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Modelo de previsão de insolvência de concessionárias de ferrovias no Brasil

Carneiro, João Marcelo
Fonte: Universidade de Brasília Publicador: Universidade de Brasília
Tipo: Dissertação
Português
Relevância na Pesquisa
16.47%
Dissertação (mestrado)—Universidade de Brasília, Faculdade de Tecnologia, Departamento de Engenharia Civil e Ambiental, 2011.; O transporte ferroviário de cargas é o modo de transporte que representa algo em torno de 25% da carga transportada no país. Atualmente, existem no Brasil, doze concessões federais de transporte ferroviário. A preservação do equilíbrio econômico-financeiro da concessão é condição necessária para que logre êxito. Na tentativa de se evitar futuros dissabores, tanto para a concessão quanto para seus usuários, aconselha-se avaliar o desempenho econômico-financeiro da concessão com regularidade. A literatura sugere que a avaliação seja feita por meio dos chamados modelos de previsão de insolvência, os quais se apóiam em indicadores econômico-financeiros. O atual marco regulatório das concessões ferroviárias omite a forma de averiguação do desempenho econômico-financeiro do ente regulado. Esta dissertação visa preencher essa lacuna, oferecendo um método para averiguar o desempenho das concessões. Para tanto, o sistema ferroviário brasileiro foi caracterizado por meio da apresentação de seu histórico e de um panorama das atuais concessões ferroviárias. Também foram descritas as teorias e alguns modelos de previsão de insolvência elaborados por autores brasileiros. Quanto ao método proposto nesta dissertação...

“No Way Out” : The Lack of Efficient Insolvency Regimes in the MENA Region

Uttamchandani, Mahesh
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
46.74%
This paper provides a comparative summary of the payout phase of insolvency systems in the MENA Region. Countries in the region generally have weaker restructuring and liquidation systems than those in most other regions. The paper summarizes many of the weaknesses common across the region.

Eighth Joint Multinational Judicial Colloquium

UNCITRAL; INSOL; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
36.66%
The eighth joint UNCITRAL/INSOL/World Bank multinational judicial colloquium was held in Vancouver, Canada on 20-21 June 2009. Over 80 judges and government officials attended from some 40 states, representing a broad range of practical experience and perspectives, particularly with respect to cross-border insolvency, from diverse legal systems. The colloquium provided a widely-welcomed opportunity for judges to have contact with each other and to further their understanding of the various national approaches to cross-border insolvency cases. A number of judges attending had not attended previous colloquia.

Democracy, Market Economics and Development : An Asian Perspective

Igbal, Farrukh; You, Jong-Il
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
Relevância na Pesquisa
16.03%
The book contains a selection of papers presented at the Conference on Democracy, Market Economy, and Development, whose objective was to examine the extent of which democracy is important to the achievement of sustainable development. While it is widely accepted that economic freedom, as ensured broadly by the operation of the economy according to market, or laissez-faire principles, is a critical determinant of development, the role of political freedom, as ensured broadly by the practice of democracy, is less well understood. The papers focus largely on the experience of East Asia in recent years, featuring: democracy and the market economy, emphasizing both politics, and economics as essential to improve the lives of citizens; democracy and social justice, as intrinsic to development, arguing that rights and liberties are best conveyed by the democratic system of governance; participation, as fundamental to democracy and development, for it is the practice of democracy that is most critical to the long-term sustainability of development; liberal participatory democracy...

Kosovo : Economic and Social Reforms for Peace and Reconciliation

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
16.27%
The report discusses the principal economic, and social reform policy tasks, Kosovo is facing, following the decade-long losses due to civic exclusion of a major part of its ethnic population, the absence of investments, and the neglect of physical, and human capital, a period which culminated in the 1999 conflict. It intends to inform on the framework of the United Nations Interim Administration in Kosovo, i.e., the consolidation of peace, by fostering social reconciliation, towards achieving sustainable economic growth in the province. The key challenges to the political economy address: 1) the formulation of a sustainable budget, increasingly financed through local taxation, hence, with reduced reliance on external donor support. Fiscal institutions need to be developed to ensure efficient public spending; 2) the establishment of trade liberalization, and a customs regime, to increase the potential for growth, and exports, allowing as well to benefit from the arrangements fostered by the Stability Pact...

Governance of State Owned Enterprises and Public Agencies in the Islamic Republic of Mauritania; Gouvernance du secteur parapublic en Republique Islamique de Mauritanie

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Report; Economic & Sector Work; Economic & Sector Work :: Public Expenditure Review
Português
Relevância na Pesquisa
16.27%
This study analyzes the governance framework of the business portfolio of Mauritanian institutions and government agencies and offers avenues for reform. The report begins with an overview of the scope of work and performance of the portfolio mentioned using the term Para-Statal sector and identifies the main challenges represented by this sector. It then analyzes the governance framework of Para-statal sector of Mauritania through comparative references from the guidelines of the OECD. The diagnosis includes an analysis of the legal framework, the supervisory function, risk monitoring budget and performance in terms of delivery of services, advice to administration, transparency and dissemination of information. The report closes with a detailed and sequenced action plan compiled from observations in the diagnosis and offers a series of suggestions for appropriate reforms to the institutional context of Mauritania. The action plan focuses primarily on strengthening the monitoring of risk of the budget and proposes ways of sequenced reforms taking into account both international examples and the Mauritanian context.

Moldova Financial Sector Assessment Program; Insolvency and Creditor/Debtor Regimes--Report on the Observance of Standards and Codes

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Report; Economic & Sector Work :: Financial Sector Assessment Program; Economic & Sector Work
Português
Relevância na Pesquisa
46.75%
The World Bank assessed the insolvency and creditor or debtor regimes (ICR) of Moldova pursuant to the joint international monetary fund (IMF) and World Bank initiative on the observance of standards and codes (ROSC). The Moldovan authorities have made remarkable progress over the last decade in taking on board a broad range of reform related to the commercial law regime, including the laws pertaining to creditor protection and insolvency. Loans are often over collateralized, reducing available credit and increasing the incentives for lenders to rely primarily on their collateral for repayment rather than to support restructuring efforts. The secured transactions regime requires improvement, importantly regarding the facilitation of important credit instruments over category of assets. The rules aimed at encouraging good corporate behavior at times of financial distress may be improved and obstacles on insolvency filing by creditors removed to ensure timely filing of insolvency proceedings. There are also certain risks to creditor rights...

Bangladesh : The Experience and Perceptions of Public Officials

Mukherjee, Ranjana; Gokcekus, Omer; Manning, Nick; Landell-Mills, Pierre
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
16.27%
This report summarizes the responses of Bangladeshi Class I (highest level) public sector officials to a survey seeking opinions on a number of civil service issues, from personnel management practices to rewards and disciplinary actions, and from employees' sources of income to the budget environment and procurement processes. Survey results show instances in Bangladesh's civil service where professional conduct is perceived to be sacrificed at the expense of personal and political concerns. Surveyed officials express a concern over patronage appointments in the recruitment of Class III and IV staff and unfavorable postings and transfers at the higher level. Corruption, insufficient budgetary allocation, and unpredictable budgets are identified as key impediments to achieving organizational objectives. The report utilizes the survey data to test prior assertions against the survey data. Data is analyzed to establish that institutions do matter for accountability; to explore an empirical association between elements of institutional environment and accountability; and to generate potential accountability payoffs for certain reform interventions. The analyzes show that reduced interference by politicians from outside and within the organizations...

Financial Sector Assessment Program : Nigeria - Banking Cross-Border Issues

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
Relevância na Pesquisa
26.03%
The introduction of new much higher minimum capital requirements and the subsequent banking sector consolidation created a platform for Nigerian banks to expand within the region and more globally. After capitalization, several Nigerian banks found themselves with large amounts of capital while there was an environment of uncertainty about the situation in Nigeria in the aftermath of the 2009 Nigerian banking crisis. This together with new market expansion opportunities gave an impulse to a number of Nigerian banks to quickly expand within West and Central Africa, as well as more globally. The global crisis itself provided Nigerian banks with opportunities to expand within Sub-Saharan Africa (SSA). With Nigerian banks' presence in many countries in the region and more globally, the Central Bank of Nigeria (CBN) needed to overhaul its traditional supervisory practices and embark on rigorous supervision of its banks on a consolidated basis taking into account all their subsidiaries and branches abroad-a task with which even advanced supervisors still struggle. This note focuses on issues of cross-border coordination and provides policy recommendations that could be taken into consideration by the CBN. Section two provides a brief description of the expansion and cross-border liquidity flows of some Nigerian banks. Section three focuses on issues related to supervisory cross-border coordination. Section four offers some recommendations. Several Nigerian banks have expanded abroad...

Report on the Treatment of the Insolvency of Natural Persons

Insolvency and Creditor/Debtor Regimes Task Force
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
56.75%
This report addresses the insolvency of natural persons following this structure: a first part introduces the objectives and nature of the report, deals with general issues, and describes the foundations of a system for the treatment of the insolvency of natural persons. The second part of the report analyzes the core legal attributes of system for the treatment of the insolvency of natural persons: within this system, the most relevant questions are analyzed in depth, namely the design of the system and the institutional framework, access to the system, the participation of creditors, the solutions to the insolvency process, and discharge. The main objective of this report is to provide guidance on the characteristics of an effective insolvency regime for natural persons and on the opportunities and challenges encountered in the development of such a regime. In this regard, the report raises awareness about the importance of a regime for the treatment of the insolvency of natural persons, and explores the advantages and disadvantages of the solutions to the numerous practical issues that have to be confronted in the design of an insolvency regime for natural persons.

A hipótese da instabilidade financeira e o encontro de Minsky com a economia brasileira : a experiência das corporações nacionais nos anos 2000 e o caso da Sadia na crise de 2007/2008; The financial instability hypothesis and Minsky's link with brazilian economy : the experience of national corporations in 2000's and Sadia's case at crisis 2007/2008

Luma Souza Ramos
Fonte: Biblioteca Digital da Unicamp Publicador: Biblioteca Digital da Unicamp
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 28/07/2014 Português
Relevância na Pesquisa
16.03%
A partir de 2003-2004, inaugurou-se um novo ciclo conjuntural virtuoso na economia brasileira. Ao longo da conjuntura de expansão, as perspectivas e performances dos agentes nacionais se diferenciaram, aproveitando um leque mais amplo de oportunidades que se abriu. As corporações brasileiras utilizaram as melhorias no cenário interno e externo para aprimorar os seus parques industriais, os modelos de gestão, as estratégias concorrenciais e as estruturas patrimoniais. Elas também intensificaram os investimentos em participação e aquisição de outras corporações; direcionaram seus esforços rumo ao crescimento das operações, à diversificação, à sofisticação das aplicações financeiras e à internacionalização das plantas produtivas. Nesse cenário, destaca-se um episódio singular para a economia do Brasil: um conjunto de empresas não-financeiras nacionais apresentaram perdas importantes e se encontraram em situações de de ausência de liquidez e, em alguns casos, insolvência e que, por conseguinte, deram origem à reestruturações organizacionais. Aproximadamente duzentas empresas, segundo dados do BNDES (2011), estavam operando com alta alavancagem no mercado de câmbio e especulando por uma apreciação do real frente ao dólar...

Regulatory Capital Modelling for Credit Risk

Rutkowski, Marek; Tarca, Silvio
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 02/12/2014 Português
Relevância na Pesquisa
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The Basel II internal ratings-based (IRB) approach to capital adequacy for credit risk plays an important role in protecting the Australian banking sector against insolvency. We outline the mathematical foundations of regulatory capital for credit risk, and extend the model specification of the IRB approach to a more general setting than the usual Gaussian case. It rests on the proposition that quantiles of the distribution of conditional expectation of portfolio percentage loss may be substituted for quantiles of the portfolio loss distribution. We present a more economical proof of this proposition under weaker assumptions. Then, constructing a portfolio that is representative of credit exposures of the Australian banking sector, we measure the rate of convergence, in terms of number of obligors, of empirical loss distributions to the asymptotic (infinitely fine-grained) portfolio loss distribution. Moreover, we evaluate the sensitivity of credit risk capital to dependence structure as modelled by asset correlations and elliptical copulas. Access to internal bank data collected by the prudential regulator distinguishes our research from other empirical studies on the IRB approach.; Comment: arXiv admin note: text overlap with arXiv:1412.0064

The Political Economy of Public Credit

Salsman, Richard Michael
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Dissertação
Publicado em //2012 Português
Relevância na Pesquisa
16.25%

This dissertation critically examines predominant political-economic theories of public credit and public debt in light of the origins, development, and recent record expansion in such debt. Using a "history of thought" approach, I focus on those aspects of theory, from three main schools of thought - Classical, Keynesian, and Public Choice - which seek to explain the evolution of public debt, its political-economic causes and effects, the meaning of sustainability in public debt burdens, and the conditions under which governments are likely to monetize or repudiate their debts. For empirical context, I also provide three centuries of data on public debt for major nations, relative to their national income, and government bond-yield data for more recent decades.

There is value in classifying the major political economists who have examined public credit and public debt since 1700 as "pessimists," "optimists" or "realists."

Public debt pessimists argue that government provides no truly productive services, that its taxing and borrowing detract from the private economy, while unfairly burdening future generations, and that high and rising public leverage ratios are unsustainable and will likely cause national insolvency and long-term economic ruin. When public debts become excessive or un-payable...

Avaliação da aplicabilidade de um modelo de credit scoring com varíaveis sistêmicas e não-sistêmicas em carteiras de crédito bancário rotativo de pessoas físicas; An evaluation on the applicability of a credit scoring model, with systemic and non-systemic variables in revolving bank credit portfolio for individuals

Santos, José Odálio dos; Famá, Rubens
Fonte: Universidade de São Paulo. Escola de Economia, Administração e Contabilidade Publicador: Universidade de São Paulo. Escola de Economia, Administração e Contabilidade
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; ; ; ; Formato: application/pdf
Publicado em 01/08/2007 Português
Relevância na Pesquisa
26.39%
As concessões de crédito rotativo às pessoas físicas (cheque especial e cartão de crédito) vêm crescendo significativamente nos últimos anos, o que, em parte, é explicado pela relativa estabilização da economia, maior geração de empregos e êxito no controle da inflação - fatores que interferem diretamente na capacidade de pagamento dos tomadores. Paralelamente, observa-se uma maior exposição histórica dos Bancos ao risco de inadimplência, ou seja, o do não-recebimento (parcial ou total) de créditos rotativos utilizados pelas pessoas físicas. Considerando o tamanho e a importância desse mercado aos grandes Bancos Comerciais e a economia como um todo, direciona-se essa pesquisa para: 1. detalhar os processos de análise subjetiva e objetiva de crédito realizada pelos principais Bancos privados nacionais; 2. abordar a função seletiva das taxas de juros em créditos rotativos; 3. destacar as principais características dos modelos de credit scoring e 4. propor um modelo de credit scoring para créditos rotativos composto por variáveis sistêmicas e não-sistêmicas, direcionado à redução do risco de inadimplência. A aplicabilidade do modelo proposto de credit scoring em uma amostra extraída da carteira de crédito de pessoas físicas de um importante Banco Comercial privado nacional de médio porte (Banco X - nome fictício)...