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1
Yi, Chong-ŭn. "International integration, growth, and the World Real Interest Rate". Thesis, Queen Mary, University of London, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.299727.
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2
Inglis-Smith, Chandra L. "Satellite image based classification mapping for spatially analyzing West Virginia Corridor H urban development". Huntington, WV : [Marshall University Libraries], 2006. http://www.marshall.edu/etd/descript.asp?ref=648.
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Theses (M.S.)--Marshall University, 2006.Title from document title page. Includes abstract. Document formatted into pages: contains vi, 47 p. including illustrations and map. Bibliography: p. 38-41.
3
Doganlar, Murat. "Real exchange rate determination and inflation in Turkey 1957-1990". Thesis, University of Aberdeen, 1994. http://digitool.abdn.ac.uk/R?func=search-advanced-go&find_code1=WSN&request1=AAIU067638.
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This thesis analyses the determinants of the real exchange rate in Turkey. It is the first major study of the sources of real exchange rate variability in Turkey. This is an important topic because, if the real exchange rate is misaligned, there will be adverse effects upon economic welfare. The theoretical literature on the Marshall-Lerner condition for a successful devaluation is reviewed. The review and the empirical evidence for Turkey, and for other less developed countries, suggests that the Marshall-Lerner condition will not be satisfied. The theory of the determination of the real exchange rate in developing countries is discussed and this theoretical model is applied to the Turkish situation. The results suggest that real variables fail to ensure the competitiveness of the real exchange rate. This reflects the less competitive nature of Turkish tradable goods and causes structural disequilibrium in the foreign exchange market. A major innovation of this thesis is use of the Slutsky equation as an alternative framework to analyse the movements of the real exchange rate. The debate between monetarists and structuralists as to the causes of inflation in less developed countries is discussed and is followed by an empirical analysis of the causes of the Turkish inflation. The evidence reveals the existence of structural causes of inflation. The money supply is not wholly exogenous in Turkey. These findings support the view that restrictive monetary and fiscal policies are not sufficient to improve the competitiveness of the real exchange rate. Policies should also be aimed at increasing the supply capacity of tradable and nontradable products in Turkey.
4
Makrydakis, Stelios Vassiliou. "Real and financial linkages in the Greek economy : an econometric investigation". Thesis, University of Southampton, 1992. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.315431.
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5
Hadian, Ebrahim. "Real exchange rate dynamics and implications for macroeconomic policy in Iran, 1961-92". Thesis, Loughborough University, 1996. https://dspace.lboro.ac.uk/2134/32924.
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This thesis uses a partial equilibrium framework to examine the short- and long-run determinants of the real exchange rate of the Iranian rial and the implications of changes in this real exchange rate for the real side of the Iranian economy over the period 1961–1992. The long-run determinants of the real exchange rate are found to be the terms of trade, trade policy, real income and investment, whereas in the short-run changes in domestic credit expansion and the effect of the war with Iraq have additional explanatory power. The change in the real exchange rate is shown to have strong effects on the demands for real imports and (non-oil) exports of Iran and on the level of real output. The policy implications are that consistent macroeconomic policies need to be pursued in conjunction with a dual exchange rate system.
6
Baker, Josiah R. "An analysis of economic and political reform in command economies : the Polish case". Honors in the Major Thesis, University of Central Florida, 1993. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/106.
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This item is only available in print in the UCF Libraries. If this is your Honors Thesis, you can help us make it available online for use by researchers around the world by following the instructions on the distribution consent form at http://library.ucf.edu/Systems/DigitalInitiatives/DigitalCollections/InternetDistributionConsentAgreementForm.pdf You may also contact the project coordinator, Kerri Bottorff, at kerri.bottorff@ucf.edu for more information.Bachelors
Arts and Sciences
Economics
7
Chiwele, Dennis Kaputo. "Stabilisation, the real wage, employment and welfare : the case of Zambia's formal sector employees". Thesis, University of Sussex, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.358175.
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According to orthodox theory, a key objective of stabilisation policies is to raise the relative price of tradeables to that of nontradeables. This should lead to a relative expansion of tradeables production. The factors of production that would benefit most are those intensively utilised in the expanding (tradeables) sector. Where nontradeables are more labour intensive, the real consumption wage will fall with the implementation of stabilisation policies. This prediction is tested in this thesis within the context of Zambia's effort to adjust its economy in the 1980s. Applying a Stolper-Samuelson-Rybczynski (SSR) model, it is concluded that stabilisation policies did indeed result in the fall of the real wage. This finding is in line with the experience of other countries, suggesting that real wages were more flexible than would be justified by concerns of orthodox theorists. However, it is shown that the responsiveness of employment to variations in the real product wage was statistically insignificant. Furthermore, despite the fact that the real product wage of tradeables relative to nontradeables moved in the desired direction, the expected relative rise in tradeables employment failed to occur. This demonstrates the ract that getting the prices right may not always be a sufficient condition for labour reallocation. The rapid fall in the real consumption wage made it difficult for an average formal sector household to meet its nutritional needs. These households could be classified as poor by the end of the 1980s. Workers responded by moonlighting, engaging in corrupt practices and allowing their households to increase their labour participation. The adverse effects associated with such survival strategies demonstrate the limit to which a government could rely on real wage flexibility in macroeconomic adjustment.
8
Ege, A. Y. "Interactions between monetary and real variables in the Turkish economy (1950-1980) : A quantitative study". Thesis, University of Kent, 1988. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.234050.
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9
Driffield, Tarn Melanie. "Real options theory applied to decision making in health care : a series of case studies". Thesis, University of York, 2003. http://etheses.whiterose.ac.uk/9771/.
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10
Crosby, N. "The application of equated yield and real value approaches to the market valuation of commercial property investments". Thesis, University of Reading, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.370639.
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11
Muzulu, Joseph. "Real exchange rate depreciation and structural adjustment : the case of the manufacturing sector in Zimbabwe (1980-1991)". Thesis, University of Sussex, 1993. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.336181.
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12
Mak, Wendy. "China's Long-Term Economic Growth Sustainability: an Empirical Approach". Diss., Temple University Libraries, 2011. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/158031.
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EconomicsPh.D.
This dissertation focuses on assessing the sustainability of China’s long-term economic growth. The evaluation is performed, first, by examining economic and social issues from the past thirty years that shape China to where it is now, and second, by taking an empirical approach in understanding what factors are critical to China’s economic growth. The empirical model framework consists of three blocks representing the main areas of development in China: economic growth, health and environmental development, and the model is estimated with two-stage least squares methodology. We identify strong, simultaneous feedback between economic growth and health development. The estimation results show that continued improvements in the health status of Chinese workers are important to support stronger economic growth in China. Environmental stress is detrimental to China’s long-term health status, which indirectly reduces the country’s long-term economic potential. We test the robustness of our model, and confirm that, the proposed model setup produce a set of forecast values that are closer to the actual values than a model without health- and environmental-related variables.
Temple University--Theses
13
Harris, Audrey Lynn. "Economic integration : economic cooperation organization". Honors in the Major Thesis, University of Central Florida, 1997. http://digital.library.ucf.edu/cdm/ref/collection/ETH/id/171.
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This item is only available in print in the UCF Libraries. If this is your Honors Thesis, you can help us make it available online for use by researchers around the world by following the instructions on the distribution consent form at http://library.ucf.edu/Systems/DigitalInitiatives/DigitalCollections/InternetDistributionConsentAgreementForm.pdf You may also contact the project coordinator, Kerri Bottorff, at kerri.bottorff@ucf.edu for more information.Bachelors
Arts and Sciences
Political Science
14
St, Aubyn Miguel Pedro Brito. "Evaluating tests for convergence of economic series using Monte Carlo methods with an application to real GDP's per head". Thesis, London Business School (University of London), 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.338427.
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15
Lopes, Sara Bárbara Dutra. "Real World Economic Scenario Generator". Doctoral thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/21442.
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Doutoramento em Matemática Aplicada à Economia e GestãoNeste trabalho apresentamos uma metodologia para simular a evolução das taxas de juros sob medida de probabilidade real. Mais precisamente, usando o modelo de mercado Shifted Lognormal LIBOR multidimensional e uma especificação do vetor do preço de mercado do risco, explicamos como realizar simulações das taxas de juro futuras, usando o método de Euler-Maruyama com preditor-corretor. A metodologia proposta permite acomodar a presença de taxas de juro negativas, tal como é observado atualmente em vários mercados. Após definir a estrutura livre de default, generalizamos os resultados para incorporar a existência de risco de crédito nos mercados financeiros e desenvolvemos um modelo LIBOR para obrigações com risco de crédito classificadas por ratings. Neste trabalho modelamos diretamente os spreads entre as classificações de ratings de acordo com uma dinâmica estocástica que garante a monotonicidade dos preços dos títulos relativamente às classificações por ratings.
In this work, we present a methodology to simulate the evolution of interest rates under real world probability measure. More precisely, using the multidimensional Shifted Lognormal LIBOR market model and a specification of the market price of risk vector process, we explain how to perform simulations of the real world forward rates in the future, using the Euler-Maruyama scheme with a predictor-corrector strategy. The proposed methodology allows for the presence of negative interest rates as currently observed in many markets. After setting the default-free framework we generalize the results to incorporate the existence of credit risk to our model and develop a LIBOR model for defaultable bonds with credit ratings. We model directly the inter-rating spreads according to a stochastic dynamic that guarantees the monotonicity of bond prices with respect to the credit ratings.
info:eu-repo/semantics/publishedVersion
16
Igbokwe, Okezie. "The impact of infrastructure investment on real growth in Nigeria". Thesis, Stellenbosch : Stellenbosch University, 2015. http://hdl.handle.net/10019.1/97461.
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Thesis (MDF)--Stellenbosch University, 2015.ENGLISH ABSTRACT: The Nigerian economy has suffered huge infrastructure deficits since her independence in 1960, thereby limiting economic growth potential of the country considerably. This research conducted a Granger causality test between Real Gross Domestic Product, infrastructure investment and productivity across manufacturing, agriculture and industrial sectors in Nigeria for the period 1981 – 2012 using multivariate vector error correction model. The co integration test shows that there is a long run relationship between infrastructure investment and economic growth at both at 1 percent and 5 percent levels of significance. Further, the granger causality test indicated a one way causal relationship between infrastructure investments and economic growth in Nigeria running from infrastructure investment to Real Gross Domestic Product growth. We equally established a one way causality relationship between agriculture sector productivity and gross domestic product growth, a one way causal relationship between manufacturing sector productivity and Real Gross Domestic Product growth and a very significant one way causal relationship that runs from infrastructural investment to agriculture sector productivity, all running from the former to the latter. The economic implication of this is that the existing level of infrastructure investment in Nigeria is a significant contributing factor to growth in the level of rea gross domestic product. However, despite the sustained real gross domestic product growth, the Nigerian government has been unable to translate this growth to physical infrastructure development. We conclude that in order to achieve the double digit economic growth needed for a comprehensive economic transformation of Nigeria, the Nigerian government needs to accord greater priority to infrastructure development, particularly in the agricultural and manufacturing sectors.
17
Tilley, Luke Alan. "Dynamic Energy Models and Carbon Mitigation Policies". Diss., Temple University Libraries, 2012. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/201311.
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EconomicsPh.D.
In this dissertation I examine a specific class of energy models and their implications for carbon mitigation policies. The class of models includes a production function capable of reproducing the empirically observed phenomenon of short run rigidity of energy use in response to energy price changes and long run flexibility of energy use in response to energy price changes. I use a theoretical model, parameterized using empirical data, to simulate economic performance under several tax regimes where taxes are levied on capital income, investment, and energy. I also investigate transitions from one tax regime to another. I find that energy taxes intended to reduce energy use can successfully achieve those goals with minimal or even positive impacts on macroeconomic performance. But the transition paths to new steady states are lengthy, making political commitment to such policies very challenging.
Temple University--Theses
18
Thirumurthy, Harsha. "Household saving behavior and the real interest rate: an empirical study". Oberlin College Honors Theses / OhioLINK, 1998. http://rave.ohiolink.edu/etdc/view?acc_num=oberlin1354811060.
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19
Eberlein, Marion. "Economic behavior in real effort experiments /". Bonn, 2008. http://www.gbv.de/dms/zbw/585688087.pdf.
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20
Phometsi, Mothusi. "Economic evaluation of flexible partitions". Thesis, Georgia Institute of Technology, 2010. http://hdl.handle.net/1853/34774.
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Corporate Real Estate (CRE) investors are often confronted with a need for flexibility in buildings. They often embark on costly renovations to accommodate changing use requirements. When new needs arise, landlords and tenants often risk loss due to inability to easily switch to configurations that can meet those needs. The main cause for this problem is lack of a planning model that can allow buildings to easily evolve over time allowing decision-makers to hedge investment positions against risk due to uncertainty.
The emergence of Real Options (RO) theory in the 1970's has led to debates in search of a better planning model for real projects. The success of RO application in building construction (BC) hinges on the development of models that can be used to assess economic performance of flexible design options (FDO) in building systems. For building interior spaces, there is currently no model that can value flexibility of partition systems. The purpose of this study is to present a model that can be used to value flexibility in mutually exclusive partition systems over a project's life span. The proposed model uses decision tree representation, stochastic forecasting and random sampling of decision-path scenarios to generate cumulative risk profiles of partition systems' life cycle costs with expected median value, standard deviation and variance to inform decision making under uncertainty.
The research processes include: assumptions, decision-making structure for identification of uncertain variable, model representation, spreadsheet programming, Monte Carlo simulation, and validation. The model will enable application of RO "in" BC projects.
21
Hulme, Claire Therese. "Real world economic evaluation of rehabilitation services". Thesis, University of Salford, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.272615.
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22
Poltash, Alex. "Repealing Section 1031: The Economic Impact". Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1280.
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The purpose of this paper was to assess the impact of a modification and or repeal of section 1031 in the U.S. Tax code. Specifically, this paper focused on a "revenue-neutral" repeal effect in which the additional proceeds from the repeal of section 1031 would go towards decreasing the corporate income tax rate. Overall, the treasury would remain neutral. The implications of this potential repeal were wide. The macroeconomic effect on the economy appeared to be negative, all other things being equal. GDP is predicted to fall by .11% each year. Additionally, Investment will be negatively affected with the decreased liquidity of "exchangeable" assets due to longer holding periods of these assets. Investors should expect to hold these assets longer to decrease their effective tax rate over the life of the investment. Investment is predicted to decline by $7 billion. Real Estate will be the industry that will ultimately be affected the most by a repeal situation as the real estate sector uses like-kind exchanges more frequently than in any other industry. Overall, we can expect to see small declines in macroeconomic factors due to the repeal of this provision that has been benefiting investors for decades.
23
Yong, Jaime L. P. "Economic linkages between Australian REITs and the commerical real estate market". Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2013. https://ro.ecu.edu.au/theses/577.
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Commercial property investments have been favoured by investors because of the portfolio diversification benefits and the ability for property investments to hedge against inflation. Australian Real Estate Investment Trusts (A-REITs) are market traded forms of property investments but do not suffer from the relative illiquidity, large investment requirements and transaction costs inherent in the ownership of direct property assets. In order for A-REITs to be effective substitutes for property investments, they should exhibit similar characteristics and respond to market forces in the same way as real estate. However, there are some differences which may mask the ability of A-REITs to represent property assets. Because they are market traded, many believe that A-REITs are more like stocks and less like real estate. In addition, the different pricing mechanisms of the private and public property markets increase the divide in the suitability of A-REITs as property substitutes. Within the A-REIT sector, the past decade has seen the emergence of two distinct trust structures: the traditional (externally-managed) type and stapled (internally-managed) trust.
This thesis aims to address the linkages between the private and public property markets, to examine how each are related over time to other financial assets namely; stocks and bonds, and the ability of both to be effective hedges against inflation. Issues associated with a smoothing bias when dealing with appraisal-based property market data are also addressed. The grouping for traditional and stapled A-REITs into separate indices instead of merely observing an overall A-REIT index enables the study to capture different relationships with related markets and economic variables.
Cointegration tests and Vector Error Correction Models are estimated to establish the long-run relationships of property and A-REIT prices and how returns adjust in the short-run. The main empirical results from this study reveal that stapled AREITs are consistent representatives of commercial real estate, and provide an efficient hedge against inflation. Traditional and stapled A-REITs display different linkages with the stock and bond markets in the long and short-term. The implications of the thesis findings are that both A-REITs types should be considered separately instead of relying on a general index comprised of the two. This will affect the decisions of portfolio managers and investors looking to substitute property with A-REITs in their portfolios, as well as property appraisers who look to information transmitted from the stock market when making valuations.
24
Chui, Wai-ying. "Investment environment of the housing market of Shenzhen Special Economic Zone". Hong Kong : University of Hong Kong, 1996. http://sunzi.lib.hku.hk/hkuto/record.jsp?B18812545.
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Castro, Lavinia Barros de. "História precoce das idéias do Plano Real". Universidade Federal do Rio de Janeiro, 1999. http://hdl.handle.net/11422/2759.
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CAPES
Plano Real foi concebido em três fases: a primeira tinha como função promover um ajuste fiscal que levasse ao "estabelecimento do equilíbrio das contas do Governo, com o objetivo de eliminar a principal causa da inflação brasileira", a segunda fase visava "a criação de um padrão estável de valor denominado Unidade real de Valor - URV"; finalmente, a terceira concedia poder liberatório à unidade de conta e estabelecia "as regras de emissão e lastreamento da nova moeda (REAL) de forma a garantir a sua estabilidade" - etapas definidas pelo próprio governo de acordo com a Exposição de Motivos (E.M.) no̲ 205 de 30 de junho de 1994. Esta dissertação tem por objetivo discutir a concepção teórica de cada uma destas fases, respectivamente.
The Plano Real was conceived to be implemented in three stages: 1) fiscal adjustment: 2) the introduction of a new unity of account (URV): 3) the transformation of the URV in a new currency, the "real", and the establishment of a nominal anchor. Each chapter discusses the theoretical conception of each phase of the plan.
26
Novy, Andreas. "Emancipatory economic deglobalisation: a Polanyian perspective". Associação Nacional de Pós-graduação e Pesquisa em Planejamento Urbano e Regional (ANPUR), 2017. http://epub.wu.ac.at/5766/1/5555%2D13695%2D1%2DPB.pdf.
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The article explores the potential of a Polanyian analysis for overcoming the current Manichean opposition between cosmopolitan globalizers and reactionary nationalists. For long, Karl Polanyi has inspired socio-economic thinking in different ways. First, his reflections on the end of the first period of globalization in the 1930s offer insights for analysing the current political-economic situation. Furthermore, Polanyi contributes to an institutional analysis and utopian thinking towards a civilization for all. His approach enables a combination of a critique of current neoliberal globalization as a renewed version of the "liberal Utopia" with a cultural and ecological critique of capitalism as a mode of production and living. In this respect, Karl Polanyi may be contrasted to Friedrich Hayek, both contemporaries of Red Vienna, an ambitious project of local socialism as a step towards a "good life for all". The social and cultural struggles in Vienna during the 1920s and 1930s offer insights for current confrontations worldwide, but especially in Brazil where the reformist attempts of civilizing capitalism where confronted with severe opposition. Instead of the false polarization between globalization and nationalism, policies "for the select few" are opposed to policies "for all". Finally, Polanyi's reflections will be used to shed light onto the current impasse resulting from the illegitimate deposition of president Dilma Rousseff.
27
Hionis, Jerry Jr. "Non-Parasitic Warlords and Geographical Distance". Diss., Temple University Libraries, 2013. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/216545.
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EconomicsPh.D.
This dissertation presents an extension of the warlord competition models found in Skaperdas (2002) and Konrad and Skaperdas (2012). I consider two non-parasitic warlords located on a line. Each warlord allocates resources for the extraction of natural resources, the production of goods and services, and conflict with the opposing warlord. Within the symmetric rates of seizure model, I use three different forms of the contest success function, a primary tool in the conflict theory literature, in my analysis. I show that the warlord closer to the point of conflict will invest less into the hiring of warriors and more into the production of goods and services, yet wins a larger proportion of total goods and services produced within the economy. Under certain conditions, the placement of the point of conflict at the midpoint between the two warlords maximizes the total resources toward war and minimizes total production. Under the asymmetric rates of seizure model, I find that the warlord closer to the point of conflict invests more in warfare and less in production; that is, results that counter what is found in the symmetric model.
Temple University--Theses
28
Edge, Paul. "Economic capital, real options and stochastic discount factors". Thesis, Imperial College London, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.526379.
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Tormin, Sérgio. "Déficit público, dívida pública e crescimento econômico: uma análise do período pós-real". Pontifícia Universidade Católica de São Paulo, 2008. https://tede2.pucsp.br/handle/handle/9341.
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Previous issue date: 2008-05-20Coordenação de Aperfeiçoamento de Pessoal de Nível Superior
The objective of this study is to analyze according to the Keynesian approach the relationship between deficit public, the growth of the public debt, and its implications of the economic activity. The stabilization of the Brazilian economy was followed by deterioration of public finance which the outcome was a severe fiscal disequilibrium and a rise of tax that is not compatible with sustainable economic growth. During the analyzed period, the government through central bank raised interest rate in order to avoid speculation attack against real, in order to limit the devaluation of real, avoiding the so called cost inflation, in order to attract capital inflows to finance the balance of payment, in order to control inflation by reducing consumer expenditure, and the investment expenditure as a result decreasing aggregate demand. The interest rate determined by central bank s reaction raising the finance cost to the government who is the big debtor. This economic policy of high interest rate does not estipulate the economic growth. Besides the maintenance of high interest rate generates volatilities on fiscal budget weakening the government policies against crisis. As government faces difficult time that obligates to raise interest rate the impact on public account is immediately validating the expectation of higher debt since important size of debt relies on the interest rate (Selic), due to maturity shortens and concentration of debt payments. Therefore, the higher the cost of debt on public deficit leads to a smaller impact on aggregate demand and correspond to an increase in the ratio of public debt to gdp, since a good portion of Brazil s debt is denominated in interest rate, representing a source of uncertainty to the economic players which demand a higher risk premium to hold public bonds. In a fiscal policy regime that keeps constant the level of the primary surplus, a financial shock may put the debt ratio along an unstable path and the economy may fall in a bad equilibrium which a negative impact on employment and economic activity
O objetivo deste trabalho é analisar, sob uma perspectiva keynesiana, a interrelação entre o déficit público, o crescimento da dívida pública e seus reflexos na atividade econômica. A estabilização da economia brasileira foi marcada por um agravamento das finanças públicas cujas conseqüências foram um desequilíbrio fiscal crônico e um aumento da carga tributária incompatível com o crescimento sustentável. Ao longo do período analisado, o governo, via BACEN, elevou as taxas de juros, ora para evitar o ataque especulativo contra o real, ora para limitar a desvalorização do real, evitando a inflação de custo, ora para atrair capital externo para financiar o saldo em conta corrente da balança de pagamento e ora para combater a inflação, reduzindo o consumo e o investimento e, conseqüentemente, a demanda agregada. A taxa de juros determinada pelo BACEN implica um custo financeiro para o governo, que é o grande devedor. Esta política de juros altos não incentiva o crescimento econômico e torna as contas públicas mais vulneráveis às crises. Caso o governo venha a enfrentar uma dificuldade conjuntural que o obrigue a elevar os juros, o impacto nas contas públicas é imediato, devido à indexação dos títulos públicos à taxa de juros, ao encurtamento dos prazos da dívida e à concentração de vencimentos em poucos dias. Nesse sentido, quanto maior a composição financeira do déficit público, menor será o seu efeito na demanda agregada e maior seu impacto na dívida pública interna, representando uma fonte de incerteza para os agentes econômicos, que passam a demandar um prêmio de risco maior para carregar os papéis do governo, com reflexo negativo para o emprego e atividade econômica
30
Truedsson, Christian. "Stock Markets and Real Economic Activity : Zooming out to show a broader picture using 12 EU Membership Countries". Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Nationalekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-44007.
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This thesis analyzes the long run relationship between stock markets and macroeconomic variables, such as the real industrial production index, consumer price index, money supply, and long-term government bonds. By the use of recent developments in cointegration methodologies a larger set of countries is analyzed due to mitigation of the issue where variables are integrated of different orders. Based on a present value model, this thesis applies an ARDL model and conducts the bounds testing procedure for analysis of cointegrating relationships among the variables. Complemented by the popular Johansen cointegration methodology, it is found that the variables are cointegrated for all of the twelve countries. Hence, the present value model provides a theoretical explanation of the long run connection between stock markets and macroeconomic variables. Finally, the long run relationship is estimated using both FMOLS and DOLS. Results show that real economic activity, proxied by the real industrial production index, enters a positive relationship with the stock market indices, and so does money supply. In contrast, the consumer price index and long-term government bonds enter a negative relationship with the stock market indices. Hence, this thesis adds to the literature by applying new methodologies to the topic, through which a larger set of countries can be analyzed, and by further analyzing the long run relationship between stock markets and real economic activity.
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Yu, Yong. "Population growth and real asset returns". Connect to resource, 2002. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1261323551.
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BARBOSA, LUCIANA SALLES. "ECONOMIC FEASIBILITIES IN THE REAL ESTATE INVESTMENT MARKET: RISK MANAGEMENT AND REAL OPTIONS". PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2005. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=7064@1.
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COORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIORInvestimentos no mercado imobiliário envolvem grande aporte de capital e baixa liquidez, não sendo incorporados de forma instantânea, apresentando lento payback, além de diversas incertezas econômicas relativas à demanda, preço/m2 e velocidade de vendas, que aumentam o risco percebido dos investidores. Foi analisada a viabilidade econômica de um lançamento imobiliário na cidade do Rio de Janeiro identificando as opções reais relevantes ao empreendimento como a aquisição de informações, opções de adiamento e abandono do projeto, permitindo ao incorporador a escolha de decisões que maximizem o valor de seu empreendimento. Estima-se o valor máximo pago ao proprietário do terreno em função do direito de exclusividade. Ao considerar estratégias de opções inseridas na metodologia de fluxo de caixa descontado, diminui-se exposição de risco (Value-At-Risk) do empreendimento em 50 por cento e aumenta o valor do empreendimento em R$ 3MM. É importante, estabelecer uma cultura empresarial que empregue a teoria de opções de forma a proporcionar um efetivo gerenciamento de risco do empreendimento.
Real Estate investments are characterized by high capital outflows, low liquidity and short payback together with economic uncertainties related to demand, price/m2 and sales speed that increase the risk perceived by investors. It is often the case when the property developer and the land owner sign an agreement where the former obtain the exclusive property rights to construct on the land for a certain period of time against an initial payment. This contract introduces in the real estate investment project the option to wait or abandon development depending on the information gathered from the market during the expiration period. It was analyzed a real estate investment in the city of Rio de Janeiro where the previous Real Options are identified and valued, allowing a better management of the decision process and an effective risk management for the company. It was estimated the ceiling price for the exclusive property rights. The adoption of the Real Option Strategy shows a reduction of 50 percent in the Valueat- Risk with respect to the traditional valuation (that does not considers the real options embedded) and the value of the project increases R$ 3MM.
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Crowley, Alison (Alison Rita). "The economic and financial feasibility of food innovation centers". Thesis, Massachusetts Institute of Technology, 2015. http://hdl.handle.net/1721.1/99074.
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Thesis: M.C.P., Massachusetts Institute of Technology, Department of Urban Studies and Planning, 2015.Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2015.
Cataloged from PDF version of thesis.
Includes bibliographical references (page 125).
A Food Innovation Center (FIC) is an enclosed commercial space comprising a mix of complementary uses pertaining to locally-operated food growing, production, processing, testing, distribution, and sale. These uses include indoor vertical farms, commercial shared-use kitchens for start-up food businesses, rooftop greenhouses, food halls with local, artisanal vendors, and food-related R&D space, among others. While literature exists on the demand for locally produced food, there is still a gap in the industry's knowledge about the financing environment, development costs, and overall rate of success that FICs experience. The research presented in this thesis is intended to provide an overview of existing Food Innovation Centers via data on acquisition, construction, operations, and returns of individual projects. Does the FIC product innovation add value to urban industrial real estate, and is the FIC a feasible model, financially and economically, for industrial development? Survey analysis of 62 FICs and six in-depth case studies show that FICs are more prominently featured in commercial rather than industrial space and operate on a business model in which a developer owns the property but leases to individual tenants operating one of the FIC business components. Financing largely comes from the philanthropic sector, and some of the most ambitious FICs have partnered with municipalities to identify publicly owned land for a nominal ground lease to the city or below-market acquisition. Overall, the FIC product type is still under development, and more must be learned about the lease structures within the PC to generate more robust underwriting standards that will better attract commercial investment. The most proprietary component of FICs are indoor vertical farms, for which the technology supporting the farm systems is still very much in the nascent R&D phase and not yet prepared for commercial diffusion. FICs do, however, have the ability to impact urban residents who lack access to healthy food. Through procurement, distribution, and wholesaling operations that can take place at FICs, regional small farmers can more easily get their produce into an urban area for distribution to residents. Incubator kitchens can provide cost-effective means for urban residents to test their own business models in the food and beverage manufacturing industry, and the roles that FICs play in hosting public events increases the connection between consumers and the food they eat. FICs generate economic growth through their ability to launch small businesses and create stronger and more direct supply chains between farmers, producers, wholesalers, food and beverage providers, and ultimately the consumer.
by Alison Crowley.
M.C.P.
S.M. in Real Estate Development
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PINTO, JUNIOR Erivam de Jesus Rabelo. "A inflação como fenômeno real e monetário: distintas visões a partir da ortodoxia e heterodoxia econômica". Universidade Federal do Maranhão, 2017. https://tedebc.ufma.br/jspui/handle/tede/tede/2027.
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CAPES
The cause and effect relationships between the variations in aggregate demand and inflation are distinct and depend on the theoretical approach adopted for the examination of the inflationary process. Excess demand is not always the prime source of inflation. In some cases, the inflation dynamics can be analyzed from some variables that, when generating cost increases, cause an increase in the general level of prices. The conventional approach admits that equilibrium in the labor market is essentially automatic and that inflation is always a consequence of excess demand. From this diagnosis, he concludes that the role of the monetary authority is to control the demand to a level that corresponds to the non-accelerating unemployment inflation rate, through the manipulation of the interest rate. For the Post-Keynesian approach, this view can only be constructed from the idea that money is endogenous and not neutral, which allows one to see inflation not as a result of excess demand, but that the growth of the currency may have been growth of economic costs. On the other hand, the Distributive Conflict approach seeks to understand the inflationary process from the social and political environment of an economy, considering what are the actions and reactions of the various groups that comprise it and the way in which each group takes initiative in the intention to defend income. The formation of the general level of prices occurs in a different way from those that reflect the scarcity of factors of production and from this analysis, the orthodox elements that associate the inflationary process with anenvironment of excess demand is not present. This research presents a theoretical narrative of how the orthodox approach considers that excess or acceleration of demand is capable of causing inflation and, in the face of such a diagnosis, how it should be combated, followed by interventionist discussion, which adds the endogeneity of money in the analysis of the inflationary process and which considers that inflation can occur even before demand reaches the level of full employment. Subsequently, it seeks to delineate the emergence of Structuralist thought, which opposed dominant theories and sought to understand the inflationary dynamics in Latin American countries from their specificities. Such theorists have provided the basis for the approach that is subsequently analyzed, that of Distributive Conflict. For this, the research tries to expose the real cost variables that are used to analyze the inflationary dynamics of an economy in a given time period, then a comparison of how the approaches exposed diverge and converge in relation to the analysis of inflationary dynamics and the mechanisms which must be adopted in pursuit of the equilibrium of the general level of prices.
As relações de causa e efeito entre as variações da demanda agregada e da inflação são distintas e dependem da abordagem teórica adotada para o exame do processo inflacionário. Nem sempre o excesso de demanda é a fonte primeira de inflação. Em determinados casos, a dinâmica inflacionária pode ser analisada a partir de algumas variáveis que, ao gerar aumentos de custos, causam aumento do nível geral de preços. A abordagem convencional admite que o equilíbrio no mercado de trabalho é essencialmente automático e que a inflação é sempre consequência do excesso de demanda. A partir desse diagnóstico, conclui que o papel da autoridade monetária é controlar a demanda para um nível que corresponda à taxa de desemprego não aceleradora da inflação, através da manipulação da taxa de juros. Para a abordagem Pós-Keynesiana, essa visão só pode ser construída a partir da ideia de que a moeda é endógena e não neutra, o que permite enxergar a inflação não como resultante do excesso de demanda, mas que o crescimento da moeda pode ter sido antecedido pelo crescimento dos custos da economia. Por outro lado, a abordagem do Conflito Distributivo busca entender o processo inflacionário a partir do ambiente social e político de uma economia, considerando quais são as ações e reações dos diversos grupos que a compõem e a maneira como cada grupo toma iniciativa na intenção de defender sua participação na renda. A formação do nível geral de preços ocorre de forma distinta daqueles que refletem a escassez de fatores de produção e a partir dessa análise, os elementos ortodoxos que associam o processo inflacionário a um ambiente de excesso de demanda não se faz presente. Esta pesquisa apresenta uma narrativa teórica de como a abordagem ortodoxa considera que o excesso ou a aceleração da demanda é capaz de causar inflação e, diante de tal diagnostico, como ela deve ser combatida, seguida da discussão intervencionista, que adiciona a endogeneidade da moeda na análise do processo inflacionário e que considera que a inflação pode ocorrer mesmo antes da demanda alcançar o nível de pleno emprego. Posteriormente, procura delinear o surgimento do pensamento Estruturalista, que se opôs às teorias dominantes e que buscou entender a dinâmica inflacionária nos países LatinoAmericanos a partir de suas especificidades. Tais teóricos ofereceram as bases para a abordagem que é analisada subsequentemente, a do Conflito Distributivo. Para isso, a pesquisa trata de expor as variáveis reais de custo que são utilizadas para analisar a dinâmica inflacionária de uma economia em determinado período temporal, depois uma comparação de como as abordagens expostas divergem e convergem em relação à análise da dinâmica inflacionária e os mecanismos que devem ser adotados em busca do equilíbrio do nível geral de preços.
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Zhao, Jin. "The implications of economic distance for real estate research". Thesis, University of Cambridge, 2014. https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.707935.
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Sun, Fang. "ECONOMIC CONSEQUENCES OF SFAS 158". Diss., Temple University Libraries, 2011. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/114458.
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Business Administration/AccountingPh.D.
In this dissertation, I investigate the economic consequences of Statement of Financial Accounting Standards No. 158 (SFAS 158). SFAS 158 requires firms to move pension funding status from the footnotes to the balance sheet. Moving pension funding status from a footnote to the balance sheet improves the transparency and understandability of pension accounting, however it at the same time increases the pension liability recognized and decreases the shareholder's equity reported for firms with underfunded pension plans. I investigate whether firms take actions to mitigate the impact of SFAS 158. I also examine whether the market perceptions of the risk and cost of capital differ because of SFAS 158. I first find that while firms reduce the non-pension debt to equity ratio to minimize the cost of SFAS 158, they did not use discretionary accruals to offset the impact of SFAS 158. One interpretation of these findings is that firms' potential responses to the rule depend on the costs and benefits associated with that discretionary behavior. While accrual manipulations do not affect either real operations or cash flows, aggressive accrual manipulations can increase the probability of a qualified opinion from auditors, and financial penalties from regulators (SEC litigation). In contrast, real activity manipulation is more opaque than accounting earnings management, making it more difficult to detect by shareholders, SEC regulators, or auditors. I then find that the market perceived risk proxied by total equity risk increased after SFAS 158. However, I fail to find that the increased total equity risk is generally priced by the equity capital markets. Further analysis indicates that bond spread yield decreases after SFAS 158 for firms with underfunded pension plans, suggesting different behavior of debt investors and equity investors. This finding might be explained by the rich information environment specific to the debt market. Compared with the equity market, the debt market includes mainly sophisticated investors. Sophisticated investors have access to more firm-specific information than other investors. Given their access to potentially more informative data, the debt market response to SFAS 158 is different from the equity market. This dissertation contributes to the debate regarding the effectiveness of the pension accounting reforms incorporated in SFAS 158, and is useful to legislators, regulators, and researchers in assessing the anticipated costs and benefits of SFAS 158. In addition, this study lends support to the stream of research which documents that managers take actions to achieve certain financial reporting goals in response to new accounting rules. This study also provides insight into how firms take real actions to minimize the cost of having an under-funded defined benefit pension plan. Understanding these relationships have implications for interpreting pension numbers reported in the financial statements and designing pension accounting rules that prevent or minimize the possibility that managers take advantage of the complexity and subjectivity associated with pension accounting to influence reported earnings. Finally, this study contributes to the existing literature by highlighting the importance and necessity of considering investor sophistication in studies on recognition vs. disclosure.
Temple University--Theses
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Verónico, Fábio Manuel Airosa. "Corporate Diversification: A Real Options Approach". Master's thesis, 2018. https://hdl.handle.net/10216/117722.
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Verónico, Fábio Manuel Airosa. "Corporate Diversification: A Real Options Approach". Dissertação, 2018. https://hdl.handle.net/10216/117722.
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LaPoint, Cameron. "Essays on the Japanese Economy". Thesis, 2020. https://doi.org/10.7916/d8-1an6-dt21.
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This dissertation uses national policy experiments and original datasets from Japan to explore issues in macroeconomics and public finance. In the first chapter, I provide new evidence of the feedback loop between corporate borrowing and commercial real estate investment emphasized in macro-finance models with collateral constraints. Japan enacted a series of reforms in the early 1980s which relaxed national regulatory constraints on the height and size of buildings. Combining local non-residential land price indices for over 400 localities with geocoded firm balance sheets, I show that these land use deregulations generated a boom-bust cycle in corporate real estate values, borrowing, and real estate investment. Firms located in more ex ante land use constrained areas both issued more debt and invested more heavily in real estate, thus amplifying the initial positive shock to commercial real estate prices. I develop a multi-city spatial sorting model with production externalities and real estate collateral which uses the estimated reduced form effects of my local regulatory instruments on firm outcomes to assess aggregate effects of the reform. I find that the deregulatory shock to commercial real estate markets and corporate borrowing environment amplified the 1980s real estate cycle and led to an increased incidence of zombie lending in the 1990s.
Governments often distribute payments through the income tax system to combat recessions. But how effective are such fiscal stimulus policies at targeting households who are likely to respond by increasing their spending? In the second chapter, we link geocoded household expenditure and financial transactions data to local housing price indices and document a U-shaped pattern with respect to housing price growth in the marginal propensity to consume (MPC) out of a large tax rebate. Recipients living in areas with the smallest housing price gains during the 1980s spent 44% of the 1994 Japanese rebate within three months of payment, compared to 23% among recipients in areas which experienced the largest housing price gains. While we find limited heterogeneity in MPCs among households in less-affected areas, MPCs are higher for younger, renter households with no debt residing in more-affected areas. These findings are consistent with near-rational households for which the pricing shock was small relative to permanent income spending a larger fraction of the tax rebate. Our analysis suggests fiscal stimulus payments primarily induce spending among “winner” households who face minimal exposure to housing price cycles.
The question of how policymakers should choose the frequency of payments has received little attention in the literature on the optimal design of public benefits programs. The third chapter proposes a simple model in which the government chooses the length of the interval between payments, subject to a tradeoff between the administrative cost of providing more frequent benefits and the welfare gain from reducing deviations from full consumption smoothing. In our empirical application, we examine consumer and retailer responses to bimonthly payments from the Japanese National Pension System. We exploit variation in the duration of payment cycles using a unique retail dataset that links consumers to their purchase history. Our high frequency difference-in-differences approach shows a clear spike in spending on payment dates for customers who are of retirement age relative to those who are not. While within-store average prices increase by 1.6% on payday, this effect is almost entirely due to consumers substituting towards higher quality goods rather than a retailer response. We use these reduced form estimates to parameterize the model and conclude that the optimal frequency of Japanese public pension payments is less than one month, implying the government could improve welfare by increasing payment frequency.
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Gonçalves, Adriana Pinto. "Mudança Organizacional: A transição de EDP Gás para REN Portgás". Master's thesis, 2018. https://hdl.handle.net/10216/117207.
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Ferreira, Ricardo Jorge Maia. "The Venture Capitalist Investment Decision: A Dynamic Real Options Approach". Master's thesis, 2018. https://hdl.handle.net/10216/117580.
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Pinto, Bruno Duarte Durães. "FDI under political risk and competition, a real options approach". Master's thesis, 2018. https://hdl.handle.net/10216/116930.
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Pinto, Bruno Duarte Durães. "FDI under political risk and competition, a real options approach". Dissertação, 2018. https://hdl.handle.net/10216/116930.
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Gonçalves, Adriana Pinto. "Mudança Organizacional: A transição de EDP Gás para REN Portgás". Dissertação, 2018. https://hdl.handle.net/10216/117207.
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Ferreira, Ricardo Jorge Maia. "The Venture Capitalist Investment Decision: A Dynamic Real Options Approach". Dissertação, 2018. https://hdl.handle.net/10216/117580.
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Gomes, Anselmo Manuel Silva. "Early Stage Biopharmaceutical R&D Financing: A Real Options Approach". Master's thesis, 2016. https://repositorio-aberto.up.pt/handle/10216/87903.
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Monpays, Juliette Marie. "BIG DATA IN HEALTHCARE: Real World Evidence in price and reimbursement". Master's thesis, 2017. https://repositorio-aberto.up.pt/handle/10216/108632.
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Gomes, Anselmo Manuel Silva. "Early Stage Biopharmaceutical R&D Financing: A Real Options Approach". Dissertação, 2016. https://repositorio-aberto.up.pt/handle/10216/87903.
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Monpays, Juliette Marie. "BIG DATA IN HEALTHCARE: Real World Evidence in price and reimbursement". Dissertação, 2017. https://repositorio-aberto.up.pt/handle/10216/108632.
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Kumar, Jiguita Manish. "The risk variable in a sequential investment option: a Real Options' approach". Master's thesis, 2016. https://repositorio-aberto.up.pt/handle/10216/86104.
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