A questão da securitização das migrações, enquanto problema de pesquisa, surgiu no contexto dos debates acerca da ampliação do conceito de segurança que tomou corpo no pós-Guerra Fria, dadas as grandes transformações que se sucederam a este evento-chave da política internacional contemporânea. No caso da fronteira Estados Unidos-México, este é um fenômeno que, de fato, pode ser observado desde o final dos anos 1970, tendo atingido o seu ápice no pós-Onze de Setembro. A partir deste cenário, o objetivo do presente trabalho de pesquisa é o de analisar a dinâmica da securitização dos fluxos migratórios no contexto da fronteira Estados Unidos-México; em especial, o caso dos imigrantes indocumentados, que são o alvo primário das práticas securitizantes. Para tanto, será empregado o ferramental teórico desenvolvido pela Escola de Copenhague; em especial, a teoria de securitização e o conceito de segurança societal. Ao final, buscar-se-á problematizar a questão, tendo-se em vista as reflexões desenvolvidas ao longo do trabalho, bem como avaliar as possibilidades de desenvolvimento da mesma, assumindo como pressuposto que o ideal seria a progressiva desecuritização do tema e a adoção de uma política migratória, por parte dos EUA, mais moderna, pragmática e humana, e que a questão da segurança fosse tratada separadamente, considerando a questão migratória mas sem elevá-la ao nível do excepcional, que é o que justifica a securitização, a qual tem um enorme potencial para gerar, nesta seara, graves consequências de caráter humanitário. / The securitization of migrations issue as a research problem has arisen in the context of the debates on broadening the concept of security in the post-Cold War era, taking in consideration the significant changes that followed this key-event in the contemporary international politics. In the case of the United States-Mexico border, this is a phenomenon that, in fact, can be observed since the late 1970s, having reached its apex in the post-09/11. In this scenario, the aim of the current research work is to assess the dynamics of the securitization of migrations flows in the context of the United States-Mexico border; mainly, the case of the undocumented immigrants, who are the primary targets of the securitization practices. Theoretical methodology developed by the Copenhagen School; mainly the securitization theory and the concept of societal security, will be utilized as assessment tools in the current research work. At the end, the objective will be to problematize the question, taking in consideration the reflections raised during the research work, as well as evaluating the development possibilities, assuming as an ideal scenario the progressive desecuritization and the adoption of a more modern, pragmatic, and human migratory policy by the United States; and that the security issue be treated separately, considering the migratory issue but without elevating it to the exceptional level, which justifies the securitization, and has an enormous potential of generating severe humanitarian consequences in this field.

This paper examines the securitization of education in Hungary during 2017 according to the statements of prime minister Viktor Orbán in official speeches published on the Hungarian government’s website. This quantiative examination combines the methods of discourse analysis, taking off from the works of Ernesto Laclau and Chantal Mouffe, partially extended with the comments of Marianne Winther Jørgensen and Louise Phillips, with the Copenhangen School’s dictum on securitization being performed through a speech act. It is argued that securitization can be used in examining the sudden changes in the Amendments to the Law on National Higher Education (education policy), a combination which is not a traditional proceeding in security research. The findings of the paper show on one hand Hungary’s shifting role within the European Union (EU) as a more, respectively less, independent member depending on the topic being discussed, and on the other that the principal referent objects in a security discourse is the Hungarian nation, with Central European University (CEU) as the particular target to the changes, essentially being accused to be part of an illegal network sponsored by George Soros with the aim to facilitate illegal migration (sic!), which from a securitization move perspective therefore legitimizes immediate action by the Hungarian government.

<p>Värdepapperisering av bolån är en vanligt förekommande finansieringsmetod i USA, vilket är det land som leder utvecklingen. Idag omfattar värdepapperisering i USA en utstående summa på 21 000 Mdr kronor. I Sverige har utvecklingen av metoden inte varit lika omfattande. Detta kan ha sin grund i den rådande lagstiftningen i Sverige som skiljer sig ifrån lagstiftningen i de flesta andra länder. För att utveckla marknaden för värdepapperisering har det därför framtagits ett förslag till lagändring, där huvudinnebörden är att metoden slipper kapitaltäckningskrav. Denna uppsats undersöker marknadsaktörernas syn på hur utvecklingen av värdepapperisering av bolån kan komma att påverkas av lagändringen. Det främsta resultatet som har framkommit är att en eventuell lagändring inte kommer att ge några större effekter. Positivt är att metoden att värdepapperisera legitimeras från statligt håll, vilket kan göra att intresset från investerarnas håll ökar. Emellertid beror det mesta på hur kostnadsbilden påverkas.</p>

Along this dissertation I propose to walk the reader through several macroeconomic implications of information asymmetries, with a special focus on financial issues. This exercise is mainly theoretical: I develop stylized models that aim at capturing macroeconomic phenomena such as self-fulfilling liquidity dry-ups, the rise and the fall of securitization markets, and the creation of systemic risk. The dissertation consists of three chapters. The first one proposes an explanation to self-fulfilling liquidity dry-ups. The second chapters proposes a formalization of the concept of market discipline and an application to securitization markets as risk-sharing mechanisms. The third one offers a complementary analysis to the second as the rise of securitization is presented as banker optimal response to strict capital constraints. Two concepts that do not have unique acceptations in economics play a central role in these models: liquidity and market discipline. The liquidity of an asset refers to the ability for his owner to transform it into current consumption goods. Secondary markets for long-term assets play thus an important role with that respect. However, such markets might be illiquid due to adverse selection. In the first chapter, I show that: (1) when agents expect a liquidity dry-up on such markets, they optimally choose to self-insure through the hoarding of non-productive but liquid assets; (2) this hoarding behavior worsens adverse selection and dries up market liquidity; (3) such liquidity dry-ups are Pareto inefficient equilibria; (4) the government can rule them out. Additionally, I show that idiosyncratic liquidity shocks à la Diamond and Dybvig have stabilizing effects, which is at odds with the banking literature. The main contribution of the chapter is to show that market breakdowns due to adverse selection are highly endogenous to past balance-sheet decisions. I consider that agents are under market discipline when their current behavior is influenced by future market outcomes. A key ingredient for market discipline to be at play is that the market outcome depends on information that is observable but not verifiable (that is, information that cannot be proved in court, and consequently, upon which enforceable contracts cannot be based). In the second chapter, after introducing this novel formalization of market discipline, I ask whether securitization really contributes to better risk-sharing: I compare it with other mechanisms that differ on the timing of risk-transfer. I find that for securitization to be an efficient risk-sharing mechanism, it requires market discipline to be strong and adverse selection not to be severe. This seems to seriously restrict the set of assets that should be securitized for risk-sharing motive. Additionally, I show how ex-ante leverage may mitigate interim adverse selection in securitization markets and therefore enhance ex-post risk-sharing. This is interesting because high leverage is usually associated with “excessive” risktaking. In the third chapter, I consider risk-neutral bankers facing strict capital constraints; their capital is indeed required to cover the worst-case-scenario losses. In such a set-up, I find that: 1) banker optimal autarky response is to diversify lower-tail risk and maximize leverage; 2) securitization helps to free up capital and to increase leverage, but distorts incentives to screen loan applicants properly; 3) market discipline mitigates this problem, but if it is overestimated by the supervisor, it leads to excess leverage, which creates systemic risk. Finally, I consider opaque securitization and I show that the supervisor: 4) faces uncertainty about the trade-off between the size of the economy and the probability and the severity of a systemic crisis; 5) can generally not set capital constraints at the socially efficient level.

This thesis has investigated and analysed whether or not the Nord Stream Natural Gas Pipeline has affected or changed Europe's security situation. By analysing how the Nord Stream Natural Gas Pipeline has been described as a political or economic project by the EU, one can conclude whether the project has been securitized by the EU or not. This is done through the study of official EU documents. The documents have been analysed using framework for sector analysis  and securitization as theorised by the Copenhagen School of international relations. By distinguishing the different conceptions of threat, security and methods discussed in these documents it is possible to analyse whether arguments belong to either the economic or political sector of sector analysis, and how they can be seen as signs of securitization. This has been done by utilizing qualitative text analysis in a case study framework. The thesis concludes that the  Nord Stream Natural Gas Pipeline has not been securitized as a threat by the EU. On the contrary, the project is endorsed as a part of energy proliferation. The EU insist and encourages upon the project and several similar ones in order to ensure energy security for the EU in the future.

Värdepapperisering av bolån är en vanligt förekommande finansieringsmetod i USA, vilket är det land som leder utvecklingen. Idag omfattar värdepapperisering i USA en utstående summa på 21 000 Mdr kronor. I Sverige har utvecklingen av metoden inte varit lika omfattande. Detta kan ha sin grund i den rådande lagstiftningen i Sverige som skiljer sig ifrån lagstiftningen i de flesta andra länder. För att utveckla marknaden för värdepapperisering har det därför framtagits ett förslag till lagändring, där huvudinnebörden är att metoden slipper kapitaltäckningskrav. Denna uppsats undersöker marknadsaktörernas syn på hur utvecklingen av värdepapperisering av bolån kan komma att påverkas av lagändringen. Det främsta resultatet som har framkommit är att en eventuell lagändring inte kommer att ge några större effekter. Positivt är att metoden att värdepapperisera legitimeras från statligt håll, vilket kan göra att intresset från investerarnas håll ökar. Emellertid beror det mesta på hur kostnadsbilden påverkas.

This thesis examines the main domestic security issues of Kazakhstan and Uzbekistan and the impact of their securitization processes on the domestic and regional security policies of these countries in the post-Soviet era. Two outstanding issues that have been securitized in these countries, separatism and ethnic conflict for Kazakhstan and radical Islam for Uzbekistan, are scrutinized in detail with a comparative analysis. This thesis argues that Kazakh and Uzbek leaders, Nursultan Nazarbayev and Islam Karimov, as the main securitizing actors in their countries have securitized the above-mentioned issues for certain political objectives in the chaotic order of the post-Cold War era. However, these securitization processes for both of these countries have become an obstacle to find permanent solutions to their domestic security problems and develop more effective security policies at the regional level. Kazakh and Uzbek leaders should renounce manipulating these problems and produce more comprehensive policies by paying equal attention to all other problems of their countries. In addition, Astana and Tashkent should try to ensure regional security rather than overemphasizing domestic one(s) if the aim is to benefit from an effective regional integration on Central Asian security. Contrary to the most of existing studies on the subject, the thesis argues that Kazakhstan and Uzbekistan are accepted as the active players that could contribute to the solution of their own security problems to a great extent, rather than being passive subjects of the &ldquo / New Great Game&rdquo / played among major actors.

HIV/AIDS is an urgent health issue in many areas of the world, particularly in Africa. In addition to reaching pandemic status, HIV/AIDS is also being elevated to the level of a security threat. While this is occurring both nationally and internationally, the United Nations is leading this securitization attempt. The UN has been able to engage in this attempt as it is the most influential international organization and the leading norm promoting organization. Securitization is an analytic process that traces how issues become identified and understood as security threats. This concept originated within the Copenhagen school of security studies, and this is the framework that this paper relies on to analyze the connection between HIV/AIDS and security. The connection between HIV/AIDS and security is now widely internalized, accepted and even promoted by national governments, international organizations, and non-governmental organizations. However, the successful securitization of HIV/AIDS has yet to be fully explored, understood, or tested. This paper undertakes this task, and relies on the Copenhagen process of securitization to trace the security discourse initiated from the UN, down through four selected case studies. It identifies which of the key Copenhagen requirements for securitization have been met, and which have not been met, ultimately leading to the conclusion that the United Nations prompted a successful internal securitization and an unsuccessful external securitization. This paper concludes that the current Copenhagen school process of securitization is flawed and is inadequate for studying today’s emerging non-traditional threats. In particular, it is unable to trace the securitization of HIV/AIDS as a result of stringent and unrepresentative criterions. It attempts to move forward by offering a rationale and direction to begin updating the Copenhagen process of securitization.

Contingent Claim Pricing with Applications to Financial Risk Management By Hua Chen 2008 Committee Chair: Samuel H. Cox and Shaun Wang Major Academic Unit: Department of Risk Management and Insurance This is a multi-essay dissertation designed to explore the contingent claim pricing theory with non-tradable underlying assets, with emphasis on its applications to insurance and risk management. In the first essay, I apply the real option pricing theory and dynamic programming methods to address problems in the area of operational risk management. Particularly, I develop a two-stage model to help firms determine optimal switching triggers in the event of an influenza epidemic. In the second essay, I examine mortality securitization in an incomplete market framework. I build a jump-diffusion process into the original Lee-Carter model and explore alternative model with transitory versus permanent jump effects. I discuss pricing difficulties of the Swiss Re mortality bond (2003) and use the Wang transform to account for correlations of the mortality index over time. In the third essay, I study the valuation of the non-recourse provision in reverse mortgages. I model the various risks embedded in the HECM program and apply the conditional Esscher transform to price the non-recourse provision. I further examine the premium structure of HECM loans and investigate whether insurance premiums are adequate to cover expected claims.

HIV/AIDS is an urgent health issue in many areas of the world, particularly in Africa. In addition to reaching pandemic status, HIV/AIDS is also being elevated to the level of a security threat. While this is occurring both nationally and internationally, the United Nations is leading this securitization attempt. The UN has been able to engage in this attempt as it is the most influential international organization and the leading norm promoting organization. Securitization is an analytic process that traces how issues become identified and understood as security threats. This concept originated within the Copenhagen school of security studies, and this is the framework that this paper relies on to analyze the connection between HIV/AIDS and security. The connection between HIV/AIDS and security is now widely internalized, accepted and even promoted by national governments, international organizations, and non-governmental organizations. However, the successful securitization of HIV/AIDS has yet to be fully explored, understood, or tested. This paper undertakes this task, and relies on the Copenhagen process of securitization to trace the security discourse initiated from the UN, down through four selected case studies. It identifies which of the key Copenhagen requirements for securitization have been met, and which have not been met, ultimately leading to the conclusion that the United Nations prompted a successful internal securitization and an unsuccessful external securitization. This paper concludes that the current Copenhagen school process of securitization is flawed and is inadequate for studying today’s emerging non-traditional threats. In particular, it is unable to trace the securitization of HIV/AIDS as a result of stringent and unrepresentative criterions. It attempts to move forward by offering a rationale and direction to begin updating the Copenhagen process of securitization.