The differences between credit unions and commercial banking institutions in a scenario before and after economic crises in the period from 2010 to 2021
DOI:
https://doi.org/10.36517/contextus.2025.93777Keywords:
credit unions; commercial banks; economic crisis; net loans; derivativesAbstract
Abstract
Background: Financial institutions make decisions about resource acquisition and allocation to profit from financial intermediation.
Purpose: This research evaluates the differences between credit unions and commercial banks, analyzing before and after the economic crisis. The study period was between 2010 and 2021, encompassing two economic crises: the first between 2015 and 2016 and the second in 2020 and 2021.
Method: Indicators of net loans and derivatives extracted from the data platform provided by the Central Bank of Brazil were analyzed. The method used was pooled cross-section with random effects.
Results: The results indicate a reduction in cooperative loans and derivatives compared to commercial banks. The data analyzed suggest greater conservatism of cooperatives compared to banks.
Conclusions: Economic crises also negatively affected the loans and derivatives of credit cooperatives compared to commercial banks.
Downloads
References
Adusei, M., Adeleye, N., & Okafor, A. (2020). Drivers of credit union penetration: An international analysis. Managerial and Decision Economics, 42, 710–723. https://doi.org/10.1002/mde.3267
Ayadi, R., Arbak, E., Carbó Valverde, S., Rodriguez Fernandez, F., Schmidt, R. H. (2009). Investigating Diversity in the Banking Sector in Europe: The Performance and Role of Savings Banks. Centre for European Policy Studies, Brussels.
Ayadi, R., Keoula, M., De Groen, W. P., Mathlouthi, W., & Sassi, I. (2017). Bank and credit unions business models in the United States. Montreal: International Research Centre on Cooperative Finance.
Banco Central do Brasil. (2017). Resolução nº 4.557/2017. Dispõe sobre a estrutura de gerenciamento de riscos e a estrutura de gerenciamento de capital. http://www.bcb.gov.br/pre/normativos/busca/downloadNormativo.asp?arquivo=/Lists/Normativos/Attachments/50344/Res_4557_v1_O.pdf
Banco Central do Brasil. (2021). Sistema financeiro nacional. https://www.bcb.gov.br
Banco Central do Brasil. (2021a). Estudo Especial nº 91/2020. Cooperativas de crédito versus bancos privados: comportamento após a captura de novos clientes. https://www.bcb.gov.br/conteudo/relatorioinflacao/EstudosEspeciais/EE091_Cooperativas_de_credito_versus_bancos_privados_comportamento_apos_a_captura_de_novos_clientes.pdf
Barrett, C. B. (2008). Smallholder market participation: concepts and evidence from eastern and southern Africa. Food Policy 33, 299–317. https://doi.org/10.1016/j.foodpol.2007.10.005
Becchetti, L., Ciciretti, R., & Paolantonio, A. (2016). The cooperative bank difference before and after the global financial crisis. Journal of International Money and Finance, 69, 224-246. https://doi.org/10.1016/j.jimonfin.2016.06.016
Bertolin, R. V., Santos, A. C., Lima, J. B., & Braga, M. J. (2008). Information asymmetry and trust in cooperative interactions. Revista de Administração Contemporânea, 12(1), 59-81. https://doi.org/10.1590/S1415-65552008000100004
Bittencourt, W. R., & Bressan, V. F. G. (2018). Eficiência em cooperativas de crédito – 2009 a 2014. Revista de Extensão e Estudos Rurais, 7(1), 252-276. https://doi.org/10.36363/rever712018252-276
Bittencourt, W. R., Bressan, V. G. F., Goulart, C. P., Bressan, A. A., Costa, D. R. D. M., & Lamounier, W. M. (2017). Rentabilidade em bancos múltiplos e cooperativas de crédito brasileiros. Revista de Administração Contemporânea, 21, 22-40. https://doi.org/10.1590/1982-7849rac2017150349
Brown, J. R, Cookson, J. A., & Heimer, H. Z. (2019). Growing up without finance. Journal of Financial Economics, 134(3), 591-616. https://doi.org/10.1016/j.jfineco.2019.05.006
Canassa, B., Costa, D., & Bonacim, C. (2022). Transformations in the Ownership Structure of Credit Unions: Banking Service Rates and the Expectations of Members and Directors. Brazilian Business Review, 19(6), 607-625. https://doi.org/10.15728/bbr.2022.19.6.2.en
CEPS. (2010). Investigating diversity in the banking sector in Europe: key developments, performance, and role of cooperative banks. Report prepared by R. Ayadi, D. Llewellyn, R. Schmidt, E. Arbak, and W.P. De Groen.
Chaddad, F. R., & Cook, M. L. (2004). Understanding new cooperative models: an ownership–control rights typology. Applied Economic Perspectives and Policy, 26(3), 348-360. https://doi.org/10.1111/j.1467-9353.2004.00184.x
Chaib, D. C., Ventura, T. P., Rosa, E. R., & Resende, M. F. C. (2021). A política fiscal no Brasil entre 2003 e 2018: uma interpretação pós-keynesiana. A Economia em Revista, 29(2), 1-15, 2021.
Christensen, J. H. E., Hansen, E., & Lando, D. (2004). Confidence sets for continuous-time rating transition probabilities. J. Bank. Financ., 28(11), 2575-2602. https://doi.org/10.1016/j.jbankfin.2004.06.003
Confederação Brasileira das Cooperativas de Crédito. (2020). Encaminhado, para tramitação, o anteprojeto de revisão de Lei para modernização das cooperativas de crédito. Confebras.
Cruz, P. B., Teixeira, A., Mariano, F. O., & Nossa, S. N. (2019). Fatores que influenciam a intenção de investimento na Cooperativa. Revista Gestão & Conexões. 8(3), 109-122. http://doi.org.10.13071/regec.2317-5087.2019.8.3.24006.109-122
Démurger, S. (2001). Infrastructure Development and Economic Growth: An Explanation for Regional Disparities in China? Journal of Comparative Economics 29(1), 95-117. https://doi.org/10.1006/jcec.2000.1693
Ferreira, M. A. M., Gonçalves, R. M. L., & Braga, M. J. (2007). Investigação do desempenho das cooperativas de crédito de Minas Gerais por meio da Análise Envoltória de Dados (DEA). Economia Aplicada, 11, 425-445. https://doi.org/10.1590/S1413-80502007000300006
França, J. A., Prado, G. O., Nazaré, S. R. M., Vieira, E. T., Pereira, C. C., & Mendes, P. C. M. (2022). Cooperativism and the Democratization of Capitalism: Performance of the Business Segments Credit Unions and Banks in Brazil. International Journal of Economics and Finance, 14(5). https://doi.org/10.5539/ijef.v14n5p1
Gonçalves, R. M. L., Silva, R. S., Menezes, R. S. S., & Moreira, N. P. (2015). Condicionantes do Risco de Crédito em uma Cooperativa do Alto Paranaíba/MG. Organizações Rurais & Agroindustriais, 17(1), 14-24.
Groeneveld, J. M., & Vries, B. (2009). European co-operative banks: First lessons of the subprime crisis. The International Journal of Cooperative Management, 4(2), 8-21.
Haiss, P., & Sammer, B. (2010). The impact of derivatives markets on financial integration, risk, and economic growth. Paper presented at the Bundes Bank / Athenian Policy Forum 10th Biennial Conference on Regulatory Responses to the Financial Crisis, Frankfurt, DE.
Hansmann, H. (1996). The ownership of enterprise. 1. ed. Cambridge: Harvard University Press, cap. 4, 384p.
Henock, M. S. (2019). Financial sustainability and outreach performance of saving and credit cooperatives: The case of eastern Ethiopia. Asia Pacific Management Review, 24, 1-9. https://doi.org/10.1016/j.apmrv.2018.08.001
Hesse, H., & Čihák, M. (2007). Cooperative Banks and financial stability. Washington-DC: International Monetary Fund.
Imbens, G. W., & Wooldridge, J. M. (2009). Recent Developments in the Econometrics of Program Evaluation. Journal of Economic Literature, 47(1), 5-86. https://doi.org/10.1257/jel.47.1.5
Instituto de Pesquisa Econômica Aplicada. (2021). Dados macroeconômicos e regionais. Produto interno bruto (PIB) real. http://www.ipeadata.gov.br
International Cooperative Alliance - ICA. (2007). Statement on the co-operative identity. http://www.ica.coop/coop/principles.html
Lewgoy, J. (2018). Cooperativas de crédito roubam a cena. É hora de sair do seu banco? Revista EXAME, Julho 2018. https://exame.com/invest/minhas-financas/cooperativas-de-credito-roubam-a-cena-e-hora-de-sair-do-seu-banco/
Matias, A. B., Quaglio, G. M., Lima, J. P. R., & Magnani, V. M. (2014). Bancos versus cooperativas de crédito: um estudo dos índices de eficiência e receita da prestação de serviços entre 2002 e 2012. Ram, Rev. Adm. Mackenzie, 15(5), 195-223. https://doi.org/10.1590/1678-69712014/administracao.v15n5p195-223
Matos, M. A., & Ninaut, E. S (2007). O cooperativismo frente às perspectivas econômicas. INFOTEC: Informativo Técnico do Sistema OCB, n. 2.
McKillop, D. G., & Quinn, B. (2017). Irish credit unions: Differential regulation based on business model complexity. The British Accounting Review, 49, 230–241. https://doi.org/10.1016/j.bar.2016.07.001
McKillop, D., French, D., Quinn, B., Sobiech, A. L., & Wilson, J.O.S. (2020). Cooperative financial institutions: a review of the literature. Int. Rev. Financ. Anal., 71, 101520. https://doi.org/10.1016/j.irfa.2020.101520
Melo, E. S., & Lima, J. E. (2015). Análise do risco de liquidez em cooperativas de crédito de economia solidária: o caso do sistema Cresol. Revista Gestão Contemporânea, (17), 104-128. https://bibliotecasemiaridos.ufv.br/jspui/handle/123456789/2461
Prado, A. S., Ferrugini, L., Souza, D. L., Paiva, C. M. N., & Vilas Boas, L. H. B. (2014). Reconhecendo o valor do cooperativismo sob a ótica da cadeia meios-fins. Revista de Administração FACES Journal, 13(3), 47-65. https://doi.org/10.21714/1984-6975FACES2014V13N3ART1816
Santos, C. A. (2009). Cooperativa de crédito – Série empreendimentos coletivos (p. 45). Brasília: Sebrae.
Schenk, M. (2007). Commercial Banks and Credit Unions: Facts, Fallacies, and Recent Trends, Credit Union National Association. http://advice.cuna.org/
Scopel, D. C., & Santos, E. O. (2020). A educação cooperativa como gerador de mudanças sociais: um estudo sobre a 6ª Semana da Educação Financeira na cidade de Itamaraju/BA. Revista de Gestão e Organizações Cooperativas, 7, 146-160. https://doi.org/10.5902/2359043241725
Seethepalli, K., Bramati, M. C., & Veredas, D. (2008). How Relevant is Infrastructure to Growth in East Asia? World Bank Policy Research Working Paper No. 4597. https://ssrn.com/abstract=1149100
Silva, G. R. (2011). O Cooperativismo no Brasil e as Cooperativas de Crédito Rural/ Gabriel Rodrigues da Silva. Fundação Educacional do Município de Assis – FEMA – Assis, 43p.
Tabak, B. M., Craveiro, G. L., & Cajueiro, D. O. (2010). Eficiência bancária e inadimplência: testes de causalidade (Trabalho para discussão do Bacen n. 220). Brasília, DF: Banco do Brasil. https://www.bcb.gov.br/pec/wps/port/TD220.pdf
Toesca, G., Régio, M., Luís, C. E., José, H. R., Azambuja, C. G., & Vanessa, S. S. (2020). Custo Efetivo Total das Alternativas de Financiamento Agrícola no Brasil. Revista FSA., 17(6), 30-55.
Trindade, M. T., Ferreira Filho, F. D. A., & Bialoskorski Neto, S. (2010). Brazilian credit co-operatives and financial banks: a ten-year performance comparison. Journal of Co-operative Studies, 43(1), 14-22.
Unda, L. A., & Ranasinghe, D. (2019). To pay or not pay: Board remuneration and insolvency risk in credit unions. Pacific-Basin Finance Journal, 101128. https://doi.org/10.1016/j.pacfin.2019.03.005
Veiga, L. F., Dutt-Ross, S., & Martins, F. B. (2019). Os efeitos da economia e da Operação Lava-Jato na popularidade da Presidente Dilma Rousseff no período pré-impedimento. Rev. Sociol. Polit., 27(72), e002. https://doi.org/10.1590/1678-987319277202
Velazco, J. H., Chumaceiro H., Ana C., & Atencio, Edith (2009). Quality of service and human resources: Case study of a department store. Revista Venezolana de Gerencia, 14(47), 457-470.
Villalobos Antúnez, J. V. (2015). “Tecnociencia, derecho y sociedad: Pilares de una modernidad inacabada”. Opción. Revista de Ciencias Humanas y Sociales, 31(76), 5-12
Widiyanti, N. (2012). Cooperative Management. Jakarta: Rineka Cipta. Zainal Arifin. 2013. Evaluation of Learning. Bandung: PT Youth.
World Council of Credit Unions – WOCCU. (2009). Statistical report. Washington D.C
World Council of Credit Unions – WOCCU. (2022). World Council of Credit Unions: Statistical Report 2021. https://www.woccu.org/documents/2021_Statistical_Report
Zanon, A. R. M., & Dantas, J. A. (2020). Market Reaction to the Issuance of Capital Instruments by Brazilian Banks. Brazilian Business Review, 17(1), 1-23. https://doi.org/10.15728/bbr.2020.17.1.1
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Journal: only for the 1st publication
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
The authors, while doing the submission, accept the notice below:
We authors hold the copyright related to our paper and transfer Contextus journal the right for the first publication with a Creative Commons’ international license of the modality Attribution – Non-commercial 4.0, which in turn allows the paper to be shared providing that both the authorship and the journal’s right for initial release are acknowledged.
Furthermore, we are aware of our permission to take part in additional contracts independently for non-exclusive distribution of the version of our work published in this journal (e.g. publishing it in an institutional repository or as a book chapter), while acknowledging both the authorship and the journal’s initial publication.
We also certify that the paper is original and up to this date has not been released in any other journal, Brazilian or of another nationality, either in Portuguese or another language, as well as it has not been sent for simultaneous publication in other journals.
Last, we not only know that plagiarism is not tolerated by Contextus but also certify the paper presents the sources of passages from cited works, including those authored by ourselves.
