There exists an extensive literature related to creditor protection and its relation to the financial market, but few if any studies try to asses its net impact on the stability of the economy. In this paper we investigate the effects of creditor protection on the business cycle, and the economy during times of financial distress. More precisely we investigate how creditor protection is related to the recovery from financial crises, and how it affects growth volatility. We find support for our hypothesis that creditor protection is positively related to business cycle volatility and that this effect might work through a destabilising of the credit market.

Rescued from Japanese colonization after 36 years, Korea resumed independence as The Republic of Korea in 1948 grounded on liberal democracy. The democratic institution promised a system of separation of power, democratic rights and freedom for all people. In this context, local autonomy was experimented with but soon ceased due to internal instability and local government was suspended until the 1990s. Institutionally Korean central government undertook a steady shift toward decentralization over the past two decades or so, but that shift has more recently been tempered by the exercise of stronger central controls facing fiscal crises. This thesis argues that centralism is still a predominant ideology in intergovernmental relations despite the implementation of local autonomy. Central controls exhibited democratic change in some cases but the core nature of controlling local government has survived through institutional change appearing in different modes since the introduction of local autonomy. The democratic change in central control is declared to increase local autonomy. From this viewpoint, the democratic change in central control is assumed to improve the performance of local government based on the theory that the growth of local autonomy motivates local government to improve its performance. Financial crises were used to justify the revival of pervasive central controls. So this thesis is concerned with the relationship between central control and local performance in the context of fiscal crisis, whose focus is driven by the experience of fiscal crises over recent years in Korea. An extensive statistical analysis, drawing on a unique data base, reveals that, despite the local autonomy rhetoric, overall current central controls have a negative link with local government performance. Democratic change of central controls has not significantly improved the performance of local government. This evidence supports the view that even after the revival of local autonomy in Korea; central control plays a role of regulator rather than a role of constructive engagement with local government and emphasises institutional stability. Thus central government has not yet developed the creative potential of democratic local government and should more positively make an effort to establish democratic central-local government relations.

Ce travail cherche à comprendre en quoi les causes de l’instabilité sécuritaire de la région des Grands Lacs sont rationnelles et interdépendantes, en dépit d’explications simplistes largement répandues (déterminisme ethnique, violence endogène, cupidité, etc.). Il s’agit donc d’identifier ces causes, pour saisir les mécanismes des conflits récurrents qui secouent la région dans notre période d’étude. Nous entendons ainsi étudier la modernité du phénomène insurrectionnel en Afrique, en nous attachant à l’analyse de ses différentes expressions dans la région des Grands Lacs, qui a hébergé de 1981 à 2013 des exemples empruntant à toutes ses évolutions contemporaines / This work seeks to understand how the causes of chronic insecurity in the Great Lakes region are both rational and interdependent, despite widespread simplistic explanations (ethnic determinism, endogenous violence, greed, etc.). We intend to identify these causes to better understand the mechanisms behind the recurring conflicts that shook the region in the period under study. In doing this, we gain greater understanding of contemporary insurrectionary practices and the evolutions of guerrilla tactics in Africa through their expression in rebel movements in the Great Lakes between 1981 and 2013

The study sought to evaluate debt management policy implementation towards revenue management in government leased properties of the Eastern Cape Provincial Treasury at the Transkei Development and Reserve Fund. Secondly, the study aimed at developing a tool for assisting policy-makers and officials involved in debt management and revenue collection. In order to address the research problem, a case study involving randomly selected 27 employees from the Eastern Cape Provincial Treasury and housing ward committee members was adopted. Self-administered questionnaires and interviews were the two data collection techniques utilised. All participants were involved in the study during tea and lunch breaks at the workplace; this constituted the employees’ natural environment. Both quantitative and qualitative designs were utilised in analysing data. Descriptive statistical analysis using excel was utilised to summarise the responses, analyse the demographic profiles of participants and their responses. The results were thus presented in the form of bar charts. Responses which could not be analysed using statistics were analysed qualitatively thus the advantages inherent in the two approaches were exploited. The evidence from the study suggests that government operational employees are aware of their roles and responsibilities as they relate to debt management and debt collection policy. The development of debt management policy promotes rental collection, improve property profitability and ensure the maintenance is in place to improve attractiveness of the government properties.

Since 1929, the world economy has not encountered any financial crisis as severe as the case of the Great Depression, until 2007 when the fall of stock markets and the collapse of large financial institutions in the United States resulted in a worldwide recession. According to an IMF report, and as a result of the direct impact of the crisis, advanced economies such as those of the United States and Europe are suffering from a systemic banking crisis with economic output expected to contract by over 1 ¾ % in 2009. (Bourdin 2009:2) Although the crisis erupted in the United States, the effects quickly spread to countries worldwide. However, its effects are said to be more devastating for the poorest regions in the world including Sub-Saharan Africa. During the last few years, prior to the crisis, many Sub-Saharan African countries had enjoyed a growth rate of over 5%. This was partly as a result of sound economic policies and increased external support in the form of debt relief and higher inflows from economically powerful countries in the West. However, with the current financial crisis, wealthy nations have been forced to concentrate on sustaining their own economy. As a result, amongst changes like tighter immigration policies, skyrocketing oil prices and food prices, foreign aid is being withdrawn. (ibid 2009:3) According to foreign media reports, donor governments and the G8 are no longer as committed to aid as before the crisis. This research paper examines the evolution of aid to Africa in view of various contexts through a broad historical economic and political economy overview, and finally corroborates these observations with a discourse analysis of a sample of BBC online articles. The research project thus investigates in this last section, the BBC’s representation of poverty and aid in Sub-Saharan Africa before and during the current global economic crisis.

(None) Technical Summary of Thesis: The topic of my thesis is currency crisis. Currency crises have been a recurrent feature of the international economy from the invention of paper money. They are not confined to particular economies or specific region. They take place in developed, emerging, and developing countries and are spread all over the globe. Countries that experience currency crises face economic losses that can be huge and disruptive. However, the exacted toll is not only financial and economic, but also human, social, and political. It is clear that the currency crisis is a real threat to financial stability and economic prosperity. The main objective of this thesis is to analyze the determinants of currency crises for twenty OECD countries and South Africa from 1970 through 1998. It systematically examines the role of economic fundamentals and contagion in the origins of currency crises and empirically attempts to identify the channels through which the crises are being transmitted. It also examines the links between the incidence of currency crises and the choice of exchange rate regimes as well as the impact of capital market liberalization policies on the occurrence of currency crises. The first chapter identifies the episodes of currency crisis in our data set. Determining true crisis periods is a vital step in the empirical studies and has direct impact on the reliability of their estimations and the relevant policy implications. We define a period as a crisis episode when the Exchange Market Pressure (EMP) index, which consists of changes in exchange rates, reserves, and interest rates, exceeds a threshold. In order to minimize the concerns regarding the accuracy of identified crisis episodes, we apply extreme value theory, which is a more objective approach compared to other methods. In this chapter, we also select the reference country, which a country’s currency pressure index should be built around, in a more systematic way rather than by arbitrary choice or descriptive reasoning. The second chapter studies the probability of a currency exiting a tranquil state into a crisis state. There is an extensive literature on currency crises that empirically evaluate the roots and causes of the crises. Despite the interesting results of the current empirical literature, only very few of them account for the influence of time on the probability of crises. We use duration models that rigorously incorporate the time factor into the likelihood functions and allow us to investigate how the amount of time that a currency has already spent in the tranquil state affects the stability of a currency. Our findings show that high values of volatility of unemployment rates, inflation rates, contagion factors (which mostly work through trade channels), unemployment rates, real effective exchange rate, trade openness, and size of economy increases the hazard of a crisis. We make use of several robustness checks, including running our models on two different crisis episodes sets that are identified based on monthly and quarterly type spells. The third chapter examines the links between the incidence of currency crises and the choice of exchange rate regimes as well as the impact of capital market liberalization policies on the occurrence of currency crises. As in our previous paper, duration analysis is our methodology to study the probability of a currency crisis occurrence under different exchange rate regimes and capital mobility policies. The third chapter finds that there is a significant link between the choice of exchange rate regime and the incidence of currency crises in our sample. Nevertheless, the results are sensitive to the choice of the de facto exchange rate system. Moreover, in our sample, capital control policies appear to be helpful in preventing low duration currency crises. The results are robust to a wide variety of sample and models checks.

Cette thèse a pour but d’analyser l’émergence et l’évolution de différents discours portant sur la sécurité et la souveraineté arctiques au Canada, pendant la décennie 2000-2010. Notre regard portera plus précisément sur le discours du Grand Nord assiégé. Une de nos questions de recherche fut de comprendre comment des évaluations optimistes et pessimistes du portrait sécuritaire arctique au Canada se sont traduites dans les discours sécuritaires arctiques tenus par différents acteurs politiques canadiens au cours de la décennie 2000-2010. De plus, une deuxième question de recherche se demandera si des groupes de la société civile canadienne ont été à même de formuler des idées sécuritaires alternatives à celles défendues par le gouvernement canadien. Pour ce faire, nous réaliserons une analyse de contenu qualitative de trois différents acteurs politiques canadiens : le gouvernement fédéral, les médias, plus particulièrement les textes d’opinion dans les quotidiens canadiens, et les groupes inuits. Une attention particulière sera portée à trois crises de souveraineté ayant éclaté durant cette période : la crise de l’île de Hans (été 2005), celle du sous-américain USS Charlotte (hiver 2005-2006) et la crise du drapeau russe sous le pôle nord (été 2007). Nos conclusions nous indiquent que le discours pessimiste a été exprimé en tout premier lieu dans les médias canadiens avant d’être inséré dans la rhétorique gouvernementale en 2005. De plus, les menaces étatiques vont davantage mobiliser les différents acteurs politiques canadiens étudiés que les menaces non-étatiques. La menace russe en particulier a été utilisée pour justifier des mesures additionnelles de défense de la souveraineté canadienne en Arctique. Sur notre deuxième question de recherche, nous pouvons observer que la société civile canadienne a été capable d’exprimer des idées sécuritaires alternatives. Par contre, les idées dominantes du continentalisme et du nationalisme ont guidé la politique étrangère canadienne pendant une bonne partie de la décennie, l’internationalisme libéral étant marginalisé par la prédominance de celles-ci. De plus, les groupes inuits ont été les plus à même de formuler des conceptualisations alternatives de la sécurité et de la souveraineté arctiques au Canada.

Diploma thesis is dealing with the relation of financial and economical crises 2008/2009 and human resources. The first part is focused on the causes of crises that we can find in human resource management and employees. Second part describes changes on the Czech labour market, and give a recomendations how the HR department can dealt with it. It also includes the steps that can prevent the future crises.

The purpose of my thesis is to explain the issue of the welfare state's crisis. To describe its current situation and impacts in modern world of capitalism. I have chosen France as a case study. Social disorders are common and becoming stronger and the sustainability of the social state causes considerable difficulties. In the first part of my thesis I describe the development of the modern welfare state, its basic principals and individual theoretical approaches criticizing the concept. In the second part I illustrate characteristic features of French welfare state: interests groups, primary values of the society and its specifics, situation on labor market, entrepreneurial environment and political progress. The thesis shows that France makes efforts to reform its welfare state. However, suggested solutions are only partial and even deepen social problems in France.

This paper concentrates on the analysis of currency crises in economies undergoing economic transition. The papaer begins with a brief introduction of contemporary exchnage rate regimes, which is followed by an analysis of the history of the World monetary system. The following chapters concentrate on the analysis of the monetary development in selected transitional economies. In case of the the first one, The Czech Republic, the analysis includes the period from the times of the centrally planed economy, through the initial transformation and the currency crisis of 1997 to the present day. In case of the other countries included in this paper, Latvia, Estonia, Lithuania and Icelnad, the analysis concentrates on the current critical development in these economies. Apart from the analysis of the selected currency crises, the objective of this paper is to draw conclusions relevant to the future development of currency policies in the transitional economies.