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Master's Dissertation
DOI
10.11606/D.101.2018.tde-12062018-173417
Document
Author
Full name
Rafael Lopez Andreotti
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2018
Supervisor
Committee
Schor, Adriana (President)
Afonso, Luis Eduardo
Carvalho, Carlos Eduardo Ferreira de
Title in Portuguese
Efeitos da regulação sobre o setor de microfinanças: apontamentos sobre os casos de Brasil e México
Keywords in Portuguese
Microcrédito
Microfinanças
Regulação financeira
Abstract in Portuguese
A presente pesquisa busca analisar os efeitos da regulação financeira sobre diferentes aspectos do setor de microfinanças. Para tanto identifica, a partir da literatura especializada, hipóteses que apontam para quatro variáveis como as mais sensíveis aos efeitos da regulação e supervisão. São elas a sustentabilidade financeira das instituições, seu alcance em relação ao número de clientes e do nível de renda deste, a adimplência observada em seus portfólios e a estrutura do setor de microfinanças em termos da quantidade e dos tipos de instituições existentes. Argumenta-se que cada elemento da regulação possui um efeito distinto sobre um ou mais desses aspectos, que são colocados à prova em dois estudos de caso. O primeiro é o caso brasileiro, no qual a evolução da regulamentação parece ter favorecido, até certo ponto, o predomínio de instituições públicas e no setor de microcrédito. Por sua vez, a regulamentação mexicana teria atuado no sentido oposto, favorecendo a formação de um grande número de instituições privadas, muitas das quais de pequeno porte.
Title in English
The effects of regulation over the microfinance sector: notes about the cases of Brazil and Mexico
Keywords in English
Financial regulation
Microcredit
Microfinance
Abstract in English
This research aims at analyzing the effects of financial regulation over different aspects of the microfinance sector. Therefore, at first it identifies on the specialized literature hypothesis that point to four variables considered more sensible to the effects of financial regulation and supervision. Those are the financial sustainability of institutions, their outreach in terms of breadth as well as depth, the levels of loan losses in their portfolios and the very own structure of the microfinance sector regarding the quantity and the types of existing institutions. We argue that each aspect of financial regulation presents distinct effects over the variables above, and we put them to test by employing two case studies. The first focuses on Brazil, where the regulatory evolution appears to have benefited, up to a certain point, the dominance of public institutions on the microfinance sector. On the other hand, we look at the Mexican case, where we can find a great number of small sized private institutions. Therefore, financial regulation seems to have had so far the opposite effect it had in Brazil.
 
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Publishing Date
2018-06-27
 
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