Investment screening is the process by which a host state uses its sovereign judicial and/or administrative jurisdiction to supervise investments made by foreign investors, in particular direct investments made in the host country. Needless to say, the host nations would use their legislative authority in areas that are extremely important to them, such as defence, energy, transportation, and natural resources. On the other hand, FDI has been shown to have positive effects on economic growth and employment both directly and indirectly. It is generally agreed, at least in principle, that there should be an appropriate balance between the legislative authority of host governments and the safety of foreign investments. Therefore, on one side, we have the investment screening system, and on the other, we have protection for investors and investments. The safeguarding of investments is a crucial aspect not only during the preestablishment phase but also in the post-establishment phase, through ex-post screening conducted by the competent authority of the host state. Irrespective of their sovereign powers, states are obligated to provide a specific degree of legal protection as guaranteed by international treaties in both scenarios. The aforementioned criteria encompass, among others, the principles of impartiality, equal treatment for domestic and foreign entities, preferential treatment for none, and just and unbiased treatment. As will be expounded upon, if the level of obstruction violates any of the principles that are enshrined in said agreements, nations may be held accountable. Notwithstanding, most states have a means of recourse in the event of a violation of treaty obligations, commonly referred to as ‘security exception clauses’ within the doctrine.  The investment screening mechanism is implemented to safeguard national security. In this regard, pertinent exception clauses may be utilised to substantiate treaty violations. The matter at hand shall be examined according to the principles of BIT practice, as well as the Regional and Sectoral Investment Treaties.

2009年6月30日政府開放陸資來台投資，經濟部統計至2012年4月止，累計核准陸資來臺投資件數為246件，核准投(增)資金額計2億8千萬美元。陸資來台基本上仍處小規模、試探性階段。在兩岸經貿關係逐步深化之後，政府未來是否有比照僑外投資方式開放陸資來台投資之可能，使陸資來台投資，轉化為我國經濟發展的正面能量，值得探討。因而，本研究之目的如下：(一)探討陸資來台投資之動機(二)陸資與外資來台投資政策及規範之比較分析(三)提出具體建議提供政府擬定陸資來台投資政策之參考。 本研究以文獻分析及個案深度訪談方法，就陸資來台投資之製造業、服務業中選出具代表性個案，計4家陸資企業進行訪談；另為陸資與外資來台投資政策及規範之比較分析，選定2家具代表性外資企業進行訪談，以為本研究之目的進行探討，並提出具體政策建議。 研究發現陸資來台投資動機主要為獲取先進技術與經營管理經驗、響應中國大陸政府對台投資政策、拓展市場，擴大出口，進行全球化佈局等，來台投資除企業對外投資經濟層面動機外，尚有響應中國大陸政策，積極推動陸資企業來台投資佈局之政策性動機存在。而就陸資與外資來台投資政策差異，政府主要對陸資採「先緊後鬆、循序漸進、先有成果、再行擴大」的原則政策，對外資則採獎勵投資、減少外人投資障礙之開放政策；在陸資來台投資項目係採正面表列，所開放的項目係以國內發展成熟且不會對國內經濟造成負面衝擊的產業為主；而外資來台投資項目則採負面表列方式管理，除少數基於國家安全、公共秩序、善良風俗或國民健康考量及法律明定或國際協定予以禁止以及部分特許行業加以有條件限制外，均予以開放，開放程度已達95％以上。 本研究提出具體建議提供政府擬定陸資來台投資政策之參考，建議政府可參照開放外資投資政策，擴大開放陸資來台投資政策，將陸資來台投資項目從正面表列改以開放的負面表列管理，惟就擴大開放陸資來台投資政策下，政府對相關可能造成負面衝擊之影響，建議亦應有相關配套產業政策：如推動兩岸新型產業合作、輔導弱勢產業轉型與升級，以因應未來擴大開放趨勢、關鍵技術產業智慧財產權之保障、儘速簽署投資保障協議等，以為因應，降低衝擊之影響。另就陸資來台投資法令規範，建議建立完善投資審查機制，以防衛國家安全及因應關鍵技術流失之不利衝擊，另建議放寬大陸人員來台進出之法令、陸資購置不動產相關法令，以利陸資來台投資。 / Taiwan’s Government deregulated the investment capital of Mainland China in Taiwan on June 30, 2009. According to the statistical data of Ministry of Economic Affairs, up to April 2012, Mainland China investment in Taiwan has accumulated to 246 cases and the accumulated amount of investment (incl. capital increase) is US$280 million. Basically, the Mainland China capital investment in Taiwan is still in small scale. Following the gradual deepening of cross-strait economic and trading relationship, it is worthwhile to probe into the possibility of treating the Mainland China capital investment in Taiwan as ordinary foreign investment in Taiwan and turning it into positive energy of the economic development of Taiwan. The purposes of this research are such as following: 1) The motive of Mainland China capital investing in Taiwan, 2) Comparison and analysis of the policies and regulation of Mainland China capital and traditional foreign investment, and 3) Proposing practical suggestions for reference of the government in formulating Mainland China capital investment policy. By Literature Analysis Approach and in Case Interview Method, the research selected representing cases of Mainland China investment in manufacturing and in services industries. There were 4 Mainland China capital enterprises interviewed. Also by comparative analysis on the policies and regulations of traditional foreign investment and Mainland China capital investment, two representing foreign invested enterprises were interview. The efforts pointed directly to the purposes of the research as well as providing practical policy suggestions. It is found that the motives of Mainland China capital investment in Taiwan are mainly in obtaining advance techniques and operating and management experience, echoing the Taiwan Investment Policy of Mainland China government, developing market, expanding export and globalization deployment. Besides the economic motives in foreign investment of the Mainland China enterprises, they are also echoing the policy of mainland China government and actively to deploy their investment in Taiwan. In the difference of policies of Taiwan Government toward Mainland China capital and traditional foreign capital, Taiwan government is working in the principle of “Tight firstly then loose, Moving progressively, See the result before expansion” to the Mainland China capital investment, while it is in encouraging and reducing barrier to foreign investment to the traditional foreign investment. Under the control of Mainland China capital, it is subject to positive listing, and the items opened is the industries that are matured and will not result in negative impact on the domestic economy. In addition, under the control of foreign capital investment, it is rather in negative listing, that only the industries are excluded based on national security, public order, decent customs or national health, or those forbidden specifically under law or international treaty, or the charter business, all others are opened and the level of open reached 95%. This research provided practical suggestions for the reference of government in formulating the Mainland China capital investment. We suggest that the government shall take reference of policy for opening foreign investment to expand the scope for Mainland China capital investment and turn the positive listing to negative listing in administration, but under the expanding liberalization of Mainland China capital investment, the government shall guard off the negative impacts with packaged industry policy such as new cross-strait industry cooperation, assisting the transformation or upgrading of disadvantage industry to cope with future expansion, Key techniques industry and intellectual property right protection and speed up investment protection treaty, so as to reduce the impact. In the part of legislation and regulatory of investments of Mainland China Capital, it is suggested to build complete investment review mechanism to defend national security and to cope with the unfavorable impact resulted from loss of key techniques. We will also suggest deregulating the purchasing of real estate to induce the investment of Mainland China capital under the control of the entry and exit of Mainland China people.

Thesis (MDF (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: The risk of operating in a foreign investment climate is a subject of interest to most investors looking for opportunities to expand their international footprint. There are many organisations that provide risk assessments of the levels of threat of specific risks in foreign countries. However, most focus on political or what is commonly known as country risk or they provide a summary of ranking providing a comparison of different countries’ investment climate attractiveness. The make-up of the variables used in coming up with the ranking or a view on a particular country do not usually provide a level of detail that allows an analyst to understand the qualitative issues that give a country a particular rating assessment or ranking. This research has tried to address this gap by coming up with a detailed qualitative model that provides understanding of the key sources of information required for each major category of risk. The research also attempts to integrate as many aspects of the business environment that could affect a country. A particular case of Malawi has been chosen to demonstrate the level detail and understanding the investors need to reach before making a decision on whether to invest in a country. The research focuses on three major areas. The first is to provide a good understanding of what is currently available for analysts to use in determining risk factors of a particular environment or risk category. The second is to illustrate the uses and limitations of the options available in the form of assessment reports or assessment models. The third is to develop a model and demonstrate its use in the context of Malawi’s investment climate. / AFRIKAANSE OPSOMMING: Die meeste van die beleggers op soek na geleenthede om hul internasionale voetspoor uit te brei, stel ook in die risiko belang wat besigheid in ’n buitelandse beleggingsklimaat inhou. Talle organisasies verskaf risiko-assesserings van die bedreigingsvlakke van spesifieke risiko’s in die buiteland. Die meeste van hulle kyk egter na politieke of landspesifieke risiko’s of hulle verskaf ’n opsomming waarin die ranglysposisies van die aanloklikheid van verskillende lande se beleggingsklimate vergelyk word. Die samestelling van die veranderlikes in hierdie ranglysposisies of oorsig van ’n spesifieke land verskaf gewoonlik nie voldoende detail aan die ontleder om die kwalitatiewe kwessies te verstaan wat aan ’n land ’n spesifieke assessering of ranglysposisie gee nie. Hierdie navorsing fokus op hierdie gaping deur ’n breedvoerige kwalitatiewe model te verskaf vir ’n beter begrip van die vernaamste inligtingsbronne wat vir elke groot risikokategorie vereis word. Hierdie navorsing poog ook om soveel aspekte van die sakeomgewing te integreer wat ’n land kan beïnvloed. Die spesifieke geval van Malawi is gekies om die vlak van detail en begrip te demonstreer wat beleggers nodig het voordat hulle ’n beleggingsbesluit ten opsigte van ’n land kan neem. Die navorsing lê op drie belangrike areas klem. Die eerste is om ’n goeie begrip te bied van die inligting wat tans aan ontleders beskikbaar is om die risikofaktore van ’n spesifieke omgewing of risikokategorie te bepaal. Die tweede is om die gebruike en beperkings te illustreer van die opsies wat in die vorm van assesseringsverslae of assesseringsmodelle beskikbaar is. Die derde is om ’n model te ontwikkel en die gebruik daarvan in die konteks van Malawi se beleggingsklimaat te demonstreer.

L’arbitrage international, outre le recours aux tribunaux de l’État hôte, est la méthode la plus utilisée pour régler les différends relatifs aux investissements étrangers. Plusieurs accords internationaux d’investissement incluent des dispositions ayant trait à l’arbitrage sous l’égide du Centre International pour le Règlement des Différends relatifs aux Investissements (CIRDI) mis en place par la Convention de Washington de 1966. Les tribunaux arbitraux constitués sous l’égide du Centre sont ainsi appelés à trancher des différends qui concernent la conduite d’États hôtes vis-à-vis ses investisseurs étrangers ; leurs décisions ayant de fortes conséquences sur l’intérêt public, concrètement lorsqu’il s’agit de la protection de l’environnement. L’évolution croissante du droit environnemental et son empiètement sur la protection des investissements a déclenché une série de différends qui ne se limitent plus à mettre en cause des nationalisations ou des violations de contrats - comme auparavant - mais tournent souvent autour de mesures étatiques de politique publique qui impliquent des questions sensibles telles que, inter alia, la gestion de déchets dangereux, l’accès à l’eau potable, l’étalement urbain, la protection de la biodiversité. Par conséquent, le rôle des tribunaux CIRDI et de leurs décisions devient décisif dans le développement du droit des investissements et dans le débat sur la protection des investissements face aux mesures législatives en matière environnementale. Cette étude a pour objet d’analyser la place des considérations environnementales dans les sentences arbitrales CIRDI. Spécifiquement, il s’agit d’étaler les principaux arguments retenus par les tribunaux internationaux, et de dégager les grandes tendances jurisprudentielles en matière d’arbitrage international d’investissements face aux mesures environnementales. / International arbitration is one of the most frequently used methods to resolve disputes related to foreign investment. Several international investment agreements include provisions relating to arbitration under the International Centre for Settlement of Investment Disputes established by the Washington Convention of 1966. Arbitral tribunals are called to resolve disputes concerning the conduct of host States vis-à-vis foreign investors. Their decisions have major consequences on the public interest, specifically when it comes to protecting the environment. The growing development of environmental law and its encroachment on investment protection has triggered a series of disputes that are no longer confined to questions of nationalization or breach of contracts as before, but often revolve around State public policy measures that involve sensitive issues such as, inter alia, hazardous waste management, access to clean water, urban sprawl, protection of biodiversity. The role of ICSID tribunals and their decisions is therefore critical in the development of investment law and the debate on investment protection and environmental regulation. This study aims to analyze the role of environmental considerations in ICSID arbitral awards. Specifically, it seeks to display the main arguments retained by international tribunals and to identify the major trends in international investment arbitration vis-à-vis environmental measures.

Este trabalho tem por objetivo analisar o federalismo brasileiro e a Guerra Fiscal como produto de sua dinâmica. Contribui com a discussão dos aspectos políticos e territoriais presentes no federalismo brasileiro que tenham rebatimento imediato na Guerra Fiscal, em contraposição à idéia corrente de enfraquecimento dos Estados, fim das fronteiras e desregulamentação da economia, em grande medida propagada pelo pensamento Neoliberal. Sistematiza, em meio a uma diversidade de arranjos de governos sob este regime, um modelo mínimo comum de características a todas as federações, incluindo os problemas gerados pela sobrerrepresentação das unidades federadas e o princípio da autonomia e governo descentralizado. Traça um panorama do federalismo político brasileiro e suas etapas, desde sua formação à atualidade: da formação do federalismo brasileiro até o Estado Novo, o curto período que vai do Estado Novo até o início da Ditadura Militar, entre 1945-64, do declínio do regime autoritário até a Constituição de 1988, e o federalismo, a partir da Constituição de 1988. Concomitantemente ao desenvolvimento do enfoque político do federalismo, é feita a análise do federalismo fiscal desde a Constituição de 1891 até o reforma tributária de 1966, desta reforma até a Constituição de 1988 e deste período à atualidade, passando pela descentralização de receitas e a abordagem do papel do ICMS na Guerra Fiscal. Esboça um panorama do quadro histórico e político em que a Guerra Fiscal está inserida no mundo atual que, sob a égide da Globalização e do Neoliberalismo, propõe a diminuição progressiva da atuação dos Estados na economia - dando importância à presença dos IEDs (Investimentos Externos Diretos) ao redor do mundo e particularmente seu comportamento em território nacional; e, finalmente, entender mais plenamente a importância dos elementos territoriais para a existência e reprodução da Guerra Fiscal. Esse estudo integrado, que leva em conta os aspectos políticos, econômicos, históricos e geográficos, é fundamental para determinar a importância dos incentivos territoriais para as disputas por investimentos por parte das unidades federativas, haja vista a importância exagerada que a literatura corrente, que trata do federalismo e da Guerra Fiscal, imputa aos incentivos fiscais, à gênese e à reprodução das disputas por plantas industriais pelas unidades federadas. / The goal to this paper is to analyze Brazilian federalism and the fiscal war as the product of its dynamics. It contributes to the discussion of political and territorial aspects which are present in the Brazilian federalism and that have immediate reflection in the fiscal war, opposite to the current idea of weakening of the federal States, end of boundaries, and deregulation of the economy, in great extend diffused by the Neoliberal ideas. It systematizes, amongst diverse patterns of governments under that regimen, a minimum common model of characteristics to all federations, including the problems generated by the overrepresentation of the federal units and the premise of autonomy and decentralized government. It elaborates an overview of Brazilian political federalism and its stages, from its beginning to current days: from the beginning of Brazilian federalism to Estado Novo, the short period of time that goes from Estado Novo up to the beginning of the military dictatorship, between 1945 and 1964, from the decay of the authoritarian regimen up to the 1988 Constitution, and the federalism, from the 1988 Constitution on. Parallel to the development of federalisms political focus, the analyses of fiscal federalism is made, from the 1891 Constitution up to the tributary reform in 1966, from that reform up to the 1988 Constitution, and form that time up to current days, going through income decentralization and the approach to the role of ICMS (Imposto sobre Circulação de Mercadorias e Serviços Products and Services Circulation Tax) in fiscal war. It elaborates an overview of the historical and political picture in which fiscal war is inserted in our present world that, under the protection of globalization and Neoliberalism, proposes the progressive decrease of the States interference in economy weighing importance to the presence of IEDs (Investimentos Externos Diretos Direct Foreign Investment) around the world and specially its behavior in the national territory; and, finally, to understand more fully the importance of the territorial elements to the existence and reproduction of fiscal war. That integrated study, that takes into account the political, economic, historical and geographical aspects, is essential to determine the importance of territorial incentives for the investment disputes by the federal units, taking into account the overestimated importance that the current literature, that deals with federalism and fiscal war, gives to fiscal incentives, the genesis and reproduction of disputes for industrial plants by federal units.

Submitted by Silvana Teresinha Dornelles Studzinski (sstudzinski) on 2016-07-15T15:44:58Z No. of bitstreams: 1 Diana Indiara Ferreira Jardim_.pdf: 1813573 bytes, checksum: 652d3ceb38f92055404f6a8ea2834105 (MD5) / Made available in DSpace on 2016-07-15T15:44:58Z (GMT). No. of bitstreams: 1 Diana Indiara Ferreira Jardim_.pdf: 1813573 bytes, checksum: 652d3ceb38f92055404f6a8ea2834105 (MD5) Previous issue date: 2016-04-27 / Nenhuma / Esta pesquisa procurou mapear os cenários que se desenvolverão nos próximos dez anos no mercado hospitalar brasileiro, considerando o ambiente institucional do País a partir da mudança da Lei nº 8.080/1990, art. 23, que permitiu, em janeiro de 2015, investimento externo direto em serviços de assistência à saúde. Foi realizado um painel de experts com 13 representantes de projeção nacional dos grupos de hospitais, operadoras, governo, trabalhadores da área de saúde e investidores estrangeiros. A partir destas informações, foram construídos cenários, por meio de uma survey para uma amostra de 134, em que atores da área de saúde brasileira indicaram o grau de probabilidade de cada variável, para a construção final dos cenários prospectivos. Os principais resultados de estudo indicam que a complexidade do mercado hospitalar será o maior desafio para o investidor estrangeiro. Não há sinais de barreiras que impeçam o investimento de estrangeiros em hospitais, entretanto, não se sabe se haverá algum tipo de regulação e qual órgão será responsável. Os modos de entrada que serão utilizados pelos investidores de capital estrangeiro será joint venture, em um primeiro momento, e alguns investimentos de brownfield, ou aquisição. Entretanto, todos prezam por cautela e têm comprometimento gradual, atuando, principalmente, em cidades com alto PIB per capita e com forte atuação da saúde suplementar. / This research attempts to map the probable scenarios that may develop over the next ten years in the Brazilian hospital market, considering the institutional environment of the country from the Law change No 8080/1990, art. 23, which allowed in January 2015, foreign direct investment in health care services. This research was released to a panel of experts comprised of 13 national representatives of Hospitals groups, operators, government, health workers and foreign investors. The information derived from this panel, scenarios were built and submitted through a survey to a sample of 134 stakeholders who indicated the probability of each variable to the final constructor of prospective scenarios. The main results of the study indicate that the complexity of the hospital market will be the biggest challenge for the foreign investor. Currently, there are no signs of barriers that would prevent foreign investment in hospitals, however, in the future, whether there will be regulations and which agency will be responsible. The entry modes adopted by foreign equity investors will be joint venture with Brazilian companies at first, then, potentially brownfield investments, or acquisitions. Investments will be implemented gradually, mainly in cities with high GDP per capita and strong performance of private health insurance companies.

隨著國內投資環境的惡化、大陸實施經濟改革、以及政府大陸政策的開放 ，中國大陸已經成為廠商海外投資的主要地點。國內上市公司赴大陸投資 至今已三年多，投資的家數有不斷增加的現象，對上市公司而言，大陸投 資似乎已經是一個無法避免的趨勢。在國外，有關海外投資對股東財富的 影響已經不少，而國內則因為大陸投資尚在初期階段，所以目前仍無相關 的論文針對大陸投資對股東財富的影響進行研究，很自然的，將造成公司 管理當局、投資者、以及政府有關單位在決策時缺乏這方面的實證研究可 供參考，所以本研究是以這個角度來探討大陸投資對股東財富產生何種影 響，並且分析投資金額、投資型態、進入時機、經營績效、以及海外投資 經驗等五個變數對財富效果的影響。本研究以事件研究法(event study) 進行實證，實證結果發現，無論以平均異常報酬率、累積平均異常報酬率 、或符號檢定法進行統計檢定分析，結果皆顯示上市公司大陸投資的消息 經宣告以後，該公司股東所得到的是負的異常報酬，這表示公司管理當局 在進行大陸投資的決策時，很顯然的，並非站在增加股東財富的立場去考 慮，此結果與國外的研究恰好相反。在上述的五個變數中，經複迴歸分析 發現，投資金額、進入時機、以及海外投資經驗與財富效果有反向的關係 ，而投資型態則沒有很顯著的影響，不過在採用合資方式進入時，投資者 較偏好低的控股比率，最後，在經營績效方面，此變數與財富效果有顯著 的正向關係，此結果並不支持政府的開放原則，也就是從財務管理的角度 來看，經營績效愈好的公司愈適合到大陸投資。

自2003年起隨著台灣壽險業國外投資比率不斷提高，至2010年底國外投資比率已達34.47%，因此為了探討壽險業國外投資與績效並了解相關因素之影響，本研究檢視壽險公司之市占率和各險種保費收入比率與國外投資比率之間的關係，同時亦檢視美國政府十年期公債殖利率與投資報酬率之間是否具有正向關係。另一方面，探討已公開發行公司是否因需揭露財務報表而與未公開發行公司之間在國外投資比率和投資績效上有所差異。 本文以2004年至2008年台灣25家壽險公司的長期資料（longitudinal data），分析總合（pooled）、固定效果(fixed effects)和隨機效果（random effects）迴歸模型，並檢視模型之適合性檢定。另因反應變數之密度估計具長尾之特性，所以亦使用Koenker（2004）和Geraci and Bottai（2007）提出的長期資料分量迴歸（quantile regression for longitudinal data）分析作為探討。實證結果顯示，若壽險公司的市占率愈高，則其資產配置於國外的比重亦相對地提高，且壽險和年金險比率與國外投資比率之間呈現顯著地正相關；此外，公開發行公司的國外投資比率顯著高於未公開發行公司。在投資績效方面，美國政府十年期公債殖利率與投資報酬率之間為顯著的正相關。 長期資料分量迴歸分析實證結果顯示，當使用Koenker（2004）提出之方法時，則一般（ordinary）分量迴歸在50%、75%和90%條件分量下，隨著樣本期間年度的增加，壽險業的國外投資報酬率相對地上升；在10% 和25% 條件分量下，壽險公司市占率與國外投資報酬率之間是顯著的正相關。而使用Geraci and Bottai（2007）提出之隨機效果分量迴歸方法時，在50%條件分量下，國外投資比率與國外投資報酬率之間為顯著地正相關，再者匯率風險將降低台灣壽險業國外投資的意願，然而實行避險策略是有益於投資績效的提升。 / The foreign investment ratio for the life insurance industry in Taiwan has risen constantly since 2003 and reached 34.47% in 2010. In order to explore foreign investment and performance, and understand the impact of relevant factors in the life insurance industry, this study examines the relationship between the market shares of life insurance companies, types of premium income ratio and the foreign investment ratio. Simultaneously, this study also examines the relationship between the 10-year US Treasury Bond Yield Currency and investment return.On the other hand, we explore whether the difference between the publicly traded companies and non-publicly traded companies on the foreign investment ratio and the investment performance. In this dissertation, we analyze 25 Taiwanese life insurance companies between 2004 and 2008 using the pooled, fixed effects and random effects regression model. Due to the distribution of the response variable is characterized by the long tail, we explore the use of the quantile regression for longitudinal data by Koenker(2004)and Geraci and Bottai(2007). The empirical results show that the more market share of life insurance companies, the higher foreign investment ratio and there is significantly positive correlation between the life insurance, annuity ratio and the foreign investment ratio. In addition, the publicly traded company's foreign investment ratio is significantly higher than non-publicly traded company. In terms of investment performance, it’s significantly positive correlation between the U.S. 10-year Treasury Bond Yield Currency and return on investment. The empirical results about quantile regression for longitudinal data show that the return on foreign investment relatively enhance for the life insurance industry with the increase of the year during the sample period under the 50%,75% and 90% conditional qauntile when using the ordinary quantile regression proposed by Koenker(2004). There is significantly positive correlation between the market share and the return on foreign investment under the 10% and 25% conditional qauntile. When using the method proposed by Geraci and Bottai(2007), there is significantly positive correlation between the foreign investment ratio and the return on foreign investment under the 50% conditional qauntile. Furthermore, exchange rate risk will reduce the foreign investment willingness of the life insurance industry in Taiwan. However, the implementation of the hedging strategy is beneficial to enhance investment performance for the life insurance industry.

Si les travaux sur l’organisation territoriale et les découpages régionaux sont nombreux au Maroc, les études sur la mesure du degré des disparités socio-spatiales et les processus en cause dans la formation de ces disparités sont plus rares. Cette thèse serait une contribution à ces deux problématiques. Elle procède d’une part de la volonté d’expliciter et de mesurer la contribution des facteurs spatiaux et a-spatiaux à la dynamique des disparités inter-régionales au Maroc, et d’autre part, de tester l’hypothèse de convergence et de développement régional dans les régions périphériques. En tant que pays en développement, le Maroc connaît d’importantes disparités entre les seize régions qui composent son territoire. Ces disparités concernent à la fois la croissance démographique, les secteurs sociaux et la dynamique économique, et leur évolution est déterminée principalement par trois facteurs : l’urbanisation, les migrations et la localisation des activités. En effet, nos analyses montrent une concentration démographique et économique le long du littoral atlantique et des clivages entre la région centre et les régions périphériques d’une part et d’autre part entre les régions fortement urbanisées et les régions agricoles. Par ailleurs, cette recherche a fait apparaître qu’on ne pourrait freiner l’expansion de la métropole casablancaise, en étant le noyau dur de l’économie marocaine, qu’en offrant une alternative réelle pour la localisation des activités et des emplois dans les autres régions, et que celles-ci, ne pourraient le faire en comptant sur la seule aide de l’Etat. Elles devaient d’abord compter sur leurs propres forces, se mobiliser autour d’un projet. Et qu’il ne faudrait pas reproduire la tendance à la métropolisation du territoire marocain vers une poignée de métropole d’équilibre, au tour des capitales régionales comme le souhaitent certains responsables et spécialistes de l’aménagement du territoire. Mais, il fallait un développement socialement harmonieux et écologiquement durable, à chaque échelle du territoire. D’où la priorité urgente de développer le milieu rural, très longtemps marginalisé et en décalage avec la dynamique des villes. C’est un grand travail de rattrapage à faire. / If the works on the territorial organization and the regional divisions are many in Morocco, the studies on the measure of the degree of the socio-spatial disparities and the processes in cause in the formation of these disparities are rarer. This thesis would be a contribution to these two problems. She proceeds on one hand of the will to clarify and to measure the contribution of the spatial factors and has spatial in the dynamics of the inter-regional disparities in Morocco, and on the other hand, to test the hypothesis of convergence and regional development in the peripheral regions. As developing country, Morocco knows important disparities between sixteen regions which compose his territory. These disparities concern at the same moment the population growth, the social sectors and the economic dynamics, and their evolution is mainly determined by three factors : the urbanization, the migrations and the location of the activities. Indeed, our analyses show a demographic and economic concentration along the Atlantic coast and the splits enter the region centre and the peripheral regions on one hand and on the other hand between the strongly urbanized regions and the agricultural regions. Besides, this search created that we could not slow down the expansion of the Casablanca metropolis, by being the hard core of the Moroccan economy, that by offering a real alternative for the location of the activities and the jobs in the other regions, and that these, could not make him by counting on the only help of the State. They had to count at first on their own strengths, mobilize around a project. And that you would not should reproduce the tendency to the métropolisation of the Moroccan territory towards a handle of metropolis of balance, in the tour of capitals regional as wish it certain people in charge and specialists of the land settlement. But, was needed a socially harmonious and ecologically durable development, in every scale of the territory. Where from the urgent priority to develop the rural environment, very for a long time marginalized and in gap with the dynamics of cities. It is a big work of catching up to be made.

Este trabalho tem por objetivo analisar o federalismo brasileiro e a Guerra Fiscal como produto de sua dinâmica. Contribui com a discussão dos aspectos políticos e territoriais presentes no federalismo brasileiro que tenham rebatimento imediato na Guerra Fiscal, em contraposição à idéia corrente de enfraquecimento dos Estados, fim das fronteiras e desregulamentação da economia, em grande medida propagada pelo pensamento Neoliberal. Sistematiza, em meio a uma diversidade de arranjos de governos sob este regime, um modelo mínimo comum de características a todas as federações, incluindo os problemas gerados pela sobrerrepresentação das unidades federadas e o princípio da autonomia e governo descentralizado. Traça um panorama do federalismo político brasileiro e suas etapas, desde sua formação à atualidade: da formação do federalismo brasileiro até o Estado Novo, o curto período que vai do Estado Novo até o início da Ditadura Militar, entre 1945-64, do declínio do regime autoritário até a Constituição de 1988, e o federalismo, a partir da Constituição de 1988. Concomitantemente ao desenvolvimento do enfoque político do federalismo, é feita a análise do federalismo fiscal desde a Constituição de 1891 até o reforma tributária de 1966, desta reforma até a Constituição de 1988 e deste período à atualidade, passando pela descentralização de receitas e a abordagem do papel do ICMS na Guerra Fiscal. Esboça um panorama do quadro histórico e político em que a Guerra Fiscal está inserida no mundo atual que, sob a égide da Globalização e do Neoliberalismo, propõe a diminuição progressiva da atuação dos Estados na economia - dando importância à presença dos IEDs (Investimentos Externos Diretos) ao redor do mundo e particularmente seu comportamento em território nacional; e, finalmente, entender mais plenamente a importância dos elementos territoriais para a existência e reprodução da Guerra Fiscal. Esse estudo integrado, que leva em conta os aspectos políticos, econômicos, históricos e geográficos, é fundamental para determinar a importância dos incentivos territoriais para as disputas por investimentos por parte das unidades federativas, haja vista a importância exagerada que a literatura corrente, que trata do federalismo e da Guerra Fiscal, imputa aos incentivos fiscais, à gênese e à reprodução das disputas por plantas industriais pelas unidades federadas. / The goal to this paper is to analyze Brazilian federalism and the fiscal war as the product of its dynamics. It contributes to the discussion of political and territorial aspects which are present in the Brazilian federalism and that have immediate reflection in the fiscal war, opposite to the current idea of weakening of the federal States, end of boundaries, and deregulation of the economy, in great extend diffused by the Neoliberal ideas. It systematizes, amongst diverse patterns of governments under that regimen, a minimum common model of characteristics to all federations, including the problems generated by the overrepresentation of the federal units and the premise of autonomy and decentralized government. It elaborates an overview of Brazilian political federalism and its stages, from its beginning to current days: from the beginning of Brazilian federalism to Estado Novo, the short period of time that goes from Estado Novo up to the beginning of the military dictatorship, between 1945 and 1964, from the decay of the authoritarian regimen up to the 1988 Constitution, and the federalism, from the 1988 Constitution on. Parallel to the development of federalisms political focus, the analyses of fiscal federalism is made, from the 1891 Constitution up to the tributary reform in 1966, from that reform up to the 1988 Constitution, and form that time up to current days, going through income decentralization and the approach to the role of ICMS (Imposto sobre Circulação de Mercadorias e Serviços Products and Services Circulation Tax) in fiscal war. It elaborates an overview of the historical and political picture in which fiscal war is inserted in our present world that, under the protection of globalization and Neoliberalism, proposes the progressive decrease of the States interference in economy weighing importance to the presence of IEDs (Investimentos Externos Diretos Direct Foreign Investment) around the world and specially its behavior in the national territory; and, finally, to understand more fully the importance of the territorial elements to the existence and reproduction of fiscal war. That integrated study, that takes into account the political, economic, historical and geographical aspects, is essential to determine the importance of territorial incentives for the investment disputes by the federal units, taking into account the overestimated importance that the current literature, that deals with federalism and fiscal war, gives to fiscal incentives, the genesis and reproduction of disputes for industrial plants by federal units.