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LAW, TECHNOLOGY AND INNOVATION
his book is part of the collection sponsored by the Brazilian Research Center on Law, Technology and Innovation – DTIBR, a private nonprofit interdisciplinary membership association that works to bridge academia and business, as well as publishing papers and books focused on cutting edge technologies and their legal aspects. The book assembles the best papers from the students, properly revised, in expanded and updated versions. Invited coauthors from other top-ranked universities in Brazil, as well as foreign scholars, also shared their thoughts, experience and impressions about that important subject. In the following pages, the reader will find 13 texts about many aspects of AI technology, not only in the legal field but also from the perspective of other areas, such as ethics, philosophy, computer sciences, medicine, civil law, business law, privacy and personal data protection.
Hacia un modelo estocástico eficiente para la valoración de activos financieros basado en el volumen de negociación: fundamentos teóricos e implementación práctica
Mientras que, dentro del Análisis Técnico, el volumen como variable sujeta a estudio ocupa un lugar de especial significación, en el análisis cuantitativo financiero, salvo algunas y remarcables excepciones, su importancia es bastante menor, cuando no marginal. La relativa escasez de fuentes bibliográficas es paralela a la falta de interés casi inherente a la investigación precio-volumen desde sus orígenes. No obstante, siendo ésta la principal razón que justifica el hecho de que no se haya ahondado lo suficiente en su estudio, podemos encontrar otras causas que le han impedido avanzar, causas por otro lado extrapolables a cualquier otra investigación cuantitativa que se sitúe al margen del análisis cuantitativo “convencional”. Entre esas causas destacaríamos: 1. Razones coyunturales y estructurales 2. Estandarización 3. Problemas de orden operativo
Perspectivas e controvérsias da inovação regulatória no sistema financeiro de pagamentos
O mercado de meios de pagamento, as inovações no sistema financeiro brasileiro e a relação desse desenvolvimento com a concorrência são foco de debate já há algum tempo. Não é de hoje que a academia e o mercado se debruçam sobre os impactos da atuação das autoridades, notadamente Banco Central do Brasil (BCB) e Conselho Administrativo de Defesa Econômica (Cade), para elos específicos da cadeia de pagamentos. Ocorre que, em boa medida, o debate permaneceu por muito tempo circunscrito a um grupo reduzido de atores – as próprias autoridades, é claro, além das empresas, advogados e economistas envolvidos nas discussões. No entanto, com a expansão do mercado, especialmente c...
How Foreign Participation and Market Concentration Impact Bank Spreads
Increasing foreign participation and high concentration levels characterize the recent evolution of banking sectors' market structures in developing countries. Martinez Peria and Mody analyze the impact of these factors on Latin American bank spreads during the late 1990s. Their results suggest that foreign banks were able to charge lower spreads relative to domestic banks. This was more so for de novo foreign banks than for those that entered through acquisitions. The overall level of foreign bank participation seemed to influence spreads indirectly, primarily through its effect on administrative costs. Bank concentration was positively and directly related to both higher spreads and costs. This paper--a product of Finance, Development Research Group--is part of a larger effort in the group to understand banking sector market structure changes in developing countries.
Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America
Over the past decade policy makers in Latin America have adopted a number of macroprudential instruments to manage the procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve requirements, in particular, have been actively employed. Despite their widespread use, little is known about their effectiveness and how they interact with monetary policy. In this paper, we examine the role of reserve requirements and other macroprudential instruments and report new cross-country evidence on how they influence real private bank credit growth. Our results show that these instruments have a moderate and transitory effect and play a complementary role to monetary policy.
Bank Ownership
This paper presents recent trends in bank ownership across countries and summarizes the evidence regarding the implications of bank ownership structure for bank performance and competition, financial stability, and access to finance. The evidence reviewed suggests that foreign-owned banks are more efficient than domestic banks in developing countries, promote competition in host banking sectors, and help stabilize credit when host countries face idiosyncratic shocks. But there are tradeoffs, since foreign-owned banks can transmit external shocks and might not always expand access to credit. The record on the impact of government bank ownership suggests few benefits, especially for developing countries.
Economics of Insurance
The theory of insurance is presented in this book, discussed from the viewpoint of the theory of economics of uncertainty. The principle of premium calculation which the book uses is based on economic equilibrium theory and differs from many of the premium systems discussed by actuaries.Reinsurance is developed in the framework of general economic equilibrium theory under uncertainty. Here ordering of risks, preferences and utility theory play an important role. The book discusses the markets for insurance and divides them into three classes: (i) life insurance (ii) business insurance and (iii) household insurance, and these classes are each treated extensively in three separate chapters. Finally uninsurable risks are presented under "asymmetric information". Here moral hazard and adverse selection are treated and illustrations are given, some based on game theory.
Trade credit, financial intermediary development, and industry growth
Where do firms turn for financing in countries with poorly developed financial markets? One source is trade credit. And where formal financial intermediaries are deficient, industries that rely more on this source of financing grow faster.
An Overview of Macroprudential Policy Tools
Macroprudential policies – caps on loan to value ratios, limits on credit growth and other balance sheets restrictions, (countercyclical) capital and reserve requirements and surcharges, and Pigouvian levies – have become part of the policy paradigm in emerging markets and advanced countries alike. But knowledge is still limited on these tools. Macroprudential policies ought to be motivated by market failures and externalities, but these can be hard to identify. They can also interact with various other policies, such as monetary and microprudential, raising coordination issues. Some countries, especially emerging markets, have used these tools and analyses suggest that some can reduce procyclicality and crisis risks. Yet, much remains to be studied, including tools’ costs ? by adversely affecting resource allocations; how to best adapt tools to country circumstances; and preferred institutional designs, including how to address political economy risks. As such, policy makers should move carefully in adopting tools.
