A definição de metas de qualidade no fornecimento de energia é feita atualmente através de análises comparativas entre redes semelhantes. Com isso visa-se a otimização dos recursos sem impactos nos investimentos e nas despesas de manutenção. Preceito desta metodologia é que não haja investimentos adicionais e que a qualidade melhore de modo similar à da rede usada como benchmark. Este modelo não consulta diretamente a opinião dos consumidores. Outra particularidade deste modelo é que nem sempre se pode garantir que as redes usadas como benchmark estão em uma situação de ótimo ou próxima dela. De qualquer forma este modelo deve saturar e então devem ser buscadas outras metodologias. Este trabalho apresenta as bases para o estabelecimento de metas de qualidade baseada nos custos de investimentos da concessionária e na opinião e nos custos dos consumidores. O impacto tarifário decorrente da inclusão da qualidade da energia no modelo econômico da concessionária também é analisado. Os resultados apresentados discutem as pesquisas de valoração do custo da qualidade para o consumidor, o estabelecimento de metas de qualidade e a avaliação dos investimentos da concessionária em qualidade da energia elétrica. / The definition of quality goals on the supply of electrical energy is nowadays made in Brazil through the comparison between similar networks. With that, the optimization of the resources is aimed without impacts on the investments and expenditures of maintenance. The precept of this methodology is not having any additional investments so that the quality improves in a similar way to the benchmark network. This model does not consult directly the opinion of consumers. Another particularity of this model is that the situation of the benchmark network cant always be assured to be on its optimal state or close to it. Therefore, this model is expected to saturate, and other methodologies must then be searched. This work presents the basis for the establishment of goals for quality based on the costs of the investments of the utilities and on the consumers costs and opinion. The impact on the rate that may result from the increase of the energy quality on the economical model of the utilities is also analyzed. The results presented discuss the research on valuation of quality cost for the consumer, the establishment of goals for quality and evaluation on the investments on energy quality made by the utilities.

A definição de metas de qualidade no fornecimento de energia é feita atualmente através de análises comparativas entre redes semelhantes. Com isso visa-se a otimização dos recursos sem impactos nos investimentos e nas despesas de manutenção. Preceito desta metodologia é que não haja investimentos adicionais e que a qualidade melhore de modo similar à da rede usada como benchmark. Este modelo não consulta diretamente a opinião dos consumidores. Outra particularidade deste modelo é que nem sempre se pode garantir que as redes usadas como benchmark estão em uma situação de ótimo ou próxima dela. De qualquer forma este modelo deve saturar e então devem ser buscadas outras metodologias. Este trabalho apresenta as bases para o estabelecimento de metas de qualidade baseada nos custos de investimentos da concessionária e na opinião e nos custos dos consumidores. O impacto tarifário decorrente da inclusão da qualidade da energia no modelo econômico da concessionária também é analisado. Os resultados apresentados discutem as pesquisas de valoração do custo da qualidade para o consumidor, o estabelecimento de metas de qualidade e a avaliação dos investimentos da concessionária em qualidade da energia elétrica. / The definition of quality goals on the supply of electrical energy is nowadays made in Brazil through the comparison between similar networks. With that, the optimization of the resources is aimed without impacts on the investments and expenditures of maintenance. The precept of this methodology is not having any additional investments so that the quality improves in a similar way to the benchmark network. This model does not consult directly the opinion of consumers. Another particularity of this model is that the situation of the benchmark network cant always be assured to be on its optimal state or close to it. Therefore, this model is expected to saturate, and other methodologies must then be searched. This work presents the basis for the establishment of goals for quality based on the costs of the investments of the utilities and on the consumers costs and opinion. The impact on the rate that may result from the increase of the energy quality on the economical model of the utilities is also analyzed. The results presented discuss the research on valuation of quality cost for the consumer, the establishment of goals for quality and evaluation on the investments on energy quality made by the utilities.

Magister Educationis - MEd / Over the past few years researchers have been studying access reforms, as well as uncovering challenges related to systems with low participation rates; Examples of this type of work are Teferra and Altbach (2003), Maharasoa (2003) and World Bank (2008). A key factor often addressed are various reforms related to access policies, often merely descriptions of access reforms in general or the status quo of systems are given, particularly those with low participation rates or needing access reforms (Weber, 2005). The relationship between participation rates, access policies and the governance of higher education has however not yet been thoroughly examined. The purpose of this qualitative study is to present the results of an analysis carried out to investigate the research question: Is there a relationship between participation rates, access policies and the governance of higher education access in Malawi? The access-policygovernance theory whose proponents are Tapper (2005), Ball (1990), Bunting et al (2005) and Clark (1983), among others, formed the basis for a proposed framework of evaluating the governance of higher education access in Malawi. The data involved in this study are national educational policies and institutional policy. The second data set are interviews with fourteen personnel who are involved in formulation and implementation of higher education access policies and the governance of higher education, both at a national level in Malawi and institutional level at the University of Malawi. A conclusion is drawn that the policies which were utilised and the governance structure created from them generated the limited nature of access which characterises Malawi’s higher education sector. The policies belonging to the University of Malawi, for example, generated proposed growth in student numbers without drastic changes in the general governance structure of the university. Thus the University of Malawi was unable to maintain the growth that the institutional policies intended. This research is of significance to the domain of governance of access as it extends the knowledge base that currently exists in the field of higher education studies. The concept of linking participation rates, access policies and the governance of higher education is relatively under-researched in this field. It is hoped that this study has added to the understanding of this relationship by addressing the significance

美日歐等先進國家在傳統貨幣政策提振經濟的效果逐漸失靈後，開始大膽啓用量化寛鬆(Quantitative Easing, QE)等非傳統貨幣政策(unconventional monetary policy)。本研究以此為背景，透過大量數據蒐集、整理與分析，比較國際金融市場在量化寛鬆貨幣政策前後的變化。 2007年美國次貸風暴引發全球金融危機後，FED於2008年開始實施密集、快速的QE政策，全面利用央行資產負債表與獨特而絕對在貨幣價格及數量的無限權力。本研究試圖從債券市場、股票市場、外匯市場、信貸與投資市場、各部門負債與去槓桿化程度與全球通貨膨脹現況等不同面向切入，嘗試以較長時間的統計資料比較並說明QE的有效性與侷限性。 在美日歐相繼實行規模程度不一的QE政策後，研究發現美國市場的各個層面已有顯著的改進，特別是在就業市場部分，其中失業率已逼近自然失業率的充分就業狀況，代表美國將逼近升息的時間點，並且不是只有單次調高基準利率(Fed Fund Rate，FFR)，而是一個升息循環的開始，預期FFR將在未來數年內逐漸調高到正常經濟的水平。 與此同時，開發中國家則在資金外流回到美元體系的大環境下，呈現匯率貶值、股市表現不佳與主權債利差變大的金融現象，反應出國際金融市場風險正移轉至新興市場；尤其令人不安的是新興市場持續累積相對龐大的負債，以及國際商品大跌，嚴重衝擊以出口這些商品為主的新興經濟體與生產製造商。在各國央行貨幣政策趨於分岐，特別是美國啟動升息周期將成為美元持續走強的驅動力，龐大國際資金的流動亦會顯著帶來市場風險的移轉。 本研究蒐集各種不同領域的報告及資料，進行分析，主要結果整理如下： 一、量化寬鬆政策(Quantitative Easing)將在一開始造成實施國的貨幣明顯貶值。 二、量化寬鬆政策將造成實施國的股票市場持續走揚。 三、量化寬鬆政策將造成實施國的主權債券殖利率明顯下跌，特別是短天期的部分(short-end)。若實施國進一步採行負利率政策，短天期主權債券收益率亦會由正轉負。 四、量化寬鬆政策帶動全球通貨膨脹脫離偏低水準的效果不明顯，無論已開發或開發中國家都仍深陷通貨緊縮的壓力。 五、在美日歐相繼實施量化寬鬆政策後，全球各商品(市場)的波動趨於一致，呈現越來越高的關聯性。 六、全球金融市場流動性有逐漸降低的趨勢(受到各國管理金融業法規趨嚴影響)，對照市場波動性時大時小，流動性風險影響國際資金的資產配置與流動成為一個重要議題。