This study investigates the theology of wealth, with reference to the parables of Jesus, in dialogue with recent Irish economic history. Poverty is commonly seen as a societal problem, but in the teaching of Jesus, especially in his parables, the status of the wealthy is called into question. This thesis explores what it means to be followers of Jesus in societies where historically high levels of wealth and comfort are widespread. It begins by considering that societal context, naming neoliberalism as the complex of economic, political, and cultural factors that combine to generate wealth. The parables of Jesus are introduced as a collection of narratives which puncture the philosophical assumptions at work in neoliberalism. Reading them after the twentieth century Swiss theologian Karl Barth, the parables are found to be apocalyptic interruptions which reorientate the reader towards the reign of God. With these two strands – neoliberalism and the parables – in play, the thesis reconsiders Ireland's recent economic history. It is argued that the ethical significance of the “Celtic Tiger” boom and the subsequent 2008 crash is best accessed not via the language of economics but through narratives. The re-telling of the events of the crash and its aftermath through parables exposes how markets are embedded in thick cultural, historical, and political settings and how simple and settled statistical accounts can miss much of ethical significance. The decisive chapter takes up the constructive task. Building on this re-described account of a wealthy society, it proposes that the appropriate response for Christians to the problem of wealth is to turn to worship as a reparative therapy that forms congregations in practices and ways-of-seeing that run counter to the normative perceptions of neoliberalism. This is achieved by means of a robust engagement with the work of the contemporary moral theologian, William Cavanaugh. A final chapter underlines the original contribution of the project, sketches some future areas of research, and proposes that lament is the initial stance that results from this study.

A thesis submitted to the Faculty of Humanities at the University of the Witwatersrand, Johannesburg in fulfilment of the conditions for the degree of Doctor of Philosophy. April 2016. / The global financial crisis of 2007–2008 changed the way the world thinks about economics as a discipline and brought about awareness of how economics is taught at universities. In view of an on-going global debate about the economics curriculum and its teaching, this doctoral study places the South African context within the global higher education sphere and explores how introductory economics is taught in first-year at a South African university. This study explored the teaching of Economics 1 at a mainstream, globally-ranked public university in South Africa with very similar content and structure to the Economics 1 curriculum in the West. The main aim of the doctoral study was to investigate the qualitatively different ways in which university teachers (lecturers and tutors) teaching Economics 1 at a South African university conceive of, experience and understand their teaching and tutoring roles. On the basis of this, three research questions were asked: (I) What are the qualitatively different ways in which lecturers at ‘the University’ understand teaching Economics 1?; (II) What are the qualitatively different ways tutors at ‘the University’ understand teaching Economics 1?; and (III) What is/are the implication(s) for students’ learning of teaching Economics 1 within the current setting at ‘the University’ through the lenses of relevant conceptual frameworks and the outcome of the empirical study? Teaching in higher education, the disciplinary context of economics’ undergraduate teaching and its implications for students’ learning underpinned the choice of the literature, the three conceptual frameworks and the research methodology. By asking the three research questions above to guide the research process, the empirical study used a qualitative methodology – phenomenography – that aims to explore the qualitatively different ways in which a group of people experience a specific phenomenon, in this case teaching Economics 1 in higher education. On the basis of phenomenography as a conceptual framework in itself, this doctoral study further analysed the empirical data using two conceptual frameworks - a four-context framework for teaching in higher education and the concept of semantic gravity, relating to segmented and cumulative learning, as conceptual lenses. Two sets of conceptions of teaching emerged on the basis of answering the first two research questions. A careful, comparative analysis of these two sets (lecturers’ and tutors’ sets of conceptions of teaching) led to six conceptions of teaching Economics 1 in higher education as follows: (I) team collaboration to implement the economics curriculum; (II) having a thorough knowledge of the content; (III) implementing the curriculum in order for students to pass assessment; (IV) helping students learn key economics concepts and representations to facilitate learning; (V) engaging students through their real-life economics context to acquire economic knowledge; and (VI) helping students think like economists. The first three are characterised as being teacher-centred and the later three as student-centred. Applying the concept of semantic gravity (Maton, 2009), I argue that the latter two more complete conceptions of teaching imply cumulative learning in which students are able to acquire higher-order principles whereby they are able to apply the knowledge acquired through the teaching of Economics 1 in new contexts. The first four conceptions are seen as favouring segmented learning. According to this analysis, the fourth conception, although characterized as student oriented, should be regarded as favouring segmented learning which is not in line with the aims of higher education. As for the four-context model of teaching in higher education, the analysis from the empirical data showed that there is a very strong connection between the pedagogical and disciplinary contexts in relation to the six conceptions of teaching emerging from the analysis, though the disciplinary context is stronger than the pedagogical context. In summary, three implications can be drawn from this doctoral study on the basis of the empirical data, literature and conceptual frameworks as the basis for improving undergraduate economics education. These are as follows: (1) the need to make the economics curriculum aligned with real-life contexts of undergraduate students; (2) the need to rethink the economics curriculum in light of the current global debates within the discipline of economics; and (3) the need to bring pedagogical development into the team. Key words/phrases: Conceptions of Teaching; Teaching in Higher Education; Higher Education Research; Undergraduate Economics Education; and Phenomenography

This thesis aims to advance our understanding of banking in the post-crisis era. It makes three distinct contributions to the literature on banking. The first chapter examines whether "too-big-to-fail" (TBTF) factors affect estimates of scale economies for large banks. Based on a standard model of bank production that does not control for any TBTF factors, we find evidence of scale economies for our sample of large banks. However, once we control for TBTF factors, we instead find evidence of constant returns to scale. These results suggest that estimates of scale economies for large banks are affected by TBTF factors. The second chapter examines the impact of forbearance lending on firm dynamics and performance in Europe since the sovereign debt crisis. We develop a quantitative model, which features endogenous forbearance lending and endogenous firm defaults, as well as information asymmetry faced by the lender. We fit the model to key Euro Area firm statistics over the period 2011 to 2014. We show that in the absence of forbearance lending, the average firm sales growth, investment and productivity are higher than in the benchmark scenario with forbearance lending. These results suggest that forbearance lending practices have contributed to the recent economic stagnation across the Euro Area. The third chapter introduces a novel way to identify the causal effect of bank capital on risk-taking. We use provisions for misconduct issues as an instrument for bank capital. We show that misconduct provisions are an appropriate instrument due to their strong and negative impact on bank capital, and are otherwise unrelated to asset risk-taking. Our main finding is subsequently that a negative shock to bank capital leads to an increase in risk-taking, as measured by detailed information on mortgage underwriting standards.

The entire thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file; a non-technical public abstract, appears in the public.pdf file. Title from PDF of title page (University of Missouri--Columbia, viewed on March 19, 2010). Thesis advisor: Dr. Charles Davis. Includes bibliographical references.

This study also showed how inter-connected the world is because the global financial crisis started in one part of the world but affected every country worldwide. The global financial crisis made it necessary to revisit the writings of the British economist John Maynard Keynes who is considered one of the most influential economists of the 20th century and one of the fathers of modern macroeconomics. He advocated an interventionist form of government policy, believing markets left to their own devices could be destructive, leading to cycles of recessions, depressions and booms. That is what the world witnessed during the global financial crisis. Keynes ideas helped rebuild economies after World War II, until the 1970s when his ideas were abandoned for freer market systems. What then happened was regulation began to weaken as the world economies started to recover. This scenario is likely to repeat itself even when the financial crisis is over. Market capitalism is still going to dominate the world economies because in as much as transaction will be regulated but the behaviour of finance institutions will be difficult to regulate. During the period under review, the South African financial sector and the mining industry felt the impact of the global financial crisis as shown in this study. Despite signs of a turnaround in economic activity in South Africa, financial systems are still vulnerable to risk and a renewed loss of confidence. The adverse feedback effects from the real economy, therefore, remain a concern and present new challenges for safeguarding the stability of the global financial system. The global economic crisis offers an opportunity for South Africa to act and provide long term solutions. Strict regulation should be applied not only to the financial sector but to smaller business entities as well. / Thesis (MBA)-University of KwaZulu-Natal, Westville, 2011.

A research report submitted to the Faculty of Commerce, Law and Management, in partial fulfilment of the requirements for the degree of Master of Management in Finance and Investment, University of the Witwatersrand, Johannesburg, 2018 / This paper aims to optimise the financial conditions index (FCI) indicator that best describes the monetary policy interest rate setting behaviour of twelve emerging market central banks. This is achieved by analysing and looking at the background of modelling interest rates and forecasting interest rate setting behaviour from various regions globally. Following the credit crisis of 2008, the conventional wisdom and foundations that prevailed before were profoundly shaken. Particularly the conduct and behaviour of central banks in response to financial conditions assumed centre stage. Consequently, there has been a consensus among economists and policymakers on the importance of financial conditions, and the influence thereof, on the interest rate setting. However, in order for central banks to achieve their financial stability objectives, they need to construct an optimal indicator that best describes financial conditions. To construct such an optimal indicator, this paper firstly investigates whether the central banks of emerging markets follow the Taylor rule in setting their interest rates. Secondly, it investigates whether the FCI with optimal time-varying weights better describes interest rate movements in emerging markets, when incorporated in the Taylor rule. Lastly, it evaluates interest rate predictability by comparing various models that include non-optimized FCIs. The paper finds that the majority of emerging countries follow the Taylor rule. It also finds that most emerging markets take into account the information contained in FCIs and the majority of these countries, optimize the variables that enter the FCIs. When evaluating the forecasting accuracy of these models, the paper finds that the optimized model ranks superior in most countries in terms of forecasting accuracy. The optimization and allocation of the variables that enter the optimized FCI happen in a similar manner that was proposed by Markowitz in portfolio allocation theory. / GR2019

Many recent books and articles have aimed to account for the recent financial crisis. They have exposed the facts, identified the causes, and assigned responsibility. They have proposed solutions to prevent a similar crisis to happen in the future. The debate is still ongoing, revealing a process of History in the making. My dissertation builds on this debate, but it does not contribute to it. I do not try to understand who is responsible for this crisis. I instead try to grasp how responsibility for this crisis was constructed. I explore the production of - and response to - a discourse of accusation. To study accusation discourses, I conducted a media analysis of three main national newspapers: The New York Times, The Wall Street Journal, and USA Today. I show how a blame game dominated by Democrats participated in the crystallization on Wall Street’s responsibility. To study responses to accusation discourses, I conducted thirty-three interviews in three Wall Street banks from Fall 2008 to Summer 2010. I show that bankers became increasingly defensive over time, while never accepting any personal responsibility for the crisis. Similarly, they reject the label of the “greedy banker.” Overall I argue that the complexity of modern social arrangement loosens the intrinsic connection between responsibility and accountability.

Thesis (MDF)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: In light of the 2007/2008 global financial crisis, as well as pre- and post-crisis banking reform, this research investigated changes in competitive behaviour among banks in Sub-Saharan Africa, thus adding new insights to the current debate. The main findings from the empirical test were as expected and suggested conditions of monopolistic competition. In order to validate sufficient conditions for observing competition, an empirical test conducted to measure a state of general market equilibrium, had the expected outcome. Specifically, the research methodology applied the Panzar-Rosse model, a non-structural approach in the manner of the New Empirical Industrial Organisation. In the first instance, the model derived a continuous measure of a static H-statistic with a value of 0.57, using 481 bank-year observations from an unbalanced panel of 83 banks from six countries over the period 2008–2013. The H-statistic measured the degree of competition by explaining how changes in market power or unit factor input prices of funds, labour and capital expenditure influenced the pricing output of banks. A computed E-statistic, which was statistically equivalent to zero, validated the significance of the H-statistic, as the result implied that, in equilibrium, market power of a bank does not influence its returns. Overall, the findings were consistent with the pricing and strategy theories, such as contestable markets theory, which indicates that pricing power is associated with neither industry structure nor concentration, but instead with changes in input prices. In addition, the findings were consistent with relevant prior studies, which concluded that banking systems in parts of Europe, Asia, Latin America and Sub-Saharan Africa were monopolistic, and that banking reform influenced market discipline.

The world was caught unprepared for the recent crisis that has gripped the globe. The engineering manufacturing sector is reported to have been one of the hardest hit and has been haemorrhaging jobs since the global economic crisis first reached South African shores. This study aimed first, to establish the presence of a global crisis and second, to determine whether this crisis is of an economic or financial nature. Objectives of the study included determining whether the engineering manufacturing sector has been impacted on by the crisis and whether the affects of this have been of a detrimental nature. This was done primarily to assess the extent to which strategies in the engineering manufacturing sector in KwaZulu-Natal have been affected and needed to be specifically adapted in order for SMEs to survive and grow beyond the current economic circumstances. Data was collected through the use of questionnaires, a typically quantitative research technique, as well as through the compilation of literature reviews. Questionnaires were circulated amongst thirty organisations within the identified sector in KwaZulu-Natal, of which twenty-two were completed and returned for analysis. Primary data was analysed in conjunction with the literature reviews. Typical responses confirmed the existence of a crisis and indicated that strategies had to be specifically adapted as a result. However, strategic alterations were often ill informed. This issue could be address through the application of the outlined models to optimise strategy. The use of these models would better enable respondents to make informed decisions when formulating their strategies and thereby assist the organisation in achieving a sustainable competitive advantage. / Thesis (M.Com.)-University of KwaZulu-Natal, Pietermaritzburg, 2012.

This dissertation investigates the capacity of states to limit regulatory circumvention in financial markets. The recent financial crisis has confirmed the widespread abuse of regulatory frameworks by the banks to their advantage, testing the limit of the permitted. The loophole behaviour of financial market actors, exploiting the rigidity of rules is unstoppable, given the impossibility to specify all possible events in rules. This essential fact of financial market regulation in itself is not the topic of this dissertation. The question instead is, given these conditions, how can state agencies limit this behaviour? By investigating the evolving regulatory treatment of a segment of the shadow banking sector driven by regulatory arbitrage in four different countries, this dissertation seeks to establish a comparative answer. In the investigated case of off-balance sheet financing, regulatory arbitrage occurred at the overlap of banking regulation and accounting regulation, a strategic location chosen to escape regulation. Asset-Backed Commercial Paper conduits, the financial innovation studied were structured at the margins of existing accounting regulation to avoid on-balance sheet status. They were also structured to be at the margins of banking regulation, in order to avoid regulatory costs. As they were structured just outside the margins of global banking accords, they were forcing regulators to take a national regulatory stance in the regulation of a global market. These constructs were "stitched on the edge" of existing regulation, always seeking to exploit weaknesses of regulation and of the gatekeepers seeking to enforce it. Auditors didn't have a weapon against new constructs as the rules were missing and national regulators had difficulties dealing with these new constructs because they were not regulated globally. The "cutting edge" of financial innovation in this case referred to the edges of regulation. How did state regulator react to this game of the tortoise and the hare? How can we explain the relatively successful regulation of this sector in two countries (Spain and France) and its failure in Germany and the Netherlands? The fourth chapter investigates the dialogue between audited and auditors regarding off-balance sheet decisions and ask how the auditors' voice in this realm could be strengthened in order to limit regulatory circumvention. Strengthening the negotiation power of the auditor through principles based accounting standards is identified as an important tool to contain regulatory arbitrage in the dialogue between banks and their auditors. The fifth chapter asks why we see the introduction of such accounting rules and their use for banking regulation in France and Spain, whereas they are either not introduced at all or not used for banking regulation in the two other cases. It is shown that the engagement of the banking regulator is a decisive intervening variable in the process. It is pointed out that the reconfiguration of national accounting standards setting networks amidst the transnational pressures emanating from an international standard setting body had a strong impact on the differential capability of banking regulators to influence this process. In the sixth chapter, the monitoring and enforcement of auditing decisions in the different countries are investigated, showing that principles based standards without strong regulatory monitoring and intervention was prone to failure. It is shown that the absence or engagement of banking regulators in these processes made a difference as to how prudently banking conglomerates demarcated their balance sheets and represented the risks they were taking. The seventh chapter finally situates the national evolution of regulatory treatments in the (lagging) international response to regulatory arbitrage in the field of securitization. It makes the point that deficiencies in the regulation of the sector were known internationally almost a decade before new international regulation was enforced and shows that in the interim period concerns over national competitiveness often inhibited the stringent regulation of this global market on a national level. The findings of the study reveal the necessary legal capacities and technical capabilities regulators need to hold to spot regulatory circumventions at the margins and at the overlap of regulations. They point to a holistic approach to regulation, which does not only include the application of rules to certain data material but also the control of the construction of that data material itself. It also brings to the fore the tensions between the national and the global level of regulation located at the edges between the two. In these interstices, we can find permitted/ approved regulatory arbitrage as national regulators choose to protect the competitiveness of their banks in a global market, rather than imposing a prudent view nationally.