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One of the most important conclusions derived from the monetary approach to the balance of payments concerns the inability of a country operating under a fixed exchange rate regime to maintain an autonomous internal monetary policy at variance with that of the rest of the world. In the approach taken here, the domination of a small country by the monetary policy of a large trading partner (representing the world, i.e. with an economy likely to be unaffected by any action of its small partner yet strongly influencing that country's income) is examined for thirty-six country pairs. Transmission was measured by evaluating a linear autoregressive ordinary least squares model which identified the relationship, if any, of current changes in the rate of growth of money in the small country to past changes in money growth rates in the larger country. The monetary approach is strongly confirmed in the fifteen country pairs showing the longest periods of fixed currency values between the two. In addition, for those instances in which the monetary policy of the small country showed no relationship to that of the larger country, conditions that would potentially validate the monetary model were identified. / Master of Arts

The study was designed to examine the causal relationship between the Venezuelan inflation and the monetarist variables--money supply--and the structuralist variables-- exchange rate and balance of payments. The data (1964-1982) was gathered from the International Financial Statistic Yearbook, 1983 and the Statistical Yearbook, 1974, 1982. Chapter I is an introduction to the research problem. Chapter II does a review of the related literature. Chapter III deals with the methods and procedures for treating the data. Chapter IV presents an statistical analysis of the data. And, Chapter V contains a summary of the study and its findings, conclusions and recommendations. The study only found a significant relationship between inflation and the monetarist variables money supply and GNP, though supporting the monetarist theory. A similar investigation is suggested, but selecting a longer time period, other.variables, and more refined methodologies and analysis.

The work deals with the structure of the balance of payments, including its compensation process. It also includes an analysis of this statement in the Czech Republic. Given the importance of foreign direct investment in today's economy, which is based on the international division of labor, the work also focuses on the role of FDI in the country.

This thesis deals with global imbalances in the world economy. Chapter one focuses on balance of payments theory, savings and investment. It also specifies global imbalances and presents the most important periods of their development. Chapter two analyses main causes of global imbalances and discusses the relationship between imbalances and current economic crisis. Chapter three describes current development of global imbalances, anticipated development in future and analyses possible solutions at national and international level.

Orientador: Antonio Carlos Macedo e Silva / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-12-17T12:09:27Z (GMT). No. of bitstreams: 1 Mazzi_CaioTorres_M.pdf: 2544919 bytes, checksum: 35405220fb3c10b12a04d8fcbe0628ba (MD5) Previous issue date: 2013 / Resumo: Este trabalho busca integrar dois importantes ramos da literatura pós-keynesiana: a chamada abordagem stock-flow consistent (SFC), cujas origens estão em trabalhos como Godley e Cripps (1983) e Godley (1997), entre outros; e a teoria do crescimento restrito pelo balanço de pagamentos (BPC), inaugurada no modelo seminal de Thirlwall (1979). Após uma breve revisão bibliográfica de ambas as literaturas, são construídas um modelo stock-flow consistent com crescimento e restrição externa. Utiliza-se o modelo para simular diferentes tipos de fluxos internacionais de capitais, que demonstram ter efeitos bastante distintos sobre a economia local / Abstract: The aim of this dissertation is the integration of two important branches of the Post Keynesian literature: the so called stock-flow consistent (SFC) approach, with origins that can be found in Godley and Cripps (1983) and Godley (1997), among others; and the theory of balance of payments constrained growth (BPC), initiated in the seminal model of Thirlwall (1979). After a brief review of both literatures, a stock-flow consistent model with growth and a balance of payments constraint is developed. The model is used to simulate international capital flows of various kinds, which demonstrate to have very different effects on the local economy / Mestrado / Ciências Economicas / Mestre em Ciências Econômicas

The first and second chapter sum up the most relevant parts of the generally accepted theory of external economic balance and the theory of exchange rates. The way of Czech Republic and entrance of Slovak republic to EMU is described in theird chapter. Fourth part anlyzes and compares development of the CZK and SKK (EUR). The final chapter compares the development of the shapes of the Czech and Slovak external economic balance.

China is the largest import partner of the United States. At the same time, China is the majority holder of U.S. Treasury securities. Moreover, both of these characteristics of the U.S.-China economic relations have become deeper over the last decade. The Chinese government gives its exporters a competitive advantage over American goods by undervaluing the exchange rate. This requires holding of foreign currency in reserve assets, or investing of foreign currency by buying dollar assets -- especially U.S. Treasury securities. One is supported by another and between both countries there is an increase of interdependence which is not based solely on the market principles. As the international trade and financial flows are affected by government's behavior -- both Chinese and American -- the economic interdependence creates certain risks. These risks can be reduced by fiscal discipline of the U.S. government together with the liberalization of the U.S.-China international trade.

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This thesis presents estimates of capital flight from Ukraine in the period 1994 to 2017. We use the World Bank Residual method to calculate capital flight as a residual difference between sources and uses of funds in the economy. Our findings show that pre-2014, capital flight amounted to 7.5 billion USD on average. On the contrary, in 2014 our method reports unrecorded capital inflow of 10.7 billion USD, which took place in times of economic recession and military conflict in the east of Ukraine. We analyze the factors that might have caused reverse capital flight, and consider that increase in remittance flows, growth of the black currency market and new niches in the underground economy might have had an effect on unrecorded capital inflows. Finally, we study the components of the World Bank Residual method, and suggest that capital flight might have taken forms that the method doesn't encompass. Therefore, we underline the importance of accounting for gaps in the method by adding trade misinvoicing estimates to capital flight volumes. Keywords Ukraine, Capital Flight, World Bank Residual Method, Balance of Payments, Shadow Economy Range of thesis: 89 886 Characters