Diss. (sammanfattning) Uppsala : Sveriges lantbruksuniv. / Härtill 4 uppsatser.

This thesis deals with development projects, their characteristics and subsequent analysis of the current development market in Prague. It identifies current trends in the management and financing of development projects, then analyzes the project office building Baawer Office House.

This dissertation comprises two essays. The first essay explores how the size of government, as measured by the level of spending, affects growth. Theoretical models suggest a nonlinear relationship; however, testing this hypothesis empirically in cross-country studies is complicated by the endogeneity of government spending and the accurate identification of turning points. This paper examines the nonlinear hypothesis by incorporating threshold analysis in a cross-country growth regression. Using a broad panel of countries over the period 1971-2005, the results show evidence in favor of a nonlinear effect, but not of the form predicted by theory. When total government spending is low, there is no statistically significant effect on economic growth. However, after passing a certain threshold government spending exhibits a negative effect on growth. The second essay develops a dynamic macroeconomic model to explore how variations in the composition and financing of government expenditures affect economic growth in the long-run. The model is used to analyze how public investment spending funded by taxes or borrowing affects long-term output growth. The model is calibrated to reflect economic conditions in the seven largest Latin American economies during the period 1990 to 2008. We find that, where tax rates are not already high, funding public investment by raising taxes may increase long-run growth. If existing tax rates are high, then public investment is only growth-enhancing if funded by restructuring the composition of public spending. Interestingly, using debt to finance new public investment compromises growth, regardless of the initial fiscal condition.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2016-08-29T12:57:02Z No. of bitstreams: 1 Luciana Maria de Oliveira Lopes.pdf: 1479585 bytes, checksum: 1934ce2a4d6a84676cb07a477952a1bc (MD5) / Made available in DSpace on 2016-08-29T12:57:02Z (GMT). No. of bitstreams: 1 Luciana Maria de Oliveira Lopes.pdf: 1479585 bytes, checksum: 1934ce2a4d6a84676cb07a477952a1bc (MD5) Previous issue date: 2016-03-16 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The discussion on the financing of investment falls within a context in which economists recognize the need and importance of investment for economic growth, but there is between them, a consensus on the conditions under which they must happen, because diverge on the direction of causality savings relative to investment. While neoclassical economists are based on the theory of loan funds, Keynesian economists build their arguments on the principle of effective demand. Faced with this controversy, this thesis first analyze the necessary conditions to obtain the levels of economic growth from the perspective of these two theories, and then once it is established that the obstacle to investment is given by the lack of funding and not by insufficient savings ex-ante will analyze the financing of investments in a Keynesian perspective. Therefore, it is intended with this thesis, analyze from the existing theoretical controversy, one of the possible causes of the difficulties in investing enough to maintain long-term economic growth rates / O debate sobre o financiamento dos investimentos se insere dentro de um contexto em que os economistas reconhecem a necessidade e a importância dos investimentos para o crescimento econômico, mas não há entre eles, um consenso sobre as condições sob as quais eles deverão ocorrer, sobretudo porque divergem quanto ao sentido de causalidade da poupança em relação ao investimento. Enquanto os economistas neoclássicos se baseiam na teoria dos fundos de empréstimo, os economistas keynesianos constroem os seus argumentos com base no princípio da demanda efetiva. Diante desta controvérsia, a presente dissertação primeiramente analisará as condições necessárias para se obter os níveis de crescimento econômico sob a perspectiva destas duas teorias e, em seguida, uma vez demonstrado que o óbice ao investimento é dado pela ausência de funding e não pela insuficiência de poupança ex-ante, será analisado o financiamento dos investimentos sob uma perspectiva keynesiana. Portanto, pretende-se com esta dissertação, analisar a partir da controvérsia teórica existente, uma das possíveis causas da dificuldade em se investir o suficiente para manter os níveis de crescimento econômico de longo prazo

The thesis deals with the determination of economic efficiency of a development project, concerning the construction of an apartment complex. The theoretical part is devoted to investments, feasibility study, analysis of cash flows and the criteria for determining the economic efficiency. Then there is characterized by development activity, the creation of cash flows and the discount rate. The practical part describes the chosen development project, the determination of cash flows, an assessment of economic efficiency and sensitivity to potential risks.

Made available in DSpace on 2016-04-26T20:48:30Z (GMT). No. of bitstreams: 1 Dissertacao Marcelo de Jesus.pdf: 2140991 bytes, checksum: 62ed6711e30e20ebb60553fb0fd2bf70 (MD5) Previous issue date: 2005-04-25 / The purpose of this study is to analyze the evolution of the mutual funds as one of the main institutional investors in Latin America, with the analysis of five countries in this region: Argentina, Brazil, Chile, Mexico and Peru, in the period between 1995 to 2004. The analysis is performed starting from the middle 1990´s, when the growth of the mutual funds assets got stronger and made such institutions to become an important money saving mechanism. It is discussed its role in the financial system, also the factors which influence objective to surpass the old restriction to the financing investment. The origin of the mutual funds is briefly described, starting the discussion about the reasons that contributed to the institutionalization of the money savings and the function attributed by the Keynesian and post-Keynesian theoretical reference to the institutional investors. Furthermore, it looks for identifying how regulation evolved. At last, it is done an analysis of the evolution of the funds asset portfolio in the analyzed countries, from 1995 to 2004, observing the macroeconomic context on the analyzed period. / O propósito desta dissertação é analisar a evolução dos fundos mútuos como um dos principais investidores institucionais na América Latina, a partir da análise de cinco países da região: Argentina, Brasil, Chile, México e Peru, no período compreendido entre 1995 e 2004. A análise desenvolve-se a partir de meados da década de 1990 quando o crescimento dos ativos dos fundos mútuos ganhou força e fez com que tais instituições se tornassem importante mecanismo de gestão de riqueza financeira. Discute-se a sua participação no sistema financeiro e os fatores que operam no sentido de superar a antiga restrição ao financiamento do investimento. A origem dos fundos mútuos é relatada de forma breve, dando início à discussão sobre os motivos que contribuíram para institucionalização da poupança e o papel atribuído pelo referencial teórico keynesiano e pós-keynesiano aos investidores institucionais. Em seguida, busca-se identificar como evoluiu a regulamentação. Por fim, é feita uma análise da evolução da carteira de ativos dos fundos mútuos nos países analisados, de 1995 a 2004, tendo em vista o contexto macroeconômico no período analisado.

The work aims to determine the economic efficiency and financial feasibility of the business plan, the construction of residential housing complex using a sensitivity analysis to determine the risk that the economic efficiency of most influence. The theoretical part of this work are the basic areas relating to the evaluation of economic efficiency, cash flow, sensitivity analysis and development project. The practical part deals with a specific project CAMPUS REZIDENČNÍ AREÁL II. Showing cash flows on the project and determining the various indicators of economic efficiency. The study also prepared a sensitivity analysis for the project scenario and determine the maximum risk that may threaten the economic efficiency of the project.

Esta dissertação analisa os determinantes do investimento na economia brasileira no período compreendido entre 2003 e 2008, com enfoque teórico na teoria das restrições financeiras. Para efetuar tal análise, esse trabalho apresenta as principais teorias do investimento presentes na literatura, assim como os principais trabalhos que abordam a questão da relevância ou não da estrutura de capital no financiamento do investimento, com destaque àqueles que inserem a assimetria informacional no escopo teórico. Em seguida, são apresentados os trabalhos que defendem a importância da restrição financeira na determinação do investimento da firma. Para enriquecer a argumentação, é feita uma análise histórica da trajetória da taxa de investimento brasileira e da estrutura de capital das empresas nacionais, e um resumo dos principais trabalhos que estudaram os determinantes do investimento na economia brasileira, com destaque para os que incorporam as restrições financeiras. Por fim, a partir de dados de balanços patrimoniais e segregando a amostra por porte da empresa, um modelo de dados de painel é desenvolvido para testar a hipótese de restrição financeira nas firmas brasileiras de mercado aberto no período. / This dissertation analyzes the determining factors for investment in the Brazilian economy over the 2003-2008 period, with a theoretical focus on financial constraints. To conduct such analysis, this paper presents the main investment theories in the available literature, as well as the main papers that address the issue concerning the relevance, or not, of capital structure in financing investment, highlighting those that insert informational asymmetry into the theoretical scope. Following this are the works that defend the importance of financial constraints when deciding on a company’s investment. For a more in-depth examination, an historical analysis is carried out on the course not only of the Brazilian investment rate, but also of the capital structure of Brazilian companies. In addition, a summary of the main papers containing studies on the determining factors for investment in the Brazilian economy is presented, highlighting those [papers] that incorporate financial constraints. Finally, based on data from balance sheets and taking samples per company-size, a panel-data model is developed to test the hypothesis of financial constraints in publicly-listed Brazilian firms in the period in question. / Dissertação (mestrado) - Universidade Federal do Rio de Janeiro. Instituto de Economia, Rio de Janeiro, 2010 / Bibliografia: p. 88-94