Thèses sur le sujet « Bank failures – Government policy »

This study examines the differential effect of each of the ten largest bank failures on shareholders' wealth of non-failed banks over the period from 1973 through 1984. It examines how contagion and information effects of major bank failures have changed over time. FDIC policy for settling failures has important implications for system stability, and has changed over time. This study's purpose is to provide empirical evidence on the effects of FDIC policy. The FDIC's handling of the Penn Square failure signaled a policy shift and offers a unique opportunity to examine changes in market reactions to large bank failures. The literature on the capital market effects of major bank failures provides limited evidence on the impact of bank failures and related FDIC policy. Most fail to discriminate between contagion and information effects, and conduct analysis on one (or a few) bank failure(s) in the mid-1970s using traditional event study methodology. This study considers multivariate regression (MVRM) an appropriate methodology for bank failures which are likely to have simultaneous impact on non-failed banks. MVRM, which accounts for contemporaneous cross-sectional dependence of residuals, has three advantages over standard residual analysis: no "event clustering" problem, multiple hypotheses tests, and computational efficiency. This study uses daily stock-return data for fifty-one non-failed commercial banks. For each bank failure, the non-failed banksare grouped into three portfolios: "information-related," "large," and "small." The impact on each portfolio is tested for an average effect and joint hypotheses on excess return. This study offers evidence on no contagion effects and lack of information effects before Penn Square, strong information effects since Penn Square, contagion effects in post-Penn Square failures, and capital market discipline on large banks since Penn Square. There has been a change in the nature of the impact of bank failures since Penn Square.

Defence date: 18 January 2019
Examining Board: Prof. Juan Dolado, Universidad Carlos III de Madrid, Supervisor; Prof. Árpád Ábrahám, EUI; Prof. Tobias Berg, Frankfurt School of Finance & Management; Prof. Enrico Sette, Bank of Italy.
This thesis studies bank behaviour in response to financial regulation and monetary policy. In the first chapter a novel approach to address issues of endogeneity in estimating a causal effect of leverage on risk taking by banks is used. By using data on local bank office deposits and local unemployment an instrument is constructed to use in a regression of leverage on a measure of risk taking constructed from new issuance of loans. The results are consistent with a theoretical prediction that due to limited liability banks increase their risk taking after an exogenous increase in leverage. The second chapter estimates the effect of deposit insurance on the risk-taking behaviour of banks. As shown in the theoretical literature, deposit insurance may induce moral hazard and incentivise banks to take on more risk. This chapter provides an experimental setup in which an increase in the coverage limit of deposit insurance in the U.S. is exploited in order to identify the difference in risk taking by banks that were affected and banks that were not. This difference comes from the fact that state chartered savings banks in Massachusetts had unlimited deposit insurance coverage at the time when it was increased for all other banks in the US. Given that all banks in the sample are subject to the same regulatory and supervisory requirements, and that they are similar in other characteristics, the effect of such increase in deposit insurance can be isolated. The findings suggest that, contrary to the literature, an increase in deposit insurance did not increase bank risk-taking, nor did it affect market discipline, evident through a lack of effect on deposit rates. Motivated by substantial differences in employment dynamics across different geographical areas and substantial differences across banks which operate in these geographical areas, the third chapter estimates the effect of characteristics of banks operating in a particular location on the impact of monetary policy on the local economic outcomes. The results suggest that the effect of monetary policy on local employment and local total payroll intensifies as the capital structure of local banks improves and the credit risk associated with local banks decreases. These findings go in line with a prediction that healthy banks find it easier to attain alternative sources of funding following a monetary tightening. The results also show that size and liquidity position of local banks does not affect the impact of monetary policy.
--1 Bank Funding and Risk Taking (Chapter 1: co-authored Alessandro Ferrari, Carmen García Galindo and Andreas Winkler) --2 Deposit Insurance and Bank Risk Taking (Chapter 2: co-authored Carolina López-Quiles) --3 Local Effects of Monetary Policy

In recent years, especially during the global economic crisis, the industrial policy has emerged in political, academic, and public debate as one of the main topics in the promotion of socio-economic development. Alongside this “rebirth”, however, the difficulty of the government to implementing effective and efficient interventions has been highlighted. The main goal of this work is to understand, through the study of the American case, the characteristics and the major causes of the failures of the industrial policy, in order to formulate new proposals to improving the effectiveness and efficiency of the interventions. The first part of the thesis describes the dominant theoretical approaches to public intervention. Reinterpreting this debate, this work illustrates how industrial policy should be considered, how State and Market can coexist, and in which way government intervention can be a tool to amplify the collective benefits arising from the productive dynamics. The second part of the work focuses on the historical reality, analyzing the US industrial policy since the early 80s to the first term of the Obama administration. In order to understand the role that can be played by government in modern economies, the study of the American case is extremely relevant. In fact, while the “traditional” rhetoric of the government, rooted in the US since the years of the Washington Consensus, has always rejected the industrial policy, it has been a constant presence in the history of American development. Therefore, in this scenario it is necessary to overcome the ideological debate on public intervention, and improve the ability of governments to respond to the challenges raised by the contemporary context. Starting from these considerations, the third part of the work focuses in particular on problems related to the promotion of strategic sectors. In this area a proposal to mitigate the vulnerability of the government in the defining of the policy goals is presented. The main idea developed is to establish a set of criteria to support public decision-makers in the identification of strategic sectors, thus promoting a more rigorous and transparent procedure of decision-making. In this regard, it is built a statistical tool - the Strategic Sector Index (SSI) – which synthesizes the value of different sectoral variables and provides a ranking of the strategic sectors for a given economy on the basis of policy priorities.

India's meteoric economic growth rate has been a subject of much discussion since the country began its economic liberalization in the early 1990s. The software segment, in particular, is growing at a rate of 48.5 percent. The conventional wisdom argues that market forces have driven India's software's success, and more broadly, information technology. This thesis marshals evidence for the role of the state in interaction with the software sector. More specifically, by discussing India's broad-scale import substitution industrialization efforts from the 1950s to 1991 and its transition to a more open economic structure, as well as more industry specific policies within a theoretical context, this work attempts to identify the key driving forces and impact of government policy. Most works that have attempted to assess such state efforts have done so in a casual fashion, without linking the actions to carefully specified rationales for state intervention. This thesis specifies four plausible rationales for government intervention: market failures, government goals in promoting a domestic industry for national security and the state role in international negotiations that might affect specific sectors, intervention driven by rent seeking behavior on the part of private-sector actors, and state intervention to address previous government policies in a particular market that may be seen as being inadequate or failures. It then empirically assesses the support for each of these claims in light of the evolution of the Indian software industry since its inception. In so doing, this work allows one to gauge the significant contributions of the state within a clear context of possible state roles. It also helps in understanding the software industry’s current challenges, and possible future role of the state in the industry.

A busca por maior disponibilidade de crédito de longo prazo para investimentos produtivos vem adquirindo importância no Brasil, pois possibilita que empresas se lancem em empreendimentos de média e grande escala, alimentando o processo de crescimento econômico e desenvolvimento do País. A modalidade Financiamento a Empreendimentos (Finem) do BNDES é uma das poucas linhas de crédito bancário interna que oferece a possibilidade de financiamento de projetos de investimento de montantes elevados e longo prazo de maturação. No entanto, o montante disponibilizado por essa linha vem apresentando pequena evolução em relação ao PIB. Esperava-se aumento dessa disponibilidade com o Plano Real e a criação de um ambiente econômico propício ao planejamento de longo prazo, o que não ocorreu. Assim, este estudo tem por objetivo avaliar os principais fatores que influenciam a disponibilidade de crédito de longo prazo no Brasil destinado a investimentos produtivos, visando não somente expandir essa disponibilidade como também criar condições para que bancos múltiplos venham a atuar com maior vigor nesse processo. No modelo estudado, foram incluídas como variáveis, além daquela de maior interesse, os desembolsos da linha Finem, representando a disponibilidade desse tipo de crédito, outras relacionadas a questões macroeconômicas, ao arcabouço teórico de falhas de mercado e intervenção do Estado e ao desempenho do BNDES, com dados coletados entre 2001 e 2011. Utilizando um Modelo Autorregressivo Vetorial com Correção de Erro (VEC), este estudo constata a importância da intervenção do Estado, via alocação de recursos, no processo de disponibilização desse tipo de crédito, confirmando a hipótese de que mesmo o BNDES apresentando bons índices de desempenho e buscando diversificar suas fontes de recursos, a intervenção do Estado ainda se mostra como alternativa essencial para elevar a disponibilidade dessa linha de crédito. O estudo evidencia ainda que a estabilidade econômica também é fator relevante, por permitir planejamento de longo prazo, comprovando de forma empírica estudos anteriores sobre o tema. Outros fatores, como crescimento econômico, disponibilidade de alternativas e desempenho do BNDES na concessão de crédito também se mostram diretamente relacionados à disponibilidade desse tipo de crédito. Por outro lado, o lucro líquido do BNDES tem pouca importância nos desembolsos da linha Finem, resultado que se justifica pela folga no Índice de Basileia que a instituição teve no período analisado. O resultado referente à influência do Risco-Brasil, por sua vez, mostra que as captações de recursos externos do BNDES podem estar sendo guiadas por outros fatores, como questões orçamentárias ou políticas governamentais. Os resultados indicam que seria de se considerar a intervenção do Estado na alocação de recursos aos bancos múltiplos para que esses possam atuar com maior vigor na disponibilização desse tipo de crédito. Por fim, o presente estudo expõe a necessidade de se dedicar maior atenção à destinação dos recursos oriundos desse tipo específico de crédito, para que ele possa efetivamente colaborar com a promoção do crescimento e desenvolvimento do País.
The search for greater availability of long-term credit for productive investments in Brazil has been gaining importance since it enables companies to engage in medium and large-scale businesses, feeding the economic growth and development processes. The line of credit provided by BNDES, called Financing to Enterprises (Finem), is one of the few lines existing in Brazil which offers the possibility of financing investment projects with large amounts and long-term maturity. However, the amount provided by this line has shown little progress in relation to GDP. It was expected an increase of that availability with the Real Plan and the creation of an economic environment favorable to long-term planning, which did not occur. Thus, this study aims to evaluate the main factors influencing the availability of long-term credit in Brazil for productive investments, not only in order to expand it but also creating conditions for multiple banks to effectively participate in that process. The model specified for this study included variables such as the disbursements of the Finem line of credit, representing the availability of that credit, and others related to macroeconomic issues, theoretical framework of market failures and government intervention and BNDES performance, with data collected between 2001 and 2011. Using an Autoregressive Model with Vector Error Correction (VEC), this study notes the importance of government intervention, through allocation of resources, in providing this type of credit, confirming the hypothesis that although BNDES presents good levels of performance and seeks to diversify its funding sources, government intervention is still an essential alternative to increase the availability of that line of credit. This study also shows that economic stability is a relevant factor, for allowing long-term planning, by empirically confirming previous studies on the subject. Other factors such as economic growth, availability of alternatives and BNDES lending performance are directly related to the availability of such credit. On the other hand, BNDES profits have little importance on Finem disbursements, a result that is justified by the BNDES Basel Ratio ascertained in that period. The result concerning the influence of Brazil Risk index, in turn, shows that the external funds obtained by BNDES may have been guided by other factors such as budgetary issues or government policies. The results indicate that policy makers would consider government intervention in the allocation of resources to multiple banks, so that they can intensify the availability of such credit. Finally, this study exposes the necessity to dedicate more attention to the destination of resources from this particular type of credit, so that it can effectively contribute to promote growth and development in Brazil.

Since 2005, when the International Criminal Court (ICC) issued its opinion deeming the Israeli Separation Wall and settlements illegal, there have been significant developments in the nonviolent methods adopted for countering Israeli occupation. While Palestinian nonviolent resistance has existed throughout history, from this time onwards, there have been a number of factors that give this period its unique traits. The most central method that has been adopted by all nonviolent actors is to influence economic interaction with Israel in a way that is in line with international law, and is supportive of the official positions adopted by the countries that nonviolent activists aim to influence. While Israeli settlements are illegal according to international law, they include industrial areas that export products to many countries. Through this contradiction, nonviolent activists have found an opportunity to pressurise countries to end their economic ties with those settlements, and consequently put pressure Israel to change its settlement policies. Some of these call for ending economic ties with Israel itself, because it is upholding the settlements, and some call for ending ties only with Israeli settlements; in other words, some target the criminal and others just the crime. In 2010, the Palestinian National Authority (PNA) adopted its first unilateral program that was not in agreement with Israel, and which introduced a strategy for the cessation of economic ties with Israeli settlements. This was done through a mixture of national public awareness campaigns to influence consumer behaviour, and the introduction of legislation by which it became illegal for Palestinian enterprises to have any economic ties with Israeli settlements. After starting by focussing on its own markets, the PNA called upon other countries to follow suit by lobbying government officials, parliamentarians, and financial institutions. However, this action came five years after a call for a full boycott, including divestment and sanctions against Israel, made by Palestinian civil society organizations and political parties. This call, known as the BDS call had gained tremendous support and amalgamated a large pool of members internationally by the time that the PNA started with its campaign for a limited boycott. This disparity has had a significant influence on the dynamics of the boycott movement, both locally in Palestine and globally. This research explores those dynamics. It takes an in-­‐‑depth look at the effort to end economic ties with settlements, including who the actors are, what they aim for, how they interact, and how effective they have been. The PNA’s program to end economic ties with settlements was chosen as a case study for this doctoral thesis, because of its central position in relation to the topic and the unique access to its documentation through the author’s previous role as its director.

This work examined the optimality of the inclusion of the exchange rate in the reaction function of the Central Bank in an inflation targeting framework. The study attempts to answer the question whether the exchange rate should have an independent role in an open economy Taylor-type rule. To this end, a Taylor-type rule is incorporating the exchange rate is estimated by the cointegration and vector error correction modeling (VECM) using quarterly data for the period of 1995 to 2009. The empirical studies point out the importance of the exchange rates in explaining and forecasting the behaviour of the South African Reserve Bank monetary policy control variable.

The international banking environment has become potentially riskier because of the recent developments in financial services and products which have changed the way banks do their day to day business. Imposing minimum capital adequacy regulations is one way of fostering stability in the global banking system. A number of countries have started to implement the new capital adequacy rules (Basel II) following the worldwide consensus among central bankers that bank‟s capital levels should be regulated to enhance global financial stability. In this study, through the comparative analysis of the general implementation issues it was established that emerging countries apply all Basel II rules uniformly across all the banking institutions that operate in their territories. Developed countries apply these rules only to large and internationally active banks and because of the diversity of their banking industries, they also apply domestically modified rules to the domestically based banks. For the successful implementation of Basel II, properly planning, devoting bank resources and making necessary legislative amendments are prerequisites for incorporating Basel II into the regulatory framework for any country. The study concludes that the current global financial turmoil continues to pose a threat to the effectiveness of the Basel II rules which are aimed at achieving global financial stability.

Метою роботи є дослідження облігацій внутрішньої державної позики як інструменту монетарної політики Національного банку України. Основними завданнями магістерської роботи є: дослідження теоретичних засад монетарної політики (поняття, класифікація і ефективність), статусу національного банку і його діяльності в контексті монетарної політики, функціонування облігацій внутрішньої державної позики як інструменту грошово-кредитної політики. Також завданням роботи є аналіз сучасного стану і функціонування монетарного сектору і використання облігацій внутрішньої державної позики як інструменту монетарної політики. Об’єктом дослідження є монетарний сектор України. Предметом роботи є функціонування облігацій внутрішньої державної позики як інструменту монетарної політики центрального банку. В роботі проаналізовано вплив центрального банку, за допомогою інструменту монетарної політики облігацій внутрішньої державної позики на монетарний сектор, через об’єм облігацій внутрішньої державної в портфелі Національного банку України на показники монетарного сектору. За допомогою отриманих результатів, можливим є визначення ступені впливу і ефективності використання центральним банком інструменту монетарної політики облігацій внутрішньої державної позики, а також можливостей використання інструменту.

La régulation macro-économique a nécessité une ingérence croissante et massive de l’Etat dans l’économie. En conséquence, l’analyse économique se doit d’intégrer (endogénéiser) le comportement des décideurs publics dans ses schémas théoriques. Les fonctions de réaction constituent un instrument analytique qui permet de s’interroger sur les mobiles qui conditionnent les choix en matière de politique économique. Leur hypothèse de base consiste à doter l’Etat et les organismes bureaucratiques placés sous sa tutelle d’un schéma de rationalité cohérent ; celui-là même prêté par l’analyse économique traditionnelle à tout individu, à savoir la satisfaction de l’intérêt individuel. Au niveau de la politique monétaire, l’analyse du comportement de la Banque Centrale face au Gouvernement a permis de rendre compte des choix effectués dans ce domaine et d’analyser leur évolution sur les décennies 70 et 80
Macroeconomic regulation have implied an increasing interference of the State in the economic private activity. Consequently, economic analysis must endogenies the behavior of public decision makers. The reaction function of the authorities is an analytical instrument which permit to analyse political economic choices of decision makers. Their basic hypothesis is to consider that State ans its bureaucratic agents, like individuals in traditional economic analysis, have their own preferences. On the ground of monetary policy, analysis of behavior if Central Bank and Government have allowed to study the evolution of the choices of the authorities overs 70s and 80s

This dissertation analyses the idea that parliament controls public money in parliamentary constitutional systems of government. That analysis proceeds through an historical and contemporary examination of the way legal practices distribute authority over public money between different institutions of government. The legislative and judicial practices concerning taxation, public expenditure, sovereign borrowing, and the government financing activities of central banks are selected for close attention. The contemporary analysis focuses on the design and operation of those legal practices in the United Kingdom and the Commonwealth of Australia, in the context of the boom-bust-recovery economic conditions experienced between 2005 and 2016. The dissertation's ultimate claims are explanatory: that "parliamentary control" is a poor explanation of the distribution of financial authority in parliamentary systems of government and should be jettisoned in favour of an idea of "parliamentary ratification". An empirically engaged methodology is adopted throughout the dissertation and (historical and contemporary) public sector financial data enrich the legal analysis. The dissertation acknowledges the impact of, but remains agnostic between, different economic and political perspectives on fiscal discipline and public financial administration. The dissertation makes a number of original contributions. It provides a detailed examination of the historical development, legal operation and constitutional significance of annual appropriation legislation, and the legal regimes governing sovereign borrowing and monetary finance. It also analyses the way that law interacts with government behaviour in situations of economic emergencies (focusing on the Bank of England's public financing activities since 2008), and the institutional and doctrinal obstacles facing judicial involvement in disputes concerning public finance (focusing on the Australian judiciary's recent engagements with public expenditure legislation).

The main contribution of my thesis is the analysis of substantial empirical material that I have collected from Community trade union actors. My analysis focuses on the institutional strategies of the sectoral European trade union federations and their implications for the Europeanisation of wages policy. I have demonstrated that the development of European coordination processes of national collective bargaining, particularly at sectoral level, has contributed to reviving the concept of collective bargaining and professional relations in the European Area, which until then had been covered in the literature by the social dialogue. I have identified three obstacles to collective negociations at a European level: the “depoliticised” wage in the economic partnership, employers identified as the “lobby partner” in the sectoral social dialogue, and the difficulties encountered in the Europeanisation of trade unions.

L’apport majeur de notre thèse est l’analyse d’un matériel empirique conséquent que nous avons collecté auprès des acteurs syndicaux communautaires. Notre analyse se concentre sur les stratégies institutionnelles des fédérations syndicales sectorielles européennes et sur leurs implications en matière d’européanisation de la politique salariale. Nous avons démontré que le développement des processus de coordination européenne des négociations collectives nationales, en particulier au niveau sectoriel, peut contribuer à renouveler la conception de la négociation collective et des relations professionnelles dans l’espace européen jusqu’alors appréhendée dans la littérature par le dialogue social. Nous avons identifié trois obstacles à la négociation collective européenne :le salaire « dépolitisé » dans le partenariat économique, le patronat devenu « partenaire-lobby » dans le dialogue social sectoriel, et la difficile européanisation syndicale.

Doctorat en sciences sociales, Orientation sociologie
info:eu-repo/semantics/nonPublished

This thesis draws on David Harvey’s concept of “accumulation by dispossession” and an international political economy (IPE) approach centred on the institutional arrangements and power structures that privilege certain actors and values, in order to critique current capitalist practices of primitive accumulation by the global corporate extractive industry. The thesis examines how accumulation by dispossession by the global extractive industry is facilitated by the “free entry” or “free mining” principle. It does so by focusing on Canada as a leader in the global extractive industry and the spread of this country’s mining laws to other countries – in other words, the transnationalisation of norms in the global extractive industry – so as to maintain a consistent and familiar operating environment for Canadian extractive companies. The transnationalisation of norms is further promoted by key international institutions such as the World Bank, which is also the world’s largest development lender and also plays a key role in shaping the regulations that govern natural resource extraction. The thesis briefly investigates some Canadian examples of resource extraction projects, in order to demonstrate the weaknesses of Canadian mining laws, particularly the lack of protection of landowners’ rights under the free entry system and the subsequent need for “free, prior and informed consent” (FPIC). The thesis also considers some of the challenges to the adoption and implementation of the right to FPIC. These challenges include embedded institutional structures like the free entry mining system, international political economy (IPE) as shaped by international institutions and powerful corporations, as well as concerns regarding ‘local’ power structures or the legitimacy of representatives of communities affected by extractive projects. The thesis concludes that in order for Canada to be truly recognized as a leader in the global extractive industry, it must establish legal norms domestically to ensure that Canadian mining companies and residents can be held accountable when there is evidence of environmental and/or human rights violations associated with the activities of Canadian mining companies abroad. The thesis also concludes that Canada needs to address underlying structural issues such as the free entry mining system and implement FPIC, in order to curb “accumulation by dispossession” by the extractive industry, both domestically and abroad.

Defence date: 24 November 2014
Examining Board: Professor Pepper D. Culpepper, European University Institute (Supervisor); Professor Mark Hallerberg, Hertie School of Governance; Professor Ellen M. Immergut, Humboldt-Universität zu Berlin; Professor Hanspeter Kriesi, European University Institute.
In this thesis, I show that governments bail out banks because banks are critical to capitalist democracies. Banks enjoy a public safety net. Governments, however, can make banks pay for this protection. Two of this dissertation’s conclusions stand out. The first is that the influence of business through lobbying and other channels of instrumental power is exaggerated. Banks cannot secure sweetheart deals by pointing to their track record of campaign contributions. Bailouts are not for sale. During crises, governments can use banks’ dependence on the domestic market to force them to bear the bailout costs. Only highly international banks, can parry this threat by using their structural power strategically. The second conclusion is that financial crises remove veto points. They create a large threat and leave little time for deliberation, which prompts lawmakers defer to the executive branch. Thus, financial crises shift power from legislatures—even strong ones, like the US Congress—to the head of government.

Defence date: 4 February 2016
Examining Board: Professor Elena Carletti, Bocconi University and EUI, Supervisor; Professor Evi Pappa, EUI; Professor Luca Deidda, Universita’ di Sassari; Professor Wilko Bolt, Dutch Central Bank.
This thesis is a nexus of three topics; financial stability, banking regulation and financial influence. In four separate chapters, this work examines how financial institutions interact with their regulators, in particular after the financial crisis of 2008. Size, incentives, guarantees, moral hazard, treatment, capture and influence play an important role in the analysis. The first chapter focusses on the relation between bank size and support, confirming the hypothesis that bank size is positively related to support ratings. It also finds evidence that the effect is non-linear, confirming the ‘too-big-to-rescue’ theory. Chapter two tests whether the expectation of individual and systemic government support induces moral hazard. It shows that banks tend to be more leveraged, funded with capital of lower quality, more heavily invested in risky assets and exposed to more severe liquidity mismatch when they are perceived as being more likely to benefit from government support. In the last two chapters the focus is shifted to banks’ political activities and connections. Both chapters leverage a unique dataset that links U.S. banks’ sources of influence (e.g., lobbying expenditures, proximity to the relevant legislative committee, prior affiliation with regulatory or government institutions) to bank financial data, actual bank supervisory actions, and market-inferred expected government support. The findings in chapter three suggest that banks’ political influence indeed matters for the regulatory treatment of distressed banks, as well as for the expectation of support regardless of bank distress. Chapter four further dives into determinants of bank lobbying, and explores whether political connections and risk taking influence the decision to lobby. In combination, these findings are instructive for understanding the political landscape surrounding banks and their regulators. It also helps us to have a broader understanding of what drives government support to banks, and how in turn that support can trigger moral hazard within banks.

JEL Classification: G01, G20, H81
We assemble a new data set on bank failures, bailout with public finances, in the European Union (E.U.), in the wake of the on-going financial crisis. Our model is estimated with data on 444 commercial banks from 19 countries in Europe over 2004-2010, which yields a sample of 1,504 unbalanced panel observations. Results show that bank failures were critically determined by financial accounting information and macroeconomic conditions, and that macroeconomic information improves the forecasting ability of our model over and above financial accounting information. The predictors from our model can be used by monetary authorities to predict bank failures, and the probabilities to assess pressure in the banking sector, the pricing of credit, and their derivatives. Our findings are consistent with recent regulatory impositions in the Basel setting that require banks to hold higher capital levels and lower risks.
Reunimos um conjunto de dados recentes sobre bancos com eventos de incumprimento e de resgate financeiro estatal, na União Europeia (U.E.), no contexto da actual crise financeira. O modelo foi estimado com dados de 444 bancos comerciais de 19 países da U.E. para o período de 2005-2010, o que produziu uma amostra de 1.504 observações, em painel não balanceado. Os resultados mostram que os eventos de incumprimento e resgate nos bancos considerados foram significativamente influenciados pelos seus dados contabilísticos e pelas condições macroeconómicas do país de origem, sendo que os dados macroeconómicos aumentam a capacidade de previsão do modelo muito além dos dados contabilísticos. As variáveis explicativas do nosso modelo podem ser usadas pelas autoridades monetárias a nível mundial para prever eventos de incumprimento de bancos e avaliar eventuais pressões no sector financeiro resultantes das políticas de crédito. Os nossos resultados são consistentes com as recentes imposições regulamentares de Basileia, que exigem que os bancos mantenham níveis mais altos de capital e níveis de risco mais baixos.

M.Com. (Financial Economics)
This paper studies the efficacy of bank bailouts in restoring financial stability during financial crises. Stability is measured in terms of stock market volatility. The volatility dynamics associated with banking crises in South Korea, Malaysia, Indonesia, Thailand, and the United States (US) are investigated. Using daily returns data from 1 January 1997 to 8 October 2012, two specific methods are used to measure the impact of bailouts on financial stability. Firstly, dummy variables that account for the timing of bailout policies are included in the variance equation of Exponential Generalised Autoregressive Conditional Hetereoskedasticity (EGARCH) models that are estimated for the overall stock market index of each of the affected countries. Secondly, EGARCH models are estimated using 30-day rolling windows in order to control for shifts in unconditional volatility that may result from bailouts. The Spearman Rank-Order correlation test is used to assess the rank-order relationship between the EGARCH 30-day rolling window conditional volatility and actual volatility, which is estimated as a 30-day moving average of squared returns. Three main findings form the conclusion of this study. The first is that, in some cases, bailouts are successful in reducing volatility in some of the East Asian and US stock markets. Secondly, although the creation of centralised asset management companies and the implementation of guarantees of liabilities as bailout policies are effective at reducing volatility in the East Asian markets, closures of, and interventions in, banks and other financial institutions, liquidity support, and capital support are not effective in reducing volatility in the East Asian markets. This illustrates that different bailout policies have different impacts on volatility. Finally, although bailout policies reduce volatility, liquidity support, and capital support, bailout policies are more effective at reducing volatility in the United States than in the East Asian countries. This illustrates that the same bailout policies cannot be used in different types of economies, namely developed and developing economies, with the hope of the same outcome being realized.

This thesis looks into two specific topics regarding the relationship between bank lending and the economy. The first is about how non-performing loans (NPLs) are treated by individual banks, how their actions affect their viability, as well as its impact on the market for collateral. The objective is to provide insight into the decision-making process of a typical bank, and how decisions made from such a process impact on asset markets. The second topic relates to the transmission of monetary policy changes through variations in the volume of bank lending in Australia, with particular reference to the firms sector. Insight on this channel of transmission can contribute to the literature on how monetary policy is transmitted through the banking system and affects the wider economy. Chapter 2 explores the incentives that banks face when treating bad loans. Since write offs frequently involve losses, capital adequacy requirements present a binding constraint on banks' plans for liquidating bad loans. When bank safety is threatened, banks are forced to evergreen loans to bad customers and profitability is thus reduced. It is demonstrated that lowering regulatory capital requirements can ease this constraint and allow more liquidation of bad loans when liquidation is desirable. Chapter 3 investigates the effects on the asset market of bank actions in dealing with their NPLs, by extending the model in Chapter 2 to include interactions with the market for collateral. Results show that liquidation of bad loans may not be as detrimental to asset prices as commonly argued, because funds recouped from liquidation can be recycled into new loans which support the asset market. While capital regulation protects the bank health, it may sometimes limit the amount of liquidation and hence reduce the impact of the recycling channel'. This supports the idea that varying capital requirements countercyclically can dampen the economic cycle, notwithstanding the potential problems with making this a tool for economic management. Additionally, this chapter finds a distinction between two types of forbearance, that based on bank profit maximisation, and from concerns over a bank's financial health. Chapter 4 makes use of aggregate time series data in Australia to look into the strength of the bank lending channel of monetary policy. Investigation is done by examining whether monetary aggregates affect the spread between bank loan rates and bond rates. Results indicate that for small firms, the strength of the channel is dependent negatively on the size of the real deposit base. This is because deposits represent the supply of bank loans which if increased lowers bank lending rates. For large firms a different mechanism operates suggesting reduced influence of the channel, shown by larger loan volumes coinciding with a narrowing spread, implying that banks prefer to concentrate on lending to larger businesses. Rises in foreign funding coincide with a widening spread, but after a lag they also help to reduce upward pressure on loan rates, suggesting a weakening of the channel as foreign funding rises to relieve pressure on the market for bank loans.

JEL Classification: G14, G18
I investigate the effects of the European Central Bank monetary policy over the European government bonds market. To obtain the instantaneous reactions of government bonds, I use event studies to evaluate the impact of changes on monetary policy – the events – over the cumulative average abnormal return of bond yields. I conclude that the European Central Bank monetary policy did have significant effects on Euro-zone government bonds and other European countries. Among eight countries, the German 5-year government bonds were the most responsive to the events. On the other hand, the United Kingdom, which does not belong to the Euro-zone, was the least responsive. I also find that the event with the strongest impact on the bond markets is the announcement of 4th September 2014. Most of bond yields show significant reactions on the day after the announcement date, but the 5-year government bonds is affected much more than the 10-year government bonds.
Investigamos o efeito da decisão da política monetária do Banco Central Europeu em relação aos principais ajustes das taxas de juros no mercado de obrigações governamentais em vários países da União Europeia. Para obter as respostas instantâneas dos títulos do governo, é utilizado o Estudo de Eventos para avaliar o impacto das decisões através do retorno anormal médio acumulado das taxas de rendibilidade das obrigações. O estudo consegui que a política monetária do BCE teve um efeito significativo nos títulos do governo da zona do euro e não só. A maturidade de cinco anos da Alemanha revelou ser o mais sensível aos eventos entre oito países analisados. Por seu turno, o Reino Unido, país fora da zona Euro, foi aquele cujas obrigações menos reagiram. O estudo confirma um impacto mais relevante sobre as obrigações governamentais relativamente ao anúncio da decisão de 4 de setembro de 2014. A maior parte dos rendimentos das obrigações apresentou reações significativas no dia seguinte à data do anúncio, mas as obrigações a cinco anos revelaram ser mais afetadas do que as a 10 anos.

碩士
國立中正大學
高階主管管理碩士在職專班
104
Abstract In the recent years, real estate market pricing including housing price in part of areas in Taiwan has been increased. The reasons for such increase include too many hot monies without proper investment vehicles, low-interest investment environment, and problems of tax policies with respect to real estate. And people have started to doubt policies related to the right of adequate and affordable housing implemented by the Government. Recently, main focus of real estate market lies on that price thereof has been overly high and problems of tax policies which have leaded to real estate tax policies reform. In order to improve real estate tax policies, the Government needs to take care of real estate market, the right of adequate and affordable housing and fairness of tax rate. Credit business is the main business of financial institutions and the expected effects of policy already caused the trading volume of real estate market shrinking. In the event that the prosperity of the economic environment and the real estate market turn down, overdue loans and bad debts will increase. Financial institutions should act sooner and implement related measures in order to response to the real estate tax policies to be reformed by the Government, and to lower its own risks regarding real estate credit business. When making real estate loans including housing loans, financial institutions should consider whether the location of the subject real estate is good, the financial status and reputation of the construction company and its past projects and should investigate the company’s financial source and its ability to raise funds. In order to control the risk of residential real estate loans, loan commitment for owner-occupied residence could lower the risk weight of capital charge, and improve the Bank of International Settlement ratio：BIS ratio Therefore, more loan commitment for owner-occupied residence is advised for the banking industry.

The inadequate housing allowance, rental allowance, taxable subsidies and housing shortages in developing countries are some of the challenges of the 21st century. Namibia is no exception. The study is aimed at figuring out whether government actions and interventions are meant to address homelessness challenges for low-income households. Furthermore, the research problem is broadened to gain insight on the effects from four countries’ housing policies as covered in the study; namely Namibia, Botswana, Nigeria and South Africa. The literature review undertaken proved that Botswana and South Africa have the best housing allowance schemes for public servants below management cadres, and have already successfully addressed public housing problems in their respective countries. Other findings of the study are; land shortage for housing development, housing affordability problems, escalating prices for building materials, lack of intergovernmental relations systems, unemployment and low incomes. Several recommendations include; to assist the Namibian government to emulate good examples of Botswana and South Africa, especially by providing land free of charge to its citizens (in the case of Botswana), solve financial institutions’ attitude of denying low-in-come earners loans, review housing allowances, rent allowances and subsidies every two years, increase government/member contribution ratios to either 50 percent or 100 percent due to high inflation rates. Stop distorting housing market prices by property developers and come up with a housing pricing policy for Namibia.
Public Administration
M.A. (Public Administration)

This dissertation consists of three papers about credit risk management and covers different types of firms that can be seen in a bank portfolio. It is used a comprehensive sample maintained by the Portuguese central bank with approximately 43,000 observations on more than 16,000 firms for the period 1997-2003. Almost 2,500 of these observations relate to firms that entered into default according to Basel II definition, representing 6% of the total sample. For the empirical estimations, different methodologies and sub-samples were used to guarantee the fit of the data and the robustness of the results. The first paper (Chapter 1) studies the influence of the independent auditor's going concern evaluation by examining default following the release of the auditor's report. Professional auditing standards require the independent auditor to disclose the uncertainty in the auditor's opinion when there is substantial doubt about an entity's ability to continue as a going concern. The primary purpose of our study was to determine whether the independent auditor's going concern evaluation had information content by examining whether firms default following issuance of a GCO. We use a sub-sample on 12,199 audit reports relating to approximately 2,000 firms that are liable by law to have their accounts audited on an annual basis. Empirical estimation of a logit model controlling for accounting cash flow related and non-accounting variables shows that the likelihood of default for firms that received going concern opinion is 2.792 times that of firms that received a clean opinion. Likelihood ratio tests for omitted variable also confirm the incremental predictive ability of going concern opinion over and above accounting and non-accounting variables for the estimation and hold-out samples. In the non-defaulting group the average default rate is 6.05% and in the defaulting group it is 17.78%. The default rate for firms in the nondefaulting group that received a going concern opinion is 9.92% and for firms that received a clean opinion is 5.96%. In the defaulting group, the rate for firms that received a going concern opinion is 35.49% and for firms that received a clean opinion is 16.96%. Checks for robustness across different asset classes, age, industries and regions indicate that firms that receive a going concern opinion on average default more than those that receive a clean opinion. The second paper (Chapter 2) uses the total sample and analyzes default events for limited liability (non-listed) and full liability firms in order to understand the loan default characteristics of these two groups of firms. We test six hypotheses that relate the influence of accounting ratios and their distributional properties to default. Additionally, two hypotheses are tested relating the influence of liability status of firms and default and the incremental predictive ability of liability status over and above accounting ratios when predicting default. The following ratios - cash flow to total debt, operational cash flows to debt costs, equity to total assets and liquidity - are found to be negatively related to default. Size of the firm and age are also negatively related to default. Limited liability is positively related to default. The predicted default probability of full liability firms is 0.83 times that of limited liability firms. The likelihood ratio test for omitted variable also confirms the incremental predictive ability of liability status over and above accounting information for the estimation and hold-out samples. In the non-defaulting group, the average default rate for limited liability firms is 0.53% higher than that of full liability firms. This difference is 2.07% higher in the defaulting group. Cross tabulation by liability status and asset size shows that the advantage of full liability decreases with size. The third paper (Chapter 3) discloses a simple model based on accounting and nonaccounting ratios to determine default of privately-held firms and a method of computing default probabilities that can be used at the central bank in Portugal to calculate minimum capital requirements for the banking sector and utilize them as benchmarks in the validation of the internal models of the commercial banks. The Basel Committee on Banking Supervision advocates that central and commercial banks model and estimate default probabilities with specific country or bank portfolios. Little research exists on privately held firms and default. We use novel loan data for a sample of 31,025 accounts of privately-held firms maintained by the Portuguese central bank. Our data includes 30 accounting ratios and non-accounting information on size, age, industry and geographic regions. In relation to accounting ratios, we find interest costs to gross income, solidity and working capital to total assets to have the most significant influence on the probability of default. The accounting ratios that show lower marginal influence on the probability of default are return on investment, financial coverage, account payables and receivables, and return on equity. Additionally, we find that unlike the observation in the context of listed firms, size appears positively related to default and although age of firm appears negatively related to default, its marginal influence on default probability is very low. The analysis of the joint influence of non-accounting and accounting variables shows that size alters the relation between several variables and default. Our findings also indicate industry and geographic variations in the default data. The findings suggest that results relating to listed firms cannot be generalized by policy makers and regulators to apply equally to privatelyheld firms. The findings of the three papers all together provide valuable information not only to the credit risk management of financial institutions but also to policy makers and supervisory authorities.
Esta dissertação é constituída por três artigos sobre gestão de risco de crédito e engloba diferentes tipos de empresas que podem ser observadas na carteira de crédito de um banco. Foi usada uma extensa base de dados do Banco de Portugal, com cerca de 43.000 demonstrações financeiras de mais de 16.000 empresas, no periodo compreendido entre 1997 e 2003. Cerca de 2.500 observações pertencem a empresas que entraram em incumprimento de crédito, conforme a definição de Basileia II, representando 6% do total de observações da base de dados em estudo. No desenvolvimento das estimações empíricas, foram aplicadas diferentes metodologias e sub-grupos de observações da base de dados principal, no sentido de garantir a qualidade dos dados usados, bem como a robustez dos resultados obtidos. O primeiro artigo, no capítulo 1, estuda a influência da avaliação do auditor externo sobre a capacidade de continuidade de uma empresa através da análise dos eventos de incumprimento de crédito após a produção do relatório do auditor. Os requisitos profissionais da função de auditoria implicam que o auditor externo, na elaboração da sua opinião, tenha em consideração e informe explicitamente sempre que existam dúvidas significativas sobre a capacidade de continuidade de uma empresa. A primeira intenção do estudo foi determinar se a avaliação sobre a capacidade de continuidade de uma empresa, por parte do auditor externo, conteria informação substancial, examinando para isso as empresas que entraram em incumprimento de crédito após a emissão de dúvidas por parte do auditor. Nesse sentido, foram usados 12.199 relatórios de auditoria relativos a cerca de 2.000 empresas obrigadas por lei a ter as respectivas contas auditadas anualmente. A estimação empirica de um modelo logit, controlando informação contabilística de cash flows bem como variáveis não contabilísticas, mostra que nas empresas que receberam, na opinião do auditor externo, dúvidas sobre a capacidade de continuidade, a probabilidade de incumprimento de crédito é 2,792 vezes superior em comparação com as empresas sem esse tipo de opinião. Os testes de Likelihood ratio para a omissão de variáveis confirmam o valor incremental preditivo da opinião do auditor externo sobre a capacidade de continuidade das empresas, quando comparado com variáveis contabilísticas e não contabilísticas, na estimação de base e nas estimações através de bases de dados de comparação (out-ofsample). No grupo de empresas que não entraram em incumprimento de crédito, a taxa média de incumprimento estimada é de 6.05%, enquanto no grupo de empresas que entraram em incumprimento a taxa média de incumprimento estimada é de 17.78%. A taxa de incumprimento estimada de crédito para o grupo de empresas que não entraram em incumprimento e que receberam uma opinião de incerteza sobre a capacidade de continuidade, por parte do auditor externo, é de 9.92%, enquanto para as restantes empresas a taxa média é de 5.96%. No grupo de empresas que entraram em incumprimento de crédito, e nesse grupo, as empresas que receberam uma opinião de incerteza por parte do auditor externo, a taxa média estimada é de 35.49%, enquanto para as restantes empresas do mesmo grupo, a taxa média estimada é de 16.96%. A confirmação da robustez das conclusões através da análise de diferentes dimensões de empresas, antiguidade das empresas, sectores e regiões geográficas indicam que as empresas que receberam uma opinião de incerteza de capacidade de continuidade por parte do auditor externo, em média, entram mais em incumprimento de crédito do que as empresas que não têm qualquer opinião de incerteza por parte do auditor externo. O segundo artigo, no capítulo 2, usa a totalidade dos dados e analisa os eventos de incumprimento de crédito para sociedades anónimas não cotadas e para sociedades por quotas, no sentido de perceber as características de incumprimento de crédito para cada um dos grupos de empresas. São estudadas seis hipóteses teóricas que relacionam a influência de rácios contabilísticos e as respectivas propriedades distributivas relacionadas com o incumprimento de crédito. Adicionalmente, duas hipóteses são testadas relacionando a influência do enquadramento e responsabilidade legal e o incumprimento de crédito, bem como o incremento da capacidade preditiva do enquadramento legal relativamente aos rácios contabilísticos na estimação de incumprimento de crédito. Os seguintes rácios: cash flow sobre a divida total; cash flows operacionais sobre os custos financeiros da dívida; capitais próprios sobre o total de activos; e liquidez; têm uma relação negativa com o incumprimento de crédito. A dimensão da empresas e a respectiva idade também estão relacionados negativamente com o incumprimento de crédito. As sociedades anónimas estão relacionadas positivamente com o incumprimento de crédito comparativamente às sociedades por quotas. A probabilidade de incumprimento estimada para sociedades por quotas é 0,83 vezes a probabilidade de incumprimento das sociedades anónimas. Os testes de Likelihood ratio para a omissão de variáveis também confirmam o valor incremental preditivo do enquadramento legal, quando comparado com informação contabilística, na estimação de base e estimações através de bases de dados de comparação (out-of-sample). No grupo de empresas que não entraram em incumprimento de crédito, para sociedades anónimas, a taxa média de incumprimento estimada é 0.53% superior à taxa de incumprimento estimada para sociedades por quotas. A mesma diferença é 2,07% superior no grupo de empresas que entraram em incumprimento de crédito. A confirmação da robustez das conclusões através da análise de diferentes dimensões de empresas indicam que a vantagem das sociedades por quotas diminui com a dimensão das empresas. O terceiro artigo, no capítulo 3, apresenta um modelo baseado em rácios contabilísticos e não contabilísticos para determinar o incumprimento de crédito de empresas não cotadas e um método de estimação de probabilidades de incumprimento de crédito o qual pode ser usado pelo banco central em Portugal para calcular os requisitos minimos de capital regulamentar dos bancos, bem como a sua utilização como benchmarks na validação de modelos de rating internos da banca comercial. O Comité de Supervisão Bancária de Basileia refere a necessidade de os bancos centrais e a banca comercial modelizarem e estimarem probabilidades de incumprimento de crédito tendo em consideração as respectivas especificidades dos portfólios e países em questão. Relativamente a empresas não cotadas existem poucos estudos relacionados com incumprimentos de crédito. Nesse sentido, é usada uma base de dados do Banco de Portugal com 31.025 demonstrações financeiras de empresas não cotadas. Os dados usados incluem 30 rácios contabilísticos e informação não contabilística sobre a dimensão e idade das empresas, sector, e região geográfica. Em relação aos rácios contabilísticos: os custos financeiros sobre os resultados brutos; solvabilidade; e a formação bruta de capital fixo sobre o total de activos têm a influência mais significativa na probabilidade de incumprimento de crédito. Os rácios contabilísticos que apresentam menor influência marginal na probabilidade de incumprimento de crédito são a: rendibilidade dos activos; cobertura financeira; prazo médio de pagamentos; prazo médio de recebimentos; e rendibilidade dos capitais próprios. Adicionalmente, e ao contrário das observações no contexto de empresas cotadas, a dimensão da empresa aparece positivamente relacionada com o incumprimento de crédito, e apesar da idade da empresa surgir negativamente relacionada, a sua contribuição marginal na influência da estimação de probabilidades de incumprimento é reduzida. A análise da influência conjunta de variáveis contabilísticas e não contabilísticas mostra que a dimensão das empresas altera a relação de algumas variáveis com o evento de incumprimento de crédito. Os resultados também indicam variações sectoriais e geográficas nos dados de incumprimento de crédito. Os resultados sugerem que a informação relacionada com empresas cotadas não pode ser generalizada nem aplicada igualmente pelos reguladores às empresas não cotadas. Em suma, os resultados dos três artigos apresentam informação importante não apenas para a gestão de risco de crédito de instituições financeiras, mas também para os reguladores e autoridades de supervisão financeira.

Small and medium sized enterprises (SMEs) play a crucial role in the socio-economic development of a country through business opportunities, employment generation and poverty alleviation. However, constraints on the provision of finance to SMEs is a key challenge faced by developing countries. Most of the empirical studies on SME financing constraints are based in developed economies, with limited applicability to developing countries like Bhutan with a different level of economic and financial development. Though the SME financing constraint is widely recognised by the Royal Government of Bhutan (RGoB), academic research has not been carried out on the Bhutanese SME sector. The primary aim of this study is to investigate the cause and nature of the SME financing constraint, in terms of accessibility to bank loans, in Bhutan.

This study set out to identify the specific success factors and impacts microfinance has for poor women who predominate in microfinance programs and to articulate policies to raise poor women above subsistence level in India. The study collected data from 200 poor female member of two organisations Vagad Region Service Research Organisation and Self Employed Women’s Cooperative Bank in India. The three data sets from surveys, case studies of selected members and interviews with staff from the respective organisations were triangulated. The results indicate membership of SEWA and VLSSS, gives members access to financial and non- financial products and services which enable them to improve their general standard of living. The poor female members predominate in microfinance because they value access to credit have high repayment rates, invest in the family, and use credit to escape social restrictions. Polices that can assist poor women to rise above subsistence level include providing access to decent health care, vocational training, and functioning education system, investment in public transport and road infrastructure and licences to run a business.

Unwanted and unintended pregnancies pose major reproductive health challenges to women throughout the world. Despite the availability of modern contraceptives, many women and men fail to use contraceptives effectively. This research focussed on reasons for not using contraceptives effectively in the Northern Tshwane area of the Gauteng Province of the Republic of South Africa (RSA). Structured interviews were conducted with 83 women and 71 men about their contraceptive practices. Age, religion, educational level and residential areas influenced clients' contraceptive practices. These results were categorised for adult males and females as well as for adolescent males and females. Adolescents encountered problems in accessing contraceptive services. Adult females knew most about traditional contraceptives, although men knew about some of these methods, and adolescents used some of them. All respondents could gain additional knowledge about modern contraceptives. The respondents' knowledge about · emergency contraceptives was extremely limited. Although most respondents knew about legalised choice on.termination of pregnancy (CTOP) services in the RSA, they did not know when nor how to access these services. Nurses working in contraceptive health services, revealed during a focus group discussion that a lack of resources (including shortages of malcondoms, contraceptive injections and oral contraceptives) hampered the quality of services that could be rendered. Of particular concern was the nonavailability of Norplant implants and female condoms. Nurses expressed a need for pecific national policy guidelines about supplying contraception to adolescents. Although most nurses knew about emergency contraceptives, they did not promote its use because they assumed that clients would misuse emergency contraceptives.instead of using contraceptives regularly. The nurses indicated that very few facilities offered CTOP services. The nurses regarded women who obtained repeated CTOPs to be misusing these services and suggested that limitations should be placed on the number-of times any woman could obtain such services. The negative attitudes of community members and of colleagues towards persons working in CTOP services caused hardships for them. Recommendations address ways in which contraceptive services could be improved.
Health Studies
D. Litt. et Phil. (Advanced Nursing Sciences)

Mozambique is undergoing intensive socio-economic reforms to reconstruct war damages and develop the nation. The reforms consist of economic liberalisation through structural adjustment and monetarist economic stabilisation, e.g. government withdrawal from economic activities, privatisation, deregulation, reduction of tariff levels on imports and tax on investments, cuts of expenditure on social services, restrictive credit system, focus on monetarism, increased taxation on individual income, etc. The nature of these reforms, on the surface, leads to morally questionable conditions. There is social chaos and disintegration, high indices of corruption, subtle recolonisation, decline of civil services, etc. At the bottom lie the market ethics and fundamentalist theological discourse by dint of which the World Bank and the International Monetary Fund deny historical consciousness, lack institutional memory, vest themselves with unquestionable international authority, dictate and impose policies without accountability for the social consequences. If there is any hope for Mozambicans, it lies in development ethics which relies heavily on the liberation motif, historical consciousness, and African Heritage.
Philosophy, Practical & Systematic Theology
M. Th. (Theological Ethics)