Grupos estratégicos: su influencia en el desempeño y la eficiencia de la industria bancaria venezolana y su relación con la cobertura geográfica

Esta investigación se centra en determinar los grupos estratégicos (GE) de la industria bancaria venezolana y su influencia sobre el desempeño en el sector, así como su relación con la cobertura y la exclusión geográfica, durante el período 2008-2010. El test M de Box demostró que hubo inestabilidad financiera durante este lapso de tiempo, por ello se evaluó el comportamiento de los GE en cada año de estudio. La muestra se constituyó para el año 2008 por 58 entidades financieras, en el año 2009 por 52 entidades bancarias y para el período 2010 por sólo 39 instituciones. Antes de la aplicación del análisis cluster a las variables de alcance de la estrategia y recursos comprometidos, se realizó un análisis de componentes principales para determinar la relación entre estas variables y detectar valores atípicos; mientras que para distinguir las estrategias que caracterizaron a los grupos se siguió el procedimiento de uso común propuesto por Amel y Rhoades (1988), y se reforzó con la realización de las pruebas de contraste de medias o medianas ANOVA, Scheffé, Kruskal-Wallis y U de Mann-Whitney. Se empleó el paquete estadístico SPSS (versión 15.0) y el software de sistema de información geográfica Arcgis (versión 9.2) para lograr el objetivo propuesto. Los resultados indican que: 1) Al aplicar un procedimiento estadístico es posible detectar gradaciones en la implementación o evasión de las estrategias o del compromiso de recursos por parte de los GE, 2) En momentos de inestabilidad financiera los bancos cambian de estrategia y por tanto de GE, con el fin de obtener un buen desempeño, o al menos sobrevivir, 3) Sólo hubo evidencia parcial de la validez predictiva de los grupos estratégicos, 4) Al menos en Venezuela, los GE bancarios tienden a adoptar una estrategia de cobertura geográfica acorde con su estrategia financiera y, además que, los GE difieren en el nivel de Responsabilidad Social Empresarial en la lucha contra la exclusión financiera geográfica. ABSTRACT This research focuses on identifying strategic groups (SG) of the Venezuelan banking industry and its influence on the performance in the sector and its relationship with geographical coverage and exclusion, during the period 2008-2010. Box M test showed that there was financial instability during this period, so the behavior of SG in each year of study was evaluated. The sample was established for 2008 by 58 financial institutions, in 2009 by 52 banks and for the period 2010 to only 39 institutions. Before applying the cluster analysis variables scope of the strategy and committed resources, principal component analysis was performed to determine the relationship between these variables and outliers; while distinguishing strategies that characterized the group proposed by Amel and Rhoades (1988) commonly used procedure was followed and reinforced by the performance of tests contrast mean or median ANOVA, Scheffé, Kruskal-Wallis and Mann-Whitney. SPSS (version 15.0) and software Arcgis geographic information system (version 9.2) was used to achieve the objective. The results indicate that: 1) By applying a statistical procedure can detect gradations in implementation or avoidance strategies or resource commitment by SG, 2) In times of financial instability banks change their strategy and therefore SG, in order to get a good performance, or at least survive, 3) There was only partial evidence for the predictive validity of strategic groups, 4) At least in Venezuela, banking SG tend to adopt a strategy of geographical coverage according to their financial strategy and also that the SG differ in the level of corporate social responsibility in the fight against financial exclusion Geographic.

Barriers to the adoption of photovoltaic systems: The state of the art

Although photovoltaic (PV) systems have become much more competitive, the diffusion of PV systems still remains low in comparison to conventional energy sources. What are the current barriers hindering the diffusion of PV systems? In order to address this, we conducted an extensive and systematic literature review based on the Web of Science database. Our state-of-the-art review shows that, despite the rapid development and maturity of the technology during the past few years, the adoption of PV systems still faces several barriers. The wide adoption of PV systems-either as a substitute for other electricity power generation systems in urban areas or for rural electrification-is a challenging process. Our results show that the barriers are evident for both low- and high-income economies, encompassing four dimensions: sociotechnical, management, economic, and policy. Although the barriers vary across context, the lessons learned from one study can be valuable to others. The involvement of all stakeholders-adopters, local communities, firms, international organizations, financial institutions, and government-is crucial to foster the adoption.

Money Smart Week April 25-29, 2016

Join us the week of April 25-29, 2016 to celebrate Money Smart Week 2016. We have great guest speakers from the financial institutions around the region come to talk about finances. Be present for each event and be entered into a drawing to receive $500 towards your student loan balance! A variety of food will be provided at each event too. The event is 4pm -5pm Monday to Friday at Inman E. Page Library.

Análise do processo de escolha de crédito bancário: uma enquete nas pequenas empresas da indústria gráfica do Distrito Federal

O objetivo deste estudo consistiu-se em analisar os fatores influentes no comportamento de compra industrial, na situação de decisão de crédito bancário em pequenas empresas. Para tanto, foram entregues questionários a doze empresas da indústria gráfica, selecionadas pelo número de empregados (de 20 a 100 - pequenas indústrias, segundo o critério do IBGE), localizadas no Distrito Federal e associadas ao sindicato da categoria. De acordo com resultados obtidos por meio do levantamento de campo, as conclusões desta pesquisa puderam ser exploradas tendo-se como base três pontos principais: a) os resultados relativos aos fatores influentes no comportamento do consumidor industrial, tais como os referentes a importância da localização geográfica do fornecedor, dos seus recursos tecnológicos e da redução, pelos compradores, dos riscos percebidos nas decisões de compras, dentre outros que mostraram-se condizentes com as pressuposições do modelo de comportamento do mercado industrial adotado; b) a discussão relativa à situação de decisão de crédito bancário, baseado na literatura pesquisada. De acordo com os resultados, puderam-se detalhar os aspectos relativos aos atributos dos bancos e do crédito, destacando-se, dentre outros, a importância da imagem da instituição financeira, da qualidade do gerente de contas e do custo dos empréstimos e financiamentos; c) as especificidades da pequena empresa, que puderam ser visualizadas nos resultados da pesquisa de campo como, por exemplo, a estratégia intuitiva e pouco formalizada, a situação extra-organizacional incontrolável e a racionalidade político-econômico-familiar do pequeno empresário.

Avaliação de eficiência das cooperativas de crédito no Brasil: um estudo com base na intermediação financeira e na prestação de serviços

As cooperativas de crédito são instituições financeiras que têm como finalidade principal a prestação de serviços bancários e de intermediação financeira voltando-se para a geração de benefícios ao cooperado, através de benefícios econômicos encontrados sob a forma cooperativada. Considerando o objetivo destas organizações, o presente trabalho teve por objetivo avaliar a eficiência das mesmas considerando duas vertentes: 1) a atividade de intermediação financeira; e 2) a atividade de prestação de serviços bancários, a partir de variáveis contábeis. A técnica utilizada para a avaliação da eficiência foi a Análise Envoltória de Dados e foram analisados os determinantes da eficiência por meio de regressões do tipo Tobit. A amostra é composta por 315 cooperativas singulares listadas na base de dados do Banco Central do Brasil e foram utilizados os dados dos balancetes anuais e semestrais (soma dos semestres para as contas de resultado de cada ano) apresentados para período de 2007 a 2014. Os resultados indicaram baixa eficiência das cooperativas na prestação de serviços bancários, com 73% da amostra apresentando ineficiência ao longo de todos os anos do período em análise. Na atividade de intermediação financeira 20 cooperativas foram eficientes ao longo do período completo, com as demais apresentando graus de ineficiência abaixo de 16% em todos os anos. Quanto aos determinantes da eficiência, verificou-se como principais fatores na atividade de intermediação financeira a Imobilização, a Insolvência, o Descasamento Passivo e as Despesas Administrativas, enquanto na atividade de prestação de serviços os principais determinantes foram a Captação por Floating e as Despesas Administrativas. Os resultados da eficiência na intermediação financeira indicaram baixos graus de ineficiência, enquanto os altos graus de ineficiência na prestação de serviços bancários alertaram para a pouca importância dada ao fornecimentos destes serviços e para a importância de se utilizar dois modelos distintos para a avaliação da eficiência em cooperativas de crédito, dado o comportamento desvinculado entre as duas atividades avaliadas.

El papel del Banco de España en el hundimiento de las Cajas de Ahorro españolas

En la última década, la organización del sistema financiero español ha tenido una convulsión de un alcance inimaginable y puede decirse sin ningún género de dudas que el cambio ha sido histórico. De un sistema en el que el reparto de las instituciones financieras estaba representado por las Cajas de Ahorro y la banca en un 50% por cada grupo, se ha pasado a un escenario en el que las Cajas de Ahorro han desaparecido casi en su totalidad y la banca ha ocupado completamente todo el sistema financiero español. Difícilmente se puede explicar este cambio por factores exclusivamente atribuibles a unas u otras instituciones ya que, en buena lógica, una crisis económica afecta con distinta intensidad a cada una de las empresas y, por lo tanto, hubiese cabido esperar que el mantenimiento de algunas cajas de ahorros ante el embate de la crisis hubiese significado que quedasen algunas en funcionamiento. Pero ¿todas? También hubiera cabido esperar que la crisis hubiera afectado a más bancos, pero ¿tan pocos? ¿Tan bien estaban o sabían más que las demás entidades financieras? En esta comunicación vamos a tratar de analizar el comportamiento del Banco de España en este proceso y ver hasta qué punto sus decisiones o falta de decisiones han contribuido a profundizar en la crisis económica y en el hundimiento de todo el sector de cajas de ahorro españolas.

Avaliação do impacto do horizonte temporal nas estimativas de EAD de linhas de crédito com limites explícitos a PME

Tese de mestrado em Matemática Aplicada à Economia e Gestão, apresentada à Universidade de Lisboa, através da Faculdade de Ciências, 2016

Reforms in Moldova: Moderate progress and an uncertain outlook for the future. OSW Commentary No. 100, 2013-01-22

After coming to power in September 2009, the Alliance for European Integration (AIE)1 coalition began implementing a wide-ranging programme of reforms, with a view to bringing Moldova closer to the European Union, and ultimately to ensure the country’s full membership of the EU. Today, Moldova is considered a clear leader in European integration among the members of the EU’s Eastern Partnership programme. This, however, has less to do with the concrete reforms introduced by the Moldovan government, and more to do with, on the one hand, Chișinău’s excellent public relations with Brussels, achieved through effective diplomacy; and on the other hand, the growing disillusionment with the lack of progress in other Eastern Partnership countries, particularly in Ukraine. Attempts to evaluate Moldova’s reforms have proven rather problematic. On the one hand, the ruling coalition has managed to make significant progress in the areas of civil liberties, human rights and electoral reform. The government has also successfully implemented regulations which have brought Moldova closer to signing a Deep and Comprehensive Free Trade Agreement (DCFTA) with the EU, and it has made headway in talks on visa liberalisation with Brussels. On the other hand, Chișinău has still not carried out the structural and economic reforms without which real change in the country will be impossible. No reforms have been introduced in the Ministry of the Interior, the Moldovan police force, or the judiciary. The AIE has also failed to decentralise governance and has had no real success in reducing corruption; its attempts to rebuild the country’s financial institutions have proved equally unsuccessful. The main reasons for this poor performance include mutual mistrust and conflicting interests among the coalition members, a shortage of financial resources, strong resistance to change by public administration staff, and significant pressure from those political and business groups whose interests could suffer as a result of the proposed reforms. It should also be noted that since the AIE took power, the international context of the reform efforts has undergone significant changes. On the one hand, the EU has been facing an economic crisis, which has had a negative impact on Moldovan exports and contributed to the worsening of the economic situation in the country; and on the other hand, Moldova has been offered membership of the Customs Union as a viable alternative to EU membership.

The G-20, five years on. CEPS Essay No. 9, 3 March 2014

Now is time to take stock of the G-20. Just over five years ago, during the free fall of the global financial crisis, representatives from 20 of the world’s leading economies agreed to gather twice a year in order to develop a more sustainable regulatory framework for financial institutions. In this CEPS Essay, Karel Lannoo highlights many signs of promise, for example, the group has agreed on a new framework for regulatory standards for each country’s most important financial institutions and tasked a Financial Stability Board (FSB) with monitoring adherence to them. At the same time,however, he notes that the G-20 has fallen short of some expectations and continues to show serious flaws.

Money, Finance and the Real Economy: What went wrong? CEPS Paperback, 17 March 2015

The functions of the financial system of a developed economy are often badly understood. This can largely be attributed to free-market ideology, which has spread the belief that leaving finance to its own devices would provide the best possible mechanism for allocating savings. The latest financial crisis has sparked the beginnings of a new awareness on this point, but it is far from having led to an improved understanding of the role of the financial institutions. For many people, finance remains more an enemy to be resisted than an instrument to be intelligently exploited. Its institutions, which issue and circulate money, play an important role in the working of the real economy that it would be imprudent to neglect. The allocation of savings, but also the level of activity and the growth rate depend on it. In this book, the authors carefully analyse the close links between money, finance and the real economy. In the process, they show why today the existence of a substantial potential of saving, instead of being an opportunity for the world economy, could threaten it with ‘secular stagnation’.

Sustainability, Resource Efficiency and Competitiveness. An Assessment of Resource Efficiency Policies in the European Union. Bruges European Economic Research Papers (BEER) 32/2015.

Addressing high and volatile natural resource prices, uncertain supply prospects, reindustrialization attempts and environmental damages related to resource use, resource efficiency has evolved into a highly debated proposal among academia, policy makers, firms and international financial institutions (IFIs). In 2011, the European Union (EU) declared resource efficiency as one of its seven flagship initiatives in its Europe 2020 strategy. This paper contributes to the discussions by assessing its key initiative, the Roadmap to a Resource Efficient Europe (EC 2011 571), following two streams of evaluation. In a first step, resource efficiency is linked to two theoretical frameworks regarding sustainability, (i) the sustainability triangle (consisting of economic, social and ecological dimensions) and (ii) balanced sustainability (combining weak and strong sustainability). Subsequently, both sustainability frameworks are used to assess to which degree the Roadmap follows the concept of sustainability. It can be concluded that it partially respects the sustainability triangle as well as balanced sustainability, primarily lacking a social dimension. In a second step, following Steger and Bleischwitz (2009), the impact of resource efficiency on competitiveness as advocated in the Roadmap is empirically evaluated. Using an Arellano–Bond dynamic panel data model reveals no robust impact of resource efficiency on competiveness in the EU between 2004 and 2009 – a puzzling result. Further empirical research and enhanced data availability are needed to better understand the impacts of resource efficiency on competitiveness on the macroeconomic, microeconomic and industry level. In that regard, strengthening the methodologies of resource indicators seem essential. Last but certainly not least, political will is required to achieve the transition of the EU-economy into a resource efficient future.

State Aid to Infrastructure: Do Competitively Selected Operators Obtain an Undue Advantage? Bruges European Economic Research Papers (BEER) 33/2015

Addressing high and volatile natural resource prices, uncertain supply prospects, reindustrialization attempts and environmental damages related to resource use, resource efficiency has evolved into a highly debated proposal among academia, policy makers, firms and international financial institutions (IFIs). In 2011, the European Union (EU) declared resource efficiency as one of its seven flagship initiatives in its Europe 2020 strategy. This paper contributes to the discussions by assessing its key initiative, the Roadmap to a Resource Efficient Europe (EC 2011 571), following two streams of evaluation. In a first step, resource efficiency is linked to two theoretical frameworks regarding sustainability, (i) the sustainability triangle (consisting of economic, social and ecological dimensions) and (ii) balanced sustainability (combining weak and strong sustainability). Subsequently, both sustainability frameworks are used to assess to which degree the Roadmap follows the concept of sustainability. It can be concluded that it partially respects the sustainability triangle as well as balanced sustainability, primarily lacking a social dimension. In a second step, following Steger and Bleischwitz (2009), the impact of resource efficiency on competitiveness as advocated in the Roadmap is empirically evaluated. Using an Arellano–Bond dynamic panel data model reveals no robust impact of resource efficiency on competiveness in the EU between 2004 and 2009 – a puzzling result. Further empirical research and enhanced data availability are needed to better understand the impacts of resource efficiency on competitiveness on the macroeconomic, microeconomic and industry level. In that regard, strengthening the methodologies of resource indicators seem essential. Last but certainly not least, political will is required to achieve the transition of the EU-economy into a resource efficient future.

The Effects of Sanctions and Counter-Sanctions on EU-Russian Trade Flows. CEPS Commentary, 5 July 2016

After Russia annexed Crimea in early 2014 and then intervened, manu militari, in the Eastern part of Ukraine, the European Union wanted to show its disapproval and put pressure on Russia to change its behaviour. A wide variety of measures were taken, including the imposition of individual restrictions, such as asset freezes and travel bans, but also the suspension of development loans from the EBRD. But the EU (together with the United States) also took, in July and September 2014, a set of broader measures: limited access to EU primary and secondary capital markets for targeted Russian financial institutions and energy and defence companies; export and import bans on trade in arms; an export ban for dual-use goods and reduction of Russia’s access to sensitive technologies and services linked to oil production.

Políticas de salvamento e risco bancário em período de crise

Esta tese analisa, entre 2005 e 2013, o impacto das políticas governamentais de resgate sobre o risco do setor bancário nos países da OCDE. Primeiro, em linha com a hipótese de moral hazard, verifica-se que instituições financeiras com expectativa elevada de bailout, assumem riscos mais elevados do que as demais. Segundo, constata-se que, em períodos normais, garantias de socorro às grandes instituições distorcem a competição no setor e incrementa o risco das demais. Durante a crise, entretanto, mostra-se que elevações na expectativa de resgate dos concorrentes de uma instituição, à medida que representa uma redução em sua chance de eventual socorro governamental, diminuem sua tomada de riscos. Adicionalmente, em período de crise também é evidenciado que: reduções na capacidade financeira dos países estão associadas a menor assunção de riscos; em média, o aumento na tomada de riscos é maior nos países com menor spread de Credit Default Swap.

The role of the G20 in WTO governance

Report by Professor Sungjoon Cho, Associate Professor of Law, Chicago-Kent College of Law (Chair), and Charlotte Sieber-Gasser, Doctoral Research Fellow, World Trade Institute, University of Bern, Session 27, WTO Public Forum 2010: The Forces Shapping World Trade, pp.29-33. In the course of the financial crisis, the global geography of power has shifted from G8 to G20. The latter, although representing roughly two thirds of global trade, consists of relatively a small number of global players and is consequently excluding many others from decision-making at the international stage. Nevertheless, the G20 has been successful in its reaction to the financial crisis and became therewith an important new player within the international community. When highlighting how the G20 might interfere with the WTO, the panel voiced concerns over the political legitimacy of the G20, given the limited number of members and the global impact of its decisions. It agreed on the impression that although the G20 intends to extend its debates from the financial sector to world economy in general, it has so far little achieved in this direction, particularly when it comes to moving the Doha agenda forward. It remains, thus, open how the G20 will evolve in the coming few years, and what mandates it will shed or adopt. So far, the G20 has complemented the WTO and international financial institutions in handling the financial crisis. Yet, even if there is little evidence pointing towards a less cooperative role in the future, the desirability of a G20 commitment in WTO trade negotiations has yet to be debated. The panel concluded by providing ideas on how the potential of the G20 might be used to serve global interests even better in the future. In their concluding remarks, the panellists agreed that it remains to be seen whether or not the G20 will further broaden its agenda. Given the ebbing away of the financial crisis there is even the question whether the G20 will remain an important international forum for financial collaboration, or whether it has already served its cause and will eventually disappear from the international stage. The Chair concluded the well attended and lively panel with voicing the hope that the two international bodies – the G20 and the WTO – will work in a positive way together in the future and face the challenges and opportunities in their collaboration to the benefit of everyone.