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Wang, Jing. "A study of demand-side reserve offers in joint energyreserve electricity markets." Thesis, McGill University, 2003. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=19601.
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This thesis proposes and studies an electricity market model that includes demand-side reserve offers. The energy and reserves from both supply and demand side are scheduled and dispatched in a joint auction through a mixed-integer optimization program. Among the advantages of this more general electricity market, due to the extra flexibility introduced by the demand-side reserve offers, the consumers' profits increase while themarket power of the generators is reduced. The behavior of this type of market is simulated and analyzed on the 24-bus IEEE Reliability Test System using the mixed-integer linear program, CPLEX.
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Bhate, Rucha. "Essays in Macroeconomics of Emerging Markets." Thesis, Boston College, 2014. http://hdl.handle.net/2345/3877.
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Thesis advisor: Fabio GhironiThesis advisor: Christopher Baum
My dissertation focuses on the macroeconomics of emerging and developing nations. This group of economies is characterized by significant differences in terms of institutional quality, financial development, as well as other cultural, social, political parameters. In turn, these structural heterogeneities exert considerable influence on their domestic economic environment, specifically impacting key macroeconomic indicators such as output, investment, consumption, foreign capital flows, exchange rates etc. Understanding these nuanced relationships and analyzing them from various dimensions has served as the motivation and the foundation of my doctoral research. The first essay is an empirical and theoretical investigation of Business Cycles and Macroeconomic Dynamics in post-independence India. India's growth performance was touted as ordinary relative to the rest of the world during the first three decades after it gained independence in 1947. However, path-breaking deregulation and liberalization reforms in the 80s and 90s led to substantial growth acceleration and India's metamorphosis into a market-based economic system with strong international ties. This makes the Indian case study really unique and fascinating. Using annual time series data, we document key business cycle properties of the Indian economy. Output, consumption and investment are more volatile in India compared to its developed country counterparts. As in developed countries, consumption is less volatile and investment is more volatile than output in the Indian data. In contrast, investment is not highly correlated with output in India. Moreover, India's economic landscape has undergone significant changes, both in terms of the absolute level and cyclical fluctuations, across the planning horizon. The presence of structural break is reported for major macroeconomic variables when we decompose the data into pre- and post-reform categories. We also test whether a standard real business cycle (closed economy) model with India-specific parameters can replicate the stylized features of the business cycle. The model includes a tax on capital income which acts as a disincentive for future investment, and the results indicate that a high volatility of the tax shock is required to produce the low investment output correlation. The model performs reasonably well in matching the correlation dynamics observed in the data. In the second essay, I examine Foreign Reserve accumulation in Developing Countries through the lens of Institutional Quality and Financial Development. In recent times, several emerging markets have been providing the rest of the world, and especially the United States, with net resources in the form of current account surpluses. The most noteworthy aspect of the surge in upstream foreign capital flows has been the enormous increase in international reserves held by several emerging economies. Whereas private capital flows are broadly in sync with the standard neoclassical model, capital outflows from relatively high-productivity emerging markets can be explained by the accumulation of official reserve assets. I investigate the foreign reserve dynamics in developing countries; from both an empirical and theoretical dimension. Using a novel panel dataset combining aspects of openness, institutional quality, and financial development and an innovative clustering method; I present a new approach to identify cross-national structural heterogeneity and assess its relationship with foreign reserves. I use partition-based cluster analysis to document underlying reserve dynamics and identify systematic variation across and between different country groups. The resulting cluster outputs reflect the presence of cross-national variations in reserve accumulation. Moreover, a series of the scatter plots encapsulating various dimensions of institutional quality and financial development points towards the resounding presence of structural heterogeneity in foreign reserve dynamics in our developing country sample. Cross section and panel data regressions reinforce the initial hypotheses concerning the role of institutional and financial development in international reserve dynamics of the developing world. I also build a theoretical model embedding the key insights from the empirical analyses in order to propose a coherent framework for explaining the link between institutions, financial development reserve accumulation. The model underscores the importance of financial market efficiency and the institutional environment in explaining reserve dynamics of major developing countries. A series of comparative static exercises shed light on the impact of heterogeneity in institutional parameters and foreign reserve policy on select macroeconomic variables. In a nutshell, by going beyond the regional differences, we provide a unique vantage point to understand how disparities in institutional and financial conditions influence reserve dynamics in different country clusters. Our results indicate that income, openness, institutional quality and financial development play an instrumental role in explaining the underlying patterns of reserves accumulation in the developing world. However, the effects of these structural indicators are markedly different across clusters of relatively similar countries in terms of their magnitude as well as direction
Thesis (PhD) — Boston College, 2014
Submitted to: Boston College. Graduate School of Arts and Sciences
Discipline: Economics
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Koch, Sandra Idelle. "Empirical Evidence of Pricing Efficiency in Niche Markets." Thesis, University of North Texas, 2000. https://digital.library.unt.edu/ark:/67531/metadc2466/.
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Unique and proprietary data of the illiquid, one-year non cancelable for three month Bermudan swaps (1Y NC 3M swaps) and one-year non callable for three months Bermudan CDs (1Y NC 3M CDs), provides evidence of market efficiency. The 1Y NC 3M swap and 1Y NC 3M CD markets efficiently reflected unexpected economic information. The 1Y NC 3M swaption premiums also followed the European one-year into three-month (1Y into 3M) swaption volatilities.
Swaption premiums were computed by pricing non-optional instruments using the quoted 1Y NC 3M swap rates and the par value swap rates and taking the difference between them. Swaption premiums ranged from a slight negative premium to a 0.21 percent premium. The average swaption premium during the study period was 0.02 percent to 0.04 percent. The initial swaption premiums were over 0.20 percent while the final swaption premiums were 0.02 percent to 0.04 percent. Premiums peaked and waned throughout the study period depending on market uncertainty as reflected in major national economic announcements, Federal Reserve testimonies and foreign currency devaluations. Negative swaption premiums were not necessarily irrational or quoting errors. Frequently, traders obligated to provide market quotes to customers do not have an interest and relay that lack of interest to the customer through a nonaggressive quote.
The short-dated 1Y NC 3M swaption premiums closely followed 3M into 1Y swaption volatilities, indicating the 3M into 1Y swaption market closely follows the 1Y NC 3M swaption market and that similar market factors affect both markets or both markets efficiently share information. Movements in 1Y NC 3M swaption premiums and in 3M into 1Y swaption volatilities reflected a rational response by market participants to unexpected economic information. As market uncertainty decreased in the market place, risk measured both by swaption premiums and swaption volatilities decreased; vice verse when economic factors showed increases in economic uncertainty.
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Lindsjørn, Mads Vilhelm. "A Method for bidding in sequential Capacity Reserve Markets using mixed-integer programming." Thesis, Norges teknisk-naturvitenskapelige universitet, Institutt for elkraftteknikk, 2012. http://urn.kb.se/resolve?urn=urn:nbn:no:ntnu:diva-18344.
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System security and power quality is important in today's society and the ability to regulate and balance production and consumption is crucial for any power system. More and more penetration of intermittent production in power systems increases the need for regulation capability and the importance of capacity reserve markets where capacity used for regulation is procured and secured increases too. Several types of regulation mechanisms are used in a power system, which creates the possibility of several different capacity reserve markets with significant prices. A producer participating in these markets must decide how his limited production capacity should be used taking these markets and other physical power markets into account. A method for finding true costs for capacity reserve supply and for bidding in sequential capacity reserve markets is presented in this report. The method is based on a mixed-integer programming model and work has been done to create and formulate a suitable model. The modeling is implemented with the programming language AMPL and is an optimization model that maximizes total profit on several markets subject to market prices and market obligations for a set of production units. The model is then used to highlight some of the fundamental mechanisms and charactheristics in the markets and to illustrate the bidding method for a price-taking producer in perfect markets.Price uncertainty in future markets has a large impact on the results from the method and a model version where price uncertainty is included for the spot market is compared to a version where price uncertainty is not included. The reason for this comparison is that hourly spot price forecasts used for short-term production planning in Norway today doesn't consider price uncertainty. The versions are compared for bidding in one capacity reserve market for a number of market clearings where prices for the spot market in the model are taken from real spot price forecasts and real spot price outcomes. It shows that inclusion of price uncertainty gives better bids, but also that adjusting bids to account for price uncertainty can give good results from a model that doesn't explicity include this uncertainty. The method can in any case calculate valid bids for capacity reserve market solutions that exist today where costs and opportunity costs from all relevant markets can be accounted for. The limitations of the method is mostly connected to what it is possible to describe with mixed-integer programming and the computational efforts and calculation times mixed-integer programming models require.
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Hollis, Preston Taylor. "Redesign for energy and reserve markets in electric power networks with high solar penetration." Thesis, Georgia Institute of Technology, 2011. http://hdl.handle.net/1853/45832.
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Favorable price trends and increasing demand for renewable energy sources portend accelerating integration of solar photovoltaic (PV) generation into traditional electric power system networks. Managing the variable output of massive PV resources makes system frequency regulation more complex and expensive. ISOs must procure additional regulation and load following capacity, while power plants must supply more regulation work. In contrast to costly physical storage solutions, this thesis proposes to address the issue by reconfiguring the electricity market pricing structure to translate all power imbalances into real-time market price signals. More accurately determining the instantaneous value of energy, electric power markets could reward participants who can quickly respond to frequency fluctuations. By utilizing short term forward markets to monetize the risk associated with intermittency, the true cost of reliability is determined and could reduce wasteful capacity payments. This market redesign is an ideal open platform for disparate smart grid technologies which could encourage all suppliers, loads and generator, to offer supply or reduce consumption when it is needed most and could vastly improve frequency performance metrics.
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Marra, Lauren J. "The Effects of Unconventional Monetary Policy on Asset Prices Across Markets." Thesis, Boston College, 2012. http://hdl.handle.net/2345/2609.
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Thesis advisor: Peter IrelandWith interest rates stuck near zero for the foreseeable future, the Federal Reserve has had to employ numerous unconventional monetary policy measures in an attempt to stimulate an economy in the after math of the worst economic downturn since the Great Depression. I assess the usefulness of market-based measures of expectations in gauging the effects of these seemingly extreme policy actions undertaken in an environment of unprecedented fear and uncertainty. I use a principal component analysis to combine a number of asset prices that indicate different types of market expectations; by combining these variables into one single variable indicator, this principal component variable filters out the variance among these similar variables and focuses on the common movements among the variables that can be attributed to a specific market force such as investors’ inflation expectations, overall market risk appetite, and economic growth expectations
Thesis (BA) — Boston College, 2012
Submitted to: Boston College. College of Arts and Sciences
Discipline: College Honors Program
Discipline: Economics
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Markwith, James Q. "Did the Founding of the United States Federal Reserve Impact the Financial Markets of the United Kingdom?" Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1353.
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This paper examines U.K financial metric data to determine whether or not the founding of the Federal Reserve had real economic effects on the U.K financial markets. To measure for real effects I use a composite stock price index collected from a variety of industries. I develop the theory using empirical conclusions from past studies on the Federal Reserve and its impact on U.S financial markets to direct my examination of the U.K markets. Although the U.K data shows that the founding of the Federal Reserve influenced short-term interest rates, the analysis does not find real effects on U.K stock prices and long-term interest rates.
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Tomasini, Federica. "Industrial Demand Response in the Primary Reserve Markets : A case study on Holmen’s Pulp and Paper Mill." Thesis, KTH, Skolan för elektroteknik och datavetenskap (EECS), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-253260.
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This thesis stems from the interest of Holmen group to investigate the opportunitiesavailable for large electricity consumers in the Swedish primary reserve markets.The study performed focuses on one of Holmen's paper mill and it aims at identifyinga load inside the production process that is suitable for providing frequency containmentservices for the grid. The evaluation of the mill's consumption prole and the technicalrequirements of the reserve market led to the identication of the electric boiler coupledwith a steam accumulator as the most appropriate load.Five case study simulating the participation of the mill to dierent energy and reservemarkets have been evaluated. For each case a linear optimization problem has beenformulated. The rst simulation represents the current practice of the mill in relation tothe energy purchased on the spot market (following it will be also referred as referencecase). The second case study (II c.s.) integrates the use of the steam accumulator asa tool to perform thermal load shifting. In the third case study (III c.s.) the mill ismodelled to bid on the spot and primary reserve market by oering some capacity ofthe electric boiler. The last two case studies (IV and V c.s.) recalls the rst and lastpreviously mentioned, but also include the possibility of having energy imbalance. Thismeans that the imbalance settlement operated by eSett will produce an additional costor prot for the mill.The last three problem formulations fall under the denition of stochastic problems,since two random variable are present, namely: average hourly frequency value andimbalance settlement price. The uncertainty of the variables is represented throughscenarios.The outcome derived from the combination of the results for the winter and summercases shows that each strategy brings an economic saving when compared to the referencecase (I c.s.). The less interesting strategies are the ones that do not involve the reservemarket, leading to about 0.03% (II c.s.) and 0.06% (IV c.s.) of saving on the overallyearly energy cost. Contrariwise, by oering FCR-N capacity, the cost of electricitycan be cut by 5.15% (III c.s.) and 6.69% (V c.s.), respectively considering and notconsidering the imbalance settlement.Avhandlingen har sitt ursprung i skogsindustrikoncernen Holmens intresse att undersökamöjligheten för stora elförbrukare att delta på den svenska primär-reservmarknaden. Studien som utförts fokuserar på ett av Holmens pappersbruk och syftar till att identifiera en elektrisk process som, inom bruksgränserna, är lämplig för att tillhandahålla frekvensregleringstjänster till det nationella nätet. En utvärdering av brukets elförbrukning samt de tekniska krav som ställs på reservmarknaden ledde till att en elektrisk panna med tillkopplad ångackumulator identifierades som mest lämplig.Fem budstrategier som simulerar brukets deltagande till olika energioch reservmarknader har presenterats. För varje strategi är ett linjärt optimeringsproblem formulerat. Den första strategin visar på nuvarande sätt bruket köper elektricitet på spotmarknaden. Den andra strategin integrerar användning av ångackumulatorn som ett verktyg för att utföra termisk lastskiftning. I den tredje modelleras deltagande också på primärreservmarknaden genom att erbjuda en viss kapacitet hos elpannan. De två sista strategierna baseras på den första och tredje, men tillåter i tillägg obalanser vilket innebär en extra kostnad eller möjlig intjäning för bruket.De tre sista problemformuleringarna faller under definitionen stokastiska problem, eftersom två slumpmässiga variabler är närvarande, nämligen: genomsnittligt timfrekvensvärde och priset för obalans. Osäkerheten för variablerna representeras genom scenarier.Resultatet visar att varje strategi ger en ekonomisk besparing jämfört med refer-ensfallet (strategi ett). De mindre intressanta strategierna är de som inte involverarreservmarknaden, vilka endast leder till ca 0,03% och 0,06% minskning av den totalaårliga energikostnaden. Däremot, genom att erbjuda FCR-N-kapacitet kan kostnaden för el minskas med 6,69% och 5,15% beroende s eller ej.
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Wong, Steven. "Alternative Electricity Market Systems for Energy and Reserves using Stochastic Optimization." Thesis, University of Waterloo, 2005. http://hdl.handle.net/10012/932.
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This thesis presents a model that simulates and solves power system dispatch problems utilizing stochastic linear programming. The model features the ability to handle single period, multiple bus, linear DC approximated systems. It determines capacity, energy, and reserve quantities while accounting for N-1 contingency scenarios (single loss of either generator or line) on the network. Market systems applying to this model are also proposed, covering multiple real-time, day-ahead, and hybrid versions of consumer costing, transmission operator payment, and generator remuneration schemes. The model and its market schemes are applied to two test systems to verify its viability: a small 6-bus system and a larger 66-bus system representing the Ontario electricity network.
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Arnpoful, Johnson. "'How Successful was the South African Reserve Bank in Making Monetary Policy Predictable and Transparent?'." University of Western Cape, 2004. http://hdl.handle.net/11394/7461.
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Masters of CommerceThis paper uses 3 - month and 12 - month market Negotiable Certificates of ( I . Deposit (NCO) rates to test whether greater transparency by the South African Reserve Bank has reduced expectational errors in the money markets. It does so by comparing the relative differences (between the implied forward rates-as indicators of expected future spot rates-and the actual 'future'spot rates) between the period before greater transparency and the period after greater transparency. Empirical evidence for the sample period indicates that greater ransparency by the South African Reserve Bank co-incided with reduced expectational errors in the money markets. Thus, the implied forward rates after greater transparency may well have been better predictors of future spot rates than before greater transparency, although causality has not been proved.
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Rosen, Christiane Verfasser], Reinhard [Akademischer Betreuer] [Madlener, and Thomas [Akademischer Betreuer] Kittsteiner. "Design considerations and functional analysis of local reserve energy markets for distributed generation / Christiane Rosen ; Reinhard Madlener, Thomas Kittsteiner." Aachen : Universitätsbibliothek der RWTH Aachen, 2014. http://d-nb.info/1128651203/34.
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Rosen, Christiane [Verfasser], Reinhard [Akademischer Betreuer] Madlener, and Thomas [Akademischer Betreuer] Kittsteiner. "Design considerations and functional analysis of local reserve energy markets for distributed generation / Christiane Rosen ; Reinhard Madlener, Thomas Kittsteiner." Aachen : Universitätsbibliothek der RWTH Aachen, 2014. http://nbn-resolving.de/urn:nbn:de:hbz:82-rwth-2015-001644.
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Dalton, Jacob. "Optimal Day-Ahead Scheduling and Bidding Strategy of Risk-Averse Electric Vehicle Aggregator : A Case Study of the Nordic Energy and Frequency Containment Reserve Markets." Thesis, KTH, Skolan för elektroteknik och datavetenskap (EECS), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-235305.
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The Nordic synchronous grid is facing a number of challenges. The ongoingphaseout of synchronous generation coupled with increased penetration ofintermittent renewable generation is leading to reduced system inertia. Additionally,the electrification of sectors of the economy such as transport willresult in the addition of significant new electrical loads. All these factors arecontributing to increased complexities in maintaining the power balance. Assuch, it is imperative that every resource potentially capable of providing flexibility,on both sides of the balancing equation, must be closely examined.The electrification of private transport is a technology of growing interestthat can provide flexibility to the power system if adequately utilized. Electricvehicles (EV) can be considered as temporary energy storages with availability,energy and capacity constraints. If aggregated in sufficient numbers orcombined with other assets they can fulfill the minimum bid size of specificmarkets. Numerous previous references have studied the potential in aggregatingthe increasingly important EV charging load. However, they are basedon synthetic driving behavior and vehicle characteristics and commonly investigateonly energy arbitrage. Furthermore, no studies have examined an EVaggregator entering Nordic energy and primary reserve markets to the authors’best knowledge.In this study, we use first hand data of a real EV fleet of 806 Tesla vehiclesand their historical driving patterns to develop a two-stage stochastic optimizationproblem. Based on a scenario selection method, this research provides anoptimal risk-averse bidding strategy for an aggregator of EVs that places bidsin both the day ahead energy and primary reserve markets in the Nordicsthrough the use of GAMS/Matlab software. Only uni-directional charging isexamined, while we consider two sources of uncertainty from prices and vehicleutilization and model a risk averse aggregator that aims to maximize its profits.A case study is carried out modelling individual vehicles and their real worldcharacteristics and driving behavior in the price areas NO5 & SE3 in Norway& Sweden across a 24hr weekday period for winter and summer. Results showstrong alignment of EV availability and periods of high primary reserve marketprices, with consumption being shifted largely towards early hours of the morning.In Norway, 342 NOK can be expected as revenue from combined energyarbitrage and FCR-N per vehicle per year, while in Sweden the value is 1470SEK. When compared to a reference “cost of charging case”, up to 50% of thecost of charging can be covered in Norway, while the entire cost is essentiallymet in Sweden; resulting in the value proposition of “free charging” to the enduser.Det nordiska synkroniserade elnätet står inför ett antal utmaningar. Utbytetav synkron generation i kombination med ökad penetration av intermittentförnybar generation leder till minskad svängmassa i systemet. Dessutom kommerelektrifiering av flera sektorer av ekonomin som transport resultera i enökad belastning av systemet. Alla dessa faktorer bidrar till ökad komplexitetatt upprätthålla kraftbalansen. Som sådan är det nödvändigt att varje resurssom potentiellt är kapabel att tillhandahålla flexibilitet, på båda sidor av balanseringsekvationen,måste undersökas noggrant.Elektrifiering av privat transport är en teknik av växande intresse somkan ge flexibilitet till elsystemet om det används tillfredsställande. Elektriskafordon (EV) kan betraktas som tillfälliga energilager. Om de aggregeras i tillräckligaantal eller i kombination med andra tillgångar kan de uppfylla minstabudstorlek för specifika marknader. Tidigare studier har studerat potentialenför att aggregera den allt viktigare EV laddningsbelastningen. De är dockbaserade på syntetiskt körbeteende och fordonsegenskaper och undersöker vanligtvisbara energiabitrage. Å andra sidan har inga undersökningar granskat enEV-aggregat som en del på den nordiska spotmarknaden och primärregleringentill författarens bästa kunskaper.I den här studien använder vi förstahandsuppgifter av en verklig EV-flottamed 806 Tesla-fordon och deras historiska körmönster för att utveckla ett stegastisktoptimeringsproblem i två steg. Baserat på en scenariosvalsmetod gerdenna forskning en optimal riskavvikande budstrategi för ett aggregat av EVsom placerar bud på både den dagliga spotmarknaden och primära reservmarknadeni Norden genom användningen av GAMS / Matlab. Endast enriktadladdning undersöks, medan vi betraktar två källor till osäkerhet från priseroch fordonsutnyttjande och modellerar en riskavvikande aggregator som syftartill att maximera vinsten. En fallstudie genomfördes modellering enskildafordon och deras verkliga världskaraktäristika och körbeteende i prisområdenaNO5 & SE3 i Norge & Sverige under en 24-timmars veckodag under vinter ochsommar. Resultatet visar starkt anpassning av EV-tillgängligheten och periodermed höga primära reservmarknadspriser, där konsumtionen förskjuts i storutsträckning mot tidigt på morgonen. I Norge kan 342 kronor förväntas somintäkter från energi arebitrage + FCR-N per fordon per år, medan i Sverigevärdet är 1470 SEK. Jämfört med en referens kostnad för laddning kan upp till50% av laddningskostnaden täckas i Norge, medan hela kostnaden i huvudsakmöts i Sverige.
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Hrabánek, Tomáš. "Mezinárodní toky kapitálu na pozadí normalizace měnové politiky Federálního rezervního systému." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-264642.
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The text deals with monetary policy normalization in USA and its influence on cross-border capital flows to emerging markets. The first chapter provides basic economic theory of capital flows. Federal Reserve's monetary policy normalization is discussed in the second chapter, including its relation to international flows of capital. The last chapter analyzes monetary policy normalization influence on capital flows to three developing countries.
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Naef, Alain. "Sterling and the stability of the International Monetary System, 1944-1971." Thesis, University of Cambridge, 2019. https://www.repository.cam.ac.uk/handle/1810/285170.
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This dissertation studies the role of sterling during the Bretton Woods period (1944-1971). The Bretton Woods system has often been described as a dollar system with sterling having lost its relevance as reserve currency. However, despite being a secondary reserve currency and having lost importance, sterling was the 'first line of defence for the dollar' as contemporaries put it. They frequently stressed the fact that a sterling crisis would have consequences on the stability of the Bretton Woods system but economic historians have never tested this empirically. This dissertation argues that sterling played an important role in the stability of the international monetary system. Foreign exchange market participants globally monitored sterling and US policymaker stepped in to avoid devaluation of the British currency. US support to sterling was mainly due to the fear of a British devaluation, which could trigger a run on the dollar. When the UK finally devalued the pound in 1967, it marked the beginning of an instable period for the international monetary system. The Gold Pool, a syndicate to defend the US gold parity, collapsed in 1968 and this prefigured the end of the Bretton Woods system. This dissertation presents new data along with novel archival material from seven archives across continents to demonstrate how contagion from sterling to the dollar occurred. Modern econometric methods are used to analyse a new dataset with over 80,000 observations of offshore exchange rates, central bank intervention and reserves. This evidence shows that a secondary reserve currency can still play a key role in the stability of the international monetary system.
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Deman, Laureen. "Modélisation de la profitabilité à long terme sur les marchés des technologies flexibles de génération électrique." Electronic Thesis or Diss., Université Grenoble Alpes, 2023. http://www.theses.fr/2023GRALE004.
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Avec plus d'énergies renouvelables, les besoins en flexibilité vont probablement augmenter à l'avenir. De plus, la diminution de la production contrôlable réduira la flexibilité disponible. Par conséquent, des investissements dans des options de stockage et de flexibilité sont nécessaires. L'objectif de cette thèse est d'étudier la rentabilité à long terme des technologies flexibles sur les marchés de l'énergie et des réserves. La thèse se concentre sur les flexibilités de court terme et en particulier, les marchés day-ahead et de réserve.Le premier chapitre est consacré à l'analyse du design de marché des réserves avec la mise en avant de trois paramètres d'intérêt. Le critère de rémunération des offres sélectionnées, la structure des offres et le positionnement du marché de capacité de réserve par rapport au marché day-ahead affectent l'efficacité des marchés de réserve. Les plateformes européennes pour l'énergie de réserve ont vocation à améliorer l'efficacité des marchés de réserve en permettant le partage des ressources flexibles. Cependant, le convergence des prix est limitée par la capacité de transport disponible après le marché infra journalier. Le deuxième chapitre est dédié à l'estimation de la demande future de réserve. Des modèles de séries temporelles sont estimées pour obtenir des projections de la demande d'énergie de réserve dans des scénarios de neutralité carbone. Ces modèles permettent également d'analyser la relation entre la demande d'énergie de réserve d'une part, et la consommation et la production des énergies renouvelables d'autre part. Cette analyse soulève le rôle important du marché infrajournalier à travers la possibilité de contrebalancer les erreurs de prévisions de la consommation et de la production non contrôlable. Cependant, la demande résiduelle peut limiter cette possibilité en raison de son impact sur le volume d'offres proposées par les sources de production conventionnelle.Le troisième chapitre analyse l'évolution des prix de l'énergie et des réserves avec une forte intégration des énergies renouvelables et du stockage. Le résultat principal de ce chapitre est le rôle prépondérant des batteries dans l’équilibre entre l’offre et la demande sur les marchés des capacités de réserve. Cependant, malgré une augmentation significative de la demande de capacité de réserve, les prix de la capacité de réserve restent très bas dans la plupart des cas. Cela est dû à la flexibilité des batteries qui implique un coût d'opportunité nul dans la plupart des cas.Ces résultats suggèrent que les marchés de capacité de réserve ne peuvent pas fournir une rémunération supplémentaire pour les technologies flexibles et ne résolvent donc pas le problème de "missing money" dans le contexte de la transition énergétique. Un mécanisme supplémentaire est donc nécessaire pour coordonner les investissements dans les technologies flexiblesWith more renewable energy, flexibility needs may increase in the future. In addition, the decrease in dispatchable generation will reduce the available flexibility. Consequently, investments in storage and flexibility options are necessary. The objective of this thesis is to study the long-run profitability of flexible technologies in energy and reserve markets. This thesis focuses on the short-term flexibility and in particular on the day-ahead market and the frequency-control reserves.The first chapter is dedicated to the analysis of the market design for reserves. It highlights three parameters of interest. The pricing mechanism, the structure of bids and the timing of the reserve capacity markets with respect to the day-ahead market affect the efficiency of the reserve markets. The European platforms for the exchange of reserve energy are intended to improve this efficiency by sharing reserve resources. However, price convergence is limited by the available cross-zonal capacity after the intraday market.The second chapter is dedicated to the estimation of the future demand for reserves. Time series models are estimated to obtain forecasts of secondary reserve energy in scenarios of carbon neutrality. These models also allow to analyse the relationship between reserve energy demand on the one hand, and load and renewable energy generation on the other hand. It shows the role of the intraday market through the possibility to balance forecast errors. However, the residual load level can limit this possibility because of its impact on the number of bids from conventional generators.The third chapter analyses the evolution of energy and reserve energy prices with high levels of renewables and storage. The main finding is the leading role of batteries in the demand-supply equilibrium of the reserve capacity markets. However, despite a significant increase in the reserve capacity demand, reserve capacity prices remain very low in most cases. This is due to the flexibility of batteries which imply a zero opportunity cost in most cases.These results suggest that reserve capacity markets cannot provide an additional remuneration for flexible technologies and thus, does not solve the missing-money problem in the context of the energy transition. Therefore, an additional mechanism is needed to coordinate investments in flexible technologies
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Bautista, Alderete Guillermo. "Alternative Models to Analyze Market Power and Financial Transmission Rights in Electricity Markets." Thesis, University of Waterloo, 2005. http://hdl.handle.net/10012/825.
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One of the main concerns with the introduction of competition in the power sector is the strategic behaviour of market participants. Computable models of strategic behaviour are becoming increasingly important to understand the complexities of competition. Such models can help analyze market designs and regulatory policies. In this thesis, further developments on the modelling and analysis of strategic behaviour in electricity markets are presented. This thesis work has been conducted along three research lines. In the first research line, an oligopolistic model of a joint energy and spinning reserve market is formulated to analyze imperfect competition. Strategic behaviour is introduced by means of conjectured functions. With this integrated formulation for imperfect competition, the opportunity cost between generation and spinning reserve has been analytically derived. Besides, inter-temporal and energy constraints, and financial transmission rights are taken into account. Under such considerations, competition in electricity markets is modelled with more realism. The oligopolistic model is formulated as an equilibrium problem in terms of complementarity conditions.
In the second research line, a methodology to screen and mitigate the potential exacerbation of market power due to the ownership of financial transmission rights is presented. Hedging position ratios are computed to quantify the hedging level of financial transmission rights. They are based on the actual impact that each participant has in the energy market, and on the potential impact that it would have with the ownership of financial transmission rights. Thus, hedging position ratios are used to identify the potential gambling positions from the transmission rights bidders, and, therefore, used to prioritize critical positions in the auction for transmission rights.
In the last research line, alternative equilibrium models of markets for financial transmission rights are formulated. The proposed equilibrium framework is more natural and flexible for modelling markets than the classic cost-minimization markets. Different markets for financial transmission rights are modelled, namely: i) forwards, ii) options, and iii) joint forwards and options. Moreover, one-period, multi-period and multi-round markets for forwards are derived. These equilibrium models are proposed to analyze the bidding strategies of market participants. The potential impact of bidders on congestion prices is modelled by means of conjectured transmission price functions.
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Parker, Nathan L. "Predicting U.S. Army Reserve unit manning using market demographics." Thesis, Monterey, California: Naval Postgraduate School, 2015. http://hdl.handle.net/10945/45921.
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Approved for public release; distribution is unlimitedThis thesis develops a data-driven, statistical model capable of predicting a U.S. Army Reserve (USAR) unit’s manning level based on the demographics of the unit’s location. This model will aid decision-makers involved in USAR stationing by assessing the ability of a proposed stationing location to support a unit’s manning requirements. USAR units must recruit the majority of their personnel from the population within immediate proximity to the unit. Since the recruiting boundaries of multiple reserve centers often overlap, this thesis first develops an allocation method that ensures the population is not over-counted. This thesis then develops linear regression, classification tree, and logistic regression models to determine the ability of the location to support manning requirements. These models demonstrate that local demographic factors are a key driver in the ability of unit to meet its manning requirements. In particular, the logistic regression model delivers predictive results that allow decision-makers to identify locations with a high probability of meeting unit manning requirements. The recommendation of this thesis is that the USAR implement the logistic regression model.
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Okuslug, Ali. "Price Based Unit Commitment With Reserve Considerations." Master's thesis, METU, 2013. http://etd.lib.metu.edu.tr/upload/12615475/index.pdf.
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In electricity markets of modern electric power systems, many generation companies, as major market participants, aim to maximize their profits by supplying the electrical load in a competitive manner. This thesis is devoted to investigate the price based unit commitment problem which is used to optimize generation schedules of these companies in deregulated electricity markets. The solution algorithm developed is based on Dynamic Programming and Lagrange Relaxation methods and solves the optimization problem for a generation company having many generating units with different cost characteristics. Moreover, unit constraints including ramp-rate limits, minimum ON/OFF times, generation capacities of individual units and system constraints such as total energy limits, reserve requirements are taken into account in the problem formulation. The verification of the algorithm has been carried out by comparing the results of some sample cases with those in the literature. The effectiveness of the algorithm has been tested on several test systems. Finally, the possible utilization of the method by a generation company in Turkish Electricity Market to develop bidding strategies is also examined based on some case studies.
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Gruber, Peter. "Market expectations of short interest rates." St. Gallen, 2005. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/03608056001/$FILE/03608056001.pdf.
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Schnidman, Evan A. "Essays on Federal Reserve Bank Evolution, Transparency and Market Interaction." Thesis, Harvard University, 2013. http://dissertations.umi.com/gsas.harvard:11107.
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This three part dissertation begins by "Examining the Origin of Federal Reserve Independence." This paper explores early Fed history with a particular emphasis on the period between 1947 and 1953 in order to provide a complete political account of Fed Independence.Government
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SILVA, LEONARDO XAVIER DA. "OPERATING POWER RESERVE AS ANCILLARY SERVICE: MARKET MECHANISM FOR PURCHASING." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2001. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=1914@1.
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CONSELHO NACIONAL DE DESENVOLVIMENTO CIENTÍFICO E TECNOLÓGICONo modelo econômico tradicional, o sistema elétrico podia ser constituído por empresas verticalizadas, isto é, os serviços de geração, transmissão e distribuição podiam ser providos por uma mesma empresa. Nesta estrutura, serviços como reserva de potência, suporte de reativos, reserva de transmissão, ou seja, os chamados Serviços Ancilares à operação do sistema elétrico, não eram computados com custos específicos a serem restituídos, já que os mesmos encontravam-se agregados ao preço da energia elétrica. No novo modelo econômico, onde cada empresa presta um tipo de serviço, é crescente a importância da caracterização de cada Serviço Ancilar. Definidos os prestadores do serviço e usuários, torna-se explícita a necessidade de uma estrutura de mercado para aquisição e revenda do Serviço Ancilar. Este trabalho propõe um mecanismo de mercado para compra e venda de Serviços de Reserva de Potência Operativa por intermédio de um agente de mercado sem fins lucrativos. Este é baseado no mecanismo praticado pelo California Independent System Operator e, devidamente adaptado, pode ser aplicado ao sistema elétrico brasileiro. As principais adaptações são: i) o ajuste da venda para permitir uma distribuição justa da vantagem econômica obtida com a compra considerando os mercados interdependentes, e ii) o ajuste da venda para que os compradores somente das reservas R1 e R2 afetem os preços de R1 e R2, e não os preços de R3 e R4.
In the previous structure of the Brazilian power sector, the economic model was such that the same company could provide generation, transmission and distribution services. In this model, services such as power reserve, reactive power support and transmission reserve, i.e., the so-called Ancillary Services to the operation of the electric system, were not considered explicitly. Therefore, no specific costs had to be paid as they were aggregated to the final energy price. In the new structure of the power sector, where each company provides a different type of service, the distinction of each Ancillary Service becomes a very important issue to the energy business. Once defined the service providers and users, it is evident the need of a market structure for selling and buying the service. This work suggests a market mechanism for selling and buying the Power Operative Reserve Service through a non-profit market agent. This proposal is based on the California`s Independent System Operator mechanism and, if properly adapted, can be applied to the Brazilian Power System. The main adaptations are: i) the adjustments of the sale price to allow a fair distribution of the economic advantage gotten with the purchase considering the interdependent markets, and ii) the adjustments of the sale price for the purchasers of only R1 and R2 reserves to affect only the prices of R1 and R2 and not the prices of R3 and R4.
En el modelo económico tradicional, el sistema eléctrico podía ser constituido por empresas verticalizadas, es decir, los servicios de generación, transmisión y distribuición podían pertenecer a una misma empresa. En esta extructura, servicios como reserva de potencia, soporte de reactivos, reserva de transmisión, o sea, los llamados Servicios Auxiliares a la operación del sistema eléctrico, no eran calculados con costos específicos que serían restituidos, ya que éstos se encontraban agregados al precio de la energía eléctrica. En el nuevo modelo económico, donde cada empresa presta un tipo de servicio, cresce la importáncia de la caracterización de cada Servicio Auxiliar. Una vez definidos los prestadores del servicio y los usuarios, se necesita de una extructura de mercado para adquisición y revenda del Servicio Auxiliar. Este trabajo propone un mecanismo de mercado para compra y venda de Servicios de Reserva de Potencia Operativas por intermedio de un agente de mercado sen fines lucractivos. Este es basado en el mecanismo praticado por el California Independent Systen Operator y, debidamente adaptado, puede ser aplicado al sistema eléctrico brasilero. Las principales adaptaciones son: i) ajuste de la venda para permitir una distribuición justa de la ventaja económica obtenida con la compra considerando los mercados interdependientes, y ii) el ajuste de la venda para que los compradores solamente de las reservas R1 y R2 afecten los precios de R1 y R2, y no los precios de R3 y R4.
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Rashidi-Nejad, Masoud. "Procurement and pricing of reserves via joint dispatch and financial derivatives." Thesis, Brunel University, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.247542.
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Chan, Chi-yiu, and 陳志銚. "The application of insurance theory to power system operating reserve market." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B3124399X.
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Menin, Michel. "Parametric sensitivity study for wind power trading through stochastic reserve and energy market optimization." Thesis, Uppsala universitet, Institutionen för geovetenskaper, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-257502.
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Trading optimal wind power in energy and regulation market offers possibil-ities for increasing revenues as well as impacting security of the system in apositive way[33]. The bidding in both energy and regulation markets can bedone through stochastic optimization process of both markets.Stochastic optimization can be possible once the probabilistic forecst is avail-able through ensemble forecast methodology. For stochastic optimization, thepost-processing of the ensembles to generate quantiles that will be used in op-timization can be accomplished by employing different methodology. In thisstudy, we will concentrate on the impact of post-processing of ensembles onthe stochastic optimization.Generation of quantiles needed for stochastic optimization used herein formarket optimization will be the main focus of the investigation. The impactof price ratios between energy and reserve market will be also investigated toanalyse the impact of said ratios on the revenues. Furthermore this analysiswill be performed for both US and Swedish markets.
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Drayton-Bright, Glenn Robert. "Coordinating energy and reserves in a wholesale electricity market." Thesis, University of Canterbury. Department of Management, 1997. http://hdl.handle.net/10092/3599.
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This thesis addresses a number of questions related to the design of a wholesale electricity
market and the decentralisation of a mixed hydro and thermal system.
Initially it concentrates on the response to price of a Linear Programming model of a
hydro station and existence of a step supply curve consistent with that function. This has
implications for the existence of the perfect competition equilibrium in a simplified energy
market. An experimental analysis is presented, which attempts to quantify the theorised
discrepancy between an 'ideal' centrally coordinated solution and the market's solution.
The latter half of this thesis develops a Linear Programming based representation of
the joint energy and reserve capability of a generating unit or station, called the Fan Approximation.
This approach is used to develop an offering and market-clearing model
for energy and reserves which allows hydro, thermal, and interruptible load participants
to compete equally.
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Stubbs, Thomas Henry. "Labour Market Segmentation and the Reserve Army of Labour: Theory, History, Future." The University of Waikato, 2008. http://hdl.handle.net/10289/2782.
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This thesis begins by revisiting and building on themes of labour market segmentation, with particular reference given to Marx's seminal account of segmentation in Capital, Vol.1 (Chapter 25). Marx distinguishes between an active army - the stable full-time employed - and the relative surplus population - the precariously employed reserve army and the residual surplus - and suggests further fragmentation of these main groups into sub-strata. Marx's perspective of segmentation is grounded in fragments of a general theory of employment that, as a long-term tendency, identifies continual advances in constant capital that abolish work and proliferate the reserve army. This thesis builds on these themes by formulating a concept, the 'transference dynamic', which underpins a general theory of employment segmentation. A short history of segmentation under capitalism traces recent phases of development in both developed and lesser-developed nations. Stress is placed on the role of political configurations that regulate capitalism in ways that can either counter the general tendency, such is the case under the Fordist model of capitalism, or strengthen its logic. The theory of employment segmentation and the lessons drawn from the historical account are spliced together with an analysis of the contemporary phase of capitalism, labelled here as the neoliberal model of development. It is demonstrated that the coercive international regulatory dynamic of the neoliberal model reasserts and extends the competitive principle of the capitalist mode of production. Through this extension, nations are transformed into competition-states vying for scarce and globally mobile capital to operate on their shores - the primary source of national prosperity and employment - by implementing capital-friendly neoliberalized policy. This analysis of neoliberal global capitalism reveals an expanding surplus population within a context of deepening international segmentation. This employment crisis is expressed as a hierarchy of nations that is determined in part by their uneven development. Those at the bottom of the hierarchy, comprising a majority portion of the world's population, contain a massive reserve army and residual surplus population unincorporated into wage-based capitalism, without any obvious support of means of life and with little hope for the future. Finally, mainstream solutions are criticized for failing to address either long-run or contemporary drivers of the employment crisis. In response, this thesis pitches a project of multi-faceted radical reform that counter-regulates capitalism by adopting a combination of local, national, regional and global forms of democratic socialist governance.
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Unkovski, Goran. "Purchasing power parity and Reserve Bank intervention in the foreign exchange market." Master's thesis, University of Cape Town, 2004. http://hdl.handle.net/11427/5681.
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Includes bibliographical references.This paper tests the behaviour of the PPP relationship in South Africa between 1993 and 2003 using cointegration techniques. The period under review is divided into two sub-phases. The first, from January 1993 to May 1998, encompasses the changing political situation and the initial effects of global integration for South Africa. It is found that the PPP relationship holds during this time frame.
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Fung, James Cheuk Lun. "An agent-based model of the interbank market : reserve and capital adequacy requirements." Thesis, University of Leeds, 2014. http://etheses.whiterose.ac.uk/8242/.
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Kotenko, Diana G. "Prospective Reappointment and the Monetary Policy Preferences of the Federal Open Market Committee Members." Kent State University / OhioLINK, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=kent1246273422.
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Bilgin, Enes. "Participation of distributed loads in power markets that co-optimize energy and reserves." Thesis, Boston University, 2014. https://hdl.handle.net/2144/10940.
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Thesis (Ph.D.)--Boston UniversityAs the integration of Renewable Generation into today's Power Systems is progressing rapidly, capacity reserve requirements needed to compensate for the intermittency of renewable generation is increasing equally rapidly. A major objective of this thesis is to promote the affordability of incremental reserves by enabling loads to provide them through demand response. Regulation Service (RS) reserves, a critical type of bi-directional Capacity Reserves, are provided today by expensive and environmentally unfriendly centralized fossil fuel generators. In contrast, we investigate the provision of low-cost RS reserves by the demand-side. This is a challenging undertaking since loads must first promise reserves in the Hour Ahead Markets, and then be capable of responding to the dynamic ISO signals by adjusting their consumption effectively and efficiently. To this end, we use Stochastic Control, Optimization Theory, and Approximate Dynamic Programming to develop a decision support framework that assists Smart Neighborhood Operators or Smart Building Operators (SNOs/SBOs) to become demand-side-providers of RS reserve. We first address the SNO/SBO short time scale operational task of responding to the Independent System Operator's (ISO) dynamic RS requests. We start by developing a model-based Markovian decision problem that trades off ISO RS tracking against demand response related utility loss. Starting with a model based approach we obtain near optimal operational policies through a novel approximate policy iteration technique and an actor critic approach which is robust to partial knowledge of the underlying system dynamics. We then abandon the model based terrain and solve the dynamic operational problem through reinforcement learning that is capable of modeling a population of duty cycle appliances with realistic thermodynamics. We finally propose a smart thermostat design and develop an adaptive control policy that can drive the smart thermostat effectively. The latter approach is particularly suited for systems whose dynamics and dynamically changing consumer preferences are not known or observed beyond the total power consumption. We then address the SNO/SBO task of bidding RS reserves to the hour ahead market. This task determines the maximal RS reserves that the SNO/SBO can promise based on information available at the beginning of an hour, so as to maximize the associated hour-ahead revenues minus the expected average operating cost that will be incurred during the operational task to follow. To accomplish this task, we (i) develop probabilistic constraints that model the feasible maximum reserves which can be offered to the market without exceeding the SNO/SBO's ability to later track the unanticipated dynamic ISO RS signal, and (ii) calibrate a describing function that approximates the average operational cost as a function of the maximal reserves that can be feasibly offered in the day ahead market. The above is made possible by statistical analysis of the controlled system's stochastic dynamics and properties of the optimal dynamic policies that we derive. The contribution of the thesis is twofold: The solution of a difficult stochastic control problem that is crucial for effective demand-response-based provision of regulation service, and, the characterization of key properties of the stochastic control problem solution, which allow its integration into the hour-ahead market bidding problem.
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Ferraz, Deise Luiza da Silva. "Desemprego, exército de reserva, mercado formal-informal : rediscutindo categorias." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2010. http://hdl.handle.net/10183/22741.
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Há uma relação recíproca entre um dos objetivos das ciências administrativas – aumentar a produtividade do trabalho – e o crescimento do desemprego. Contudo, este tema é pouco explorado nessa área do conhecimento. Estudos que tratam direta ou indiretamente desta problemática costumam considerar que os desempregados ou são agentes empreendedores ou estão excluídos das relações de trabalho. Intentamos abordar este tema superando essas abordagens duais. Defendemos a tese de que os desempregados compõem um estrato populacional denominado exército de reserva (ER) e que este pode cumprir, no atual estágio de desenvolvimento das forças produtivas, um duplo papel, qual seja: regulador do preço da força de trabalho e agente contestatório do sociometabolismo do capital. Fundamentados, principalmente, nos estudos de Marx, Oliveira e Iasi, analisamos o mercado de trabalho tal como representado por instituições de pesquisas nacionais e internacionais e os dados coletados junto aos integrantes de um movimentos social formado por desempregados, o Movimento dos Trabalhadores Desempregados (MTD). O método dialético permitiu reconstituir o movimento dos múltiplos determinantes que sintetizaram a possibilidade de alterações qualitativas em parte do contingente em questão. Concluímos que o ER cumpre função estrutural econômica e ideológica de regular o preço da força de trabalho devido a, basicamente, dois fatores: 1) como superpopulação fluente, é uma reserva de força de trabalho que tende a deprimir o preço desta mercadoria à níveis crescentemente inferiores; 2) enquanto força de trabalho não utilizada diretamente pelo capitalista no processo de produção, os membros do ER, em sua manifestação como superpopulação estagnada, tendem a efetuarem trabalhos, seja na considerada economia informal seja na economia doméstica ou ainda na economia subterrânea, que satisfazem necessidades dos membros do exército ativo (EA) e do exército de reserva em sua manifestação fluente. Ao oferecerem produtos e serviços à baixo custo ao EA e ao próprio exército de reserva, a superpopulação estagnada colabora para o rebaixamento do valor da mercadoria força de trabalho, tendo em vista que esta, segundo a lei do valor, deve equivaler ao valor dos produtos necessários a sua reprodução. Defendemos, portanto, que no atual modo de produção capitalista em países periféricos opera-se, gradativamente, uma mudança qualitativa na consciência de classe desta parcela da classe trabalhadora que, sobretudo após o advento da reestruturação produtiva, apresenta tendência crescente de reposição contínua, isto é, mudança quantitativa que tem sido oportunizada, dentre outros fatores, pelo desenvolvimento do conhecimento administrativo.There is a mutual relation between one of the administrative sciences objectives – increase labor productivity and unemployment growth. However, this theme is little exploited in this knowledge field. Studies which deal direct or indirectly with this problematic usually consider that unemployed people can be enterprising agents or are excluded from labor relations. We intended to address this theme overcoming these dual approaches. We defend the thesis that unemployed people are part of a population extract known as reserve army (RA) which can have, in the current stage of production forces, a double role, namely: regulator of the labor force price and oppositional agent of the capital’s social metabolism. Based, mainly, on the studies of Marx, Oliveira and Iasi, we analyze the labor market as it is represented by national and international research institutions and through collected data among the members of a social movement formed of unemployed people, the Unemployed Workers Movement (MTD). The dialectical method allowed us to reconstitute the movement of multiple determinants that synthesized the possibility of qualitative changes in part of the mentioned contingent. We have concluded that the RA performs an economic and ideological structural function of regulating the labor force price basically due to two factors: 1) as a fluent super population, it is a reserve of labor force, which depresses the price of this merchandise to levels increasingly inferiors; 2) as a labor force not directly used by the capitalist in the production process, the members of the RA, on their expression as a stagnant super population, tend to make works, whether in the so called informal economy, whether in the domestic economy or even in the underground economy, that satisfy needs of both the active army (AA) and the reserve army on its fluent manifestation. When offering products and services with low cost to the AA and even for the reserve army, the stagnant super population contributes to depreciate the value of the labor force merchandise, taking into consideration that according to the value law, this must be equivalent to the value of the products needed for its reproduction. The reserve army can play the role of oppositional subject whereas the concrete conditions of its pauperism tension the movement of formation and the construction of struggle organizational forms, enabling the constitution of a class consciousness process mediated by moments of denial and consent to the capital‟s social metabolism. We defend, therefore, that in the current capitalist way of production in peripheral countries a qualitative change gradually occurs in class consciousness of this portion of class-of-labor that shows, especially after the advent of productive restructuring, an increasing tendency of continuous replacement, that is, quantitative change which have been possible, among other factors, by the development of the administrative knowledge.
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Veprauskaite, Elena. "Reserving, reinsurance and earnings management : evidence from the United Kingdom's property-liability insurance market." Thesis, University of Bath, 2013. https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.575508.
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This thesis examines the joint impact of earnings management incentives (i.e., income smoothing, solvency management and tax management) and reinsurance, together with other institutional factors, on the magnitude and direction of claim (loss) reserves errors in the UK’s property-liability insurance industry. Two reserve error definitions, found in literature, are employed to conduct the analysis. Furthermore, a panel data generalised methods of moments (GMM) estimator is employed to incorporate the dynamic nature of current and past loss reserving errors. Using the GMM estimator in a panel of 151 firms over a period from 1991 and 2005, the study finds support for the conclusions of some prior studies but also inconsistencies with other previous research. The present study finds that the inferences drawn from empirical analyses can be influenced by the definition of loss reserving errors and to some extent how other incentive variables are defined. The results of this study suggest that discretionary loss reserving behaviour tends to persist from one year to another. Therefore, ignoring the dynamic nature of loss reserving errors could lead to biased and unreliable conclusions. The empirical results of this study also find that property-liability insurance managers manipulate claims reserves in order to smooth company’s earnings across accounting periods. Furthermore, empirical evidence is found which indicates that high levels of reinsurance ceded help to reduce the incidence of error in loss reserves. Contrary to expectations, the evidence presented in this thesis suggests that highly solvent insurers under-estimate their claims liabilities. However, no empirical support is found to indicate that insurers over-reserve in order to reduce and/or postpone period tax liabilities. The study also produced mixed results regarding the relation between the type of reinsurance cover used and claim reserve errors. Nevertheless, the empirical results show that firm-specific effects, such as company size and product mix, can have effect on the accuracy of insurers’ reserves. Finally, as this study gives an important insight on discretionary loss reserve manipulation, its conclusions could be of interest and relevance to the business decisions of investors, policyholders, regulators, and other interested parties (e.g., credit rating agencies and accounting standard settlers).
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Steel, Alicia Nicole. "Ovarian hormones AMH and E2 in juvenile gilts as markers of reproductive success." Thesis, The University of Sydney, 2019. https://hdl.handle.net/2123/21528.
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In Australia, only around 60% of gilts being retained to parity three. This is concerning as gilts do not reach optimal reproductive performance until parity three. Reproductive inadequacy is the main contributing factor for this premature culling. Thus, the traditional process for selecting breeding gilts is inadequate. Circulating oestradiol (E2), Anti-Müllerian hormone (AMH) and hormonal profiles in response to gonadotropin stimulation have been linked with reproductive potential in species other than pigs. This thesis aimed to determine the serum E2 and AMH levels in juvenile gilts prior to and after gonadotrophin stimulation and assess their associations with fertility and reproductive performance to determine their use as a selection tool for gilts with greater reproductive success. Experiment One examined serum AMH and E2 levels in juvenile gilts 0, 2 and 4 days after gonadotropin stimulation versus mating, litter and culling information for three parities. Experiment Two assessed whether juvenile levels of E2 and AMH were associated with ovarian and uterine properties at 160 days. Experiment One was repeated at two geographically different farms in Experiment Three. The final experiment was similar to Experiment two but was longitudinal and involved a more detailed ovarian assessment. To our knowledge, quantification of AMH in juvenile gilts in this thesis was novel. Results showed serum AMH to be negatively associated with ovarian follicle numbers but the association with uterine properties was inconsistent. A negative association between E2 and future litter numbers was also found. Whether serum AMH and E2 levels in juvenile gilts are associated with uterine traits requires further investigation. The results highlight the complexities of endocrinology, emphasising the difficulty of determining hormonal markers for reproductive potential in a production setting.
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Chigiji, Kudzai. "Determinants of loss reserve errors: evidence from the general insurance market in South Africa." Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/29083.
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A loss reserve is the estimated liability for unpaid claims on all losses that occurred prior to the balance sheet date. The loss reserve is the most significant liability on the balance sheet of a general insurance company, often driving its overall financial performance. The loss reserve is calculated to determine the claims liability for published accounts, internal accounts, statutory accounts, business plans and budgets. It is also required for purposes of pricing and in case of a merger or acquisition. The purpose of the loss reserve can affect the methodology used as well as the extent of over-reserving or under-reserving. Additionally, under-reserving and over-reserving can be driven by the intent to smooth the inome of the general insurer, to mask financial weakness or to defer taxes. This study examines the loss reserve errors in the South African general insurance industry. The study estimates the loss reserve errors using annual firm level data on 79 general insurance companies from 2007 to 2014. The study then proceeds to examine the hypothesised effect of firm level characteristics on the estimated loss reserve errors within a panel data framework. The panel data regression models are estimated using the ordinary least squares technique, the random effects technique and the fixed effects technique. The findings suggest that South African general insurance industry is characterised by over-reserving. Specifcally, approximately two-thirds of the sample reported incidence of over-reserving. The results of the panel data regression analysis indicate that tax shield, financial weakness and premium growth are the significant drivers of reserve errors in the market. Tax shield was found to have a positive relationship with loss reserve errors, whereas financial weakness and growth were found to have an inverse relationship with loss reserve errors. Business line diversification and reinsurance were not found to be significant variables in the model. The management of South African general insurers and regulation of the industry should be directed towards ensuring that general insurers do not manipulate reserves to defer taxes, fund growth through more competitive premiums, or manipulate the perceived financial strength. Additionally, this study identified issues relating to the quality of loss reserve information supplied to the regulator. There is scope for improving the quality and consistency of the loss reserve data supplied to the regulator by the general insurers.
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McFarland, Patrick. "A Study on the Federal Reserve’s Influence on the Stock Market." Otterbein University Honors Theses / OhioLINK, 2005. http://rave.ohiolink.edu/etdc/view?acc_num=otbnhonors1620459248489858.
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Ganguli, Alakananda. "Globalization of financial markets and the demand for international reserves : the case of the industrialized countries." Thesis, McGill University, 1994. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=28447.
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The purpose of this thesis is to explain theoretically and empirically the demand for international reserves by the major industrialized countries in the context of the present highly integrated and extremely volatile international financial system. The reserves demand behaviour of each of the G7 countries along with seven non-G7 industrialized countries have been empirically examined. The demand functions are estimated using the cointegration approach on autoregressive distributed lag and simple distributed lag models.This study has revealed that a country's reserve demand is significantly influenced by its level of capital flows in addition to the traditionally used trade flow variables. It is shown that the greater the external vulnerability of an economy as measured by its net capital flows in relation to its GNP, the higher is its demand for international reserves. The results have striking similarity for all the 14 industrialized countries despite their structural and institutional differences.
This study points to the need of international monetary policy coordination to reduce large fluctuations in exchange rates and lessen massive flows of speculative capital which carry a potential threat of becoming inflationary.
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Powers, Susanna. "Enhanced transparency of the federal reserve : impact on federal funds rate forecast errors /." abstract and full text PDF (UNR users only), 2008. http://0-gateway.proquest.com.innopac.library.unr.edu/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:1455662.
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Thesis (M.A.)--University of Nevada, Reno, 2008."May, 2008." Includes bibliographical references (leaves 87-96). Library also has microfilm. Ann Arbor, Mich. : ProQuest Information and Learning Company, [2009]. 1 microfilm reel ; 35 mm. Online version available on the World Wide Web.
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Bisagni, Elena. "The overnight interbank market in the U.S. and in the Euro area /." Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC campuses, 2002. http://wwwlib.umi.com/cr/ucsd/fullcit?p3064476.
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Mabitle, Mope. "Dynamic linkages between monetary policy and the stock market: the case of South Africa." Thesis, University of Fort Hare, 2013. http://hdl.handle.net/10353/d1015290.
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This study analyses the linkage between monetary policy and the stock market in South Africa using monthly data for the period from 2000 to 2010. It provides an overview of the Johannesburg Stock Exchange and the monetary regimes adopted by the South African Reserve Bank since the 1960s and the interrelation between the monetary variables and the stock market. It also provides a review of literature, both theoretical and empirical on the linkages between the two variables. Based on the review of literature, a Vector Autoregression [VAR] model was chosen as a method of analyzing the relationship between the two variables. The empirical results revealed that there is no long term relationship between the variables, however, in the short-run there is a dynamic relationship between monetary policy and the stock market in South Africa. This implies that innovations in the stock market affect the implementation of monetary policy and vice-versa. The study recommended that monetary authorities should pay attention to the fact that the stock market performance has a great impact on their decision making due to the fact it is greatly affected by repo rates.
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Eriksson, Julia, and Julia Jordeby. "Today's Credit Market - How to Avoid a House of Cards? : Austrian Full Reserves and the Chicago Plan as Alternatives to the Current Fractional Reserves." Thesis, Södertörns högskola, Nationalekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-33700.
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Today’s household debt consists for the most part of credit money, and this general phenomenon does not only occur in Sweden. Money in the economy is mostly created by private banks, as much as 97 percent of the money in the United States, while central banks only create a very small share of all money. This is the reason for the oppressed household debt. During this period of high debt in Sweden, the household consumption has also increased in comparison to earlier years. The aim is to study and compare how the money supply in two different full-reserve systems, the Austrian through convertibility and the Chicago plan through quantity control, would reduce the household debt in relation to today’s fractional system. The method used in this study is a time series analysis where data of Sweden’s household debt, savings, money supply; M1 and M3, GDP, assets, currency reserves, gold reserves and interest rates has been collected for the years 2005-2013. These are further examined in three different equations. The data for all the variables was collected from SCB, IMF, Ekonomifakta and the World Data Bank. The first theory that is used in this study is Wicksell’s cumulative process which will explain how the money supply M3 affects household debt in today's fractional reserve system. The second theory is the Austrian Business Cycle Theory which will examine the money supply M1 effect on household debt through full reserves by convertibility control. The third theory is the Friedman rule, where the effect of household debt by money supply M1 will be examined. This rule explains how the Chicago Plan is affecting household debt through a full reserve system by quantity control. In the both systems, fractional reserves and full reserves, the debt will increase in this study. The result shows that with full reserves, the household debt would be backed by savings in comparison to fractional reserves, where household debt would be backed by credit money. Therefore, full reserves would contribute to a healthier economy in contrast to today’s fractional system. Since it would involve a large cost for Sweden to transcend to an Austrian system through convertibility, where price inertia would occur as well, the conclusion of this study is that the Chicago Plan, based on the quantity principle, is to prefer.Största delen av hushållens skuldsättning består idag av kreditpengar, och detta generella fenomen finns inte bara i Sverige. Pengarna i ekonomin är för det mesta skapade av affärsbankerna, så mycket som 97 procent i USA, medan centralbanken endast skapar en liten del av dessa pengar. Detta är anledningen till de höga hushållsskulderna. Under den här perioden av hög skuldsättning i Sverige så har även hushållens konsumtion ökat i förhållande till tidigare år. Syftet med denna studie är att jämföra hur penningmängden i två olika hundraprocentiga reservsystem, den österrikiska konjunkturcykeln, genom konvertibilitet, och Chicago planen, genom kvantitetskontroll, skulle reducera hushållens skulder i relation till dagens bråkdelsreservsystem. Metoden som används i denna studie är en tidsserieanalys där data från hushållens skulder, sparande, penningmängd; M1 och M3, BNP, tillgångar, guldreserver, valutareserver och repo räntan har samlats in under åren 2005-2013. Dessa variabler är studerade i tre olika ekvationer och all data har samlats in från SCB; IMF, Ekonomifakta och the World Data Bank. Den första teorin som används är Wicksells kumulativa process som beskriver hur penningmängden M3 påverkar hushållens skulder i dagens bråkdelsreservsystem. Den andra teorin är den österrikiska konjunkturcykel teorin och kommer att undersöka penningmängden M1 effekt på hushållens skulder med ett hundraprocentigt reservsystem med konvertibilitetskontroll. Den tredje teorin är Friedmans regel, där effekten på hushållens skulder kommer att bli undersökt med hjälp av penningmängden M1. Denna regel förklarar hur Chicagoplanen påverkar hushållens skulder via ett hundraprocentigt reservsystem med kvantitetskontroll. Hushållens skuldsättning ökade i samtliga regressioner och resultaten visar att med hundraprocentiga reserver så skulle hushållens skulder vara backade med sparande, jämfört med bråkdelsreserver, där hushållens skulder skulle vara backade med krediter. Därför skulle hundraprocentiga reserver bidra till en mer välmående ekonomi. Eftersom det skulle tillkomma höga kostnader att övergå till ett österrikiskt system med konvertibilitet, så är slutsatsen av denna studie att istället implementera Chicagoplanen baserad på kvantitetsprincipen.
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Andersson, Oskar. "Inclusion of Wind Turbines into Frequency Support Services : Exploring frequency stability issues and comparing regulation power market products." Thesis, Uppsala universitet, Institutionen för elektroteknik, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-435076.
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There is a trend in Sweden towards increasing the electricity production from renewable energy sources in the electric grid. The increased share of renewables could be seen as essential for Sweden to be able to meet the obligated climate goals. Integration of renewables will enable Sweden to be a progressive part in reducing greenhouse gases and decreasing the global warming. However, one issue with renewable energy sources is the inverter governed production. This, together with the decommission of larger synchronous generators, results in decreasing the inertia and increasing the instability inthe grid. This thesis is dedicated to elaborating on frequency stability issues and investigating how Variable Speed Wind Turbines (VSWT) could contribute towards stabilized operation when included in frequency support services. The study is generated through an extensive research process where focus areas are identified. Questions are purposed and then discussed through interviews with experienced people in the field. Estimated power production series from a wind turbine park (WTP) are applied in a constructed model to study the possibilities appearing when including VSWTs in frequency support services. The income generated from including VSWTs in different regulation power market services is with the model compared against solely procuring the production capacity on the day ahead market. The studied frequency support services are then compared altogether to generate favorable solutions. The study examines both economic as well as technical features of the inclusion of VSWTs in frequency support services. Results found in the study were that inclusion of wind turbines for power regulation purposes could be seen as increasingly manageable and needed in the electric grid. The maturity of technical solutions alongwith a transition in the regulation power market could be observed as leading factors. The diversification of regulation abilities and the increasing economic incentives in the regulation power market was also found to be important reasons for including wind turbines in the regulation power market. In the study, it was also found thataggregating the power production from several VSWT could increase the ability to deliver the studied services. It was concluded that inclusion of VSWT in the frequency containment reserve during disturbed operation for down-regulation purposes as well as the fast frequency reserve was the most promising frequency support products for the inclusion of wind turbines. When including battery energy storages and to a larger part managing the durability demands for the services then the frequency contain reserve for normal operation and the frequency containment reserve for disturbed operation for upregulation purposes could be observed as preferable alternatives. Regulation abilities were concluded as achievable with the use of pitch and torque regulation techniques available in the variable speed wind turbine.
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Zullo, Gustavo José Danieli 1985. "A questão salarial revisitada : exército industrial de reserva e heterogeneidade estrutural." [s.n.], 2014. http://repositorio.unicamp.br/jspui/handle/REPOSIP/286406.
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Orientador: Fábio Antonio de CamposDissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia
Made available in DSpace on 2018-08-26T10:15:56Z (GMT). No. of bitstreams: 1 Zullo_GustavoJoseDanieli_M.pdf: 1349346 bytes, checksum: 3046c46d6a242c643fd933ff263cce76 (MD5) Previous issue date: 2014
Resumo: O objetivo desta dissertação consiste em evidenciar que a economia brasileira está estruturalmente baseada em um baixo padrão de remuneração. Inicialmente amparados pela discussão sobre a marginalidade social, quando no primeiro capítulo fazemos um breve balanço do debate travado nos anos 1970 sobre suas origens econômicas, buscamos sintetizar as diferentes posições sobre os efeitos que a dominação do capital monopolista exerceu sobre o mercado de trabalho. Desse debate surgem duas concepções distintas e que, consequentemente, redundam em metodologias diferentes para quantificar a heterogeneidade que é própria de economias dependentes e de origem colonial, como a brasileira. A primeira dessas, que examinamos analiticamente no segundo capítulo, distingue as formas de trabalho em duas categorias: formal e informal. Sobre essa abordagem, antes de salientarmos de forma direta as deficiências inerentes a tal classificação, destacamos que alguns de seus pressupostos não estavam balizados pela formação econômico-social do país. Pensada dentro de um arcabouço teórico que julgava que o desenvolvimento capitalista brasileiro seria suficiente para homogeneizar as estruturas econômicas e sociais, essa concepção subestima a dependência como uma força que delimita as potencialidades nacionais. Por outro lado, no terceiro capítulo, nos valemos de uma metodologia que, desagregando os ocupados entre empregados e subempregados, enfatiza mais fortemente as interações entre as estruturas agrária e urbana. Mais especificamente, analisamos a repercussão do processo de urbanização ocorrido em meados do século XX sobre o mercado de trabalho nos últimos trinta anos, período em que a heterogeneidade estrutural, ainda que sob novas formas, é reafirmada como singularidade nacional
Abstract: The aim of this work is to emphasize that the Brazilian economy is structurally based on a low standard of remuneration. Initially supported by the discussion about social marginality, when in the first chapter we give a brief assessment of the debate of the 70¿s on their economic backgrounds, we seek to synthesize the different positions on the effects that the domination of monopoly capital had on the labor market. This debate arises two distinct conceptions and therefore, originates different methodologies to quantify the heterogeneity that is typical of dependent economies and with colonial origins such as the Brazilian. The first of these, we examine analytically in the second chapter, we distinguish the forms of work into two categories: formal and informal. On this approach before we emphasize directly the inherent shortcomings of this classification, we point out that some of their assumptions were not justified by the socioeconomic structure of the country. Conceived within a theoretical framework that thought the capitalist development was enough to homogenize the economic and social structures, this conception underestimates the dependence as a force that delimits the national potential. On the other hand, in the third chapter, where we make use of a methodology that disaggregates the occupied labor force between employees and underemployed, we more strongly emphasize the interactions between agrarian and urban structures. More specifically, we analyze the impact of the urbanization process occurred in the mid-twentieth century on the labor market over the past thirty years, a period in which the structural heterogeneity, albeit in new forms, is reaffirmed as national singularity
Mestrado
Economia Social e do Trabalho
Mestre em Desenvolvimento Econômico
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Ozdemir, Duygu. "Stock Market Liquidity Analysis: Evidence From The Istanbul Stock Exchange." Master's thesis, METU, 2011. http://etd.lib.metu.edu.tr/upload/12613789/index.pdf.
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The purpose of this thesis is to identify the factors playing a key role in the determination of the Turkish stock market liquidity in aggregate terms in a time series context and discuss the joint dynamics of the market-wide liquidity with its selected determinants and the trade volume. The main determinants tested are the level of return, the return volatility and the monetary stance of the Central Bank of the Republic of Turkey. The expected positive relationship between the liquidity and the return is confirmed, while the negative effect of the volatility on liquidity appears one-week later. The behavior of various liquidity variables are also examined around the macroeconomic data announcement dates, during the 2008 financial crisis, and after the tick size change in the Istanbul Stock Exchange (ISE). The time series dynamics between the trade volume, return, volatility and the liquidity are put forward within the Vector Autoregression analysis framework. The GARCH modeling of the return series, which is an input to the liquidity model estimations, is a byproduct of this thesis. It is observed that the return series exhibits volatility clustering, persistence, leverage effects and mean reversion. In addition, while the level of the ISE market return decreased, the volatility of the return increased during the 2008 crisis. Accordingly, EGARCH model assuming normally distributed error terms and allowing a shift in the variance during the crisis period is chosen as the best model.
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Дудченко, Вікторія Юріївна, Виктория Юрьевна Дудченко, and Viktoriia Yuriivna Dudchenko. "Сучасний стан міжнародного ринку золота." Thesis, Аналітичний центр "Нова економіка", 2014. http://essuir.sumdu.edu.ua/handle/123456789/52786.
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Karangelos, Efthymios. "A comprehensive market-driven approach to the provision of reserves and balancing through demand response." Thesis, University of Manchester, 2012. https://www.research.manchester.ac.uk/portal/en/theses/a-comprehensive-marketdriven-approach-to-the-provision-of-reserves-and-balancing-through-demand-response(3178efb5-5dab-4dd9-bfd2-1f476f2494ec).html.
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In recognition of the economies of scale, electricity markets are predominantly concentrated on the participation of the supply side. Notwithstanding the foregoing, the advancing enhancement of the communication and control infrastructure across all the levels of modern electricity networks serves as a pathway to the active participation of the electricity consumers. Synchronously, the ongoing growth of intermittent renewable generation, in response to the prominent energy and environmental challenges, highlights the value of operational flexibility. The potential of the demand side to contribute to the economic and reliable operation of modern power systems by providing operational flexibility is constantly evolving. In a deregulated market setting, the prime driver for the realization of such potential would be the benefit of private stake holders. Nevertheless, as electricity markets are designed to facilitate the continuous exchange of energy produced by the supply side, the consideration of a short-term modification in the volume of electricity consumed by the demand side as a tradable resource is not a straightforward process. In this direction, emphasis should be placed on the salient features of the inherent flexibility in the demand for electricity as well as on the market mechanisms enabling the integration of this resource in the operation of power systems. Acknowledging these issues, the present thesis addresses the value of demand-side flexibility within modern electricity markets through modelling the materialization of this resource via the interaction of the electricity market actors. As the means to provoke the flexible behaviour of the demand side is the operation of Demand Response programs, we analyze the synergy between the electricity consumers and a profit seeking Demand Response program operator through a bilevel stochastic optimization model. Moreover, we consider the competitiveness of demand-side flexibility in the electricity market. To that end, we develop novel adaptive agent models related to capitalizing on demand-side flexibility via active and passive Demand Response programs. In light of the salient features of demand-side flexibility, we also formulate a market framework for the efficient integration of this resource in the electricity market and establish the basis for the fair allocation of its value.
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Schaible, Amanda A. "Quantitative Easing's Effect on Shadow Banking: Have Federal Reserve Purchases Caused a Collateral Shortage in the Repurchase Agreement Market?" Scholarship @ Claremont, 2014. http://scholarship.claremont.edu/scripps_theses/423.
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Since the start of the financial crisis in 2008, the Federal Reserve has been engaging in quantitative easing. Quantitative easing is a form of open market operation in which the Federal Reserve buys long-term U.S. government and other securities, versus traditional open market operations that occur through the short-term Treasury bill market. At the same time, the shadow bank system, which is a system of financial intermediaries that perform unregulated credit intermediation outside of traditional banks, has contracted significantly. Some argue that this contraction is due to a collateral crunch induced by quantitative easing in the shadow bank system—a crunch that occurred when the Federal Reserve’s quantitative easing program took high-quality collateral off the market. I will focus specifically on repurchase agreements, an instrument within the shadow banking that uses the same types of securities that the Federal Reserve has been buying during quantitative easing as collateral, to determine whether quantitative easing has led to a contraction of the repurchase agreement market. I find that increases in Federal Reserve asset holdings from 2005-2013, and specifically during QE1, are associated with decreases in primary dealer repurchase agreements. This shows that under certain circumstances, Federal Reserve asset purchases lead to contractions in the shadow bank system. This paper aims to increase understanding of how monetary policy affects shadow banking and understanding of the unintended consequences of monetary policy, such as decreased shadow bank lending caused by quantitative easing.
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Norfeldt, Oskar. "The effects of Monetary Policy on Stock Market Returns : A study of how the actions of the Federal Reserve affect the returns on the American stock market." Thesis, Umeå universitet, Nationalekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-100223.
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Костюк, О. В. "Управління ліквідністю грошового ринку на основі моделювання попиту на банківські резерви." Thesis, Українська академія банківської справи Національного банку України, 2006. http://essuir.sumdu.edu.ua/handle/123456789/51708.
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Дисертаційна робота присвячена дослідженню теоретичних і практичних питань управління ліквідністю грошового ринку як складової грошово-кредитної політики центрального банку. Запропоновано підходи до прогнозування попиту на ліквідність з боку комерційних банків в частині аналізу щоденної резервної позиції банків. Удосконалено підходи до прогнозування динаміки короткострокових ставок грошового ринку, що передбачає побудову відповідної моделі грошового ринку на базі кола визначених факторів, які дестабілізують стан ринку у форматі операційної структури монетарної політики. Обґрунтовано принципи і основні елементи концепції реформування механізму збалансування попиту і пропозиції грошової ліквідності у частині діючого інструментарію.Dissertation work is devoted to research of theoretical and practical problems of management liquidity of money-market as component of monetary policy of central bank. Theoretical approaches to definition of essences of management liquidity of money-market, sources of formation of a supply and demand of liquidity are investigated. Proved expedience of prognostication of demand is formulated on bank’s liquidity on the basis of analysis of reserve position of banks through application of indicators of liquidity, developed and offered methodical approach in relation to the design of dynamics of rates of money-market in the format of existent operational structure of monetary policy of central bank. As a result of estimation of model the principles and basic elements of conception of reformation of mechanism of balancing of demand and supply of money liquidity are proved.
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Pinheiro, Mário Jorge Vinagre. "Consequências da adopção das normas internacionais de contabilidade nas demonstrações financeiras e mercado de capitais: o caso português." Master's thesis, Universidade de Évora, 2010. http://hdl.handle.net/10174/14199.
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No mercado financeiro global, existe uma diversidade contabilística o que pode constituir uma barreira à compreensão das demonstrações financeiras divulgadas. Desde a década de sessenta do século passado que este tema tem captado a atenção dos investigadores na área das finanças e da contabilidade, tendo os resultados empíricos evidenciando uma maior qualidade do relato financeiro quando os normativos de referência utilizados são próximos do modelo Anglo-Saxónico. Na sequência da estratégia adoptada no Regulamento (CE) n.º 1606/2002 do Parlamento Europeu e do Conselho de 19 de Julho, desde 01 de Janeiro de 2005 que as empresas dos países da UE com títulos admitidos à cotação em mercados regulamentados são obrigadas a elaborar as suas contas consolidadas de acordo com as normas do IASB. Por um lado, este acontecimento relançou a investigação nesta temática dada a oportunidade de analisar ceteris paribus a alteração na qualidade e utilidade do relato financeiro. Nem sempre os resultados empíricos evidenciam uma melhoria na qualidade decorrente da adopção das normas do IASB, mais próximas do modelo Anglo--saxónico, nomeadamente o caso Alemão. Estudámos o caso Português e não encontramos evidência de que as contas consolidadas aplicando as normas do IASB tenha conduzido a uma melhoria na qualidade e utilidade do relato financeiro. No entanto verifica-se uma crescente relevância dos Resultados Líquidos ao contrário do que se verifica com os Capitais Próprios. Para além disso, analisámos o efeito das reservas com as restantes variáveis (Resultado Líquido e Capital Próprio) e encontrámos evidência de que os relatórios dos auditores às contas é uma variável relevante na medida em que a existência de reservas produz efeitos na avaliação que os investidores fazem dos títulos dessa entidade; ABSTRACT: In the global financial market there is an accounting diversity witch be considered a barrier to the comprehension of the reported financial reports. This matter has being capturing the attentions of investigators since the decade of the sixties of the past century and the empirical results reveals that models originated from Anglo-Saxon model produces accounting reports of higher quality. In the sequence of the strategy adopted through the Regulation (CE) n.º 1606/2002 of the European Parliament and the Council of 19th of July, the European companies that trade financial instruments in regulated markets must adopt the IASB rules to produce the consolidated financial reports for the period beginning in 01 January of 2005. This event brought a new set of investigation work once that we can now perform a ceteris paribus analyses to measure the accounting quality and the change in quality produced by adopting the IASB rules. The empirical results concerning the accounting quality of the change from local standard to the IASB standard are contradictory especially in the German case that is the originator of the Continental model. We perform a study of the Portuguese case and we do not find an improvement in accounting quality after the adoption of the IASB standards. However we find that with adoption of IASB standards there is an improvement of the relevance of the results and the opposite in the Book Value of Equity. We also have studied the effect of reserves in the auditor’s reports with the variables Results and Book Value of Equity and find that the reserves in the auditor’s reports are important. We find that in presence of reserves in the auditor’s reports there is a response from the investors that is reflected in the market price of the share.