Página 1 dos resultados de 1151 itens digitais encontrados em 0.009 segundos

A Review of Credit Guarantee Schemes in the Middle East and North Africa Region

Saadani, Youssef; Arvai, Zsofia; Rocha, Roberto
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
36.41%
Many countries in the MENA region have established partial credit guarantee schemes to facilitate SME access to finance. These schemes can play an important role, especially in a period where MENA governments are making efforts to improve the effectiveness of credit registries and bureaus and strengthen creditor rights. This paper reviews the design of partial credit guarantee schemes in MENA, and assesses their preliminary outcomes. The paper is based on a survey conducted in 10 MENA countries in early 2010. The authors find that the average size of guarantee schemes in MENA (measured by the total value of outstanding guarantees) is in line with the international average, although there are wide differences across countries, and some schemes seem too small to make any significant impact. Most importantly, the number of guarantees looks generally small while their average value looks large. This suggests that guarantee schemes are not yet reaching the smaller firms. Guarantee schemes in MENA look financially sound and most schemes have room to grow. However...

Credit Constraints and Investment Behavior in Mexico’s Rural Economy

Love, Inessa; Sanchez, Susana M.
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
36.55%
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...

Foreign Direct Investment, Access to Finance, and Innovation Activity in Chinese Enterprises

Girma, Sourafel; Gong, Yundan; Görg, Holger
Fonte: World Bank Publicador: World Bank
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
46.41%
A recent, comprehensive database is used to investigate the link between inward foreign direct investment (FDI) and innovation activity in China. The results of the analysis suggest that private and collectively owned firms with foreign capital participation and those with good access to domestic bank loans innovate more than other firms do. Among enterprises not owned by the state, inward FDI at the sectoral level is positively associated with domestic innovative activity only among firms that engage in their own research and development or that have good access to domestic finance. At the sector level the effect of inward FDI into technology transfer is distinguished from the effect on domestic credit opportunities. FDI affecting credit is of little significance for state-owned enterprises and is independent of their access to finance. In contrast, better access to credit is an important channel through which FDI affects the innovation of domestic private and collectively owned enterprises.

Market Power and the Matching of Trade Credit Terms

Fabbri, Daniela; Klapper, Leora
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
36.4%
This paper studies the decision of firms to extend trade credit to customers and its relation with their financing decisions. The authors use a novel firm-level database of Chinese SMEs with unique information on market power in both output and input markets and on the amount, terms, and payment history of trade credit simultaneously extended to customers (accounts receivable) and received from suppliers (accounts payable). The analysis shows that suppliers with relatively weaker market power are more likely to extend trade credit and have a larger share of goods sold on credit. Examination of the importance of financial constraints reveals that access to bank financing and profitability are not significantly related to trade credit supply. Rather, firms that receive trade credit from their own suppliers are more likely to extend trade credit to their customers, and to "match maturity" between the contract terms of payables and receivables. This matching practice is more likely used when firms face strong competition in the product market (relative to their customers)...

Bank Privatization in Sub-Saharan Africa : The Case of Uganda Commercial Bank

Clarke, George R.G.; Cull, Robert; Fuchs, Michael
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
36.41%
Previous empirical analyses have found that bank privatizations are more successful when the government fully relinquishes control, when the bank is privatized to a strategic investor, and when foreign-owned banks are allowed to participate in the bidding. The privatization of Uganda Commercial Bank (UCB) to the South African bank Stanbic met all these criteria, suggesting that it is a likely candidate for success. But other features suggest reasons for caution: UCB dominated the Ugandan banking sector prior to privatization and the institutional environment in Uganda was less favorable than in many of the middle-income countries looked at in earlier empirical studies. Despite these concerns, the privatization appears to have been relatively successful. The portfolio of the privatized bank, which was cleaned prior to sale, remains relatively strong and profitability and credit growth are now on par with other Ugandan banks. Though market segmentation remains a concern since Stanbic faces little or no direct competition in many remote areas...

The Investment Climate in Afghanistan : Exploiting Opportunities in an Uncertain Environment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
36.39%
In a post-conflict environment, attracting new foreign and domestic firms is central to private sector development. Existing firms at the end of sustained conflict are typically state-owned, are highly undercapitalized, have weak or nonexistent management, have a deskilled and underemployed labor force, and are in need of significant new capital investment. As is the case in any business environment, particularly in post-conflict countries, new investment decisions (into existing or new firms) usually depend on the availability of five basic factors: political and economic stability and security, clear unambiguous regulations, reasonable tax rates that are equitably enforced, access to finance and infrastructure, and an appropriately skilled workforce. In Afghanistan, these conditions are lacking. This report has been prepared to assist the government of Afghanistan to address its private sector development challenges. It acknowledges the achievements that have been accomplished since the fall of the Taliban regime, and it highlights both the investments that have taken place and the opportunities that remain to be captured. More important, it reviews the constraints that firms currently operating in Afghanistan face and makes policy recommendations on how these constraints can be addressed. In addition to a survey of 338 firms...

Financial Markets, Credit Constraints, and Investment in Rural Romania

Chaves, Rodrigo A.; Sanchez, Susana; Schor, Saul; Tesliuc, Emil
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
Relevância na Pesquisa
36.48%
The report assesses the performance of financial markets in rural areas of Romania, based on three - rural household, rural enterprise, and financial intermediary - surveys, carried out in 1998, and other official data covering 1997. The study finds that rural financial markets perform rather poorly in three key dimensions: the degree of access to financial services by rural economic agents (enterprises and households) is very limited; this limited access hinders the ability of these agents to take advantage of the investment opportunities available in rural areas; and, these markets failed to allocate flows of credit to those agents with the most profitable investment opportunities. This poor performance is caused by an unfortunate combination of short term circumstances, structural factors, and government policies, and interventions. In particular, the degree of access to credit services by rural agents is very low, because several factors have combined, to weaken both the supply of, and demand for rural credit. The report suggests a detailed government strategy to correct the observed shortcomings of rural financial markets...

Financing Urban Water Services in Kenya : Utility Shadow Credit Ratings

Kimani, Angela; Advani, Rajesh; Sy, Jemima
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
36.39%
The Water Services Regulatory Board (WASREB), with support from the Water and Sanitation Program, is exploring the potential for urban water services providers (WSPs) to access medium-term finance from commercial lenders. The debt will be used to finance infrastructure investment to improve access to water services by Kenyans. This paper presents the results of a credit assessment and shadow rating exercise for 43 urban WSPs. The objective of the credit assessment is to provide borrowers and lenders with an overview of the creditworthiness of WSPs to support access to local currency finance from the domestic financial market. It gives an overview of the credit capacity of water utilities, provides utilities with a diagnostic to identify areas for improvement, and exposes financial institutions to potential lending opportunities in the water sector. Commercial finance in water is seen as a supplementary resource to public finance, which remains the predominant source of investment funds in the sector.

Risks and Opportunities of Participation in Global Value Chains

Gereffi, Gary; Luo, Xubei
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
36.45%
This is a background paper to the 2014 World Development Report. Risk is inherent to the pursuit of opportunity. This paper surveys the recent literature and looks at the risks and opportunities firms and their workers face in the global value chains. First, it examines the risk-sharing mechanisms that firms provide from the national and global perspectives; second, it takes a closer look at the new opportunities and challenges for firms and individuals in the global arena; third, it discusses the role of economic upgrading and social upgrading; and finally it sheds light on how the government can help people manage risks and reap the benefits in the participation of global value chains.

The Investment Climate Assessment 2014 : Creating Opportunities for Firms in Cambodia

World Bank; Asian Development Bank
Fonte: World Bank, Phnom Penh Publicador: World Bank, Phnom Penh
Português
Relevância na Pesquisa
36.51%
Over the past decade, Cambodia has more than halved its rate of poverty thanks to economic growth averaging 8 percent per annum, strong export performance, and positive changes to the investment climate. Cambodia is an attractive investment destination as it is strategically located at the center of Association of South East Asian Nations (ASEAN), creating significant opportunities for integration into regional and global value chains. With a changing global environment, Cambodia is likely to face increasing challenges maintaining and expanding market access in a dynamic and highly competitive region. The Royal Government of Cambodia (RGC) recognizes the importance of enhancing the investment environment and has initiated a series of reforms. Progress has been greatest on trade facilitation, as reflected by the impressive improvement in Cambodias ranking on the World Banks logistics performance index (LPI). Despite the governments effort at introducing reforms to improve the investment climate, the business environment continues to hamper the competitiveness of firms in Cambodia. The RGCs rectangular strategy identifies the importance of automated trade and business processes...

Are There Arbitrage Opportunities in Credit Derivatives Markets? A New Test and an Application to the Case of CDS and ASPs

Mayordomo, Sergio; Peña Sánchez de Rivera, Juan Ignacio; Romo, Juan
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /09/2009 Português
Relevância na Pesquisa
36.57%
This paper analyzes possible arbitrage opportunities in credit derivatives markets using selffinancing strategies combining Credit Default Swaps and Asset Swaps Packages. We present a new statistical arbitrage test based on the subsampling methodology which has lower Type I error than existing alternatives. Using four different databases covering the period from 2005 to 2009, long-run (cointegration) and statistical arbitrage analysis are performed. Before the subprime crisis, we find long-run arbitrage opportunities in 26% of the cases and statistical arbitrage opportunities in 24% of the cases. During the crisis, arbitrage opportunities decrease to 8% and 19%, respectively. Arbitrage opportunities are more frequent in the case of relatively low rated bonds and bonds with a high coupon rate.

Dual Credit Markets and Household Access to Finance; Evidence from a Representative Chinese Household Survey

Cull, Robert; Gan, Li; Gao, Nan; Xu, Lixin Colin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Policy Research Working Paper; Publications Research
Português
Relevância na Pesquisa
36.6%
Using a new and representative data set of Chinese household finance, this paper documents household access to and costs of finance, along with their correlates. As in most developing countries, informal finance is a crucial element of household finance, and wealth tends to be associated with better access to formal and informal finance. Better financial knowledge shifts loan portfolios toward formal sources relative to informal ones. Connections to the Communist Party are associated with significantly better access to finance in rural areas but not in urban areas. A larger social network is positively associated with access to informal finance. Controlling for household characteristics, rural residents pay interest rates on loans similar to urban residents. Younger residents pay higher rates, while households on firmer economic footing face lower rates. Taking financial classes and college education is associated with higher interest rates for urban residents, suggesting perhaps that financial knowledge coincides with greater demand for credit in areas with more economic opportunity. Overall...

From Pawn Shops to Banks : The Impact of Formal Credit on Informal Households

Ruiz, Claudia
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
36.4%
This paper examines the effects of expanding access to credit on the decisions and welfare of households. It focuses on the entry of Banco Azteca, the first bank in Mexico targeting households from the informal sector. Panel data suggest that informal households in municipalities with Banco Azteca branches experienced several changes in their saving, credit and consumption patterns. In order to estimate the impact of Azteca's entry, the paper develops a dynamic model of household choices in which the bank is endogenously selecting the municipalities for branch openings. The analysis finds that in municipalities in which the bank entered, households were better able to smooth their consumption and accumulate more durable goods even though the overall proportion of households that save went down by 6.6 percent. These results suggest that the use of savings as a buffer on income fluctuations declines once formal credit is available. What is more, these effects vary across households. Among informal households...

Migration and Poverty : Toward Better Opportunities for the Poor

Murrugarra, Edmundo; Larrison, Jennica; Sasin, Marcin
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
36.41%
Migration has historically been a source of opportunities for people to improve their lives and those of their families. Today, the large differences in income between places-particularly countries-continue to motivate individuals to escape poverty through migration. The potential advantages of migration for sending countries are numerous. Through remittances, migration provides a means of improving income and smoothing consumption; it enables households to overcome the lack of credit and cushion the risks involved in engaging in more productive activities; and migration can also act as a coping strategy in times of distress. Remittances can be spent on investments, such as housing and schooling, and directly on household consumption. Furthermore, new skills and education may be acquired at the place of destination and transferred back to the place of origin. This volume argues that although migration increases income and often reduces poverty, the migration opportunities of the poor are different-among the poor there are fewer migrants...

Causes and Implications of Credit Rationing in Rural Ethiopia : The Importance of Spatial Variation

Ayalew Ali, Daniel; Deininger, Klaus
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
36.68%
This paper uses Ethiopian data to explore credit rationing in semi-formal credit markets and its effects on farmers' resource allocation and crop productivity. Credit rationing -- both voluntarily and involuntarily -- is found to be widespread in the sampled rural villages, largely because of risk-related factors. Political and social networks emerge as key determinants of access to credit among smallholder, peasant farmers. Significant regional variation emerges as well. In high-potential, surplus producing areas where credit is largely used for agricultural production, eliminating credit constraints is estimated to increase productivity by roughly 11 percentage points. By contrast, in low-productivity, drought prone areas where loans were rarely used to acquire inputs for crop production, the authors find no relationship between credit rationing and agricultural productivity. To be effective, efforts to improve agricultural productivity not only need to increase credit supply, but also explore the reasons for credit rationing and the availability of productive opportunities.

FYR Macedonia Gender Diagnostic : Gaps in Endowments, Access to Economic Opportunities and Agency

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Country Gender Assessment (CGA); Economic & Sector Work
Português
Relevância na Pesquisa
36.52%
Former Yugoslav Republic (FYR) of Macedonia has closed several gaps in gender inequalities, particularly in education and health, but key disparities persist in access to economic opportunities and agency, particularly among certain ethnic groups. This report provides an overview of gender disparities in several outcomes related to human and physical endowments, access to economic opportunities, and agency. In addition, it offers potential explanations of these gaps and, in the process, identifies knowledge gaps to be addressed in future research. On average, FYR Macedonia has achieved gender equality in health and in education; however, gender disparities persist for certain population subgroups. However, women are more likely than men to choose general programs or social sciences as their primary field of education. Both men and women are unlikely to undertake additional training following their initial education, but each for different reasons: women are more likely than men to cite family obligations as a key factor in this decision (19 percent of women compared to 1.5 percent of men) as women devote a much larger percentage of their time to domestic activities. In addition...

Connecting to Work : How Information and Communication Technologies Could Help Expand Employment Opportunities

Raja, Siddhartha; Imaizumi, Saori; Kelly, Tim; Narimatsu, Junko; Paradi-Guilford, Cecilia
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
36.38%
Information and communication technology (ICT) has grown as a sector and now employs millions of people worldwide. The proliferation of ICTs has also helped digitize how people find and do work. The world will need to create over 600 million jobs by 2030 for unemployment to remain at current levels. ICT-enabled employment may help address some of this problem both by creating jobs in the ICT sector and by helping to make labor markets more inclusive, innovative, flexible, and transparent. What can governments do to prepare for these changes and maximize employment opportunities? This paper is a first step in an effort by the World Bank to understand how ICTs are shaping, changing, and transforming labor markets. It explores how governments and other stakeholders might respond to leverage the growth of ICTs to help increase employment opportunities. This paper is structured as follows: section 1 serves as an introduction; section 2 defines the scope, focusing on the types of employment opportunities due to ICT as a sector and as a tool; section 3 considers the impact of the ICT sector on software programming...

Economic Opportunities for Women in the East Asia and Pacific region

Ellis, Amanda; Kirkwood, Daniel; Malhotra, Dhruv
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
36.73%
East Asia and the Pacific is a region of dynamic growth. Women have contributed significantly to this growth and have benefited from it through active participation in the labor market. However, women are still disproportionately represented in the informal sector and in low paid work. Efforts to identify barriers to women's business and entrepreneurial activities in the region are critical not only to facilitate inclusive growth in a national context but also to counter the increasing trend of female migratory flows in the region. This report highlights' both the challenges and the economic opportunities for businesswomen in the region offers some useful potential pointers for reform.

Las Tarjetas de Crédito en Colombia; Credit Cards in Colombia

Sánchez González, Pedro P.; García Carvajal, Santiago
Fonte: Universidad Militar Nueva Granada; Facultad de Estudios a Distancia; Especialización en Alta Gerencia Publicador: Universidad Militar Nueva Granada; Facultad de Estudios a Distancia; Especialización en Alta Gerencia
Tipo: bachelorThesis; Trabajo de grado Formato: pdf; pdf
Português
Relevância na Pesquisa
36.44%
Las tarjetas de crédito en Colombia vienen desarrollándose cada vez más de acuerdo con el buen entorno económico presentado y condiciones de mercado que son favorables. Este producto se viene adecuando a las necesidades del consumidor en demanda de financiación lo que lleva a que en la actualidad sea uno de los medios de pago de mayor utilización en nuestra economía, imprimiendo dinámica al comercio nacional y generando rentabilidad para las entidades financieras y establecimientos de crédito. Este buen desempeño ha llevado a la entrada de nuevos competidores a la industria que hacen del ejercicio comercial y de administración de la categoría de Tarjeta de Crédito una actividad cada vez más competida y que requiere analizar los comportamientos e identificar las oportunidades para el sector. El análisis del presente trabajo parte de la información histórica oficial reportada a la Superintendencia Financiera de Colombia a través de la descripción exploratoria de las principales variables de reporte en Tarjetas Vigentes, Tarjetas Canceladas, Tarjetas totales en Stock y Cartera total del producto Tarjeta de Crédito. Se elabora la Matriz de Boston Consulting Group BCG con el fin de describir la posición de cada una de las entidades financieras analizadas frente a la participación relativa de cuota de mercado y el crecimiento anual presentado...

Desafios e oportunidades no setor de cartões de crédito: proposição de estratégias para o mercado popular; Challenges and opportunities for credit cards: strategies for low-income markets

Spers, Renata Giovinazzo; Wright, James Terence Coulter; Cheruti, Alexandre; Pinto, Bernardo Jacques Vieira; Fonseca, Glauber; Lima, Marcelo de Moraes
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 01/12/2008 Português
Relevância na Pesquisa
36.46%
O mercado de baixa renda no Brasil apresenta grandes oportunidades para empresas do setor de cartões de crédito com foco em serviços de qualidade, mas por valores compatíveis à renda e necessidades específicas desse segmento. O objetivo central do trabalho é analisar os aspectos críticos e oportunidades para os cartões de crédito no mercado de baixa renda, com a proposição de uma abordagem para aumentar a penetração do produto neste segmento. Para tanto, foram identificadas oito variáveis a partir da literatura e realizadas pesquisa qualitativa com análise documental e entrevistas em profundidade com especialistas do setor de cartões. Os resultados da pesquisa mostram que as empresas devem adotar estratégias para ganhar vantagem competitiva com preços mais baixos, reduzindo custos ao reduzir serviços não relevantes para o segmento. É recomendável que a empresa utilize a mesma marca oferecida às classes A e B e aposte em tecnologia e distribuição aliadas às redes de varejo, para uma maior penetração dos cartões.; The low-income market in Brazil presents great opportunities for companies including the credit card sector. Bottom-of-the-pyramid customers look for quality which is, however, compatible with their budgets and needs. For this purpose an analysis was made of the critical aspects and opportunities in question. Literature disclosed eight factors that were analyzed in a qualitative survey and with in depth interviews. Variables relevant to business profitability in general were also presented. Results disclosed the possibility of competitive pricing advantages by offering simpler services and lower cost products. Brands offered to higher income brackets should be adapted with technologies for simplification and more attractive pricing. Partnerships should then be made with retail store networks to increase the use of credit cards.