[pt] Após a crise financeira e econômica de 2008, países emergentes buscaram traduzir seu novo peso econômico em influência política. Instituições tradicionais criadas após a II Guerra Mundial, em particular nas esferas econômicas e financeiras, não mais representativas do cenário econômico mundial, seriam questionadas por economias emergentes. China, Índia, Brasil, Rússia e África do Sul (os BRICS) defenderam a adoção de reformas à estrutura institucional da ordem mundial liberal, as quais não foram totalmente alcançadas. Essa dissertação analisa o engajamento dos países emergentes a ordem mundial após a crise de 2008, particularmente em relação à governança econômica e financeira. O argumento central baseia-se na percepção de que países emergentes vêm, desde a crise de 2008, articulando maneiras de impactar a atual ordem liberal mundial, como compreendido pelo conceito de mundo multiplex, desenvolvido por Amitav Acharya (2014; 2017). Ao longo da análise da nova posição dos países emergentes na ordem mundial, por meio de uma discussão do fortalecimento do seu papel em fóruns como o G20 e a criação de grupos como o do BRICS, essa dissertação tratará de dois estudos de caso: (i) a criação do Novo Banco de Desenvolvimento, em 2014, por Brasil, Rússia, Índia, China e África do Sul, e; (ii) a criação do Banco Asiático de Infraestrutura e Investimento, em 2015, por iniciativa da China. / [en] After the 2008 financial and economic crises, emerging countries channeled their newly found economic resilience into political leverage. Traditional institutions created after World War II, particularly those in the economic and financial spheres, which were no longer representative of the new economic setting, would be questioned by emerging economies. China, India, Brazil, Russia and South Africa (the BRICS) have championed reforms to the institutional structure of the liberal world order, which have not been entirely met. This dissertation aims to shed light on the engagement of emerging countries in world order after the 2008 crisis, particularly in the economic and financial global governance. The main argument is that emerging countries have, since the 2008 crisis, been articulating ways to impact the current liberal world order as captured by the concept of multiplex world, developed by Amitav Acharya (2014, 2017). Along the analyses of the current greater role of developing countries in world order, through a discussion of the new found role of forums such as the G20 and the creation of groups such as the BRICS, the dissertation will focus on two case studies: (i) the creation of the New Development Bank, in 2014 by the Brazil, Russia, India, China and South Africa, and; (ii) the creation of the Asian Infrastructure Investment Bank, in 2015 fostered by China.

Diss. Stockholm : Stockholms universitet, 2008.

Made available in DSpace on 2016-06-02T19:33:12Z (GMT). No. of bitstreams: 1 CANO_Isaias_2014.pdf: 921062 bytes, checksum: ac2d8c29a5b9df22cce6483bb4c777f0 (MD5) Previous issue date: 2014-05-30 / Financiadora de Estudos e Projetos / This work uses a historical-institutional and theoretical developmental approach to the analysis of the transformations of different forms of activity of the Banco Nacional para o Desenvolvimento Econômico e Social (BNDES) as an instrument of industrial and economic policy from the 1950 s, with focus between 2003 and 2012. Thus, this work discusses the transformations of the form of action off the bench in three major qualitatively distinct blocks: (i) height and crisis of national developmentalism, (ii) the liberal reaction and (iii) the new developmentalism that flourished in the years after 2002. / O presente trabalho usa uma abordagem histórico-institucional e teórica desenvolvimentista para fazer a análise das transformações das diferentes formas de atuação do Banco Nacional para o Desenvolvimento Econômico (BNDES) como instrumento de política industrial e econômica a partir da década de 1950, com enfoque maior nos anos compreendidos entre 2003 e 2012. Assim, esta dissertação aborda as transformações da forma de atuação do banco em três grandes blocos qualitativamente distintos: (i) auge e crise do nacional-desenvolvimentismo, (ii) a reação liberal e (iii) o suposto novo desenvolvimentismo que floresceu nos anos pós 2002.

This thesis is focused on the issue of financing the revitalization of prefabricated houses through loan products.

La banque européenne d’investissement (BEI) a été créée par le traité instituant la Communauté économique européenne (CEE), le 25 mars 1957, afin de contribuer au développement équilibré et sans heurt du marché commun. Ses interventions répondent à trois missions principales : contribuer à la mise en valeur des régions les moins développées de la Communauté, aider à la modernisation, à la conversion d’entreprises et à la création d’activités nouvelles, et enfin favoriser des projets qui présentent un intérêt commun aux États membres. L’exemple français montre comment son action s’inscrit dans l’ensemble des efforts destinés à l’intégration des économies européennes, pour la période s’étendant des débats relatifs à sa création, dans les années 1950, au début des années 1980 qui marque l’entrée de la Grèce dans le marché commun. L’analyse du cas de la France contribue a éclairer sur de nombreux points les conceptions et la politique européennes de la France durant cette période. / European investment bank (EIB) was created by EEC treaty, march 25th 1957, in order to contribute to the balanced and steady development of the common market in the interest of the Community. Its loans target tree main goals : financing projects for developing less-developed regions; projects for modernising or converting undertakings or for developing fresh activities; projects of common interest to several member States.French example shows how it action take place in all the efforts made for integrate european economy, for ranging from debats regarding it creation, in 1950’s, to the biginning of 1980’s when Greece became a member state of EEC. The analysis of french exemple contribute to show, on several aspects, on french conception and european policy, during this period.

Jouant un rôle crucial pour l’efficience des marchés, la banque d’investissement contemporaine se caractérise par l’exercice d’une grande diversité d’activités aussi complexes qu’hétérogènes sous un même toit. Agissant tantôt auprès d’une clientèle de particuliers, d’entreprises, d’institutions financières, de fonds d’investissement ou de gouvernements, et tantôt pour son propre compte, elle compose avec une multitude d’intérêts divergents, ce qui soulève un certain questionnement quant à la portée de l’obligation de loyauté dont elle peut être tributaire envers ses clients. Les implications répétées des banques d’affaires dans la vague de récents scandales financiers ont inévitablement affecté la confiance que les épargnants témoignent envers l’intégrité de cette institution et des marchés financiers en général. Elles ont de plus contribué significativement à relancer le débat concernant la pertinence de contrôler, et même d’éliminer les conflits d’intérêts, un phénomène largement répandu au sein de la banque d’investissement. À titre de mécanismes préventifs, les solutions de marchés et l’autodiscipline des intermédiaires financiers sont imparfaits. La réglementation des conflits d’intérêts se justifie alors afin de pallier les défaillances du marché et de l’autorégulation. Pour autant qu’il maintienne sa réglementation dans un rapport efficience-équité acceptable, l’État est appelé à concevoir des normes de contrôle aux objectifs variés, allant de la réforme structurelle du secteur financier à l’élaboration de principes généraux devant servir de balises à la conduite des intermédiaires financiers. Ainsi, dans une industrie caractérisée par une forte conglomération, la réponse des législateurs semble s’articuler autour du traitement adéquat des conflits d’intérêts, traitement qui s’opère par divers mécanismes, dont la muraille Chine, la divulgation et le refus d’agir. / Playing a key role in market efficiency, the modern investment bank offers a wide variety of services that are as complex as they are different, all under one roof. Acting sometimes in the interest of individuals, businesses, financial institutions, investment funds or governments and sometimes in its own interest, an investment bank must contend with a multitude of diverging interests, which raises certain questions as to the extent of any duty for loyalty it may owe to its clients. Repeated involvement by investment banks in the wave of recent financial scandals has inevitably affected investors’ confidence with respect to the integrity of these institutions and financial markets in general. This factor has significantly contributed to renewing the debate concerning the relevance of controlling, or even eliminating, conflicts of interest, which are a wide-spread phenomenon in the investment banking industry. In terms of preventive measures, market-related solutions and self-discipline by financial intermediaries are inherently flawed. Therefore, in order to offset such deficiencies, it becomes justifiable to regulate conflict of interest situations. Numerous possibilities exist and, as long as regulation is maintained at an acceptable effectiveness/fairness ratio, the State is called upon to establish monitoring standards for various objectives, ranging from a structural reform of the financial sector to developing general principles to serve as guidelines for the conduct of financial intermediaries. Thus, in an industry characterized by a strong tendency for conglomeration, the response from regulators seems to hinge on adequate handling of conflicts of interest, which includes various mechanisms such as the Chinese wall, disclosure and a refusal to act.

Jouant un rôle crucial pour l’efficience des marchés, la banque d’investissement contemporaine se caractérise par l’exercice d’une grande diversité d’activités aussi complexes qu’hétérogènes sous un même toit. Agissant tantôt auprès d’une clientèle de particuliers, d’entreprises, d’institutions financières, de fonds d’investissement ou de gouvernements, et tantôt pour son propre compte, elle compose avec une multitude d’intérêts divergents, ce qui soulève un certain questionnement quant à la portée de l’obligation de loyauté dont elle peut être tributaire envers ses clients. Les implications répétées des banques d’affaires dans la vague de récents scandales financiers ont inévitablement affecté la confiance que les épargnants témoignent envers l’intégrité de cette institution et des marchés financiers en général. Elles ont de plus contribué significativement à relancer le débat concernant la pertinence de contrôler, et même d’éliminer les conflits d’intérêts, un phénomène largement répandu au sein de la banque d’investissement. À titre de mécanismes préventifs, les solutions de marchés et l’autodiscipline des intermédiaires financiers sont imparfaits. La réglementation des conflits d’intérêts se justifie alors afin de pallier les défaillances du marché et de l’autorégulation. Pour autant qu’il maintienne sa réglementation dans un rapport efficience-équité acceptable, l’État est appelé à concevoir des normes de contrôle aux objectifs variés, allant de la réforme structurelle du secteur financier à l’élaboration de principes généraux devant servir de balises à la conduite des intermédiaires financiers. Ainsi, dans une industrie caractérisée par une forte conglomération, la réponse des législateurs semble s’articuler autour du traitement adéquat des conflits d’intérêts, traitement qui s’opère par divers mécanismes, dont la muraille Chine, la divulgation et le refus d’agir. / Playing a key role in market efficiency, the modern investment bank offers a wide variety of services that are as complex as they are different, all under one roof. Acting sometimes in the interest of individuals, businesses, financial institutions, investment funds or governments and sometimes in its own interest, an investment bank must contend with a multitude of diverging interests, which raises certain questions as to the extent of any duty for loyalty it may owe to its clients. Repeated involvement by investment banks in the wave of recent financial scandals has inevitably affected investors’ confidence with respect to the integrity of these institutions and financial markets in general. This factor has significantly contributed to renewing the debate concerning the relevance of controlling, or even eliminating, conflicts of interest, which are a wide-spread phenomenon in the investment banking industry. In terms of preventive measures, market-related solutions and self-discipline by financial intermediaries are inherently flawed. Therefore, in order to offset such deficiencies, it becomes justifiable to regulate conflict of interest situations. Numerous possibilities exist and, as long as regulation is maintained at an acceptable effectiveness/fairness ratio, the State is called upon to establish monitoring standards for various objectives, ranging from a structural reform of the financial sector to developing general principles to serve as guidelines for the conduct of financial intermediaries. Thus, in an industry characterized by a strong tendency for conglomeration, the response from regulators seems to hinge on adequate handling of conflicts of interest, which includes various mechanisms such as the Chinese wall, disclosure and a refusal to act.

國際經濟制度權力分配所形成的結構，是展現權力或實現利益的一種形式。二次世界大戰結束後，美國透過主導創設國際貨幣基金（IMF）、世界銀行（WB）構成國際經濟制度，確保在全球經濟治理的優勢地位。中國改革開放以來，隨著經濟快速發展與綜合國力大幅提升，日益展現出革新與完善現有國際經濟制度的強烈企圖心，尤其亞洲基礎設施投資銀行（Asia Infrastructure Investment Bank, AIIB, 簡稱亞投行）從提出倡議到正式成立僅歷時兩年，並獲得亞太區域內、外之主要國家支持，反映出中國具備主導建構區域性或全球性多邊金融機構的政經實力。本論文將從結構現實主義的權力、利益、霸權等視角，探討美國在二戰後主導創設國際經濟制度之戰略目的、中國深化參與現行國際經濟制度之戰略意圖、美中兩國在國際經濟制度權力消長情形，以及中國創建亞投行對於美中關係未來發展的可能影響與戰略意涵，從中推論在美國掌控總體主導優勢的國際經濟制度下，中國試圖運用亞投行在國際經濟制度的權力結構組建平行架構，爭取與其政經實力相符的國際地位和影響力等相對利益，藉以形塑安全環境、擴大國際事務話語權和提升其大國地位，並在國際經濟制度結構下，與美國保持競合兼具的權力平衡的均勢格局，進而實現「兩個百年」的戰略發展目標。 / The distribution of power formed in the international economic institutional structure may reflect influence of power and fulfillment of the national interests. After World War II, the United States has secured its dominant position of global economic governance by establishing the international economic institution consisting of International Monetary Fund and World Bank. In contrast, since the implementation of “Reform and Opening-up” policy, China has been rapidly developing its comprehensive national power and gradually shown a strong desire to reform the existing international economic institution. The purposes of this thesis are to explore the Sino-US strategic struggles in current international economic institution and evaluate the potential impacts on the Sino-US relations caused by Asian Infrastructure Investment Bank from the perspective of structural realism. Based on the conducted analyses, this thesis concludes that China aims to pursue the gains corresponding to its growing influence and have a bigger say in the international economic institution. Moreover, China also devotes to maintaining the status quo in balance of power with the United States while establishing a parallel structure to the existing international economic institution so as to accomplish its Two Centenary Goals of strategic development.

The main task of the diploma thesis is an analysis of financial performance and position of Morgan Stanley during several successive periods before and during the subprime financial crisis. Through the analysis of trends in key items, it also demonstrates strong cyclicality of financial performance and position of the investment bank. The first chapter deals with history and key divisions of the Company. The following chapter generally discusses selected phenomena, which, as per the author's view, significantly influenced industry-wide record-breaking performance during the period before the subprime crisis, and which substantially determined Morgan Stanley's risk profile and performance's corrections later during the Crisis. The core part of the Thesis is conceived as an analysis of financial performance and position of Morgan Stanley during the selected periods. The analysis of pre-crisis period until 2006 in the third chapter demonstrates growth of activities lying behind the unprecedented profitability of the Institution. The following fourth chapter analyzes deteriorating financial performance during the subprime crisis and indicates crucial strategy changes, implemented by the Company at the end of 2008. Effects of the strategic changes and challenges of the future development of the Institution are discussed in the last chapter. Additionally, the Thesis includes annexes, which further deal with selected topics and their general relations to investments banks and two annexes which compare Morgan Stanley with its nearest peers during specific periods.

The liberal theory of international relations primarily associates international cooperation with liberal democratic states, to the point that a theory of scholars Poast and Urpelainen claim that international cooperation with consolidated democracies through international organizations may boost the democratization of or at least prevent democratic backsliding in non-consolidated democracies. This paper investigates the possibility of decoupling these theories from democracies and democratizing by examining whether Chinese efforts within the framework of the Asian Infrastructure Investment Bank and the Belt and Road foreign policy project have a similar but reverse effect on its target states, prompting developments in authoritarian directions. Though the results of study are inconclusive on account of the relative youth of the studied IOs, they indicate a strong possibility that could do with further study.