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Dissertations / Theses on the topic 'Real sector of economy'

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Published: 28 May 2022

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1

Мирошниченко, Юлія Олександрівна, Юлия Александровна Мирошниченко, Yuliia Oleksandrivna Myroshnychenko, and Bondar A. V. "CSER standards as a basis for combating cor-ruption in companies of the real sector of the economy: stakeholder approach." Thesis, Morrisville, Lulu Press, 2017. http://essuir.sumdu.edu.ua/handle/123456789/68009.

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The article is devoted to the problem of implementation CSER standards as a basis for combating corruption in Ukrainian companies of the real sector of the economy. Much attention is given to ISO 37001, ISO 26000 and peculiarities of the implementation of the Compliance Policy.
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2

Dogan, Aydan. "Two sector models of the real exchange rate." Thesis, University of Kent, 2016. https://kar.kent.ac.uk/54747/.

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This thesis consists of three self contained chapters. In the first chapter, we re-assess the problem of general equilibrium models in matching the behaviour of the real exchange rate. We do so by developing a two country general equilibrium model with non-traded goods, home bias, incomplete markets and partial degrees of pass through as well as nominal rigidities both in the goods and labour markets. Our key finding is that presenting an encompassing model structure improves the performance of the model in addressing the persistence of the real exchange rate and its correlation with relative consumption, but this improvement is at the expense of failing to replicate some other characteristics of the data; where the model does a good job at explaining the failure of international risk sharing and generates substantial real exchange rate persistence, it fails to match several other observed business cycle features of the data, such as the volatility of real exchange rate and consumption. In the second chapter of the thesis, we study the importance of the extensive margin of trade for the UK export dynamics. During the great recession, UK exports fell by around 8% with respect to their trend, more than a standard general equilibrium model would predict. In this paper, we ask whether an estimated two country DSGE model with extensive margin of trade can explain this drop and the main business cycle features of the UK economy. The extensive margin improves the overall performance of the model, but cannot improve substantially on replicating the behaviour of exports. Much of the trade collapse during the great recession can be explained by a shock to export entry costs associated with tighter financial conditions. Understanding the trade balance dynamics has a central role in studies of emerging market business cycles. In the last chapter, we investigate the driving sources of emerging market trade balance fluctuations by developing a two country, two sector international real business cycle model with investment and consumption goods sectors. We estimate the model for Mexico and US data and find that a slowly diffusing permanent investment specific technology shock that originates in the US accounts for most of the trade balance variability in Mexico. This shock is also the key driver of business cycle fluctuations in Mexico.
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3

Cermeño, Rodolfo. "Caída del ingreso real, recesión del sector moderno y expansión del sector informal: un enfoque microeconómico." Economía, 2012. http://repositorio.pucp.edu.pe/index/handle/123456789/117766.

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4

Blum, David, Klaus Federmair, Gerhard Fink, and Peter Haiss. "The Financial-Real Sector Nexus. Theory and Empirical Evidence." Forschungsinstitut für Europafragen, WU Vienna University of Economics and Business, 2002. http://epub.wu.ac.at/196/1/document.pdf.

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Without doubt a well-developed financial sector is related to efficient resource allocation and growth, but there is modest consensus on the direction of that link, on the notion of what is meant by "well developed", on which subset of the financial market is crucial and thus which organisational set-up provides optimal returns for both architects and market participants alike. With sluggish growth, torn down market barriers and systemic change in the EU accession countries the direction, magnitude, sustainability, institutional set-up of the finance-growth nexus (and which), becomes one of the core issues of both macroeconomic theory and practice. This paper reviews the economic theory available, provides a well structured overview of 54 empirical studies conducted since 1964, sets the stage for constructing a data base encompassing the major three segments of financial markets (stock, bond and bank credit) and provides the methodological background for combining cross-country production function and time-series approaches in order to answer the following questions: (1) What is the direction of the finance-growth nexus, (2) which segment of the financial sector drives whatever nexus there is, and (3) what are the features of a growth supportive financial architecture.
Series: EI Working Papers / Europainstitut
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5

Vasilev, Aleksandar Zdravkov. "Essays on real business cycle modeling and the public sector." Thesis, University of Glasgow, 2013. http://theses.gla.ac.uk/4286/.

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This thesis is composed of three core chapters on modern dynamic macroeconomics, which study different aspects of the public sector labor market in a large EU economy with significant public employment share and a non-trivial public sector wage premium over the private sector labor compensation. The study in this dissertation adds to earlier research by incorporating endogenous government hours and wages in the model framework and argues that the presence of a sizable public sector labor market in European economies generates significant interaction with the private sector labor and capital markets. In addition, the presence of interest groups (labor unions, government bureaucracy), as well as other labor market frictions in the public sector, is shown to be an important element of the analysis when discussing fiscal policy reforms. Motivated by the highly-unionized public sectors, the high public shares in total employment, and the public sector wage premia observed in most post-WWII European economies, Chapter 1 examines the role of public sector unions in a general equilibrium framework. A strong union presence in a large non-market sector is shown to be relevant for both business cycle fluctuations and for the welfare effect of fiscal regime changes. To this end, an otherwise standard real-business-cycle (RBC) model is augmented with a public sector union optimization problem. The resulting theoretical setup generates cyclical behavior in government hours and wages that is consistent with data behavior in an economy with a highly-unionized public sector, namely Germany during the period 1970-2007. The main findings of Chapter 1 are: (i) the model with a public sector union performs reasonably well vis-a-vis data; (ii) overall, the public sector union model is a significant improvement over a similar model with exogenous public sector employment; (iii) endogenously-determined public wage and hours add to the distortionary effect of contractionary tax reforms and produce significantly higher welfare losses. Additionally, the union model requires greater changes in tax rates to achieve a pre-specified increase in tax revenue compared to an equivalent model with exogenous public sector hours. Thus, endogenous public sector hours and wages in the setup are shown to be quantitatively important for public policy evaluation. Ignoring the positive co-movement between public and private hours and wages leads to a significant underestimation of the welfare effect of fiscal regime changes. Chapter 2 characterizes optimal fiscal policy and evaluates it relative to the exogenous (observed) one. Motivated by the high public employment, and the public wage premia observed in the major European economies, a Real-Business-Cycle model, calibrated to German data (1970-2007), is set up with a richer government spending side, and an endogenous private-public sector labor choice. To illustrate the effects of fiscal policy on sectoral allocation of hours, public wage rate determination and the provision of labor-intensive public services, two regimes are compared and contrasted to one another - exogenous vs. optimal (Ramsey) policy case. The main findings from the computational experiments performed in Chapter 2 are: (i) The optimal steady-state capital tax rate is zero, as it is the most distortionary tax to use; (ii) A higher labor tax rate is needed in the Ramsey case to compensate for the loss in capital tax revenue; (iii) Under the optimal policy regime, public sector employment is lower, but government employees receive higher wages; (iv) The benevolent Ramsey planner provides the optimal amount of the public good, and substitutes labor for capital in the input mix for public services and private output; (v) The government wage bill is smaller, while public investment is three times higher than in the exogenous policy case. Lastly, the thesis tries to delve into the hierarchical structure of public employment service and addresses the problem of rent-seeking in the public sector by government bureaucrats. Chapter 3 studies the wasteful effect of bureaucracy on the economy by addressing the link between rent-seeking behavior of government bureaucrats and the public sector wage bill, which is taken to represent the rent component. In particular, public officials are modeled as individuals competing for a larger share of those public funds. The theoretical model used is calibrated to German data for the period 1970-2007. The analysis then extends to the other major EU economies as well. To illustrate the effects of fiscal policy on rent-seeking, the exogenous and the optimal (Ramsey) policy cases are compared and contrasted to one another. The main findings of Chapter 3 are: (i) Due to the existence of a signicant public sector wage premium and the large public sector employment, a substantial amount of working time is spent rent-seeking, which in turn leads to significant losses measured in terms of aggregate output; (ii) The measures for the rent-seeking cost obtained from the model for the major EU countries are highly-correlated to indices of bureaucratic ineficiency; (iii) Under the optimal fiscal policy regime, steady-state rent-seeking is smaller relative to the exogenous policy case. The benevolent government invests more in public capital, sets a higher public wage premium, but chooses much lower public employment, thus achieving a decrease in rent-seeking.
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6

Wong, Chun Wa. "The onset of the East Asian economic crisis : a real sector approach." HKBU Institutional Repository, 2001. http://repository.hkbu.edu.hk/etd_ra/277.

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7

Zimmermann, Haidi Andiara. "Análise das exportações de vinhos brasileiros pós-Plano Real." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2008. http://hdl.handle.net/10183/132983.

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As rápidas e abrangentes mudanças nos mercados mundiais e regionais de vinhos, com significativos impactos sobre algumas vinícolas, estimularam a realização deste estudo. O objetivo central é analisar as exportações de vinhos brasileiros pós-plano real, a atuação das empresas vinícolas no mercado internacional de vinhos bem como as estratégias e perspectivas do setor. A globalização e a formação de novos mercados como o Mercado Comum do Sul (Mercosul), União Européia e ALCA, afetaram, de forma direta ou indireta, as estratégias do setor. As ações estratégicas também foram moldadas e seus retornos influenciados pelo ambiente e cultura do país. Com relação ao conteúdo das estratégias, cabe ressaltar que as estratégias de produtos e produção tiveram comportamento semelhante em todas as vinícolas participantes da pesquisa; quanto às alianças estratégicas, constata-se que oito delas realizaram algum tipo de aliança. Também foi possível detectar que todas as estratégias estão inter-relacionadas, tendo em vista os objetivos do setor de vinhos. Pôde-se concluir que, o setor está em processo de implementação do Plano de Desenvolvimento Estratégico “Visão 2025”.
The fast and wide-ranging changes in wine local and world market as well as its significant impact on some wineries, have encouraged this study. The main objective is the analysis on exports of Brazilian wines after the so called ‘Plano Real’, the government’s economical-financial plan, the analysis of performances on international wine markets, strategies and perspectives for the sector. Globalization and formation of new markets as the Mercosul - Southern Common Market, EU - European Union and, FTTS, Free Trade Area of Americas have directly or indirectly affected strategies on the sector. Strategical actions have also been adapted and its incomes influenced by the environment and culture of the country. About the contents of strategies it is worth mentioning that strategies for products and production were similar in all wineries. As for strategical alliances, eight of the wineries have taken part on any. It was also possible to detect that all the strategies are inter-related, given the objectives of the wine sector. We could conclude that the sector is implementing the Strategical Development Plan ‘Visão 2025’ which is being elaborated by the winery sector.
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8

Rubino, Chiara. "Aid, the public sector and the real exchange rate : the case of Indonesia." Thesis, University of Warwick, 1997. http://wrap.warwick.ac.uk/108481/.

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In 1965 the New Order Government took office in Indonesia, following years of severe economic turmoil. Since then the Indonesian economy has performed well, owing much to large oil export revenues and appropriate economic policies. This thesis presents a study of the Indonesian economy focused on three main themes: aid, the public sector and the real exchange rate (RER). In particular, we emphasise aid effectiveness on fiscal behaviour and on the RER. The thesis is organised in five chapters. Chapter 1 presents a synthetic overview of the main episodes in Indonesian economic history. Chapter 2 reviews theoretical and empirical issues on aid. Chapter 3 presents a dynamic model of government behaviour aimed at assessing aid’s impact on fiscal budget and on other real variables in the Indonesian economy. Following Heller’s seminal contribution (1975) and White’s new insights (1993), we insert the government sector into a simple macroeconomic framework: a constrained utility maximising framework which allows for feedback effects through higher income and dynamic linkages. The model is tested for the Indonesian case over the period 1968-93 and the estimated parameters are used to carry out a simulation exercise. We conclude with a positive assessment of aid giving, provided it is given in loans. Loans are found to encourage tax collection, public and private investment and consumption. Exchange rate management has played a significant role in Indonesia as an instrument to ensure competitiveness during and after the oil boom. Chapter 4 analyses the behaviour of the RER for the Indonesian rupiah and offers a theoretical and statistical background. Unit root testing has been extensively used to test for stationarity. We have consistently rejected the hypothesis of RER stationarity, except in those cases in which the full sample series have been used and/or two breaks have been allowed. Chapter 5 presents a modelling approach to RER determination. Following Edwards (1989), we present an econometric model of the RER and develop an extension of it in terms of the Error Correction Mechanism (ECM). Central to the analysis is the role of fundamentals, in particular aid and the price of oil, in determining the RER. The estimated parameters are then used to construct the equilibrium RER in order to study RER misalignment. Simulations are also carried out to investigate the impact of exogenous shocks and policy options on the RER. Results show that the Indonesian RER suffered from misalignment especially during the oil boom and until the early 1990’s. We also find that aid and the real price of oil do matter: both act as fundamental determinants of RER behaviour and contribute to RER stability, a finding confirmed by the simulation exercise. Interestingly, aid and government consumption appear to influence in differences and not in levels the RER.
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9

Chiwele, Dennis Kaputo. "Stabilisation, the real wage, employment and welfare : the case of Zambia's formal sector employees." Thesis, University of Sussex, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.358175.

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According to orthodox theory, a key objective of stabilisation policies is to raise the relative price of tradeables to that of nontradeables. This should lead to a relative expansion of tradeables production. The factors of production that would benefit most are those intensively utilised in the expanding (tradeables) sector. Where nontradeables are more labour intensive, the real consumption wage will fall with the implementation of stabilisation policies. This prediction is tested in this thesis within the context of Zambia's effort to adjust its economy in the 1980s. Applying a Stolper-Samuelson-Rybczynski (SSR) model, it is concluded that stabilisation policies did indeed result in the fall of the real wage. This finding is in line with the experience of other countries, suggesting that real wages were more flexible than would be justified by concerns of orthodox theorists. However, it is shown that the responsiveness of employment to variations in the real product wage was statistically insignificant. Furthermore, despite the fact that the real product wage of tradeables relative to nontradeables moved in the desired direction, the expected relative rise in tradeables employment failed to occur. This demonstrates the ract that getting the prices right may not always be a sufficient condition for labour reallocation. The rapid fall in the real consumption wage made it difficult for an average formal sector household to meet its nutritional needs. These households could be classified as poor by the end of the 1980s. Workers responded by moonlighting, engaging in corrupt practices and allowing their households to increase their labour participation. The adverse effects associated with such survival strategies demonstrate the limit to which a government could rely on real wage flexibility in macroeconomic adjustment.
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10

Семеног, Андрій Юрійович, Андрей Юрьевич Семеног, and Andrii Yuriiovych Semenoh. "Проблеми взаємодії банківських фінансових установ та підприємств реального сектору економіки України." Thesis, Тернопільський національний економічний університет, 2010. http://essuir.sumdu.edu.ua/handle/123456789/63928.

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Досліджено проблеми взаємодії банківських фінансових установ та підприємств реального сектору економіки України. Визначено наявність ознак відірваності фінансового сектору від потреб реального сектора економіки.
The problems of interaction of bank financial institutions and enterprises of the real sector of the economy of Ukraine are decribed. There are defined signs of detachment financial sector from the needs of real sector of economy.
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11

Rolo, Diogo Filipe de Barros. "The Relationship Between the Stock Markets and the Real Economy: The Informative Role of the Stok Maeket Sectors." Dissertação, Faculdade de Economia da Universidade do Porto, 2008. http://hdl.handle.net/10216/13935.

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Rolo, Diogo Filipe de Barros. "The Relationship Between the Stock Markets and the Real Economy: The Informative Role of the Stok Maeket Sectors." Master's thesis, Faculdade de Economia da Universidade do Porto, 2008. http://hdl.handle.net/10216/13935.

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13

Muzulu, Joseph. "Real exchange rate depreciation and structural adjustment : the case of the manufacturing sector in Zimbabwe (1980-1991)." Thesis, University of Sussex, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.336181.

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14

Terra, Fábio Henrique Bittes. "A dívida líquida do setor público no Brasil pós-real : uma interpretação keynesiana." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2011. http://hdl.handle.net/10183/36100.

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A dívida líquida do setor público apresentou um notável crescimento no Brasil desde 1995, quando a estabilização monetária na era do Real passou a ser uma realidade. Quais foram os condicionantes da dinâmica do endividamento público no Brasil pós-Real? Responder essa questão é o objetivo deste trabalho. Norteará o alcance deste objetivo a hipótese de que o crescente endividamento deveu-se aos excessivos gastos financeiros incorridos pelo setor público brasileiro em função do modo de condução da política monetária, tanto no período em que o regime monetário era a âncora cambial (de julho de 1994 a janeiro de 1999) quanto após a instituição do Regime de Metas para a Inflação (julho de 1999 em diante). Para interpretarem-se as contas públicas brasileiras e conceberem-se os gastos financeiros como causadores do crescente endividamento público, este trabalho terá como referencial a teoria de John Maynard Keynes, desde sua concepção das economias monetárias de produção enquanto unidades orgânicas até as suas prescrições de política econômica. Não obstante, o norte teórico será complementado pelos autores da perspectiva pós-keynesiana. Nesse particular, destaque será conferido à Hyman Minsky e sua Hipótese de Fragilidade Financeira, a partir da qual se desenvolve o Índice de Fragilidade Financeira do Setor Público Brasileiro, que será aplicado para se aferir a posição ocupada pelas finanças públicas brasileiras entre 1995 e 2009. As conclusões do trabalho apontam para a necessidade de se instituir um novo padrão de operacionalização das políticas econômicas em que, por um lado, a política monetária seja conduzida de um modo tal que leve à redução dos gastos financeiros, e, por outro lado, que os gastos públicos em investimentos sejam elevados, a bem das criações tanto de um orçamento público equilibrado de forma intertemporal quanto, e principalmente, de um ambiente institucional propício ao investimento privado, fundamental à geração de emprego, renda e riqueza novas.
The public sector’s net debt in Brazil has showed a remarkable growth in Brazil since 1995, immediately after the period in which the monetary stability, based on Real, became a reality. What are the determinants of the public debt’s during the Brazilian Real era? Providing an answer for this question is the main objective of this thesis. In order to achieve this goal, we formulate the hypothesis that increasing public debt was due to excessive financial costs incurred by the Brazilian public sector in the way of conducting monetary policy, both in the period when the monetary regime was the exchange anchor (July 1994 to January 1999) and after the institution of the Inflation Targeting Regime (since June 1999). To analyze the figures of the Brazilian public sector and to show that there is a relationship between the financial costs and the growing of public debt we will explore the theory of John Maynard Keynes, more specifically, his conception related to the monetary economies of production as an organic system and his economic policies prescriptions. Moreover, our theoretical framework will also explore the arguments and theories of some post-Keynesian economists, in particular Hyman Minsky and his Financial Fragility Hypothesis (FFH). The Minsky`s FFH is adapted to the Brazilian public sector and, as a result, it is elaborated a Financial Fragility Index for the Brazilian Public Sector. This Index measures the Brazilian sector public performance between 1995 and 2009. As a conclusion, on the one hand, it suggests that the monetary policy has to be operated in such a way that leads to a reduction in financial expenses of the Brazilian public sector. On the other hand, the economic policy, especially fiscal policy, must be implemented to create a favorable institutional environment to the private investment, which it is essential to expand the levels of employment, income and wealth, and balance, intertemporaly, the public budget.
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Чечетова, Н. Ф. "Ризики комерційних банків при наданні кредитів у реальний сектор економіки." Thesis, Українська академія банківської справи Національного банку України, 2007. http://essuir.sumdu.edu.ua/handle/123456789/60564.

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16

Nunes, Sylvia Renata Pereira Aragão. "Determinantes do crescimento das gestoras independentes de recursos no Brasil, pós plano real." reponame:Repositório Institucional do FGV, 2009. http://hdl.handle.net/10438/4211.

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The dissertation aimed to identify the main macroeconomic aspects that influence the Asset Management segment in Brazil, a sector which presented a great improvement in the last decade. The method applied was quantitative, using the multiple linear regressions and stood on a data base with 15 macroeconomic variables of the Brazilian economy. The period of analysis was of 14 years (from 1994 to 2008). Because of this study focus, it was necessary to review the literature related to the main changes of the economy and financial sector of the country. Through the analysis, it was possible to realize how high is the correlation among the variables studied and identify which of them influence most in the number of Assets in the brazilian market are: banks; volume of savings deposits and inflation expectation.
A dissertação objetivou identificar os principais determinantes que exercem influência no número de gestoras independentes de recursos de terceiros (Assets) em funcionamento no Brasil, um segmento que apresentou franco crescimento na última década. O método de análise empregado foi quantitativo, utilizando o modelo de regressão linear múltipla, e teve, como base de dados analisados, dados históricos de 15 variáveis macroeconômicas da economia brasileira. O período analisado contempla 14 anos (de 1994 a 2008). Dado o enfoque deste trabalho, considerou-se necessária uma revisão das principais mudanças ocorridas na economia e no setor financeiro do país, bem como seus reflexos nas taxas de juros, níveis de poupança, endividamento interno e externo e no setor bancário. Através da análise realizada foi possível perceber, através do emprego da análise de correlação, que as variáveis macroeconômicas são altamente relacionadas entre si, bem como identificar que as principais variáveis que têm impacto no mercado de Assets em funcionamento são: bancos em funcionamento no país; volume de recursos depositados em poupança e expectativa de inflação.
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Lewis, Andrew (Andrew Michael). "Using Stochastic Optimization and Real-Options Models to Value Private Sector Incentives to Invest in Food Protection Measures." Thesis, North Dakota State University, 2006. https://hdl.handle.net/10365/29905.

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Agro-terrorism has become a major concern since the September 11, 2001, terrorist attacks due to characteristics that create unique problems for managing the threat of an agro-terrorist attack. The costs of trucking delays alone were in the tens of millions of dollars. Over the last few years, the government has spent billions of dollars on biological surveillance and record keeping in preventing potential attacks. Several public and private initiatives are currently in use. Examples include 1) the bio-terrorism regulation of 2004 on maintenance of records; 2) establishment of food protection centers for research and teaching excellence; and 3) investments in emerging technology, such as radio frequency monitoring (RFEM) technology, with the potential to track shipments and provide real-time data that can be used to prevent agro-terrorism risks along food supply chains. This thesis addresses the costs and risk premiums associated with alternative tracking strategies, where and when along the milk supply chain these strategies will reduce the most risks, and what policy implications are associated with the most costeffective tracking strategy. To accomplish these objectives, stochastic optimization is used to determine the costs and risk premiums of alternative tracking strategies. Next, the realoptions method along with a portfolio of options, also referred to as the "tomato garden" framework, is used to determine where and when alternative intervention strategies should be implemented to reduce the most risks. Finally, policy implications are derived on the cost-risk tradeoffs, probability of attacks, and containment efforts if there is an attack by using game theory to determine the incentives needed to motivate participants in the milk supply chain to invest in security measures.
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18

Lewis, Andrew Michael. "Using Stochastic Optimization and Real-Options Models to Value Private Sector Incentives to Invest in Food Protection Measures." Thesis, North Dakota State University, 2006. https://hdl.handle.net/10365/29905.

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Agro-terrorism has become a major concern since the September 11, 2001, terrorist attacks due to characteristics that create unique problems for managing the threat of an agro-terrorist attack. The costs of trucking delays alone were in the tens of millions of dollars. Over the last few years, the government has spent billions of dollars on biological surveillance and record keeping in preventing potential attacks. Several public and private initiatives are currently in use. Examples include 1) the bio-terrorism regulation of 2004 on maintenance of records; 2) establishment of food protection centers for research and teaching excellence; and 3) investments in emerging technology, such as radio frequency monitoring (RFEM) technology, with the potential to track shipments and provide real-time data that can be used to prevent agro-terrorism risks along food supply chains. This thesis addresses the costs and risk premiums associated with alternative tracking strategies, where and when along the milk supply chain these strategies will reduce the most risks, and what policy implications are associated with the most costeffective tracking strategy. To accomplish these objectives, stochastic optimization is used to determine the costs and risk premiums of alternative tracking strategies. Next, the realoptions method along with a portfolio of options, also referred to as the "tomato garden" framework, is used to determine where and when alternative intervention strategies should be implemented to reduce the most risks. Finally, policy implications are derived on the cost-risk tradeoffs, probability of attacks, and containment efforts if there is an attack by using game theory to determine the incentives needed to motivate participants in the milk supply chain to invest in security measures.
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19

Носенко, М. С. "Відносини банківського та реального секторів економіки регіону в контексті розвитку іпотечного кредитування." Thesis, Українська академія банківської справи Національного банку України, 2010. http://essuir.sumdu.edu.ua/handle/123456789/61765.

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Відносини банківського та реального секторів економіки, що відбуваються на іпотечному ринку, мають важливе значення для розвитку регіону. Іпотечне кредитування промислових підприємств дає змогу спрямувати потоки інвестиційних ресурсів у будівництво і перепланування виробничих будівель, споруд і приміщень, в оновлення і модернізацію виробничих потужностей підприємств. Це сприяє створенню нових виробництв, підвищенню якості та конкурентоспроможності продукції на внутрішньому і зовнішньому ринках.
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20

Лунякова, Н. А. "Теоретичні основи кредитного раціонування." Thesis, Українська академія банківської справи Національного банку України, 2012. http://essuir.sumdu.edu.ua/handle/123456789/59426.

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Проблема раціонування кредитів є актуальною і постійно знаходяться в полі зору вітчизняних та зарубіжних учених. Раціонування кредиту або, інакше кажучи, надання кредиту в обмежених обсягах є засобом найбільш ефективного використання наявних резервів банку в умовах, коли його ресурси (у тому числі, ресурси центрального банку) незначні, у країні є невеликий оборотний капітал, але в той же час існує великий попит на банківський кредит. У світовій практиці раціонування кредиту мало місце, так у травні 1952 р. в США була розпочата “Програма добровільного обмеження кредитування”.
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21

Fazal, Fatema. "The urban development in Dubai : A descriptive analysis." Thesis, Uppsala University, Department of Economics, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-88550.

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The aim of this paper is to analyse the urban development in Dubai by means of the fourquadrant model, presented by DiPasquale and Wheaton, which represents the market for real estate use and assets. The focus is on factors such as economic growth, access to oil, population growth and the incentive of the government to promote developments in Dubai, to study how they affect the real estate market. It is observed how all these factors contribute to the expansion of the construction sector and thereby the stock of space. However, because Dubai's economy is independent of the oil sector, access to oil is solely assumed to contribute to a higher amount of disposable capital and therefore does not have any upward pressure on the rent and the price level as the remaining factors.

 

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22

Yang, Juan. "Three essays on monetary policy, the financial market, and economic growth in the U.S. and China." [College Station, Tex. : Texas A&M University, 2006. http://hdl.handle.net/1969.1/ETD-TAMU-1030.

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23

Poltash, Alex. "Repealing Section 1031: The Economic Impact." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1280.

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The purpose of this paper was to assess the impact of a modification and or repeal of section 1031 in the U.S. Tax code. Specifically, this paper focused on a "revenue-neutral" repeal effect in which the additional proceeds from the repeal of section 1031 would go towards decreasing the corporate income tax rate. Overall, the treasury would remain neutral. The implications of this potential repeal were wide. The macroeconomic effect on the economy appeared to be negative, all other things being equal. GDP is predicted to fall by .11% each year. Additionally, Investment will be negatively affected with the decreased liquidity of "exchangeable" assets due to longer holding periods of these assets. Investors should expect to hold these assets longer to decrease their effective tax rate over the life of the investment. Investment is predicted to decline by $7 billion. Real Estate will be the industry that will ultimately be affected the most by a repeal situation as the real estate sector uses like-kind exchanges more frequently than in any other industry. Overall, we can expect to see small declines in macroeconomic factors due to the repeal of this provision that has been benefiting investors for decades.
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Santos, Maria Salomé de Oliveira Alves Garcia. "Avaliação do impacto da crise de 2009 nos sectores de construção e do imobiliário." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/10458.

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Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais
A economia portuguesa enfrenta uma profunda crise económica e financeira. Os setores da construção e do imobiliário são fundamentais para a dinamização do crescimento da economia e evidenciam elevada importância no que concerne aos níveis do emprego e do investimento. O objetivo deste trabalho é avaliar o impacto da crise de 2009 nos setores da construção e no setor imobiliário. Com este objetivo, procedeu-se à análise de um conjunto de variáveis e indicadores económicos e financeiros no âmbito do setor da construção e do setor imobiliário. Com este procedimento pretendeu aferir-se o modo como estes setores foram afectados com a crise, avaliar se as repercussões da mesma foram sentidas de igual modo e no mesmo período temporal em ambos os setores, bem como permitir concluir acerca da existência, ou não, de um cenário menos gravoso no setor imobiliário. Por fim, conclui-se que, devido às características da atividade da construção, o impacto da crise neste setor foi bastante mais penalizador que para o setor imobiliário e para a totalidade das atividades económicas. Pode aferir-se que este setor se encontra em contracção e com tendência continuada de diminuição da sua expressividade. No que concerne ao setor imobiliário confirmou-se a existência de alguns indícios pontuais de ligeira retoma.
The Portuguese economy faces a deep financial and economic crisis. The construction and the real estate sectors are basics to the dynamization and growth of the economy and represent high importance concerning the employment level and the investment. The purpose of this work is to evaluate the impact of the 2009 crisis in the construction and the real estate sectors. To this end, we proceeded to the analysis of a set economic and financial variables and indicators in the scope of the construction and the real estate sectors. With this procedure we intended to survey how these sectors had been affected by the crisis, evaluate if the repercussions were felt equally and in the same period in both sectors, as well as allowing to conclude about the existence, or not, of a less onerous scene in the real estate sector. Finally, we conclude that, due to the characteristics of the construction activity, the impact of the crisis penalizes much more this sector than the real estate sector or even the totality of the economic activities. It can be surveyed that this sector finds itself in contraction and with continued trend to reduce its expressivity. With respect to the real estate sector it was confirmed the existence of some punctual evidences of slight retake.
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25

Huber, Kilian. "Finance and the real economy." Thesis, London School of Economics and Political Science (University of London), 2018. http://etheses.lse.ac.uk/3730/.

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This thesis studies the interaction between the financial sector and the real economy. Chapter 1 analyzes how lending cuts by banks affect firms. I identify an exogenous lending cut by a large German bank and examine the growth of firms and counties dependent on this bank. Firms directly exposed to reduced bank lending grew more slowly. On average, firms suffered when many other firms in their county experienced decreased bank lending, because of lower aggregate demand and agglomeration spillovers. The effects of the lending cut persisted after lending had resumed. Innovation and productivity fell, consistent with the persistent effects. Chapter 2 investigates the effect of house prices on household borrowing using administrative mortgage data from the UK. The chapter develops an empirical approach that exploits individual house price variation coming from the timing of refinancing events around the Great Recession. There is a clear and robust effect of house prices on borrowing. The effect can largely be explained by households using the value of their house as collateral. Chapter 3 focuses on financial institutions. How changes in bank size affect the real economy is an important question in the design of financial regulation. This chapter studies a natural experiment from postwar West Germany. Reforms by the Allied occupiers led to increases in the size of a number of banks. I estimate the effect of increased bank size on the growth of firms. The results suggest that firms did not benefit when their banks became larger. The findings are inconsistent with theories that argue the real economy benefits from increases in bank size. There is evidence that big banks are worse at processing soft information and take more risks. Big banks receive more mentions in the media, which could be an incentive for banks to become big.
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Петрова, К. В. "Моделювання трансмісії системного фінансового ризику на реальний сектор економіки країни." Master's thesis, Сумський державний університет, 2020. https://essuir.sumdu.edu.ua/handle/123456789/81571.

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У роботі досліджено передумови утворення системних ризиків, існуючі підходи щодо моделювання трансмісії системних ризиків на реальний сектор економіки країни. В ході проведення дослідження розроблено векторну модель коригування помилки впливу системних ризиків на індикатори реального сектору економіки країни.
The paper examines the prerequisites for the formation of systemic risks, existing approaches to modeling the transmission of systemic risks to the real sector of the economy. In the course of the research, a vector model of error correction of the impact of systemic risks on indicators of the real sector of the country's economy was developed.
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27

Gstach, Dieter, and Thomas Grandner. "Restricted immigration in a two-sector economy." Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 1998. http://epub.wu.ac.at/358/1/document.pdf.

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This paper deals with income redistribution and fiscal effects caused by immigration in a two-sector economy with fixed capital endowments. We consider immigration under political control into one sector only, guided by the stylized fact that empirical immigration distributions often appear highly unequal. A distinguishing feature of the present model are changing relative good prices which are ruled out in related single sector models but typically also in open economy type of models. Thus even pure wage earners may win from immigration. The political support for immigration therefore crucially depends on relative sector size. Furthermore the necessary tax-rate to finance the transfer system may decrease as result of immigration. We also demonstrate that decreasing relative productivity of the open sector is accompanied by decreasing support for immigration. (authors' abstract)
Series: Department of Economics Working Paper Series
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28

Kasperick, John P. "Prices, money and the real economy." Thesis, Montana State University, 1991. http://etd.lib.montana.edu/etd/1991/kasperick/KasperickJ1991.pdf.

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This thesis examines the effects of output price surprises, energy price surprises, and money surprises on aggregate real economic activity for the years 1948-1988. Three measures of real activity are utilized; the unemployment rate, the log value of output, and the log value of private employment. Both M1 and M2 definitions of money are employed. Model 1 is first developed, which is a replication of Gray and Spencer's 1990 study. From this a reexamination of the empirical role of output price surprises, energy price surprises, and a natural rate measure in determining the level of real aggregate activity is undertaken. Next, Model 2 is developed which includes money surprises along with the various other independent variables in determining real economic activity. Non-linear three stage least squares is the estimation technique employed in estimation of both models. We find that output price surprises are positively and significantly correlated with aggregate real economic activity. Energy price surprises are insignificant in determining real activity. Money surprises, when included with the other explanatory variables, are found to have no direct effect on real activity but operate indirectly through prices. Finally, not much variation in unemployment is explained by the variables of interest.
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29

Bredin, Donal Patrick. "Asset returns and the real economy." Thesis, University of Newcastle Upon Tyne, 2000. http://hdl.handle.net/10443/972.

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This thesis presents an empirical investigation of the behaviour of financial markets and also the relationship on the real economy. The thesis will focus on Ireland, a small open economy with increased dependence on international developments. Two important aspects of the Irish economy, the term structure of interest rates and impact of exchange rate volatility, will be analysed. The motivation for the analysis of the term structure of interest rates in part I is two fold. Central banks can control very short-term interest rates, but of course the real economy will only really be affected by the long-term interest rate. Therefore the transmission mechanism from monetary policy to the real economy will depend on the relationship between short-term interest rates and long-term interest rates, i.e. the term structure of interest rates. The second important issue is that of market efficiency, and whether asset prices and returns are correctly valued by the market. A number of different interest rate maturities will be used to test the Expectations Hypothesis (EH) of term structure. The EH will also be tested assuming constant and time varying term premia. The results give support for the EH, and fmd no evidence of a time varying term premium. Given the recent extraordinary growth in the share of Irish exports in GDP, the impact of exchange rate volatility on Irish exports is analysed in part 2. The moti vation behind part 2 is to test whether the resulting monetary union will lead to a rise in exports, as a result of the end of exchange rate risk. Using the cointegration-ECM methodology I fmd that in the long-run there is no significant effect on Irish exports to the UK, while there is actually a positive impact on exports to European countries (UK included). I tentatively conclude that in the long-run the involvement in a single European currency will have no impact on trade.
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30

Gunsel, Nil. "Banking sector distress in the North Cyprus economy." Thesis, University of Leicester, 2006. http://hdl.handle.net/2381/31117.

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The purpose of this thesis is to empirically investigate the micro and the macro determinants of bank fragility in the North Cyprus economy over the period 1984-2002 using a multivariate logit model and logistic survival analysis. The empirical methodology employed in this analysis allows for the distinction between the determinants of the likelihood of bank failure and the survival time. Firstly, the model links the probability and the timing of banking problems to a set of bank-specific factors, then following the identification of bank-specific variables, the approach proceeds by combining these banklevel factors with the macro-environment that may have exacerbated the internal troubles of the financial institutions. The macro factors considered in the analysis are macroeconomic characteristics, financial and structural weaknesses, external shocks and potential contagion effect from Turkey.;The empirical findings suggest that capital inadequacy, low asset quality, low profitability, low liquidity, small asset size, a fall in the real GDP growth, high inflation, rising real interest rates, high credit expansion to public and private sector, a sharp increase in the real exchange rates, adverse trade shocks and high budget deficit, the ratio of M2 to foreign exchange reserves, implicit/explicit deposit insurance, financial liberalization, weak regulation and supervision and external shocks and exchange rate pressure on Turkish Lira played an important role in the escalation of the 2000-2002 banking distress in North Cyprus. Moreover, an empirical examination of the results for survival analysis reveals that low leverage, low liquidity and high credit that extended to the private sector are the main determinants of the time to banks failure in North Cyprus.;Keywords: North Cyprus economy, banking sector, bank fragility, logit, survival.
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31

Чигрин, Олена Юріївна, Елена Юрьевна Чигрин, and Olena Yuriivna Chyhryn. "The economy development outlook of renewable energy sector." Thesis, Sumy State University, 2016. http://essuir.sumdu.edu.ua/handle/123456789/45287.

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Today the renewable energy sector continues to be one of the most an attractive market for public and private investors. According to the Renewables global future report [1] world gets about 17–18% of its energy from renewables, including about 9% from “traditional biomass” and about 8% from “modern renewables.” In 2011, about 30 countries were getting 20% or more of their total energy from renewables, and some as high as 50%. Countries in this category include Austria, Brazil, Chile, Denmark, Finland, Iceland, New Zealand, Norway, Peru, the Philippines, Portugal, Romania, Sweden, Uganda, and Uruguay. The share of energy from renewable sources in gross final consumption of energy reached 15.0% in the European Union (EU), compared with 8.3% in 2004, the first year for which the data is available (Table 1).
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Зайцев, Олександр Васильович, Александр Васильевич Зайцев, and Oleksandr Vasylovych Zaitsev. "Interaction of financial development and real economy." Thesis, Sumy State University, 2020. https://essuir.sumdu.edu.ua/handle/123456789/81057.

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У статті автор коротко торкається проблем впливу рівня фінансового розвитку на економічне зростання. У статті розглянуто, що внаслідок неминучої взаємодії грошових потоків і товарної продукції, грошовий потік та / або традиційний фінансовий сектор можуть бути як факторами економічного зростання, так і джерелами постійної економічної нестабільності, а також факторами економічної регресії.
В статье автор кратко затрагивает проблемы влияния уровня финансового развития на экономический рост. В статье рассмотрено, что из-за неизбежного взаимодействия денежных потоков и товарных выпусков денежный поток и / или традиционный финансовый сектор могут быть как факторами экономического роста, так и источниками перманентной экономической нестабильности, а также факторами экономического регресса.
In the article author is briefly touch upon the problems of the influence of the level of financial development on economic growth. The article has considered to the due to the inevitable interaction of cash flows and commodity outputs, cash flow and/or the traditional financial sector can be both factors of economic growth and sources of permanent economic instability, as well as factors of economic regression.
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Smith, Collin E. "The underground economy : estimation techniques and policy implications." Thesis, McGill University, 1991. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=60089.

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This thesis analyzes the estimation procedures and policy implications of an underground economy. In completing this task, we reviewed the techniques developed by Gutmann, Ferge, Tanzi, and others. Further attention was also given to the estimation processes, such as the survey approaches, used by various governments.
In analyzing the policy implications of an underground economy, we examined the effects of fiscal and monetary policy, the aggregate statistics, the exchange rate, and other equally important indicators. We concluded that the consequences of a large and growing submerged sector can be devastating to the economic variables.
Finally, this paper attempts to examine the Canadian underground economy. However, since the studies performed on the Canadian underground economy are limited, the task of both reviewing the literature, and determining the Canadian policy implications was perplexing. We concluded that there is a definite need for further study of the Canadian hidden sector.
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Persson, Ola. "What is ciruclar economy? - The discourse of circular economy in the Swedish public sector." Thesis, Uppsala universitet, Institutionen för geovetenskaper, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-254222.

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The aim of this study is to analyze how the concept of circular economy is viewed and defined within the Swedish public sector. Discourse analysis was applied to the semi-structured interviews conducted with employees who work with circular economy projects at local, regional and national institutions. The research found that circular economy was perceived as a way to face resource limitations through continuous circulation of materials, which could also foster economic growth decoupled from extraction of finite resource. Actors perceived as important for the transition to a circular economy are: public sector, business, researchers and civil society, who are believed to be motivated by the notion that a circular economy will lead to a more sustainable society. Furthermore, it is assumed that different partners will work together towards the common goal of circular economy. In addition, the circular economy concept seems to offer a different rhetorical way of approaching environmental problems. The implications of this study could be used to deepen understandings of how circular economy could be implemented.
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Phala, Terrance Madiseng. "Constraints and opportunities in the informal economy." Thesis, Nelson Mandela Metropolitan University, 2012. http://hdl.handle.net/10948/d1019809.

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In spite of the fact that informal traders in the informal economy are viewed as having the greatest prospects for creating jobs and absorbing the unemployed in developing countries, informal traders in Limpopo Province in general, and the city of Polokwane in particular, face various constraints that negatively affect them on a daily basis. The aim of the study has been to explore the constraints and opportunities of informal traders, using the city of Polokwane as a case study. The study has attempted to identify and describe constraints that affect informal traders in the Polokwane city, as well as factors that can enhance their development and growth. The study is exploratory, descriptive and qualitative in nature. Semi-structured faceto-face interviews were conducted to gather data. Findings of the study suggest that the government should improve the effectiveness of its support mechanisms by initiating targeted support programmes specifically tailored for informal traders at the survivalist level.
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Laušev, Jelena. "Public-private sector earnings differentials in a transition economy." Thesis, University of Nottingham, 2011. http://eprints.nottingham.ac.uk/30789/.

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The aim of this thesis is to analyse how economic transition affected earnings differentials in Eastern European economies. In particular, as the public sector was the sole employer in the pre-transition period, the analysis of public sector pay setting is crucial to understanding how privatisation affected the labour market during the transition. The central idea of the first essay is to develop a theoretical model that explains the pay setting behaviour of the employer in the public sector. We argue that changes in wage differentials unrelated to productivity differentials may arise from changes in the degree of public sector market power during the transition. The second essay estimates public-private sector pay differentials across the entire pay distribution in Serbia from 1995 until 2008 for men and women separately. It demonstrates the importance of a proper measurement of pay to account for differences in the structure of total remuneration between sectors. The economic transition is found adversely to affect public sector pay gap relative to private sector pay at the beginning but public sector wages increase faster than private sector wages in later stages. The essay adopts a number of statistical procedures including a quantile regression approach. The estimates show more negative or less positive (depending on the time interval) public-private sector earnings differentials among high earners than among low earners. The third essay estimates public-private sector pay differentials across the entire pay distribution in Hungary from 1992 until 2003 for men and women separately. The results show an increasing public sector pay 'penalty' at all the percentiles of pay distribution during first years of transition and a decline later on. However, the pay differential is found to vary across the earnings distribution significantly. Particularly, the essay provides striking evidence of public sector pay compression during transition. Whereas the public-private sector pay gap for workers below the median was rather small, the gap was substantial for workers at and above the median over the whole period considered. The three essays are preceded by an overview of the theoretical and empirical literature on public-private sector pay differentials in i) developed market economies and ii) transition economies of Eastern Europe.
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Van, Do Thang. "Finance provision and small business sector in transition economy." Thesis, University of Nottingham, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.438506.

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38

Persilva, Fernandes Barbara. "The Commodity and Industrial Sector in the Brazilian Economy." Ohio University / OhioLINK, 2015. http://rave.ohiolink.edu/etdc/view?acc_num=ohiou1429634018.

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39

Sunirand, Pojanart. "Financial markets, monetary policy, and the real economy." Thesis, London School of Economics and Political Science (University of London), 2004. http://etheses.lse.ac.uk/1746/.

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This thesis studies the interactions between financial markets, monetary policy, and the real economy. It analyses the role of financial markets in business cycle fluctuations and explores issues concerning systemic financial stability. Chapter One develops a dynamic general equilibrium model in which firms and banks face financial frictions in obtaining external funds. The model exhibits an unconventional bank capital channel as monetary policy affects the economy partly via its effect on bank capital. We show that the dynamic interactions between bank capital, firm net worth and asset price amplify and propagate the effect of a monetary shock in the macroeconomy. Chapter Two empirically investigates the importance of financial markets in the monetary transmission. The analysis is based on the argument that the real money stock serves as a proxy for the relative yields of various non-money assets that matter for aggregate demand. Using Thailand data, we find that the two-asset assumption is biased and that this problem can be ameliorated by introducing an explicit role for money into standard macroeconomic models. Chapter Three develops a numerically-solvable version of our general model [Goodhart, Suni-rand, and Tsomocos (2003)] to analyse financial fragility. The model incorporates heterogeneous agents and therefore leads to different simulation results from those obtained when using standard representative agent models; the effect of a shock depends on the part of the economy on which it falls and can generally shift the distribution of income and welfare between agents. Chapter Four proposes a general equilibrium model incorporating three heterogeneous banks. This allows us to study not only the interactions between any two individual banks, but also their inter-relationship with the rest of the banking sector. The model is calibrated against real UK banking data and therefore can be implemented as a risk assessment tool for financial regulators and central banks.
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Peia, Oana. "Four essays on finance and the real economy." Thesis, Cergy-Pontoise, 2016. http://www.theses.fr/2016CERG0832/document.

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This thesis consists of four essays on finance and the real economy. Chapter 1 studies the effect of banking crises on the composition of investment. It builds a partial equilibrium growth model with a banking sector and two types of investment projects: a safe, low return technology and an innovative, high productivity one. Investments in innovation are risky since they are subject to a liquidity cost which entrepreneurs cover by borrowing from the banking sector. When bank creditors are sufficiently pessimistic about the aggregate liquidity needs of the real sector, they will run on the bank and cause a credit freeze. This leads banks to tighten credit supply after the crisis, which decreases disproportionately investment in innovation and slows down economic growth. An empirical investigation, employing industry-level data on R&D investment around 13 recent banking crises, confirms this hypothesis. Industries that depend more on external finance, in more bank-based economies, invest disproportionately less in R&D following episodes of banking distress. These industries also have a relatively lower share of R&D in total investment, suggesting a shift in the composition of investment after the crisis. Such differential effects across sectors imply that the drop in R&D spending is, at least partially, the result of the contraction in credit supply.Chapter 2 studies the impact of coordination frictions in financial markets on the cost of capital. In the model, a financial intermediary seeks to raise funds to finance a risky capital-intensive project. Capital is owned by a large number of small investors, who observe noisy signals about the project's implementation cost. Employing a global games equilibrium refinement, we characterize a unique threshold equilibrium of the coordination game between investors. We then show that the relationship between the probability of success of the project and the rate of return on capital is non-monotonic. There exists a socially optimal price of capital, which maximizes the probability that the project is profitable. However, fee-maximizing intermediaries will generally set an interest rate that is higher than the socially optimal rate. The model best characterizes project finance investments funded through the bond market.Chapter 3 proposes a laboratory experiment to study the impact of partial deposit insurance schemes on the risk of deposit withdrawals. In the experiment, depositors decide whether to withdraw or leave their money in a bank, triggering a default when too many participants choose to withdraw. When a bank run occurs, the amount of wealth each depositor can recover depends on the number of withdrawals and a deposit insurance fund whose size cannot cover in full all depositors. We consider two treatments: (i) a perfect information case when depositors know the size of the insurance fund and (ii) a heterogeneous information setting when they only observe noisy signals about its size. Our results show that uncertainty about the level of deposit coverage exerts a significant impact on the propensity to run. The frequency of runs is relatively high in both treatments. A majority of subjects follow a threshold strategy consistent with a risk-dominant equilibrium selection. Finally, the last chapter re-examines the empirical relationship between financial and economic development while (i) taking into account their dynamics and (ii) differentiating between stock market and banking sector development. We study the cointegration and causality between finance and growth for 22 advanced economies. Our time series analysis suggests that the evidence in support of a finance-led growth is weak once we take into account the dynamics of financial and economic development. We show that, causality patterns depend on whether countries' financial development stems from the stock market or the banking sector
This thesis consists of four essays on finance and the real economy. Chapter 1 studies the effect of banking crises on the composition of investment. It builds a partial equilibrium growth model with a banking sector and two types of investment projects: a safe, low return technology and an innovative, high productivity one. Investments in innovation are risky since they are subject to a liquidity cost which entrepreneurs cover by borrowing from the banking sector. When bank creditors are sufficiently pessimistic about the aggregate liquidity needs of the real sector, they will run on the bank and cause a credit freeze. This leads banks to tighten credit supply after the crisis, which decreases disproportionately investment in innovation and slows down economic growth. An empirical investigation, employing industry-level data on R&D investment around 13 recent banking crises, confirms this hypothesis. Industries that depend more on external finance, in more bank-based economies, invest disproportionately less in R&D following episodes of banking distress. These industries also have a relatively lower share of R&D in total investment, suggesting a shift in the composition of investment after the crisis. Such differential effects across sectors imply that the drop in R&D spending is, at least partially, the result of the contraction in credit supply.Chapter 2 studies the impact of coordination frictions in financial markets on the cost of capital. In the model, a financial intermediary seeks to raise funds to finance a risky capital-intensive project. Capital is owned by a large number of small investors, who observe noisy signals about the project's implementation cost. Employing a global games equilibrium refinement, we characterize a unique threshold equilibrium of the coordination game between investors. We then show that the relationship between the probability of success of the project and the rate of return on capital is non-monotonic. There exists a socially optimal price of capital, which maximizes the probability that the project is profitable. However, fee-maximizing intermediaries will generally set an interest rate that is higher than the socially optimal rate. The model best characterizes project finance investments funded through the bond market.Chapter 3 proposes a laboratory experiment to study the impact of partial deposit insurance schemes on the risk of deposit withdrawals. In the experiment, depositors decide whether to withdraw or leave their money in a bank, triggering a default when too many participants choose to withdraw. When a bank run occurs, the amount of wealth each depositor can recover depends on the number of withdrawals and a deposit insurance fund whose size cannot cover in full all depositors. We consider two treatments: (i) a perfect information case when depositors know the size of the insurance fund and (ii) a heterogeneous information setting when they only observe noisy signals about its size. Our results show that uncertainty about the level of deposit coverage exerts a significant impact on the propensity to run. The frequency of runs is relatively high in both treatments. A majority of subjects follow a threshold strategy consistent with a risk-dominant equilibrium selection. Finally, the last chapter re-examines the empirical relationship between financial and economic development while (i) taking into account their dynamics and (ii) differentiating between stock market and banking sector development. We study the cointegration and causality between finance and growth for 22 advanced economies. Our time series analysis suggests that the evidence in support of a finance-led growth is weak once we take into account the dynamics of financial and economic development. We show that, causality patterns depend on whether countries' financial development stems from the stock market or the banking sector
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41

LOUREIRO, IRECE FRAGA KAUSS. "REAL OPTIONS APPLICATION ON INTEGRATED CIRCUITS SECTOR." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2010. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=16851@1.

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A indústria eletrônica cada vez mais adquire importância na economia mundial. O uso de partes e peças eletrônicas deixou de ser exclusivo da informática e passou a permear setores diversos. Cresce a relevância da atração de investimentos em circuitos integrados para a manutenção da diferenciação, dos investimentos em pesquisa e desenvolvimento e até mesmo da competitividade da indústria brasileira. Neste contexto, este trabalho pretende avaliar uma oportunidade de investimento no desenvolvimento de uma planta de circuitos integrados no Brasil utilizando um exemplo numérico. Dadas as diversas incertezas em um projeto deste tipo, foi utilizada a metodologia de opções reais para analisar o investimento em um start-up de circuitos integrados. Ressalta-se que a volatilidade do retorno de uma base de empresas do setor foi considerada como proxy para a volatilidade do ativo-objeto, o fluxo de caixa de uma empresa de circuitos integrados instalada no Brasil. Assim, implementou-se uma metodologia para a obtenção da volatilidade de um projeto de start-up. De posse da volatilidade estimada, o valor das opções reais foram calculados com base no modelo binomial proposto por Cox, Ross & Rubinstein. Os resultados demonstram que a incorporação das incertezas e a análise das opções de espera e de expansão trazem valor significativo ao projeto.
Electronic industry is getting more important in world economy. The use of electronic parts is not an exclusive use of information technology but also of many sectors. It is becoming more important to attract investments in integrated circuits in order to differentiate products, to invest in research and development and even to increase brasilian industry competitiveness. In this context, this study intends to evaluate an investment opportunity of an integrated circuits company with a numeric example. Considering many uncertainties that exist on a project like this, real options theory was used in order to analyse an integrated circuits start-up investment. It is important to mention that the volatility of the return of a group of companies was used as a proxy to obtain the underlying risky asset volatility, as the underlying risky asset is the cash flow of an integrated circuits company built in Brazil. Therefore, this methodology was implemented to find a start-up project volatility. With this estimated volatility, the real options values were calculated based on the binomial model proposed by Cox, Ross & Rubinstein. Results show that incorporating uncertainties and analysing wait and expansion options raise substantial value to the project.
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42

Dale, Nicholas R. "The globalisation of the Latvian economy." Thesis, University of Cambridge, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.389818.

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43

Lee, K. T. "Real estate the speculation and economy of Hong Kong /." Hong Kong : University of Hong Kong, 2000. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25949317.

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44

Athanasoglou, Panayotis P. "A disequilibrium model for a small open economy." Thesis, University of Sussex, 1988. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.260029.

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This study is mainly concerned with the developmen~ of a disequilibrium model for a small open economy and its application to the Greek manufacturing sector over the period 1962- 1982 using quarterly data. The economy defined comprises two sets of agents: firms and households, operating in two markets: goods and labour. Firms, which are profit maximizers, produce a non-storable good and demand labour while consumers, which are utility maximizers, demand goods and supply labour. Prices (and wages) are considered fixed in the short run and agents perceive quantity constraints. Taking into account the spill-over effects from the one market to the other, one can determine the appropriate effective demand functions for employment and imports. In the present case, the economy will alternatively belong to three different unemployment regimes; namely the classical, the keynesian and the repressed inflation. Actual output and exports which are endogenous in this model, are given by the production function and the foreign demand for the domestic product, respectively. However, actual employment is determined by the minimum of notional (Walrasian) demand for labour, effective demand for labour and the supply of labour, while actual imports are conditional to the regime ciassification obtained in the labour market. The equations of the model appropriately extended to reflect the dynamics and the specific characteristics of the Greek manufacturing sector were estimated by both least squares and maximum likelihood methods. Specifically, the former was applied to t~e production, imports and ex?orts functions, whil~ the'latter to the employment function. The construc-· tion of several time-series and the use of quarterly data for a period of 23 years made it possible to exploit the shortrun properties of the model. . It is found that this approach produces theoretically acceptable and plausible results.
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45

Kahyalar, Neslihan. "Three empirical essays on the informal economy : the Turkish case." Thesis, Swansea University, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.678357.

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46

Tekinbas, Ege. "The Political Economy Of Spanish Financial Sector And Foreign Policy." Master's thesis, METU, 2009. http://etd.lib.metu.edu.tr/upload/12610576/index.pdf.

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This thesis analyses the Spanish financial system and foreign policy from a political economy point of view. The foundation, development and transformation of the financial elite in Spain and its affiliations with the policy-making elite are the main concerns of this study. The traditionally complex and interlocking relationship between the financial elite and the policy-making elite in Spain is a perfect showcase to demonstrate how policy and economy affect each other interchangeably. The financial system of Spain has always been highly oligopolistic which led to the continuation of its traditional political and economical protection for many decades before, during and after the liberalisation process went underway. This traditional protection has a very unique characteristic given the fact that it survived nearly a century, under a succession of various political and regulatory regimes with very different ideological agendas. &ldquo
How could the banking sector preserve its power and influence under many different political ideals and economic orientations&rdquo
is one the questions to which an answer is sought in this study. Naturally, this answer also covers the origins and structure of the power and influence that the financial elite held over the domestic and foreign policies of the country. Also, the mutual and complex relationship between economy and foreign policy as well as policy-making elite and economic elite, is analysed in this thesis. In other words, the consequences of the shifts in foreign and domestic policy agendas on the Spanish financial elite are studied.
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47

Scagliusi, Cosimo. "Three essays on the political economy of public sector governance." Thesis, University of Exeter, 2010. http://hdl.handle.net/10036/3331.

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This Ph.D thesis is made up of six chapters: together with Introduction and Concluding Remarks, there are one extensive literature review and three main essays. The theme of this thesis is "The Political Economy of Public Sector Governance" and I explore it by analysing the two main actors in the interaction between citizens and politicians: Mass Media and Bureaucracy. The World Bank in several publications since early 2000 has brought to the attention of politicians, public servants, social scientists and, as far as an institution like the World Bank can do, the general public that what really is important and does make a difference in the economic growth and social development of nations are not policies but (political and social) institutional quality. In order to make institutions work well, so they are able to promote the greatest welfare for all the citizens, it is necessary to have good governance. One of the ingredients of an optimal governance arrangement is the possibility for the citizens to make their government accountable for what it does (not) and responsive to their needs. Therefore, in order to have good political institutions citizens have, on one hand, to control their government and, on the other hand, to voice their needs, preferences and ideas, also when the ballot box is not ready at hand. Mass Media has at least these two functions in the relationship between the citizens and the (incumbent) politicians. In the first essay I analyse citizens' voting decisions and collusion between media and politicians and how this phenomenon affects the behaviour of citizens towards disciplining and selecting the incumbent politician, when citizens have at their hands two sources of information about the quality of the incumbents and their performance: the quantity of a good publicly supplied by the government and a signal coming from the mass media on politician honesty. The setting comprises a two period game, where voters, in the first period, have to decide, observing the information available through media and good publicly produced, whether to vote off or reelect the incumbent politician to the second period electorate mandate. By employing both two signals, citizens manage to sort out honest politicians from dishonest ones more often than if they were relying on media information only. Moreover the existence of both signals makes collusion harder to achieve than in the case of one signal only. Furthermore, the welfare analysis reveals that, contrary to previous findings, the presence of media is not always welfare improving. The usefulness of media for citizens depends critically on the time discount factor between the two periods: when the time discount factor is larger than a certain threshold, it is optimal for the citizens to receive information from media; when the time discount factor is lower than the threshold, their optimal decision is not to get any information. Finally, I argue that when rules at the constitutional level are not possible and citizens cannot commit to have less information, then collusion between media and politician can be welfare improving for citizens, contrary to previous results in the literature. In the second essay I investigate the role of Mass Media as a bottom-up way of communicating dispersed information from citizens to incumbent. Citizens transmit useful information thanks to the newspapers they buy and read. However, these newspapers are produced by a third party (a Media Tycoon) that has his own incentives. In particular the Media Tycoon has to decide whether to produce a newspaper that allows the citizens to participate in the public debate (Broadsheet) or does not (Tabloid). Given the fact that this instrument can be bought but not directly produced by the citizens, there exists a tension between the benefit of using a newspaper to express citizens'views and the possibility that this newspaper can be actually produced. Results show that producing a Broadsheet always improves the quality of policy decision making on part of the incumbent. A notable result is that in order to enhance the quality of the public decision making it is better to have any Broadsheet than not having one, whatever is the public stance the newspaper takes about the issue at stake. In this essay I first assume that there is only one group of citizens which is interested in having the optimal policy adopted, i.e. the Middle Class and I assume the Middle Class citizens are the only one who read newspapers. Subsequently I analyse how the results change when citizens from the other classes read newspapers as well. I show how the "partisan readers", committed to buy the Broadsheet supporting the policy they prefer, can ease the production of the Broadsheet. In this case the existence of partisanship and of ideological readers make the implementation of optimal policy easier, not harder, contrary to conventional wisdom. In the work of the World Bank, and in all the scientific production about how to establish and foster the development of good governance, corruption is one of the main diseases that can affect the correct relationship between citizens and public officials. So it is important to study how good institutional quality can fight corruption in several different fields of the political and economic environment. The third essay evaluates the effect of corruption on the regulation of business entry. A theoretical agency model of bribes is introduced, with strategic interaction between the firm, the corruptible public sector employee and the government. This model allows the evaluation of reforms targeting business startup procedures with regards to the incentives of the various actors involved in this process. Findings show that corruption in equilibrium between entrant firms and public servants could be self-sustained in the absence of government intervention. When deriving the equilibrium outcomes of some reforms like performance wages, privatisation and full liberalisation of entry, results show that transaction costs related to bribes are central in determining the optimal reform strategy. Although liberalisation is the preferred reform option for firms, government fiscal revenues and overall social welfare, firms surprisingly would prefer performance wages implemented in public registry service rather than the privatisation of this service. This holds despite the additional tax burden on firms necessary to finance higher civil servants'wages.
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48

Acres, Colleen Greer. "Spatial clustering of sector linked industry in an urban economy." PDXScholar, 1985. https://pdxscholar.library.pdx.edu/open_access_etds/356.

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The influence of economies of agglomeration on location decisions has been debated since it was advanced by Alfred Weber in 1909. Empirical findings at the international, national, and regional levels do not definitely support the efficacy of such economies. No study has been done at a local level, the one inherently appropriate to the Weber premise. Further, most studies have used highly generalized manufacturing groupings. The importance of intra-industry and inter-industry determinants of spatial proximity in the Portland, Oregon metropolitan area was investigated in this study. The data base included 220 industries with 2,111 firms employing 108,295 workers. National input-output transaction tables were used to generate measures of intra-industry and inter-industry technological linkage at the 4 digit Standard Industrial Code classification level. Nearest neighbor statistics were employed to measure the spatial proximity of firms within an industry. A spatial association measure, the local concentration coefficient, was devised to calculate spatial proximity among manufacturing firm pairs in various linkage relationships. Then, multiple linear regression was used to examine the relationships of intra- and inter-industry linkages to spatial proximity. Average firm size, material and market orientations, and transportation and utility cost intensities were treated as covariates in the analysis. A total of 25 models involving the covariates and various combinations of forward and backward linkages were executed. In 23 cases, the models and effects of linkages were insignificant. The observed influence of the covariates was generally insignificant. Clearly, economies of agglomeration have no effect on industrial patterns in this analysis. Further, the poor performance of the covariates suggest that application of existing theory to localized manufacturing plan selection processes may be misplaced. While these factors may function at the regional or national level, they do not on an intrametropolitan level, at least in this case. Seeking the specific factor of manufacturing linkage based economies of agglomeration or external economies may be a rare exception in location behavior in general and particularly inoperative at a local level. Local development policies which are premised on maximizing such economies are, accordingly, not supported by this research.
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49

Bashe, Akhona Carol. "The formalization of the informal sector economy : Panacea or Chimera?" Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/23264.

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In 2011 author Robert Neuwirth identified the global informal sector economy as having a combined Gross Domestic Product (GDP) that is equivalent to the second largest economy in the world behind the United States of America (USA).Studies have shown that the informal sector economy is prevalent in Africa and India which are both considered to be emerging market economies with potential for exponential growth. The GDP of a country is calculated using a total of a countries production of goods and services; however production in the informal sector economy is unaccounted for. The inclusion of their production could potentially boost the economic growth of these emerging market economies.This study aims to observe whether the informal sector economy should be formalized or left as it is in its current state. Despite the ‘problem statement’ in the previous paragraph, which appears to be in favour of formalization, there are advantages and disadvantages for both formalizing the informal sector economy and leaving it in its current state.The objective of this study is to come up with a sustainable strategy of how to manage and administer the informal sector economy as in its current state it is proving to be unsustainable.A two phased approach was used to produce the findings which included interviews with experts and interviews with entrepreneurs operating in the informal sector economy.These findings provided suitable recommendations to be made as to how to manage and administer the informal sector economy.
Dissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted
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50

Бричко, Марина Михайлівна, Марина Михайловна Бричко, and Maryna Mykhailivna Brychko. "Conceptualization of trust in the financial sector of the economy." Thesis, Sumy State University, 2019. https://essuir.sumdu.edu.ua/handle/123456789/77594.

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Trust has turned into the centre of academic interest among a spray of fields - economics, sociology, psychology, political science etc. - as a characteristic of agents and institutions’ behavior in socio-economic systems. In economic matters, trust has been regarded as determinant for economic growth, financial development, international trade and investments [3]. In literature, definitions and measurements of trust vary often using the concepts of trust, confidence, and sentiments interchangeably. We are not motivated by the development of a single economic notion of trust, but at the same time, we are seeking to reduce the pluralism of views and the multitude of conceptualizations by their amalgamating.
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