Дисертації: "Development finance law"

1

Zhu, Lin. "Law, politics and finance." Thesis, University of Macau, 2012. http://umaclib3.umac.mo/record=b2580077.

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2

Wu, Qiongbing The school of banking &amp finance UNSW. "International finance: issues related to law and financial development." Awarded by:University of New South Wales. The school of banking and finance, 2006. http://handle.unsw.edu.au/1959.4/23416.

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This dissertation examines three distinctive issues that concern the regulators and policy makers in the development of financial markets. It contains three stand-alone research projects within the context of law, finance and economic growth. Chapter 2 examines the dynamic relationship between banks and economic growth from the points of view of market efficiency and asset pricing theory. Publicly traded banks are broadly representative of a country???s banking sector, so that banking industry stock prices will broadly reflect the performance of a country???s banking sector. Because previous research has established that the institutional framework, as well as the aggregate size, of the banking sector can significantly affect economic growth, this chapter investigates whether the stock returns on a country???s banking sector contain information about future economic growth, and whether the specific country and institutional characteristics that affect the functioning of the banking system and market efficiency also influence this relationship. Using the data from 18 developed and 18 emerging markets, the chapter finds a significant and positive relationship between bank excess return and future economic growth in both the time-series and panel analyses. The chapter also finds that this positive relationship is significantly strengthened by the enforcement of insider trading law, by banking crises, by bank disclosure regulations and financial development, but is weakened by government ownership of banks. Chapter 3 investigates the role of bank idiosyncratic volatility in economic growth and systemic banking crises. Using the same dataset from Chapter 2, this chapter finds an ambiguous relationship between bank volatility and economic growth in the time-series studies, which suggests that the effect of bank volatility on economic growth is more country-specific. In the panel analyses, the chapter finds a negative but very weak relationship between bank volatility and future economic growth. This negative relationship is magnified by banking crises and bank disclosure standards, but is alleviated by the government ownership of banks, the enforcement of insider trading law and financial development. The chapter goes further to examine whether bank volatility leads to the occurrence of systemic banking crises, and finds that the marginal effect of bank volatility on the probability of banking crises is very weak for the sample of all markets, and this result is mainly driven by the data from the emerging markets. However, bank volatility is a significant predictor of banking crises even after being controlled for macroeconomic indicators, which implies that market forces are more powerful in promoting the soundness of the banking system in developed markets. We also find that those macroeconomic and banking risk management indicators have different impacts on the probability of banking crises for the emerging and developed markets. Therefore, caution needs to be taken in interpreting the cross-country results of the studies on banking crises. Chapter 4 studies the corporate governance issues in China, a significant developing country that has been neglected by the current law and finance literature. Incorporated with the legal environment and ownership structure of China???s listed companies, the chapter develops a simple game model to study a neglected aspect of current corporate governance literature: the expropriation arising from the mixture of weak investor protection, ownership concentration coexisting with ownership dispersion, and the absence of a controlling shareholder. The last two chapters find that government ownership undermines the positive link between bank excess return and economic growth, but alleviates the negative impact of bank volatility on growth as well. This chapter shows that government ownership is also a two-edged sword in corporate governance in China: it leads to a double-agency problem; however, the strong legal protection of State assets also increases the cost of expropriation. Using the data from 1996 to 2003, the chapter finds the empirical evidence consistent with the model. By analysing the puzzles in China???s stock market, the chapter suggests that improving the legal protection of investors is the key issue in the future development of the financial market.

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3

Rowntree, Lenore Ruth. "Innovations in the law of lending : a study of the participation mortgage and a proposal for reform of the law of commercial mortgages." Thesis, University of British Columbia, 1987. http://hdl.handle.net/2429/26145.

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The period of high inflation during the late 1970s and early 1980s forced lenders to reconsider their methods of financing commercial real estate projects. During this period, lenders began experimenting with various new forms of mortgage documentation designed to support innovative financing techniques. Many of the innovative techniques developed included a participation feature whereby the lender, in addition to earning a fixed rate of interest, also participated in either the income from a project or the increased value in its equity, or both. As a result of instituting these techniques, both lenders and developers expanded their view of what a commercial mortgage entails. It is unlikely that lenders will return to viewing their role as that of simple renters of money. Since the law of mortgages in Canada has not been sufficiently flexible to adequately accommodate these innovative techniques, there is a need for reform of the law of commercial mortgages. In this paper, the writer will review the current commercial lending practices and discuss the advantages and disadvantages of the most commonly used forms of participation financing. The conclusion will set out a proposal for the reform of the law of commercial mortgages. Central to its recommendations will be the concept that the commercial mortgage should be regarded as a contract for a debt and not as a conveyance of an interest in property. This concept will allow the commercial lender and borrower the contractual freedom to enter into the bargain that best reflects their financing intentions without being hampered by the historical incidents of a common law mortgage.
Law, Peter A. Allard School of
Graduate

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4

Al-Yagout, Mona Mohammed Abdulla. "The regulation of foreign investment in Kuwait : the role of law, politics and economic policy in the development process." Thesis, University of Warwick, 1997. http://wrap.warwick.ac.uk/2953/.

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The relationship between law, foreign direct investment (FDI) and development is a neglected area of investigation, and this study seeks to contribute to the understanding of that relationship through an analysis of the legal regulation of FDI in Kuwait. As well as offering a general theoretical appraisal of the role of FDI in development, it puts forward some practical proposals for legislative innovation and administrative reform in Kuwait with the intention of showing how greater encouragement can be given to the expansion of FDI with a view to promoting the country's future economic and social well-being. The approach in this thesis stresses the importance of considering the effectiveness of Kuwait's FDI regulations against the background of the country's historical evolution and in relation to the distinctive patterns of political economy which have emerged in Kuwait's twentieth-century transformation from a traditional to a more modern society with an impressive level of welfare provision. In this respect, considerable attention is given to the significance of the various oil concession agreements between Kuwait and foreign investors for the exploration and marketing of oil. It is these agreements which have led directly to the growth and development of the country's current FDI regulations, and which have gradually enabled Kuwait to determine its own foreign investment policies as British influence has declined and national independence has been gained. Criticisms are offered, however, of the failure of Kuwait to pay sufficient attention to the role of FDI in the non-oil sectors of the economy. The close examination of the law and administrative practice of FDI in Kuwait reveals a range of failings and inadequacies which have tended to have a negative effect on the attraction of FDI. This particular area of policy in Kuwait has developed in a somewhat piecemeal fashion without sufficient coherence and co-ordination.

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5

van, Zwieten Kristin. "The demise of corporate insolvency law in India." Thesis, University of Oxford, 2012. http://ora.ox.ac.uk/objects/uuid:b19387d6-1a57-4e60-b46b-ca2c7a469afe.

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The subject of this thesis is the operation of corporate insolvency law in post-colonial India. Indian corporate insolvency law has been widely condemned as dysfunctional, critics complaining of extreme delays and a series of associated harms to creditors in the disposal of formal proceedings. Surprisingly little is known, however, about why the law has ‘failed’ creditors in this way - why the law operates as it does. That is the question that motivates this thesis. The thesis reports the results of an in-depth study of the introduction and development of India’s two principal insolvency procedures for corporate debtors: liquidation (under the Companies Act 1956) and rescue (under the Sick Industrial Companies (Special Provisions) Act 1985, for industrial companies). The most significant contribution made by the thesis is the reporting of new evidence of the influence of judges on the development of these two insolvency procedures over time, drawn from an original analysis of a large body of Indian case law. This evidence suggests that the role of the courts (or more specifically, the role of judges) has been significantly underestimated in previous attempts to explain the demise of corporate insolvency law in post-colonial India.

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6

Matthew, Ayibakuro Noah. "The approach to corruption in law and development : towards a rights-based perspective in Sub-Saharan Africa." Thesis, University of Birmingham, 2017. http://etheses.bham.ac.uk//id/eprint/7887/.

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Using the various moments of ideological change in the law and development movement as an analytical framework, this thesis examines the indifference to corruption in international development in the period preceding the 1990s, and the attributes, challenges and prospects of the current global anticorruption agenda in sub- Saharan Africa. With Nigeria as a case study, the research finds that the approach to corruption has been overwhelmingly influenced by the respective predominant global development ideology during each moment, whilst ignoring local experiences and efforts to address corruption. Hence, despite the heightened attention to the issue in the last couple of decades, anticorruption reforms have failed to enhance pre-existing efforts to deal with corruption in countries. The thesis concludes that the currently evolving paradigm of a rights-based approach to anticorruption demonstrates a promising response to some of the shortcomings of this approach to corruption over the years. However, the nature of its conception and proposals for its implementation reaffirms the entrenched nature of these shortcomings and their inherence in the overall strategy of law and development reforms in countries in sub-Saharan Africa.

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7

Abdullah, Thaidi Hussein 'Azeemi. "How can Maqāṣid al-sharīʻah contribute to the development of Islamic microfinance? : a study of the theory and its application in practice by Amanah Ikhtiar Malaysia". Thesis, University of Aberdeen, 2018. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=237103.

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8

Sites, Jeanette Abdoney. "The development of the public school support plan in West Virginia." Diss., Virginia Polytechnic Institute and State University, 1987. http://hdl.handle.net/10919/49897.

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The purpose of the study was to trace the historical and legal development of the financial support system for public elementary and secondary education in West Virginia from 1863 through November, 1984. In addition, the study provided a compiled source of data on selected aspects of the West Virginia school support system which had bearing upon the 1975 legislation that successfully challenged the constitutionality of the state school finance system. In the case of Pauley et al. v. Bailey et al., the method of financing public schools in West Virginia was declared unconstitutional on May 11, 1982, and the court directed the Legislature to completely redesign the West Virginia system of public school finance. In order for the educational and legislative leaders to fulfill meeting the court's criteria, an awareness of the changes and carryover of past doctrines and practices into the present situation was deemed to be of great importance. The study provided a historical review of significant legislation and cases affecting the evolution of the West Virginia school finance system. Designated periods of time in education history were presented through the utilization of both a chronological and topical approach. Evaluative criteria, such as equity in funding, adequacy in educational opportunity, efficiency of organization, and formula alterations were incorporated into the study in order to identify the significant changes in the developmental process of school finance.
Ed. D.
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9

Ndulu, John Kimuli. "Factors affecting institutional transformation : a case for a microfinance regulatory framework in Kenya." Thesis, Stellenbosch : University of Stellenbosch, 2010. http://hdl.handle.net/10019.1/8474.

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Thesis (MDF)--University of Stellenbosch, 2010.
Regulating microfinance activities has been an important policy concern in improving financial inclusion and extending financial services to all. However, introducing a regulatory framework of any kind pushes targeted institutions to change. In this case, microfinance regulatory framework that came to effect in 2008 has created three tiers of microfinance institutions: prudentially regulated deposit-taking institutions, credit only and unregulated informal groups. Those undertaking deposit-taking business were required by this regulation to transform their operations to comply with the requirements. Though many institutions wanted to be allowed to mobilise public deposits, only three institutions had managed to obtain at least a provisional license two years after the regulation became operational. The purpose of this research is to establish the factors affecting this microfinance transformation process in Kenya. Experiences around the world indicate that microfinance regulatory frameworks are dogged with a myriad of challenges that, at times, has limited the enjoyment of benefits of regulation. These challenges affect both the regulator and institutions being regulated. This study identifies several important factors affecting the transformation process of microfinance institutions in Kenya. These include the ability to meet capital requirements, restructuring existing ownership and getting new shareholders, ability to raise funds for transformation, acquiring suitable information systems, motivation to be regulated, governance issues and managerial inertia. These factors explain why certain institutions have moved faster than others in the transformation process and why some have opted to remain credit only.

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10

Zhang, Hongyuan. "Analysis of the legal and regulatory problems in the development of foreign private equity in China in a comparative view to the private equity industry in the UK and the U.S." Thesis, University of Southampton, 2015. https://eprints.soton.ac.uk/376150/.

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Private equity has been developing as an industry in the UK and the U.S. for decades and at present it is the focal point of regulation for said to be partly responsible causing the 2007 to 2008 financial crisis. However, the situation of private equity in China differs tremendously to that in the UK and the U.S. in terms of every aspect such as investment routes, system of regulation and divestment considering that private equity has only been growing fast in China for merely a decade. The laws and regulations governing each of the aspects in the three countries are on different levels in terms of maturity not to mention the fact that foreign private equity under Chinese law is only a relatively new area. Foreign private equity laws and regulations are gaining attention and need attention as foreign private equity has been developing fast with an enormous amount of capital involved and there is not a well-established system of laws and regulations governing important issues such as its investment and divestment in China. The thesis will look into the legal and regulatory problems encountered in the course of development of foreign private equity in China and it will try to solve such problems by studying the private equity industry in the UK and the U.S. Each chapter of the thesis will land on one problem and all the chapters together will try to solve one question: how to improve the legal and regulatory system of foreign private equity in China? Based on the legal and regulatory advice given in each chapter, the thesis will argue that the most important aspect missing in the current system, compared to its counterpart in the UK and the U.S., is the absolute authority of basic legal principles such as rule of law and freedom of contract.

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11

Gheeraert, Laurent. "Financial systems: essays on the cultural determinants and the relevance for economic development." Doctoral thesis, Universite Libre de Bruxelles, 2009. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210212.

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The thesis analyzes macro-economic determinants and roles of financial sector development.

The literature argues that the size and efficiency of both banking systems and financial markets - the two major components of a financial system - matter for economic development. In the same vein, the quality of financial institutions and regulations are instrumental in the construction of a strong financial system.

We study several aspects of financial sector development in relation to three recent phenomena, namely, the rise of Islamic banking and finance, the increasing interest for emerging stock markets, and the growing remittance flows.

This thesis is made up of three essays.

The first essay extends the literature on the determinants of financial sector development, from the angle of culture. We show that, on average, Islamic finance favors the development of the banking sector in Muslim countries. We provide evidence that several countries have indeed been successful in launching a new, Shariah-compliant, banking system, while not harming the existing, conventional, banking sector. Our empirical analysis uses a newly-constructed original database on the size and performance of Islamic deposit banks globally over the period 2000 to 2005.

The second essay focuses on stock markets, in particular, the less-studied emerging equity markets. We confirm traditional literature findings on unconditional stock returns, over a panel of 53 Major and Frontier markets. Mainly, volatility is high, big surprises happen, and return correlations with the rest of the world are low but have been rising over the last decades. In spite of large differences in market size and liquidity, Frontier market returns are qualitatively similar to Major markets', except correlations, which are lower in Frontier markets. At current correlation levels, the latter continue to bring substantial diversification benefits to international investors.

The last essay examines the relationship between remittances and economic growth. It confirms that remittances are important for developing countries as they stimulate domestic investment. It then demonstrates, theoretically and empirically, that improving the access to bank deposit accounts is crucial to channel remittances to more productive uses. This is even more true when the access to international borrowing is costly.

The 2008-2009 financial crisis has propelled the improvement of financial systems to the top of policymakers' agendas. Our work contributes to a better understanding of the importance of finance in economic outcomes. It also brings a novel perspective on the determinants of financial systems./

Notre thèse a pour objet l'étude des déterminants et des rôles macro-économiques des secteurs financiers dans le monde.

Selon la littérature scientifique, la taille et l'efficacité des systèmes bancaires et des marchés financiers - les deux composantes principales d'un système financier - sont importantes pour le développement économique. Il apparaît également que la qualité des institutions et des régulations financières contribuent à la création d'un système financier fort.

Au travers de trois essais, nous examinons plusieurs aspects du développement du secteur financier, qui sont en relation avec trois phénomènes récents; à savoir: la croissance de la finance islamique, l'intérêt grandissant pour les marchés boursiers émergents, et l'augmentation des flux de transferts de fonds des migrants.

Dans le premier essai, nous nous intéressons aux facteurs culturels comme déterminants des secteurs financiers et, en particulier, au rôle de la religion musulmane. Nous montrons que, en moyenne, la finance islamique favorise le développement du secteur bancaire dans les pays musulmans. Plusieurs pays ont en effet réussi à développer un nouveau secteur bancaire compatible avec la Shariah, sans porter ombrage au secteur bancaire non islamique avec lequel il co-existe. Notre analyse empirique est fondée sur une base de données nouvelle et originale. Celle-ci a pour intérêt de fournir des indicateurs de taille et de performance des banques islamiques de dépôt dans le monde, pour la période 2000-2005.

Dans le deuxième essai, nous explorons les rendements inconditionnels obtenus sur les marchés boursiers, en particulier les marchés émergents d'actions. Notre analyse d'un large panel de 53 marchés émergents "Majeurs" et "Frontières" confirme les résultats traditionnellement observés dans la littérature. Ainsi, pour l'essentiel, les deux types de marchés sont volatils et émaillés d'événements extrêmes. De plus, les rendements des marchés émergents sont faiblements corrélés avec ceux du reste du monde, même si ces corrélations ont augmenté au cours des derniers décennies. Malgré d'importantes différences en terme de taille et de liquidité, les rendements sur marchés "Frontières" sont qualitativement similaires à ceux des marchés "Majeurs", à l'exception des corrélations. Ces dernières sont en effet actuellement plus faibles dans les marchés "Frontières", qui continuent dès lors à offrir d'importants bénéfices de diversification aux investisseurs internationaux.

Dans le dernier essai, nous examinons la relation entre les transferts d'argent des migrants et la croissance économique. Nous confirmons l'idée que les transferts de fonds des migrants sont importants pour les pays en voie de développement. Mais surtout, nous démontrons, de manière théorique et empirique, qu'il est crucial de faciliter dans ces pays l'accès aux comptes de dépôt bancaires, afin de transformer une plus grande part des transferts des migrants en investissements productifs. Ceci est d'autant plus vrai quand l'accès aux autres sources de capitaux internationaux est coûteux.

En conclusion, la crise financière de 2008-2009 a fait de l'amélioration des systèmes financiers la priorité de nombreuses politiques économiques. Dans cette perspective, notre travail apporte une contribution à une compréhension plus fine de l'importance de la finance pour l'économie, ainsi qu'une vision novatrice des déterminants des systèmes financiers.
Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished

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12

Emenalo, Chukwunonye Obi-Ogulo. "Institutions and financial system development in Africa." Thesis, University of Hertfordshire, 2014. http://hdl.handle.net/2299/14436.

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Recent research suggests that financial system development is important for economic development and for reducing financing constraints of firms (Levine, 2005). Consequently, researchers started investigating the factors that determine financial system development. A group of factors that have been identified are institutional factors. Many researchers have investigated the theoretical and empirical links among historical institutional factors, current institutional factors, and financial system development (Beck and Levine, 2005). There are, however, few studies that have investigated extensively the theoretical and empirical links among institutional factors and financial system development within the African context. Africa provides an interesting context to empirically validate and refine many of the theories that have been postulated to explain the relationships among historical and current institutional factors and financial system development. This is because Africa is in the process of developing its institutions and reforming existing ones and offers an opportunity to examine the impact of institutional factors on financial system development in nascent contexts. Therefore, this dissertation investigated the following research question: To what extent are institutional factors determinants of financial system development in Africa? To answer this research question, this study empirically evaluated the effects on financial system development of historical institutional factors that have been identified by four theories: legal origins theory, disease endowment theory, religion-based theory, and ethnic fractionalisation theory. Moreover, current institutional factors identified by the law and finance theory as possible determinants of financial system development were empirically examined. Furthermore, the links among historical and current institutional factors were empirically studied. The results show that the disease endowment variables are the only historical institutional factors that explain cross-country variation in financial system development in Africa. Additionally, this study finds that the institutional enforcement quality and efficiency of the judicial system are the only current institutional factors that explain cross-country variation in financial system development in Africa. Current institutional factors such as the efficiency of the legal property system and the quality of the credit information infrastructure do not appear to have effects on financial system development. Moreover, the institutional enforcement quality seems to be one of the possible channels through which disease endowment affects financial system development in Africa. This study also reveals that there are few statistically significant links among historical and current institutional factors within the African context. To my knowledge, this is the first study to show some of these empirical links among historical institutional factors, current institutional factors, and financial system development for the African context. The main conclusion of this dissertation is that institutional factors seem not to be determinants of financial system development in Africa to a large extent. In essence, institutional factors appear to matter for financial system development in Africa, but not as much as might have been expected judging from many calls for institutional reforms from the World Bank and others. The theoretical and policy implications of the findings of this dissertation are discussed, and future areas of research are also proposed.

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13

Muadinohamba, Jeremia Lucas. "Accident compensation reform : the case of the motor vehicle accident fund of Namibia." Thesis, Stellenbosch : Stellenbosch University, 2006. http://hdl.handle.net/10019.1/49204.

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Thesis (MDF)--Stellenbosch University, 2006.
ENGLISH ABSTRACT: In Southern Africa only five countries administer a fuel levy funded motor vehicle accident compensation system. These are South Africa, Namibia, Swaziland, Botswana and Lesotho. These accident compensation systems are administered by statutory bodies established through the respective Act of Parliaments, with the exception of Lesotho, which is outsourced to a private insurance agency for administration purposes. The enabling legislation prescribes the compensation of accident victims, where the cause of accident is due to the negligent or fault of the driver or owner of the vehicle. Over the years, the administration of these Funds have proven to be a significant challenge in respect of their enabling legislations, inadequate funding levels to meet liabilities as prescribed by the respective legislation and poor public governance of the institutions. The study reviews the Namibian MVA Fund's efforts to reform the compensation scheme in the context of an overall public management reform and social policy. The study presents the historical overview of the accident compensation regime and how that has influenced the current thinking and application of compensation policy in the Southern African region. The study emphasised the quest of the Funds to become financially viable, thus being able to meet present and future liabilities as and when they accrue to the respective Funds. Thus it presents new thinking and knowledge on alternative revenue sources that could be further explored to enhance financial viability and broadening the scope of coverage of the compensations scheme.
AFRIKAANSE OPSOMMING: In Suidelike Afrika gebruik slegs vyf lande 'n stelsel vir die vergoeding van motorvoertuigongelukke wat deur 'n brandstof heffing befonds word. Hierdie lande is Suid Afrika, Namibie, Swaziland, Botswana en Lesotho. Hierdie ongeluksvergoedingstelsel word ge-administreer deur statutere liggame daargestel deur die onderskeie wetgewing van Parlemente, met uitsondering van Lesotho, wat die funksie uitgekontrakteur het aan 'n private versekeringsmaatskapy vir adminstrasie doeleindes. Die betrokke wetgewing skryf die vergoeding van ongelukslagoffers voor waar die oorsaak van die ongeluk deur die nalatigheid of fout van die bestuurder of eienaar van die voertuig is. Die administrasie van die onderskeie fondse oor die jare, het getoon dat 'n groot uitdaging gestel word aan hul magtigende wetgewing ten opsigte van die toereikendheid van fondse en swak beheer, soos voorgeskryf deur die betrokke wetgewing. Hierdie studie hersien die Motorvoertuigongeluksfonds van Namibie se strewe tot die hervorming van die vergoedingskema in die oorhoofse publieke bestuurshervorming en maatskaplike voorskrifte. Die studie verteenwoordig die historiese oorsig van die ongeluksvergoedingskema en die invloed daarvan op die huidige denkwyses en toepassing van vergoedingskemas in die Suider-Afrikaanse streke. Hierdie studie het die proses van die Fondse om finansieel lewensvatbaar te word beklemtoon, derhalwe om in staat te wees om die huidige en toekomstige finiansiele verantwoordelikheid soos en wanneer dit deur die onderskeie fondse toegeskryf word, na te kom. Gevolglik verteenwoordig dit nuwe denkwyses en kennis van altematiewe bronne van inkomste wat verder ondersoek kan word om finansiele lewensvaatbaarheid te verbeter en die voordele struktuur van hierdie vergoedingskemas te vergroot.

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14

Kuhlengisa, McIntosh M. "An evaluation of the regulation and supervision of co-operative financial institutions in South Africa." Thesis, Stellenbosch : Stellenbosch University, 2011. http://hdl.handle.net/10019.1/18200.

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Thesis (MDF)--Stellenbosch University, 2011.
Co-operative financial institutions (CFIs) as a concept has been in existence in South Africa for a number of years either as credit unions, “stokvels”, savings and credit co-operatives and/or FSC‟s. As a result, regulators have long realized the need and potential of the CFI concept, with an exemption notice promulgated in 1994 and the Co-operative Bank specific legislation in 2007, allowing institutions modeled around a common bond to take deposits within certain conditions, to ensure the safety and soundness of such institutions and to facilitate financial inclusion. The study provides an overview of the regulatory and supervisory frameworks for CFIs in South Africa, noting the roles of various regulatory stakeholders as well as the perceptions of the regulated institutions. The study finds that despite the small size relative to the overall economy, and the low penetration rates, the CFI sector in South Africa is providing financial services to marginalized communities. However, capacity is a major constraint in the development and growth of the sector. As a result, any supervisory interventions will be pointless in the absence of appropriate capacity interventions. Despite the existence of various regulators, regulatory and supervisory oversight is considered weak. There is lack of clarity on the various roles of the different regulators within the sector, raising scope for regulatory arbitrage. In addition, the role of the representative body has been called into question, with some CFIs querying its relevance. Regulations have been put in place to address some of these anomalies, and these were evaluated in the context of recommending appropriate supervisory frameworks to enhance the safety and soundness of the sector and minimize regulatory arbitrage. The recommendations are also aligned to the nature and size of such institutions within the broader national strategy of promoting access to financial services in a safe and sound manner.

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15

Velani, Chuma. "Funding and governance of cooperatives: a case study of Magwa and Majola tea estates in the Eastern Cape Province." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/14411.

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The purpose of this research study is to assess the funding and governance models utilised in the operations of cooperatives, with specific reference to Magwa and Majola Tea Estates in the Eastern Cape. Luyt (2008) observes that poverty levels in South Africa remain high, and have not been greatly reduced since 1994. There is general agreement amongst Eastern Cape communities that more than two decades after apartheid has ended, nearly half of South Africa’s population continue to live in poverty. A common understanding, is that cooperatives are geared and established to address poverty, address both social and economic development, even though they also emphasise a social focus, they are expected to be operated on sound business principles.

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16

Stott, Joan. "Preservation or exploitation? : a study of the development of the mining rights legislation on the Witwatersrand goldfields from 1886 to 2008." Thesis, Rhodes University, 2009. http://hdl.handle.net/10962/d1002723.

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Elinor Ostrom (2005: 238) assumes that in understanding the make up and behaviour of institutional systems governing natural resources: “Resource users are explicitly thought of as rational egoists who plunder local resources so as to maximise their own short-term benefits. Government officials are implicitly depicted, on the other hand, as seeking, the more general public interest, having the relevant information at hand and the capability of designing optimal policies.” This thesis examines the validity of this assumption through an historical analysis of the deep-level gold mining industry of the Witwatersrand, South Africa. The main focus of the assessment is on the institutions of ownership – that is, the development of mining rights and title legislation between 1886 and 2008. The study looks at the legislations’ transformation and implementation from the perspective of the gold mining industry – made up of the mining finance houses and the Chamber of Mines of South Africa – and that of the state. The transformation of the mining industry’s institutional framework was both a choice by government as well as that of the firms in the mining industry. The theoretical framework is constructed from four areas of economic thought. These include: the neoclassical and Keynesian schools of macroeconomic thought; industrial organisation and its relevance to the relationship between firms and the market; institutional and new institutional economics; and finally property rights. The determinants of policy design and the impact of such design on firms and industry is examined. The development, implementation and use of the aforementioned legislation is examined from two perspectives, namely, that of preserver or exploiter. Throughout the history of this prominent South African industry, the motivation for action from the industry or government has oscillated between the two extremes of preserver or exploiter over the time period examined. The conclusion is drawn on an overall and broad focus of actions – with a strong focus on the most recent developments in mining legislation – post-1992.

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Chanthavong, Somvixay. "Corporate Finance and Capital Market Development in Lao People's Democratic Republic." Kyoto University, 2020. http://hdl.handle.net/2433/253519.

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18

Sako, Alassane. "Réflexion sur le cadre juridique des marchés publics internationaux dans les stratégies de développement." Thesis, Université Côte d'Azur, 2022. http://www.theses.univ-cotedazur.fr/2022COAZ0014.

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Les marchés publics internationaux (MPI) occupent une place importante dans les flux de l'aide publique au développement. En tant que le canal d'exécution des projets de développement, ils sont un trait d'union entre les États et entités bénéficiaires des financements et les détenteurs desdits financements, qu'il s'agisse des institutions multilatérales spécialisées ou dans le cadre de relations bilatérales. Dans le même sens, ils sont au carrefour des relations entre les acteurs précités et ceux du secteur privé qui rentrent en compétition pour l'obtention de ces marchés.Notre étude vise à cerner dans sa formulation, son contenu et son orientation, le cadre juridique de cet instrument phare des stratégies de développement, tout en le questionnant par rapport aux enjeux dudit développement.Il ressort de notre analyse que la formulation et l'évolution du cadre juridique des marchés publics internationaux sont déterminées par de nombreux enjeux. Ceux-ci s'étendent au-delà du développement des pays béné-ficiaires pour embrasser les enjeux globaux du commerce international et ceux particuliers de la préservation des intérêts des parties prenantes au financement. Il s'ensuit que c'est un cadre juridique marqué par une forte empreinte des singularités du droit international économique. Il est également caractérisé par une tendance nette à l'harmonisation.Dans le cadre des marchés publics internationaux, il est notoire que l'harmonisation internationale emprunte le canal régional qui facilite l'implémentation des objectifs des acteurs internationaux tout en répondant à certaines problématiques propres aux niveaux nationaux. Dans cette perspective, les organisations d'intégration économique régionales préexistantes jouent un rôle fondamental.Le choix de l'étude du cadre juridique de l'harmonisation des marchés publics de l'UEMOA nous permet d'analyser cette tendance. L'analyse du cas singulier de la Côte d'Ivoire fait ressortir les enjeux et les challenges liés à la transposition de ce cadre juridique au niveau national. Il apparaît que même si les réformes régionales tenant compte des exigences internationales ont été largement appliquées, des défis demeurent.Enfin, dans l'optique d'un développement économico-social reflétant la vision et les enjeux propres aux pays concernés, la transposition symétrique des modèles internationaux au niveau national n'est pas toujours opportune. Ils doivent être adaptés au contexte particulier
International public procurement holds a central role in official development assistance flows. As the channel for the execution of development projects, it is a link between the States and entities benefiting from the financing and the holders of those financing, whether they are specialized multilateral institutions or within the framework of bilateral relations. In the same way, it stands at the crossroads of relations between the afore-mentioned actors and those of the private sector which compete to obtain these markets.Our study aims to identify in its formulation, its content and its orientation, the legal framework of this flagship instrument of development strategies, while questioning it in relation to the challenges of said development.Our analysis shows that the formulation and evolution of the legal framework for international public procurement are determined by many issues. These extend beyond the development of the beneficiary countries to embrace the global issues of international trade and those specific to the preservation of the interests of the stakeholders in the financing. It follows that it is a legal framework marked by a strong imprint of the singularities of international economic law. It is also characterized by a clear trend towards harmonization.In the context of international public procurement, it is notable that the international harmonization of the legal framework uses the regional channel which facilitates the implementation of the objectives of international actors while responding to certain problems specific to national levels. In this perspective, the preexisting regional economic integration organizations play a fundamental role.In order to analyze this trend, we choose to study the harmonization process of the public procurement legal framework of WAEMU. Then, the analysis of the singular case of Côte d'Ivoire highlights the issues and challenges related to the transposition of this legal framework at the national level. It appears that even if regional reforms taking into account international requirements have been widely implemented, challenges remain.Finally, with regards to an economic and social development reflecting the vision and challenges specific to the beneficiary countries, the symmetrical transposition of international models at the national level is not always appropriate. They must be adapted to the particular context

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Chetty, Roheen. "An Analysis of the Finance Growth Nexus in Nigeria." Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/33430.

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This study empirically examines the relationship between financial development and economic growth in Nigeria. It employs statistical techniques such as the Autoregressive Distributed Lag approach as well as a short and long run Granger Causality test on time series data spanning from 1960-2016. Empirical results reveal that the financial development indicators have a long run relationship with economic growth in Nigeria and the existence of unidirectional and bidirectional Granger causality was also discovered. This study recommends that policy should be geared towards promoting financial development in the country as well as encouraging more financial depth and openness – in order to foster economic growth in Nigeria.

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Letaief, Aziza. "Essais sur le processus de défaillance des entreprises en Tunisie : déterminants, recouvrements et spécificités institutionnelles." Thesis, Strasbourg, 2014. http://www.theses.fr/2014STRAB021/document.

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Cette thèse porte sur le processus de défaillance des entreprises en Tunisie. L’objectif est d’étudier le sujet d’un point de vue, à la fois, macroéconomique, microéconomique et juridique. Le travail est précédé d’une revue de la littérature axée sur les principaux intervenants dans le processus de faillite : les débiteurs, les créanciers et la législation en matière de faillite.La première partie propose une synthèse des résultats de nombreux travaux de recherche se rapportant, d’une part, aux différentes stratégies fixées par les débiteurs et les créanciers en vue de protéger leurs propres intérêts et d’autre part, à l’efficacité des procédures collectives dans la prévention des éventuelles utilisations opportunistes de la loi. Dans un second temps, la thèse traite le sujet d’un point de vue macroéconomique en cherchant à déterminer l’effet des fluctuations macroéconomiques sur le taux de défaillance en Tunisie sur la période allant de 1997 à 2010. Des variables spécifiques au cas tunisien et exprimant au mieux l’importance des secteurs de l’industrie et du tourisme dans l’économie tunisienne ont été considérées dans le modèle en plus des variables communément utilisées dans la littérature et qui ont prouvé leur rôle relativement significatif dans l’explication des taux de défaillance.La troisième partie de la thèse se concentre sur le niveau d’efficacité des procédures collectives tunisiennes dans la résolution du problème de défaut de paiement. Son efficacité est étudiée de point de vue : i) création de valeur et ce en termes de recouvrement total des créanciers à travers la maximisation de la valeur de l’entreprise défaillante, et ii) recouvrement des créanciers sécurisés. L’intérêt particulier porté sur la classe des créanciers sécurisés (notamment les banques) est justifié par l’importance du secteur bancaire dans le financement des entreprises en Tunisie et par conséquent dans le développement de l’économie tunisienne.La dernière partie de la thèse propose une analyse approfondie de la loi de faillite tunisienne dans le cadre d’une étude comparative avec 18 autres pays européens et non européens.A travers une approche « Law and Finance », dix indices juridiques ont été construits pour « mesurer » dix fonctions de Droit de faillite. Ensuite, des analyses univariée et multivariée ont été menées pour dégager les points de similarité ou de disparité entre les différentes lois de faillite
This thesis focuses on the Tunisian bankruptcy process. The objective is to treat the subject from a macroeconomic, microeconomic and legal point of view. The work is preceded by a literature review focused on the main actors in the bankruptcy process: debtors, creditors and bankruptcy law. The first part provides a summary of many research results relating on the one hand, to the different strategies set by debtors and creditors to protect their own interests and on the other hand to the effectiveness of the procedures in preventing any opportunistic uses of the law. In the second part, we seek to determine the effect of macroeconomic fluctuations on the failure rate of businesses in Tunisia over the period 1997-2010. The selected variables are those that have been frequently used in the literature and that showed their significant impact onto the rate of corporate failure. Other original variables, more specific to the Tunisian case were considered to account for the importance of industry and tourism sectors in the Tunisian economy. The third part of this thesis focuses on the efficiency of bankruptcy procedures in Tunisia, a country characterized by the importance of its banking sector. We gathered original and unique information on Tunisian firms that went bankrupt between 1995-2009. We find that the Tunisian reorganization procedures are able to generate substantial recoveries, but those are mainly captured by the preferential claims (employees and public claims). This is coherent with the authorities’ willingness to improve social protection, but this raises concerns as the Tunisian firms are mainly financed by bankers. Our analysis shows that the secured creditors are poorly protected under bankruptcy: they rank almost last in the priority order of repayment, and their recovery rate is similar to one of the unsecured creditors. We also find that the rather high level of recovery rate is mainly attributable to the reorganization procedures. We finally find that the court’s choice between reorganization and liquidation is not influenced by the structure of claims. Thus, in Tunisia, the creditors are losing hand once bankruptcy is triggered.To better understand the characteristics of Tunisian bankruptcy procedures, the last part of the thesis offers a comparative study of Tunisian bankruptcy law with 18 other European and non-European countries. Ten legal indexes were constructed through "Law and Finance" approach to "measure" ten functions of bankruptcy law.Univariate and multivariate analyzes were conducted to identify the similarity or disparity points between the various bankruptcy laws

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Silva, Ana Paula Vasconcellos da. "O ICMS ecológico como fator indutor de políticas públicas ambientais municipais no estado do Rio de Janeiro." Universidade do Estado do Rio de Janeiro, 2011. http://www.bdtd.uerj.br/tde_busca/arquivo.php?codArquivo=4632.

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O presente trabalho debate a construção do federalismo fiscal norteado pelo ideal da solidariedade, e de que forma a legislação do ICMS Ecológico fluminense pode se inserir nesse tema. Através da comparação entre legislações estaduais e da análise dos efeitos econômicos das leis do Estado do Rio de Janeiro sobre os seus Municípios, será discutido de que forma a cooperação e a competição atuam nesta forma de partilha de receita tributária, reforçando a autonomia das municipalidades para a construção de políticas ambientais próprias.
The present essay discusses the construction of fiscal federalism guided by the ideal of solidarity, and how the law of the Eco-ICMS of Rio de Janeiro State focuses the subject theme. By comparing state laws and analyzing the economic effects of the law of the State of Rio de Janeiro on its municipalities, it will discuss how cooperation and competition work in this form of sharing-in tax revenues, strengthening the autonomy of municipalities to build their own environmental policies.

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Mwangi, Perpetua Njeri. "Intellectual property rights protection of publicly financed research and development outcomes: lessons Kenya can learn from the United States of America and South Africa." Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/15213.

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This dissertation explores the protection of intellectual property rights (IPRs) as they relate to publicly financed research and development (R&D) outcomes. Kenya has the opportunity to learn from the experience of the United States of America (US) and South Africa (SA). The US enacted the Bayh-Dole Act (BDA) in 1980 while SA enacted the Intellectual Property Rights from Publicly Financed Research and Development Act (IPR-PFRD Act) in 2008. The main research question is whether Kenya ought to enact similar legislation. In addition to the main research question, there are six other secondary questions. The first and second research questions are explored in chapter two which discuss the enactment of the BDA and its impacts in the US. The dissertation uses literature to look at the legislative journey of the BDA which upon its enactment created a uniform approach towards the protection of federally funded R&D outcomes. Literature also points to the fact that years later, the BDA still invokes debates across the US and beyond. There is no consensus on the impact of the BDA. Despite the lack of a clear stand point on its exact effect, several countries have emulated the US and still continue to do so. The third and fourth research questions discussed in chapter three adopts a similar approach but focuses on SA, the first African country to emulate the BDA. The IPR-PFRD Act has been operational since 2010. The limited period of its existence means that the literature available is work in progress. Despite that, SA has had some impacts experienced so far across its leading universities in the form of; realignment of IP policies to comply with the provisions of the IPR-PFRD Act as well as discussions among researchers, innovators and the National Intellectual Property Management Office (NIPMO). There is evidence that Universities, industries and NIPMO are trying to implement the spirit as well as the letter of the IPR-PFRD Act. The fifth and sixth questions discussed in chapter four turn to Kenya. The dissertation tries to establish whether there is a demand in Kenya for legislation that regulates publicly financed R&D outcomes. It proposes that the time is not yet ripe for Kenya to have a BDA model, but that Kenya needs to first develop sustainable capacity and infrastructure to support the protection, management and ownership of IP. Chapter five concludes that Kenya can learn invaluable lessons from the US and SA when it considers regulating publicly-financed R&D outcomes.

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Pinheiro, Isabel Cristina Barbosa. "Efeitos da Regula????o Econ??mico-Financeira nas Estrat??gias de Financiamento das Operadoras de Plano De Sa??de: cooperativas m??dicas versus medicinas de grupo." FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, 2014. http://132.0.0.61:8080/tede/handle/tede/526.

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Made available in DSpace on 2015-12-03T18:35:28Z (GMT). No. of bitstreams: 1 Isabel_Cristina_Barbosa_Pinheiro.pdf: 2622902 bytes, checksum: 749431cab43b468b437e27cb0f5a0567 (MD5) Previous issue date: 2014-01-24
The Brazilian public health system is deficient and doesn't fully meet the needs of the population. As a result, the private health care market has grown in recent years, which has changed the role of the state from executive to regulator of that sector. Regulation includes tackling the economic and financial issue. Our study aimed to identify the behavior of financing strategies adopted by medical cooperatives and group medicines to meet the regulatory benchmarks of the supplementary health care sector in Brazil. The survey results show that the mandatory Guaranteeing Assets (Ativos Garantidores, AG), 1st regulatory moment, resulted in a significant increase of both the overall and the long term indebtedness indexes, which reveals the use of Third-party capital instead of Equity capital. Only the Medical Cooperatives featured increased Overall Indebtedness, which means that the Medical Cooperatives, unlike Group Medicines, are capitalized by third party funds rather than by Equity Capital. Both modalities adopted the strategy of increasing their long-term debt and reducing their short term debt (debt composition). With the introduction of the Health Guarantor Fund (Fundo Garantidor da Sa??de, FGS), 2nd regulatory moment, the Overall and Current Liquidity indexes decreased, showing that the goal of the FGS program to reduce financial guarantees and to improve working capital wasn't met. Medical Cooperatives managed to reduce their overall debt, whereas the overall debt of Group Medicines increased. We conclude that there was a balance between the Indebtedness indexes and Liquidity over the period and that operators who wish to remain in the market must comply with the rules, adapting and improving the quality of their management
A rede p??blica de sa??de no Brasil ?? prec??ria e n??o atende de forma plena ??s necessidades da popula????o. Consequentemente, o mercado privado de assist??ncia ?? sa??de tem crescido nos ??ltimos anos e com isso a fun????o do Estado vem se alterando, passando de executor para regulador deste setor de atividade. Um alvo da regula????o ?? a quest??o econ??mico-financeira. Nesse sentido, este trabalho tem como objetivo identificar o comportamento das estrat??gias de financiamento adotadas pelas cooperativas m??dicas e medicinas de grupo frente aos marcos regulat??rios do setor de sa??de suplementar no Brasil. Os resultados da pesquisa indicam que com a obrigatoriedade dos Ativos Garantidores - AG, 1?? momento regulat??rio, os ??ndices de Endividamento, tanto geral quanto de longo prazo tiveram um aumento significativo, o que indica a utiliza????o de Capital de Terceiros ao inv??s do Capital Pr??prio. Observou-se que apenas as Cooperativas M??dicas apresentaram um aumento no Endividamento Geral. Isso indicou que as Cooperativas M??dicas, diferentemente, das Medicinas de Grupo, se capitalizaram com recursos de terceiros ao inv??s do Capital Pr??prio. Notou-se que ambas as modalidades adotaram a estrat??gia de aumentar a d??vida de longo prazo e reduzir as de curto prazo (composi????o do endividamento). Com a institui????o do Fundo Garantidor da Sa??de - FGS, 2?? momento regulat??rio, os ??ndices de Liquidez Geral e Corrente diminu??ram, indicando que a proposta do programa FGS, de reduzir as garantias financeiras e melhorar o capital de giro, n??o ocorreu. Observou-se que para as Cooperativas M??dicas o endividamento geral diminuiu e em contrapartida para as Medicinas de Grupo aumentou. Contudo, conclui-se que houve um equil??brio entre os ??ndices de Endividamento e Liquidez ao longo do per??odo e que para as operadoras se manterem no mercado ter??o que atender as regras, adaptando-se e melhorando a qualidade da sua gest??o

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Zabad, Lana. "La réforme de la gestion des finances publiques dans le cadre d'une politique de développement : le cas de la Syrie." Thesis, Aix-Marseille, 2016. http://www.theses.fr/2016AIXM1011.

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La gestion des finances publiques est une composante essentielle du processus de développement. Elle soutient la stabilité fiscale et macro-économique, oriente l'allocation des ressources publiques aux priorités nationales du développement. La faiblesse des systèmes de gestion des finances publiques qui couvre toutes les phases du cycle budgétaire, notamment la préparation, l’exécution du budget et le contrôle interne et l’audit externes pouvant entraîner des pertes réels de ressources. Notre présente recherche analytique propose d’analyser la situation de la gestion des finances publiques en Syrie dans une perspective globale, en étudiant les axes majeurs de la réforme de la gestion des finances publiques entrepris en 2006 et ses impacts sur les orientations générales de développement du pays
Public financials Management is an essential component of better economic governance and development process. It supports the efficient and responsible use of public resources, ensures macroeconomic sustainability, budgetary stability and guides the allocation of resources to meet the national priorities. A weak management of Public financial systems can lead to the loss of resources. Public Financial management covers all phases of budget cycle, including budget preparation, execution, internal controls and external audits. The subject of this analytical research is to analyze with a global perspective the management situation of public financials in Syria by evaluating the main undertaken reform in 2006 of Public Financials Management and its impact on the general development guidelines of the country

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25

Senate, University of Arizona Faculty. "Faculty Senate Minutes May 6, 2013." University of Arizona Faculty Senate (Tucson, AZ), 2013. http://hdl.handle.net/10150/301423.

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Arrieta, Martínez Marta Irene. "Aspectos fiscales del mecanismo de desarrollo limpio: contexto y aplicabilidad en Europa y América Latina." Doctoral thesis, Universitat Rovira i Virgili, 2020. http://hdl.handle.net/10803/669431.

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L'objectiu principal d'investigació de la tesi doctoral és analitzar de manera integral els aspectes que configuren el mecanisme de desenvolupament net, incloent la seva regulació, règim, característiques i tributació. Així mateix, fem especial èmfasi en la tributació efectiva de les rendes associades a beneficis empresarials obtinguts que guardin relació amb activitats de projectes MDN, o amb el comerç de drets d'emissió, a Amèrica Llatina. En efecte s'examinen cada un dels sistemes fiscals dels països inclòs en la tesi detallant el tractament que s'atorguen en la seva legislació interna a les rendes obtingudes o derivades d'operacions relacionades amb MDL. A més, es defineixen els elements generals dels models de convenis de doble imposició OCDE, ONU i els beneficis empresarials en l'àmbit de l'MCOCDE.
El objetivo principal de investigación de la tesis doctoral es analizar de manera integral los aspectos que configuran el mecanismo de desarrollo limpio, incluyendo su regulación, régimen, características y tributación. Asimismo, hacemos especial énfasis en la tributación efectiva de las rentas asociadas a beneficios empresariales obtenidos que guarden relación con actividades de proyectos MDL, o con el comercio de derechos de emisión, en América Latina. En efecto se examinan cada uno de los sistemas fiscales de los países incluido en la tesis detallando el tratamiento que otorgan en su legislación interna a las rentas obtenidas o derivadas de operaciones relacionadas con MDL. Además,se definen los elementos generales de los modelos de convenios de doble imposición OCDE, ONU y los beneficios empresariales en el ámbito del MCOCDE.
The doctoral thesis research main objective is to analyse the aspects in an integral way of the clean development mechanism setup, we include its regulation, regime, characteristics and taxation. Likewise, we place special emphasis on the effective taxation of income associated with business benefits obtained that are related to CDM project activities, or the emission rights trade, in Latin America. The tax systems of the countries included in the thesis are examined, we detail the treatment they grant in their internal legislation to the income obtained or derived from operations related to CDM. In addition, we define the general elements of the OECD, UN double taxation agreement models and business benefits within the scope of the MCOCDE.

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Popattanachai, Narun. "From Financial Liberalization to Financial Integration: A Legal Theory of Finance Reinterpretation of the Asian Financial Crisis and the Implications for the Future of Thailand and South East Asia." Thesis, 2018. https://doi.org/10.7916/D8MW40KQ.

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This dissertation explores the role of law in the financial development of an emerging economic country. Its main proposition is that law plays a fundamental part in both the construction and the subsequent failure of a financial system, in addition to the function of reducing frictions and distortions in order to maintain the orderly running of the market. The dissertation illustrates the aforementioned proposition with an in-depth case study of the Asian Financial Crisis (AFC) which was initially rooted in the Thai financial sector. Aided by the analytical paradigm offered by Legal Theory of Finance, it parses the legal and institutional aspects of the rapidly developing financial markets in Thailand and her investing partners. This allows the ensuing Crisis to be seen from the previously underexplored institutional underpinning of the volatile financial cycle which characterized the region at the time. Subsequently, the dissertation employs the same intellectual framework in order to explain the post-crisis reform initiatives and their systemic implications for the regional financial architecture under the auspices of the Association of the South East Asian Nations. This dissertation cuts across a number of disciplines: law and finance, law and economic development, financial and banking regulation, international financial law, to name but a few.

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Santos, Benjamim Mílton Barreira Henrique dos. "Investigação e desenvolvimento : considerações fiscais, contabilísticas e financeiras." Master's thesis, 2019. http://hdl.handle.net/10400.14/30198.

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No texto que abaixo vertemos podem encontrar-se algumas das noções que emanam – ou são próximas – dos conceitos de investigação e desenvolvimento. A exposição de algumas noções básicas neste domínio tem como desígnio a compreensão e correto enquadramento dos preceitos normativos que lhes fazem referência. Com isto, pretende-se clarificar os objetivos das referidas normas e apresentar um possível procedimento a seguir para que as empresas possam tomar opções mais racionais e que se revelem fiscal e financeiramente mais eficientes.
In the text below, one can find the definition of some of the concepts that arise from – or are close to – research and development. With the description of some of the basic notions associated with the latter we aim to shed some light on the applicable legal framework in Portugal. With such an exercise it is our intent to clarify the purposes implied in that framework and also to present a plausible procedure that may lead to a more rational decision-making process, possibly resulting in increased efficiency, fiscally and financially-wise.

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Ngobeni, Tinyiko Lawrence. "A critical analysis of the security of foreign investments in the Southern African Development Community (SADC) region." Thesis, 2018. http://hdl.handle.net/10500/25054.

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Foreign investments in SADC are regulated by Annex 1 of the SADC Protocol on Finance and Investments (SADC FIP), as well as the laws of SADC Member States. At present, SADC faces the challenge that this regime for the regulation of foreign investments is unstable, unsatisfactory and unpredictable. Furthermore, the state of the rule of law in some SADC Member States is unsatisfactory. This negatively affects the security of foreign investments regulated by this regime. The main reasons for this state of affairs are briefly explained below. The regulatory regime for foreign investments in SADC is unstable, due to recent policy reviews and amendments of key regulatory instruments that have taken place. Major developments in this regard have been the suspension of the SADC Tribunal during 2010, the amendment of the SADC Tribunal Protocol during 2014 to bar natural and legal persons from access to the Tribunal, and the amendment of Annex 1 during 2016 to remove investor access to international investor-state arbitration, better known as investor-state dispute settlement (ISDS). The regulation of foreign investments in SADC has been unsatisfactory, among others because some SADC Member States have failed or neglected to harmonise their investment laws with both the 2006 and the 2016 Annex 1. Furthermore, SADC Member States such as Angola, Democratic Republic of Congo (DRC), Malawi, Mauritius, Seychelles, Eswatini, Tanzania, Zambia, and Zimbabwe have multiple Regional Economic Community (REC) memberships. This places these Member States in a position whereby they have conflicting interests and treaty obligations. Finally, the future of the regime for the regulation of foreign investments in SADC is unpredictable, due to regional integration efforts such as the recent formation of the COMESA-EAC-SADC Tripartite Free Zone (T-FTA) and the African Continental Free Trade Area (AfCFTA). The T-FTA is entitled to have its investment protocol, while the AfCFTA investment protocol will be negotiated from 2018 until 2020. These developments entail that the 2016 Annex 1 will soon be replaced by an investment protocol at either the T-FTA or AfCFTA levels, thereby ushering a new regime for the regulation of foreign investments in SADC. The unknown nature of the future regulations create uncertainty and instability among foreign investors and host states alike. This study analyses the regulation of foreign investments in terms of Annex 1 and selected laws of SADC Member States. In the end, it makes the three findings mentioned above. In order to address these findings, the study makes four recommendations. The first is that foreign investments in SADC must be regulated at African Union (AU) level, by means of an AfCFTA investment protocol (which incidentally is now the case). Secondly, investor-state disputes must be referred to the courts of a host state, optional ISDS, the African Court of Justice and Human Rights (ACJ&HR) or other agreed forum. Thirdly, an African Justice Scoreboard (AJS) must be established. The AJS will act as a gateway to determine whether an investor-state dispute shall be referred to the courts of a host state, ISDS, the ACJ&HR or other forums. Fourthly, the office of an African Investment Ombud (AIO) must be created. The AIO shall facilitate the early resolution of investor-state disputes, so as to reduce the number of disputes that may end-up in litigation or arbitration.
Mercantile Law
LL. D.

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30

Damarupurshad, Ashok Kumar. "Proposals for the regulation of the South African precious metals industries in the light of domestic and global developments." Thesis, 2016. http://hdl.handle.net/10539/20592.

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A thesis submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, Johannesburg, in fulfilment of the requirements for the degree of Doctor of Philosophy. Johannesburg, 2016
The Precious Metals Industry in South Africa is highly-regulated compared with other mining and trading countries in the western world which have either deregulated their precious metals industries, have only partial controls or have never seen the need to regulate gold and platinum-group metals specifically. South Africa has a specific Act of parliament, the Precious Metals Act, 2005 (a modification of Chapter 16 of the Mining Rights Act, 1967), that regulates possession, trading and manufacture of precious metals. Apart from the Russian Federation, no other country in the world regulates gold and platinum-group metals possession, trading and fabrication to the extent still done in South Africa. The requirement for such stringent controls was based on the country’s pre-eminence in the production of gold and platinum over the past fifty years, exchange controls (in the case of gold) and the contribution of gold and platinum-group metals to foreign exchange earnings and to the country’s economy as a whole. However, much has changed in South Africa, in the world and indeed in the precious metals industries domestically and globally and this work is the first attempt to discuss and analyse developments and proposals that are impacting on the regulation of the precious metals industries in South Africa. Of these, the World Gold Council’s Conflict-Free Gold Standard provides a case for industry self- regulation to complement, or substitute for government regulation in future. The hypothesis at the Proposal Stage of this study was that the precious metals industry in South Africa is over-regulated and should be deregulated. In this study, this hypothesis is explored and debated. The Resource Nationalism -motivated proposals, including Producer-Country Price for Platinum, OPEC-type trade bloc for platinum, precious metal exchange and single-channel marketing of platinum, were analysed in this study. It was concluded that these are wanting in terms of cost/benefit or problematic in terms of international agreements and trade and competition laws. iii The Precious Metals Act, 2005 itself was also critically analysed with a view to evaluating what could be regulated better or deregulated in the light of recent developments and proposals. It was found, ironically, that the old problem of illegal mining and trading needs to be brought under control before deregulation of the precious metals industry can begin. Nevertheless, in the run-up to deregulation (in an estimated 10 to 15 years), industry self-regulation, co-regulation (with industry) hallmarking, and a re-examination of how beneficiation is promoted should be considered.

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31

Djoumessi, Emilie Chanceline Kinfack. "Financial development and economic growth : a comparative study between Cameroon and South Africa." Diss., 2009. http://hdl.handle.net/10500/2746.

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The causal relationship between financial development and economic growth is a controversial issue. For developing countries, empirical studies have provided mixed result. This study seeks to empirically explore the relationship and the causal link between financial development and economic growth in two sub-Saharan African countries between 1970 and 2006. The empirical investigation is carried out using time methods and the five most commonly used indicators of financial development in the literature. However, the causal relationship was carried out using two different methods which are the autoregressive distributed lag bounds testing (ARDL) and the vector error correction model (VECM). Using this above methodology the study first found that in both countries there is a positive and long-term relationship between all the indicators of financial development and economic growth which was proxied by the real per capita GDP. With respect to the causality test, the two methods used provide mixed results especially in South Africa. In Cameroon the study found that financial development causes economic growth using the two methods, whereas in South Africa economic growth causes financial development when the VECM method is used, while there is an independence relationship between the two variables in South Africa when using ARDL.
Economics
M.Comm. (Economics)

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32

Dzikiti, Weston. "Banking sector, stock market development and economic growth in Zimbabwe : a multivariate causality framework." Diss., 2017. http://hdl.handle.net/10500/22818.

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The thesis examined the comprehensive causal relationship between the banking sector, stock market development and economic growth in a multi-variate framework using Zimbabwean time series data from 1988 to 2015. Three banking sector development proxies (total financial sector credit, banking credit to private sector and broad money M3) and three stock market development proxies (stock market capitalization, value traded and turnover ratio) were employed to estimate both long and short run relationships between banking sector, stock market and economic growth in Zimbabwe. The study employs the vector error correction model (VECM) as the main estimation technique and the autoregressive distributed lag (ARDL) approach as a robustness testing technique. Results showed that in Zimbabwe a significant causal relationship from banking sector and stock market development to economic growth exists in the long run without any feedback effects. In the short run, however, a negative yet statistically significant causal relationship runs from economic growth to banking sector and stock market development in Zimbabwe. The study further concludes that there is a unidirectional causal relationship running from stock market development to banking sector development in Zimbabwe in both short and long run periods. Nonetheless this relationship between banking sector and stock markets has been found to be more significant in the short run than in the long run. The thesis adopts the complementary view and recommends for the spontaneity implementation of monetary policies as the economy grows. Monetary authorities should thus formulate policies to promote both banks and stock markets with corresponding growth in Zimbabwe’s economy.
Business Management
M. Com. (Business Management)

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