Long term asset creates more revenue, however it is riskier in a liquidity sense. Our question is: How does a liquidity constrained bank make decisions between profitability and liquidity? We present a computable DSGE model of banks optimal portfolio choices under liquidity constraints. Our theory predicts that liquidation plays an important role in a bank's portfolio model. Even though liquidation is an off-equilibrium phenomenon, banks can have rich loan portfolios due to the possibility of liquidation. Liquidity condition is a key factor in banks portfolio. In a moderate liquidity situation, a bank can lend more profitable longer term loans, however, if a shock in liquidity is expected, then the bank lends more loans in short term. According to the liquidity conditions, the bank can have medium term loans which are different from other previous literature. In addition, we extend our model to the bank's securities business where the bank's debts are largely short term deposit. Our theory predicts that the bank securities business produces a chasm between a real liquidity of economy and market liquidity. Banks can have more liquidity by selling their securitized loans, and as our model already pointed out, a good liquidity condition makes the bank have more profitable but less liquid long term loans. As a consequence, long term loans are accumulated with this securitization, simply because a long term loan gives higher revenue. Any market turbulence can invoke a problem in economy wide liquidity.

Zugl.: Bochum, Universiẗat, Diss., 2007.

Bachelor-Arbeit Univ. St. Gallen, 2008.

Master-Arbeit Univ. St. Gallen, 2008.

This thesis looks at the Indonesian government’s strategy for managing the threat of terrorism between 2001 and 2006. Various socio-political factors such as the importance of Islam in Indonesian society and politics, ongoing democratization and important civil-military reform all contribute to an environment where counterterrorism efforts are both necessary and politically risky. In order to better address the many complexities of the Indonesian case study, this thesis uses a modified securitization theory framework which gives increased weight to the political and social context in which securitization decisions are made. The modified framework disaggregates the decision of an agent to rhetorically securitize an issue from the decisions behind subsequent policy actions, and considers separately the motivations behind each. When applied to the Indonesian case study this modified framework reveals that between 2002 and 2006, President Megawati Soekarnoputri and President Susilo Bambang Yudhoyono managed terrorism by employing a combination of securitizing and criminalizing strategies. It additionally reveals that for each president the non-discursive policy action was not solely result of the success or failure of discursive securitization, but was also dependent on the specific political environment each faced. / Arts, Faculty of / Political Science, Department of / Graduate

This study seeks to analyse how migration has been constructed into a security question in the European Union during 2015. As denoted by the Copenhagen School, something is a security problem when elites declare it to be so, and securitization legitimises extraordinary measures beyond the political established norms. Migration has been portrayed as a potential threat for the continuity of the cultural identity, the preservation of the public order as well as for the economy stability of the Member States, and consequently it has been securitized. The implication of the European integration process in the construction of the concept of migration into a security question, with the creation of common migration strategy, an increased in surveillance and a reinforcement of border control will be developed. From this standpoint, during 2015 the Union has attended to the biggest refugee influx since the end of the Second World War, and the current research aims to analyse how the Member States have responded to it. To that end, the political discourse of three selected countries: Germany, Hungary and the Czech Republic, is going to be examined and compared. Key Words: European Union, securitization, refugee crisis, migration, asylum-seeker

The purpose of real estate securitization is to change the investment on real estate to securities, enabling the relationship between the investor and the object from a direct object ownership to an ownership of securities having creditor¡¦s rights. Through securities, the real estate market and the capital market can be combined, making the value of real estate change from fixed capital state to capital securities with circulating function so as to enlarge the processes of investment and participation, and increase the channels of capital collection for development of real estate. In recent years the expenses of local governments have been increasing with the expansion of their functions and capabilities. The incomplete and poor management of the system of expenses lead to a serious financial predicament confronted by local governments. And after the promulgation of Local Governments Autonomy Law and Law of Separated Income and Expenses of Central and Local Governments, the duties and rights of county governments and city governments have been tremendously promoted. The natures of independence and initiative being lacked in the policies of the past are found in the drafting and implementation of the existing policies. Therefore, the traditional public land management and the old land development model can no longer achieve economic interests. In addition, as tax income is decreasing gradually, to get a more efficient land use model, it is inevitable to see the trend of securitization. On 11th March, 2002 the Council for Economic Affairs of Executive Yuan passed the draft of ¡§Real Estate Securitization Law.¡¨ It imported two systems from foreign countries: the American and Japanese real estate investment trust and capital trust. They built up the structures for the legal systems of real estate securitization of Taiwan, as well as the issue and listing of beneficiary securities. As the draft not only took the American and Japanese legal systems as reference, but also met the environment and needs of that time, it should have been an applicable draft. Nevertheless, such aspects as how to solve the problems discovered, and the problems probably derived from its application on local governments are worthy of further investigation. In fact public real estate does not have lower expectation for securitization than the construction industry and banking industry. However, over the punishment on public real estate, trust itself has law to exert limitation. Before the related laws, like Nation-Owned Property Law, Land Law, etc. are revised, it deserves further investigation on whether trust can be a target for the issue of beneficiary certificates. This research refers to the implementation experience of the American and Japanese real estate securitization, accumulates the public land trust system of Japan, finds out the relevant cases of Taiwan in the past similar to ¡§real estate securitization,¡¨ examines the relevant systems, and raise the relevant problems that may possibly be confronted in times of application of real estate securitization on county-owned land management. There was a Chinese saying, ¡§It is useless to rely on law only.¡¨ Whether it is successful to apply real estate securitization on county-owned land management not only depends on the complete revision of law by the central government. A release of public land restriction and the local governments¡¦ willingness to change the existing systems will also affect the promotion of the policy. Besides, the research also focuses on the survey of questionnaires answered by various related supervisory departments of local governments (including villages, towns, city offices) that have practically participated the public land management and land development, so as to understand the local governments¡¦ cognition and attitudes towards the meaning of real estate securitization, and the problems they encountered when promoting the management of public land. Through the questionnaire survey, the right opportunity for local governments to promote real estate securitization can be known. It can be a reference for local governments to make their public land management and land development realized.

No description available.

Immigration has become one of the most contentious issues in Europe. Following the war in Syria, an unprecedented number of people have crossed the external borders of the European Union (EU) to claim asylum in one of the member states. Sweden is one of the member states that has received the highest number of refugees per capita, and in 2014 and 2015 Sweden received the highest number of refugees since the Balkan wars. This thesis seeks to argue that there has been a securitization of asylum seekers and refugees, particularly those of Muslim origins, in Sweden the result of which has been that refugees and asylum seekers are increasingly viewed and described in terms of security rather than in humanitarian terms in public discourse. The securitised discourse presents Sweden as being at risk of a system failure and collapse due to the high number of refugees and asylum seekers and the pressure they put on the Swedish society and welfare system. While characterizing forced migration as a security issue and a potential threat have negative implications for asylum seekers and refugees, as this thesis aims to show there is also a hidden risk of this securitization of refugees and asylum in its impact on the resident population. Lack of security, actual or perceived, can for example lead to anxiety and fear, and to the feeling of being under threat. In relation to the arrival of asylum seekers and refugees, this fear could potentially contribute to a rise in xenophobia, nationalistic tendencies and policies, and perhaps even racism. As such, fear is a risk that must be taken into account.

It has commonly been argued that drugs have been securitized, however relatively little in-depth analysis has been carried out on this subject. This thesis addresses this gap in the literature by using a combination of Foucault’s concept of the dispositif and a sociological interpretation of securitization theory to examine how drugs have become constructed as existentially threatening to humankind and the state by the United Nations (UN) and the United States of America (US). The two securitizations analysed here -the 1961 United Nations Single Convention on Narcotic Drugs (Single Convention) and US President Reagan’s 1986 National Security Decision Directive 221 (NSDD-221) -took place within the wider historical context of a control-oriented dispositif, it is argued,but also re-shaped the international drug control system and the drug control dispositif in profound ways. The thesis concludes that the drug control dispositif has continued to evolve through time and across space, and that the securitization of drugs by the US and UN has limited the range of options available within international and domestic drug policies, often exacerbating the harms to humans and the state –the very referent objects that these securitizations aim to protect. Discourse analysis of archival documents from the British National Archives, the US National Archives and the Ronald Reagan Presidential Library and Museum,and process-tracing of media sources are used to examine the ways in which drugs became securitized and how these securitizations affected the drug control dispositif. In order to understand the context in which the securitization(s) of drugs occurred, this thesis firstly identifies the various forms of control that were used during the nineteenth and early twentieth centuries. It then analyses how the Single Convention and NSDD-221 established drugs as being threatening to humankind and the state through securitizing speech acts and non-discursive practices and how these securitizations re-oriented the drug control dispositif towards a prohibitionist paradigm. Finally, this thesis explores how various discourses and practices are challenging the ‘drugs as a threat’ discourse but still sit firmly within the drug control dispositif.