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1 Abstract Since 2010 in France, local and complementary currencies have grown signif- icantly, bringing the total number in circulation to 82. Most of the studies focus on the way local and complementary currencies work and their potential benefits. With the benefit of ten years of hindsight, it is time to supplement the studies with a quantitative analysis of the phenomenon and measure its impact on the local economy. A survey dealing with all the issues involved in developing a currency completes the quantitative analysis. Nevertheless, the thesis faces difficulties in collecting this data. Hence, the thesis identifies the lack of suitable tools for regular monitoring as the main reason for the data collection issue. Despite the low response rate, the collected responses provide evidence to confirm the intuition that local and complementary currencies are dependent on their framework. Indeed, based on a few responses and spe- cific cases, the thesis distinguishes critical framework-dependent elements that impact the sustainability of a local and complementary currency. Hence, the thesis emphasizes the critical role of the local consumption habits, elected rep- resentatives, relations with public bodies, and people's attachment to the local territory. Furthermore, the thesis underlies the need to sustain...

This dissertation consists of three essays in international finance. The first two essays study emerging market sovereign risk with a focus on local currency denominated sovereign bonds. The third essay examines econometric tools for robust inference in the presence of missing observations, an issue frequently encountered by researchers in international finance. / Economics

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Local communities encounter various problems related to the global economic system. Socio-economic challenges arise in these communities due to the disappearance of jobs and the leakage of money, this results in a diminishing of social resilience which in turn means that these communities are hampered in their move towards strategic sustainable development. According to scientific literature, a local currency could be an instrument to overcome this diminishing of social resilience. However, the role of these currencies in strategic sustainable development remains unclear. This study aims to bridge this gap in scientific knowledge. In order to do so, three different case studies of local currencies were conducted by means of semi-structured interviews. This data was compared with the theory on local currencies and assessed through the lens of the Framework for Strategic Sustainable Development. Using this specific framework allows for a unique systems perspective on sustainable development. It becomes clear that local currencies raise awareness around sustainability challenges and incentivise social interactions; however this remains a marginal contribution towards strategic sustainable development. This research leads to the recommendation to explore enhancements to local currencies in order to address these sustainability challenges more adequately.

O presente trabalho tem como objetivo analisar como surgiram e funcionam atualmente os bancos comunitários no território brasileiro. A primeira parte procura apresentar o quadro teórico de referência utilizado na explicação deste fenômeno, visando identificar as principais abordagens existentes sobre os bancos comunitários e as moedas locais, no Brasil e no mundo. A segunda parte visa definir a topologia desses bancos comunitários no território nacional, apresentando como recorte empírico a Região Sudeste do país. Com o intuito de aprofundarmos o entendimento das dinâmicas que se impõem aos lugares (principalmente por intermédio da ação do Estado), a terceira parte da dissertação procura apresentar de forma sistematizada dados dos bancos comunitários paulistanos e dos estabelecimentos do circuito inferior da economia urbana que fazem uso da moeda local como meio de pagamento. Ainda nesta última parte do trabalho, foram objeto de nossa análise mais detalhada os Bancos Comunitários União Sampaio, Paulo Freire, Apuanã, Autogestão e a \"instituição inovadora\" Obras Recreativas, Profissionais, Artísticas e Sociais (ORPAS). / This research has the objective of analyzing how communitarian banks in Brazilian territory emerged and how they work. The first part seeks to present the theoretical framework used in the explanation of this phenomenon, aiming to identify the main approaches of communitarian banks and their local currency in Brazil and abroad. The second part seeks to explain the topology of these banks on national territory, defining as our empirical universe the Southwest Region. With the intention of deepening the understanding of dynamics that impose themselves in places (mainly by the action of the State), the third part of the dissertation seeks to introduce in a systematized way, some data of the communitarian banks of São Paulo and also from the actors fo lower circuit of the urban economy that use local currency as payment. In the last part of this research, we analyze the way of action of Communitarian Banks of União Sampaio, Paulo Freire, Apuanã, Autogestão and the innovative institution Recreational, Professional, Artistic and Social Works (in Portuguese, Obras Recreativas, Profissionais, Artísticas e Sociais) (ORPAS).

O presente trabalho tem como objetivo analisar como surgiram e funcionam atualmente os bancos comunitários no território brasileiro. A primeira parte procura apresentar o quadro teórico de referência utilizado na explicação deste fenômeno, visando identificar as principais abordagens existentes sobre os bancos comunitários e as moedas locais, no Brasil e no mundo. A segunda parte visa definir a topologia desses bancos comunitários no território nacional, apresentando como recorte empírico a Região Sudeste do país. Com o intuito de aprofundarmos o entendimento das dinâmicas que se impõem aos lugares (principalmente por intermédio da ação do Estado), a terceira parte da dissertação procura apresentar de forma sistematizada dados dos bancos comunitários paulistanos e dos estabelecimentos do circuito inferior da economia urbana que fazem uso da moeda local como meio de pagamento. Ainda nesta última parte do trabalho, foram objeto de nossa análise mais detalhada os Bancos Comunitários União Sampaio, Paulo Freire, Apuanã, Autogestão e a \"instituição inovadora\" Obras Recreativas, Profissionais, Artísticas e Sociais (ORPAS). / This research has the objective of analyzing how communitarian banks in Brazilian territory emerged and how they work. The first part seeks to present the theoretical framework used in the explanation of this phenomenon, aiming to identify the main approaches of communitarian banks and their local currency in Brazil and abroad. The second part seeks to explain the topology of these banks on national territory, defining as our empirical universe the Southwest Region. With the intention of deepening the understanding of dynamics that impose themselves in places (mainly by the action of the State), the third part of the dissertation seeks to introduce in a systematized way, some data of the communitarian banks of São Paulo and also from the actors fo lower circuit of the urban economy that use local currency as payment. In the last part of this research, we analyze the way of action of Communitarian Banks of União Sampaio, Paulo Freire, Apuanã, Autogestão and the innovative institution Recreational, Professional, Artistic and Social Works (in Portuguese, Obras Recreativas, Profissionais, Artísticas e Sociais) (ORPAS).

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Submitted by Fabio Daneluzzi (fdaneluzzi@gmail.com) on 2018-04-08T15:15:38Z No. of bitstreams: 1 Dissertação V20 - Final.pdf: 23221778 bytes, checksum: 08811caddd6c098711b3b93a70d8665c (MD5) / Approved for entry into archive by Mayara Costa de Sousa (mayara.sousa@fgv.br) on 2018-04-10T17:20:13Z (GMT) No. of bitstreams: 1 Dissertação V20 - Final.pdf: 23221778 bytes, checksum: 08811caddd6c098711b3b93a70d8665c (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-04-10T17:28:22Z (GMT) No. of bitstreams: 1 Dissertação V20 - Final.pdf: 23221778 bytes, checksum: 08811caddd6c098711b3b93a70d8665c (MD5) / Made available in DSpace on 2018-04-10T17:28:22Z (GMT). No. of bitstreams: 1 Dissertação V20 - Final.pdf: 23221778 bytes, checksum: 08811caddd6c098711b3b93a70d8665c (MD5) Previous issue date: 2018-03-12 / Criptomoedas criadas em blockchain representam um novo modelo de moedas digitais. Caracterizadas por permitirem uma alta descentralização, sem a necessidade de um emissor e controlador central, essas novas moedas têm sido criadas com maior velocidade desde 2009 com o surgimento do Bitcoin, a primeira a se utilizar de tal tecnologia. Nesse contexto, um grupo particular de criptomoedas tem surgido, que nesta pesquisa serão chamadas de 'Criptomoedas Complementares'. Tais criptomoedas visam atender demandas específicas da sociedade como, por exemplo de inclusão financeira, desenvolvimento social ou de preservação ambiental e, em alguns casos, destinadas a comunidades específicas, assim como ocorre com as 'clássicas' moedas complementares e comunitárias. Por ser um fenômeno recente, existem poucos estudos que visam compreendê-lo. Este, portanto, é o objetivo desta pesquisa. A partir de um estudo sobre 28 diferentes criptomoedas complementares e utilizando como base 8 modelos de classificação de moedas complementares e comunitárias já presentes na literatura, esta pesquisa permitiu a criação de uma tipologia específica para tal universo. Composta por 4 dimensões, essa tipologia final permitiu segregar as criptomoedas complementares em 10 diferentes grupos, dando maior clareza sobre suas semelhanças e diferenças em aspectos estratégicos e técnicos. Espera-se que esta pesquisa contribua para que profissionais, instituições e pesquisadores envolvidos ou interessados em temas como finanças solidárias, moedas complementares e criptomoedas possam melhor compreender esse novo fenômeno e suas particularidades, através não apenas do mapeamento de criptomoedas complementares que foi realizado, mas também da tipologia criada, utilizando-a como um modelo para melhor categorizar, diferenciar e comparar projetos desta natureza. / Blockchain-based cryptocurrencies are a new group of digital currency. By allowing a highly decentralization, without the need of a central issuer to control the digital system, those new currencies have been created with increasing speed since 2009 after the emergence of Bitcoin, the first digital currency based on such technology. In this context, a particular group of cryptocurrencies have arisen, called 'Complementary Cryptocurrencies' in this research. These cryptocurrencies seek to meet specific demands of society, such as financial inclusion, social development or environmental preservation, in some cases at specific communities, as well as do the 'traditional' complementary and community currencies. Since this phenomenon is quite new, there are few studies that aim to understand it. This, therefore, is the goal of this research. Through a study of 28 different complementary cryptocurrencies and based on 8 different classification models designed to complementary and community currency already present in the literature, this research allowed the proposal of a new, specific typology for such a universe. Composed by 4 dimensions, this typology allowed to segregate the complementary cryptocurrenciesin 10 different groups, allowing greater clarity about their similarities and differences in strategic and technical aspects. It is expected that this research helps professionals, institutions and researchers involved or interested in themes such as solidarity finance, complementary currencies and cryptocurrency, to understand this new phenomenon and its particularities, not only through the mapping of complementary cryptocurrency done, but also through the typology created, using it as a model to better group, distinguish and compare projects of this nature.

Les recherches sur les réseaux monétaires alternatifs sont relativement récentes et particulièrement rares au Québec. De plus, celles-ci montrent un portrait plus globalisé et moins territorialisé, ce qu’une recherche ethnographique est capable de produire. Il était ainsi nécessaire de joindre à ce type de recherche un point de vue plus territorialisé tout en prenant le cas de figure émergeant du BLÉ présent à la ville de Québec. En plus de montrer une facette d’alternative économique, cette recherche vise à détailler des distinctions localisées d’un type précis de réseau monétaire, les monnaies locales complémentaires, en montrant une comparaison entre trois réseaux dans les trois aspects : économique, social et environnemental propre à ce type de réseau. Finalement, ces distinctions seront reprises pour montrer la différence dans la structure des réseaux provenant de visions différentes, d’objectifs différents et par conséquent d’une utilisation et appropriation différente de la monnaie. / Researches on alternative currency networks are quite new, especially in the province of Quebec. Moreover, those researches tend to show a more globalized portrayal than territorized, what an ethnographical investigation can produce. It is necessary to join territorized ones to that kind of research, and this will be here the cas with the instance of the emergent BLÉ, a local currency which is use at Quebec city. This research aim to detail the localized distinctions within one specific kind of alternative currency network, complementary local currency networks, by comparing three aspects of three different networks : economic, social, and environmental. Finally, those distinctions are useful to show the difference in the sutrcture of the three networks, built from different visions, with different goals, and therefore different uses and appropriations of money.