Bank networks and firm credit: an agent based model approach

Starting from the idea that economic systems fall into complexity theory, where its many agents interact with each other without a central control and that these interactions are able to change the future behavior of the agents and the entire system, similar to a chaotic system we increase the model of Russo et al. (2014) to carry out three experiments focusing on the interaction between Banks and Firms in an artificial economy. The first experiment is relative to Relationship Banking where, according to the literature, the interaction over time between Banks and Firms are able to produce mutual benefits, mainly due to reduction of the information asymmetry between them. The following experiment is related to information heterogeneity in the credit market, where the larger the bank, the higher their visibility in the credit market, increasing the number of consult for new loans. Finally, the third experiment is about the effects on the credit market of the heterogeneity of prices that Firms faces in the goods market.

The trajectory of social housing policy in Brazil: From the National Housing Bank to the Ministry of the Cities

This paper discusses social housing policy in Brazil since the 1990s by analyzing government programs’ institutional arrangements, their sources of revenues and the formatting of related financial systems. The conclusion suggests that all these arrangements have not constituted a comprehensive housing policy with the clear aim of serving to enhance housing conditions in the country. Housing ‘policies’ since the 1990s – as proposed by Fernando Collor de Mello, Itamar Franco, Fernando Henrique Cardoso and ´ Luis Inacio Lula da Silva’s governments (in the latter case, despite much progress towards subsidized investment programs) – have sought to consolidate financial instruments in line with global markets, restructuring the way private interests operate within the system, a necessary however incomplete course of action. Different from rhetoric, this has resulted in failure as the more fundamental social results for the poor have not yet been achieved.

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

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, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Profitability measures of dairy cows

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

International bank lending: water flowing uphill?

Includes bibliography

Bank lending to emerging markets: crossing the border

Includes bibliography

The European Investment Bank and SMEs: key lessons for Latin America and the Caribbean

Incluye Bibliografía

The CELADE data bank. Data available and procedures to obtain tapes and tabulations

El presente documento incluye una lista de los micro-datos existentes en cintas magneticas en el Banco de Datos de CELADE a la vez que explica los procedimientos para la obtencion de los datos y tabulaciones estandarizadas disponibles en el Banco. Como parte del Programa de Informacion en Poblacion para America Latina (INFOPAL) la funcion del Banco es adquirir y hacer disponible para el procesamiento computarizado, micro-datos tales como las muestras de los censos de poblacion de 1960 y 1970 de los paises de la region, estudios comparativos de migracion interna e internacional, de fecundidad y aborto y otros estudios

Brazil's derivatives markets: hedging, Central Bank intervention and regulation

Includes bibliography

Transnational bank behaviour and the international debt crisis

Includes bibliography

Boletín del Banco de Datos, junio de 1982 = Bulletin of the Data Bank, June 1982

Incluye Bibliografía

Boletín del Banco de Datos, suplemento, enero 1984 = Bulletin of the Data Bank, supplement, January 1984

Incluye Bibliografía

Boletín del Banco de Datos, abril de 1986 = Bulletin of the Data Bank, April 1986

Incluye Bibliografía

Boletín del Banco de Datos, diciembre 1989 = Bulletin of the Data Bank, December 1989

Incluye Bibliografía