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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
491

Aspects juridiques et fiscaux de la mobilité des sociétés dans l’espace régional européen / Legal and Tax Aspects of European Cross-Border Mergers and Reorganizations

Zoumpoulis, Christos 13 June 2016 (has links)
La question de la mobilité des sociétés met principalement en cause deux ensembles normatifs étatiques. Tout d’abord, la société mobile rencontre en permanence la question des conflits de lois. Ainsi, la mobilité implique le passage par la question fondamentale de la reconnaissance, la mise en jeu des règles de conflit sur la loi applicable aux sociétés ainsi que, plus généralement, la nécessité de consulter en permanence toutes les règles délimitant la compétence normative de l’Etat en matière sociétaire, telles les règles de conflit (jurisprudentielles ou du droit positif) ou les lois de police susceptibles d’être mises en œuvre dans une opération de restructuration transfrontalière d’un groupe de sociétés ou dans une opération transfrontalière d’acquisition ou de prise de contrôle. Dans un second lieu, la mobilité met inéluctablement en jeu les règles formant les systèmes nationaux de fiscalité internationale des sociétés, à savoir les règles fiscales nationales ou internationales (émanant du droit fiscal interne ou des traités d’évitement de double imposition) applicables à des situations relevant des activités internationales des sociétés. Ces deux aspects de la question de la mobilité intra-communautaire des sociétés ne peuvent pas être traités indépendamment l'une de l'autre, puisque les deux corps de règles (règles de conflit et règles de compétence fiscale) obéissent plus ou moins aux mêmes impératifs hiérarchiquement supérieurs de nature politique, économique et sociale et, par conséquent, ils sont interdépendants. En outre, l’étude de leur évolution historique durant la période qui s’étend du début du XIXe siècle jusqu’à nos jours au sein des ordres juridiques analysés (français, anglais, allemand, belge) démontre qu'ils se sont réciproquement influencées pour atteindre leur état actuel. Au travers d’une analyse interdisciplinaire, nous mettons l'accent, dans une première partie, sur les points d'intersection des deux corps de règles afin d'exposer la mécanique complexe de la mobilité internationale des sociétés et afin de mettre en exergue les considérations juridiques et fiscales qui dominent la matière. Cela dit, les systèmes nationaux de fiscalité internationale et les systèmes nationaux de droit international des sociétés sont aujourd’hui en pleine transformation sous l’emprise du droit communautaire qui se veut un méta-ordre d’organisation des comportements des gouvernements nationaux et des agents économiques selon et vers un modèle nouveau de régulation du marché de nature à rendre la création d’un Marché unique au sein de l’UE possible. Dans la seconde partie de notre étude, nous explorons l’impact du droit dérivé et de la jurisprudence de la CJUE -qui agissent conjointement afin d’atteindre cet objectif- sur ces deux ensembles normatifs nationaux, afin de conclure que toutes les évolutions récentes et anticipées en matière de mobilité des sociétés, tant au niveau national qu’au niveau communautaire, s’inscrivent dans le contexte de l’évolution globale du processus de transition des ordres juridiques nationaux d’un modèle capitaliste traditionnel de régulation du marché inspiré par les travaux de M. Keynes à un modèle néo-libéral, accélérée par la pression de la vague contemporaine de la mondialisation économique. En se situant dans une perspective historique et interdisciplinaire de la question de la mobilité intra-communautaire des sociétés, nous nous efforçons d’en cerner les tendances et les configurations ainsi que d’en faire l’état des lieux des progrès effectués depuis le XIXe siècle. / Cross-border company mobility principally involves two main sets of State norms. Firstly, mobile companies continuously encounter conflict of laws questions. Therefore, mobility implies a necessary passage from the fundamental question of recognition of foreign companies, the application of conflict of laws rules determining the lex societatis and, more generally, the consultation of all the rules delineating the normative jurisdiction of the State in corporate matters, namely the conflict of laws rules (whether they stem from positive law or from judicial precedents) or the mandatory rules (lois de police) likely to be implemented in cross-border M&As, reorganizations and take-overs. Secondly, company mobility brings inevitably into play the national or international tax rules which constitute the national systems of international taxation of companies, namely tax rules emanating either from national tax legislation or from international treaties on avoidance of double taxation. These two aspects of the matter of company cross-border mobility shall not be examined separately, given that the formation of conflict of laws rules and tax jurisdiction rules that delineate a state’s tax jurisdiction depends on each State’s hierarchically superior imperatives of a political, economic and social nature, these two body of rules being, therefore, interdependent. The study of their historical evolution within the legal systems examined in our thesis (French, English, German and Belgian) from the early 19th century to date, demonstrates that their current state constitutes the result of their mutual influence. Through an interdisciplinary analysis, we emphasize, in the first part of our thesis, on the crossing points of these two sets of rules in order to explain the complex mechanics of cross-border mobility of companies and point out the legal and tax considerations that dominate the matter. We further explore their transformation by EU law which is intended as a meta-order aimed at orchestrating national government and economic agents’ behaviors according to and towards a new model of market regulation susceptible to the creation of a European single market. The second part of our thesis is dedicated to the study of the impact of secondary EU legislation and European Court of Justice jurisprudence –that act jointly to achieve the European single market objective- on the aforementioned bodies of national rules, that leads to the conclusion that the recent and anticipated developments on the mobility of companies within the EU both on national and European level, fall within the broader framework of the overall development of the transition process of national legal orders from a traditional capitalist model of market regulation inspired by the theories of M. Keynes towards a neo-liberal model which is accelerated by the pressure of the contemporary trend of economic globalization. Addressing the subject of cross-border mobility of companies within the EU both from a historical and an interdisciplinary perspective, we endeavor to identify trends and patterns and to assess the progress achieved since the early 19th century.
492

La nationalité des sociétés en droit français / The nationality of companies in French law

Bouderhem, Rabaï 17 March 2012 (has links)
Le développement des relations économiques internationales et la construction d’un espace européen intégré tant d’un point de vue économique que politique a relancé le débat sur la nationalité des sociétés. La question n’est pas tant de savoir si les sociétés commerciales disposent d’une nationalité au même titre que les personnes physiques – les solutions en la matière sont depuis longtemps acceptées par la doctrine et la jurisprudence internationales – mais plutôt de déterminer comment cette notion a évolué et s’adapte aux contraintes d’une part, d’une économie de marché mondialisée et d’autre part, du droit de l’Union européenne qui bouleverse les solutions traditionnellement admises en matière de nationalité des sociétés dans les droits internes des Etats membres. Ainsi, les critères de rattachement juridique d’une société à un Etat déterminés par les règles de droit international privé de chaque Etat s’orientent inéluctablement vers le critère anglo-saxon de l’incorporation. L’apparition de nouvelles personnes morales de droit de l’UE comme la Société européenne (SE) ou la future Société privée européenne (SPE) posent également la question de la nationalité et de la loi applicable à ce type de groupement européen. Il en est de même s’agissant des groupes de sociétés dont une réglementation de leurs activités pourrait être relancée dans le cadre du droit de l’UE. / The development of international economic relations and the construction of an integrated European area, both from an economic and a political point of view, has revived the debate on the nationality of trading companies. The question is not so much whether trading companies have a nationality on an equal footing with natural persons – solutions have long been accepted by international doctrine and jurisprudence – but rather to determine how this notion has evolved and adapted to the constraints on the one hand, of a globalized market economy and, on the other hand, of European Union law which overturns the traditionally accepted solutions of nationality of trading companies into the legal systems of Member States. Thus, the criteria for the legal connection of a company to a State determined by the rules of private international law of each Member State are inevitably directed towards the Anglo-Saxon criterion of incorporation. The emergence of new European Union legal entities such as the European Company or the future European Private Company also raises the issue of nationality and the law applicable to this type of European legal entities. The same applies to groups of companies whose regulation of their activities could be revived under European Union law.
493

Para uma teoria do direito internacional do consumidor: a proteção do consumidor no livre comércio internacional / For a theory of international consumer law: the consumer protection in the free international commerce

Eduardo Antônio Klausner 09 February 2010 (has links)
O consumidor é o agente vulnerável na relação de consumo internacional. O processo de globalização se apresenta, para o consumidor, como uma globalização do consumo. A globalização do consumo se caracteriza pelo comércio e fornecimento internacional de produtos e serviços por empresários/fornecedores transnacionais/globais, utilizando marcas de renome mundial, acessíveis a todos os consumidores do planeta, e agrava a vulnerabilidade do consumidor no mercado. A proteção jurídica do consumidor internacional é uma necessidade que os sistemas jurídicos nacionais não se mostram aptos a prover adequadamente, assim como o Direito Internacional também não. A presente tese demonstra a deficiência da Ciência do Direito na proteção do consumidor no contexto da globalização; demonstra como o próprio comércio internacional é prejudicado ao não priorizar de maneira absoluta e efetiva a proteção do consumidor na OMC, bem como ao mostrar-se apático diante dos diferentes níveis de proteção proporcionada aos consumidores em cada diferente sistema jurídico nacional; demonstra, também, como a proteção do consumidor de maneira uniforme e global por um direito comum aos Estados é possível e será capaz de tornar mais eficiente economicamente o processo de globalização do consumo, ao encorajar a participação mais intensa do consumidor no mercado internacional; e propõe a construção de um novo ramo do Direito dedicado ao problema, o Direito Internacional do Consumidor (DIC), por meio da elaboração de uma Teoria do Direito Internacional do Consumidor. O Direito Internacional do Consumidor pretende ser um direito comum e universal de proteção ao consumidor, fundado em métodos, conceitos, institutos, normas e princípios jurídicos universais. O DIC dialogará com outros ramos do Direito Público e Privado, especialmente o Direito Internacional Econômico, o Direito Internacional do Comércio, o Direito Internacional Privado, o Direito Processual Civil Internacional, e o Direito do Consumidor. Pretende-se com isto atender ao ideal de promover o livre comércio internacional com respeito aos Direitos Humanos. / The consumer is the weak party in the cross-border consumer relation. The globalization process presents itself for the consumer as a globalization of consumers relations. The globalization of consumers relations is defined by international commerce and supply of products and services by transnational/global entrepreneurs/ suppliers, using global renowned brands names, available for all consumers of the planet, aggravating the consumers vulnerability in the market. The juridical international consumers protection is a necessity that has not been properly dealt with neither by the national legal systems nor by International Law. The present thesis shows the deficiency of Juridical Science to consumers protection in a globalization context; it shows how international commerce suffers harms when it does not prioritize the consumers protection in WTO, and when it has no reaction against different consumers protections levels by the distinct national legislation; it also shows, how consumers protection by a global and uniform law for all States is possible and can be more economically efficient for the process of globalization of consumers relations, because it encourages a intensive consumer participation in the international market; and proposes to build a new branch of law dedicated to the problem, the International Consumer Law (ICL), by a Theory of International Consumer Law. The International Consumer Law intends to be a general and universal law about consumers protection, based on universal methods, concepts, institutes, rules and principles. The ICL is going to dialogue with others branches of law, specially with International Economic Law, Global Trade Law, Private International Law (Conflict of Laws), Transnational Litigation Law, Consumer Protection Law and Products Liability Law. The intention of this thesis is to deal with the ideal of promoting free international trade taking into account respect for humans rights.
494

Zdravotní pojištění a vstup České republiky do Evropské unie / Health insurance and the entry of the Czech Republic to the European Union

FRČKOVÁ, Lucie January 2007 (has links)
Health insurance and the entry of the Czech Republic to the European Union The first of May 2004 the Czech Republic became a member state of European Union. The membership in European Union bears a change in reservation necessities on health care in the movement of persons within the countries of European Union, European Economic Area (i. e., Norway, Iceland, Liechtenstein) and Switzerland. Diploma thesis, which is divided into two parts (theoretical and practical ones), summarizes accessible information about health insurance problems after the entry of the Czech Republic to the European Union. The objective of theoretical part is to summarize the problems of administration of health care within the countries of the European Union and find out consequences of the entry of the Czech Republic to the European Union for the Czech health insurance system. I present briefly the European Union, coordination of social security national systems, and the Czech health insurance system. Above all, the thesis is specialized in legal form of health insurance, in basic principles in administration of health care and in the extent of health care provided within the countries of the European Union. The special account is taken of problems of cross-border workers and Czech tourists. At the end of thesis information on the European Health Insurance Card and the Centre for Interstate Refund which fulfill the function of contact authority for the sphere of health insurance in the Czech Republic are mentioned. The objective of practical part of the thesis is to find out the legal consciousness of knowledge of the Czech Republic citizens of European law for the sphere of administration of health care in the European Union. Two hypotheses were set to accomplish the research target. The quantitative research methodology {--} technique of questionnaire was used in this survey. The research was realized in the South Bohemian Region, in the towns of České Budějovice and Strakonice. The respondents of the questionnaires were selected on purpose according to their age (from 30 years to 45 years). The research set icluded 120 respondents of both the sexes (citizens of the towns of České Budějovice and Strakonice). On the basis of obtained and proportionally evaluated research data, the both hypotheses were confirmed. The results of the research show the poor knowledge about the European law for administration health care sphere in the European Union in the citizens of České Budějovice and Strakonice. The diploma thesis can serve as a full-value information source for students, staff of health insurance companies and the general public. The questions of administration health care in the European Union is not entirely known among the general public and so the subject of this thesis can certainly clarify it.
495

Jornalismo transnacional: prática, método e conceito / -

Ben Hur Demeneck 17 March 2016 (has links)
O jornalismo transnacional (in. cross border journalism; es. periodismo transfronteirizo; din. journalistik over grænser) ganhou visibilidade nos anos 2010 a partir de séries como o OffshoreLeaks e o SwissLeaks, por estabelecer uma rede de investigação colaborativa entre equipes de diferentes países em torno de temas de relevância continental ou mundial, que normalmente envolvem estratagemas nas finanças internacionais com fins ilícitos. Tais séries jornalísticas são o ponto de partida desta tese, sendo contextualizadas com a renovação dos marcos do jornalismo profissional, que inclui o jornalismo pós-industrial (ANDERSON, BELL&SHIRKY, 2013), o qual coincide com uma \"improvável época de ouro do jornalismo investigativo\" (LEWIS, 2009). Procura-se, na presente pesquisa, mapear um território de pioneiros dessa prática de imprensa, que atrai jornalistas veteranos e interessa até às redações clássicas. A partir das constatações do crescimento dessa prática, esta tese procura refletir sobre essa tendência e identificar nela fundamentos de um método, ainda que não plenamente consolidado. E de tal método extrair elementos para um conceito, cuja prática expõe as assimetrias da globalização e se projeta numa \"sociedade civil global\" (IANNI, 1996; KALDOR, 2003). Praticado por jornalistas investigativos como David Kaplan e jornalistas-pesquisadoras como a dinamarquesa Brigitte Alfter (2015) e a chilena Florencia Melgar Hourcade (2015), o jornalismo transnacional se beneficia do saber acumulado pelo \"jornalismo de dados\" e pelo \"jornalismo sem fins lucrativos\", o que estimula uma cultura não competitiva entre redações, fortalece empreendimentos não corporativos e dá abertura a uma estimulante discussão sobre identidade profissional. No campo teórico, esta tese investiga se essa nova fronteira profissional da imprensa subsidia de fato a emergência de uma opinião pública global de caráter generalista na medida em que abre um horizonte multifacetado e plural para o conceito de objetividade jornalística (agora entendida como transparência), e na medida em que incorpora valores de uma \"ética de jornalismo global\" (WARD, 2005, 2008, 2010). / The cross border journalism (es. periodismo transfronteirizo; din. journalistik over grænser; pt. jornalismo transnacional) gained visibility in the years 2010 from series like OffshoreLeaks and SwissLeaks, by establishing a network of collaborative reporting between teams from different countries around issues of continental or global relevance, which usually involves stratagems in international finances for illicit purposes. These journalistic series are the starting point of this thesis, and they are contextualized with the renovation of the milestones of professional journalism, including the post-industrial journalism (ANDERSON, BELL & SHIRKY, 2013) and its coincidence with an \"unlikely golden era of investigative journalism\" (LEWIS, 2009). The research tries to report this territory of pioneers of this new practice from press, which attracts veteran journalists and interests even the classic newsrooms. From the factual findings, this thesis aims to reflect on this trend identifying foundations of a method, although not fully consolidated, and tries to extract therefrom the elements of a concept, and relating its practice to an emergent \"global civil society\" (IANNI, 1996; KALDOR, 2003) and exposing the asymmetries of globalization. Practiced by investigative journalists like David Kaplan and journalists-researchers as the Danish Brigitte Alfter (2015) and the Chilean Florencia Melgar Hourcade (2015), the transnational method takes benefit from the accumulated knowledge by the \"data journalism\" and the \"nonprofit journalism\" and can stimulates a non-competitive culture among newsrooms. This journalism strengthens non-corporate enterprises and gives opening to a stimulating discussion about professional identity. In theory, this thesis investigates if this new professional frontier of press subsidizes indeed the emergence of a global public opinion in a \"generalist\" character as it opens to journalistic field a multifaceted and plural horizon to objectivity (now understood as transparency), and as it incorporates values from a \"global journalism ethics\" (WARD, 2005, 2008, 2010).
496

Kan regional påverkan från Danmark förklara Sverigedemokraternas valframgångar i Skåne? / Can Danish experience explain why Sverigedemokraterna had a higher support among voters in Skåne, than among other Swedish voters?

Wood, Jenny January 2007 (has links)
The key question of this essay concerns the outcome of Sweden’s latest election. When all the votes where counted, the county of Skåne showed an exceptionally high support for the right wing nationalist party Sverigedemokraterna. Why then, did Sverigedemokraterna have a higher support among voters in Skåne (as part of the larger and transnational Öresund region), than among other Swedish voters? My hypothesis is the following: the regional interaction within Öresund has not only had positive effects concerning the values that the people of Skåne hold. In other words, Danish experience has changed the way in which the people of Skåne view immigrants and radical right wing parties. Before I go on any further I will explain what is meant by the Öresund region. This region encompasses both parts of Sweden and Denmark (most notably Skåne and Själland), and the interaction between the two countries have increased considerably since a physical bridge between the two border regions was opened in July 2000. Now, let us go on to the purpose of this essay, which is to answer the key question, and also to determine if the regional cooperation in the Öresund region has led to changes in the way the people of Skåne view right wing nationalist parties. Therefore, I explored the effects of the interaction between the Swedish region Skåne and the Danish region Själland, in order to discern if the Danes negative views towards immigrants and their strong feelings of nationalism, have effected Swedes and their values. In other words, was it possible that the Danish hostility towards immigrants and their unproblematic view of right wing nationalist parties, had been transmitted to the people of Skåne? Last but not least, it has also been the purpose of this essay to prove that traditional variables, concerning the question of why people vote for right wing nationalist parties, do no longer explain this phenomenon. By traditional variables I mean unemployment and a high density of immigrants of the population in a specific area. In order to research the above mentioned issues, I have gone through letters to the editor, sent to the newspaper Sydsvenskan, and analysed the material using qualitative text analysis. I have also studied literature within the field of cross-border studies. After ten weeks of research, I came to the conclusion that the traditional variables do not explain why Sverigedemokraterna received such a high proportion of the votes in Skåne. However, this essay also sheds light on the possibility of Danish experience as a plausible variable when it comes to explaining the outcome of the last election, but based on my limited study I can neither confirm nor dismiss the hypothesis. However, my study does provide some evidence that supports the hypothesis. In order to draw any conclusions however, it would have to be broadened in itself and replicated in other sections of Sweden or nationally. The results of my study might leave the key question unanswered, but in itself can be viewed as an important step towards obtaining a clearer overview of what has driven the increased vote share for Sverigedemokraterna.
497

Osobní statut právnických osob v mezinárodním právu soukromém / Personal status of legal entities in private international law

Doula, Sufjan January 2015 (has links)
In today's world, where globalisation and internationalization becomes part of our daily life, international entrepreneurship turns into a more actual and important issue. The role of law in this system is to set borders and give directions, which reflect the current state of global society. The aim of the diploma thesis Personal status of legal entities in private international law is both to clarify the actual legal situation of determining the personal status of legal entities and to find out the current grade of global legal integration in these aspects, that either encourages or prevents legal entities from international activities. In order to achieve that, firstly, a theoretical definition of the historically evolved theories for determination of personal status of legal entities is given. Subsequently, their main be- nefits and drawbacks are analysed. The first part is concluded with a definition of the scope of the conflict between the two main theories - incorporation theory and real seat theory. Additionally possible ways, how to solve this conflict together with their potential impact, are sought. Further parts of the thesis deal with such terms as recognition of foreign legal entities and cross-border transfer of seat. These all are essential terms that are bound with the per- sonal status of...
498

兩岸共同打擊跨境犯罪之研究-2008年後大陸地區人民非法來臺案件為例 / The Study of the Cross-border Crime:The Case study of the Entrance to Taiwan Illegally

黃柏森 Unknown Date (has links)
傳統的國家安全威脅之應處,係以確保國家軍事、政治及外交衝突等國家安全問題為目標。隨著冷戰結束後,全球化時代來臨,國際戰略環境的變遷與威脅性質的演變,「非傳統安全」威脅已逐漸取代「傳統安全」威脅。換言之,傳統安全思維僅著重在主權國家的軍事安全層面,非傳統安全則是基於整體人類安全的考量。我國在面對非傳統安全威脅下,如何調整適應環境之變化,以確保生存及發展,已成為當前刻不容緩之要務。 非傳統安全議題相當廣泛,主要包括:經濟及金融安全、自然生態環境安全、網路資訊安全、大規模殺傷性武器擴散、疫情傳播、恐怖主義、跨境犯罪、走私販毒、非法移民、海盜、洗錢等。中國大陸對臺威脅亦包含傳統與非傳統安全威脅性質。傳統安全係以軍事戰略威脅為主,非傳統安全威脅則來源多元、形式多樣,所呈現以走私、海盜、偷渡、偽造貨幣、詐欺、洗錢等跨境犯罪最為顯著, 本論文將探討兩岸共同打擊跨境犯罪背景發展,並分析兩岸交流衍生之大陸民眾非法來臺所呈現之態樣與現況,闡明我國所面臨的非傳統安全威脅,希冀由相關資料分析比較,藉此驗證現行實務面執行運作成效,並針對實務運作所面臨之困境提出研究建議,供相關單位參考,建立一個兩岸和平安全的互動環境。 / The aim of dealing with the traditional threats to national security is to ensure the national security in the aspects of military, politics and diplomacy. After the end of the Cold War comes the era of globalization, international strategic environment changes as well as the substantial of threat evolves. As a result, “non-traditional security (NTS)” threats have gradually taken the place of “traditional security” treats. In other words, the concept of traditional security only focuses on the aspects of military security of a sovereign state, whereas the consideration of non-traditional security is based on the general human safety. While confronting with threats of non-traditional security, it’s crunch time to make adjustments and adaptation so as to ensure existence and development of Taiwan. The issues of non-traditional security are extremely wide-ranging, mainly including: economic and financial security, ecological and environmental security, information and network security, the proliferation of weapons of mass destruction (WMD), the spread of epidemics, terrorism, transnational crime, narcotics and smuggling, illegal immigration, piracy, money laundering, and so on. The threats to Taiwan from China include traditional security threats and non-traditional security threats. The main threat of the traditional threats is military hostility, while non-traditional security threats stem from various sources and come out in multitudinous forms, especially in the fields of transnational crime such as smuggling, piracy, stowaways, currency counterfeiting, fraud, money laundering, etc. This study discusses the background and context of the cross-strait joint fight against transnational crime, and analyzes the current situation and patterns of illegal immigration of the people from Mainland China resulting from the cross-trait exchanges, as well as explicates the non-traditional security threats confronted by Taiwan, whereupon, in the hope of examining the practice performance by means of comparative analysis of related materials, proposed suggestions and strategies for these predicaments are finally concluded as a reference to the competent authorities to build a peaceful and secure environment for cross-strait interactions accordingly.
499

Trh a obchodování s elektřinou z obnovitelných zdrojů v EU / Markets and Electricity Trading from Renewable Sources in EU

Pěcha, Jiří January 2011 (has links)
The submitted diploma thesis describes particular types of European energetic exchanges, focuses in depth on principles market in Czech Republic and studies the price development on spot and futures markets. The main idea of this work is to focus on renewable energy sources (RES) and their influence on energetic markets. At first, operational and reliability properties of RES are explained and then their development support is analyzed. Last chapters focus on how the power grid is impacted by RES that are hardly predictable source with local production characteristic. There are also outlined problems originating from irregular production that are linked to a surplus of electric energy, but also on energy shortage caused by bad weather. These problems influence international commerce and reduce the capacity of cross-border profiles.
500

The Real Effects of Banking Crises

Schaz, Philipp 10 October 2019 (has links)
Diese Dissertation untersucht die Auswirkungen von Bankenkrisen auf die Realwirtschaft in drei unabhängigen Kapiteln. Kapitel 1 klassifiziert die geografische Diversifikation einer Großzahl von Banken, anhand deren international syndizierten Kreditportfolios. Ergebnisse zeigen ein höheres Kreditangebot durch diversifizierte Banken während Bankenkrisen die sich in Kreditnehmerländern ereignen. Dieses relativ stabilere Kreditangebot führt zu höherem Investitions- und Beschäftigungswachstum von Unternehmen. Eine weiterführende Unterteilung von Banken anhand derer Nationalität zeigt eine Rangfolge auf: diversifizierte inländische Banken erweisen sich als die stabilste und ausländische Banken mit geringer Diversifikation als die instabilste Finanzierungsquelle. In Kapitel 2 analysiere ich die Rolle der industriellen Spezialisierung von Banken in der Transmission von Finanzierungsshocks. Anhand der Ergebnisse schützen Banken Unternehmen die Teil ihrer spezialisierten Industrien sind vor der Bankenkrise und reduzieren ihre Kreditvergabe hingegen am stärksten an Industrien, in welchen sie weniger spezialisiert sind. Darüber hinaus finde ich Evidenz für Übertragungseffekte durch reduzierte Kreditvergabe auch in Nicht-Krisenländern. Dieser Übertragungseffekt ist jedoch gedämpft für Unternehmen aus spezialisierten Industrien. Kapitel 3 untersucht die Effekte von Bankenrettungen in Europa auf die globalen Kreditströme. Gerettete Banken weisen einen höheren Anstieg des Anteils an inländischen Unternehmen in der Kreditvergabe auf als nicht-gerettete Banken. Das negative Kreditangebot für ausländische Unternehmen führt zu einer Verringerung des Absatz- und Beschäftigungswachstums. Im inländischen Markt hingegen führt die Bankenrettung zu einer Verzerrung der Kreditallokation, hin zu größeren und weniger innovativen Unternehmen. Darüber hinaus dokumentiere ich eine stärkere politische Einflussnahme, da Kontrollrechte im Zuge der Bankenrettung an die Regierung übertragen werden. / This thesis investigates the effect of banking crises on real economic outcomes in three independent chapters. In chapter one, I classify a large sample of banks according to the geographic diversification of their international syndicated loan portfolio. Results show that diversified banks maintain higher loan supply during banking crises in borrower countries. The positive loan supply effects lead to higher investment and employment growth for firms. Further distinguishing banks by nationality reveals a pecking order: diversified domestic banks are the most stable source of funding, while foreign banks with little diversification are the most fickle. In chapter two, I show that banks' industry specialization determines how banks transmit funding shocks during banking crises to borrowers and how they spill over to non-crisis countries. Results show that banks insulate their main industries from the banking crisis while they reduce lending most to their non-main industries. Moreover, I provide evidence on spillover effects, as banks hit by a banking crisis in one borrower country reduce lending to firms in non-crisis countries. However, this contagion effect is significantly weaker for firms in banks' main industries. In chapter three, I examine the effect of government support for European banks, such as recapitalizations on financial integration and firm outcomes. Results show that bailout banks increase their home bias in lending by a quarter more than non-bailout banks. In turn, the negative loan supply effect on discriminated foreign firms translates into lower sales and employment growth. In the home market, government support distorts credit allocation by shifting lending to larger, safer and less innovative firms. Moreover, I document that politicians gain influence over banks by transferring control rights to the government as part of the support scheme.

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