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This dissertation studies the relationship between China¡¦s socio-culture and its financial system from the perspective of economic sociology. After denouncing the Marx-Lenin-Mao Ideology Deng Xiaoping adopted the ¡§Reform and Open Door¡¨ policy with an emphasis on the economic development as the supreme objective. As a result, the Chinese economy has grown at a speed faster than ever. Chinese are wealthier year after year and the social structure is much changed. The people are differentiated in its social classification. The richer middle class is consequently emerged and its proportion among population is increasing. Numerous labor-class and peasant are getting relatively poorer. Currently the Hu-Wen regime considers the domestic stability the first goal and the foreign exchange rate is not adjusted upward as much as expected. My research shows that the China¡¦s financial system and the policy-decision making obliviously are shaped by the influence of the China¡¦s socio-culture. In order to create the value of social justice, the function of People¡¦s Bank (the Central Bank) of China and four other specialized banks such as Chinese Construction Bank are thoroughly separated. Hu Jintao emphasized his governance ¡§for the people¡¨ to create ¡§social harmony¡¨ as his administration motto. This is a policy change in priority from efficiency only, to equity as well: a reflection from one extreme towards the middle-of-the-road in accordance with Confucianism. Key words: social culture, financial system, well-off society, society harmony

A literatura empírica tem dado atenção crescente `a ideia de que a origem legal de um país explica diferenças de desenvolvimento financeiro entre íses. Resultados empíricos sugerem que países que têm suas leis comerciais e cooperativas baseadas na tradição legal britânica, lei comum, teriam mercados de capitais e financeiro em geral mais desenvolvidos do que países que têm suas leis ancoradas na tradição legal francesa, ou seja, lei civil. Uma diferença clara entre as duas tradições seria o peso da jurisprudência, ou seja, o quanto decisões passadas servem de base para as decisões presentes. Essencialmente, a tradição britânica se caracteriza por dar grande, ou total, peso para a jurisprudência no julgamento de um caso. Já a tradição civil tem como característica tomar uma decisão com base em um código e não na jurisprudência. Dada esta diferença vamos propor um modelo em que a jurisprudência desempenha papel fundamental para aumentar o nível de empréstimo disponível. Como vamos obervar neste estudo, na presença de jurisprudência o juiz leva em conta o efeito que sua decisão tem sobre o futuro, o que estimula um maior grau de proteção para credores, contribuindo para o desenvolvimento do mercado de empréstimos. Quanto maior o custo de o juiz tomar uma decisão diferente da que foi tomada no passado, maior será o volume de crédito da economia e a taxa de juros de equilíbrio. Adicionalmente, quanto maior a ênfase dada ao componente de jurisprudência em detrimento do peso dado `a uma dada recomendação legal, maior o volume de crédito / The empirical literature has given increasing attention to the idea that the country\'s legal origin explains differences in financial development. Empirical results suggests that countries with commercial and cooperative laws based in the common law tradition, would have financial and capital markets generally more developed than countries that have their laws anchored in the civil law. The main difference between the two traditions is the role of jurisprudence, in other words, as past decisions form the basis to present decisions. Essentially, the British tradition is characterized by emphasize the jurisprudence in a trial. On the other hand, a civil tradition is characterized by a decision based on a code. We propose a model where jurisprudence plays a key role in increasing the amount of loan available. The results suggests that considering jurisprudence the judge takes into account the effect that his decision has on future decisions, which implies in a greater degree of protection for lenders, contributing to the market loans development. The higher the cost for the judge to take a different decision from that taken in the past, greater the amount of credit in the economy and the equilibrium interest rate. Additionally, greater emphasis on the jurisprudence instead of a code, the greater is the volume of credit.

A última década foi singular para o mercado de bancário brasileiro devido às diversas melhorias institucionais que se refletiram em uma forte expansão do crédito. Compreender quais foram os canais dessa expansão e o quanto impactaram o mercado tem sido uma questão recorrente na literatura econômica sobre o Brasil. Nesse trabalho investigamos em que medida um modelo de poupança precaucionária, com crescimento da renda e com agentes heterogêneos é capaz de replicar dados municipais agregados. Para tanto, olhamos os totais municipais de crédito/poupança e renda e estimamos parâmetros do modelo a partir de um estimador de momentos. Como resultado, encontramos que, além da incerteza sobre a renda, as principais variáveis para se compreender a expansão do crédito no Brasil foram, em ordem de importância, o aumento do acesso ao crédito e o afrouxamento da restrição de crédito. Além disso, em concordância a uma extensa literatura sobre as relações entre consumo e poupança, encontramos que o motivo precaucionário também se destaca como principal motivo para se poupar no Brasil, na medida em que a incerteza sobre a renda é o parâmetro que destacadamente influencia o estoque de poupança. Encontramos também que um modelo com taxas de juros distintas para poupança e crédito se ajusta melhor à realidade brasileira do que um modelo com uma única taxa. / The last decade was unique to the Brazilian banking market due to several institutional improvements that were reflected in a strong expansion of credit. Understand what were the channels of this expansion and how they impacted the market has been a recurring issue in the economic literature about Brazil. In this paper we investigate to what extent a model of precautionary savings, with income growth and heterogeneous agents are able to replicate aggregated municipal data. For this we look at the total municipal credit/savings and income and estimate model parameters from an estimator of moments. As a result, we find that in addition to uncertainty about income, the key variables to understand the expansion of credit in Brazil were, in order of importance, increasing access to credit and the loosening of credit restrictions. Furthermore, in accordance to an extensive literature on the relationship between consumption and savings, we find that the precautionary motive also stands as the main reason to save in Brazil, to the extent that uncertainty about income is the parameter that influences prominently stock of savings. We also found that a model with different interest rates for savings and loan adjusts better to the Brazilian reality than a model with a single rate.

Small juristical companies financial system The main purpose of this project was to analyze financial activity of chosen small company and to create the appropriate software tool. Using it, data would be centralized, and well protected. This system works in the Local Area Network. Also here is compared the functionality of various financial systems, which are adjusted to small companies. There are three types of users in the system – director, accountant and workers. The modeled activities are: • Director – has ability to edit information about company, it’s members, and also to insert/edit/delete all the information in the database and of course print reports. • Accountant – has ability to manage everything in this program. • Workers – have ability to view data in the database. The modern CASE tool “Rational Rose 2003” was used to design, create and analyze necessary diagrams. PHP and HTML programming languages were chosen to implement this system.

A literatura empírica tem dado atenção crescente `a ideia de que a origem legal de um país explica diferenças de desenvolvimento financeiro entre íses. Resultados empíricos sugerem que países que têm suas leis comerciais e cooperativas baseadas na tradição legal britânica, lei comum, teriam mercados de capitais e financeiro em geral mais desenvolvidos do que países que têm suas leis ancoradas na tradição legal francesa, ou seja, lei civil. Uma diferença clara entre as duas tradições seria o peso da jurisprudência, ou seja, o quanto decisões passadas servem de base para as decisões presentes. Essencialmente, a tradição britânica se caracteriza por dar grande, ou total, peso para a jurisprudência no julgamento de um caso. Já a tradição civil tem como característica tomar uma decisão com base em um código e não na jurisprudência. Dada esta diferença vamos propor um modelo em que a jurisprudência desempenha papel fundamental para aumentar o nível de empréstimo disponível. Como vamos obervar neste estudo, na presença de jurisprudência o juiz leva em conta o efeito que sua decisão tem sobre o futuro, o que estimula um maior grau de proteção para credores, contribuindo para o desenvolvimento do mercado de empréstimos. Quanto maior o custo de o juiz tomar uma decisão diferente da que foi tomada no passado, maior será o volume de crédito da economia e a taxa de juros de equilíbrio. Adicionalmente, quanto maior a ênfase dada ao componente de jurisprudência em detrimento do peso dado `a uma dada recomendação legal, maior o volume de crédito / The empirical literature has given increasing attention to the idea that the country\'s legal origin explains differences in financial development. Empirical results suggests that countries with commercial and cooperative laws based in the common law tradition, would have financial and capital markets generally more developed than countries that have their laws anchored in the civil law. The main difference between the two traditions is the role of jurisprudence, in other words, as past decisions form the basis to present decisions. Essentially, the British tradition is characterized by emphasize the jurisprudence in a trial. On the other hand, a civil tradition is characterized by a decision based on a code. We propose a model where jurisprudence plays a key role in increasing the amount of loan available. The results suggests that considering jurisprudence the judge takes into account the effect that his decision has on future decisions, which implies in a greater degree of protection for lenders, contributing to the market loans development. The higher the cost for the judge to take a different decision from that taken in the past, greater the amount of credit in the economy and the equilibrium interest rate. Additionally, greater emphasis on the jurisprudence instead of a code, the greater is the volume of credit.

A última década foi singular para o mercado de bancário brasileiro devido às diversas melhorias institucionais que se refletiram em uma forte expansão do crédito. Compreender quais foram os canais dessa expansão e o quanto impactaram o mercado tem sido uma questão recorrente na literatura econômica sobre o Brasil. Nesse trabalho investigamos em que medida um modelo de poupança precaucionária, com crescimento da renda e com agentes heterogêneos é capaz de replicar dados municipais agregados. Para tanto, olhamos os totais municipais de crédito/poupança e renda e estimamos parâmetros do modelo a partir de um estimador de momentos. Como resultado, encontramos que, além da incerteza sobre a renda, as principais variáveis para se compreender a expansão do crédito no Brasil foram, em ordem de importância, o aumento do acesso ao crédito e o afrouxamento da restrição de crédito. Além disso, em concordância a uma extensa literatura sobre as relações entre consumo e poupança, encontramos que o motivo precaucionário também se destaca como principal motivo para se poupar no Brasil, na medida em que a incerteza sobre a renda é o parâmetro que destacadamente influencia o estoque de poupança. Encontramos também que um modelo com taxas de juros distintas para poupança e crédito se ajusta melhor à realidade brasileira do que um modelo com uma única taxa. / The last decade was unique to the Brazilian banking market due to several institutional improvements that were reflected in a strong expansion of credit. Understand what were the channels of this expansion and how they impacted the market has been a recurring issue in the economic literature about Brazil. In this paper we investigate to what extent a model of precautionary savings, with income growth and heterogeneous agents are able to replicate aggregated municipal data. For this we look at the total municipal credit/savings and income and estimate model parameters from an estimator of moments. As a result, we find that in addition to uncertainty about income, the key variables to understand the expansion of credit in Brazil were, in order of importance, increasing access to credit and the loosening of credit restrictions. Furthermore, in accordance to an extensive literature on the relationship between consumption and savings, we find that the precautionary motive also stands as the main reason to save in Brazil, to the extent that uncertainty about income is the parameter that influences prominently stock of savings. We also found that a model with different interest rates for savings and loan adjusts better to the Brazilian reality than a model with a single rate.

Abstract The purpose of this dissertation is to investigate the valuation of intangible assets in different financial environments. Value relevance of intangible investments has been largely recognized by indicating their close relatedness on future operating performance and valuation of firms. The financial environment of the country (market- or bank-based) is also found to be an important determinant of the economic performance of the firm. This thesis combines these two important issues by examining how a country's financial system affect the firm's investments and valuation of intangible assets. The study consists of four essays and an introductory section. Essay I investigates the firm's investments in human capital in different legal- and financial environments. The results of this study indicate that human capital asset constitutes an essential part of the market value of firms in all our sample countries. The results also suggest that firms make investments in human capital to increase their innovation capabilities and to improve their future benefits. Essay II investigates the firm's investments in R&D capital in different financial systems. The common result concerning both financial system is that the estimated R&D capital constitutes a great part of the firm's unrecorded goodwill. The main finding of the study is that the effects of the firm's past profitability and growth on its estimated R&D capital are stronger in bank-based than market-based financial systems. This result emphasizes the role of bank-based financing over market-based financing in the efficiency of resource allocation to R&D investments. Essay III investigates the stock market's response to the firm's R&D investments in different financial systems by taking account of lead-lag structure between the firm's R&D investments and its market value. The main result of the study is that the stock markets' response to current R&D investments varies between different financial systems with regards to the point in time against which the stock market response is examined. This study suggests that information disclosure policies, level of stock-market expectations and attitude towards risk are the most important potential factors that explain the valuation differences of R&D between market- and bank-based financial systems. Essay IV investigates the effect's of a country's financial system on current R&D investments and the future profitability of the firm. The main results of this study can be summarized as follows: the firm's current R&D investments are more strongly associated with the level of future firm profitability in bank-based than market-based financial system whereas current R&D investments are more strongly associated with the uncertainty of future firm profitability in market-based than bank-based financial system. The findings of this study suggest that differences in the valuation of R&D between market-based and bank-based financial systems mainly depends on the information asymmetry between the firm and its investors.

In this paper, we analyse the relation between financial system and financial crises. Our goal is to find how, on the one hand, changes in the financial system affect the prospects for financial crises and, on the other hand, how the occurrence of financial crises shape the core elements of the financial system. We start by defining the financial crisis from three different perspectives. After it, we present the comprehensive history of financial crises that will allow us to continue by drawing some common patterns that are universal. Universal patterns in crises give us the ground for contemplating on some universal policy responses where we again follow different approaches. Taking into account the specifics of modern times and using the young and promising economy based on the blockchain, we are asking the question is this time different?. Analysis of initial development steps in the digital, trustless world gives us the basis for drawing parallels with the reality and the history. Our results suggest that there are many similarities throughout history and between the real and digital world. Instead of providing an exact answer on the question is this time different we conclude that there is a present strong feeling of Deja vu.

This thesis propose unconventional look upon gold in actual finantial system. This system, where currency is just paper money base solely on the belief use money users, finds itself on the edge of sustainibility. The thesis examine development of gold and explains its undeniable importance in ages of crisis, thus the contemporary one. First part engage in history of gold. It illuminates how gold represent natural barier against autoritative maniplation and control of kings and later governments and central banks. Second part talks about last decade and development of the price of gold and its causes, relationships and interconnection of the whole system, including actual happenings, development and strategies. Last part examines existing investment possibilities in field of paper money and gold. It is concluded by a deeper analysis of chosen investments.