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Registros recuperados: 37
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A New Capital Regulation For Large Financial Institutions AgEcon
Hart, Oliver; Zingales, Luigi.
We design a new, implementable capital requirement for large financial institutions (LFIs) that are too big to fail. Our mechanism mimics the operation of margin accounts. To ensure that LFIs do not default on either their deposits or their derivative contracts, we require that they maintain an equity cushion sufficiently great that their own credit default swap price stays below a threshold level, and a cushion of long term bonds sufficiently large that, even if the equity is wiped out, the systemically relevant obligations are safe. If the CDS price goes above the threshold, the LFI regulator forces the LFI to issue equity until the CDS price moves back down. If this does not happen within a predetermined period of time, the regulator intervenes. We show...
Tipo: Working or Discussion Paper Palavras-chave: Banks; Capital Requirement; Too Big to Fail; Financial Economics; G21; G28.
Ano: 2009 URL: http://purl.umn.edu/56220
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A Personal Touch: Text Messaging for Loan Repayment AgEcon
Morten, Melanie; Karlan, Dean S.; Zinman, Jonathan.
We worked with two microlenders to test impacts of randomly assigned reminders for loan repayments in the “text messaging capital of the world”. We do not find strong evidence that loss versus gain framing or messaging timing matter. Messages only robustly improve repayment when they include the loan officer’s name. This effect holds for clients serviced by the loan officer previously but not for first-time borrowers. Taken together, the results highlight the potential and limits of communications technology for mitigating moral hazard, and suggest that personal obligation/reciprocity between borrowers and bank employees can be harnessed to help overcome market failures.
Tipo: Working Paper Palavras-chave: Microcredit; Microfinance; Randomized evaluation; Development finance; Consumer/Household Economics; Financial Economics; Research and Development/Tech Change/Emerging Technologies; D21; D92; G21; O16; O17.
Ano: 2012 URL: http://purl.umn.edu/121867
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Actuarial Implication of Structural Changes in El Niño-Southern Oscillation Index Dynamics AgEcon
Chen, Shu-Ling.
The influence of climate variability on agricultural production and financial risks faced by an individual or an institution has been the center of the public discussion in the recent years. The changing weather patterns and environmental conditions could cause substantial unpredicted economic loss. Failure to capture the changing climate would underestimate the insurance contract’s expected indemnity and further create a major obstacle for insurance sectors. In this paper, we undertake a case study of El Niño-Southern Oscillation Index insurance for coastal Peru proposed by Skees. We examined the behavior of El Niño dynamics and found El Niño indices are changing over time. A class of generalized autoregressive conditional heteroskedasticity (GARCH)...
Tipo: Conference Paper or Presentation Palavras-chave: Actuarial rating; Climate variability; El Niño; Fractional integration ARCH; FIGARCH; Index insurance; Structural change; Agricultural Finance; Financial Economics; Risk and Uncertainty; G21; G22; Q10; Q14.
Ano: 2010 URL: http://purl.umn.edu/61384
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Agricultural Banking and Early Warning Models for the Bank Failures of the Late 2000s Great Recession AgEcon
Li, Xiaofei; Escalante, Cesar L.; Epperson, James E.; Gunter, Lewell F..
This paper is designed to validate if the agricultural sector can once again be labeled as an instigator of the late-2000s Great Recession using the early warning models technique. The empirical results indicate that exposure to agribusiness operations does not necessarily enhance a banks’ tendency to fail.
Tipo: Presentation Palavras-chave: Agricultural Banking; Early warning signals; In-sample accuracy; Out-of-sample forecasting; Agricultural Finance; Research Methods/ Statistical Methods; G21; G32; G33; C01.
Ano: 2012 URL: http://purl.umn.edu/119656
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Agricultural Insurances Based on Meteorological Indices: Realizations, Methods and Research Agenda AgEcon
Leblois, Antoine; Quirion, Philippe.
In many low-income countries, agriculture is mostly rain-fed and yields highly depend on climatic factors. Furthermore, farmers have little access to traditional crop insurance, which suffers from high information asymmetry and transaction costs. Insurances based on meteorological indices could fill this gap since they do not face such drawbacks. However their implementation has been slow so far. In this article, we first describe the most advanced projects that have taken place in developing countries using these types of crop insurances. We then describe the methodology that has been used to design such projects, in order to choose the meteorological index, the indemnity schedule and the insurance premium. We finally draw an agenda for research in...
Tipo: Working or Discussion Paper Palavras-chave: Agriculture; Insurance; Climatic Risk; Environmental Economics and Policy; G21; O12; Q12; Q18; Q54.
Ano: 2010 URL: http://purl.umn.edu/91004
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Bringing "Honest Capital" to Poor Borrowers: The Passage of the Uniform Small Loan Law, 1907-1930 AgEcon
Carruthers, Bruce G.; Guinnane, Timothy W.; Lee, Yoonseok.
The Uniform Small Loan Law (USLL) was the Russell Sage Foundation’s primary device for fighting what it viewed as the scourge of high-rate lending to poor people in the first half of the twentieth century. The USLL created a new class of lenders who could make small loans at interest rates exceeding those allowed for banks under the normal usury laws. About two-thirds of the states had passed the USLL by the 1930. This paper describes the USLL and then uses econometric models to investigate the state characteristics that influenced the law’s passage. We find that urbanization and state-level economic characteristics played significant roles. So did measures of the state’s banking system. We find no evidence that party-political affiliations had any effect,...
Tipo: Working or Discussion Paper Palavras-chave: Uniform law; Small loans; Consumer credit; Usury laws; Consumer/Household Economics; Financial Economics; Political Economy; N21; N22; I38; G21; G28; K23.
Ano: 2009 URL: http://purl.umn.edu/50949
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Change and Crisis in the Japanese Banking Industry AgEcon
Krawczyk, Mariusz K..
The weakness of the Japanese banking industry, suffering from acute problem of non-performing loans, prevents Japan from restoring sound growth rates despite having undertaken structural reforms and substantial fiscal policy efforts, and, through impairing transmission channels of monetary policy, it has also made ineffective efforts to stimulate the economy through "zero interest rates" and quantitative easing policy. Misunderstanding the roots of the banking crisis contributed greatly to its exceptional length and depth and prevented its early solution. Poor coordination and sequencing of liberalization of financial services together with macroeconomic policy mistakes have been responsible for the crisis. But the origins of those mistakes can be traced...
Tipo: Working or Discussion Paper Palavras-chave: Japanese economy; Banking crisis; Financial liberalisation; Financial Economics; G21; G28.
Ano: 2004 URL: http://purl.umn.edu/26383
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Co-operative Bank System: The Spanish Case AgEcon
Navarro, Amparo Melian.
In practically all European countries, co-operative credit societies have evolved towards a system which is comparable to other financial groups. This paper explores the recent evolution of Spanish credit co-operatives and especially rural savings banks. The creation of "Group Caja Rural" in 1989, has meant the greatest commitment to the integration of Spanish credit co-operatives in the face of the challenges of economic globalisation and the great changes in the national and international financial system. The running of this Group is through a vertebrate structure, in co-ordination and representation aspects as well as in operative functions.
Tipo: Conference Paper or Presentation Palavras-chave: Co-operative bank; Credit system; Financial groups; Rural savings bank; Spain; Agricultural Finance; G21; Q13; Q14.
Ano: 2005 URL: http://purl.umn.edu/24530
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Credit Risk Assessment and Racial Minority Lending at the Farm Service Agency AgEcon
Escalante, Cesar L.; Brooks, Rodney L.; Epperson, James E.; Stegelin, Forrest E..
The nature of credit risk assessment and basis of loan approval decisions of the Farm Service Agency are analyzed in the aftermath of the black farmers’ 1997 class action suit against the U.S. Department of Agriculture. This study did not uncover convincing evidence of racial discrimination against nonwhite borrowers under a binomial logistic framework based on the probability of a loan application’s approval. Moreover, the collective use of more stringent and objective credit-scoring measures usually employed by commercial lenders is less evident in the Farm Service Agency’s evaluation of loan applications.
Tipo: Journal Article Palavras-chave: Binomial logistic regression; Credit risk; Credit-scoring model; Direct lending; Farm Service Agency; Guaranteed lending; Racial bias; Agricultural Finance; Risk and Uncertainty; G20; G21; G28; Q10; Q14.
Ano: 2006 URL: http://purl.umn.edu/43749
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Cross-Border Securities Clearing and Settlement Infrastructure in the European Union as a Prerequisite to Financial Markets Integration: Challenges and Perspectives AgEcon
de Carvalho, Cynthia Hirata.
The importance of an efficient securities clearing and settlement system lies on the safer transfer of ownership of assets against payment. Such a system must be developed in a way to minimize the risks involved on securities transactions, and it must still offer lower costs, which do not hinder the intention to acquire or dispose securities. The cross-border securities clearing and settlement transactions within Europe, especially equities transactions, are still much higher and riskier than if cleared and settled domestically. The fragmented structure of local securities depositories is hindering the integration of financial markets in Europe, because investors are not stimulated to enjoy opportunities cross-border. Thus a smoothly functioning integrated...
Tipo: Working or Discussion Paper Palavras-chave: Securities settlement systems; Settlement designs; Models for consolidation of depository institutions; Costs of cross-border securities transactions; Financial integration; Financial Economics; F30; G21; O33.
Ano: 2004 URL: http://purl.umn.edu/26138
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DEVELOPMENT OF CONSUMER LENDING IN KAZAKHSTAN UNDER INFLUENCE OF WORLD FINANCIAL CRISIS AgEcon
Konakbaev, Askar.
The paper observes the growth path of bank lending and in particular consumer loans in Kazakhstan. Consumer lending in Kazakhstan is steadily increasing and this niche remains attractive for commercial banks. However, the world financial crisis has complicated for banks the possibility of attraction of foreign credits to finance various investment and business projects in country. Financial crisis resulted decrease in growth rate of aggregate and consumer loans of commercial banks.
Tipo: Journal Article Palavras-chave: Commercial banks; Economy crediting; Consumer loans; Influence of financial crisis; Consumer/Household Economics; Financial Economics; International Development; G01; G21.
Ano: 2009 URL: http://purl.umn.edu/94540
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Do Cooperative Banks Really Serve Agricultural Sector in Poland? AgEcon
Zawojska, Aldona; Siudek, Tomasz.
The aim of the paper is to assess the potential of cooperative banks for serving agricultural sector in Poland and to identify the areas with the most development potential. We discuss the transformation process in the cooperative banking system under market economy, and in particular investigate importance of cooperative banks for farms' financing on the basis of our survey of banks. Moreover, the role of cooperative banks in transmission of Government policy supporting farm sector in Poland is discussed. We find that despite growing competition from the commercial banking sector, farms and rural households in Poland are still of major importance for the cooperative banks in Poland.
Tipo: Conference Paper or Presentation Palavras-chave: Cooperative banks; Agricultural sector; Poland; Agricultural Finance; G21; O18; Q14.
Ano: 2005 URL: http://purl.umn.edu/24479
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EFFECTS OF OWNERSHIP RESTRICTIONS ON FARMLAND VALUES IN SASKATCHEWAN AgEcon
Carlberg, Jared G..
Restrictions on the ownership of farmland by nonresidents of Saskatchewan were imposed by the Farmland Security Act (FSA) in 1974. The FSA has been blamed by some observers for depressed provincial land values. An adaptive expectations present value model is developed to estimate the effects of the FSA, with the province of Alberta included as a control. Results of seemingly unrelated regressions and generalized autoregressive conditional hetereoscedasticity estimates find no statistically significant effect of the FSA on the value of land in Saskatchewan. This may indicate that the effect of the regulatory change is too small to be measured accurately.
Tipo: Journal Article Palavras-chave: Adaptive expectations; Farmland Security Act; Generalized autoregressive conditional heteroscedasticity; Present value; Seemingly unrelated regressions; Land Economics/Use; C51; G21; Q18.
Ano: 2002 URL: http://purl.umn.edu/15473
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Farmers’ Choice and Informal Credit Markets in China AgEcon
Yuan, Yan; Hu, Youxin; Gao, Ping.
Informal credit markets are very active in many developing countries including China. Informal financial associations have become a major channel of borrowing. Using data from the 2006 Rural Household Survey, this paper investigates farmers’ borrowings from both formal and informal sources with higher/lower interest, by looking into both demand and supply of loan. Consistent with the theory and previous studies, age follows an inverted U-shaped pattern in its relationship with the probability of borrowing from informal loan with higher interest. Our study shows that the impact of age disappears for the formal loan participation. In addition, high income and saving imply lower credit constraints. Moreover, household and county characteristics and financial...
Tipo: Conference Paper or Presentation Palavras-chave: Informal credit; Financial constraints; China; Agricultural Finance; Community/Rural/Urban Development; International Development; Q12; C5; G21.
Ano: 2011 URL: http://purl.umn.edu/103887
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Financial Markets and Agricultural Credit at a Time of Uncertainty AgEcon
Ellinger, Paul N..
Tipo: Journal Article Palavras-chave: Agricultural Finance; G01; G21; G38.
Ano: 2009 URL: http://purl.umn.edu/94699
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Formal credit institutions in agriculture of Kazakhstan (micro-econometric analysis) AgEcon
Gaisina, Sholpan.
The financing of agricultural producers is one of the most acute problems along the entire scope of economic reforms in Kazakhstan. The issue is: What kind of financial sources could maintain the development of agricultural production? Internal sources such as profit, depreciation capital, and various reserve and insurance funds can not be considered as a key financial base. State financial support of agriculture in Kazakhstan (which plays a significant role in the most developed countries), is episodic in nature, small in size and typically does not reach the recipients. In these circumstances, a potential supplier of financial and investment resources could be a banking system and such non-banking credit institutions as credit cooperatives....
Tipo: Conference Paper or Presentation Palavras-chave: Agricultural finance; Credit rationing; Micro-econometrics analysis; Agricultural and Food Policy; Institutional and Behavioral Economics; Political Economy; G21; O16; Q 14.
Ano: 2010 URL: http://purl.umn.edu/90801
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Group versus Individual Liability: Long Term Evidence from Philippine Microcredit Lending Groups AgEcon
Gine, Xavier; Karlan, Dean S..
Group liability in microcredit purports to improve repayment rates through peer screening, monitoring, and enforcement. However, it may create excessive pressure, and discourage reliable clients from borrowing. Two randomized trials tested the overall effect, as well as specific mechanisms. The first removed group liability from pre-existing groups and the second randomly assigned villages to either group or individual liability loans. In both, groups still held weekly meetings. We find no increase in default and larger groups after three years in pre-existing areas, and no change in default but fewer groups created after two years in the expansion areas.
Tipo: Working or Discussion Paper Palavras-chave: Microfinance; Group lending; Group liability; Joint liability; Social capital; Microenterprises; Informal economies; Access to finance; Consumer/Household Economics; Financial Economics; Institutional and Behavioral Economics; International Development; C93; D71; D82; D91; G21; O12; O16; O17.
Ano: 2009 URL: http://purl.umn.edu/50951
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Group versus Individual Liability: Long Term Evidence from Philippine Microcredit Lending Groups AgEcon
Gine, Xavier; Karlan, Dean.
Group liability in microcredit purports to improve repayment rates through peer screening, monitoring, and enforcement. However, it may create excessive pressure, and discourage reliable clients from borrowing. Two randomized trials tested the overall effect, as well as specific mechanisms. The first removed group liability from pre-existing groups and the second randomly assigned villages to either group or individual liability loans. In both, groups still held weekly meetings. We find no increase in default and larger groups after three years in pre-existing areas, and no change in default but fewer groups created after two years in the expansion areas.
Tipo: Working Paper Palavras-chave: Microfinance; Group lending; Group liability; Joint liability; Social capital; Micro-enterprises; Informal economies; Access to finance; Consumer/Household Economics; Financial Economics; Institutional and Behavioral Economics; International Development; C93; D71; D82; D91; G21; O12; O16; O17.
Ano: 2009 URL: http://purl.umn.edu/229136
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Market Valuation and Risk Assessment of Canadian Banks AgEcon
Liu, Ying; Papakirykos, Eli; Yuan, Mingwei.
This paper applies the asset valuation model developed by Rabinovitch (1989) to the six largest Canadian banks. The model is an extension of the Merton (1977a) option-pricing model with the incorporation of stochastic interest rates. We then introduce a measure of distance-to default, Z-score. Our results indicate that the market value of bank assets is almost always below its book value and that Canadian banks have a very low insolvency risk over time, except for 1982 and 1983. We also find that both the market valuation of the bank assets and the z-score of these Canadian banks demonstrate similar regime switches in the late 1990s, which may be related to regulatory changes during the 1990s.
Tipo: Journal Article Palavras-chave: Asset pricing; Financial institution; Financial Economics; Risk and Uncertainty; G12; G21.
Ano: 2006 URL: http://purl.umn.edu/50281
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Measuring the Credit Risk of AgriBank Loans under the New Basel Capital Accord: A Logit Regression Approach AgEcon
Hennings, Enrique; Sherrick, Bruce J..
Tipo: Conference Paper or Presentation Palavras-chave: Financial Economics; Q21; G21.
Ano: 2007 URL: http://purl.umn.edu/9987
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