This thesis describes the history and present situation of dollarization process and analyzes the situation in three new EU member states. It describes the development of the official and unofficial dollarization of credits and deposits, and concludes the results of previous studies. Furthermore, it provides a detailed analysis of situation concerning borrowing denominated in foreign currencies in the Czech, Hungarian and Polish household sector, for the period of last eleven years. The empirical analysis investigates the determinants of foreign currency loans in a household sector. Using three different panel data regressions, we found that share of foreign currency denominated loans in examined countries are positively influenced by dollarization of deposits, banks' net foreign assets and loan to deposit ratio. Other tested variables, such as EU membership, interest rate differential or exchange rate volatility, changes their significance and impact according to the model or the method used. Their impact on a dependent variable is insignificant and not stable. JEL Classification E44, G21 Keywords Foreign currency borrowing, dollarization, household sector, Central Europe Author's e-mail Nikola.Buresova@seznam.cz Supervisor's e-mail Roman.Horvath@gmail.com Bibliographic Record Burešová, N (2013):...

This dissertation consists of two essays: the first investigates informed trading in the Chinese stock exchanges, and the second examines the persistency of correlation of currency future prices. For the first essay, using a sample of Chinese firms dual-listed in both the China mainland stock exchange and the Hong Kong stock exchange, I investigate the two types of informed trading - insider trading and trading derived from better analysis in the A-and H-share markets. The results suggest that H-shares have relatively more informed trading based on better analysis. In addition, the results from the firm size regression can also be seen as indirect evidence that larger firms tend to have trading with better analysis and less insider trading. These patterns are also confirmed in the sub-period analysis. However, I find no significant relation between informed trading and the relative pricing of A- and H-shares. For the second essay I examine the dynamic correlation between currency futures prices, focusing on the persistency of correlation of currency prices. Using the Dynamic Conditional Correlation model developed by Engle (2002), this study incorporates time-varying correlations into the analysis. The sample includes eight currency futures traded on the Chicago Mercantile Exchange from 1999 to 2008 and the U.S. dollar index future. The study finds that the Canadian dollar has the greater persistency while the Brazilian real has the weakest. No less important, the study finds that the time-varying conditional correlation between currency futures and the U.S. dollar futures is influenced by two types of liquidity: price impacts (Amihud illiquidity) and the logarithm of trading volume.

Currency crises have become an essential part of one's economy life. The periodicity of currency crises and its implications towards the real economy is an issue which the international economics should bear in mind. The thesis which I am presenting tries to give an overview how the exchange rate regimes interact with the currency crises. Firstly, the Market Pressure Index (MPI), which is used for catching the crises, is introduced. Then after the introduction chapters I use gathered data to analyze the observed crises. The last chapter is there to give a summary about obtained knowledge. The most valuable information, regarding the currency crises, is that the stricter the monetary regime after the currency crises is the less of the output occurs. This is the main finding emerged from the pre and post analysis of monetary regimes. Another finding is that the loss of output is primarily connected with a shift from any pegged arrangement to a floating arrangement. The shifts which took place under the pegged arrangements completely do not seem to have an impact towards the real output. Finally, Real Exchange Effective Rate seems to be an element which connects all the studied crises. This opinion reflects the current research topic in international economics.

The thesis examines potential sources of currency crisis, banking crisis and twin crisis in a region of Central Europe, Eastern Europe, South-Eastern Europe and Baltics. The text assumes some basic knowledge of the theories of financial crisis and, thus, ommits some relevant details in the theoretical parts. The thesis aids at fading variables, which could signal vurnerability of a country to a curency, banking and twin crisis. In the second chapter we introduce a financial crisis typology. The text also briefly shows the theoretical and empirical studies of the financial crisis and introduces definitions of currency, banking and twin crisis. In the third chapter we identify the periods of financial crisis in the given region. Then we introduce the explanatory variables. In the fourth chapter we estimate logit model to explain the conditional probability of all the three types of financial crisis. In the fifth chapter we estimate the out-of-sample conditional probability of occurring crisis. In the end we discuss the results and possible recommendation for economic policy or investors. We find that some macroeconomic variables are significant when explaining financial crisis. For all three types of financial crisis these variables were significant: Share of total foreign debt to foreign reserves, interest rate differential, excessive credit expansion (its share to GDP).

Esta pesquisa investiga o conceito de moeda para além de sua determinação como dinheiro. Apoiada em conceitos oriundos da filosofia de Gilbert Simondon, busca deduzir um esquema operatório geral da moeda, do qual o dinheiro é uma dimensão. Os recursos para entender as demais dimensões da moeda, como imagem de poder e prestígio e como instrumento liberatório, são encontrados no exame de teorias não econômicas da moeda, na antropologia e na sociologia. A filosofia de Simondon fornece noções como a operação transdutiva, a alagmática, o transindividual e o ciclo genético da imagem, que permitem pensar a moeda não como substância, mas como rede de significações mediadas por imagens e objetos, cuja estrutura é correlata das operações que ela mantém. A tese busca demonstrar que o conceito de moeda se refere a uma operação de tomada de forma que marca o campo social, determinando atividades e relações. Essa marcação parte de uma esfera articuladora, que, com um modo de operação rítmico, se desdobra em dois eixos, um deles (vertical) tratando da remissão a uma temporalidade que transcende o ritmo da vida no campo social, e o outro (horizontal) ordenando as atividades da temporalidade interna ao ritmo da vida no campo social. Este esquema é válido tanto para a moeda enquanto dinheiro quanto para suas outras dimensões, como veículo de prestígio e como instrumento liberatório (paleomoeda). A moeda enquanto dinheiro é estudada a partir da escola francesa do \"institucionalismo monetário\", que integram reflexões sobre o papel da moeda na economia, na sociedade e na política. As teses do institucionalismo monetário são completadas pelas análises marxianas da relação entre a atividade somática do trabalho, as determinações sociais e o movimento do capital. Em seguida, o conceito de esquema operatório da moeda é empregado para investigar como o dinheiro, com as múltiplas dimensões em que opera, é deixado de lado na tradição da análise econômica, demonstrando que a teoria econômica garante sua autonomia como campo de estudo por meio da expulsão da moeda e, por isso, tem dificuldade de reintegrá-la. Como conclusão, o texto aborda iniciativas contemporâneas a partir da maneira como modificam o esquema operatório da moeda. / This thesis investigates the concept of money beyond its determination as currency. By resorting to concepts from the philosophy of Gilbert Simondon, it seeks to elicit the general operative scheme of money, of which currency is a dimension. The resources needed to understand the other dimensions of money, as as image of power and prestige, and as release instrument, are found by examining non-economic theories of money, in anthropology and sociology. Simondon\'s philosophy provides notions such as transductive operation, allagmatics, transindividual, and the genetic cycle of the image, which help to think money not as substance, but as a network of meanings, mediated by images and objects, with a structure that is relative to the operations it sustains. The thesis seeks to demonstrate that the concept of money refers to an operation of form giving, which marks the social field, determining activities and relations. This marking emerges from an articulating sphere, which, having a rhythmic mode of operation, doubles itself in two axes, one of which (vertical) deals with the remission to a temporality that transcends the rhythm of life in the social field, and the other (horizontal) ordaining the activities in the internal temporality of the social field\'s rhythm of life. This scheme is valid both for money as currency and for its other dimensions, as a vehicle of prestige and as a release instrument. Money as currency is studied in relation to the \"monetary institutional\" French school, which integrates analyses of the role of money in the economy, society and politics. The monetary institutional theses are completed with Marx\'s analyses of the relation between work as a somatic activity, social determinations and the movement of capital. The concept of operative scheme is then employed in the investigation of how money, with the several dimensions in which it operates, is left aside in the tradition of economic analysis, demonstrating that economic theory maintains its autonomy as a field of study only through the expulsion of money, and for that reason fails to reintegrate the concept of money. As a conclusion, the text deals with monetary invention initiatives from the angle of how they modify the operative scheme.

Made available in DSpace on 2016-04-26T20:25:27Z (GMT). No. of bitstreams: 1 SELMACIMINELLI.pdf: 682964 bytes, checksum: f1b7dfd325b235e996beba3957fa2c93 (MD5) Previous issue date: 2007-05-14 / The object of this theme is to approach the aspects related to currency, studying the paths taken through civilization up to he process of monetary unification. The methodology applied will start with the study of the origens of currency, its evolution, functions and position in both national and international financial system. We will also approach the process of regional integration, phocusing on European Union, as the pioneer experience on implementing one currency- the Euro- also discussing the interface between the unicism and the sovereign power of nations, under the light of classical theories and the evolution of the concept of sovereignity. Finally, as a reflexion over the monetary unification, we will evaluate the effects that monetary unification can cause in the international market; at the same time analyzing the risks and the advantages of an hypothetical global system of monetary unification / A proposta do tema tem por finalidade abordar aspectos relacionados à moeda, estudando o caminho percorrido pela civilização até chegar ao processo de unificação monetária. A metodologia aplicada partirá do estudo das origens da moeda, sua evolução, suas funções e seu posicionamento no sistema financeiro nacional e internacional. Estudar-se-á, ainda, os processos de integração regional, com enfoque na União Européia, como experiência pioneira de instituição de moeda única o Euro -, abordando, ainda, a interface do unionismo com o exercício do poder soberano, sob a ótica das teorias clássicas e da evolução do conceito de soberania. Por fim, como forma de reflexão acerca da união monetária, avaliar-se-á os efeitos que a unificação da moeda pode vir a produzir no mercado internacional, ponderando os riscos e vantagens possivelmente advindas de um hipotético sistema global de moedas unificadas

by Lam Ka Ming. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1993. / Includes bibliographical references (leaves 55-56). / ABSTRACT --- p.i / TABLE OF CONTENTS --- p.ii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Could Depreciation Correct Trade Imbalances ？ --- p.1 / Objective of the Study --- p.3 / Chapter II --- LITERATURE REVIEW --- p.4 / Could Depreciation Improve Trade Balances ？ --- p.4 / J-Curve Effect --- p.5 / Currency Contract Period --- p.6 / Pass-Through Period --- p.8 / Quantity Response Period --- p.9 / Miles' Critique on other Empirical Studies --- p.9 / Chapter III. --- METHODOLOGY --- p.12 / Data --- p.12 / The Studies --- p.13 / Chapter IV. --- FINDINGS --- p.15 / Hong Kong --- p.15 / Singapore --- p.20 / South Korea --- p.23 / Taiwan --- p.26 / Chapter V. --- CONCLUSION --- p.29 / TABLES AND CHARTS --- p.32 / BIBLIOGRAPHY --- p.55

Lam Man Ling. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1999. / Includes bibliographical references (leaves 78-81). / Abstracts in English and Chinese. / ABSTRACT CHINESE --- p.iv / ENGLISH --- p.v / ACKNOWLEGEMENT --- p.vi / LISTS OF TABLES --- p.vii / LISTS OF ILLUSTRATIONS --- p.viii / LISTS OF APPENDICES --- p.xi / CHAPTER / Chapter ONE --- INTRODUCTION --- p.1 / Chapter TWO --- LITERATURE REVIEW --- p.4 / Chapter 2.1 --- The Arguments for the Existence of the J- Curve --- p.4 / Chapter 2.2 --- The Arguments against the Existence of the J-Curve --- p.7 / Chapter THREE --- THE STUDY OF J-CURVE EFFECT ON THE TRADE BALANCE --- p.10 / Chapter 3.1 --- The Methodology and Model --- p.10 / Chapter 3.2 --- Data Description --- p.14 / Chapter 3.3 --- Empirical Analysis on VAR Models by Using Level Data --- p.15 / Chapter 3.3.1 --- The Combinations of Variables in Twelve Models --- p.15 / Chapter 3.3.2 --- Empirical Results Analysis on Both Univariate and VAR Approach --- p.19 / Chapter 3.3.3 --- Individual Model Description --- p.22 / Chapter 3.4 --- Empirical Analysis on VAR Models by Using Differenced Data --- p.28 / Chapter 3.4.1 --- Augmented Dickey-Fuller (ADF) and Zivot-Andrews (ZA) Unit Root Test --- p.28 / Chapter 3.4.2 --- The Comparison of Empirical Results on Using the Level and Differenced Data --- p.33 / Chapter 3.5 --- The Comparison of the Elasticity at Means of Japan and Singapore by Using the Previous Empirical Results --- p.35 / Chapter FOUR --- THE PATTERN OF POST-ASIAN FINANCIAL CRISIS TRADE BALANCE --- p.39 / Chapter 4.1 --- Hong Kong --- p.40 / Chapter 4.2 --- Indonesia --- p.41 / Chapter 4.3 --- Japan --- p.42 / Chapter 4.4 --- Malaysia --- p.44 / Chapter 4.5 --- The Philippines --- p.45 / Chapter 4.6 --- Singapore --- p.46 / Chapter 4.7 --- South Korea --- p.48 / Chapter 4.8 --- Taiwan --- p.49 / Chapter 4.9 --- Thailand --- p.50 / Chapter FIVE --- CONCLUSION --- p.52 / APPENDICES --- p.53 / ILLUSTRATIONS --- p.67 / BIBLIOGRAPHY --- p.78

O presente trabalho tem como proposta principal analisar a trajetória de José Maria Cândido Ribeiro, pintor português condenado por falsificação de moeda, enfatizando suas relações com a justiça no Brasil do século XIX. Cândido Ribeiro chegou ao Rio de Janeiro entre as décadas de 1820 e 1830, onde passaria a viver de sua arte de retratista e pintor a óleo. Casando-se com uma brasileira, em algum momento das décadas de 1830 e 1840 partiria para a província da Bahia, onde aconteceria sua principal condenação por falsificação de moeda, em 1849. A partir dessa condenação passou a se desenvolver uma complexa relação entre José Maria Cândido Ribeiro, a justiça do período e seus agentes. Preso em Salvador e agindo como delator e espião da polícia baiana entre 1851 e 1855, Ribeiro conseguiu paulatinamente atenuar e retardar o cumprimento de sua sentença, para isso estabelecendo relações com personalidades importantes ligadas a política e a justiça do período imperial. Em 1855, após participar de uma bem-sucedida operação contra a moeda falsa na Bahia, Cândido Ribeiro seguiu para a Corte do Rio de Janeiro, onde conseguiu a comutação de sua pena de galés para degredo no interior da província do Paraná, onde terminaria seus dias, no início da década de 1860. Perseguindo o personagem pelos lugares por onde passou, o trabalho reconstrói suas principais relações, observando de que forma elas podem ter influenciado nos processos e nas decisões da justiça. A tese propõe analisar, através de uma trajetória específica, o funcionamento de práticas de hierarquização, reciprocidade e clientelismo existentes na sociedade brasileira oitocentista, que interferiam no funcionamento da justiça, e que em alguma medida remetem a práticas existentes nas antigas monarquias coorporativas. / The main goal of this dissertation is to analyze the trajectory of José Maria Cândido Ribeiro, a Portuguese painter convicted of currency counterfeiting, emphasizing his relations with justice in Brazil of the nineteenth century. Cândido Ribeiro arrived in Rio de Janeiro between the 1820s and 1830s, making a living there from his art as a portraitist and oil painter. As he had married a Brazilian woman, at some point from the 1830s to the 1840s, he left for the province of Bahia, where his main condemnation for forgery of money took place in 1849. From this conviction, a complex relationship developed between José Maria Cândido Ribeiro, the justice of that period and its agents. Imprisoned in Salvador and acting as an informant and spy of the Bahian police between 1851 and 1855, Ribeiro gradually managed to mitigate and delay the execution of his sentence by establishing relationships with important personalities linked to politics and justice of the imperial period. In 1855, after taking part in a successful operation against the counterfeit currency in Bahia, Cândido Ribeiro went to the Court of Rio de Janeiro, where he could commute his Welsh judgment for exile in the interior of the province of Paraná, the place in which he had ended his days in the early 1860s. Pursuing the character throughout the places he had passed, the research reconstructs his main relationships, noting how they may have influenced the processes and decisions of justice. The dissertation aims to analyze, through a specific trajectory, the operation of the practices of hierarchization, reciprocity and clientelism existing in the nineteenth-century Brazilian society, which interfered in the operation of justice, and to some extend refer to the existing practices in the old corporative monarchies.

A taxa de câmbio real dólar é formada em mercados à vista e futuro, operados necessariamente por intermédio de instituições financeiras que lucram tanto na corretagem quanto na posição proprietária de contratos. Essa característica cria um risco moral sobre os interesses de hedgers e intermediadores. Este trabalho investiga através do modelo econométrico do Vetor Autorregressivo VAR, testes de Causalidade e Função Resposta ao Impulso se é possível constatar empiricamente que as instituições financeiras, atuando em conjunto, podem influenciar significativamente a taxa de câmbio real/dólar. As conclusões apontam que o valor dos contratos futuros de dólar exerce grande influência sobre a taxa de câmbio à vista, o que implica em uma necessidade de supervisão constante da autoridade regulador, para coibir possíveis práticas de manipulação. / The Brazilian Real / US Dollar exchange rate is formed both on spot and future markets, operated necessarily by financial institutions; organizations profit both with intermediation and proprietary positions of contracts. Such characteristic incurs a moral hazard concerning hedgers and financial institutions interests. This research uses econometric models such as VAR, causality tests and impulse response function to investigate if financial institutions acting together are able to significantly influence the Real / Dollar exchange rate. The results show that the future exchange rate exercises great influence on the spot rate, reaffirming the necessity of constant supervision on financial institutions by the regulatory authority in order to restrain market manipulation.