Economic intuition suggests that real currency depreciation should lead to long run improvement in a country's trade balance. The short run implications of real depreciation are relatively unknown. The current literature suggests that the short run relationship between trade and real exchange rates is country-specific. This literature has not explored if product and trading partner characteristics play a role in this relationship. This dissertation explores how heterogeneity in trade influences the responsiveness of trade to real exchange rate fluctuations. To my knowledge, this is the first set of papers exploring this heterogeneity. The first paper of this dissertation explores heterogeneity with U.S. commodity-level trade data. Trade responsiveness to real fluctuations varies across product and trading partner characteristics. I find no evidence of long run gains in trade following real depreciation, suggesting that currency manipulation policies meant to improve a country’s trade balance may have no effect on trade in the long run. Prices in international trade contracts with U.S. firms are largely invoiced in U.S. dollars. However, the current literature suggests that the currency in which these prices are set should affect the relationship between trade and real exchange rates in the short run. The second paper of this dissertation explores the implications of currency invoicing patterns using Japanese commodity-level trade data. I find that the response of trade to real fluctuations may differ in the short and long run across product and trading partner characteristics. I also find that the response of trade in the long run may be correlated with comparative advantage. The third paper of this dissertation explores the implications of foreign exchange market liberalization in Japan following the Asian Financial Crisis. I find that liberalization, coupled with financial market reforms, resulted in trade being less responsive to real fluctuations. I also find no evidence of long run trade balance improvement before or after liberalization and that the reform may have eliminated temporary short run gains, suggesting that currency manipulation policies may have no effect on short or long run trade.

Malgré une apparente concurrence entre les monnaies, le dollar américain est la monnaie adoptée par la majorité des participants aux échanges internationaux, exportateurs et importateurs. C’est ce que montre l’état des lieux statistique proposé dans cette thèse. Partant d’un tel constat, l’objectif de cette thèse est d’expliquer les choix de monnaies de facturation du commerce international. Différents déterminants ont été établis par la littérature académique pour expliquer les choix de monnaies de facturation. Trois approches, aux méthodologies sensiblement distinctes, y contribuent, et peuvent dès lors être confrontées : l’approche macroéconomique standard, l’approche institutionnaliste, et l’approche de l’économie politique internationale. Le principal résultat de cette thèse est de montrer que la compréhension du choix du dollar américain ne peut se contenter des déterminants mis en évidence par les approches instrumentales de la monnaie qui dominent la macroéconomie internationale, et dans lesquelles la monnaie est avant tout vue comme un outil de maximisation d’utilités individuelles : leurs apports sont utiles, mais insuffisants. En appliquant la lecture institutionnaliste aux échanges internationaux, la thèse introduit l’importance des rapports de confiance et d’adhésion des acteurs à l’égard de la monnaie et de l’ordre défendu par ses institutions régulatrices. Cette importance se vérifie dans l’histoire du XXe siècle, à la fois dans l’échec des monnaies concurrentes du dollar, et dans la persistance de la monnaie américaine elle-même. / Despite the appearance of competition between currencies, the US dollar remains the invoicing currency among the actors of international trade. Such observation is derived from ample statistical evidence contained in this thesis. This observation represents the starting-point of a broader reflection on the rationale underlying the choice of an invoicing currency in international trade, which is the central question which this thesis aims to address. Various determinants have been closely examined by the academic literature to that end. Three approaches dealt with the subject, each with its distinct methodology, and can therefore be analyzed comparatively: the standard macroeconomic approach, the institutionalist approach, and the international political economy approach. The main result of this thesis is that preference for the US dollar cannot be explained exclusively by the instrumental approaches of money which usually prevail in international macroeconomics: their contributions are useful but inadequate as they envision money primarily as a tool for maximizing individual utilities. By applying the institutionalist reading to international exchanges, the thesis introduces the necessity of trust and ethical appeal that money inspires, and the centrality of the social order that its regulatory institutions pursue. This necessity was reasserted throughout the twentieth century, as competing currencies failed to challenge the supremacy of the dollar. It is also evidenced by the resilience of the American currency itself.

Thesis readers familiar with the issue of electronic billing in small and medium-sized companies and provide an overview of the various formats and communication channels, which in the deployment of electronic invoicing can be used. In each chapter set out in detail the advantages and disadvantages of different formats and channels of communication. In the practical part of thesis describes a solution of electronic invoicing and the potential risks in the implementation and operation of electronic invoicing. The theoretical part of thesis draws primarily from articles and is accompanied by actual observations of Internet magazines. The theoretical part should provide the reader with a comprehensive picture of the Czech market with the information systems like ERP and should acquaint the reader briefly is the history of ERP systems. Practical thesis describes the solutions implemented in a real company, their advantages, disadvantages and pitfalls. These solutions should serve the reader in the formation of ideas about how to access these issues and to highlight the factors that the theoretical part may not be noticeable.

The aim of the paper is (i) to analyze the role of third parties in the VAT collection and remittance, and in the compliance with the VAT legislation according to the OECD; and (ii) to identify and compare concrete measures implemented by different jurisdictions on this subject with a focus in invoicing service providers and online marketplaces. The study is divided into two main parts. In the first part, the author reviews the OECD’s literature on the role of third parties in the VAT collection and remittance, and in the compliance with the VAT legislation. In the second part, the author compares measures taken by some countries regarding the role of third parties in the VAT compliance chain with a focus on invoicing service providers and marketplaces. In the first part of the research, the author concludes that the role of third-parties in the VAT compliance is expanded in each of the OECD’s publications and suggests additional research on the role of payment processors in the VAT compliance chain. In the second part of the research, the author concludes that regulations and liabilities involving invoicing service providers differ considerably according to different jurisdictions and suggests the adoption of international standards to ensure VAT compliance in a worldwide scale. When it comes to marketplaces, the author concludes that there is a trend for the adoption of the deemed supply approach (as such or as a penalty), although there are discordant points about the grounds which marketplaces are held liable for the VAT due in underlying transactions.

Made available in DSpace on 2014-06-11T19:22:35Z (GMT). No. of bitstreams: 0 Previous issue date: 2007-05-31Bitstream added on 2014-06-13T20:09:50Z : No. of bitstreams: 1 guelfi_r_me_ilha.pdf: 667745 bytes, checksum: 4cf02e10ba92af5e81fd3f18fda6f6cd (MD5) / Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq) / No presente trabalho é apresentado um método para o cálculo de volumes determinados por K-Hiperbolóides de Carga e Potência, de modo a reduzir os gastos de empresas consideradas, em relação ao fator de potência. A redução de gastos é obtida alterando-se o valor máximo do fator potência que se pretende chegar, do fator de potência ideal 1, para o fator de potência de referência 0,92, ou mantendo-o quando já estiver acima de 0,92. Quando o fator de potência é maior ou igual a 0,92 ele já está eficiente, assim, não há necessidade de se chegar ao fator de potência ideal. É realizada uma comparação entre um método existente na literatura e o método proposto no presente trabalho, para determinar os pontos em que estes métodos diferem no cálculo dos volumes determinados pelos K-Hiperbolóides de Carga e Potência e mostrar a eficácia do método proposto. Estes métodos são equiparados, com relação a redução obtida no faturamento da conta de energia elétrica. A redução no faturamento da conta de energia elétrica que deve ser pago à concessionária é obtida por meio da diminuição da demanda contratada pela empresa; por sua vez a diminuição desta demanda é alcançada através da fórmula do fator de carga. Considerando-se a demanda média e o maior fator de carga obtido no período em estudo, encontra-se assim, uma nova demanda máxima menor que a demanda atual utilizada pela empresa. Logo, esta demanda máxima passa a ser a demanda que será contratada pela empresa, assim, esta nova demanda resulta em uma nova fatura que deve ser paga a concessionária de energia elétrica, menor que a fatura atual. / The present work presents a method for the calculation of volumes determined for K- Load and Power Hyperboloid, in order to reduce the expenses of considered companies, in relation to the power factor. The reduction of expenses is gotten by changing the maximum value of the wished power factor, of the ideal power factor1, to the reference power factor 0,92,or keeping it when it s above 0,92. When the power factor is higher or equal 0,92, it s already efficient, thus, it is not necessary to achieve the ideal power factor. A comparison is carried between an existing method in the literature and the considered method in the present work, to determine the points where these methods differ from each other in the calculation of the volumes determined for the K-Load and Power Hyperboloid and to show the effectiveness of the considered method. These methods are equalized, regarding the reduction gotten in the invoicing of the electric energy account. The reduction in the invoicing of the account of electric energy that must be paid to the concessionaire is gotten through the reduction of the contracted demand by the company; in turn the reduction of this demand is reached through the formula of the load factor. Considering the average demand and the highest load factor gotten in the period in study, this way a new demand, lower than the current demand used by the company, is gotten. Therefore, this maximum demand starts to be the demand that will be contracted by the company, thus, this new demand results in a new invoice which must be paid to the concessionaire of electric energy, lower than the current invoice.

Abstract The purpose of the study is to identify the backlog in invoicing within BAS-väg and be able to identify what it is due to. Furthermore, we also want to study whether Trafikverkets structure affects the backlog of invoicing. The organization that has been studied is Trafikverket which is responsible for a large proportion of Sweden's total road network. The study is based on a qualitative method and the results of conducted interviews with semi-structured questions. The study illustrates explanations from six project managers at Trafikverket and two site managers at their contracting services within BAS-väg. Material from the informants have been studied in connection with the study's questions formulation and illustrate this based on four different themes. All the informants had to answer the same main questions, however, the explanations for the backlog of invoicing is varied. The results of the study illustrate the main reason why the backlog is due to the contractor's subcontractor's delaying invoicing. The second explanation given by both parties is that there are different combinations of resource shortage, for example lack of time, financial resources and lack of competence. The informants also believe that there are contributing negative factors within the authority that affect the invoicing process. Reasons described are lack of system programs, inadequate financial forecasting methods and tough requirements of verifications from preformed jobs. In summary, the study has helped to illustrate various explanations for why the invoicing backlog is significantly larger in the last two months of the year. Both Trafikverket and the contractors have arrangements that need to be taken in order for the entire invoicing process to be smoother and faster.

Resumo: No presente trabalho é apresentado um método para o cálculo de volumes determinados por K-Hiperbolóides de Carga e Potência, de modo a reduzir os gastos de empresas consideradas, em relação ao fator de potência. A redução de gastos é obtida alterando-se o valor máximo do fator potência que se pretende chegar, do fator de potência ideal "1", para o fator de potência de referência "0,92", ou mantendo-o quando já estiver acima de 0,92. Quando o fator de potência é maior ou igual a 0,92 ele já está eficiente, assim, não há necessidade de se chegar ao fator de potência ideal. É realizada uma comparação entre um método existente na literatura e o método proposto no presente trabalho, para determinar os pontos em que estes métodos diferem no cálculo dos volumes determinados pelos K-Hiperbolóides de Carga e Potência e mostrar a eficácia do método proposto. Estes métodos são equiparados, com relação a redução obtida no faturamento da conta de energia elétrica. A redução no faturamento da conta de energia elétrica que deve ser pago à concessionária é obtida por meio da diminuição da demanda contratada pela empresa; por sua vez a diminuição desta demanda é alcançada através da fórmula do fator de carga. Considerando-se a demanda média e o maior fator de carga obtido no período em estudo, encontra-se assim, uma nova demanda máxima menor que a demanda atual utilizada pela empresa. Logo, esta demanda máxima passa a ser a demanda que será contratada pela empresa, assim, esta nova demanda resulta em uma nova fatura que deve ser paga a concessionária de energia elétrica, menor que a fatura atual. / Abstract: The present work presents a method for the calculation of volumes determined for K- Load and Power Hyperboloid, in order to reduce the expenses of considered companies, in relation to the power factor. The reduction of expenses is gotten by changing the maximum value of the wished power factor, of the ideal power factor"1", to the reference power factor "0,92",or keeping it when it’s above 0,92. When the power factor is higher or equal 0,92, it’s already efficient, thus, it is not necessary to achieve the ideal power factor. A comparison is carried between an existing method in the literature and the considered method in the present work, to determine the points where these methods differ from each other in the calculation of the volumes determined for the K-Load and Power Hyperboloid and to show the effectiveness of the considered method. These methods are equalized, regarding the reduction gotten in the invoicing of the electric energy account. The reduction in the invoicing of the account of electric energy that must be paid to the concessionaire is gotten through the reduction of the contracted demand by the company; in turn the reduction of this demand is reached through the formula of the load factor. Considering the average demand and the highest load factor gotten in the period in study, this way a new demand, lower than the current demand used by the company, is gotten. Therefore, this maximum demand starts to be the demand that will be contracted by the company, thus, this new demand results in a new invoice which must be paid to the concessionaire of electric energy, lower than the current invoice. / Orientador: Francisco Villarreal Alvarado / Coorientador: Antonio Padilha Feltrin / Banca: Sérgio Azevedo de Oliveira / Banca: Iara Fernanda Ehrenberg Dossi Denis / Mestre

The diploma thesis focuses on project controls in the company Veolia Voda Česká republika a.s. It analyses and evaluates specific project, which is already running in the company and on the basis of acquired data it is seeking to optimalise the preparation of another project. It contents many of comparisions and evaluations, which should be helpful for the company´s management.

No description available.

This thesis consists of five separate papers, broadly within the field of International Finance. The first paper, An Empirical Analysis of the Currency Denomination in International Trade, investigates the choice of currency in international trade transactions by Swedish exporting firms. It uses an extensive dataset on payment transactions between foreign importers and Swedish exporting firms. It is the first paper to examine currency invoicing at such a disaggregated level. The main findings are that high exchange rate volatility reduces the likelihood of using the importers currency while high GDP and GDP per capita in the importing country increases the likelihood. A large market share of a third country increases the likelihood of using the third country's currency. A further finding is a decreased use of Swedish krona and a rise in the use of the euro as a vehicle currency. State Dependent Pricing, Invoicing Currency and Exchange Rate Pass-Through, written jointly with Martin Flodén, analyzes exchange rate pass-through in a dynamic model with menu costs. In the paper, we provide a link between the fixed and flexible price analyses by specifying a dynamic framework with exogenous choice of exporting currency, but with endogenous pricing decisions. We consider the pricing strategies of firms that produce in a home country, sell on a foreign market, and can change the price in response to exchange rate fluctuations, while being subject to menu costs. Our main finding is that when the exporter prefers to set price in the importer’s currency, the exporter also changes prices less frequently than if price was set in the exporter’s home currency. The intuition is that in this setting, the optimal currency choice is the one that on average minimizes the difference between fixed and flexible price profits, and thereby the frequency of price updates. When the importer’s currency is preferred it leads to limited pass-through and a low correlation between exchange rate movements and import prices. The third paper, Demand and Distance: Evidence of Cross Border Shopping , written jointly with Marcus Asplund and Richard Friberg, uses data from 287 Swedish municipalities to estimate how responsive alcohol sales are to foreign prices, and relate the sensitivity to the location's distance to the border. Typical results suggest that the elasticity with respect to the foreign price is around 0.4 in the border region; moving 200 (400) kilometers inland reduces it to 0.2 (0.1).  For example, a 10 percent reduction in the Danish price of spirits causes a fall in per capita sales of roughly 4 percent at the border (Malmö). This large cross price elasticity is almost half the own price elasticity. The effect diminishes gradually as one moves further from the border, but fall in sales is estimated to drop below 1 percent only at 460 kilometer from the border. Not until we reach 1000 kilometers can we reject that the effect is zero. Common Currencies and Equity Prices: Evidence from a Political Event, uses a political event, the Swedish referendum on whether or not to join the European Monetary Union (EMU), as a natural experiment to examine the relationship between common currencies and the market value of exporting firms. If Sweden would have voted to join the EMU, exchange rate uncertainty as well as transaction costs would have been greatly reduced for many exporting companies. Prior to the referendum, these potential gains (adjusted for the probability of joining) should have been included in equity prices. The day after the referendum that probability of was zero and one would expect a decline in equity prices of exporting firms. We find evidence of statistically significant negative abnormal returns on the trading day after the election for only two out of fifteen examined industry indices. The small effects found in this study are in line with earlier research that finds a weak relationship between exchange rates and equity prices. The fifth paper, When is a Lower Exchange Rate Pass-Through Associated with Greater Exchange Rate Exposure?, written jointly with Martin Flodén and Witness Simbanegavi, we study the relationship between exchange rate pass-through and exchange rate exposure (the relation between profits and exchange rates) under flexible prices. We introduce a convex cost function and study the effects of changing the elasticity of costs with respect to output. We do this both in a model of monopolistic competition as well as in the oligopoly models used by Bodnar et al (2002). We find that increasing the convexity of costs reduces both exchange rate pass-through and exposure, both under monopolistic competition and in duopoly settings. The conclusion is thus that if industries differ mainly on the supply side, this would imply a positive correlation between pass-through and exposure. However, our extension does not affect the result in Bodnar et al. that exchange rate pass-through and exposure should be negatively correlated across industries if industries differ mainly on the demand side, more specifically in the substitutability between domestically produced and imported goods. / <p>Diss. (sammanfattning) Stockholm : Handelshögskolan, 2006, S. 3-12: sammanfattning, s. 15-120: 5 uppsatser</p>