Thesis (Ph. D.)--University of Chicago. / Includes bibliographical references.

Thesis (Ph. D.)--Ohio State University, 2005. / Title from first page of PDF file. Document formatted into pages; contains xi, 119 p.; also includes graphics (some col.) Includes bibliographical references (p. 112-119). Available online via OhioLINK's ETD Center

Master-Arbeit Univ. St. Gallen, 2007.

Master-Arbeit Univ. St. Gallen, 2008.

Laurence J. Kotlikoff. / Includes index. / Bibliography: p. [497]-524.

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Orientador: Mariano Francisco Laplane / Tese (doutorado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-11T09:05:27Z (GMT). No. of bitstreams: 1 Sabbatini_RodrigoCoelho_D.pdf: 1297401 bytes, checksum: c6123e18a07875459f8422ad66bbe795 (MD5) Previous issue date: 2008 / Resumo: Esta tese investiga o movimento mundial de investimento direto estrangeiro (IDE) que viveu nova onda de expansão na última década do século XX. São analisadas inicialmente as políticas de apoio para a atração destes investimentos, procurando avaliar até que ponto as modificações nestas políticas contribuíram para o movimento de expansão do IDE neste período. Modificações que pretendiam, a um só tempo, liberalizar os fluxos de capital e proteger juridicamente os ativos das empresas transnacionais que se engajavam nestes investimentos. Em seguida, são analisados os fluxos de IDE desde os anos 70, mas com ênfase na década de 90, através de estatísticas descritivas e testes econométricos que procuram identificar a importância de alguns dos determinantes destes fluxos. Os testes foram realizados para um conjunto agregado de países e para frações desagregadas, de países e setores. Os resultados obtidos reafirmam a grande importância de fatores estruturais e geográficos, tais como tamanho do mercado e distância entre os países emissores e receptores, para a atração de IDE. A importância dos determinantes também se altera conforme se desagrega a análise, revelando caráter específico da capacidade estrutural de atração de IDE. Desta forma, investigou-se a tese de que políticas generalizadas de atração de IDE têm uma importância marginal na real capacidade de atrair investimentos para países receptores. O tamanho e o dinamismo do mercado receptor cumprem um papel que não pode ser alterado por nenhuma política isolada de atração, em especial aquelas associada a concessões em acordos de integração econômica. Já políticas seletivas, escalonadas caso a caso, desenhadas para atrair capital para um país ou um setor específico podem ser mais eficazes, sobretudo se fizeram parte de um amplo conjunto de ações integradas para estimular a competitividade nos países receptores. Políticas liberalizantes para atrair IDE seriam menos eficientes do que políticas integradas de promoção de crescimento e de desenvolvimento competitivo dos países receptores que, assim, poderiam, estruturalmente, ampliar sua atratividade para os investimentos diretos estrangeiros / Abstract: This thesis analyzes the flow of foreign direct investments (FDI), which reached its peak in the last decade of the 20th Century. First to be analyzed are the policies to attract such investments, looking to evaluate to which degree the recent revision of these policies contributed to the expansion of the FDI during this period. Revision that intends to decrease barriers to capital flows and to legally protect the actives of the transnational companies that engaged in these investments. Secondly, were analyzed the FDI flows since the 70¿s, emphasizing in the 1990 decade, through descriptive statistics and econometric tests, that aim to identify the determinants of the FDI flows. The tests were made for a group of countries and for both countries and sectors in separated equations. The results obtained re-stated the massive importance of structural and geographical factors, such as market size and distance between export and host countries, to attract the FDI. The magnitude of the determinants also changes as the analysis is applied to individual countries and sectors. As a result, it was possible to investigate the thesis that FDI¿s general attraction policies have marginal importance in the real capacity to attract investments to host countries. The size and dynamics of the host market have a role that cannot be enhanced by any isolated attraction policy, mainly those associated to concessions in international investment agreements. Yet, selective policies, chosen case by case and drawn to attract capital to a country or a specific sector can be more effective, especially if they were part of a wider group of integrated actions to stimulate the competitiveness among host countries. Even more liberal policies to attract FDI would be less efficient than pursue integrated growth and industrial development policies, which, therefore, could structurally enhance their attractiveness to foreign direct investments / Doutorado / Politica Economica / Doutor em Ciências Econômicas

Compared to the previous twenty years, residential investments in the US appear more stable after the mid-1980s. Chapter 2 explores key hypotheses regarding the underlying causes. In particular, it uses estimated DSGE models to examine whether a more responsive interest rate policy stabilizes the housing market by keeping inflation in check. These estimations indeed found a policy that has become more responsive over time. Counter-factual analysis confirms that the change stabilizes inflation as well as nominal interest rate. It does not, however, find the change in policy to have stabilizing effect on real economic activity including housing investment. It finds that smaller TFP shocks make modest contributions, while the biggest contributing factor to the fall in the housing volatility is a reduction in the sensitivity of the investment to demand variations. Chapter 3 constructs a richly specified model for the housing market to examine the empirical relevance of various costs and frictions, including the investment adjustment cost, sticky construction costs, search frictions, and sluggish adjustment of house prices. Using the US national-level quarterly data from 1985 and 2007, we find that the gradual adjustment of house prices is the most important and irreplaceable feature of the model. The key to developing an optimization-based empirical housing model, therefore, is to provide a structural interpretation for the slow adjustment in house prices. Chapter 4 uses US national-level time series of residential investment, price index of new houses, consumption and interest rate to explore whether the US, as a nation, experienced a drop in the price elasticity of supply of new housing. Maximum likelihood estimations with a simple stock-and-flow model found a statistically significant drop of the elasticity from 10 to 2.2, when the quarterly data between 1971 and 2007 are split at 1985. A richer model with mechanisms of gradual adjustment also indicates such a reduction, when existing knowledge about the adjustment parameters is incorporated in the analysis. For the Federal Reserve, an inelastic supply can be a source of concern, because policy-driven demand in housing market is more likely to trigger undesirable swings in prices. / Arts, Faculty of / Vancouver School of Economics / Graduate

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in English The Binding Effect of Arbitral Awards in International Investment Disputes The purpose of this thesis is to analyse binding effect an award has on parties to the dispute and most importantly on future tribunals. Further discussed is the de facto precedent and its development in international investment treaty arbitration. Theoretical research is supported by an empirical study of case law. The reason for my research is the existence of conflicting awards in international investment law which undermines legal certainty of investors and States. The thesis is divided into three parts. The first part is introductory and concerns with the general characteristics of international investment dispute. This part describes the system of bilateral treaties for the reciprocal encouragement of investment and the dispute mechanism in which investors are left with a choice before which body the dispute will be heard. The chapter then distinguishes two different perceptions of tribunals: the principal-agent relationship where tribunal acts only as an agent of parties to the dispute independent of other tribunals; and tribunal as an agent of parties and also agent of the whole investment community. The second chapter focuses on the binding nature of an award. It looks at the wording of ICSID Convention...