Public Policy on Microfinance in South America

The purpose of this paper is to analyze the impact of public policies in various countries of South America on the development of microfinance (MF). A broad definition of public policy has been used in this work, as it covers specific legislation seeking to develop more inclusive financial systems; government participation in official bank programs; second-tier bank funds; the use of targeted funds and guarantee and intelligent subsidy schemes, etc. Particular attention is focused on financial system regulatory frameworks, as they tend to play a fundamental role in the success of such programs. An analysis is made of best practices recommended by international agencies, matching them against the existing framework for microfinance activities in the countries analyzed. The main conclusion that can be drawn is that despite the very varied nature of the initiatives pursued, one common element observed in all the countries surveyed is the role played by commercial banks in MF development. Nevertheless, note should be taken of the direct and indirect role played by the state in encouraging the involvement of the financial sector as the leading provider of MF, a role that is in general based on criteria of selfsustainability and commercial practices.Microfinance, Public policies

Patrones de Fluctuación de la curva de rendimientos en Argentina

Con datos históricos previos al default correspondientes a bonos colocados en el mercado local (Letes y Bontes) y en el internacional (bonos Globales), se emplea la técnica de componentes principales para analizar los desplazamientos de la curva de rendimientos en el mercado de bonos. Se concluye que en la mayoría de los casos aproximadamente un 75% del movimiento de la curva queda explicado por desplazamientos paralelos, un 10% adicional por cambios de pendiente, siendo por construcción estos movimientos independientes entre sí. También se estudia la aplicabilidad de las técnicas desarrolladas en este documento a las diversas series de LEBAC en $ existentes actualmente en el mercado.

Comportamiento de los precios de las acciones en el mercado bursátil argentino (Un estudio comparativo).

Se estudió el comportamiento de los activos del mercado argentino en relación al mercado estadounidense (probablemente el más desarrollado del mundo en cuanto a legislación, volumen y liquidez). Se llega a la conclusión de que los retornos de los activos no se distribuyen normamente. Para testear la presunción de independencia se ha analizado la correlación serial y se ha efectuado un test estadístico de corridas. Se concluye que los activos locales presentan cierta dependencia estadística, la cual podría abrir cierta posibilidad de una renta extraordinaria. Para estudiar dicha posibilidad se ha implementado una estrategia teórica de “trading” que implica el uso de filtros. Para los activos nacionales efectivamente es posible obtener dicha renta, pero esta es eliminada cuando se incluyen comisiones. Por otro lado se testeo el modelo teórico conocido como “random walk”(RW) a través de un test de cociente de varianzas. Finalmente se testea la existencia de memoria a largo plazo en las series a través de un test R/S modificado.

Hybrid instruments for bank capitalization

This paper reviews the markets and regulatory framework for hybrid financial instruments, with special focus on the recent regulatory changes allowing banks in Argentina to hold these instruments as regulatory capital. These assets refer to a wide family of instruments which have the structure of bonds, but incorporate equity-like features such as interest deferral, profound subordination, and long dated tenor. In 1998 the Basel Committee on Banking Supervision established minimum requirements and limits for these instruments to be included in Tier 1 capital. As a consequence markets for hybrids expanded considerably, and they were admitted in Canada, the United States and various Asian and European countries. In the Latin-American region they were admitted in Brazil and Mexico, and as from 2006 also in Argentina. In addition, these securities are described from the viewpoint of investors, focusing on risk and related costs, which contributes to the understanding of the regulation that applies to them.Hybrid instruments; regulatory capital; Basel Capital Accord

Minimum capital requirements for market risk - Technical Note

Drawing on the use of a very simple hypothetical example, this document illustrates how to apply the formula that determines the capital requirement for market risk. The note starts with a brief explanation of the value at risk(VaR) concept on which that formula is based and follows with a brief description of the regulation. Next, starting with an hypothetical trading portfolio and a simulated evolution of the prices there included, we work out step-by-step the market risk capital requirement as well as the resulting change in bank capital. A spreadsheet is attached which allows to reproduce all the calculations.value at risk; market risk capital requirement

Qualitative techniques for managing operational risk

Qualitative techniques are essential tools for identifying and assessing operational risk (OR). Their relevance in assessing OR can be understood due to the lack of a quantitative static model capable of capturing the dynamic operational risk profile which is shaped by managerial decisions. An operational risk profile obtained solely from historical loss data could further change due to corrective actions implemented by the bank after the occurrence of those events. This document introduces some of the most common techniques used to manage OR including OR self-assessment, key risk indicators (KRIs), risk-mapping, scorecards and scenario-analysis. These techniques are still relatively new and the particular features of each bank shape the way they are implemented. Due to the heterogeneity in the way these techniques are applied, the document offers many examples to illustrate the use of these managerial tools.Operational risk; Risk self-assesment; risk-mapping; key risk indicators; scorecards; scenario analysis

Capital requirements for interest rate risk - Technical note

Drawing on the use of a very simple hypothetical example this document illustrates how to apply the formulae that determines the capital requirement for interest rate risk. The note starts with a brief explanation on the fundamentals that determine the formulae and the way cash flows are to be assigned to the different time-bands. Next, by means of an a hypothetical balance sheet, the interest rate risk capital requirement is worked out step-by-step. A spreadsheet is attached which includes all calculations.capital requirement for interest rate risk

Éditorial

Pour la première fois, Perspective et le Festival de l’histoire de l’art de Fontainebleau s’associent afin de mettre à l’honneur les pays de l’espace scandinave étendu au Danemark, à la Norvège, à la Suède, à la Finlande et à l’Islande. Après le Maghreb, la revue se détourne une nouvelle fois de l’État-nation au profit du territoire dont il s’agit d’interroger à la fois l’extension et les spécificités en tant que construction culturelle et historique dont les contours ont fluctué au cours du ..

Éditorial

La question des multiples est-elle devenue obsolète ? C’est précisément une telle interrogation que pose de diverses manières ce numéro de Perspective consacré à la reproductibilité technique entendue dans une acception élargie à l’ensemble des techniques de reproduction, des procédés les plus archaïques d’empreinte et de moulage en usage depuis l’Antiquité, à la duplication technologique à l’âge du numérique et du virtuel. Si, avec Walter Benjamin, « il est du principe de l’œuvre d’art d’avo..

Éditorial

Dans le volume de Perspective consacré aux États-Unis (no 2015-2), Anne Lafont annonçait dès les premières lignes de son éditorial les deux objectifs qu’elle assignait désormais à la revue : « sortir d’une géographie de l’art reposant sur la seule notion, en partie obsolète, d’État-nation […] et interroger l’évidence d’une forme de hiérarchie culturelle entre un centre et des périphéries dans notre monde globalisé de l’art et de l’histoire de l’art ». À l’aune de cette double ambition, Anne L..