This work presents the patrimonial restructuring process occurrence in the economies of Brazil and Argentina in 1990s. In this period, the changes in the international economic environment and national environments had provided new chances of businesses in the whole world. It enters the external factors associates to the growth of the merger and acquisition processes in these countries is detached the markets saturation of some developed countries, the world-wide financial liquidity, the changes in regulation structure of developed countries, the regional integration process and the world-wide productive reorganization. In relation to the internal factors, the privatization processes, the commercial opening, the financial liberalization and the regulation/deregulation of the economy are detached. In Brazil, the merger and acquisition processes had been carried through in its majority for transnational companies, who already withheld significant parcel of the market, evidencing the economy process of denationalization. In Argentina, the result of patrimonial reorganization process in the economy was to the magnifying of the participation of foreign companies and the strengthening of great national economic groups. In each country, Brazil and Argentina, the cycle of M&As revealed entailed to the international movement. However, the growth of the economies participation in this movement occurred at different moments. In this aspect, the M&As had been bigger relevance at the beginning of the 1990 for Argentina, while in Brazil, had grown from the half of the period. / Este trabalho apresenta o processo de reestruturação patrimonial ocorrido nas economias do Brasil e da Argentina nos anos 1990. Neste período, as mudanças no ambiente econômico internacional e nos ambientes nacionais proporcionaram novas oportunidades de negócios em todo o mundo. Entre os fatores externos associados ao crescimento dos processos de fusão e aquisição nestes países é destacada a saturação de alguns mercados de países desenvolvidos, a liquidez financeira mundial, as mudanças na estrutura regulatória dos países desenvolvidos, o processo de integração regional e a reestruturação produtiva mundial. Em relação aos fatores internos, são destacados os processos de abertura comercial, de privatização, de liberalização financeira e a desregulamentação/regulamentação da economia. No Brasil, os processos de fusão e aquisição foram realizados em sua maioria por empresas transnacionais, que já detinham parcela significativa do mercado, evidenciando o processo de desnacionalização da economia. Na Argentina, o resultado do processo de reestruturação patrimonial na economia foi à ampliação da participação de empresas estrangeiras e o fortalecimento de grandes grupos econômicos nacionais. Tanto no Brasil quanto na Argentina, o ciclo de F&As mostrou-se vinculado ao movimento internacional. Entretanto, o crescimento da participação das economias neste movimento ocorreu em momentos diferentes. Neste aspecto, as F&As foram de maior relevância para a Argentina no início dos 1990, enquanto no Brasil, cresceram a partir da metade do período.

Magister Legum - LLM

Magister Legum - LLM

One of the most notorious dilemmas of international rules on the protection of foreign investment is how to decrease the tension between a state’s regulatory freedom and private property rights in addressing indirect expropriation. Bilateral investment treaties need to achieve a crucial balance: to protect the interests of foreign investors and support rights of states to regulate in pursuit of sustainable development. In dealing with indirect expropriation past tribunals relied on different approaches and adopted mutually inconsistent positions. By demonstrating this incoherence, this thesis reviews the most recent BITs and identifies an archetype of investment treaty provisions and language that may result in the interpretation of indirect expropriation most compatible with states being free to act to achieve sustainable development.

Chapter 1: A Population Aging Analysis for Canada Using the National Transfer Accounts Approach: This analysis develops a new data set for Canada using an accounting methodology called National Transfer Accounts (NTA). NTA permits building an accounting system that introduces age into national accounts. NTA is consistent with the conventional national accounts and allows the estimation of lifecycle patterns for labour income and consumption from private and public sources. It also allows the calculation of per capita and aggregate lifecycle deficits (LCD) or surpluses (LCS) in an economy. In this chapter we calculate Canada’s per capita and aggregate LCD for 2006. Using demographic projections for the next five decades, we present the aggregate LCD in Canada for the period 2006 to 2056 assuming a constant per capital LCD during this time horizon. The projection results show that labour income needs to increase rapidly or consumption needs to be cut significantly to compensate for the pressure on the aggregate lifecycle deficit as a result of population aging. Chapter 2: An Overlapping Generations Computable General Equilibrium (OLG-CGE) Model with Age-dependent Rates of Time Preference: This analysis develops a methodology to introduce an age-dependent rate of time preference to calibrate an OLG-CGE model with per capita age profile consumption path derived from the NTA framework of Chapter 1. The results show that the economic impact from an aging population will be significant. The living standard will decline by 15% from the present to 2050 and decline by 20% by the year 2105. To reduce such a decline, the Canadian government may introduce policies that could encourage labour force participation. We analyze the impact of: a) an increase in the general labour force participation rate for age 20 to 64; b) an increase in the labour force participation rate for workers aged 50 to 64; c) late retirement. Our results suggest that maintaining the current standard of living will be extremely difficult after 2026. Nevertheless, this would help reduce the economic pressure from population aging. Chapter 3: 9/11 Security Measures and North American Security Perimeter: A Computable General Equilibrium Analysis: The objective of this analysis is to assess the impact of the North American Security Perimeter (NASP) on both the Canadian and the U.S. economies. The NASP is a change in Canada-U.S. security paradigm that would allow the liberalization of the post 9/11 security measures at the Canada-U.S. border. This study applies a multi-sector and multi-region general equilibrium model together with econometric analysis. After simulating the NASP, Canada’s capital market was found to become more attractive. Under the NASP, the welfare of Canada is estimated to increase by $19 billion or 1.8% of GDP, and that of the U.S. is estimated to increase by $32 billion or 0.3% of GDP.

The thesis deals with economic development of People's Republic of China the country's role in global economy and its foreign direct investment. The initial chapter introduces the concept of development of a country from a general and economic point of view. The second part of the thesis aims to describe the current situation in China and focuses on concrete parts of its development. The purpose of the final chapter is to analyse the flow of foreign direct investment from China.

The aim of this diploma work is to point out the importance, influence and activities of transnational corporations and to discuss the related trends in foreing direct investments (FDI) in the world economy. The basic questions which are to be discussed are the clarification of the term transnational corporation, how is it possible that these corportions became so successful, what is their role in the world economy and what are the trends in FDI flows in the past two decades.

This dissertation describes the significance of offshoring in today's global economy, its impact on supply chain management and the role of the Czech Republic as a destinantion for manufacturing and services offshoring. It depicts the development of offshoring in the Czech Republic, its advantages and disadvantages, trends for the future and compares the Czech Republic with its biggest competitors. It utilizes studies by international consultancy firms and OECD.

Foreign Direct Investment (FDI) are regarded as the most effective form of international capital flows. The term FDI is often used in conjunction with globalisation, liberalisation and internacionalisation of the world economy. This paper deals with analysis of development of FDI in Visegrad countries (V4) after eastern enlargement of the EU, especially development of geographical and structural trends. The main analysis comes out of an analysis of business environment in individual Visegrad countries. Last but not least, the paper deals with FDI effects concerning not only positive aspects of FDI but also negative aspects connected with the FDI inflows in V4 which are arising currently as a consequence of global financial and economic crisis.

The reasons that motivate companies to invest abroad (foreign direct investment, or FDI) and also the risks associated with FDI and international business in general are discussed. Current global trends in FDI are covered with emphasis on general, territorial and sectoral trends as well as state policy influences. The impact of the current financial crisis on FDI is also examined. Practical examples are discussed to reinforce individual ideas and theories.