Impacts of foreign exchange auctions on the informal market rate in Myanmar

Since the abolition of the official peg and the introduction of a managed float in April 2012, the Central Bank of Myanmar has operated the daily two–way auctions of foreign exchange aimed at smoothing exchange rate fluctuations. Despite the reforms to the foreign exchange regime, however, informal trading of foreign exchange remains pervasive. Using the daily informal exchange rate and Central Bank auction data, this study examines the impacts of auctions on the informal market rate. First, a VAR analysis indicates that the official rate did not Granger cause the informal rate. Second, GARCH models indicate that the auctions did not reduce the conditional variance of the informal rate returns. Overall, the auctions have only a quite modest impact on the informal exchange rate.

Human mating in the informal market for sperm donation: Preferences and decision making

Choosing a mate is one of the largest (economic) decisions humans make. This thesis investigates this large scale decision and how the process is changing with the advent of the internet and the growing market for online informal sperm donation. This research identifies individual factors that influence female mating preferences. It explores the roles of behavioural traits and physical appearance, preferences for homogamy and hypergamy, and personality, and how these impact the decision to choose a donor. Overall, this thesis makes contributions to both the literature on human behaviour, and that on decision-making in extreme and highly important situations.

Quality of propolis commercialized in the informal market

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

The informal market of education in Egypt: Private tutoring and its implications /// Arbeitspapiere / Institut für Ethnologie und Afrikastudien ; 88

Education is generally perceived as a public good which should be provided by the state. In Egypt, free and equal access to education has been guaranteed to all citizens since President Nasser’s socialist reforms in the 1950s. However, due to high population growth rates and a lack of financial resources, the public education system has been struggling to accommodate rapidly increasing numbers of students. While enrolment rates have risen steadily, the quality of state-provided services has deteriorated. Teachers and students have to cope with high class densities, insufficient facilities, a rigid syllabus and a centralized examination system. Today, teaching is among the lowest-paying occupations in the public sector. One strategy to cope with this situation is the widespread practice of private tutoring, which usually takes place at students’ homes or in commercial tutoring centers. Based on research carried out in Cairo in 2004/05 and 2006, I use an actor-centered approach to analyze the motivations of Egyptian teachers and students for participating in private tutoring and the impact that this practice has on the relationship between teachers and students. Students of all socio-economic backgrounds resort to tutoring in order to succeed in a highly competitive and exam-oriented education system. However, the form and quality of tutoring that can be accessed depends on the financial means of the family. For teachers, tutoring provides a good opportunity not only to supplement their income, but also, in the case of renowned “star teachers”, to improve their professional status and autonomy. On the informal “market of education” that has developed in Egypt during the last decades, the educational responsibilities of the state are increasingly being taken over by private actors, i.e. the process of teaching and learning is dissociated from the direct control of the state and from school as an institution. At the same time, education is turned into a marketable commodity. Despite the government’s efforts to provide free education to all citizens, the quality of social services that can be accessed in Egypt, thus, depends mainly on the financial means of the individual or the family.

Endogenous Growth in the Presence of Informal Credit Markets: A Comparative Analysis Between Credit Rationing and Self-Revelation Regimes

This paper examines whether the presence of informal credit markets reduces the cost of credit rationing in terms of growth. In a dynamic general equilibrium framework, we assume that firms are heterogenous with different degrees of risk and households invest in human capital development. With the help of Indian household level data we show that the informal market reduces the cost of rationing by increasing the growth rate by 0.7 percent. This higher growth rate, in the presence of an informal sector, is due to the ability of the informal market to separate the high risk from the low risk firms thanks to better information. But even after such improvement we do not get the optimum outcome. The findings, based on our second question, suggest that the revelation of firms' type, based on incentive compatible pricing, can lead to almost 2 percent higher growth rate as compared to the credit rationing regime with informal sector.

Measuring persistence in nominal exchange rate: Implications for Angola’s entrepreneurship and business development

The purpose of this paper is to measure the degree of persistence in the Kwanza to US Dollar exchange rate. First, our results indicate that nominal exchange rates both in levels and in first differences are I(0), thus implying that the relative purchasing power parity hypothesis for Angola is not rejected. Secondly, we find a significant degree of persistence in both the formal and informal nominal exchange rates. Thirdly, the degree of persistence in the official market is significantly lower than in the formal market, while In first differences, persistence in the official exchange rate is substantially higher than in the informal exchange rate. Lastly, we could not find strong evidence that persistence has changed in levels throughout the sample period. By contrast, there is significant evidence that persistence in first differences has consistently increased after September 2003. These results have important policy implications as the National Bank of Angola is preparing to change its monetary and exchange-rate policy focus to a more inflation-targeting regime and to a more a flexible (or low-managed) exchange-rate regime.

El Madrugón en Bogotá, un mercado textil popular cuyos lazos de solidaridad reproducen órdenes comerciales y productivos de carácter informal

El presente documento explora las estrategias y características de dos unidades de trabajo vinculadas a uno de los fenómenos comerciales informales más importantes en Bogotá y que es conocido popularmente como El Madrugón, mercado en el que se venden principalmente artículos de la confección. Se trató de ilustrar en detalle y relacionalmente mediante la teoría del sociólogo Pierre Bourdieu, las diversas situaciones a nivel comercial y productivo que estructuran la permanencia en un territorio altamente competitivo y que se caracteriza por sus ventas mayoristas. Asimismo, la investigación trata de entender las lógicas comerciales de un fenómeno urbano cuyo origen está fuertemente configurado por una política pública en relación a la recuperación de un espacio público en el sector de San Victorino (Bogotá), pero también por una estructura de mercado muy particular. El objetivo principal del presente trabajo fue el de comprender cómo este territorio se construye a partir de prácticas informales que en algunos casos tienen elementos ‘Modernos’.

El mercado del suelo informal en favelas y la movilidad residencial de los pobres en las grandes metrópolis

Existe un gran vacío en los estudios urbanos, en particular de economía urbana, sobre el mercado informal de terrenos en las ciudades. La importancia actual de ese mercado y las perspectivas de su crecimiento futuro relacionadas con la evidente reducción de la ocupación (invasión) de tierras urbanas, imponen la urgencia de plantearlo como un objeto de estudio prioritario. El primer esfuerzo de investigación debe ser la construcción de bancos de datos e informaciones dinámicas sobre el mercado informal de tierras y de la movilidad residencial de los pobres. La pregunta que se debe formular sobre este mercado tiene que ver con sus similitudes y diferencias con respecto al mercado formal. Nuestra respuesta a este desafío se da en dos planos. El primero, a partir de un levantamiento empírico en las favelas de la ciudad de Río de Janeiro; el segundo tomando el mercado informal de tierras y la movilidad de los pobres urbanos como un objeto conceptual que permita re-problematizar temas tradicionales de la economía urbana ortodoxa (neoclásica). 

Relaciones entre el mercado inmobiliario informal y las redes sociales en asentamientos informales del área metropolitana de Buenos Aires

La propuesta es demostrar cómo el mercado inmobiliario informal en los asentamientos consolidados del Área Metropolitana de Buenos Aires puede ser entendido a partir del prisma de las redes sociales, organizaciones barriales y relaciones familiares de reciprocidad y cómo este mercado modifi ca, a su vez, dichas relaciones sociales, e incluso introduce nuevas reagrupaciones, no exentas de conflictos. 

Informal housing in the XXI century. Characteristics of the informal land and housing supply in Bogota during the first decade of the XXI century

This article characterizes the conditions of the informal land and housing supply during the first decade of the xxi century in Bogota, regarding magnitude and location of the informal urban growth (new occupations in the periphery and informal densification of consolidated areas), housing  conditions in recent occupations and the characteristics of the land market. The situation of the  last decade has been reconstructed based in aerial photography analysis, census data quantification  and data analysis from planning and control public entities. Results suggest that due to the relative  land scarcity in Bogotá, among other aspects, the informal market dynamics have experimented changes compared to previous decades, because the growth in consolidated urban areas becomes  more important than the informal urbanization of the peripheries, but at the same time informality  transcends the municipal perimeter to the neighboring municipalities.

Valoración del costo de los recursos propios de las empresas. caso particular: empresas de servicios a la persona en Francia

El WACC o Coste Medio Ponderado de Capital es la tasa a la que se deben descontar los flujos para evaluar un proyecto o empresa. Para calcular esta tasa es necesario determinar el costo de la deuda y el costo de los recursos propios de la compañía; el costo de la deuda es la tasa actual del mercado que la empresa está pagando por su deuda, sin embargo el costo de los recursos propios podría ser difícil y más complejo de estimar ya que no existe un costo explícito. En este trabajo se presenta un panorama de las teorías propuestas a lo largo de la historia para calcular el costo de los recursos propios. Como caso particular, se estimará el costo de los recursos propios sin apalancamiento financiero de seis empresas francesas que no cotizan en bolsa y pertenecientes al sector de Servicios a la Persona (SAP). Para lograr lo anterior, se utilizará el Proceso de Análisis Jerárquico (AHP) y el Modelo de Valoración del Precio de los Activos Financieros (CAPM) con base en lo presentado por Martha Pachón (2013) en “Modelo alternativo para calcular el costo de los recursos propios”.

Consumo de leite informal na cidade de Araraquara-SP

Brazil is one of the largest milk producers in the world, with an estimated total production of 37 billion liters in 2014. Of this total, 33% is not inspected, being destined for the informal market. Objective: The aim of this study was to collect and analyze data on raw milk consumption in the city of Araraquara (SP, Brazil). Methods: Regular milk consumers were provided with exploratory questionnaires in locations chosen for convenience. The reproducibility of each question was tested by Kappa statistics. Associations of interest were 2 detected by the chi-squared (χ ) or Fisher's exact test. Statistical significance was established when p0.05. Results: Most of the volunteers (97.6%) reported consuming milk daily, the type of milk chosen most, mainly for ease of purchase, being boxed UHT. Regarding raw milk, 15.3% of volunteers said they consume it, the greatest consumption being observed among subjects with complete secondary or higher education. The majority of the participants reported knowing of the possibility of diseases being transmitted by unprocessed milk. Most respondents pointed to "flavor" as the main reason for consumption. Only 15.3% reported that someone in their house had become ill from drinking milk, and only 4.1% attributed this to the ingestion of raw milk. Conclusion: It was found that 15.3% of consumers drink raw milk in the city of Araraquara, which is more than the expected proportion in a medium sized city located in the state of São Paulo.

Capital Accumulation in the Presence of Informal Credit Contracts: Does the Incentive Mechanism Work Better than Credit Rationing Under Asymmetric Information?

Credit markets with asymmetric information often prefer credit rationing as a profit maximizing device. This paper asks whether the presence of informal credit markets reduces the cost of credit rationing, that is, whether it can alleviate the impact of asymmetric information based on the available information. We used a dynamic general equilibrium model with heterogenous agents to assess this. Using Indian credit market data our study shows that the presence of informal credit market can reduce the cost of credit rationing by separating high risk firms from the low risk firms in the informal market. But even after this improvement, the steady state capital accumulation is still much lower as compared to incentive based market clearing rates. Through self revelation of each firm's type, based on the incentive mechanism, banks can diversify their risk by achieving a separating equilibrium in the loan market. The incentive mechanism helps banks to increase capital accumulation in the long run by charging lower rates and lending relatively higher amount to the less risky firms. Another important finding of this study is that self-revelation leads to very significant welfare improvement, as measured by consumptiuon equivalence.

O COMPORTAMENTO DO CONSUMIDOR NA ECONOMIA INFORMAL DA REGIÃO DO GRANDE ABC PAULISTA

Diminuir o consumo de produtos oriundos da economia informal e conscientizar os consumidores acerca dos malefícios do mesmo tem sido um imperativo para os órgãos governamentais, organizações privadas e instituições não governamentais que prezam pela melhoria no ambiente de negócios. No entanto, apesar do apelo feito aos consumidores para não adquirirem produtos do mercado informal, é possível notar nas calçadas das ruas e avenidas a existência de inúmeros pontos de venda informais. Neste contexto, esta pesquisa tem como objetivo identificar e analisar os fatores influenciadores do comportamento do consumidor de produtos adquiridos na economia informal da Região do Grande ABC Paulista. Para tanto, foi realizado um estudo qualitativo, de caráter exploratório, cujos dados primários foram coletados por meio de entrevistas semiestruturadas e os dados secundários extraídos da literatura acerca do comportamento do consumidor considerando-se os fatores influenciadores: cultura, ética e responsabilidade social, bem como, a economia informal. Participaram das entrevistas pessoas economicamente ativas com idade entre 25 e 44 anos, consumidoras de produtos oriundos do comércio informal e residentes na Região do Grande ABC Paulista. Com base nos resultados da pesquisa empírica é possível inferir que os consumidores efetuam compras no comércio informal devido ao preço e acessibilidade ao ponto de venda. Trata-se de um consumo culturalmente estabelecido, devido à disseminação do mesmo entre as redes sociais das quais os consumidores fazem parte. De maneira geral, os entrevistados mostram-se conscientes sobre os malefícios sociais, ambientais e éticos da economia informal, mas pouco os consideram no momento da compra.

Determinants of online sperm donor success: How women choose

Because the worldwide demand for sperm donors is much higher than the actual supply available through fertility clinics, an informal online market has emerged for sperm donation. Very little empirical evidence exists, however, on this newly formed market and even less on the characteristics that lead to donor success. This article therefore explores the determinants of online sperm donors’ selection success, which leads to the production of offspring via informal donation. We find that donor age and income play a significant role in donor success as measured by the number of times selected, even though there is no requirement for ongoing paternal investment. Donors with less extroverted and lively personality traits who are more intellectual, shy and systematic are more successful in realizing offspring via informal donation. These results contribute to both the economic literature on human behaviour and on large-scale decision-making.