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A sustentabilidade financeira das cooperativas de crédito rural: um estudo de caso no Estado de São Paulo; Rural credit unions financial sustainability: case study in the São Paulo state

Naves, Carolina de Figueiredo Balieiro
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 15/03/2007 Português
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Por causa da presença de informações assimétricas e de problemas como seleção adversa e moral hazard, o meio rural é pouco atrativo para o sistema financeiro vigente. Os mecanismos de seleção e monitoramento de clientes exibem custos altos, e, podem interferir no desempenho econômico de instituições financeiras. As instituições devem ser eficientes, e, trabalhar com baixas taxas de juros, de inadimplência, e de custos de transação, para serem auto-sustentáveis. As cooperativas de crédito rural, que não visam lucros, exercem taxas de juros e tarifas inferiores às cobradas pelo mercado. Foi objetivo dessa pesquisa analisar a sustentabilidade financeira das cooperativas de crédito rural. Por meio da revisão bibliográfica de teorias econômicas, de trabalhos científicos sobre custos de transação e capital social, verificou-se que alguns custos de transação são menores para as cooperativas, se comparadas com outras instituições financeiras, já que são formadas por produtores rurais de certa região, amenizando os riscos de suas transações. Além disso, certas peculiaridades das cooperativas são minimizadoras de dispêndios operacionais. Foi proposto um modelo, adaptado da análise de desempenho econômico de instituições financeiras...

Bhutan - Public Financial Management Accountability Assessment

World Bank
Fonte: World Bank Publicador: World Bank
Português
Relevância na Pesquisa
38.337822%
This summary assessment uses indicator-led analysis to provide an integrated assessment of the Public Financial Management (PFM) system which draws on international standards developed by various development partners. The purpose is to measure PFM performance across a wide range of development over time. The Public Expenditure and Financial Accountability (PEFA) methodology includes the best conditions that some Organization for Economic cooperation and Development (OECD) countries demonstrate and in this assessment it is important to consider the Bhutanese context, that it is a small country, traditionally with an agricultural base society with relatively lesser industry and commerce. It is unable to support a financial sector infrastructure in terms of accountancy and audit standard setting and the availability of international standards is of great assistance. The 31 indicators for the PFM system focus on the basic qualities of a PFM system operating to existing good international practices, and assessments are classified A (excellent)...

Does Regulatory Supervision Curtail Microfinance Profitability and Outreach?

Cull, Robert; Demirgüç-Kunt, Asli; Morduch, Jonathan
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
48.23504%
Regulation allows microfinance institutions to evolve more fully into banks, particularly for institutions aiming to take deposits. But there are potential trade-offs. Complying with regulation and supervision can be costly. The authors examine the implications for the institutions profitability and their outreach to small-scale borrowers and women. The tests draw on a new database that combines high-quality financial data on 245 of the world s largest microfinance institutions with newly-constructed data on their prudential supervision. Ordinary least squares regressions show that supervision is negatively associated with profitability. Controlling for the non-random assignment of supervision via treatment effects and instrumental variables regressions, the analysis finds that supervision is associated with substantially larger average loan sizes and less lending to women than in ordinary least squares regressions, although it is not significantly associated with profitability. The pattern is consistent with the notion that profit-oriented microfinance institutions absorb the cost of supervision by curtailing outreach to market segments that tend to be more costly per dollar lent. By contrast...

Microfinance Tradeoffs : Regulation, Competition, and Financing

Cull, Robert; Demirgüç-Kunt, Asli; Morduch, Jonathan
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
48.54258%
This paper describes important trade-offs that microfinance practitioners, donors, and regulators navigate. Drawing evidence from large, global surveys of microfinance institutions, the authors find a basic tension between meeting social goals and maximizing financial performance. For example, non-profit microfinance institutions make far smaller loans on average and serve more women as a fraction of customers than do commercialized microfinance banks, but their costs per dollar lent are also much higher. Potential trade-offs therefore arise when selecting contracting mechanisms, level of commercialization, rigor of regulation, and the extent of competition. Meaningful interventions in microfinance will require making deliberate choices - and thus embracing and weighing tradeoffs carefully.

Albania : Access to Finance for Enterprise Sector

World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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This report was prepared in close collaboration with the Bank of Albania. This report focused on trade, services, and agriculture; however, the limited scope of their operations still leaves a potentially large unmet demand for credit in agriculture. This report focuses on problems related to the operation of Immovable Property Registry System (IPRS) and other institutions and the formalization of property rights and inscription of mortgages. This study believes the reform with most optimum impact on sustainable credit growth will be focused on (i) improving the quality, breadth, and depth of financial intermediation, (ii) growth and development of credit unions and microfinance institutions, and (iii) facilitate the development of new instruments. The authorities will also focus on implementing reforms to become compliant with Financial Action Task Force (FATF) recommendation.

Bulgaria : Ensuring Pension System Sustainability

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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The report, Bulgaria: Ensuring Pension System Sustainability Pension Reform Policy Note was written in September 2009. The report states that the Bulgarian pension system has undergone significant and well designed reform in 2000-2003. However, attempts to restore financial self-sustainability of the pension scheme were not as successful as envisaged. Projections presented in this note suggest that recently introduced government contributions are insufficient to achieve financial sustainability and introduce growing distortions into the financing system. Additional reforms to the system will be needed to meet these challenges. Among the suggested reforms are; ensuring automatic sustainable pension indexation mechanism free of ad hoc interventions; attempting to further increase effective retirement age by reviewing early retirement rules and eliminating gender differences in retirement ages. A continued slow increase of retirement ages for both genders should also be considered; further strengthen disability certification processes to respond to likely increase in disability claims due to the economic downturn; strengthen long term financial planning...

The Republic of Sierra Leone : Public Financial Management Performance Assessment Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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38.351226%
This assessment finds that the government of Sierra Leone has supplemented the improved legislative framework by establishing the National Revenue Authority and internal audit units. Procedural innovations were put into place for budget planning and monitoring. In addition, a new Integrated Financial Management and Information System (IFMIS) has replaced the old, unsustainable Financial Management and Accounting System (FMAS). Weaknesses included lack of budget credibility and predictability, fiscal management challenges, weaknesses in expenditure control (including payroll), and low levels of transparency. The Government considered that much remained to be done to move the system to a level that is capable of directing resources to priority areas and support high quality expenditure outcomes. This Public Expenditure and Financial Accountability (PEFA) progress report represents the most recent independent assessment.

Republic of Yemen : Public Expenditure Financial Accountability Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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38.351226%
This Public Expenditure and Financial Accountability (PEFA) assessment was sponsored by the World Bank. The terms of reference were reviewed by the Government and all donors active in supporting public finance management in Yemen. It has been undertaken in agreement with the Government of Yemen and with the assistance of the Ministry of Finance. The assessment was prepared on the basis of: 1) The public financial management performance measurement framework issued by the PEFA multi-donor program in June 2005; and 2) The demonstrated observable public finance management (PFM) practices in Yemen at the time of the assessment as determined through interviews and reviews and analysis of translated official documents. Corroborating evidence was sought from a variety of sources wherever possible. Discussions were held with stakeholders to determine the appropriate scoring for each indicator. A field mission exit workshop and a final review workshop of the indicator scorings issued in the draft report were held in which a full representation of Government officials and donors actively participated. Final discussions were held with Government officials and additional documentation reviewed for indicators for which differences of opinion remained. All comments received were carefully considered and used to clarify further or amend the draft report. The purpose of the PFM Performance Report is to assess the status of the public finance management system at a given point in time. It should serve as a comprehensive and holistic measure of current PFM systems operating in Yemen identifying both areas of strength and weakness.

Belarus Public Expenditure and Financial Accountability : Public Financial Management Performance Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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The main objective of the present public financial management performance report (PFM-PR) is to provide the Government of Belarus with an objective up-to-date diagnostic of PFM performance based on the internationally recognized public expenditure and financial accountability (PEFA) methodology. The report is expected to inform the development of the government medium-term program for PFM reform. As a lead donor the World Bank provided a qualified team that undertook the assessment in accordance with the methodology and following the process described in the concept note agreed with the ministry of finance (MoF). The World Bank was also responsible for quality assurance of the PFM-PR using the standard procedures for Bank funded analytical work and PEFA check requirements. The report justifies the scoring and describes the analytical work which has been carried out and the sources of information used for each indicator. The report takes into account the changes in PFM performance since 2009 and documents the reasons for changes in indicator scores from the previous assessment. PEFA framework focuses primarily on the national level of a country s PFM system. At the national level it seeks to cover the entire PFM system...

Bosnia and Herzegovina : Public Expenditure and Financial Accountability Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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38.550605%
The fiscal system in Bosnia and Herzegovina (BiH) is highly decentralized, reflecting the provisions of the country s constitution. The general government sector consists of four relatively autonomous units: BiH Institutions, Brcko District (DB), and two Entities, Federation Bosnia and Herzegovina (FBiH) and Republican Srpska (RS). BiH Institutions are at the central government level (governed by the BiH Council of Ministers); and each Entity has its own government, extra-budgetary funds (EBFs), and local self-governance units. The structure in FBiH has 10 cantons that serve as a middle level of government between the government of FBiH and local self-governance units, and each canton has its own government and some EBFs. Cantons were not covered by this Report, but could be covered later as a sub-national PEFA assessment. A Fiscal Council was created in 2008, with the objective to coordinate fiscal policies for the sake of common interest of BH Institutions, Entities and Brcko District. For the most important role of fiscal coordination...

Investing in Habope; Financial Assessment of Community-Based Small Investments in Sierra Leone

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Working Paper; Publications & Research :: Working Paper; Publications & Research
Português
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38.23504%
In countries ravaged by a history of civil war and genocide, the overarching goal for local government and international donors alike is to promote social cohesion, stability and community reconstruction. In Sierra Leone, reconstruction programs emphasize a decentralized approach to: (i) rapidly build market institutions; (ii) enhance community decision making; and (iii) strengthen intra and inter-community tolerance and benefit sharing. This study addresses a program to provide small grants to some of the poorest communities in Sierra Leone. The program builds on the success of relevant micro financing initiatives. However, compared to traditional loans to small enterprises, which are generally available in urban and peri-urban areas where micro financing institutions are accessible, socially motivated grants to reach the poorest households are used. This report presents the findings of financial assessments funded by the Public Private Infrastructure Advisory Facility (PPIAF) of the World Bank. The assessments cover two of the poorest districts in northern Sierra Leone under the Habope project. The project...

Sustainability of Microfinance Self Help Groups in India : Would Federating Help?

Nair, Ajai
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 major form of microfinance in India is that based on women's Self Help Groups (SHGs), which are small groups of 10-20 members. These groups collect savings from their members and provide loans to them. However, unlike most accumulating savings and credit associations (ASCAs) found in several countries, these groups also obtain loans from banks and on-lend them to their members. By 2003, over 700,000 groups had obtained over Rs.20 billion (US$425 million) in loans from banks benefiting more than 10 million people. Delinquencies on these loans are reported to be less than 5 percent. Savings in these groups is estimated to be at least Rs.8 billion (US$170 million). Despite these considerable achievements, sustainability of the SHGs has been suspect because several essential services required by the SHGs are provided free or at a significantly subsidized cost by organizations that have developed these groups. A few promoter organizations have, however, developed federations of SHGs that provide these services and others that SHG members need, but which SHGs cannot feasibly provide. Using a case study approach, Nair explores the merits and constraints of federating. Three SHG federations that provide a wide range of services are studied. The findings suggest that federations could help SHGs become institutionally and financially sustainable because they provide the economies of scale that reduce transaction costs and make the provision of these services viable. But their sustainability is constrained by several factors-both internal...

Georgia : Public Expenditure and Financial Accountability Assessment 2012

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
Português
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38.37079%
Georgia has advanced significantly its budgetary and financial managements systems since the previous PEFA assessment Report of 2008. The basic set of systems has been put in place for strategic budget planning, budget formulation and execution. The integrated public financial management system is being implemented and according to the Ministry of Finance (MoF), several key modules are already in place. These include treasury operations, spending institutions, budget preparation, payroll and external and internal debt management modules introduced by the MoF financial analytical service in January 2012. The full launch of the system is expected by the end of 2013. The introduction of international good practice in the budget cycle of the Government is well advanced, including robust systems for budget preparation, adequate chart of accounts, reliable execution (including accounting and reporting,) and sufficient controls. Important progress has been achieved on the front of program-based budgeting, furthering the Government's objective of greater results-focus in fiscal planning. The concept of program-based budgeting was adopted in the 2009 budget code...

Microfinance Meets the Market

Cull, Robert; Demirgüç-Kunt, Asli; Morduch, Jonathan
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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Microfinance institutions have proved the possibility of providing reliable banking services to poor customers. Their second aim is to do so in a commercially-viable way. This paper analyzes the tensions and opportunities of microfinance as it embraces the market, drawing on a data set that includes 346 of the world's leading microfinance institutions and covers nearly 18 million active borrowers. The data show remarkable successes in maintaining high rates of loan repayment, but the data also suggest that profit-maximizing investors would have limited interest in most of the institutions that are focusing on the poorest customers and women. Those institutions, as a group, charge their customers the highest fees in the sample but also face particularly high transaction costs, in part due to small transaction sizes. Innovations to overcome the well-known problems of asymmetric information in financial markets were a triumph, but further innovation is needed to overcome the challenges of high costs.

Investing in Agribusiness : A Retrospective View of a Development Bank's Investments in Agribusiness in Africa and Southeast Asia and the Pacific

Tyler, Geoff; Dixie, Grahame
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
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Recent increases in the prices of agricultural commodities have spurred a surge of private investment into farming and agribusiness. Given the right types of large-scale investment, this can have a transformative effect in underdeveloped rural areas and have a positive effect on national economic development including the provision of domestic food supply to urban areas that can reduce dependence on food imports. This study analyzes the experience of the Commonwealth Development Corporation (CDC) as an investor in commercial smallholder and estate agriculture and agro-processing in Sub-Saharan Africa and Southeast Asia and the Pacific between 1948 and 2000. A simple analysis of the data was undertaken to determine whether success and failure can be correlated to any critical factors. Seventy-nine (or 49 percent) of the projects were classified as failures or moderate failures in financial terms. This review of CDC agribusiness investments corroborates the view that agribusiness investments are risky, particularly when the investment is in a start-up. While only one fifth of projects were rated complete failures...

Ulaanbaatar Financial Self-Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Financial Sector Study
Português
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48.01151%
The note is part of a broader technical assistance program designed to assist the City of Ulaanbaatar (UB) to improve its financial management system, assess the quality of municipal services provision, and mobilize resources from the capital markets to fund urban infrastructure. The note reviews factors that may support or constrain the rating, ultimately impacting the UB's creditworthiness. This assessment comprises of a comprehensive review of the city's economic fundamentals, institutional framework, fiscal performance, debt profile, and governance system. A key component of a credit rating comprises a review of the institutional framework that governs the city's financial system. This includes evaluating the legal framework, regulations, and procedures. The review also elucidates the jurisdictional parameters across levels of governments regarding debt raising and financing, and evaluates the overall quality of decision-making. As in a formal rating, the assessment also examines the operating environment...

The Agribusiness Innovation Center of Mozambique : Developing Value Adding Market-led Post-harvest Processing Enterprises in Mozambique

Brethenoux, Julia; Costa, Carlos; Giddings, Steven; Olafsen, Ellen; Rebello, Mulweli; Thaller, Jim
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
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Agriculture and fisheries are the main pillars of Mozambique's economy, having contributed in the last few years to more than 25 percent of the gross domestic product (GDP) and around 7 to 11 percentage points of the rate of economic growth. Agricultural development in Mozambique has been part of the government agenda because it is crucial to reducing poverty within rural zones. The long-term strategy for the agricultural sector in Mozambique focuses on improving food security and reducing poverty by supporting efforts of the smallholders, as well as the private sector, governmental agencies, and nongovernmental (NGO) agencies to improve agricultural productivity, agro-processing activities, and marketing, while sustainably exploiting natural resources. The agro-industrial sector is an important part of the agricultural sector as a whole; the food industries, beverages, and tobacco are estimated to account for about 70 percent of the overall structure of the manufacturing sector in Mozambique. Yet in Mozambique, processing activities are far behind opportunities offered by the potential diversified production. Instead of a vibrant private sector...

Measuring the Performance and Achievement of Social Objectives of Development Finance Institutions

Francisco, Manuela; Mascaró, Yira; Mendoza, Juan Carlos; Yaron, Jacob
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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This paper develops and tests a proposed methodology that puts forward a new integrated method for evaluating the performance of development finance institutions. This methodology applies assessment criteria that take into account both the social objective that the development finance institution addresses and the subsidies it received in order to achieve such an objective. This methodology is applied to two pilot case studies-Banadesa (Honduras) and Banrural (Guatemala). The authors calculate the previously tested subsidy dependence index, which measures the degree of an institution's subsidy dependence. The paper develops and estimates a new measure-the output index- which indicates the level to which the institution fulfills the social objectives of the state. The analysis integrates the subsidy dependence index and the output index to assess the effectiveness associated with meeting the social objective. The findings suggest that the integration of the two indexes can constitute the basis of a meaningful evaluation framework for the performance of development finance institutions. This new methodology can also be a useful metric for policy makers who are seeking to decide on an optimal allocation of scarce funds for development finance institutions that pursue social goals and for management that seeks improved performance outcomes.

Sustainability at the Crossroads of Finance, Social Responsibility and the Environment: A Primer on Microfinance for Conservation Practitioners

Starobin, Shana
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Masters' project Formato: 96519 bytes; application/pdf
Português
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Anything “sustainable”—be it a bank, a community, or an ecosystem in nature—is defined by the fact that it is, effectively, a whole system unto itself, one which does not ultimately rely on external inputs—of financial, human, or natural capital—to survive if left independent from the rest of the world. This Master’s Project explores the nuanced meanings of sustainability in the context of businesses and organizations which focus on financial self-reliance, microfinance institutions and development organizations devoted to a social mission of poverty alleviation beyond basic fiscal responsibility, and environmental NGOs and green businesses who seek to achieve “environmental sustainability.” I provide a primer on microfinance for conservation organizations and individuals interested in investing in “Green” microfinance and social entrepreneurship, using principles established by leaders in the field of triple bottom line (TBL) business strategy and sustainable development.

Cooperativas de Crédito do Brasil: Classificação em Níveis de Sustentabilidade Financeira Intrassetorial; Cooperatives of Credit of Brazil: Classification in Levels of Financial Sustainability

Leismann, Edison Luiz; Carmona, Charles Ulises de Montreuil
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; ; Formato: application/pdf
Publicado em 04/10/2010 Português
Relevância na Pesquisa
48.73173%
Esta pesquisa tem por objetivo classificar, a partir das demonstrações financeiras, as Cooperativas de Crédito Singulares do Brasil em níveis de sustentabilidade financeira. Diante disso, foi realizada uma análise Intrassetorial a partir dos dados de 31/12/2007 disponibilizados pelo Banco Central do Brasil. Essa análise se deu a partir de indicadores das estruturas financeiras, dos ativos e das demonstrações de resultados de 1.439 instituições. No desenvolvimento da classificação, também se utilizou de 31 Demonstrações de Resultados e valores do Ativo e Passivo do ano anterior de liquidação de cooperativas de crédito liquidadas pelo Banco Central entre 2003 e 2006. Foi desenvolvido um índice, denominado de Índice de Sustentabilidade Intrassetorial Financeira das Cooperativas de Crédito (ISIF-Créd.), com cinco escalas de classificação: 1 - Sustentabilidade Precária; 2 - Baixa Sustentabilidade; 3 - Média Sustentabilidade; 4 - Alta Sustentabilidade; e 5 - Excelente Sustentabilidade. Foram levados em consideração para classificação cinco indicadores, a saber: a-Tamanho; b - Independência Financeira; c - Imobilização do Patrimônio Líquido; d - Sobras/Patrimônio Líquido; e e - Autossustentabilidade no Período...