Cette thèse analyse les opérations de crédit et d’émission de billets de la Banque de France, entre 1870 et 1897 et les relations entre l’État républicain et l’institution financière. Elle suppose que la Guerre franco-prussienne (1870-1871) et l’arrivée de Joseph Magnin, républicain, sous la Troisième République (mandat 1881-1897), ont influé sur la politique de la Banque de France. Après la Guerre et alors que l’Europe vit une période de stagnation économique, l’Allemagne et les États-Unis connaissent un développement rapide qui intensifie la concurrence entre les pays. La nomination d’un Gouverneur républicain à la tête de la Banque permet à l’État d’intervenir dans la politique de l’institution, pour permettre l’extension de l’offre de crédit. Néanmoins, beaucoup de dirigeants de la Banque insistent sur le fait qu’elle est encore une société anonyme, au nom de son indépendance. Cette opposition s’observe principalement dans la discussion sur le crédit agricole et l’extension du réseau de la Banque. L’intervention de l’État a aussi joué un rôle important pour le contrôle du désordre du marché résultant de l’échec du Comptoir d’escompte de Paris en 1889. Sous l’initiative du Gouverneur Magnin, l’accumulation de l’or à la Banque et l’augmentation de la monnaie fiduciaire se sont établies. En 1897, l’extension de l’offre de crédit est institutionnalisée lors de la discussion sur le renouvellement du privilège de l’émission des billets au Gouvernement et au Parlement et dans les années qui suivent, le Gouverneur Pallain permet le développement de l’accumulation de l’or. / This thesis analyses operations of credit and of issue of banknotes of the Bank of France between 1870 and 1897, and relations between the State and the financial institution. It supposes that the French-Prussian War (1870-1871) and the arrival of Joseph Magnin, republican (term 1881-1897), influenced the policy of the Bank under the Third Republic. After the war, and during a protracted recession in Europe, Germany and US achieved drastic economic growth and competition between countries escalated. The French government intervened the policies of the Bank of France by a republican assuming the post of the Governor of the Bank, and expanded credit facility. However, many executives of the Bank claimed the fact that it was still a private bank based on its independency. This conflict could be seen mainly in the discussion on expansion of agricultural credit and the base network of the Bank. The intervention of the State fulfilled an important role as well for the control of the confusion of the domestic market resulting from the collapse of the Comptoir d’escompte de Paris in 1889. Under the initiative of the Governor, Mr. Magnin, accumulation of gold was implemented and issuance of banknotes increased in the Bank. In 1897, expansion of credit facility was institutionalized in the discussion between the government and parliament on the renewal of the privilege to issue banknotes for the Bank, and after that, the next Governor Pallain further promoted accumulation of gold.

The diploma thesis will be devoted to the principles of market economy and its teaching in Civics classes at primary school. The work is divided into two parts, theoretical and practical. The theoretical part introduces the basic principles of market economy, explains the concepts of market, market mechanism, supply, demand, competition, monopoly, price and profit, including the interrelationships. The following is an insight to the curriculum and the theory of didactics. At the end of the theoretical part, space is set aside for introduction to the basic issues of teaching economic topics at primary school. In the practical part I present project teaching, a didactic analysis of the principles of market economy is performed, a teaching unit was designed and evaluated, which was implemented at the primary school and kindergarten Kralupy nad Vltavou, Třebízského 523. The diploma thesis is ended with self-evaluation.

Am Ende des zweiten Weltkrieges war im zerstörten Europa die Notwendigkeit einer neuen Wirtschaftsordnung gegeben. Insbesondere in Deutschland war es wichtig, dass durch diese ein erneuter Krieg verhindert würde. Das 1918 nach dem ersten Weltkrieg entstandene wirtschaftliche System wurde damals als eine der Hauptursachen für den Aufstieg des nationalsozialistischen Regimes gesehen. Die Sieger des ersten Weltkrieges hatten sich gegen einen direkten Eingriff in die Wirtschaftspolitik Deutschlands entschieden und damit die Entwicklung der marktwirtschaftlichen Ordnung der Weimarer Republik ermöglicht. Dieses Vorgehen erschien den Siegermächten nach dem zweiten Weltkrieg fehlerhaft und veranlasste sie zur Besetzung Deutschlands und zur Restriktion der Wirtschaft...

In South Africa, over-the-counter (OTC) bond options may be used in order to either hedge or speculate. However, since 2001, this market deteriorated significantly. The current research assessed the role of the local bond option market, reasons for the deterioration of the South African OTC bond option market, and how this bond option market could possibly be restored as a primary hedging instrument. The opinions of individuals operating in this market were obtained using a questionnaire. In the opinion of the respondents, wide bid–offer spreads, regulatory interferences and poor participation within this market caused market deterioration. The market could be restored as a hedging instrument if effective market integration exists, interbank trading regularly takes place, liquidity was enhanced, transparency increased and investor knowledge improved. Future research could focus on regulatory transformation, the types of derivatives used for hedging, and an assessment of appropriate continuous professional development interventions for investors. / Business Management / M. Com. (Business Management)

The thesis deals with the process of economic transition and its results in Poland, Hungary, the Czech Republic a the Slovak Republic, i.e. countries of Visegrad four. The paper describes the functioning of centrally planned economy and the general process of transition to a market economy. It also mentions different theoretical approaches. Furthermore it analyses the development of transition reforms in particular countries and compares the results of individual transition strategies.

Dans une étude linguistique qui met l’accent sur l’articulation entre le discours et la réalité politique, nous avons mis en évidence les transformations en matière de politique économique et sociale en République fédérale d’Allemagne (R.F.A.) entre 1949 et 2009. Par le biais d’une analyse des prédications dans un corpus constitué des discours de politique générale (Große Regierungserklärung) présentés devant le Bundestag, nous avons repéré les différentes contextualisations des concepts Staat, Wirtschaft, Wachstum, Wettbewerb et Markt. Chaque contextualisation, par le biais de laquelle le locuteur sélectionne une portion de la réalité, met en perspective une position référentielle dans le cadre cognitif (frame) activé par le lexème employé. Le cadre cognitif qui nous a servi à la fois d’outil d’analyse et de format de représentation constitue un réseau de concepts ; ses positions référentielles sont instantiées par les prédications. Nous avons pu discerner deux périodes riches en changements contextuels :1) La période entre 1969 et 1976 qui est marquée par des contextualisations de Staat, Wachstum et Wettbewerb dans un discours sur le renforcement de la protection sociale basée sur l’intervention de l’État, et par la mise en avant du renforcement de la concurrence entre les entreprises ainsi que par les avantages de la croissance. 2) La période allant de 1982 à 2002, déterminée par des contextualisations de Staat, Wirtschaft, Wachstum et Wettbewerb. Elle se distingue par la mise en exergue de la minoration de l’État-providence et de sa transformation, la modernisation économique, l’accélération de la croissance et l’extension du principe de la concurrence à d’autres domaines. Ces contextualisations signalent un « retour aux sources » de la soziale Marktwirtschaft et de ses directives néo-libérales.Les changements linguistiques intervenus et leur périodisation concordent grosso modo avec les changements politiques signalés par les historiens. Néanmoins, nous avons pu montrer que les recontextualisations peuvent servir à des seules fins stratégiques.Par ailleurs, nous avons mis en lumière l’ambiguité référentielle des lexèmes Staat, Wirtschaft, Wachstum, Wettbewerb et Markt qui entraînent une difficulté d’identification du référent envisagé par le locuteur lors de l’emploi de ces lexèmes. Ce phénomène, lié aux procédés métaphoriques et métonymiques en œuvre lors de la conceptualisation et de la dénomination des entités nous a conduit à émettre l’hypothèse d’une granularité différenciée des frames, c’est-à-dire un nombre de positions référentielles variables, dépendante du savoir encyclopédique de l’allocutaire. / In a linguistic study which emphasises the articulation between discourse and political reality, we have highlighted the transformations regarding the economic and social policy in the Federal Republic of Germany (FRG) from 1949 to 2009. Through the analysis of predications originating from policy statements (Große Regierungserklärung) delivered to the Bundestag, we have singled out the different contextualisations of the concepts Staat, Wirtschaft, Wachstum, Wettbewerb and Markt. Each contextualisation by means of which the speaker selects a portion of reality, puts into perspective a slot in the cognitive frame which is thus activated by the lexeme in use. The cognitive frame which has served us both as an analytic tool and a format of representation constitutes a concept map; its slots are instantiated by predications. We have differentiated two main periods which offer contextual changes: 1) The period extending from 1969 to 1976 is characterised by the contextualisations Staat, Wachstum and Wettbewerb in speeches on the strenghtening of social protection based on State intervention, and the emphasis on the reinforcement of competition between firms and the advantages of economic growth.2) The period extending from 1982 to 2002 is determined by the contextualisations of Staat, Wirtschaft, Wachstum and Wettbewerb. It is characterised by the underlining of the reduction and transformation of the welfare state, economic modernisation, acceleration of growth and extension of the principle of competition to other areas. These contextualisations point out to “a return to the basics“ of the soziale Marktwirtschaft and its neo-liberal guidelines.These linguistic changes and their periodisation roughly concur with the political changes reported by historians. Nevertheless, we were able to demonstrate that recontextualisations can just serve strategic purposes.Furthermore, we have highlighted the referential ambiguity of the lexemes Staat, Wirtschaft, Wachstum, Wettbewerb and Markt, which leads to a difficulty in identifying the referent envisioned by the speaker when he uses these lexemes. This phenomenon, which is linked to the metaphorical and metonymical processes implemented in the conceptualisation and denomination of entities, has led us to put forward the hypothesis of a differentiated granularity of frames, i.e a number of variable slots which depend on the encyclopaedic knowledge of the addressee.

由人類學家所定義的互惠經濟之交易行為與我們所認知的市場交易相較之下有幾個特殊之處，如，強調交易雙方的關係、主觀的價值判斷等，近來經濟學家也嘗試以各種不同的角度（如：訊息經濟學、賽局理論、實驗經濟學、制度經濟學）來探討此一耐人尋味的交易行為， Kranton 的文章就是其中的一個代表。 Kranton 認為互惠經濟與市場經濟制度的差異僅是一些人們的心理偏好如：對財貨多樣性的偏好、對未來消費偏好上的程度大小之選擇問題，另外制度本身有一種「自我延續」的機能，任一種制度越被人們所青睞也就更確認其普行於社會的地位。他認為制度與制度之間存在著一種「競爭」的關係，社會最終只能容許一種制度存留，而結果取決於上述的偏好因素以及某制度開始時的起始值大小。 惟我們認為 Kranton 的模型有許多不完美之處，根據他的缺失，我們有了以下的補充及發揮。首先，從交易關係來瞭解交易行為，可以將兩種制度「互相競爭」的單一思考角度擴充到有「互補」可能性的思考空間。我們認為一項交易的完成不僅是客觀上財貨的交換，其他相關的事項如交易雙方藉由交易互動來達成訊息探測的目的及交易雙方的關係因為一連串的交易所發生的變化等都是值得我們注意的。我們會看見兩種不同的制度（互惠經濟與市場經濟）在同樣一項交易上運作乃是因為這兩種制度所詮釋的功能及範圍有所不同，彼此相互輔助而不一定有衝突發生。 第二、我們分別推演了「貨幣」、「法律制度」、「物品交換知識累積」等因素對互惠經濟轉變成市場經濟的可能性。我們發現「貨幣」的出現影響了因為以物易物所無法避免的一種「跨期交換」的人情債，但是貨幣也僅是影響其中一個「交易互動」的機會而已，新的互動機會可以不因為貨幣的出現而受到影響。法律制度對交易細節的強力背書，可省去交易雙方為了交易過程中可能發生的不確定性所額外必須做的「關係功夫」，但是真正令雙方滿意的交易仍需要交易當事者主動探尋求得。物品交換知識的累積代表人們將一些彼此之間的共識客觀成熟化，所以通常互惠經濟成熟後，市場經濟就會跟著出現。 最後我們認為「訊息」是互惠經濟能步入「市場經濟」的一個重要關鍵。一個人面對市場經濟多樣化的選擇時必須擁有充分的訊息作為選擇的依據，惟市場本身能衍生出另一種「訊息市場」來。在訊息提供上不僅要考慮到訊息的「廣度」也要考慮到「深度」，互惠經濟所形成的人際網路能透過「瞭解」的機制來傳遞及過濾「適當」的訊息，但是人際網路一樣會有「遞移成本」及「維護成本」的問題，另外訊息在消費上的不具敵對性會減低訊息市場上供給者的提供誘因，我們將以上的所有考慮因素具體化為一個簡單的模型，並試圖找出在訊息上提供上，互惠經濟與市場經濟之間的「分水嶺」。 / Reciprocal economy , compared to the familiar market economy,is characterized byseveral features such as gift giving,social structure patterns,subjective valuesRecently,economists try to explain such ambigious behavior by means of game theory, experimental methods,and institutional views.Kranton's paper is oneexample. From Kranton's point of view,reciprocal economy differs with market economyonly in poople's preferences such as preferences for diversity of goods,preferences for future consumption. In addition,institution itself has mechanisms of self-sustaining which guarantees its pervasion. That reciprocal economy is competitive with market economy means that only one institution can survivewhich is dependent on social preferences and institution's initial value. Not satisfied with Kranton's model, we try another way to handle the probleminto three parts. First,in views of transaction relationships,we may say that each institution'ssurvival is dependent on the other's persistence. Second, "money", "laws", and "transaction knowledge" are all important factors influncing the transition from reciprocal economy to market economy.Third,"information completeness "is a key factor of the market economy and the provision of information is another choice problem between reciprocal economy and market economy.

This research constructs the theoretical framework through documentary analysis; it utilizes the approach of ¡§state and society relations¡¨ on the micro-level of the comparative politics, supplemented with the concept of ¡§corporatism¡¨. This research includes ¡§in-depth interview¡¨ and ¡§case study¡¨ to aim at examining two issues. While the Chinese government has been the central power, the enterprises are the key players in the businesses of modern China. When the private sector has prospered vigorously, the government faced increasing pressure from economic system reform. This indicates that the power of government will shift to the industry and trade association. This research finds that the trade association, deriving from ¡§top down¡¨ model, which can gain more self-Governance, is the successful case of transformation. Its character is that it neither seeks for power from the government during the transformation nor interest from the private sector, but, instead, serves for social welfare and receives more credibility from the public and better organizing autonomy. Since the south patrolling of Deng Xiaoping in 1992, the socialist market economy has been the goal China pursues. In 1998, the ninth session national representatives passed Decision of the structural reform of the State Council plan, and it pointed out ¡§establish a government administrative system with the Chinese characteristics and suitable to the socialist market economic system¡¨. In October 2003, the Third Plenary Session of the 16th Central Committee of the Communist Party of China passed Decision of the Central Committee of the Communist Party of China on Some Issues concerning the Improvement of the Socialist Market Economy . Obviously, in addition to the concept of open policy of the trade market, the policy on decentralization of governmental structural reform is in place. Those changes push the market mechanism to expand gradually, and accelerate the transformation of trade association. It makes the influence of trade association on industrial policy making grow. Particularly, Guangdong Province's economy opened early and also led the development of trade association. This research found that the system and development of trade association in Guangdong Province has exceeded that of the central government. ¡§Guangdong Food Profession Union¡¨ is one of the best examples. This research analyzes the development of food industry of both China and the Guangdong Province, in order to explain the relations among government, the business (market) and the society. Second, to analyze the development of trade association's of China and Guangdong Province to explain the formation of civil society. Third, using the case of ¡§Guangdong Food Profession Union¡¨ to study on its philosophy, institution and interest setting in order to map out the interaction among ¡§Guangdong Food Profession Union (GFPU)¡¨, government and business. Finally, it induces the relations among state, the market, the civil society. This research not only points out the similarities and differences between the study case and the general situation in China, but also classifies three kinds of trade association and within which the trade association of successful transformation might be called ¡§NGO with the Chinese characteristic¡¨. In brief, the social scope of trade association derived from ¡§top down¡¨ model, will de unavoidably deprived by the government. In the social scope formed by the trade association of successful transformation, the administrative authority is (Economic and Trade Commission) no longer in charge of them, but the ideology of Chinese Communist Party still exists. It was the ¡§civil society with the Chinese characteristic.¡¨

Submitted by Vitor Dias (vitor.dias@gvmail.br) on 2011-12-20T18:34:36Z No. of bitstreams: 1 Vitor Martins Dias - Dissertação Bancos Públicos e Desenvolvimento - Depósito Final.pdf: 1335280 bytes, checksum: 46e01f00f67716b186c7fe2002d7fe7a (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-12-21T10:09:58Z (GMT) No. of bitstreams: 1 Vitor Martins Dias - Dissertação Bancos Públicos e Desenvolvimento - Depósito Final.pdf: 1335280 bytes, checksum: 46e01f00f67716b186c7fe2002d7fe7a (MD5) / Made available in DSpace on 2011-12-21T11:28:19Z (GMT). No. of bitstreams: 1 Vitor Martins Dias - Dissertação Bancos Públicos e Desenvolvimento - Depósito Final.pdf: 1335280 bytes, checksum: 46e01f00f67716b186c7fe2002d7fe7a (MD5) Previous issue date: 2011-11-29 / Esta dissertação tem o objetivo de estudar, entre diferentes modelos de organização econômica, aspectos da feição do arranjo financeiro brasileiro, com ênfase sobre os bancos públicos agentes de mercado no Brasil. A pesquisa está divida em uma etapa eminentemente jurídica, de sistematização e análise de normas e decisões judiciais; e uma leitura de economia política do contexto em que essas variáveis jurídicas estão inseridas. As normas pesquisadas analisam a constituição e o funcionamento do arranjo financeiro brasileiro, identificando elementos que constituem um maior protagonismo dos bancos oficiais no Sistema Financeiro Nacional, como, por exemplo, as funções de política econômica e mecanismos de poupança e depósito compulsórios. Entre outras normas, merecem destaque a Lei 4.595/64 e a Constituição Federal de 1988. A pesquisa de decisões judiciais, por sua vez, estuda o contexto e os principais argumentos de ações que envolveram um aspecto sensível na coexistência de bancos públicos e privados: a possibilidade de bancos oficiais depositarem e gerirem recursos em caráter de exclusividade. A leitura de economia política feita no segundo capítulo consiste em ampliar a lente de análise sobre o arranjo financeiro baseado em bancos públicos. Para tanto, serão analisados alguns modelos de organização econômica, divididos pela literatura de variedades de capitalismo em economias de mercado liberais e coordenadas. Ao interpretar esses modelos para o contexto econômico brasileiro, nota-se que o Brasil se valeu de mecanismos de coordenação distintos dos demais apresentados na literatura: uma coordenação pública da economia de mercado, enquanto alternativa para superar gargalos específicos do desenvolvimento econômico nacional. O Brasil, portanto, valendo-se de mecanismos de coordenação próprios, desenha o seu arranjo financeiro a partir de uma singularidade institucional: a possibilidade dos bancos oficiais poderem operar, exclusivamente, determinados recursos mesmo em uma economia de mercado; conta com mecanismos de coordenação eminentemente públicos, mas, ao mesmo tempo, deixando claro que existem mecanismos de mercado e concorrenciais estabelecidos e que devem ser observados. Essa dicotomia, entre bancos oficiais e privados, com um maior protagonismo dos bancos públicos em uma economia de mercado é que constitui, principalmente, essa singularidade institucional. / This thesis aims to study some institutional arrangements of the Brazilian financial sector, with focus on the role played by Brazilian public banks within the Brazilian economy. I start analyzing relevant norms and judicial opinions related to public banks. About former, I present the normative organization of the Brazilian financial system, and as for the latter I discuss different judicial opinions that decided upon the issue on whether public banks were permitted to monopolize some financial assets or not. Afterwards, I attempt to make a political economy reading about structuralism and varieties of capitalism and what this literature can tell about the context in which the norms, judicial opinions, and Brazilian public banks are embedded in order to understand how these institutions and organizations have changed during different political and economic regimes in Brazil. On the one hand, the norms and judicial opinions are relevant to understand the organization of the Brazilian financial system, which has opted to strengthen the role of government banks, e.g., by determining that they shall receive funds from compulsory saving mechanisms because they are relevant players for implementing economic policy in Brazil. Moreover, the judicial opinions provide relevant information on whether Brazilian public banks may maintain monopoly of assets in a market economy. On the other hand, the political economy analysis presented in the second chapter provides another layer to the study the maintenance of public banks in a market economy in Brazil. Whether Brazil lives a variety of capitalism or is path dependent on its public banks is a matter that needs a discussion, and the judiciary has an important role in this context. Therefore, I will analyze different models of economic organization regarding financial systems, using the varieties of capitalism literature for this purpose. Different from the countries studied by this literature, it is noted that Brazil has different coordination mechanisms, i.e., a public coordination of the market economy, which has been structured as an alternative to overcome specific problems of the Brazilian economic development. What has led to this institutional arrangement, how it has been structured, and what is the role of the judiciary in this process is what will be studied in this thesis.

In South Africa, over-the-counter (OTC) bond options may be used in order to either hedge or speculate. However, since 2001, this market deteriorated significantly. The current research assessed the role of the local bond option market, reasons for the deterioration of the South African OTC bond option market, and how this bond option market could possibly be restored as a primary hedging instrument. The opinions of individuals operating in this market were obtained using a questionnaire. In the opinion of the respondents, wide bid–offer spreads, regulatory interferences and poor participation within this market caused market deterioration. The market could be restored as a hedging instrument if effective market integration exists, interbank trading regularly takes place, liquidity was enhanced, transparency increased and investor knowledge improved. Future research could focus on regulatory transformation, the types of derivatives used for hedging, and an assessment of appropriate continuous professional development interventions for investors. / Business Management / M. Com. (Business Management)