Determinants of financial development Abstract The paper studies effects of country level determinants on the rate of financial development and, in particular, assesses the empirical question whether democracy and political freedom can enhance financial development, as measured by Bank Private Credit to GDP and Liquid Liabilities to GDP. Using Fixed Effects estimation techniques and a panel data for a list of 39 countries over the period 1990 to 2011, we provide evidence that suggests positive link between political openness and financial development. The empirical evidence also confirms financial openness and real per capita income to be positively correlated to financial deepening and in contrast, we find that size of financial sector does not spur the rate of financial development.

Several studies have examined the effect of remittances on economic growth,poverty, education, and governance, among other factors, in developing countrieswith inconclusive results. Using annual panel data of 99 developing countries invarious empirical models, this study aim to answer the question how remittances affect a broader aspect of development using the Human Development Index asdependent variable. The findings indicate that there is a positive relationship between remittances and the level of human development in developing countries.

This thesis if focused on the application of methods of robust econometrics to real economic data. We focuse on the issuies of international trade in Czech Republic and the problem of employment and growth of small businesses in Europe. We also focues on estimation of panel data by classical approaches (least squares, fixed effects, GMM) and bzy robust techniques. The first part of dissertation focuses on analyzing determinants of FDI in Czech manufacturing industry. The aim is to estimate a model where the stock of FDI is expressed as a function of several economic factors (K/L, profit per worker, R&D, Balassa index and others). We estimate these models by OLS, fixed effects and GMM. With regard to ambiguous results we used least trimmed squares as a diagnostic tool for detection of outliers. Elimination of two polluting industries out of the data set brings certain improvement in significance of some factors. The second part of dissertation we focus on an estimation of models of employment and net production in 28 European countries for small businesses as a function of economic and institutional variables by special technique of estimation. We describe robust version of within group fixed effects estimation. The aim of paper is to estimate a set of models and to test the properties of estimator. With...

El presente trabajo investiga el efecto presente del tamaño y la capitalización de las instituciones financieras sobre el riesgo de liquidez medido de dos maneras: el ratio LTD, créditos/depósitos, y el que brinda la SBS, activos líquidos/pasivos de corto plazo, se toma en cuenta 34 instituciones financieras con datos de frecuencia mensual para los años 2013-2019 en Perú. Para propósito de la investigación se utiliza una regresión panel de efectos fijos para capturar el efecto conjunto, posteriormente se desagrega la muestra por tipo de institución financiera para evaluar el impacto desagregado de las variables por especialización bancaria. Los resultados muestran que ambas variables tienen un efecto directo (LTD) e inverso (RL) con el riesgo de liquidez, sin embargo, en cuanto a la capitalización el efecto no es el esperado, incluso cuando se desagrega por la especialización bancaria. El trabajo está dividido en 6 secciones: (1) introducción, (2) marco teórico donde se aborda al sistema financiero y el análisis de los estudios previos, (3) los objetivos e hipótesis de la investigación, (4) la presentación y análisis de los datos, (5) los resultados, la metodología empleada y el análisis con los estudios previos, y por último (6) las conclusiones del presente trabajo. / This paper investigates the present effect of the size and capitalization of financial institutions on liquidity risk measured in two ways: the LTD ratio (loans / deposits), and the one provided by the SBS (liquid assets / short-term liabilities). 34 institutions are taken into account with monthly frequency data for the years 2013-2019 in Peru. For the purpose of the research, a fixed effects panel regression is used to capture the joint effect, then the sample is disaggregated by type of financial institution to evaluate the disaggregated impact of the variables by banking specialization. The results show that both variables have a direct (LTD) and inverse (RL) effect with liquidity risk, however, regarding capitalization, the effect is not as expected, even when broken down by bank specialization. The paper is divided into 6 sections: (1) introduction, (2) theoretical framework, where the financial system and the analysis of previous studies are addressed, (3) the objectives and hypotheses of the research, (4) the presentation and analysis of the data, (5) the results, the methodology used and the analysis with the previous studies, and finally (6) the conclusions of the present paper. / Trabajo de investigación

Environmental degradation is a coining issue of our time. Hardly any place in the world is spared from its repercussions. Governments on all administrative levels have begun to take action. It has been acknowledged that local governments are playing a key role in combating the sources and adverse effects of environmental degradation. However, there is considerable variation in the extent to which local governments adopt environmental policies and activities. This paper investigates the determinants of local government involvement in the Local Nature Conservation Program (LONA), a nature protection initiative in Sweden, by analyzing a panel data set covering all 290 Swedishmunicipalities from 2010 to 2019. The study aims to contribute to the longstanding debate in the field whether economic or political variables matter more for explaining local differences in environmental policy adoption. For that purpose, four hypotheses have been derived from four competing theories of urban politics - capacity theory; the economic imperatives model; pluralist theory; and regime theory. The hypotheses are tested by building four statistical models using Poisson fixed effects estimation techniques and including functional form transformations and interaction effects. The results found cultural diversity in the local polity, political interest in the constituency, and socioeconomic characteristics of the residents to be the strongest predictors of municipal LONA-involvement. Contrary to previous research findings, municipal administrative capacity and population size are found to have no effect. The influences of fiscal capacity and political orientation of the governing coalition are ambivalent. Hence, whether economic or political variables are more important for LONAinvolvement is inconclusive. Findings suggest that both matter but that their explanatory power seems more pronounced when considering their joint effects. It appears that fiscal characteristics function as opportunity constraints but that the way local governments manage these circumstances is causing the differences between municipal LONAapplication outcomes. Moreover, it seems that LONA has been successful in engaging smaller and fiscally strapped municipalities by helping them overcome the barriers usually associated with these constraints.

New Public Management unterstützt Universitäten und Forschungseinrichtungen dabei, in einem stark wettbewerbsorientierten Forschungsumfeld zu bestehen. Entscheidungen unter Unsicherheit, z.B. die Verteilung von Mitteln für den Forschungsbedarf und Forschungszwecke, erfordert von Politik und Hochschulmanagement, die Beziehungen zwischen den Dimensionen der Forschungsleistung und den resultierenden oder eingehenden Zuschüssen zu verstehen. Hierfür ist es wichtig, die Variablen der wissenschaftlichen Wissensproduktion auf der Ebene von Individuen, Forschungsgruppen und Universitäten zu untersuchen. Das Kapitel 2 dieser Arbeit analysiert die Ebene der Individuen. Es verwendet die Beobachtungen der Forscherprofile von Handelsblatt (HB), Research Papers in Economics (RePEc, hier RP) und Google Scholar (GS) als meist verbreitete Ranking-Systeme in BWL und VWL im deutschsprachigen Raum. Das Kapitel 3 liefert eine empirische Evidenz für die Ebene von Forschungsgruppen und verwendet die Daten eines Sonderforschungsbereichs (SFB) zu Finanzinputs und Forschungsoutput von 2005 bis 2016. Das Kapitel beginnt mit der Beschreibung passender Performanzindikatoren, gefolgt von einer innovativen visuellen Datenanalyse. Im Hauptteil des Kapitels untersucht die Arbeit mit Hilfe eines Zeit-Fixed-Effects-Panel- Modells und eines Fixed-Effects-Poisson-Modells den Zusammenhang zwischen finanziellen Inputs und Forschungsoutputs. Das Kapitel 4 beschäftigt sich mit dem Niveau der Universitäten und untersucht die Interdependenzstruktur zwischen Drittmittelausgaben, Publikationen, Zitationen und akademischem Alter mit Hilfe eines PVARX-Modells, einer Impulsantwort und einer Zerlegung der Prognosefehlervarianz. Abschließend befasst sich das Kapitel mit den möglichen Implikationen für Politik und Entscheidungsfindung und schlägt Empfehlungen für das universitäre Forschungsmanagement vor. / New Public Management helps universities and research institutions to perform in a highly competitive research environment. Decision making in the face of uncertainty, for example distribution of funds for research needs and purposes, urges research policy makers and university managers to understand the relationships between the dimensions of research performance and the resulting or incoming grants. Thus, it is important to accurately reflect the variables of scientific knowledge production on the level of individuals, research groups and universities. Chapter 2 of this thesis introduces an analysis on the level of individuals. The data are taken from the three widely-used ranking systems in the economic and business sciences among German-speaking countries: Handelsblatt (HB), Research Papers in Economics (RePEc, here RP) and Google Scholar (GS). It proposes a framework for collating ranking data for comparison purposes. Chapter 3 provides empirical evidence on the level of research groups using data from a Collaborative Research Center (CRC) on financial inputs and research output from 2005 to 2016. First, suitable performance indicators are discussed. Second, main properties of the data are described using visualization techniques. Finally, the time fixed effects panel data model and the fixed effects Poisson model are used to analyze an interdependency between financial inputs and research outputs. Chapter 4 examines the interdependence structure between third-party expenses (TPE), publications, citations and academic age using university data on individual performance in different scientific areas. A panel vector autoregressive model with exogenous variables (PVARX), impulse response functions and a forecast error variance decomposition help to capture the relationships in the system. To summarize, the chapter addresses the possible implications for policy and decision making and proposes recommendations for university research management.

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