No começo da década de 1990, os produtores rurais encontravam-se endividados e não teriam conseguido pagar seus financiamentos se não tivesse havido a renegociação desses débitos, denominada securitização de dívidas rurais. O Banco do Brasil sofreu impactos negativos nos seus resultados ocasionados pela inadimplência dos produtores, principalmente por ser a instituição mais importante em termos de crédito rural. Após um longo processo de negociações, foi aprovada a Lei n. 9.138, de 1995, que deu início ao processo de securitização das dívidas. A partir da interpretação das leis sobre a securitização e da análise dos dados contidos no relatório de informação do Banco do Brasil, fez-se uma análise detalhada sobre o comportamento econômico-financeiro dessa instituição e constatou-se que a securitização foi essencial para o Banco reverter seus prejuízos em lucros. / At the beginning of the 1990s, rural producers were indebted and would not have been able to pay their financing if there had not been the renegotiation of those loans, called securitization of rural debts. The Bank of Brazil suffered negative impacts on its balance sheet caused by the default of the producers, mainly for being the most important institution in terms of rural credit. After a long negotiation process, the 9,138 Law of 1995 was approved, initiating the process of securitization of debts. Based on the interpretation of the laws about securitization and on the analysis of the data from the information report of the Bank of Brazil, a detailed analysis was made on the economic and financial behavior of that institution and it was concluded that the securitization was essential for the bank to reverse its losses into profits.

O trabalho apresenta um processo de classificação de risco dos Certificados de Recebíveis Imobiliários (CRIs), quanto à expectativa de perda presente na carteira de créditos imobiliários, objeto de securitização. O texto, primeiramente, descreve o andamento das operações de securitização no Brasil e no mundo, além de aspectos particulares dessas operações. Em seguida, com maior ênfase, são descritas as principais etapas do processo de rating praticado pelas instituições classificadoras, assim como também, são identificados e analisados os riscos presentes nos CRIs. Riscos estes de origem mercadológica, macroeconômica, legal, e também, associados aos atributos dos créditos que compõem a carteira. Vale destacar, que o processo de classificação proposto tem como foco o investidor que compra o título, aplicando-se ainda, apenas aos CRIs lastreados em créditos imobiliários residenciais. Quanto ao processo de classificação em si, este envolve a simulação do fluxo de caixa da operação; a arbitragem de fronteiras de flutuação do comportamento das variáveis de risco manipuladas no cenário de referência; a geração randômica de uma amostra de laboratório, seguida da análise estatística do nível de perda presente na mesma e; enquadramento do resultado da análise estatística em uma matriz classificatória para obtenção da nota de risco dos CRIs. Portanto, ao fim do trabalho terão sido apresentados procedimentos que se entendem como válidos à análise da perda potencial de carteiras de créditos imobiliários residenciais, além de recomendações e orientações quanto a sua real aplicabilidade no mercado brasileiro. / The work presents a classification process of risk of Mortgage-Backed Securities (MBS) in relation to the loss expectation in the housing loans portfolio that is object of securitization. Firstly, it is described how the operations of securitization are accomplished in Brazil and in the world, and beyond it is showed particular aspects of these operations. After that, it is emphasized the main stages of the risk classification process carried out by rating agencies, as well as are identified and analyzed the risks in the MBS. Those risks arise from areas as marketing, macroeconomics, legal origins, and also they are associated with the credits attributes that comprise the portfolio. It is important to consider that the risk classification process focus on the investor who purchases the stock quotes and it is applied only to the MBS collateralized in housing loans. How much to the process of classification in itself, this involves the simulation of the cash flow of the securitization operation for certain expected scene; the arbitration of borders of fluctuation for each variable of risk manipulated in the reference scene; use of laboratory sample, generated by the random method, for analysis statistics of the level of present loss in the same and; framing of the result of the analysis statistics in a matrix of classification to obtain the note of risk of the MBS. As main conclusions, some procedures are presented that enable the analysis of the portfolio potential loss of residential home loans, beyond recommendations and orientations in regard to its real applicability in the Brazilian market.

As Kingsley Davis stated, ‘the study of population offers one of the unique and indispensable approaches to an understanding of world affairs’ (Davis 1954, p.vii). In the discipline of International Relations, valuable security and political implications have been yielded by examining how population growth constitutes violent conflicts in traditional security studies (e.g. Choucri 1974; North and Choucri 1971). Non-traditional security (NTS) also develops its own problem-solving approach, e.g. human security, to solve demographic-related issues encountered by humankind such as famine and unemployment (UNDP 1994). Despite both traditional and NTS studies having established their material approaches, the ideational relationship between security and population dynamics has yet to be studied in detail. Specifically, this dissertation examines how ideational relationship is/can be established by ‘securitising’ population dynamics, i.e. how to rhetorically make population dynamics a security threat. The thesis adopted a combined analytical framework of the Copenhagen School and the Paris School in the case of the People’s Republic of China (PRC) to identify how the ideational relationship between security and population dynamics was established. It first adopts the securitisation framework to examine how the PRC rhetorically constructed population growth as a security threat and introduced its emergency measure, i.e. the one-child policy. The dissertation then reveals the politics of the prolonged securitisation by evaluating the one-child policy as a technique for governmentality of unease and demonstrates how this constitutes the shift from securitising population growth to population decline. This dissertation argues that population dynamics can be constructed as (the cause of) numerous security threats through a successful securitisation. With the case of the PRC, the thesis demonstrates the de facto politicisation of population growth before the late 70s, and how the de jure securitisation was adopted in a Communist manner to legitimise the world’s strictest population policy, i.e. the one-child policy, as its emergency measure to solve various existential threats posed by population dynamics. In addition, the study of politics of securitisation in the case of the PRC further unfolds the struggles of priorities among different actors, which brings us political, practical and relational implications about this governmentality of unease that lasted for almost 4 decades. A deeper understanding of how our ideas of demography shape what we call ‘security threats’ sheds lights on how states formulate comprehensive security agendas by taking population dynamics into account due to its immense importance to threat construction. Other security actors such as international organisations, private sectors, and even individuals can more easily convince relevant audiences to legitimise the securitisation of the specific demographic-related threats they are facing. As Sciubba put it, ‘population dynamics could be a challenge or an opportunity’ (Sciubba 2011, p.3). Accumulating knowledge of the ideational connections between security and population dynamics increases the ability of various security actors to confront these challenges through a successful securitisation, which contribute to preventing numerous demographic-related threats from happening or at least easing these pains of humankind.

This dissertation explores two inter-related questions: a) how US born Muslim Americans (converts, second generation and African American individuals) negotiate national and transnational belonging in the post- 9/11 context and b) how competing discursive practices around the concept of umma (transnational Muslim community) influence the way in which American Muslims negotiate an American-Muslim identity. The research presented in the dissertation is based on in-depth interviews and ethnographic fieldwork conducted in six ethno-racially and socio-economically diverse American Muslim communities in Boston and San Francisco Bay Area, including mosque communities, educational institutions and third-space organizations. By contrast to work focused on organized political movements, the interviews in this research focused on the way in which ordinary American Muslims give meaning to their identity as Muslims through everyday discursive practices and quotidian understandings of community, belonging, and identity. The 22 months-long data collection reveals that rather than primarily through saliently foreign policy related or “ideological” considerations, American Muslims negotiate transnational and national belonging through i) simultaneous considerations of inclusion and exclusion in the wider American religious landscape, ii) citizenship practices that respond to voices that seek to marginalize American Muslims, and iii) through the medium of cultural belonging and identity. The discourse analysis and ethnographic fieldwork suggests that American Muslims primarily utilize cultural notions of belonging an identity rather than political considerations relating to national or international developments in giving meaning to their dual identity. The dissertation also notes some differences across and within research sites in Boston, San Francisco Bay Area and Los Angeles. American Muslims imagine themselves a particular micro-community with particular needs, priorities, and cultural outlook that is different from other Muslim populations, in both Muslim majority and minority contexts. On the other hand a hybrid set of factors, not simple political considerations, shape American Muslims’ understanding of transnational Muslim identity. This is also reflected in their internal debates about questions of inclusion and exclusion (gender- based or racial), and whether unity requires uniformity regarding contentious domestic and international developments. / 2018-02-01T00:00:00Z

This thesis explores the discourses available to teachers in navigating and making sense of their role in the securitization of high schools. My analysis is based on semi-structured interviews conducted with nine teachers working in urban schools in Toronto. Drawing on frameworks from post-colonial, critical race, and urban education studies, I argue that school securitization is not just complicated by racism, but structured and enabled by it. While there is an urgent need to resist the implementation of particular security and surveillance measures that intensify the targeted disqualification of racialized youth, it is equally if not more important to uncover and resist the ways that racial thinking organizes a much wider range of classroom encounters and pedagogical practices. I urge teachers to interrogate their investments in the categories and subject positions that race thinking makes available, including those that are desirable and pleasurable.

The Swedish government ratified on May 1 2009 an amendment of marital law, resulting in same-sex marriage becoming legalized. With the rights of the Christian Swedish state church to officiate weddings originating from the same law, the church was thereby faced with two options: Either officially include same-sex couples in the Christian concept of holy matrimony and keep the right to officiate weddings; or give up the right to officiate weddings altogether. An official decision to accept the terms was reached on October 22 2009, but not without being preceded by an agitated medial debate.This research attempts to analyze the arguments of the debate in three stages: In the first stage the arguments are categorized according to their respective ideological standpoint. In the second stage these categories are examined from post-modern, social constructivist and socialization theory perspectives. Based on this, the third stage sees the arguments analyzed from a viewpoint based in the Copenhagen school concept of securization.The research concludes that the debate does not only simply feature two sides with differences of opinion; but rather that the arguments of the two opposing sides are founded in a common view of the other side as a fundamental threat to ones conception of a sound society.

none

The securitization regulations of the real estate were announced and implemented on July 23, 2003. These improve the mobility of real estate in Taiwan. There are two kinds of forms, the investment trust of real estate (REITs) and real estate assets trust (REATs). U.S.A is the. most developed country for REITs, and the experience in Japan can give us some important reference. This research hopes with discussion and analysis of some cases of our country and then consults the real estate securitization systems of U.S.A., Japan, Hong Kong, etc.; one can put forward the view and suggestion on the influence that the financial institution operates on the securitization of the real estate. In the securitization operation course of the real estate , manage the rule etc. in decree including Trust Law , trust business law , bank law and trust and investment corporation involved . The securitization can be assigned to enterprise's financial securitization and securitization of the assets, and the assets securitization can be divided for securitization and securitization of the real estate of financial assets. The main purpose includes promoting the effective use of the real estate, promote the effective use of the fund, improve and raise the environmental quality of the essence, prevent the land resource from to control, prevent land speculation from, perfect the market function, disperse the investment risk, solving the problem of financing for the financial group, large-scale production of reaching the real estate and managing. Its characteristic, for circulation, cashing, fairness, specialized, disperses the risk. The main difference of REITs and REATs is that there is fund and securitization with REITs first, then invest in the real estate and relevant right, but REATs is to enable assets possessors to obtain the fund through the securitization, reduce the real estate and hold the quantity. The securitization of the real estate originated from U.S.A., was the place where the whole world develops REITs earliest, legal system is complete, the diversification of the goods. Till the end of January of 2006, there are listing REITs 198 Companies in all, total market value is 358,400 million dollars, the rights and interests type have absolute predominance. The Japanese real estate securitization was implemented formally in November of 2000, 32 are listed till March of 2006, the total about 3.26 trillion days of market value round. Hong Kong REITs market just belonged to the starting stage, own 3 in common begin to merchandize till the end of March of 2006, it up to 23,500 million Hongkong dollars to raise the scale of the money, yet there is large one and will be listed on Hong Kong soon in the reservation, Hong Kong will become the second largest REITs market in Asia, is second only to Japan. And the investment trust system of real estate of our country consults U.S.A. mainly, the assets trust of the real estate draws lessons from Japan. Till the end of December of the 94th year of the Republic of China, already there are securitization goods of 10 pieces of real estate that have checked and approve to issue at home, among them 7 departments regard REATs as the structure, 3 departments issue and are listed by way of REITs. Domestic the real estate securitization to last only more than two years, its still some subjects in the course of decree clause and operation deserve the discussion , including REITs is it issue , REITs business transaction ,etc. agreement of amount of money standardize stipulate , pluralistic issue of source that REITs mark of standard ,etc. to add to. Implementation of the securitization of the real estate, it influences the aspect to relevant industry extremely widely, cause the influence analogous to the degree on the traditional business of the financial institution. The securitization of the real estate has changed the way in which the fund raises of the past, has also produced the change to the form of operation and administration of the real estate market. And the influence on the business of financial institution, in terms of banking, it is served as and is commissioned the organization that there are its positive benefits, investment tool increase , underwriting , self-operation , brokerage of marketable securities , develop investment bank , reverse side influence for storing original , loan business reduce. From the angle of the securities business, its role's function is roughly consigned to roles of functions , person who makes city , serving as financial advisor , the mobility of the financial goods fixing the price and designing , secondary market , educational investor ,etc.. From the angle of the insurance, role that can serve as it, take on original organization, investor, trust business, real estate management organization, credit strengthen insurer, etc. role. But in the course of securitization operation of the real estate, there must also be good control systems, guarantee that the relevant interested party's rights and interests are not injured. Control the system , is divided into three kinds , such as inside control system , external finance managing , financial market's own self-containment ,etc. on the whole . The securitization market of the real estate will step into the stage growing up fast, will grow up the space very big in the future, will attract more investor's input, in order to ensure investor's rights and interests, the relevant mechanism, with should be set up to form a complete set as quickly as possible, give investors more reeducation, the construction of the information platform of investment, every trade agreement melts simple and easily and makes clear etc.. The developing real estate securitization will be revised open soon; the competent authority should bear and verify the heavy responsibility. The innovation ability of the financial institution will also face the test , a piece of a large amount of real estate securitization goods coming one after another, how the financial institution weeds out the old and brings forth the new, obtains to investors and favors, it is a decisive key of the future. The domestic efforts in this respect of financial institution still remain to strengthen. The development of the securitization of the real estate will move towards the internationalization too unavoidably, integrate with the international capital market, should be adjusted too while managing the norm. Future, real estate securitization apply city newer, public construction, non-performing assets, etc. to, the operation course is quite professional, tedious, every financial institution should train every qualified personnel in a specific field actively, develop the administrative system of the assets, set up and perfect the inside control system, and set up and specialize in the department to promote the securitization business of the real estate.

As the result of the real estate bubble on 1990, the domestic real estate market is constantly sluggish which makes an impact on the development of relevant industries in Taiwan. In recent 15 years, the housing industry has been deeply impacted in particular. In order to stimulate the recovery of the real estate market and the development of economy, Taiwan government promoted many related projects in order to boost the prosperity of Real Estate industry. Such as ¡§Improving Real Estate Market Polices¡¨, ¡§Two-year Reduction Policy of Land Value Increment Tax to Half¡¨, release limitations on foreign ownership of Taiwan property ¡§Real Estate Appraisal regulation¡§¡§Certified Real Estate Registration Agent Code¡¨ Legislation of real estate management¡¨. Meanwhile ¡§The Conference of National Economy and development¡¨, ¡§A series of strengthen economy quality¡¨ and ¡§Economic Development Advisory Conference¡¨ have been convoked and recommended ¡§real estate securitization¡¨ might be the workable way. In 23rd July 2003 the Legislative Yuan passed the Real Estate Securitization Statute and Enforcement Rules of the Real Estate Securitization Statute. The purpose of the enactment was through securitization stimulating the real estate market and effectively developing real estate. Real estate securitization, by definition, the financing mechanism alters the investor¡¦s investment, from a direct investment to a securitized investment. The trust company issues securities over a portfolio of properties to raise fund from the capital market other than mortgage loans from banking system. The implementation of the real estate securitization can combine the real estate market with the capital market and effectively facilitate the development of real estate resources. These transactions have grown increasingly popular over time, providing the long-awaited fueling of the domestic real estate market. Therefore not only the real estate industry enables to utilize the funds raised from the general public, but also improves distressed government finance . By referring to the experience of the US and Japan , Taiwan Real Estate Securitization Statute was constructed by two kinds of Real Estate Securitization, the investment trust of real estate (REITs) and real estate assets trust (REATs). The Act being adopted from the Real Estate Investment Trust system of USA; and the Real Estate Asset Trust system of Japan. The real estate securitization has been brought into practice for over 3 years since implementation of Taiwan¡¦s Real Estate Securitization Statute. Till the end 2006, Financial Supervisory Commission ratified 15 cases of real estate securitized products, over NTD 69,694 million of real estate securities was issued. Among them, 7 cases regard REITs as the structure issues NTD 51,800 million which about 75% of total market share. The purpose of this study is to discuss the Development of Real Estate Investment Trust in Taiwan by analyzing and referring the current situations and relevant legal mechanisms in US and in Japan. Through real case study probes actual operation of REITs also gives suggestions for their prospective development and impacts. In addition, the research provides recommendation and valuable information to the current market and insights about the future development of Taiwan¡¦s REIT market.

none