Knepel, Aaron R.
Fonte: Monterey, California. Naval Postgraduate School Publicador: Monterey, California. Naval Postgraduate School
Tipo: Tese de Doutorado Formato: xii, 63 p.
Português
Relevância na Pesquisa
46.2%
Approved for public release, distribution is unlimited; The Monterey Navy Flying Club has undergone tremendous change in the last decade by sustaining a painful downsizing due to the closure of Fort Ord and the substantial reduction in number of members, flight hours, aircraft, and staff. During the peak period when Fort Ord was open the volume of members and flight hours allowed informal short-term planning to fulfill all the clubs financial needs. Additionally, the club had an ample supply of surplus military aircraft along with significant free parts support. Currently, the club has depleted its supply of free parts support and is now faced with the dilemma of whether or not to keep one T-34 in compliance with an expensive Airworthiness Directive. The clubs current financial control measures are do not provide insight into the financial health of the organization. MWR provides financial statements but there is currently no analysis of the statements. The focus has been on short-term thinking that has led to other Navy Flying Clubs disbanding and aircraft that are otherwise airworthy being grounded due to insufficient funds to overhaul components. Monterey Navy Flying Club has been living in the short-term management mode and is still struggling to settle into its new environment of fewer members and aircraft. Navy Flying Clubs need to start assessing their maintenance and aircraft replacement needs and budgeting accordingly. Today the clubs have no plans to pay for replacement aircraft when the current aircraft become unserviceable. Monterey Navy Flying Club's focus has remained short term throughout this turbulent period. They have data to analyze...

Bolivia Financial Sector Notes : Assessing the Sector's Potential Role in Fostering Rural Development and Growth of the Productive Sectors

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
Relevância na Pesquisa
36.28%
Bolivia benefited from an overall favorable economic evolution in the last few years, supported by sound macro-economic indicators. Yet, economic growth was unevenly distributed between the sectors, with particularly extractive industries, construction and financial services showing higher real growth rates, while agriculture and manufacturing fell behind. This is an area of concern for the government which-as manifested in the new constitution-aims to foster a more balanced and equitable growth. In its reform measures, it places a particular focus on developing the rural areas, in which a large share of the indigenous population lives, and on the productive sector (agriculture, forestry, manufacturing and extractive), which provides the livelihood for a substantial number of poor people. This paper aims to contribute to the discussion and on-going reform efforts by providing an evaluation of the role the financial system could play for enhancing growth in rural areas and the productive sector without threatening the sector's stability. It also endeavors to update the Bank's knowledge on the financial sector...

Peru : Diagnostic Review of Consumer Protection and Financial Literacy

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Financial Accountability Study
Português
Relevância na Pesquisa
36.24%
The diagnostic review for consumer protection and financial literacy (CPFL) provides a detailed assessment of the institutional, legal, and regulatory framework for consumer protection in four segments of the financial. A World Bank (WB) mission visited Peru from March 18 to 27, 2013 to prepare the review. The objectives of the CPFL review were: (i) to assess the existing consumer protection and financial literacy framework by reviewing laws, regulations, and practices in Peru compared to international good practices; and (ii) to provide recommendations on ways to improve the level of financial consumer protection and financial literacy in Peru. It seeks to identify key measures in strengthening financial consumer protection, with the ultimate aim of increasing the availability and transparency of financial information, helping build consumers' trust in the financial sector, and expanding their capacity to wisely use financial services. The review addresses the following issues: (1) institutional arrangements...

Cambodia : Study on Access to Financial Services for Small and Medium Agribusiness Enterprises in Cambodia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Financial Sector Study
Português
Relevância na Pesquisa
46.1%
Agriculture has been a mainstay of the Cambodian economy. It has seen significant growth throughout the 2000s and showed a significant resilience against external shocks during the 2008-09 economic and financial crises. Agribusiness enterprises do not operate in isolation from the rest of the economy. The state of production of agricultural raw materials, the state of the financial sector, and the nature of the financial sector's engagement with the real sector activities, as well as broader issues that affect private sector development all impact the development of the agribusiness sector. The current study seeks to analyze some of these linkages. It focuses specifically on the role the financial sector has played in the growth and development of the agribusiness sector. The study builds on the existing analytical work on agricultural and small and medium enterprise (SME) finance in Cambodia. The study was carried out in three major phases. The first phase was to determine a methodology to gather new information on linkages between agribusinesses and financial institutions. The second phase involved a survey of financial institutions (banks...

Financial literacy, financial behaviour and individuals' over-indebtedness

Santos, Elisabete; Abreu, Margarida
Fonte: ISEG. Departamento de Economia Publicador: ISEG. Departamento de Economia
Tipo: Outros
Publicado em //2013 Português
Relevância na Pesquisa
36.22%
This work analyses the impact of financial literacy and financial behaviour of individuals on the likelihood of over-indebtedness, controlling for socioeconomic factors, the type of mortgage and the event of a negative income shock. Using the data from the 2009 National Financial Capability Study of the United States, we consider three self-reported measures of over-indebtedness: financial distress, arrears and foreclosure. Using the data from the National Financial Capability Study carried out in the United States in 2009, we have defined three measures of over-indebtedness – financial distress, arrears and foreclosure -, and constructed a financial literacy index and a financial behaviour index. The financial literacy index is constructed using questions on the compounding of interest rate, inflation, bonds and stocks, mortgage payment and risk diversification. The financial behaviour index is based on questions concerning individuals’ financial choices related with budget management, savings, bank accounts, credit, insurance and financial advice. Results show that gender matters for the intensity of over-indebtedness. Men have higher probability of experience financial distress or being in arrears but have lower probability of getting involved in a foreclosure process. In addition to the impact of socioeconomic factors...

A marketing perspective on the impact of financial and non-financial measures on shareholder value

Terblanche,Nic S; Gerber,Charlene; Erasmus,Pierre; Schmidt,Delia
Fonte: South African Journal of Economic and Management Sciences Publicador: South African Journal of Economic and Management Sciences
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/01/2013 Português
Relevância na Pesquisa
56.29%
The pressure for financial accountability contributed to widespread concern about the function of marketing within the company. Consequently, marketers have become preoccupied with measuring the performance of marketing activity. Diverse financial and non-financial methods have been developed to provide evidence of how marketing activity impacts on the bottom line. This article proposes an approach whereby financial and non-financial performance measures are combined to measure the contribution of marketing to sales. Secondary data from two retail brands within the same industry were analysed whereby actual accounting data were adjusted to examine the link between marketing expenditures, specifically with regard to the 4Ps (typical non-financial measures), and sales. The results of the time series regression showed that the nature of the relationship between marketing expenditures and sales is dependent largely on the product characteristics. The link between marketing and sales depicted serves as a starting point from which to build a more robust measurement tool incorporating financial and non-financial marketing performance measures that will serve to justify investment in the marketing of a brand.