Suchergebnisse

This article analyses how creditor rights affect the trade credit channel of monetary policy. We also aim to test whether these effects were conditioned by the global financial crisis of 2008. Using a sample of 15,356 firms from 29 countries (2001–2017), we found that in normal times or in countries not very severely affected by the financial crisis, trade credit receivables increase during monetary restrictions. Moreover, this increase is less pronounced as creditor protection strengthens. In countries strongly affected by the financial crisis, however, trade credit receivables do not react or even decrease after monetary expansions, regardless of the degree of creditor protection. Furthermore, the results of trade credit payables and net trade credit are not conclusive. JEL CLASSIFICATION: E52; K22; G32

RESUMEN. Las modificaciones realizadas en los últimos años en las legislaciones concursales de diferentes países, y las diferencias que aún persisten, ponen de manifiesto la ausencia de un modelo teórico de referencia sobre cuál es la estructura óptima que debe tener un sistema concursal. Nuestra propuesta es que solo teniendo en cuenta los tres tipos de eficiencia de la legislación, y su importancia en cada una de las fases por las que puede atravesar la empresa, es posible evaluar la utilidad de las medidas contempladas en los procedimientos de insolvencia. La pregunta que da título al trabajo no tiene una respuesta sencilla. El carácter mucha veces antagónico de los diferentes tipos de eficiencia hace que las legislaciones traten de lograr un equilibrio en función de cuáles sean los objetivos buscados. No obstante, esto no debería ser, en nuestra opinión, una cuestión fundamental. Lo importante no debe ser si la ley es eficiente totalmente o no, sino si las medidas que establece son realmente útiles para alcanzar los objetivos propuestos. Y es ahí donde una comprensión profunda de los tres tipos de eficiencia resulta imprescindible si se quiere realizar una normativa eficaz que logre de la mejor manera posible sus metas. ; ABSTRACT. The modifications made in recent years to bankruptcy legislation in diverse countries and the differences which still persist show the lack of a theoretical reference model regarding the optimum structure that a bankruptcy system must have. Our proposal is that only by taking into account the three types of efficiency in such legislation, and their importance in each of the phases through which a company may go, is it possible to evaluate the usefulness of measures contemplated in bankruptcy procedures. The frequently antagonistic nature of different types of efficiency means that legislation aims to achieve a balance in terms of the objectives sought. Nonetheless, in our view this should not be a fundamental question. The important thing must not be whether or not a law is totally efficient but rather that the measures that it establishes must be truly useful in achieving the proposed objectives. And that is where a profound understanding of the three types of efficiency is indispensable if the aim is to create effective regulations to best achieve its goals.

Las modificaciones realizadas en los últimos años en las legislaciones concursales de diferentes países, y las diferencias que aún persisten, ponen de manifiesto la ausencia de un modelo teórico de referencia sobre cuál es la estructura óptima que debe tener un sistema concursal. nuestra propuesta es que solo teniendo en cuenta los tres tipos de eficiencia de la legislación, y su importancia en cada una de las fases por las que puede atravesar la empresa, es posible evaluar la utilidad de las medidas contempladas en los procedimientos de insolvencia. la pregunta que da título al trabajo no tiene una respuesta sencilla. el carácter mucha veces antagónico de los diferentes tipos de eficiencia hace que las legislaciones traten de lograr un equilibrio en función de cuáles sean los objetivos buscados. no obstante, esto no debería ser, en nuestra opinión, una cuestión fundamental. Lo importante no debe ser si la ley es eficiente totalmente o no, sino si las medidas que establece son realmente útiles para alcanzar los objetivos propuestos. y es ahí donde una comprensión profunda de los tres tipos de eficiencia resulta imprescindible si se quiere realizar una normativa eficaz que logre de la mejor manera posible sus metas. ; The modifications made in recent years to bankruptcy legislation in diverse countries and the differences which still persist show the lack of a theoretical reference model regarding the optimum structure that a bankruptcy system must have. Our proposal is that only by taking into account the three types of efficiency in such legislation, and their importance in each of the phases through which a company may go, is it possible to evaluate the usefulness of measures contemplated in bankruptcy procedures. The frequently antagonistic nature of different types of efficiency means that legislation aims to achieve a balance in terms of the objectives sought. Nonetheless, in our view this should not be a fundamental question. The important thing must not be whether or not a law is totally efficient but rather that the measures that it establishes must be truly useful in achieving the proposed objectives. And that is where a profound understanding of the three types of efficiency is indispensable if the aim is to create effective regulations to best achieve its goals.

Las modificaciones que se están produciendo en los últimos años en las legislaciones sobre insolvencias en los países más desarrollados, y las diferencias que aún persisten entre ellas, ponen de manifiesto la ausencia de un modelo teórico de referencia sobre cuál es la estructura óptima que debe tener un sistema concursal. De esta forma, este trabajo trata tanto de analizar el esquema de funcionamiento de los actuales procedimientos como de sintetizar las principales propuestas teóricas realizadas, que si bien no han sido aplicadas en ninguna de las reformas legislativas realizadas, pueden aportar un nuevo horizonte sin explorar en materia de solución de los problemas de insolvencia empresarial. En este sentido, se trata de dar respuesta a la cuestión de si existe un sistema concursal óptimo aplicable universalmente, o éste puede venir condicionado por el entorno institucional que forma parte de su ámbito de aplicación. ; The changes in bankruptcy laws of the most developed countries in the last years, and the differences that remains between them until now, show the absence of a theoretic procedure that allows researchers and practitioners to have an optimal bankruptcy procedure as a benchmark in their studies. In this paper we analyze the scheme of the main procedures in force and we try to summarize the main theoretic proposals which have not been used in the recent reforms but could show a new perspective on the topic of resolution of financial distress. In this way, we try to answer the question of if there is an optimal procedure useful around the world or if we can take into account the differences in the institutional environment.

AbstractThis article empirically analyses the reasons for crises in microfinance institutions (MFIs), using a sample of 832 MFIs from 74 countries for the period 2003–2011. The methodology used is logit analysis with panel data. The main results show that both internal and external factors influence the probability of a crisis. We find different factors that reduce the likelihood of a crisis (company's performance, country's economic growth, political stability, and existence of a private credit bureau). On the other hand, excessive liquidity, a higher proportion of deposits over loans and more loans per employee all increase the probability of a crisis. Copyright © 2015 John Wiley & Sons, Ltd.

La importancia que las remesas han adquirido en la economía de los países receptores, sobre todo en los países en desarrollo, ha atraído la atención de los investigadores. El objetivo a desarrollar a través del presente artículo consiste en analizar la producción científica centrada en el estudio de las remesas como fuente de desarrollo, mediante un estudio bibliométrico, técnica que permite realizar un análisis cuantitativo de las publicaciones científicas, para el periodo 1900-2011, plasmando los resultados mediante el uso de redes sociales. Los hallazgos encontrados muestran cuatro líneas de investigación claramente definidas, como son los efectos de las remesas sobre la pobreza, la desigualdad y el desarrollo; los determinantes de las remesas; los efectos sobre la balanza de pagos y los efectos sobre la inversión en microempresas. El análisis realizado permite obtener conclusiones desde una doble perspectiva: la clasificación de las principales líneas de investigación y la identificación de futuras líneas que pueden servir de guía para los investigadores.

ABSTRACT: This article empirically analyses the reasons for crises in microfinance institutions (MFIs), using a sample of 832 MFIs from 74 countries for the period 2003-2011. The methodology used is logit analysis with panel data. The main results show that both internal and external factors influence the probability of a crisis. We find different factors that reduce the likelihood of a crisis (company's performance, country's economic growth, political stability and existence of a private credit bureau). On the other hand, excessive liquidity, a higher proportion of deposits over loans and more loans per employee all increase the probability of a crisis.

ABSTRACT: The main purpose of this article is to analyze how sovereign risk influences the loan supply reaction of banks to monetary policy through the bank lending channel. Additionally, we aim to test whether this reaction differs in easy and tight monetary regimes. Using a sample of 3,125 banks from the euro zone between 1999 and 2012, we find that sovereign risk plays an important role in determining loan supply from banks during tight monetary regimes. Banks in higher sovereign risk countries reduce lending more during tight regimes. However, we find little evidence to support any relationship between sovereign risk and loan supply reaction to monetary policy expansions. These results are very interesting for the way monetary policy is conducted in Europe. Banking union, banking system strength, and the budget control of governments would be necessary measures to reduce the heterogeneous transmission of the monetary policy in the euro zone.

RESUMEN. Las fusiones y adquisiciones (F&A) realizadas por las entidades de crédito en Europa siguen siendo principalmente a nivel doméstico, es decir, entre entidades del mismo país. En este sentido, una de las principales razones para realizar adquisiciones en Europa consiste en conseguir una mayor presencia en los mercados nacionales y mantener la cuota de mercado. Sin embargo, el acceso a nuevos mercados constituye otra de las razones para realizar este tipo de operaciones, lo que ha propiciado la ejecución de operaciones de F&A a escala internacional. El presente trabajo analiza la rentabilidad obtenida por el adquirente en las compras de otras entidades financieras cuando éstas se diferencian en función del país al que pertenecen la entidad objetivo y la adquirente. El análisis se realiza utilizando la metodología de datos de panel para una muestra de bancos europeos durante el periodo 1992-2000. Los resultados muestran que las adquisiciones domésticas resultan más rentables que las internacionales, debido probablemente a las barreras informativas y restricciones gubernamentales a que están sujetas estas últimas. ; ABSTRACT. Mergers and acquisitions (M&A) accomplished by European credit entities are still mostly domestic, this is, between entities belonging to the same country. In this sense, one of the main reasons to make acquisitions in Europe is to achieve a higher importance in national markets and to maintain market share. However, the entrance in new markets is another reason to accomplish this kind of transactions, what has increase international M&A. This study analyses the profitability obtained by the acquirer in the purchase of other financial entities taking into account the country the acquirer and the target belong to. The analysis is done using panel data methodology in a sample of European banks during the period 1992-2000. The results show that domestic acquisitions are more profitable than international ones, due probably to information barriers and government restrictions in international acquisitions.

According to the so-called "maritime economy", maritime activities are one of the key elements of the Lisbon Strategy. According to the European Union, those sectors related to the exploitation of the seas have contributed to the building of the Atlantic Area identity. Some subsectors from the maritime economy face tough times, while other o er great opportunities for economic growth and employment. In this context the HARVEST ATLANTIC (Harnessing All Resources Valuable to Economies of Seaside Territories on the Atlantic) project is developed, approved by the Atlantic Area Interreg IV-B Program. This study includes the main results obtained from the above mentioned project related to the recreational nautical sector in four countries from the Atlantic area (Spain, Portugal, Ireland and Scotland). The surveys that were conducted among companies from the sector included di erent aspects related with their location, innovation, human capital and policy making.

Maritime activities are one of the key elements of the Lisbon Strategy. According to the European Union, those sectors related to the exploitation of the seas represent 3-5% of the Union GDP. Those sectors have contributed to the building of the Atlantic Area identity. Some subsectors from the maritime economy face tough times, while other o_er great opportunities for economic growth and employment. In this context the HARVEST ATLANTIC (Harnessing All Resources Valuable to Economies of Seaside territories on the Atlantic) project is developed, approved by the Atlantic Area Interreg IV-B Program. This study includes the main results obtained from the above mentioned project related to the shipbuilding and repair sector in four countries from the Atlantic area (Spain, Portugal, Ireland and Scotland). The surveys that were conducted among companies from the sector included different aspects related with their location, innovation, human capital and policy making.