Thesis (M.A.)--Trinity International University, 2000. / Abstract. Includes bibliographical references (leaves 99-103).

A capitalist society has two defining features. The first is well-known. A capitalist economy leaves coordination of exchange and production largely to private authority. The dissertation investigates a second feature. In a capitalist economy, individuals and firms coordinate exchange through contracts that involve obligations to pay money. Financial contracts allow individuals to defer payment and save money for expenditures at a later point in time. My dissertation assigns a crucial role to the structure of institutions and to the rules that create and define the authority over money. I refer to such a structure as a monetary constitution. In existing capitalist societies, money is not entirely under public control, as proponents of socialism or full reserve banking require. Nor is it entirely in private hands as libertarian free bankers would ideally have it. Instead, the supply of money to the economy takes place through a hierarchical order of money creation. Money issued by the central bank stands at the top of the hierarchy. Below it, private financial institutions issue different forms of credit money. In this sense, the monetary constitution is a hybrid of both public and private authority over money. Political philosophy has said virtually nothing about the authority over money. I aim to persuade the reader that this is a grave neglect. The three main claims of the dissertation are: 1. Money and finance are central to any account of distributive justice that is adequate for a capitalist society. 2. There are five objections to unregulated private money creation. 3. Existing monetary constitutions need fundamental reform. In support of the first claim, I argue that money is a crucial metric for any theory of distributive justice that is adequate for a capitalist society. I also put forward a new account of the crucial role of credit and saving in realising a fair intertemporal distribution. Finally, the second and third claims support the first claim where it concerns the authority over money. In support of the second claim, I argue that unregulated private money creation leads to (1) financial instability, (2) macroeconomic instability, (3) unsustainable use of natural resources, (4) an unfair distribution of economic means, and (5) an undemocratic concentration of political power. I also put forward a new account of why financial instability matters from the perspective of distributive justice. In support of the third claim, I argue for the incremental abolition of private money creation. Although the delegation of public money creation to an independent central bank is not objectionable in principle, I go on to argue that existing mandates are insufficiently democratic and need reform.

Orientador: Gerson Francisco / Banca: Fernando Fagundes Ferreira / Banca: Antônio Fernando Crepaldi / Resumo: Em sistemas onde muitos agentes interagem, permitindo obter medidas que podem se apresentar intermitentes, muitas vezes podemos extrair padrões que denotam comportamento de grupo destes agentes, este é o caso do mercado financeiro e sua estrutura de correlações emergentes. Este trabalho visa reproduzir e sintetizar o que é entendido como estrutura de correlações no mercado financeiro. A análise da estrutura consistirá de 2 partes, uma dinâmica, acessando dependências temporais, e outra topológica e economica, acessando a importância das conexões entre ações. Na análise dinâmica são investigadas a correlação instantânea, quanto o comportamento ao longo das escalas de tempo , e a não instantânea, quanto ao decaimento temporal em relação ao máximo de correlação. A topologia é analisada obtendo-se um grafo a partir da matrix de correlação instantânea e analisando a conectividade dos vértices, partindo do mais conectado(chama-se raíz) analisa-se os diversos clusteres de ações obtidos, comparando com a classificação economica conhecida. A analise topológica é feita em várias escalas de correlação instantânea visando a comparação entre elas. Introduzo noções gerais de sistemas complexos no capítulo 1. No capítulo 2 dou uma breve descrição do mercado através das varíaveis mais importantes e seu comportamento, i.e. as escalas de preços e de tempo. O capítulo 3 descreve os métodos utilizados para análise da estrutura de correlação do mercado, é apresentado o estimador de Pearson para correlação linear bem como o método de Kruskal, utilizado para obter o grafo árvore que contém todas ações e minimizar a soma das arestas (ponderadas pela distância definida a partir da correlação). No capítulo 4 apresento os resultados referentes à análise da estrutura de correlações para o mercado Bovespa / Abstract: In systems where many agents interact, allowing for measures that may be erratic, many times we can extract behavior patterns that denote a group of agents, this is the case of financial market and its emerging structure of correlations. This work aims to reproduce and synthesize what is perceived as a correlation structure in financial markets. Analysis of the structure will consist of 2 parts, one dynamic, accessing temporal dependencies, and other topological and economical by accessing the importance of connections between assets. In analysis of dynamics are investigated instantaneous correlation, it's behavior across scales of time, and the not instantaneous, it's decay from the maximum correlation. The topology is analyzed by a graph from the instantaneous correlation matrix and analyzing the connectivity of vertices, starting from the most connected (called root) analyzes the various clusters of shares obtained by comparing with known economic classification. The topological analysis is performed at several scales of correlation in order to instantly compare them. Introduce general notions of complex systems in Chapter 1. In Chapter 2 give a brief description of market through the most important variables and their behavior, ie the ranges of price and time. Chapter 3 describes the methods used for analysis the correlation structure of the market, the estimator is presented by Pearson's linear correlation and the Kruskal method is used to obtain the graph tree containing all assets and to minimize the sum of edges (weighted by the distance defined from the correlation). In Chapter 4 I present the results of the analysis of correlation structure for the market Bovespa / Mestre

With the advent of globalisation the sports industry has shown exponential growth in the last 20 years. The surge of commercialisation of sport, the unprecedented internationalisation of the sports labour market, the enormous sums of money paid for the broadcasting rights of big sporting events, the attraction by multinational blue chip sponsors as well as the direct private investment by the worlds super wealthy have all contributed to the growing economic and social importance of sports. This massive influx of big money into sports does have its drawbacks. The criminal world has always shown adaptability in finding new channels to launder the proceeds of their illegal activities. Ever increasing and stricter measures and standards put in place by inter-governmental bodies like the Financial Action Task Force (FATF) as well as the increasing compliance of financial institutions the world over with these standards has meant that various legitimate sectors are at risk of being infected with criminal money. In a Report released by the FATF entitled ‘Money Laundering through the Football Sector’ one of the vulnerabilities of football clubs that was identified was the increased strain on their financial needs. Big Clubs require large budgets to be able to compete and afford the best players. Prices for players appear irrational and are very difficult to control. Player salaries comprise a substantial portion of the clubs total budgets. The result of this factor is that a large percentage of clubs are in financial trouble. This financial vulnerability can make clubs more susceptible to offers made from criminals looking for avenues to launder their ill-gotten gains. A salary cap is simply put a limit on the amount of money a club is permitted to spend on salaries. This limit or cap comes in various forms but is usually implemented as a percentage of the club’s annual average revenues. It is a rather controversial measure and certainly has its detractors, but it has shown to increase competitive balance and maintain financial stability in the leagues that they have been introduced. Salary caps are in effect in professional team sports all around the world. It has been used successfully in North America in their National Football and National Basketball leagues respectively, as well as in Australia in the Australian Football League and the National Rugby League and into UK professional rugby by the Rugby Football League and later by the Rugby Football Union. This mini dissertation aims to illustrate the threat posed to professional football by criminal organisations seeking to find new ways to launder the proceeds of their crimes as well as provide an overview of money laundering as a crime. It further aims to provide an overview of salary capping and then tie in the purpose and benefits of the implementation of a salary cap and how it may inadvertently be used to curb money laundering. / Dissertation (LLM)--University of Pretoria, 2014. / Mercantile Law / unrestricted

Corollaire naturel de l'autorisation parlementaire, le contrôle des finances publiques est un élément indissociable de la démocratie. Aujourd'hui, le contrôle des finances publiques est appelé à se renouveler en raison des mutations profondes enclenchées par l'introduction de la logique de gestion. De nouvelles exigences, qui sont des prolongements de cette logique de gestion et de la recherche de la performance, font leur apparition dans ce monde du contrôle longtemps dominé par la seule préoccupation du respect de la régularité de l'exécution budgétaire. Les contrôles se sont diversifiés dans leurs formes et leurs objets, en adoptant des techniques issues du secteur privé, considéré souvent comme un modèle de la performance. Cette évolution s'inscrit dans un contexte institutionnel propre à la Thaïlande, marqué par la fragilité particulière du régime parlementaire. En conséquence, le contrôle interne connaît des évolutions importantes tandis que les organes de contrôle externe, à savoir, l'institution supérieure de contrôle et le Parlement, peinent à s'adapter face aux nouveaux enjeux des finances publiques. Néanmoins, il ne faut pas perdre de vue que toutes ces mutations ont lieu dans le cadre de nos sociétés fondée sur des principes démocratiques. Il est indispensable de concilier le politique et la gestion car les nouvelles techniques de contrôle n'ont pas lieu de remplacer l'organe de contrôle et de décision principal qu'est le Parlement mais elles ont pour objectif d'éclairer le politique. Il convient ainsi de proposer des préconisations afin de revaloriser le contrôle externe et d'améliorer, par là même, l'efficacité du contrôle des finances publiques. / Corollary of the principle of budget approval by the Parliament; the control of public money is an inseparable element of democracy. As a result of important transformations induced by the introduction of business management concept in the public sector, the public financial control system is required to be renewed. This system hence needs to consider new requirements in relation to new public management and the pursuit of performance in public sector. The public financial control mechanisms have diversified both in their forms and their contents. The tendency is to adopt the techniques used in the private sector generally considered as a model of performance management. These changes take place in a particular institutional context of Thailand which has been deeply affected by the instability of Parliamentary system. In consequence, the internal control system has learnt an important modernization concerning financial and budgetary control. Meanwhile, the organs in charge of external control, the Supreme Audit Institution and the Parliament, struggled to adapt to the new challenges of public finance. However, all of these transformations take place in our society, which is based on democratic principles. It is necessary to conciliate the politic and the management concepts because the new control techniques are not designed to replace the principal control and decisional organ, the Parliament, but these techniques are designed to inform the political organ. It is vital to propose potential solutions to strengthen the external control and, by that means, increase the efficiency of the public financial control.

Magister Legum - LLM

The goal of this dissertation is to examine the theoretical and empirical implications of the inventory theoretic approach to the demand for money. Chapter 1 reviews the existing inventory theoretic frameworks and empirical money demand literature and provides an overview of this thesis. One of the main conclusions is that the elasticity results from the existing inventory theoretic models are not robust. Chapter 2 develops a partial equilibrium inventory theoretic model, in which a fixed cost is involved per cash transfer. The key feature is that a firm endogenously chooses the frequency of pay periods, which a household takes as given. When the firm must borrow working capital and pay wages by cheque, I show that both the firm and the household choose to transfer cash every payday only. The model keeps the basic result from the classical inventory theoretic approach that both the income and interest elasticity of money demand are 0.5. Chapter 3 extends the partial equilibrium model into a general equilibrium framework and shows that the partial equilibrium elasticity results no longer apply in the general equilibrium. First, the income elasticity is 1 in the general equilibrium. Second, the interest elasticity has two values depending on a threshold interest rate. When interest rates are below this threshold, the model is the Cash-In-Advance model with a constant income velocity of money and zero interest elasticity; otherwise the interest elasticity is close to 0.5 and the velocity fluctuates in response to variations in interest rates. Finally, the general equilibrium elasticity results are robust across alternative specifications of the agent's utility. Chapter 4 calibrates the general equilibrium model to the last 40 years of US data for M1. By constructing a residual measure of money transaction costs from the structural money demand function, I find that a structural break in the transaction costs occurred in 1981 might have been responsible for the instability of long-run money demand. The benefit of this approach is that it can explain this pattern of money demand without appealing to an exogenous structural break in the money demand function. / Arts, Faculty of / Vancouver School of Economics / Graduate

The old Quantity Theory of the Value of Money can be expressed as the "Equation of Exchange," MV=PT, in which M is the quantity of money, V is the velocity of circulation of money, P is the price level, and T is the total number of transactions during the period under consideration. The major shortcoming of the old Quantity Theory was that velocity (V) was taken to be numerically constant, which it is not. The new Quantity Theory is a theory of the demand for money as an asset, productive capital yielding a stream of income in the form of convenience, security, and so on. According to this theory, people hold portfolios containing money, bonds, equities, and other assets, and they adjust their portfolios so that they obtain the maximum returns therefrom. The demand for money can be expressed in terms of the demand for other assets (in real terms), the behaviour of the general price level, people's utility preferences, and their total wealth. Given a function describing total income, an equation describing the velocity of circulation of money can be written as the quotient of the income function divided by the demand for money function. This is the difference between the new and old Quantity Theories: under the old, the velocity of money was considered to be a numerical constant; under the new it is described as a function of income and the demand for money. In accordance with the above theory, when a monetary disturbance is introduced by the central bank, people will want to adjust their portfolios in such a way as to compensate for the disturbance. The initial impact of the monetary disturbance is in the markets for the most liquid assets: the financial markets. This idea was tested by correlation analysis on Canadian data of money supply and stock prices and variants thereof for the years 1924-1967. Even after the influence of trend had been removed from the data, statistical support was found for the above theory, but only after the influence of random variation had been reduced by six-month moving averaging. However, the evidence—a significant correlation of .259 between percent change in money and percent change in stock prices—suggests that monetary change accounts for only about 6.7 percent of the variation in stock prices. But this conclusion must be tempered by the realisation that variable lags of the same nature as those that exist between monetary change and change in the level of business activity can be expected to exist between monetary change and change in the level of stock prices. Thus it can be argued that the results of correlation analysis tend to understate the actual impact of monetary change on stock prices. / Business, Sauder School of / Graduate

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