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Os mútuos dos sócios e acionistas na falência das sociedades limitadas e anônimas; The loans of partners and shareholders in the bankruptcy proceedings of limited liability partnerships and corporations

Costa, Patrícia Barbi
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 26/10/2009 Português
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Este trabalho propõe-se a analisar os mútuos como direitos creditórios dos sócios das sociedades limitadas e dos acionistas das sociedades anônimas na legislação nacional e o tratamento dado pela legislação falimentar brasileira a esses direitos de crédito, à luz dos mesmos conceitos existentes no Direito Comparado, especificamente na Alemanha e nos Estados Unidos da América. A eleição dos referidos dois países para a análise do Direito alienígena justifica-se porque: (i) a Lei de Insolvência Alemã (Insolvenzordnung InsO), de 5.10.1994, em vigor desde 1.1.1999 e editada em substituição à antiga legislação datada de 1877, que previa os institutos da falência e concordata de forma muito semelhante ao sistema falimentar brasileiro do Decreto-lei nº 7.661, de 21.6.1945 (Decreto-lei 7.661/45), veio a regulamentar os institutos da recuperação e liquidação de empresas, com objetivos também muito semelhantes aos da Lei nº 11.101, de 9.2.2005 (Lei de Recuperação de Empresas e Falências), tendo ainda passado por recente reforma em novembro de 2008; (ii) o Bankruptcy Code, que compõe o Título 11 do United States Code, em vigor desde a reforma inserida no sistema concursal norte-americano por meio do Bankruptcy Reform Act of 1978...

Same Sex Marriage, Full Faith and Credit, and the Evasion of Obligation

Singer, Joseph William
Fonte: Harvard University Publicador: Harvard University
Português
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Now that same sex marriages have been occurring in Massachusetts for almost a year, the issue of interstate recognition is no longer merely a theoretical issue. Most scholars have either argued that the full faith and credit clause does not mandate recognition of same sex marriages or that it does so for limited purposes or for marriages of Massachusetts residents but not nonresidents seeking to evade their restrictive home state marriage laws. This article argues that the full faith and credit clause should be interpreted to require interstate recognition of same sex marriages validly celebrated in Massachusetts and that Congress does not have the power to deny such recognition under the "effects thereof" language of the full faith and credit clause. Rather than focusing on the rights of same sex couples to have their valid Massachusetts marriages recognized elsewhere, we should focus on the obligations inherent in the marriage relationship. Both Congress and the majority of states have passed so-called Defense of Marriage Acts (DOMAs). If these laws are constitutional, they effectively authorize partners in same sex marriages to relocate to other states and evade their obligations as spouses and parents under Massachusetts law. Those states have made themselves havens for fleeing debtors. Using traditional and modern choice-of-law analysis...

How to Engage with the Private Sector in Public-Private Partnerships in Emerging Markets

Farquharson, Edward; Torres de Mastle, Clemencia; Yescombe, E.R.; Encinas, Javier
Fonte: World Bank Publicador: World Bank
Português
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26.43%
What transforms a desirable project on a government wish list to an attractive investment opportunity in the eyes of a potential private sector partner? This guide seeks to enhance the chances of developing effective partnerships between the public and the private sectors by addressing one of the main obstacles to the effective delivery of public-private partnership (PPP) projects: having the right information on the right project for the right partners at the right time. Data from the World Bank and the Public-Private Infrastructure Advisory Facility (PPIAF) private participation in infrastructure (PPI) project database indicate that private sector investment in infrastructure in developing economies grew steadily over the past decade. By 2007 the levels had finally surpassed the peak levels seen in 1997, the end of the previous growth spurt. This guide focuses specifically on what should be done, and when, in order to prepare projects to attract the right long-term private partners, procure their involvement, and manage the partnership. This guide is not a detailed project preparation manual; rather...

Credit Constraints and Investment Behavior in Mexico’s Rural Economy

Love, Inessa; Sanchez, Susana M.
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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36.44%
This paper uses two recently completed surveys of individual entrepreneurs (farmers and microentrepreneurs) and registered enterprises (agricultural and nonagricultural) operating in Mexico s rural sector to provide new evidence about the factors influencing the incidence of credit constraints and investment behavior. To measure the incidence of credit constraints, the authors use self-reported information on whether economic agents have a demand for loans, separating formal and informal markets. They define credit constraints as a situation where rural agents report an unsatisfied demand for loans (formal or informal), which originates from rural agents having projects that are too risky or from impediments hindering the ability of rural agents and lenders to reduce information asymmetries. The authors find that the self-reported demand for loans is low. Nevertheless, the incidence of credit constraints is pervasive, especially among individual entrepreneurs. The low use of loans has consequences for the amount of investments that occur in the rural economy...

Gross Inflows Gone Wild : Gross Capital Inflows, Credit Booms and Crises

Calderon, Cesar; Kubota, Megumi
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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The main goal of the paper is to examine whether surges in private capital inflows lead to credit booms. The authors built a quarterly database on gross capital inflows, credit to the private sector, and other macro-financial indicators for a sample of 71 countries from 1975q1 to 2010q4. Identifying credit booms is not trivial: they use different criteria implemented in the literature. The estimates suggest that: (i) Surges in gross private capital inflows are overall good predictors of credit booms. (ii) The likelihood of credit booms is higher if the surges in foreign flows are driven by private other investment inflows and, to a lesser extent, portfolio investment inflows. (iii) Surges in gross inflows are also good predictors of credit booms that end up in a financial crisis -- "bad" credit booms. This finding holds even after controlling for the appreciation of the local currency and the build-up of leverage. (iv) Bad credit booms are more likely to occur when surges are driven by other investment inflows. At best...

Indonesia Economic Quarterly FY13

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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The Indonesia economic quarterly reports on and synthesizes the past three months key developments in Indonesia s economy. It places them in a longer-term and global context, and assesses the implications of these developments and other changes in policy for the outlook for Indonesia s economic and social welfare. Its coverage ranges from the macroeconomy to financial markets to indicators of human welfare and development. It is intended for a wide audience, including policy makers, business leaders, financial market participants, and the community of analysts and professionals engaged in Indonesia s evolving economy. The near-term global economic outlook is fragile and emerging economies, including Indonesia, again face the risk of a potential crisis that is not of their making. The growth outlook for Indonesia s major trading partners (MTP), at 3.3 percent in 2012, remains relatively weak as increased Euro zone uncertainty adds to the ongoing drags on global growth from budget cutting and deleveraging in developed economies...

Strengthening Recovery in Central and Eastern Europe : EU11 Regular Economic Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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26.35%
Economic growth is expected to almost double in EU11 (Estonia, Latvia, and Lithuania, the Czech Republic, Hungary, Poland, the Slovak Republic, Bulgaria, Croatia, Romania and Slovenia) in 2014, and continue to strengthen in 2015. The northern countries of Estonia, Latvia, Lithuania will continue to be amongst the fastest growing countries in the EU, despite the negative impact of falling external demand as growth slows in their main trading partners. Croatia is the only country expected to remain in recession, for a sixth consecutive year, in 2014, as declining domestic demand continues to outweigh export growth. Recovery is expected to be gradual, with growth not reaching pre-crisis rates for some time. Inflation rates are expected to remain below targets during 2014, with some countries already experiencing deflation, but as global commodity prices stabilize, activity increases and output gaps diminish, inflation is expected to gradually rise. Fiscal consolidation will continue in 2014 and 2015, but at a more gradual pace than in the previous years. Economic growth forecasts in the EU11 are subject to multiple risks...

IFC Financials and Projects 2014 : Big Challenges, Big Solutions

International Finance Corporation
Fonte: Washington, DC: World Bank Group Publicador: Washington, DC: World Bank Group
Português
Relevância na Pesquisa
26.38%
International Finance Corporation (IFC or the Corporation) is the largest global development institution focused on the private sector in developing countries. Established in 1956, IFC is owned by 184 member countries, a group that collectively determines its policies. IFC is a member of the World Bank Group (WBG)1 but is a legal entity separate and distinct from IBRD, IDA, MIGA, and ICSID, with its own Articles of Agreement, share capital, financial structure, management, and staff. Membership in IFC is open only to member countries of IBRD. At the 2013 Spring Meetings, the WBG adopted two ambitious goals: to end extreme poverty by 2030 and to boost shared prosperity for the poorest 40 percent in developing countries. At the Annual Meetings in October 2013, the Board of Governors approved the first strategy for the WBG focused on delivery of transformational solutions, marshaling combined resources more effectively, and accelerating collaboration with the private sector and our development partners. IFC s strategic focus areas are: strengthening the focus on frontier markets; addressing climate change and ensuring environmental and social sustainability; addressing constraints to private sector growth in infrastructure...

Financial Mechanisms for Clean Energy in Small Island Developing States

World Bank Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Report; Economic & Sector Work; Economic & Sector Work :: Investment Climate Assessment
Português
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This report explores the potential financing mechanism options that can be employed to catalyze more private sector investment in clean energy (renewable energy and energy efficiency) in the small island developing states (SIDS). Various financial instruments that have been used successfully to date are described and placed in the context of the issues and constraints of the SIDS, with suggested options for discussion and follow up. Green infrastructure finance, as defined in the report, makes the important point that is the combination of financial and nonfinancial interventions and instruments that can make green investments in infrastructure more affordable and less risky to private sponsors, financial markets, and governments. The objective of this report is to identify and assess options that can help increase investment in renewable energy and energy efficiency in SIDS through the adoption and funding of financing mechanisms by SIDS and development partners with special attention given to the role that the private sector can play. Many renewable energy technologies are characterized by high initial capital costs with relatively low operating costs compared to thermal alternatives. By providing an analysis of options for a financing facility to catalyze renewable energy and energy efficiency...

Bhutan Country Economic Update : Accelerating Growth and Poverty Reduction

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Economic Updates and Modeling; Economic & Sector Work
Português
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26.4%
This report was prepared to help the Royal Government of Bhutan (RGoB) meet its felt need for more economic analysis and policy advice. It also seeks to provide information to a wider audience of development partners and interested parties. Over the past 25 years, Bhutan has been developing rapidly, pursuing sound economic policies, exploiting hydropower, and enjoying strong support from external development partners. Solid growth continues to raise per capita income and support improvements in social indicators. Through the prism of these four elements, this report seeks to contribute to the policy discussion by providing an integrative analysis and update of the Bhutanese economy, as well as developing a set of key recommendations and issues that warrant consideration or further study. Section two describes ongoing governance reforms, outlines the objectives articulated in Bhutan's Vision 2020 document and the Ninth Five-Year Plan (Ninth Plan), discusses the poverty reduction strategy, and notes progress towards meeting the millennium development goals. Section three examines recent economic developments...

Indonesia Economic Quarterly, March 2013 : Pressures Mounting; Perkembangan triwulanan perekonomian Indonesia : tekanan meningkat

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Economic Updates and Modeling; Economic & Sector Work
Português
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26.44%
Indonesia's economy continued to grow at a steady pace in the final quarter of 2012, taking full-year GDP growth to 6.2 percent. This was only a modest reduction from the 6.5 percent growth recorded in 2011, a resilient performance considering the weak global environment and unsettled financial market conditions which prevailed for much of the year. Looking ahead, Indonesia should be able to maintain a solid pace of growth, but there is no room for complacency, as a number of pressures are mounting which could move the economy off this trajectory. Global economic uncertainties remain elevated, Indonesia s investment growth has moderated and, as highlighted in the December 2012 IEQ, the quality of domestic policies is increasingly in focus, particularly in the run-up to the 2014 elections. Even if growth of 6.0 to 6.5 percent is maintained, there is a risk that, without more progress on policy reform and implementation, the opportunity could be missed to boost growth at a time when the economy is benefiting from a growing labor force and the agglomeration effects of urbanization. Future appointments to key economic policy roles...

Regional Trade Policy Options for Tanzania : The Importance of Services Commitments

Jensen, Jesper; Tarr, David G.
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
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Despite the growing importance of commitments to foreign investors in services in regional trade agreements, there are no applied general equilibrium models in the literature that assess these regional impacts. This paper develops a 52 sector applied general equilibrium model of Tanzania with foreign direct investment, and uses that model to assess Tanzania's regional and multilateral trade options. The model incorporates the features of the modern theory of international trade that has shown empirically that trade and foreign direct investment can increase productivity, and trade and foreign direct investment with technologically advanced countries is especially valuable for that purpose. To assess the sensitivity of the results to parameter values, the model is executed 30,000 times, and the results are reported as confidence intervals of the sample distributions. The analysis finds that a 50 percent preferential reduction in the ad valorem equivalents of barriers in all business services by Tanzania with respect to its African regional partners would be slightly beneficial for Tanzania. But wider liberalization...

IFC Annual Report 2011 : Volume 2. Financials and Projects

International Finance Corporation
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Annual Report; Publications & Research
Português
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As International Finance Corporation's (IFC's) annual report 2011 portrays, a robust and engaged private sector is a key factor in helping economies adjust to challenges, manage risks, and seize opportunities. The report highlights IFC's support for businesses and entrepreneurs while promoting, developing, and generating growth. This year, IFC provided nearly $19 billion in financing for private sector development, $6.5 billion of which was mobilized from partners. IFC is making important contributions to job creation connecting the private sector to investments across the agricultural value chain, in health services, education, and training. IFC has put a special emphasis on infrastructure investment, which can provide jobs today and growth tomorrow, and this year launched the infrastructure fund to help mobilize finance. This complements the advisory services provided by the infrastructure finance center of excellence, supported by the Bank Group and the Government of Singapore. IFC is also expanding its work in the poorest countries, post-conflict zones, and areas at risk. Its leadership in private sector development is reflected in IFC's deepening partnership with the Group of 20 on critical issues such as jobs, food security, and opportunities for small and medium enterprises. This year's world development report...

Briefing Book from Development Partners of Moldova; Note informative din partea partenerilor de dezvoltare ai Moldovei

World Bank Group
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Report; Economic & Sector Work; Economic & Sector Work :: Policy Note
Português
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The community of development partners in the Republic of Moldova would be honored to engage in the development policy dialogue with the new Government. This briefing book from development partners is offered as a first step in such a dialogue and is solely intended to assist the new Government by providing development partners views and proposals that it can use to the extent it considers useful and relevant. These recommendations are based on Moldova s existing policy orientations as set out in the National Development Strategy Moldova 2020, its international obligations, and the Association Agreement (AA) with the European Union (EU). Moldova made a formal commitment to accelerate the country s development by making it capital-intensive, sustainable and knowledge-driven. With a strategic framework outlining Moldova s development path in place, it is now critical to accelerate implementation of the reforms including those set out in the Association Agenda to move closer to the EU. Moldova faces significant risks in the financial sector...

Republic of Tajikistan - Country Economic Memorandum : Tajikistan’s Quest for Growth: Stimulating Private Investment

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Country Economic Memorandum
Português
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The Tajik government in its Poverty Reduction Strategy Paper for 2010-12 set an ambitious target of doubling Gross Domestic Product (GDP) in a decade. Tajikistan clearly has the potential to grow at more than seven percent a year as it has done in the recent past, but it is not going to be easy. The potential for 'catch-up' growth from the depths of the recession of the 1990s is largely exhausted, the external environment is now less favorable than it was in the 2000s, and some drivers of past growth are unlikely to be sustained. Nevertheless, efforts by the government to create better conditions for higher private investment, exports, and employment, as well as strong support from the Tajik business community and development partners, could make this target a reality. In the 2000s, the Tajik economy recovered from the severe transition-related recession and civil conflict of the 1990s. Macroeconomic performance improved: inflation fell from 30-40 percent in the late 1990s to six-seven percent in the mid-2000s...

Brazil Country Program Evaluation, FY2004-11 : Evaluation of the World Bank Group Program

Independent Evaluation Group
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication
Português
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26.35%
This country program evaluation (CPE) evaluates World Bank Group (International Bank for Reconstruction and Development (IBRD), or the Bank, International Finance Corporation (IFC), and Multilateral Investment Guarantee Agency (MIGA) operations in Brazil from FY2004 through FY2011. It seeks to answer two questions: to what extent was the Bank Group program relevant to Brazil's development needs?, and how effective were Bank Group operations in helping to accelerate economic growth and making growth more inclusive and environmentally sustainable? The period reviewed was covered by two country strategies, one for FY2004-07 and the other for FY2008-11. The evaluation comments on aspects of the country partnership strategy (CPS) FY2012-15 with particular reference to its relevance and design. The report aims to extract lessons relevant to future Bank Group operations in Brazil. The study also examines the synergies between lending and knowledge services and the effectiveness of collaboration within the Bank Group and with external development partners. This report has five chapters. Chapter one gives purpose and country context. Chapter two summarizes the Bank Group operations and examines trends and patterns during the evaluation period. Chapters three and four assess the relevance and contributions of these operations to the objectives stated in the country strategies. The concluding chapter draws lessons and recommendations for the Bank Group's future engagement in Brazil.

IFC Annual Report 2008 : Creating Opportunity, Volume 1; Crear oportunidades : informe annual report 2008 Criacao de oportunidades : velatorio anual 2008 Creer des opportunites : rapport annuel 2008

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: World Bank Annual Report; Publications & Research :: Publication
Português
Relevância na Pesquisa
26.37%
The International Finance Corporation (IFC) annual report continues an approach pioneered last year, combining information on the investments and advisory services, sustainability, development effectiveness, and donor partnerships. The report covers fiscal 2008 (July 1, 2007, through June 30, 2008) and discusses the year's new business as well as the performance and development results of the portfolio. In FY08, new investments totaled $16.2 billion, rising 34 percent from the previous year. The IFC seeks to enhance the accountability and to articulate the vision, core corporate values, purpose, and the way the IFC works for a wide range of stakeholders: client companies, governments, partners, local communities affected by the activities, advocacy organizations, investors, and the staff.

IFC Annual Report 2008 : Creating Opportunity, Volume 2. IFC 2008 Financials, Projects, and Portfolio; Crear oportunidades : informe annual report 2008 Criacao de oportunidades : velatorio anual 2008 Creer des opportunites : rapport annuel 2008

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: World Bank Annual Report; Publications & Research :: Publication
Português
Relevância na Pesquisa
26.39%
The International Finance Corporation (IFC) annual report continues an approach pioneered last year, combining information on the investments and advisory services, sustainability, development effectiveness, and donor partnerships. The report covers fiscal 2008 (July 1, 2007, through June 30, 2008) and discusses the year's new business as well as the performance and development results of the portfolio. In FY08, new investments totaled $16.2 billion, rising 34 percent from the previous year. The IFC seeks to enhance the accountability and to articulate the vision, core corporate values, purpose, and the way the IFC works for a wide range of stakeholders: client companies, governments, partners, local communities affected by the activities, advocacy organizations, investors, and the staff.

Essays in open economy macroeconomics with borrowing frictions

Koumtingue, Nelnan F.
Fonte: Université de Montréal Publicador: Université de Montréal
Tipo: Thèse ou Mémoire numérique / Electronic Thesis or Dissertation
Português
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26.64%
Cette thèse comporte trois essais en macroéconomie en économie ouverte et commerce international. Je considère tour à tour les questions suivantes: sous quelles conditions est-il optimal pour un pays de former une union économique? (essai 1); l'augmentation de la dispersion transversale des avoirs extérieurs nets des pays est-elle compatible avec une dispersion relativement stable des taux d'investissement? (essai 2); le risque de perte de marché à l'exportation du fait de l'existence des zones de commerce préférentiel joue t-il un rôle dans la décision des pays exclus de négocier des accords commerciaux à leur tour? (essai 3). Le premier essai examine les conditions d'optimalité d'une union économique. Il s'intéresse à une motivation particulière: le partage du risque lié aux fluctuations du revenu. Dans la situation initiale, les pays ont très peu d'opportunités pour partager le risque à cause des frictions: les marchés financiers internationaux sont incomplets et il n'y pas de mécanisme pour faire respecter les contrats de crédit entre pays. Dans ce contexte, une union économique apparait comme un arrangement qui pallie à ces frictions entre les pays membres seulement. Cependant, l'union dans son ensemble continue de faire face à ces frictions lorsqu'elle échange avec le reste du monde. L'arbitrage clé dans le modèle est le suivant. D'un coté...

THE DEFAULT IN A CREDIT PROGRAM OF A MINAS GERAIS’ FINANCIAL PUBLIC INSTITUTION: AN ANALYSIS USING LOGISTIC REGRESSION; A INADIMPLÊNCIA EM UM PROGRAMA DE CRÉDITO DE UMA INSTITUIÇÃO FINANCEIRA PÚBLICA DE MINAS GERAIS: UMA ANÁLISE UTILIZANDO REGRESSÃO LOGÍSTICA

Camargos, Marcos Antônio de; Camargos, Mirela Castro Santos; Araújo, Elisson Alberto
Fonte: Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade Publicador: Universidade de São Paulo. Faculdade de Economia, Administração e Contabilidade
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; ; ; ; ; Formato: application/pdf
Publicado em 14/01/2013 Português
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This paper aims to propose an econometric model to estimate the risk of default on credit granted by apublic financial institution of the state of Minas Gerais. The model used contractual data, socio-economicpartners and the guarantors and economic-financial firms in a sample of 9,232 firms drawn from apopulation of 25,616 cases of financing to micro and small enterprises granted between Jun./97 and Dez./05.We used 22 independent variables related to the contract, the company and partners / guarantors, amongwhich five were important in predicting insolvency, correctly classifying 88.5% of companies. In conclusion,we can say that the amount financed and, consequently, the proportion of it consumed with the financing, are conditions of default, while the value of the assets of the guarantor in relation to funding, the value of fixedinvestments and uptime of the company act as protectors against default.; O objetivo deste artigo é propor um modelo econométrico para estimar o risco de inadimplência emfinanciamentos concedidos por uma instituição financeira pública do Estado de Minas Gerais. Na construçãodesse modelo foram utilizados dados  contratuais, socioeconômicos dos sócios e avalistas e econômicofinanceiros das empresas de uma amostra de 9.232 empresas...