This study empirically tested the two competing development theories--modernization and dependency/world-system. Theoretical and methodological approaches suggested by these two paradigms offer opposing interpretations of the incorporation of the Third World countries into the world capitalist system. Therefore, they provide conflicting and, at times, confusing guidelines on the ways available to enhance the well-being of the general populations in these countries. To shed light on the subject matter, this study uses a few specific indicators of economic growth and human development by comparing the outcomes based on the two conflicting paradigms. The comparative process allows us to confirm the one theoretical approach that best explains human conditions in Third World settings. The study focuses on specific aspects of foreign domination--foreign investment, foreign trade, foreign debt, and the resulting disarticulated national economies. The main arguement, here, conveys the idea that as far as Third World countries are tied in an inescapable and unilaterally benefitial (to the core countries of course) economic and political relations, there will be no hope for any form of sustainable economic growth. Human well-being in Third World countries might very well depend on their ability to develop self-reliant economies with the least possible ties to the world capitalist system.

Thesis (MDF (Development Finance))--Stellenbosch University, 2008. / ENGLISH ABSTRACT: Mozambique managed to attract a lot of foreign direct investment despite it being one of the poorest countries in the world and after it has been through a devastating 17 year civil war. GOP per capita in 1995 was about US$ 144 which was one of the lowest in the world. The country was faced with enormous challenges and risks in terms of both country and political risk. Major risks were associated with investment in that country because of prolonged civil war with no record of macro-economic stability. Despite these huge challenges, Mozambique managed to attract a lot of investment with Mozal 1 being the first big project post civil war. This paper analyses and quantifies where Mozambique was before and after mega projects. This is done by looking at where Mozambique was before Mozal 1 being the first mega project in the country post civil war. The analysis is in terms of political risk as it relates to cross border transactions with specific reference to a number of political risk indicators as suggested by Brink (2004) that prevailed and how the projects were structured to minimize risk. A political risk rating is developed for 1995 and 2005 using the Brink model to check if the project did improve the country's economic health. / AFRIKAANSE OPSOMMING: Mosambiek het daarin geslaag om grootskaalse direkte buitelandse investering te lok ten spyte van sy status as een van die wereld se armste lande en die verwoestende burgeroorlog wat 17 jaar geduur het. Die BBP per capita was ongeveer US$ 144 in 1995, wat dit een van die laagstes in die wereld gemaak het. Die land het enorme uitdagings en risiko's in die gesig gestaar in terme van die land en die politiek. Die hoofrisiko's het met investering verband gehou vanwee die langdurige burgeroorlog en geen makro-ekonomiese stabiliteit in die land se verlede nie. Ondanks hierdie reuse uitdagings het Mosambiek daarin geslaag om baie investering te lok, waarvan Mozal 1 die eerste megaprojek na die burgeroorlog was. Hierdie tesis analiseer en kwantifiseer Mosambiek se posisie voor en na megaprojekte. Dit is gedoen deur te kyk na hoe Mosambiek daar uitgesien het voor Mozal 1. Die analise is in terme van die verband tussen politieke risiko en oorgrenstransaksies gedoen. Daar word spesifiek verwys na 'n aantal aanwysers van politieke risiko, soos voorgestel deur Brink (2004), wat geheers het en hoe projekte gestruktureer is om risiko te verminder. 'n Gradering van politieke risiko is vir 1995 en 2005 aan die hand van Brink se model ontwikkel om te kontroleer of die projek die land se ekonomiese gesondheid verbeter het.

M.Comm. / The general conclusion arrived at in this dissertation is that the quality of infrastructure in South Africa has resulted in a large and increasing inflow of students from the other African countries. The ensuing influx of international students has been sustained through the activities of networks based on kin, acquaintance and the support of the source country governments. This has resulted in a large inflow of foreign revenue and growth of employment opportunities and income for South Africa. Although the revenue from the inflow of international students in South Africa is impressive, it is still trivial in comparison to what other countries such as the USA, the UK, Australia and China receive. Another advantage is that the presence of international students offers a potential boost to the skills shortage in South Africa. The direct benefits from international students to South Africa have the capacity to be further enhanced but a proper policy for facilitating such inflow is lacking. Certain administrative processes and practices in South Africa aggravate the situation. These procedures include visa application difficulties, university registration bureaucracy, and police behaviour. Worse still, crime and xenophobia in South Africa are common and they present some of the greatest threats to the continued inflow of international students.

Les fonds souverains, véhicules d'investissement créés, financés et contrôlés par leur Etat d'origine, échappent à l'heure actuelle à toute qualification juridique. Leur structure et finalité souveraines, conjuguées à la nature privée de leurs activités, suscitent de nombreux débats au sein de la communauté internationale, d'autant plus que certaines de leurs opérations, dont l'opacité est régulièrement relevée, s'effectuent en dehors de leur territoire. Les percevant à la fois chevaliers blancs au secours d'un marché financier en pleine crise, et menaces à la souveraineté des nations, les Etats récepteurs de leurs investissements semblent adopter une position quelque peu ambigüe à leur égard, laquelle oscille entre libéralisme et retour à un protectionnisme latent. Ces craintes plus ou moins fantasmés dont ils font l'objet sont par ailleurs attisées par la nouvelle réalité qu'ils projettent d'un basculement du pouvoir au détriment des pays occidentaux et de l'essor d'un nouveau capitalisme d'Etat. Il importe dès lors de déterminer si les fonds souverains sont des acteurs économiques comme les autres, susceptibles de bénéficier de la protection offerte aux investisseurs étrangers, ou des représentants de l'Etat dont ils émanent. Cette question, pierre angulaire des problématiques posées par les fonds souverains, n'épuise toutefois pas l'ensemble des controverses soulevées à leur sujet, ces dernières étant particulièrement nombreuses en termes de problèmes juridiques relatifs à l'encadrement juridique qui leur serait applicable. / Sovereign wealth funds, investment vehicles created, funded and controlled by nation states, do not adhere to any clear legal status. Their public ownership and ultimate objectives, together with the private nature of their activities, most of which are confidential and international, have created much debate and controversy within the international community. Considered by many to be white knights of a financial market in crisis, sovereign wealth funds are also seen as a threat to the economic sovereignty of their host countries, which seem to adopt an ambiguous position towards them, varying between liberalism and a return to a latent protectionism. These more or less fantasized fears are exacerbated by the new reality they project: a decline in western influence and the rise of a new state capitalism in the global scene. It is therefore imperative to understand whether sovereign wealth funds are ordinary economic players that should benefit from the protection provided to international investors, or whether they represent the objectives of the nation states from which they emanate. This question is at the heart of the debates ranging around sovereign wealth funds in addition to controversies surrounding other legal aspects regarding the legal regime that would apply to them.

Made available in DSpace on 2010-04-20T20:20:12Z (GMT). No. of bitstreams: 1 76212.pdf: 2566553 bytes, checksum: c32b051434099f1a2f6336b6ccce0517 (MD5) Previous issue date: 2005-04-04T00:00:00Z / Presents the reasons that lead Spanish banks to invest in the Brazilian banking sector and analyses the results of that strategy. Discuss the relationship among the global consolidation process in the banking sector, the strategies used by Spanish banks and the effects in the Brazilian banking system. Describes the Brazilian banking sector formation and its consolidation after the Real Plan. Analyses the internationalization of Spanish banks and the Latin America option. Discuss the expectations with the presence of foreign banks, the competition in Brazilian banking sector, and the Spanish banks results. / Apresenta as razões que levaram bancos espanhóis a investir no setor bancário brasileiro e analisa os resultados dessa estratégia. Discute a relação entre o processo de consolidação mundial do setor, as estratégias utilizadas pelos bancos espanhóis e os efeitos no sistema bancário brasileiro. Descreve a formação do setor bancário no Brasil e sua consolidação a partir do Plano Real. Analisa a internacionalização dos bancos espanhóis e a opção pela América Latina. Discute as expectativas criadas com a vinda dos bancos estrangeiros, a competitividade no setor e os resultados obtidos pelos bancos espanhóis.

Made available in DSpace on 2014-06-11T19:24:13Z (GMT). No. of bitstreams: 0 Previous issue date: 2008-06-03Bitstream added on 2014-06-13T19:30:51Z : No. of bitstreams: 1 villela_alb_me_fran.pdf: 848993 bytes, checksum: bb37ea243d93a97832c3dfbecdff4236 (MD5) / Com aumento do comércio internacional e o avanço da tecnologia, houve um grande crescimento do consumo em todos os sentidos, principalmente o consumo de energia. Por isso, nunca se falou tanto na busca de alternativas para o petróleo do que nos dias atuais. O etanol surge, neste contexto, como um combustível viável para atender às necessidades globais. E nesse sentido, o setor sucroalcooleiro brasileiro atrai recursos de investidores de várias partes do mundo, principalmente por meio das empresas multinacionais, que buscam encontrar novos mercados novas tecnologias e o suprimento de novas necessidades através da atuação além das fronteiras. Este processo de internacionalização e procura por novos desafios, combinados com a crescente desregulamentação da economia e com uma maior sofisticação dos mercados financeiros, faz com que instrumentos econômicos e jurídicos, até então tradicionais, tornem-se insuficientes e incapazes de acompanhar e regulamentar todo esse movimento de recursos. Este estudo apresenta as operações de joint ventures como alternativas viáveis para a realização de investimentos estrangeiros no Brasil, com foco direcionado ao setor da agroindústria canavieira, devido a sua flexibilidade e facilidade de constituição, que as fazem estar em contínua e permanente evolução. São listadas as principais características das operações, seus aspectos positivos e negativos, bem como casos concretos de joint ventures estabelecidas no país entre empresas nacionais e estrangeiras. O investidor tem imenso interesse nesse novo combustível, que desponta como um dos fortes substitutos para o petróleo, e deseja alocar seus recursos em algo que seja certo e que, principalmente, traga lucros. Igualmente, deve ser considerada a longevidade desse tipo... / The increase of international trades and improvement of technology has caused a huge enhance of all kinds of consumption, especially consumption of energy. As a matter of fact, this issue about search for an alternative to the oil is constant repeated. Ethanol arises in this context as a viable fuel for the global demands. Brazilian sugar and ethanol industries attract resources of several parts of the world, mainly multinational companies, that are searching for markets, new technologies and the supply of new needs, through activities beyond the borders. This whole process of internationalization and these new challenges, combined to a growing of a non-regulation economy and a larger sophistication of the financial markets, become traditional law and economic instruments to insufficient and incapable pieces that are not able to attend and regulate this movement of financial resources. This text presents joint ventures cases in Brazil as viable alternative for the achievement of attraction of foreign investments, focused directly to the sugar cane agro-industry, due to flexibility and facility of a joint venture constitution, that maintain it in a permanent evolution. Main characteristics of these operations are listed, both negative and positive aspects, as well concrete cases of joint ventures established in the country between national and foreign companies. Shareholders have an immense interest in this new kind of fuel that emerges like one of the most important substitutes for the gasoline and it is going to allocate their financial resources into a right business that can bring profits. Also, the longevity of this kind of investment should be considered, because it reveals the concern of multinational companies about their business in other countries, directing more investments for these locals. For... (Complete abstract click electronic access below)

Orientador: Jete Jane Fiorati / Banca: Euclides Celso Berardo / Banca: José Carlos Garcia de Freitas / Resumo: Com aumento do comércio internacional e o avanço da tecnologia, houve um grande crescimento do consumo em todos os sentidos, principalmente o consumo de energia. Por isso, nunca se falou tanto na busca de alternativas para o petróleo do que nos dias atuais. O etanol surge, neste contexto, como um combustível viável para atender às necessidades globais. E nesse sentido, o setor sucroalcooleiro brasileiro atrai recursos de investidores de várias partes do mundo, principalmente por meio das empresas multinacionais, que buscam encontrar novos mercados novas tecnologias e o suprimento de novas necessidades através da atuação além das fronteiras. Este processo de internacionalização e procura por novos desafios, combinados com a crescente desregulamentação da economia e com uma maior sofisticação dos mercados financeiros, faz com que instrumentos econômicos e jurídicos, até então tradicionais, tornem-se insuficientes e incapazes de acompanhar e regulamentar todo esse movimento de recursos. Este estudo apresenta as operações de joint ventures como alternativas viáveis para a realização de investimentos estrangeiros no Brasil, com foco direcionado ao setor da agroindústria canavieira, devido a sua flexibilidade e facilidade de constituição, que as fazem estar em contínua e permanente evolução. São listadas as principais características das operações, seus aspectos positivos e negativos, bem como casos concretos de joint ventures estabelecidas no país entre empresas nacionais e estrangeiras. O investidor tem imenso interesse nesse novo combustível, que desponta como um dos fortes substitutos para o petróleo, e deseja alocar seus recursos em algo que seja certo e que, principalmente, traga lucros. Igualmente, deve ser considerada a longevidade desse tipo... (Resumo completo, clicar acesso eletrônico abaixo) / Abstract: The increase of international trades and improvement of technology has caused a huge enhance of all kinds of consumption, especially consumption of energy. As a matter of fact, this issue about search for an alternative to the oil is constant repeated. Ethanol arises in this context as a viable fuel for the global demands. Brazilian sugar and ethanol industries attract resources of several parts of the world, mainly multinational companies, that are searching for markets, new technologies and the supply of new needs, through activities beyond the borders. This whole process of internationalization and these new challenges, combined to a growing of a non-regulation economy and a larger sophistication of the financial markets, become traditional law and economic instruments to insufficient and incapable pieces that are not able to attend and regulate this movement of financial resources. This text presents joint ventures cases in Brazil as viable alternative for the achievement of attraction of foreign investments, focused directly to the sugar cane agro-industry, due to flexibility and facility of a joint venture constitution, that maintain it in a permanent evolution. Main characteristics of these operations are listed, both negative and positive aspects, as well concrete cases of joint ventures established in the country between national and foreign companies. Shareholders have an immense interest in this new kind of fuel that emerges like one of the most important substitutes for the gasoline and it is going to allocate their financial resources into a right business that can bring profits. Also, the longevity of this kind of investment should be considered, because it reveals the concern of multinational companies about their business in other countries, directing more investments for these locals. For... (Complete abstract click electronic access below) / Mestre

台灣壽險業近年來面對利差損、國內低利環境，與國內長天期投資工具不足的窘境，因而保險法第146-4條修正後，壽險業者擴大持有國外投資部位。本研究以海外債券投資作為國外投資代理變數，探討海外債券投資與壽險公司之營運風險、經營績效的關係。採用2008年至2016年，共25家壽險公司不平衡追蹤資料，以OLS、Panel Data兩種統計方法作實證分析，再以金融海嘯到歐債危機的時間點，劃分成前期(2008年-2011年)、後期(2012年-2016年)作比較分析。 根據全期資料之分析：以線性模型來看，海外債券投資與營運風險為顯著負相關；和經營績效則是顯著正相關。若是非線性模型，海外債券投資與營運風險為U型相關，臨界點在18.83%。分期資料之分析則顯示：前期資料結果與全期資料一致。但後期資料的研究結果出現反轉，在線性模型下，海外債券投資與營運風險呈現顯著正相關，和經營績效則呈現顯著負相關；而非線性模型下，海外債券和營運風險的U型相關，臨界點下降至13.56%。 / In recent years, life insurers in Taiwan face the spread loss of interest rate, low interest rate environment and shortage of long-term instruments. Life insurers started to expand their foreign investments after the amendment of Article 146-4 of Insurance Act in 1992. This study aims to investigate the relations among overseas bonds investment, operational risk and business performance of life insurers. Data is composed of 25 life insurers from 2008 to 2016. With consideration of the global financial crisis and European debt crisis, this study then divides the data into two subsets (before and after the crises). The results shows that under the linear model there is a significant negative relation between overseas bonds and operational risk, but a significant positive relation between overseas bonds and business performance. Under non-linear model there is a significant U-shaped relationship between overseas bonds and operational risk, with the critical point at 18.83%. The results for the subset data before the crises (2008-2011) is consistent with the based on the whole data (2008-2016). However, the analysis for the subset data after the crises (2012-2016) display different result. Under the linear model, the relation between overseas bonds and operational risk is positive, but it is negative between overseas bonds and business performance. Additionally, the critical point of that U-shaped relationship between overseas bonds and operational risk under the non-linear model drops to 13.56%.

The purpose of this research is to evaluate the performance of the emerging stock markets in three regions. The regions chosen as our testing targets are Europe, The Middle East, and Asia. Performance for 2002 to 2004 will be compared to the U.S. stock market.

<p style="text-align: justify;">Правна заштита страних улагања од некомерцијалних ризика заснована је на примени правних стандарда, тј. начела о третману страних улагања која су настала у оквиру међународног права, и која по правилу обавезују стране у међународноправним односима поводом страних улагања. Међу стандардима заштите страних улагања нарочито се истиче стандард поштеног и правичног третмана по свом правном дејству, широком пољу примене и заступљености у међународним изворима инвестиционог права. Све то за последицу има његову честу примену у пракси.<br />Циљ овог истраживања је свеобухватна анализа стандарда поштеног и правичног третмана, која би пружила општи прегледњегових нормативних извора, тумачења и примене у пракси. На тај начин би научна и стручна јавност у Србији и региону могла имати на једном месту детаљан приказ овог стандарда на српском језику са анализом спорних питања и могућим решењима.<br />У складу са том концепцијом, први део рада садржи преглед међународних извора права, који предвиђају поштен и правичан третман страног улагача. У оквиру међународних уговора о заштити страних улагања приказани су релевантни двострани и вишестрани споразуми.<br />Након тога је изложен настанак и развој стандарда поштеног и правичног третманапре ере инвестиционих споразума и инвестиционих арбитража.У овом делу истраживања пажња је посвећена стандарду минималног третмана из међународног обичајног права и нацртимарелевантних међународних инструмената.<br />Наредна фаза истраживања се односи на правну природу стандарда поштеног и правичног третмана. У том смислу је извршена анализа овог стандарда као дела општег међународног права и као самосталног стандарда међународног инвестиционог права.<br />Најзад, у делу који се односи на садржинустандарда поштеног и правичног третмана приказани су и анализирани елементи његове садржине, као својеврсни подстандарди. Према систематици овог рада, то су: поступање са дужном пажњом и пружање заштитеинвестицији, ускраћивање правде, арбитрарно и дискриминаторско поступање, заштита легитимних очекивања инвеститора, заштита од узнемиравања и савесност државе домаћина. Овај део рада је најобимнији, јер је питање садржине стандарда суштинско за његово правилно разумевање и примену у пракси. Сваки елемент је представљен најпре уз приказ теоријских схватања, а затим кроз анализу арбитражних одлука.<br />На крају рада су изложена закључна разматрања у оквиру којих су сумирани резултати истраживања.</p> / <p style="text-align: justify;">Pravna zaštita stranih ulaganja od nekomercijalnih rizika zasnovana je na primeni pravnih standarda, tj. načela o tretmanu stranih ulaganja koja su nastala u okviru međunarodnog prava, i koja po pravilu obavezuju strane u međunarodnopravnim odnosima povodom stranih ulaganja. Među standardima zaštite stranih ulaganja naročito se ističe standard poštenog i pravičnog tretmana po svom pravnom dejstvu, širokom polju primene i zastupljenosti u međunarodnim izvorima investicionog prava. Sve to za posledicu ima njegovu čestu primenu u praksi.<br />Cilj ovog istraživanja je sveobuhvatna analiza standarda poštenog i pravičnog tretmana, koja bi pružila opšti preglednjegovih normativnih izvora, tumačenja i primene u praksi. Na taj način bi naučna i stručna javnost u Srbiji i regionu mogla imati na jednom mestu detaljan prikaz ovog standarda na srpskom jeziku sa analizom spornih pitanja i mogućim rešenjima.<br />U skladu sa tom koncepcijom, prvi deo rada sadrži pregled međunarodnih izvora prava, koji predviđaju pošten i pravičan tretman stranog ulagača. U okviru međunarodnih ugovora o zaštiti stranih ulaganja prikazani su relevantni dvostrani i višestrani sporazumi.<br />Nakon toga je izložen nastanak i razvoj standarda poštenog i pravičnog tretmanapre ere investicionih sporazuma i investicionih arbitraža.U ovom delu istraživanja pažnja je posvećena standardu minimalnog tretmana iz međunarodnog običajnog prava i nacrtimarelevantnih međunarodnih instrumenata.<br />Naredna faza istraživanja se odnosi na pravnu prirodu standarda poštenog i pravičnog tretmana. U tom smislu je izvršena analiza ovog standarda kao dela opšteg međunarodnog prava i kao samostalnog standarda međunarodnog investicionog prava.<br />Najzad, u delu koji se odnosi na sadržinustandarda poštenog i pravičnog tretmana prikazani su i analizirani elementi njegove sadržine, kao svojevrsni podstandardi. Prema sistematici ovog rada, to su: postupanje sa dužnom pažnjom i pružanje zaštiteinvesticiji, uskraćivanje pravde, arbitrarno i diskriminatorsko postupanje, zaštita legitimnih očekivanja investitora, zaštita od uznemiravanja i savesnost države domaćina. Ovaj deo rada je najobimniji, jer je pitanje sadržine standarda suštinsko za njegovo pravilno razumevanje i primenu u praksi. Svaki element je predstavljen najpre uz prikaz teorijskih shvatanja, a zatim kroz analizu arbitražnih odluka.<br />Na kraju rada su izložena zaključna razmatranja u okviru kojih su sumirani rezultati istraživanja.</p> / <p style="text-align: justify;">Legal protection of foreign investments from non-commercial risks is based onthe application of legal standards i.e. principles of treatment of foreign investment originating from international law, which as a rule bind the parties involved in international legal relationships related to foreign investments. Among all foreign investment protection standards, the fair and equitable treatment standard stands out as the most prominent in its legal effect, broad scope and omnipresence in the international sources of investment law. All these features result in the frequent application of this standard in practice.<br />The goal of this research is a comprehensive analysis of the fair and equitable treatment standard, which would offer a deep insight into its normative sources, interpretation and practical applications. The scientific and professional community both in Serbia and the region would thus obtain a unified and detailed survey of the standard in the Serbian language explaining many disputable issues and their possible solutions.<br />In accordance with the outlined concept, the first partof this research contains a survey of sources of international law which provide for fair and equitable treatment of foreign investors. Among international treaties on foreign investment protection, relevant bilateral and multirateral agreements are reviewed.<br />Following the first part, the second part of this research explains the origin and development of the fair and equitable treatment standard prior to the age of investment agreements and investment arbitration. In the second part, the research focus is on the minimum treatment standard under the international customary law and drafts of relevant international instruments.<br />The next research phase refers to the legal character of the fair and equitable treatment standard. In this sense, an analysis of the standard has been performed, both as an integral part of general international law and as an independant standard of international investment law.<br />Finally, in the part referring to the contents of the fair and equitable treatment standard, elements of the standard are displayed and analysed as sort of substandards. According to the systematics applied in this paper, these are: due diligence in the protection of investment, denial of justice, arbitrary and discriminatory treatment, protection of investor legitimate expectations, and protection against harassment and bad faith of the host country. This is the most comprehensive portion of the paper because the issue of the contents of this standard is essential for its proper understanding and practical application. Each element of the contents is first presented from the doctrinal point of view, and then through the analysis of arbitral awards.<br />In the conclusion that follows in the final part of the paper, the research results are summarized.</p>