Dissertations / Theses on the topic 'Savings Effect'

This thesis investigates which factors affecting savings behavior by using a fixed effect regression model. To see what affects the household savings rate the following independent variables is considered: Natural logarithm of trend per capita income, natural logarithm of deviation from trend per capita income, growth of disposable income, real interest rate, inflation, wealth in relation to household disposable income, foreign savings in relation to disposable income, dependency ratio and human development index. To see whether changes of human development within a county impacts the household´s savings ratio this variables was included in a separate regression. To avoid possible biasedness from ordinary least square, a panel data technique called fixed effect regression model is used. The investigated time period is between year 1999 and 2016 and to make a restriction, variables from 25 developed countries were studied. The involved economic theories in this work are Keynesianism, permanent income hypothesis and the savings theory behind Maslow´s behavioral pyramid. The result made by using this study is that growth in income and foreign savings in relation to disposable income is insignificant and can´t be used in explaining the differences between household´s savings. Human development index within a country has a negative effect on the savings ratio but a conclusion regarding whether changes in HDI´s does affect savings can´t be made and more research within that field is needed.

This study investigates whether the use of mobile money affects the savings patterns of individuals that are vulnerable to financial exclusion, that is, the low-income earners, low-educated, women and rural habitants. Studying the case of Kenya, this study uses data from the 2016 FinAccess Household Survey (N=8,665) that was designed to track and measure the drivers, growth and impact of mobile money use in Kenya. Logistic model and the 2SLS IV regression are used as the empirical estimation method for testing the statistical significance of the correlation between mobile money usage and the savings behaviors of the individuals. The results show that users of mobile money are 1.96 more likely to have a savings product than those that do not use mobile money, and that the propensity for users of mobile money to save for emergencies and for future events is 1.44 and 1.27 times higher, respectively, as compared to the non-users. These findings suggest that individuals that use mobile money perceive it as a trustworthy, efficient and reliable store of value especially making savings for future use. This analysis also finds statistically significant evidence suggesting that mobile money use significantly increases the propensity to save for individuals in demographic groups that are more susceptible to the unique challenges that lower accessibility to formal financial services. Therefore, by increasing the probability of individuals in the female, low income, low education and rural groups to save, mobile money fosters financial inclusion which is essential in the realization of the Sustainable Development Goals such as reducing poverty, increasing equality and sustained economic growth among others. In general, this study has specific policy implications for using mobile money as a device for increasing financial inclusion among the ‘unbanked’ population.

The rebound effect refers to the phenomenon that energy savings from improvements in energy efficiency are lower than expected due to unintended second-order effects. Grasping specific mechanisms related to the rebound effect requires a good understanding of interactions between heterogonous agents on multiple markets. Otherwise, policies aimed at reducing energy use may render counter-expected and unforeseen consequences. In this paper, we propose a formal model, where technological change results from interactions on two markets: between consumers and producers in the market for final goods, and heterogeneous power plants in the electricity market. The analysis provides insights to the role of technological change, supply-demand coevolution, and status-driven consumption in explaining the rebound effect. The model is employed to compare effectiveness of economic policies aimed at reducing carbon emissions associated with production of consumer goods, namely: a tax on electricity and "nuclear obligations" to produce ten percent of electricity from nuclear energy. (author's abstract)

Bakgrund: I Sverige har 76 % av befolkningen innehav i fonder och den totala fondförmögenheten uppgår till 1 925 miljarder. Kapitalvinstskatten ligger på 30 % och utlöses endast vid en realisation av vinsten. Många svenskar undviker gärna att aktivera denna skatteeffekt och blir därmed inlåsta i sina fonder. Syfte: Syftet med denna uppsats är att utifrån intervjuer med privata fondsparare och aktörer inom branschen förklara hur kapitalvinstskatten påverkar privatpersoners resonerande och agerande. Detta beteende kommer sedan att analyseras utifrån befintliga teorier inom beteendeekonomi. Metod: För att nå studiens syfte har vi använt oss av en abduktiv metod. Det empiriska materialet har samlats in med hjälp av semistrukturerade intervjuer. Totalt har vi intervjuat 10 fondsparare och 6 personer inom branschen. Materialet från intervjuerna har sedan förklarats med hjälp av de teorier vi valt ut. Slutsats: I vår studie har vi kommit fram till att inlåsningseffekten varierar beroende på fondspararens ålder. Den yngre gruppen ställde sig mer likgiltig inför kapitalvinstskatten, med anledning av en kort placeringshorisont. Den äldre gruppen hade en mer ospecificerad placeringshorisont och baserade sina investeringsbeslut utefter skattekonsekvensen. Kapitalvinstskatten hade då en bromsande effekt, eftersom det skulle minska den totala förmögenheten.
Background: In Sweden 76 % of the population has savings in mutual funds, with a combined wealth of 1 925 billion SEK. The tax on capital gains is 30 % and is activated when the profit is realized. Many Swedes avoid triggering this tax effect and is therefore locked-in in their mutual funds. Purpose The purpose of this study is, from interviews with private fund investors and industry players, to explain how the capital gains tax affects individuals’ reasoning and actions. This behavior will then be analyzed in terms of existing theories in the field. Method: We have used an abductive method to achieve the purpose of this study. The empirical material has been collected through semi-structured interviews.  We have conducted 10 interviews with private fund investors and 6 people in the fund industry. The material from the interviews was then explained by means of the theories we have selected. Conclusion: In our study we came to the conclusion that the lock-in effect varies depending on the fund savers age. The younger group was more indifferent to the capital gains tax, due to a shorter investment horizon. The older group had a more unspecified investment horizon and based their investment decisions along the tax consequence. Capital gains tax then had a braking effect, as it would reduce the total wealth.

Buildings account for up to 32% of the total energy use in different countries. Directives from the European Union have pointed out the importance of increasing energy efficiency in buildings. New regulation in countries like Sweden establishes that new buildings should fulfill regulations of Nearly Zero Energy Buildings (NZEB), opening an opportunity for new technologies to achieve these goals. Almost 80-90% of the energy in domestic hot water use is wasted from different applications with almost no use and with a lot of potential energy to be recovered. The present work studied the characteristics of greywater heat exchanger as a solution to recuperate heat from greywater to increase efficiency in buildings. This study explored the fluid mechanics involved in the vertical greywater heat exchangers, analyzing the falling film effect present in drain pipes and the effects of the secondary flow generated in the external helical coil. A heat transfer model from a theoretical approach was proposed and validated. In addition, this study explored the different variables influencing the economic feasibility of the technology and an economic analysis was performed. A theoretical comparison between a greywater heat exchanger application and a reference case without it was evaluated highlighting the importance of all the variables involved in the potential of implementation of the technology. The technology shows big potential in households with high water consumptions, especially with electric boilers.

Coronary heart disease (CHD) is the single largest cause of death in Australia. Lack of physical activity is a primary risk factor for CHD. The thesis aimed to quantify the efficacy of walking in reducing CHD risk. Meta-analyses were performed for the quantification with the application of random-effect meta-regression models. The thesis also aimed to quantify reductions in CHD-related direct healthcare costs, productivity loss and disease burden resulting from walking interventions in Australia, using the population attributable fraction model, the work and leisure models, and the consumer surplus model. Economic evaluations were also conducted to estimate CHD-related productivity loss using the human capital and the friction methods. The results indicated that 30 minutes of normal walking a day for 5-7 days a week compared to physical inactivity reduced CHD risk by 24%. There existed a dose-response relationship between walking and CHD risk reduction. An increment of approximately 30 minutes of normal walking a day for 5 days a week reduced CHD risk by 19%. The annual productivity loss resulting from CHD was estimated at AU$1.79 billion based on the human capital method and AU$25.05 million under the friction method. 30 minutes of normal walking a day for 5-7 days a week by the country???s ???sufficient??? walking population was shown to generate an estimated $126.73 million in net direct healthcare savings annually. The net economic savings could increase to AU$419.9 million if the whole inactive population engaged in ???sufficient??? walking. The study also found that 30 minutes of normal walking a day for 5-7 days a week reduced the burden of CHD by an estimated 25,065 DALYs and the productivity loss by AU$162.65 million annually under the leisure model. If the whole inactive population engaged in such walking, the total disease burden and productivity loss could be reduced by approximately one third. The findings present epidemiological and economic evidence in support of the national physical activity guidelines, which encourage the general public to engage in moderate physical activity including walking for a minimum of 30 minutes a day for 5-7 days a week.

This thesis presents an attempt to find evidence of the ostrich effect and the disposition effect, as well as individual differences in self-assessed financial knowledge and its effect on these biases. The ostrich effect refers to the tendency to deliberately avoid information that might be negative, by "sticking your head in the sand". The disposition effect refers to people who hold on to losing assets too long while selling winning ones too early. The two effects were examined through a natural experiment which emerged from the stock market crash that occurred February 5th, 2018. The data was collected during an internship at Länsförsäkringar AB and originates from the usage of Länsförsäkringar's application Sparnavigatorn, where customers can manage their savings. The customers login activity and number of placed sales orders were observed. The data material is unique, and the study enabled a unique presentation of real life behaviour within a financial context and an analysis of whether individual differences affect behaviour. To our knowledge, neither the ostrich effect nor the disposition effect have earlier been examined through a large scale natural experiment. The results show no significant indication of the ostrich effect, but rather a relatively constant login activity not affected by the stock market crash. Furthermore, they show a contradictory reaction to what the disposition effect suggests, meaning the respondents place more sales orders during the stock market fall than at the time before and after. The results imply that further research needs to be done to either reject or confirm the existence of the ostrich effect and the disposition effect.

Residential buildings are one of the main stakeholders to electricity consumption. As there is fast-paced technological advancement in electricity conservation, the residential buildings infrastructure has become very electricity-efficient in Sweden. However, there is still room for improvement with regards to electricity conservation via behavioral change. Meaning, residents have the potential to reduce household electricity consumption by developing a conservative behavior. The road to such a behavioral development is not straightforward. According to literature, behavioral change is influenced by different beliefs and norms. There also exists a global trend that fewer and fewer people are able to name a single neighbor, and it is aptly called “Globally Connected yet Locally Isolated”. In this master thesis the strategy to achieve electricity conservation is based upon local social cohesion, and the awareness of electricity, at Malvinas – a student residence at the campus of KTH Royal Institute of Technology. The study is carried out at LocalLife – a local social networking service for sustainable communities – implementing a mixed methodology of surveys and interviews. 8 LocalLife users are studied in detail. The result incorporates the most suitable features from the relevant topics that could enable long term change and retainment of users. The results showed that the participants: 1) indicated an increased energy awareness; 2) reported an improvement in local community-life; 3) felt motivated to change behavior to facilitate saving electricity.
I detta examensarbete görs en omfattande analys med hjälp av kvalitativa och kvantitativa metoder för att undersöka ifall användandet av LocalLife – en lokal social nätverkstjänst som pilot-testas vid Kungliga Tekniska Högskolan – har förbättrat användarnas beteende och attityder kring hushållselsförbrukning samt hjälpt till att förbättra det lokala samhällslivet. Bostadshus ger upphov till en betydande del av världens energiförbrukning. På grund av den snabba tekniska utvecklingen har byggnaderna blivit mycket mer energieffektiva i Sverige på senare tid. Det finns dock fortfarande förbättringspotential när det gäller att spara el genom att ändra de boendes konsumtionsbeteende. Att få till en sådan beteendeförändring är dock inte enkelt. Enligt litteraturen påverkas beteendet av uppfattningar och normer. Det finns dessutom en global trend där allt färre människor lär känna sina grannar, kallad “globalt uppkopplad men lokalt isolerad”. Denna uppsats studerar därför en strategi att spara el som går ut på lokal sammanhållning och ökad kunskap om elanvändning hos de boende i studentlägenheterna på Malvinas väg på KTH campus. Studien utförs bland användare av LocalLife, ett lokalt socialt nätverk för hållbara stadsdelar – genom att blanda metoder såsom enkäter och intervjuer. Åtta LocalLife- användare studeras i detalj. Resultatet presenterar de mest lämpliga delarna från de relevanta ämnena som kan möjliggöra en bestående beteendeförändring öka chansen för att behålla användarna. Resultaten visar att deltagarna: 1) visade på en ökad energimedvetenhet; 2) upplevde en förbättring av det lokala samhällslivet; 3) kände sig motiverade att ändra sitt beteende för att spara el.

The implementation of deregulation in the financial industry has shown both positive and negative effects on the average investor’s ability to save for retirement. The increase in financial investment products and supplements to saving has provided the average investor with many more opportunities to manage his/her wealth in order to save for retirement. This paper will examine the evolution of basic savings accounts offered by commercial banks in the early 1900s to the broadening of investment opportunities in the 1990s. The paper discusses the effects of three deregulatory acts on the average investor’s ability to accumulate wealth for retirement. These acts include: The Depository Institutions Deregulatory Monetary Control Act of 1980, Garn-St. Germain Depository Institutions Act of 1982, and the repeal of Glass-Steagall Act of 1933 through the Gramm-Leach-Bliley Act of 1999. Each of these deregulatory measures played a significant role in the changing of investment and savings behavior of the average investor and the definition of retirement in general.

Att bygga energieffektiva bostäder blir idag allt viktigare. Grunden till detta arbete ligger i vårt intresse för energismart byggande och företagens nyfikenhet över huruvida de lyckats bygga energismart. Syftet med denna undersökning är att jämföra energiförbrukning för två principiella tillvägagångssätt att bygga flerbostadshus, som passiv- eller lågenergihus. De frågor som valts att behandla är:  Vad krävs för att ett hus ska klassas som ett passivhus respektive lågenergihus år 2009?  Klarar respektive konstruktion målet för energiförbrukning?  Vilka faktorer påverkar skillnaden i den specifika energiförbrukningen?  Vilken typ av koncept rekommenderas? Utifrån en teoretisk referensram inom området och tillhandahållet material, såsom ritningar och uppgifter om energiförbrukning, har en jämförelse mellan dessa två olika konstruktioner gjorts. Studien har riktat in sig på att studera parametrar som specifik energiförbrukning per Atemp och bidragande faktorer till en mer eller mindre lyckad energiförbrukning.

The objective of this thesis is to examine the effect of pension system design on saving. Chapter II analyses the relationship analytically, in a two-period two-generation partial equilibrium Samuelson-type of OLG model in the logarithmic format, augmented by design of the public pension system and by the mandatory funded pension programme with the displacement coefficient. The model predicts higher household saving for countries with a lower contribution rate, higher redistribution within the public system and greater importance of private pension savings, i.e. systems that could be classified as ‘Beveridge’. Partial derivatives of the model are numerically simulated. Chapter III first deals with the measurement issue, defining the set of ‘pension design indicators’ that will be used later for the empirical analysis. Then it tests the ‘convergence hypothesis’ of pension models using several methods. The results unambiguously suggest that, despite a convergence in pension policy goals, convergence of pension models has not occurred i.e. the pension systems around the world are still influenced by their historical paths. Chapter IV empirically investigates the effect of pension system design on saving rates. The first part of the analysis closely follows work in Disney (2005), with somewhat differently calculated public pension design variables and with data for the 2000s. I also tested the impact of private pension component on household saving. The overall pension system design was estimated using principal components composite indices. The results obtained using a number of estimation methods have not confirmed the predictions of the theoretical model, and are actually counter-intuitive. In addition to methodological issues related to household saving data, a possible explanation for this could be the complexity of household saving behaviour that needs to be adequately controlled for. The final chapter summarizes the findings, discusses limitations of empirical investigation and sets forth directions for future research.

Although saving plays an important role in our everyday lives, including the lives of children, we know little about how this capacity develops, including the factors affecting it and the most effective means to measure it. This study examines the impact of age, a verbal prompt to save, and how internal (children’s inhibitory control, impulsivity, attentional focus) and external factors (household income, parents’ level of education, parents’ saving practices with their child, and parents’ beliefs about the importance of saving) influence both children’s saving in a novel laboratory saving task and parent-reported saving. 187 children between 3 to 7 years of age participated in this study. In the laboratory saving task, which was based on the saving task by Metcalf and Atance (2011), children received tokens that they could exchange for a less desirable reward now, or save for a highly desirable reward three minutes later. Children were assigned to either the “prompt” or baseline condition. Children in the baseline condition only received basic instructions for completing the task, whereas children in the prompt condition received the additional reminder, before beginning the task, that they could save if they wanted to. Parent-reported saving was assessed with a questionnaire, asking parents about their child’s saving at home. The internal and external factors were also measured using questionnaires completed by parents. Results show that assigned condition was associated with whether or not children saved (“saving status”), and that higher inhibitory control and parents’ saving practices predicted increased parent-reported saving. These results show that internal and external factors impact children’s saving behaviour and provides a new paradigm for assessing saving in young children. Implications for future research and limitations are discussed.

The Master’s Thesis prospects the suitability of installing a photovoltaic system and a cogeneration unit in the LIPOELASTIC manufacturing facility and proposes their actual realization. Theoretical part describes said facility, its current energy supply situation and presents the proposed realizations' principle of operation. Practical part contains concrete calculations needed for realizations' proposal and their economic evaluation both independently and jointly.

The purpose of this paper is to re-estimate the impact of Social Security on aggregate private saving behavior by using new time series data for the period 1947 through 1993. The analysis is based on the life-cycle hypothesis developed by Modigliani and Ando. Feldstein's extended life-cycle model, incorporating Social Security Wealth (SSW) into the traditional life-cycle model, provides the building block for this paper. A Generalized Least Squares (GLS) procedure is used to perform the time series analysis in order to avoid autocorrelation, which is usually associated with the Ordinary Least Squares (OLS) procedure. Compared with OLS estimations, the results from the GLS procedure do not indicate a large divergence regarding the statistical significance of the coefficient of SSW as well as those of other variables included except the smaller estimated parameter values. The major finding in this paper is that SSW does depress potential personal and private saving. The result support Feldstein's 1974 findings, but the magnitude of the coefficient of SSW is smaller. Feldstein's estimations, by using OLS, indicated that SSW reduced potential personal saving by 50% and induced total private saving to decrease by 38%. Our estimates imply that SSW reduces personal and private savings by 44% and 13% , respectively. The most important finding in this paper is that if SSW reduces total private saving by 13%), in the long run the decrease in the rate of private saving would also depress the private capital stock by 13%, which implies a substantial reduction in GDP and a lower level of real income.

In this dissertation, I develop a framework to study the effects of tax-deferred saving accounts on the aggregate economy. I incorporate tax-deferred saving accounts in a theoretical model of household's life-cycle decisions, which is then linked to the real world data by calibration. I study the effects of tax-deferred saving accounts on the aggregate savings and the aggregate output, and further analyze their impacts of different policy changes. In the first chapter, I present the important features of tax-deferred saving accounts in the U.S. and their institutional changes over time. I highlight the differences between IRA and 401(k) on their contribution limits and household's eligibility. While IRA has a lower contribution limit and is available to all households, 401(k) has a much higher contribution limit but is only accessible by a fraction of households. In the second chapter, I present an overlapping-generations model to capture the effects of tax-deferred saving accounts in a general equilibrium framework. There are four key aspects to the model: first, households can save in both ordinary saving account and tax-deferred saving account. Second, there is a nonlinear progressive income tax system. Third, households are heterogeneous in their labor productivity and 401(k) eligibility. Fourth, households decide consumption, savings and labor supply endogenously. The model is calibrated to the US economy in 2000, with the distribution of 401(k) eligibility being an endogenous outcome that matches the data reported in Survey of Income and Program Participation (SIPP) in 2001. In the third chapter, I study the quantitative effects of tax-deferred saving accounts on the aggregate economy and investigate their policy implications. Specifically, I estimate the macroeconomic impacts of eliminating tax-deferred saving accounts from the economy. To highlight the role played by the heterogeneity of 401(k) eligibility, I conduct a quantitative exercise that provide universal 401(k) eligibility to all households. In these experiments, I maintain government revenue neutrality by introducing a new proportional income tax (subsidy) that has the same effects as a upward (downward) shift of all marginal tax rates in the US income tax schedule. Since the institutional settings of tax-deferred saving accounts essentially provide consumption tax treatments on households retirement savings, I further explore the implications of tax-deferred saving accounts for a proportional consumption tax reform. Results from this study indicate that tax-deferred saving accounts have significant impacts on the aggregate economy and demonstrate that these accounts substantially reduce the impacts of a consumption tax reform.

According to the standard life-cycle hypothesis, all expected future incomes should be incorporated into an individual’s life-time budget and therefore affect current economic behavior. As inheritances can be anticipated to some extent, I test if expectations on receiving an inheritance in the future affect individuals’ current decisions about their labor supply, savings and consumption. To empirically test this, I take advantage of the combined facts that individuals in Sweden are legal heirs to their childless sibling and that the probability of inheriting a childless sibling increases with time due to the negative relationship between age and fertility. If individuals internalize the expected inheritance, we should observe a readjustment in labor supply and consumption at the time of an unexpected birth of a nephew or niece and onwards. Exploiting the variation in the expected inheritance loss, I find that individuals internalize expected inheritances by readjusting their savings after this event. I do not find any overall effects in labor supply or consumption. However, there seems to exist some heterogeneity in responses between males and females, where males only adjust their savings while females adjust both their labor supply and savings.

Conserving energy in large structural buildings has become very important in today's economy. A number of buildings today are constructed with sandwich wall panels. Steel connections are most commonly used in these panels. The problem with steel is that it has a tendency to reduce the thermal resistance of the insulation. This project considers glass fiber reinforcing polymers (GFRP) and carbon fiber reinforcing polymers (CFRP) as an alternate material to steel. An experimental sandwich wall panel was constructed and subjected to freezing temperatures. The results of the experimental program were compared to a theoretical model using the ANSYS computer program. The model was verified using current analytical methods that determine the heat flux of a sandwich wall panel. The methods investigated include the parallel path, zone, parallel flow, and isothermal planes methods. The results suggest that the GFRP connectors perform slightly better than the steel and CFRP connectors.
ND EPSCoR

xiii, 160 p. : ill. A print copy of this thesis is available through the UO Libraries. Search the library catalog for the location and call number.
Feldstein and Horioka (1980) motivated the international finance literature by claiming a least squares regression of domestic investment rates on domestic savings rates is an informative measure of capital mobility. Their method stirred up controversy when they interpreted a high correlation between savings and investment rates as evidence of capital immobility, creating the famous Feldstein-Horioka puzzle. Current research starts with the Feldstein-Horioka result and shifts focus toward measuring short and long-run adjustments to external imbalances. The literature has implemented dynamic time-series and panel estimators to test the relationship. Following recent literature, each chapter in this dissertation jointly focuses on the adjustment process of current account imbalances and the conditions required for capital mobility. The intent of this study is to show through the use of new estimation techniques previous results have been largely misguided. The starting point for this analysis is a thorough review of three key equations used in saving-investment regressions. The three models in question are an ordinary least squares model, error correction model, and an autoregressive distributive lag estimator. Each model is tested for stability, and it is found that a number of countries have an unstable relationship. One argument for the instability results is the presence of structural breaks. Previous literature has found that both variables follow non-stationary processes, but when using more powerful unit root tests and controlling for level shifts, both variables appear stationary. If each variable is stationary then previous methods assuming non-stationarity will produce incorrect inferences. Each series is optimally estimated for structural breaks, and through a mean differencing process the savings-investment coefficient is significantly reduced. Additionally, removing the exogenous breaks and using the lower frequency components allows for modeling the short-run current account adjustment process. Finally, the results are extended to measure the relationship in a panel framework using dynamic panel estimators and threshold effects. After controlling for structural breaks the coefficient decreases and exhibits a downward trend. The remaining correlation can be explained through trade openness and country size measures.
Committee: Nicolas Magud, Chairperson, Economics; Stephen Haynes, Member, Economics; Jeremy Piger, Member, Economics; Regina Baker, Outside Member, Political Science

The dissertation investigates the effects of real exchange rate undervaluations upon long-run economic growth and development and focuses on three issues. Rodrik (2008) claims that weak institutions hurt the development of the tradable sector more than that of the nontradable sector and that undervaluation can foster growth by diminishing the distortion created by weak institutions between the two sectors. Using the International Country Risk Guide (ICRG) dataset on four components of institutional quality, Chapter One of my dissertation examines the effects of investment profile, law and order, corruption, and bureaucratic quality upon the relative development of the tradable sector to the nontradable sector, which is measured by the ratio of industry value added to services valued added. On the basis of comparison of the two sectors, the panel evidence of 131 countries indicates that none of the four components mentioned above is positively associated with the relative development of the tradable sector to the nontradable sector. That is, the tradable sector does not suffer disproportionately (compared to the nontradable sector) from institutional weaknesses. Our results cast skepticism upon one of Rodrik's explanations on the growth-promoting effects of real undervaluation because the existence of such a distortion is not supported empirically. Chapter Two concentrates on the effect of real undervaluations on one key aspect of economic development, the income distribution. Based upon the recent availability of an undervaluation index and two databases on Gini coefficients, this study investigates how real undervaluations affect levels and changes in income inequality. The panel evidence of 136 countries indicates that real undervaluations are associated with a decline in levels of income inequality but have no significant association with changes in income inequality. Therefore, the relationship between real undervaluations and levels of income inequality is likely to stem from reverse causality. My main findings may help policymakers who attempt to use an undervaluation policy fully realize that real undervaluations will not hurt the distribution of income. Moreover, I also revisit Rodrik's growth regressions so as to investigate whether or not the same positive association between real undervaluations and economic growth held in Rodrik (2008) reoccurs in my sample. The results are somewhat mixed, depending upon which dataset is employed. Motivated by two distinct characteristics in economic performance of East Asia and Latin America in the past half century, Chapter Three explores the possibility that the difference in levels of domestic savings is one of the historical reasons that countries pursued different exchange rate policies. My panel evidence is somewhat mixed. The results based on the sample of all countries are consistent with the theoretical claim that real undervaluations can mitigate more imbalances and stimulate higher growth when the level of domestic savings is high. However, for the sample of developing countries, the results indicate that initial level of domestic savings does not matter for the growth-promoting effect of real undervaluation. On the contrary, it does matter across developed countries where internal imbalances are supposed to be less common relative to developing countries. This study suggests that more theoretical and empirical investigation is necessary in the future to disclose further the mechanism through which real undervaluations boost long-run growth.

The energy consumption of communication networks is continuously growing. Many energy saving approaches have been proposed at the device, system, and network level. The most promising way to address this problem is to utilize photonic technologies as much as possible thanks to their low energy consumption per bit performance. Moreover, several approaches have been proposed to further reduce the energy consumption in optical networks. One popular technique exploits low power modes (e.g., sleep or doze mode) for devices that are not used. However, sleep mode based approaches may affect the way optical connections (i.e., lightpaths) are routed, or alter the characteristics of some devices. This in turn may have a detrimental impact on crucial network/device performance parameters. In other words a green approach may introduce additional delay, change the level of resource utilization in the network, or even impact the lifetime of a device, resulting in increased network operational cost. This thesis provides a study that carefully assesses, in both access and core networks, the trade-off between the benefits of sleep-based energy-efficient schemes and their possible side-effects. In fiber access networks putting a device into sleep mode and waking it up can introduce a significant energy overhead. Already proposed energy-efficient approaches reduce this overhead by aggregating as much as possible the traffic before a transmission. However, aggregating data may cause an additional delay that in some cases might not be acceptable. This thesis investigates the trade-off between energy saving and additional packet delay in the case of a LTE backhaul network based on wavelength division multiplexing passive optical network (WDM-PON). The thesis proposes a novel energy-efficient approach based on the dozing concept able to precisely control when a transmitter needs to wake up in order to maximize the time spent in sleep mode, while assuring that packet transmissions are completed before a given deadline. The proposed scheme is also able to exploit possibly diverse traffic delay requirements to further improve energy saving performance. In optical core networks, one way to decrease the energy consumption is to minimize the number of used active devices by aggregating the lightpaths on the lowest possible number of active fiber links. Routing strategies based on this intuition are beneficial in terms of energy saving, but on the other hand may impact the network performance (e.g., blocking probability) by affecting length of the lightpaths and link occupancy distribution. This trade-off is evaluated in the thesis with the help of a specially designed routing and wavelength assignment (RWA) strategy referred to as weighted power aware lightpath routing (WPA-LR). The WPA-LR strategy permits the fine tuning between the minimization of two objectives: energy consumption and network resource (i.e., wavelength) utilization. Evaluation results confirm that energy efficiency and network performance are conflicting objectives. However, the proposed WPA-LR strategy offers energy minimization with acceptable impact on the network performance. The thesis also investigates the impact that sleep-based energy-efficient strategies have on the lifetime of a number of optical network devices, in both access and core networks. In fact, utilizing a sleep mode functionality may change the operational conditions of the device which can impact the device lifetime. This is a crucial aspect to consider because it may directly affect the network operational cost related to fault management. The thesis provides a methodology to assess under which conditions and for which devices an energy-efficient scheme may lead to overall cost benefit vs. a (possible) increase of reparation cost. It was found that in access networks and with business customers a small lifetime variation in optical line terminals (OLTs) or in optical network units (ONUs) can lead to significant cost increase that cannot be covered by the profits coming from the energy saving. In core networks erbium doped fiber amplifiers (EDFAs) are the most vulnerable devices in terms of impact on their lifetime. For this reason it was found that the usage of green routing algorithms based on putting EDFAs into sleep mode may not always be economically beneficial. In conclusion this thesis provides a different perspective on sleep mode based energy-efficient algorithms where the potential benefit in terms of energy saving is weighted against the impact of a possible degradation of the network performance and devices lifetime. On the other hand these performance degradations can be controlled and limited by the proposed algorithms.
Energikonsumtionen av kommunikationsnätverk, växer kontinuerligt. Många energibesparande åtgärder har föreslagits, såväl på komponentnivå, systemnivå och nätverksnivå. Det mest lovande sättet att hantera energibehov i kommunikationsnätverk är att utnyttja optisk teknologi så mycket som möjligt då denna har potential att ge låg energiförbrukning per bit. Det finns också ett antal föreslagna metoder för att ytterligare reducera energibehovet i optiska nätverk. En av de mest använda teknikerna bygger på att låta enheter som ej används gå ner på låg effekt (”sovläge”). Om detta används i allt för hög utsträckning kan det dock påverka hur optiska förbindelser (sk lightpaths) sätts upp eller ge förändrade egenskaper hos de aktuella komponenterna. Detta kan i sin tur ha en skadlig inverkan på de centrala nätverks- och komponentegenskaper vilket påverkar prestandan. Med andra ord kan en sådan ”grön” ansats baserad på sovläge leda till ökad fördröjning, förändring av resursutnyttjandet i nätet och till och med påverka risken för att det uppstår fel i komponenterna vilket ökar driftskostnaden för nätet. Denna avhandling fokuserar på dessa aspekter och visar upp resultat som belyser avvägningen mellan sovlägesbaserade energieffektiva strategier och deras eventuella bieffekter. Att slå av och väcka upp komponenter i optiska access-nätverk kan vara förknippat med en signifikant extra energikostnad. Tidigare föreslagna energieffektiva strategier försöker reducera denna ökade energikostnad genom att samla så mycket trafik som möjligt innan överföringen sker. Dock kan detta leda till ökad fördröjning som i vissa lägen inte är acceptabel. I avhandlingen undersöker vi avvägningen mellan energibesparingar och ökad paketfördröjning i fallet med LTE distributionsnät baserade på våglängsmultiplexerade passiva optiska nätverk (WDM-PON). Vi föreslår en ny energieffektiv ansats baserad på att enheter försätts i ”slummer-läge”. Detta gör det möjligt att med god precision bestämma när en sändare behöver väckas upp i syfte att maximera tiden i sovläget och att försäkra sig om att paketen kommer fram inom avsedd tid. Strategin är även kapabel att utnyttja differentierad fördröjning för att ytterligare förbättra energibesparingen. Ett sätt att minska energikonsumtionen i optiska distributionsnät är att minimera antalet aktiva enheter genom att exempelvis samla optiska förbindelser till ett minimalt antal aktiva fiberlänkar. Routingstrategier som utgår från denna princip är fördelaktiga ur energisynpunkt men kan å andra sidan skada nätverksprestanda (exempelvis blockeringssannolikhet) genom påverkan på förbindelselängder och annorlunda belastning av länkarna. Denna avvägning utvärderas i avhandlingen med hjälp av en specifikt utformad strategi för routing och våglängstilldelning (RWA) som vi benämner ”viktad effektmedveten optisk förbindelserouting” (WPA-LR). Denna strategi möjliggör noggrann avvägning mellan minimeringen av två kriterier: å ena sidan energikonsumtion, å andra sidan utnyttjandet av nätverksresurser (speciellt väglängdsutnyttjandet). Vår utvärdering bekräftar att energieffektivitet och nätverksprestanda står i motsatsförhållande till varandra. Dock erbjuder WPA-LR strategin minimering av energin med en acceptabel påverkan på nätverksprestanda. Slutligen undersöks i avhandlingen den påverkan som sovlägesbaserade energieffektiva strategier har på livslängden för optiska nätverkskomponenter, både i access- och i distributionsnät. Användning av sovlägesfunktion kan påverka arbetsförhållandena för en komponent, något som i sin tur kan påverka livslängden. Detta är en kritisk aspekt att ta i beaktande då det direkt kan påverka driftskostnaden kopplad till nätunderhållet. En metod ges för att utvärdera under vilka förhållanden och för vilka enheter en energieffektiv strategi kan leda till en total kostnadsfördel jämfört med en (möjlig) ökning av reparationskostnaderna. Ett resultat är att, i accessnät och för företagsanvändare, så kan även en liten variation i feluppkomst i optiska linjeterminaler (OLTs) eller optiska nätverksenheter (ONUs) leda till signifikanta kostnadsförluster vilka inte kan kompenseras genom de vinster som kan åstadkommas med energibesparingar. I distributionsnät är erbium-dopade fiberförstärkare (EDFAs) de mest utsatta enheterna vad gäller inverkan på livslängd. Genom att studera routingstrategier (ex.vis WPA-LR) har vi funnit att användningen av ”gröna” routingalgoritmer baserade på att lägga EDFAs i sovläge inte alltid är ekonomiskt fördelaktigt. Denna avhandling ger ett perspektiv på sovlägesbaserade energieffektiviseringsalgoritmer där de potentiella fördelarna vad gäller minskade driftskostnader ställs mot möjliga försämringar av nätverksprestanda och komponenters livslängd. Å andra sidan kan dessa försämringar hållas under kontroll och begränsas av den föreslagna algoritmen.
La consommation d'énergie des réseaux de communication ne cesse de croître. Ce problème fait l’objet de nombreuses approches orientées vers les économies d'énergie (écoénergétiques) au niveau des appareils (équipements) des systèmes et des réseaux. La façon la plus prometteuse de limiter l’augmentation de consommation évoquée est d'utiliser autant que possible des technologies photoniques, vu leur faible consommation d'énergie par bit. Plusieurs autres approches ont été proposées pour réduire davantage encore la consommation d'énergie dans des réseaux optiques. Une technique populaire exploite les modes de faible puissance (par exemple le mode veille) pour les appareils qui ne sont pas utilisés. Cependant, les approches basées sur le mode de veille peuvent affecter la manière dont les liaisons optiques (circuits optiques) sont acheminées, ou modifier les caractéristiques de certains appareils. Cela peut avoir un impact négatif sur les paramètres de performance des réseaux/équipements cruciaux. En d'autres termes, une approche écoénergétique peut introduire un retard supplémentaire, changer le niveau d'utilisation des ressources dans le réseau, ou même avoir un impact sur le taux d'échec d'un équipement, entraînant une augmentation des coûts d'exploitation du réseau. Cette thèse évalue attentivement, à la fois dans le réseau d'accès mais aussi dans le cœur du réseau, le compromis entre les avantages des régimes économes en énergie utilisant le mode veille et leurs effets secondaires possibles. Dans les réseaux d'accès optiques, mettre un équipement en mode veille et le réactiver peut introduire une surcharge d'énergie significative. Les approches d'économie d'énergie déjà proposées réduisent cette surcharge en regroupant autant que possible le trafic avant sa transmission. Toutefois, les données d'agrégation peuvent provoquer un retard supplémentaire qui peut ne pas être acceptable dans certains cas. Cette thèse étudie le compromis entre les économies d'énergie et un retard supplémentaire des paquets dans le cas d'un réseau backhaul LTE basé sur réseau optique passif à multiplexage en longueur d'onde (WDM-PON). La thèse propose une nouvelle approche éco énergétique. Elle développe un concept au travers duquel il est possible de contrôler avec précision quand un émetteur doit se réactiver, afin de maximiser le temps passé en mode veille tout en veillant à ce que les transmissions de paquets soient terminées en temps voulu. Le schéma proposé est également capable d’exploiter les (éventuelles) exigences diverses de retard de trafic pour améliorer encore les économies d'énergie. Dans le cœur des réseaux optiques, on peut diminuer la consommation d'énergie en minimisant le nombre d’équipements actifs utilisés pour l’acheminement des circuits optiques et le nombre de liens actifs à fibres optiques. Les stratégies de routage basées sur ce principe sont bénéfiques en termes d'économie d'énergie, mais peuvent affecter les performances du réseau (par exemple, la probabilité de blocage) en affectant la longueur des circuits optiques et la distribution d’occupation des liens. Ce compromis est évalué dans la thèse avec l'aide d’une stratégie de routage et affectation de longueur d'onde (RWA) appelée routage des circuits optiques conscient de la puissance (WPA-LR). La stratégie WPA-LR permet le réglage fin entre deux objectifs: minimiser la consommation d'énergie et minimiser l’utilisation des ressources réseau (i.e. longueur d'onde). Les résultats de l'évaluation confirment que l'efficacité énergétique et les performances du réseau ont des objectifs contradictoires. Cependant, la stratégie WPA-LR proposée permet la minimisation de l'énergie avec un impact acceptable sur les performances du réseau. La thèse étudie également l'impact que les stratégies d’économie d’énergie basées sur le mode veille ont sur la durée de vie d'un certain nombre d’équipements de réseau optique, dans les deux réseaux d'accès et de base. L'utilisation du mode veille peut en effet modifier les conditions de fonctionnement de l’équipement, ce qui peut influer sur la durée de vie de l'appareil. Ceci est un aspect crucial à considérer, car il peut affecter directement le coût opérationnel du réseau lié à la gestion des pannes. La thèse propose une méthodologie pour évaluer dans quelles conditions et pour quels dispositifs un système économe en énergie peut conduire à des avantages de coûts globaux par rapport à une (possible) augmentation des coûts de maintenance. Dans les réseaux d'accès et auprès de clients commerciaux, il a été constaté qu’une petite variation de taux d'échec dans les terminaux de ligne optique (OLT) ou dans les unités de terminaison de réseau optique (ONUs) peut conduire à des pertes financières importantes qui ne peuvent être compensées par les bénéfices provenant des économies d'énergie. Dans les cœurs de réseaux les amplificateurs à fibre dopée en erbium (EDFA) sont les équipements les plus vulnérables en termes d'impact sur leur durée de vie. Pour cette raison, l'utilisation d'algorithmes de routage écoénergétiques basé sur la mise en mode veille des EDFA peut par conséquent n’être pas toujours économiquement avantageuse. En conclusion, cette thèse fournit une perspective différente sur des algorithmes économes en énergie basés sur l’utilisation du mode veille. Leur bénéfice potentiel en termes d'économie d'énergie est comparé à l'impact d'une éventuelle dégradation d’une part de la performance du réseau et d’autre part de la durée de vie des équipements. Ces dégradations de performances peuvent être contrôlées et limitées par les algorithmes proposés.
Zużycie energii elektrycznej w sieciach komunikacyjnych stale rośnie. Do tej pory zostało zaproponowanych wiele metod oszczędzania energii na poziomie urządzeń, systemów i sieci. Najbardziej obiecującym podejściem do tego problemu jest wykorzystanie technologii optycznych, z uwagi na ich niskie zużycie energii „per bit”. Ponadto wiele różnych metod przeznaczonych dla sieci optycznych zostało przedstawionych w literaturze. Jedna z popularnych technik wykorzystuje tryb niskiego poboru energii (uśpienia) w urządzeniach, które nie są używane. Jednakże techniki wykorzystujące tryb uśpienia mogą mieć wpływ na kierowanie optycznych połączeń sieciowych (lightpaths) lub zmieniać właściwości urządzeń. Natomiast to może mieć negatywny wpływ na kluczowe parametry wydajności sieci czy urządzeń sieciowych. Innymi słowy algorytmy oszczędzające energię mogą wprowadzić dodatkowe opóźnienia, zmienić wykorzystanie zasobów sieciowych, a nawet wpływać na awaryjność urządzeń zwiekszając tym samym koszt eksploatacji sieci. Praca ta przedstawia i analizuje kompromis pomiędzy korzyściami płynącymi z energooszczędnych algorytmów opartych na trybie uśpienia, a ich ewentualnymi skutkami ubocznymi, zarówno w sieciach dostępowych, jak i szkieletowych. W przypadku optycznych sieci dostępowych proces wprowadzenia urządzenia w tryb uśpienia i jego wybudzenia może spowodować znaczący narzut energetyczny. Proponowane sposoby zmniejszenia tego narzutu agregują ruch sieciowy przed jego transmisją, Jednakże taka agregacja powoduje dodatkowe opóźnienia transmisji, które w niektórych przypadkach mogą być niedopuszczalne. Praca ta analizuje kompromis pomiędzy oszczędzaniem energii, a dodatkowymi opóźnieniami transmisji w przypadku sieci LTE-backhaul, bazowanej na technologii pasywnych sieci optycznych, opartych na multipleksowaniu z podziałem długości fali WDM-PON (Wavelength Division Multiplexing Passive Optical Network). Niniejsza praca proponuje nowatorską metodę oszczędzania energii, opartą na koncepcji drzemki (dozing), która precyzyjnie kontroluje czas wybudzania nadajnika, tak aby zmaksymalizować czas spędzony w trybie drzemki, przy zapewnieniu, że transmisja danych zostanie zakończona przed upływem wymaganego czasu. Proponowana metoda wykorzystuje również zróżnicowane wymagania maksymalnych opóźnień transmitowanych danych do dalszej poprawy wydajności energetycznej. Jednym ze sposobów zmniejszania zużycia energii w światłowodowych sieciach szkieletowych jest zredukowanie liczby aktywnych urządzeń, poprzez umiejętne kierowanie optycznych połączeń sieciowych przy użyciu już aktywnych łączy światłowodowych. Kierowanie ruchu sieciowego oparte na tym pomyśle jest korzystne z punktu widzenia oszczędzania energii, choć z drugiej strony może mieć wpływ na parametry wydajnościowe sieci (np. zwiększenie prawdopodobieństwa blokady połączeń) poprzez oddziaływanie na długość połączeń, czy zajętość łączy. Przytoczony problem jest analizowany w tej pracy za pomocą specjalnie zaprojektowanego algorytmu routingu i przypisania długości fali RWA (Routing and Wavelength Assignement), nazwanego WPA-LR (Weighted Power Aware Lightpath Routing). Algorytm WPA-LR pozwala na precyzyjną regulację pomiędzy redukcją zużycia energii i optymalizacją wykorzystania zasobów sieciowych. Wyniki wykonanej analizy problemu potwierdzają, że efektywność energetyczna i wydajność sieci to cele ze sobą sprzeczne. Jednakże proponowana strategia (WPA-LR) umożliwia kontrolę i osiągnięcie kompromisu pomiędzy zmniejszeniem zużycia energii, a pogorszeniem wydajności sieci. Praca ta bada również wpływ energooszczędnych strategii, opartych o tryb uśpienia, na trwałość optycznych urządzeń sieciowych, zarówno w sieciach dostępowych, jak i szkieletowych. Używanie trybu uśpienia może zmienić warunki pracy urządzenia, które z kolei mogą mieć wpływ na jego trwałość. Natomiast zmniejszenie trwałości urządzenia może bezpośrednio oddziaływać na koszt eksploatacji sieci związany z zarządzaniem awariami. Niniejsza praca proponuje metodologię oceny, na jakich warunkach i w przypadku których urządzeń, używanie algorytmów oszczędzania energii może prowadzić do ogólnych korzyści finansowych lub strat związanych ze wzrostem kosztu eksploatacji sieci. W pracy stwierdzono, że w sieciach dostępowych, w szczególności obsługujących klientów biznesowych, mały wpływ na awaryjność optycznych terminali ONU (Optical Network Unit) lub optycznych urządzeń dystrybucyjnych OLT (Optical Line Terminal) może prowadzić do znacznego zwiększenia kosztów, które mogą przekroczyć zyski związane z oszczędzaniem energii. W sieciach szkieletowych wzmacniacze światłowodowe EDFA (Erbium Doped Fiber Amplifier) są najbardziej wrażliwymi urządzeniami pod względem wpływu na ich awaryjność. W pracy dowiedziono, że użycie energooszczędnych algorytmów kierowania połączeń światłowodowych, opartych na wprowadzaniu EDFA w tryb uśpienia, nie zawsze jest korzystne ekonomicznie. Niniejsza praca przedstawia nowatorskie spojrzenie na energooszczędne algorytmy oparte na wprowadzaniu urządzeń w tryb uśpienia, gdzie potencjalne korzyści w zakresie oszczędzania energii są porównane ze stratami związanymi z degradacją wydajności sieci lub żywotności urządzeń sieciowych.

QC 20160509

Magister Economicae - MEcon
The "new" South Africa faces a big challenge. Unemployment, poverty and economic hardship still characterise the life of the majority of South Africans. Most people expect this to change under democracy. This will only be possible, however, if the economy can grow fast enough. What type of economic policies can a future government adopt to bring about economic growth and the reduction of poverty? More specifically, can the government raise taxes in order to spend more on the poor without reducing economic growth? The increased expenditure, given the existing deficit, will pressurise government to increase taxes. If this were to happen, the question that comes to mind is whether a savings constraint will develop. At the moment South Africa is not experiencing a savings constraint. This can be attributed to the fact that investment declined more than saving over the past few years. However, if investment has to increase over the next few years to achieve higher economic growth, the question arises whether domestic saving will increase enough to finance it. This will be difficult if an increasing tax burden has a negative impact on saving. Saving has long been recognized as a major factor in the process of economic development, directly by its diversion of resources into the formation of capital, and indirectly through changes in technology which are implemented when new capital is put to use. Few would dispute that domestic saving is important for the financing of development and it is evident that a country will require higher saving rates if it wants to invest more.

Thesis (MPhil)--University of Stellenbosch, 2003.
ENGLISH ABSTRACT: This research project has been purposed at shedding light and bringing clarity and practical resolution to the ethical dilemma brought about by seemingly incompatible principles and value positions associated with the two contentious issues: social development and nature conservation. In view of exposing the contentions between the two above-mentioned value positions, this project has pitted anthropocentrism against biocen trism / ecocen trism. However, as alluded to in this research, many people in developing countries, South Africa included, are victims of poverty and hunger which need redress. Unfortunately the alleviation of the same has been made possible through ruthless exploitation and maximum expansion of natural resources and in the process, the environment suffered much. However, with social development, the natural environment is often sacrificed and conversely with the protection and preservation of nature, man is then condemned to destitution. With the introduction and the case expose forming the introduction of this research project in Chapter 1, Chapter 2 is devoted to the research methodology used throughout this project. Also, given the problem statement, endeavours to search for answers to the central questions are outlined. An analysis of the case study is also made in this chapter. Chapter 3 deals with the weighing of the classical dilemmas namely: anthropocentrism versus biocentrism / ecocentrism and this further entails the notion of justice versus conservation pertaining the case in point. These classical dilemmas are put into critical perspective in Chapter 4 wherein monistic value approaches are exposed in terms of their failures. Precisely, the either-or choices following from pure theoretical principles are put into question with reference to the case under discussion. An alternative, namely the pragmatic approach, which maintains a multiplicity of values, is hereby brought into play. Chapter 5 entails a critical appraisal of the decision to be taken by the Makhado Municipality Council with regard to the development of the shopping complex or the protection of the indigenous tree sanctuary. In conclusion, recommendations and suggestions are stated within the context of the case in point. However, it is imperative to note that these recommendations and suggestions should be read in conjunction with one another, and not in isolation from one another. Furthermore, the same should not in anyway be indiscriminately used as a universal standard in any similar or related case. Further research on this ethical debate is encouraged.
AFRIKAANSE OPSOMMING: Die doel van hierdie navorsingsprojek is om helderheid en 'n praktiese oplossing te kry met betrekking tot die etiese dilemma wat voortspruit uit die oeriskynlik onversoenbare beginsels en waardeposisies wat geassosieer word met twee omstrede kwessies, naamlik sosiale ontwikkeling en natuurbewaring. Met die oog daarop om die kwelpunte rondom bogenoemde twee waardeposisies aan die lig te bring, stel hierdie projek antroposentrisme teenoor biosentrisme / ekosentrisme. Baie mense in ontwikkelende lande, insluitend Suid-Afrika, IS slagoffers van armoede en hongersnood, soos aangedui word in die loop van hierdie navorsing. Hierdie situasie noodsaak regs telling. Pogings om verligting te bring in hierdie verband, lei egter tot die genadelose eksploitasie en maksimum ontwikkeling van natuurlike hulpbronne. In hierdie proses word die omgewing ernstig beskadig. Die ongelukkige toedrag van sake is dus dat sosiale ontwikkeling dikwels geskied ten koste van die omgewing, terwyl die beskerming en bewaring van die omgewing op sy beurt dikwels die mens behoeftig laat. Hoofstuk 1 van hierdie navorsingsprojek bevat 'n inleiding en beskrywing van die geval onder bespreking, terwyl Hoofstuk 2 gewy word aan die navorsingsmetodologie wat in hierdie projek gebruik word. Dit bevat ook 'n skets van die pogings om antwoorde te soek op die sentrale vrae van die probleemstelling, en 'n analise van die gevallestudie. In Hoofstuk 3 word die klassieke dilemmas wat verband hou met die betrokke probleem opgeweeg, naamlik antroposentrisme teenoor biosentrismej ekosentrisme, en die idee van geregtigheid teenoor die idee van bewaring. Bogenoemde klassieke dilemmas word in 'n kritiese lig beskou in Hoofstuk 4 deurdat die tekortkominge van monistiese waardebenaderings uitgewys word. Die 6f-6f keuses wat volg uit suiwer teoretiese beginsels word bevraagteken met verwysing na die geval onder bespreking. 'n Pleidooi word uiteindelik gelewer vir 'n alternatiewe pragmatiese benadering wat eerder 'n veelheid van waardes betrek. Hoofstuk 5 bevat 'n kritiese beoordeling van die keuse wat die Makhado Munisipaliteitsraad moet maak tussen die ontwikkeling van 'n winkelkompleks of die beskerming van 'n inheemse boomreservaat. Ter afsluiting word aanbevelings en voorstelle gemaak in verband met die kwessie onder bespreking. Dit is egter belangrik om daarop te let dat hierdie aanbevelings en voorstelle nie apart van mekaar beskou moet word nie, maar eerder saam gelees moet word. Dit is verder ook belangrik dat die aanbevelings en voorstelle wat met betrekking tot hierdie geval gemaak word nie sonder meer gebruik moet word as 'n universele standaard vir soortgelyke of verwante gevalle nie. Verdere navorsing oor hierdie etiese debat word aangemoedig.

Magister Artium (Development Studies) - MA (DVS)
Formal microfinance institutions have been an important tool in the fight against poverty in developing countries, but their reach for rural people and urban slum poor are limited. Following this, Village Savings and Loan Associations (VSLAs) are established as an alternative, informal mechanism for saving and borrowing that do not require external capital or ongoing financial or administrative support from a founding organization or government bodies. Thus, this study aimed to assess the effects of women participation in VSLA on poverty reduction with a case study in Hawassa city, Ethiopia. Using a mixed qualitative and quantitative research methodology, the study tried to focus on examining the effects of VSLAs contribution to economic and social wellbeing of households, and decision makings, and women participation in community activities. The study used 254 samples (127 VSLA participants, and 127 non-participants) and collected data using questionnaire and focus group discussion. The study used propensity score matching (PSM) to estimate the impact of women participation in VSLA on average monthly household income, and the result indicated the average effect of women participation in VSLA on average monthly household income of participant women is positive and significant at 5% significant level, ranging from 169.63 Birr/month (nearest neighbor matching) to 141.55 Birr/month (Kernel matching), on average. Besides, comparison between participants and non-participants using hypothesis testing shows that women participation in VSLA has a significant positive association with improvements in household diet, health, children's education, and women’s involvement in household decisions. However, although hypothesized, no significant association is found in relation to women participation in community activities. Findings from the focus group discussions are also consistent with the results from the PSM and hypothesis testing. Following the findings, the study recommends government and nongovernmental organizations to provide regular, timely and need based capacity building trainings for VSLA participants; Link VSLA participants with formal microfinance institutions; conduct regular monitoring and follow ups by either the city or sub-cities Women Children Affairs Department/offices or concerned government body; different concerned stakeholders in the city including government, nongovernmental organizations, microfinance institutions and others need to work in coordinated manner to solve the recurrent challenges of VSLA participants in Hawassa city; and finally government and/or nongovernmental organizations need to take best practices and lessons from existing VSLAs and expand the VSLA initiative to address more impoverished women in the city.

This paper sets out to investigate the effects on small banks’ management control practices from increasing regulation following the 2008 financial crisis. The changes to banks’ management control practices may in turn have implications for banks’ competitive advantages and strategies. A qualitative case study of a Swedish savings bank was carried out, gathering data through six semi-structured interviews of representatives at different levels. Our findings indicate that the increased regulatory pressure has increased both the scope and scale of administrative as well as cybernetic controls. A relative change of focus, from business- to compliance-oriented was also detected in connection with the planning and cybernetic controls. The increase in mainly administrative controls and the resulting regulatory burden suggest that it may be difficult for small and decentralized banks to pursue their chosen strategy unless they are able to find alternative ways of dealing with this burden.
Uppsatsen redogör för vår undersökning av effekterna av ökande reglering på små, lokala bankers styrning i kölvattnet av 2008 års finanskris. Förändringarna av styrningen kan i sin tur ha betydelse för bankers komparativa fördelar, och deras strategier. En kvalitativ fallstudie av en svensk sparbank genomfördes och innefattade sex semi-strukturerade intervjuer av medarbetare på olika nivåer. Resultaten pekar på att det ökade regleringstrycket har ökat omfattningen av styrning kopplad till governance, organisationsstrukturer, policies och processbeskrivningar men även uppföljning. En förskjutning av fokus, från affärsorienterat mot compliance-orienterat, sågs också i anslutning till styrning som hade att göra med planering och uppföljning. Den betydande ökningen av styrning övervägande kopplad till governance, organisationsstrukturer, policies och processbeskrivningar antyder att det kan bli svårt för små lokala banker att behålla sin strategi om de inte lyckas finna alternativa sätt att hantera den ökade bördan som den förändrade styrningen innebär.

Esta tesis constituye un estudio empírico de la privatización de la seguridad social en Perú, con énfasis sobre consumo, ahorro y bienestar. El primer capítulo describe la reforma y la posiciona como un valioso caso de estudio. El segundo evalúa el efecto de la privatización sobre el bienestar de los ancianos y sus dependientes inmediatamente después de la reforma, cuando la seguridad social migraba de un estado estacionario a otro. Se encuentra un efecto positivo, aunque el impacto mayor no fue experimentado ni por los hogares más pobres ni por los hogares de mayor edad. El tercero, en lugar de evaluar la reforma, utiliza la variabilidad provista por ésta para responder una antigua pregunta económica: hasta qué punto el ahorro de pensiones compensa el ahorro voluntario. Se encuentra que, por cada dólar de seguro provisto por el sistema de pensiones, el ahorro voluntario decrece entre 70 centavos y un dólar.
This thesis is an empirical study of the privatization of social security in Peru, with a particular emphasis on consumption, saving and welfare. The first chapter provides a general description of the reform and positions it as a valuable study case. The second chapter evaluates the effect of the privatization on the well-being of the elderly and their dependents immediately after the reform, when social security was moving from a steady state to the other. It concludes that the effect was positive, although the larger impact was experienced neither by the poorest households nor by the oldest households. The third chapter, instead of evaluating the reform, uses the variability provided by the reform to analyze an old economic question: to what extent pension saving crowds out voluntary saving. It finds that for every dollar of insurance provided by the pension system, voluntary savings decrease by 70 cents to one dollar.

e master's thesis clarifies the concept of trigeneration and the principle of absorbing cooling. Compare the advantages and disadvantages of this method of manufacture cool with compressor cooling. It presents an overview of the implementation of a developing cold absorption and performance. Acquainted with the types of absorption chillers of the two leading suppliers, their characteristics and existing applications of these refrigeration units in operation in the Czech Republic and abroad. It also assesses the possibility of using these units in conjunction with a cogeneration unit powered by internal combustion engine. It follows from the economic assessment of costs and income of the absorption chillers and compressor chillers and on concrete examples and an assessment of the effectiveness of the various options.

Coupons are one of the most popular and attractive tools of promotion. Redeeming coupons makes shoppers feel that they are doing something good for their family's budget, because coupons offer 'savings.' On the other hand, a coupon might have several negative effects on purchase behavior as well, which might 'devalue' the promoted product in the consumer's perception. But a review of the literature shows a lack of attention afforded to the above-mentioned aspects of coupon redemption. In addition, the consumer's coupon redemption behavior is moderated by several factors drawn from research in the fields of market pricing, economics and psychology, each of which have contributed to the current study in their own way. Finally, there does not exist any substantive research as to why coupon redemption rates have been on the decline, despite an increase in distribution of coupons. Therefore, this research not only fills existing gaps in the literature but also enriches it by synthesizing views from different academic disciplines. This dissertation concentrates on grocery products. Data is collected from about 2500 adults, primarily residing in the Dallas-Fort Worth area. The conceptual framework is based on the theory of reasoned action, which suggests that an individual's beliefs influence his/her attitude towards the consequences of actions, and attitudes, in turn, influence the individual's actions. Toward this end, the model incorporates intention to redeem coupons, intention to keep or spend savings and intention of how to spend savings from coupon redemption as the dependent variables, and several other independent variables. Behavioral independent variables are measured using items borrowed from established scales, as well as those developed exclusively for the current study. Standard statistical tools such as factor analysis and accepted measures of reliability and validity (Cronbach's alpha) are applied and reported, while structural equation modeling has been used to re-validate certain findings. Multivariate regression is applied for testing the hypotheses. Results indicate that several psychological (e.g. arousal-seeking, novelty-seeking tendency), socio-economic (e.g. income effect, opportunity cost) and behavioral factors (e.g. savings propensity, switching behavior) influence the individual's intention to redeem a coupon. The current research offers several academic and managerial implications, while providing promising prospects for further studies.

This thesis presents the research carried out to develop and optimise a novel aerodynamic add-on device for commercial vehicles which would reduce overall fuel consumption without any impact of vehicle aerodynamic stability. A prototype of such a device has been manufactured with existing legal and operational restrictions in view. Additionally, effects of such a device on the rollover stability of a commercial vehicle have been investigated and quantified. This has been done by developing a set of analytical methods to first quantify aerodynamic forces in terms of vehicle shape and flow conditions and then to predict the stability of road vehicles, both using mathematical models formulated using available data.

This thesis empirically investigates the effects of two main financial liberalisation policies namely interest rate liberalisation and capital market liberalisation on capital formation and economic growth in ten Sub-Saharan African countries for the period 1970 to 2014. The empirical analysis employs revised time series and panel estimation techniques. The time series methodology allows for structural breaks in the multiple regression analysis, unit root tests, cointegration tests as well as Granger causality tests. The panel data methodology employs both fixed effects and random effects estimation techniques. A major novelty of this thesis is that it incorporates the so-called Mundlak procedure in the panel data methodology that enables the decomposition of the effects of each of the two financial liberalisation policies on capital formation and growth into transitory effects and permanent effects. Overall, the time series results provide evidence of mixed effects. Although, interest rate liberalisation and capital market liberalisation have significant positive short run effects on capital formation and economic growth in majority of the countries, there is evidence that the long run effects of both liberalisation policies are insignificant. The Mundlak decomposition provides evidence that the transitory effect of interest rate liberalisation is to boost capital formation and economic growth, and that capital market liberalisation tends to be insignificant to capital formation and growth in the short run. The Mundlak decomposition also provides evidence that both interest rate liberalisation and capital market liberalisation have a permanent effect on economic growth, but the permanent effect of both liberalisation policies on capital formation is insignificant. On the balance of evidence, there is an indication that the introduction of both financial liberalisation policies may not be as beneficial as the World Bank and the International Monetary Fund claim and may not be a safe road to capital formation and growth, at least in the Sub-Saharan African region.

Sustainableefficient lighting is becoming seen as one of the mostimportant issues in the office environment In Sweden, energydemandfor lighting corresponds to 20 of the total electricity use in officebuildings 31 while lighting form on average 33 1 of the electricityconsumption in UK office buildingsThisthesis investigate how to make lighting in offices more sustainableand focus on energy efficiency, to save energy through creating guidelinesrelated to light source technologies lighting control systems and the userbehavior then apply those guidelines to an existing office throughsuggesting a new lighting designTheexisting office in this case is the ÅF company 10 th office floor locatedin Stockholm SwedenThisinvestigation methodology consist of 2 main parts literature review andProject ( study At the first part, methods used are a combination ofliterature review related to saving energy through sustainability in lightingand how light source technology lighting control systems and the effect ofuser behavior could help to create more energy efficient lighting systemsAtthe second part, methods used in the Project study analyzed throughqualitative methods through surveys in addition to quantitative methodthrough and personal observations The used methods helped to createguidelines for the new suggested lighting design for ÅF 10 th office floorpartTheResults shows that the new suggested lighting design saved up to31 96 than the current lighting situation3

Platooning with trucks is showing promising theoretical results in its ability to lower fuel consumption due to reduction in air drag. Currently, Scania is test driving their trucks in convoys in order to evaluate the concept, in terms of driving behavior and actual fuel saving, under realistic conditions. However, due to traffic conditions it is hard to keep the convoys intact for longer routes and therefore the actual fuel saving effect is hard to evaluate. In this thesis, data collected from a fleet of long haulage trucks is analyzed with four different machine learning predictors in order quantify the fuel saving potential of platooning. The analyzed machine learning methods are Support Vector regression, Multilayer Perceptrons, Random Forests and Decision Trees. The models obtained from the methods coherently suggest that platooning reduces the average fuel consumption by several percent.
Fordonståg med lastbilar visar goda teoretiska resultat för att minska bränsleförbrukningen, då fordonståg minskar det totala luftmotståndet. För att utvärdera konceptet med fordonståg har Scania ombett sina förare att köra i formation. Vad man är intresserad av är att utvärdera hur förarbeteenden samt bränslebesparingar under naturliga trafikförhållanden påverkas. På grund av trafikförhållanden är det mycket svårt att hålla fordonståg intakta längre sträckor. Det har därför varit svårt att dra konkreta slutsatser för hur mycket bränsle som faktiskt sparats på grund av reducerat luftmotstånd. Data, som samlats av en flotta lastbilar, har under detta examensarbete analyserats med hjälp av fyra olika maskininlärningsmetoder i ett försök att kvantifiera hur mycket bränsle som kan sparas genom att åka i fordonståg. De maskininlärningsmetoder som använts i detta arbete är Support Vector regression, Multilayer Perceptron, Random Forest och Decision Trees. De resulterande modellerna visar entydigt att den genomsnittliga bränsleförbrukningen kan minskas med flera procentenheter genom att köra i fordonståg.

This dissertation is a theoretical and empirical investigation of the actual changes in Federal S&L asset portfolios following the deregulation of the 1980's which loosened the restrictions on the amount of non-housing related lending that Federal S&L's could undertake. In particular the study focuses on the effects of deregulation and the forces promoting and constraining the individual S&L's expansion into non-housing related assets. The theoretical model provides a framework for the empirical examination of the deregulation in the DIDMCA of 1980 and Garn-St Germain Act of 1982. The theoretical model is an adaptation of the Mingo and Wolkowitz (1977) banking model. The peculiarities of the S&L industry are embodied through adaptations of the Mingo and Wolkowitz (1977) model which emphasize after-tax profit maximization (tax laws reward specialization in housing related assets), constrain diversification into non-housing related assets, and differentiate between mutual and stock associations. Using the method of Lagrange multipliers, an expression is obtained for the effect of a change in after-tax profits for a relaxation of the constraint on diversification which becomes the focus of the analysis. By integrating the Lagrange multiplier with economic and regulatory controls, systems of regressions are developed which examine the changes in asset portfolio composition for Federal associations using balance sheet and income statement data between 1979 and 1983. The findings and implications of the empirical analysis are summarized as follows: 1. The tax laws do not appear to have constrained the diversification. 2. Specialization effects with respect to housing related assets appear to have constrained the diversification into non-housing related assets. 3. Non-housing related assets and liquid assets appear to be substitutes. 4. Stock associations, on average, have expanded into non-housing related assets to a greater extent than mutual associations. 5. The changes in liability legislation appear to have restrained the diversification into non-housing related assets. 6. Large associations appear more able to acquire the expertise needed to diversify. 7. Profitability appears to be correlated with the expansion into "new products."
Ph. D.

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2013.
Savings are vital in the functioning of any economy as the level of savings in an economy determines the resources available for investment. If firms plan to invest more than households save in an open economy, resources will have to be borrowed from overseas. Savings flow into the financial system and help provide funds for investment spending by firms. This study draws a comparison between the determinants of household discretionary savings in South Africa and China. This study as well investigates the effect of household savings on the stock market in South Africa and China. Empirical analysis was performed inorder to determine the relationship between household savings and various variables, and the effect of household savings on the stock market. Money and quasi money (M2) is the only significant variable and having a negative relationship with household savings in South Africa yet in China, inertia is present the lagged household saving rate is significant. In-order to figure out the impact of household savings on the stock market, we regressed household savings against stock market capitalization. The regression results revealed significance of the explanatory variable household saving in South Africa and insignificance in China. Household savings have an effect on the level of stock market capitalization in South Africa but not in China.

碩士
國立臺北科技大學
冷凍與低溫科技研究所
92
Air distribution system for HVAC energy use is high because the fan operate every hours the building is occupied. Cold-air distribution system most often used with ice storage system, is a kind of energy saving technique. However, there are some miscomceptions that may leads to reluctance on the part of some engineers. Lower the supply air temperature must lower the chilled water temperature, and leads to increase the power comsumption of the chiller units, and the overall performance of energy saving effect is reduced, so lower the supply air temperature to see energy saving effect is worth to reaserch. This study considers the overall energy saving potential and efficiency for lower the traditional HVAC supply air temperature, and higher the supply air temperature for Cold-air distribution system. Use the conventional chilled water plant instead of the ice storage system, to higher the supply air temperature of the Cold-air distribution system, and find out the component of the HVAC system annual power needs to optimize energy comsumption, are called Optimal Air system. The supply air temperature is between cold air distribution system and conventional supply air temperature. The study have develop of an office building to understand the change take place in an HVAC system as the supply air temperature is lower. The study presents that the balance point of the supply air temperature for the Optimal-air system is 12℃, lower than conventional supply air temperature 1-2℃, and annual fan power comsumption can be save 20%, at the same time the annual power comsumption of the chiller unit increase about 15%, but finally the annual power comsumption of the HVAV is optimize.Under the optimal air system, each degree the space set point is rised, reduce supply air volume by 8%~9%,when the space set point from 24℃ rised up to 25℃.The result annual power comsumption less about 5%, and smaller ducts, piping size, air handling unit and fan motors, not only initial cost but also operating cost can be reduced. Optimal air system are also use to improve sound levels within the building because they reduced air supply volume make them quieter than conventional system, and also can be reduce the cost of air outlet, VAV box, and the noise attenuation equipement.

碩士
國立臺灣大學
經濟學研究所
100
There are several reasons to study income inequality, ranging from the moral to economic growth and prosperity. The overall effect is a reduction in stability, both economically and socially. The steady growth in the Canadian GINI level is now a serious government and public concern. Fairness of the income taxation scheme is in debate. It is argued that the Canadian tax system favours the rich and that the Registered Retirement Savings Plan program benefits the rich disproportionately. This empirical study presents evidence on the correlation between an individual’s income level and the likelihood of participation in the Canadian Registered Retirement Savings Plans (RRSP) program. It is evident that a large proportion of RRSP holders are categorized in the higher income groups. Empirical findings reveal that variables such as age, gender, marital status, spouse income, sources of income, and retirement and pension plans have significant influence on the probability of RRSP participation in years 1998 to 2005. From a Probit regression analysisit has been confirmed that high income earners show a higher probability to participate in the RRSP program and with a greater contribution amount. This raises questions about the fairness of the RRSP program as well as the efficiency of the Canadian income taxation system.

This study seeks to show that a higher usage of debt instruments by consumers with limited available funds leads to the usage of savings tools to finance debt costs, which subsequently results in lower levels of savings. This was espoused by the literature on PFM and also proven by the test results from the research hypotheses that were computed by means of a logistic regression. The test results showed that there is a statistically significant relationship between the usage of debt instruments and the usage of savings tools. An emphasis is placed on the importance of savings as an integral component of the PFM concept: it is namely seen to be indispensable to good financial planning to ensure current and future consumer financial security. Therefore, this study concludes by highlighting the importance of consumers’ financial- management skills in minimising debt costs to increase levels of savings by controlling higher consumption expenditure through debt.
Business Management
M. Com. (Business management)

This study seeks to show that a higher usage of debt instruments by consumers with limited available funds leads to the usage of savings tools to finance debt costs, which subsequently results in lower levels of savings. This was espoused by the literature on PFM and also proven by the test results from the research hypotheses that were computed by means of a logistic regression. The test results showed that there is a statistically significant relationship between the usage of debt instruments and the usage of savings tools. An emphasis is placed on the importance of savings as an integral component of the PFM concept: it is namely seen to be indispensable to good financial planning to ensure current and future consumer financial security. Therefore, this study concludes by highlighting the importance of consumers’ financial- management skills in minimising debt costs to increase levels of savings by controlling higher consumption expenditure through debt.
Business Management
M. Com. (Business management)

Thesis (M.S.)--University of Wisconsin--Madison, 2005.
Typescript. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references (p. 47-48).