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O impacto da exigência de margem sobre os preços dos ativos; The impact of margin requirements on assets prices

Castelli, Luiz Fernando
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 11/07/2014 Português
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O trabalho busca responder: i) se a exigência de margem é capaz de afetar os preços dos ativos em períodos de iliquidez; ii) como as margens são fixadas. A primeira pergunta está relacionada ao modelo Margem CAPM de Gârleanu & Pedersen (2011), que indicam a existência da relação entre a exigência de margem associada a problemas de funding do mercado com os preços dos ativos. A segunda pergunta está relacionada ao trabalho de Brunnermeier & Pedersen (2009) que descrevem o fenômeno Espiral de Liquidez relacionado ao comportamento pró-cíclico das margens, que seriam função da volatilidade dos preços dos ativos. Utilizaram-se dados do mercado acionário brasileiro e exigências de margem divulgadas pela BM&F Bovespa para o período de jan/2008 até dez/2012 para responder tais perguntas. A evidência empírica encontrada no trabalho aponta que a exigência de margem afeta os preços dos ativos em momentos ilíquidos, como descrito pelo modelo Margem CAPM. Porém, tal fenômeno é restrito apenas a ações de empresas pequenas. De acordo com o exercício realizado, o portfólio Long Short de empresas pequenas, onde a estratégia é long em ativos de empresas com alta exigência de margem e short em ativos de baixa exigência de margem...

A contabilização dos ativos biológicos: problemática da mensuração e reconhecimento

Pascoal, Maria Olímpia Alvarez de Sousa Fernandes
Fonte: Escola Superior de Ciências Empresariais Publicador: Escola Superior de Ciências Empresariais
Tipo: Dissertação de Mestrado
Publicado em 04/04/2014 Português
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Dissertação de Mestrado em Contabilidade e Finanças; O International Accounting Standards Committee (IASC), introduziu a IAS 41 – Agricultura, a primeira norma direcionada ao sector agrícola. A comissão de Normalização Contabilística (CNC) criou o Sistema de Normalização Contabilística (SNC), que integra a NCRF 17 – Agricultura (2010), no sentido de harmonizar os princípios e conceitos contabilísticos, para que todas as entidades possam operar num contexto de globalização de mercados. A NCRF 17 vem introduzir o conceito de justo valor como base de mensuração dos ativos biológicos, em detrimento do custo histórico que era utilizado anteriormente pelo Plano Oficial de Contabilidade (POC). O sector agrícola é um sector muito específico, cuja atividade gera dúvidas e incertezas, uma vez que as transformações biológicas (crescimento, produção, procriação, etc.) vão alterar a substância do ativo biológico, o que torna difícil a sua contabilização baseada no custo histórico. Nesse sentido considera-se pertinente a abordagem deste tema por ser contemporâneo e pouco abordado na literatura portuguesa e pela expectativa da aplicabilidade do justo valor como base de mensuração no sector agrícola. Este estudo apresenta na primeira parte a revisão de literatura...

Os activos intangíveis nas sociedades anónimas desportivas portuguesas e sua influência na cotação das suas acções

Feliciano, Pedro Miguel Barata
Fonte: Instituto Universitário de Lisboa Publicador: Instituto Universitário de Lisboa
Tipo: Dissertação de Mestrado
Publicado em 09/08/2011 Português
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Mestrado em Gestão; Em Portugal e em praticamente todo o Mundo, com especial relevo para a Europa e a América do Sul, o futebol é considerado como o desporto rei. É um desporto que move massas todos os fins-de-semana, com as visitas ao estádio dos sócios e adeptos para assistirem aos jogos da liga e durante a semana, através da compra de jornais desportivos. Os principais actores deste espectáculo desportivo de massas são os jogadores de futebol. Desta forma, e uma vez que os mesmos podem ser transaccionados através de transferência entre clubes, os jogadores de futebol estão incluídos nas demonstrações financeiras das Sociedades Anónimas Desportivas portuguesas. No entanto, a sua contabilização está longe de ser homogénea. Destaca-se sobretudo a diferença entre a contabilização de direitos sobre jogadores formados pelos clubes e a contabilização de direitos sobre jogadores adquiridos externamente. Ainda assim, a contabilização destes direitos revela-se de grande importância para os investidores, pelo facto de os mesmos serem considerados activos intangíveis. Activos esses que consubstanciam uma grande e importante parte do activo das demonstrações financeiras das Sociedades Anónimas Desportivas. Por esse facto...

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

Cavalcanti, Joyce Mariella Medeiros
Fonte: Universidade Federal do Rio Grande do Norte; BR; UFRN; Programa de Pós-Graduação em Administração; Políticas e Gestão Públicas; Gestão Organizacional Publicador: Universidade Federal do Rio Grande do Norte; BR; UFRN; Programa de Pós-Graduação em Administração; Políticas e Gestão Públicas; Gestão Organizacional
Tipo: Dissertação Formato: application/pdf
Português
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This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components...

Does Financial Openness Lead to Deeper Domestic Financial Markets?

Calderón, César; Kubota, Megumi
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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Advanced and emerging market economies have rapidly integrated into international capital markets and this growing globalization of financial markets has led to some important changes in the patterns of saving and investment across the world. The main goal of this paper is to test whether the cross-border asset trade has led to improvements in the intermediation of these savings -- that is, foster development of domestic financial markets. The authors have collected annual information on financial market development, financial openness, and other control variables for a sample of 145 countries for the period 1974-2007. Controlling for the likely endogeneity of financial openness, the analysis finds that rising financial openness expands private credit, bank assets, and stock market and private bond market development, and generates efficiency gains in the banking system. However, the impact of financial openness on domestic financial development may depend on the level of institutional quality, the extent of investor protection...

Regime-Switching in Exchange Rate Policy and Balance Sheet Effects

Fiess, Norbert; Shankar, Rashmi
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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The authors apply regime-switching methods to a monetarist model of exchange rates and identify well-defined intervention policy cycles. The policy response indices include a standard exchange market pressure-based index and a model-based volatility ratio that is endogenized relative to Japan, assumed to be a "benchmark" floater. The authors find strong evidence that balance sheet effects, proxied by the stock ratio of external liabilities to assets, and economic performance, as measured by GDP and stock market indices, determine the cost of the regime shift. They use a panel of quarterly data from 1985 to 2004 for a sample of 15 countries, mostly in East Asia and Latin America.

Botswana - Accrual Accounting Policy Note and Guide

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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This paper comprises two volumes: volume one, this concise policy and guidance note that deals with the request as outlined, and a volume two which provides more detailed technical guidance on the implementation of International Public Sector accounting Standards (IPSAS) accrual based standards. Recommended reforms directly relevant to this paper include: 1) fiscal reforms on both the revenue and expenditure sides to limit fiscal deficits and ensure a return to a sustainable medium term fiscal path; and 2) transforming the current planning and budget system which falls short in meeting the usual measures of budget effectiveness by, for example, moving towards government-wide medium term fiscal and expenditure frameworks and a program budget in the medium term, in tandem with public sector reform and the necessary changes to the Public Financial Management (PFM) legal framework and the government accounting system. Accrual accounting is a methodology under which transactions and other events are accounted for when they occur...

Principles of Capital Financing and Capital Charging in Health Care Systems

Sussex, Jon
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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Most health care systems could improve their efficiency in using physical capital - buildings and equipment. Health care systems in which assets are provided by governments or donated by aid organizations generally have only weak incentives for those assets to be used efficiently. Wrongly located or inappropriate facilities, poorly utilized and maintained, are a result. This Discussion Paper summarizes the principles of effective, efficient, and equitable capital financing and capital charging in health care systems. It reviews the options for putting these principles into practice and refers to the limited literature on the impacts of those options. The objectives, principles, and practicalities of implementing capital charging arrangements are set out. The relative benefits and costs of points along the following dimensions are described and summarized: applying capital charges just to newly acquired assets or also to those already in existence; using notional or real capital charges; the time profile of charges; and the asset valuation basis adopted.

Financial Sector Assessment : Bulgaria

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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This Financial Sector Assessment (FSA) summarizes the Financial Sector Assessment Program (FSAP) findings for Bulgaria, and reports on the actions of the government and the Bulgarian National Bank (BNB) to date in response to the FSAP recommendations. The FSAP mission visited Sofia during the period October 29 to November 14, 2001. The Bulgaria FSAP took place after five years of aggressive financial reforms in response to the deep economic and financial crisis of 1996-97. After the collapse of the banking system and establishment of the Currency Board Arrangement (CBA) in July 1997, the government and the BNB pursued structural and institutional reforms in both the enterprise and banking sectors, including the privatization of about 85 percent of the banking system assets, mainly to foreign financial institutions, and the upgrading of banking supervision capabilities at the BNB. The FSAP mission occurred at a time when the banking system had stabilized, but financial intermediation remained low compared to the more advanced transition economies. In addition to the assessments of compliance with standards and codes...

Financial Sector Assessment Program Update : Republic of Kazakhstan - Investment Opportunities for Pension Funds

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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The objective of this note is to put forward policy alternatives that could lead to improved management of pension fund assets in Kazakhstan. This note emphasizes prudence in the management of pension assets, given the social and fiscal importance of the pension sector. It also discusses different investment alternatives and development options for the domestic Kazakhstani capital market. The note aims to be realistic and pragmatic, based on the best professional judgment of the author.1 It is concluded that neither the regulators nor industry participants appear to fully appreciate the risks attached to the practice of focusing on short-term and high yield investments, which exposes pensioners to higher reinvestment and issuer risk. The recommendations are summarized in the last section of this note.

Neither a Borrower Nor a Lender : Does China's Zero Net Foreign Asset Position Make Economic Sense?

Dollar, David; Kraay, Aart
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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China in the past few years has emerged as a net foreign creditor on the international scene with net foreign assets slightly greater than zero percent of wealth. This is surprising given that China is a relatively poor country with a capital-labor ratio about one-fifth the world average and one-tenth the U.S. level. The main questions that the authors address are whether it makes economic sense for China to be a net creditor and how they see China's net foreign asset position evolving over the next 20 years. They calibrate a theoretical model of international capital flows featuring diminishing returns, production risk, and sovereign risk. The calibrations for China yield a predicted net foreign asset position of -17 percent of China's wealth. The authors also estimate nonstructural cross-country regressions of determinants of net foreign assets in which China is always a significant outlier with 5 to 7 percentage points more of net foreign assets relative to wealth than is predicted by its characteristics. China's extensive capital controls can explain why its current net foreign asset position is far away from what is predicted by open-economy models and cross-country empirics. It seems reasonable to assume that China's international financial integration will increase over time. The authors calibrate and predict different scenarios out to 2025. These scenarios are necessarily speculative...

Sustaining Economic Welfare : Estimating Changes in Per Capita Wealth

Hamilton, Kirk
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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The World Bank's "World Development Indicators 1999" highlights for the first time the "genuine" rate of saving for more than 100 countries around the globe. Genuine saving values the total change in economic assets, thereby providing an indicator of whether an economy is on a sustainable path. The Bank's new estimates of genuine saving broaden the usual national accounts definitions of assets to include human capital, minerals, energy, forest resources, and the stock of atmospheric carbon dioxide. Genuine saving measures the change in total assets rather than the change in per capita assets. Genuine saving data may answer the question, "Did total wealth rise or fall over the acoounting period?" But they do not address the question of whether an economy is sustainable with a growing population. Genuine saving could be positive even though per capita wealth is declining. The author explores the issue of measuring changes in per capita wealth--factoring in both growth in total assets (as measured by genuine saving) and population growth--as a more comprehensive indicator of sustainability. First he develops a theoretical approach to estimating total wealth. Then he presents cross-country estimates of changes in per capita wealth. Based on preliminary estimates...

El Salvador - Financial sector assessment

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP)
Português
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Despite the global and domestic shocks of 2008-2009, the banking sector remains sound. Salvadoran banks were not directly exposed to the global financial crisis. However, the parent banks of several major Salvadoran banks were and directed subsidiaries to conserve risk capital. The higher risk aversion and recession in the United States, combined with uncertainty about the 2009 elections, led to a sharp economic downturn, and a decline in both credit demand and supply. Banks' nonperforming loans increased and profitability declined. Even so, capitalization remained high. Stress tests indicate that most banks would be able to withstand large deposit withdraws and severe deterioration in credit quality arising from large macroeconomic or sectoral shocks. However, credit concentration risks appear significant. Regulated non-bank financial institutions do not pose significant risks, but pension funds' poor profitability is a concern for the long-term. Regulated cooperative banks and insurance companies report healthy financial indicators. Brokerage houses have reduced drastically their fund management activities...

The role of venture capitalists in the identification and measurement of intangible assets

Ribeiro, Leonardo L.; Tironi, Luis Fernando
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Artigo de Revista Científica
Português
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The increase in the importance of intangibles in business competitiveness has made investment selection more challenging to investors that, under high information asymmetry, tend to charge higher premiums to provide capital or simply deny it. Private Equity and Venture Capital (PE/VC) organizations developed contemporarily with the increase in the relevance of intangible assets in the economy. They form a specialized breed of financial intermediaries that are better prepared to deal with information asymmetry. This paper is the result of ten interviews with PE/VC organizations in Brazil. Its objective is to describe the selection process, criteria and indicators used by these organizations to identify and measure intangible assets, as well as the methods used to valuate prospective investments. Results show that PE/VC organizations rely on sophisticated methods to assess investment proposals, with specific criteria and indicators to assess the main classes of intangible assets. However, no value is given to these assets individually. The information gathered is used to understand the sources of cash flows and risks, which are then combined by discounted cash flow methods to estimate firm's value. Due to PE/VC organizations extensive experience with innovative Small and Medium-sized Enterprises (SMEs)...

Activos intangíveis nas sociedades anónimas desportivas: o caso dos jogadores de futebol

Barroso, José
Fonte: Escola Superior de Ciências Empresariais Publicador: Escola Superior de Ciências Empresariais
Tipo: Dissertação de Mestrado
Publicado em /02/2011 Português
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Dissertação de Mestrado em Contabilidade e Finanças; Este trabalho aborda a problemática dos Activos Intangíveis nas Sociedades Anónimas Desportivas, mais propriamente, a contabilização dos jogadores de futebol, bem como a importância destes nos seus activos. O futebol deixou de ser uma actividade de mero entretenimento, onde os clubes eram geridos pelos associados, passando a ser uma actividade com finalidades económicas, onde se exige organização, suportes jurídico e contabilístico próprios, passando a gestão destes a ser feita por profissionais especializados. Durante essa transição é criada a figura jurídica da Sociedade Anónima Desportiva. Os jogadores de futebol são cada vez mais importantes para o património dos clubes, pelo que a forma de contabilização dos mesmos torna-se um aspecto relevante nas demonstrações financeiras das Sociedades Anónimas Desportivas. A compra e venda dos jogadores envolvendo, por vezes, milhões de euros, bem como a formação interna destes, contribuem, de uma forma relevante, para o valor dos activos das Sociedades Anónimas Desportivas. O objectivo deste trabalho, é aprofundar o estudo sobre a contabilização dos direitos dos jogadores, bem como indagar o peso destes nos activos das SADs. Para a concretização deste objectivo foram analisados os relatórios e contas dos três maiores clubes portugueses...

As determinantes da qualidade da informação financeira via imparidade de ativos

Gonçalves, Sandra Ferreira
Fonte: Instituto Politécnico do Porto. Instituto Superior de Contabilidade e Administração do Porto Publicador: Instituto Politécnico do Porto. Instituto Superior de Contabilidade e Administração do Porto
Tipo: Dissertação de Mestrado
Publicado em //2014 Português
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Dissertação de Mestrado apresentada ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação da Professora Doutora Cláudia Maria Ferreira Pereira; Nota: 15 valores; A manipulação dos resultados torna-se possível devido à flexibilização existente nos normativos contabilísticos que permite aos gestores fazerem opções. Um exemplo desta flexibilização encontra-se presente na NCRF 12 devido à falta de objetividade inerente na determinação da quantia recuperável. Desta forma, esta dissertação de mestrado tem como objetivo averiguar se a qualidade da informação financeira é colocada em causa por via das imparidades de ativos, nomeadamente através da imparidade de clientes, imparidade de ativos fixos tangíveis e de ativos intangíveis, assim como, determinar os fatores explicativos que possam influenciar essa qualidade. Atendendo à revisão da literatura sobre a qualidade da informação financeira e sobre a NCRF 12, são desenvolvidos quatro modelos de regressão. Os modelos são construídos através de variáveis dependentes e fatores explicativos que correspondem a elementos contabilísticos retirados de diversas empresas nacionais. Os dados são extraídos da plataforma SABI...

Buying Troubled Assets

Bebchuk, Lucian Arye
Fonte: Yale Journal on Regulation Publicador: Yale Journal on Regulation
Tipo: Artigo de Revista Científica
Português
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This paper analyzes how government intervention in the market for banks' troubled assets is best designed, and also uses this analysis to evaluate the public-private investment program announced by the U.S. government in March 2009. I begin by presenting the case for using government funds to restart the market for troubled assets. I then discuss the advantages of providing government capital to competing privately managed funds, a strategy I have advocated in past work, and I outline the key elements that such a plan should include. Based on this analysis, I propose three improvements to the government's current plan: • Introducing a competitive mechanism that would ensure that the government's subsidy to participating private parties is kept at a minimum; • Redesigning the plan to provide such private parties with incentives aligned with those of taxpayers rather than highly skewed incentives to overpay for troubled assets; and • Precluding banks that hold significant amounts of troubled assets from participating as managers or private investors in funds set up under the program. The proposed changes would address most of the concerns that have been raised by critics of the administration's program. In particular, they would reduce costs to taxpayers...

A contabilização dos ativos por impostos diferidos nos EUA e Europa e o efeito no investidor

Costa, P.; Pais, C.
Fonte: UALg ESGHT Publicador: UALg ESGHT
Tipo: Artigo de Revista Científica
Publicado em //2015 Português
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A contabilização dos ativos por impostos diferidos é diferente, consoante se usem as normas do International Accounting Standards Board (IASB) ou as do Financial Accounting Standards Board (FASB), apesar das diversas tentativas de convergência. Assim, analisamos qual o conjunto de normas, no que respeita aos ativos por impostos diferidos é que tem maior valor relevante para o investidor, como também, quais os ativos por impostos diferidos que têm maior valor relevante, dependendo da sua origem. Tendo por base o modelo de Ohlson (1995), conclui-se que os ativos por impostos diferidos são valor relevante para o investidor. Também se conclui, que a contabilização dos ativos por impostos diferidos usando as normas do FASB, tem maior valor relevante do que usando as normas do IASB. Finalmente conclui-se que os ativos por impostos diferidos decorrentes de diferenças temporárias dedutíveis estão positivamente relacionados com o preço, o que não acontece com os que decorrem de perdas e créditos fiscais, que o estão negativamente.; The accounting of the deferred tax assets is different whether it is used the International Accounting Standards Board (IASB) standards or it is used the Financial Accounting Standards Board (FASB) standards...

The Informational Content of Revaluation Reserves in the Brazilian Capital Market

Rodrigues, Jomar Miranda; Universidade de Brasília; Niyama, Jorge Katsumi; Universidade de Brasília; Paulo, Edilson; Universidade Federal da Paraíba
Fonte: Universidade Federal de Minas Gerais - Departamento de Ciências Contábeis Publicador: Universidade Federal de Minas Gerais - Departamento de Ciências Contábeis
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; Artigo Avaliado pelos Pares; Pesquisa Teórica-Empírica Formato: application/pdf
Publicado em 26/04/2013 Português
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The use of accounting numbers for evaluation of firms has deserved local and international researches, mostly in the capital market. Multiple studies try to analyze the relevance of revaluation reserves (BARTH and CLINCH, 1998; PAIK, 2009). However, owing to Law No. 11.638/07, forbidding to revaluate assets in Brazil, the significance of assets revaluation is being questioned. Hence, the following research issue: Does the assets revaluation exhibit a relevance information when evaluating capital market firms? The purpose of this work is to verify whether the assets revaluation really brings in a significant informational content for the capital market in Brazil. In order to accomplish that purpose, we employed an approach originating from the Ohlson model (1995), aiming at testing the importance of the revaluation reserves and the market value of Brazilian companies listed by the São Paulo Stock Exchange - BOVESPA, by using quarterly panel data for period  1995-2007. The results showed that nearly 33% of the companies selected in the sampling presented significant information regarding assets revaluation for the capital market. Hard goods, Construction and Transports, Cyclic and Non-cyclic Consumption industries were among the most reserve-based representative economy sectors. It is...

Does community-based health insurance protect household assets?: evidence from rural Africa

Parmar, Divya; Reinhold, Steffen; Souares, Aurélia; Savadogo, Germain; Sauerborn, Rainer
Fonte: Wiley-Blackwell on behalf of the Health Research and Educational Trust Publicador: Wiley-Blackwell on behalf of the Health Research and Educational Trust
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em /04/2012 Português
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Objective: To evaluate whether community-based health insurance (CBHI) protects household assets in rural Burkina Faso, Africa Data sources: Data was used from a household survey that collected primary data from randomly selected households, covering 42 villages and 1 town, during 2004-07(n=890). Study design: The study area was divided into 33 clusters and CBHI was randomly offered to these clusters during 2004-06. We applied different strategies to control for selection bias – ordinary least squares with covariates, two-stage least squares with instrumental variable and fixed effects models. Data collection: Household members were interviewed in their local language every year and information was collected on demographic and socioeconomic indicators including ownership of assets, and on self-reported morbidity. Principal findings: Fixed effects and ordinary least squares models showed that CBHI protected household assets during 2004-07. The two-stage least squares with instrumental variable model showed that CBHI increased household assets during 2004-05. Conclusions: CBHI protects household assets. For a subsidized scheme, CBHI also has the potential to increase household assets. Similar studies from developing countries that evaluate the impact of health insurance on household economic indicators are needed to benchmark these results with other settings.