Orientador: Daniela Magalhães Prates / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-09T05:21:55Z (GMT). No. of bitstreams: 1 Conti_BrunoMartarellode_M.pdf: 1155679 bytes, checksum: 5cfe20d9ee8cd221c55d79a866960d4b (MD5) Previous issue date: 2007 / Resumo: As profundas mudanças verificadas na economia internacional desde o fim do sistema de Bretton Woods criaram um ambiente de maior complexidade, no qual as oportunidades oferecidas aos países que se inserem na lógica da globalização financeira vêm, geralmente, acompanhadas de grandes perigos. Se, por um lado, a emergência do euromercado, o desenvolvimento das finanças diretas e a liberalização financeira aumentaram a mobilidade do capital e o seu potencial de valorização, de outro, os riscos latentes também se elevaram, sobretudo em função da instabilidade sistêmica que caracteriza esta etapa do desenvolvimento capitalista. Este novo contexto se traduz num quadro de grande volatilidade das principais variáveis macroeconômicas nos países periféricos tidos como emergentes ¿ isto é, aqueles que de alguma maneira fizeram sua inserção na globalização financeira. Tal fato ocorre justamente em razão dos fluxos de capitais que se direcionam a esses países serem muito mais instáveis do que nos países centrais. As variáveis presentes no balanço de pagamentos parecem estar crescentemente subordinadas à mobilidade do capital internacional. Se antes a questão da estabilidade do câmbio era um atributo do próprio modo de operar do sistema monetário internacional, agora é uma questão deixada em aberto para a intervenção de cada país. Esta dissertação tem como meta analisar os condicionantes da escolha de regimes cambiais em países emergentes em um contexto de globalização financeira e os resultados econômicos proporcionados pelos diferentes regimes. A hipótese central é a de que países emergentes enfrentam dificuldades na gestão da taxa de câmbio ¿ sobretudo neste cenário de finanças globalizadas ¿ que costumam ser negligenciadas por muitos autores. Além disso, procura-se analisar e discutir criticamente os regimes cambiais adotados no Brasil desde a implementação do Plano Real. A experiência brasileira recente mostra-se bastante interessante, pois permite a observação de formas variadas de se lidar com a taxa de câmbio, tornando evidentes as dificuldades enfrentadas por países emergentes na condução de sua política cambial. É realizada uma discussão sobre o Plano Real e a âncora cambial vigente durante o primeiro mandato do presidente Fernando Henrique Cardoso. Em seguida, apresenta-se uma análise do regime de taxas de câmbio flutuantes e do modelo do "tripé" de política macroeconômica adotado a partir de 1999. Por fim, o foco recai sobre a evolução da gestão cambial no primeiro Governo Lula e as implicações desta sobre o padrão de crescimento da economia brasileira / Abstract: The deep changes verified at the international economy since the end of the Bretton Woods system created an ambience of a bigger complexity in which the opportunities opened to the countries that get into the financial globalization logic usually come with some dangers. The emergence of the euromarket, the development of direct finances and the financial liberalization increased capital mobility and its potential of valorization, but, simultaneously, the latent risks were also augmented, mainly because of the systemic instability that characterizes this phase of capitalist development. This framework engenders a great volatility of the main macroeconomic variables in the peripheral countries considered as emerging countries ¿ i.e., the ones that have in someway made their integration into the financial globalization. This scenario is due to the fact that the capital flows addressed to these countries are much more unstable than those of the central countries. The variables that compose the balance of payments seem to be progressively subordinated to the mobility of the international capital. If some decades ago the issue of the exchange rate stability was an attribute of the modus operandi of the international monetary system, now it is an issue to be dealt with by each country on its own. This dissertation aims to analyze the conditioning of the choice of exchange rate regimes in emerging countries in the context of financial globalization and the economic results promoted by these different regimes. The central hypothesis is that emerging countries face some difficulties on the management of their exchange rates ¿ mainly in this scenario of global finances ¿ that use to be neglected by most of the authors. Moreover, this dissertation analyze and discuss, from a critical point of view, the exchange rate regimes adopted in Brazil since the implementation of the Real Plan. Brazilian recent experience is interesting, because it allows observing different ways of dealing with the exchange rate, bringing light over the difficulties faced by emerging countries on the conduction of exchange rate policy. This work makes a discussion of the Real Plan and the nominal anchor practiced during the first mandate of president Fernando Henrique Cardoso. Following, an analysis of the floating exchange rate regime and the so-called ¿tripod¿ model of macroeconomic policy, adopted since 1999 is presented. Finally, the focus is put over the evolution of the exchange rate management on the first Lula Government and its implications over the growing pattern of Brazilian economy / Mestrado / Teoria Economica / Mestre em Ciências Econômicas

This dissertation investigates the effects of the financial crisis on the South African economy. In order to do this, an index which describes the financial conditions of the South African economy is constructed and computed. The index indicates that domestic South African financial conditions have deteriorated substantially during the period under study and so the study investigates how this has impacted on the country’s economic growth. A VAR model with South African variables is specified and used to assess the quantitative effects of the financial crisis on South African real GDP growth. Results suggest that the South African economy was not significantly affected by the crisis, but economic growth was slowed down and may still grow substantially slower in the next few years due to the financial crisis. These results corroborate the theoretical predictions and are also supported by previous studies.

Over the past decade, the topic of globalization has infiltrated both public and academic debates. The aim of this dissertation is to investigate whether the growth in the discussion of globalization is justified by an equivalent increase in the interaction of economies. The focus of this dissertation is on economic globalization and specifically how it affects Canada. Evidence of cross-border 'flows' is presented in three parts. One, the trade of goods is traced from Confederation (1867) to the present, showing that contemporary levels of trade are not unprecedented. Furthermore, the data reveal that the bulk of the increase in Canada's trade since the Second World War has been with the United States. There are also strong indications that as the economy is becoming more service oriented, it will also become less trade dependent. Two, statistics on foreign direct investment (FDI) reveal that foreign ownership in Canada is at an all-time historical low. Three, the stock of portfolio investments (stocks and bonds) owned across borders is also not, historically speaking, at particularly high levels. Overall, when foreign direct and portfolio investment are combined, the data show that only a small percentage of Canada's wealth is owned by foreign investors and, likewise, only a small portion of Canada's wealth is located outside of its borders. Another claim found in the globalization literature is that the nation state is weakening or disappearing altogether. However, once subjected to scrutiny, this claim, too, is difficult to sustain. Government expenditures have increased dramatically since the Second World War and show few signs of abating. For the fiscal year 1996/97, government expenditures amounted to approximately half of the Gross Domestic Product (GDP), indicating a general levelling of expenditures since the mid-1970s. More importantly, the globalization literature has unfailingly ignored the welfare-state side of government spending, arguably the most significant development in the political economy of the nation state in the 20th century. To bridge this gap, three sectors of the welfare state — education, health, and social services — are examined in detail. Lastly, an alternate explanation for globalization is put forward. Capital, it is argued, has made a concerted attack on the welfare state, utilizing high interest rates and high unemployment to discipline labour. Although having suffered a few scratches and dents as a consequence, the welfare-state has resolutely endured. / Arts, Faculty of / Anthropology, Department of / Graduate

The thesis responds to Richard O'Brien's pronouncement that geography is rapidly losing purchase as an explanation of the structure of global financial markets. I suggest that O'Brien is in error. Drawing on the work of Gordon Clark and Kevin O'Connor, I argue that financial products have logical, geographical outcomes, predicated on different informational requirements. 1 consider one particular financial product, venture capital. Interviews with financial professionals in Vancouver demonstrate that venture capital has a distinctly local geography of production. Market participants cluster in Vancouver to maximise access to, and interpretation of, information regarding venture companies. Contrary to the obliteration of geography, I argue for its continued importance, represented by the existence of smaller financial hubs, such as Vancouver, and which act as information niches for specific financial products. Further, the thesis suggests that the services involved in the production of venture capital also have distinct geographies. Services have logical locations, dictated by their informational requirements. I consider three services involved in the production of venture equities: trading, corporate finance, and sales. Contrasting the periods 1970-1990, and 1990 to the present, I argue that, because of their informational compositions, the three services had divergent experiences of technological and regulatory change. In the period 1970-1990, all three functions were informationally bound to the city. Traders and salespeople required up-to-the-minute market data, and this demanded a presence near the Vancouver Stock Exchange. Financiers prioritised information about promoters and directors of venture companies, and assembled this through face-to-face interaction in Vancouver. Since 1990, however, the geographies of trading, corporate finance, and sales have been re-made. As up-to-the minute market information was automated and rendered almost ubiquitous, trading and sales functions benefited from increased locational flexibility. Traders centralised, while salespeople decentralised, locating closer to their clients. The location of financiers, by contrast, changed very little. Still dependent upon interaction with directors of venture companies, financiers find a Vancouver location most convenient. / Arts, Faculty of / Geography, Department of / Graduate

The interweaving of China's "reform and opening-up" policy of 1978 with globalisation has shifted the landscape of Chinese economic geographies (CEGs). With influential economic, social, and ideological functions, state-owned enterprises (SOEs) vividly illustrate the multiple political economic, geographic, and socio-cultural dimensions of these changes. Regions with concentrations of SOEs have been particularly impacted. This includes North East (NE) China, which historically held the highest proportion of employment in SOEs and has witnessed the closure of many SOEs and regional decline. Explanations of these changes emphasise the structural and institutional mechanisms of reform under globalisation. I argue this extensive literature regards workers as passive factors of production and limits discussions of space and time. Drawing on scholarship on Global Production Networks (GPNs) and Assemblages, I propose a new conceptual framework that positions the everyday life of each worker at the heart of SOE transformation. My central research question is: "how are workers" everyday lives implicated in SOE transformation?" I explore this by re-reading transformation as the coming together of reform under globalisation with the lived experiences, practices, and affective encounters of workers' everyday lives. The novelty of this framework leads me to sketch three general research propositions rather than setting formal hypotheses. I address the research question and demonstrate my framework by using qualitative research methods and building grounded theory. To explore the differentiated ways in which SOEs are transforming, I studied 13 SOEs from three major cities of NE (Harbin, Changchun, and Shenyang). A three-phase research design was deployed. I completed 62 individual and 8 group interviews. To increase the reliability and replicability of the results, I triangulated data by considering in-depth interviews, public policy documents, internet forums, movies and magazines, and on-site field observation. The empirical findings are presented in three chapters which depict, respectively, the lived experiences, practices, and affective encounters of everyday life. First, I explore workers' lived experiences of social relations in the context of reform and their link to specific spatial arrangements. I characterise interdependent social relations and spatial arrangements constitute the socio-spatial formations. The next chapter further explores workers' mobile and immobile practices and the changing meanings of time and space of SOE socio-spatial formation. Third, I describe how encounters and affects give rise to intensity of feelings which reproduces practice and impacts the SOE socio-spatial formation. In a nutshell, understanding SOEs as socio-spatial formations implies that transformation is not "meted out" by a state or abstract market force but an "always already present"process of mutual constitution of lived experiences, practices, and affective encounters in everyday life. Overall, my thesis expands economic geographic knowledge by highlighting the ongoing and processual nature of space and time and, more specifically, by valorising worker agency. I reflect on implications for CEG to combine with cultural and social geographies. I conclude by calling for an ontological shift of focusing on the emergence and contingency of CEGs.

This research explores the impact of various forms of capital flows on economic growth and development for a group of 120 countries from 1980-2007. Traditional growth literature as well as the textbook theory of economic growth looks at capital flows as playing a vital role in fostering economic growth and development. The textbook theories, as well as the existing approaches to study the capital flows and economic development connection, use growth and development interchangeably. This analysis, examines the consequences of different capital flows on growth and development separately because the determinants of growth may not be the same as the determinants of development. This distinction becomes even more applicable when observing the cases of countries that have experienced economic growth during certain periods but were unable to translate the increase in economic growth to development. To investigate the impact of various forms of capital flows, this dissertation utilizes life expectancy in addition to economic growth, as a measure of development. The results from using the two measures show that capital flows have dissimilar impact on life expectancy as well as economic growth. The central proposition of this dissertation is that not all forms of capital flows are created equal. Furthermore, countries at different levels of development may differ in their absorptive capacity of the capital. Thus, the ability of a country to harness capital for development depends upon its absorptive capacity, presence of domestic resources and the capabilities of national governments. This study therefore not only looks at the role played by various forms of capital flows on growth and development, but also takes into account the role of political performance of national governments that can play an important role in maximizing the efficiency of the investments. To investigate what kinds of flows are beneficial at different levels of development, this analysis further divides the dataset into three samples of developed countries, emerging markets and less developed countries. The results indicate that the impact of different capital flows varies across the three subsamples. By categorizing capital flows into categories of international capital flows, domestic capital, and remittances, this research also finds that the type of investment, as well as the source of investment (foreign vs. domestic), indeed does matter. The analysis suggests that the key to harnessing capital for development lies with capable governments and efficient use of domestic resources. In absence of capable governments, influx of foreign capital flows can manifest itself in ways that are harmful to the progress of developing societies.

No description available.

Thesis (MBA)--Stellenbosch University, 2007. / ENGLISH ABSTRACT: As the world globalises there is need for economic integration. These integration processes can be both regional and global Africa as one of the world's continents is not immune to these integrations; regions within the continent have formed trade blocs which enhance economic development for individual member states of such blocs. Even though these countries are not equal in terms of economic development the ultimate goal is to have sustainable economic development and be able to compete in the global world. Botswana is one country with such aspirations and dreams. This paper addresses the role of Botswana in the global economy; highlighting its opportunities and challenges. Botswana has been a success story in Africa, with its GOP per capita increasing from less than US$2 000 in 1975 to around USSIO 000 in 2005, recording economic growth rates of over seven per cent. The country's economy has been heavily reliant on mining. tourism. manufacturing and agriculture. Diamonds are by far the most important source of income for Botswana, accounting for more than 70 per cent of total export earnings. The satisfactory performance of the financial sector impacts on overall development and the diversification of the economy. In its efforts to integrate and strengthen bilateral relations with bigger market economies, Botswana is a signatory to a number of trade agreements such as World Trade Organisation (WTO), Cotonou, Southern Africa Development Community (SADC), Africa Growth Opportunity Act (AGOA) and Southern African Customs Union (SA CU). As a member of the WTO, the inclusion of China into the organisation implies that Chinese products are now highly competitive when compared to Botswana products due to lower production costs enjoyed by Chinese finns. Chinese finns also enjoy competitive advantage in US markets where Botswana exports some of its textile products under AGOA. However, the country has enjoyed productive relationships with the European countries since its colonial period and through the Cotonou agreement, which was signed between the European Community and the Africa, Caribbean and Pacific countries. Botswana is also a signatory to regional blocs such as the SADC through which it has agreed on a number of economic issues such as trade, gender, water resources, peace and security, democracy and good governance. Through the SADe, member states such as Botswana are able to lobby for support or form partnerships with developed nations such as Sweden. By being a member of SACU, Botswana can export to a large market and complement its smaller domestic market. As players in the global economy, countries are exposed to many challenges and opportunities. There are opportunities for attracting more investment into the country due to its excellent economic performance. Investment can be attracted in financial and manufacturing sectors through encouraging private-public partnerships. This paper discusses some of the growth sectors in the economy and how they can be enhanced to contribute to sustainable development. It is also worth mentioning that Botswana faces challenges such as HIV/AIDS and unemployment. By being landlocked, the country is relatively expensive for investors to manufacture locally and export to foreign countries, which dampens the attraction of foreign direct investment. Some of these challenges and opportunities experienced by Botswana can serve as lessons for other African countries. / AFRIKAANSE OPSOMMING: Soos die globaliseringsproses wereIdwyd vorder is daar ook 'n proses van toenemende ekonomiese integrasie, wereldwyd en op 'n streeksbasis. Afrika neem ook deel aan die proses. In die verskillende streke van die kontinent is handelsblokke besig om te ontplooi. AI is hierdie lande nog ver agter in die internasionale mededingingsproses strewe hulle daarna om op 'n volhoubare manier internasionaal mee te ding. Botswana het beslis die mikpunt. Hierdie studie spreek Botswana se rol in die wyer streeks- en internasionale ekonomie aan. Die land word algemeen beskou as 'n ontwikkelingsukses, met 'n BBP per capita toename van US$2 000 in 1975 tot US$I0 000 in 2005, en 'n gemiddelde jaarlikse groeikoers van meer as sewe persent. Die landsekonomie is sterk afhanklik van die mynbousektor, landbou, toerisme en fabriekswese, met diamante tot 70 persent van uitvoere. As deel van die proses om nouer in te skakel by die groter markte het Botswana by 'n reeks ooreenkomste aangesluit, naamlik die Wereld Handelsorganisasie, die Cotonou-ooreenkoms, die SADC, AGOA en SACU. Terwyl die aansluiting by hierdie ooreenkomste Botswana se uitvoermarkte uitgebrei het, het Sjina se aansluiting by die WTO vir Botswana se nywerhede groter mededinging veroorsaak. Aan die ander kant het die lidmaatskap van Botswana by die SADC en Sacu vir die land baie geleenthede geopen om meer effektief te pleit en te onderhandel vir ekonomiese, sosiale en ander ontwikkelingsvoordele, veral waar Botswana se eie bevolking en markte so klein is. Om 'n beeld te kry van die uitwerking van die stappe van Botswana word in die studie ook gekyk na ontwikkelingstendense in spesifieke sektore asook na pogings om buitelandse kapitaal na die land te trek. Terselfdertyd moet besef word dat Botswana vanwee sy hoe HIV/Vigs koers tans en in die toekoms te kampe het met 'n reeks heel spesiale struikelblokke wat die ontwikkelingsproses beinvloed.

The current economic crisis has affected all aspects of life, which has resulted in political instability, personal financial troubles, and a growing number of business bankruptcies. While these are serious issues, simply developoing a government policy that injects an economy with money is not an appropriate means to achieve economic recovery and long-term economic development unless combined with an effective and efficient governing system. The present research studies whether the strong relationship between governance and growth exists during economic crises or only during non-crisis periods. The results of the current research show that the global economic crisis has had an influence on the relationship between governance and economic growth. In addition, this study found that different levels of development affect the relationship between governance and growth differently during times of crisis. Consequently, the results of the current research show the instability in the relationship between governance and economic growth during the economic crisis ; this unsteadiness is a sign of the need for long-term strategies to promote global and national good governance practices that are not adversely affected by crises. / by Bassam A. Albassam. / Thesis (Ph.D.)--Florida Atlantic University, 2012. / Includes bibliography. / Mode of access: World Wide Web. / System requirements: Adobe Reader.

Most financial institutions have not been successful at internationalisation, with some being remarkably unsuccessful. There are fewer occurrences of cross-border mergers and acquisitions than in most other industries. Foreign financial institutions tend to underperform relative to domestic financial institutions. Rugman and others have argued that their internationalisation primarily occurs at the regional rather than global level. Existing theories identify some barriers to firms? internationalisation, but these theories, were developed for manufacturing firms, and were rarely applied to financial services firms. This research seeks to identify barriers to financial institutions' internationalisation and contribute to the under-researched area of services internationalisation. To better understand the barriers to internationalisation, qualitative research techniques were used for an in-depth case-study analysis of one firm and its attempts at internationalisation, followed by detailed interviews of internationally experienced financial institutions executives from other firms. Finally, the apparent preference for regional over global expansion was investigated, through a quantitative analysis of over 12,000 cross-border, financial-services merger and acquisition transactions from 1990 to mid-2005. The research identified thirty-eight barriers to internationalisation, consistent with Rugman's findings on regional expansion, but also with the effects of similarity variables such as language, culture and legal system. The quantitative analysis tested these effects and found that the region effect was high, and was stronger than language and cultural effects individually, but about the same as their combined effect. The legal system similarity is not statistically significant when all effects are combined. This research contributes to this under-researched field. Given that internationalisation supports economic growth in the host and home countries, an improved understanding of these barriers may assist policy makers and enable managers to make better international investment decisions. The findings on the effect of geography versus other factors, such as language and culture, may inform managers' choice of target countries.