Thesis (M.Econ.)--University of Hong Kong, 1996. / Includes bibliographical references (leaf 119-121). Also available in print.

Thesis (Ph. D.)--Yale University, 1993. / Includes bibliographical references (leaves 187-195).

<p>This study examines the impact of exchange rate on inflation in Nigeria economy between 1970 and 2007. We analyzed the trend of inflation and exchange rate in the last 38 years by evaluating the relationship between government expenditure, money supply, Oil revenue, exchange rate and inflation as the dependent variables. We adopted the Augmented Dickey- Fuller to carry out the unit root test and co integration with Johansen test.</p><p>Our result shows that the individual variables are integrated order one, that is a unit root exist. This means that each variable tends to follow a random walk. On the other hand, inflation rate, exchange rate, oil revenue, government spending and money supply are co integrated. This revealed a strong relationship among the variables though inflation rate and exchange rate show no long term relationship, but short term relationship seems to exist between them.</p>

<p>One of the most frequent things we do as consumers is make purchase. We pay for a coffee or for food, we pay for necessities around the house, we even pay for one another, buying drinks or dinner for a friend every now and then. In today’s marketplace, the decision of whether to purchase is also coupled with the decision of how to make a purchase. Consumers have so many different methods to pay for their transactions. Can the way a consumer chooses to pay change the likelihood that s/he make a purchase? And then post-purchase, can the payment method used to pay for a purchase influence how connected individuals feel to that product, brand, or organization? Given that we sometimes pay for others (and vice versa), can the way we pay influence our interpersonal relationships?</p><p>In what follows, I argue that the way individuals pay, and specifically the pain associated with making a payment, can have a pervasive effect on their decision to make a purchase and how they feel post-transaction. Across three essays, I focus on how the pain of paying can influence the likelihood to purchase an item from a consideration set (Essay 1) and subsequently, how the pain of paying can influence post-transaction connection to a product, organization, or even to other people (Essay 2 and 3). Across field, laboratory, online, and archival methods, I find robust evidence that increasing the pain of paying may initially deter individuals from choosing. However, post-transaction, increasing the pain of payment may have an upside: individuals feel closer and more committed to a product that they purchased, organization that they donated to, and feel greater connection and rapport to who they spent their money on. However, I also demonstrate the boundary conditions of these findings. When individuals are spending money on something that is undesirable, such as paying for a competitor, increasing the pain of payment decreases interpersonal connection and rapport.</p> / Dissertation

Currently, the decisions taken by individuals as the act of buying, selling, consuming, saving and debt has been the focus of many scientific lines. From the viewpoint of Behavioral Finance, this study aims to analyze what are the determining factors in the propensity to indebtedness among women in the Mesorregião Centro Ocidental Rio-grandense. For this, a survey was conducted among 2,500 women distributed statistically in 31 municipalities of Mesorregião. Data were collected through questionnaire and analyzed via factor analysis, statistical tests (Anova, Correlation Test) and regression analysis. The results showed seven factors related to the values of money they are: Social Status, Concern, Stability, Pleasure, Power, Budget and Illusion is a factor for materialism and a factor for the debt. The women studied had higher average for the budget factor which indicates a certain empreendedor control of their spending, which agrees with this, it was also found low levels of debt and materialism in women from the middle region studied, however, higher for women living outside Santa Maria. It is emphasized that these low levels of materialism in the area surveyed is strongly linked to aspects of colonization, mainly coming from the Italian culture and the actual level of financial literacy shown by interviews. The ANOVA showed there are differences in the average propensity to factor Indebtedness, when analyzed under the aspects of religion, ancestry, race, debts and other variables. Regression, we obtained a percentage of explanation of the dependent variable (propensity to indebtedness) of 39.1% through the following independent variables: Material Factor, Concern Factor, Factor Budget, Dummy has Debts, Power Factor, Dummy has Liabilities in Delay and Dummy Hourglass. It is noteworthy that the budget factor in the propensity to interfere with Indebtedness negative sign, that is, as this increases the propensity decreases and all other variables have positive sign. Overall, this study showed that on average, women in Mesorregião observed, are little prone to debt and the factors that interfere with this tendency are not only financial and rational, but also psychological and cultural. / Atualmente, as decisões tomadas pelos indivíduos quanto ao ato de comprar, vender, consumir, poupar e se endividar tem sido foco de muitas correntes científicas. Sob a ótica das Finanças Comportamentais, este estudo objetiva analisar quais são os fatores determinantes na propensão ao endividamento nas mulheres da Mesorregião Centro Ocidental Rio-grandense. Para isto, foi realizada uma survey junto a 2.500 mulheres distibuídas estatisticamente nos 31 municípios formadores desta Mesorregião. Os dados foram coletados por meio de questionário e analisados via análise fatorial, testes estatísticos (Anova, Teste t e Correlação) e análise de regressão. Os resultados apresentam sete fatores ligados aos valores do dinheiro são eles: Status Social, Preocupação, Estabilidade, Prazer, Poder, Orçamento e Ilusão um fator para o materialismo e um fator para o endividamento. As mulheres pesquisadas apresentaram maiores médias para o Fator Orçamento o que indica um certo controle finaceiro de seus gastos, corroborando com este aspecto, constatou-se também níveis baixos de materialismo e endividamento nas mulheres da Mesorregião estudada, entretanto, maiores para as mulheres que residem fora de Santa Maria. Ressalta-se que esses níveis baixos de materialismo na região pesquisada está fortemente ligado aos aspectos de colonização, basicamente vindo da cultura italiana e do próprio nível de instrução financeira demonstrado pelas entrevistas. A Anova demonstrou existirem diferenças nas médias do Fator Propensão ao Endividamento, quando analisado sob os aspectos de religião, ascendência, raça, dívidas e outras variáveis. Na regressão, obteve-se um percentual de explicação da variável dependente (Propensão ao Endividamento) de 39,1%, através das seguintes variáveis independentes: Fator Materialismo, Fator Preocupação, Fator Orçamento, Dummy possui Dívidas, Fator Poder, Dummy possui Dívidas em Atraso e Dummy Ascendência. Destaca-se que o fator Orçamento interfere na Propensão ao Endividamentro com sinal negativo, isto é, a medida que este aumenta, a Propensão diminui e todas as demais variáveis apresentam sinal positivo. De maneira geral, este trabalho mostrou que, em média, as mulheres da Mesorregião observada, estão pouco propensas ao endividamento e que os fatores que interferem nessa propensão não são apenas de ordem financeira e racional, mas também de ordem psicológica e cultural.

Orientador: Daniel Damásio Borges / Resumo: Inquestionavelmente, no atual cenário da globalização, deparamo-nos com o avanço vertiginoso dos crimes transnacionais, em especial da lavagem de capitais. Desta forma, os Estados e organismos internacionais, como a Organização das Nações Unidas (ONU), juntaram esforços para prevenir e combater a macrocriminalidade. Neste momento, percebeu-se também que os instrumentos clássicos de cooperação internacional eram insuficientes, à medida que os delitos se multavam rapidamente. Neste contexto, surge o Grupo de Ação Financeira Internacional (GAFI) por iniciativa do G-7, responsável pela definição de padrões internacionais para o combate e prevenção à lavagem de dinheiro. Assim, a finalidade desta dissertação é de analisar a verdadeira importância da cooperação jurídica internacional para o enfrentamento do crime de lavagem de dinheiro, no âmbito do GAFI, através das recomendações 36 a 40, já que se mostram como ferramentas úteis e efetivas. Assim, este estudou buscou amparo na abordagem lógico-dedutiva, realizada através de levantamento e análise bibliográfica, no intuito de apontar as razões determinantes que influenciam os Estados a aderirem os padrões internacionais recomendados pelo GAFI. / Abstract: Unquestionably, nowadays in the current scenario of globalization, we are faced with the rapid advance of transnational crimes, especially money laundering. States and international organizations, such as the United Nations (UN), have joined efforts to prevent and combat macro-crime. At this point, it was also realized that the classical instruments of international cooperation were insufficient as the crimes were quickly mutated. In this context, the International Financial Action Task Force (FATF) emerges on the initiative of the G-7, organism responsible for defining international standards for combating and preventing money laundering. Thus, the purpose of this dissertation is to analyze the true importance of international legal cooperation to face the crime of money laundering, within the FATF, through recommendations 36 to 40, since they are shown as useful and effective tools. This study sought support in the logic-deductive approach, using survey and bibliographic analysis, in order to identify the determining reasons that influence the States to adhere to the international standards recommended by the FATF. / Mestre

This thesis provides a detailed analysis of the so-called `house money' or windfall endowment effect and its main determinants. Chapter 1 provides a detailed survey on the literature related to the house money effect. This effect according to Thaler and Johnson (1990) - refers to the situation where prior gains mitigate the influence of loss aversion and facilitate risk-seeking. The concept borrows its name from the expression employed in the gambling parlance of "playing with the house money", which is used when people gamble while ahead. As the literature has used a variety of concepts and ideas to describe the house money effect, this chapter presents and discusses them within the environment and the related literature that they have emerged. This is done in order to highlight the predominant answers to the main research questions raised in the various strands of the literature, namely: (i) whether people treat money differently depending on its origin; and (ii) the implications of the house money effect for the experimental methodology in economics. The literature is organised and presented according to the context in which the above two research questions have been examined. By presenting results in each particular context, we pin down the contextual differences that might be responsible for the presence (or absence) of the house money effect, and lay the initial ground work to answer a third research question: What drives the house money effect? In this regard, after we demonstrate the context-dependency of the house money effect we present the two main interpretations that it has received, namely that the house money effect is a result of different mental accounting over windfall gains (`windfall effect') or a result of fairness or deservingness concerns ('Lockean desert effect'). Chapter 2 re-examines the house money effect and explores its main driving forces. For that, we employ a novel experimental design utilising a within-subject approach, coupled with the use of three different contexts of economic decisions (a trust game, a set of lotteries and a public good game). Both the within-subject experimental design and the three contexts of economic decisions allow us to better test the two main interpretations of the house money effect. Our experimental data confirm the presence of the house money effect both in the decision to trust (but not in the decision of trustworthiness) in the trust game and in the decision to contribute in the public account of the public good game. However, our findings do not support the hypothesis that changes in risk behaviour of participants are due to different sources of money, suggesting that risk attitudes are robust and independent of the origin of money along the experiment. Therefore, our findings seem to favour interpretations of the house money effect as a result of 'just desert' or fairness preferences rather than the result of different mental accounting over windfall gains. Chapter 3 combines two branches of experimental literature, namely the house money effect and the literature on individual differences in social preferences. Both the house money effect and individual differences have been used extensively to explain cooperation in social dilemmas (and its decline over time). Here, we test the implications of house money on reciprocal behaviour, that is, whether participants in economic experiments are less likely to reciprocate when earned money rather than windfall money is at stake. Using the innovative experimental design of Fischbacher et al. (2001) with strategy method, we classify participants according to their behaviour in a linear public good game, and by adding the within-subject element in our experimental design we test the robustness of this classification across the different origin of endowments. Our results indicate that the types' classification is robust across the origin of money. Contrary to Harrison (2007), we find that participants' decision to free ride or not (contribute or not) is independent of the origin of money, but given that the decision to contribute has been made, contribution levels may vary -actually be lower- when money is earned rather than windfall endowed. We also elicit beliefs about others' contributions and test how these beliefs affected by the "house money" and in turn how they affect the decision to contribute. This discussion relates to what the literature has characterised so far as "anticipatory reciprocity".

Este trabalho pretende abordar a teoria monetária sob a ótica keynesiana. A partir da análise da obra de John Maynard Keynes, apresenta os principais pontos sobre os quais a teoria pós-keynesiana irá se embasar. Mostra como a endogeneidade da moeda se transforma em um ponto fundamental da teoria pós-keynesiana, após o trabalho seminal de Nicholas Kaldor. Seria responsabilidade de Basil Moore o aprofundamento dessas ideias, condensadas sob a forma da total endogeneidade da moeda e da exogeneidade da taxa de juros, que se torna o instrumento prevalecente de política monetária. Tal vertente ficou denominada como horizontalista. A partir da crítica a esse posicionamento, formou-se a abordagem estruturalista, aqui representada por Stephen Rousseas e fortemente influenciada por Hyman Minsky. O presente trabalho propõe que o desenvolvimento concomitante das duas vertentes tem aproximado os teóricos de cada abordagem. Nesse ínterim, com base nos trabalhos de Mark Setterfield e Giuseppe Fontana, apresenta uma proposta definitiva de conciliação entre o horizontalismo e o estruturalismo a partir da incorporação da dinâmica de formação da oferta de moeda. Com isso, permite a análise de casos especificamente localizados no tempo e no espaço, de forma que consegue incorporar os principais pontos elaborados anteriormente por Keynes. A fim de conciliar o desenvolvimento da teoria com a construção de políticas monetárias, procede com a aplicação no caso brasileiro pós-Plano Real. A análise permite mostrar a presença de características estruturalistas e horizontalistas, transparecendo o benefício que uma teoria que concilie as duas vertentes presta para a teoria econômica. Além disso, mostra como o Novo Consenso Monetário, aqui representado apenas pelo modelo de Metas de Inflação, aparenta incorporar a crítica pós-keynesiana, porém ainda se prende com afinco aos cânones que são justamente a base da crítica. Por fim, ressalta a importância de se perceber a definição exógena da taxa de juros como um elemento fundamental e inevitável da influência política nas decisões econômicas. / This study addresses the monetary theory in a Keynesian perspective. Starting from the John Maynard Keynes’ analysis, it presents the main issues upon which the post-Keynesian theory is based. It shows how the endogenous money supply becomes a key point of the post-Keynesian theory after the seminal work of Nicholas Kaldor. Basil Moore would be responsible to deepen these ideas, condensed in the form of the total endogenous money supply and interest rate exogeneity, which becomes the prevailing monetary policy instrument. This strand was referred to as horizontalist. Starting from the criticism of this posture, structuralist approach was formed, and is represented here by Stephen Rousseas, although strongly influenced by Hyman Minsky. The present work proposes that the concurrent development of the two approaches has gradually approximated both strands. Therefore, based on the work of Giuseppe Fontana and Mark Setterfield, it presents a definitive proposal for reconciling horizontalism and structuralism through the incorporation of the money supply dynamics. This allows analyses of specifically localized cases, so that it can incorporate the main points previously established by Keynes. In order to reconcile theoretical development with the construction of monetary policy, it proceeds with the application to the Brazilian case after the Plano Real. The analysis allows showing the presence of structuralist and horizontalist characteristics, demonstrating the benefit that a theory that reconciles both approaches provides for economic analysis. Furthermore, it shows how the New Monetary Consensus, represented here only by Inflation Targeting model, appears to incorporate post-Keynesian critique, but still holds tight to the canons which were precisely the basis of criticism. Finally, it emphasizes the importance of realizing the exogenous determination of interest rates as a fundamental and inevitable element of political influence on economic decisions.

The aim of the thesis was to analyze possibilities of utilization financing from European Union funds by municipality Srubec. In the next step I calculate the possible debt. This results into calculating possible financing of investment plan of municipality and need of co-financing from EU funds. At the end I analyze the possibility of self-financing already realized investment project, which was financed from ROP NUTS II Jihozápad.

My dissertation argues that paper money created a new regime of value in early America, inscribed on the money itself and expressed in the political ordering of society. The radical ideas about money and value that inspired the colonial currencies originated in Commonwealth England. Those ideas spread to the North American colonies after the Restoration, where they conveyed changing notions about membership in the political community. Paper money, its proponents believed, constituted not only the “sinews” of trade and key to limitless wealth but also the “blood” that nourished the body politic. Ironically, the expansion of paper money in early America after 1710 both reflected and helped kindle broader material and cultural changes throughout the wider English Atlantic world that strained the bonds of the provincial political community. Ultimately, however, it was not these changes, but British attempts to control paper money in the mid-eighteenth century, that became corrosive to the imperial order. Disagreements over the prerogative to create money and value, I contend, occupied a key role in the crisis leading to the American Revolution. / 2020-02-14T00:00:00Z