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Dissertations / Theses on the topic 'GDP and capital outflow'
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Duasa, Jarita. "Malaysian capital outflow controls : the impacts on stability, efficiency and equity." Thesis, University of Sheffield, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.421020.
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Fraenkel, Jonathan. "Growth and slowdown : profitability, capital and output in Britain 1873-1973." Thesis, University of Sussex, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.361299.
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The thesis looks at trends in British economic growth, capital accumulation and profitability from 1873 to 1973. It divides into three parts. The first considers the historical origins of modem growth theory, and provides a critique of Neoclassical 'marginal productivity' categories. The second investigates the concepts underlying national accounting estimation of 'output', 'capital' and 'profit', and offers an alternative estimate of long-run capital outlay/GDP ratios, and the rate of return, for the British economy after 1873. The third part breaks the period down into three consecutive phases; 1873-1914, the interwar years and the post-1945 period up to 1973. It looks first at the controversy surrounding the 'Great Depression, 1873- 96', and the view that a 'climacteric' is better located in the Edwardian era, arguing that trends in profits and prices, not output and employment, marked out the former period as depressed. The chapter on the interwar years highlights the deceleration in capital outlay dating from the Edwardian era, and views the 1930s recovery as predicated upon a restoration of profitability, rather than a 'Keynesian' expansion of aggregate demand. In the penultimate chapter, the GDP acceleration witnessed during the 1950s and 1960s is linked, neither to Keynesian 'multiplier' effects of increased state expenditure nor to a spontaneous working out of market-driven technological influences. Instead, the trans-World War Two rise in the rate of return provided the catalyst for high GDP growth in the early 1950s, while key institutional transformations enabled continuity of the 'Golden Age' during the 1960s, despite diminishing rates of return to capital.
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Lao, Iok Son. "The relationship between FDI, Wage, Human Capital and GDP : a study on China market." Thesis, University of Macau, 2008. http://umaclib3.umac.mo/record=b1951099.
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Rafi, Muhammad Nawaz. "An analysis of linkage between foreign direct investment and GDP per Capita in Pakistan : A time series analysis." Thesis, Högskolan Dalarna, Nationalekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:du-13865.
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This study aims to investigate the relation between foreign direct investment (FDI) and per capita gross domestic product (GDP) in Pakistan. The study is based on a basic Cobb-Douglas production function. Population over age 15 to 64 is used as a proxy for labor in the investigation. The other variables used are gross capital formation, technological gap and a dummy variable measuring among other things political stability. We find positive correlation between GDP per capita in Pakistan and two variables, FDI and population over age 15 to 64. The GDP gap (gap between GDP of USA and GDP of Pakistan) is negatively correlated with GDP per capita as expected. Political instability, economic crisis, wars and polarization in the society have no significant impact on GDP per capita in the long run.
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Tekabe, Liya Frew. "Health and Long Run Economic Growth in Selected Low Income Countries of Africa South of the Sahara : Cross country panel data analysis." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-17778.
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Health is one of the most important components of human capital. It can affect production level of a country through various channels. In this study the causal relationship of health and real GDP per capita income in 5 low income countries of Africa south of the Sahara is analyzed using granger causality test. Unbalanced panel data set during the year 1970 to 2009 is used. Life expectancy and mortality rate are used as a proxy for health. The result revealed that mortality rate has a significant and negative impact on real per capita income. The Granger causality test showed, real GDP per capita and mortality rate have causal or bidirectional relationship. On the other hand, real GDP per capita does not granger cause life expectancy, but life expectancy granger cause real GDP per capita. The comparative descriptive analysis of the health indicators in different income groups of the world also showed that, higher income countries are better off in their health status.
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Xin, Erixon Ren. "Sanya-Chinese Hawaii : -through one phoenix to see the big picture." Thesis, KTH, Urbana och regionala studier, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-94832.
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As the world’s second economy, China has been developing at breath taking pace over the last 30 years. City development planner are blindly seeking to be big, for example, a small city should become middle size city, a middle size city should become a big city, a big city should become a metropolitan city, and a metropolitan city should become an international mega city. City municipalities seek higher GDP year by year. City mayors will do whatever as long as they could make the most profit and build their city’s profile. Today, real estate is the highest profit industry in China. In order to bring in more financial support, urban planning is done in favor of those with power and capital instead of consideration of equality and fairness. There are increasing conflicts for the different classes of people in the city because the social gaps between the classes are growing.
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Khatri, Chhetri Surya Bahadur. "The Relationship between Human Capital and Economic Growth in Developing Countries : A Study and Analysis on Developing Countries." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-34385.
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Abstract The purpose of the thesis has been to investigate the relation between human capital and economic growth in developing countries around the world. The main research question is how the human capital impact on the economic growth in developing countries during the period of 2010 -2015.The world is mainly divided into two major groups, which are Developed & Developing countries, as well as poor & rich countries. In this thesis mainly concern only developing and poor countries and their role of the economic growth. The key factors of economic growth are GDP/capita, per capita income, birth rate, death rate, population growth rate, life expectancy at birth, working age population, education, literacy rate and investment in technology. The world is populated day by day such has never been before. In the past history it look back to 123 years to increased from one billion to two billion from 1804 to 1927.Then, next billion took 33 years. The following two billions took 14 years and 13 years, respectively (Ray, Development Economics). The data has been taken from the Developing countries around the world which is taken a cross sectional data set and data has been analysed with multiple liner regressions model with ordinary least squares (OLS). For this purpose which applied the difference tools & theory which are human capital and technology development, economic growth, norms, externalities and human social capital. The previous studies is examined the most important factors of economic development that is economic growth and human capital investment. Similarly, the theoretical discussion is described the Solow model, human capital theory, technological progress, demographic transition and social capital. For examine the data is divided into two groups which are dependent and independent variables. Economic growth GDP/capita, GDP/capita growth rate are dependent variable and Ln. GDP initial, life expectancy at birth, population growth rate, education, working age population and investment in technology are independent variables. This analysis shows the majority of the variables in the study have positive significant relation to the GDP/capita growth. This result furthermore support the developing countries provides insight on the world economic development status towards the independents variables.
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Яковенко, Р. В., та R. Yakovenko. "Навчальний курс „Національна економіка” в структурі вищої освіти України". Thesis, Харків : Харківський національний автомобільно-дорожній університет, 2017. http://dspace.kntu.kr.ua/jspui/handle/123456789/6455.
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Визначено виховну та патріотичну роль курсу „Національна економіка” в умовах російської військової агресії
The educational and patriotic role of the course „National economy” in the conditions of Russian military aggression is researched
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Яковенко, Р. В., R. Yakovenko, К. О. Новакова та K. Novakova. "Конвертованість валюти та економічна безпека держави". Thesis, м. Кіровоград : КНТУ, 2014. http://dspace.kntu.kr.ua/jspui/handle/123456789/6579.
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У тезах розглянуто проблеми забезпечення національної безпеки через валютні відносини з урахуванням надмірної доларизації економіки України.
The thesis addresses the problems of ensuring national security through currency relations taking into account the excessive dollarization of the Ukrainian economy.
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V, Sakhno A. "Investment support of reproduction processes in Ukraine: problems and prospects." Master's thesis, Sumy State University, 2020. https://essuir.sumdu.edu.ua/handle/123456789/81812.
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У роботі проведені теоретичні дослідження функціонування суспільного відтворення та його місце у забезпеченні економічного зростання. Проведено аналіз впливу структури ВВП як основного показника економічного зростання на можливості фінансування відтворювальних процесів. Проаналізовано основні показники та пропорції інвестиційного процесу на макрорівні. Проведено структурний аналіз джерел фінансування відтворювальних процесів. Досліджено основні показники, що формують інвестиційний клімат держави та впливають на можливість залучення іноземного капіталу. Досліджено сучасний стан ринку банківського кредитування в контексті оцінки можливостей активізації інвестицій у відтворювальні процеси.<br>The relevance of the study is based on the awareness of the crucial importance of investment support for reproduction processes as a basis for economic growth The purpose of the master's work is on the basis of studying the theoretical foundations and issues of the current state of reproduction processes to find out the reserves and provide recommendations for improving their funding. The object of study - economic relations that arise in the process of continuous social reproduction in part of providing its investment support. The subject of research - reproductive processes in the national economy.
Research methods used in the preparation of the work: abstract-logical,
analysis, synthesis, comparative, generalization, classification, deduction, graphical visualization. The structure of the work. Master's thesis consists of an introduction, three chapters, conclusions, list of references. The introduction proves the relevance of the research topic, defines the object, subject and purpose and objectives of the study. The first section provides theoretical research and generalization of the functioning of social reproduction and its place in ensuring economic growth. The analysis of the influence of the structure of GDP, as the main indicator of economic
growth, on the possibilities of financing the reproduction processes is carried out. The second section is devoted to the practical aspects of the investment process at the macro level, analyzes its main indicators and proportions. The structural analysis of sources of financing of reproduction processes is carried out. The third section examines the main indicators that shape the investment climate of the state and affect the possibility of attracting foreign capital. The current state of the bank lending market in the context of assessing the possibilities of intensifying investment in reproduction processes has been studied.
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Kohútová, Linda. "Finanční vyhodnocení zakázky v kontextu stavebního podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta stavební, 2018. http://www.nusl.cz/ntk/nusl-372161.
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This diploma´s thesis is focusing on financial management of the construction order. First part of diploma´s thesis is dealing with financial management, financial analysis and management options. The practical part discusses financial plan, economic results and financial analysis of particular construction orders, which are evaluated within one year. The objective of the thesis aims to analyze impacts on the operating economy and evaluate construction contract in context of a construction company. The result is to evaluate financial analyses of construction orders and company´s too.
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Edvinsson, Rodney. "Growth, Accumulation, Crisis : With New Macroeconomic Data for Sweden 1800-2000." Doctoral thesis, Stockholm : Almqvist & Wiksell International, 2005. http://www.diva-portal.org/diva/getDocument?urn_nbn_se_su_diva-378-1__fulltext.pdf.
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Blomqvist, Dag, and Shlemoun Theodoridis. "Implementeringen av IFRS och dess påverkan på gränsöverskridande kapitalflöden : En kvantitativ undersökning av sambanden mellan redovisningsstandarder och nivåer av utländska investeringar, utländska lån, samt utländska portföljinvesteringar." Thesis, Södertörns högskola, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-46543.
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This study investigates how the mandatory adoption of the international reporting standards IFRS (International Financial Reporting Standards) for publicly listed companies affect countries’ levels of in- and outflow of cross-border capital. The continued harmonization of financial reporting standards on an international level is bringing up questions regarding supposed benefits of their implementation. These benefits cover areas such as increased accessibility of external financing, lower costs of capital, greater opportunities to receive a loan with longer terms, and the perceived improvements to the quality and transparency of annual reports. These factors, along with others, are driving forces as to why countries should experience changes in cross-border flows of capital when they officially adopt IFRS. It is this study’s goal to establish differences and relationships between different components of the international flow of capital and the aforementioned adoption. In this study the components are represented by the dependent variables; foreign direct investment inflow, foreign direct investment outflow, foreign portfolio investment, foreign loans as well as loans that are given to other countries. To analyse differences caused in these values by the adoption, paired t-tests are performed on data consisting of 2 360 observations from 59 countries during the period of 2001-2019. In addition, 42 countries from the continent of Asia are investigated during the period of 2013-2019 with several multiple regression analyses to determine relationships, in this case the data consisted of 4 410 observations. The paired t-tests exhibited statistically significant increases in all variables as of the adoption while the multiple regressions analyses resulted in only one out of five variables having a significant relationship with the event, that variable being foreign direct investment outflow. The results put to question previous studies successful attempts to show significant positive relationships between adoption and countries’ levels of foreign direct investment inflow, foreign portfolio investment, foreign loans and loans given to other countries. The result also has implications for further research in regard to choice of controlling variables as well as method of data collection.<br>Denna studie undersöker hur den obligatoriska implementeringen av de internationella redovisningsstandarderna IFRS (International Financial Reporting Standards) för börsnoterade företag påverkar länders in- och utgående flöden av gränsöverskridande kapital. Den fortsatta harmoniseringen av redovisningsstandarder på internationell nivå tar upp frågor gällande implementeringens påstådda fördelar. Fördelar som implementering av IFRS leder till täcker områden såsom ökad tillgänglighet av extern finansiering, lägre kapitalkostnader, större möjligheter att ta ut lån med längre löptider, och att årsredovisningar upplevs få bättre kvalitet och bli mer transparenta. Ovanstående faktorer m.fl. utgör grunden till varför länder borde uppleva förändringar i gränsöverskridande kapitalflöden i och med implementering av redovisningsstandarderna. Det är denna studies mål att etablera skillnader och samband mellan olika beståndsdelar av det internationella kapitalflödet och denna implementering. De beståndsdelarna representeras i denna studie av de fem olika beroende variablerna; ingående utländsk investering, utgående utländsk investering, utländsk portföljinvestering, utländska lån samt lån som delas ut till andra länder. För att undersöka ifall skillnader uppstår i dessa värden i och med implementering utförs parade t-test på ett dataunderlag av 2 360 antal observationer tagna från 59 länder under perioden 2001–2019. Dessutom undersöks 42 länder i kontinenten Asien under perioden 2013–2019 med multipla regressionsanalyser för att påvisa samband, datan i detta fall uppgick till 4 410 stycken observationer. T-testen visade på statistiskt signifikanta ökningar i alla variabler i och med implementeringen av IFRS medan de multipla regressionsanalyserna resulterade i att endast en av de fem olika variablerna, nämligen utgående utländsk investering, hade ett signifikant positivt samband med händelsen. Resultaten problematiserar tidigare studier som föreslår att det existerar signifikanta positiva samband mellan implementering och länders nivåer av ingående utländsk investering, utländsk portföljinvestering, utländska lån och lån som delas ut till andra länder. Undersökningen har även implikationer för framtida undersökningars val av kontrollvariabler och datainsamlingsmetod.
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Dhima, Julien. "Evolution des méthodes de gestion des risques dans les banques sous la réglementation de Bale III : une étude sur les stress tests macro-prudentiels en Europe." Thesis, Paris 1, 2019. http://www.theses.fr/2019PA01E042/document.
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Notre thèse consiste à expliquer, en apportant quelques éléments théoriques, les imperfections des stress tests macro-prudentiels d’EBA/BCE, et de proposer une nouvelle méthodologie de leur application ainsi que deux stress tests spécifiques en complément. Nous montrons que les stress tests macro-prudentiels peuvent être non pertinents lorsque les deux hypothèses fondamentales du modèle de base de Gordy-Vasicek utilisé pour évaluer le capital réglementaire des banques en méthodes internes (IRB) dans le cadre du risque de crédit (portefeuille de crédit asymptotiquement granulaire et présence d’une seule source de risque systématique qui est la conjoncture macro-économique), ne sont pas respectées. Premièrement, ils existent des portefeuilles concentrés pour lesquels les macro-stress tests ne sont pas suffisants pour mesurer les pertes potentielles, voire inefficaces si ces portefeuilles impliquent des contreparties non cycliques. Deuxièmement, le risque systématique peut provenir de plusieurs sources ; le modèle actuel à un facteur empêche la répercussion propre des chocs « macro ».Nous proposons un stress test spécifique de crédit qui permet d’appréhender le risque spécifique de crédit d’un portefeuille concentré, et un stress test spécifique de liquidité qui permet de mesurer l’impact des chocs spécifiques de liquidité sur la solvabilité de la banque. Nous proposons aussi une généralisation multifactorielle de la fonction d’évaluation du capital réglementaire en IRB, qui permet d’appliquer les chocs des macro-stress tests sur chaque portefeuille sectoriel, en stressant de façon claire, précise et transparente les facteurs de risque systématique l’impactant. Cette méthodologie permet une répercussion propre de ces chocs sur la probabilité de défaut conditionnelle des contreparties de ces portefeuilles et donc une meilleure évaluation de la charge en capital de la banque<br>Our thesis consists in explaining, by bringing some theoretical elements, the imperfections of EBA / BCE macro-prudential stress tests, and proposing a new methodology of their application as well as two specific stress tests in addition. We show that macro-prudential stress tests may be irrelevant when the two basic assumptions of the Gordy-Vasicek core model used to assess banks regulatory capital in internal methods (IRB) in the context of credit risk (asymptotically granular credit portfolio and presence of a single source of systematic risk which is the macroeconomic conjuncture), are not respected. Firstly, they exist concentrated portfolios for which macro-stress tests are not sufficient to measure potential losses or even ineffective in the case where these portfolios involve non-cyclical counterparties. Secondly, systematic risk can come from several sources; the actual one-factor model doesn’t allow a proper repercussion of the “macro” shocks. We propose a specific credit stress test which makes possible to apprehend the specific credit risk of a concentrated portfolio, as well as a specific liquidity stress test which makes possible to measure the impact of liquidity shocks on the bank’s solvency. We also propose a multifactorial generalization of the regulatory capital valuation model in IRB, which allows applying macro-stress tests shocks on each sectorial portfolio, stressing in a clear, precise and transparent way the systematic risk factors impacting it. This methodology allows a proper impact of these shocks on the conditional probability of default of the counterparties of these portfolios and therefore a better evaluation of the capital charge of the bank
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Wang, Teng-sen, and 王謄森. "The Relationships between Human Capital and Real GDP per Capita among Countries." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/81978952397842894740.
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碩士<br>世新大學<br>財務金融學研究所(含碩專班)<br>93<br>Stepping into the 21 century of knowledge economy, the traditional product factor is insufficient to support the economic growth. It seems that human capital brought the innovation of technology is the crucial product factor for the improvement of productivity. And the key way to accumulate human capital stock is education. This empirical study, using cross-country data between 1980 and 1995, discuss the relationships between human capital and real GDP per capita among countries. It shows that average schooling years in the total population aged 25 and over plays the role of proxy variable for human capital in contributing to real GDP per capita. Using the fixed effect model of panel data analysis and spatial error model of spatial econometrics analysis evidence the spatial dependence relationships between human capital and real GDP per capita.
The results find that human capital has a significant positive effect on real GDP per capita in the fixed effect model. Further spatial analysis also proves that existence spatial autocorrelation between human capital economic growth and spillover effect among different countries.
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Tzeng, Huei-Fung, and 曾煇方. "Exploring the Relationship between Human Capital and Political Instability Using GDP per Capita as a Moderator." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/26267284370332372057.
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碩士<br>南台科技大學<br>人力資源管理研究所<br>100<br>This study explored the relationship between human capital and political instability, and tested the moderating effect of economic factors using hierarchical linear model. The major episodes of political violence (MEPV) from Marshall (2011) was used as a proxy variable for political instability; the secondary school enrollment rate from World Bank (Worldbank) was used as a proxy variable for human capital; and GDP per capita from World Bank was used as a proxy variable for economic factors. Data is sampling from 1971 to 2008 including 120 countries and 3986 entries. Ratio of female to male secondary enrollment was put in the first-level regression as a control variable. The results from HLM showed that the slope between the REGAC of MEPV indicators and secondary school enrollment rate is changing according to the value of GDP per capita.
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Feng, I.-ling, and 馮怡鈴. "Further discussion in considering structural break for the long-term relationship between health policy and GDP per capital." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/50497037511096619511.
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碩士<br>國立中山大學<br>高階公共政策碩士班<br>98<br>This paper uses the panel data of 11 OECD countries over a period from 1971 to 2006. Unlike the traditional cointegration model which omitted the impact of structural breaks in the analysis, this paper applies panel cointegration with structural break test proposed by Westerlund (2006), panel unit root test, and panel dynamic OLS test. The empirical results indicate that health care expenditure and economic growth (GDP per capita) are non-stationary in the series; and between the two variables, a long-term cointegration relationship exists. Moreover, a positive correlation between HCE and economic growth is found in the panel dynamic OLS model. The researcher concludes that investing in health capital improves human capital and that boosts economic growth in the sample countries, and vice versa. More importantly, allowing structural breaks in the cointegration analysis obtains reliability in the estimation and proves more detailed and specific information on the consequence of the momentous events on the two variables; and thus enables policy makers and health economists to propose more effective strategies.
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SARRACINO, FRANCESCO. "Social capital, economic growth and well-being." Doctoral thesis, 2010. http://hdl.handle.net/2158/542667.
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Chuang, Yi-Ching, and 莊翌靖. "On the Study for Taiwan’s Counter-Cyclical Capital Buffer-using Credit-to-GDP gap coupled with Expected Loss of Domestic Banks." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/gt343r.
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碩士<br>國立中山大學<br>財務管理學系研究所<br>102<br>This thesis focuses on the research of macroprudential supervision tool which is the mechanism of countercyclical capital buffer in Basel III. First of all, we use Credit-to-GDP gap as the main indicator which is based on BCBS (2010) Guidance for national authorities operating the countercyclical capital buffer, and adopt Chau-jung ,Kuo (2013) AR(1) model to estimate through-the-cycle non-performance rate. Then, we can calculate expected loss of domestic bank which is subsidiary indicator. If expected loss of domestic banks increases, it signal the crisis. We tie in two indicators as the mechanism of countercyclical capital buffer. Second, we refer to Balakrishnan et al. (2009) definition of financial stress index and consider Taiwan’s economy condition to lower the threshold to identify stress episodes. Finally, we test the effect of our approach by financial stress index. The empirical results show that financial stress index can define six periods of high stress in Taiwan which are Asian Financial Crisis, Local Financial Crisis, the Burst of Internet Bubbles, Subprime Mortgage Crisis, the Financial Tsunami and Eurozone Debt Crisis. The mechanism of this thesis can signal at least two seasons and the amount of countercyclical capital buffer before the period of high stress.
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Andrade, José Miguel Ferreira Ramos. "Quais os determinantes do incumprimento do crédito bancário e o seu impacto no produto interno bruto?" Master's thesis, 2015. http://hdl.handle.net/10071/11188.
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JEL Classification System: E30, E32 E44.<br>Esta dissertação tem como objetivo analisar os determinantes do incumprimento do crédito bancário, dividido em empresas e famílias, e ver qual o seu impacto no PIB. Foi elaborado um estudo econométrico sobre os principais determinantes do incumprimento do crédito bancário, com o rácio de crédito vencido das famílias e das sociedades não financeiras e uma inovadora variável o capital disponível dos bancos, estudo com uma periodicidade trimestral e uma duração do primeiro trimestre de 1999 até ao quarto trimestre de 2014.
De todo este estudo econométrico há que realçar que o rácio de crédito vencido das sociedades não financeiras não afeta negativamente a taxa de variação do PIB, assim como o rácio de crédito vencido das famílias. Por sua vez o rácio de crédito vencido das sociedades não financeiras reage negativamente ao capital disponível dos bancos, o que significa que um reforço do capital, há uma diminuição do incumprimento, sendo que nas famílias isto não acontece, não reagindo ao capital disponível dos bancos. O PIB afeta negativamente o incumprimento e as taxas de juro e a taxa de inflação afetam positivamente o incumprimento. Por fim o capital dos bancos afeta positivamente o PIB.<br>This thesis aims to analyze the determinants of default of bank credit, divided into companies and households, and see what its impact on GDP. Was developed an econometric study of the main determinants of bank credit default, with the overdue loans ratio for households and non-financial corporations and an innovative variable capital available from banks, study on a quarterly basis and a length of the first quarter of 1999 to the fourth quarter 2014. All the econometric study it should be noted that the overdue loans ratio for non-financial corporations does not adversely affect the GDP growth rate, as well as the overdue loans ratio for households. In turn non-performing loan ratio for non-financial corporations reacts negatively to the available capital of banks, which means a strengthening of the capital, there is a decrease of non-compliance, and in families, this does not happen, not reacting to the available capital of banks. GDP negatively affects the default and interest rates and the inflation rate positively affect the default. Finally, the capital of banks positively affects the GDP.
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"Research on the Development of Multinational Investment Banks in China." Doctoral diss., 2015. http://hdl.handle.net/2286/R.I.29842.
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abstract: This study investigates three issues that are relevant for the development of multinational investment banks in China. The first is about the domestic market conditions that are necessary for a country to develop multinational investment banks. The second issue is about the degree to which China has met these conditions. The last issue focuses on the potential strategies Chinese investment banks can undertake to become multinational corporations.
To address the first issue, I draw an important distinction between international investment banks and multinational investment banks. For an international investment bank to be regarded as a multinational, I propose that it must have a strong presence (i.e., holding at least one percent of the market share) in at least two of the seven major capital markets in the world. Using this criterion, I identify 25 multinational investment banks. I then analyze their home countries’ domestic market conditions and propose that the following six factors are important to the development of multinational investment banks: the size of the home country’s gross domestic product (GDP), the total capitalization of its domestic security market, the number of its Global 500 firms, the volume of its foreign direct investment (FDI), the internationalization of its currency, and the openness of its capital market to foreign investors.
By comparisons, I find that China’s domestic market conditions are comparable to the home countries of multinational investment banks with respect to the size of GDP, total market capitalization, the number of Global 500 firms, and the volume of FDI. What China lags behind are the internationalization of currency and the openness of capital market to foreign investors. Given the current trends of development, it is very likely that China will be able to catch up on the latter within ten years, thus meeting all the conditions necessary for the development of multinational investment banks.
Based on the above findings, I suggest that Chinese investment banks seize this historical opportunity, speed up the internationalization of their businesses, and learn from the experiences of global industry leaders to become truly multinational corporations.<br>Dissertation/Thesis<br>Doctoral Dissertation Business Administration 2015
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PAVELEK, Milan. "Vývoj produktivity jednotlivých států EU při zohlednění jejich ekonomického vývoje." Master's thesis, 2012. http://www.nusl.cz/ntk/nusl-137045.
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The objective of this thesis is to describe the role of productivity in the economic development states of EU. Work is also trying to discover what factors have an impact on productivity. In this work was evaluated labor productivity, capital producitvity and total factor producitivty. The thesis contains models that consider human capital. It is also used linear regression and dynamic parameters.
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Wei, Tsai Chiao, and 蔡喬薇. "The Investment Performance Research of Taiwan Capital Outflow to Hong Kong: The Influence of Purposes, Investment Tool Categories and Demographic Variables–The Study of Empirical Data From One WealthManagement Institution In Hong Kong." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/16557681746742422026.
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碩士<br>輔仁大學<br>國際創業與經營管理學程碩士在職專班<br>97<br>Keywords: Out Flow, Alternative Minimum Tax, Wealth Management, Multiple Regression Analyses, Invest Performance
Taiwan on December 9, 2005, the Legislative Yuan passed the Third Reading, 2006, the implementation of the minimum tax system (from the basic allowance, 2006), in the particular insurance payment when Wants the guarantor and Dies the beneficiary are not the same persons, the death benefit paid 30 million NTD or more will be calculated as part of the basic personal income in the tax program. Regarding the offshore income greater than 1 million, it will be taxed as personal income after year 2010. In addition, all incomes from the offshore and the relevant international financial business branches account (Offshore Banking Unit referred to OBU), international remittances, and the income from Mainland, Hong Kong and Macao will be inspected for tax.
Due to Offshore income will be taxable in the tax policy after year 2010, a door was opened for the wealthy persons in Taiwan and brought capital transferring heat from 2006 to 2010. In order to mitigate the impact of the minimum tax policy, high assets and high-income taxpayer has already started planning earlier to reduce the tax burden.
This study intended to discuss the impact of Taiwan capital outflow and investors’ capital outflow from institutional and market factors and from demographic variables respectively based on the detailed investments and mainly capital flow to Hong King from Taiwan investor provided by one Hong Kong wealth management consultant company.
The scope of the study includes financial markets and the development of the law in both Taiwan and Hong Kong and understands both the evolution of financial markets and cross-impact in Taiwan and Hong Kong through the documents collection.
This study analyzes statistical data from 231 samples with SPSS V.13.0 statistical software and verify the research hypotheses according to the data analysis results. Samples were described in order and the properties of the samples were realized by description statistical analysis; Inspect the sample distribution by Frequency histogram; Verify whether capital outflow show significant impact on tool selection by Chi square test. Describe the impact on investment performance from capital outflow purpose and investment tool types by one-way ANOVA. And discuss the relationship between variables by multiple linear regression analysis.
The results showed that among the tax avoidance investors, the investment performance from 29-year-old investors is better than it from above 50-year-old investors. The greater total investment amount the investor have, the better performance they get, and the one-time investment performance is better than the investment with regular-fixed amount.
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Maestre, Julio Cesar Leon. "Privatizaçoes em Portugal: Periodo 1997 - 2017." Master's thesis, 2019. http://hdl.handle.net/10316/90352.
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Relatório de Estágio do Mestrado em Administração Público-Privada apresentado à Faculdade de Direito<br>Em 1997, iniciou-se um programa de privatizações pelo governo de Portugal regida por critérios e funções econômicas, como instrumento de redução da dívida pública, impulsionando o mercado de capitais, melhorando a situação financeira da economia. empresas e a competitividade da economia nacional. Seguindo este programa, o estado decidiu privatizar empresas importantes como EDP, CTT, REN, TAP, ANA e GALP.O balanço dos efeitos das privatizações na economia de Portugal é positivo, pois significou uma mudança no mercado de serviços e bens de capital, forçando mudanças profundas na cultura organizacional, melhorando a sua organização e gestão. As privatizações foram de grande ajuda para melhorar a modernização e inovação da economia, empresas como a EDP aumentaram seus níveis de desempenho, modernização e inovação após serem privatizadas. Como resultado das privatizações, foi criado em Portugal um mercado de capitais que se desenvolveu, amadureceu e tornou-se mais credível, sendo necessário que o governo português abra a concorrência e regule o processo de privatização. No entanto, as privatizações não renderam os resultados esperados em outras questões importantes, não ajudou a reduzir a dívida pública e empresas como a Galp e CTT tiveram um declínio no seu desempenho. A economia do Portugal é pequena e aberta, para ser competitiva, precisa de presença nos mercados externos, de forma a alcançar uma economia eficiente e competitiva. O processo de privatização ajuda de forma a seduzir os investidores para que eles invistam no país e consigam uma transformação estrutural na economia e alcancem uma economia estável.<br>In 1997, a privatization program was initiated by the government of Portugal ruled by economic criteria and functions, as a tool to reduce public debt, boosting the capital market, improving the financial situation of the economy, and competitiveness of the national economy. Following this program, the state decided to privatize important companies such as EDP, CTT, REN, TAP, ANA and GALP.The balance of the effects of privatizations on the Portuguese economy is positive, inserted a change in the market for services and capital goods, forcing profound changes in the organizational culture, improving its organization and management. Privatizations helped to improve the modernization and innovation of the economy, companies like EDP increased their levels of performance, modernization and innovation after being privatized. As a result of the privatizations, the capital market in Portugal developed, matured and became more credible, requiring the Portuguese government to open competition and regulate the privatization process. However, the privatizations did not yield the expected results on other important issues, did not help to reduce the public debt and companies like Galp and CTT had a decline in their performance.Portugal's economy is small and open, to be competitive, it needs to be present in foreign markets, in order to achieve an efficient and competitive economy. The privatization process helps to entice investors to invest in the country and achieve a structural transformation in the economy and achieve a stable economy.
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Magomo, Norma Tariro. "Does capital structure theory remain relevant under abnormal macroeconomic environment: the case of Zimbabwean manufacturing firms during the period 2009-2018." Diss., 2020. http://hdl.handle.net/10500/27902.
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The main objective of this study was to test if the applicability of known capital structure theories holds water in abnormal economic environments, in particular, in Zimbabwe. Using secondary data collected for listed manufacturing firms from 2009-2018, results from a fixed effects regression model concluded that profitability, company size, non-debt tax shields, firm liquidity, inflation and GDP were significant in explaining capital structure decisions in Zimbabwe. In the context of South Africa, company size, asset tangibility, firm liquidity and inflation were found to be significant. The pecking order and trade-off theories were the only two theories that were found to be applicable in the Zimbabwean context, and the application of both theories indicated the use of internally generated funds as opposed to external finance sources, such as debt and equity. These results attribute to the abnormality and instability of the Zimbabwean economy, especially with regards to limited access to capital.<br>Business Management<br>M. Com. (Business Management)
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Saleh, Omar. "Essays on foreign aid and macro-economic performance of Sub-Saharan African countries." Thesis, 2019. http://hdl.handle.net/1828/10826.
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Foreign aid is a major flow of income into sub-Saharan African (SSA) countries, averaging roughly 12% of GDP over the last four decades. Yet, SSA countries are characterized by very low per capita output, low human capital attainment, and widespread poverty. This dissertation investigates the macroeconomic and welfare effects of foreign aid to SSA countries. The empirical part of the dissertation studies 22 SSA countries, and uses a cointegrated vector autoregressive analysis (CVAR). This methodology identifies long-run effects without imposing strong statistical priors. I introduce tradable and non-tradable sectors into the analysis to determine if the so-called “Dutch Disease” is the reason for the plight of SSA countries. “Dutch Disease” occurs when a positive shock to foreign aid perversely reduces GDP, by decreasing the relative price of tradable to nontradable goods, thus reducing the size of the tradable sector. While I find that aid reduces GDP in eight countries, this result is inconsistent with the “Dutch Disease” as it is not accompanied by large relative price changes. The analysis controls for a number of country-specific characteristics including extraordinary events. Overall, I find non-positive impacts of foreign aid on GDP and the tradable sector, with a few exceptions. I also consider the reverse causal channel and test whether country-specific macroeconomic variables drive foreign aid flows. I find that GDP, tradable output, and tradable and non-tradable goods prices do affect the amount of aid a country receives in 15 countries. These variables have no impact on foreign aid (aid is considered as weakly exogenous) in six countries.
The theoretical part of the dissertation develops two dynamic stochastic general equilibrium — real business cycle — (DSGE-RBC) models to analyze the effects of foreign aid on human capital investment and the business cycle. The distinguishing feature of the models is to embed a human capital investment in a small open economy model of Mendoza (1991). The first model considers one-sector DSGE model, which is followed by two-sector (tradable and non-tradable) DSGE model. Both models distinguish between physical and human capital investment and allow for labor-leisure choice. In the analysis, labor supply and time spent studying or acquiring skills are optimally chosen. The models are calibrated to match the key features of the Kenyan economy. In both models, a positive aid shock initially has a negative impact on labor supply and output. However, the shock subsequently has a positive effect on physical and human capital investment, and time spent studying. This is due to a positive income effect from the shock. A rise in foreign aid increases consumption; consumption smoothing across periods raises physical and human capital investment, labor productivity, and output. I also find that reducing the volatility of aid has a significant positive effect on human capital investment and welfare. Policymakers should focus on reducing the volatility of foreign aid and not solely concentrate on the average level of aid.
The analysis of the two-sector DSGE-RBC model incorporates the role for the “Dutch Disease” mechanism. Consistent with the “Dutch Disease”, I find that a shock to foreign aid appreciates the relative price of non-tradable goods that causes the factors of production to reallocate from the tradable sector to the non-tradable sector, leading to a decline in GDP and the tradable output. Finding the “Dutch Disease” result here is not necessarily at odds with the CVAR estimation results as the DSGE-RBC simulation is a short-run analysis and the CVAR estimation is a long-run analysis.<br>Graduate
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Chudý, Vít. "Vztah mezi lidským, institucionálním a sociálním kapitálem a ekonomickou výkonností na příkladu evropských regionů." Master's thesis, 2020. http://www.nusl.cz/ntk/nusl-435990.
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This thesis is focused on the description and assessment of the relationships between human, institutional and social capital and the assessment of the effects of capital types on economic performance. After the operationalization of capital types and economic performance that was based on literature research, the relationships were analysed using the example of European regions (specifically NUTS 2). The analysis is focused on the regional differentiation of capital types and economic maturity. It also monitors the relationships between capital types and economic performance. This thesis is based on the latest statistical data from offices and surveys that deal with the quality of the institutional environment or the characteristics of social capital. The characteristics of capital types are shown in maps. For the statistical data analysis, we used factor, correlation and regressive analysis. Keywords: human, social and institutional capital, economic performance, GDP per capita, regional differentiation, European regions NUTS 2
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Bindi, Danilo Castilho Silva. "Quais os determinantes do incumprimento no mercado de crédito bancário brasileiro e seu impacto no Produto Interno Bruto?" Master's thesis, 2018. http://hdl.handle.net/10071/18307.
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Esta dissertação objetiva identificar e analisar os determinantes do incumprimento no
mercado de crédito bancário brasileiro, com segmentação entre os públicos de empresas e
indivíduos, verificar qual a relação destes com o Produto Interno Bruto (PIB) e com a disponibilidade
de capitais por parte dos bancos. Realizei um estudo econométrico, por meio das estimações de
modelos com Vetores Auto Regressivos (VAR), sobre os principais determinantes do incumprimento
creditício, com as taxas de inadimplência das empresas e dos indivíduos e a variável do Índice de
Basileia, como medida para o capital disponível dos bancos, com uma periodicidade trimestral, entre
o primeiro trimestre de 2004 e o quarto trimestre de 2017.
A partir deste estudo foi possível confirmar algumas proposições acerca da relação negativa
entre o ciclo econômico e os rácios de incumprimentos no mercado de crédito, e a influência positiva
das taxas de juros das operações de crédito na determinação do incumprimento, além da
necessidade de os bancos possuírem reservas de capitais suficientes para enfrentarem as diferentes
fases dos ciclos econômicos, e assim não restringirem sua oferta de crédito, mesmo em momentos
de baixo desempenho da economia. Entretanto, há que realçar que os rácio de crédito vencido não
afetam negativamente a taxa de variação do PIB, nem a disponiblidade de capitais dos bancos, tais
verificações se diferenciaram de outros trabalhos acerca do mesmo tema, indicando peculiaridades
no sistema bancário brasileiro, dado que conforme as indicações encontradas, um reforço do capital
dos bancos incorreria em uma diminuição do incumprimento.<br>This dissertation aims to identify and analyze the determinants of the default on the Brazilian
banking credit market, with segmentation between companies and individuals, and to verify the
relationship among the Brazilian Gross Domestic Product and the availability of bank capital. I carried
out an econometric study, trough the estimations of Vetor Auto Regressive (VAR) models, on the main
determinants of credit default rates on corporations and individuals, and the Basel Index as a measure
for the available capital of banks, on a quarterly basis between the first quarter of 2004 and the fourth
quarter of 2017.
From this study it was possible to confirm some propositions about the negative relation
between the economic cycle and the credit default ratios, and the positive influence of the interest
rates of the credit operations in determining the default, besides the need of the banks have sufficient
capital reserves to face the different phases of economic cycles, and thus do not restrict their supply of
credit, even in times of low economic performance. However, it should be noted that the ratio of past
due loans does not negatively affect the rate of change of GDP, nor the availability of banks' capital,
such checks differed from other studies on the same subject, indicating peculiarities in the Brazilian
banking system, since according to the indications found, a strengthening of the banks' capital would
lead to a reduction in default.
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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.<br>Economics<br>M. Com. (Economics)