Ce document analyse les déviations observées dans la condition de la parité couverte des taux d'intérêt (CIP), exprimée entre le dollar américain et le dollar canadien, qui semblent s'être accentuées depuis la crise financière mondiale de 2008. Pour ce faire, l'étude met l'accent sur trois facteurs macroéconomiques pouvant potentiellement expliquer ces déviations : la liquidité des marchés de change mondiaux, le sentiment de risque sur les marchés financiers et la force relative du dollar américain. Les données utilisées construisent les déviations de la CIP à partir de données sur les taux d'intérêt, sur les taux de change spot et sur les taux de change à terme qui proviennent de Bloomberg. Nos résultats confirment la majorité des études empiriques en montrant que le principe de la CIP demeure un bon guide pour analyser les relations entre les taux de change à terme et au comptant et les taux d'intérêt, même si cette condition ne tient pas exactement et à tout moment. Les déviations de la condition CIP, lorsqu'elles surviennent, semble être liées de manière significative à la force du dollar américain, particulièrement dans l'ère post-crise. / This paper analyzes deviations in the covered interest rate parity (CIP) condition between the U.S. and Canadian dollars, which appear to have increased since the global financial crisis of 2008. To do so, the study focuses on three macroeconomic factors that can potentially explain these deviations: capital liquidity, risk sentiment in financial markets, and the relative strength of the US dollar. The data used constructs CIP deviations from data on interest rates, spot exchange rates, and forward exchange rates that come from Bloomberg. Our results confirm the majority of empirical studies by showing that the CIP principle remains a good guide for analyzing the relationship between forward and spot exchange rates and interest rates, even though this condition does not hold exactly at all times. Deviations from the CIP condition, when they occur, appear to be significantly related to the strength of the U.S. dollar, particularly in the post-crisis era.

Au plus fort de la crise, le régime monétaire international se révèle être impuissantlorsqu’il s’agit de limiter la volatilité excessive des taux de change, l’ampleur desdéséquilibres des balances de paiements courants, le développement d'une spéculationeffrénée sur les marchés des changes et l’asymétrie entre pays en excédent et pays endéficit. Cette thèse, qui a eu le mérite d’ouvrir des pistes nouvelles dans lacompréhension des rapports complexes entre les déséquilibres mondiaux et le régimeactuel, a montré que ces déséquilibres sont intrinsèquement rattachés aux défaillances dela structure monétaire internationale. Pour interrompre cette dynamique qui détériore lesdéséquilibres mondiaux, nous proposons que le régime tende vers un système centraliséavec la création d’une monnaie internationale et d’une chambre de compensation. Cettethèse, qui réactualise le plan Keynes, inclut également des dispositions statutaires visant àajuster automatiquement les dettes extérieures aux capacités de paiement des pays. Bienque cette réforme soit une avancée, cette réflexion n’occulte pas les progrès qu’il reste àfaire pour résorber les déséquilibres extérieurs. Pour améliorer l’efficacité et la pérennitédu système des paiements internationaux, il est utile de renforcer la coopération desbanques centrales, notamment dans un contexte marqué par les crises d’endettementextérieur. Dans ce sens, cette thèse montre les opportunités qu’offre la constitution dezones monétaires régionales intégrées dans une union monétaire internationale / At the height of the crisis, the international monetary system is powerless to reduce theinstability of exchange rates, the imbalance of the current account of balance ofpayments, instability of exchange rates and the development of speculation in financialmarkets the and the asymmetry between net exporters countries and net deficits countries.This thesis, which had the merit of opening new tracks in order to understand thecomplex relationships between global imbalances and the actual system, showed thatthese global imbalances are intrinsically linked to the failures of the internationalmonetary structure. To stop the deterioration of global imbalances, we propose that thesystem turns towards an international system payment with the creation of aninternational currency and a clearing house. This thesis, which reactualizes the KeynesPlan, also includes statutory dispositions for automatically adjusting the external debt tothe capacities payment of countries. Although this reform is a step forward, we don’t hidethe progress that can be done to reduce external imbalances. To increase the efficiencyand sustainability of the international payments system, it is useful to boost thecooperation between central banks, particularly in a context marked by the external debtcrises. In this sense, this thesis shows the opportunities which offered the creation ofregional monetary zones which are integrated in a monetary union international

本文主要在探討在較為短的時間段以及不同的金融環境之下，是否仍然能捕捉到匯率市場中主要解釋投組報酬變動的共同風險因子－平均超額報酬以及利差報酬。我們依據重要金融事件將全樣本分為八個子樣本；總共使用39種幣別並將1983年11月至2015年10月的遠期貼水由小到大排序後，依序建構六個投資組合。全文以美國投資者的觀點出發。結果顯示平均超額報酬無論是在長期或短期的時間段下，仍然為匯率市場中解釋匯率報酬變動的主要風險因子。然而，利差報酬則不然。在銀行危機期間，利差報酬與第二主要成分之相關係數皆為高度負相關。近期自2008年次貸危機開始，利差報酬與解釋投組變動的第二主要成分之相關係數也從先前的0.8~0.9降至-0.80.此結果顯示利差交易似乎在次貸危機之後有所轉變。此外利差風險因子無法有效的解釋動能報酬。 / This paper investigates whether or not the common risk factors, dollar and carry trade risk, in currency markets proposed by Lustig, Roussanov and Verdelhan (2011) will still exist even under a short-run period with a concern of different financial backgrounds. A split of full sample into eight subsamples with respect of financial events is made. A total of 39 currencies is used to build six portfolios on the basis of the forward discounts from November 1983 to October 2015. The whole paper is in the view of an American investor. The finding suggests that under both long-run and short-run period, the dollar return is always the common factor in currency markets. However, it is not the same case for the carry trade return. During bank crises, the carry trade return is strongly negative correlated with the second component. The carry trade return turns out to have a negative correlation with the second component during and after the subprime crisis, decreasing from 0.8~0.9 in the previous subsamples to -0.80. It indicates that the desirability of carry trade activities has changed since the subprime crisis. Besides, the carry trade risk has a little power to explain the variations of momentum returns.

This thesis analyses the role of the Euromarket, an offshore market for Eurodollars or expatriate US dollars, in the re-emergence of global finance during the 1960s and 1970s. It charts not only its Cold War origins and the development of various markets for Eurodollars, but also institutions and policies that shaped them from the return to convertibility in 1958 to the ill-fated efforts to regulate the nascent market by international financial institutions. By examining the nature of Eurodollars as both a US and global currency, the thesis sheds light on the changing features of the governance of global finance and its relationship with the economic sovereignty of nation-states. It argues that the Euromarket underwent repeated contestations as politicians, bankers, and economists vested their political ambitions and cultural assumptions in it. The popular, academic, and policy debates challenged the speculative nature of Eurodollars which would destabilise the domestic as well as the international monetary system of the Bretton Woods system. Without a single monetary authority, the tendency of the Euromarket to transcend the order of capitalist nation-states constrained national governments’ capacity to control capital flows and the autonomy of domestic monetary policy. However, nation-states were not impotent but deliberately sought to exploit the liquid pool of capital in Eurodollars. It was not merely the US government that benefited from the seigniorage of Eurodollars and the City of London which was reborn as the international financial centre in the Euromarket. Continental European countries that were hesitant about European economic integration, the UK Labour government, developing countries in the Global South, and even the Communist bloc, resorted to the Euromarket for their national interests. The ambivalent attitudes of national governments and their conflict of interests resulted in the failure of coordinated efforts to introduce the rules of the game but facilitated the transnational network of finance in Eurodollars.

本論文以「美元霸權」為核心，討論美國做為貨幣霸權對於國際金融體系的影響。首先介紹霸權穩定論之理論內涵與發展，經過重新檢視霸權穩定論的思想內涵後，筆者發現霸權穩定論有許多缺陷並提出修正。其次，討論美元霸權在布列敦森林體系瓦解之後的形成與運作。美元霸權的起源是1971年尼克森將美元與黃金脫鉤，之後，經由1974年「石油-美元計價機制」與金融全球化進一步鞏固美元的霸權地位。最後，以「石油金融化」現象為例，說明美國是如何結合「石油-美元計價機制」與「金融全球化」來鞏固美元霸權地位，最後也導致國際金融體系的不穩定。 本文認為，美國將石油市場變成了一個大型賭場。石油價格暴漲暴跌將對世界經濟，尤其是發展中國家帶來不利影響。「石油-美元計價機制」是一種「誘捕」，它強化了從屬國家對美元的依賴。憑著不對稱的金融相互依賴，美國穩居霸權地位。然而，一個穩定的國際金融體系不能只靠主導國家權力的使用，一個階層狀態的國際關係，還必須有從屬國家配合的意願。隨著「二次大戰效應」的消失，美國無法再以國內市場的龐大需求滿足發展中國家的出口導向政策，因此，身為主導國家的美國必須運用國際金融發展的不對稱性，提供從屬國家支持美元霸權的誘因，此種不對稱性的互賴關係也是美元霸權的權力來源。此外，霸權權力具有自我毀滅的傾向。在金融全球化的過程中，政府的權威不斷被削弱，導致政治反應能力遠遠落後於經濟力量的發展。若美國不採取行動管理國際金融體系，取得主導國家的正當性，則衰落是不可避免。

The retail industry is considered to be a very competitive industry in the United States since there are so many players in the almost saturated retail markets that provide similar products and services at similar price levels to customers. Market selection has been identified as an important strategy to differentiate a retailer in this competitive market. Therefore in this thesis, we describe a conceptual framework to evaluate retailers investment opportunities in dynamic, competitive retail markets. The objective is to describe a conceptual investment analysis framework to address the strategic aspects of a retailer s investment opportunity as well as the dynamic uncertainty of a retail market in a single framework. This conceptual framework outlines a strategic view towards retail stores as flexible assets of a retail enterprise. This conceptual framework is general and can be adjusted and applied to investments options in other services. In addition, we develop an integrated investment analysis approach based on dynamic programming to explore retailers investment behaviors in dynamic markets. The objective is to determine retailers optimal investment thresholds in noncompetitive and competitive markets. We consider two retailers to illustrate our approach and use a simple game theory treatment to address competition in retail markets. We use our integrated investment analysis model based on a real options methodology to evaluate the apparent tendency for the small discount retailer invests earlier in a new developing market due to the competition effect from the large discount retailer. This early entry gives the small retail a first-mover advantage and delays the big retailer s entry into the competitive market. In addition, we conduct sensitivity analysis to characterize how significantly the values of our model parameters impact the retailers investment decisions. We also develop an integrated investment analysis approach based on contingent claims analysis to explore retailers investment behaviors in dynamic markets. The objective is to determine retailers optimal investment thresholds in noncompetitive and competitive markets. The equivalent risk neutral evaluation approach is presented in this thesis as an extended version of the contingent claims analysis approach, which facilitates the market-oriented valuation of the retailer s investment option in dynamic markets. Sensitivity analysis is conducted to study how retailers optimal investment thresholds change as the values of parameters in this equivalent risk neutral evaluation approach change. The relationship between the dynamic programming and the equivalent risk neutral evaluation approach is also summarized in this thesis to identify the similarities and the differences between these two investment analysis approaches. One of the most important objectives of this comparison is to determine in what market conditions the choice of investment analysis approach is critical and dramatically changes the retailer s optimal investment threshold. Finally, we empirically examine an important aspect of our theoretical work that the big retailer invests and opens a store relatively later in markets with a small retailer compared to markets without a small retailer. In addition, the big retailer opens a store at relatively higher retail market potential in markets with a small retailer compared to markets without a small retailer. In this thesis, we discuss some empirical evidence to support these theoretical results. We chose Wal-Mart and Dollar General as the big and small retailers, respectively, in our empirical study. Our empirical results do not validate the theory and just provide supporting evidence for our theoretical works.

Diploma thesis deals with the US external economic balance, particularly balance of payments, international investment position, indebtness and the dollar exchange rate. The first part includes the theoretical approach to external economic balance and related terms. Furthermore, I focus on the status of current and financial account of the United States in detail. Here I evaluate the balances of BOP parts and search for the explanation of this situation. I also focus on international investment position of the United States, the development of foreign direct investment and debt indicators. The work also contains a detailed analysis of the U.S. balance of payments for the years 2004 - 2008. The last section is a treatise on the history of the dollar, development of its rate, expected future developments and relationships with U.S. major trading partner, China.

This essay focusses on the area of hegemonic studies in global politics, framing the discussion between the rise of China and the positioning of the united States. The purpose of this study is to show that China does not threaten the economic hegemony of the US due to the pivotal role the US Dollar holds in the global economy. A statistical analysis is undertaken with reference to contemporary theory to explain how declining rates of US Dollars in currency reserves are not a symptom of a power shift in Global Politics but simply an effect of fluctuations in global trade, as well as using Susan Strange's concept of structural power to show how America holds hegemony over international finance and the economy.

Clarireedia spp. (formerly Sclerotinia homoeocarpaF.T. Bennett) is the causal agent dollar spot, the most economically important turfgrass disease impacting golf courses in North America. The most effective strategy for dollar spot control is repeated application of multiple classes of fungicides. However, reliance on chemical application has led to resistance to four classes of fungicides as well as multidrug resistance (MDR). Fungi are known to detoxify xenobiotics, like fungicides, through transcriptional regulation of three detoxification phases: modification, conjugation and secretion. Little is known, however, of the protein-protein interactions that facilitate these pathways. Following next-generation RNA sequencing of Clarireedia spp., a fungus-specific transcription factor, XDR1, was determined to play a role in constitutive and induced overexpression of phases I and III genes of xenobiotic detoxification. Further, a novel activation domain (AD) on XDR1 that does not directly bind with xenobiotics was confirmed to be highly conserved among fungal species. Therefore, we hypothesize that XDR1 must be activated by interacting with other binding partners at this AD in order to regulate downstream xenobiotic detoxification pathways. The main objective of this study is to identify additional proteins/ co-repressors that activate XDR1 in order to gain a better understanding of how transcriptional regulation of xenobiotic detoxification pathways leads to MDR. In order to test the hypothesis, fungicide sensitive strain (HRS10) and fungicide resistant strain (HRI11) were transformed and tagged with xdr1/XDR1 and the 3xFLAG tag. As a result, four fungal transformants were generated and those are HRS10-XDR1-3xFLAG, HRS10-xdr1- 3xFLAG, HRI11-XDR1-3xFLAG, and HRI11-xdr1-3xFLAG. The total protein extractions (whole cell lysates) were subjected to co-immunoprecipitation and the samples were analyzed using LC-MS/MS. According to the set of results, more than 50 proteins were detected with HRS10-XDR1-3xFLAG with and most of these binding partners having functions related to post translational modification, protein turnover, intracellular trafficking, secretion and vascular transport. Going forward, information gained from this experiment could be used to explore how XDR1 interacts with its binding partners to facilitate the transcription of drug metabolizing genes responsible for multidrug resistance. This information could also help identify additional fungicide metabolism pathways in filamentous fungi.

No description available.