Dissertations / Theses on the topic 'Current accounts balance'
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Holtkamp, Nicholas Chadbourne. "China’s Economic "Imbalances" Through the Flow of Funds Tables, 2000-2009." The Ohio State University, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=osu1367391280.
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Ordu, Metin Karabıçak Mevlüt. "Ödemeler bilançosundaki dengesizliklerin ekonomik gelişme üzerine olan etkileri /." Isparta : SDÜ Sosyal Bilimler Enstitüsü, 2008. http://tez.sdu.edu.tr/Tezler/TS00611.pdf.
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Adedeji, Olumuyiwa Samson. "The intertemporal approach to modeling the current account : evidence from Nigeria." Thesis, McGill University, 2002. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=38142.
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This dissertation has two objectives. The first is to modify the existing Present Value Model of the Current Account (PVMCA) to reflect the major features of the Nigerian economy and to determine if this resulting theoretical framework is valid for the analysis of the Nigerian current account for the period 1960--97. The second objective is to examine the excessiveness and sustainability of the Nigerian current account deficits during this period.To achieve these objectives, the thesis presents a model of current account determination that is based upon the permanent-income hypothesis of private consumption behavior. We derive a present value relationship among the current account, expected changes in net output and a consumption-based real interest rate. This thesis then extends this framework to incorporate changes in the terms of trade and possible asymmetric access to the international financial markets. It also conducts an empirical estimation of the several variants of the PVMCA. The econometric results show that an intertemporal model of current account determination that includes changes in the interest rate, exchange rate and terms of trade outperforms one that excludes them.
This thesis represents the first attempt to use an intertemporal model of the current account and selected macroeconomic and structural indicators to assess the external position of the Nigerian economy. The empirical results support the hypothesis that current account deficits accompanied by macroeconomic instability and structural weaknesses can generate an external crisis.
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Kulasi, Farida. "The Feldstein-Horioka Puzzle and capital mobility." Thesis, Birkbeck (University of London), 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.266317.
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Herzog, Ryan William. "Testing saving and investment rates to understand capital mobility and current account solvency /." Connect to title online (Scholars' Bank) Connect to title online (ProQuest), 2008. http://hdl.handle.net/1794/9170.
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Thesis (Ph. D.)--University of Oregon, 2008.Typescript. Includes vita and abstract. Includes bibliographical references (leaves 153-160). Also available online in Scholars' Bank; and in ProQuest, free to University of Oregon users.
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Badinger, Harald, de Clairfontaine Aurélien Fichet, and Wolf Heinrich Reuter. "Fiscal Rules and Twin Deficits: The Link between Fiscal and External Balances." WU Vienna University of Economics and Business, 2015. http://epub.wu.ac.at/4579/1/wp196.pdf.
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This paper investigates the relationship between countries' fiscal balances and current accounts with an emphasis on the role of fiscal rules. The direct effect of fiscal policy on the current account via aggregate (import) demand is potentially amplified by indirect effects, materializing through interest rate effects and inter-generational transfers that reduce savings. On the other hand, the implied positive relation between fiscal and external
balances is potentially attenuated by offsetting changes in savings through Ricardian equivalence considerations. We expect this attenuation effect to be stronger in countries with more stringent fiscal rules and test this hypothesis using a panel of 73 countries over the period 1985-2012. As previous studies we find a positive effect of fiscal balances on the current account, supporting the twin deficit hypothesis. However, the effect of fiscal balances on the current account depends on the stringency of fiscal (budget balance or debt) rules in place; it is reduced by one third on average and virtually eliminated for countries with the most stringent fiscal rules. (authors' abstract)Series: Department of Economics Working Paper Series
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Dunovska, Jolanta. "Lietuvos mokėjimų balansas: analizė ir perspektyvos." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2009. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2008~D_20090204_112819-98560.
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Baigiamajame magistro darbe nagrinėjamas Lietuvos nacionalinis mokėjimo balansas, jo struktūra, reguliavimo metodai, plačiau nagrinėjama einamoji mokėjimo balanso sąskaita ir jos deficitas. Atliekama statistinių nacionalinio mokėjimų balanso duomenų analizė nuo 1998 iki 2007 metų. Vertinama mokėjimų balanso sąskaitų (einamosios, kapitalo, finansinės) tarpusavio priklausomybė bei nagrinėjamas ryšys visų mokėjimų balanso sąskaitų su BVP. Galiausiai atliekamas nacionalinio mokėjimų balanso prognozavimas slenkančio vidurkio bei ekponentinio išlyginimo metodai, kad galima būtų numatyti jo perspektyvas. Išnagrinėjus teorinius ir praktinius Lietuvos mokėjimo balanso bei einamosios sąskaitos aspektus, pateikiamos išvados ir siūlymai.In this final master work under consideration are Lithuania national payments balance, its structure and regulation methods. Enlarge under consideration are current payments account and its deficit. Statistical national payments balance data analysis is executable from 1998 to 2007. Payments balance accounts (current, fund, financial) interdependence are well considered and relation common balance of payments account with GDP is pending in this work. At last national balance of payments prognostication is feasable in few methods to see its perspectives in future. After theoretical and practical aspects inspecting, finding and offering are proposed.
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Yi, Chae-Deug. "Fiscal policy effects on the real exchange rate and current account in a small open economy." The Ohio State University, 1993. http://catalog.hathitrust.org/api/volumes/oclc/29609628.html.
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Mwau, Geoffrey. "Government and private sector responses to external shocks and their effects on the current account : evidence from Kenya, 1973-1988." Thesis, McGill University, 1994. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=28497.
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This thesis analyzes the effects of external shocks and government policy responses on the current account in Kenya. We attempt to isolate two effects on the current account which arise from the impact of external shocks to the economy. The first one is attributed to a direct response by private agents to the shock. The second arises from the optimal response by the government to counteract the effects of the shock on the economy and depends on the government's objectives. It is hypothesized that these two effects can explain the behavior of the current account in many developing countries.Much of the literature in developing countries ignores the indirect effect of government policy on private sector behavior and hence its effect on the current account. Moreover, the models emphasize empirical analysis with little or no theoretical foundation.
In this thesis, an intertemporal framework is postulated with rational optimizing agents. It is assumed that following an external shock, the rational behavior of economic agents is to adjust their production and spending behavior in an optimal manner. Depending on the degree of flexibility in the economy, the effect of this response is to reduce domestic absorption and thus improve the current account. At the same time, the government responds by undertaking policies which optimize its objectives given the shock. The overall effect may or may not improve the current account.
The reactions of both the government and the private sector are analyzed in the context of a game in which it is assumed that each agent takes the other's behavior into account when formulating economic decisions. Two types of equilibria are examined: a Nash non-cooperative concurrent game; and a non-cooperative Stackleberg structure.
The theoretical framework is along the lines of Conway who has undertaken a similar study for Turkey, a semi-industrialized economy. The model specification and the estimating equations are however modified to capture key features of the Kenyan economy.
The empirical results show that external shocks, particularly increases in the price of imported inputs and exchange rate devaluation have a contractionary effect on the Kenyan economy. Fox example, producers responded to an increase in the price of imported inputs by reducing the demand for the inputs as well as the demand for labor. As predicted by the theory, both the government and private agents responded to the shocks in an attempt to maximize their objectives. It is argued that the optimal responses of these agents are not necessarily in each other's interest implying that each agent will react to counteract the undesirable effects of the other's behavior. The interaction between the government and the private sector can be explained by a Stackleberg game structure where the government is the leader. Also, both the direct and indirect effects of the shocks are found to be important in explaining the behavior of the current account in Kenya.
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Assogbavi, Koutchogna. "Global imbalances and international trade in the era of climate challenges." Electronic Thesis or Diss., Bordeaux, 2024. http://www.theses.fr/2024BORD0120.
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Cette thèse examine empiriquement différentes questions-clés d'économie et de finance internationales sous le prisme de la montée des risques liés au changement climatique et aux politiques d'atténuation. Elle aborde dans son chapitre premier la question des déséquilibres mondiaux des comptes courant en analysant les forces expliquant leur dynamique, notamment depuis la crise financière mondiale de 2008. Elle évalue empiriquement les facteurs qui pourraient expliquer la persistance des déséquilibres mondiaux dans certains pays avancés, émergents et à faible revenus. Selon nos estimations, la crise financière mondiale a constitué une rupture structurelle dans la détermination des facteurs influençant la balance des comptes courants. Le développement financier, l'ouverture financière et les variables institutionnelles sont des facteurs significatifs qui influencent la balance des comptes courants par le biais de changements dans les comportements d'investissement et d'épargne. Nous utilisons ensuite nos estimations pour prédire les comptes courants d'équilibre et calculer la contribution des facteurs sous-jacents. Malgré une certaine incertitude autour des estimations, nos modèles sont en mesure d'expliquer la plupart des configurations observées des comptes courants, montrant seulement un excédent par rapport à l'équilibre dans le cas du Japon, de la Chine et, plus récemment, de l'Allemagne. Après cette analyse générale, la prise en compte de l'impact de politiques d'atténuation du changement climatique nous montre qu'un durcissement de la politique environnementale ou un niveau élevé de taxes environnementales conduisent à des excédents de la balance courante. En considérant ce impact potentiel des politiques d'atténuation du changement climatique, le chapitre 2 examine les effets d'une politique environnementale sur les flux de commerce international. Il évalue si un durcissement de la politique environnementale incite à la délocalisation d'activités très polluantes. Les résultats ne montrent aucune preuve de fuite de carbone par le biais du commerce international, étant donné qu'une politique environnementale stricte entraîne généralement une réduction des émissions de CO2 incorporées dans les biens et services échangés, tant au niveau agrégé que sectoriel. Cependant, nous trouvons des preuves de fuites de carbone lorsque nous considérons les importations en provenance des pays ayant des politiques environnementales les moins strictes. Enfin, le chapitre 3 examine les effets de différents types d'évènements climatiques sur les différents postes de la balance des paiements. Nous appliquons la méthode de projection locale à des données de panel afin d’évaluer l'impact des catastrophes naturelles sur la balance des paiements. Cet impact sur la balance des comptes courants est négatif à court terme, et disparait une année après le désastre. Nos résultats montrent que toutes les composantes du commerce diminuent à la suite d'une catastrophe. Les importations de services sont celles qui mettent le plus de temps à revenir à leur état initial. L’impact négatif est plus important dans les pays émergents que dans les plus avancés. De même dans les pays tropicaux, insulaire et les pays côtiers les effets sont plus marqués. Nos travaux montrent que les risques liés au changement climatique et aux politiques environnementales jouent un rôle important dans les échanges internationaux de biens et les flux de capitaux. Ces effets sont amenés à se renforcer au cours des prochaines décennies et pourraient constituer un facteur fondamental dans les dynamiques économiques et financières internationales en matière de défis climatiquesThis thesis empirically examines various key issues in international economics and finance through the lens of rising risks associated with climate change and mitigation policies. In its first chapter, it addresses the issue of global current account imbalances by analyzing the forces explaining their dynamics, particularly since the 2008 global financial crisis. It empirically evaluates the factors that could potentially explain the persistence of global imbalances in certain advanced, emerging, and low-income countries. The global financial crisis represents, according to our estimations, a structural break in the determination of current account balance determinants. Financial development, financial openness, and institutional variables are significant factors that influence the current account balance through changes in investment and savings behaviors. We then use our estimations to predict equilibrium current accounts and calculate the contribution of underlying factors. Despite some uncertainty around the estimates, our models are able to explain most observed current account configurations, showing only a surplus compared to equilibrium in the cases of Japan, China, and more recently, Germany. Following this general analysis, taking into account the impact of climate change mitigation policies shows that stricter environmental policy or high levels of environmental taxes lead to current account surpluses. Considering this potential impact of climate change mitigation policies, Chapter 2 examines the effects of environmental policy on international trade flows. It evaluates whether tightening environmental policy encourages the relocation of highly polluting activities. The results show no evidence of carbon leakage through international trade, as strict environmental policy generally leads to a reduction in CO2 emissions embodied in traded goods and services, both at the aggregate and sectoral levels. However, we find evidence of carbon leakage when considering imports from countries with less stringent environmental policies. Finally, Chapter 3 examines the effects of different types of climate events on various components of the balance of payments. We apply the local projection method to panel data to assess the impact of natural disasters on the balance of payments. This impact on the current account balance is negative in the short term and disappears one year after the disaster. Our results show that all components of trade decrease following a disaster. Service imports take the longest time to return to their initial state. The negative impact is greater in emerging countries than in more advanced ones. Similarly, in tropical, island, and coastal countries, the effects are more pronounced. Our work shows that climate change risks and environmental policies play an important role in international trade in goods and capital flows. These effects are expected to strengthen in the coming decades and could constitute fundamental factors in international economic and financial dynamics
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Oliveira, Ana Cecília Gomes Campos de. "O défice externo português (1960-2001): a abordagem intertemporal da balança corrente." Master's thesis, Instituto Superior de Economia e Gestão, 2003. http://hdl.handle.net/10400.5/904.
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Mestrado em Economia Monetária e FinanceiraA abordagem intertemporal vê a balança corrente como um amortecedor dos choques temporários no produto, investimento e gastos públicos, através do qual os agentes privados podem fazer o alisamento do consumo ao longo do tempo. Este trabalho baseia-se no modelo intertemporal da balança corrente para avaliar a solvência e sustentabilidade dos défices externos portugueses ao longo do período 1960-2001. Também é analisada a optimalidade dos fluxos de capitais, deduzindo uma trajectória óptima da balança corrente contra a qual é comparada a trajectória observada. Os resultados empíricos indicam que o modelo se ajusta bem, sendo capaz de explicar os principais movimentos da balança corrente. Conclui-se que a economia portuguesa é solvente e que os agentes privados conseguiram, ao longo do período, fazer o alisamento do consumo. Os resultados indicam ainda que os défices correntes portugueses são excessivos desde meados dos anos 60, resultando numa trajectória dos activos externos líquidos que não é sustentável.
The intertemporal approach views the current account as a buffer through which private agents can smooth consumption over time in response to the temporary disturbances to output, investment and government expenditure. This paper uses an intertemporal model of the current account to examine the solvency and sustainability of Portuguese's current account deficits over the period 1960-2001. It also analyses the optimality of its capital flows by comparing the actual current account series against a current account's optimal path derived from the model. The empirical results indicate that the model performs well overall and it is capable of explaining the major cyclical movements in Portugal's current account. The findings indicate that the Portugal economy appeared to satisfy its intertemporal budget constraint during the period and the hypothesis of full consumption smoothing cannot be rejected. The results also suggest that Portuguese's current account deficit have become excessive since the mid-1960s resulting in an unsustainable path of the stock of net foreign liabilities.
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Rečka, Jakub. "Globální nerovnováhy a jejich řešení v kontextu současné krize." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-74477.
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This thesis deals with global imbalances in the world economy. Chapter one focuses on balance of payments theory, savings and investment. It also specifies global imbalances and presents the most important periods of their development. Chapter two analyses main causes of global imbalances and discusses the relationship between imbalances and current economic crisis. Chapter three describes current development of global imbalances, anticipated development in future and analyses possible solutions at national and international level.
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Sahin, Bedia. "Zur Kausalität in der Zahlungsbilanz." Doctoral thesis, Universitätsbibliothek Chemnitz, 2014. http://nbn-resolving.de/urn:nbn:de:bsz:ch1-qucosa-157246.
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Die Arbeit setzt sich das Ziel, den Ursache-Wirkungs-Zusammenhang zwischen den zahlungsbilanzrelevanten Transaktionen aufzudecken. Dieses Vorhaben legt eine zweigeteilte Analyse der Zahlungsbilanz nahe: Es wird zunächst über die Buchungsmechanik der nach ihrem wirtschaftlichen Charakter unterschiedenen internationalen Transaktionen aufgeklärt und anschließend folgt eine fundierte Zahlungsbilanzdiskussion, die Klarheit in die Ursache-Wirkungs-Beziehung bringt. Grenzüberschreitende Transaktionen werden eingeteilt in (reine) Finanztransaktionen und Leistungstransaktionen. Somit bezieht sich die Kausalitätsfrage auf den Zusammenhang zwischen diesen beiden Transaktionsarten. Das Ergebnis verkehrt gängige Vorstellungen über die Wirkungsrichtung ins Gegenteil und lautet: Die Leistungsbilanz bestimmt die Kapitalbilanz.
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Kouřilová, Eva. "Vnější ekonomická rovnováha USA." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15974.
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Diploma thesis deals with the US external economic balance, particularly balance of payments, international investment position, indebtness and the dollar exchange rate. The first part includes the theoretical approach to external economic balance and related terms. Furthermore, I focus on the status of current and financial account of the United States in detail. Here I evaluate the balances of BOP parts and search for the explanation of this situation. I also focus on international investment position of the United States, the development of foreign direct investment and debt indicators. The work also contains a detailed analysis of the U.S. balance of payments for the years 2004 - 2008. The last section is a treatise on the history of the dollar, development of its rate, expected future developments and relationships with U.S. major trading partner, China.
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Doležal, Martin. "Globální nerovnováhy v kontextu vývoje kurzu amerického dolaru." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-81572.
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The thesis deals with the development and status of global imbalances in contemporary global economy in connection with changes in the U.S. dollar exchange rate. From this point of view, the paper firstly focuses on the current diversification of the world economy to clarify the position of the U.S. monetary system in the sphere of global imbalances. Secondly, it concentrates on the long-term trends in the U.S. dollar exchange rate as the world's main currency. Finally, the thesis focuses on potential changes in the economic policy of the main actors of global imbalances and presents possible solution to these imbalances in the world economy.
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Leikus, Valdis. "Lietuvos mokėjimų balansas ir jo krizės aplinkybių įvertinimas 2009 m." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2010. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2010~D_20100224_133105-21596.
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Kadangi neigiami šalies mokėjimų balanso rodikliai gali būti būsimo šalies ekonominio nuosmukio ar krizės priežastis, todėl būtina suvokti, kokia šių rodiklių įtaka šalies daromiems sprendimams bei nustatyti, ar šių rodiklių pagalba galima prognozuoti būsimas šalies valiutų krizes, kitaip dar vadinamas mokėjimų balanso krizėmis. Atsižvelgiant į tai, magistro baigiamajame darbe analizuojama mokėjimų balanso krizės situacija bei jos pasireiškimo tikimybė Lietuvoje.
Atliktas tyrimas aktualus, nes mokslinėje literatūroje Lietuvos mokėjimų balanso krizės susidarymo rizikos analizės per pastaruosius metus nepasitaikė. Ypač Lietuvai tai aktualu dėl pastarųjų metų pasaulinių įvykių, nulėmusių Lietuvos ekonomikos smarkų smukimą. Taip pat pažymėtina, kad užsienio šalyse vis daugėja atvejų, kai šalis dėl išeikvotų užsienio valiutos rezervų patiria mokėjimų balanso krizę, priverčiančią šalį imtis drastiškų veiksmų siekiant išgelbėti šalies ekonomiką.
Atsižvelgiant į aukščiau minėtą, iškeliama mokslinė darbo problema klausimu „Ar galima prognozuoti apie Lietuvos mokėjimų balanso krizės reiškinį remiantis mokėjimų balanso sąskaitų pokyčiais bei pagrindiniais makroekonominiai rodikliais, įtakojančiais mokėjimų balanso sąskaitas?“
Darbo tikslas – atlikti Lietuvos mokėjimų balanso krizės rizikos analizę ir ištirti, pagal kuriuos šalies ekonominius ir statistinius rodiklius galima prognozuoti šį reiškinį.
Tyrimo objektas – Lietuvos, Latvijos ir Estijos detalūs statistiniai mokėjimų balanso... [toliau žr. visą tekstą]As the country's negative balance of payments indicators may signal the country's future economic downturn or causes of the crisis, it is necessary to understand how these variables influence country’s decisions and determine whether these characteristics can help predict future currency crises in the country, also known as the balance of payments crisis. The paper of master degree analyzes the balance of payments crisis situation and its likelihood of occurring in Lithuania. A study carried out is relevant because the scientific literature does not provide any analysis regarding the Lithuanian balance of payments crisis over the past few years. It is especially relevant in Lithuania as the worldwide events in the recent years have led to a rapid decline of the Lithuanian economy. It should also be noted that there is a growing number of cases of foreign countries experiencing balance of payments crisis, subjecting the country to take drastic action to save the country's economy. According to the above mentioned, the problem is formulated: "Is it possible to predict the Lithuanian balance of payments crisis phenomenon on the basis of balance of payments accounts, and key developments in macroeconomic indicators, influencing the balance of payments accounts?" The main goal is to analyze the Lithuanian balance of payments crisis risk and determine which country's economic and statistical indicators can predict this phenomenon. The object of the research - the detailed... [to full text]
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Dupal, Jiří. "Účinky přímých zahraničních investic podpořených investičními pobídkami v kontextu svých pozitiv a negativ." Doctoral thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-76679.
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In the past ten years the Foreign Direct Investment (FDI) has become a phenomenon, which is nowadays considered to be one of the major future perspectives of an economy. For many economists and politicians, the FDI is perceived as a saving instrument, which should help solve problems such as structure, regional discrepancies and most importantly a high unemployment rate especially under the conditions of global economic and financial crisis. The inflow of the FDI to host economy brings many positive effects that cannot be substituted. In fact, it is considered as a positive externality that must be paid. In order to attract the FDI in a country, the investment incentives are proposed and current incentives are being rebuilt. But attracting FDI at all costs can also be counterproductive. The intended aim of this thesis is to analyze positive and negativ effects of the FDI.
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Яременко, Наталія Сергіївна, Наталья Сергеевна Яременко, Nataliia Serhiivna Yaremenko, and С. О. Хайлук. "Визначення ліміту використання тимчасово вільних залишків на поточних рахунках клієнтів банку." Thesis, ХНУ імені В. Н. Каразіна, 2009. http://essuir.sumdu.edu.ua/handle/123456789/63761.
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Gjochi, Marigona. "Economic Relations Between China and the United States of America." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-198691.
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The master thesis emphasizes the economic relations between China and the United States. It gives an overview and theoretical background support on the significance of contemporary the economic relations between countries in today`s globalized era. Secondly, it analyzes how the theoretical background of economic and trade relations affect the empirical case study of the economic relations between China and the USA. The goal is to show how the economic and trade relations between China and the United States influence each other`s economies and what is the effect of such relations on the economic performance of both countries. More precisely, in order to answer the question above, the master thesis deals with complex analysis in regard of historical perspective concerning the economic relations between these countries, their ongoing cooperation in terms of balance of payments, the current and potential issues what both countries face and the existing challenges for the future. In order to complete the analysis and answer the research question, list of various sources will be used, starting from academic journals, books, literature reviews, reports from the World Trade Organization (hereafter WTO), reports from the respective countries on their economic progress, data available from the ministries of trade of respective countries and other sources related to the analysis of the contemporary economic and trade relations between the countries participating in the global economy.
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Kužílek, Pavel. "Evropská měnová unie." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-73801.
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The aim of this work is to analyze the success of European monetary integration and it's contribution to countries, who's economics are, no matter if for the long lasting difficulties or recent transformation, likely to be called hazardous. In the first part, the work concerns itself with the very conception of the idea of European monetary integration and it's development, over the final form of the project, it's accomplishment up till current problem and challenges. The second part is an analysis of chosen countries who belong in the category named above. With this countries I will try to analyze the effect that joining the monetary union had on their economy. In the end I'll summarize the acquired knowledge to evaluate the effect of the common currency on the chosen group of countries.
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Bulíčková, Andrea. "Audit účetní závěrky vybrané firmy." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2017. http://www.nusl.cz/ntk/nusl-319479.
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The thesis deals with the audit of the financial statements of the selected company. In the theoretical part, there is the general knowledge about the auditing, the audit legislation, the procedure of financial statements audit and the auditing issues from the audited company's perspective. The next separate part concerns Austrian auditors. The practical part applies the selected audit procedures in the audited company and analyzes the preparation of the audited company for the audit. The proposal part contains the recommendations for the organization of accounting work within this preparation.
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Machová, Veronika. "Vývoj Eura v kontexte dlhovej krízy." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-202095.
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The main objective of this thesis is to provide an overview of developments and issues in the context of the European debt crisis. Euro as a central aspect of Economic and Monetary Union has a major impact on convergence and existing systemic problems of the EU. The first chapter provides a brief description of the european integration since World War II in the context of Economic and Monetary union. The second chapter defines the concept of nominal and real convergence and dedicates closer to the Maastricht convergence criteria and the Stability and Growth Pact, which was the result of efforts towards closer fiscal coordination. Moreover, it summarizes the main causes of the financial crisis and subsequently analyses its impact on the EUR/USD currency pair. The fourth chapter focuses on the systemic weaknesses of the eurozone with an emphasis on the imbalance in the current account balance of payments. The last chapter summarizes the approaches to solving the debt crisis assuming that current steps taken by eurozone leaders in cooperation with the governments of intebted members fail.
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Yu-Ying, Chaio, and 焦玉瑩. "Capital Flows, Current Account Balance and Currency Crises." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/91975110779940852088.
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Wu, Ti-Lei, and 吳迪蕾. "Intertemporal Current Account Balance and East Asian Currency Crises." Thesis, 2000. http://ndltd.ncl.edu.tw/handle/21763061144256542365.
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Hua, Chih Chun, and 華志群. "Investment,Saving,Current Account Balance and the South East Asian Currency Crises." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/75028591664791257788.
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"What drives China's current account: a decomposition." 2012. http://library.cuhk.edu.hk/record=b5549228.
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本文扩展了由Chari, Kehoe和McGrattan最初开创的Business Cycle Accounting 方法，利用两国开放经济模型研究中国经常账波动的根源。本文从模型得出的五个一阶条件方程和两个产出方程中，量化衡量了代表不同市场扭曲程度的7个变量。其中包括两国分别的生产力扭曲程度、劳动市场扭曲程度、资本市场扭曲程度，以及两国风险共担的程度。本文通过将得出的代表市场扭曲程度的变量逐一逆向回代入模型中，进一步分解了各个变量对中国经常账波动的贡献度。利用1978年至2010年中国和美国的数据，本文得出结论认为中国的经常账波动与劳动力市场扭曲具有最密切的关系，其次是资本市场扭曲。生产力的提高和中美两国的风险共担程度对中国经常账的影响甚微。同时结果表明，中美两国的真实利率差距也对中国经常账有显著影响，中国的真实利率相对美国而言较高。This paper extends the original Business Cycle Accounting exercise developed by Chari, Kehoe, and McGrattan to a two-country open economy model. To identify the sources of China’s current account fluctuations, I measure seven wedges from five first-order conditions and two productivity functions, including the productivity wedges, labor wedges, and investment wedges in both China and the US, as well as the risk sharing wedge between the two countries. Then I incorporate the measured wedges back into the model to decompose their contributions to the behavior of real current account. With the use of real data (beginning 1978) on China and the US, the accounting procedures suggest that the behavior of China’s current account is best explained by labor wedges, followed by investment wedges. The productivity wedges and risk sharing wedge between the two countries impose minor effects. Results also indicate that the spread of real interest rates in China and the US significantly influences China’s current account surplus, and that the real interest rates in China is relatively higher than those of the United States.
Detailed summary in vernacular field only.
Yuan, Xiaochuan.
Thesis (M.Phil.)--Chinese University of Hong Kong, 2012.
Includes bibliographical references (leaves 71-76).
Abstracts also in Chinese.
Abstract --- p.i
摘要 --- p.ii
Acknowledgements --- p.iii
Chapter 1 --- Introduction --- p.1
Chapter 2 --- Literature on the Current Account of China --- p.3
Chapter 2.1 --- Saving and investment --- p.4
Chapter 2.2 --- Financial imperfections --- p.5
Chapter 2.3 --- Exchange rate --- p.7
Chapter 2.4 --- Income and growth --- p.9
Chapter 2.5 --- Multiple reasons --- p.10
Chapter 2.6 --- Improvement policies --- p.11
Chapter 3 --- Facts on China’s Current Account --- p.13
Chapter 4 --- Two-Country Open Economy Model --- p.19
Chapter 4.1 --- Household --- p.19
Chapter 4.2 --- Firm --- p.20
Chapter 4.3 --- Government --- p.21
Chapter 4.4 --- Two-country problem --- p.21
Chapter 4.5 --- Definitions of the wedges --- p.23
Chapter 5 --- Measuring the Wedges --- p.25
Chapter 6 --- Accounting Procedure --- p.32
Chapter 7 --- Further Implications --- p.38
Chapter 8 --- Conclusions --- p.41
Chapter 9 --- Data Appendix --- p.46
Chapter 9.1 --- Data source --- p.46
Chapter 9.2 --- Variables --- p.46
Chapter 9.3 --- Parameters --- p.49
Chapter 9.4 --- Robust check --- p.50
Chapter 10 --- References --- p.71
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Gallegos, C. Alejandro. "Effects of devaluation on the foreign accounts of Mexico." 1986. http://catalog.hathitrust.org/api/volumes/oclc/19978580.html.
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Adler, Kathleen Stapler. "Japanese tax reform and the current account balance in the late 1980s." 1993. http://catalog.hathitrust.org/api/volumes/oclc/32036135.html.
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Song, Chi Young. "The real and nominal exchange rates, and the current account balance in Japan." 1994. http://catalog.hathitrust.org/api/volumes/oclc/32935450.html.
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Lin, Max, and 林原新. "The relationship between innovation and current account balance-An empirical study of Taiwan." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/17672282968093061960.
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碩士東海大學
管理碩士在職專班
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There is a tendency towards knowledge economy, internationalization and globalization since year 2000. Innovation value has displaced tradition element of production: land , capital and labor as main energy of growth of an enterprise or the state economy. According to Hausmann and Sturzenegger‘s（2005） researchs that argued current account statistics may provide a poor indication for the real evolution of a country’s net foreign assets in knowledge economy . The differences may raised due to mismeasurement of know-How assets. We used Hausmann and Sturzenegger model to estimate Taiwan’s current account balance . The difference between our estimation of current account balance and that portrayed by official statistics is that our estimation of Taiwan’s current account balance is less than Taiwan’s official current account balance. It means that the ratio of Taiwan’s know-How assets are too small during year 1981 to 2006. The research used the VAR model , causal relationship , variance decomposition , impulse response analysis to analyze relationship between our estimation of Taiwan current account balance and four innovation indexes. The result demonstrate that a causal relationship exists between the expense of research and develop ratio of GDP , every ten thousand population researcher counts , the quantity of American patent and the quantity of SCI paper and our estimation of current account balance. And the expense of research and develop ratio of GDP and every ten thousand population researcher counts are most important factors to Taiwan’s innovation value.
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Li, Cheng-Tao, and 李政道. "The Linkage of Capital Mobility and Current Account ： The Perspective of Intertemporal Reserve Balance." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/14323750692938185212.
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Marpaung, Charles D. "The interrelationship of monetary policy, foreign investment, and current account in the Indonesian economy." 1994. http://catalog.hathitrust.org/api/volumes/oclc/34639280.html.
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Tinti, Tamara. "External sustainability analysis: cyclical versus non-cyclical current account balances in the Eurozone." Master's thesis, 2016. http://hdl.handle.net/10362/19334.
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The persistent widening phase of current account balances1 recorded in the last years has
sharply reversed during the crisis of 2008. In order to predict their future evolution, it is fairly
necessary to identify both structural and cyclical factors and understand in which way they
could affect the imbalances. The purpose of this paper is to determine the existing link between
these components using a panel of 28 European countries from 1972 and 2014. We found that
a major contribution on those balances is provided in large part by structural factors.
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GROSS, Alexander. "The role of the current account in asset market models of exchange rate determination." Doctoral thesis, 1985. http://hdl.handle.net/1814/4940.
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Siregar, Reza Yamora. "The fundamental determinants of the real exchange rate and the current account in Indonesia." 1994. http://catalog.hathitrust.org/api/volumes/oclc/32972799.html.
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Taruvinga, Tariro Roselyn. "Foreign Direct Investment and the mining sector in South Africa: Implications for the current account balance." Thesis, 2017. https://hdl.handle.net/10539/26540.
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Submitted in partial fulfilment of the requirements of a Master of Management: Finance and Investment degree in the Faculty of Commerce, Law and Management at the University of the WitwatersrandThe mining sector contributes to South Africa’s economic growth through tax revenue, employment creation and export revenue. Because of the abundance of the natural resource endowment of mining sector, it attracts FDI in line with the natural resource rents it fetches. However, the sector is subject to countervailing forces that threaten to hamper prospects of a positive economic growth contribution the sector can make. With mining being the largest contributor of export revenue and investment income, there has been a trade balance and net investment income deficit over the past 10 years, due to South Africa importing more value-added goods and repatriating investment income to foreign investors. This raises the question of whether South Africa is attracting the appropriate FDI and encouraging the reinvestment of its export earnings. This study reviews literature on the current account balance and how mining and FDI reflect theories identified in the literature. Government policies and incentives are analysed to evaluate their effectiveness in attracting appropriate kinds of FDI and the nature of their impact on economic growth. From the literature review, we identified a model for mapping the effect of FDI and the mining sector on the current account balance. Specifically, a VECM model is used to find the long-run and short-run effects of the variables considered to explain the impact of FDI inflows and outflows on the current account balance. The first model examined the effects of relationship between FDI and the mining sector on the current account balance. The results showed that mining consumption has a positive relationship with the current account balance, and that FDI has a negative impact on the current account balance. There was, however, no short-run causality between FDI and mining consumption towards the current account. The second model examined the relationship between the current account balance and FDI on GDP. The results show that the current account balance has a positive long-run relationship with GDP, and FDI has a negative impact on GDP. The probabilities yielded in the short run were significant in confirming short-run causality between the current account balance and FDI to GDP. The third model examined the relationship between FDI, mining consumption, exchange rate and commodity price index on GDP. The results show that mining consumption, FDI, commodity prices and real exchanges rate have a negative long-run relationship with GDP. Page | Overall, the results indicate the need for South Africa to encourage value-adding linkages within the mining sector in ways that will significantly shift the current account balance from a deficit to a surplus. Incentives that encourage a reinvestment of income to fund production activities that may come in the form of mergers and acquisition, brownfield investment and green field investments, are critical. The outcome of such guided production activities would result in a decrease in outflow of investment income from the economy. Keywords: Current Account, Foreign Direct Investment, Mining Sector, South Africa
E.R. 2019
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Pilbeam, K., and Ioannis Litsios. "An Empirical Analysis of the Nexus between Investment, Fiscal Balances and Current Account Balances in Greece, Portugal and Spain." 2015. http://hdl.handle.net/10454/10493.
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YesWe provide new evidence that current account balances in Greece, Portugal and Spain have become non-stationary after the adoption of the euro implying that there is no long-run stable relationship between savings and investment contrary to the Feldstein-Horioka puzzle. This can be taken as evidence of unsustainable current account balances and loss of solvency for the underlying economies. Using the ARDL methodology we also report a statistical association between fiscal balances and current account balances which implies that fiscal austerity can help these economies to reduce their current account deficits and restore their competitiveness. Our empirical evidence also suggests a particularly strong significant negative association between domestic investment and current account deficits. The magnitude of this latter effect may have important policy implications concerning the ways in which investment is financed to improve external competitiveness.
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Nakagawa, Haruo. "Current account persistence, exchange rate variability, and exchange rate pass-through : the case of Japan." Phd thesis, 2003. http://hdl.handle.net/1885/148110.
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Ramos, Kueila Cristina Candida. "Os determinantes dos défices da balança corrente Cabo-Verdiana: uma análise empírica." Master's thesis, 2019. http://hdl.handle.net/1822/62550.
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Dissertação de mestrado em EconomiaCabo-Verde sempre operou sob défices na balança corrente. A presente dissertação consiste em analisar empiricamente os seus determinantes, mais especificamente, o crescimento económico real de Portugal, o crescimento económico real de Espanha, remessas de emigrantes, assistência oficial de desenvolvimento, o défice orçamental, a taxa de câmbio real efetiva, e o crescimento real económico de Cabo-verde para um período anual referente a três décadas (de 1991 a 2017). Utilizando o método OLS, os resultados evidenciam que as remessas de emigrantes, a taxa de crescimento económico de Portugal e a assistência ao desenvolvimento são relevantes a um nível de significância de 10%. As remessas de emigrantes tem uma relação positiva com a balança corrente Cabo-verdiana na medida em que um aumento induz à um aumento no saldo da balança corrente, bem como a taxa de crescimento de Portugal tem uma relação positiva, a assistência ao desenvolvimento, demonstre uma relação positiva evidenciando um melhoramento no saldo da balança corrente.
Cape Verde has always operated under current account deficits. This dissertation consists of empirically analyzing its determinants, more specifically, the real economic growth of Portugal, the real economic growth of Spain, remittances of emigrants, official development assistance, the budget deficit, the effective real exchange rate, and the Cape Verde's real economic growth for a period of three decades (from 1991 to 2017). Using the OLS method, the results show that emigrant remittances, Portugal's economic growth rate and development assistance are relevant at a 10% significance level. Remittances from emigrants have a positive relationship with the Cape Verdean current account as an increase leads to an increase in the current account balance, and Portugal's growth rate has a positive relationship, development assistance shows a positive relationship showing an improvement in the current account balance.
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Pchelintsev, Dmitriy. "Vyhodnocení efektu sankcí uvalených vůči Rusku v roce 2014 pomocí metod syntetické kontroly." Master's thesis, 2017. http://www.nusl.cz/ntk/nusl-267725.
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THE ABSTRACT In the new global economy majority of the developed countries use imposition of sanctions in the case of some offences. I have applied the synthetic control methods on this particular case of political pressure to quantify the real costs of anti-Russian sanctions to the economy. Based on the results of this study it was identified, that real GDP growth rate of Russia was continuously reducing by about -1,19% per quarter on average. Reaching the highest value of sanction's effect of -2,8% in real GDP growth rate at the end of 2015. It was also revealed that sanctions had positive effect on current account balance of Russia, that indicator was increasing during the whole studied after sanction's period by about 3,15% per quarter on average. This thesis is presented as a research of interconnection the imposition of 2014 sanctions against Russia and indicators of economic development (GDP, inflation) using synthetic control methods. It was revealed that former economic and social mechanisms aren't capable to provide further development of economy of Russia, its self-sufficiency and safety. JEL Classification F12, F21, F23, H25, H71, H87 Keywords sanctions, synthetic control method, Russia, GDP growth rate, current account balance Author's e-mail 51375259@fsv.cuni.cz Supervisor's e-mail...
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Bamba, Manuel Nzuzi. "O papel da taxa de câmbio no processo de crescimento das economias emergentes." Master's thesis, 2014. http://hdl.handle.net/1822/30541.
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Dissertação de mestrado em EconomiaO presente trabalho versa sobre a avaliação (empírica) do papel da taxa de câmbio no processo de crescimento de 31 países emergentes, nomeadamente 18 da América Latina, 11 da Ásia, 1 de África e 1 da Europa. Em conformidade com a literatura relevante revista no trabalho, foi possível testar os efeitos da desvalorização cambial sobre o crescimento económico, medido pelo Produto Interno Bruto por habitante. Os resultados obtidos sugerem que os efeitos da desvalorização cambial sobre o crescimento são irrelevantes no curto e no longo prazos, mas positivos e estatisticamente significativos no médio prazo. As restantes variáveis (fiscais e financeiras) introduzidas no modelo apresentam conclusões consistentes com os apresentados na literatura utilizada.
This paper focuses on the evaluation (empirical) the role of the exchange rate in the growth of 31 emerging countries including 18 from Latin America, 11 from Asia, 1 from Africa and 1 from Europe. In accordance with the relevant literature reviewed in the study, we test the effects of devaluation on economic growth, as measured by the Gross Domestic Product per capita. The results suggest that the effects of devaluation on growth are irrelevant in the short and long term, but positive and statistically significant in the medium term. The remaining variables (fiscal and financial) have introduced in the growth model are consistent with the findings presented in the literature used.
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Parente, Miguel Chaves Gonçalves. "Endividamento externo e a crise do euro: uma análise dos desequilíbrios dos países deficitários." Master's thesis, 2018. http://hdl.handle.net/1822/57838.
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Dissertação de mestrado em Economia Monetária Bancária e FinanceiraA crise financeira internacional e a crise da Zona Euro afetaram severamente os países membros da União Económica e Monetária Europeia. Neste estudo descrevem-se os desequilíbrios que estiveram na origem daquela crise, com enfoque no papel do endividamento e dos défices externos dos países intervencionados na crise do euro. Identificam-se os períodos de recessão económica e analisa-se o desempenho económico desses países, nomeadamente Portugal, Espanha, Irlanda e Grécia, quantificando os custos da crise em termos de Produto Interno Bruto e emprego perdidos, bem como os seus processos de recuperação económica. Nesta dissertação relacionam-se os desequilíbrios da balança corrente com os custos de ajustamento, e os resultados obtidos sugerem que os países com défices de conta corrente tiveram custos mais elevados. Analisaram-se os fatores determinantes para a crise da dívida da Zona Euro estimando modelos logit, em que a variável dependente é uma variável dummy, que diferencia os países da Zona Euro que sofreram resgates financeiros dos restantes. Os resultados sugerem que o comportamento da poupança e do investimento são relevantes para a ocorrência de uma crise. Com base nestes resultados, analisa-se a relação entre a natureza do desequilíbrio externo daquelas quatro economias – isto é, se na sua origem esteve uma quebra da poupança, um aumento do investimento ou ambos – e os custos em termos de perda de produto e emprego, bem como a duração das crises económicas. Desta análise conclui-se que quando a crise tem na sua origem uma diminuição da poupança a recuperação é mais lenta.
The global financial crisis and the Euro Area crisis have strongly affected the countries of European Economic and Monetary Union. This dissertation describes the imbalances that were in the origin of that crisis, especially the external debt and the current account deficits of countries that were bailed out during the euro crisis. This work identifies business cycles dates and describes the economic behaviour, in terms of the variation in GDP and unemployment, of Portugal, Ireland, Spain and Greece, following the international financial crisis. This dissertation relates the current account imbalances with the adjustment costs and the results showed that current account deficits are associated with more costs. The determinants of the Euro Area crisis were analysed through an econometric model, where the dependent variable was a dummy that distinguishes the bailed out countries from the other countries. The results suggest that saving and investment are significant in explaining the likelihood of a country being bailed out. We also analyse the relation between the nature of the external imbalances – whether it was caused by a decrease in savings or an increase in investment or both – and the costs and duration of the economic crisis, in those four economies. Our conclusions suggest that when external imbalances and the financial crisis that followed are due to a decrease in savings, the economic recovery is slower.
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Cruz, João Paulo Alves da Cunha Marques da. "O ajustamento das importações portuguesas: cíclico ou estrutural?" Master's thesis, 2016. http://hdl.handle.net/10071/12626.
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Classificação JEL: C01, F01Portugal alcançou um impressionante ajustamento externo nos últimos anos, resultado de uma explosão nas exportações e uma estabilização das importações. Têm existido algumas disputas em relação à natureza deste ajustamento, em particular para as importações, devido aos ganhos da balança corrente, terem sido alcançados, num período de forte contração da procura. A contração no comércio global, tem-se devido maioritariamente a fatores cíclicos, embora fatores estruturais, como as cadeias de valor globais, mudanças nos componentes da procura, o protecionismo e o financiamento do comércio, possam também ter contribuído para o efeito. Usando dados para o período de 1989 a 2014 e focando nas importações não energéticas, estimamos uma função procura das importações, através de um modelo com Mecanismo de Correção de Erros. Este modelo permitiu-nos desintegrar as elasticidades de curto e longo prazo das importações em relação ao rendimento e aos preços relativos. Mostramos que no período de 2011 a 2014 existiu, pela primeira vez, o efeito substituição das importações, complementando um maior efeito do rendimento observado no mesmo período. Embora modesta, esta substituição das importações deve ser vista como um sinal positivo de uma mudança estrutural na economia que deverá ser consolidada nos próximos anos e reforçada com uma solida e sustentável dinâmica exportadora.
Portugal achieved an impressive external adjustment in the recent years, with a boost in exports e stabilization in imports. There has been some dispute on the nature of these adjustments, in particular for imports, as the gains in the current account were achieved in a period of strong deme contraction. The contraction in global trade has been due largely to cyclical factors, although structural factors, such as global value chains, changes in deme components, protectionism e trade finance, may also have contributed to the effect. Using data for the period 1989-2014 e focusing on non-energy imports, we estimate an import deme function using an Error Correction Model. This allows us to disentangle the short- e long-run elasticities of imports with respect to income e relative prices. We show that in the period 2011-2014 there was, for the first time, a substitution of imports, reinforcing the large income effect observed during the period. Although modest, this substitution of imports should be seen as a positive sign of a structural change of the economy that must be reinforced in the coming years e coupled with solid e sustained export dynamics.
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Gooley, Nathan John. "Evergreen, bank funding & liquidity management." Thesis, 2016. http://hdl.handle.net/1959.13/1310643.
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Research Doctorate - Doctorate of Business Administration (DBA)Government mandated institutions in Australia and Canada have continuously progressed banking regulation throughout time by making gradual alterations to prudential frameworks and supervisory practices. This has included the prompt domestic adaptation of the three Basel accords. A main objective is to ensure banking organisations become more resilient to stresses that impact their capital and liquidity adequacy. Banking organisations are faced with the task of transforming their balance sheets and funding profiles to not only strengthen their balance sheets but to curb heighted liquidity costs that have been brought on by regulatory reform. A review of existing literature on the components of bank funding, liquidity and procyclicality recognises their significance in ensuring individual bank stability and the prevarication of broader systemic implications in the wider economy. This dissertation has examined the historical evolution of the regulatory environments in both Australia and Canada and compared the components of bank balance sheets that offer insights into their funding preference and liquidity holdings, and provide early indicators for procyclicality within the banking sector. It has also had the goal of developing existing research and knowledge of liquidity stresses within bank balance sheets. This research has endeavoured to further balance sheet innovation, through action research that has been carried out over a five year period, to provide banking organisations with options to alter their balance sheets in order to meet the Basel III package of reforms and better deal with liquidity pressures, such as those that were evident in many countries throughout the most recent financial crisis. A new methodology for balance sheet transformation under Basel III, “evergreen” is articulated, with a suite of evergreen asset and liability products and balance sheet exposures being assessed for impact and acceptance within the banking industry. Verification of the evergreen method is demonstrated by the banking industry including it within their strategy for future balance sheet innovation; banks designing and constructing evergreen capability; the regulator encompassing it within prudential standards; and widespread acceptance of evergreen by investors and other financial market participants. Whilst components of evergreen are increasingly becoming a greater part of the banking industry within Australia, it is recognised that the concepts and models of evergreen, are at a primary juncture in their development and require substantial additional focus and research. The usefulness of this dissertation will be established through the particulars of future research settings and must be appraised to the degree that it appears correct, original and apt. Regarding deposits, this dissertation finds that: the existence of voluntary deposit insurance schemes would allow the competitive landscape for retail deposits to become about more than just price; operational deposits are not immune from procyclical competition; Australian banks have a much greater appetite and tolerance for at-call deposit raising; liquidity regulation has permanently shifted the ‘market rate’ for deposit funding above its ‘natural rate’; and foreign currency deposit raising may lead to banks running unhedged positions or developing a larger reliance towards United States Dollars. For wholesale funding, it is observed that: liquidity regulation has increased the reliance of banks on domestic financial markets to fulfil their financing needs; the volume of short-dated prime bank paper being issued in Australia has declined where there are consequences for the Bank Bill Swap Rates; and large differentials in the semi/quarterly spread can substantially impact the profitability of banking book products. The domestic implementation of the Basel III package of reforms on liquidity in both Australia and Canada has, in many ways, imitated the historical approach taken towards bank capital regulation. This dissertation deducts that, as there is for capital, the concept of ‘regulatory’ and ’economic’ liquidity now exists. Furthermore, regulation has introduced a predisposition to government bonds, which may have unintended consequences for both government sponsored issuers and bank investors. Finally, procyclicality must be monitored and managed by the government sponsored institution tasked with the role of implementing monetary policy, rather than institutions that implement and enforce prudential regulation.