Creditor's protection and bank loans: lack of competition hamprers bankruptcy reform's effects

This dissertation investigates how credit institutions’ market power limits the effects of creditor protection rules on the interest rate and the spread of bank loans. We use the Brazilian Bankruptcy Reform of June/2005 (BBR) as a legal event affecting the institutional environment of the Brazilian credit market. The law augments creditor protection and aims to improve the access of firms to the credit market and to reduce the cost of borrowing. Either access to credit or the credit cost are also determined by bank industry competition and the market power of suppliers of credit. We derive a simple economic model to study the effect of market power interacting with cost of lending. Using an accounting and operations dataset from July/2004 to December/2007 provided by the Brazilian Central Bank, we estimate that the lack of competition in the bank lending industry hinders the potential reducing effect of the BBR on the interest rate of corporate loans by approximately 30% and on the spread by approximately 23%. We also find no statistical evidence that the BBR affected the concentration level of the Brazilian credit market. We present a brief report on bankruptcy reforms around the world, the changes in the Brazilian legislation and on some recent related articles in our introductory chapter. The second chapter presents the economic model and the testable hypothesis on how the lack of competition in the lending market limits the effects of improved creditor protection. In this chapter, we introduce our empirical strategy using a differences-in-differences model and we estimate the limiting effect of market power on the BBR’s potential to reduce interest rates and on the spread of bank loans. We use the BBR as an exogenous event that affects collateralized corporate loans (treatment group) but that does not affect clean consumer loans (control group) to identify these effects, using different concentration measures. In Chapter 3, we propose a two-stage empirical strategy to handle the H–Statistics proposed by Panzar and Rosse as a measure of market competition. We estimate the limiting effects of the lack of competition in replacing the concentration statistics by the H–Statistics. Chapter 4 presents a structural break test of the concentration index and checks if the BBR affects the dynamic evolution of the concentration index.

Regulatory reform in the brazilian railway sector and concession valuation: a preliminary assessment

Trabalho apresentado na 4th Conference on the Regulation of Infrastructures

Regulatory reform in the brazilian railway sector and its potential effects

Trabalho apresentado no Law and Society Annual Conference, 2015

Regulatory reform in the brazilian railway sector: a preliminary assesment

Escola de Direito do Rio de Janeiro da Fundação Getulio Vargas

The impact of social security reform on occupational and retirement behavior : a quantitative assessment for Brazil

Population ageing is a problem that countries will have to cope with within a few years. How would changes in the social security system affect individual behaviour? We develop a multi-sectoral life-cycle model with both retirement and occupational choices to evaluate what are the macroeconomic impacts of social security reforms. We calibrate the model to match 2011 Brazilian economy and perform a counterfactual exercise of the long-run impacts of a recently adopted reform. In 2013, the Brazilian government approximated the two segregated social security schemes, imposing a ceiling on public pensions. In the benchmark equilibrium, our modelling economy is able to reproduce the early retirement claiming, the agents' stationary distribution among sectors, as well as the social security deficit and the public job application decision. In the counterfactual exercise, we find a significant reduction of 55\% in the social security deficit, an increase of 1.94\% in capital-to-output ratio, with both output and capital growing, a delay in retirement claims of public workers and a modification in the structure of agents applying to the public sector job.

Essays on health care reform, wealth inequality, and demography

This thesis contains three chapters. The first chapter uses a general equilibrium framework to simulate and compare the long run effects of the Patient Protection and Affordable Care Act (PPACA) and of health care costs reduction policies on macroeconomic variables, government budget, and welfare of individuals. We found that all policies were able to reduce uninsured population, with the PPACA being more effective than cost reductions. The PPACA increased public deficit mainly due to the Medicaid expansion, forcing tax hikes. On the other hand, cost reductions alleviated the fiscal burden of public insurance, reducing public deficit and taxes. Regarding welfare effects, the PPACA as a whole and cost reductions are welfare improving. High welfare gains would be achieved if the U.S. medical costs followed the same trend of OECD countries. Besides, feasible cost reductions are more welfare improving than most of the PPACA components, proving to be a good alternative. The second chapter documents that life cycle general equilibrium models with heterogeneous agents have a very hard time reproducing the American wealth distribution. A common assumption made in this literature is that all young adults enter the economy with no initial assets. In this chapter, we relax this assumption – not supported by the data – and evaluate the ability of an otherwise standard life cycle model to account for the U.S. wealth inequality. The new feature of the model is that agents enter the economy with assets drawn from an initial distribution of assets. We found that heterogeneity with respect to initial wealth is key for this class of models to replicate the data. According to our results, American inequality can be explained almost entirely by the fact that some individuals are lucky enough to be born into wealth, while others are born with few or no assets. The third chapter documents that a common assumption adopted in life cycle general equilibrium models is that the population is stable at steady state, that is, its relative age distribution becomes constant over time. An open question is whether the demographic assumptions commonly adopted in these models in fact imply that the population becomes stable. In this chapter we prove the existence of a stable population in a demographic environment where both the age-specific mortality rates and the population growth rate are constant over time, the setup commonly adopted in life cycle general equilibrium models. Hence, the stability of the population do not need to be taken as assumption in these models.

Áreas de transição rural e urbana em São Gonçalo do Amarante : elementos para delimitação no planejamento territorial

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior

Avanços e retrocessos na articulação de um pacto territorial: a experiência do PRONAF Infra-Estrutura

Since minetics The economics and political promotion along the necessity of flexibility in states actions admited actors partipction and social controlo on process of construction in local development. The Programa Nacional de Fortalecimento à Agricultura Familiar (PRONAF) by this framework consists suprass the specific points about contry world in order to embrace territorial dimension of development, focalizing actions that estimulate co-operative pratices among local agents. This work proposal intends to identify advances and regression of PRONAF Infra-estrutura (Framework) by one territorial pact organization considering its administration about mechamisms on advantage conmflicts between distinct actor and their ables to atimulates a construction of new relationships between governors and population. Undderstanding PRONAF action like a process that come from its instrumental proportion surpass looking for substantial elements constructionm on intervention of local development considering administration mechamisms in São Paulo do Potengi (RN) city-council-starting by Conselho Municipal de Desenvolvimento Rural as well changes of institutional arrangement with território da Borborema erection. Throngh documental studies, bibliography researches and interviews we indenttfy an articulante power of Territorial pact partnerships like one of these political process and its sector character as their limits

Trajetória dos assentamentos rurais financiados pelo crédito fundiário no estado do Rio Grande do Norte: uma análise da experiência do assentamento da fazenda Paz no município de Maxaranguape/RN

The market-assisted land reform (RAAM) has been constituted as an alternative of agrarian reform funded by the Programa Nacional do Crédito Fundiário (PNCF). It is a policy of acquisition, distribution and use of Earth ideologically disseminated and funded by the World Bank in the context of productive insertion of landless workers. Accordingly, this study seeks to analyze the trajectory of rural settlements financed by this policy, seeking to understand what factors promote or limit the process of rural development of those settlements. To do so, take as a reference case study of the Assentamento da Fazenda Paz, in the municipality of Maxaranguape in the State of Rio Grande do Norte. From the methodological point of view, bibliographical and documentary research were used, in addition to visits to the settlement and semi-structured interviews with the settlers, trade union leaders, consultants and technicians linked to the project. Assuming the reports of respondents, initially constructs the hypothesis that informal and formal institutions present in the Assentamento da Fazenda Paz were unable to effectively coordinate the actions of the agents. The results obtained showed the existence of a very complex undertaking, with a total area of 607 hectares and 80 families settled, endowed with good quality water and irrigation infrastructure, with assets of approximately R$ 5 million reais. Experience experienced by the settlers understood the development of complex systems of production and marketing of fruits and vegetables, with an emphasis on the cultivation of papaya in an area of 45 hectares based on modern irrigation system and extensive use of technology. Collective management of production, marketing, revenue and costs stood out as a major challenge for the settlers and their representative organisations, i.e. the Community Association and the cooperative. From this observation it was possible to identify two moments on the trajectory of the project: the first, between 2007-2011, considered by respondents as successful, in which the integration of public policies and abundant input of revenue from the commercialization of the fruits da Paz, mainly through the sale of papaya and pineapple in national and international markets, allowed an average remuneration of R$ 800.00 reais to R$ 1,000 reais seated/monthIn addition to the production of vegetables and other types of products for sale and consumption; the second, from 2012, characterized as a failure, due to the discontinuity of the cultivation, production and marketing of fruits based on the collective bargaining model deployed. Important factors explain the discontinuity of the project, including the model of agriculture implemented, difficulties related to the management of production, marketing and finance the venture, in addition to the breach of trust between the Board of the cooperative and the associates and the distancing of the governmental organizations more directly responsible for the project. It is therefore concluded that we must to rethink rural development as a multidimensional phenomenon, requiring a broad engagement between State and society under the foundations of a territorial development contract

Reinternações psiquiátricas no Rio Grande do Norte: implicações e impacto das novas estratégias de atenção à saúde mental

The Brazilian Psychiatric Reform based on the desinstitucionalization of the assistance, translated to the emphasis on community/territorial treatment and in the social inclusion of the mental suffering, promoted advances in the psychiatric restructuring. In the Rio Grande do Norte (RN), we can enumerate as advances of the Brazilian Psychiatric Reform the expansion of the mental health care chain and the implementation of some strategies that, together, aims to further the psychosocial attention of the individual with psych suffering and to reduce the indices of psychiatrics readmissions in the state. In the current Brazilian‟s mental health situation we were interesting in answered the following question: what the impact of the substitutes services‟ extension in the revolving door phenomenon? This search aims to analyze the revolving door phenomenon occurrences based on the news strategies of mental health care in the Rio Grande do Norte. This is a descriptive-exploratory study with a qualitative approach, oriented by the theoretical framework of critical-dialectical approach about the Brazilian Psychiatric Reform and using the thematic oral history as method of information collects. The search was realized on the Hospital João Machado (HJM), estate reference in psychiatric treatment, and the participants was 20 professionals that work on it. The collection of information had started after the approval of the UFRN Research Ethics Committee with the opinion number 216/2011 and CAAE number 0021.0.051.000-11 and was realized using the direct observation and semi-structured interview. The study‟s results were categorized in two categories and five subcategories of analysis. CATEGORY 1) Current situation of the mental health care chain in the RN, with the subcategories: 1.1 Impact of the new services of mental health care in the revolving door phenomenon in the RN; 1.2 Implications of the new services of mental health care in assisting user to the HJM; 1.3 Issues the permeate the mental health care chain in the RN. CATEORY 2) Main causes of the revolving door phenomenon in HJM, with the categories: 2.1 Family problems; 2.2 Lack of assistance after discharge from psychiatric hospital. In summary, we conclude that the extension of the mental health care chain contributed for the reduction of the psychiatrics re-hospitalization‟s indices in RN. However, we realized that territorial services of mental health care are not the only responsible for the revolving door phenomenon. Factors as family problems and the disarticulation of the assistance after the discharge from hospital influence on the perpetuation of hospitalizations and re-hospitalizations in the local scenario. To study the revolving door phenomenon that occur in the psychiatrics‟ assistance considering the news strategies of mental health care allowed us to approach the advances and challenges brought by the RPb and by the desinstitucionatization in the state, indicating the need for further discussions and problem-solving strategies of psychosocial care.