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Magistro darbu siekiama apibūdinti tiesioginių užsienio investicijų įtaka regionų plėtrai bei ekonominei situacijai Lietuvoje. Mokslinės literatūros, atliktų tyrimų, teisės aktų analizė parodė, kad yra daug priežasčių skatinančių siekti kaip įmanoma didesnio tiesioginių užsienio investicijų pritraukimo, tačiau turi būti atsižvelgiama ir į tai, kad tiesioginės užsienio investicijos ne tik skatina ekonomikos augimą, bet gali jį ir stabdyti. Atlikta tiesioginių užsienio investicijų pasiskirstymo regionuose pagal ekonominės veiklos rūšis analizė parodė, kad užsienio investicijų į Lietuvos regionus kiekvienais metais pritraukiama vis daugiau, tačiau jų pasiskirstymas regionuose yra labai netolygus. / This master‘s final paper is up to character the influence of foreign investment for regions growth and economic situation in Lithuania. The analysis or nonfiction literature, researches’ and acts of law showed, that here are many reasons which stimulates the in draft of foreign direct investments. But country must consider that foreign direct investment not only influence the growth of economy, but can also block it. The analysis of foreign direct investment distribution by the sort of economic activity in the regions unfolded, that amount of investment growth every year, but their distribution in regions is uneven.

Šio magistro baigiamojo darbo tema nagrinėja pastaraisiais dešimtmečiais makroekonominėje užsienio literatūroje itin populiarią žmogiškojo kapitalo koncepciją ir tiria žmogiškojo kapitalo, kaip ekonomikos augimo veiksnio įtaką Lietuvos ekonomikos augimui 2004-2011 m. laikotarpiu. Darbas susideda iš trijų dalių. Pirmojoje apžvelgiamas ekonomikos augimo veiksnių ir žmogiškojo kapitalo ištirtumas mokslinėje literatūroje, antrojoje pateikiami žmogiškojo kapitalo makroekonominių tyrimų bendrieji bruožai, apribojimai bei detaliai aprašoma bei pagrindžiama šio darbo tyrimo metodologija. Trečiojoje dalyje pateikiami statistinio tyrimo duomenys, interpretuojami jo rezultatai, apibrėžiami ribotumai. Rezultatai parodo aukštojo išsilavinimo darbo jėgos svarbą Lietuvos ekonomikos vystymosi procesuose. / This paper focuses on the the concept of human capital that has been a major topic in modern economic literature in the last few decades. The paper consists of three parts. Firstly, the paper provides with an overview of the human capital discussion in the economic literature. The second part consists of brief summary of methodological and empirical findings of human capital empirics followed by a complete description of this paper‘s statistical model and data. The third part shows the results and thoroughly specifies the econometric model.

Finansų krizė, kuri prasidėjo 2007 m. vasarą JAV, parodė, kad problemos, užgriuvusios vieną banką, gali išplisti visame finansų sektoriuje ir toli peržengti vienos šalies ribas. Bankai yra vieni pagrindinių dalyvių finansų sistemoje ir, kai jie nebegali atlikti savo pagrindinių funkcijų, ekonomikos augimas komplikuojasi. Bankų krizių aktualumas nemenksta jau seniai. Tai iš dalies sąlygoja šių krizių dažnumas. Kita vertus, ne mažiau aktualus ir jų tyrinėjimas. Yra suvokiama, jog praeitų krizių scenarijų supratimas gali šalims padėti pasimokyti iš praeities klaidų, išvengti krizių pasikartojimo ateityje. Atskirų šalių bankų krizių atvejų nagrinėjimai padeda geriau suprasti ryšį tarp bankų veiklos ir ekonomikos raidos. Bankų krizių įtaką šalies ekonomikai būtina išsiaiškinti užtikrinant bankų sektoriaus stabilumą, taip pat bankų krizių įtakos analizė padeda geriau nustatyti, kurie ekonomikos sektoriai krizės metu yra labiau pažeidžiami ir įgalina imtis prevencinių priemonių. Darbe sprendžiama problema – ar bankų krizės vienodai veikia skirtingo išsivystymo lygio šalių ekonomikos augimą? Tyrimo objektas: Atskirų Centrinės Europos atskirų šalių bankų krizės 1990-1998 m. poveikis ekonomikos augimui. Tyrimo tikslas: Įvertinti bankų krizės poveikį ekonomikos augimui, analizuojant atskirų šalių krizės padarinius. Siekiant įgyvendinti tyrimo tikslą, išsikelti šie uždaviniai: 1. Apžvelgti krizės teoriją ir taikomuosius tyrimus; 2. Išskirti bankų krizės atsiradimo priežastis bei jų... [toliau žr. visą tekstą] / The financial crises that began in USA 2007 summer has showed that the problems appeared in one bank can spread throughout the financial sector and far beyond the limits of one country. Banks are key players in the financial system and, when they can no longer perform its basic functions, economic growth becomes complicated. Banking crises is the most popular issue. This is in part determined by the frequency of crises. It is known that understanding of last crises scenario can help countries to learn from past mistakes how to avoid recurrence in future crises. Studies of individual countries experience related with banking crises helps to understand relationship between banks‘ activity and economic development. It is necessary to clarify banking crises impact on economic in case to ensure the stability of the banking sector as well as to determine which sectors of the economy during the crisis are more vulnerable and it enable to take prevention measures. Main problem of final master’s work – do bank crises similar influence economic growth of countries with different development level? The object of research: banking crises in 1990-1998 impact on economic growth in selected Central Europe countries. The purpose of work: to evaluate banking crises impact on economic growth by analysing crises consequences appeared in individual countries. Tasks of the work: 1. To overview crisis theory and research. 2. To distinguish the causes and consequences of banking crises. 3. To... [to full text]

This thesis consists of three essays. The first essay, “A Theory of Bank Illiquidity and Default with Hidden Trades”, develops a theory of banking to explore how the availability of trading opportunities for both banks and individual investors affects the link between illiquidity and default in the financial system. The results show that default emerges only in the presence of systemic risk, and when an unpredicted crisis hits the economy. Moreover, in contrast to the previous literature, default is not an efficient outcome of the economy. The second essay, “Financial Liberalization with Hidden Trades”, studies how the availability of unregulated market-based channels for the circulation of liquidity in the financial system affects the process of financial integration, and the efficiency of the corresponding equilibrium, in a two-country economy with comparative advantages. The results show that the only level of integration which the two countries are able to coordinate is the one where the two banking systems are autarkic, but international hidden trades are possible. Moreover, the resulting consumption allocation is constrained efficient. The third essay, “Bank Liquidity, Stock Market Participation, and Economic Growth”, develops a dynamic growth model with fully microfounded banks and markets to explain the observed decreasing trend in the relative liquidity of many financial systems around the world. The main result characterizes the threshold after which the agents in the economy are rich enough to access the market, where the relative liquidity is lower, and shows that the relative liquidity of the whole financial system (banks and markets) drops because of the increasing market participation. Some evidence consistent with this theoretical prediction is provided: a one-unit increase in an index of securities market liberalization leads to a drop in the relative liquidity of between 13 and 22 per cent.

<p>Diss. Stockholm :  Stockholm School of Economics, 2013. Introduction together with 3 papers.</p>

This thesis studies the long-run relationship between gender equality and economic growth. In particular, it aims at understanding and explaining the mechanisms and determinants underpinning the development process which allowed economies to move out of a long period of stagnation into a state of sustainable economic growth. The scientific objective is to check the validity of the central hypothesis that improving equality between men and women is a key ingredient of the demographic transition and of the process of socio-economic development. Quantitative and empirical analysis of this relationship is based on a renewed cliometric approach. Hence we aim at producing a quantitative projection of social sciences in the past, structured by economic theory, mathematical modeling, and informed by statistical and econometric methods. The projected innovation is to build a bridge between the theoretical models of growth and economic history. This new line of research between pure empiricism and abstract theory allows to interpret economic issues taking into account the past and in so doing, to understand more deeply the economic and social historical processes.

This thesis highlights the formation of human capital in the European regions and its implications for economic growth. It is characterised by its combined regional, long-term and European approach. To this end, I refer to Unified Growth Theory and New Economic Geography as the most important recent theoretical contributions and construct an unparalleled new and large database on regional human capital and other economic factors from numerous diverse sources. For the empirical analysis, spatial and GIS methods are employed in addition to standard econometric models. In this way, the thesis explores human capital formation in the regions of the European continent between 1790 and 2010. Moreover, it underlines the relationship between human capital proxies, the determinants of human capital and the long-run impact of human capital on economic growth.

The thesis aims to contribute to the question of the origins of efficient institutional arrangements, which are regarded essential for economic development and long-term economic growth. In Africa most institutional frameworks were established under colonial rule and then persisted to a large extent. In this sense colonialism offers a "natural experiment" - a phase in which European institutions were transferred to African countries. The thesis investigates the influence of colonial rule on the institutional development of two countries and former British colonies: Botswana and Nigeria. It applies a theoretical model of institutional legitimacy based on the theoretic work of Douglass North and Oliver Williamson. The case studies' findings highlight the persistence of pre-colonial informal institutions grounded in cultural norms and beliefs of the local populations. In addition, pre-existing levels of urbanisation, constraints on political power and integration in colonial labour markets have been factors which influenced the transfer of European institutions. (author's abstract)

The growth performance of the South African economy over the past two and a half decades has been disappointing. The economy has not reached the high growth rates of the 1960s, which is desperately needed to alleviate poverty in the country. While the sources of growth have been a subject of much debate, recently the notion that the Real Exchange Rate (RER) level of a country matters for growth has attracted attention. While it is generally expected that the value of the currency should not remain constant and that the exchange rate fluctuates over time, in the long-term, it is expected to converge to an equilibrium level South Africa follows an inflation targeting framework and a free floating exchange rate regime. The exchange rate has been highly volatile since the abolishment of the dual exchange rate system in 1995. This implies that there were periods of overvaluation and undervaluation from the equilibrium level; in other words the rand experienced times of misalignment. In the event of misalignments, the RER is moved to levels which make it difficult for an economy to sustain international competitiveness over the long-run, and this is harmful to growth rates in the economy. This is especially true for countries, such as South Africa, which is heavily dependent on exports. The RER is therefore very powerful and has been argued to be the cause of loss of competitiveness and growth slowdowns. This study investigates this notion for South Africa. The main aim of this study is therefore to investigate the effects of RER misalignment on economic growth in South Africa. This implies that the study aims to determine the level of RER equilibrium, the misalignment in the real value of the rand, and how this misalignment has affected economic growth in the country. The Behavioural Equilibrium Exchange Rate (BEER) approach is followed to determine the Equilibrium Exchange Rate (EER), which allows for the use of fundamental macroeconomic variables to determine the real equilibrium level of the rand. Identified fundamental variables, which are the main drivers of the current RER in South Africa, include GDP per capita, trade openness, terms of trade, gross fixed capital formation and the real interest rate differential. A Vector Error-Correction Mechanism (VECM) is used in the estimation of the Real Equilibrium Exchange Rate (REER). Misalignment is calculated as the difference between the actual and the equilibrium real exchange rate. It is found that during the period under investigation (1985 to 2011) there have been substantial misalignments in the RER of the rand, though the currency was mostly overvalued. It is also shown that the rand does revert to its equilibrium level over time. The least square method is used to determine the effect of this RER misalignment on economic growth. Additional variables such as the initial level of GDP per capita, trade openness, terms of trade as well as gross fixed capital formation, are included in the growth specification. Trade reforms emphasise the importance of export-led growth in a commodity-rich economy, such as South Africa. The results indicate that the RER misalignment has a positive coefficient; this implies that a misalignment in the rand has not necessarily been harmful to economic growth. Therefore, it can be concluded that in the case of South Africa, misalignment is generally stimulating growth, but more so when the currency is undervalued. The results therefore show that the RER should be kept at competitive levels in order to boost economic growth in the country. The results also show support for the strategy of export-led growth in South Africa. / Thesis (MCom (Economics))--North-West University, Potchefstroom Campus, 2013.