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  • 1
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    La Paz: Universidad Católica Boliviana, Instituto de Investigaciones Socio-Económicas (IISEC)
    Publication Date: 2018-06-28
    Description: Conventional banking practices do not easily accommodate the financial needs of poor persons. Group-lending, on the other hand, has found several advantages in the context of poor borrowers with no collateral to offer. An important advantage is that the bank’s losses due to unsuccessful projects are dramatically reduced, because group members cover at least part of those losses. In effect, a kind of collateral has been created in the group even though each individual had no collateral to offer. This paper will analyze the collateral-effect in a model with two types of entrepreneurs (high-risk and low-risk) and a competitive banking system. We show that with individual lending, the typical situation for poor entrepreneurs in developing countries is likely to lead to a separating equilibrium where only high-risk borrowers are served (at a high interest rate). Allowing for group-lending, however, is likely to result in a pooling equilibrium, where all entrepreneurs are served at a considerably lower interest rate. We complement the theoretical analysis by a comparison of the performance of Bolivia’s BancoSol, which practices group-lending, with the other private Bolivian banks, which lend on an individual basis.
    Keywords: G20 ; ddc:330 ; Micro credit , group-lending , collateral , Bolivia , BancoSol ; Kredit ; Kreditrisiko ; Zins ; Wohlfahrtsanalyse ; Theorie ; Bolivien ; Soziologie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 2
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    La Paz: Universidad Católica Boliviana, Instituto de Investigaciones Socio-Económicas (IISEC)
    Publication Date: 2018-06-28
    Description: El documento tiene el objetivo de evaluar los flujos comerciales de la economía boliviana en el período 1992-2000. Para tal efecto, fue estimada la llamada ecuación de gravitación, con esta metodología es posible comparar el peso de la influencia de los determinantes del comercio, como la proximidad geográfica entre los países, sus niveles de ingreso, la vecindad y el idioma. Además, fueron introducidos variables ficticias que permitieron evaluar la importancia de los bloques económicos y el comercio bilateral.
    Keywords: ddc:330 ; Außenwirtschaft ; Gravitationsmodell ; Bolivien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 3
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    La Paz: Universidad Católica Boliviana, Instituto de Investigaciones Socio-Económicas (IISEC)
    Publication Date: 2018-06-28
    Description: This paper discusses the implementation of the Heavily Indebted Poor Country (HIPC) initiative in Bolivia. It has been agreed in principle that the debt relief funds should be channeled to municipal governments in order to strengthen the ongoing decentralization process and to secure maximum poverty reduction effect. If everything goes according to plan, the HIPC initiative could have a substantial effect on poverty in Bolivia. However, the entire project builds on some very optimistic assumptions regarding the performance of the Bolivian economy during the next 18 years. If these optimistic assumptions do not hold Bolvivia will not reach the target debt/export ratio of 150. Even worse, if economic perfomance does not live up to expectations, there may be half-finished investment projects (roads, schools, hospitals, etc.), which cannot be completed and maintained, because the central government won't be able to deliver the funds that the donors have committed them to deliver to the municipalities.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
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    La Paz: Institute for Advanced Development Studies (INESAD)
    Publication Date: 2018-12-10
    Description: The global financial crisis is expected to have a negative impact on the Bolivian economy. Effects will transmit into the economy through lower export prices and quantities, reduced amount of remittances and depressed foreign direct investment (FDI) flows. These shocks will bring about deficits in the current account and fiscal balances, foreign exchange reserves losses, sluggish economic growth and higher unemployment rates. The latest data available show that the economy is already experiencing the effects of the economic downturn, in the form of decreased exports revenues, sharp reductions in the rates of growth of foreign of exchange reserves and bank lending and a tendency towards a re-dollarisation of financial assets and liabilities. The Bolivian economy, however, is better prepared, at least in the short run, to cope with the negative effects of the crisis. The commodity export boom experienced between 2005 and 2008 has permitted the country to run sizable external and fiscal surpluses and accumulate foreign exchange reserves. The financial system has exhibited more prudent behaviour in recent years, by not expanding credit too much and increasing investments in highly liquid public bonds. Therefore, although banks are expected to be affected by the global financial crisis, they have high liquidity ratios and are not extremely exposed to risk. The capacity of the Bolivian economy to offset the negative effects of the global crisis will depend on several factors, such as the severity and duration of the crisis and, above all, the quality of the policies that policymakers will implement to cope with the crisis. The government faces several trade-offs in implementing policies in order to cope with the effects of the crisis. The central bank, for instance, is committed to maintaining a fixed exchange rate, in order to reduce inflationary pressures and to avoid a re-dollarisation of the financial system. However, a fixed exchange rate policy has already brought about an exchange rate appreciation, which is hurting competitiveness of tradable activities. Furthermore, the government has room to implement countercyclical fiscal policies, by resorting to the deposits accumulated in the central bank during the export boom years. During 2009, the government is planning to expand public investment and to increase direct transfers to the population. However, these policies are not likely to offset the negative effects that the crisis will have on growth and employment. More efforts should be made to improve the quality of public spending, in order to maximise its impact on economic growth, employment creation and poverty reduction.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
    Publication Date: 2018-12-10
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 6
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    La Paz: Institute for Advanced Development Studies (INESAD)
    Publication Date: 2018-11-19
    Description: This paper seeks to establish the factors related to the Human Development Index, incorporating the spatial dimension in the analysis of its determinants. The variables were classified into four groups: geographic, socio-economic, demographic and infrastructure and services. The results show that the geographic and demographic variables are important in the socio-economic development of municipalities. In relation to economic variables, only the variable rural economic organizations is significant, showing the importance of these institutions. Furthermore, contrary to expectations, the variable municipal social spending per capita is not significant, suggesting that central government spending is more important in achieving better health and education indicators, and finally, the process of decentralization has not been able to reach these levels. On the other hand, the spatial dimension is relevant in human development at the municipal level, showing that there is a process in which events in one location are more likely to predict similar events in neighboring geographical units. In this regard, plans or projects of the municipalities should be made jointly and not individually.
    Keywords: R12 ; O18 ; C21 ; ddc:330 ; Regional distribution ; Municipal development ; Spatial econometrics ; Bolivia ; Regionalökonomik ; Räumliche Verteilung ; Gemeindeentwicklung ; Bolivien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 7
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    La Paz: Universidad Católica Boliviana, Instituto de Investigaciones Socio-Económicas (IISEC)
    Publication Date: 2018-06-28
    Description: El trabajo tiene como objetivo determinar los factores que explican los niveles de ineficiencia técnica del sector bancario boliviano en el período post-liberalización financiera. Los resultados obtenidos mostraron que los factores que explicarían los niveles de ineficiencia son principalmente la competencia en la industria bancaria, los gastos administrativos, y la liquidez. La aplicación de las medidas de liberalización incrementan la ineficiencia técnica porque fomenta la competencia y cambian las normas de regulación y supervisión, los cuales requieren un período de adaptación por parte de los bancos. La gestión administrativa estaría considerado insuficiente porque los gastos administrativos y la liquidez estarían afectando positivamente a la ineficiencia técnica. Finalmente, la diversificación de la cartera que es considerado un factor importante para la disminuición de la ineficiencia no es variable explicativa por el escaso desarrollo del mercado de capitales de la economía boliviana. Para llegar a estos resultados, previamente se calcularon los niveles de la ineficiencia técnica a través de estimación de la función de costo utilizando métodos de panel de datos y lametodología denominada frontera estocástica.
    Keywords: G21 ; G28 ; C23 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 8
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    La Paz: Universidad Católica Boliviana, Instituto de Investigaciones Socio-Económicas (IISEC)
    Publication Date: 2018-06-28
    Description: El documento proporciona una descripción de la vulnerabilidad de la economía boliviana por la exportación de productos primarios: minerales e hidrocarburos. Los cambios estructurales introducidos en la economía boliviana desde 1985 han disminuido la participación del Estado en la producción y exportaciones de estos productos. Esta situación ha contribuido a que las evoluciones de las finanzas públicas y la balanza cambiaria dependan en menor medida de la volatilidad de estos sectores, aunque otras variables económicas están relacionados fuertemente a sus desempeños, como es el caso de los términos de intercambio. El análisis del proceso de generación de los precios reales de los productos primarios, estaño, zinc, oro, plata y gas natural, determinaron que los shocks en los precios son de prolongada duración y, en la mayoría de los precios analizados, el proceso de raíz unitaria es una regla. Estas características imposibilitan la creación de mecanismos de estabilización. Finalmente, al estar en manos privadas la minería y los hidrocarburos, la formulación de mecanismos de cobertura deberá considerar como proteger los ingresos de este sector. Los instrumentos financieros serían los más apropiados para este fin, pero el bajo desarrollo del mercados de capitales limita sus usos.
    Keywords: ddc:330 ; Wirtschaftswachstum ; Schock ; Rohstoff ; Export ; Bolivien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 9
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    La Paz: Institute for Advanced Development Studies (INESAD)
    Publication Date: 2018-12-11
    Description: After several decades of state-capitalism characterized by import substitution policies, Bolivia implemented in 1985 a New Economic Policy (NEP) following neo-liberal ideas of free trade, privatization, and liberalization of capital flows. It was hoped that the opening up of the economy would attract foreign direct investment (FDI) which in turn would help modernize Bolivian industry, improve productivity, increase exports, stimulate growth, and reduce poverty. This paper investigates to what extent this actually happened
    Keywords: F16 ; ddc:330 ; Trade ; Foreign Direct Investment ; Poverty ; Inequality ; Bolivia
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
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    La Paz: Institute for Advanced Development Studies (INESAD)
    Publication Date: 2018-12-11
    Description: This paper seeks to test to which extent geographical constraints can be blamed for Bolivia s poor growth performance during the last three decades. Although geographical characteristics are too stable to explain the dramatic fluctuations in growth rates over time in Bolivia, there are at least four factors that contribute to changing the importance of those characteristics over time: 1) internal migration, 2) infrastructure investments, 3) change in export partners, and 4) change in export products. The results show that Bolivia is indeed adjusting in all 4 dimensions in order to reduce the importance of geographical constraints, but not nearly fast enough.
    Keywords: Q56 ; R11 ; ddc:330 ; Geography ; Development ; Bolivia
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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