Dissertations / Theses: 'Financial and economic stability in cities'

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Pavlas, Miroslav. "Ekonomické ukazatele udržitelného urbanistického rozvoje středně velkých měst." Doctoral thesis, Vysoké učení technické v Brně. Fakulta architektury, 2014. http://www.nusl.cz/ntk/nusl-233268.

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The aim of the thesis is to analyse how to measure an economic pillar of sustainable urban development when it is understood in terms of qualitative city development. This principly means achieving economic prosperity which does not lead to damage of the city areas and decrease the quality of life for its residents. This approach requires the creation of an appropriate set of indicators that will cover qualitative aspects of sustainable economic development. The first section summarizes existing approaches to the definition of sustainable development and ways of measuring both on the Czech and the international level. There are also defined basic characteristics of the urban development which are appropriate to express a qualitative development of the city. The second part is focused on existing ways in which sustainable development is measured, i.e. especially in the context of indicator sets. These are under detailed assessment which aim is to show how useful is to measure the economic sustainability from the qualitative point of view. In this part, the limits of using economic macro aggregates (especially Gross Domestic Product) is emphasized because there are still regarded as one of the key economic indicators of sustainable development. In the next part the thesis deals with the definition of economic prosperity and focuses on the characteristics typical for short, medium and long term perspective. Measurement of sustainable urban development in the short term is based on assessment of financial situation. From the medium-term point of view, it is crucial to assess how the city handles its property, i.e. mainly buildings and land. These property components are substantial for a further direction of city development. In the next section are designed indicators aimed at measuring the ability of the city to maintain a skilled workforce which is one of the most important conditions of long-term economic prosperity. The final theoretical part of the thesis is focused on how the long-term sustainable urban development is to be expressed in an economic way through the assessment of investments in urban infrastructure and its operational efficiency. The designed set of indicators is verified on case studies of three medium-sized Czech cities.

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Arner, Douglas W. "Law, financial stability and economic development." Thesis, Queen Mary, University of London, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.424378.

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Xue, Wenjun. "Financial Sector Development, Economic Growth and Stability." FIU Digital Commons, 2018. https://digitalcommons.fiu.edu/etd/3715.

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My dissertation investigates financial sector development, economic growth and stability through the analysis of Chinese and international evidence. My first chapter is the introduction. The second chapter investigates the effects of Chinese financial and fiscal policies on the Chinese economic recovery in the 2008 economic stimulus Plan, covering the period from the Great Recession to 2014. This chapter explores the effects of the increase in bank credit growth with significant strain of banking health on firm-level output, employment and investment. The results demonstrate that the increase in government expenditure due to the fiscal policies has the significant effects on the very same firm-level indicators. The effects of such policies are shown to depend on firm characteristics such as size, liability ratio, profitability, ownership and industry. Regarding the dynamic effects of the policies, it is documented that the roles of Chinese financial and fiscal policies are effective but temporary on the Chinese economic recovery within about 2 years. In the third chapter, I investigate the effects of financial sector development on the growth volatility by using the data of 50 countries. The empirical results show that the aggregate growth volatility declines from 1997 to 2014 in the global perspective while the advanced countries have much smaller growth volatility than the developing countries. Using the dynamic panel threshold model, I find that financial sector development significantly reduces growth volatility, especially in its lower regime. Financial sector development magnifies the shock of inflation volatility towards growth volatility in its higher regime. My results reveal the importance of keeping financial sector development at an optimal level, which is beneficial to reduce aggregate fluctuations and dampen the inflation shocks. The fourth chapter examines the asymmetric roles of bank credit on the business cycle by using international evidence. The empirical results present that bank credit is pro-cyclical and amplifies the business cycle. This effect is larger in the economic peak and trough, which forms a U-shaped curve. The U-shaped influences are robust for alternative financial factors, including M2 supply and stock price. This paper contributes to explore the distinct roles of bank credit on the economy in different business cycle phases.

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Kubelec, Christopher J. "Macroeconomic policy and stability in international financial markets." Thesis, University of Warwick, 2005. http://wrap.warwick.ac.uk/2458/.

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This thesis examines two key areas where macroeconomic policy and stability in international financial markets intersect. Part one examines the extent to which economic policy can limit the development of misalignments in exchange rates, without sacrificing policy tools that are needed to maintain internal macroeconomic balance. This issue is addressed in a model where endogenous exchange rate fluctuations are generated by traders selecting alternative forecasting strategies on the basis of an ‘evolutionary fitness rule’, in the spirit of work by Brock and Hommes (1997, 1998). In this setting it is shown how, by changing the relative profitability of available strategies, sterilized intervention can coordinate traders onto strategies based on macroeconomic fundamentals. Empirical evidence in support of the model is provided based on data from interventions by the Japanese authorities in the 1990’s. In addition, simulations of the estimated model are used to calculate confidence intervals for the ex ante probability that interventions of a given size will be effective in pricking bubbles in the exchange rate. Part two moves on to examine the implications for macroeconomic policy of the exponential growth in recent years of the use of financial derivatives. A theoretical model is developed which demonstrates how firms’ use of derivatives for risk management purposes, while increasing the robustness of the financial system to shocks, at the same time reduces the impact of monetary policy on the macroeconomy. This effect arises because the agency costs, which enhance the impact of monetary policy through the credit channel, are reduced by firms’ usage of hedging instruments, in particular interest rate swaps. Using quarterly data on total outstanding swap contracts from 1990, empirical evidence is then presented to show how increased usage of derivatives may have influenced the impact of monetary policy in the United States.

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Galanis, Giorgos. "Heterogeneous economies : implications for inequality and financial stability." Thesis, University of Warwick, 2017. http://wrap.warwick.ac.uk/92769/.

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In the first chapter we explore the relationship between income inequality and the Utilitarian ethic in a dynamic environment with endogenous preferences. Classical Utilitarians, like Bentham, believed that utilitarian principles are compatible with egalitarian ones. Although this claim is not uncontroversial, this relation holds for a utilitarian distribution of a given good among people, with identical concave utilities and exogenously set preferences. This idea breaks down if the preferences are different. In this paper we allow for endogenous preferences influenced by the existence of habits. We show how the inclusion of habit formation, studied in a dynamic environment, has egalitarian implications for a classical utilitarian distribution. Based on this result we are able to argue that Bentham’s positive views of decreasing inequality due to different consumption habits are consistent with his normative views regarding distribution. The second chapter explores the question of whether long-term income inequality consistent with equality of opportunity (EOp) ethic. In order to provide an answer we study the effectiveness of intergenerational EOp policies in an environment with two social groups and infinite generations of individuals, where the outcomes of one generation define the circumstances of the next. Circumstances in this paper have to do either with different preferences among individuals from different social groups or with both resources and preferences due to these resources. We show that in the former case EOp policies reduce inequality and also the EOp policy is the same as the Utilitarian one. In the latter case, inequality is not reduced and its level depends on the relative population of the two social groups. The third chapter studies an economy where privately informed hedge funds trade a risky asset in order to exploit potential mispricings. Hedge funds are allowed to have access to credit, by using their risky assets as collateral. We analyse the role of the degree of heterogeneity among hedge funds’s demand for the risky asset in the emergence of clustering of defaults. We find that fire-sales caused by margin calls is a necessary, yet not a sufficient condition for defaults to be clustered. We show that when the degree of heterogeneity is sufficiently high, poorly performing hedge funds are able to obtain a higher than usual market share at the end of the leverage cycle, which leads to an improvement of their performance. Consequently, their survival time is prolonged, increasing the probability of them remaining in operation until the downturn of the next leverage cycle. This leads to the increase of the probability of poorly and high-performing hedge funds to default in sync at a later time, and thus the probability of collective defaults.

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Asık, Gunes. "Empirical essays on employment, financial development and stability." Thesis, London School of Economics and Political Science (University of London), 2014. http://etheses.lse.ac.uk/1077/.

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This thesis is a collection of essays on the important problems in developing countries and aims to contribute to the empirical literature on the i) financial services sector expansion and its implications on formal employment, i) impact of early retirement incentives on labour force participation rates and finally on the iii) effectiveness of stabilization funds on reducing the boom and bust cycles in light of fluctuating international commodity prices. Chapter 1 investigates the role of financial services expansion, especially the impact of increase in consumer credits on the reduction of informal employment. I argue that liberalization should naturally lead to a decline in the share of informal employment due to the fact that international firms are less likely to employ informally and consumers whose borrowing constraints are relaxed due to more credit availability are more likely to prefer goods that are paid with consumer credits. I test this hypothesis by exploiting the regional variation in Turkey. Due to the possible endogeneity problem, I employ several instruments and find positive impact of consumer services expansion on formal employment. Two unique datasets that I explore for for possible instruments are i) the religiosity and political tendencies surveys of 2011 and 2013, and ii) regional Armenian population loss data between 1914-1917 in the former Ottoman Empire that preceded the Turkish Republic. The exogenous variation that I seek to explore accordingly are; i) Islam bans all sorts of interest charges in financial transactions and therefore residents of more conservative regions are on average less likely to demand consumer credits, and ii) Armenians were the trading and artisan class of the Empire and therefore the main users of the financial instruments and when they perished. Chapter 2 is about the impact of a Social Security System that allowed women and men to retire as early as 38 and 44 years old on labour supply decisions in Turkey. Before the pension reform of 1999, the Law 3774, dated 1992 brought incentives to those individuals who several conditions to retire at a much earlier age than the conventional 60-65 years window. Using the Statistics on Income and Living Condition (SILC) panel dataset between 2007-2010 in a Fuzzy Regression Continuity Design, we find that these incentives let to an average decline of about 16.9 hours in weekly hours worked by men aged 44-52 and 20.6 hours decline in weekly hours worked by women who are aged between 39-49 in a bandwidth of three years around the eligible age for retirement. Moreover, we find that the entitlement for retirement after 44 years old reduced the probability of labour force participation of men by about 28% to 37% while we did not find a statistically meaningful impact on the participation decisions of women. Chapter 3 explores whether sovereign wealth or stabilization funds created by governments in oil rich countries are effective in reducing volatility and ensuring a counter-cyclical or acyclical fiscal policy in line with the optimal fiscal policy literature or whether they are just another government account in practise. The existing literature on the effectiveness of stabilization funds suffers from endogeneity problems, namely i) the endogeneity between gdp and government expenditures and ii) the endogenity of the decision to establish stabilization funds. In this paper, I contribute to the literature by addressing both of these problems by using a series of Two Stage Least Square Estimations and find positive evidence in favour of stabilization funds in reducing volatility and pro-cyclicality of the fiscal policy in oil rich countries. The findings are relevant for the wider discussion of the procyclicality in developing countries, as one third of the countries which are documented to improve fiscal policy cyclicality seem to be the ones that are resource rich and have a stabilization fund in place.

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Tsopanakis, Andreas. "Essays on financial stability, systemic risk and the spillover effects of financial crises." Thesis, University of Glasgow, 2014. http://theses.gla.ac.uk/5496/.

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This thesis investigates in depth several aspects of economic activity through an aggregated metric, which aims to account for the inherent distressful characteristics of the financial system. This work is strongly motivated by the extraordinary evolution of the financial and economic landscape and the induced fragility within its foundations, especially during the last years. Chapter 1 provides an overview of the theoretical considerations on the topics discussed in this thesis. Additionally, the motivations and a brief presentation of the thesis contents are provided. Chapter 2 empirically investigates the leading indicator properties of the aggregate systemic risk indices to the real economy. In order to do that, I construct a series of financial stress indices for 25 countries. The countries are bundled into three groups (OECD, Asian, Latin American countries) and, apart from the national indexes, regional and a global index are computed. In order to do this, a number of variables from the banking sector, financial and capital markets and the foreign exchange market of each country, have been used for the implementation of these indicators. The indexes are successful early warning indicators, accurately capturing previous financial stress periods, while the financial turmoil of 2007-2009 is, without doubt, the most severe one. Forecasting exercises indicate the improved ability of indices-enhanced models to successfully predict the evolution of economic activity. Chapter 3 investigates the interrelations and financial interconnections of the Eurozone economies. Financial stress indices are constructed for, both, countries and their four most important financial markets (banking, money, equity and bond). Using VAR models, a number of innovative conclusions are reached, such that: 1) not all peripheral countries (and especially Greece and Portugal) should be blamed for the crisis exacerbation 2) there is clear evidence of stronger interdependencies between banking and bond markets and 3) a degree of segregation (in terms of financial stress interdependence) between peripheral and core Eurozone economies. The last essay aims to the deeper empirical investigation of potential crosscovariances and spillover effects between the Eurozone economies and financial markets. Full, asymmetric GARCH-BEKK models are estimated, both on a market (or 3 country) wide level and, then, with the full spectrum of Euro Area markets. In other words, we complete an empirical examination, both “within” and “between” Eurozone economies and markets. The results reveal a number of interesting insights: on country wide level, there is strong volatility transmission channel from the most heavily hit, from the crisis, economies towards the rest. Additionally, the crucial importance and role on this transmission from the banking and bond markets is underlined. Contrary to common wisdom, Greece is not the main propagator of volatility uncertainty, while it is between the most important receivers of volatility risk. The same holds for other peripheral economies, while the importance of money market is also evident in the large, “between”, empirical approach.

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Gatkowski, Mateusz. "Financial network stability and structure : econometric and network analysis." Thesis, University of Essex, 2015. http://repository.essex.ac.uk/17090/.

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Since the Global Financial Crisis, the literature of financial networks analysis has been trying to investigate the changes in the financial networks structure, that led to the instability of the financial system. The Global Financial Crisis followed by the Great Recession costed taxpayers an unprecedented $14 trillion (Alessandri and Haldane, 2009), austerity and downturns in GDP. The dynamics of the financial networks transferred the collapse of a US housing market bubble into a large meltdown of the financial systems globally. The study of systemic risk and macro-prudential policy has come to the forefront to model and manage the negative externalities of monetary, fiscal and financial sector activities that can lead to system wide instabilities and failure. The dimensions of crisis propagation have been modelled as those that can spread cross-sectionally in domino like failures with global scope, or build up over time, as in asset bubbles. The cross sectional propagation of shocks that occur due to non-payment of debt or other financial obligations with the failure of a financial intermediary or a sovereign leading to the failure of other economic entities, is called financial contagion. Cross sectional analysis of financial contagion can be done using statistical methods or by network analysis. The latter gives a structural model of the interconnections in terms of financial obligations. This dissertation uses both approaches to model financial contagion. The applications include the study of systemic risk in Eurozone Sovereign crisis, the US CDS market and the global banking network. This is organized in three self-contained chapters Our contribution to the literature begins with the study of the dynamics of the market of the Credit Default Swap (CDS) contracts for selected Eurozone sovereigns and the UK. The EWMA correlation analysis and the Granger-causality test demonstrate that there was contagion effect since correlations and cross-county interdependencies increased after August 2007. Furthermore, the IRF analysis shows that among PIIGS, the CDS spreads of Spain and Ireland have the biggest impact on the European CDS spreads, whereas the UK is found not be a source of sovereign contagion to the Eurozone. Next we perform the empirical reconstruction of the US CDS network based on the real-world data obtained from the FDIC Call Reports, and study the propagation of contagion, assuming different network structures. The financial network shows a highly tiered core-periphery structure. We find that network topology matters for the stability of the financial system. The “too interconnected to fail” phenomenon is discussed and shown to be the result of highly tiered network with central core of so called super-spreaders. In this type of network the contagion is found to be short, without multiple waves, but with very high losses brought by the core of the network. Finally we study a global banking network (GBN) model based on the Markose (2012) eigen-pair approach and propose a systemic risk indices (SRI) which provide early warning signals for systemic instability and also the rank order of the systemic importance and vulnerability of the banking systems. The empirical model is based on BIS Consolidated Banking Statistics for the exposures of 19 national banking systems to the same number of debtor countries and the data obtained from Bankscope for the equity capital of these 19 national banking systems. The SRI is based on the ratio of the netted cross-border exposures of the national banking systems to their respective equity capital. The eigen-pair method stipulates that if the maximum eigenvalue of the network exceeds the capital threshold, there is cause for concern of a contagion. This is compared with the loss multiplier SRI proposed by Castrén and Rancan (2012). The latter is found to have no early warning capabilities and peaks well after the onset of the crisis in 2009 while the eigen-pair SRI gives ample warning by late 2006 that the cross border liabilities was unsustainable in respect of the equity capital of the national banking systems. We contribute to the literature by highlighting the efficacy of the network approach to systemic stability analysis of GBNs. In particular we develop an eigen-pair approach for GBNs and prove its usefulness in an early warning context.

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Gabriel, Ivan Mark. "Financial development, economic growth and stability: A case study of South Africa’s financial reform." University of the Western Cape, 2004. http://hdl.handle.net/11394/7782.

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Magister Commercii - MCom
South Africa's unique colonial history, apartheid legacy, and ongoing transition to democratic governance drive the country's determination to attain its development objectives. Embedded in that determination is a broad social and .environmental public benefits agenda-that is, a sustainable economic development agenda. Public benefits include, inter alia, banking access, black economic empowerment and financial sector stability and efficiency. "

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Kotak, Akshay. "Essays on financial intermediation, stability, and regulation." Thesis, University of Oxford, 2015. http://ora.ox.ac.uk/objects/uuid:112b32a7-fa60-4baa-a325-15e014798cea.

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Modern banking theories provide a host of explanations for the existence of intermediaries, highlight their important influence on economic growth, delineate the risks inherent in the services they provide, and illustrate the market failures and real costs of bank failures that precipitate the need for regulation and oversight of the sector. This thesis is a collection of three essays that looks at three of these key aspects of financial intermediaries - the development of financial intermediaries, the function of the lender of last resort that has emerged as an important part of the safety net afforded to financial intermediaries, and the occurrence of financial crises. The first chapter of this thesis provides an introduction to the academic literature on financial intermediation covering different theories put forward to explain their emergence, and highlighting the risks inherent in their operation. It emphasizes the crucial functions they perform in the economy and makes a case for regulation and oversight of the sector to reduce the incidence and alleviate the effects of financial crises. The second chapter seeks to determine the policy and institutional factors that influence the development of financial institutions as measured across three dimensions - depth, efficiency, and stability. Applying the concept of the financial possibility frontier, developed by Beck and Feyen (2013) and formalized by Barajas et al. (2013b), we determine key policy variables affecting the gap between actual levels of development and benchmarks predicted by structural variables. Our dynamic panel estimation shows that inflation, trade openness, institutional quality, and banking crises significantly affect financial development. We also assess the impact of the policy variables across the different dimensions of development thereby identifying complementarities and potential trade-offs for policy makers. The third chapter models the role of the lender of last resort (LoLR) in a general equilibrium framework. We allow for heterogeneous agents and a risk-averse banking sector, and incorporate the frictions of endogenous default, liquidity, and money. Adverse supply shocks in monetary endowments trigger default, leading to deterioration in the value of bank assets, and subsequent bank illiquidity in some states of the world. LoLR intervention is then assessed with regards to its economy-wide effect on welfare, bank profitability, and the level of default. The results provide a justification for constructive ambiguity. The fourth chapter aims to provide an explanation for the incidence of financial crises by combining insights from agency theory and Minsky's financial instability hypothesis (Minsky, 1992) in a model with endogenous default. Our theoretical model shows that the probability of a financial crisis increases as the quality of shareholder information decreases. We then develop a measure for the quality of shareholder information following Simon (1989) and show that the market-wide quality of shareholder information: i) is poor (with no trend) in the Pre-SEC period (1840 to 1934); ii) improves substantially following the SEC reforms; and iii) gradually declines starting in the 1960s/70s until it is now back to pre-SEC levels. This matches up with the standard list of US financial crises (as in Reinhart and Rogoff 2009; Reinhart 2010) and supports our hypothesis that the likelihood of a financial crisis increases with deterioration in the quality of shareholder information.

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Choi, Jungug Œd 1965. "Economic crisis, elite cooperation, and democratic stability : Asia in the late 1990s /." Full text (PDF) from UMI/Dissertation Abstracts International, 2001. http://wwwlib.umi.com/cr/utexas/fullcit?p3008303.

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Kokores, Ioanna. "The conduct of monetary policy under risks to financial stability : a game - theoretic approach." Thesis, University of Birmingham, 2009. http://etheses.bham.ac.uk//id/eprint/376/.

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Asset prices offer useful information for monetary policymakers in the short-term, yet their significant relationship to primary policy-indicators is debated. In one view bubbles are difficult to recognise and central banks should act just against the adverse consequences of their unwinding. The opposite view advocates ‘pre-emptive’ monetary policy as financial imbalances accumulate aiming to forestall such consequences. After reviewing the debate, we evaluate ‘pre-emptive’ monetary policy when financial stability is an explicit objective replacing the output-gap. Modelling a game between a central bank and the financial sector similar to Barro and Gordon (1983), we examine monetary policy under commitment and discretion. In contrast to the relevant literature, we conclude that pre-emptive monetary policy succeeds in better controlling inflation, anchoring inflation expectations and imposing more discipline to the financial sector when committed to a rule. The model is extended to incorporate incomplete information about the policy objectives. We evaluate the effect of vagueness about the central bank’s preferences for financial stability in the behaviour of the central bank and the financial sector, and how reputation-building affects the conduct of discretionary policy. Finally, we discuss the relevance of our conclusions in the light of the global financial crisis initiated in August 2007.

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Imani, Markid Maghsoud. "Balancism : a new legal and economic model for just distribution wealth and systemic financial stability." Thesis, King's College London (University of London), 2013. https://kclpure.kcl.ac.uk/portal/en/theses/balancism-a-new-legal-and-economic-model-for-just-distribution-wealth-and-systemic-financial-stability(a07c75dd-a15d-42b4-9e9c-6626ded2376c).html.

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The modern economic and financial systems have not so far secured a just and fair system of distribution of wealth and have frequently been exposed as containing systemic instabilities. In response, some think that there is no choice but to follow the laws and claims of Capitalism. Others have argued that it is time to revive and implement Socialism. Still others have voiced their support that the Islamic model would be the best solution. This thesis, which is an interdisciplinary and a comparative work, aims to suggest a new solution. The alternative system introduced in this research project is a comprehensive paradigm and three-tier model. The first tier covers the ultimate objective (social justice), the new foundational theory (rights-and-duties balance/benefits-and-burdens balance “Balancism”) as well as fundamental principles and policies of the model (e.g., distribution of the proceeds of natural wealth resources according to the reasonable and legitimate needs of human beings, distribution of subordinate wealth on the basis of contribution, application of an unlimited proportionate liability standard instead of the current limited liability norm, implementation of sharing-in-income arrangement instead of modern labour employment structure, securing basic essential needs of humanity, preventing concentration of wealth, and minimizing risk rather than taking advantage of it). In the second tier, major tools, products, and facilities are suggested for distribution of the proceeds of primary wealth resources and also for for-profit, profit-free, philanthropic, microfinance, intermediary, and risk hedging activities. The third tier deals with the superstructure and political regime of the alternative system. It consists of a “House of Wealth” and a “House of Market Control”. The Houses have to follow and apply the rules of balance, the first in the system of distribution of primary wealth and the second in the circulation of subordinate wealth, in order to ensure that justice prevails.

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Li, Xiaojun. "Financial stability of the banking sector - interbank contagion, market discipline, and macroeconomic roots of crises." Thesis, University of Birmingham, 2009. http://etheses.bham.ac.uk//id/eprint/953/.

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This thesis conducts three different empirical studies and finds that some of the pre-2007 risk assessment model could underestimate the systemic risk of the banking sector and justifies an overhaul. First, it simulates the contagion impact of the UK interbank market. Subject to a number of assumptions (netting agreement, seniority, etc), it finds that the contagion is much severer if the simulation uses consolidated data than using unconsolidated data. Second, the thesis tests whether the riskiness of banks can be mitigated by peer interbank monitoring. Applying to UK market, the thesis finds little evidence of market discipline. The results are attributed to the lenders’ assumption of “too-big-to-fail” and the shortness of loan maturity. Last, the thesis investigates whether banking sector difficulties are preceded by macroeconomic distress. In contrast to most existing studies, the thesis finds that economy still thrives in the “pre-crisis” in terms of increasing GDP growth and the recession is generally associated with the “post-crisis” period. The inconsistency of results is very likely due to imprecise crisis identification of earlier studies which identify crises too late on the basis of “event studies”.

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Gibson, James B. "Three Essays on Fiscal Stress and Financial Stability in State Government Finance." UKnowledge, 2013. http://uknowledge.uky.edu/msppa_etds/4.

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State government finance is a substantial endeavor in the United States. The management of a multitude of revenues and expenditures often involves some level of fiscal stress. In an age of increased public scrutiny, policymakers must be mindful of possible causes of fiscal stress, and the policy options available to mitigate fiscal stress and increase financial stability. This dissertation contains three essays that examine different elements of fiscal stress, and in some cases, the applicable policy responses. Chapter two examines rainy day funds and their countercyclical goal of reducing recessionary fiscal stress. This essay takes a different approach from much of the literature, by using forecast residuals to quantify fiscal stress as tax revenue volatility and searching for any relationship between rainy day funds and states that had greater volatility. Empirical results indicate states that experience positive residuals, that is actual tax revenues greater than the forecast trend line, had greater rainy day fund balances. Chapter three focuses on the problem of lost revenues facing states from e-commerce. Due to Supreme Court decisions, businesses that do not have a physical location, or nexus, in a state are not required to collect sales and use taxes. To date, the policy response to lost revenue that has gained the most traction is the Streamlined Sales and Use Tax Agreement. Results indicate that states with local option sales taxes and higher sales tax rates were more likely to adopt this agreement. Chapter four scrutinizes state unemployment trust funds, which are used to fund state unemployment insurance programs. If state funds run short of money during recessions due to the larger number of individuals drawing benefits, then states must borrow from the federal government’s unemployment trust fund. This creates another liability that must be managed by state governments. Empirical findings show that several features of programs affect balances and the probability of taking a loan from the federal fund including the taxable wage base, weekly benefits, and unemployment tax rates. This dissertation concludes by summarizing the results and exploring future research possibilities on the three essay topics.

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Karlsson, Martina, and Helen Orselius. "Economic and Business cycle indicators : Accuracy, reliability and consistency of Swedish indicators." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-24031.

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Background: Economic and Business cycle indicators are used when predicting a country’s Gross Domestic Products, GDP. During recent time, Purchasing Managers Index and its ability to signal changes in the economy have received attention. It provides inconsistent signals since the financial crisis in 2008. Decision makers in the society rely on macroeconomic forecast when implementing strategic decisions. It is therefore necessary for indicators to provide correct signals in relation to GDP. Previous research about indicators’ stability is mostly conducted in the U.S. According to the authors’ knowledge, scarce research has been made in Sweden. The area lacks observations where a wider range of indicators is included to get a broader perspective of the economy. Purpose: The purpose of this study is to examine Swedish indicators and observe if they are stable and provide accurate, reliable and consistent signals in relation to GDP growth. Furthermore, the financial crisis in 2008 is used as a benchmark when observing stability and indicators’ predictive ability. Method: Ten indicators within the categories financial, survey-based and real economy indicators are selected. Quarterly data with a time period of maximum 1993-2013 are analyzed. The statistical tests conducted include Correlation, Cross-Correlation and Simple Linear Regression, an interaction term is also included to account for the financial crisis. Conclusion: The results show that nine out of ten indicators are unstable. Purchasing Managers Index show largest changes compared to other indicators. Industry Production index is the best performing indicator. When it comes to the categories; survey-based, financial and real-economy indicators, no category overall provide stability.

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Matiza, Tafadzwa. "The influence of non-financial nation brand image dimensions on foreign direct investment inflows in Zimbabwe." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/8902.

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How a country is perceived by foreign investors is becoming increasingly significant to the ability of individual countries to attract foreign direct investment into their economies. In Africa, existing negative perceptions of the continent as an investment destination have been considered as an obstacle for foreign direct investment inflows to the continent in general. Although Zimbabwe offers foreign investors multiple lucrative investment opportunities, attracting foreign direct investment to the country presents a unique challenge due to the image of the country post the 1998-2008 economic crisis. Despite the vast research on the determinants of foreign direct inflows to particular countries, little is known about whether non-financial image-related factors influence the inflow of foreign direct investment to a particular country, especially a country with a unfavourable global image like Zimbabwe. The primary objective of this study was therefore to determine the perceived non-financial nation brand image factors considered to be influential for attracting specific foreign direct investment inflow opportunities in Zimbabwe. A comprehensive literature review resulted in the identification of nine independent variables (tourism, governance, people, culture and heritage, exports, investment and immigration, factor endowments, infrastructure, and legal and regulation frameworks), as well as four dependent variables (market-, resource-, efficiency- and strategic asset-seeking foreign direct investment inflow opportunities in Zimbabwe). A hypothesised model was developed in order to examine whether the independent variables have an influence on the dependent variables, and as a result nine hypotheses were formulated to test the relationships between the nine independent variables and each of the four dependent variables. A cross-sectional, quantitative deductive approach to research was employed in order to generate the data required for hypothesis testing. Purposive sampling techniques were employed to draw the sample frame for the study. A self-administered online survey was conducted, and generated empirical data from a final sample comprised of 305 investors who had applied to invest in Zimbabwe through the Zimbabwe Investment Authority between January 2009 and April 2015. Data was analysed using STATISTICA 12 software. Exploratory factor analysis was utilised to extract the constructs and validate the measuring instrument. Cronbach’s alpha coefficients were calculated in order to test the reliability and internal consistency of the measuring instrument. As a result, a total of six valid and reliable independent variables, and four dependent variables were retained for further analysis. The results of the Pearson product-moment correlation coefficients revealed mostly moderate correlations. The Multi-Collinearity diagnostics test confirmed the absence of collinearity between the independent variables and dependent variables respectively. Subsequently, the results of the four sets of multiple regression analyses, disclosed thirteen statistically significant relationships between the six independent variables and the four categorical dependent variables. Tourism had significant relationships with market-, efficiency- and strategic asset-seeking FDI inflow opportunities. Government actions had significant relationships with resource- and strategic asset-seeking FDI inflow opportunities. People had significant relationships with resource- and efficiency- seeking FDI inflow opportunities. Export had significant relationships with market-, resource-, efficiency- and strategic asset-seeking FDI inflow opportunities. Regulatory framework had significant relationships with market- and resource-seeking FDI inflow opportunities. The results of the Analysis of Variance revealed that investor status can be used to predict which non-financial nation brand image determinants played a role in the ultimate decision for taking up foreign direct investment opportunities in Zimbabwe. Further analysis of the role that the demographic profiles of the investors played in predicting which non-financial nation brand image determinants are considered influential in taking up foreign direct investment opportunities in Zimbabwe was confirmed in the Multivariate Analysis of Variance with thirty-four statically significant relationships identified. Further analysis by means of post-hoc Scheffé testing and Cohen’s d-values calculations confirm that thirty-nine practically significant mean differences were evident. This study makes a novel contribution to the empirical body of nation branding, foreign direct investment and investment promotion research by developing and testing a hypothetical model that synthesises facets of the three fields of study. This study represents a new discourse in the identification of the determinants of FDI (that being non-financial determinants) and provides an explanatory framework for the non-financial nation brand image determinants influencing each type of FDI inflow opportunity sought in Zimbabwe. It is within this framework that recommendations, based on empirical evidence, are made for the Government of Zimbabwe and the Zimbabwe Investment Authority. Some of these recommendations could be implemented within the short-term, while others may be more strategic in the long term. Recommendations made include that the Government of Zimbabwe undertakes significant policy reviews, continues its engagement with key external stakeholders such as other governments, supra-national financial institutions, and foreign investors, as well as adhering to existing favourable FDI policies. It is also recommended that the Zimbabwe Investment Authority adopt an intermediary role, by linking the Government of Zimbabwe with potential foreign investors through investor targeting, as well as promoting Zimbabwe as an investment destination by engaging in image-building activities such as public diplomacy, investor relations, specialised advertising and hosting investor forums with multiple, distinct investor segments. These image-building activities should be centered on the non-financial nation brand image determinants that foreign investors consider to be influential to foreign direct investment in Zimbabwe, and should be geared towards improving and managing the perceived image of Zimbabwe as an investment destination.

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18

Evans, A. Dwyfor. "The role of human capital, financial development and political stability in economic growth : evidence and interpretation from cross-section and panel data." Thesis, Cardiff University, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.325003.

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19

Rohlén, Karl, and Pontus Ekdahl. "Uncovered Interest Parity and the Financial Crisis of 2007 : An econometric study of the robustness of the uncovered interest parity over different time periods, with varying economic stability." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Nationalekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-44249.

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The current intellectual climate regarding economics seems to be at an agreement regarding the theory of uncovered interest parity and its unreliability within real life application. The purpose of this thesis is to test how the theory holds over periods with varying economic stability, both using a short- and long-horizon test in order to establish the usefulness of uncovered interest parity as a predictor for exchange rate movements. The short-horizon test will utilize the interbank offering rate, and the long-horizon test the yield to maturity of government 10-year benchmark bonds as the interest rate. The sample period is 2000 to 2018, covering the financial crisis of 2007. We will focus on three different time periods: pre-crisis, crisis and post-crisis. We will use ordinary least squares (OLS) regression and an extreme sampling. From the regressions we conclude that most of the time periods move against the uncovered interest parity, where only the crisis period is in line with the theory. The extreme sampling supports this result, as larger interest differentials provide the rational expectations with more predictive power of the future spot exchange rate.

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20

Senyarar, Bayrak Ipek. "An Assessment Of The Policy Shifts Of The Turkish Central Banking Since 2001." Master's thesis, METU, 2013. http://etd.lib.metu.edu.tr/upload/12615464/index.pdf.

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The understanding of central banking has evolved several times in the history. Different economic and political conditions shaped the structure of monetary policy and the stance of central banks. The Central Bank of Republic of Turkey (CBRT) also has experienced several reactionary policy shifts throughout its history. Nowadays, majority of central banks have started to follow financial stability programs after the Global Financial Crisis of 2008-09. The CBRT was one of the followers of financial stability targeting and has started to implement a new monetary policy structure after the Global Financial Crisis. The new monetary policy of the CBRT in which the financial stability was put nearby price stability came up with new challenges. Therefore in this thesis, we elaborate on the challenges of the CBRT and propose policy suggestions for the possible deficiencies of the new structure of the CBRT. We argue that the experiences of the CBRT in the inflation targeting period and the macroeconomic conditions of both during and post crisis period have shaped the new structure of the monetary policy, and the new policy mix of the CBRT may not be successful in all its targets at the same time because of the existence of &ldquo
macroeconomic quadrilemma&rdquo
tradeoffs as well as because of the ineffectiveness of the tool portfolio of the CBRT.

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21

Naef, Alain. "Sterling and the stability of the International Monetary System, 1944-1971." Thesis, University of Cambridge, 2019. https://www.repository.cam.ac.uk/handle/1810/285170.

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This dissertation studies the role of sterling during the Bretton Woods period (1944-1971). The Bretton Woods system has often been described as a dollar system with sterling having lost its relevance as reserve currency. However, despite being a secondary reserve currency and having lost importance, sterling was the 'first line of defence for the dollar' as contemporaries put it. They frequently stressed the fact that a sterling crisis would have consequences on the stability of the Bretton Woods system but economic historians have never tested this empirically. This dissertation argues that sterling played an important role in the stability of the international monetary system. Foreign exchange market participants globally monitored sterling and US policymaker stepped in to avoid devaluation of the British currency. US support to sterling was mainly due to the fear of a British devaluation, which could trigger a run on the dollar. When the UK finally devalued the pound in 1967, it marked the beginning of an instable period for the international monetary system. The Gold Pool, a syndicate to defend the US gold parity, collapsed in 1968 and this prefigured the end of the Bretton Woods system. This dissertation presents new data along with novel archival material from seven archives across continents to demonstrate how contagion from sterling to the dollar occurred. Modern econometric methods are used to analyse a new dataset with over 80,000 observations of offshore exchange rates, central bank intervention and reserves. This evidence shows that a secondary reserve currency can still play a key role in the stability of the international monetary system.

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22

Zimmermann, Claus D. "A contemporary concept of monetary sovereignty." Thesis, University of Oxford, 2011. http://ora.ox.ac.uk/objects/uuid:6ee49e71-ba23-4fe5-999c-ec0db325aaf4.

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This thesis analyses whether the concept of monetary sovereignty evolves under the impact of globalization and financial integration, and provides a framework for assessing what this implies. Thereby, this thesis contributes to a better understanding of both the contemporary exercise of sovereign powers in monetary and financial matters and of the driving forces behind the evolution of international law in this field. As elaborated in chapter 1, the contemporary concept of monetary sovereignty proposed by this thesis is not static but dynamic in nature. Due to the dual nature of sovereignty as a concept having not only positive but also important normative components, monetary sovereignty cannot become eroded under the impact of legal and economic constraints. Chapter 2 examines the ongoing hybridization of international monetary law arising from changes in the sources of this complex body of law, from the unsuitability of the categories of ‘hard’ and ‘soft’ law for characterizing all normative evolutions in this field, and from the rise of private and transnational monetary law. Chapter 3 scrutinizes the phenomenon of exchange rate misalignment under monetary and trade law. Intrinsically related, it assesses which aspects of the IMF’s legal framework should be reformed in order to tackle contemporary challenges to the stability of the international monetary system, such as global current account imbalances. Chapter 4 analyses the increasing regionalization of monetary sovereignty. It argues that, to the extent that transferring sovereign powers to a monetary union is what provides a state’s population with maximum monetary and financial stability, the underlying transfers are not a surrender of monetary sovereignty, but its effective exercise under the form of cooperative sovereignty. Finally, chapter 5 assesses the implications of the contemporary concept of monetary sovereignty proposed herein for the reorganization of the international financial architecture in the wake of the Great Recession.

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23

Achioyamen, Chichi Violet, and Johansson Sophia Kazmi. "Institutional Factors and Financial Development in Sub-Saharan Africa for the period 2004-2018 : Control of Corruption, Rule of Law, Political Stability and Absence of Violence, and Voice and Accountability." Thesis, Södertörns högskola, Nationalekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-45289.

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The purpose of this study is to have an in-depth understanding of the importance of the institutional environment for financial development in 43 Sub-Saharan African countries during the years 2004-2018. Using new institutional economic theory (NIE) we study how the four institutional factors Control of Corruption, Rule of Law, Political Stability and Absence of Violence, and Voice and Accountability affect financial development. We also survey how the effect of institutional factors varies when there are either high, medium or low levels of corruption. Empirical results show a positive linear relationship between all institutional factors and financial development. However, when corruption levels are high the correlation between institutional factors and financial development varies and has a weak linear relationship. Inferential statistics results from a fixed effect regression model with robust standard errors shows; when we control for the financial environment, Political Stability and Absence of Violence is the only indicator for the institutional environment that has a positive significant effect on financial development. We thereby conclude that the institutional environment, mostly political institutions, are important for financial development.
Syftet med denna studie är att få en djupgående förståelse av institutionell miljö för finansiell utveckling i 43 Subsahariska afrikanska länder för åren 2004–2018. Med hjälp av den nya institutionella ekonomiska teorin undersöker vi hur de fyra institutionella faktorer Kontroll av Korruption, Rättsstat, Politisk Stabilitet och Frånvaro av Våld och Röst och Ansvarsskyldighet påverkar finansiell utveckling. Vi undersöker också hur effekten av institutionella faktorer varierar när det finns hög, medium eller låg nivå av korruption. Empiriskt resultat visar ett positivt linjärt samband mellan alla institutionella faktorer och finansiell utveckling. Däremot, när korruptions nivåerna är höga är korrelationen mellan institutionella faktorer och finansiell utveckling varierar och har ett svagt linjärt samband. Resultatet från inferentiell statistik med fixed-effektregressionsmodell med robust standardfel visar att; när vi kontrollerar för den finansiella miljön, kvarstår endast Politisk Stabilitet och Frånvaro av Våld som en indikator för institutionell miljö som har en positiv signifikant effekt på finansiell utveckling. Vi konstaterar därmed att institutionell miljö, särskilt politiska institutioner är viktiga för finansiell utveckling.

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24

Haiss, Peter, and Stefan Marin. "Options for developing bond markets. Lessons from Asia for Central and Eastern Europe." Europainstitut, WU Vienna University of Economics and Business, 2005. http://epub.wu.ac.at/1234/1/document.pdf.

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Asian efforts towards bond market development are driven by the 1997-98 financial crises; Central and Eastern European efforts by the transition towards EMU. The small size of most of the economies underlying these still "emerging" bond markets poses the question of minimum efficient scale and which options to pursue. We argue that the joint bond funds and regional bond market linkups that follow existing trade, FDI and bank ties will broaden the sources of finance, can improve market discipline, provide signals to the market, and thus increase financial stability. Based upon bond market data and analysis of regional efforts like the Asian Bond Funds, we argue that bond market development should be given more attention to foster growth and stability. (author's abstract)
Series: EI Working Papers / Europainstitut

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25

Ager, Philipp. "Essays in applied economics." Doctoral thesis, Universitat Pompeu Fabra, 2013. http://hdl.handle.net/10803/119325.

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This thesis consists of four essays. In the first essay, I examine how the historical planter elite of the Southern US affected economic development at the county level between 1840 and 1960. I find that counties with a relatively wealthier planter elite before the Civil War performed significantly worse in the post-war decades and even after World War II. In the second essay we investigate the link between religious membership and rainfall risk across US counties in the second half of the nineteenth century. Our results indicate that church membership and seating capacity were significantly larger in counties likely to have been subject to greater rainfall risk. In the third essay, we examine the effect of removing restriction to bank entry on bank failures exploiting the introduction of free banking laws in US states during the 1837-1863 period. Our main finding is that counties in free banking states experienced significantly more bank failures. In the fourth essay we examine the effects that within-county changes in the cultural composition of the US population had on output growth during the age of mass migration. Our main finding is that increases in cultural fractionalization significantly increased output, while increases in cultural polarization significantly decreased output.
Aquesta tesi consisteix en quatre articles. En el primer assaig, s’examina com l’èlit històrica del sud dels EUA va afectar el desenvolupament econòmic a nivell de comtat entre 1840 i 1960. He trobat que els comtats amb una èlit relativament més rica abans de la Guerra Civil empitjoraven significativament en les dècades de la postguerra i fins després de la Segona Guerra Mundial. En el segon assaig s’investiga la relació entre l’afiliació religiosa i el risc de pluja a través dels comtats dels Estats Units en la segona meitat del segle XIX. Els nostres resultats indiquen que la comunitat de l’església i el nombre de seients van ser significativament majors en els comtats amb probabilitats d’haver estat subjectes a un major risc de pluja. En el tercer assaig, s’analitza l’efecte de l’eliminació de restriccions a l’entrada de bancs en la fallida de bancs que exploten la introducció de les lleis del “free banking” als estats dels EUA durant el període 1837-1863. La nostra principal conclusió és que els comtats en els estats amb “free banking” experimentaven significativament més fracassos bancaris. En el quart assaig s’examinen els efectes que els canvis dins del comtat en la composició cultural de la població dels EUA, van tenir en el creixement de la producció durant l’era de la migració massiva. La nostra principal conclusió és que l’augment de fragmentació cultural, van augmentar significativament la producció, mentre que l’augment de la polarització cultural, disminuia significativament la producció.

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26

Lajili, Oualid. "Libéralisation financière, ouverture politique et croissance économique dans les pays en voie de développement." Thesis, Toulon, 2015. http://www.theses.fr/2015TOUL2014/document.

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Cette thèse s’intéresse à l’étude de la relation entre l’ouverture financière et politique et la croissance économique dans les pays en voie de développement. En effet, réformes politiques et libéralisation financière étaient le mot d’ordre des instances financières internationales qui conditionnaient l’octroi des aides financières à l’application de certaines réformes en faveur de la démocratie, du respect des droits de l’Homme et de l’intégration à la sphère financière mondiale. Notre investigation empirique porte sur un échantillon de 108 pays en voie de développement entre 1984 et 2008 et fait appel aux techniques d’estimation de panel statiques et dynamiques et les nouveaux tests de causalité en panel hétérogène. Nos résultats, démontrent que la libéralisation financière en plus de son impact direct sur la croissance, agit positivement sur l’investissement, le commerce extérieur ainsi que la stabilité macroéconomique à travers une réduction de l’inflation. L’intégration financière favorise, aussi, le développement du secteur financier et du capital humain. Ailleurs, la démocratie, même si elle n’a pas d’impact direct significatif sur la croissance, semble influer positivement sur celle-ci de manière indirecte à travers le canal du commerce extérieur mais aussi du développement financier et la promotion du capital humain. Ailleurs, l’instabilité politique affecte négativement le développement économique de manière directe mais aussi de manière indirecte en diminuant les investissements et le commerce avec l’extérieur et en augmentant l’inflation. Finalement, nos résultats suggèrent l’existence d’une relation de causalité bidirectionnelle entre l’intégration financière et la démocratie. Cependant, la relation entre ouverture financière et stabilité politique est plus spécifique et dépend des caractéristiques régionales des pays
The purpose of this thesis is to study the relationship between financial integration, political openness and growth in developing countries. In fact, political reforms and financial liberalization was the slogan of the international financial institutions which conditioned the granting of financial aid to the implementation of certain reforms in favor of democracy and more respect of human rights in addition to more financial integration. Our empirical investigation covers a sample of 108 developing countries between 1984 and 2008 and uses both static and dynamic panel data estimation in addition to the new causality test in heterogeneous panel. Our results show that financial liberalization positively impact growth directly and through indirect channel like Investment, trade and macroeconomic stability. It also favors financial development and promotes human capital. Even though, democracy doesn’t directly influence growth, it has an indirect positive effect on it through favoring international trade in addition to financial and human capital development. Otherwise, political instability negatively affects growth directly but also indirectly through decreasing investment and increasing inflation. Finally, our results suggest the existence of a bidirectional relationship between financial integration and democracy. In the other side, the relationship between financial integration and political stability is more specific and depend upon regionals characteristics of the country

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27

Irshad, Saadia. "Triptyque de libéralisation, mondialisation et financiarisation : implications pour la croissance économique, le développement et la stabilité dans les économies en développement et émergentes." Phd thesis, Université de Grenoble, 2013. http://tel.archives-ouvertes.fr/tel-00971812.

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L'objectif de cette thèse est d'étudier le triptyque de la libéralisation, de la mondialisation et de la financiarisation du capitalisme moderne qui a engendré non seulement des conséquences pénibles pour les pays en développement et les économies émergentes au cours des années 1990, mais également une crise dévastatrice pour les économies développées au cours des années 2000 (i.e. des économies "aux systèmes financiers apparemment bien développés "). Dans cette optique, plusieurs corps de recherches théoriques et empiriques ont été identifiés, synthétisés et analysés afin de présenter un débat unique se concentrant sur la nature instable et factice du capitalisme néo-libéral, développé pendant les quatre dernières décennies. Cette thèse a des implications particulières pour la croissance économique et le développement, ainsi que pour la stabilité financière des pays en développement et des économies émergentes, qui ont également adopté ce capitalisme moderne. Par conséquent, cette thèse a été divisée en quatre chapitres. Le premier chapitre traite du lien entre finance et croissance. À cet égard, l'évolution des idées clés, les théories et les recherches empiriques sont présentées pour aboutir à l'analyse de la notion de répression financière, ainsi que ses implications dans les pays en développement et les économies émergentes. Le deuxième chapitre a analysé d'une part les propositions de libéralisation financière, avec un accent particulier sur le Consensus de Washington et la mondialisation financière, et d'autre part l'opposition à la libéralisation financière, en mettant cette fois l'accent sur la critique des structuralistes et des nouveaux institutionnalistes. Le troisième chapitre est, quant à lui, centré sur les implications de la série de crises et de l'instabilité dans la libéralisation et l'ouverture des marchés financiers des économies émergentes d'Asie et d'Amérique latine au cours des années 1990. Enfin, le dernier chapitre aborde l'incidence de la crise actuelle dans les pays développés pour explorer la fragilité des bases de la structure financière mondiale et ses implications dans le cadre de ce capitalisme financier néolibéral, qui exige une structure plus cohérente.

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Souza, Francisco de Assis Diego Santos de. "Regulação para a estabilidade econômico-financeira ou para o desenvolvimento social: a difícil missão dos Estados nacionais." Universidade Federal da Paraíba, 2016. http://tede.biblioteca.ufpb.br:8080/handle/tede/8649.

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This dissertation addresses the issue of regulation and its goals. It is up to national states promoting economic regulation, becoming a dilemma organizing economy to achieve economic and financial stability or to make viable social development goals. In this sense, they were used hypothetical-deductive method of approach and comparative, historical, interpretive and analytical methods of procedure, by techniques of bibliographical and documentary research. The general objective was to question when states may use the financial system for eh benefit of social development. They were presented as specific objectives perceiving the ways of regulation to economic stability, verifying the criteria that governments take into account especially in the context of economic crisis. The hypothesis for the research asks whether, for contributing to the development of states, the financial system would also need to be adjusted for the social and not just for the stability of the own market. Initially, the aim was to show the history of state intervention in the economy and of regulation, the historical and conceptual foreshortening of national and international financial system, until understanding the development expression, proceeding, then, the study of regulation in the financial system, through the existing forms of regulation in the financial sector and discussing about the Basel agreements, as well as deal with issues such as tax collection, fiscal policy and importance of the Central Bank, verifying the need or not of their independence in the context of the relationship between economic and financial stability and/or its contribution to the development of the country, a situation that takes into account social aspects. Finally, the research distinguished the microcredit policy of community banks, the cases of social currency and its legal framework, in addition to solidarity economy, the cooperative banks and public development banks, showing, in this way, ultimately, how would be possible, by financial regulation, achieve social development and the social function of the financial system.
A presente dissertação aborda a temática da regulação e seus objetivos. Cabe aos Estados nacionais a promoção da regulação econômica, tornando-se um dilema organizar a economia para atingir a estabilidade econômico-financeira ou para viabilizar metas de desenvolvimento social. Nesse sentido, utilizou-se o método de abordagem hipotético-dedutivo e os métodos de procedimento comparativo, histórico, interpretativo e analítico, pelas técnicas de pesquisa bibliográfica e documental. O objetivo geral foi problematizar em que medida os Estados podem utilizar o sistema financeiro em benefício do desenvolvimento social. Apresentaram-se como objetivos específicos perceber os caminhos da regulação para a estabilidade econômica, verificando-se os critérios que os governos levam em conta especialmente nos contextos de crises econômicas. A hipótese levantada pela pesquisa questiona se, para contribuir para o desenvolvimento dos Estados, o sistema financeiro precisaria ser regulado também para o social e não apenas para a estabilidade do próprio mercado. Inicialmente, buscou-se retratar o histórico da intervenção estatal na economia, da regulação, do escorço histórico e conceitual do sistema financeiro internacional e nacional, até compreender a expressão desenvolvimento, procedendo-se, em seguida, ao estudo da regulação no âmbito do sistema financeiro, passando pelas formas de regulação existentes no setor financeiro e discutindo-se acerca dos Acordos da Basileia, além de tratar questões como a arrecadação tributária, a política fiscal e a importância do Banco Central, verificando-se a necessidade ou não de sua independência, no contexto da relação entre a estabilidade econômico-financeira e/ou sua contribuição para o desenvolvimento do país, situação que leva em conta os aspectos sociais. Por fim, a pesquisa distinguiu a política microcreditícia dos bancos comunitários, os casos de moeda social e seu marco legal, além da economia solidária, das cooperativas de crédito e dos bancos públicos de desenvolvimento, retratando-se, nesse percurso, em última instância, como seria possível, mediante a regulação financeira, alcançar o desenvolvimento social e a função social do sistema financeiro.

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Struhár, Krisztína. "Ekonomická efektivnost realizace projektu výstavby nákupního centra." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-10979.

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The aim of this final thesis is to evaluate the economic efficiency of the realisation of a shopping center project. We can devide this work into two parts. The first one is concerning the theoretical explanation of an investment project, its financial aspects and the criteria for evaluating its economic efficiency. The second part focuses on the evaluation of the Tilla shopping center project according to the previous theoretical description. This evaluation is made by the net present value, the index of rentanility and the internal rate of return. In addition to the previous criteria there are the financial stability and the economic value added calculated to obtain a global view of this investment project.

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30

Constans, Daniel. "L’Union européenne et le contrôle des finances publiques des Etats." Thesis, Bordeaux, 2015. http://www.theses.fr/2015BORD0179/document.

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Cette étude est structurée autour du constat d’un hiatus entre la poursuite d’unprojet politique de nature fédérale, la monnaie unique, et une mise en oeuvre reposant surdes outils appartenant à un état centralisé, le contrôle budgétaire à priori. Cette situation,résulte d’abord du manque de confiance entre les Etats mais l’utilisation d’outils inadaptés aubut poursuivi génère de nombreux dysfonctionnements. Le fait de confier par trois ensemblede textes [le « six pack », le « Two pack » et le Traité sur la stabilité, la coordination et lagouvernance au sein de l'Union économique et monétaire (TSCG)] à l'union européenne unecoordination économique qui ne soit plus uniquement indicative et la possibilité, donnée àcette dernière, d'indiquer aux Etats les réformes structurelles que ces derniers doivententreprendre, dans des domaines qui n'appartiennent pas au champ de compétences del'Union européenne, soulève pour le juriste de nombreuses questions à la fois sur lesfondements doctrinaux de l'Union européenne et sur les mécanismes institutionnels mis enoeuvre
This study is structured around the observation of a gap between the pursuit of apolitical project of a federal nature, the single currency, and implementation tools based onbelonging to a centralized state, the ante budgetary control. This situation results first of lackof trust between them, but the use of tools unsuitable for purpose generates numerousmalfunctions and feeling, for lack of a sufficiently strong association of national parliaments ofa "power of Brussels" seeking to assert itself against the will of the states and their peoples.three texts were introduced [the "six pack", the "Two pack" and the Treaty on Stability,Coordination and Governance in the Economic and Monetary Union (TSCG)] in EuropeanUnion economic coordination that are no longer only indicative and the possibility for the EUto indicate to the structural reforms that these countries must undertake in areas that do notbelong to the field of competence of the European Union raised for the jurist many questionson both the doctrinal foundations of the European Union and on the institutional mechanismsimplemented

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Perrelli, Joaquim Tavares. "A supervisão bancária na América Latina e o acordo de Basiléia II." Pontifícia Universidade Católica de São Paulo, 2008. https://tede2.pucsp.br/handle/handle/9340.

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The bank regulation is developed as the financial markets become more complex and sophisticated, consequently increasing its exposition to a greater risk level. Bank supervision is an institution that depends on bank regulation to act, monitoring and inspecting financial institutions, in order to accomplish it aim, financial stability. Basel II agreement incorporates two decades´ concepts, since its previous editions, improving and estabilishing principles for effective supervision and monitoring risk levels according its classification. Its implementation depends however from each evaluated country´s context. In the case study ahead, there are being analysed data and information from World Bank´s research on supervisory structure, budgetary and operational authonomy, among others. So, bank supervision belongs to a proccess and as an activity itself, its evaluation is difficult due to the dynamic nature of the capitalist system. The economies operate in cycles and when economic activity is high, credit operations levels increases too. Between these operations hired during the high level economic activity, there are the operations that will generate troubles when economic activity level becomes lower. So the supervision alternates position between a preventive and corrective set of actions. Its procedures will never be perfect and there will always be financial institutions in trouble so as there will always be financial crisis
A regulação bancária é desenvolvida à medida que os mercados financeiros tornam-se mais complexos e sofisticados em suas operações, e conseqüentemente, ficando mais expostos a riscos. A supervisão bancária é uma instituição que, a partir da regulação da atividade do sistema bancário, fiscaliza e inspeciona as atividades das instituições com o objetivo principal de promover a estabilidade financeira. O acordo de Basiléia II, incorpora os conceitos de mais de duas décadas de acordos anteriores, no estabelecimento de princípios para a supervisão bancaria efetiva e técnicas de monitoramento de riscos bancários. A sua implantação entretanto, depende de diversas etapas e preparação. As atividades de supervisão variam de contexto, conforme cada país analisado. No estudo de caso apresentado adiante estão sendo analisados dados e informações coletados em pesquisas do Banco Mundial e outras entidades acerca da estrutura da supervisão bancária, autonomia operacional e orçamentária além de outras. A partir desses dados e dos textos coletados nas fases da pesquisa, pode se concluir que a supervisão faz parte de um processo, e torna-se de difícil mensuração a partir da própria dinâmica do capitalismo. As economias operam em ciclos, e nos ciclos de alta na atividade econômica ocorre a alta nas operações de crédito. Entre essas operações de crédito do ciclo de alta encontram-se as operações que poderão causar problemas ao sistema no ciclo de baixa. A supervisão portanto alterna entre uma postura preventiva e corretiva. Ela nunca será perfeita em seus procedimentos, sempre ocorrerão problemas com instituições financeiras e crises de mercado

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Pandulová, Lenka. "Hodnocení finanční situace podniku a návrhy na její zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2015. http://www.nusl.cz/ntk/nusl-224807.

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Master´s thesis is focused on examination of financial health of travel agency ABC s. r. o. during the years 2008 – 2013 with the usage of elementary methods of financial analysis. The theoretical part of this thesis focuses on the description of basic terms and methodological procedures, which are used for company performance evaluation. Subsequently, these findings are practically applied on the analysing company. According to gained information are presented the proposals that improve a financial position company.

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Leroy, Aurelien. "Analyse des effets de la concurrence bancaire sur la stabilité et l'efficience : une perspective européenne." Thesis, Orléans, 2016. http://www.theses.fr/2016ORLE0503/document.

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L’expérience de la « Grande Récession » a conduit économistes et praticiens à porter une attention particulière àla stabilité financière,mais aussi, dans la perspective de sortie de crise, aux moyens de financer l’émergence d’unnouveau modèle de croissance plus durable.Dans ce contexte, notre thèse se propose d’apprécier l’influence de laconcurrence bancaire sur la stabilité et sur l’efficience, afin d’éclairer le débat sur le degré de concurrence optimalen Europe. À cet effet, on étudie, tout d’abord, les effets de la concurrence bancaire sur l’instabilité financière, ense saisissant du concept de risque systémique. Cela nous conduit à mener à bien deux études distinctes : l’uneportant sur la répartition du risque systémique entre entités financières, l’autre sur la procyclicité financière.Dansles deux cas, nous concluons à l’existence d’un lien positif entre concurrence et stabilité. Nous nous intéressonsensuite à la question de la stabilité en termes d’efficacité de la politique de stabilisationmonétaire. Dans ce cadre,on met en évidence que la concurrence bancaire améliore l’efficacité de deux canaux de transmission : le canal destaux d’intérêt et le canal du crédit bancaire. L’insuffisance de l’intégration bancaire européenne, dont témoignel’hétérogénéité de la concurrence, s’avère ainsi un facteur explicatif de la fragmentation observée de la zone euro.Finalement, nous considérons la possibilité que la croissance économique puisse être fonction de la concurrencebancaire. À cet effet, on montre d’abord que cette dernière aurait théoriquement deux effets contradictoires sur lacroissance économique, avant finalement, de faire valoir empiriquement que la concurrence bancaire exerce, enEurope, des effets négatifs sur la croissance économique, en particulier en freinant la croissance de la productivitéglobale des facteurs. Nos travaux accréditent donc l’idée que stimuler la concurrence conduit à un arbitrage entrestabilité et efficience
The experience of the “Great Recession” has led economists and policymakers to pay particular attention tofinancial stability. It also lead them to think how to get out of this recession, and particularly on the meansof financing the emergence of a new, more sustainable growth model. In this context, this thesis studies theinfluence of bank competition on stability and efficiency in order to shed light on the debate about the optimallevel of bank competition in Europe. For this purpose, we first study the effects of bank competition on financialinstability by focusing on the concept of systemic risk. This leads us to undertake two distinct studies: onefocusing on the distribution of systemic risk between financial institutions; the other on financial procyclicality.In both cases, we conclude that a positive link between competition and stability does exist.We then focus on thequestion of stability in terms of the effectiveness of the monetary stabilisation policy. In this respect, we show thatbank competition improves the efficiency of two channels of monetary transmission: the interest rate and thebank lending channels. Therefore, the lack of European banking integration, highlighted by the heterogeneity ofbank competition, is one factor that explains the fragmentation that can be observed in the Eurozone. Finally, weconsider the possibility that economic growth may be a function of bank competition. To do this, we first showhow competition could impact economic growth in theory, and find two opposing effects. We then demonstrateempirically that bank competition has negative effects on economic growth, in particular by decreasing totalfactor productivity growth. Our work hence supports the idea that stimulating competition leads to a trade-offbetween stability and efficiency

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Caputo, Nicolas. "Ressources économiques et pouvoir politique : intégration semi-périphérique au système financier mondial et son impact sur la coalition socio-politique au pouvoir en Argentine de 1989 à 2001." Phd thesis, Université de Strasbourg, 2012. http://tel.archives-ouvertes.fr/tel-00814376.

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Prenant appui sur un ensemble d'entretiens auprès des protagonistes, la base de données des émissions de titres publics du Bureau National de Crédit Public et un large corpus d'articles de presse, cette recherche analyse la relation entre ressources économiques et pouvoir politique en étudiant l'impact de l'intégration semi-périphérique au système financier mondial sur la coalition sociopolitique au pouvoir en Argentine de 1989 à 2001. Cette coalition était composée des partis politiques au gouvernement, ce qui garantissait la légitimité démocratique, des technocrates des think tanks du libéralisme économique, des grandes entreprises locales et des acteurs privés du système financier mondial. Contrairement aux pays centraux qui sont au coeur du système financier mondial et les périphériques, qui en sont exclus, l'Argentine représente un cas d'intégration "semipériphérique", c'est-à-dire, avec un accès variable au crédit privé externe en fonction de la perception des principaux acteurs privés du système financier sur le risque de défaut des paiements de la dette. Cette intégration a joué un rôle important sur la formation, la consolidation et la dissolution de la coalition socio-politique au pouvoir. D'une part, le plan de Convertibilité implique une dépendance structurelle de l'afflux de devises pourassurer la stabilité économique. D'autre part, les caractéristiques de l'intégration du système financier mondial ont été modifiées par le plan Brady, qui implique une substitution de la dette publique de prêt bancaire par des titres, et le processus de mondialisation. Contrairement aux prêts bancaires, les titres sont des produits échangés sur un marché où les prêteurs prennent des décisions d'investissement de court terme en fonction de leur perception du risque de défaut de paiement de la dette. Cette perception, qui implique une surveillance permanente sur la politique économique, détermine la capacité de l'État à s'endetter et soutenir ainsi l'afflux de devises.

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Bílková, Alice. "Posouzení ekonomické efektivnosti investičního projektu." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2016. http://www.nusl.cz/ntk/nusl-240007.

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The subject of this thesis is to assess the economic efficiency of the investment project. The theoretical part focuses on the basic definitions related to investment decisions on the investment project and the project life cycle, cash flows and their predictions and recommendations to set them correctly, methods useful for assessing the effectiveness of the investment project and the indicators presenting the financial stability and feasibility of the project as well as factors affecting the overall investment decision, and finally the possibility of financing of the investment projects in the private sector. In the practical part there are the theoretical findings applied in the real investment project. Specifically, there will be analyzed the characterized investment project and its possible alternatives and finally made the assessment of economic efficiency.

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Phumiwasana, Triphon. "Financial structure, economic growth and stability /." 2003. http://www.gbv.de/dms/zbw/557915600.pdf.

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Tseng, Ching-Jung, and 曾靖容. "Financial Development and Economic Growth: Empirical Evidences from 286 Cities in China." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/zp7ppv.

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碩士
國立中山大學
經濟學研究所
103
Development situation of a country''s financial sector can show the different situations of economics development. Due to different national economic development process and policies differ from one another, so that the impact of financial development on economic growth is difficult to have a general conclusion. Therefore, the study researched the financial impact of the development on the effectiveness of economic growth, and used panel data model to demonstrate empirical research and analysis. This study focuses that the research process of financial development in China, and investigates the relationship of economic growth. The study uses the 286 cities in China from 2003 to 2010 annual data, and uses the fixed effects model to analyze the relationship of financial development and economic growth. The study shows inflation rate, the ratio of government expenditure to GDP, consumer price index and most of the financial development indicators have a positive impact on economic growth during China''s economic development period. Finally, the Chinese government should how to use the policy guidelines to enhance the domestic economic environment and the financial development in order to stimulate domestic production and economic activity, and the government will pay close attention to the condition.

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Choi, Jungug. "Economic crisis, elite cooperation, and democratic stability Asia in the late 1990s /." 2001. http://catalog.hathitrust.org/api/volumes/oclc/50250875.html.

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Mykhayliv, Dariya, and K. G. Zauner. "The Financial and Economic Performance of Social Banks." 2016. http://hdl.handle.net/10454/11242.

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The financial crisis of 2008 provides evidence for the instability of the conventional banking system. Social banks may present a viable alternative for conventional banks. This paper analyzes the performance of social banks related to the bank business model, economic efficiency, asset quality and stability by comparing social banks with banks where the difference is likely to be large, namely with the 30 global systemically important banks (G-SIBs) of the Financial Stability Board over the period 2000-2014. We also analyze the relative impact of the global financial crises on the bank performance. The performance of social banks and G-SIBs is surprisingly similar.

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Mykhayliv, Dariya, and K. G. Zauner. "The financial and economic performance of social banks." 2018. http://hdl.handle.net/10454/16203.

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Yes
The financial crisis of 2008 provides evidence for the instability of the conventional banking system. Social banks may present a viable alternative for conventional banks. This article analyses the performance of social banks related to the bank business model, economic efficiency, asset quality, and stability by comparing social banks with banks where the difference is likely to be large, namely with the 30 global systemically important banks (G-SIBs) of the Financial Stability Board over the period 2000–2014. We also analyse the relative impact of the global financial crisis on the bank performance. The performance of social banks and G-SIBs is surprisingly similar.

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Rooplall, Videshree. "Financial stability and macroprudential policy." Diss., 2016. http://hdl.handle.net/10500/21952.

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A key lesson learnt from the 2007-2009 global financial crisis was that central banks focused too much on price stability and monetary policy. Financial stability and macroprudential policy were the missing pillars to ensure proper supervision of the financial system. This study examines the challenges faced by central banks in implementing macroprudential policies, while having limited experience as to the effect on their economies. The countercyclical capital buffer is generally considered to be one of the main macroprudential policy instruments. Using South African data, the study furthermore calculates the credit gap which serves as early warning indicator of excessive credit growth and is used to determine the point at which a countercyclical capital buffer should be activated for banks. The calculation of the countercyclical buffer indicates that the credit gap remains below the lower threshold of the buffer add-on. Hence, there is no reason to consider a capital add-on for South African banks as yet. Despite the overall reliability of the credit gap, concerns remain on its reliability under certain circumstances.
Economics
M. Com. (Economics)

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te, Kaat Daniel Marcel. "Essays on Financial Globalization, Inequality and Economic Growth." Doctoral thesis, 2018. https://repositorium.ub.uni-osnabrueck.de/handle/urn:nbn:de:gbv:700-20181116793.

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This dissertation explores several aspects of financial globalization, inequality and economic growth. In the first two essays, we show that cross-border capital inflows raise the domestic credit volumes and lead to higher bank risk-taking. In particular, capital inflows are related to an increased credit supply towards ex-ante risky and low performing firms. These results are amplified when the financial system is more prone to agency problems—problems that rise in the financial system’s size/concentration and undercapitalization. Therefore, from a policy perspective, we gauge that the regulation of the financial sector shapes the allocation of global liquidity to the real economy. Turning our attention towards firms’ real activities, we show that capital inflows are negatively linked with the ex-post performance of firms. Consequently, foreign capital is not only allocated overproportionally to firms with a low ex-ante profitability; additionally, low performing firms display further decreases in their future profitability, constituting long-run hazards for the aggregate economic performance. This result helps to explain the difficulties of the empirical literature to identify a distinct positive relationship between cross-border capital flows and aggregate economic growth. In the third essay, we identify the growth effects of another macroeconomic variable that has been shown to increase with financial globalization—income inequality. We find that higher income inequality increases the growth rates of industries that are dependent on physical capital. In contrast, human capital intense industries grow less in countries with a more unequal distribution of income. We further gauge that higher aggregate investments (in financially more closed economies) and devaluations of the real exchange rate (in financially more open economies) drive the positive growth effects of inequality. The negative growth effects are an implication of lower human capital investments. Consequently, policy makers should keep in mind the potential negative implications of inequality for aggregate economic growth in case their country’s industrial structure relies to a great extent on human capital.

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Merafe, Itumeleng. "Monetary policy and financial market stability: does inflation targeting make a difference?" Thesis, 2016. http://hdl.handle.net/10539/20846.

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Masters in Management: Finance and Investment, Wits Business School
Since the early 1990s an increasing number of countries are adopting inflation targeting and although it has been lauded as a successful monetary policy regime this paper seeks to determine whether or not inflation targeting is sufficient to bring about financial market stability. We compare 10 emerging market economies, 6 that have adopted inflation targeting and 4 that have not in order to ascertain whether or not there is a significant difference between these groups of countries based on 2 financial market stability indicators, the first being the volatility of equity markets and the second being currency volatility. From these results, there is no evidence that inflation targeting has had any impact on the stability of financial markets and in some instances, non-targeters have outperformed targeters in terms of the improvements in stability

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Chaves, Mélanie Inverno. "Economic growth and banking stability nexus in crisis times." Master's thesis, 2019. http://hdl.handle.net/10362/66779.

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This working paper seeks to confirm the existing evidence on the relationship between banking sector stability and economic activity. A Panel VAR model on 13 European countries for the period 1996 – 2014 is used. The level of banking sector stability is proxied by the Z-score, economic activity is represented by GDP growth while other variables are used in the model as controls. Analysing three distinct periods – i.e. 1996-2014, 1996-2006 and 2006-2014 – on two groups of countries – i.e. more and less stable –, the results demonstrate that while countries appear to behave similarly during calm periods, under more stressful times the outcomes turn out to be different.

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Mykhayliv, Dariya. "The Economic Efficiency and Profitability of Social Banks." 2016. http://hdl.handle.net/10454/11236.

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Yes
The financial crisis of 2008 provides evidence for the instability of the conventional banking system. Social banks may present a viable alternative for conventional banks. This paper analyzes the performance of social banks related to the bank business model, economic efficiency, asset quality and stability by comparing social banks with banks where the difference is likely to be large, namely with the 30 global systemically important banks (G-SIBs) of the Financial Stability Board over the period 2000-2014. We also analyze the relative impact of the global financial crises on the bank performance. The performance of social banks and G-SIBs is surprisingly similar.

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Wang, Chung-Ping, and 汪忠平. "A Neural Netwrok Model for Prediction of Financial crisis -- included Industry,Macro-economic and it''s Stability factors." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/15678572212219045622.

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碩士
東吳大學
企業管理學系
85
In the field of financial management,many scholars of great researach are engaged in studies on the prediction of financial crisis.In many relative studies,some stress methodology and some try to find new predictive variables.In sum,we can induct a direction of study which tries to find representative predictive variables,and constitute a well predictive model of financial crisis with many methods.My study will adopt financial ratios as predictive variabies, and consister industrial and economic factors. Furthermore,my study will set up the predictive model of financial crisis with Neural Network and logit regression. The result of my study is showed as follow:1.As for the mothods, the predictive model of financial crisis with Neural Network is better than model with Logit regression. 2.As for the variable of owner''s structure,the result of my study don''t have sufficient evidence to prove that the predictive model included the variable of owner''s structure will obtain better predictive and classified ability. 3.As for the variables of industry and economic,the predictive model included industrial and economic variavles obtains better classified and predictive ability. This proves that the variables of industrial and economic are the improtanter predictive factor. 4.As for the varibale of stability, the model of stability varibale do not raise the of classify and predictive rate of model. 5.In sum,the model of IR-NW is the best in the all model of my study.

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Kildegaard, Arne Christopher. "A dynamic computable general equilibrium analysis of the stability of the Mexican financial system in the wake of liberal economic reforms." 1994. http://catalog.hathitrust.org/api/volumes/oclc/34632835.html.

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Vlach, Michael. "Evropské ekonomické vládnutí: možnost nebo nutnost?" Master's thesis, 2011. http://www.nusl.cz/ntk/nusl-298888.

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Bibliografický záznam VLACH, Michael. Evropské ekonomické vládnutí - možnost nebo nutnost? Praha, 2011. 95 s. Diplomová práce (Mgr.) Univerzita Karlova, Fakulta sociálních věd, Institut mezinárodních studií. Katedra západoevropských studií. Vedoucí diplomové práce Prof. Ing. Luděk Urban, CSC., Jean Monnet Professor Abstract Diploma Thesis "European Economic Governance - an option or the necessity?" deals with the current debate on the reform of European economic governance (EEG). It focuses on the genesis of the pre-crisis European economic governance, primarily on the Economic and Monetary Union, and on the performance of the EMU and the features of EEG before and during the crisis. It investigates the issues and challenges that arisen largely from the aftermath of the crisis such as imbalances on the Internal Market due to serious competitiveness issues between the Member States, lack of crisis management, financial supervision etc. The common cause of these problems, the insufficient economic governance is identified having source largely in the original design of EMU which was adopted largely for economic reasons but contemporary political limits restrained the Economic union and macroeconomic coordination provisions thus enabling the current situation. In the final part the proposed and implemented...

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Jardim, Liliana Cristina Correia. "As soluções da União Europeia para a crise financeira: a compatibilidade dos instrumentos adotados ao abrigo do método intergovernamental com o Direito da União Europeia e o futuro da União." Master's thesis, 2017. http://hdl.handle.net/1822/51249.

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Dissertação de mestrado em Direito da União Europeia
A promoção da paz, dos seus valores e do bem-estar dos povos são assumidos como objetivos mediatos da União Europeia, são as traves mestras da atuação da União, projetando-se, assim, a base axiológica da União Europeia. Para alcançar tais objetivos a União Europeia dispõe de diversos instrumentos como seja o estabelecimento do mercado interno e de uma União Económica e Monetária (UEM). A integração económica é encarada como o principal veículo de integração europeia, na medida em que construção da União Europeia serviu-se da institucionalização das várias fases da Teoria da Integração Económica para alcançar os objetivos enunciados no artigo 3.º do TUE. Tal como o mercado interno, a União Económica e Monetária não é um fim em si mesma mas, como referimos, um instrumento de realização dos demais objetivos a prosseguir pela União Europeia, como o crescimento económico equilibrado e sustentável bem como elevados níveis de emprego, entre outros objetivos. A crise económico-financeira e a consequente crise do euro trouxeram efeitos profundos na União Europeia e nos seus Estados-membros, até mesmo os Estados que não integram a zona euro. A crise europeia denota características diversas da crise económica, atinge não só o substrato económico, tendo igualmente um forte impacto social. Desde da criação da moeda única, o euro, foram criadas diversas regras para assegurar a solidez das finanças públicas, nomeadamente o Pacto de Estabilidade e Crescimento, também conhecido por PEC, que impõe limites ao défice orçamental e à dívida pública dos Estados-Membros. No entanto, a crise económica e financeira mundial expôs a existência de deficiências e insuficiências na governação económica e na supervisão orçamental ao nível da UE. Como resposta as estas deficiências foram lançadas um conjunto de iniciativas nomeadamente o Semestre Europeu de coordenação da política económica e o designado “Six Pack” que reforçaram vários aspetos do Pacto de Estabilidade e Crescimento. Contudo, atendendo ao elevado potencial dos efeitos colaterais das políticas orçamentais num espaço monetário comum, era premente a necessidade de criar mecanismos específicos ainda mais robustos para a área do euro, para dar resposta a esta necessidade, em Novembro de 2011, a Comissão propôs dois novos regulamentos para reforçar a supervisão orçamental na área do euro, o designado “Two Pack”. Além destas medidas, a crise financeira gerou um sem número de respostas fora do quadro jurídico da União no sentido de solucionar as fragilidades expostas, cuja compatibilidade com o próprio direito da União Europeia é altamente questionável, é o caso do Mecanismo Europeu de Estabilidade e do Tratado sobre a Estabilidade, Coordenação e Governação da União Económica Monetária. O principal objetivo do nosso trabalho é analisar as questões relacionadas com a com compatibilidade destes instrumentos com o direito da União, em especial a leitura do TJUE ditada no Acórdão Pringle.
The promotion of peace, its values and the well-being of the people are the European Union primary goals, they are the axiological basis for the Union´s action. These lines serve as orientations for the EU´s action. In order to reach those goals EU has used many instruments such as the establishment of the internal market and the creation of the Economic and Monetary Union. The economic integration was taken as an instrument in order to conduct the European integration, the stages of the Theory of Economic Integration were used to reach EU goals stated in the article 3.º TEU. Both the Internal Market and the Economic and Monetary Union are not an end by themselves, they are an instrument used in order to reach the EU goals: promoting sustainable economic growth, high levels of employment, etc. The economic and financial crisis had a profound effect on the EU member states, even the states that do not belong to the euro area, these effects were not only visible in the economic field but also had deep social effects. Since the creation of the euro several rules were arranged in order to promote the public finances sustainability like the Stability and Growth Pact, which stablished limitations regarding to the public dept, ratio and deficit. Nevertheless, the economic crisis exposed the weaknesses of the economic governance and the budget supervision at the EU level. In order to address those deficiencies, there were implemented some measures such as the creation of the European Semester and Six Pack. In spite of the adoption of these measures, there was a need to create more robust mechanisms for the euro area, realizing this necessity the European Commission proposed, in November 2011, the adoption of the Two Pack. Besides these measures, some responses to the financial crisis were engaged by agreements between member states and took effect out of the EU legal framework, which causes difficulties regarding to its compatibility within the EU legal framework. In this sense the member states agreed on the establishment of the European Stability Mechanism and the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union. The main goal of our analysis in to verify the compatibility of the instruments that took place out of the EU legal framework with the EU law, in order to do so we took in to consideration the decision of the European Court of Justice in the Pringle case.

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Dissertations / Theses on the topic 'Financial and economic stability in cities'

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