Microcrédito emancipatório no nordeste do Brasil? : estudo de caso do Crediamigo Comunidade nos municípios de Caucaia-Ce e Maranguape-Ce

This piece of work consists in a study case of Crediamigo Comunidade, a product from the portfolio of Crediamigo Program of Banco do Nordeste, that uses the methodology of the Comunitary Banks in the concession of low amount loan to poor communities. The main question consists to understand how the Crediamigo Comunidade is characterized faced to the conflict of emancipatory versus liberal paradigms, that exists in the microcredit area. The main objective will analyze how the mechanisms: social capital, empowerment, formation to credit education and better conditions for economic and social issues promoted in the specific objectives of this product, before the dipute between these paradigms. The method adopted analyzed, in a longitudinal perspective, the three years of the product s existence (jun/2005 to jul 2008). Primary and secondary data made possible to identify qualitatively, emancipatory and non emancipatory attributes in the actions and results of Crediamigo Comunidade. It is concluded that the Crediamigo Comunidade works in a liberal logic of the Crediamigo Program, consequently, his focus is not in the emancipation of the poorest clients. The empowerment is individual and not communitary or Freiriano ; the social capital relations enlarges itself in its bounding and bridging ties, but not in its linkage ties, to have access to politic actors and consequently communitary strengthen. All the formation in the Crediamigo is strictly commercial. These characteristics happen by the liberal paradigm in the Crediamigo management and of all of its products, including the Crediamigo Comunidade

Metodología para la medición del riesgo de liquidez en una cooperativa financiera

Este trabajo plantea la implementación de una metodología para la medición del riego de liquidez al modelo interno adoptado por CONFIAR Cooperativa Financiera, haciendo énfasis en proyecciones estadísticas de los depósitos y retiros de cuentas de ahorro a la vista, depósitos y retiros de aportes sociales, captaciones en contratos de depósito a término, captaciones en depósitos contractuales y los desembolsos de créditos, a través del modelo de series de tiempo para la construcción del flujo de caja, conforme a lo exigido por la Superintendencia Financiera de Colombia.

IFRS 9 ‘Financial instruments’: Anticipated effects of the standard change at Kesko Group

IFRS 9 Financial instruments presents the classification and measurement, the impairment and the hedge accounting requirements for accounting of financial instruments. The standard was set by the International Accounting Standards Board to replace IAS 39 Financial instruments: Recognition and Measurement on 1 January 2018. Hence, the long-criticized and complexly experienced requirements for accounting of financial instruments will undergo the most significant reform. This thesis addresses anticipated effects of IFRS 9, focusing on the challenges the new classification and measurement requirements bring forth in the case organization Kesko. This thesis was conducted as an action research, in which, a case study method was applied. The thesis was conducted with a twofold manner, which involved general analysis of IFRS 9 and further covered distinct ambitions related to the case organization. For the general part, empirical data was gathered by interviewing two IFRS experts from KPMG and PwC, while the interviews within the case organization constituted for the case study. Further, the literature on the IFRS 9 was such scant that the theoretical examination was merged with the IFRS experts’ quotations that also strived to contribute to the overall objective of reinforcing the body of research related to the subject. This thesis indicates that IFRS 9 will most fundamentally reform the impairment and the hedge accounting requirements of financial instruments. Regard to impairment, the changes are anticipated to increase the amount of loan-loss provisions, whereas the relaxed hedge accounting requirements are expected to encourage more companies to commence the application of hedge accounting. The thesis provides empirical support on that the term business model for managing financial assets, introduced in IFRS 9, is ably hard to comprehend and remains ambiguous. It goes on to argue that the most prominent issue in defining the business model for managing financial assets is the limits set in IFRS 9 for selling financial assets. In consideration of Kesko, this thesis finds that the key effects of IFRS 9 are anticipated to be the reshaping of the organization’s treasury policy and further examination of the possibility to apply hedge accounting for foreign exchange derivatives. What is more, the thesis presumes that complying the requirements of IFRS 9 Kesko will apply the hold to collect and sell model for managing financial assets in future.

Algunas herramientas del Derecho Civil en favor de la vivienda

El Código civil y la legislación especial intentan satisfacer la necesidad de vivienda. Además de la adquisición de la propiedad, existen figuras como el derecho de habitación (Derechos reales) o el arrendamiento urbano y sus modalidades de cesión y subarriendo, el préstamo gratuito (Derecho de contratos) o la atribución del uso de la vivienda familiar a uno de los progenitores y a los hijos (Derecho de Familia). Se examinan sus requisitos y efectos para aprovechar posibilidades y detectar abusos.

Modelo de Scoring para o Crédito à Habitação: Um estudo de caso em Portugal

Mestrado em Contabilidade e Gestão das Instituições Financeiras

Economic Development of Urban Areas

In this dissertation I study the development of urban areas. At the aggregate level I investigate how they may be affected by climate change policies and by being designated the seat of governmental power. At the household level I study with coauthors how microfinance could improve the health of urban residents. In Chapter 1, I investigate how local employment may be affected by electricity price increases, which is a likely consequence of climate change policies. I outline how previous studies that find large, negative effects may be biased. To overcome these biases I develop a novel estimation strategy that blends border-pair regressions with the synthetic control methodology. I show the conditions for consistent estimation. Using this estimator, I find no effect of contemporaneous price changes on employment. Consistent with the longer time-frame for manufacturing decisions, I do find evidence for negative effects from perceived permanent price shocks. These estimates are much smaller than previous research has found. National capital cities are often substantially larger than other cities in their countries. In Chapter 2, I investigate whether there is a causal effect from being a capital by studying the 1960 relocation of the Brazilian capital from Rio de Janeiro to Brasília. Using a synthetic controls strategy I find that losing the capital had no significant effects on Rio de Janeiro in terms of population, employment, or gross domestic product (GDP). I find that Brasília experienced large and significant increases in population, employment, and GDP. I find evidence of large spillovers from the public to the private sector. Chapter 3 investigates how microfinance could increase the uptake of costly health goods. We study the effect of time payments (micro-loans or micro-savings) on willingness-to-pay (WTP) for a water filter among households in the slums of Dhaka, Bangladesh. We find that time payments significantly increase WTP: compared to a lump-sum up-front purchase, median WTP increases 83% with a six-month loan and 115% with a 12-month loan. We find that households are quite patient with respect to consumption of health inputs. We find evidence for the presence of credit and savings constraints.

Essays in asset price bubbles

This thesis studies the field of asset price bubbles. It is comprised of three independent chapters. Each of these chapters either directly or indirectly analyse the existence or implications of asset price bubbles. The type of bubbles assumed in each of these chapters is consistent with rational expectations. Thus, the kind of price bubbles investigated here are known as rational bubbles in the literature. The following describes the three chapters. Chapter 1: This chapter attempts to explain the recent US housing price bubble by developing a heterogeneous agent endowment economy asset pricing model with risky housing, endogenous collateral and defaults. Investment in housing is subject to an idiosyncratic risk and some mortgages are defaulted in equilibrium. We analytically derive the leverage or the endogenous loan to value ratio. This variable comes from a limited participation constraint in a one period mortgage contract with monitoring costs. Our results show that low values of housing investment risk produces a credit easing effect encouraging excess leverage and generates credit driven rational price bubbles in the housing good. Conversely, high values of housing investment risk produces a credit crunch characterized by tight borrowing constraints, low leverage and low house prices. Furthermore, the leverage ratio was found to be procyclical and the rate of defaults countercyclical consistent with empirical evidence. Chapter 2: It is widely believed that financial assets have considerable persistence and are susceptible to bubbles. However, identification of this persistence and potential bubbles is not straightforward. This chapter tests for price bubbles in the United States housing market accounting for long memory and structural breaks. The intuition is that the presence of long memory negates price bubbles while the presence of breaks could artificially induce bubble behaviour. Hence, we use procedures namely semi-parametric Whittle and parametric ARFIMA procedures that are consistent for a variety of residual biases to estimate the value of the long memory parameter, d, of the log rent-price ratio. We find that the semi-parametric estimation procedures robust to non-normality and heteroskedasticity errors found far more bubble regions than parametric ones. A structural break was identified in the mean and trend of all the series which when accounted for removed bubble behaviour in a number of regions. Importantly, the United States housing market showed evidence for rational bubbles at both the aggregate and regional levels. In the third and final chapter, we attempt to answer the following question: To what extend should individuals participate in the stock market and hold risky assets over their lifecycle? We answer this question by employing a lifecycle consumption-portfolio choice model with housing, labour income and time varying predictable returns where the agents are constrained in the level of their borrowing. We first analytically characterize and then numerically solve for the optimal asset allocation on the risky asset comparing the return predictability case with that of IID returns. We successfully resolve the puzzles and find equity holding and participation rates close to the data. We also find that return predictability substantially alter both the level of risky portfolio allocation and the rate of stock market participation. High factor (dividend-price ratio) realization and high persistence of factor process indicative of stock market bubbles raise the amount of wealth invested in risky assets and the level of stock market participation, respectively. Conversely, rare disasters were found to bring down these rates, the change being severe for investors in the later years of the life-cycle. Furthermore, investors following time varying returns (return predictability) hedged background risks significantly better than the IID ones.

Quichua-Spanish language contact in Salcedo, Ecuador: revisiting media lengua syncretic language practices

The purpose of the current thesis is to develop a better understanding of the interaction between Spanish and Quichua in the Salcedo region and provide more information for the processes that might have given rise to Media Lengua, a ‘mixed’ language comprised of a Quichua grammar and Spanish lexicon. Muysken attributes the formation of Media Lengua to relexification, ruling out any influence from other bilingual phenomena. I argue that the only characteristic that distinguishes Media Lengua from other language contact varieties in central Ecuador is the quantity of the overall Spanish borrowings and not the type of processes that might have been employed by Quichua speakers during the genesis of Media Lengua. The results from the Salcedo data that I have collected show how processes such as adlexification, code-mixing, and structural convergence produce Media Lengua-type sentences, evidence that supports an alternative analysis to Muysken’s relexification hypothesis. Overall, this dissertation is developed around four main objectives: (1) to describe the variation of Spanish loanwords within a bilingual community in Salcedo; (2) to analyze some of the prominent and recent structural changes in Quichua and Spanish; (3) to determine whether Spanish loanword use can be explained by the relationship consultants have with particular social categories; and (4) to analyze the consultants’ language ideologies toward syncretic uses of Spanish and Quichua. Overall, 58% of the content words, 39% of the basic vocabulary, and 50% of the subject pronouns in the Salcedo corpus were derived from Spanish. When compared to Muysken’s description of highlander Quichua in the 1970’s, Spanish loanwords have more than doubled in each category. The overall level of Spanish loanwords in Salcedo Quichua has grown to a level between highlander Quichua in the 1970’s and Media Lengua. Similar to Spanish’s lexical influence in Media Lengua, the increase of Spanish borrowings in today’s rural Quichua can be seen in non-basic and basic vocabularies as well as the subject pronoun system. Significantly, most of the growth has occurred through forms of adlexification i.e., doublets, well-established borrowings, and cultural borrowings, suggesting that ‘ordinary’ lexical borrowing is also capable of producing Media Lengua-type sentences. I approach the second objective by investigating two separate phenomena related to structural convergence. The first examines the complex verbal constructions that have developed in Quichua through Spanish loan translations while the second describes the type of Quichua particles that are attached to Spanish lexemes while speaking Spanish. The calquing of the complex verbal constructions from Spanish were employed when speaking standard Quichua. Since this standard form is typically used by language purists, I argue that their use of calques is a strategy of exploiting the full range of expression from Spanish without incorporating any of the Spanish lexemes which would give the appearance of ‘contamination’. The use of Quichua particles in local varieties of Spanish is a defining characteristic of Quichuacized Spanish, spoken most frequently by women and young children in the community. Although the use of Quichua particles was probably not the main catalyst engendering Media Lengua, I argue that its contribution as a source language to other ‘mixed’ varieties, such as Media Lengua, needs to be accounted for in descriptions of BML genesis. Contrary to Muysken’s representation of relatively ‘unmixed’ Spanish and Quichua as the two source languages of Media Lengua, I propose that local varieties of Spanish might have already been ‘mixed’ to a large degree before Media Lengua was created. The third objective attempts to draw a relationship between particular social variables and the use of Spanish loanwords. Whisker Boxplots and ANOVAs were used to determine which social group, if any, have been introducing new Spanish borrowings into the bilingual communities in Salcedo. Specifically, I controlled for age, education, native language, urban migration, and gender. The results indicate that none of the groups in each of the five social variables indicate higher or lower loanword use. The implication of these results are twofold: (a) when lexical borrowing occurs, it is immediately adopted as the community-wide norm and spoken by members from different backgrounds and generations, or (b) this level of Spanish borrowing (58%) is not a recent phenomenon. The fourth and final objective draws on my ethnographic research that addresses the attitudes of syncretic language use. I observed that Quichuacized Spanish and Hispanicized Quichua are highly stigmatized varieties spoken by the country’s most marginalized populations and families, yet within the community, syncretic ways of speaking are in fact the norm. It was shown that there exists a range of different linguistic definitions for ‘Chaupi Lengua’ and other syncretic language practices as well as many contrasting connotations, most of which were negative. One theme that emerged from the interviews was that speaking syncretic varieties of Quichua weakened the consultant’s claim to an indigenous identity. The linguistic and social data presented in this dissertation supports an alternative view to Muysken’s relexification hypothesis, one that has the advantage of operating with well-precedented linguistic processes and which is actually observable in the present-day Salcedo area. The results from the study on lexical borrowing are significant because they demonstrate how a dynamic bilingual speech community has gradually diversified their Quichua lexicon under intense pressure to shift toward Spanish. They also show that Hispanicized Quichua (Quichua with heavy lexical borrowing) clearly arose from adlexification and prolonged lexical borrowing, and is one of at least six identifiable speech styles found in Salcedo. These results challenge particular interpretations of language contact outcomes, such as, ones that depict sources languages as discrete and ‘unmixed.’ The bilingual continuum presented in this thesis shows on the one hand, the range of speech styles that are accessible to different speakers, and on the other hand, the overlapping, syncretic features that are shared among the different registers and language varieties. It was observed that syncretic speech styles in Salcedo are employed by different consultants in varied interactional contexts, and in turn, produce different evaluations by other fellow community members. In the current dissertation, I challenge the claim that relexification and Media Lengua-type sentences develop in isolation and without the influence of other bilingual phenomena. Based on Muysken's Media Lengua example sentences and the speech styles from the Salcedo corpus, I argue that Media Lengua may have arisen as an institutionalized variant of the highly mixed "middle ground" within the range of the Salcedo bilingual continuum discussed above. Such syncretic forms of Spanish and Quichua strongly resemble Media Lengua sentences in Muysken’s research, and therefore demonstrate how its development could have occurred through several different language contact processes and not only through relexification.

OLD NATIONAL BIBLIOGRAPHIC 1830 A 1900 BOOKS FOR THE NATIONAL LIBRARY OF COSTA RICA "Miguel Obregón Lizano"

The Final Graduation submitted to qualify for the degree of Bachelor of Library and Information Science, with the title: Old National Bibliographical Books from 1830 to 1900 for the National Library of Costa Rica "Miguel Obregon Lizano," has raised the following objectives general: Identify, create a computerized catalog and investigate policies of conservation, preservation and loan in order to facilitate access and information retrieval, and dissemination of books published between 1830 to 1900 by a CDROM.According to the above objectives are to identify, select and separate, and integrate the National Bibliographical Old Books from 1830 to 1900, under investigation, determined in accordance with this study, a pioneer in the creation of bibliographic old in the National Library of Costa Rica "Miguel Obregon Lizano," a valuable amount of documents, which are not always available to (as) students (as), for lack of disclosure or because they are not represented in catalogs, consistent with recent technology dictates.According to research, it is considered that there is a lack of old collections, and therefore, the concept, organization and creation of such funds, reason leads them to testify that this would be one of the first forays into this subject, and thus, a great contribution to the National Library and for the field of librarianship and the country at large, as it has managed to create a source of access to information for the service (as) users (as): researchers (as), historians (as), anthropologists (as), and the community at large. Therefore, the fundamental purpose of this study the unquestionable usefulness of Old National Bibliographical Books for (as) users (as) researchers (as) of the National Library.

CRATMedia

Dissertação apresentada ao Instituto Politécnico de Castelo Branco para cumprimento dos requisitos necessários à obtenção do grau de Mestre em Desenvolvimento de Software e Sistemas Interactivos, realizada sob a orientação científica do Doutor Nuno Filipe Alves Gaiola Castela, Professor-adjunto do Departamento de Engenharia Informática da Escola Superior de Tecnologia do Instituto Politécnico de Castelo Branco.

Microcrédito emancipatório no nordeste do Brasil? : estudo de caso do Crediamigo Comunidade nos municípios de Caucaia-Ce e Maranguape-Ce

This piece of work consists in a study case of Crediamigo Comunidade, a product from the portfolio of Crediamigo Program of Banco do Nordeste, that uses the methodology of the Comunitary Banks in the concession of low amount loan to poor communities. The main question consists to understand how the Crediamigo Comunidade is characterized faced to the conflict of emancipatory versus liberal paradigms, that exists in the microcredit area. The main objective will analyze how the mechanisms: social capital, empowerment, formation to credit education and better conditions for economic and social issues promoted in the specific objectives of this product, before the dipute between these paradigms. The method adopted analyzed, in a longitudinal perspective, the three years of the product s existence (jun/2005 to jul 2008). Primary and secondary data made possible to identify qualitatively, emancipatory and non emancipatory attributes in the actions and results of Crediamigo Comunidade. It is concluded that the Crediamigo Comunidade works in a liberal logic of the Crediamigo Program, consequently, his focus is not in the emancipation of the poorest clients. The empowerment is individual and not communitary or Freiriano ; the social capital relations enlarges itself in its bounding and bridging ties, but not in its linkage ties, to have access to politic actors and consequently communitary strengthen. All the formation in the Crediamigo is strictly commercial. These characteristics happen by the liberal paradigm in the Crediamigo management and of all of its products, including the Crediamigo Comunidade

Essays in Personal Transportation Demand and Consumer Finance

This dissertation is composed of three essays covering two areas of interest. The first topic is personal transportation demand with a focus on price and fuel efficiency elasticities of mileage demand, challenging assumptions common in the rebound effect literature. The second topic is consumer finance with a focus on small loans. The first chapter creates separate variables for fuel prices during periods of increasing and decreasing prices as well as an observed fuel economy measure to empirically test the equivalence of these elasticities. Using a panel from Germany from 1997 to 2009 I find a fuel economy elasticity of mileage of 53.3%, which is significantly different from the gas price elasticity of mileage during periods of decreasing gas prices, 4.8%. I reject the null hypothesis or price symmetry, with the elasticity of mileage during period of increasing gas prices ranging from 26.2% and 28.9%. The second chapter explores the potential for the rebound effect to vary with income. Panel data from U.S. households from 1997 to 2003 is used to estimate the rebound effect in a median regression. The estimated rebound effect independent of income ranges from 17.8% to 23.6%. An interaction of income and fuel economy is negative and significant, indicating that the rebound effect may be much higher for low income individuals and decreases with income; the rebound effect for low income households ranged from 80.3% to 105.0%, indicating that such households may increase gasoline consumption given an improvement in fuel economy. The final chapter documents the costs of credit instruments found in major mail order catalogs throughout the 20th century. This study constructs a new dataset and finds that the cost of credit increased and became stickier as mail order retailers switched from an installment-style closed-end loan to a revolving-style credit card. This study argues that revolving credit's ability to decrease salience of credit costs in the price of goods is the best explanation for rate stickiness in the mail order industry as well as for the preference of revolving credit among retailers.

Essays on Supply Chain Finance

I study how a larger party within a supply chain could use its superior knowledge about its partner, who is considered to be financially constrained, to help its partner gain access to cheap finance. In particular, I consider two scenarios: (i) Retailer intermediation in supplier finance and (ii) The Effectiveness of Supplier Buy Back Finance. In the fist chapter, I study how a large buyer could help small suppliers obtain financing for their operations. Especially in developing economies, traditional financing methods can be very costly or unavailable to such suppliers. In order to reduce channel costs, in recent years large buyers started to implement their own financing methods that intermediate between suppliers and financing institutions. In this paper, I analyze the role and efficiency of buyer intermediation in supplier financing. Building a game-theoretical model, I show that buyer intermediated financing can significantly improve supply chain performance. Using data from a large Chinese online retailer and through structural regression estimation based on the theoretical analysis, I demonstrate that buyer intermediation induces lower interest rates and wholesale prices, increases order quantities, and boosts supplier borrowing. The analysis also shows that the retailer systematically overestimates the consumer demand. Based on counterfactual analysis, I predict that the implementation of buyer intermediated financing for the online retailer in 2013 improved channel profits by 18.3%, yielding more than $68M projected savings. In the second chapter, I study a novel buy-back financing scheme employed by large manufacturers in some emerging markets. A large manufacturer can secure financing for its budget-constrained downstream partners by assuming a part of the risk for their inventory by committing to buy back some unsold units. Buy back commitment could help a small downstream party secure a bank loan and further induce a higher order quantity through better allocation of risk in the supply chain. However, such a commitment may undermine the supply chain performance as it imposes extra costs on the supplier incurred by the return of large or costly-to-handle items. I first theoretically analyze the buy-back financing contract employed by a leading Chinese automative manufacturer and some variants of this contracting scheme. In order to measure the effectiveness of buy-back financing contracts, I utilize contract and sales data from the company and structurally estimate the theoretical model. Through counterfactual analysis, I study the efficiency of various buy-back financing schemes and compare them to traditional financing methods. I find that buy-back contract agreements can improve channel efficiency significantly compared to simple contracts with no buy-back, whether the downstream retailer can secure financing on its own or not.

2015 Mortgage Log Analysis Report

The South Carolina Department of Consumer Affairs publishes an annual mortgage log report as a requirement of the South Carolina Mortgage Lending Act, which became effective on January 1, 2010. The mortgage log report analyzes the following data, concerning all mortgage loan applications taken: the borrower’s credit score, term of the loan, annual percentage rate, type of rate, and appraised value of the property. The mortgage log report also analyzes data required by the Home Mortgage Disclosure Act, including the following information: the loan type, property type, purpose of the loan, owner/occupancy status, loan amount, action taken, reason for denial, property location, gross annual income, purchaser of the loan, rate spread, HOEPA status, and lien status as well as the applicant and co-applicant’s race, ethnicity, and gender.

Huambo Microbiology Laboratory : economical and financial viability

Mestrado em Finanças