Notre thèse traite des comportements d'aléa moral caractéristiques de la relation emprunteur souverain - prêteurs privés - Institutions financières internationales, et plus particulièrement de la question de l'optimalité de l'intervention du Fonds Monétaire International, lorsqu'il existe un risque de système. Cette problématique renvoie, dans la littérature, aux modèles de dette souveraine et de renégociations, aux modèles de comportement des Institutions financières internationales, et aux modèles de crises financières. Sur cette base, nous proposons deux modèles d'octroi de prêts multilatéraux. Le premier, de type Principal-Agent, comporte une conditionnalité ex post (la conditionnalité actuelle, où la vérification des conditionnalités est postérieure aux transferts, par opposition à une conditionnalité ex ante, où elle serait antérieure). Sa résolution conduit à conclure que, dans un contexte de risque systémique, si le coût de la crise excède celui du renflouement, le FMI devient un prêteur en dernier ressort obligé. Le transfert permet généralement d'éviter la crise, mais l'intervention n'est pas globalement optimale. L'objet du second modèle, de conditionnalité ex ante, est de déterminer si ce mode d'intervention permettrait de limiter les comportements d'aléa moral des prêteurs privés et des emprunteurs. Le transfert effectué par le FMI est, ici, lié à une note préalablement attribuée. Les prêteurs privés sont divisés en deux catégories : les "spéculateurs" et les "investisseurs". Selon nos hypothèses, le régime de conditionnalité ex ante permet de renouer avec une contrainte d'incitation, renforcée par le lien entre investissements durables et système de notation. L'efficience de l'intervention se trouve améliorée en termes d'allocation optimale des ressources multilatérales et de prévention des crises. L'importance accordée par le Fonds Monétaire International à la stabilisation à court terme du système de financement international entraîne cependant la persistance d'un aléa moral de l'emprunteur.

Multiple group memberships are the rule rather than the exception. Locally operating groups frequently offer the advantage of providing social recognition and higher marginal benefits to the individual, whereas globally operating groups may be more beneficial from a social perspective. Within a voluntary contribution environment we experimentally investigate the tension that arises when subjects belong to a smaller local and a larger global group. When the global public good is more efficient individuals first attempt to cooperate in the global public good. However, this tendency quickly unravels and cooperation in the local public good builds up. (author´s abstract) / Series: Department of Economics Working Paper Series

Efficiency, Leverage and Exit: The Role of Information Asymmetry in Concentrated Industries This paper develops a real options model of imperfect competition with asymmetric information that analyzes firms' exit decisions. Optimal exit decision is linked to firm characteristics such as financial leverage and efficiency. The model shows that informational asymmetries can lead more efficient and less leveraged firms to leave the product market prematurely. It also demonstrates how firm efficiency can increase debt capacity relative to rival firms. The model also has implications for firm risk and asset returns. Specifically, the paper shows that, when there is information asymmetry among rivals, rival actions can have a "news effect" that change a firm's dynamic risk structure. Human Capital Investment and the Completion of Risky R&D Projects We consider a firm that employs human capital to make a technological breakthrough. Since the probability of success of the breakthrough depends on the current stock of human capital the firm has an incentive to expand its human capital stock. The present value of the patent is stochastic but can be observed during the R\&D phase of the project. The exogenous value of the patent determines the firm's decisions to invest in human capital, to abandon the project if necessary, and to invest in marketing the new product. We study the corresponding optimal stopping times, determine their value and risk consequences, and derive optimal investment in the stock of human capital. While optimal investment in human capital is very sensitive to its productivity do increase the probability of a breakthrough it is insensitive to changes in the volatility of the present value of the patent. The value of the firm is driven by fixed labor costs that occur until the breakthrough is made, the call option to invest in human capital and market the product, and the put option to abandon the project. These options together with labor costs' based operating leverage determine the risk dynamics. Risk varies non-monotonically with the stochastic value of the patent and is U-shaped. Migration Options for Skilled Labor and Optimal Investment in Human Capital This paper develops a model of optimal education choice of an agent who has an option to emigrate. Using a real options framework, we analyze the time evolution of human capital in the country of origin and investigate the role of migration possibilities in the accumulation of different types of human capital. The analysis shows that the accumulation of human capital depends crucially on the level of uncertainty and the transferability of human capital across countries. Government subsidies are an important determinant of the composition of different types of human capital and can be crucial in alleviating the brain drain problem. (author's abstract)

La théorie économique conduit à supposer que l'assurance santé accroît les consommations médicales en générant du risque moral ex-post, c'est-à-dire l'achat par les individus de soins dont la valeur est faible au regard de leur coût total. Certains économistes soulignent que tout ou partie de ce surplus de consommation peut résulter également d'une solvabilisation de la demande de soins du fait des remboursements, traduisant ainsi un meilleur accès aux soins. Comprendre lequel de ces effets prédomine représente un enjeu important en termes d'équité et d'efficience du système de santé. Cette thèse vise à mesurer l'ampleur de l'effet de l'assurance complémentaire santé sur les consommations médicales en France et à en comprendre la nature en s'appuyant sur trois articles. Le premier article analyse l'effet du fait d'être couvert par une complémentaire santé sur le recours aux médecins, le second évalue l'impact de la CMU-C sur les consommations médicales de ses bénéficiaires, enfin le troisième étudie l'effet d'une surcomplémentaire santé permettant de compléter les remboursements du contrat de base d'une mutuelle de fonctionnaire. En se focalisant sur l'assurance complémentaire et surcomplémentaire, ces articles permettent d'étudier l'effet d'une variation à la marge du niveau de couverture sur différentes catégories de population.

The exchange of tax information has received ample attention recently, due to a number of recent headlines on aggressive tax planning and tax evasion. Whilst both participating tax authorities will gain when foreign investments (FDI) are bilateral, we demonstrate that FDI receiving nations will lose in asymmetric situations. We solve a bargaining model that proves that tax information exchange will only happen voluntarily with compensation for this loss. We then present empirical evidence in a global panel and find that a tax information exchange agreement (TIEA) or a double tax treaty with information exchange (DTT) is more likely when the capital importer is compensated through official development assistence (ODA). We finally demonstrate how the foreign account tax compliance act (FATCA) and similar international initiatives bias the bargaining outcome in favour of capital exporting countries. (authors' abstract) / Series: WU International Taxation Research Paper Series

Submitted by Renata Lopes (renatasil82@gmail.com) on 2018-07-20T15:48:26Z No. of bitstreams: 1 mateusclovisdesouzacosta.pdf: 2901250 bytes, checksum: 8af7b5baf07040748804059716275b90 (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2018-09-03T16:18:14Z (GMT) No. of bitstreams: 1 mateusclovisdesouzacosta.pdf: 2901250 bytes, checksum: 8af7b5baf07040748804059716275b90 (MD5) / Made available in DSpace on 2018-09-03T16:18:14Z (GMT). No. of bitstreams: 1 mateusclovisdesouzacosta.pdf: 2901250 bytes, checksum: 8af7b5baf07040748804059716275b90 (MD5) Previous issue date: 2018-06-29 / A tese tem por objetivo estimular a discussão, por meio de três estudos independentes, sobre os impactos econômico-financeiros das cesarianas desnecessárias no Brasil, estimando os custos, propondo estratégias para redução do procedimento quando desnecessário e investigando a hipótese de que obstetras induzem a demanda por cesariana. A epidemia de cesariana é um problema de saúde pública que onera financeiramente os sistemas público e privado de saúde e que desperdiça recursos que poderiam ser utilizados de maneira mais eficiente. O primeiro estudo estima o custo da cesariana desnecessária no Brasil. Tendo como base dados da pesquisa Nascer no Brasil, DATASUS, SIGTAP, UNIDAS e estimando por regressão logística, foi possível concluir que o custo da cesariana desnecessária é no mínimo R$ 10,5 milhões no setor público e R$ 17,6 milhões no setor privado, o que representa 1,6% a 6% dos gastos públicos com cesariana. O segundo estudo propõe mudança no modelo de assistência obstétrica que envolve alteração na jornada de trabalho, na forma de remuneração e no aumento da punição aos obstetras, como forma de inibir a prática de indução de demanda. A partir de referências na literatura, dados da AMB, DATASUS e da pesquisa Nascer no Brasil, atribuíram-se métricas para a utilidade do obstetra e utilizou-se uma simulação para sensibilizar as métricas de remuneração e ética profissional, permitindo observar o efeito na decisão do obstetra. Concluise que remunerar obstetras com salário fixo, introduzi-los na jornada de trabalho sob regime plantão e em equipe colaborativa e aumentar da punição pela prática antiética de indução de demanda são ações que podem somar a outros esforços para o combate à epidemia da cirurgia no Brasil. O terceiro estudo investigou a hipótese de indução de demanda por cesariana no Brasil. Com dados do DATASUS, CFM e da pesquisa Nascer no Brasil, foi possível descrever comportamentos da assistência obstétrica brasileira no que diz respeito ao volume de nascimentos por hora, processos éticos contra obstetras e a probabilidade de haver cesariana sem indicação clínica. As conclusões são de que o volume de nascimentos por cesariana no Brasil supera aos do parto vaginal em horários comerciais, que ginecologia-obstetrícia é a especialidade com maior volume processos ético-disciplinares no CFM, que a maioria das decisões dos CRM’s/CFM tem caráter reservado e que quando o trabalho de parto de mulheres de risco habitual, que se iniciou espontaneamente, é acompanhando só por médico obstetra, ocorre em dia de semana e o obstetra decidiu a via de nascimento no final da gestação, houve maior chance de cesariana, levando à suspeita da prática de medicina defensiva. / This thesis aims to stimulate the discussion, by means of three independent studies, of the economic-financial impacts of unnecessary cesarean sections in Brazil, estimating the costs, suggesting strategies to decrease this procedure when unnecessary and investigating the hypothesis that obstetricians induces the demand for this surgery. The cesarean sections epidemic is a public health issue that financially burdens both public and private health systems, wasting resources that could be used in a more efficient way. The first study estimates the cost of unnecessary cesarean section in Brazil. Basing on Birth in Brazil research, DATASUS, SIGTAP and UNIDAS data and estimating by logistic regression, it was possible to conclude that the cost of unnecessary cesarean sections is at least R$ 10,5 million in the public sector and R$ 17,6 million in the private sector, representing 1.6% to 6 % of public expenses with this procedure. The second study proposes a change in the obstetric assistance model that involves alteration in the working hours, in the remuneration forms and the increase of penalties to obstetricians, as way to inhibit the practice of demand induction. Starting from literature references, AMB, DATASUS and Birth in Brazil research data, a metric for the obstetrician utility has been attributed and a simulation to sensetize the metrics for remuneration and professional ethics has been used, allowing to observe the effects in the obstetrician decisions. It was concluded that remunerating obstetricians with a fixed wage, puting them in a on call working journey with a collaborative team and increasing penalties for the unethical practice of demand induction are means that can be added to other efforts to fight the epidemic of this surgery in Brazil. The third study has investigated the hypothesis of demand induction for cesarean sections in Brazil. With DATASUS, CFM and Birth in Brazil research data, it was possible to describe behaviors of Brazilian obstetric assistance regarding the amount of births per hour, ethical law suits against obstetricians and the probability of a cesarean section without clinical indication. The conclusions are that the amount of births by cesarean section in Brazil exceeds those of vaginal delivery during business hours, that gynecology-obstetrics is the specialty with the greatest amount of ethical-disciplinary law suits in the CFM, that most CRMs/CFM decisions have a reserved character and that when the labor of women on habitual risk, which started spontaneously, occurs on weekdays and is followed only by an obstetrician, and the obstetrician decided the birth path at the end of gestation, there was a higher chance of a cesarean section, leading to the suspicion of the defensive medicine practice.

El presente trabajo analiza la influencia de los regímenes cambiarios sobre la dolarización de los pasivos empresariales, focalizándose en la diferencia entre regímenes fijos y flexibles. Para hacerlo se utiliza una muestra de 237 empresas de Argentina, Brasil, Colombia y México para el período 1992-2000, la metodología de estimación GMM-system para modelos de panel dinámicos y dos clasificaciones de regímenes cambiarios. Los resultados sugieren que los regímenes cambiarios fijos, así como su duración y volatilidad, influyen positivamente sobre la proporción de deuda en moneda extranjera mantenida por las firmas. Asimismo, se exploran otros determinantes del grado de dolarización de los pasivos corporativos, introduciéndose variables sugeridas por la literatura pero no analizadas hasta el momento. Se observa que la inestabilidad de la economía afecta las decisiones de cartera de las firmas. A su vez, las expectativas de salvataje por parte del Estado y las regulaciones generan problemas de información asimétrica, incentivando a las firmas a tomar un mayor riesgo cambiario. Por último se explora la relación entre la dolarización de los pasivos corporativos y el original sin interno, concluyendo que la reducción de éste último es, en parte, alcanzada vía dolarización de la deuda de largo plazo.

Worldwide income taxation in the country of residence is a legal dogma of international taxation. We question this dogma from the perspective of relations between developed and developing countries from a legal and economic perspective, and make a modern and fair proposal for tax treaties. We will show under which conditions a developing and a developed country will voluntarily sign a tax treaty where information is exchanged truthfully and whether they should share revenues. Moreover, we will demonstrate how the conclusion of a tax treaty can assist in the implementation of a tax audit system. / Series: WU International Taxation Research Paper Series

People cannot be trained to marvel at landscapes, nor to love their places and their planet. On the other hand, love of place and of the Earth are scarcely sentimental extras to be indulged only when all technical and material problems have been resolved... The experiences of places, spaces and landscapes in which academic geography originates are a fundamental part of everyone's experience, and geography has no exclusive claim to them. Indeed, one of the first aims of a phenomenology of geography should be to retrieve these experiences from the academic netherworld and to return them to everyone by reawakening a sense of wonder about the Earth and its places. (1.) Designing a place which reawakens a sense of wonder of the Earth becomes the mission statement for this design thesis: a place which emphasizes the very real and immediate experiences which we share with the land (and landforms) that cannot only support our daily existence, but can soar above us to heights which inspire myth and imagination; a place which uniquely reveals itself to each person promoting personal observations and personal interpretations. / Master of Architecture