The stakeholders‟ involvement in the process of building and maintaining a destination brand

A destination is a place that attracts visitors for a temporary stay to participate in tourism related activities or non- activities. Globalization, the increased number of travelers and the increased buying power have increased the competition between the destinations and the destinations have become more substitutable. It has been agreed that destinations can be branded as well as products and to be competitive it is getting common to brand destinations. Destination Marketing Organizations (DMOs) are responsible for the marketing of an identifiable destination. The purpose of this study is to present an exploratory study of how a destination marketing organization creates and builds a strong destination brand and how the stakeholders have been involved in the process. The study is done with a qualitative case study approach. The case study was chosen as the research method to make a detailed and intensive analysis of the research objective, in this case the destination brand of Brazil and its stakeholders.

Cyclicality of SME Lending and Government Involvement in Banks

Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan maturity, funding structure, liquidity, profitability, and credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit maximization and a sustainable provision of financial services to local customers. We find that banks with a public mandate are 25 percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks with high liquidity and stable deposit funding. Our findings have implications for the banking structure, financial stability and the finance-growth nexus in a local context.

Cyclicality of SME lending and government involvement in banks

Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan maturity, funding structure, liquidity, profitability, and credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit maximization and a sustainable provision of financial services to local customers. We find that banks with a public mandate are 25 percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks with high liquidity and stable deposit funding. Our findings have implications for the banking structure, financial stability and the finance-growth nexus in a local context.