The aim of this thesis is the specification of the term "financial crisis" and the analysis of its impacts on the national budget and the public finance of the Czech Republic in 2010. The first chapter deals with the definition of the finance crisis and of other basic terms necessary for the subsequent analysis. Further, the outbreak of the finance crisis and its causes are described in detail. The end of the first chapter lists several experts' recommendations regarding what they find necessary in order to avoid similar global crises occurring in the future. These are especially aimed at changes in regulation. The second, practical part of the thesis deals with the impact of the worldwide financial crisis on the national budget of the Czech Republic in 2010, on the national debt, and the government debt. This is an analysis of changes in individual incomes and expenses within the national budget, and a determination whether these changes were caused by the financial crisis or by legislation and other measures carried out by the government. At the conclusion, an evaluation of the analysis and recommendations implied by the same are stated.

This thesis aims to explain the underlying causes and evolution of the global financial crisis, starting from U.S. mortgage crisis to the European debt crisis. Because the causes mentioned above had both fundamental and psychological character - sufficient attention is placed on analyzing of psychological aspects, which contributed to the development of the financial crisis. The psychological component of the work is based on several selected economics theories conclusions (T.Veblen and The theory of Leisure Class, A.Marshall and The principles of Economics, V.Pareto and The circulation of elite, J.M.Keynes and The market psychology), also on some economic psychology and behavioral economics theories (information asymmetry and decision-making process) and psychogenetics.

Securitization has been one of the most important causes of recent financial crisis. Diploma thesis characterizes subprime mortgage securitization with the emphasis on entities in the process involved and their motivations for securitization use. The thesis describes the most used securitized assets with the emphasis on risks arising from their characteristics. The thesis also clarifies negatives associated with securitization especially moral hazard, asymmetric information on the market and decline in lending standards and that securitization lead to failure of rating agencies evaluation. Thesis connects cheap money policy with increase demand for mortgages that have been securitized afterword and with losses of investors into securitized assets.

La crise financière liée aux emprunts hypothécaires subprime a mis en lumière aux yeux du public le recours à une technique d'ingénierie financière complexe : la titrisation. Le recours à la titrisation a suivi une croissance exponentielle durant la dernière décennie, la transaction se constituant en tant que moyen de financement privilégié aux Etats-Unis et en Europe. L'objectif de ce travail doctoral est d'apprécier les enjeux que véhicule la titrisation en termes de communication comptable et financière des groupes bancaires cotés, au regard de l'intérêt que confère la transaction quant à la satisfaction des intérêts du dirigeant. La recherche s'organise en deux volets. Le premier vise à déterminer et expliquer l'impact de l'annonce d'une titrisation par les banques sur le cours de leur action. Le second traite des conséquences du choix du dirigeant de structurer la transaction en hors bilan sur les éléments comptables suivants : le taux de rentabilité économique, le taux d'endettement, le ratio de Bâle, et le niveau de risque de crédit. Les résultats de cette étude démontrent que, si le marché réagit négativement à l'annonce de la transaction, le recours à la titrisation, notamment lorsque celle-ci revêt une apparence hors bilan, s'inscrit en adéquation avec les intérêts personnels du dirigeant. / Financial crisis due to subprime mortgage loans put in light to public the use of a complex financial engineering technique : the securitization. Recourse to securitization presents an exponential growth during the last decade, as this kind of transaction is nowadays used as the preferential tool of financing in the USA and Europe. This dissertation aims to appreciate issues conveyed by the use of securitization in terms of accounting and financial communication for listed banking groups, taking into account interests brought by this transaction to the manager. This research is made following two steps. The first step aims to determine and explain the impact due to securitization announcement by banks onto share price. The second step deals with consequences of manager's choice to design transaction off-balance sheet on the following accounting items : return on assets, leverage, Basle ratio, and level of credit risk. Results from this research bring to light that, in spite of a negative market perception during the announcement of the transaction, the use of securitization and particularly when it appears as off-balance sheet, is adequate to satisfy manager's own interests.

Este trabalho avalia a influência da securitização de ativos sobre os indicadores financeiros e o beta das empresas que utilizam esse tipo de operação estruturada, por meio da aplicação de modelos teóricos e testes empíricos que relacionam conceitos de finanças corporativas com elementos da teoria de carteiras. Os resultados indicam que há uma implicação entre o nível de endividamento e os critérios de rating de crédito e que é possível se estimar a força dessa implicação. A amostra desse estudo é composta por empresas que realizaram operações de securitização de recebíveis e também apresentaram ações negociadas na Bolsa de Valores de São Paulo durante o período compreendido entre 2000 a 2005, período em que se encontra a maior concentração do número de empresas que realizaram essas operações estruturadas de securitização. Para verificar a relação entre os indicadores financeiros e o beta de mercado com a securitização de recebíveis foram selecionados, além dos principais indicadores financeiros, o grau de alavancagem financeira, o grau de alavancagem operacional, o grau de alavancagem total, o beta de mercado das ações e o beta alavancado. A hipótese de existência de relações lineares entre essas medidas foi verificada por meio da aplicação de ferramentas matemáticas, testes estatísticos de associação e regressões simples e múltiplas, bem como a relação implicativa estatística fuzzy. Este trabalho também encontrou fortes evidências de que a securitização de ativos implica na melhora do rating de crédito das empresas que a utilizam. / This research analyzes the influence of asset securitization over the financial indicators and the beta of corporations which use this kind of structured operation. This influence is studied through the application of theoretical models and empirical tests which relate corporate finance concepts to portfolio theory elements. The results indicate a relationship between corporate leverage and the credit rating criteria and the possibility to estimate the significance of such relationship. The research sample is composed of corporations which executed operations of receivable securitization and also had their stocks traded at the São Paulo Stock Exchange from years 2000 to 2005. Such sample period contains the largest number of corporate receivable securitization operations. To analyze the relationship between receivable securitization and financial indicators and between receivable securitization and market beta, the following variables were selected: financial leverage, operational leverage, total leverage, equity beta and asset beta. The fuzzy statistical relation and the linear relationship hypothesis between the dependent and independent variables, and between the independent variables themselves was tested through the application of mathematical tools, of statistical tests of association and of simple and multiple regression models. This research also found strong evidences that asset securitization leads to an improvement in credit rating, for the companies which adopt such structured operations.

O principal objetivo deste trabalho é compreender a dinâmica que promoveu uma possível securitização da imigração nos Estados Unidos após 2001. Para tanto, procuramos identificar e analisar as mudanças na formulação, orientação e condução da política de imigração nos Estados Unidos a partir da ótica do enforcement imigratório e das legislações de imigração, enfatizando a atuação dos grupos restricionistas para a evolução dessa política. Defendemos que a colocação da imigração como uma questão de segurança no pós-11 de setembro está inserida dentro de um processo mais amplo e resgata o papel importante do ativismo restricionista em especial, do nativismo - na promoção de conteúdos hostis ao imigrante. Além de ser fruto de uma trajetória de demonização do imigrante identificada desde o século XIX, o cenário pós-11 de setembro marca a consolidação da escalada do controle imigratório em curso desde finais dos anos 1980. Na conclusão, utilizamos parte do arcabouço teórico sobre segurança desenvolvido pela Escola de Copenhague para testar a hipótese proposta inicialmente, procurando também apontar os perigos concernentes ao alargamento do conceito de segurança e à produção de modelos de política imigratória como o norteamericano que, ao colocar em destaque os aspectos de segurança da imigração, promoveu uma lógica de ingerência da política de segurança na condução da política imigratória e que tem implicado num aprofundamento dos estranhamentos culturais e das representações negativas do imigrante. / This research intends to analyze the dynamics that probably promoted the securitization of immigration in the United States after 2001. In order to accomplish this objective, are analyzed the changes in formulation, orientation and conduction of the immigration politics in the United States through the study of the immigration law and enforcement, focusing on the role of restrictionist groups in the development of that politics. We will try to demonstrate that the treatment of immigration as a security issue in the post-September 11 era must be comprehended into a broader process and that it recovers the restrictionist activisms role especially, the nativism of promoting hostile contents about immigrant. Therefore, the post-September context is both a product of a trajectory of demonization of the immigrant that can be identified since the ninetieth century and the consolidation of the immigration control escalate that was in progress since the late 1980s. Finally, the analysis employs the Copenhagen Schools securitization concept in order to test the basic hypothesis of this dissertation and to contribute for the making up of immigration politics outside the logic based on security aspects of immigration

An embedded case study investigating the ongoing securitization of migration in the EU from 2014-2020 and the role of legal institutions, in this case the European Court of Human Rights (ECtHR) in these processes. Securitization Theory is used in combination with Critical Legal Theory to create a framework that attempts to both illuminate the role of the functional actor in Securitization Theory further, and the impact securitization has on legal institutions. It provides explanations for sudden shifts in legal argumentation, especially in cases of high political relevance with the use of Critical Legal Theory. The case of N.D. & N.T. vs. Spain serves as an example of a functional actor providing two contrasting judgments on the same events within a short period of time and opens up discussions about political influences on legal institutions. Securitization and the framing of refugees as existential threats to European identity and culture is one of the many ongoing political processes related to the issue of migration and refuge in Europe. As the political landscape shifts and right-wing populist parties establish themselves in European Member States, illegal pushbacks have become common practice at the outer borders of the EU and are challenged both politically and legally. This study investigated cases of illegal pushbacks to renew criticism against the institutions engaging in and enabling the practice.

I denna uppsats undersöks hur problem kring bidragsgivning till civilsamhället framställs i Demokrativillkorsutredningen (SOU 2019:35) om skärpta demokratvillkor. Givet att civilsamhällesforskningen pekar på att det offentliga alltmer knutit civilsamhället närmare till sig är det intressant att studera den förändrade relationen i förhållande till den skärpta bidragsreformen. Med en kritiskt granskande ansats kombineras fenomenet shrinking civic space med Carol Bacchis policymetod What’s the Problem Represented to be (WPR) för att analysera statens föreställningar om det odemokratiska civilsamhället samt för att sätta begreppet krympande civilsamhällsutrymme inom en svensk kontext.  Studien av dagens civilsamhällsdiskurs visar att det odemokratiska civilsamhället antas hindras genom ökade kontroller både av de offentliga bidragsgivarna och organisationerna själva. För detta framstår civilsamhällsorganisationer behöva ha fullständig koll på sin verksamhet. Med dagens problemföreställningar och lösningsförslag konstruerar staten således en ny civilsamhällsroll kännetecknad av säkerhetsarbete, kontroll och misstänksamhet. Därmed identifieras modern demokratidiskurs i samverkan med säkerhetiseringsdiskursen bidra till en tudelning av civilsamhället med binära effekter som utgör en grund för att diskutera effekten shrinking space. Studien visar även en frånvaro av civilsamhällets särart samt att interna och externa maktrelationer under de nya demokrativillkoren kan få missgynnande effekter för nyare, mer kontroversiella och marginaliserade civilsamhällsgrupper. / In this essay I examine how problems concerning contributions to civil society are presented in the Democracy Conditions Inquiry (SOU 2019: 35) on stricter democratic conditions. Given that civil society research indicates that the public sector has become more closely associated with civil society, it is interesting to study the changed relationship in relation to the stricter benefit reform. With a critical approach, the phenomenon of shrinking civic space is combined with Carol Bacchi's policy method What's the Problem Represented to be (WPR) in order to analyze the state's notions of undemocratic civil society and to put the concept of shrinking civil society space within a Swedish context. The study of today's civil society discourse shows that the undemocratic civil society is assumed to be hindered by increased controls by both the public donors and the organizations themselves. For this, civil society organizations appear to need to have complete control over their activities. With today's problem representation and solution proposals, the state thus constructs a new civil society role characterized by securitization, control, and suspicion. Thus, modern democracy discourse is identified in collaboration with the security discourse to contribute to a division of civil society with binary effects that form a basis for discussing the effect shrinking space. The study also shows an absence of the special nature of civil society and that internal and external power relations under the new democratic conditions can have unfavorable effects for newer, more controversial, and marginalized civil society groups.

The aim of this paper was to study whether or not the 2018 Lebanese general election had contributed in the securitization of the Syrian refugees in the Lebanese media discourse. The thesis also looked at if the Syrian refugees were portrayed as victims in the same media outlets. The main focus was on two Lebanese digital media which are Al-Manar, and Al- Akhbar. This study relied on the Securitization theory and Critical Discourse analysis to understand the issue presented. With the help of the securitization theory and critical discourse analysis it can be argued that the Lebanese election did not directly influence the media discourse in the country, it did however, intensify the media reporting on the Syrian refugees during that time. Furthermore, the discourse did become harsher during the election time. Finally, with the help of images used in the chosen articles, the Syrian refugees often times were portrayed as victims in the chosen media for different political reasons.

[pt] Em países como Irã e China, alguns grupos religiosos tem enfrentado diversas dificuldades no que tange a sua liberdade religiosa, em especial os cristãos, alvo desta pesquisa. Tais restrições envolvem o impedimento de culto, detenções, prisões entre outros, todas estas devido a escolha do cristianismo como religião. Ser cristão nesses países, significa ter muitos direitos básicos privados. Por este fator, o tema direitos humanos também ganha destaque neste estudo. Tais grupos são vistos como ameaças do ponto de vista dos dois governos. Eles representam valores distintos aos expostos pelos líderes. Através dos estudos produzidos pela Escola de Copenhague é possível analisar como os grupos minoritários cristãos se tornaram uma ameaça. Esses estudos, dentro do campo de Segurança Internacional, nos permite analisar a ameaça como um conceito mutável. Ou seja, é possível avaliar como os cristãos se tornaram uma ameaça para os governos iraniano e chinês. Logo o objetivo central é avaliar quando e porque esses grupos se tornaram uma ameaça para esses governos. Através dos estudos da Escola de Copenhague, o caso dos grupos minoritários cristãos no Irã e na China serão abordados como exemplos que comprovem as perspectivas teóricas. / [en] In countries like Iran and China, some religious groups have faced many difficulties regarding their freedom of religion—particularly Christians, the subject of this research. Such restrictions include the forbiddance of worship, detention, and imprisonments among others, all of these because the choice of Christianity as a religion. Being a Christian in these countries means being private of many basic rights. For this factor, the human rights issue is also emphasized in this study. Such groups are seen as threats from the point of view of the both Chinese and Iranian governments. They represent different values than the ones exhibited by their leaders. Through the studies produced by the Copenhagen School is possible to analyze how the minorities Christians groups have became a threat to those governments. These studies, in the fields of International Security, allow us to analyze the threat as a mutable concept. Therefore the main objective is to assess when and why these groups became a threat to those governments. Through the studies of the Copenhagen School, the case of minority Christians in Iran and China are discussed as examples to prove the theoretical perspectives.