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1
Cunha, Raphael C. "Financial Globalization & Democracy: Foreign Capital, Domestic Capital, and Political Uncertainty in the Emerging World." The Ohio State University, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=osu149434486657801.
Повний текст джерела
2
Троян, Марія Юріївна, Мария Юрьевна Троян, Mariia Yuriivna Troian, and Т. А. Передерій. "Regulation international financial markets in the conditions of globalization." Thesis, Сумський державний університет, 2020. https://essuir.sumdu.edu.ua/handle/123456789/82840.
Повний текст джерелаАнотація:
Розкриваються питання регулювання міжнародних фінансових ринків в умовах глобалізаціїРаскрываются вопросы регулирования международных финансовых рынков в условиях глобализации
Reveals the issues of regulation of international financial markets in the context of globalization
3
Ramarimbahoaka, Dimbinirina. "Growth optimal portfolios and real world pricing." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/2209.
Повний текст джерелаАнотація:
Thesis (MSc (Mathematics))--Stellenbosch University, 2008.In the Benchmark Approach to Finance, it has been shown that by taking the Growth Optimal Portfolio as numéraire, a candidate for a pricing derivatives formula under the real world probability can be given. This result allows us to price in an incomplete financial market model. The result comes from two different approaches. In the first approach we use the supermartingale property of portfolios in units of the benchmark portfolio which leads to the fact that an equivalent measure is not needed. In the second approach the numéraire property of the Growth Optimal Portfolio is used. The numéraire portfolio defines an equivalent martingale measure and by change of measure using the Radon-Nikodým derivative, a real world pricing formula is derived which is the same as the one given by the first approach stated above.
4
Konderla, Michal. "Ocenění společnosti NEW WORLD Resoursces N.V." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-10624.
Повний текст джерелаАнотація:
The goal of the thesis is to find out the value of the company New World Resources N. V. to date 31st of December 2008. In the beginning of the thesis is itroduced company profile, then is this thesis divided into four parts. In the introduction of each part are shortly characterized essential theoretical aspects, which are then used in practical application. The result of strategic analysis is prediction of sales. In the financial analysis there is interpreted financial health of the society. In the third part are estimated generators of values and then is arranged the financial plan, which is basis for the final valuation. Market value of the company is determinated by income approach, especially by the method of DCF Entity. This thesis includes also methods of market comparison.
5
Оніщенко, В. В. "Державні банки на фінансовому ринку: узагальнення світового досвіду та вітчизняні реалії". Thesis, Українська академія банківської справи Національного банку України, 2011. http://essuir.sumdu.edu.ua/handle/123456789/62285.
Повний текст джерелаАнотація:
Зважаючи на зростаючий вплив іноземного капіталу та можливі
негативні наслідки такої експансії, фінансовий сектор держави втрачає свою
безпеку та незалежність. На нашу думку, одним з дієвих способів боротьби з
такою ситуацією є зростання частки державних банків на ринку банківських
послуг, які в такому випадку мають виступати гарантами стабільності в
банківській системі, представниками уряду та підтримувати урядові
програми, які часто є низькоприбутковими, а тому непривабливими для
іноземного капіталу.
6
Barnor, Joel A. "An analysis of the money market linkages between South Africa and selected major world economies." Thesis, Rhodes University, 2009. http://hdl.handle.net/10962/d1002690.
Повний текст джерелаАнотація:
Globalisation and financial liberalisation has increased the linkages across countries in recent times. The existence of money market links has important implications for both domestic monetary policy and for investment decisions. This study examines the linkages between South Africa’s money market and selected major international money markets. The objectives of the study are firstly to examine the links between the repo rate of South Africa and the central bank rates of the EU, Japan, UK and US. Secondly, is to compare the influence of domestic and foreign monetary policy decisions on South Africa’s money market. The third objective is to examine the long run relationship between the South African money market and the money markets of its major trading partners. Three estimation techniques are used to examine the different links. Principal components analysis, four tests of cointegration, and stationarity tests of the spreads/risk premium between South Africa’s interest rates and the interest rates of the other countries. All three techniques show that there is no long-run link between South Africa’s central bank rates and the central bank rates of the other countries. This shows that the repo rate does not depend on movements in other central bank rates. Domestic money market interest rates respond strongly to changes in the repo rate whilst showing no dependence on central bank rates of the other countries. This confirms the autonomy of the South African Reserve Bank in carrying out policy objectives. When the risk premium is accounted for under the third technique, evidence of integration is found. This indicates that the risk premium plays a crucial part in the level of integration between South Africa and the countries included in the study.
7
Mumba, Mabvuto. "Analysis of volatility spillover effects between the South African, regional and world equity markets." Thesis, Rhodes University, 2011. http://hdl.handle.net/10962/d1002691.
Повний текст джерелаАнотація:
The current study examines the extent and magnitude by which global and regional shocks are transmitted to the volatility of returns in the stock markets of South Africa, Egypt, Nigeria, Botswana, Mauritius and Egypt. This is done so as to make inferences on the level of the domestic market‟s integration into the regional and world capital markets. By applying multivariate and univariate GARCH models, using weekly data from June 1995 to May 2010, the main empirical findings are threefold. Firstly, the volatility analytical framework finds statistically significant and time-varying volatility spillover effects from the regional and global markets to the South African market. Global shocks are generally stronger and account for up to 23.9 percent of the volatility of South Africa‟s equity market compared to weaker regional factors which account for less than 1 percent of domestic variance. Only in countries with strong bilateral trade and economic links with South Africa, such as Botswana and Namibia, is it found that regional factors are more dominant than global factors for domestic volatility. Compared to the other African markets, the joint influence of foreign shocks on domestic volatility is highest in South Africa and Egypt, two of Africa‟s largest and most developed markets. The results further demonstrate that for all the African markets the explanatory power of both regional and global factors for domestic volatility is not constant over time and tends to increase during turbulent market periods. Secondly, the analysis of the determinants of South frica‟s second moment linkages with the global market suggests that the volatility of the exchange rate plays a cardinal role in influencing the magnitude by which global shocks affect domestic volatility. The increased global integration in the second moments cannot be attributed to either increased trade integration, convergence in inflation rates or to convergence in interest rates between South Africa and the global markets. Lastly, tests were conducted to examine whether there have been contagion effects from the regional and global markets to South Africa from the 1997 Asian crisis and the 2007/8 global financial crisis. The results show no evidence of contagion during either the East Asian currency crisis or the recent global financial crisis to South Africa, while some African markets, such as Egypt, Mauritius and Botswana, exhibit contagion effects from either crisis. Overall, the empirical findings generally support the view that African markets are segmented both at the regional and global levels as domestic volatility is more influenced by local idiosyncratic shocks (the proportion not attributable to either global and regional factors). However, the volatility of South Africa, and to a lesser extent Egypt, remains relatively more open to global influence. This implies that the potential for gains from international portfolio diversification and the scope for success of policies aimed at the stabilisation of equity markets in these markets exist.
8
Посохов, Ігор Михайлович, та В. С. Золенко. "Роль фінансової глобалізації у розвитку світового фінансового ринку". Thesis, Фенікс, 2019. http://repository.kpi.kharkov.ua/handle/KhPI-Press/45170.
Повний текст джерелаАнотація:
Розглянуто сутність, особливості, форми, напрями та основні рушійні сили фінансової глобалізації, динаміку зовнішнього державного та гарантованого державою боргу України. Виокремлено недоліки фінансової глобалізації.The essence, features, forms, directions and main driving forces of financial globalization, dynamics of external state and guaranteed by the state of Ukraine's debt are considered. The disadvantages of financial globalization are highlighted.
9
Waldenström, Daniel. "Essays in historical finance." Doctoral thesis, Handelshögskolan i Stockholm, Institutionen för Nationalekonomi, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-562.
Повний текст джерелаАнотація:
This dissertation concentrates on the interplay between politics and financial markets using various empirical tools applied on historical financial statistics. The first essay examines the effect of stock transaction taxation on trading activity and asset prices, specifically focusing on the case of early 20th century Sweden. The main finding is that the tax substantially reduced trading as well as the level of asset prices. In the second essay, modern ex post historical writing is contrasted with the ex ante views of contemporaries which are estimated from historical price data. The specific case study is the events around World War II related to the Nordic countries and Germany. The comparisons point out considerable differences between the assessments of historical events in the ex post and ex ante approaches. The third essay is an empirical study of price controls on asset price movements and how these controls affect asset returns. The study finds that the controls have large significant effects which even may influence estimates of the long-run equity premium. Altogether, this raises concerns about the use of century-long series of asset returns without correcting for the impact of institutional variation and market constraints. Finally, the fourth essay examines the growth effects of international financial liberalization and integration using a large country- industry sample from the 1980s. The main result is that industries highly dependent on external financing do not experience higher value added growth in countries with liberalized financial markets. Liberalization does, however, increase the growth rates of both output and firm creation among externally dependent industries. These results are consistent both with increased competition and increased outsourcing.Diss. (sammanfattning) Stockholm : Handelshögskolan, 2003
10
Buckberg, Elaine Karen. "Developing countries in world financial markets : studies of emerging stock markets, direct investment, and debt." Thesis, Massachusetts Institute of Technology, 1993. http://hdl.handle.net/1721.1/12600.
Повний текст джерела
11
McVea, Harold. "Insider dealing and the Chinese wall : a legal, economic, and policy analysis." Thesis, Heriot-Watt University, 1990. http://hdl.handle.net/10399/902.
Повний текст джерелаАнотація:
Insider dealing has been in the public eye for many years now. The impact of Big Bang and the growth of financial conglomerates has, however, propelled the practice to the very forefront of regulatory concern. Regulators are faced with a dilemma: financial conglomerates bring with them many economic benefits, but they also accentuate the problem of insider dealing, in that the greater availability of inside information within these open ended financial houses, increases the scope for its misuse. Regulators must ensure that the regulation imposed does not overly impede the benefits to be gained from conglomeration; yet they must ensure that regulation is sufficiently stringent to provide a fair market place. The Chinese Wall - a self-styled mechanism consisting of policies procedures designed to stop the flow of inside information within financial conglomerates - is singled out for special treatment. The legal and policy problems associated with the use of the mechansim are reviewed. These revolve around two main issues: (i) Is the Wall an effective policy device to rebut allegations of insider dealing in a financial conglomerate where Arm A is dealing in shares in Company X while arm B has information pertaining to Company X. (ii) If the Chinese Wall actually works, does the operation of the mechanism give rise to breach of fiduciary obligations ie. to what extent does the operation of the Chinese Wall in conglomerates modify traditional fiduciary law. The conclusion reached is that the Chinese Wall offers regulators the best solution to the problem of conflicts of interest and obligation in fully fledged financial conglomerates. The Wall must, however, be 'strengthened' to prevent, for example, a coroprate fiduciary dealing for its own account where another department within the conglomerate has a material interest in the transaction. At common law, the courts ought to, and probably would, accept this approach. However in an action brought under the SIB rulebook, and the rulebooks made thereunder, it would seem that the courts are bound to accept a Wall per se (ie. without being strengthened) as valid. To the extent that this differs from what ought to be the position at common law, the SIB rulebook should be modified. A tentative import of economic analysis is used to complement the largely legal analysis. In this way it is hoped to gain a better grasp of the policy issues under study.
12
Pořt, Václav. "Současné trendy ve světovém a českém pojišťovnictví." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-11630.
Повний текст джерелаАнотація:
The thesis deals with present trends in the world and the Czech insurance. This dissertation identifies the biggest problems further highlights the current changes in the market and at the end estimate future development, which would be the insurance market in next years to develop.
13
Gursel, Gokce. "Inluence Of World Oil And Copper Prices On Turkish Precious Metals And Financial Markets." Thesis, METU, 2011. http://etd.lib.metu.edu.tr/upload/12613494/index.pdf.
Повний текст джерелаАнотація:
In this thesis the relationship between Brent oil prices, LME copper prices, Turkish gold and silver spot prices, XU100 index, interest rate and exchange rate is examined. Their long run Granger causality relationship is investigated by looking at Wald statistics. The short run relationship between them is examined by using generalized impulse responses. The data range is from January 2, 2002 to February 24, 2011. Due to the oil crisis in 2008, we divide the data into three periods: January 2, 2002 to December 31 as first period, 2007, from January 1, 2008 to December 31 as second period, 2008 and January 1, 2009 and February 24, 2011 as third period. We conduct each test separately for these periods but in third period we use Toda-Yamamoto procedure since maximum order of integration is 1.
14
Zolotukhin, S. "Fractal analysis of world capital markets in the context of the global financial crisis." Thesis, Ukrainian Academy of Banking of the National Bank of Ukraine, 2009. http://essuir.sumdu.edu.ua/handle/123456789/61281.
Повний текст джерелаАнотація:
The modern financial theory and methodology of researches develops
extremely fast rates, but paradigms, models and principles which it offers in scope
of modern scientific analysis, not always precisely and authentically describe the
sophisticated complex processes. Therefore it is especially actual for the modern
scientist – theorist or practicing one – resolving an imperative problem of
optimization and transformation of existing directions of researches for more exact
and deep researches concerning the dynamic processes in the world financial
markets.
15
Kruszewska, Anna. "The futur of Luxembourg economy in world environment. Analysis based on formal description of international financial markets and real flows." Thesis, Lyon, École normale supérieure, 2011. http://www.theses.fr/2011ENSL0670.
Повний текст джерелаАнотація:
Le Luxembourg est le 3ème exportateur mondial de services financiers. Il figure parmi les pays qui accueillent le plus d’investissements directs en provenance de l’étranger, ce qui indique l’intensité de ses liens avec l’économie mondiale. Le but de ce travail est d’analyser l’influence éventuelle d’une économie mondiale caractérisée par l’interdépendance des marchés réels et financiers sur l’économie Luxembourgeoise. Chapitre 1 présente une analyse des interactions de l’économie Luxembourgeoise avec le monde extérieur. Le chapitre suivant est consacré à la revue de la littérature portant sur la modélisation de l’intermédiation financière au niveau macroéconomique, couvrant plusieurs types d’approches de modélisations. Enfin, le troisième chapitre comporte un modèle macroéconométrique multi-pays construit et analysé afin de simuler les scénarios plausibles. Le modèle y est présenté avec ses fondements théoriques, les résultats des simulations et une comparaison avec d’autres modèles. La nouveauté du modèle réside dans sa prise en compte du commerce international désagrégé en services financiers et autres, et des investissements internationaux en portefeuille avec leurs flux de titres et de capitaux, ainsi que de leur impact sur la croissance économique. Les résultats des simulations montrent que ce cadre d’analyse donne parfois des résultats différents par rapport aux modèles standards. Nombre de scénarios qui ne peuvent être simulés par d’autres modèles, tels que la baisse des flux internationaux d’investissements de portefeuille, sont également analysés et confirment la forte vulnérabilité du Luxembourg aux chocs externes qui ont lieu sur les marchés financiersLuxembourg is world’s third financial services exporter and one of world’s top recipients of foreign direct investment in value as well as per capita terms, which highlight its strong linkages with world economy. The objective of this dissertation is to analyze possible outcomes for the very small and very open economy of Luxembourg in a world environment, where real and financial markets affect each other. To better understand the characteristics of the economy and economic mechanisms behind them, a thorough analysis with emphasis put on the interactions with the outside world based on available data and relevant literature is presented (Chapter 1). Subsequently a survey of literature devoted to modeling financial intermediation at macroeconomic level across various types of modeling approaches is offered (Chapter 2). Finally, a multi-country macroeconometric model built to simulate possible scenarios is presented and analyzed (Chapter 3) with its theoretical background, simulations’ results and comparison with other models. The model is novel in that it accounts for international trade disaggregated into financial services and the rest, and international portfolio investment in securities and equity flows, that have a significant impact on the country’s economic growth. Simulations’ results show that such a framework generates sometimes markedly different results than more standard models. A number of scenarios which cannot be simulated in other models, such as American stock market fall or a decrease in international portfolio flows, are also analyzed and confirm the high vulnerability of Luxembourg economy to external shocks originating in financial markets
16
Gintzburger, Anne-Sophie. "Qui dit le droit ? Etude comparée des systèmes d'autorité dans l'industrie des services financiers islamiques. Une analyse comparée des modes d'autorité en finance islamique en Asie du Sud-est, au sein des pays arabes du Conseil de Coopération du Golfe, en Asie du Sud." Thesis, Lyon, École normale supérieure, 2013. http://www.theses.fr/2013ENSL0823.
Повний текст джерелаАнотація:
Les trois monothéismes conçoivent un Dieu créateur et ordonnateur du monde, révélé dans l’histoire, garant de toute justice et de tout équilibre, et déterminant l’autorité et les systèmes d’autorités. La théologie a informé le droit et les lois, l’économie et l’éthique des personnes et des États. L’islam, loin d’être homogénéisé dans ses approches économiques, financières et réglementaires, révèle par le biais d’un exemple concret, par l’industrie des services financiers islamiques, les différentes facettes de ce qu’est l’autorité dans un contexte musulman, international et en pleine évolution. Prenant en compte la dynamique des questions sectaires, géographiques et interprétatives, la thèse analyse cette force déterminante que sont les « autorités » en finance islamique. Ces dernières semblent déterminer la finance islamique dans ses formes les plus tangibles, en structurant des produits financiers islamiques. L’analyse comporte d’abord une approche théorique, ensuite une étude comparée des facteurs qui déterminent les décisions prises lors de la structuration de produits financiers islamiques. Ces structures sont en effet fondées sur des contrats financiers conformes aux principes de la sharia. Leur approbation par des membres de conseils de la sharia est-elle déterminée par une autorité régionale, par des autorités internationales ou par des autorités de régulation ? Ces autorités sont-elles conventionnelles ou religieuses ? Afin de bien évaluer la problématique non seulement de l’autorité en tant que telle mais aussi de l’équilibre complexe entre les différentes autorités, nous développons une analyse comparée du système de structuration des produits financiers islamiques par les autorités concernées, en fonction des zones géographiques, au moyen d’un échantillon de 121 membres de conseils de la sharia couvrant l’approbation de produits financiers islamiques au sein de 243 institutions financières islamiques sur 35 paysThe three monotheistic religions refer to a God who is the all-powerful creator of all that exists, revealed throughout history, guarantor of justice and fairness, who is the ultimate moral authority. Theology advises some of the laws, economics and ethics of individuals and of states. Islam is not homogeneous in its economic, financial and regulatory approaches. However, through the financial services industry, it reveals in a tangible manner various facets of authority across Muslim contexts. These include contexts that are international and highly dynamic. Taking into account the delicate balance between sectarian, geographic and interpretive facets, the thesis analyses the determining forces that we refer to as authorities in Islamic finance. These contribute to the Islamic finance industry in its most tangible form in the structuring of Islamic financial products. Analysis is carried out initially theoretically. It is followed by a comparative study of factors affecting decisions pertaining to the structuring of Islamic financial products. These structures are based on financial contracts that conform to the principles of the Sharia. Is approval by Sharia board members fashioned by a regional authority, by international authorities, or by regulatory authorities? Are these authorities conventional or religious? We address the question as it pertains to the dynamics between various types of authority. We develop a comparative analysis of the approach taken in structuring Islamic financial products, according to geographical areas related to a sample of 121 Sharia board members covering Islamic financial products for 243 Islamic financial institutions in 35 countries
17
Waldenström, Daniel. "Essays in historical finance /." Stockholm : Economic Research Institute, Stockholm School of Economics (Ekonomiska forskningsinstitutet vid Handelshögsk.) (EFI), 2003. http://www.hhs.se/efi/summary/620.htm.
Повний текст джерела
18
Dumitrescu, Andrei, and Antti Tuovila. "The relationship between carry trade currencies and equity markets, during the 2003-2012 time period." Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-73213.
Повний текст джерелаАнотація:
One of the most popular investment and trading strategies over the last decade, has been the currency carry trade, which allows traders and investors to buy high-yielding currencies in the Foreign Exchange spot market by borrowing, low or zero interest rate currencies in the form of pairs, such as the Australian Dollar/Japanese Yen (AUD/JPY), with the purpose of investing the proceeds afterwards into fixed-income securities.To be able to determine the causality between the returns of equity markets and the foreign exchange market, we choose to observe the sensitivity and influence of two equity indexes on several pairs involved in carry trading. The reason for studying these relationships is to further explain the causes of the uncovered interest parity puzzle, thus adding our contribution to the academic field through this thesis.To accomplish our goals, data was gathered for daily quotes of 16 different currency pairs, grouped by interest differentials, and two equity indexes, the S&P 500 and FTSE All-World, along with data for the VIX volatility index, for the 2003-2012 period. The data was collected from Thomson Reuters Datastream and the selected ten year span was divided into three different periods. This was done in order to discover the differences on how equity indexes relate to typical carry trade currency pairs, depending on market developments before, during and after the world financial crisis.The tests conducted on the collected data measured the correlations, influences and sensitivity for the 16 different currency pairs with the S&P 500 Index, the FTSE All-World index, and the volatility index between the years of 2003-2012. For influences and sensitivity, we performed Maximum Likelihood (ML) regressions with Generalized Autoregressive Conditional Heteroscedasticity (GARCH) [1,1], in Eviews software.After analyzing the results, we found that, during our chosen time period, the majority of currency pair daily returns are positively correlated with the equity indexes and that the FX pairs show greater correlation with the FTSE All-World, than with the S&P 500. Factors such as the interest rate of a currency and the choice of funding currency played an important role in the foreign exchange markets, during the ten year time span, for every yield group of FX pairs.Regarding the influence and sensitivity between currency pairs and the S&P 500 with its VIX index, we found that our models explanatory power seems to be stronger when the interest rate differential between the currency pairs is smaller. Our regression analysis also uncovered that the characteristics of an individual currency can show noticeable effects for the relationship between its pair and the two indexes.
19
Schneider, Gustavo. "Word-of-mouth negativo e o mercado financeiro : repercussões no desempenho das ações no curto e no longo prazo." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2015. http://hdl.handle.net/10183/127194.
Повний текст джерелаАнотація:
Seguindo as linhas de pesquisa que visam relacionar o impacto do relacionamento com os clientes aos resultados financeiros da empresa, o presente estudo procura avaliar o impacto do word-of-mouth (WOM) negativo no retorno da ação da empresa. O comportamento de falar mal da empresa por parte dos consumidores insatisfeitos pode destruir o valor dos market-based assets (customer equity e brand equity), comprometendo o desempenho das ações da companhia. Considerando a literatura existente, esta pesquisa busca identificar o impacto do WOM negativo no desempenho das ações das empresas no curto e no longo prazo. O primeiro estudo replica o modelo de Luo (2007) para identificar o impacto do WOM negativo nos retornos de curto prazo da ação das empresas. O segundo estudo busca verificar o impacto de longo prazo a partir da comparação do desempenho de portfólios compostos por ações de empresas em relação ao seu nível de reclamações. Os resultados do primeiro estudo convergiram em certa medida com os resultados apresentados por Luo (2007) para o setor bancário, apontando para um impacto negativo das reclamações no retorno da ação, mas foram mistos quando as empresas foram avaliadas individualmente. O segundo estudo demonstrou que o portfólio composto por ações de empresas menos reclamadas teve um retorno acumulado superior ao portfólio composto pelas ações mais reclamadas, além de apresentar um risco inferior ao risco de mercado. As implicações e limitações do estudo são discutidas e são sugeridas pesquisas futuras a partir deste estudo.Following previous research that seek to integrate customer relationship impact to firm value, the present study focus to assess the impact of negative word-of-mouth (WOM) on stock returns. Dissatisfied customers that spread negative WOM about the company can ruin market-based assets (customer equity and brand equity) and hurt its performance. Based on present literature, this research seeks to identify the impact of negative WOM on stocks’ short and long term performances. The first study replicates Luo’s (2007) model to identify the short term impact of negative WOM on stock performance. The second aims to identify the long term impact of negative WOM by comparing the performance of portfolios created based on companies level of complaints. The first study accomplished to partially replicate the results found by Luo (2007) for banking industry, finding a negative impact of negative WOM on firm stock returns, although it found mixed results when the impact was assessed for each company individually. The second study demonstrates that a portfolio with less complained companies has a superior performance over a portfolio with more complained companies, while presenting a risk below market’s level. The results implications and limitations are discussed and further studies suggestions are made.
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Kinuthia, Wanyee. "“Accumulation by Dispossession” by the Global Extractive Industry: The Case of Canada." Thèse, Université d'Ottawa / University of Ottawa, 2013. http://hdl.handle.net/10393/30170.
Повний текст джерелаАнотація:
This thesis draws on David Harvey’s concept of “accumulation by dispossession” and an international political economy (IPE) approach centred on the institutional arrangements and power structures that privilege certain actors and values, in order to critique current capitalist practices of primitive accumulation by the global corporate extractive industry. The thesis examines how accumulation by dispossession by the global extractive industry is facilitated by the “free entry” or “free mining” principle. It does so by focusing on Canada as a leader in the global extractive industry and the spread of this country’s mining laws to other countries – in other words, the transnationalisation of norms in the global extractive industry – so as to maintain a consistent and familiar operating environment for Canadian extractive companies. The transnationalisation of norms is further promoted by key international institutions such as the World Bank, which is also the world’s largest development lender and also plays a key role in shaping the regulations that govern natural resource extraction. The thesis briefly investigates some Canadian examples of resource extraction projects, in order to demonstrate the weaknesses of Canadian mining laws, particularly the lack of protection of landowners’ rights under the free entry system and the subsequent need for “free, prior and informed consent” (FPIC). The thesis also considers some of the challenges to the adoption and implementation of the right to FPIC. These challenges include embedded institutional structures like the free entry mining system, international political economy (IPE) as shaped by international institutions and powerful corporations, as well as concerns regarding ‘local’ power structures or the legitimacy of representatives of communities affected by extractive projects. The thesis concludes that in order for Canada to be truly recognized as a leader in the global extractive industry, it must establish legal norms domestically to ensure that Canadian mining companies and residents can be held accountable when there is evidence of environmental and/or human rights violations associated with the activities of Canadian mining companies abroad. The thesis also concludes that Canada needs to address underlying structural issues such as the free entry mining system and implement FPIC, in order to curb “accumulation by dispossession” by the extractive industry, both domestically and abroad.
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Ramalho, Miguel Filipe. "The impact of Trump's tariff announcements on the world financial markets." Master's thesis, 2020. http://hdl.handle.net/10071/21791.
Повний текст джерелаАнотація:
Early in 2017, Donald Trump has one of the most unexpected elections for United States
(US) president in history. Since November 2017, President Trump has ruthlessly targeted the
economic relationship between the European Union (EU) and China. Consequently, during
2018, 2019 and early 2020, President Trump conducted a series of announcements threatening
the EU and China with tariffs and protectionism measures. Following, many scholars studied
the macroeconomic impact. However, a clear view of the impact on the main world financial
stock markets was lacking. On this study, we measure the total impact caused by all tariff
announcements per trade war in the main world financial markets. Using an event study
methodology, and assuming the implied overall Cumulative Abnormal Return within the
Cumulative Average Abnormal Return, we estimate the total impact in five different scopes:
World, North America, South America, Europe and Asia.
Results revealed that on both trade wars, as expected, the Asian, European, and North
American Indices present significant results for almost all analysed indices. However, on the
South American scope, only one index shows statistically significant results.No início de 2017, Donald Trump obteve uma das eleições mais inesperadas para presidente dos Estados Unidos da America (EUA) da história. Desde novembro de 2017, Trump tem como alvo implacável o relacionamento económico entre a União Europeia (UE) e a China. Consequentemente, durante 2018, 2019 e o início de 2020, o presidente fez uma série de anúncios ameaçando a UE e a China com tarifas e medidas protecionistas. Em seguida, diversos artigos estudaram o impacto macroeconômico, no entanto, faltou uma visão clara do impacto sobre os principais mercados financeiros mundiais de ações. Neste artigo, é medido o impacto total causado por todos os anúncios de tarifas durante as guerras comerciais nos principais mercados financeiros mundiais. Usando a metodologia de estudo de eventos e assumindo o Retorno Cumulativo Anormal geral implícito no Retorno Cumulativo Médio Anormal, estimamos o impacto total em cinco diferentes contextos: Mundo, América do Norte, América do Sul, Europa e Ásia. Os resultados revelaram que nas duas guerras comerciais, como esperado, os índices asiáticos, europeus e norte-americanos apresentam resultados significativos para quase todos os índices analisados. Porém, no âmbito sul-americano, apenas um índice apresenta resultados estatisticamente significativos.
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Monteiro, André Acácio Silva. "China's impact on the world economy." Master's thesis, 2020. http://hdl.handle.net/10071/22142.
Повний текст джерелаАнотація:
The research developed in this dissertation historically analyses the degree of interdependence between
the main global financial markets and the way in which they were affected by the various global crises
from 1990 to 2019. It also presents the historical analysis of some of the main financial and
macroeconomic indicators, contributing to in this way so that conclusions can be drawn regarding the
performance of the markets and the trends that have occurred more recently.
For this purpose, graphical analyses are developed that allow the visualization of the evolution of the
main indicators, as well as analyses of multiple linear regressions in SPSS in order to verify the relevance
and quantitative impact of the independent variables in the dependent variables. China assumes a
distinctive role in this thesis, since it is the main country on which the analysis falls.
It is concluded that there is a high correlation between all the financial markets under analysis. The
Chinese market is a market that exhibits exponential growth, particularly with regard to the consumer
market.
With excellent performance indicators that point out that it is a country rich in opportunities for all
companies that intend to be their exporters and/or investors in the domestic market, it is a market that
stands out from the rest in analysis due to the business opportunities it represents.A investigação desenvolvida nesta dissertação analisa historicamente o grau de interdependência entre os principais mercados financeiros mundiais e a forma como os mesmos foram afetados pelas diversas crises mundiais desde 1990 até 2019. Apresenta ainda a análise histórica de alguns dos principais indicadores financeiros e macroeconómicos, contribuindo a mesma desta forma para que se possam tirar conclusões relativamente à performance dos mercados e às tendências que se têm verificado mais recentemente. Para o efeito, são desenvolvidas análises gráficas que permitem a visualização da evolução dos principais indicadores, bem como análises de regressões lineares múltiplas em SPSS de forma a permitir verificar a relevância e impacto quantitativo das variáveis independentes nas variáveis dependentes. A China assume um papel distintivo nesta tese, uma vez ser o principal país sobre o qual recai a análise. Conclui-se que existe uma correlação elevada entre todos os mercados financeiros em análise. O mercado Chinês é um mercado que apresenta um crescimento exponencial, nomeadamente no que toca ao mercado consumista. Com excelentes indicadores de performance que apontam para que seja um país rico em oportunidades para todas as empresas que se pretendam assumir como suas exportadoras e ou investidoras no mercado interno, é um mercado que se destaca dos restantes em análise pelas oportunidades de negócio que representa.
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Almeida, João Luís Prazeres Pascoal Freire de. "Would the world be a more credible place if the Public-Private Partnerships contracts were quoted in financial markets?" Master's thesis, 2015. http://hdl.handle.net/10400.14/19966.
Повний текст джерелаАнотація:
This dissertation studies the possibility of overcoming the lack of transparency and
economic misuses of Public Private Partnerships (PPPs) through financing the contracts
directly with publicly traded instruments in the financial markets. Publicly traded
instruments require particular conditions that would increase the transparency and
credibility of the use of PPPs, representing a possible and real sustainable choice for public
investment in infrastructure construction or any type of facilities for public interest
purposes. This thesis documents, argues and sustains this novel approach, by reviewing
the literature and looking at existing instruments that can possibly be used for this
purpose. This paper also gathers an extensive sample of Portuguese and further European
PPP projects, measuring the different levels of private engagement and possible listing
requirements. It is concluded that financing PPPs with debt instruments, like project
bonds, is a plausible and real way to combine PPPs with quoted financial securities.
According to the data, it is also verifiable that in countries with more stable conditions in
public finances, the private side on the PPP contract tends to be more transparent than in
the countries struggling with their public finances.Esta dissertação estuda a possibilidade de ultrapassar a falta de transparência e a má utilização económica de Parcerias Público-Privadas (PPPs) através do financiamento dos contractos através de instrumentos transaccionados nos mercados financeiros. Estes instrumentos requerem condições particulares que irão aumentar a transparência e credibilidade da utilização de PPPs, representando uma possível escolha sustentável para o investimento público na construção de infra-estruturas ou outro tipo de projecto em que haja interesse público. A tese documenta, discute e sustenta esta abordagem, revendo a literatura existente e analisando os instrumentos actuais que podem ser usados para este propósito. Este trabalho reúne também uma base de dados de PPPs Portuguesas e, numa fase posterior, de vários projectos Europeus, medindo os diferentes níveis de envolvimento dos parceiros privados e os seus requisitos para uma possível entrada e começo de transacção em bolsa. É possível concluir que financiar PPPs com instrumentos de dívida, como obrigações, é uma maneira plausível e real de combinar PPPs com instrumentos cotados em bolsa. É também visível, pelos dados, que em países com condições mais estáveis do ponto de vista das suas finanças públicas, o lado privado dos contractos de PPPs tende a ser mais transparente do que em países com dificuldades nas suas finanças públicas.
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Alves, Andreia Sofia Ventura. "Brexit." Master's thesis, 2019. http://hdl.handle.net/10362/94331.
Повний текст джерелаАнотація:
The triggering of the Article 50 of the Treaty on European Union, on March of 2017, officialised the withdrawal of the United Kingdom from the European Union and formalized it before the rest of the world. After that and given the current interdependence and interconnection among the world's economies, Brexit represents another economic shock, with a global contagion effect, extending it beyond British borders. This document is intended to clarify the likely impact of the exit of the United Kingdom from the European Union in the Financial Markets Regulation and Supervision sector, taking into account the "special status" that the country has inside the common bloc and the particular characteristics that make the city the main financial center of Europe. The complexity of the subject and the slowness of the negotiation process have contributed to the successive postponements of the effective date of Brexit so that uncertainty still has a significant expression in the political discussion. Without exhausting the possible options for negotiating the exit agreement, three scenarios are presented which can be part of the final agreement along with the inevitable costs and potential benefits associated. As a result, none of the raw options - being part of the European Economic Area, negotiating a Free Trade Agreement with the EU or being subject to World Trade Organization laws - guarantee the same level of access to the single market as the one that the United Kingdom currently enjoys, nor even restores its full regulatory and economic sovereignty. The Brexit may have been the result of an old desire for the recovery of political independence, but perhaps it was only pointed as a momentary impetus that was miscalculated, since the result of a new referendum would be the opposite.A invocação do artigo 50.º do Tratado da União Europeia, em março de 2017, tornou oficial a decisão de saída do Reino Unido da União Europeia e formalizou-a perante o resto do Mundo. Depois disso e, dada a atual interdependência e interconexão verificada entre as economias do mundo, o Brexit vem representar mais um choque económico, com um efeito de contágio a nível global, proliferando-se e expandindo-se para lá das fronteiras britânicas. O objetivo da presente dissertação é analisar o provável impacto da saída do Reino Unido da União Europeia, no setor da Regulação e Supervisão dos Mercados Financeiros, considerando o “estatuto especial” que o país detém no bloco comum e as características particulares que tornam a cidade de Londres o principal centro financeiro da Europa. A complexidade do tema e a morosidade do processo de negociação têm contribuído para os sucessivos adiamentos da efetiva data do Brexit, pelo que a incerteza sobre a saída do Reino Unido e os moldes em que a mesma ocorrerá ainda têm uma expressão significativa na discussão política. Não pretendendo esgotar as opções possíveis para a negociação do acordo de saída, esta dissertação apresenta e explora três cenários que podem ser parte do acordo final, analisando os inevitáveis custos e potenciais benefícios a eles associados. Resulta que, nenhuma das opções, em bruto, - fazer parte do Espaço Económico Europeu, negociar um Acordo de Livre Comércio com a UE ou ficar subordinado às leis da Organização Mundial do Comércio – garante o mesmo nível de acesso ao mercado único de que o Reino Unido usufrui atualmente ou lhe devolve a total soberania regulatória e económica. O Brexit pode ter sido fruto de um velho desejo de restauração da independência política, mas talvez se tenha apenas consagrado num impulso momentâneo mal calculado, já que atualmente, o resultado de um novo referendo seria o oposto.