This research examines whether study of the controversial evolution of energy systems and emerging energy technologies can contribute to the debates in energy policy and STS, especially those concerning the ongoing search for solutions to energy and environmental problems through the promotion of low-carbon technologies. The focus of this study is on the emergence and growth of a technological project in the renewable energy sector, Wave Hub in Cornwall, UK. The analysis, informed by actor-network theory, helps to explore the emergence of Wave Hub as a complex socio-technical system and a macro-actor. The case study reveals that the project is associated with various controversies and problematic temporalities. The construction of credibility and viability of the technological project is explored, including the 'public face’ of the project, various meanings attributed to Wave Hub and its symbolic capital. The discourse around Wave Hub is critically reviewed, as regards stakeholder assumptions about the technological feasibility of the project. Consideration is also given to the political dimensions of credibility, including the promissory role of policy discourse. An actor-network theory approach helps questioning the idea of policy as ‘macro context’; the utility of an analytical approach to policy as an actant is thus investigated. I ask to what extent, and in what sense, policy can be understood as an element of an actor-network, not merely a context. Furthermore, this helps to build a critical discussion around the evolution of the actor-network with policy as its active element and critically assess to what extent this approach might help to understand the destiny of a technological project. The politics of expertise in the case of Wave Hub is shown to play a critical role for the ‘credibility-economy’ of the project. Exploring how the expertise is understood and performed in the case of Wave Hub, I consider the question of the self-representation of experts and how the expert knowledge and the expert status are constituted. Studying the contestation of expertise and its categorisation helps to analyse various forms of collaboration formed around Wave Hub, but also antagonism which was revealed between different groups of experts.

This dissertation consists of four related, sole-authored chapters. It considers the microeconomic mechanisms for gains from trade in the presence of quality investments by firms. It shows within the framework of a quality-augmented heterogeneous firms model that the quality dimension matters for welfare gains from trade. It also provides novel empirical evidence on adjustment mechanisms of aggregate quality as a consequence of globalization. To the best of my knowledge, this is the first contribution to provide a comprehensive analysis of the role of endogenous product quality in the determination of gains from trade. I first offer an explanation for observed industry heterogeneity in trade-induced productivity gains and show that results depend on whether or not firms have the option to invest in quality. I then take a broader view of welfare gains from trade, looking beyond productivity improvements. I find that globalization can imply a quality-variety trade-off when consumer quality preference is strong - a finding which holds under firm heterogeneity and symmetry. Nevertheless, overall gains from trade are positive. With quality being itself an important channel for gains from trade, I also investigate the detailed mechanisms by which aggregate quality changes as a consequence of globalization. This is done within the same theoretical heterogeneous firms framework as well as empirically using firm-level export data matched with firm-level quality ratings. I argue that firm heterogeneity matters for gains from trade by giving rise to an additional welfare channel in the presence of variable elasticity of demand preferences: high quality firms expand sales disproportionately in a larger market, thereby raising aggregate quality. This theoretical prediction is confirmed by the data. Furthermore, I study the mechanisms for gains from trade in a symmetric firms version of the baseline model. This allows me to isolate the role of firm heterogeneity in driving earlier results. In addition, I analyse the efficiency properties of the market equilibrium for the symmetric firms case.

Thesis (MBA)--Stellenbosch University, 2012. / Asset restrictions are prudential regulations applied by regulators around the globe. In essence, they prescribe asset restrictions as a risk-control measure to establish appropriate capital requirements for regulated institutions. The aim of prudential regulations and standards is to protect consumers who acquire the products and services offered by these institutions. Pension funds in Namibia must comply with Regulation 28 of the Pension Funds Act, 1956. Regulation 28 is the prudential regulation that governs investment limits for pension funds. The regulation prescribes maximum investment limits for all asset classes. In 2009, the government made a policy decision to amend Regulation 28 to prescribe a minimum investment in unlisted shares (private equity) that would be applicable to pension funds, long-term insurance companies and unit trusts. The objective of government is to use Regulation 28 as a macroeconomic tool to control capital flows and channel capital to domestic companies. The regulation will stimulate economic activities, local ownership, create employment and reduce poverty, which will eventually facilitate economic development. In addition, this objective has the potential to assist the development of the private equity sector in Namibia. The implication of this development is that retirement savings will be utilised to achieve macroeconomic objectives and develop an industry sector. Private equity has shown tremendous growth in developed economies and is beginning to grow in Africa as well. Private equity is a sector that has the potential to realise excellent returns for pension funds, provided the risks are adequately controlled and managed. The study proposes a regulatory framework for unlisted investments (private equity) by pension funds. The framework considers risks and proposes how to best manage and control them. The conclusion is to abolish a prescribed minimum and to increase the domestic asset requirement. Ultimately, regulators exist to protect consumers while the development of markets is a secondary priority.

Alors que l'informatique est résolument tournée vers l'avenir, cette thèse se concentre sur le passé ; non pas par nostalgie mais plutôt parce que le futur des logiciels âgés est une question d'actualité. Plus particulièrement trois thèmes sont abordés : la maintenance, la ré-ingénierie et la programmation globale. L'objectif de cette étude est d'explorer l'intersection entre la ré-ingénierie et la programmation globale, domaine que nous avons baptisé ré-ingénierie globale. L'idée principale est de réutiliser des concepts et des techniques de programmation détaillée. En fait nous proposons de définir la programmation globale en distinguant 4 aspects du logiciel : l'architecture, la manufacture, la variation et l'évolution. Un modèle abstrait basé sur des concepts ensemblistes est proposé pour modéliser les différentes entités de programmation globale. La technologie relative à ce domaine est ensuite décrite en considérant aussi bien l'état de l'art que l'état de la pratique. La différence entre ces deux aspects souligne l'intérêt de la ré-ingénierie globale. A titre d'illustration, nous étudions le cas des préprocesseurs en tant qu'outils de programmation globale. Ces outils de bas niveau provenant des années 70 sont traditionnellement utilisés pour décrire des familles de programmes. Pour faciliter la compréhension de tels artefacts nous proposons d'utiliser des techniques comme l'évaluation partielle, l'analyse inter-procédurale de flot de données ou encore le découpage. Ces techniques, définies de manière rigoureuse, s'appuient sur la sémantique dénotationnelle du préprocesseur utilisé. Un prototype montrant leur utilité a été réalisé. Il prouve qu'une approche basée sur des fondements théoriques issus de la programmation détaillée est applicable pour résoudre des problèmes pratiques de programmation globale.

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Coastal foredunes are natural aeolian bedforms located landward of the backshore and which interact continuously with the beach. Traditionally, coastal dunes have been associated with onshore winds, however they can be found under more complex wind regimes where offshore winds are common such as the UK East coast, Northern Ireland and New Zealand. This research investigates the ways in which foredune-beach interactions occur under a complex wind regime at a range of overlapping temporal and spatial scales and is innovative in that it explicitly links small-scale processes and morphodynamic behaviour to large scale and long-term dynamics. The study area is the north Lincolnshire coast, East England. Detailed observations of airflow at three locations under varying wind regimes revealed considerable spatial variations in wind velocity and direction, however it was possible to determine a general model of how foredune topography deflected and modified airflow and the resultant geomorphological implications (i.e. erosion and deposition). During direct offshore and onshore winds, airflow remained attached and undeflected; and distinct zones of flow deceleration and acceleration could be identified. During oblique winds airflow was deflected to become more parallel to the dune crest. The field sites used are characterized by a seasonal erosion/accretion cycle and a series of increasingly complex models was developed and tested to determine whether it was possible to predict sand volume changes in the foredune-beach system based on a limited number of variables. The model predictions were tested against detailed digital terrain models at a seasonal timescale. The model prediction that best matched the observed (surveyed) sand volume changes included wind speed, direction, grain size, fetch effect controlled by beach inundation and angle of wind approach was accurate to within ±10% for 18 out of 48 tests at the seasonal scale and 6 out of 12 tests over periods of >5 years. A key variable influencing foredune-beach sand volume is the magnitude and frequency of storm surge events and this was not factored in to the model, but may explain the model-observation mismatch over the medium-term on two occasions. Over the past 120 years historical maps and aerial photographs indicate long-term foredune accretion of approximately 2 m year-1 at the three study sites (1891-2010). At this timescale, rates of coastal foredune accretion reflect the low occurrence of severe storm surges and suggest rapid post-storm recovery. The morphological response of the foredune-beach morphology is considered to be a combination of controlling and forcing factors. Process-responses within the system, associated with nearshore interactions and sediment transfer from the littoral drift, are compiled into a multi-scale morphodynamic model. Important to match appropriate dataset to scale of research question or management plan being explored. In the case of management, long-term records of past activity are necessary to predict the future but also to understand natural responses of system to short-term impact such as storm surge.

Against the backdrop of the brain drain-brain gain debate, this thesis explores certain facets of the return migration phenomenon. Drawing on several theories, the decision to return among high skilled migrants is likely to be influenced by the prospect of using their overseas-acquired knowledge to secure a better livelihood back home. While ample consideration is given to motivations to return, the choice of employer and issues adjusting to the work and social surroundings, the main objective of the research is to understand migrants' transfer of overseas-acquired knowledge upon their return to India. Given the interdisciplinary nature of the topic, the scope of the thesis is focused on returnees working in two organizations in New Delhi—Fortis Escorts Hospital and Research Centre (EHIRC) and Tata Consultancy Services' Government Industry Solutions Unit (GISU). Adopting a mixed methods approach, survey data and case interviews are analyzed to address the core research question: “How and in which ways do returnees transfer their newly acquired knowledge, skills and experiences in employing organizations?” A key hypothesis is that returnees' social ties affect the extent and nature of knowledge transfers and thus confer intended benefits and may lead to unintended consequences for their organizations. The analyses pit McPherson's (2001) principle of homophily in social networks against Granovetter's (1973) weak ties hypothesis to grasp the role of returnees in knowledge transfers within EHIRC and GISU. Results drawn from data collected on returnees, non-migrants and transnationals strongly confirm that social ties—strong, intermediate or weak—affect the transfer of knowledge to stakeholders in their organizations. The contribution of this thesis to the existing body of research is to shed light on both the potential and limitations of returnees as a conduit for transferring knowledge, upgrading skills and relaying insights to non-migrants, teams or units in the workplace.

This dissertation consists of two empirical papers that explore recent phenomena in Banking and Microfinance Performance. Chapter 1, “Market Power and Bank Performance in MENA Countries,” examines the determinants of market power in 12 Middle Eastern and North African (MENA) countries in the aftermath of the Global Financial Crisis (GFC), specifically within six Gulf Cooperation Countries and six non-Gulf countries. We examine the dynamics of bank competition in MENA countries, provide an up-to-date assessment of market power, investigate the factors impacting bank competition, and explore the evolution of market power during the financial crisis. Our results show an overall increase in market power following the GFC for both regions. We find that bank size, capitalization, and diversification affect market power differently in the pre-crisis and post-crisis years. Larger banks enjoy cost advantages and the diversification impact on market power has decreased in the post-crisis years and the impact of capitalization on market power increased during the GFC. Overall, banks with higher capitalization can better weather the crisis. Chapter 2, “The impact of firm-level characteristic and county-specific attributes on the performance and efficiency of the Microfinance institutions,” estimates the impact of country-specific macro-variables and firm-specific attributes on the financial performance and the efficiency of microfinance institutions (MFIs). We use a large international up-to-date database consisting of over 10,000 firm-years for MFIs over 89 countries during the period 2008-2015. Several interesting findings emerge: a) regulation and outreach are negatively correlated. b) There is a negative and highly statistically significant correlation between the percentage of female borrowers and loan size, which is evidence of “mission drift”. c) An increase in the percentage of female board member has positive and statistically significant effect on MFIs profitability and ROA; which emphasizes the importance of female participation in leading position in MFIs.

Chapters 2-3: A global games approach to sovereign debt crises The first chapters present a model that investigates the risks involved when a fiscal authority attempts to roll-over a stock of debt and there is the potential for coordination failure by investors. A continuum of investors, after receiving signals about the authority's willingness to repay, decides whether to roll-over the stock of debt. If an insufficient proportion of investors participates, the authority defaults. With one fiscal authority, private information results in a deterministic outcome. When a public signal is available, the model behaves in a similar manner to a sunspot model. In line with much of the global games literature, improving public information has an ambiguous effect on welfare. Finally, the model is extended to include a second fiscal authority, which captures a similar sunspot result and illustrates the potential for externalities in fiscal policy. Lower debt in the less indebted authority can push a more indebted authority into crisis. Lower debt makes the healthier authority relatively more attractive, which causes the investors to treat the heavily indebted authority more conservatively. In certain circumstances, this is sufficient to cause a coordination failure. Chapter 4: A debt game with correlated information This chapter models of debt roll-over where a continuum of investors receives correlated signals on whether a debtor is solvent or insolvent. The investors face a collective action problem: a sufficient proportion of investors must agree to participate in the debt roll-over for it to be a success. If an insufficient proportion of investors participates in the deal, the debtor will default. The game has a unique switching strategy, which results in global uncertainty being preserved. The ex ante distribution of play (conditional on the true solvency of the debtor) follows a Vasicek credit distribution. The ex ante probability of a debt crisis is affected by the exogenous model parameters. Of particular interest is the observation that increasing private noise unambiguously reduces the probability of a debt crisis. Unsurprisingly, increasing the fiscal space or return on debt also decreases the probability of a crisis. Chapter 5: Bailouts and politics The final chapter examines the political-economic equilibrium in a two-period model with overlapping generations and a financial sector, which is inspired by the model in Tabellini (1989). The public policy is chosen under majority rule by the agents currently alive. It demonstrates that the bailout policy adopted in the second period has important effects on the bank's financing decisions in the first period. By adopting a riskier financing regime (i.e. higher leverage) in the first period, the older generation can extract consumption from the younger generation in the second period. Sovereign backstops of the financial sector are state-contingent: they can appear costless for long periods of time but eventually result in a socialization of private-sector debt. It is this mechanism that makes implementing capital requirements costly to investors yet beneficial to the younger generation. The model also highlights two important issues: (i) bank capital is endogenous and (ii) proposed resolution mechanisms must be politically credible. It suggests that a major benefit of increasing and narrowing equity-capital requirements or increasing liquidity ratios is that they are implemented ex ante and therefore available either to absorb losses in the event of a crisis or to reduce the possibility of large drops in asset values. Finally, this chapter also provides a structure by which to interpret the stylized facts of Calomiris et al. (2014): that more populist political institutions are associated with more fragile financial systems.

In 1965, amid antagonism between capital-importing and capital-exporting states over investment protection, the World Bank created ICSID. ICSID facilitates the resolution of disputes between foreign investors and states. Since major initiatives to create investment rules have failed within the UN and OECD, ICSID is the only successful attempt to create a multilateral, inter-state organization dedicated to investment. This thesis probes the intellectual, political, and economic forces behind the creation and early development of ICSID. This study combines archival work, oral histories, and interviews with econometric work. On this basis, it illuminates how ICSID's creators-mainly staff in the World Bank's Legal Department-adapted their ideas to suit the charged political context. When disseminating the idea of ICSID to states, they relied on ambiguity, expertise, and incrementalism. These three characteristics constitute an approach to organization building that I term "modest multilateralism" since the World Bank's President praised ICSID as "a modest proposal." By illustrating how this approach operated in ICSID's case, I generate insights that are applicable to other international organizations. ICSID's creation differs from the expectations of institutionalist IR theory in important ways. First, there was little state leadership, and ICSID's founding Convention is devoid of substance-it merely outlines a procedure. In this way, it takes the idea of ambiguity to its extreme. Second, ICSID's founders took steps to shield the organization from the politics of investment protection: they asked states to send legal experts, not elected representatives, and avoided deliberative debate. Third, ICSID's design was explicitly evolutionary. ICSID can operate alongside changing substantive rules-multilateral, bilateral, or domestic. Finally, contrary to previous accounts, in this thesis the ICSID Secretariat emerges as a dynamic agent. The Secretariat actively pursued ratifications and advance consents to investor-state arbitration. The creation of ICSID fostered a community of practice, which subsequently redefined international investment law through treaty making and arbitral practice.