ABSTRACT Public procurement is crucial for the proper functioning of a country, but unfortunately, it can face problems that undermine its efficiency and transparency. For this reason, this research analyzes the top 23 companies that sold over $2.21 billion to the Ecuadorian government between 2015 and 2020. A descriptive methodology and a quantitative approach were used to classify the companies based on their origin, economic activity, and financial situation. The results reveal that 67% of these companies are of Ecuadorian origin. In terms of their financial situation, although they have a strong liquidity position, financing expenses completely dilute their profits, resulting in a negative net profit margin. This finding suggests the need to establish public policies that promote the diversification of economic sectors and the implementation of effective financial management strategies in contracting companies to improve their profitability and long-term financial sustainability.

RESUMEN La contratación pública es crucial para el buen funcionamiento de un país, pero desafortunadamente puede enfrentar problemas que perjudican su eficiencia y transparencia. Por este motivo, esta investigación analiza las 23 principales empresas que entre 2015 y 2020 vendieron más de 2.21 mil millones de dólares con el Estado ecuatoriano. Se utilizó una metodología descriptiva y un enfoque cuantitativo para clasificar a las empresas según su origen, actividad económica y situación financiera. Los resultados revelan que el 67% de estas empresas son de origen ecuatoriano. En cuanto a su situación financiera, aunque tienen una posición sólida en términos de liquidez, los gastos del financiamiento diluyen en su totalidad las utilidades, generando una rentabilidad neta de ventas negativa. Este hallazgo sugiere la necesidad de establecer políticas públicas que promuevan la diversificación de los sectores económicos y la implementación de estrategias de gestión financiera efectivas en las empresas contratistas para mejorar su rentabilidad y sostenibilidad financiera en el largo plazo.

Resumen Esta investigación se propuso examinar detenidamente la información financiera de las Administradoras de Fondos de Pensiones (AFP) con el objetivo central de entender la relación entre el número de afiliados activos y diversos ratios financieros durante el periodo 2014-2022. Utilizando el método estadístico de la correlación de Pearson, así como un análisis detallado de los afiliados activos, utilidad neta y patrimonio de las AFP, se revelaron relaciones diversas entre el número de afiliados activos y los indicadores financieros. Los resultados también señalaron variabilidades significativas en el crecimiento y disminución de afiliados activos, utilidad neta y patrimonio en cada AFP. En conclusión, se observaron pocas relaciones notables, tanto positivas como negativas, entre el número de afiliados activos y varios indicadores financieros, como los ratios de liquidez, solvencia, gestión y rentabilidad. Este estudio proporciona una visión integral de las dinámicas financieras en las AFP, contribuyendo a una comprensión más profunda de la compleja interacción entre la membresía activa y la salud financiera de estas entidades.

Abstract This research set out to closely examine the financial information of the Pension Fund Administrators (AFPs) with the central objective of understanding the relationship between the number of active members and various financial ratios during the period 2014-2022. Using the statistical method of Pearson's correlation, as well as a detailed analysis of active members, net income and equity of the AFPs, diverse relationships between the number of active members and financial indicators were revealed. The results also showed significant variability in the growth and decline of active members, net income and equity in each AFP. In conclusion, few notable relationships, both positive and negative, were observed between the number of active members and various financial indicators, such as liquidity, solvency, management and profitability ratios. This study provides a comprehensive view of the financial dynamics in the AFPs, contributing to a deeper understanding of the complex interaction between active membership and the financial health of these entities.

Abstract The objective is to analyze the impact of leverage (short- and long-term debt), capital structure, solvency, Returns on Assets (ROA), and firm size on the stock returns of 52 firms quoted in Mexican stock market (BMV) for the period 2011(1Q)-2021(2Q). Methodology includes three panel approaches are implemented: Pooled Ordinary Least Square (POLS), Fixed-Effect Model (FEM) and Random Effect Model (REM). Findings suggest a statistically significant negative effect of firm size stock returns, whereas there is a statistically significant and positive impact of ROA and solvency on stock returns. We recommend that, investors should pay attention, not only, to company size and profitability-related indicators, but also to indebtedness, to prices reflect the risk associated with the assets. The originality lies in the fact that the issue of capital structure and its impact on the market value of Mexican companies has been scarcely studied, and an extensive sample of companies is used, and various panel data methodologies are also used to compare the results. We conclude that, the size and profitability indicators have a significant effect on the stock returns, but the leverage does not.

Resumen El objetivo es analizar el impacto del apalancamiento (deuda de corto y largo plazo), el Retorno sobre Activos (ROA) y el tamaño de la empresa sobre los rendimientos accionarios de 52 empresas que cotizan en la Bolsa Mexicana de Valores (BMV) para el periodo 2011(1T)-2021(2T). En la metodología, se implementan tres modelos panel: Mínimos Cuadrados Ordinarios Agrupados (MCO), Modelo de Efectos Fijos (MEF) y Modelo de Efectos Aleatorios (REM). Los resultados sugieren un efecto negativo estadísticamente significativo del tamaño de la empresa sobre el rendimiento de las acciones, mientras que existe un impacto positivo y estadísticamente significativo del ROA y la solvencia sobre el rendimiento de las acciones. La principal recomendación es que, los inversores presten atención, no solo al tamaño y rentabilidad de la empresa, sino también al nivel de endeudamiento, de tal forma que, los precios del mercado reflejen mejor el nivel de riesgo asociado a los diversos activos. La principal limitación es que, dada la disponibilidad de los datos, solamente se abarca empresas cotizadas en la bolsa, por lo que, no se sabe cuál es el efecto en empresas de menor tamaño. La originalidad radica en que la estructura de capital y su impacto en el valor de mercado de las empresas mexicanas ha sido escasamente estudiado. Además, se utiliza una amplia muestra de empresas, así como diversas metodologías de datos de panel para comparar los resultados. Se concluye que sí hay impacto significativo del tamaño y rentabilidad operativa, pero no hay impacto significativo del nivel endeudamiento en los rendimientos accionarios de las empresas de la BMV.

Resumo O objetivo foi investigar os fatores da situação financeira das patrocinadoras que podem ser associados à decisão na alocação dos ativos dos planos de benefício definido das entidades fechadas de previdência complementar brasileiras no período anual de 2013 a 2019. Pesquisas anteriores têm estudado a situação financeira da patrocinadora e a alocação de recursos por tipo de segmento, existindo lacuna em relação à composição do portfólio em planos previdenciários em que não há adesão obrigatória a um seguro. A relevância desta pesquisa está em identificar os fatores da situação financeira da patrocinadora que podem estar associados à decisão na alocação de recursos a fim de entender o que compromete o pagamento de benefícios no futuro. Esta pesquisa contribui com as discussões sobre a relação entre o portfólio dos planos previdenciários e a situação financeira da patrocinadora; e, de forma indireta, com o debate de temas ligados a retirada de patrocínio, migração entre planos da modalidade de benefício definido para contribuição definida e contratação de seguros para cobertura do pagamento de benefícios futuros. Foram analisados 134 planos de benefícios, e suas respectivas patrocinadoras, durante o período de sete anos. A alocação foi dividida em categorias de decisão de acordo com a composição das carteiras, e foi utilizada a técnica estatística de regressão logística multinomial para análise dos dados. Os resultados encontrados mostram que o nível de financiamento, o grau de solvência, o tamanho da empresa e a alavancagem financeira, além de fatores como rentabilidade passada, maturidade financeira e solvência atuarial, são aspectos sobre a situação financeira da patrocinadora que podem influenciar a decisão na alocação e contribuem com o avanço das pesquisas sobre a relação entre a composição do portfólio dos fundos de pensão e a situação financeira da patrocinadora. 201 2019 segmento seguro futuro indireta patrocínio futuros 13 anos carteiras dados financiamento passada atuarial 20 1 2

Abstract The objective was to investigate the factors related to the financial situation of sponsors that can be associated with the decision to allocate the assets of the defined benefit plans of Brazilian closed supplementary pension entities in the annual period from 2013 to 2019. Previous research has studied the sponsor's financial situation and the allocation of resources by segment type, but there is a gap in relation to portfolio composition in pension plans where there is no compulsory adherence to insurance. The relevance of this research lies in identifying the factors related to the sponsor's financial situation that may be associated with the resources allocation decision in order to understand what may jeopardize the future payment of benefits. This research contributes to the discussion on the relationship between the portfolio of pension plans and the financial situation of the sponsor; and, indirectly, to the debate on issues related to withdrawal of sponsorship, migration between defined benefit and defined contribution plans, and the acquisition of insurance to cover the payment of future benefits. A total of 134 benefit plans and their respective sponsors were analyzed over a seven-year period. Allocation was divided into decision categories according to portfolio composition, and the statistical technique of multinomial logistic regression was used to analyze the data. The results show that the level of funding, the degree of solvency, the size of the company and financial leverage, as well as factors such as past profitability, financial maturity and actuarial solvency, are aspects of the sponsor's financial situation that may influence the allocation decision and contribute to the advancement of research on the relationship between pension fund portfolio composition and the sponsor's financial situation. 201 2019 sponsor s type benefits indirectly sponsorship 13 sevenyear seven year data funding solvency leverage profitability 20 1 2

This article analyses the importance of the solvency capital requirement (hereafter SCR) and the minimum capital requirement (hereafter MCR) formulae and why an insurer's external auditor should audit these and disclose its contents in the insurer's financial statements. When calculating the SCR, the reason for requiring such a disclosure is to allow the Prudential Authority an opportunity to understand whether the assumptions, parameters and techniques (also referred to as economic considerations) applied by actuaries comply with section 36 of the Insurance Act 18 of 2017. Administrative costs and written premiums are considered when calculating the MCR, although written premiums could be subjected to different interpretations, which might affect this formula. Accordingly, had Constantia Insurance Company Limited's auditor audited these formulae in 2018 and disclosed their contents in the financial statements, the Prudential Authority would have commenced liquidation procedures in 2019, not choosing instead to wait and monitor the company's solvency requirements on a weekly basis for four years. As a result, owing to the lack of transparency in the financial statements and non-compliance with the SCR and MCR, Constantia spent nearly R733 000 000 over the three-year period to fund its business activities.

RESUMEN Introducción: Las organizaciones laborales desde una perspectiva positiva, ponderan el bienestar de sus trabajadores para alcanzar el éxito. Contar con colaboradores y grupos de trabajo con capacidades de resiliencia y comprometidos con su organización, debe ser la brújula que guíe a las organizaciones que no solo busquen sobrevivir, sino hacer de ese espacio un lugar de crecimiento personal, grupal y organizacional. Compromiso y resiliencia son dos temas que han ido ganando interés en el ámbito laboral, en particular, desde la Psicología positiva. Objetivo: Caracterizar las variables resiliencia organizacional y compromiso organizacional en una instalación hotelera. Métodos: Metodología cuantitativa, diseño no experimental de tipo transversal con un alcance exploratorio y descriptivo. Se aplicó el cuestionario de compromiso organizacional de Schaufeli (2003) y el cuestionario de resiliencia organizacional Salanova y otros (2012). Resultados: Las puntuaciones más altas en cuanto al compromiso organizacional se obtuvieron en las dimensiones vigor y dedicación (4,75 y 4,70, respectivamente); la más baja también se obtuvo en la dimensión absorción (4,52). En cuanto a la resiliencia organizacional, los resultados obtenidos permiten considerarla como una organización resiliente (medias entre 4 y 5). Conclusiones: En cuanto al compromiso organizacional, este se caracteriza por el vigor y la dedicación. Se obtuvo un nivel alto de resiliencia organizacional; sin embargo, algunos indicadores como la ausencia de solvencia económica suficiente para enfrentar dificultades en la organización y la participación de los trabajadores en la toma de decisiones organizacionales, pudieran menoscabar la resiliencia organizacional en el hotel.

ABSTRACT Introduction: Labor organizations, from a positive perspective, weigh the well-being of their workers to achieve success. Having collaborators and work groups, with resilience capabilities and committed to their organization, should be the compass that guides organizations that not only seek to survive, but make that space a place of personal, group and organizational growth. Commitment and resilience are two topics that have been gaining interest in the workplace, in particular, from positive psychology. Objective: To characterize the variables organizational resilience and organizational commitment in a hotel facility. Methods: A quantitative methodology and a non-experimental cross-sectional design were applied, with an exploratory and descriptive scope. The organizational commitment questionnaire of Schaufeli (2003) and the organizational resilience questionnaire of Salanova et al. (2012) were applied. Results: The highest scores regarding organizational commitment were obtained in the energy and dedication dimensions (4.75 and 4.70, respectively); the lowest was also obtained in the absorption dimension (4.52). Regarding organizational resilience, the results obtained allow it to be considered as a resilient organization (averages between 4 and 5). Conclusions: Regarding organizational commitment, it is characterized by energy and dedication. A high level of organizational resilience was obtained. However, some indicators such as the lack of sufficient economic solvency to face difficulties in the organization and the participation of workers in organizational decision-making, could undermine organizational resilience in the hotel.

Resumen El cultivo de café en la región de La Montaña de Guerrero es atendido por familias indígenas, las cuales tienen un deficiente manejo de la huerta en lo que influye la escasa solvencia económica y falta de apoyo institucional, de aquí la importancia de conocer qué factores limitan la producción. El objetivo de la investigación fue sistematizar el proceso de producción de café de Paraje Montero para detectar los puntos críticos que permitan mejorar la producción. En 2019, se entrevistó a 83 productores de café para recabar información sobre el proceso de producción. La edad promedio de los productores fue de 55 años con siete años de escolaridad; el 94% de ellos se dedicaban a la agricultura. En promedio tenían 2.6 ha con café como monocultivo y policultivo con frutales, plantas de ornato y medicinales. El 98.8% cultivaba la variedad Typica (criolla) con plantaciones de 34 años promedio y 493 plantas ha-1. Las actividades en el cafetal se realizan principalmente con mano de obra familiar. Los problemas detectados fueron un escaso manejo de la huerta (deficiente poda, fertilización y control de plagas y enfermedades) que ocasiona rendimientos bajos; se tienen precios bajos, falta de apoyo institucional y escasa solvencia económica. Es importante atender estos factores mediante la organización, gestionando la participación de los productores para asistencia técnica y capacitación como alternativa para mejorar la producción del cultivo de café.

Abstract Coffee crops in the region of La Montaña of Guerrero are cared for by indigenous families, which have poor management of the orchard, which is influenced by the low economic solvency and lack of institutional support, hence the importance of knowing what factors limit production. The objective of the research was to systematize the coffee production process of Paraje Montero to detect the critical points that allow the improvement of production. In 2019, 83 coffee farmers were interviewed to gather information on the production process. The average age of the producers was 55 years, with seven years of schooling; 94% of them were engaged in agriculture. On average, they had 2.6 ha with coffee as monoculture and polyculture with fruit trees, ornamental and medicinal plants. Ninety-eight point eight percent grew the Typica variety (landrace) with plantations of 34 years on average and 493 plants ha-1. The activities in the coffee plantation are carried out mainly with family labor. The problems detected were poor orchard management (poor pruning, fertilization, and pest and disease control), which causes low yields; there are low prices, a lack of institutional support, and low economic solvency. It is important to address these factors through the organization, managing the participation of producers for technical assistance and training as an alternative to improve coffee crop production.

Resumen Derivado de los impactos ocasionados por la pandemia COVID-19 en el ámbito de las universidades durante los años 2020, 2021 e inicios de 2022, se expone el presente artículo como resultado de una investigación que tuvo por objetivo: explicar los efectos de la COVID-19 en el proceso de aprendizaje de estudiantes universitarios del Centro Universitario de los Altos de la Universidad de Guadalajara. El abordaje fue estructurado y siguió el método de investigación holopráxico, desde el que se configuró un estudio de nivel comprensivo, explicativo, de temporalidad transversal. Para la recolección de la información se utilizó un cuestionario cuyo valor de Alfa de Cronbach fue de 0.968. Para analizar la relación entre las dimensiones del proceso, se utilizaron técnicas cuantitativas. Los resultados indicaron que durante la pandemia para que un estudiante se mantuviera motivado, interesado y atento dependía de su interés en el aprendizaje y no propiamente del uso de tecnologías. Los hallazgos son aporte al campo del conocimiento del aprendizaje, puesto que escasamente la literatura informa con detalle lo ocurrido durante la pandemia y a pesar de que parece haberse superado tal situación, se considera pertinente saber de los estragos que ésta representó en el aprendizaje de los estudiantes y así prever acciones sobre futuros acontecimientos.

Abstract Derived from the impacts caused by the COVID-19 pandemic in the field of universities during the years 2020, 2021 and the beginning of 2022, this article is presented as a result of an investigation whose objective was: to explain the effects of COVID-19. 19 in the learning process of university students of the University Center of Los Altos of the University of Guadalajara. The approach was structured and followed the holopraxic research method, from which a comprehensive, explanatory level study of transversal temporality was configured. For the collection of information, a questionnaire was used whose Cronbach's Alpha value was 0.968. To analyze the relationship between the dimensions of the process, quantitative techniques were used. The results indicated that during the pandemic, for a student to remain motivated, interested, and attentive, it depended on her interest in learning and not on the use of technology itself. The findings are a contribution to the field of learning knowledge, since the literature rarely reports in detail what happened during the pandemic and despite the fact that this situation seems to have been overcome, it is considered pertinent to know about the havoc that it caused in student learning. and thus anticipate actions on future events.

Resumen Las empresas deben evaluar constantemente sus actividades para establecer estrategias que permitan su desarrollo. El objetivo de esta investigación fue analizar el desempeño en la empresa ecuatoriana de balanceados Coprobalan S. A. La metodología empleada fue de carácter descriptivo, con un enfoque cuantitativo. Se aplicó indicadores de liquidez, solvencia, gestión y rentabilidad de acuerdo con políticas e información pública expuesta por la Superintendencia de Compañías, Valores y Seguros del Ecuador. Como resultado se evidenció que la empresa de productos balanceados Coprobalan S.A. cumple con sus obligaciones a corto plazo, tiene proyección de crecimiento evidenciado en las inversiones en las cuales utilizó capital propio y de terceros, ha implementado estrategias orientadas a mejorar la rotación de cartera, activo fijo y ventas, presentando además, una buena gestión de sus gastos, pero para lograr un mayor crecimiento y desarrollo empresarial debe optar por estrategias que permitan aumentar la rentabilidad sin comprometer las relaciones con los proveedores y la calidad de sus productos.

Abstract Companies must constantly evaluate their activities to establish strategies that allow their development. The objective of this investigation was to analyze the performance in the Ecuadorian company of balanced Coprobalan S. A.; The methodology used was descriptive, with a quantitative approach. Indicators of liquidity, solvency, management and profitability were applied in accordance with policies and public information exposed by the Superintendency of Companies, Securities and Insurance of Ecuador. As a result, it was evidenced that the company of balanced products Coprobalan S.A. complies with its short-term obligations, has a growth projection evidenced in the investments in which it used its own capital and that of third parties, has implemented strategies aimed at improving portfolio rotation, fixed assets and sales, also presenting good management of its expenses, but to achieve greater growth and business development, you must opt for strategies that allow you to increase profitability without compromising relationships with suppliers and the quality of your products.

Abstract In several countries, mining contributes more than most sectors to economic growth. But the activity is marked by cyclical behaviour, including booms in the price of metals-such as that which occurred in the period 2004-2012. Therefore, it is important for investors to identify the financial performance of companies in the sector. This study aims to analyse the levels of liquidity, solvency, and profitability of Peruvian mining companies listed on the S&P/BVL Mining Index for the period 2004-2020, given the contribution of mining to GDP growth and employment in Peru. We utilise a quantitative approach, collecting data from the companies’ financial statements through Bloomberg. The research design is non-experimental, based on a descriptive, comparative, and longitudinal approach. For the statistical analysis, descriptive statistics tests and Student's t-test were carried out. Analysis of the results reveal that the liquidity, solvency, and profitability of this group of companies exhibited a better performance during the metal-price boom period, with a marked decrease in the following period.

Resumen La minería es uno de los sectores que más contribuye con el crecimiento de la economía de varios países, con comportamientos cíclicos como el denominado boom del precio de los metales, que se generó en el periodo 2004-2012, lo que genera el interés de los inversionistas de identificar el desempeño financiero de las empresas de este sector. En este sentido, este artículo tiene como objetivos analizar el nivel de liquidez, solvencia y rentabilidad de las empresas mineras peruanas del S&P/BVL Mining Index en el período 2004-2020, considerando que la minería es una de las actividades que más contribuye con el crecimiento del PBI y con la generación de puestos de trabajo en el Perú. Para tal efecto, la investigación tiene un enfoque cuantitativo, mediante la recolección de datos de los estados financieros de las empresas a través de Bloomberg. El diseño es no experimental, con un nivel descriptivo, comparativo y longitudinal. Asimismo, para el análisis estadístico se han realizado pruebas de estadística descriptiva y prueba de hipótesis de t de Student. Del análisis de los resultados, se destaca que la liquidez, solvencia y rentabilidad de este grupo de empresas ha presentado un mejor desempeño en el período denominado boom del precio de los metales, con una clara disminución en el período posterior a este ciclo.

ABSTRACT This paper analyzes and reflects on the civil liability of the lender in case of breach of the duties circumscribed to the solvency assessment of article 17 N of the Consumer Rights Protection Act. To this end, the paper studies the nature of the duties established in the norm in its connection with consumer safety duty, and from there, determines the civil liability regime applicable to the case of non-compliance and the scope that this presents in some elements of the respective civil liability.

RESUMEN El trabajo analiza y reflexiona respecto de la responsabilidad civil que le cabe al prestamista en caso de incumplimiento de los deberes circunscritos a la evaluación de solvencia del art. 17 N de la LPDC. Para ello, estudia la naturaleza de los deberes establecidos en la norma en su vinculación con el deber de seguridad en el consumo y, a partir de allí, determina el régimen de responsabilidad civil aplicable al caso de incumplimiento, y los alcances que ello presenta en algunos elementos de la respectiva responsabilidad civil.

Abstract From a statistical-inferential perspective, this article analyzes the socioeconomic situation of Chilean households during the pandemic, especially those that report the presence of elderly people, since this population group faces particular epidemiological and economic risks that threaten their well-being. The results show that economic income has declined during the months of crisis, diminishing solvency and satisfaction of needs among families. In addition, they have had to implement various economic strategies to reduce their expenses and generate income, actions that contribute to temporarily sustain the family economy, but increase future vulnerability. The conclusions highlight the need to strengthen public policy measures and the social security system provided to the elderly.

Resumen Desde una perspectiva estadística-inferencial, este artículo analiza la situación socioeconómica de los hogares chilenos durante la pandemia, especialmente la de aquellos que informan presencia de personas mayores, pues este segmento poblacional enfrenta particulares riesgos epidemiológicos y económicos que amenazan su bienestar. Los resultados muestran que los ingresos económicos han caído durante los meses de crisis, disminuyendo la solvencia y satisfacción de las necesidades de las familias; y que se han debido implementar estrategias para reducir gastos y generar ingresos, que sostienen temporalmente la economía familiar, pero incrementan la vulnerabilidad futura. Las conclusiones destacan que se necesita reforzar las medidas de política pública y el sistema de seguridad social que se brinda a las personas de la tercera edad.

Abstract This paper analyzes the impact of leverage (short- and long-term debt) and some other key variables (growth, size, return on assets (ROA) and solvency) on the stock market returns of Mexican listed companies, over 2017-2021. The period covers the Covid-19 crisis and the previous period of uncertainty generated by the benchmark interest rate cut in 2018. For this purpose, panel least squares: ordinary (OLS) and fully modified (FMOLS) models are proposed. Empirical evidence shows that ROA, growth, size, and solvency have a significant impact on stock returns. Variables related to leverage do not seem to be related to stock returns.

Resumen El presente analiza el impacto del apalancamiento (nivel de deuda total, de corto y largo plazo) y de otras variables relevantes: crecimiento, rendimiento sobre activos, tamaño y solvencia en el rendimiento bursátil de las empresas mexicanas, listadas en la BMV, durante el periodo 2017-2021. Para lograr dicho objetivo se proponen modelos de panel mínimos cuadrados: ordinarios (OLS) y completamente modificados (FMOLS). Los resultados señalan que, el rendimiento operativo (ROA), el crecimiento, el tamaño y la solvencia sí tienen un impacto estadísticamente significativo sobre los rendimientos bursátiles; mientras que, las variables asociadas al apalancamiento/estructura de capital, parecieran no afectar el rendimiento accionario de las empresas bajo estudio.

Abstract The law of May 13, 1888, which abolished slavery in Brazil, offered no reparation whatsoever to slave owners in its two only articles; however, both its instituting cabinet and the one that succeeded it adopted compensatory economic policies of an indemnifying effect, especially for the Bank of Brazil. The first branch of action concerned aid for farming, designed to safeguard Brazil’s productive dynamism and, ultimately, the imperial budget. Linked to the first, the second front concerned the solvency of the banking system, mainly the Bank of Brazil. As the institution had taken enslaved individuals as mortgage collateral, in the absence of a program to incentivize farming, subsequent defaults would impact the Bank’s market value, in a process that would affect its deposits and its assets resulting in a critical financial scenario. The Bank of Brazil held almost 40% of Rio de Janeiro’s banking sector, the largest in the country. It would also be a huge risk for the payment of the public debt, greatly supported by the Bank since the 1870s. Dependent on the institution, the governments of João Alfredo and Ouro Preto injected it with unparalleled liquidity, producing a redoubled indemnity effect, considering that the Bank’s main investors were coffee growers from Rio de Janeiro’s Paraiba Valley. Despite their efforts, the contributions tended to remain in their financial rather than productive form, which only deepened the resentment of the coffee growers in Western São Paulo towards the Court’s agreements, furthering their republican sentiment. 13 1888 articles however effect farming Brazils s ultimately budget system collateral Banks value scenario 40 Janeiros Janeiro sector country debt 1870s liquidity Valley efforts form Courts Court agreements sentiment 1 188 4 18

Resumo A Lei de Treze de Maio de 1888, que aboliu o cativeiro no Brasil, não ofereceu em seus dois únicos artigos reparação qualquer aos proprietários de escravos. Todavia, tanto o gabinete que a instituiu quanto aquele que o sucedeu adotaram políticas econômicas compensatórias que tiveram efeito indenizatório especialmente para o Banco do Brasil. A primeira vertente de ação disse respeito aos auxílios à lavoura, projetados no intuito de resguardar o dinamismo produtivo e, em última instância, o orçamento imperial. Atrelada à primeira, a segunda frente referiu-se à solvência do sistema bancário, sobretudo do Banco do Brasil. Como a instituição havia tomado a escravaria como garantia hipotecária, caso não houvesse um programa de incentivos à lavoura, as subsequentes inadimplências impactariam o valor bursátil do Banco, num processo que afetaria seus depósitos e, ao todo, seus ativos. Seria um cenário financeiro crítico. O Banco do Brasil detinha praticamente 40% do setor bancário do Rio de Janeiro, o principal do país. Seria igualmente um risco imenso para o pagamento da dívida pública, muito amparada desde a década de 1870 pelo Banco. Dependentes, pois, da instituição, os governos de João Alfredo e de Ouro Preto injetaram nela ímpar liquidez, produzindo um redobrado efeito indenizatório, a considerar que os principais investidores do Banco do Brasil eram cafeicultores do Vale do Paraíba fluminense. Malgrado os esforços, os aportes tenderam a permanecer em sua forma financeira, e não produtiva, o que apenas aprofundou, republicanizando-os tanto mais, o ressentimento dos cafeicultores do Oeste Paulista quanto às pactuações da Corte. 1888 escravos Todavia lavoura instância imperial referiuse referiu se hipotecária todo ativos crítico 40 Janeiro país pública 187 Dependentes pois liquidez fluminense esforços financeira produtiva aprofundou republicanizandoos republicanizando mais Corte 188 4 18 1

Banke, as mobiliseerders van spaargeld, speel 'n belangrike rol in die kanalisering van beleggings, maar ook in die verbetering van die lewenstandaard van die bevolking of gemeenskappe waarbinne hulle funksioneer. Die omskakeling van besparings na beleggings stimuleer die beleggingsvermenigvuldiger, wat weer toon dat 'n toename in investeringsbesteding die totale ekonomie ondersteun. 'n Analise van die leningsbedrywighede van banke wys dat hierdie instellings beide likiditeits- en solvensieprobleme in die gesig staar. Om hierdie risiko's te vermy, is dit belangrik dat banke die korrekte rentekoers hef wat die risiko verbonde aan die lening en die koste van kapitaal om die lening te befonds, weerspieël. Hierdie artikel ontleed spesifiek die rol wat koöperatiewe banke en koöperatiewe finansiële instellings in die Suid-Afrikaanse ekonomie vervul, deur te fokus op Orania se OSK Koöperatiewe Bank Beperk (OSK), die grootste koöperatiewe bank in Suid-Afrika. Die navorsing bestudeer die ontstaan en ontwikkeling van die OSK se uitleenaktiwiteite om belegging aan te moedig in die omgewing wat deur die bank bedien word. Die gevolgtrekking is onder meer dat die instelling 'n beduidende positiewe invloed op Orania se ekonomiese ontwikkeling gehad het. Die aanbeveling uit hierdie navorsing is dat die OSK as voorbeeld vir ander koöperatiewe banke en koöperatiewe finansiële instellings kan dien, om soortgelyke praktyke in werking te stel en sodoende die direkte omgewing waarbinne hulle werksaam is, te ondersteun.

In the mobilisation of savings, banks play an important role in channelling investments, but also in improving the standard of living of the population or communities served by these institutions. The channelling of savings to investment stimulates the investment multiplier, which shows the total impact on the economy as a result of increased investment. An analysis of the lending activities of banks shows that these institutions face both liquidity and solvency risks. To avoid these risks, it is important for banks to lend funds to borrowers at appropriate rates that correctly reflect the riskiness of lending activities. Against this background, this article draws specific attention to the role that co-operative banks and co-operative financial institutions play in the South African economy, by focusing on Orania's OSC Co-operative Bank Limited (OSC), the largest co-operative bank in South Africa. The paper considers the origin and expansion of the OSC's lending practices and its role in encouraging investment in the community served by the bank. The main research finding is that the OSC has had a significant positive influence on Orania's economic development. The recommendation from this research is that the OSC can serve as an example for other co-operative banks and co-operative financial institutions to implement similar practices in order to support the communities in which they operate.