CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Na presente dissertação se fez um resgate histórico do debate sobre a relação entre crescimento econômico e sustentabilidade ecológica; é complementado com uma análise empírica usando a hipótese da Curva de Kuznets Ambiental (CKA) para desvelar a relação entre crescimento econômico (o renda per capita) como indicadores de sustentabilidade: Emissões de CO2 (modelos tipo A), Pegada Ecológica em termos per capita (modelos tipo B), a Extração Total de Materiais (Modelos tipo C) e Poupança Liquida Ajustada (Modelos Tipo D) além da influência de outros fatores como a densidade populacional o uso de energia per capita, a abertura comercial, área de terra usada em agricultura, as emissões de metano e emissões de outros gases de efeito estufa como os subprodutos de hidroflurocarbonetos (HFC), perfluorocarbonetos (PFC) e hexafluoreto de enxofre (SF6). A análise se fez mediante séries temporais em Mínimos Quadrados Ordinários para os Países BRICS (Brasil, Rússia, Índia, China e África do Sul) com dados anuais no período de 1980 até 2011 exceto a Rússia, que pela disponibilidade dos dados a análise foi feita apenas para o período de 1992-2011.Segundo os resultados, se testou a hipótese da CAK em forma de “U invertido” apenas para Rússia e Índia nos Modelos tipo A e para Índia nos modelos tipo C. a CKA em formato de N apenas se tem evidencias para Índia nos modelos tipo B e para África do Sul nos modelos tipo D. Em todos os casos resultou que existe uma relação entre crescimento econômico e os indicadores de sustentabilidade usados nessa pesquisa; tal relação estabelece que os países estão num estágio de expansão econômica que causa pioras no meio ambiente e que acordos como o protocolo de Quito e leis ambientais não tem sido suficientes para regular o crescimento econômico orientado a um desempenho ecologicamente sustentável dos países BRICS. / In the present dissertation a historical rescue of the debate on the relation between economic growth and ecological sustainability was made; it´s Complemented with an empirical analysis using the Environmental Kuznets Curve (EKC) to unveil the relationship between economic growth (GDP per capita) and indicators of sustainability: CO2 emissions (type A models), the per capita ecological footprint (type B models), the total extraction of materials (Type C models) and the adjusted savings (Type D models), in addition, the influence of other factors such as population density, per capita energy use, trade liberalization, land area used in agriculture, methane emissions and emissions of other greenhouse gases such as byproducts of hydrofurocarbon (HFCs), perfluorocarbons (PFCs) and sulfur hexafluoride (SF6). The analysis was done using time series in Ordinary Least Squares for the BRICS Countries (Brazil, Russia, India, China and South Africa) with annual data in the period from 1980 to 2011 except for Russia which for the availability of the data the analysis was made only for the period 1992-2011. According to the results we tested the inverted U-shaped EKC only for Russia and India in Models A and for India in models type C. The N-shaped EKC only has evidence for India in type B models and for South Africa in type D models. In all cases it is concluded that there is a relationship between economic growth and the sustainability indicators used in this research; This relationship establishes that countries are in a stage of economic expansion that causes worsening in the environment and that agreements such as the Quito protocol and environmental laws have not been enough to regulate economic growth oriented to an ecologically sustainable performance of BRICS countries. / Dissertação (Mestrado)

Submitted by Luciana Ferreira (lucgeral@gmail.com) on 2018-06-12T11:09:27Z No. of bitstreams: 2 Dissertação - Cassia Neves da Silva - 2018.pdf: 2161688 bytes, checksum: e70d5a8c4b3eab21a97ddd645182a7e5 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Approved for entry into archive by Luciana Ferreira (lucgeral@gmail.com) on 2018-06-12T12:18:23Z (GMT) No. of bitstreams: 2 Dissertação - Cassia Neves da Silva - 2018.pdf: 2161688 bytes, checksum: e70d5a8c4b3eab21a97ddd645182a7e5 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-06-12T12:18:23Z (GMT). No. of bitstreams: 2 Dissertação - Cassia Neves da Silva - 2018.pdf: 2161688 bytes, checksum: e70d5a8c4b3eab21a97ddd645182a7e5 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2018-04-09 / Fundação de Amparo à Pesquisa do Estado de Goiás - FAPEG / The literature goes back to the fact that emerging markets have characteristics that are not relevant to the developed markets, among them the concentration of stocks and the cost of debt. Among emerging markets, the BRICS - Brazil, Russia, India, China and South Africa are economic powers. Therefore, this research aims to analyze whether the concentration of ownership and the cost of debt interfere in the value of the company in the BRICS in the period from 2007 to 2016, after the subprime crisis. For this purpose, publicly traded companies from these countries, financial and non-financial, were selected in the period to compose the sample, analyzed by quantile regression. In the results, China presented the lowest debt costs of the economic group. And the stock concentration does not affect the cost of debt in Brazil, but in China and Russia the lower the share concentration, the higher the cost of debt. In India only companies with Tobin's 50% lower Qs are shown to be negatively influenced. Finally, the cost of debt was relevant in companies with lower market values, proving to be irrelevant in companies with higher value. / A literatura descreve que os mercados emergentes apresentam características destoantes dos mercados desenvolvidos, dentre elas a concentração acionária e o custo de dívida. Em meio aos mercados emergentes, os BRICS – Brasil, Rússia, Índia, China e África do Sul – são potências econômicas. Portanto, esta pesquisa teve como objetivo analisar se a concentração de propriedade e o custo da dívida interferiram no valor da empresa nos BRICS no período de 2007 a 2016, após a crise do Subprime. Para tal, foram selecionadas as empresas de capital aberto desses países, financeiras e não financeiras, no referido período, para comporem a amostra, analisadas via regressão quantílica. Nos resultados, a China apresentou os menores custos de dívida do grupo econômico. Ademais, a concentração acionária não afetou o custo da dívida no Brasil, mas, na China e na Rússia,quanto menor a concentração acionária, maior o custo da dívida. Na Índia, apenas as empresas com os 50% menores Q de Tobin demonstraram serem influenciadas negativamente. Por fim, o custo da dívida foi relevante nas empresas com menores valores de mercado, provando serem irrelevantes nas empresas com maior valor.

Ce travail a pour but d’approfondir l’analyse des effets des contraintes de financement sur le commerce international, en portant une attention particulière aux pays BRICS, notamment le Brésil. Cette thèse comporte trois chapitres. Le premier chapitre évalue la vulnérabilité financière des secteurs manufacturiers brésiliens dans les années 2000, en se basant sur le travail de Rajan et Zingales (1998). Ce chapitre souligne l’importance du développement financier et des crédits publics dans l’allocation intersectorielle du capital au Brésil. Le deuxième chapitre étudie les effets des contraintes financières sur les exportations des firmes brésiliennes, dans le cadre théorique de firmes hétérogènes (Manova, 2013). Il s’agit de repenser le lien entre la taille et les performances d’exportation, en présence de contraintes financières au niveau sectoriel. Ce chapitre montre l’importance des difficultés d’accès au crédit au Brésil dans l’explication des performances d’exportation. Le troisième chapitre étudie les effets du développement financier sur les exportations vers les BRICS, avec un intérêt particulier pour les effets de la crise financière de 2008. Ce chapitre confirme l’importance du développement financier comme source d’avantage comparatif dans les secteurs dépendants de la finance externe. Cet avantage lié au développement financier perd de son importance pendant la crise. Les résultats confirment l’importance du canal financier de transmission de la crise. / This thesis aims at deepening the analysis of the effects of financial constraints on international trade performances, with a focus on the BRICS countries, notably Brazil. This thesis includes three chapters. The first chapter aims at evaluating the level of financial vulnerability of Brazilian manufacturing sectors in the 2000s, based on the work of Rajan and Zingales (1998). This chapter stresses the importance of the financial development and of public credits in causing the inter-sectoral capital misallocation. The second chapter focuses on the link between financial constraints and the performances of Brazilian exporters, in a framework of heterogeneous firms as in Manova (2013). Specifically, I revisit the link between firm size and firm exports by focusing on the financial constraints at sector-level. Findings emphasize the importance of problems of access to credit in Brazil, in explaining Brazilian firms’ export performances. The third chapter analyzes the effects of financial development in exporting countries on their exports to BRICS countries, with a focus on the recent financial crisis effects. Results confirm the role of financial development as a source of comparative advantage in sectors with high reliance on external finance. The positive effect related to financial development is lessened during the crisis. This confirms the importance of the trade finance transmission channel of the crisis.

This thesis analyses whether China tries to gain more power in the IMF staying within the current international U.S.-dominated system. The analysis focuses on China's behavior in the IMF during the reform process of the last decade. The thesis examines the ways in which China can gain more power staying in the IMF. However, current power structures make it difficult to implement changes and China might therefore use political groups such as the BRICS and their New Development Bank to exert pressure. But the intention of the BRICS is not to overthrow the system but to reform it. Using official statements and speeches delivered by Chinese, U.S. or IMF staff in the IMF as well as articles published in newspapers Chinese claims and US reactions were analyzed. The results suggest that China stays within the international system and does not try to overthrow it. Nevertheless, pressure is created through the establishment of the New Development Bank (NDB) and the Asian Infrastructure and Investment Bank (AIIB). The intention of this thesis is to give a current account of Chinese behavior in the international community, supporting the understanding of underlying dynamics. Keywords IMF, China, Reforms, BRICS, New Development Bank, Asian Infrastructure and Investment Bank, international system, challenge

Prior research on combating commercial crime has focused predominantly on the responsibilities of auditors and ex post facto forensic investigations. This dissertation aims rather to delve into the meta-theoretical philosophy of commercial crime prevention and the role that forensic accountants can play in this regard, postulating that proactive prevention of commercial crimes is a more effective approach. The BRICS countries (Brazil, Russia, India, China and South Africa) were chosen for deeper level analysis, based on their strong growth potential coupled with high levels of commercial crime. While the majority of the research centred around commercial crime prevention strategies for the BRICS countries, a secondary objective was to expand the research field associated with forensic accounting, so as to encourage research into incorporating more preventative strategies. Subsequently, from the literature review and philosophical analysis performed, this dissertation establishes that developing prevention strategies for commercial crime is a philosophical and also a feasible possibility in the BRICS countries. / MCom (Forensic Accountancy), North-West University, Potchefstroom Campus, 2014

Prior research on combating commercial crime has focused predominantly on the responsibilities of auditors and ex post facto forensic investigations. This dissertation aims rather to delve into the meta-theoretical philosophy of commercial crime prevention and the role that forensic accountants can play in this regard, postulating that proactive prevention of commercial crimes is a more effective approach. The BRICS countries (Brazil, Russia, India, China and South Africa) were chosen for deeper level analysis, based on their strong growth potential coupled with high levels of commercial crime. While the majority of the research centred around commercial crime prevention strategies for the BRICS countries, a secondary objective was to expand the research field associated with forensic accounting, so as to encourage research into incorporating more preventative strategies. Subsequently, from the literature review and philosophical analysis performed, this dissertation establishes that developing prevention strategies for commercial crime is a philosophical and also a feasible possibility in the BRICS countries. / MCom (Forensic Accountancy), North-West University, Potchefstroom Campus, 2014

The relationship between financial development and economic growth is an important issue for both developed and developing countries through which the extent of economic growth and the sophistication of the country’s financial markets are linked. The research studies the existence of a relationship between financial development and economic growth using a sample of BRICS and G-7 countries for the period of 1996 to 2013. The study objective was to conduct a comparative analysis of the relationship between financial development and economic growth within BRICS and G-7 countries. A panel data analysis was used to analyse secondary data from 5 BRICS countries (Brazil. Russia, India, China and South Africa) and G-7 countries (Canada, France, Germany, Great Britain, Italy, Japan and United States).Variables used include, economic growth, stock market capitalisation, total investment growth, interest rates and population growth. This study found that real interest rates and total investment is positively related to economic growth in both BRICS and G-7; while other variables such as stock market size, do play a significant role in explaining economic growth in both BRICS and G-7 countries and insignificant variables such as population growth. Findings of this study suggests there are no major difference between developed and developing countries with regards to their financial development and economic growth. This study may assist BRICS and G-7 countries to improve their economic growth structure and financial development systems over time.

The relationship between financial development and economic growth is an important issue for both developed and developing countries through which the extent of economic growth and the sophistication of the country’s financial markets are linked. The research studies the existence of a relationship between financial development and economic growth using a sample of BRICS and G-7 countries for the period of 1996 to 2013. The study objective was to conduct a comparative analysis of the relationship between financial development and economic growth within BRICS and G-7 countries. A panel data analysis was used to analyse secondary data from 5 BRICS countries (Brazil. Russia, India, China and South Africa) and G-7 countries (Canada, France, Germany, Great Britain, Italy, Japan and United States).Variables used include, economic growth, stock market capitalisation, total investment growth, interest rates and population growth. This study found that real interest rates and total investment is positively related to economic growth in both BRICS and G-7; while other variables such as stock market size, do play a significant role in explaining economic growth in both BRICS and G-7 countries and insignificant variables such as population growth. Findings of this study suggests there are no major difference between developed and developing countries with regards to their financial development and economic growth. This study may assist BRICS and G-7 countries to improve their economic growth structure and financial development systems over time.

This thesis is based on three empirical essays in financial development and economic growth. The first essay, investigated in the third chapter, the effect of financial development on economic growth in the context of Saudi Arabia, an oil-rich economy. In doing so, the study distinguishes between the effects of financial development on the oil and non-oil sectors of the economy. The Autoregressive Distributed Lag (ARDL) bounds test methodology is applied to yearly data over the period 1968 to 2010. The finding of this study is that financial development has a positive impact on the growth of the non-oil sector. In contrast, its impact on the oil-sector growth and total GDP growth is either negative or insignificant. This suggests that the relationship between financial development and growth may be fundamentally different in resource-dominated economies. The second essay revisited, in the fourth chapter, the relationship between financial development and economic growth in a panel of 52 middle-income countries over the 1980-2008 period. Using pooled mean group estimations in a dynamic heterogeneous panel setting, we show that there is an inverted U-shaped relationship between finance and growth in the long-run. In the short run, the relationship is insignificant. This suggests that too much finance can exert a negative influence on growth in middle-income countries. The finding of a non-monotonic effect of financial development on growth is confirmed by estimating a dynamic panel threshold model. The third essay empirically explores cross-country evidence of the effects of financial development shocks on economic growth. It employs a Global Vector Autoregressive (GVAR) model, which allows us to capture the dynamics of this relationship in a multi-country setting, and connects countries through bilateral international trade. Given the progressive role that Brazil, Russia, India, China and South Africa (BRICS) play in the world economic arena, this essay focuses on whether financial development in one BRICS member state affects economic growth in the other BRICS. To this end, the study finds empirical evidence that credit to the private sector has a positive spillover effect on growth in some of the BRICS countries. However, the results imply that the current level of financial integration among the BRICS countries is still not mature enough to spur economic growth for all the BRICS members.

A thesis submitted to the Wits School of Social Science, Faculty of Humanities, University of the Witwatersrand in fulfillment of the requirements for the degree of Doctor of Philosophy Johannesburg 2015 / The literature on International Relations purports that the proliferation of strategic partnership, particularly at the minilateral level, is explained with reference to the inherent characteristics of this latest archetype of international alignment. Although it is generally accepted that it is the inherent characteristics of strategic partnership that make it an effective diplomatic and political tool through which states can strategically position themselves in a shifting global arena, this assumption has yet to be validated. The aim of this research study is to elucidate the extent to which, and how, strategic partnership at the minilateral level impacts upon the global strategic position(ing) (GSP) of its member states. Combining universal comparison in case study methodology with constructivist perspectives, South Africa’s dual membership of the India-Brazil-South Africa (IBSA) Dialogue Forum and the Brazil-Russia-India- China-South Africa (BRICS) Forum are used to test the hypothesis that strategic partnership at the minilateral level enhances the GSP of its member states. The considerable overlap in membership of IBSA and BRICS yields two related research questions addressed in this study; what it is that India, Brazil and South Africa are better suited to achieve through IBSA without China and Russia; and what it is that China and Russia (the two BRICS members not in IBSA) bring to the table. The findings of this research study reveal that membership of IBSA and of BRICS has made a positive impact upon South Africa’s GSP according to the three strengths by which GSP is measured. However, the impact of IBSA on South Africa’s GSP is limited and largely confined to the diplomatic arena, while in the case of BRICS the impact is more significant and cuts across the diplomatic, political, economic and social spheres. As part of these findings, the particular issue-areas in which IBSA and BRICS respectively make a discernible impact upon South Africa’s GSP are identified. These findings show that IBSA and BRICS are better suited to dealing with different issue areas, which enables the two forums to be considered sui generis entities on separate but parallel tracks. Further than this, the findings provide valuable insight into South Africa’s strategic approach to international politics in the 21st Century; in particular how South Africa seeks to leverage its soft power in the international system through the intensification of its network power. More significantly, though, at the theoretical level these findings show that strategic partnership at the minilateral level is not by itself sufficient to strengthen the GSP of its member states. Instead, the extent to which a strategic partnership has an impact upon a member state’s GSP is determined by the particular composition of that minilateral alignment; that is to which particular states are (minimally) essential to achieving a particular identified mutually desired outcome. Thus, a smarter more targeted approach to minilateral alignments may well rest not only in a “magic number” but, more crucially, in their composition.