Wu Haijun. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 45-48). / Abstracts in English and Chinese. / Abstract --- p.ii / Acknowledgement --- p.iv / Chapter Chapter 1. --- Introduction --- p.1 / Chapter Chapter 2. --- Literature Review --- p.4 / Chapter 2.1. --- The Fisher Hypothesis --- p.4 / Chapter 2.2. --- International Fisher Equation --- p.11 / Chapter Chapter 3. --- Theoretical Basis on The Link Between Stock Return Differential and Inflation Rate Differential --- p.15 / Chapter Chapter 4. --- Data Description --- p.19 / Chapter Chapter 5. --- Results --- p.23 / Chapter 5.1. --- Does The Generalized Fisher Hypothesis Hold In The Long Horizons --- p.24 / Chapter 5.2. --- Does International Fisher Equation Hold --- p.29 / Chapter 5.3. --- Can International Elements Account For The Failure of Fisher Hypothesis --- p.36 / Chapter Chapter 6. --- Conclusion --- p.43 / Bibliography --- p.45 / Appendix A --- p.49 / Chapter A.1. --- The link between interest rate differential and inflation rate differential --- p.49 / Chapter A.2. --- Instrumental Variable Estimation --- p.53 / Appendix B --- p.59 / Chapter B.1. --- Hong Kong CPI(A) Source --- p.59 / Chapter B.2. --- Taiwan CPI Source --- p.61 / LIST OF TABLES / Table 4.1: Data Description --- p.21 / Table 4.2: Means and Standard Deviations of Inflation and Stock Returns --- p.22 / Table 5.1: Short-term (One Year) Test on Fisher Hypothesis on Stock Returns --- p.26 / Table 5.2: Long-term (Five Years) Test on Fisher Hypothesis on Stock Returns --- p.27 / Table 5.3: Long-term (Ten Years) Test on Fisher Hypothesis on Stock Returns --- p.30 / Table 5.4: Short-term (One Year) Test For International Fisher Equation on Stock Returns --- p.33 / Table 5.5: Long-term (Five Years) Test For International Fisher Equation on Stock Returns --- p.34 / Table 5.6: Long-term (Ten Years) Test For International Fisher Equation on Stock Returns --- p.35 / Table 5.7: Testing Effects of International Elements on The Fisher Hypothesis --- p.39 / Table 5.8: Regression Results For The Coefficients of Domestic Inflation With and Without International Elements --- p.40

Magister Commercii - MCom (Economics) / Described by Mohr (2008:1) as "one of the most hotly debated economic issues in South Africa", the inflation rate is underpinned by its impact on the average South African. A rapid increase in the cost of goods and services could have devastating consequences on the both the growth and development of the country, making it an imperative to effectively manage a change in general prices. The SARB applies an Inflation Targeting (IT) framework to manage the inflation rate and the thesis will interrogate the applicability of this framework within a low growth environment. More specifically, the thesis will ask whether it is prudent to increase the interest rate in a low growth environment. The thesis will employ a mixed research method, namely, a qualitative and quantitative method. However, the qualitative method will be the primary research method and the conclusions derived thereof will be tested within a qualitative model. The qualitative method will take the form of historical narrative which is designed to investigate the behaviour of the inflation rate at a micro level. The choice of this qualitative historical narrative derives from the inconclusive nature of the existing empirical quantitative studies and the resulting lack of a consensus on the effectiveness of the IT framework. This lack of consensus necessitated the use of a different approach to interrogate the IT framework hence the application of the qualitative historical narrative. The narrative will be primarily derived from the economic reports and data of the main authority on South Africa's monetary policy, the South Africa Reserve Bank (SARB). The narrative will also utilise the economic reports and data from reputable sources such as Statistics South Africa, the International Monetary Fund (IMF), the World Bank, the European Central Bank (ECB), the US Federal Reserve System, and the People's Bank of China (PBC).

Création ou destruction de monnaie sont des facteurs majeurs de variation de sa valeur. Il est essentiel de cerner d’où provient originellement cette valeur, puis de comprendre comment de tels mécanismes de création ou de destruction l’affecteront, et enfin de mesurer les conséquences de ces mécanismes en termes de création ou destruction cette fois de richesse, au sens où Adam Smith traitait de la Richesse des nations. Plusieurs écoles de pensée ont formulé des propositions divergentes en matière d’émission de monnaie, pour sa bonne régulation et dans une recherche de relation efficace avec les besoins économiques. La montée en puissance des monnaies fiduciaires et scripturales a exacerbé ces divergences depuis deux siècles. La démonétisation progressive de l’argent métal puis de l’or ont parallèlement octroyé aux politiques monétaires une liberté d’action mais également une responsabilité croissantes. Une analyse critique de ces politiques et doctrines monétaires, ouvrira dans un second temps sur des propositions de nouveaux mécanismes d’injection de monnaie. Avec pour objectif premier de maintenir une stabilité entre inflation et déflation. Un deuxième objectif étant un meilleur lissage de la croissance économique, atténuateur notamment des cycles Juglar. Un troisième, de cercle vertueux, où les émissions de monnaie parviennent à établir des conditions économiques favorables à leur propre reproduction future. Ces mécanismes de création de monnaie, articulés avec la croissance et la productivité, trouvant pour complément une destruction des « faux-droits » dans l’acception que leur donnait Jacques Rueff, ou du « faux-monnayage » selon la définition de Maurice Allais. / Creation and destruction of money are key factors to determine its value. Therefore, gaining a clear understanding of the origin of this value is of crucial importance. Then, understanding how this value will be altered by these creation or destruction mechanisms. And finally, measuring the consequences of these mechanisms for creation or destruction of wealth, as Adam Smith understands that term to be : An Inquiry into the Nature and Causes of the Wealth of Nations. Several schools of thought exist, as to what factor has to be taken into account in order to ensure economic effectiveness and to achieve proper regulation of these monetary phenomenons. The growing importance of fiat and scriptural money, and the demonetization of silver and of gold, have increased the monetary authorities’ room for manoeuvre, but also the weight of their responsibility. The analysis of these monetary policies will lead to proposals for improvements and for new mechanisms of money creation. With a first objective of price stability. With a second one of facilitating the smoothing of economic business cycles (Juglar cycles). With a third one of implementing a virtuous cycle, where money creation provides an environment favourable to future new money creation. These mechanisms of money creation are articulated with growth and productivity. As well as with a limitation of issuance of money, according to Maurice Allais and Jacques Rueff thought.

Submitted by Daniella Santos (daniella.santos@ufma.br) on 2017-12-05T15:04:08Z No. of bitstreams: 1 ErivamPintoJunior.pdf: 1116751 bytes, checksum: 2155e1eb5a800f430e8378c159cc5e29 (MD5) / Made available in DSpace on 2017-12-05T15:04:08Z (GMT). No. of bitstreams: 1 ErivamPintoJunior.pdf: 1116751 bytes, checksum: 2155e1eb5a800f430e8378c159cc5e29 (MD5) Previous issue date: 2017-06-22 / CAPES / The cause and effect relationships between the variations in aggregate demand and inflation are distinct and depend on the theoretical approach adopted for the examination of the inflationary process. Excess demand is not always the prime source of inflation. In some cases, the inflation dynamics can be analyzed from some variables that, when generating cost increases, cause an increase in the general level of prices. The conventional approach admits that equilibrium in the labor market is essentially automatic and that inflation is always a consequence of excess demand. From this diagnosis, he concludes that the role of the monetary authority is to control the demand to a level that corresponds to the non-accelerating unemployment inflation rate, through the manipulation of the interest rate. For the Post-Keynesian approach, this view can only be constructed from the idea that money is endogenous and not neutral, which allows one to see inflation not as a result of excess demand, but that the growth of the currency may have been growth of economic costs. On the other hand, the Distributive Conflict approach seeks to understand the inflationary process from the social and political environment of an economy, considering what are the actions and reactions of the various groups that comprise it and the way in which each group takes initiative in the intention to defend income. The formation of the general level of prices occurs in a different way from those that reflect the scarcity of factors of production and from this analysis, the orthodox elements that associate the inflationary process with anenvironment of excess demand is not present. This research presents a theoretical narrative of how the orthodox approach considers that excess or acceleration of demand is capable of causing inflation and, in the face of such a diagnosis, how it should be combated, followed by interventionist discussion, which adds the endogeneity of money in the analysis of the inflationary process and which considers that inflation can occur even before demand reaches the level of full employment. Subsequently, it seeks to delineate the emergence of Structuralist thought, which opposed dominant theories and sought to understand the inflationary dynamics in Latin American countries from their specificities. Such theorists have provided the basis for the approach that is subsequently analyzed, that of Distributive Conflict. For this, the research tries to expose the real cost variables that are used to analyze the inflationary dynamics of an economy in a given time period, then a comparison of how the approaches exposed diverge and converge in relation to the analysis of inflationary dynamics and the mechanisms which must be adopted in pursuit of the equilibrium of the general level of prices. / As relações de causa e efeito entre as variações da demanda agregada e da inflação são distintas e dependem da abordagem teórica adotada para o exame do processo inflacionário. Nem sempre o excesso de demanda é a fonte primeira de inflação. Em determinados casos, a dinâmica inflacionária pode ser analisada a partir de algumas variáveis que, ao gerar aumentos de custos, causam aumento do nível geral de preços. A abordagem convencional admite que o equilíbrio no mercado de trabalho é essencialmente automático e que a inflação é sempre consequência do excesso de demanda. A partir desse diagnóstico, conclui que o papel da autoridade monetária é controlar a demanda para um nível que corresponda à taxa de desemprego não aceleradora da inflação, através da manipulação da taxa de juros. Para a abordagem Pós-Keynesiana, essa visão só pode ser construída a partir da ideia de que a moeda é endógena e não neutra, o que permite enxergar a inflação não como resultante do excesso de demanda, mas que o crescimento da moeda pode ter sido antecedido pelo crescimento dos custos da economia. Por outro lado, a abordagem do Conflito Distributivo busca entender o processo inflacionário a partir do ambiente social e político de uma economia, considerando quais são as ações e reações dos diversos grupos que a compõem e a maneira como cada grupo toma iniciativa na intenção de defender sua participação na renda. A formação do nível geral de preços ocorre de forma distinta daqueles que refletem a escassez de fatores de produção e a partir dessa análise, os elementos ortodoxos que associam o processo inflacionário a um ambiente de excesso de demanda não se faz presente. Esta pesquisa apresenta uma narrativa teórica de como a abordagem ortodoxa considera que o excesso ou a aceleração da demanda é capaz de causar inflação e, diante de tal diagnostico, como ela deve ser combatida, seguida da discussão intervencionista, que adiciona a endogeneidade da moeda na análise do processo inflacionário e que considera que a inflação pode ocorrer mesmo antes da demanda alcançar o nível de pleno emprego. Posteriormente, procura delinear o surgimento do pensamento Estruturalista, que se opôs às teorias dominantes e que buscou entender a dinâmica inflacionária nos países LatinoAmericanos a partir de suas especificidades. Tais teóricos ofereceram as bases para a abordagem que é analisada subsequentemente, a do Conflito Distributivo. Para isso, a pesquisa trata de expor as variáveis reais de custo que são utilizadas para analisar a dinâmica inflacionária de uma economia em determinado período temporal, depois uma comparação de como as abordagens expostas divergem e convergem em relação à análise da dinâmica inflacionária e os mecanismos que devem ser adotados em busca do equilíbrio do nível geral de preços.

The inflationary paradigm is one which was designed to answer questions that arose from classical Hot Big Bang cosmology. The period of rapid expansion in the early Universe provides a mechanism to solve the flatness, horizon and relic problems. More importantly, since the theory was first introduced it has been realised that it also provides a mechanism to generate the initial perturbations from which structure in the Universe can grow. In the zoo of potential inflationary models there is a dominant class: slow-roll inflation. The idea that the energy density of the inflationary field is dominated by its potential highly simplifies the calculations required to predict observable quantities. This simplification relies on all the information required to know the subsequent dynamics of the field to be encoded in the space Φ-Φ̇; it must be an effective phase space. I show that Φ-Φ̇ can be considered to be such a space for the most general scalar-tensor theory which gives second-order equations of motion: Horndeski theory. There are theoretical issues associated with this reduction that are illuminated through specific examples in which they occur. A theoretical issue with inflation is that there is an overabundance of models, with some capable of predicting any value of the possible observables. The second block of work in this thesis looks at a particular set of models that make the same observational prediction. These 'attractor' models utilise a non-minimal coupling between the inflationary fields and gravity and are studied in depth, both in the case of one and several fields. Firstly, I examine the Universal Attractors, a single field subset of these models. I show, in detail, the observational prediction such a model makes in the case of a strong non-minimal coupling and then examine the constraints it would be possible to put on such a coupling if a confirmed detection of primordial gravitational waves was made. Despite the discussion existing in the literature there is a small deviation of the Universal Attractor models from the predictions of the Starobinsky model. Furthermore, the coupling, ξ is found to be constrained so that |ξ| < 1 in the case where there a level of detectable primordial tensor modes. While the attractor models have an effective one-field description in reality there are several other fields that are assumed to be fixed during the inflationary phase. This claim requires careful examination as the field-space of the models generally is not flat. This curvature can cause a destabilising effect with certain parameters and so I investigate how susceptible the α-attractors and related models are to the destabilisation. A key result of this chapter is to highlight how important it is to not rely on the slow-roll approximation when assessing the effect of the instability, as the region where the effect begins to become large corresponds with the region where slow-roll begins to break down. Assuming the slow-roll approximation is valid leads to an over-estimation of the effect that the instability mechanism has. Despite this, some of the models considered are seen to experience the instability for certain ranges of model parameters. Making the assumption that any occurrence of the instability will, at the very least, move the observational prediction of the model outside the currently constrained range allows a constraint on the model parameter in question which directly translates to a theoretical lower bound on the tensor-scalar ratio, r > 0.0005.

Yuan, Jiang. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2009. / Includes bibliographical references (leaves 48-51). / Abstract also in Chinese. / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- Literature Review --- p.5 / Chapter 2.1 --- Theoretical Literature --- p.5 / Chapter 2.1.1 --- Menu Cost Model --- p.5 / Chapter 2.1.2 --- Signal Extraction Model --- p.6 / Chapter 2.1.3 --- Monetary Search Model --- p.7 / Chapter 2.2 --- Empirical Literature --- p.8 / Chapter Chapter 3 --- Inflation and Relative Price Variability in a Transitional Economy Evidence from China --- p.10 / Chapter 3.1 --- Data and Variables --- p.10 / Chapter 3.2 --- Inflation Decomposition --- p.19 / Chapter 3.3 --- Empirical Evidence --- p.14 / Chapter 3.3.1 --- Inflation and RPV --- p.14 / Chapter 3.3.2 --- Robustness --- p.18 / Chapter 3.4 --- Conclusion --- p.20 / Chapter Chapter 4 --- Inflationary Regimes and Relative Prices --- p.22 / Chapter 4.1 --- Introduction --- p.22 / Chapter 4.2 --- The Change of Inflationary Regimes in China: 1978-2008 --- p.23 / Chapter 4.3 --- Inflationary Regimes and Relative Price --- p.25 / Chapter 4.3.1 --- Preliminary Evidence --- p.25 / Chapter 4.3.2 --- Empirical Evidence --- p.27 / Chapter 4.4 --- Structure Change --- p.32 / Chapter 4.4.1 --- Endogenous Breakpoint Test --- p.32 / Chapter 4.4.2 --- Test Results on the Changing Role of Expected Inflation --- p.33 / Chapter 4.5 --- Conclusion --- p.35 / Chapter Chapter 5 --- Institutional Cost and Relative Price Variability --- p.36 / Chapter 5.1 --- Introduction --- p.36 / Chapter 5.2 --- "Institutional Cost, Price Adjustment, and Relative Price Variability in China" --- p.38 / Chapter 5.2.1 --- Background --- p.38 / Chapter 5.2.2 --- Institutional cost --- p.39 / Chapter 5.2.3 --- The relationship between institutional cost and relative price variability --- p.42 / Chapter 5.3 --- The Empirical Evidence --- p.43 / Chapter 5.4 --- Conclusion --- p.45 / Chapter Chapter 6 --- Conclusion and Implications --- p.46 / Reference --- p.48

Este trabalho teve como objetivo geral: entender como as priorizações dadas aosstakeholders e o engajamento com mesmos podem refletir na presença de indicadores de sustentabilidade das organizações mineradoras no Brasil. Os objetivos específicos foram: revelar quem são osstakeholders priorizados e o por quê; e perceber qual a importância tem o engajamento com as partes interessadas na busca pelo desenvolvimento sustentável das mineradoras. Na fundamentação teórica foram abordados os principais conceitos da teoria de stakeholders, desenvolvimento sustentável, modelos e indicadores para mensurar o desenvolvimento sustentável e influenciadores do desempenho socioambiental. Dois estudos de casos foram realizados, tendo como fontes de dados: entrevistas em profundidade, relatórios oficiais, observação direta e a literatura. Os dados foram tratados conforme técnicas de análise de conteúdo e puderam evidenciar a priorização dada às comunidades locais e colaboradores. Todas as fontes de dados apresentaram indícios do tratamento diferenciado desses dois grupos de stakehoders. Os impactos causados às comunidades e colaboradores juntamente com o posicionamento estratégico e a necessidade de legitimidade para operar parecem ser os grandes impulsionadores da priorização apresentada. O engajamento com os grupos de partes interessadas ocorre desde o planejamento inicial das operações até o fechamento da mina. O contato permite o compartilhamento de boas práticas, o que pode contribuir para o desenvolvimento sustentável das mineradoras e grupos envolvidos. As empresas assumem responsabilidades perante os stakeholderse garantem ações que evidenciem os compromissos, inclusive o monitoramento das questões consideradas importantes por grupos salientes. Assim, os indicadores presentes refletem a priorização dada às comunidades e colaboradores bem como o engajamento contínuo com os mesmos. Os resultados podem contribuir com literatura ao apresentar novas formas de priorizar os stakeholders diferentes daquelas já consagradas na teoria. Isso sugere uma discussão da efetividade dos antigos modelos de priorização nos variados tipos de indústrias. Quanto à contribuição gerencial, o setor de mineração poderá encontrar subsídio para melhorar o relacionamento com os stakeholders em busca pelo desenvolvimento sustentável, algo essencial para perenidade desse setor cuja importância é significativa para a economia brasileira. / The objective of this study was to understand how the prioritizations given to stakeholders and the engagement with them can reflect the presence of sustainability indicators of mining organizations in Brazil. The specific objectives were: to reveal who are the prioritized stakeholders and why; realize the importance of engagement with stakeholders for the sustainable development of mining companies.Inthe backgroud, the main concepts of stakeholder theory, sustainable development, models and indicators to measure sustainable development and influencers of social and environmental performance were addressed. Two case studies were carried out, having as data-base: interviews, official reports, direct observation and the literature. The data were treated according to content analysis techniques and showed the prioritization given to the local communities and employees. All data sources showed evidence of differential treatment to these two groupsofstakehoders. The impacts caused to communities and employees, the strategic of the companies and the need for legitimacy to operate are the main drivers of the prioritization presented. Engagement with stakeholder groups occurs since the initial planning of operations to the closure of the mine. The contact allows the sharing of good practices, which can contribute to the sustainable development of the mining companies and groups involved. The companies assume responsibilities to the stakeholders and guarantee actions that evidence the commitments, including the measurement of issues considered important by salient groups. Thus, the present indicators reflect the prioritization given to the communities and employees as well as the continuous engagement with them. The results can contribute to literature by presenting new ways of prioritizing stakeholders different from those already established in theory. These are suggests for a discussion about the effectiveness of the established prioritization models in the various types of industries. Regarding the managerial contribution, the mining sector can find support to improve the relationship with the stakeholders for the sustainable development, that is essential for the continuity of this sector which has significant importance for the Brazilianeconomy.

Abstract   Title: High-Risk Funds vs. Mutual- Index Funds A study of macro -variables influence on different funds choice   Level: Final assignment for Bachelor Degree in Business Administration   Author: Moses Yokie &amp; Bo Lemar   Supervisor: Ogi Chun &amp; Cheick Wagué   Date: 2011-05-25   Aim: The purpose with this thesis is to compare two different types of mutual-index fond and a high-risk fund in relation to the macro variables. The purpose also includes an investigation about if an investor will receives a higher return on high-risk fund than on mutual-index fund in a 10 years period. Method: A quantitative method has been use in this study, where the information has been received from Morningstar. Microsoft Excel has been used to process the collected data in order to calculate the expected return and the risk measures. The result is presented in graphs and tables on the empirical capital, in order to analyse and compare it with the theories and the selected macro- variables to see if there will be any correlation.   Conclusion: This research shows that there is no possibility that the macro-variable factors can benefit an investment on high-risk fund or on mutual-index fund in the short run. On the other hand there is a correlation between the high-risk fund and mutual-index fund with the macro-variables factors in the long run.   Suggestion for future research: Base on the results on this thesis. It would be interesting to do a quantitative investigation on more fund category with other macro-variable factors that are not included in this study to compare if there will be any correlation between them.   Key words: High-risk fund, BNP, Mutual-index, Arbitrage, Macro-variable, Inflation. / Syfte: Syftet med denna uppsats är att jämföra två olika aktieindex och högriskfonder med avseende på makrovariabler. Syftet innefattar också att undersöka om en investerare kan få bättre avkastning på högriskfonder än aktieindexfonder på 10 år period. Metod: En kvantitativ metod har använts i uppsatsen, där data inhämtats från Morningstar. Det insamlade material har sedan bearbetats i Microsoft Excel för att beräkna fonderna avkastning och Sharpekvoten. Resultatet har redovisats i grafer och tabeller i empirikapitlet, för att sedan analyseras och jämföras med de teorierna som används. Resultatet har jämförts med de valda makrovariablerna för att hitta korrelationer. Slutsats: Det har inte gått att påvisa några möjligheter att utnyttja makrovariabler för att skapa kortsiktiga vinster i högriskfonder eller aktieindexfonder. Däremot finns det långsiktiga samband mellan de valda investeringarna och de valda makrovariablerna Förslag till fortsatta studier: Det kan vara intressant att gör en kvantitativ undersökning på fler former av fondkategorier för att få ytterligare information om tillämpbarhet. Dessutom att undersöka samband med andra makrovariabler som inte innefattas i denna undersökning.

Inflation indexed instruments are designed to help protect investors against the changes in the general level of prices. So, they are frequently preferred by investors and they have become increasingly developing part of the market. In this study, firstly, the HJM model and foreign currency analogy used to price of inflation indexed instruments are investigated. Then, the HJM model is extended with finite number of Poisson process. Finally, under the extended HJM model, a pricing derivation of inflation indexed swaps, which are the most liquid ones among inflation indexed instruments in the market, is given.

Dissertation--Bremen--Universität Bremen, 2007. / Bibliogr. p. 247-271.