[pt] Em economias competitivas com mercados incompletos e horizonte infinito, quando a tomada de garantias previamente constituídas é o único mecanismo que dá incentivos contra a inadimplência em operações de crédito, esquemas de Ponzi são evitados e há equilíbrio independemente da escolha destas garantias. Nestas economias, adiciono mecanismos contra inadimplência que são efetivos, isto é, induzem os credores a efetuarem pagamentos além do valor das garantias. Neste contexto, provo que a escolha das exigências de garantias se tornam relevantes para assegurar a existência planos individuais ótimos. Enfatizo também que este resultado não depende de tipos de mecanismos contra inadimplência específicos, contanto que os tomadores de empréstimos se deparem com pagamentos adicionais ao valor das garantias como uma porcentagem da dívida remanescente. / [en] In infnite horizon incomplete market economies, when the seizure of collateral guarantees is the only mechanism enforcing borrowers not to entirely default on their promises, equilibrium exists independently of the choice of collateral bundles. In these economies, we add default enforcement mechanisms that are effective, i.e. induce payments besides the value of collateral guarantees. We prove that the choice of collateral requirements become relevant to assure the existence of individual's optimal plans. This result does not depend on specific types of such mechanisms, as long lenders face payments besides the value of collateral guarantees as a percentage of the remaining debt.

Made available in DSpace on 2016-04-26T20:24:23Z (GMT). No. of bitstreams: 1 Madja de Sousa Moura Florencio.pdf: 550689 bytes, checksum: b5984e9b025854c8c9f27fc8dd81ebc0 (MD5) Previous issue date: 2016-03-15 / The phenomenon of practicality, seen as a means of simplifying laws, is essential to the modern world. The issue gains importance in the present day, with complex relationships held in mass society, which require the use of increasingly modern instruments to materialize commands. The issue has more relevance in the taxpaying field, where practicality appears as essential to the efficiency of state revenue collection device. This paper aims at pointing out, through bibliographical research, constitutionally imposed limits on the use of practicality, in order to show that this principle is mainly turned over to reaching fair taxing and not just for the sake of simplifying the State taxation activity / O fenômeno da praticabilidade, tido como instrumento de simplificação das leis, é essencial ao mundo moderno. A temática ganha importância nos dias atuais, com as complexas relações travadas na sociedade de massa, que exigem a utilização de mecanismos cada vez mais modernos para a concretização dos comandos legais. A questão apresenta maior relevância no campo tributário, onde a praticabilidade mostrase imprescindível para a eficiência do aparelho arrecadatório estatal. O presente trabalho visa apontar, através de pesquisa doutrinária, os limites constitucionalmente impostos para a utilização da praticabilidade, com vistas a demonstrar que este princípio se volta, sobretudo, para o alcance da justiça fiscal e não apenas em prol da simplificação da atividade tributária em favor do Estado

La loyauté procédurale n’est pas consacrée dans le droit du procès administratif. Elle fait pourtant l’objet d’un débat au sein de la doctrine publiciste. Alors que la jurisprudence judiciaire et la doctrine privatiste font de la loyauté des débats essentiellement un enjeu de moralisation du procès entre les parties, le discours de la doctrine publiciste sur la loyauté vise à révéler et justifier les garanties apportées aux parties dans le procès administratif. Une démarche inductive, consistant à systématiser le discours doctrinal, permet de formuler un concept de loyauté procédurale propre au procès administratif. Celui-ci apporte une justification à certains traits de procédure, consacrés par les textes ou la jurisprudence, qui n’ont pas de fondement exprès et dont le point commun est de reconnaître des garanties aux parties. Ce concept offre une grille d’analyse du droit du procès. La circonstance que le principe de loyauté procédurale est rejeté en droit n’exclut pas, en outre, l’intérêt d’un usage conceptuel de la loyauté. Le concept de loyauté permet d’apprécier l’opportunité de consacrer certains mécanismes contentieux et d’identifier les difficultés posées par le procès administratif selon les critères de l’intégrité, de l’accessibilité et de l’efficacité à l’égard des parties. Envisagée comme un concept d’explication, la loyauté procédurale devient un concept d’analyse de la procédure suivie devant le juge administratif et suggère certaines évolutions des règles applicables au procès administratif. / The concept of procedural loyalty is not enshrined in the legal frameworks that govern administrative legal proceedings. Nonetheless, it has been subject to significant debate throughout the administrative legal doctrine. In contrast to judicial case law and civil doctrine where the concept of loyalty of debates is essentially focused on the moralization between the parties involved, the administrative doctrine on loyalty aims to disclose and justify the guaranties and safeguards given to the parties involved. An inductive approach, consistent in systematizing the doctrinal discourse, has lead to a concept of procedural loyalty that is unique to administrative legal proceedings. It provides justification over the key features of legal proceedings, features that are enshrined in either legal texts or case law but do not have explicit legal foundations and for which the common feature is to recognize safeguards afforded to the parties involved. This concept brings about a new set of legal terminology. The fact that the principal of procedural loyalty is not explicitly covered in legal frameworks, does not mean however that the conceptual usage of loyalty should be discarded. This concept allows us to acknowledge the opportunity in devoting litigation mechanisms to administrative legal proceedings, in order to identify the difficulties brought about in respect of the integrity, accessibility and efficiency with regards to all parties involved. Initially envisaged as an explanatory concept, procedural loyalty has been transformed into a conceptual analysis of the proceedings presided over by administrative judges.

<p>Attityder och beteende i ungdomsåren vad gäller sexualitet kan ha stor betydelse för hur den sexuella hälsan utvecklas. Ungdomsmottagningen är en betydelsefull arena för att förebygga sexuellt överförbara infektioner och oönskade graviditeter samt för att främja ungas sexuella hälsa i helhet. Undersökningen har utförts i samråd med och på uppdrag av Landstinget i Jönköpings län. Syftet med studien var att undersöka ungdomsmottagningarnas verksamhet i Jönköpings län och finna förslag till underlag för att kvalitetssäkra ungdomsmottagningarna i länet. Enkätundersökningen baserades på Socialstyrelsens förslag på indikatorer och Föreningen för Sveriges Ungdomsmottagningars (FSUM) rekommendationer för ungdomsmottagningars verksamhet. Resultatet visade på variationer gällande tillgänglighet och personalresurser. Relevanta arbetsområden berörs men det saknas strukturerade arbetsmetoder och underlag för uppföljning. För att få ytterligare kunskaper och djupare förståelse om enskilda mottagningars behov samt behov i respektive upptagningsområde, skulle en kvalitativ studie med intervjuer av mottagningarnas personal samt ungdomar från olika delar av länet vara önskvärt. Slutsatserna var att basala kvalitetskrav bör gälla för alla mottagningar. Krav avseende personal och öppettider på länets mottagningar bör dock anpassas efter lokala behov och förutsättningar. Mottagningarna är i behov av resurser för att kunna erbjuda länets ungdomar ett likvärdigt stöd för deras sexuella hälsa.</p> / <p>Sexual attitudes and behavior in youth can be of great importance for sexual health development. Youth centers are important settings for preventing sexual transmitted infections and unwanted pregnancies and for promoting sexual health among youths in full. This study was performed in consultation with Landstinget Jönköping. The aim of the study was to examine the work of youth centers in Jönköpings County and find suggestions for quality guarantees for these centers. The survey was based on Socialstyrelsens indicators and Swedish Society for Youth Centers (FSUM) recommendations for youth centers work. The result showed a variation considering personnel resources and accessibility. The work areas are relevant but there is a lack of methods for preventive work and basic data for evaluation. To get further knowledge about separate youth centers needs, and needs in respective areas, a qualitative study is to prefer. The conclusions were that basic quality aspects should be applied for all youth centers. Demands concerning opening hours and personnel recourses should however be adjusted for local needs and conditions. The youth centers are in need of resources to offer the youth an equivalent support for their sexual health.</p>

Attityder och beteende i ungdomsåren vad gäller sexualitet kan ha stor betydelse för hur den sexuella hälsan utvecklas. Ungdomsmottagningen är en betydelsefull arena för att förebygga sexuellt överförbara infektioner och oönskade graviditeter samt för att främja ungas sexuella hälsa i helhet. Undersökningen har utförts i samråd med och på uppdrag av Landstinget i Jönköpings län. Syftet med studien var att undersöka ungdomsmottagningarnas verksamhet i Jönköpings län och finna förslag till underlag för att kvalitetssäkra ungdomsmottagningarna i länet. Enkätundersökningen baserades på Socialstyrelsens förslag på indikatorer och Föreningen för Sveriges Ungdomsmottagningars (FSUM) rekommendationer för ungdomsmottagningars verksamhet. Resultatet visade på variationer gällande tillgänglighet och personalresurser. Relevanta arbetsområden berörs men det saknas strukturerade arbetsmetoder och underlag för uppföljning. För att få ytterligare kunskaper och djupare förståelse om enskilda mottagningars behov samt behov i respektive upptagningsområde, skulle en kvalitativ studie med intervjuer av mottagningarnas personal samt ungdomar från olika delar av länet vara önskvärt. Slutsatserna var att basala kvalitetskrav bör gälla för alla mottagningar. Krav avseende personal och öppettider på länets mottagningar bör dock anpassas efter lokala behov och förutsättningar. Mottagningarna är i behov av resurser för att kunna erbjuda länets ungdomar ett likvärdigt stöd för deras sexuella hälsa. / Sexual attitudes and behavior in youth can be of great importance for sexual health development. Youth centers are important settings for preventing sexual transmitted infections and unwanted pregnancies and for promoting sexual health among youths in full. This study was performed in consultation with Landstinget Jönköping. The aim of the study was to examine the work of youth centers in Jönköpings County and find suggestions for quality guarantees for these centers. The survey was based on Socialstyrelsens indicators and Swedish Society for Youth Centers (FSUM) recommendations for youth centers work. The result showed a variation considering personnel resources and accessibility. The work areas are relevant but there is a lack of methods for preventive work and basic data for evaluation. To get further knowledge about separate youth centers needs, and needs in respective areas, a qualitative study is to prefer. The conclusions were that basic quality aspects should be applied for all youth centers. Demands concerning opening hours and personnel recourses should however be adjusted for local needs and conditions. The youth centers are in need of resources to offer the youth an equivalent support for their sexual health.

A guaranteed minimum income benefit (GMIB) is a long-dated option that can be embedded in a deferred variable annuity. The GMIB is attractive because, for policyholders who plan to annuitize, it offers protection against poor market performance during the accumulation phase, and adverse interest rate experience at annuitization. The GMIB also provides an upside equity guarantee that resembles the benefit provided by a lookback option. We price the GMIB, and determine the fair fee rate that should be charged. Due to the long dated nature of the option, conventional hedging methods, such as delta hedging, will only be partially successful. Therefore, we are motivated to find alternative hedging methods which are practicable for long-dated options. First, we measure the effectiveness of static hedging strategies for the GMIB. Static hedging portfolios are constructed based on minimizing the Conditional Tail Expectation of the hedging loss distribution, or minimizing the mean squared hedging loss. Next, we measure the performance of semi-static hedging strategies for the GMIB. We present a practical method for testing semi-static strategies applied to long term options, which employs nested Monte Carlo simulations and standard optimization methods. The semi-static strategies involve periodically rebalancing the hedging portfolio at certain time intervals during the accumulation phase, such that, at the option maturity date, the hedging portfolio payoff is equal to or exceeds the option value, subject to an acceptable level of risk. While we focus on the GMIB as a case study, the methods we utilize are extendable to other types of long-dated options with similar features.

Section 41 of the MPRDA requires of mines to provide financial guarantees for the rehabilitation of mines. The contribution is revised annually. A mine must indicate that the guarantees are in place during the application for a mining permit or licences. A closure certificate will only be issued to a mine once all the requirements regarding rehabilitation are met. The polluter pays principle and the prevention principle lay the foundation for the financial provision regarding rehabilitation. The mine will be liable in the event that they do not prevent environmental degradation, pollution or damage. To avoid this liability the mine must rehabilitate properly to obtain a closure certificate. Financial guarantees can be provided for in different ways. In this dissertation trusts, closed cooperations and tax benefits involved are discussed. / Thesis (LL.M. (Environmental law))--North-West University, Potchefstroom Campus, 2013.

Section 41 of the MPRDA requires of mines to provide financial guarantees for the rehabilitation of mines. The contribution is revised annually. A mine must indicate that the guarantees are in place during the application for a mining permit or licences. A closure certificate will only be issued to a mine once all the requirements regarding rehabilitation are met. The polluter pays principle and the prevention principle lay the foundation for the financial provision regarding rehabilitation. The mine will be liable in the event that they do not prevent environmental degradation, pollution or damage. To avoid this liability the mine must rehabilitate properly to obtain a closure certificate. Financial guarantees can be provided for in different ways. In this dissertation trusts, closed cooperations and tax benefits involved are discussed. / Thesis (LL.M. (Environmental law))--North-West University, Potchefstroom Campus, 2013.

A guaranteed minimum income benefit (GMIB) is a long-dated option that can be embedded in a deferred variable annuity. The GMIB is attractive because, for policyholders who plan to annuitize, it offers protection against poor market performance during the accumulation phase, and adverse interest rate experience at annuitization. The GMIB also provides an upside equity guarantee that resembles the benefit provided by a lookback option. We price the GMIB, and determine the fair fee rate that should be charged. Due to the long dated nature of the option, conventional hedging methods, such as delta hedging, will only be partially successful. Therefore, we are motivated to find alternative hedging methods which are practicable for long-dated options. First, we measure the effectiveness of static hedging strategies for the GMIB. Static hedging portfolios are constructed based on minimizing the Conditional Tail Expectation of the hedging loss distribution, or minimizing the mean squared hedging loss. Next, we measure the performance of semi-static hedging strategies for the GMIB. We present a practical method for testing semi-static strategies applied to long term options, which employs nested Monte Carlo simulations and standard optimization methods. The semi-static strategies involve periodically rebalancing the hedging portfolio at certain time intervals during the accumulation phase, such that, at the option maturity date, the hedging portfolio payoff is equal to or exceeds the option value, subject to an acceptable level of risk. While we focus on the GMIB as a case study, the methods we utilize are extendable to other types of long-dated options with similar features.

The direct agreements perform an essential role in the viability of financing of projects. Its proper regulation determines its course, the prevention and management of possible consequences. Therefore, it is important to know this legal concept that has scarcely been studied in the doctrine. In this article, the author develops legal treatment of this legal concept, its definition, main terms and regulation in the Peruvian legal system. / Los contratos directos desempeñan un rol esencial en la viabilidad de la financiación de proyectos. Su adecuada regulación determinará el curso de los proyectos, la prevención y el manejo de posibles consecuencias. Por ello, es importante conocer esta figura jurídica que ha sido poco estudiada en la doctrina. En el presente artículo, el autor desarrolla el tratamiento legal de esta figura jurídica, su definición, sus principales términos y su regulación en el ordenamiento jurídico peruano.