Purpose - The study sought to examine the liquidity linkages between the South African bond and equity markets before the global financial crisis in 2008. Design/methodology/approach: The window of observation covered the period January 2000 to September 2008. In order to ensure robustness in the estimation, the study used foreign participation in the various markets as an additional measure of liquidity. The other liquidity measures considered in the study were volume and value traded of the various securities respectively. Time series modeling techniques were used in the estimation. An unrestricted vector autoregressive (VAR) model was estimated following which the standard innovation accounting techniques, impulse response functions and forecast error variance decompositions were applied. In the empirical analysis, the Granger-causality between the two markets was also used. Findings - While all the liquidity measures suggest the existence of linkages between the bond and equity markets, the direction of causality was found to be unidirectional from equity to the bond market using the volume and value measures. On the other hand, the foreign participation measure of liquidity suggests bi-directional causality. The study also provides evidence of long run relationship between key macroeconomic variables such as inflation, exchange rate and interest rate on one hand and liquidity in the debt and equity markets on the other. As empirical findings indicates that the linkages in liquidity between these markets positive, this consistent with studies conducted by Chordia et al (2003 & 2005) and Engsted and Tanggaard (2000) who found the relationship was a positive one. When volumes of trade and trade values, the study find evidence on uni-directional causality and strong bi-directional causality is evidence when foreign investor participation is used as a liquidity measure. In summary, there is a strong evidence liquidity linkage between the bond and equity market from the empirical results.

This thesis provides an original contribution to ongoing debates within scholarly Political Economy and Area Studies literatures on the (neoliberal) transformation of the Hungarian political economy. Within this literature, the ‘transition’ to a (free) market economy and democracy is commonly dated to the annus mirabilis of 1989. The development of the Hungarian political economy since then has widely been considered as a ‘success story’ of (neoliberal) transformation and presented as model to be emulated by other countries in Central and Eastern Europe and elsewhere in the world. This thesis challenges this consensus. Drawing on central concepts in Marxist political economy, in particular state capitalism theory, and primary sources in Hungary, we argue that neoliberalism was not simply an ‘imported project’, which arrived ‘from the West’ on eve of the regime change in 1989. Rather, it emerged ‘organically’ in Hungarian society in the 1980s, as a response by domestic political and economic elites to the deepening economic and political crisis of the Kádár regime. The essential aim of the ‘neoliberal turn’ was thus to reconfigure the Hungarian political economy in line with exigencies of the capitalist world economy, while at the same time ensuring that the ‘transition’ went as smoothly as possible. As such, while at one level obviously a repudiation of past policy, policymakers in Budapest pursued the same objectives as central planners under ‘actually existing socialism’. For much of the 1990s and the early 2000s, this Faustian bargain proved relatively successful, as the Hungarian political economy became a model of (neoliberal) transformation in the region. However, since the mid-2000s, the inherent contradictions and limitations of Hungary’s neoliberal regime of accumulation have become increasingly evident. This has been confirmed by events since the onset of the global economic crisis, as Hungary has rapidly moved from being an erstwhile ‘poster boy’ of (neoliberal) transformation to a ‘basket case'.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-03-29T12:28:05Z No. of bitstreams: 1 Matheus da Silva Fernandes.pdf: 1299404 bytes, checksum: d38378c3fd8f33e67220bf393b10b11e (MD5) / Made available in DSpace on 2017-03-29T12:28:05Z (GMT). No. of bitstreams: 1 Matheus da Silva Fernandes.pdf: 1299404 bytes, checksum: d38378c3fd8f33e67220bf393b10b11e (MD5) Previous issue date: 2017-03-22 / The purpose of this dissertation is to analyze and propose changes in financial regulation from a Marxist-Keynesian point of view. This study is justified by the lack of social meaning in the functioning of the financial system. From the 1960s, fictitious capital began to take the productive economy more and more. Tax havens serve the wealthiest individuals and large corporations by allowing them to evade rules and taxes they would otherwise be compelled to meet. The financial crisis of 2008 let the dimension of those capitals be clear, which started to withdraw banking and financial regulation and supervision, allowing them to create new financial investments that turned non-bank institutions equivalent to bank institutions. To that end, these shadow banks were financed with customer deposits and invested in securities such as CDOs from subprime mortgages. When mortgage borrowers began to default, the entire system succumbed and carried with them the whole US economy, a priori, and the world economy after. Brazil, however, is involved in another way, by practicing the highest real rates of interest in the world. This fact allows the financial intermediaries to puncture a significant proportion of the productive wealth of families and companies, channeling it to the financial system. High rates of interest also affect the public sector by compromising the government budget with financial expenses instead of expending in public education, healthcare and infrastructure, for example. It is upon governments to restate the order of the financial sector, by enforcing laws that keep the financial system under strict supervision, and extend its scope to newly created innovations. The rates on capital gains and on fortunes should be instituted and raised and the usury crime regulated, establishing a ceiling for real rates of interest in Brazil / A presente dissertação tem objetivo de analisar e propor mudanças na regulação financeira sob a ótica marxista-keynesiana, e seu estudo se justifica pela falta do sentido social no funcionamento do sistema financeiro. A partir da década de 1960, o capital fictício passou a se apropriar cada vez mais da economia produtiva. Os paraísos fiscais servem aos indivíduos mais ricos e às grandes corporações ao permiti-los evadir de regras e tributações que, caso contrário, estariam compelidos a cumprir. A crise financeira de 2008 deixou clara a dimensão desses capitais, que passaram a operar arredios da regulação e supervisão financeira e bancária, os permitindo criar novas aplicações financeiras que tornavam instituições não-bancárias equivalentes às instituições bancárias. Para tanto, estes shadow banks se financiavam com depósitos dos clientes e aplicavam em títulos como os CDOs de hipotecas subprime. Quando os mutuários destas hipotecas começaram a calotear, todo o sistema derivado deles sucumbiu e levou consigo toda a economia dos EUA a priori, e mundial em seguida. O Brasil, contudo, se insere na finança mundial de outra forma, pela cobrança das maiores taxas de juros reais do mundo. Esse fato permite aos intermediários financeiros punçar uma relevante proporção da riqueza produtiva das famílias e das empresas, a canalizando para o sistema financeiro. Elevadas taxas de juros também afetam o setor público ao comprometer o orçamento do governo com gastos financeiros à revelia das despesas em educação, saúde e infraestrutura públicas, por exemplo. Cabe aos governos retomar a ordem do setor financeiro, pela aplicação de leis que mantenham o sistema financeiro sobre estrita supervisão, além de ampliar sua abrangência para as inovações criadas recentemente. Devem ser instituídas e elevadas as alíquotas sobre os ganhos de capital e sobre grandes fortunas e regulamentado o crime de usura, estabelecendo um teto para as taxas de juros reais no Brasil

In 2008, Spain’s financial crisis had a great impact on the primary sector on which the nation’s ‘economic miracle’ was founded: housing.Land speculation, the increase in housing construction, and easy loans had become one of the hallmarks of twenty-first-century Spanish identity. The crisis del ladrillo (“brick crisis”) plunged the national economy into chaos and condemned many Spanish citizens to job insecurity, loss of earning power, threat of eviction, and put them at high risk of social marginalization. This dissertation studies the unusual proliferation of documentary films during the years surrounding this economic downturn about the ghettoization of the Spanish Gypsy population; a marginalization that was also indebted to the earlier economic development policies of the Franco regime and continued as Spain entered more fully into the free market in the late 1950s. As a result of Spain’s global socioeconomic exclusion due to the housing crisis, however, the Spanish Gypsy emerged in documentary film as a social actor who represented a reality that was no longer exclusive to the Other, but common to all. This project consists of a detailed analysis of three documentary films: Polígono Sur: el arte de Las Tres Mil (2002), Can Tunis (2006)and Una casa para Bernarda Alba (2011), all of which attempt to reconstruct national identity in an age of financial downturnthrough a shared emphasis on the spaces of exclusion experienced by gitanos (Gypsies). Informed by spatial theory, post-colonial studies, critical discourse analysis and theories of representation of the Other in film, the purpose of this research is to unveil the dialectical negotiation that is established between neoliberal discourse, economic crisis, and the experience of its victims (both Gypsies and non-Gypsies) in spaces of shared conflict: shanty towns, slums and housing projects. The findings of this dissertation are twofold: that the appropriation of the Gypsy population’s experiences by these documentaries reflects and at times continues legacies of internal colonization while, simultaneously, these films point the way toward representational strategies that open the door to the narratives of those who have been silenced under neoliberalism.

Submitted by Maicon Juliano Schmidt (maicons) on 2015-05-20T16:59:08Z No. of bitstreams: 1 2015 - Charles Florczak Almeida.pdf: 3083417 bytes, checksum: db8d4c5f382744ba95a5555f48c9ada7 (MD5) / Made available in DSpace on 2015-05-20T16:59:08Z (GMT). No. of bitstreams: 1 2015 - Charles Florczak Almeida.pdf: 3083417 bytes, checksum: db8d4c5f382744ba95a5555f48c9ada7 (MD5) Previous issue date: 2015-03-16 / CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Este trabalho toma a cobertura da Folha de S. Paulo sobre a crise econômica de 2008 como objeto para um estudo do jornalismo como forma de conhecimento. O objetivo foi compreender como foi realizada a cobertura da crise, do ponto de vista dos tipos de conteúdo que produziu, das perspectivas e explicações que adotou, das posturas políticas defendidas, em suma, das prioridades editoriais desenvolvidas pelo veículo. Adota-se a perspectiva de que o jornalismo é uma forma de conhecimento social cristalizada no singular, que realiza a mediação entre os fatos e o público, caracterizando-se, enquanto conhecimento, por sua comunicabilidade. Sustentamos que contradições sociais estão envoltas no processo de significação jornalístico, o que justifica um estudo abrangendo abordagens informativas e opinativas, mantendo-se a essência no singular. Tratamos da ascensão e das características do neoliberalismo como projeto de classe hegemônico, que também é apontado como matriz de explicação para a crise econômica tema do trabalho. O jornalismo de economia, por sua vez, é o espaço pelo qual se percebe a relação do jornalismo com projetos político-econômicos, particularmente, o neoliberalismo, a transformar as pautas e formas de organização do jornalismo. A análise da cobertura realizada pela Folha de S. Paulo tem como corpus 6.176 textos jornalísticos de diferentes tipos e as manchetes de capa das 243 edições publicadas pelo jornal entre agosto de 2008 e março de 2009, período de maior acentuação da crise, incluindo impactos na economia brasileira. Pudemos observar a intensidade com que a crise foi acompanhada ao longo das semanas, destacando-se a quebra do Banco Lehman Brothers como marco efetivo da explosão do número de matérias. No decorrer dos meses, há mudanças de foco na cobertura, notadamente migrando do mercado financeiro para os governos; do exterior para o Brasil. As formas desenvolvidas pelo jornalismo de economia representam a estruturação básica da cobertura, do ponto de vista de temáticas, fontes e outros elementos. Identificamos, nas posições político-econômicas defendidas pelo jornal em editoriais e relacionadas aos destaques de capa, uma ênfase no dever do Estado em resolver os problemas trazidos pela crise, expressando, nesse ponto, a visão da ortodoxia neoliberal, pois assenta sua posição no corte de gastos públicos, flexibilização das leis trabalhistas e direito inquestionável das empresas de demitir. Aponta-se a maior participação de ex-integrantes do governo como de autores não jornalistas que compõem a contextualização dos acontecimentos da crise. Há uma ênfase no ponto de vista do mercado financeiro para observar os eventos e espaços generosos às entidades empresariais, ao contrário do que ocorre com os movimentos sociais e representação de trabalhadores. O econômico e o político estão inter-relacionados, tendo o jornalismo parte nesse contato, no caso da crise, reforçando a perspectiva hegemônica neoliberal. Conclui-se que, embora seja engendrada por concepções neoliberais, a cobertura se desenvolve baseada em formas de conhecer criadas pelo jornalismo. / This paper takes the coverage of Folha de S. Paulo about the economic crisis of 2008 as object for a study of journalism as a form of knowledge. It aimed understand how the coverage of the crisis was carried out from the point of view of the types of content produced, the perspectives and explanations adopted, the political positions defended, in short, the editorial priorities developed by the vehicle. The perspective adopted was that journalism is a form of social knowledge crystallized in the singular, that mediates facts and public, characterized, as knowledge, by its communicability. We argued that social contradictions are shrouded in the journalistic significance process, which justifies a study including informative and opinionated approaches, supporting the essence in the singular. The rise of neoliberalism and its features are understood as hegemonic class project, which is also indicated as explanation matrix for the economic crisis. Economic journalism, in turn, is the space in which it is perceived the relation between journalism and political-economic projects, particularly, neoliberalism, transforming the guidelines and forms of journalism organization. The analysis of the coverage of Folha de S. Paulo includes a corpus of 6,176 journalistic texts of different types and the cover headlines of the 243 issues published by the journal between August 2008 and March 2009, period of accentuation of the crisis, including impacts on Brazilian economy. It was possible to observe the intensity with which the crisis was followed over the weeks, emphasizing the crash of Lehman Brothers as an effective framework of the explosion in the number of news stories. Over the months, there were changes of focus on coverage, especially migrating from the financial market to governments; from abroad to Brazil. The forms developed by economic journalism represent the basic structure of the coverage from the point of view of themes, fonts and other elements. It was identified an emphasis on the duty of the state to solve the problems caused by the crisis, expressing the view of neoliberal orthodoxy as it rests its position in cuts of public spending, liberalization of labor legislation and unquestionable right of companies to dismiss in the political and economic positions taken by newspaper editorials and related to the highlights of cover. It was pointed the greater participation of former members of the government and non-journalists as authors that create the context of the crisis events. There was an emphasis on the point of view of financial market to observe the events and there were generous spaces to business entities, in contrast to what occurs with social movements and worker representation. The economic and the political aspects are interrelated, and journalism has participation in this relation, in the case of crisis, reinforcing the neoliberal hegemonic perspective. It was concluded that, although it is engendered by neoliberal concepts, coverage was developed based on ways of knowing created by journalism.

Determining whether great crises in donor countries, such as the contemporary COVID-19 pandemic, alter foreign aid allotment represents an urgent research problem. This thesis aims to disentangle if and how aid is increased, reduced or remained the same during crises. The work conducted is a case study of three donor countries: Sweden, the United States and the United Kingdom. Their aid is scrutinized in relation to three crises, the Nordic crisis, the global crisis of 2008 and the COVID-19 pandemic. An identified disagreement in the previous research helps create the theoretical framework guiding this study. A hypothesis is drawn from said framework, that aid allotment is to decrease during crises in donor countries. The findings of this thesis can neither confirm nor reject the hypothesis. Case-specific patterns emerge, implying a relationship between crises and alterations of aid. Seemingly, crises affect foreign aid allotment both positively and negatively, opening up for further research to verify the relationship.

Ce travail a pour but d’approfondir l’analyse des effets des contraintes de financement sur le commerce international, en portant une attention particulière aux pays BRICS, notamment le Brésil. Cette thèse comporte trois chapitres. Le premier chapitre évalue la vulnérabilité financière des secteurs manufacturiers brésiliens dans les années 2000, en se basant sur le travail de Rajan et Zingales (1998). Ce chapitre souligne l’importance du développement financier et des crédits publics dans l’allocation intersectorielle du capital au Brésil. Le deuxième chapitre étudie les effets des contraintes financières sur les exportations des firmes brésiliennes, dans le cadre théorique de firmes hétérogènes (Manova, 2013). Il s’agit de repenser le lien entre la taille et les performances d’exportation, en présence de contraintes financières au niveau sectoriel. Ce chapitre montre l’importance des difficultés d’accès au crédit au Brésil dans l’explication des performances d’exportation. Le troisième chapitre étudie les effets du développement financier sur les exportations vers les BRICS, avec un intérêt particulier pour les effets de la crise financière de 2008. Ce chapitre confirme l’importance du développement financier comme source d’avantage comparatif dans les secteurs dépendants de la finance externe. Cet avantage lié au développement financier perd de son importance pendant la crise. Les résultats confirment l’importance du canal financier de transmission de la crise. / This thesis aims at deepening the analysis of the effects of financial constraints on international trade performances, with a focus on the BRICS countries, notably Brazil. This thesis includes three chapters. The first chapter aims at evaluating the level of financial vulnerability of Brazilian manufacturing sectors in the 2000s, based on the work of Rajan and Zingales (1998). This chapter stresses the importance of the financial development and of public credits in causing the inter-sectoral capital misallocation. The second chapter focuses on the link between financial constraints and the performances of Brazilian exporters, in a framework of heterogeneous firms as in Manova (2013). Specifically, I revisit the link between firm size and firm exports by focusing on the financial constraints at sector-level. Findings emphasize the importance of problems of access to credit in Brazil, in explaining Brazilian firms’ export performances. The third chapter analyzes the effects of financial development in exporting countries on their exports to BRICS countries, with a focus on the recent financial crisis effects. Results confirm the role of financial development as a source of comparative advantage in sectors with high reliance on external finance. The positive effect related to financial development is lessened during the crisis. This confirms the importance of the trade finance transmission channel of the crisis.

No description available.

Made available in DSpace on 2016-04-26T20:48:36Z (GMT). No. of bitstreams: 1 Glauco Freire da Silva.pdf: 966006 bytes, checksum: d00228cce6a7452a1e10ae22ba1027bf (MD5) Previous issue date: 2012-05-21 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The purpose of this study is to analyze the actions of the Central Bank of Brazil in the financial crisis of 2008/2009, with reference to the Inflation Targeting Regime. Thus, the methodological procedure was the analysis and systematization of official documents. Is important to note that the Central Bank's actions in the crisis proved to be dubious, as it sought to free up liquidity with the compulsory reserves and, in parallel, withdrawing liquidity from the market to prevent the Selic rate to fall below target. On the other hand, the keeping of interest rates in 2008 showed that the Targeting Regime in Brazil proved to be hard in the period in which the variations in the Selic rate tended to be gradual and flagged. The analysis proposed in the work is presented in four chapters. Initially, the formation of a new consensus in macroeconomics which justifies the use of inflation targeting as a monetary policy framework since the mid 1990s. Then we describe the adoption of inflation targeting regime in Brazil in July 1999. Chapter two describes also the actions the Ministry of Finance with special attention to the role of public banks. Chapter three examines the policy measures of the Central Bank related to the provision of liquidity in domestic currency, especially the compulsory reserves, and liquidity in dollars in the foreign exchange market interventions. It is observed that at this moment the Central Bank maintained the Selic rate unchanged. Finally, we discuss the decision making of the Monetary Authority in relation to the interest rate, such as maintaining the rate in October and December 2008, the decrease between January and July 2009 and interrupted in September / O objetivo deste trabalho consiste em analisar a atuação do Banco Central do Brasil na crise financeira de 2008/2009, tendo como referência o Regime de Metas de Inflação. Para tanto, o procedimento metodológico foi à análise e sistematização de documentos oficiais. Destaca-se que a atuação do Banco Central na crise se mostrou dúbia, na medida em que procurou liberar liquidez com os encaixes compulsórios e, paralelamente, retirou liquidez do mercado para evitar que a taxa Selic caísse abaixo da meta. Por outro lado, a manutenção da taxa de juros em 2008 evidenciou que o Regime de Metas no Brasil se mostrou rígido no período, no qual as variações na taxa Selic tenderam a ser graduais e sinalizadas. A análise proposta no trabalho se apresenta em quatro capítulos. Inicialmente, a formação de um novo consenso na macroeconomia o qual fundamenta a utilização do regime de metas como arcabouço de política monetária desde meados dos anos 1990. Depois, descreve-se a adoção do regime de metas pelo Brasil em julho de 1999. O capítulo dois descreve, ainda, as medidas do Ministério da Fazenda com especial atenção para a atuação dos bancos públicos. O capítulo três analisa as medidas de política do Banco Central relacionadas à oferta de liquidez em moeda doméstica, com destaque para os encaixes compulsórios, e a liquidez em dólares com intervenções no mercado de câmbio. Observa-se que neste primeiro momento o Banco Central manteve a taxa Selic inalterada. Por fim, discute-se a tomada de decisão da Autoridade Monetária em relação à taxa de juros, tal como a manutenção da taxa em outubro e dezembro de 2008, a redução entre janeiro e julho de 2009 e a interrupção em setembro

Due to the apparent global economic conditions, at the end of 2008, the International Accounting Standards Board (IASB) issued amendments to IAS 39 Financial instruments: recognition and measurement and IFRS 7 Financial instruments: disclosures in October and November, 2008. The amendments allow banks to reclassify their non-derivative financial instruments in rare circumstances. This thesis investigates whether banks in the Nordic countries (Denmark, Finland, Norway, and Sweden) reclassify financial instruments, in their financial statements of 2008 and 2009. The result of the study shows that 47% of the sample Nordic banks reclassified financial instruments in 2008 and 12% in 2009. All banks increased their net profit as a result of reclassifying financial instruments in 2008. The return on equity (ROE) increased significantly compared to whether the banks would not had reclassified their financial instruments. Tendencies found among the sample Nordic banks are that larger and less profitable banks used the possibility to reclassify financial instruments to a greater extent. Because none of the banks made losses on their choice to reclassify in 2008, the conclusion is that the opportunity given due to the amendments are mostly used by the banks to enhance the net income and the key ratio ROE. This shows that management decisions are short-term. This also indicates that the amendments may be misused by management to enhance current profit for their own benefit. The thesis also concludes that the departure from fair-value as the valuation method for financial instruments, due to recent massive critic, is unlikely.