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Harrigan, Aidan A. "Capital market development in the Caribbean : with special reference to Jamaica." Thesis, University of Exeter, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.246390.
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Leiteritz, Ralf J. "Sustaining open capital accounts : international norms and domestic institutions : a comparison between Peru and Colombia." Thesis, London School of Economics and Political Science (University of London), 2010. http://etheses.lse.ac.uk/260/.
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Financial liberalization programs have been adopted by many countries in Latin America during the past twenty years. Opening the economy to inflows and outflows of capital – ‘opening the capital account’ – has been a key part of these programs. Many economists have heralded capital account liberalization as a ‘fast track’ to economic growth and efficiency in developing countries, partly due to the way that it tightens the constraints on governments and disciplines them to avoid ‘bad’ policies. Others, however, have emphasized the dangers of capital account openness, such as its close relationship with financial crises and the substantial risks it poses for macroeconomic stability. While some governments have sustained the opening of their capital account over decades, others have reversed course after only a short time. The existing literature has focused on the adoption of capital account liberalization, but has neglected to consider the reasons for its durability or fragility. My dissertation addresses the question of why different countries have sustained their opening of the capital account to different degrees and for different periods. The central argument is that the sustainability of capital account openness is determined by domestic informal institutions. By informal institutions I refer to the shared understandings or rules among a country’s policymaking and business elites about legitimate economic policies. Whether capital account openness is sustained over time depends on the extent of domestic agreement as to whether capital controls continue to be effective and legitimate, or whether they have lost their effectiveness and legitimacy as instruments of macroeconomic policymaking. Not only is my dissertation the first study of the sustainability of capital account openness, it is the first to emphasize the importance of informal institutions as distinct from formal ones. The next question refers to the factors that determine the content of domestic informal institutions, such that they favor capital account openness in some countries, and are much more equivocal in others. My answer emphasizes the legacy of pre-liberalization state-business relations. Capital account openness is unlikely to be sustained over time if the export-oriented sector of the economy – concerned about a stable and competitive exchange rate – preserves its leverage over national policymaking. Conversely, capital account openness tends to become a durable policy if economic actors benefitting from capital mobility and largely unaffected by exchange-rate issues dominate state-business relations. After the introduction, Chapter 2 describes the essential elements of capital account policy and explains the methodological approach of the dissertation. Chapter 3 provides an overview of the literature to explain capital account policy. It distinguishes between interest-based, institutionalist, and ideas-based approaches located at different levels of analysis. This review highlights a notable gap in the literature. Analyses of the role of informal institutions at the domestic level are conspicuously lacking. My dissertation seeks to fill this analytical lacuna. Chapter 4 analyzes the international campaign for capital freedom, personified by the International Monetary Fund. How did the push for capital account liberalization come into being at the international level, and how has the capital account policy discourse within the IMF evolved until the present time? Ultimately, the attempt to transform capital freedom into an international norm was not successful. The effects of the Asian financial crisis in 1997-98 within and outside the IMF undermined the international norm campaign, symbolized by the failure of the attempt to change the IMF’s Articles of Agreement in order to give the organization the legal mandate over member-states’ capital account policies. However, the IMF still subscribes to the idea that the free movement of capital is a desirable policy for all countries. Yet country responses have been very different. Chapters 5 and 6 examine the link between IMF prescriptions and domestic policy outcomes, fleshing out the central argument with case studies of Peru and Colombia, respectively, in the time period from 1990 to the present day. Both countries shared similar economic challenges, a national community of elite economists convinced of free-market principles, and outside pressure from the IMF. At the start of the liberalization period in the early 1990s, both switched from a largely closed to a largely open capital account. However, due to the effect of different informal institutions based on different state-business relations, Peru and Colombia then followed different paths. The two cases serve to illustrate that, in the broader context of financial liberalization, socially shared understandings about legitimate economic policies reinforce or constrain the impact of international norms, thus making – or breaking – attempts at economic reform. Scholars interested in explaining the sustainability of neoliberal economic reforms and the impact of international norms and ideas on domestic policy choices ignore the role of domestic informal institutions at their peril. Traditional approaches focused on material interests, formal political and economic institutions, and global norms and ideas fail to account for the variation of capital account policy in an age of mobile capital. Paying heed to the change and continuity of shared understandings about legitimate economic policies is key to understanding both the influence of international norms on domestic policy, and the durability or fragility of economic reforms. In order to become institutionalized in the domestic political economy, international norms setting out to diffuse free-market policies must encounter a social context in which alternative development strategies have lost their legitimacy.
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Khan, Jawed Aslam. "Measuring sustainability : UK wealth accounts for 25 years." Thesis, University of Stirling, 2016. http://hdl.handle.net/1893/24481.
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What is sustainability and how do we measure it? Sustainability could be achieved through sustainable development and much of the literature on sustainable development has taken human well-being to be the object to be sustained. By constructing a very large and extensive National Accounts consistent database, this study develops an original set of UK wealth accounts for 25 years – 1988 to 2012 – to measure UK sustainability. While doing so, this research calculates the monetary value of UK natural capital and human capital which is then added into produced capital to develop a first comprehensive wealth account for the UK. This thesis argues that both wealth accounting approaches - "top-down" and "bottom-up" - are conceptually the same. They only differ empirically because of the methodologies employed to calculate natural capital, human capital and total wealth. This thesis shows how these both approaches can be combined together to measure UK sustainability. This study concludes that since 2007 UK is not on a sustainable path. Despite a positive genuine savings, since 2007 UK wealth has a negative growth rate and wealth per capita is in decline. A positive genuine savings with a fall in wealth per capita shows that UK savings has not been sufficient to compensate for a fall in wealth and population growth. In order to reverse the trend, either UK has to reduce its population growth or it needs to reinvest in its capital asset bases. This thesis argues that an increase in population does not always decrease per capita wealth because an increase in population driven by a skilled work force increases the value of human capital and thus total wealth. This increase in wealth could offset an increase in population keeping per capita wealth intact. Furthermore, for UK, which is not a resource rich country, investment in human capital is needed to increase the rate of wealth growth.
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Roche, Martin James. "Constructing spatial accounts of social capital : case studies of the Catholic Church in the UK and Ireland." Thesis, University of Bristol, 1999. http://hdl.handle.net/1983/fa41a443-e89d-4dc4-a5f9-60069d2185cc.
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Pahkamaa, Tobias, and Oscar Gustén. "Working Capital Efficiency and Firm Profitability : A Quantitative Study of Listed Swedish Firms 2000-2015." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-324750.
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This thesis examines the relationship between working capital efficiency and firm profitability, and how this relationship is affected by economic fluctuations. In the existing literature, the relationship between working capital efficiency and firm profitability has been extensively researched. However, the impact of economic fluctuations on the relationship between working capital efficiency and firm profitability is sparsely researched. To the best of our knowledge, only Enqvist, Graham and Nikkinen (2014) have addressed the impact ofeconomic fluctuations on the relationship between working capital efficiency and firm profitability. This thesis is a replication of their study in another geographical setting, another time period and studying different types of firms. Using a sample of 2,589 firm-year observations of listed Swedish firms for the years 2000-2015, this thesis conducts multiple regression analysis to examine the relationship between working capital efficiency and firm profitability. The findings of this thesis propose that firms can enhance profitability by improving their working capital efficiency. However, the relationship between working capital efficiency and firm profitability does not appear to be significantly affected by economic fluctuations. This thesis contributes to the existing literature by further strengthening the understanding of the relationship between working capital efficiency and firm profitability. In addition, it also adds to the existing literature on the relationship between working capital efficiency and firm profitability in a Swedish context.
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Мурашева, Е. А., and E. A. Murasheva. "Политика предприятия по управлению оборотным капиталом в целях укрепления его финансового положения : магистерская диссертация." Master's thesis, б. и, 2020. http://hdl.handle.net/10995/93324.
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Выпускная квалификационная работа (магистерская диссертация) посвящена исследованию политики управления оборотным капиталом на предприятии в целях укрепления его финансового положения. Предметом исследования выступают экономические отношения, складывающиеся на предприятии в процессе управления оборотным капиталом. Основной целью магистерской диссертации является исследование теоретических аспектов управления оборотным капиталом, анализ структуры оборотного капитала предприятия ООО «Концепт45» и на этой основе выявление проблем и разработка мероприятий, направленных непосредственно на их решение. В заключении обозначены рекомендации по совершенствованию политики управления оборотным капиталом для объекта исследования.The final qualifying work (master's thesis) is devoted to the study of the working capital management policy at the enterprise in order to strengthen its financial position. The subject of the research is the economic relations that develop at the enterprise in the process of working capital management. The main goal of the master's thesis is to study the theoretical aspects of working capital management, analyze the structure of the working capital of the company "Concept45" and, on this basis, identify problems and develop measures aimed directly at solving them. In the conclusion, recommendations are outlined for improving the working capital management policy for the research object.
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Pinto, José Paulo Guedes. "A contabilidade social na perspectiva clássica : (capital produtivo e não-produtivo : traçando um mapa do sistema de contas nacionais brasileiro)." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2007. http://hdl.handle.net/10183/12587.
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O objetivo dessa dissertação é apresentar um exercício empírico, qual seja, transformar a contabilidade nacional oficial em categorias analíticas da economia clássica/marxiana. Esse processo é baseado na metodologia desenvolvida por Shaikh e Tonak (1994). No primeiro capítulo nós apresentamos de forma sucinta os principais aspectos teóricos da distinção entre o trabalho produtivo e o trabalho não-produtivo do ponto de vista do capital. No segundo capítulo apresentamos tanto a análise crítica do sistema de contas nacionais quanto a metodologia para realizar o mapeamento da contabilidade nacional convencional para categorias clássicas/marxianas. No terceiro capítulo aplicamos esse mapeamento nas contas nacionais brasileiras. Assim, baseando-nos nos recentes desenvolvimentos da pesquisa empírica marxista, estamos aptos a calcular a taxa de mais-valia, a composição valor e material do capital e a taxa geral de lucro marxiana para os períodos entre 1990-1994, 1995-1999 e 2000-2004.The aim of this dissertation is to present an empirical exercise of transforming the official accounts into the classical/marxian analytical framework. Our transformation procedure is based on the methodology developed by Shaikh and Tonak (1994). Initialy we briefly present the mains theoretical aspects of the distinction between productive and unproductive labour. In the second chapter, it is presented both the critical analysis of the system of national accounts and the methodology for mapping conventional national accounts into the classical/marxian categories. In the third chapter we apply this mapping methodology to the Brazilian national accounts. Therefore, based on recent developments in Marxian empirical research, we were able to calculate the rate of surplus value, the value and materialized composition of capital and the general Marxian rate of profit for the 1990-1994, 1995-1999 and 2000-2004 periods.
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Duarez, Mejia Dante German, Ponce Roxana Milagros Jiménez, and Saavedra Liliana Teresa Soriano. "Impacto en la implementación de Indicadores de Gestión en la empresa familiar Implantes Externos Peruanos SAC y su impacto en el valor de la empresa." Master's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2018. http://hdl.handle.net/10757/626432.
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En el Perú existe un alto número de empresas familiares de primera generación las cuales no se encuentran preparadas para dar el siguiente paso, que es el de pasar a la segunda generación, por diversos motivos, siendo uno de los principales la falta de conocimiento respecto al impacto que tiene en su empresa el no realizar buenas prácticas empresariales definidas como un buen gobierno corporativo. Esto se vuelve una oportunidad dado que estas empresas familiares tienen un sólido crecimiento en el nivel de ventas, pero un bajo nivel de gestión de los diversos indicadores, por tanto, en esta investigación se tiene como objetivo determinar cómo impacta la implementación de indicadores de gestión en la generación de valor, con el fin de poder demostrar que esto genera un retorno para los inversionistas (familia). El estudio es de tipo descriptivo y se utilizó una empresa familiar peruana dedicada al rubro hospitalario con una sólida relación comercial con clientes y proveedores, pero con poco nivel de profesionalización en el control de sus indicadores y establecimiento de metas diferente al incremento de venta y margen bruto, para lo cual se ha planteado el desarrollado de indicadores de gestión que permitan generar un impacto en la generación de valor de la empresa, para lo cual se ha desarrollo un modelo financiero basado en el EVA (Valor económico agregado).In Peru there is a high number of family’s companies of first quality which are not prepared to follow the next step that is to pass to the second generation by differentes reasons, for example, one of the principals is the lack of knowledge about the impact on the companies that do not perform good business practices which are defined like a good corporate governance. this become a good opportunity because this family’s companies have a stable growth in the sales levels but a low level of management of the differentes indicators, therefore, in this investigation the objective is defined how it impacts the implementation of management indicators in the generation of value to demonstrate that this generates a return for investors (families). The study is descriptive and used a Peruvian family business dedicated to the hospital sector with a solid commercial relationship with customers and suppliers, but with little professionalization level in the control of their indicators and setting different goals to increase sales and margin gross, for which the development of management indicators which generate an impact on the generation of value of the company has been raised, for which a financial model based on the EVA (Economic value added) has been developed.
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Santos, Sara Emília de Figueiredo. "Desagregação temporal de sucessões cronológicas: uma aplicação à trimestralização do consumo privado e da formação bruta de capital fixo Caboverdianos." Master's thesis, Instituto Superior de Economia e Gestão, 2009. http://hdl.handle.net/10400.5/926.
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Mestrado em Econometria Aplicada e PrevisãoEm Cabo-Verde, não existem Contas Nacionais numa base trimestral, que sejam consistentes para a economia caboverdiana e que sejam de acesso público. Esta situação dificulta a realização de estudos sobre a economia caboverdiana com base em dados trimestrais. Neste trabalho, procura-se trimestralizar o Consumo Privado e a Formação Bruta de Capital Fixo (FBCF), dois dos principais agregados das Contas Nacionais Anuais de Cabo-Verde, com base em técnicas de desagregação temporal com recurso a indicadores associados. Dado o elevado número de indicadores associados e o problema de escassez de graus de liberdade em virtude da reduzida dimensão da amostra (apenas 10 anos, cobrindo o período de 1998:1 a 2007:4), procura-se utilizar o Modelo de Análise Factorial Aproximado, de forma a modelar-se a covariabilidade das séries em termos de um número relativamente pequeno de factores latentes não observados e que reúna a informação de todos os potenciais indicadores. Além de um problema de escassez de graus de liberdade, o presente trabalho vai debruçar-se ainda sobre um problema de Missing Values e de outliers em algumas séries utilizando-se, como um meio de solucionar este problema, o Algoritmo "Expectation Maximization" (EM) na versão de Stock e Watson para a análise factorial. Apesar das limitações com que se deparou, os resultados encontrados foram em geral satisfatórios. As diferenças entre as séries trimestrais estimadas e as correspondentes séries anuais das contas nacionais foram em geral mínimas, reflectindo o facto dos valores anuais de referência estarem relativamente próximos dos valores anuais implícitos nos valores trimestrais.
Cape Verde doesn't have quarterly national accounts, which would be accessible for everyone. This imposes difficulties in making studies about Cape Verdean economy based on quarterly data. In this paper, we disaggregate the Private Consumption and Gross Fixed Capital Formation (GFCF), two of the main aggregates of Annual National Accounts of Cape Verde, based on techniques for temporal disaggregation, using indicators as proxies. Given the large number of indicators using as proxies and the lack of degrees of freedom because of small sample size (only 10 years, covering the period from 1998:1 to 2007:4), we use the approximate factor analysis model in order to model the co-variability of the series in terms of a relatively small number of non observed latent factors which collects information from all potential indicators. Besides the lack of degrees of freedom, this paper will focus on the problem of Missing Values and outliers in some series, using the algorithm "Expectation Maximization" (EM) version of Stock and Watson for the factor analysis to solve this problem. Despite the limitations found, the results were generally satisfactory. The differences between the estimated quarterly series and the corresponding series of annual national accounts were generally minimal, reflecting the fact that the annual values of reference are relatively close to the annual values implicit in the quarterly figures.
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Oliveira, Tiago Manuel Jorge de. "The impact of capital account openness on international risk-sharing." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19073.
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Mestrado em Economia Monetária e FinanceiraEsta dissertação estuda o impacto da abertura da balança de capitais no nível de partilha de risco internacional no consumo e no investimento. Fá-lo ao analisar um painel de 100 economias avançadas e em desenvolvimento para os períodos anuais entre 1995 e 2016. Os resultados econométricos indicam que as economias com balanças de capitais completamente abertas dependem entre 20% e 50% menos do crescimento do seu produto doméstico para financiar o crescimento do consumo, enquanto o crescimento do seu investimento apresenta cerca de metade da sensibilidade ao crescimento do produto doméstico. Os resultados para o grau de partilha de risco no consumo no nível médio de controlos de capitais é aproximadamente comparável àqueles encontrados na literatura, mas a novidade deste exercício é a documentação da sensibilidade da partilha de risco no consumo em relação a medidas variadas de controlos de capitais em diferentes grupos de países, utilizando uma amostra mais actualizada. A abordagem para medir a partilha de risco no investimento é um acréscimo àquilo que normalmente é feito em estudos de avaliação de partilha de risco internacional. Na medida em que excessiva sensibilidade do consumo e do investimento em relação aos choques do produto doméstico reduzem o bem-estar social, os resultados empíricos desta tese sublinham alguns dos benefícios principais da abertura da balança de capitais.
This dissertation studies the impact of capital account openness on the level of consumption and investment international risk-sharing. It does so by analyzing a panel consisting of 100 advanced and developing economies for the annual periods between 1995 and 2016. The econometric results indicate that economies with completely open capital accounts have approximately between 20% and 50% less dependence on domestic income growth to finance their consumption growth whilst their investment growth is up to one half less sensitive on domestic output growth. The findings for the degree of consumption risk-sharing at the mean level of capital controls are roughly comparable with those previously found in the literature, but the novelty of this exercise is to document the sensitivity of consumption risk-sharing to measures of capital controls across distinct country groups and using a more up-to-date sample. The approach for measuring investment risk-sharing is an addition to what has been done in usual studies of international risk-sharing assessments. To the extent that excessive sensitivity of consumption and investment to domestic income shocks detract from societal welfare, the empirical findings of this thesis highlight some of the overall benefits of capital account openness.
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Bellettre, Ingrid. "Les choix de financement des Très Petites Entreprises." Phd thesis, Université du Droit et de la Santé - Lille II, 2010. http://tel.archives-ouvertes.fr/tel-00579822.
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Ce travail de recherche est dédié à l'analyse des décisions de financement des Très Petites Entreprises (TPE)françaises. Le premier chapitre de cette thèse décrit le cadre de l'étude, à savoir les TPE. Le second chapitre revisite les principales théories de la structure financière à la lumière des spécificités des TPE, et motive l'utilisation du cadre théorique du financement hiérarchique. Le troisième chapitre propose un test de la théorie du financement hiérarchique sur un large échantillon de TPE françaises. Le quatrième chapitre propose d'adapter ce modèle aux choix et aux contraintes de financement de la TPE, notamment en y intégrant une hiérarchie infra dettes.Ce chapitre propose également un test empirique portant sur l'arbitrage entre dettes financières et comptes courants d'associés. La principale contribution de cette thèse est certainement la généralisation de la théorie du financement hiérarchique aux TPE françaises. Ces firmes préfèrent le financement interne au financement externe, et la dette à l'émission d'actions. Néanmoins, les firmes en excédent de financement ne cherchent pas à se désendetter rapidement, ce qui peut se traduire par l'anticipation de déficits de financement futurs, d'autant plus difficiles à combler que ces entreprises sont soumises au rationnement de crédit. La théorie du financement hiérarchique ne permet cependant pas d'expliquer la préférence des dirigeants de TPE pour les dettes financières, par rapport aux comptes courants d'associés. Les TPE étant généralement détenues et dirigées par la même personne, il est possible d'analyser ce comportement sous l'angle de la théorie de la diversification.Les actionnaires-dirigeants privilégient la diversification de leur patrimoine personnel à la minimisation des coûts d'asymétrie d'information
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Kulasi, Farida. "The Feldstein-Horioka Puzzle and capital mobility." Thesis, Birkbeck (University of London), 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.266317.
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Yow, Xinying. "Measuring the Effectiveness of China’s Capital Flow Management and Progress on Capital Account Liberalization." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1380.
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China’s goal of eventually having the renminbi (RMB) be “fully convertible” necessarily requires that its capital account be fully liberated; this paper investigates the on-going changes of the implemented capital controls by China and China’s progress on liberalizing the country’s capital account. The first portion of the paper studies deviations of the covered interest parity, a common measure of capital controls. Econometrical analysis provides evidence for significant and persistent RMB/USD interest rate differentials, calculated from monthly data of 1-month yields for the sample period of 1999 to 2014. At the same time, evidence for cointegration between the onshore and offshore yield suggests that capital flows are not fully restrictive in the long run. The second portion of the paper analyzes constructed de jure capital control indices based on IMF’s AREAER documents following Chen and Qian (2015), and actual capital account flows based on China’s Balance of Payments. The constructed de jure indices quantify the intensity of changes of capital controls, capturing the gradualist style that China adopts in implementing its policies. The index reveals that China has been increasing its pace of capital account liberalization in the recent years compared to the past, and in particular, prioritizes liberalizing controls on outward FDI flows and equity securities inflows. The constructed de jure indices and the respective flows for FDI and equity securities are found to be highly correlated, implying that flows have been responsive to changes in the controls. It also indicates that prior to the restriction lift offs, the capital controls had been relatively effective.
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Hosking, Kevin Errol. ""A survey of the critical factors affecting CAPITAL ACCOUNT LIBERALISATION."." Thesis, University of the Western Cape, 2007. http://hdl.handle.net/11394/7514.
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Doctor EducationisThe increase in trade, the increasing internationalisation of production and the improvements in communications, coupled with legalisation of foreign currency instruments have led to a liberalisation of the capital account in a growing number of countries. In line with this trend towards greater reliance on the open market, many governments of developing countries too, have considered the possibility of fully opening their capital accounts. In South Africa the issue was raised again in October 1991 when the financial rand discount dropped to 5.5 percent. This paper will attempt to provide a background to capital account liberalisation in general, and South
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Brabec, Petr. "Aplikovatelnost chilské penzijní reformy na český důchodový systém." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-142094.
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The Chilean pension reform has been an experiment of great success. Futhermore, thanks to it the current pensions are much higher than they would have been under the old Pay-As-You-Go system. Considering this, I decided to analyze the possible applicability of the Chilean pension system in the Czech environment. In the present diploma thesis I do analyze the potential results (replacement ratio) of the introduction of a fully funded system in the Czech Republic, in comperison with the replacement ratio of the current Czech PAYG system and the modificated Czech PAYG system that would not genarate deficits (through the reduction of pensions) and keep the retirement age same for all variants for the reason of objective comparison. Later, I do analyze the impact to the state budget of the transition to a fully funded system and discuss the advantages of a such transition. The main conclusion of this diploma thesis justifies that the transition to a fully funded system in the Czech Republic is not recommendatory, due to the fact that it requires high state budget funding and there is a great unlikelihood of benefits for all income groups in general.
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Feketha, Templeton Zolile. "Capital account liberalisation in developing countries implications for South Africa." Master's thesis, University of Cape Town, 1994. http://hdl.handle.net/11427/7838.
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The purpose of this dissertation is to access the desirability of controls on capital movements in South Africa. In line with the general international tendencies towards liberalisation, in recent years there has been increased pressure to lift exchange controls. Despite these pressures, some economists believe there is a need for the maintenance of controls. These arguments are based on issues relating to the inherent desirability of controls as well as the appropriate preconditions for liberalisation. The paper investigates the preconditions for capital account liberalisation, drawing on international experience, and considers whether or not they have been fulfilled in South Africa. In addition, the proper sequencing of capital opening itself is examined. A literature survey is the main research method used, utilising the literature on financial reforms of some less developed countries. The countries of the Southern Cone of Latin America (Argentina, Chile and Uruguay) are used to illustrate examples of failed experiences. In the light of the lessons learned from the above, the major results are that (1) South Africa's capital controls should be abolished, although gradually; (2) macroeconomic stability is the key to successful liberalisation; and (3) a fairly liberal domestic financial system is a prerequisite for external liberalisation.
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Moore, Winston. "Capital account liberalisation in small states : a cross-country analysis." Thesis, University of Surrey, 2009. http://epubs.surrey.ac.uk/842870/.
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Global integration - the lowering of barriers to the movement of goods and services, capital and labour across borders - is one of the most important issues confronting Small States in the new millennium. However, the existing literature focuses, in the main, on developed countries or large developing countries. This thesis extends the literature by deriving measures of capital account liberalisation in small states and explores, through the use of panel data techniques, the impact of the removal of capital account restrictions on economic growth and volatility in these states. After the introduction (Chapter 1), Chapter 2 presents a survey of the recent literature on capital account liberalisation in developing countries. Details on the theoretical models of capital account liberalisation, the historical development of capital controls, indices of capital account restrictions, as well as the empirical evidence on the effects of capital account openness in developing countries are presented. Chapter 3 outlines a variety of indicators used to quantify the ease with which capital can move across borders and identify their weaknesses. This chapter also derives these indicators for a sample of 51 small states between 1970 and 2004. Using the database developed in Chapter 3, Chapters 4 and 5 of the thesis extends the existing literature on the link between capital account liberalisation, growth and economic volatility. Chapter 6 concludes and presents policy recommendations. The results obtained show that capital account liberalisation, on average, increases per capita growth in small states by approximately 4 percent per annum, with little impact on output volatility.
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Gaglianone, Wagner Piazza. "Current account and capital mobility hypothesis: evidence from the G-7." reponame:Repositório Institucional do FGV, 2004. http://hdl.handle.net/10438/42.
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Previous issue date: 2004-12-01This paper investigates an intertemporal optimization model in order to analyze the current account of the G-7 countries, measured as the present value of the future changes in net output. The study compares observed and forecasted series, generated by the model, using Campbell & Shiller’s (1987) methodology. In the estimation process, the countries are considered separately (with OLS technique) as well as jointly (SURE approach), to capture contemporaneous correlations of the shocks in net output. The paper also proposes a note on Granger causality and its implications to the optimal current account. The empirical results are sensitive to the technique adopted in the estimation process and suggest a rejection of the model in the G-7 countries, except for the USA and Japan, according to some papers presented in the literature.
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Wurtz, Kelly Philip. "Depositing credibility capital account liberalization, political responsiveness, and foreign currency deposits /." Diss., [La Jolla] : University of California, San Diego, 2009. http://wwwlib.umi.com/cr/ucsd/fullcit?p3369210.
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Thesis (Ph. D.)--University of California, San Diego, 2009.Title from first page of PDF file (viewed September 17, 2009). Available via ProQuest Digital Dissertations. Vita. Includes bibliographical references (p. 234-241).
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Badawi, Nada Saleh. "Social capital, relationship quality and key account management effectiveness : a relational perspective." Thesis, Middlesex University, 2016. http://eprints.mdx.ac.uk/21503/.
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In recent years, key account management (KAM) has been increasingly accepted in the business-to-business market as an approach concerned with establishing and sustaining long-term relationships with a supplier’s most important business customers. Due to the considerable benefits that are associated with implementing this approach, there has been greater emphasis placed by practitioners and academics on the importance of KAM in business-to-business relationships. However, developing effective relationships with key accounts has remained a problematic issue. A major source of this difficulty can be attributed to a lack of understanding regarding the relational aspects of KAM. It is evident that KAM has been practised as a sales oriented approach rather than a relational oriented approach. Despite the rapidly expanding literature on KAM, little attention has been directed towards identifying the relational aspects of key account management and examining their impact on its effectiveness. This research seeks to address this gap in the literature by using the lens of social capital theory and relationship quality to investigate relational antecedents to the effectiveness of supplier- key account relationships. This research adopted mixed methods. A qualitative study was conducted through interviewing executives, managers and sales representatives who practise KAM in the Saudi market. This qualitative study aimed to explore relational aspects of key account management within this market. Drawing from the literature review and results of the qualitative analysis, the research model and hypotheses were developed. The research model was tested using structural equation modelling (AMOS). The data used to test it was collected from questionnaires sent to 172 supplier firms who are operating in the Saudi market. The present research offers insights into the major role of relational aspects of key account management in influencing key account management effectiveness. It provides empirical support to the links between social capital, relationship quality and the effectiveness of the supplier-key account relationship. Hence, social capital and relationship quality are recognised as critical to the effectiveness of the supplier-key account relationship. This research contributes to social capital, relationship quality, and key account management literature. Findings from this research would be useful for practitioners in the field of KAM.
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Průdek, Tomáš. "Návrh expertního systému pro výběr vhodného spořícího produktu pro klienty společnosti AWD." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-222066.
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This thesis object with functioning of present retirement system in the Czech republic and in selected countries. There are described differences of financing and differences of pillars on which are this systems built. Further are in this thesis answered reasons for reforming of this systems. The goal of this thesis is design expert system used to serve to financial advisers for suitable saving product selection according to client requests.
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Ternström, Pontus. "Investment Savings Account : A Legislative Proposal on Swedish Capital Taxtion for Private Investors." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Rättsvetenskap, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-15209.
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In December 2010 the Treasury Department presented a proposal contain-ing change in regard of current endowment assurance laws and an alterna-tive way of saving financial instruments called Investment Savings Account. The purpose of the proposal is to make investing in financial instruments easier for private investors and to prevent reigning tax evasion regarding endowment assurances. The objective of this thesis is to determine if the proposal will have the desired effect of making investments in financial in-struments easier for private investors. The purpose is also to determine whether the changes imposed by the proposal are relevant and adequate. The proposal suggests that the Investment Savings Account should be sub-jected to flat-rate tax instead of taxation on capital profit upon divestment of financial instruments, which is the case today. By doing this the investor does not have to calculate expenditure costs of investments making declar-ing tax return to the Tax Agency easier. The proposal also includes change regarding endowment assurance laws stating that deposits and withdrawals should affect the capital base of the assurance preventing tax evasion. Fur-thermore the proposal suggests an elevation of tax on endowment assur-ances conform to the tax-rate of the Investment Savings Account. The proposal shows good intentions since the Treasury Department has ac-knowledged that something has to be done concerning taxation on capital. However, the execution is in some areas quite poor. Excessive measures are taken in comparison to what is achieved. Calculations are complicated, mak-ing capital profit and taxation unpredictable for private investors. Elevating taxation on endowment assurances within a Swedish tax system which is al-ready high might impede the financial market.
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Weimann, Marco. ""Sand in the wheels" or capital account liberalization : the nexus to currency crises /." [S.l. : s.n.], 2007. http://swbplus.bsz-bw.de/bsz28572908xinh.htm.
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Herzog, Ryan William. "Testing saving and investment rates to understand capital mobility and current account solvency /." Connect to title online (Scholars' Bank) Connect to title online (ProQuest), 2008. http://hdl.handle.net/1794/9170.
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Thesis (Ph. D.)--University of Oregon, 2008.Typescript. Includes vita and abstract. Includes bibliographical references (leaves 153-160). Also available online in Scholars' Bank; and in ProQuest, free to University of Oregon users.
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Herzog, Ryan William 1981. "Testing saving and investment rates to understand capital mobility and current account solvency." Thesis, University of Oregon, 2008. http://hdl.handle.net/1794/9170.
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xiii, 160 p. : ill. A print copy of this thesis is available through the UO Libraries. Search the library catalog for the location and call number.Feldstein and Horioka (1980) motivated the international finance literature by claiming a least squares regression of domestic investment rates on domestic savings rates is an informative measure of capital mobility. Their method stirred up controversy when they interpreted a high correlation between savings and investment rates as evidence of capital immobility, creating the famous Feldstein-Horioka puzzle. Current research starts with the Feldstein-Horioka result and shifts focus toward measuring short and long-run adjustments to external imbalances. The literature has implemented dynamic time-series and panel estimators to test the relationship. Following recent literature, each chapter in this dissertation jointly focuses on the adjustment process of current account imbalances and the conditions required for capital mobility. The intent of this study is to show through the use of new estimation techniques previous results have been largely misguided. The starting point for this analysis is a thorough review of three key equations used in saving-investment regressions. The three models in question are an ordinary least squares model, error correction model, and an autoregressive distributive lag estimator. Each model is tested for stability, and it is found that a number of countries have an unstable relationship. One argument for the instability results is the presence of structural breaks. Previous literature has found that both variables follow non-stationary processes, but when using more powerful unit root tests and controlling for level shifts, both variables appear stationary. If each variable is stationary then previous methods assuming non-stationarity will produce incorrect inferences. Each series is optimally estimated for structural breaks, and through a mean differencing process the savings-investment coefficient is significantly reduced. Additionally, removing the exogenous breaks and using the lower frequency components allows for modeling the short-run current account adjustment process. Finally, the results are extended to measure the relationship in a panel framework using dynamic panel estimators and threshold effects. After controlling for structural breaks the coefficient decreases and exhibits a downward trend. The remaining correlation can be explained through trade openness and country size measures.
Committee: Nicolas Magud, Chairperson, Economics; Stephen Haynes, Member, Economics; Jeremy Piger, Member, Economics; Regina Baker, Outside Member, Political Science
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Edvinsson, Rodney. "Growth, Accumulation, Crisis : With New Macroeconomic Data for Sweden 1800-2000." Doctoral thesis, Stockholm : Almqvist & Wiksell International, 2005. http://www.diva-portal.org/diva/getDocument?urn_nbn_se_su_diva-378-1__fulltext.pdf.
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Argüello, Velazquez Jazmin Adriana. "Implementing Ecosystem Natural Capital Accounting Methodology to the Rhone watershed : the proof-of-concept." Thesis, Lyon, 2019. http://www.theses.fr/2019LYSEN040/document.
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Comment mesurer la dégradation de la nature, son état de "santé", afin de déterminer l’amortissement de son utilisation, non-enregistré dans les bilans des nations? Mon travail de thèse sur la « comptabilité écosystémique » du bassin versant du Rhône est une première expérimentale sur une nouvelle méthodologie intégrable aux outils encore incomplets des comptabilités nationales de type PIB. Consommer du capital écologique, nos ressources renouvelables, sans l’amortir revient à créer des dettes écologiques. L’objectif de la comptabilité écosystémique est de produire un outil d’aide à la décision permettant d’éviter la dégradation nette des écosystèmes par des politiques publiques informées par la science. L’outil produit des bilans écologiques basés sur des informations géographiques et mesurés en termes physiques, permettant d’effectuer des modélisations et simulations afin d’estimer l’internalisation des externalités (Figure). J’ai élaboré divers indicateurs synthétiques relatifs aux fonctions des écosystèmes et de leur intégrité, pour calculer le potentiel écologique du bassin versant du Rhône. Le diagnostic comptable est assortie d’une description spatialisée des changements observés afin de mieux saisir leur pertinence. L’outil est susceptible d’aider les différentes entités territoriales à se positionner sur la gestion de leurs ressources renouvelables stratégiques (eau, sols, biomasse, infrastructures et services écologiques) dans le contexte d’un ordre mondial en transformation: il s’agit des enjeux géopolitiques majeurs en matière de sécurité et souveraineté alimentaire et énergétique, dans leur lien avec la santé publiqueHow to measure the degradation of nature, its "health" condition, to determine the depreciation of its use, not recorded in the balance sheets of the nations? My thesis work on the "ecosystem accounting" of the Rhone river basin is an experimental first on a new methodology integrable with the still incomplete tools of the national accounts of the type GDP. Consuming ecological capital, our renewable resources, without amortizing means the creation of ecological debts.The goal of ecosystem accounting is to produce a decision support tool to avoid the net degradation of ecosystems through science-informed public policies. The tool produces ecological balances based on geographical information and measured in physical terms, making it possible to perform modelizations and simulations in order to estimate the internalisation of externalities (Figure). I have developed various synthetic indicators relating to the functions of ecosystems and their integrity, to calculate the ecological potential of the Rhône watershed. The accounting diagnosis is accompanied by a spatial description of the changes observed in order to better understand their relevance. The tool is likely to help the various territorial entities to position themselves on the management of their strategic renewable resources (water, soil, biomass, infrastructures and ecological services) in the context of a changing world order: major geopolitical issues in terms of security and food and energy sovereignty, in their link with public health
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Hubic, Amela. "A financial CGE model for Luxembourg." Doctoral thesis, Universite Libre de Bruxelles, 2015. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/209083.
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Luxembourg is one of the most successful financial centers in the world. Initially associated with international syndicated loans, euro-bonds and euro-currency markets, Luxembourg has developed as a center for private banking and is currently the second largest center for the domiciliation of investment funds in the world after the US - with a portfolio equivalent to about sixty times the country’s GDP -, and the first captive reinsurance market in the European Union. As in many other financial centers, the interbank market plays an important role. This partly reflects intra-group operations of foreign banks using their Luxembourg branches and subsidiaries to adjust their liquidity position. More generally, Luxembourg has attracted foreign banks seeking to benefit from its favorable regulatory framework, political stability, language skills of the local workforce and the agglomeration of specialized skills in accounting and legal services.The importance of the financial sector in Luxembourg implies that a computable general equilibrium (CGE) model with explicit modeling of the financial sector is indispensable in order to properly take into account the interaction between the financial and the real sector in the economy and the interconnectedness between different financial institutional sectors (e.g. commercial banks and investment funds). Explicit modeling of the financial sector also allows for an analysis of how the economy might respond to financial shocks.
This dissertation contributes to the literature by developing two analytical tools:
1.\
Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished
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Yaman, Yasemin. "Domestic Credit Expansion, Capital Flows And Current Account Imbalances: Empirircal Analyses Fof Brazil And Turkey." Master's thesis, METU, 2012. http://etd.lib.metu.edu.tr/upload/12614950/index.pdf.
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This thesis analyzes the interactions between domestic credit expansion, capital inflows and current account imbalances in a framework of empirical models carried out for Brazil and Turkey. In this context, three vector autoregressive (VAR) models are specified covering the time period between January 2002 and March 2012 for Brazil and 2003 January and 2012 March for Turkey. Real effective exchange rate (REER) and relative yield spreads formed with country specific Embi + indexes are also included in the estimations of the models. The analyses of the models show that capital inflows in these countries trigger the domestic credit expansion which create an upward pressure on import demands and affect current account balances negatively. The results support the implementation of domestic credit tightening policies to reduce the current account imbalances in these countries.
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Sulimierska, Malgorzata. "The impact of capital account liberalisation on productivity growth : the evidence from Poland since 1995." Thesis, University of Sussex, 2016. http://sro.sussex.ac.uk/id/eprint/61650/.
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This thesis investigates the relationship between the Capital Account Liberalization (CAL) process and changes in productivity in light of theoretical and empirical studies. It also presents a significant investigation into the nature and evolution of the capital control process, through a cross-country analysis and individual country analysis of Poland during the 1990s and the beginning of the 2000s. In addition, this thesis analyses the determinants of capital controls in the cross-countries analysis. Then, this thesis presents a profile of the Polish productivity distribution across manufacturing sectors, structure and level of the capital control process and sector characteristics, and an analysis of how these have changed over time. The empirical results are derived through an application of the best practices and techniques of productivity estimation on sector level data. Chapter 1 provides the description of key reforms in Poland and the structure of these thesis. Chapter 2, discusses strengths and weaknesses of various CAL measures and presents different trends of CAL measures. Chapter 3 employs selected CAL measures in a cross-county analysis, investigating the determinants of the CAL process. Chapter 4 analyses the trends of productivity in Poland. Chapter 5 analyses the CAL effect on manufacturing sector productivity by including sector financial dependence, sector investment and trade openness, and then compares this results with sectoral proxy for CAL measures. Chapter 6 concludes by discussing the results and provides a possible avenue for further research.
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Alami, Ilias. "Post-crisis capital account policies in emerging capitalisms : a comparison between Brazil and South Africa." Thesis, University of Manchester, 2018. https://www.research.manchester.ac.uk/portal/en/theses/postcrisis-capital-account-policies-in-emerging-capitalisms-a-comparison-between-brazil-and-south-africa(4b52f9c0-e8f7-4d16-8ce9-349a101548ef).html.
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This thesis provides a historical materialist policy analysis of the diversity of capital-account policies (CAPs) deployed in Brazil and South Africa over the period 2008-2014. Facing relatively similar patterns of cross-border money-capital movements and comparable financial challenges, these two emerging capitalist countries implemented radically different CAPs: while Brazil deployed a remarkable array of measures (capital controls on inflows, foreign exchange interventions, regulations of derivatives contracts, etc.), the policy response in South Africa was much more orthodox, and mainly characterised by the further liberalisation of outflows. The historical materialist policy analysis combines a variety of theoretical literatures (including historical materialism, financial and economic geography, and post-Keynesian economics) and research methods (qualitative research interviews, policy document analysis, and macroeconomic analysis). It examines the drivers of the CAP policy-making process in Brazil and South Africa in the light of (1) the social constitution and the class character of the capitalist state and money-capital, conceived of as particular 'moments' in the totality of capitalist social relations from which they are constituted; (2) the historical-geographical specificity of the Brazilian and South African capitalist development trajectory, (3) the unfolding of the broader social struggles of the working class, and (4) with specific reference to the highly uneven geographies of the contemporary global financial system. I claim that in both countries, post-crisis CAPs were not part of a political attempt at restructuring the state and altering class relations. By contrast, CAPs were instrumental in reproducing particular modes of managing class relations and accumulation in a changing international context, though in a precarious and temporary manner. Post-crisis CAPs involved the creation, enhancement, and adaptation of financial and monetary regulatory capacity (involving both drastic innovation and more subtle forms of change) to deepen the CAPs deployed in the previous decade, while coping with their (perceived) worst consequences: sustaining the historically-specific mode of mediating the global movement of money-capital in each country required the uneven re-articulation of state power. The thesis contributes to the literatures on the distinctively Marxian-inspired approaches to development, the uneven geographies of finance/financialisation, materialist state theory, and to the debates about more progressive forms of financial governance in emerging capitalist countries. It also shows the limits of the concept of 'policy space' as an analytical device, chiefly due to its almost complete blindness to class and to the active role of the working class in shaping policies. This results in difficulties in envisaging progressive policy alternatives, that is, policies that do not only aim at stabilising capital accumulation and facilitating the reproduction of key capitalist social forms in the short term.
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Thorén, Dennis, and Glenn Rickardsson. "Intellectual capital disclosure in Swedish "knowledge companies" : A study on how intellectual capital is accounted for in three Swedish knowledge companies." Thesis, Mälardalens högskola, Akademin för hållbar samhälls- och teknikutveckling, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-17171.
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Title: Intellectual capital disclosure in Swedish "knowledge companies" - a study on how intellectual capital is accounting for in three Swedish knowledge companies Problem: An organization has two kinds of assets; material assets and immaterial assets, also known as intellectual capital. There are straight forward ways of establishing the value of the material assets and stakeholders can easily find this information in either the income statement or the balance sheet. However modern businesses are increasingly reliant on their immaterial assets in order to generate value, since there is no equivalent to the balance sheet for immaterial assets - where do stakeholders find information on the subject, and how do the businesses themselves value intellectual capital? Purpose: In order to understand where and how companies disclose and value their intellectual capital, this thesis has analyzed the annual reports of three leading Swedish knowledge-companies from a two year period, and interviews have been conducted with key individuals at said companies. Methodology: Both qualitative and quantitative methods were used in this study. The qualitative part consists of primary data which was gathered through a questionnaire that was collected by e-mail, and secondary data was gathered from websites and financial reports of the selected companies. Qualitative data was gathered through the questionnaires alone, and processed through Spearman’s coefficient of rank correlation. Conclusion: The chosen companies have chosen not to disclose much of their intellectual capital in their annual reports, one company even removing the subsection intellectual capital from their annual report. It was found that human capital is the most valued component on intellectual capital. We have found that the selected companies do not use any specific method to valuate their intellectual capital. Keywords: intellectual capital, knowledge-company, annual report, disclosure, Sweden
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Sychra, Jiří. "Zahájení podnikání v účetním kontextu." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-77890.
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The subject of this thesis is the accounting and tax solution of starting a limited liability company. The dissertation tries to find answers to concrete practical problems. At first, attention is paid to legal and administrative steps of company foundation, the whole process is divided into several primary phases. After that follows the detailed analysis of formation expenses and the first accounting period. A fiscal year is also mentioned. The largest part of this thesis is dedicated to accounting and tax aspects of capital contributions. Here are described some important issues arising from the current wording of the relevant legislation. The final section deals with the beginning of bookkeeping and as a part of this chapter the important issues of argumentativeness of accounting, choice of accounting policies, internal guidelines and a chart of accounts are solved. Some of these questions have not yet been discussed in professional literature at all, or very little, therefore their solution is the main contribution of this work.
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Michailidou, Domna Maria. "The destabilising effects of sudden surges of capital inflows : how capital account liberalisation at a time of high international liquidity led three middle-income countries to financial crisis." Thesis, University of Cambridge, 2015. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.709422.
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Stavrakeva, Vania Atanassova. "Three Essays in Macroeconomics and International Finance." Thesis, Harvard University, 2013. http://dissertations.umi.com/gsas.harvard:10881.
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This dissertation includes three chapters. The first chapter studies the question of whether countries with different fiscal capacity should optimally have different ex-ante minimum bank capital requirements. In an environment with endogenously incomplete markets and overinvestment because of moral hazard and pecuniary externalities, I show that countries with larger fiscal capacity should have lower minimum ex-ante bank capital requirements. I also show that, in addition to the minimum capital requirement, regulators in countries with a concentrated financial sector and large fiscal capacity (which are also countries with strong moral hazard) should impose a limit on the amount of liquidity pledged by financial institutions in a crisis state (for example, restrict the amount of put options/CDS contracts sold by financial institutions). The second chapter studies the welfare implications of a concentrated, imperfectly competitive banking sector, which faces a bank net worth constraint in a small open economy (SOE) environment. There are two standard sources of inefficiency --- pecuniary externalities, which lead to overinvestment, and a standard monopolistic underinvestment force. I show that the optimal policy instruments include subsidies on firm borrowing costs in certain periods and capital account controls in others, which is a good proxy for the behavior of emerging markets. For every country, there exists a financial sector with a particular banking sector concentration, for which the inefficiencies offset each other and no government intervention is required in some periods. Furthermore, this paper documents a novel theoretical result --- the interaction between future binding bank net worth constraints and dynamic (future) underinvestment could lead to ex-ante overinvestment even in economies with a single monopolistic bank where there are no pecuniary externalities. The last third chapter, which is coauthored with Kenneth Rogoff, evaluates a new class of exchange rate forecasting studies, which claim that structural models are getting closer to being able to forecast exchange rates at short horizons. We argue that misinterpretation of some new out-of-sample tests for nested models, over-reliance on asymptotic test statistics, and failure to sufficiently check robustness to alternative time windows have led many studies to overstate even the relatively thin positive results that have been found.Economics
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Gritli, Mohamed Ilyes. "Libéralisation du compte capital, développement financier et croissance économique." Thesis, Pau, 2017. http://www.theses.fr/2017PAUU2015/document.
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Malgré la diversité des études théoriques et empiriques, la problématique de la relation compte capital – croissance économique reste une question controversée. L’objet de ce travail de recherche consiste donc à expliciter la nature d’une telle relation dans les économies de la région MENA, tout en tenant compte de la qualité institutionnelle. Dans ce contexte, les différentes estimations ont été effectuées par la méthode des moments généralisés (GMM), sur la période allant de 1986 à 2012, pour 11 pays. Les résultats montrent que la corruption et la responsabilité démocratique influencent négativement la croissance économique si la politique de la libéralisation du compte capital est adoptée. Cependant, le terme d'interaction entre la qualité bureaucratique et l'ouverture financière stimulent positivement la croissance économique. Ces résultats suggèrent alors que les avantages de la libéralisation du compte capital sont conditionnés par les facteurs institutionnels. De ce fait, notre thèse contribue aux débats politiques récents sur les mérites et les démérites de la libéralisation du compte capital. En ce qui concerne le lien entre la libéralisation du compte capital et le développement financier en Tunisie, les différentes estimations ont été effectuées par l’approche autorégressive à retards échelonnés (ARDL), sur la période allant de 1986 à 2014. Les résultats obtenus montrent que l’effet positif de l’ouverture sur le développement financier est bien plus important à long terme qu’à court terme. Par ailleurs, les résultats confirment l’impact négatif de la corruption sur le système financier tunisienDespite the diversity of theoretical and empirical studies, the question of capital account–economic growth relationship remains a controversial issue. This research aims to complete the existing evidence focusing on MENA countries, while taking into account the institutional quality. In this context, various estimates were made by generalized method of moments (GMM) over the period of 1986–2012 for 11 countries. The results show that corruption and democratic accountability have a significant and negative impact on economic growth if capital account liberalization is enacted. However, the interaction term of bureaucracy quality and financial openness has a significant and positive impact on economic growth. These findings therefore show that the benefits of capital account liberalization are not unconditional, but are likely to depend upon the environment in which the liberalization occurs. Hence, our thesis contributes to the recent policy debates on the merits and demerits of capital account liberalization. As regards the link between capital account liberalization and financial development in Tunisia, the various estimates were made by the autoregressive distributed lag model (ARDL) over the period 1986 to 2014. The results show that the positive effect of opening on financial development is much more important in the long term than in the short term. Moreover, the results confirm the negative impact of corruption on the Tunisian financial system
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David, A. C. "Are price-based capital account regulations effective? : evidence from the experiences of Brazil, Chile and Colombia in the 1990s." Thesis, University of Cambridge, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.598309.
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Large and volatile capital flows pose serious challenges for macroeconomic management in developing countries. Our main objective in the first chapter is to assess both the role of capital controls in helping to prevent financial instability, and there adequacy for the management of financial stress. We consider theoretical approaches that introduce distortions to capital markets, moral hazards, information asymmetries, bounded rationality and endogenous financial instability, making a strong case for the use of capital account management policies. Furthermore, we analyse whether dollarisation could help to deliver financial stability and therefore constitute an alternative to capital controls. In the second chapter, we examine the price-based capital account management policies adopted in the 1990s by Chile, Colombia and Brazil. In addition, we evaluate the effectiveness of those regulations, concentrating on their impact on net capital flows, on the maturity structure of flows and on the real exchange rate. In the case of Chile, according to our analysis and evidence capital controls succeeded in reducing net short-term flows; however, they did not affect long-term flows or the real exchange rate. As far as Colombia is concerned, the regulations seem to have been more effective, as they were capable of reducing not only short-term flows but also long-term ones, as well as affecting the real exchange rate. In turn, in the case of Brazil, taxes on inflows were only directed at portfolio inflows and the evidence shows that they succeeded in having a significant impact on them. Finally, in the third chapter, we analyse whether price-based controls on capital inflows were successful in insulating these economies against external shocks. Our results indicate that capital controls did help to shield Chile and Colombia against external disturbances in the 1990s. We conclude that the experiences of Chile, Colombia and Brazil present strong evidence that capital account regulations help to provide greater policy autonomy.
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Doganay, Yasar Ozge. "Sudden Stops And The Adjustment Of Real Exchange Rates To Current Account Deficits." Master's thesis, METU, 2008. http://etd.lib.metu.edu.tr/upload/12610002/index.pdf.
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This study aims to analyze the causes and consequences of sudden stops in international capital flows with special reference to the recent Turkish experience. We aim to investigate also the vulnerability of the Turkish economy to a sudden stop and compute the required change in the real exchange rates for a current account adjustment in the face of a sudden stop. The assessment of the economic and structural indicators, which are assumed to be related with the resilience of the economy against sudden stops, such as openness and dollarization, refers that the risk of experiencing a sudden stop has increased in Turkey in the last two years, despite a decrease in its exposure to the destructive effects of such shocks thanks to the structural improvements in the economy. Our empirical results based on a small open economy model with tradables and non-tradables suggest that a sudden stop that requires the closing of the current account imbalance in Turkey would necessitate a real depreciation of around 36 percent as of May 2008 under the assumption that international reserves were not used in order to mitigate the level and the effects of the adjustment. Although the effects of such a real depreciation may be milder due to the decreased currency mismatches in the public and banking sector, there is still the risk of experiencing a financial crisis following a sudden stop because of the high liability dollarization in the real sector.
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Karimi, Zarkani Mohammad. "Essays on Currency Crises." Thèse, Université d'Ottawa / University of Ottawa, 2012. http://hdl.handle.net/10393/20735.
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(None) Technical Summary of Thesis:
The topic of my thesis is currency crisis. Currency crises have been a recurrent feature of the international economy from the invention of paper money. They are not confined to particular economies or specific region. They take place in developed, emerging, and developing countries and are spread all over the globe. Countries that experience currency crises face economic losses that can be huge and disruptive. However, the exacted toll is not only financial and economic, but also human, social, and political. It is clear that the currency crisis is a real threat to financial stability and economic prosperity.
The main objective of this thesis is to analyze the determinants of currency crises for twenty OECD countries and South Africa from 1970 through 1998. It systematically examines the role of economic fundamentals and contagion in the origins of currency crises and empirically attempts to identify the channels through which the crises are being transmitted. It also examines the links between the incidence of currency crises and the choice of exchange rate regimes as well as the impact of capital market liberalization policies on the occurrence of currency crises.
The first chapter identifies the episodes of currency crisis in our data set. Determining true crisis periods is a vital step in the empirical studies and has direct impact on the reliability of their estimations and the relevant policy implications. We define a period as a crisis episode when the Exchange Market Pressure (EMP) index, which consists of changes in exchange rates, reserves, and interest rates, exceeds a threshold. In order to minimize the concerns regarding the accuracy of identified crisis episodes, we apply extreme value theory, which is a more objective approach compared to other methods. In this chapter, we also select the reference country, which a country’s currency pressure index should be built around, in a more systematic way rather than by arbitrary choice or descriptive reasoning.
The second chapter studies the probability of a currency exiting a tranquil state into a crisis state. There is an extensive literature on currency crises that empirically evaluate the roots and causes of the crises. Despite the interesting results of the current empirical literature, only very few of them account for the influence of time on the probability of crises. We use duration models that rigorously incorporate the time factor into the likelihood functions and allow us to investigate how the amount of time that a currency has already spent in the tranquil state affects the stability of a currency. Our findings show that high values of volatility of unemployment rates, inflation rates, contagion factors (which mostly work through trade channels), unemployment rates, real effective exchange rate, trade openness, and size of economy increases the hazard of a crisis. We make use of several robustness checks, including running our models on two different crisis episodes sets that are identified based on monthly and quarterly type spells.
The third chapter examines the links between the incidence of currency crises and the choice of exchange rate regimes as well as the impact of capital market liberalization policies on the occurrence of currency crises. As in our previous paper, duration analysis is our methodology to study the probability of a currency crisis occurrence under different exchange rate regimes and capital mobility policies. The third chapter finds that there is a significant link between the choice of exchange rate regime and the incidence of currency crises in our sample. Nevertheless, the results are sensitive to the choice of the de facto exchange rate system. Moreover, in our sample, capital control policies appear to be helpful in preventing low duration currency crises. The results are robust to a wide variety of sample and models checks.
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Hatamoto, Luis Otavio Pavan. "Modelo de provisionamento de perdas de crédito em empresas do varejo." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/17738.
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This study seeks to assess whether the provision method for doubtful accounts (PDD, or 'Provisão para Devedores Duvidosos') adopted by financial institutions is applicable in retail companies and if there are adjustments needed to improve the use of these methods in this sector. Banks and other financial institutions have unique characteristics in the composition of its loan portfolio, which require the adoption of different procedures in the PDD composition against those charged by other sectors (i.e. trade, industry or services), which are free to actualize the loss provisioning. Financial companies are regulated by the Central Bank of Brazil through the Resolution of the National Monetary Council No. 2682 of December 21th 1999 which determines percentage, terms and minimum levels of classification, and which leaves the task of developing risk models for the institutions. Based on the Resolution by Central Bank of Brazil, this study evaluate the adoption of provisioning models used by financial institutions in the receivables’ portfolio from suppliers in a Brazilian retail company, and through an academic work applied to propose a model for allowance for doubtful accounts of this portfolio. The main objective is achieved due to the risk model developed fits better the provision in the losses. This benefit has two effects: first in the profits, as it reduces the expenses with allowances, and second since it smooths impacts of bad debts.
O estudo visa avaliar se o método de provisão para devedores duvidosos (PDD) adotado pelas instituições financeiras é aplicável em empresas varejistas e se há necessidade de adequações para melhorar o uso deste método neste setor. Bancos e demais instituições financeiras têm características singulares na composição de sua carteira de crédito, que obrigam a adoção de procedimentos diferenciados na composição da PDD em relação aos praticados pelos demais setores (comerciais, indústria ou de prestação de serviços), os quais são livres para realizar o provisionamento de perdas. Empresas do setor financeiro são regulamentadas pelo Banco Central do Brasil através da Resolução do Conselho Monetário Nacional de n° 2.682 de 21 de dez de 1999, que determina percentuais, prazos e níveis mínimos de classificação, deixando a cargo das instituições fazerem a classificação de risco de suas operações. Considerando esta norma do Banco Central do Brasil, este trabalho avalia a adoção do modelo de provisionamento utilizado pelas instituições financeiras, na carteira de trade allowances, que são recebíveis de fornecedores com origem em negociações comerciais realizadas entre a empresa varejista e seus fornecedores, utilizados para fomentar a venda de produtos, por exemplo, desconto no preço final, exposição diferenciada, entre outras ações e, através de um trabalho acadêmico aplicado propõe um modelo de avaliação de risco para constituição da PDD desta carteira. O principal objetivo é atingido, pois o modelo de avaliação de risco se mostra satisfatório e o método de provisionamento, seguindo a Resolução 2.682, gerou benefício a medida que melhor se adequou à perda observada. Este benefício tem efeito tanto no resultado, a medida que reduz a despesa com a provisão, como na gestão do capital de giro, pois suaviza impactos de não recebimento.
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Correia, Diana Helena Gonçalves. "Determinants of Portuguese external imbalances." Master's thesis, NSBE - UNL, 2013. http://hdl.handle.net/10362/9689.
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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and EconomicsIt has been argued that real appreciation is at the root of lack of Portuguese competitiveness and consequently current account deficits. Using quarterly data from 1995q1 to 2011q4, this Work Project analyses the determinants of Portuguese's current plus capital account by constructing a VAR model and performing Granger causality tests. The results show that real exchange rate appreciation is not the cause of Portuguese external imbalances but it might have been the other way around. These findings are in accordance with the view of Campos e Cunha in his article “Is the Dutch disease pandemic in the South” (2008).
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Inthisang, Jirapa. "Essay on income inequality: Export and FDI, employment, and income inequality in Thailand: A SAM approach, and, The effect of capital account liberalization on education and income inequality: A human capital approach." Connect to online resource, 2008. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3315851.
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Silva, Júlia Goes da. "Mobilidade de capital no Brasil no período de 1970-2007: análise pela abordagem intertemporal da conta corrente." Universidade Federal de Juiz de Fora, 2012. https://repositorio.ufjf.br/jspui/handle/ufjf/1892.
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A discussão teórica em torno da mobilidade do capital pode ser divida em dois pontos de referência: um conduzido pela mensuração da relação entre poupança e investimento domésticos, conforme Feldstein e Horioka (1980); o outro pela análise das variâncias da conta corrente teórica e observada, como propõe Ghosh (1995). Ambos trouxeram importantes contribuições para testar suposições sobre o fluxo de capital entre nações, entretanto, o presente trabalho segue a linha de Ghosh (1995), se preocupando com a análise da conta corrente sob as hipóteses de equilíbrio intertemporal, limitando-se ao caso brasileiro no período de 1970 a 2007. Com o fim de encontrar evidências sobre o grau de mobilidade internacional do capital para o país, e sobre o comportamento suavizador da conta corrente, seguiu-se em boa medida a metodologia utilizada em Huang (2010), que levanta a hipótese da importância de incluir as variáveis taxa real de juros mundial e termos de troca no modelo básico de Ghosh (1995). Utilizando o método de Variável Instrumental, não foi possível estabelecer o grau de mobilidade de capital para o Brasil entre 1970-2007, pois o parâmetro que capta a relação entre produto líquido e conta corrente mostrou-se estatisticamente não diferente de zero. Todavia, a inclusão dos termos de troca e da taxa de juros ao modelo, resultou em melhor ajustamento das estimativas, confirmando a importância dessas para explicar os movimentos da conta corrente. Os resultados obtidos pelo VAR mostraram que a série gerada para a conta corrente teórica não se ajusta à observada. Entretanto, os resultados reafirmam a importância de incluir aquelas variáveis, e conduzem à constatação de excesso de mobilidade do capital entre 1970-2007. Mas, quando se observa a série teórica em subperíodos, de 1970-1989, de 1990-2007 e de 1994-2007, verifica-se que, para o modelo expandido (que inclui as variáveis propostas),o excesso de mobilidade não ocorre após 1994.
The theoretical debate on capital mobility can be divided into two strands in the literature: one based on measuring the saving-investment correlation following Feldstein and Horioka (1980) seminal paper; the other one comparing the variance of the theoretical current account derived from an intertemporal equilibrium model with its actual counterpart, as proposed by Ghosh (1995). In the present work it is analyzed the Brazilian case from 1970 to 2007 following the line of Ghosh (1995) who focuses on the analysis of the current account under the hypothesis of intertemporal equilibrium. In order to find evidence of the degree of international capital mobility, and of the behavior of smoothing current account, it is followed largely the model developed in Huang (2010) who investigated the importance of including world real interest rate and terms of trade in the basic model of Ghosh (1995). Using the method of Instrumental Variable as proposed in Huang (2010) the degree of capital mobility for Brazil between 1970 and 2007 could not be correctly evaluated because the key parameter that measures the degree of capital mobility was not statistically different from zero in all models estimated. However, it is found that the inclusion of terms of trade and interest rate in the estimated models improve the model fit to the actual current account, confirming the importance of these variables to explain its movements. Comparing the variances it is found that the generated theoretical current account does not match the volatility of the observed one leading to the finding of “excess mobility” as defined in Ghosh (1995) in the whole sample. Nevertheless, when we divide the theoretical series in three periods, namely, 1970-1989, 1990-2007 and 1994-2007, a different result emerges for the complete model (comprising all the variables proposed) with the “excess mobility” no longer holding after 1994.
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Tófoli, Paula Virgínia. "Abertura da conta de capital e crescimento econômico nos países emergentes : teorias, evidências empíricas e um estudo do caso brasileiro." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2008. http://hdl.handle.net/10183/14997.
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A maioria dos trabalhos sobre o impacto macroeconômico da abertura da conta de capital não encontra nenhum efeito da liberalização sobre as variáveis reais. No entanto, uma leitura cuidadosa desta literatura revela que a maioria destes estudos não trata realmente da teoria que se propõe a testar. Aqueles que defendem um impacto positivo da liberalização financeira sobre o crescimento econômico aceitam as previsões do modelo de crescimento neoclássico de redução permanente no custo do capital e aumento temporário no investimento nos mercados emergentes, quando estes liberalizam suas contas de capital. A maior parte dos artigos que não encontram efeitos da liberalização sobre as variáveis reais não testa estas previsões. Uma ramificação pequena, mas crescente, desta literatura sobre a relação entre liberalização da conta de capital e crescimento econômico, que leva em conta a natureza temporal das previsões do modelo neoclássico (os artigos que adotam o chamado enfoque do experimento de política), encontra evidências de que a abertura da conta de capital em um país emergente gera efeitos significativos sobre o investimento e crescimento econômico. A desagregação dos dados, ou seja, a aplicação do enfoque do experimento de política a dados de firmas, fornece uma ligação mais forte com a teoria e graus de liberdade suficientes para se adotar uma nova estratégia de identificação que permite testar a eficiência na alocação dos recursos dentro do país em desenvolvimento que abriu sua conta de capital. O objetivo desta dissertação é tratar das teorias e evidências do impacto da liberalização da conta de capital nos países emergentes sobre o crescimento de suas economias, analisando-se as metodologias empíricas existentes aplicadas no teste desta relação, enfatizando as teorias que dão suporte a seus testes empíricos, bem como suas principais descobertas. Os efeitos da abertura da conta de capital no Brasil, na década de 90, serão analisados, utilizando-se uma estratégia de identificação recente a partir de dados de firmas, para se checar a validade empírica das previsões do modelo de crescimento neoclássico nesta situação.Most writings on the macroeconomic impact of capital account openness find no effects of liberalization on real variables. However, a critical reading of this literature reveals that most of these studies do not really address the theory they set out to test. Those who defend a positive impact of financial liberalization on economic growth accept the neoclassical growth model’s predictions of permanent reduction on the cost of capital and temporary increase in investment in emerging markets when they liberalize their capital account. The lion’s share of papers that find no effect of liberalization on real variables do not test these predictions. A small but growing branch of this literature on the relationship between capital account liberalization and economic growth that takes the time series nature of the neoclassical model’s predictions seriously (papers that adopt the policy-experiment approach) find that opening the capital account within an emerging country generates significant effects on investment and economic growth. Disaggregating the data, that is to say, applying the policy-experiment approach to firm-level data, provides a tighter link to the theory than aggregate data and enough degrees of freedom to adopt a new identification strategy that allows of the test on the efficiency of capital allocation within the developing country that opened its capital account. The objective of this dissertation is to address the theories and evidences of the impact of capital account liberalization in emerging countries on their economic growth, analyzing the existing empirical methodologies applied to test this relationship, emphasizing the theories that support their empirical tests as well as their main findings. The effects of capital account opening in Brazil, in the 90’s, will be analyzed, using the recent firm-level data identification strategy, to check the empirical validity of the neoclassical growth model’s predictions in this situation.
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Gammoudi, Mouna. "Libéralisation du compte de capital, IDE et croissance économique dans la région MENA : une étude sur des données de Panel." Thesis, Reims, 2015. http://www.theses.fr/2015REIME002.
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Depuis le milieu des années 1980, les pays en développement ainsi que d'autres pays membres du Fonds monétaire international (FMI) se sont engagés dans le processus de libéralisation du compte de capital dans le cadre de leurs programmes d'ajustement structurels et de l'intégration économique. Particulièrement, la libre circulation internationale des capitaux était perçue comme étant une solution pour collecter plus d'épargne, accroître les Investissements Direct Étrangers (IDE) et stimuler par la suite la croissance économique à long terme. Cette initiative a entraîné une forte hausse des flux d'investissement internationaux pendant les deux dernières décennies, la région MENA a, cependant, reçu seulement 6.5% du total des flux mondiaux des IDE. Cela soulève deux questions importantes à savoir : comment la libéralisation du compte de capital stimule les IDE? Et comment les IDE favorisent-ils la croissance économique ? Dés lors, dans cette thèse, nous examinons les déterminants des IDE dans la région MENA et leur impact sur la croissance économique tout en tenant compte du rôle de la libéralisation du compte de capital et la qualité institutionnelle. À cette fin, nous utilisons un modèle en panel dynamique estimé par la Méthode des Moments Généralisés (GMM) en système pour un échantillon de 17 pays de la région MENA sur la période entre 1985 et 2009.Les résultats montrent que la stabilité politique couplé à une politique de libéralisation du compte de capital stimule les IDE dans la région MENA. En particulier, l'impact positif de la libéralisation de compte de capital sur les flux d'IDE dans la région MENA est conditionné par le renforcement de la qualité des institutions et la réduction des risques politiques. Cependant, bien que les facteurs institutionnels s'avèrent être importants dans le choix d'implantation des investisseurs étrangers, la corruption et la bureaucratie ont augmenté les flux d'IDE dans les pays les plus ouverts financièrement de la région MENA.En ce qui concerne le rôle des IDE ainsi que leurs déterminants dans la promotion de la croissance économique, les résultats révèlent que les IDE, la qualité des institutions et la libéralisation du compte de capital sont des facteurs stimulateurs de croissance dans la région MENA. Néanmoins, leurs influences sont différents selon qu'il s'agit des pays membres du Conseil de Coopération du Golfe (CCG) ou non. Alors que, l'effet des IDE sur la croissance est positif dans les pays de GCC et négatif dans les pays non-membres de GCC, l'impact de la libéralisation du compte de capital et la qualité institutionnelle dans les pays non-membres de GCC sont positifs mais moins important que celui observé dans les pays de GCC. Les résultats révèlent également que, contrairement aux pays membres de GCC, la politique de libéralisation du compte de capital dans les pays non-membres de GCC ont réduit les avantages des IDE sur la croissance. Enfin, les résultats montent que les pays qui ont un cadre institutionnel sein bénéficient plus de l'effet de la libéralisation du compte de capital sur la croissance économiqueEver since the mid-1980's, developing countries as well as other member countries of the International Monetary Fund (IMF) have engaged in the process of capital account liberalization as part of their structural adjustment programs and economic integration agenda. The motive behind the removal of restrictions on capital account transactions was to attract capital flows mainly, the Foreign Direct Investment (FDI), which is considered as an engine of economic growth. This initiative has led to a surge in international investment flows over the past two decades, the MENA region has, however, received only 6.5% of the global FDI inflows. This raises two important issues and policy challenge for the region, namely, how does capital account liberalization affect FDI inflows? And how does FDI promote economic growth? In this thesis, we examine the determinants of FDI in the MENA region and their impact on economic growth by focusing on the role of capital account liberalization and institutional quality. To this end, we conduct two empirical studies by using a GMM-System estimator developed for the dynamic model over the period between 1985 and 2009 for a sample of 17 MENA countries. Our findings reveal that while the level of capital account openness alone may discourage the inflows of FDI, if it is coupled with higher levels of institutional development or political stability, it can have a net positive impact on the volume of FDI inflows. MENA countries that are able to reap the benefits of the capital openness policy satisfy certain threshold conditions regarding the level of political stability and institutional quality. However, although institutional factors appear to be important in the location choice of FDI, corruption and bureaucracy have increased FDI inflows in the financially open countries in the region. Regarding the role of FDI and their determinants in boosting economic growth, we show that FDI, institutional quality and capital account liberalization constitute important growth stimulating factors in the MENA region. Nevertheless, their influences are different in GCC and Non-GCC countries. While, the effect of FDI on growth is positive in the GCC countries and negative in Non- GCC countries, the impact of capital account liberalization and institutional quality in the Non-GCC countries are positive but less than in the GCC countries. Results reveal also, that in contrast to the GCC countries, capital account liberalization policy in the Non-GCC countries have reduced the benefits of FDI on growth. This finding is explained by the fact that most of the Non-GCC countries have engaged in the process of financial reforms and have poor quality of institutions. Finally, we demonstrate that institutional conditions matter for capital account liberalization and growth relationship in the MENA region.Keywords: FDI, capital account liberalization, economic growth, institutions, MENA region, panel data
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Sinswat, Wilatluk. "Exploring the operationalisation of Sen's capability approach in relation to economic development policy framework : analytical and empirical issues : a case study of capital account liberalisation policy in Thailand." Thesis, University of Cambridge, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.615077.
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Carlotti, Jean-Etienne. "Monnaie coeur et monnaies périphériques. Ajustement et soutenabilité des déséquilibres de comptes courants et de stocks de capitaux entre pays à régimes de change différents. Pistes pour la sortie du système de Bretton Woods II." Thesis, Nice, 2015. http://www.theses.fr/2015NICE0011.
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Le système monétaire international articulé autour d'une monnaie cœur et de monnaies périphériques évoluant dans des régimes de change différents s'avère intrinsèquement instable et a favorisé la hausse des déséquilibres de comptes courants et la crise financière de 2007. La littérature traitant des comportements d'épargne laisse présager d'une reprise de ces déséquilibres et des risques qui en découlent. Afin de rechercher des voies de stabilisation politiquement réalisables, nous avons évalué les taux de change d'équilibre des pays les plus impliqués dans les déséquilibres par une approche positive afin d'obtenir des résultats acceptables par les responsables politiques. Notre travail montre que le taux de change n'a joué qu'un rôle modéré dans le développement des déséquilibres et la littérature montre qu'il n'a joué qu'un faible rôle dans leur ajustement.Par ailleurs, les politiques monétaires accommodantes mises en place suite à la crise économique font peser des risques sur la stabilité financière. Compte tenu de la multiplicité des régimes de change et de la difficulté de prévoir et de maitriser les variations des taux de change, les risques liés aux déséquilibres de comptes courants et à l'instabilité financière nécessitent d'être appréhendés par d'autres voies d'ajustement que celles du taux de change. Nous montrons la faisabilité de zones monétaires permettant l'applicabilité de politiques monétaires appropriées en cas d'asynchronisme des cycles économiques favorisant la mise en place de politiques budgétaires à la fois appropriées pour limiter la reprise de déséquilibres mais également contracycliquesThe International Monetary System built around a core currency, the US dollar and peripheral currencies working in various exchange rate regimes appears inherently unstable and has fostered the rise of global current account imbalances and the financial crisis in 2007. The literature on changes in savings behavior suggests a resumption of these imbalances and associated risks. Their partial adjustment would therefore only be cyclical, resulting from the economic crisis in 2008.In view of looking for politically achievable ways to stabilize imbalances, we evaluated the equilibrium exchange rate of the countries or regions most involved in the imbalances by a positive approach to achieve results acceptable by policymakers. Our work shows that the exchange rate has played a moderate role in the development of imbalances and recent literature suggests that it played only a minor role in their adjustment.Moreover, accommodative monetary policies implemented after the economic crisis constitute risks to financial stability. Given the multiplicity of exchange rate regimes and the difficulty to forecast and manage the changes in exchange rates, risks related to global current account imbalances and financial instability need to be tackled by other channels of adjustment than the exchange rate. Our work therefore concerns, in theory but also pragmatically, options that could both reduce the risk of financial instability and that of the resumption of global current account imbalances. We show the feasibility of monetary zones allowing the implementation of appropriate monetary policies in case of asynchrony of economic and financial cycles. We conclude with the stabilizing ro
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Sahin, Bedia. "Zur Kausalität in der Zahlungsbilanz." Doctoral thesis, Universitätsbibliothek Chemnitz, 2014. http://nbn-resolving.de/urn:nbn:de:bsz:ch1-qucosa-157246.
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Die Arbeit setzt sich das Ziel, den Ursache-Wirkungs-Zusammenhang zwischen den zahlungsbilanzrelevanten Transaktionen aufzudecken. Dieses Vorhaben legt eine zweigeteilte Analyse der Zahlungsbilanz nahe: Es wird zunächst über die Buchungsmechanik der nach ihrem wirtschaftlichen Charakter unterschiedenen internationalen Transaktionen aufgeklärt und anschließend folgt eine fundierte Zahlungsbilanzdiskussion, die Klarheit in die Ursache-Wirkungs-Beziehung bringt. Grenzüberschreitende Transaktionen werden eingeteilt in (reine) Finanztransaktionen und Leistungstransaktionen. Somit bezieht sich die Kausalitätsfrage auf den Zusammenhang zwischen diesen beiden Transaktionsarten. Das Ergebnis verkehrt gängige Vorstellungen über die Wirkungsrichtung ins Gegenteil und lautet: Die Leistungsbilanz bestimmt die Kapitalbilanz.
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Trojette, Inès. "Croissance, effet et attractivité des investissements directs étrangers : le rôle des institutions." Thesis, Toulon, 2016. http://www.theses.fr/2016TOUL2004/document.
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La présente thèse a pour objectif d'analyser le rôle des institutions sur la croissance économique, et notamment sur l'attractivité et l'effet des investissements directs étrangers (IDE). Pour cela, nous avons utilisé douze indicateurs de mesure de la qualité des institutions et testé leurs effets en retenant un échantillon important de pays développés, en voie de développement et en transition. Notre démarche se décline en trois chapitres. Le chapitre 1 est consacré à l'évaluation de l'effet direct des institutions sur la croissance économique en fonction du niveau de développement des pays étudiés. Les résultats montrent que la qualité des institutions a un effet plus important sur la croissance dans les pays à revenu intermédiaire, en particulier la stabilité politique et la lutte contre la corruption. Pour les pays à revenu élevé le facteur le plus déterminant est le respect des lois et des contrats. Le chapitre 2 analyse l'effet indirect des institutions sur la croissance à travers les IDE. Les résultats mettent en évidence l'existence des seuils institutionnels qui conditionnent l'effet des IDE sur la croissance selon la situation géographique et le niveau de développement des pays. Il ressort notamment que la lutte contre la corruption et l'amélioration de la démocratie sont les canaux travers lesquels les IDE favorisent la croissance dans les pays d'Afrique du Nord et du Moyen-Orient et d'Asie, la stabilité d gouvernement et le respect des contrats étant les plus importants dans les pays d'Europe et d'Amérique. Le chapitre 3 s'intéresse à l'effet de l'ouverture financière et du développement financier sur l'attractivité des IDE en mettant e évidence le rôle des institutions. Les résultats montrent que pour les pays qui ont libéralisé leur compte de capital, l'entrée d'IDE est plus importante lorsqu'ils disposent d'une bonne qualité institutionnelle. De la même manière, l'attractivité des IDE est favorisée par 1 passif liquide des banques et les crédits au secteur privé, mais il est moindre pour les pays dotés d'importantes ressources naturelle: Les résultats soulignent l'existence d'un seuil institutionnel à partir duquel le poids de la capitalisation boursière et des litres échangé en bourse favorisent l'attractivité des IDE. La confrontation des résultats des chapitres 2 et 3 permet d'avancer que le seuil institutionnel à travers lequel le développement financier améliore l'attractivité des IDE est plus élevé que le seuil à travers lequel les IDE impactent la croissance. Dans les pays e développement en particulier, la qualité des institutions constitue une contrainte plus sévère en termes d'attractivité qu'en termes d'effet des IDE sur la croissanceThis thesis aims to investigate the role of institutions on economic growth, specifically through the attractiveness and the impact of Foreign Direct lnvestment. For this, we use twelve measures of the institutional quality and we test their effects using a set of developed, developing and transition countries. Our approach is divided into three parts. Chapter 1 analyzes the direct effect of institutions on economic growth by level of development of countries. Results show that the quality of institutions has a greater effect on growth in middle-income countries, particularly the effects of political stability and fightinç against corruption. For high-income countries, the most important factors are respect of laws and contracts. Chapter 2 examines the indirect effect of institutions on growth through FDI. Results highlight the existence of institutional thresholds that condition the effect of FDI on economic growth by countries and by level of incarne. It appears that fighting against corruption an improving democracy are the mechanisms through which FDI promotes growth in the MENA and the Asia group, and through the respect of contracts and government stability in the Europe and the America group. Chapter 3 assesses the effect of financial openness and financial development on the attractiveness of FDI by highlighting the role o institutions. Results indicate that countries that have opened their capital account have received more FDI inflows and the effect is higher in countries with good institutional quality. Similarly, FDI attractiveness is enhanced by liquid liabilities and credit to the private sector but is lower in natural resouce endowed countries. The results highlight that countries are able to attract FDI through stock market capitalization and traded only above an institutional threshold. We highlight in this thesis that the institutional level through which financial development impact the attractiveness of FDI is higher than the institutional level through which FDI contributes to growth. ln the developing group, the quality of institutions is an important constraint in term of attractiveness than in terms of the effect of FDI on GDP growth
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Charpentier, Viktor. "Eliminating Cash; cash-free corporate liquidity : A study on the plausibility and efficiency of financial lean." Thesis, KTH, Skolan för industriell teknik och management (ITM), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-264127.
Full textAbstract:
This paper addresses the problem of a failing net debt approach; deposited funds rarely compensate the cost of debt. Venturing into operational credit facilities, the study evaluates the efficiency and feasibility of transitioning into fully cash-free liquidity management. The study takes a holistic approach and evaluates the research questions from the perspective of management through case studies on four smaller Swedish industrial firms. The study finds that there is substantial potential to free up capital; return on equity could have been boosted by an annual 5-10 percent including substantial one-off distributions. The study also concludes that Agency reasons are strong reasons for why firms are carrying material cash reserves. Through qualitative interviews, the study identifies several additional, but not less important, obstacles in the way of a full out cash-free transition. Most significantly, the financial system is not offering fully committed long term operational credit facilities and operating across different jurisdictions complicates the consolidation of liquidity. The study concludes that the matter would not have vast negative implications on real business activities, although further research would be required in regard to an extended debt overhang problem.Uppsatsen kretsar kring den fallerande logiken med begreppet nettoskuld; tillgodohavanden på bank genererar sällan upp för kostnaden relaterad till motsvarande skuld. Med utgångspunkt i operationella kreditstrukturer utvärderas möjliga effektivitetsvinster och genomförbarheten av en fullständig övergång till kassa-fri likviditetshantering. Studien har ett holistiskt angreppssätt och utvärderar frågeställningarna från ett management-perspektiv genom fallstudier på fyra mindre svenska industriella bolag. Studien finner betydande möjligheter att frigöra kapital; årliga avkastningen på eget kapital hade kunnat öka med 5–10 procent och betydande engångsutdelningar hade varit möjliga. Studien finner vidare att agentteorin är en stark anledning till att bolag bär betydande kassapositioner. Genom kvalitativa intervjuer identifierar studien ytterligare, men ej desto mindre betydande, hinder för en kassa-fri övergång. Mest betydelsefullt, är att nuvarande finansiella system inte erbjuder för syftet fullgoda kreditstrukturer, samt det faktum att företag med verksamhet över olika jurisdiktioner upplever juridiska svårigheter med att konsolidera likviditet. Studien drar slutsatsen att en övergång inte skulle medföra betydande negativa konsekvenser för den operativa affärsverksamheten, men identifierar samtidigt att ytterligare studier skulle vara nödvändiga framförallt kring hur finansiella incitament kopplade till agent-teorins ’debt overhang’ skulle förändras vill en övergång till en fullt garanterad operationell kreditstruktur.