Acknowledgments Executive Summary

Transcription

1 Foreword p. xiii Acknowledgments p. xv Executive Summary p. xix Abbreviations p. lix Currency Equivalents p. lxxii Assessing Access p. 1 Growth, Poverty Reduction, and Access to Financial Services p. 1 Basic Supply-Side Measures of Financial Services Offered in Brazil p. 11 Demand-Side Measures of Access: An Enterprise Survey p. 33 Demand-Side Measures of Access: A Survey of Urban Individuals p. 33 Analysis of Survey Results: What Factors Are Associated with Access? p. 45 An Econometric Investigation of Determinants of Access p. 60 Summary of Findings and Policy Implications p. 64 Financial Markets and Welfare-Enhancement: Microeconomic Aspects p. 69 Technical Note on Estimation: Urban Financial Survey p. 72 Expanding Microfinance p. 77 Microcredit, Access, and Poverty: A New Paradigm? p. 77 Microfinance in Brazil: Evolution and Status p. 84 Microfinance in Brazil: Constraints and Challenges p. 115 Microfinance Regulation and Supervision: Future Policy Options p. 126 The Credit Cooperative Movement and Its Contributions to Access p. 132 Legal, Regulatory, and Supervisory Framework for Credit Cooperatives p. 149 Microfinance and Technology p. 156 Downscaling Private Banks p. 167 Deposit Services: Small Clients and Special Savings p. 171 Credit Services: Provision of Small Loans p. 186 Entry Requirements, Prices, and Transaction Costs p. 190 Delivery Channels: Branches, ATMs, and Correspondent Banking p. 201 New Technologies: Use of the Internet and Phone Banking p. 210 Downscaling of Banks Elsewhere: What Can Banks Do? p. 220 Bank Downscaling: One Bank's Viewpoint p. 228 Partnering Nonbanks p. 241 Introduction p. 241 Factoring p. 247 Leasing p. 263 Consumer Finance for Individuals and Trade Finance for Enterprises p. 273 Channeling Rural Finance p. 277 Specialized Finance and Directed Credit in Brazil p. 277 Overview of Rural Finance in Brazil p. 281 Analysis of the Present System of Agricultural Credit p. 301 Designing Rural Financial Systems: Principles and Experience p. 311

2 Conclusions and Recommendations p. 323 The Subsidy Dependence Index: Rationale and Calculation p. 326 Old and New Approaches to Rual Finance: Goals and Principles p. 329 The New Approach to Rural Finance: Indonesia's BRI-Unit Desas p. 334 Installing Institutional Infrastructure p. 337 Creditor Rights, Security Interests, and Access to Credit p. 339 Security Interests p. 350 Credit Information and Credit Reporting p. 362 Enlisting the Government p. 381 Government Policy and Access: Macro- and Regulatory Environment p. 384 Proactive Government Policies: Supportive Microeconomic Measures p. 391 Conclusion p. 413 Statistical Tables p. 415 Endnotes p. 529 Bibliography p. 557 List of Institutions and Web Addresses p. 589 Index p. 593 Figures Growth in Numbers of Financial Institutions, Evolution of Financial Service Outlets in Brazil, Ownership of Bank Service Points in Brazil Branch Density by State in Brazil Municipalities with No Services Brazil and Other Countries: Population Served per Bank Branch Deposit and Savings Behavior: Survey of Urban Individuals Role of Location in Financial Access The Role of Income in Different Measures of Financial Access Growth of Loan Portfolio and Client Base of Main Microfinance Providers in Brazil Growth of the Grameen Bank in Bangladesh, Self-Help Groups in India, and Top 10 MFIs in Bolivia Comparison of Interest Rates Charged on Loans with Other Institutions in Latin America Capital, Deposits, and Loans of the SICOOB and SICREDI Cooperative Systems, Cooperatives in Brazil, by Type of Cooperative, 2001 Evolution of Profits and Equity for the SICOOB Cooperative System Interest Rates for Special Savings Deposits and Term Deposits, Structure of Aggregate Deposits, December 2001 Structure of Deposits below R$5,000 by Type, Institution, Numbers of Clients, and Value, December 2001 Structure of Sight and Special Savings Deposits from R$1,000 to R$5,000, December 2001

3 Credit Operations with Nonearmarked Funds, July 2000 to December 2002 Regional Distribution of ATMs Relative to Population and Income in Brazil Bank Transactions and Cellular Phone Costs in Brazil and Other Countries Teledensity and Gross Domestic Product per Capita and Telecommunications in Brazil and Other Countries Main Telephone Line, Cellular, and Internet Penetration in Brazil and Other Countries Online Internet Banking in Brazil and Asia Internet Use and Online Banking in Brazil and the United States Loans to Companies and Individuals in Brazil, by Instrument Evolution of the Portfolio of Factoring Companies Associated with ANFAC Factoring Companies' Portfolios, by Sector, Evolution of Purchase Factor, Interest Rates, and Spreads in Brazil, July 1994 to February 2003 Evolution of the Leasing Portfolio and Operations in Brazil, by Type of Asset, 1990 to February 2003 Types of Indexation in Leasing Contracts in Brazil, 1998 to February 2003 Evolution of Leasing Operations, by Sector, 1993 to February 2003 Finance Companies' Role in Consumer Credit in Brazil Trends and Composition of Directed Credit, Nominal and Real Interest Rates in Rural Credit in Brazil, Credit Flows to Agriculture: Reductions with Fluctuation, Flow of Funds under the National Rural Credit System Sources of Funds for Agricultural Credit: Increased Obligatory Lending Rural Credit from PRONAF Agricultural Production and Formal Agricultural Credit Correlation of Volume of Credit and Land Price Value Distribution of Agricultural Credit by Contract Size Narrowing Spread between the SELIC Rate and the Controlled Agricultural Interest Rate Integrated Credit and Insurance Products: Suggestions for Efficiency Gains Spreads in Bank Intermediation in Brazil Registration Costs of Mortgages in the State of Sao Paulo Use of Credit Registries by Different Entities International Examples of Credit Registry Information Ratios of Credit to GDP and Debt to GDP over Time in Brazil, January 1995 to March 2003 Shares of Securities in Bank Assets (December 1999 to December 2002) and Money Supply in Brazil (July 1994 to June 2003) Trends in Spreads and Reserve Requirements in Brazil, January 1995 to March 2003 Tables Income Distribution: An International Comparison Depth of Financial Markets: Brazil and Other Emerging Economies, 1999/2000 Branch Density across Brazilian Regions

4 Provision of Bank Services across Regions Provision of Bank Services across Municipalities, 1996 Public and Private Provision of Bank Services across Regions Bank Branch Density: An International Comparison What Explains Bank Branch Services across Municipalities? What Explains Public versus Private Bank Branch Services across Municipalities in Brazil? Financing Constraints in Brazil: An International Comparison Indicator of Access: Access to Financial Institutions Access to Loans and Credits Access to Loans and Credits: Reasons for Loan Refusals Determinants of Access to Financial Services: Results Econometric Results: Determinants of Volume of Credit Requested and Approved Econometric Results: The Probability of Using Public Banks for Access, Deposits, and Credit Econometric Results: The Probability of Using Public Banks for Real Estate Purchase BNDES Program of Support to Microenterprises, 1997 to 2002 Credit Cooperatives and MFIs in Brazil, Main Microfinance Providers in Brazil, end-2001 Microfinance Penetration in Brazil and Other Latin American Countries, 2001 Selected Performance Indicators of Main Microfinance Institutions in Brazil Loan Quality Indicators, Selected Sample of MFIs in Latin America Operational Efficiency Indicators, Selected Sample of MFIs in Latin America Comparison of Average Loan Size across Latin America Sources of Funding and Interest Rates Charged by Main Brazilian MFIs COFIDE Financing to MFIs, by December 2001 Capital Requirements for Regulated MFIs Number of Cooperatives in Brazil, by Type Distribution of Rural Credit, by Purpose and Lending Institution CRESOL Membership, by Farm Size and Annual Income, 1999 Credit Cooperatives in Brazil and Other Countries, 2001 Evolution of WOCCU-Affiliated Credit Unions in Brazil Classification of Assets for Banks and Select Cooperatives, by Level of Risk Key Financial Indicators for the SICREDI Cooperative System Structure of Deposits by Type and Institution, December 2001 Three Main Reasons for Wanting a Bank Account One Year of Treasury Direct Retail Bond Sales in Brazil, January 2002 to January 2003 Share of Brazil's Commercial Banks in the Small-Loan Market in Terms of Loan Value, November 2001 Recent Evolution of Bank Shares in the Small-Loan Market, December 2000 to November 2001

5 The Importance of Small Loans for the 10 Largest Brazilian Banks, November 2001 Nonbanks with a Significant Market Share in the Small-Loan Market, November 2001 Survey on Access to Financial Services in Brazil: Reasons for Not Having a Bank Account Fees and Requirements for Sight Deposit Services at Key Brazilian Banks, 2002 Interest Rates, Outstanding Stock, and New Loans to Consumers by Loan Type (Free Credit), December 2002 Constraints to Enterprise Operations and Growth: An International Comparison Average Transaction Costs by Type of Bank in Brazil Transaction Cost Comparison, Banks and Nonbanks Types of Distribution Channels Used by Different Bank Groups Correspondents in Brazil, 2001 and 2002 Geographic Coverage of the Banking System and the Postal Network ATM Fleet in the United States and in Brazil Downscaling through Partnerships by Commercial Banks in South Africa Banks and Finance Companies in Microfinance, Peru and Bolivia Other Latin American Banks and Finance Companies in Microfinance Sources of External Financing for Peruvian Microfinance Institutions, December 2000 Financial System Assets, by Institutional Type Finance, Leasing, and Factoring Companies in Brazil, December 2001 Factoring Companies in Selected States and Regions in Brazil, 2001 Differences between Financial Intermediation and Factoring Comparison of Factoring Turnover in Brazil and Selected Other Countries, 2000 Summary of Characteristics of Financial and Operational Leases in Brazil Present Value of Leasing Contracts in Brazil and Other Countries, 1999 Aggregate Credit to the Rural Sector in Brazil, Concentration of Agricultural Landholdings in Brazil Sources of Finance for Rural Credit in Brazil, PRONAF Low-Cost Loans to Family Farms Agricultural Insurance Relative to the Total Insurance Market, 2001 Agricultural Insurance in Brazil: Basic Information and Volume of Premiums/Losses Rise in Agricultural Productivity and Decline in Formal Agricultural Credit Brazilian Farm Units, Area, Gross Value of Production, and Total Financing Frequency with Which Private Parties Resort to Justice to Postpone Obligations, by Area of Law Likelihood of Judges' Decisions Being Politicized, by Type of Cause Registry Offices in State Capitals and Two Major Cities in Sao Paulo, Brazil Notarial Fees for Drafting a Public Deed of Mortgage in the State of Sao Paulo Registration Costs for Deeds and Documents in the State of Sao Paulo Major Credit Information Providers in Brazil, 2002 Key Characteristics of Cross-Country Comparisons of Private Credit Bureaus

6 Cross-Country Comparison of Customer Attention Issues in Private Credit Bureaus Cost of a Credit Report in Brazil and Other Countries Table of Contents provided by Blackwell's Book Services and R.R. Bowker. Used with permission.