People are living longer and this increases the risk of encountering financial difficulties when trying to make fixed retirement incomes stretch over additional years. Increased life expectancies also increase the likelihood of encountering a health issue including cognitive or functional declines that can affect money management capabilities. There are government entitlement programs available to assist retired Canadians but these programs are under review and new policies are being considered in order to reduce fiscal pressures. At the same time, family roles and structures are changing and informal supports available to previous generations may be reduced. As well, if an older person’s money is poorly managed there will be fewer options for maintaining quality of life in the retirement years. This increases the risk of poverty for older Canadians. The goals of this research are to: understand individual risk factors including demographic, clinical and social support characteristics among Canadians age 55 and over who are experiencing poverty; to understand the predictive characteristics for moving into or exiting from poverty; and, to develop a comprehensive description of those who have great difficulty managing their finances. In order to achieve this, data from the interRAI Home Care (RAI-HC) assessment instrument were used. Three regions, Winnipeg Regional Health Authority (WRHA), Nova Scotia and Ontario, were analyzed in order to understand the characteristics of those making economic trade-offs (N=345,678). Data from the province of Ontario was used to understand predictors of poverty transitions (N=47,653) and to develop a profile of those having great difficulty managing their finances (N=321,816). In order to answer each question of interest multivariable logistic regression modeling was used. Results from the analyses found that those most at risk for making economic trade-offs were in the age 55 to 64 group, had three or more depressive symptoms and were separated or divorced. Gender was not a risk factor. Regional differences for poverty risks were also identified showing greater risks for those experiencing mental health issues in WHRA, for those with more clinical indicators in Ontario, and for younger residents (age 55 to 64) in Nova Scotia. The longitudinal analyses on poverty transitions revealed that females who had completed at least a grade eight education were more likely to exit poverty. The younger group (age 55 to 64 years) with three or more depressive symptoms and experiencing unstable health were more likely to enter poverty. Marriage and older age were protective from the risks of entering poverty. Results from the analyses of those likely to have great difficulty with financial management indicated that deficits in cognition, procedural memory and function increased the risk of being unable to manage personal finances. Gender and marital status were not associated with financial management difficulty. The development of a profile of those who are making economic trade-offs and those at risk of having difficulty with financial management provides the opportunity for early intervention. Those who have not reached the traditional retirement age of 65 have an increased risk of poverty. Understanding characteristics of those who exit poverty will help establish policies and programs that will assist older Canadians. These are important issues due to the increased number of post-employment years that Canadians are living and the national focus on fiscal restraints. The management of finances has received minimal scientific research and evidence is needed to understand when changes in capability occur and how these changes may be supported by appropriate levels of assistance and supportive devices.

This ethnographical study provides a better understanding into the daily lives of adults with Fetal Alcohol Spectrum Disorder (FASD), it demonstrates how mentorship can increase their quality of life and finally it provides recommendations on how to best support them. FASD is a life-long disability that diminishes a persons cognitive and adaptive functioning. In this study, adults with FASD and their mentors were interviewed at the CUMFI (Central Urban Métis Federation Inc.) Wellness Centre, a mentorship program for individuals with cognitive disabilities in Saskatoon, Saskatchewan to determine the adults need for support, what supports were received, how effective that support was and how to improve the support. This research was approached through critical ethnography and the result is a call for social change to help individuals with FASD. The CUMFI Wellness Centre is an effective mentorship model that could be used to design other mentorship programs for adults with FASD across the country. In this study, it was determined that the adults with FASD involved in the mentorship program at the CUMFI Wellness Centre had increased self-esteem and a better quality of life. Mentorship can help adults with FASD to find housing, buy groceries, receive community supports and maintain a healthy lifestyle which will help them function better in society. Support and mentorship provides safeguards to decrease the likelihood of adults with FASD ending up on the streets, in jails, hospitals and treatment centers. We must respond to the needs of these individuals and their families and provide supports for them. It is ethical that we do so as these individuals were not responsible for their cognitive disability from the prenatal alcohol to which they were exposed. It is practical and cost-effective to assist this population so that they can healthy and productive members of our society.

The money demand function has been regarded as a fundamental building block in macroeconomic modelling, as it represents the link between the monetary policy and rest of the economy. The extensive literature on money demand function is concerned with the existence of a stable money demand function, which ensures adequate prediction of impact of a given change in money supply on other economic variables such as, inflation, interest rates, national income, private investment and other policy variables. This thesis employs both linear and nonlinear estimation methods to investigate the relationship between money demand, GDP, inflation and interest rates for the Euro Area over the period 1980-2010. The aim of this thesis is to compare the European money demand in linear and nonlinear framework. First a vector autoregression (VAR) model has been estimated. Then a threshold cointegration model has been employed and nonlinearity properties of the money demand relationship has been investigated. In contrast to the existing empirical literature, linear VEC model can find evidence of stability, however it has some conflicting results which can be explained by the nonlinearity of the model. Empirical results of MTAR type threshold cointegration specification verifies the nonlinearity in European money demand. The adjustment coefficient of lower regime suggests faster adjustment towards long run equilibrium compared to upper regime in nonlinear model. Moreover, the nonlinear model presents better fit to economic literature than linear model for European money demand.

This paper uses U.S. macroeconomic data drawn from 2001 to 2010 in order to test for the operation of a credit channel of monetary transmission. Using a combination of a VAR and ADL time series frameworks, evidence is found for the impairment of the credit channel during the crisis period relative to the period which preceded it. Evidence is also found against the presence of a "credit crunch" during the crisis, and supporting evidence is found for the existence of a "credit trap." This analysis indicates a significant role for credit market imperfections in the transmission of monetary policy, and holds policy implications for the potential impact of future monetary expansions conducted in the setting of a financial crisis.

Nonlinear prize money structures are used in professional golf tournaments in order to induce competitors to exert a maximum level of effort. While there has been a growing amount of literature using professional golf data to test tournament theory’s basic prediction that increasing prize levels results in an increase in player effort level, no consistent narrative has emerged. Furthermore, in 2007, the PGA Tour introduced the FedExCup system, which significantly altered the ranking and prize money structure of professional golf. This paper incorporates data from the 2011 PGA tour season to analyze whether or not the introduction of the FedExCup has led to increased effort level on the part of competitors, as predicted by tournament theory. The results negate the predictions of tournament theory and suggest that an increase in tournament prize money is associated with a corresponding increase in player scores over the course of the tournament. However, these findings can be explained by examining the dramatic increase in PGA Tour prize money levels over the last two and a half decades, which has induced golfers to decrease their average level of effort.

Even with such a diverse set of actors, this paper will argue that it is irrational not to have a functioning mobile banking ecosystem that can provide a full range of financial services to the poor. As seen by current public and private actors that lead the charge in creating mobile banking ecosystems, all actors can substantially benefit. With three billion unbanked poor, both traditional banks and microfinance banks will have significant opportunities to massively increase clientele in previously un-bankable and remote areas in a profitable way. Telecoms will be able to provide a wider array of services to attract and retain customers as traditional markets become more saturated and competitive as well as receive positive PR for providing services to the poor. On the public side, governments should see this as an opportunity to provide financial access to their citizens without having to provide the services themselves. Finally, previously unbanked clients stand to gain the most as they will receive access to convenient, reliable and flexible services that fit their needs in ways that were impossible before mobile banking technology. This paper, however, will not prescribe a single model for mobile banking. Differences in political systems, economy, geography, demographics, state of development, nature of financial systems, profile of clients, and regulatory environment make it impossible to create a "one size fits all" solution. The correct model for a functioning mobile banking ecosystem depends on the specific market environment of each individual country. Lessons can be learned from top emerging players in developing countries for a better overall understanding of the interests of the actors and how to create a framework that allows for these interests to co-exist. This understanding is critical if mobile banking is to eventually have an important global impact on financial inclusion for the poor.

ABSTRACT Title The Effect of Macroeconomic Variables on Market Premium. Study of Sweden, Germany and Canada Authors Samira Allahyari Westlund Arad Tahmidi Dmytro Sheludchenko Supervisor Christos Papahristodoulou Key words Macroeconomic, market risk premium, GDP, inflation, money supply, primary net lending and net borrowing, regression analysis. Institution Mälardalen University School of Sustainable Development of Society and Technology Box 883, SE-721 23 Västerås Sweden Course Bachelor Thesis in Economics (NAA 301), 15 ECTS Problem statement Risk premium value is of great interest to the financial world, since this value represents the extra return that investors receive considering the risk from investing in financial markets. The fluctuations in stock markets are believed to be influenced by changes in macroeconomic variables. Purpose The purpose of this paper is to analyze the effect of macroeconomic variables on and their relation to market risk premium in Canada, Sweden and Germany in the years 1992 – 2007. Method Multiple Regression Analysis, Ordinary Least squares (OLS) Result Forecasted Growth in real GDP is the only macroeconomic variable which has significant relation with market risk premium. The effect of money supply was found to be insignificant. Net lending and net borrowing had significant negative effect on market risk premium in Canada, whereas in Germany and Sweden the relationship was not significant.

This ethnographical study provides a better understanding into the daily lives of adults with Fetal Alcohol Spectrum Disorder (FASD), it demonstrates how mentorship can increase their quality of life and finally it provides recommendations on how to best support them. FASD is a life-long disability that diminishes a persons cognitive and adaptive functioning. In this study, adults with FASD and their mentors were interviewed at the CUMFI (Central Urban Métis Federation Inc.) Wellness Centre, a mentorship program for individuals with cognitive disabilities in Saskatoon, Saskatchewan to determine the adults need for support, what supports were received, how effective that support was and how to improve the support. This research was approached through critical ethnography and the result is a call for social change to help individuals with FASD. The CUMFI Wellness Centre is an effective mentorship model that could be used to design other mentorship programs for adults with FASD across the country. In this study, it was determined that the adults with FASD involved in the mentorship program at the CUMFI Wellness Centre had increased self-esteem and a better quality of life. Mentorship can help adults with FASD to find housing, buy groceries, receive community supports and maintain a healthy lifestyle which will help them function better in society. Support and mentorship provides safeguards to decrease the likelihood of adults with FASD ending up on the streets, in jails, hospitals and treatment centers. We must respond to the needs of these individuals and their families and provide supports for them. It is ethical that we do so as these individuals were not responsible for their cognitive disability from the prenatal alcohol to which they were exposed. It is practical and cost-effective to assist this population so that they can healthy and productive members of our society.

This thesis aims at comparatively analyzing the representation of financial capitalism in Wall Street (1987) and Wall Street. Money Never Sleeps (2010) with focusing on exploring in which ways the films promote/criticize the financial capitalism they portray. Theoretical approaches concerning film theories are mainly through ideological analysis, and supplemented by structuralist and semiotic theories. As methods used in data gathering and analyzing, basic film content analyses are principally applied through illustrating with film contents extracted from the films in qualitative and comparative ways in order to describe and distinguish the ideological positions of pro- and anti-capitalism in the two films. The results show an interesting fact that positions from the villain to the moral center are symbolized by both different characters separately and the key character (Gorden Gekko) alone. The analysis also shows that both of the films promote capitalism of freedom, which inspire people to work hard and create property for society, and criticize it of greed and immorality. However, Wall Street II is not nearly as merciless as the original, and it seems more fascinated than critical.

The paper examines the approach taken by Russian government to control money laundering by creating the preventive framework which has undergone significant changes over the past six years. With respect to the prevention of money laundering, the discussion involves a review of international standards and norms which constitute the global AML regime. Recognizing the need for adding the domestic dimension to the studies of international regimes with the help of two-level game theory, the paper further analyzes the preventive pillar of the domestic AML regime in Russia in comparison with the global standards. It concludes that the federal law, which is the cornerstone of the domestic AML regime, as well as institutional framework created in Russia, both formally comply with the international norms. The analyses of the practical implementation of the AML legislation in the financial institutions focus on legislative base for the regulated, behavioral patterns of the banks in the AML prevention, and the conflicts and debates, lately emerged within the domestic AML regime. This paper aims to show how new regulations have influenced both domestic AML regime and its main actors. The paper concludes that the existent domestic regime lacks interaction and communication between its actors which leads to the breach of the main principle and goal of a regime – cooperation. The paper argues that the representatives of banking community in Russia could play the role of epistemic community proposed by the cognitive theory of international regimes. Given the functions of epistemic community it could foster better understanding of the context and purposes of the AML regime, thus, decreasing uncertainty and facilitating cooperation between the parties. The paper will conclude with the recommendations on the future research about how risk-based approach to banking regulation of the AML prevention rather than traditional rule-based compliance method can be effective.