Seguro depósito e Moral Hazard nas cooperativas de crédito brasileiras

• Autor(a) principal: Bressan, Valéria Gama Fully
• Data de Publicação: 2009
• Tipo de documento: Tese
• Idioma: por
• Título da fonte: LOCUS Repositório Institucional da UFV
• Texto Completo: http://locus.ufv.br/handle/123456789/117
• topic: Cooperativismo de crédito; Moral Hazard; Seguro depósito; Insolvênvia; Dados em painel; Credit unions; Moral Hazard; Insurance deposit; Insolvency; Panel regression; CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIA MONETARIA E FISCAL::INSTITUICOES MONETARIAS E FINANCEIRAS DO BRASIL

Credit Unions are of notorious importance in the international financial scenario, and tends to potential growth in Brazil, moreover being an important instrument for the financial inclusion of small enterprises. However, in order to credit unions contribute for a contry’s development by means of offering financial services, it is crucial that a insurance deposit scheme is implemented towards the protection of its members, besides having a solid financial structure. In this sense, this research focuses the evaluation of the relationship between insurance deposit and moral hazard in the credit unions affiliated to the Sicoob-Brasil system. Aditionally, a case study was conducted for the unions xxvi affiliated to the Sicoob-Crediminas system, which introduced the insurance deposit scheme six years earlier. Chapter 1 focuses the evaluation of empirical evidences regarding the domination of borrowing or saving members in Brazilian credit unions affiliated to Sicoob-Brasil and Sicoob-Crediminas. In chapter 2, the insolvency probabilities of these cooperatives were estimated and used as one of the proxies for measuring moral hazard. Chapter 3 evaluates this issue in Brazilian credit unions, after the implementation of the Sicoob Insurance Fund, and also after the beginning of the Sicoob-Crediminas’ Insurance Deposit Fund. Panel regression analysis were implemented in chapters 1 and 3 while a logistic regression approach was used in chapter 2 in order to estimate the probabilities. The estimated results indicate that the credit unions filiated to the Sicoob-Brasil and to the Sicoob-Crediminas systems are dominated by borrowing members. Besides, the main determinants of the index of domination in the Brazilian credit unions were: “loan/member share capital”, “age”, “equity/total assets” and “operating expenses/total assets”. The average insolvency probabilities was 15% for the unions affiliated to Sicoob-Brasil and 5% for the Sicoob-Crediminas unions. The main determinants of insolvency were: a) Lost Loan Operations/ Total Loans; b) Net Institutional Capital/ Total Assets, c) Non-financial Investments/Total Assets, and d) Services Income/Operating Expenses. The results estimated in order to evaluate the existence of moral hazard problems in the credit unions affiliated to Sicoob-Brasil and Sicoob-Crediminas after the implementation of the Sicoob Insurance Fund and also after the Sicoob-Crediminas’ Insurance Deposit Fund, indicates that the insurance deposit did not generate moral hazard problems. At last, is was also verified that thedomination by borrowing members does not imply in an increase in risk in the analyzed members of both Brazilian credit union systems.