The objective of this diploma thesis is to process an analysis of financial supervision in the Czech Republic, Germany, Switzerland, Spain and Italy with special attention to banking industry which is the most influent part of the financial market in all countries. Besides this major analysis, the economic growth analysis for years 2000 to 2014 (2015) is made in every country. The very last step is a comparison of supervision systems and their connection to economic performance of countries. Conclusions bring the answer for my question: whether the economic condition (since 2000 until now) depends on the system of financial supervision in European countries. The theoretical part consists of chapters about the theory of national economy, financial markets, where there are basic theoretical concepts explained, market functions and market division. Last but not least, the theory of financial supervision is analyzed: what is the essence, legal framework, what is the supervision purpose and what are the goals of supervisors. Firstly, there should also be the theory of central banking but it does not make any sense to explain this theory here since central banks are not the main supervisor authorities of financial markets (except the Czech Republic, but also here the policies are separated). The practical part involves six subchapters, everyone is devoted to one state (the Czech Republic, Germany, Switzerland, Spain, Italy), the very last subchapter is about the comparison and analysis of results. In every state the history of financial market is processed together with institutional areas after 2000, legal framework and the analysis of supervision activity with special attention to capital, liquidity and resilience to shocks. European growth is analyzed according to GDP, inflation rate, unemployment, wage growth and GDP per capita in comparison with EU (28) and EA (19). The research brings the results that there is a connection between financial supervision and economic growth.

This thesis is focused on the description and assessment of the relationships between human, institutional and social capital and the assessment of the effects of capital types on economic performance. After the operationalization of capital types and economic performance that was based on literature research, the relationships were analysed using the example of European regions (specifically NUTS 2). The analysis is focused on the regional differentiation of capital types and economic maturity. It also monitors the relationships between capital types and economic performance. This thesis is based on the latest statistical data from offices and surveys that deal with the quality of the institutional environment or the characteristics of social capital. The characteristics of capital types are shown in maps. For the statistical data analysis, we used factor, correlation and regressive analysis. Keywords: human, social and institutional capital, economic performance, GDP per capita, regional differentiation, European regions NUTS 2

Até cerca de vinte anos, o termo Corporate Governance (Governança Corporativa) não existia na língua inglesa. Os códigos de boas práticas de Governança Corporativa começaram a surgir no início dos anos noventa na Inglaterra, nos Estados Unidos e no Canadá, em resposta ao desempenho insatisfatório de companhias líderes, percebido como uma deficiência de efetividade dos conselhos de administração, e em resposta às pressões exercidas pelos investidores institucionais. No Brasil, o termo Governança Corporativa é ainda mais recente, mas já começa a ser preocupação e a merecer a atenção de pesquisadores, Bolsa de Valores e associações. Este estudo objetiva identificar possíveis relações entre variáveis independentes, representativas de mecanismos de Governança Corporativa, e medidas de performance econômica de empresas integrantes do Índice Brasil IBX da Bolsa de Valores de São Paulo BOVESPA, com dados do período de 1997 a 2001.Utilizando a técnica estatística de dados em painel, modelo de componentes de erros, trabalha-se 16 variáveis independentes representando os mecanismos de Governança Corporativa: concentração de propriedade (5 variáveis), características do conselho de administração (3 variáveis), capital votante (1 variável), remuneração da diretoria executiva (2 variáveis), política financeira (3 variáveis), controle interno (1 variável) e mais uma variável de controle representando o tamanho das empresas. Essas variáveis são regredidas contra cada uma das cinco variáveis de medidas de performance econômica estudadas. Tais variáveis mediram o Market Value Added, a razão preço de mercado e valor patrimonial da ação, TOBINS Q, rentabilidade sobre o ativo e rentabilidade sobre o patrimônio líquido. Os resultados indicam que a concentração de propriedade, o capital votante, a remuneração da diretoria executiva e a política financeira são relacionadas à performance econômica. Surpreendentemente, o capital votante e a remuneração da diretoria executiva são negativamente relacionados à performance. Observa-se, também, que a medida de performance econômica utilizada faz diferença no estudo dos mecanismos de Governança Corporativa, pois aquelas puramente contábeis não apresentaram qualquer relação com os mecanismos testados. Este estudo, com esta abrangência de mecanismos, variáveis e período tratado, está dentre os estudos empíricos de Governança Corporativa pioneiros no Brasil. Espera-se oferecer uma contribuição aos acadêmicos interessados no assunto, bem como a acionistas, gestores, analistas de mercado, consultores, administradores de Bolsa de Valores, órgãos reguladores e associações de classe. / Up until twenty years go, the term Corporate Governance didnt exist in the English language. The codes of good practices of Corporate Governance began to arise in the early nineties in England, in the United States and in Canada, as an answer to an unsatisfactory performance of leading companies - recognized as a deficiency of effectiveness in the board of directors and also as an answer to the pressures exerted by institutional investors. In Brazil, the term Corporate Governance is still more recent, but begins to be pondered and to deserve attention of researchers, of Stock Exchanges and associations. This study aims to identify possible relationship among independent variables, representative of Corporate Governance mechanisms, and measures of economic performance of enterprises of the Brazil Index IBX of the São Paulo Stock Exchange BOVESPA, with data referring to the period comprehended between 1997 and 2001. Using the statistic technique of panel data, model of error components, we work with 16 independent variables representing the Corporate Governance mechanisms: concentration of propriety (5 variables), characteristics of the board of directors (3 variables), voting capital (1 variable), remuneration of the executive directorate (2 variables), financial policy (3 variables), internal control (1 variable), and one more control variable, representing the size of the enterprises. These variables are regressed against each one of the five variables of the studied economic performance measures. Such variables have measured up the Market Value Added, the market to book value price ratio, TOBINS Q, profitability over the assets and profitability over the net equity. The results indicate that the property concentration, the voting capital, the remuneration of the executive directorate and the financial policy are related to the economic performance. Surprisingly, the voting capital and the remuneration of the executive directorate are negatively related to performance. We can also observe that the economic performance measure utilized makes difference in the study of the Corporate Governance mechanisms, because that ones purely accountants doesnt have any relation with the mechanisms tested. This study, comprising such diverse mechanisms, variables and also the observed period, is among the leading empiric studies of Corporate Governance in Brazil. We hope to offer a contribution to the academics holding an interest in the matter, as well as to shareholders, managers, market analysts, consultants, Stock Exchange administrators, regulating bodies and class associations.

Até cerca de vinte anos, o termo Corporate Governance (Governança Corporativa) não existia na língua inglesa. Os códigos de boas práticas de Governança Corporativa começaram a surgir no início dos anos noventa na Inglaterra, nos Estados Unidos e no Canadá, em resposta ao desempenho insatisfatório de companhias líderes, percebido como uma deficiência de efetividade dos conselhos de administração, e em resposta às pressões exercidas pelos investidores institucionais. No Brasil, o termo Governança Corporativa é ainda mais recente, mas já começa a ser preocupação e a merecer a atenção de pesquisadores, Bolsa de Valores e associações. Este estudo objetiva identificar possíveis relações entre variáveis independentes, representativas de mecanismos de Governança Corporativa, e medidas de performance econômica de empresas integrantes do Índice Brasil IBX da Bolsa de Valores de São Paulo BOVESPA, com dados do período de 1997 a 2001.Utilizando a técnica estatística de dados em painel, modelo de componentes de erros, trabalha-se 16 variáveis independentes representando os mecanismos de Governança Corporativa: concentração de propriedade (5 variáveis), características do conselho de administração (3 variáveis), capital votante (1 variável), remuneração da diretoria executiva (2 variáveis), política financeira (3 variáveis), controle interno (1 variável) e mais uma variável de controle representando o tamanho das empresas. Essas variáveis são regredidas contra cada uma das cinco variáveis de medidas de performance econômica estudadas. Tais variáveis mediram o Market Value Added, a razão preço de mercado e valor patrimonial da ação, TOBINS Q, rentabilidade sobre o ativo e rentabilidade sobre o patrimônio líquido. Os resultados indicam que a concentração de propriedade, o capital votante, a remuneração da diretoria executiva e a política financeira são relacionadas à performance econômica. Surpreendentemente, o capital votante e a remuneração da diretoria executiva são negativamente relacionados à performance. Observa-se, também, que a medida de performance econômica utilizada faz diferença no estudo dos mecanismos de Governança Corporativa, pois aquelas puramente contábeis não apresentaram qualquer relação com os mecanismos testados. Este estudo, com esta abrangência de mecanismos, variáveis e período tratado, está dentre os estudos empíricos de Governança Corporativa pioneiros no Brasil. Espera-se oferecer uma contribuição aos acadêmicos interessados no assunto, bem como a acionistas, gestores, analistas de mercado, consultores, administradores de Bolsa de Valores, órgãos reguladores e associações de classe. / Up until twenty years go, the term Corporate Governance didnt exist in the English language. The codes of good practices of Corporate Governance began to arise in the early nineties in England, in the United States and in Canada, as an answer to an unsatisfactory performance of leading companies - recognized as a deficiency of effectiveness in the board of directors and also as an answer to the pressures exerted by institutional investors. In Brazil, the term Corporate Governance is still more recent, but begins to be pondered and to deserve attention of researchers, of Stock Exchanges and associations. This study aims to identify possible relationship among independent variables, representative of Corporate Governance mechanisms, and measures of economic performance of enterprises of the Brazil Index IBX of the São Paulo Stock Exchange BOVESPA, with data referring to the period comprehended between 1997 and 2001. Using the statistic technique of panel data, model of error components, we work with 16 independent variables representing the Corporate Governance mechanisms: concentration of propriety (5 variables), characteristics of the board of directors (3 variables), voting capital (1 variable), remuneration of the executive directorate (2 variables), financial policy (3 variables), internal control (1 variable), and one more control variable, representing the size of the enterprises. These variables are regressed against each one of the five variables of the studied economic performance measures. Such variables have measured up the Market Value Added, the market to book value price ratio, TOBINS Q, profitability over the assets and profitability over the net equity. The results indicate that the property concentration, the voting capital, the remuneration of the executive directorate and the financial policy are related to the economic performance. Surprisingly, the voting capital and the remuneration of the executive directorate are negatively related to performance. We can also observe that the economic performance measure utilized makes difference in the study of the Corporate Governance mechanisms, because that ones purely accountants doesnt have any relation with the mechanisms tested. This study, comprising such diverse mechanisms, variables and also the observed period, is among the leading empiric studies of Corporate Governance in Brazil. We hope to offer a contribution to the academics holding an interest in the matter, as well as to shareholders, managers, market analysts, consultants, Stock Exchange administrators, regulating bodies and class associations.

Made available in DSpace on 2017-07-10T18:33:29Z (GMT). No. of bitstreams: 1 Susa Sequinel de Queiroz.pdf: 427114 bytes, checksum: ff1356df6f3ed17a65988c960e5e532b (MD5) Previous issue date: 2007-11-30 / The methodology of Economic Value Added (EVA) verifies if the capital invested by the company is being paid properly, taking into account the opportunity cost of other alternative applications. This work identifies the occurrence or not of economic value creation in the plant and the results arising from the application of this methodology show the companies true profit, informing if they, through their activities, are or not creating value and adding wealthy to their owners. As corollary, it was found that according to figures calculated for the EVA, Alpha plant destroyed economic value over the six years examined. The profits generated by the assets were not sufficient to cover the increase in the cost of capital. / A metodologia do Valor Econômico Adicionado (EVA) verifica se o capital investido pela empresa estão sendo remunerado de forma adequada, levando em conta o custo de oportunidade de outras aplicações alternativas. Este trabalho identifica a ocorrência ou não de criação de valor econômico na usina e os resultados decorrentes da aplicação dessa metodologia evidenciam o verdadeiro lucro das empresas, informando se as mesmas, através de suas atividades, estão ou não criando valor e agregando riqueza aos seus proprietários. Como corolário, verificou-se que, de acordo com os valores calculados para o EVA, a Usina Alpha destruiu valor econômico nos seis anos analisados. Os lucros produzidos pelos ativos não foram suficientes para cobrir o aumento do custo de capital.

Les entreprises de spectacle vivant évoluent dans un contexte de diminution de ressources externes et de modification des modalités d’attribution des subventions par l’application de la LOLF (Loi Organique relative aux Lois de Finances). Leur problématique repose sur les moyens à mettre en œuvre pour faire face à ces contraintes. Nous nous attachons à démontrer que leur développement dépend de l’amélioration de la logique de coopération entre les acteurs à partir du projet artistique et de l’appropriation des contraintes d’évaluation de la LOLF, pour révéler les performances cachées et développer des ressources internes. Cette recherche se construit à partir de l’hypothèse que l’amélioration de la performance globale des organisations dépend d’une action transformative qui opère selon trois axes interdépendants : l’intervention, les outils de management, le langage–acteur. A partir d’une recherche-Intervention dans un théâtre et d’un diagnostic qualitatif dans un autre, nous accompagnons les acteurs dans une conduite de changement et étudions les conditions de développement managérial dans ce type d’organisation. Nous analysons comment l’utilisation du langage dans le cadre de l’Intervention Socio-Economique modifie les représentations et contribue à l’élaboration d’un nouveau dispositif managérial. Nous proposons d’associer les outils de management socio-Économiques, utilisés comme des matrices de lecture de l’organisation, aux critères d’évaluation et de subvention des pouvoirs publics pour en faire des outils de réflexion sur le processus de réalisation et de diffusion de spectacle et construire une représentation partagée entre les différents acteurs. / Performing arts companies operate in a context of declining resources and changes in the rules governing the allocation of grants, in accordance with the LOLF (Organic Law relative to the Laws of Finance). Their challenge lies in finding ways to address these constraints. We aim to demonstrate that their development depends on improving the manner in which all parties cooperate, based on the artistic project and taking into account the constraints resulting from the evaluation used by the LOLF, to reveal hidden costs and to develop internal resources. This research is based on the hypothesis that improving the overall performance of organizations depends on a transformative action that operates in three interdependent areas: intervention, management tools, and the speech-Actor. Based on intervention-Research in one theatre and on a qualitative study in another, we have assisted actors in the process of change management and examined the conditions in which managerial development takes place in this type of organization. We analyse how language use in the context of Socio-Economic Intervention modifies the representations and contributes to the elaboration of a new managerial instrument. We propose the use of socio-Economic management tools, serving as a framework for analyzing the organisation, combined with the criteria of evaluation and allocation of public funding as a basis of reflexion on the process of creation and dissemination of shows, as well as a means of building a shared representation between the different actors.

The subject of this thesis is a socio-economic assessment of the investment project. In the theoretical part I discuss what is a project, evaluation of public projects, methods of evaluating the economic efficiency of public projects, evaluation of the efficiency of investments in waterways using the CBA method, economic performance indicators and sensitivity and risk analysis. In the practical part, I develop a case study on a specific project, where I focus on the development of financial analysis, economic analysis and sensitivity analysis on all project options.

Cities and districts contribute to a large fraction of the total energy consumption in Sweden. The residential- and service sector accounted for almost 40% of the total energy consumption in 2018. The increasing urbanization also puts more importance on the energy supply, distribution and consumption in these areas. One way of planning an energy system in urban areas is to have integrated energy systems where synergies between different technologies and energy carriers are utilized. Such a solution can increase the flexibility of the energy system and thus help integrate more intermittent renewable energy sources. The aim of this study was to suggest tools for planning energy systems in districts. This was done by performing a literature review regarding the design of energy systems and the identification of barriers and opportunities for the integration of different production- and distribution technologies. The focus was on systems for heating, cooling and electricity. The proposed tools are three Excel-based modules. The first module is a qualitative model that presents the reviewed technologies and their connections. It also includes synergies between different energy carriers and sectors for consumption and production. The second module is qualitative model related to market mechanisms, juridical, organizational and institutional aspects. The third module is a table containing the barriers and opportunities. Furthermore, relevant stakeholders are identified to be district heating companies, building owners, joint associations, municipalities, district cooling companies and photovoltaic plant owners. The proposed tools can be used in the first stage of planning when the technologies are selected. To show how the suggested tools can be applied, a case study was performed. The study case is a district being planned in Stockholm, Sweden. For the analysis, a model for a hypothetical heating system was required. Two models were developed for the heat supply system using the modelling environment OpenModelica. The main objective of the case study was to compare the techno-economic and environmental performance of different scenarios. Three different scenarios were considered for covering the total heating demand in the district. In the first scenario the total heating demand is covered only by local heat pumps. In the second scenario the space heating demand is covered by heat pump(s) coupled with a thermal energy storage (hot water tank). An electric boiler is used as backup. In the third scenario, the electric boiler is replaced by district heating as backup. A sensitivity analysis was included for different numbers of heat pumps and different sizes of thermal energy storage in the two last scenarios. The economic and environmental results in this study were strongly dependent on the assumptions regarding prices and emission factors. The result of the case study indicates that the third scenario causes the lowest CO2 emissions. An increased size of the thermal energy storage causes a higher compressor electricity consumption thus more emissions. However the total emissions from the system depends on the backup component. For this result, the emission factor related to Swedish electricity mix and the emission factor stated by a district heating company in Stockholm was used. The cheapest alternative in terms of annual operational cost of energy is the first scenario with only heat pumps. However, from the scenarios which also includes thermal energy storage, the second scenario with three heat pumps and a 100 m3 large thermal energy storage, presents the lowest cost. This system design in scenario 2 is only 0.6% more expensive than the first scenario. For the energy prices, the assumption for electricity is based on hourly values from Nordpol and for heat, the values presented in a normal price list from a district heating company is assumed. Regarding the technical performance of the system the result indicates that the contribution from the thermal energy storage as it is modelled in this case study is not significant on anannual basis. However it is observed that a larger thermal energy storage unit covers a higher fraction of the power demand during the hours it is utilized. / Städer och stadsdelar står för en stor del av totala energikonsumtionen i Sverige. Bostads- och servicesektor stod för ungefär 40% av totala energikonsumtionen under 2018. Den ökande urbaniseringen lägger också mer vikt vid energiproduktion, distribution och konsumtionen i dessa områden. Ett alternativ för planering av energisystem i urbana områden är att ha integrerade energisystem där synergier mellan olika teknologier och energibärare kan utnyttjas. Den typen av system skulle kunna öka flexibiliteten i energisystemet och därför förenkla integrering av oförutsägbara förnybara energikällor. Syftet med denna studie var att föreslå verktyg för planering av energisystem i stadsdelar. Detta gjordes genom en litteraturstudie angående utformningen av olika energisystem samt identifiera hinder och möjligheter för att integrera olika produktions- och distributions teknologier. Fokus låg på systemen för värme, kyla och elektricitet. Det föreslagna verktygen är tre Excel baserade moduler. Den första modulen är en qualitative modell som presenterar de studerade teknologier och deras kopplingar. Den innehåller också synergier mellan de olika energibärarna och konsumtions- och produktionssektorn. Den andra modulen är en qualitative modell, men relaterad till marknad mekanismer, juridiska, organisatoriska och institutionella aspekter. Den tredje modulen är en tabell som beskriver hinder och möjligheter för några av teknologierna. Utöver det de relevanta aktörerna identifierades. För värme-, kyla- och elektricitet marknaden är de fjärrvärmeföretagen, fastighetsägare, samfälligheter, kommuner, fjärrkyla företagen, solcells ägare. De föreslagna verktyget kan användas för planering av energisystem i ett första skede när teknologier ska väljas.  En fallstudie genomfördes för att visa hur det föreslagna verktyget kan användas. Fallstudien en stadsdel som planeras i Stockholm, Sverige. För att genomföra en analys behövdes en modell för ett hypotetiskt värmesystem. Två modeller utvecklades för värmesystemet genom att använda modelleringsmiljön OpenModelica. Det huvudsakliga målet med fallstudien var att jämföra den teknoekonomiska- och miljöinriktade prestandan för olika scenarierna. Tre olika scenarier övervägdes för att täcka totala värmebehovet i stadsdelen. I det första scenariot täcks det totala värmebehovet endast av lokala värmepumpar. I andra scenariot täcks värmebehovet för uppvärmning av värmepump(ar) kopplade till en värmelagrings komponent (ackumulatortank). En elpanna användes för reserveffekt. I tredje scenariot är elpannan ersatt av fjärrvärme. En känslighetsanalys var utförd för olika antal värmepumpar kopplade till olika storlekar av värmelagrings-komponenten i de två sista scenarierna. De ekonomiska och miljörelaterade resultatet i den här studien är starkt beroende av antaganden gällande priser och utsläppsfaktorer. Resultatet indikerar att det tredje scenariot har de lägsta CO2 utsläppen. Ökad värmelagringsstorlek bidrar till att värmepumpen förbrukar mer elektricitet och därför ökar de relaterade utsläppen. Däremot beror de totala utsläppen i systemet på vilken reservkraft som används. För dessa resultat användes utsläppsfaktorn för svensk elmix samt utsläppsfaktorn från ett fjärrvärme företag i Stockholm. Den billigaste alternativet gällande årlig driftsenergikostnad är det första scenariot med endast värmepumpar. Däremot, bland de scenarion som innehåller värmelagring, har det andra scenariot med tre värmepumpar och 100m3 stor värmelagringsenhet den lägsta kostnaden. Detta system är endast 0.6% dyrare än det första scenariot. För energipriser har timvärden från Nordpol antagits för elektricitet och för värme har normalprislistan från ett fjärrvärmebolag i Stockholm antagits. Angående den tekniska systemprestandan, indikerar resultatet att bidraget från värmelagringsenheten som den är modellerad i den här fallstudien inte är signifikant på årsbasis. Det observeras emellertid att en större värmelagringsenhet täcker en större andel av effektbehovet under de timmar som enheten används.

This dissertation interrogates the deficit assumptions about English proficiency of skilled immigrants who were recruited by Canadian governments between the late 1990s and early 2000s. Through the lens of literacy as social practice, the eighteen-month ethnographic qualitative research explores the sequential experiences of settlement and economic integration of seven well-educated Chinese immigrant professionals. The analytical framework is built on sociocultural approaches to literacy and learning, as well as the theories of discourses and language reproduction. Using multiple data sources (observations, conversational interviews, journal and diary entries, photographs, documents, and artifacts collected in everyday lives), I document many different ways that well-educated Chinese immigrants take advantage of their language and literacy skills in English across several social domains of home, school, job market, and workplace. Examining the trans-contextual patterning of the participants’ language and literacy activities reveals that immigrant professionals use literacy as assistance in seeking, negotiating, and taking hold of resources and opportunities within certain social settings. However, my data show that their language and literacy engagements might not always generate positive consequences for social networks, job opportunities, and upward economic mobility. Close analyses of processes and outcomes of the participants’ engagements across these discursive discourses make it very clear that the monolithic assumptions of the dominant language shape and reinforce structural barriers by constraining their social participation, decision making, and learning practice, and thereby make literacy’s consequences unpredictable. The deficit model of language proficiency serves the grounds for linguistic stereotypes and economic marginalization, which produces profoundly consequential effects on immigrants’ pathways as they strive for having access to resources and opportunities in the new society. My analyses illuminate the ways that language and literacy create the complex web of discursive spaces wherein institutional agendas and personal desires are intertwined and collide in complex ways that constitute conditions and processes of social and economic mobility of immigrant populations. Based on these analyses, I argue that immigrants’ successful integration into a host country is not about the mastery of the technical skills in the dominant language. Rather, it is largely about the recognition and acceptance of the value of their language use and literacy practice as they attempt to partake in the globalized new economy.

This dissertation interrogates the deficit assumptions about English proficiency of skilled immigrants who were recruited by Canadian governments between the late 1990s and early 2000s. Through the lens of literacy as social practice, the eighteen-month ethnographic qualitative research explores the sequential experiences of settlement and economic integration of seven well-educated Chinese immigrant professionals. The analytical framework is built on sociocultural approaches to literacy and learning, as well as the theories of discourses and language reproduction. Using multiple data sources (observations, conversational interviews, journal and diary entries, photographs, documents, and artifacts collected in everyday lives), I document many different ways that well-educated Chinese immigrants take advantage of their language and literacy skills in English across several social domains of home, school, job market, and workplace. Examining the trans-contextual patterning of the participants’ language and literacy activities reveals that immigrant professionals use literacy as assistance in seeking, negotiating, and taking hold of resources and opportunities within certain social settings. However, my data show that their language and literacy engagements might not always generate positive consequences for social networks, job opportunities, and upward economic mobility. Close analyses of processes and outcomes of the participants’ engagements across these discursive discourses make it very clear that the monolithic assumptions of the dominant language shape and reinforce structural barriers by constraining their social participation, decision making, and learning practice, and thereby make literacy’s consequences unpredictable. The deficit model of language proficiency serves the grounds for linguistic stereotypes and economic marginalization, which produces profoundly consequential effects on immigrants’ pathways as they strive for having access to resources and opportunities in the new society. My analyses illuminate the ways that language and literacy create the complex web of discursive spaces wherein institutional agendas and personal desires are intertwined and collide in complex ways that constitute conditions and processes of social and economic mobility of immigrant populations. Based on these analyses, I argue that immigrants’ successful integration into a host country is not about the mastery of the technical skills in the dominant language. Rather, it is largely about the recognition and acceptance of the value of their language use and literacy practice as they attempt to partake in the globalized new economy.