Orientador: Antonio Carlos Macedo e Silva / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-20T05:46:58Z (GMT). No. of bitstreams: 1 Souza_LeonardoFlauzinode_M.pdf: 1156212 bytes, checksum: 680a27401a91a86efbf66d613a7ad412 (MD5) Previous issue date: 2012 / Resumo: A crise econômica de 2008 pode ser analisada pelo arcabouço das teorias keynesianas, em especial a partir das interpretações em torno da teoria da preferência pela liquidez. Esta foi elaborada primeiramente na Teoria Geral de Keynes, mas alcançou interpretações muito diversas nas obras de Kaldor, Hicks, Davidson e Minsky. As idéias expostas por estes autores são capazes de fornecer algumas explicações sobre as escolhas de ativos, em especial os relacionados aos mercados financeiros, e analisar os impactos dinâmicos das decisões de financiamento e alocação do capital. Entretanto, algumas inovações financeiras, como a securitização e os derivativos, que tiveram uma participação fundamental na constituição da crise, não são, de forma geral, exploradas por estes autores. Desta forma, o presente trabalho se propõe a explorar a teoria e as interpretações supracitadas, a fim de construir uma analise teórica da crise de 2008, abarcando as contribuições das inovações financeiras mencionadas. O contexto histórico em torno da crise de 2008, analisado pelo viés teórico keynesiano, é capaz de explicar como esta tomou a forma de uma das mais severas crises da história do capitalismo contemporâneo. Ao se iniciar como uma crise de crédito convencional e aos poucos tomar a forma de uma crise de liquidez e solvência, destaca-se o papel crucial da securitização de créditos e dos derivativos financeiros neste processo, alterando as escolhas de portfólio, as decisões de financiamento e a dinâmica das interações entre os balanços das diversas instituições financeiras da economia norte-americana e mundial / Abstract: The 2008 economic crisis can be analyzed by the framework of post-Keynesian theories, especially the interpretations around the liquidity preference theory. This one was first presented in Keynes' General Theory, but it reached very different interpretations in the work of Kaldor, Hicks, Davidson and Minsky. The ideas put forward by these authors can provide some explanations about the asset choices, particularly those related to financial markets, and analyze the dynamic impact of finance decisions and capital allocation. However, some financial innovations, such as securitization and derivatives, which had a seminal role in the constitution of the crisis, are not generally exploited by these authors. Thus, this study aims to explore the theory and the interpretations above, in order to build a theoretical analysis of the 2008 economic crisis, covering the contributions of the financial innovations mentioned. The historical context surrounding the 2008 economic crisis, analyzed by the bias of Keynesian theory, is able to explain how that took the form of one of the most severe crises in the history of contemporary capitalism. When it start as a conventional credit crisis and gradually take the form of a crisis of liquidity and solvency, it highlight the crucial role of securitization of loans and financial derivatives in this process, changing the portfolio choices, funding decisions and the dynamics of interactions between the balance sheets of many financial institutions in the U.S. economy and the world / Mestrado / Ciências Economicas / Mestre em Ciências Econômicas

Orientador: Jesus José Ranieri / Dissertação (mestrado) - Universidade estadual de Campinas, Instituto de Filosofia e Ciências Humanas / Made available in DSpace on 2018-08-21T08:52:00Z (GMT). No. of bitstreams: 1 Henrique_ChristianGuglielmetti_M.pdf: 1057729 bytes, checksum: b59219c86e52ff4b9762b90cff8a0462 (MD5) Previous issue date: 2012 / Resumo: O presente trabalho centra-se em três pontos nodais. Em primeiro lugar, busca sinalizar os elementos mais gerais que caracterizam a crise estrutural do capital juntamente com o emblema da ?pós-modernidade', que emerge já em fins da década de 60 e início da década de 70 do século XX - adentrando o século XXI. A partir desse quadro histórico, e aqui penetramos no segundo ponto, visualiza-se situar a contribuição que a teoria social do filósofo alemão Jürgen Habermas dá para o debate contemporâneo acerca da questão do projeto da modernidade - a emancipação humana. Isso nos obriga a demonstrar como se movimenta sua crítica ao discurso filosófico da modernidade. Como ponto de confluência indissociável dos dois anteriores, o terceiro momento deste trabalho procura relacionar criticamente esta teoria social com o contexto histórico da crise estrutural do capital. Em outras palavras, busca-se tencionar o seu constructo filosófico-social como uma teoria da crítica emancipatória no contexto de crise estrutural do capital / Abstract: This work focus on three main points. First of all, it seeks to point the most relevant elements that characterize the structural crisis of capital along with the emblem of 'postmodernity', which emerges in the late 60th and early 70s of the 20th century - entering the 21st century. From this historical framework, here we enter the second point, our goal is to situate the contribution that social theory of the German philosopher Jürgen Habermas gives to the contemporary debate on the issue of modernity - human emancipation. This requires us to demonstrate how moves his criticism of the philosophical discourse of modernity. As a point of indissociable confluence from the two previous, the third point, seeks to critically relate this social theory with the historical context of structural crisis of capital / Mestrado / Sociologia / Mestre em Sociologia

The thesis explores the interaction of the economic phenomenon of 'economic crisis' with the legal phenomenon of Collective Labour Law (CLL). This interaction is the thesis' main problematique. Rather than undertaking an all-encompassing investigation, it seeks to modestly contribute some new theoretical and comparative perspectives on the problematique. These perspectives are of potential value both to the highly underdeveloped area of the theorisation on economic crises and CLL and to the comparative labour law literature. On the theoretical side, the thesis puts forward a novel Marxist-critical theoretical framework for understanding the crisis' operation of CLL. Building successively on the Marxist-critical insights of a fundamental contradiction between the (capitalism) reproductive and (worker) protective function of CLL, the crisis theories' common assertion of economic rationalisation as the primary crisis response and a joint reading of Gramscian counterhegemony and Habermas' theory of legitimation crisis, a theoretical framework is constructed around a proposed concept: crisis (dis)equilibrium. These (dis)equilibria, which arguably determine the course of CLL's crisis developments are composed of two fundamental opposing forces: the force of economic rationalisation, pushing for reforms dictated by the need for intense capitalist restructuring and the opposing counter-legitimation force, which reflects the level of socio-political threat of withdrawal of support to the prevailing economic system or at least to the reforms dictated by economic rationalisation. The comparative side that serves also as a testing empirical ground for the theoretical framework, consists of an extensive interrogation of the recent crisis CLL trajectories in Greece and the UK. For Greece, the analysis observes and accounts for a dramatic collapse of the pre-crisis protective CLL edifice as a result of multiple and abrupt far-reaching CLL reforms bringing about the neo-liberal crisis movement. Subsequently, the thesis offers a response to why the protective constitutionalisation of CLL rights in Greece failed to prevent the de-construction by designating a de-constitutionalisation triangle of normative spheres. The triangle maps and explains how the neoliberal-oriented EU-IMF bailout conditionality prevailed over domestic-constitutional and transnational labour rights normative spheres through identifying a series of 'strong' and 'weak' legal and non-legal interactions. For the UK, the analysis dismisses a suggestion of a complete stasis during the crisis. Instead, it ascertains and accounts for a further -more gradual- neo-liberal consolidating crisis movement of UK's pre-crisis neo-liberal CLL paradigm. Hence the British crisis movement is described as neo-liberal continuity by consolidation. Very importantly, the thesis observes a significant crisis de-constitutionalisation process of CLL in the UK, which takes the shape of a constitutional attack on the political voice of unions by regulatory reforms. Eventually, the thesis finds a comparative crisis pattern of a 'Great Neo-liberal Convergence' between the two previously diametrically opposite CLL systems, since they moved closer and toward the neo-liberal end during the crisis. The 'neo-liberal convergence' finding is situated as a supportive case for the convergence theorists within the convergence/non-convergence debate over whether the European CLL systems are to converge. Moreover, the analysis demonstrates the explanatory value of the Crisis Equilibrium theoretical framework for understanding the crisis trajectories in both countries and suggests that crisis developments confirm the heteronomy of CLL to the theoreticallyidentified dialectic between the capitalist force of economic rationalisation and the social force of counter-legitimation.

1 Abstract: Economic crises - nature and factors of its origin The purpose of my thesis is to analyze economic crises with focus on its origin, development and impact on society. The thesis is divided into three main parts: Introduction, Main body and Conclusion. The most important part of the thesis is the Main body that is further composed of seven self-contained chapters that deal with different aspects of the economic crises. Main body starts with introductory chapters 1-3 that discuss the meaning of the phrase economic crisis, its origin and determination among other commonly used titles that are frequently mistaken. Chapter number four describes history of important economic crisis such as The Great Depression 1929 and German Hyperinflation 1918- 1924. Chapter number five is subdivided into two parts and provides an outline of the origin of economic crisis and possible forecast of its origin. Chapter six defines the last financial crisis of 2009 and compares its impact to economy and counter-measures worldwide. Chapter number six illustrates possible solutions of the economic crisis and its prevention. Last part of the thesis is Conclusion that concentrates my thoughts and ideas about the thesis. Key words: economic crisis, financial crisis 2009, world economy

The housing prices in Prague had risen by more than 63% between 2002 and 2008. However since August 2008, when they reached their peak, they have been almost constantly falling. Most of the publications regarding housing prices are taking into account Prague as one of the Czech regions. On the contrary, this work analyzes housing prices in Prague and its 22 districts. In first part of this work the indicators of rent-to-price ratio, price-to-income ratio and new building development factors are considered to explain possible future development of housing prices. This is seemed to continue falling during the year 2011. The second analytical part tries to explain the housing prices according to specific locality features and macroeconomic aspects. The panel regression is used and it reveals that the most significant attributes are the macroeconomic features.

L’objet de cette thèse est de modéliser l’économie tunisienne dans le cadre d’une approche post keynésienne stock-flux cohérente en économie ouverte afin de fournir une analyse des faits stylisés observés depuis 2001. Ce type de modélisation macro économique post keynésienne se distingue par le fait qu’il tient compte non seulement de la dimension flux mais également de la dimension stock de l’économie tunisienne. Il constitue en fait un nouveau cadre d’analyse des effets de de la crise financière et économique mondiale de 2007-2008 et des conséquences économiques issues de la récente révolution tunisienne de 2011. Notre modèle se compose de six secteurs : les entreprises, les ménages, les banques, la banque centrale, l’Etat et enfin le reste du monde. Ce dernier représente l’Union Européenne étant donnée la forte dépendance de l’économie tunisienne vis-à-vis de l’économie des pays européens. Nous avons essayé alors d’expliquer l’évolution du PIB tunisien à travers quatre types de chocs à savoir : les variations du taux de croissance de l’Europe et ce, pour prendre en compte l’impact de la crise économique mondiale, les modifications du taux d’intérêt et du taux de change issues des changements dans la politique monétaire tunisienne ainsi que la réaction de la politique budgétaire et enfin le choc de confiance et de productivité pour évaluer l’impact de la crise économique lors de la révolution tunisienne de 2011. Ces quatre chocs nous ont permis de reproduire les faits stylisés de l’économie tunisienne et de comprendre les effets des crises de la dernière décennie. Puis, nous avons envisagé trois scénarios pour l’économie tunisienne, un premier scénario optimiste, un second pessimiste et un troisième scénario intermédiaire. / The purpose of this thesis is to model the Tunisian economy in a post Keynesian stock-flow consistent approach in order to provide an analysis of the observed stylized facts since 2001. This kind of post Keynesian macroeconomic model retains not only the stock dimension but also the flow dimension of the Tunisian economy. Thus it is a new framework for analyzing the effects of the financial and economic crisis of 2007-2008 and economic consequences resulting from the recent Tunisian revolution of 2011. Six sectors make our economy: households, firms, banks, central bank, government and the rest of the world. The rest of the world represents the European Union given the strong dependence of the Tunisian economy on European economies. In order to explain the trend of the Tunisian GDP, four shocks are considered namely the impact on the growth rate in European Union to take into account the global crisis, the changes in interest rate and exchange rate to explain the impact of monetary policy and the response of fiscal policy and finally the shock in the state of confidence and productivity to understand the effects of the economic crisis during the Tunisian revolution. These four shocks have allowed us to reproduce the stylized facts of the Tunisian economy and understand the effects of the crisis of the last decade. Then we consider three scenarios for the Tunisian economy: an optimistic scenario, a pessimistic scenario and intermediate scenario.

This paper analyzes the impacts of the economic crisis on Czech government budget in 2009. The introductory part deals with the theoretical and historical base of the business cycle and with main economic terms. This chapter is summed up with a unified general conclusion of the term economic crisis. Also listed, are descriptions of principles, reasons and consequences of the Financial crisis which originated in 2007 in USA including a comparison to the Great Depression in 30's. The practical part of this paper is focused on the Czech government budget and analyzed for the period of nine months in 2009. Impacts of the crisis and anti-crisis measures on budget revenues, budget expenditures, government and state debt are also addressed in the practical part. The conclusion draws proposals and recommendations to mitigate the impacts of the economic crisis.

This diploma thesis deals with the prospect of introducing the euro in the Czech Republic under the actual circumstances. The process of entering the Economic and Monetary Union is described, as well as the criteria comparison of nominal and real convergence and the hitherto development of fulfilment of conditions for introducing the euro in the Czech Republic. The other part of the diploma work compares, according to some chosen data, the development of Czech and Slovak Economies in 2004-2008, when both countries had their national currencies, and in 2009 when euro was introduced in the Slovak Republic. The aim of the analysis is to show, whether it is more beneficial for the economy to introduce euro in the current economic crisis and the prospects of euro introduction in the Czech Republic.

The aim of this thesis is to obtain comprehensive results for the population of the Czech Republic in the field of human values, value preferences and value charts by using results from conducted research and data from previous studies. Also an important objective of this thesis is to show the economic behavior of people in the Czech Republic at the time of the financial and economic crisis. As a theoretical basis for the practical part, three major, interrelated areas have been selected: economic behavior, focused on principles of individual decision-making and on media and their possible impact on the economy; life values; and economic development as a source of changes in economic behavior in terms of development on the labour market, development of education and development of ecology. Empirical part, which is called Research - changes in value preferences, is at first focused on the formulation of hypotheses, which relate to the issue, and on the creation of the questionnaire. The analysis and the interpretation of results can be considered as a pivotal chapter of the practical part of this thesis.It is divided into several sub-chapters according to the examined area.

This thesis describes the impacts of the current economic crisis on the real estate markets in USA, EU and Czech republic.