In this dissertation we investigate different aspects of capital regulations and their impact on the behavior of commercial banks. In chapter two, we foucs on the impact of capital regulations on risk-taking of commercial banks in developed and developoing countries separately and togahter. We find that such regulations indeed reduce the risk taking of commercial banks. At the same time, we examine the relationship between capital ratios and risk taking. In line with previous literature, we find that this ratio is negative also. Further examinations including the degree of liberalization and the level of finanicl development did not yield conclusive results. In chapter three, we examine the relationship between the capital regulations and total lending and total depositis. We do not find conclusive evidence in support of the ‘credit crunch' or the ‘ risk retrenchment' hypothesis. However, several important variables do show a tendency to change with capital ratios. As a result, changes in capital ratios in response to regulations do have important impact on bank lending and decision making. In chapter four, we study five South East Asian countries within the context of the crisis of 1996. First we test for the existence of depositor discipline in these countries and find that the sate of such discipline is very weak even after such a huge crisis. We also test the degree of risk taking in the banking industry in these countries. Evidence shows that perfect competition prevails in the bankins secotr. We also try to establist the link between "the index of depositor discipline" and "index of competition". But we don't find evidence in support of this.

Monetary policy in Japan is in a luquidity trap under convential monetary policy. Main source of deflation and stagnation of japanese economy is endogenous credit crunch. BoJ is not able to influence price level and economy by zero interest rate policy. Main cause of credit crunch is demand for credit because of high leverage of all sectors in economy. Credit crunch support financial problems on the supply side of the credit. Diploma thesis propose to use expansion fiscal policy as a convenient tool for resolution of japanese deflation and great stagnation. Expansion fiscal policy is effecient to overcome credit crunch and support economy and demand inflation throught restructuralization of balance sheets. Work considering current world debt crisis argue that expansion fiscal policy is the best solution to overcome debt crise.

This research is examining one of the most dominant managerial methods used in development in the video game industry, Agile development. More particularly, the thesis examines a certain attribute of Agile development, that of iteration. The thesis will set to examine how iteration affects several layers of development during the production of a video game and whether it can be replaced by other managerial technics.As a result, the purpose of this thesis is to raise a different viewpoint against the Agile’s iteration. Furthermore, this thesis aims to contribute to the academic research by concentrating on the video game industry, an industry that is often neglected by the academia.The theoretical framework and literature review concentrate on concepts of Agile development, overworking, development cycle in video games, definitions of project success and project failures and creative process in video game development.The thesis deploys qualitative methodology to address and research its data. The collected data belongs to two categories, data stemming from interviews conducted by the thesis’s author and data stemming from journalistic magazines.The results of both type of data are compared and act supplementary to each other, then they are analyzed to answer the research questions asked by this thesis. The results showcase that iteration has negative effects to video game developers in both a macroscale (company’s resources, annual revenue) and in a microscale (overworking, health issues) level. The results also highlight that Agile is an all-time favorite development methodology of developers in the video game industry.In conclusion, the thesis supports the notion that iteration should be suppressed and proposes a number of solutions for that matter. The suggestions are essentially encouragement towards developers: to seek higher interactivity with customers throughout the duration of all the development stages of a video game, to show more trust to established gameplay mechanics and to place more reliance on a franchise’s profit power and benefits. These measures can be used in a preventive manner in order to limit the appearance of iteration and as a result, to limit its’ negative effects.

I investigated two unique processes developed throughout this body of work. The first technique is the cracking and lifting of an electroformed layer from a core vessel form. The second process, that I named “crunch-raising”, is used to form vessels. General data is gathered through research of traditional metalsmithing processes. Using an individualized approach, new data is gathered through extensive experimentation to develop a knowledge base because specific reference information does not currently exist. I find that an electroformed layer can be lifted from a core form with extreme torch heat to reveal the underlining vessel. I also find that the “crunch-raising” technique leaves a rippled texture in the surface of a vessel as it is being formed. I conclude that the project is successful. It is quite significant in that it has given me a personal vocabulary to define my current work.

Problem: Business world has met uncertainty, which settled everywhere: from global financial markets and national economies, to organizations and employees’ minds. As every crisis, this situation came unexpectedly, almost out of a clear blue sky. Sweden, being highly dependent on international development, has faced negative effects in all aspects of business life. SMEs have emerged as an engine of economic and social development throughout the world.  As well as more than 99 percent of all enterprises in Sweden are classified as SMEs, the impact of economic crisis may be more than significant. Purpose: The purpose of the study is to investigate the impact of the current economic crisis and recession on the Small and Medium Enterprises in Sweden. Method: In order to fulfill our purpose we combined both techniques – qualitative and quantitative methodological approaches. We used a quantitative analysis tool – survey to collect primary data from the SMEs. In its turn, qualitative analysis was implemented to see how the data from earlier studies and our findings can be interconnected. Results: It was found, that companies are facing mostly negative effects. The perception of currently facing economic challenges can be assessed as anxious, which means that companies see the further development in a tough way. Damaged business confidence can be also recognized in pessimistic forecasts for profitability in 2009. However, the crisis can be considered as a driver for change. On the positive way, every downturn and faced challenge, e.g. stressful situation, stimulate organisations to analyze, look for new effective solutions and make decisions in the way they would never thought about. It was found out that importance of crisis planning is distinctly risisng during current times of uncertainty. Futhermore, companies tend to react on the faced challenges by designing, following crisis plans and creating special crisis teams. Our research may help the businesses to understand what difficulties the majority is facing, and thus not only to prevent same risks but also turn them into opportunities.

Recent trends in mobile broadband indicates that the available radio frequency (RF) spectrum will not be enough to support the data requirements of the immediate future. Visible light communication, which uses visible spectrum to transmit wirelessly could be a potential solution to the RF ’Spectrum Crunch’. Thus there is growing interest all over the world in this domain with support from both academia and industry. Visible light communication( VLC) systems make use of light emitting diodes (LEDs), which are semiconductor light sources to transmit information. A number of demonstrators at different data capacity and link distances has been reported in this area. One of the key problems holding this technology from taking off is the unavailability of power efficient, miniature LED drive schemes. Reported demonstrators, mostly using either off the shelf components or arbitrary waveform generators (AWGs) to drive the LEDs have only started to address this problem by adopting integrated drivers designed for driving lighting installations for communications. The voltage regulator based drive schemes provide high power efficiency (> 90 %) but it is difficult to realise the fast switching required to achieve the Mbps or Gbps data rates needed for modern wireless communication devices. In this work, we are exploiting CMOS technology to realise an integrated LED driver for VLC. Instead of using conventional drive schemes (digital to analogue converter (DAC) + power amplifier or voltage regulators), we realised a current steering DAC based LED driver operating at high currents and sampling rates whilst maintaining power efficiency. Compared to a commercial AWG or discrete LED driver, circuit realised utilisng complementary metal oxide semiconductor (CMOS) technology has resulted in area reduction (29mm2). We realised for the first time a multi-channel CMOS LED driver capable of operating up to a 500 MHz sample rate at an output current of 255 mA per channel and > 70% power efficiency. We were able to demonstrate the flexibility of the driver by employing it to realise VLC links using micro LEDs and commercial LEDs. Data rates up to 1 Gbps were achieved using this system employing a multiple input, multiple output (MIMO) scheme. We also demonstrated the wavelength division multiplexing ability of the driver using a red/green/blue commercial LED. The first integrated digital to light converter (DLC), where depending on the input code, a proportional number of LEDs are turned ON, realising a data converter in the optical domain, is also an output from this research. In addition, we propose a differential optical drive scheme where two output branches of a current DAC are used to drive two LEDs achieving higher link performance and power efficiency compared to single LED drive.

We examine net lending/net borrowing and the underlying debt dynamics at the sectoral level in the European Union. Saving and investment patterns indicate that there have been considerable deleveraging efforts since the start of the global financial crisis, particularly in the nonfinancial corporate and household sectors. In many EU countries, however, this decline in credit transactions has not yet led to a significant reduction of sectoral debt-to-GDP ratios. Subdued output growth and low or even negative inflation rates have undermined the deleveraging process and increased real debt burdens in a number of European economies. Since these are often the countries that had experienced strong credit booms prior to the crisis, rebalancing needs are likely to persist and may be a significant drag on the recovery in the near future. Furthermore, most of the ongoing rebalancing - both in terms of debt levels and current account deficits - is based on a sharp decline in investment rather than an increase in saving, which might lead to lower potential growth in the future. Recent developments may even jeopardize the catching-up process of peripheral euro area countries and non-euro area EU Member States in Central, Eastern and Southeastern Europe.

The purpose of my thesis is to explain step by step what caused the present Financial Crisis which the world is experiencing and its development. It is a preview to know how the crisis started rather than its affects. I will start my analysis with broad explanation and then narrow it down to concrete examples.

京都大学 / 0048 / 新制・課程博士 / 博士(経済学) / 甲第18638号 / 経博第500号 / 新制||経||271(附属図書館) / 31552 / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 照山 博司, 教授 柴田 章久, 准教授 敦賀 貴之 / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DGAM

The aim of this thesis is to investigate the role of the wholesale funding in the modern credit intermediation process and to estimate the possible impact of pro- posed regulation of the wholesale funding on lending activity of a bank or its risk profile. Throughout the analysis we used data set of 132-1167 banks from the European Union (number of banks depends on the hypotheses tested) during the period 2006-2012. We found that the banks that are more exposed to the whole- sale funding are able to increase their lending relatively more in comparison to the less exposed banks; this advantage is wiped out during the times of liquidity or collateral crunch. Results of defined simultaneous equation model suggest that stricter eligibility criteria, higher margins and introduction of 100% threshold for the Net Stable Funding Ratio will significantly decrease the wholesale funding ra- tio and thus limit the supply of loans. We consider those results alarming since the majority of European enterprises is financed by the financial intermediaries, not on the capital market and therefore additional limitation of the wholesale funding activities could negatively influence the overall economic activity within the Euro- pean Union. We discovered that the commercial banks tent to transfer the costs of the wholesale...