En Israël et aux États-Unis, les politiques de défense matérialisant des limites territoriales au moyen de« barrières » ont pour point commun de susciter des mobilisations infra-étatiques (en Israël à partir de2001 pour une « barrière de sécurité » en Cisjordanie ; en Arizona à partir de 2010 pour une « barrièrefrontalière » avec le Mexique). Les opérations homologues de cadrage pro-barrière des situations demobilités et de présence de Palestiniens et de Mexicains que ces mobilisations remplissent, contribuentà entretenir le consensus sur le rôle du militaire dans la construction et le traitement d’un « problèmepublic » de la mobilité. Le territoire marqué par la barrière devient alors le lieu d’une performancepublique destinée à rassurer les citoyens israéliens et états-uniens. Par une analyse des représentations,des modes d’actions et des pratiques de sécurité pro-barrière, nous examinons les spécificitésnationales et géopolitiques de ces deux fabriques de barrière. Au-delà de ces spécificités, ladémonstration compare trois opérations homologues remplies par ces mobilisations dans leurssystèmes politiques : la problématisation des situations de mobilité et de présence d’étrangersindésirables ; la « sécuritisation » en une réponse militaire à apporter à ces situations ; et lapublicisation du cadrage pro-barrière par l’action collective et protestataire contre les gouvernements. / Beyond controlling mobility of undesirables, the function of the building up of “fences” on territorialboundaries is also to reassure fenced-in citizens. By analyzing the cases of Israel and the USA, thepresent dissertation investigates how the fenced territory becomes the place of a public performanceaimed to reassure Israeli and US citizens. The starting point of the demonstration is that such defensepolicies nourish social mobilizations (in Israel from 2001 in favor of a “security fence” in the WestBank; in Arizona from 2010 in favor of a “border fence” with Mexico). I rely on analyses ofrepresentations, actions and security practices of such mobilizations to investigate national andgeopolitical specificities. Beyond these specificities, I compare three analogous political operations bypro-fence movements in their political systems. First, they construct situations of mobility andpresence of undesirables as problematic. Second, they securitize these situations as a security issuescalling for a military response. Finally, they diffuse pro-fence framing by collective and dissentingactions against governments. Thus, they contribute to maintain a consensus over the role of themilitary in the construction and the management of a “public problem” of mobility in these twosocieties.

Ziel der Dissertation ist es, eine umfassende Analyse der kambodschanisch-thailändischen diplomatischen Beziehungen von 1950 bis 2014 zu liefern. Die Arbeit geht über einen rein historischen Bericht hinaus, da sie darauf abzielt, die Wechselhaftigkeit der kambodschanisch-thailändischen Beziehungen zu erklären. Als Grundlage dient hierzu ein Ansatz sozialen Konflikts, der Staaten nicht als homogene Akteure ansieht, sondern vielmehr als eine Konfiguration konfligierender Kräfte, die ihre außenpolitischen Ziele im Einklang mit ihrer eigenen Ideologie, ihren Interessen und ihren Strategien verfolgen. Daher postuliert die Arbeit, dass die kambodschanisch-thailändischen Beziehungen nicht als Produkt einheitlicher Staaten angesehen werden sollten, die entweder miteinander kooperieren oder sich voneinander abschotten, sondern als Matrix sich überlappender Beziehungen zwischen gesellschaftlichen und politischen Gruppen beider Staaten, die konkurrierende Ideologien und/oder Interessen zur Förderung ihrer innenpolitischen Machtposition beherbergen. Das Projekt bringt zwei mit einer verknüpfte Argumente hervor. Erstens, kambodschanisch-thailändische Beziehungen sind wahrscheinlich dann kooperativ angelegt, wenn es sich bei beiden Machthabern um zivil-demokratisch gewählte Regierungen mit ähnlichen Ideologien, ökonomischen Interessen und Sicherheitsbedenken handelt. Umgekehrt verschlechtern sich die Beziehungen, wenn diese Faktoren nicht reziprok sind. Dies ist besonders dann der Fall, wenn eine der beiden Regierungen mehr mit der Opposition der anderen gemein hat. Zweitens, auch wenn antagonistische Nationalismen auf beiden Seiten bestehen, handelt es sich keinesfalls um eine Determinante, die die Außenpolitik beider Seiten festlegt. Die Arbeit argumentiert, dass Nationalismen nur dann aufgerufen werden, wenn zumindest eine der beiden Regierungen ihre Legitimität in der Heimat stärken muss und die andere Regierung nicht dieselbe Ideologie und strategischen Interessen teilt. / This dissertation aims to provide a comprehensive analysis of Cambodia-Thailand diplomatic relations over the past six decades, specifically from 1950 to 2014. In addition to empirical discussion, it seeks to explain why Cambodian-Thai relationships have fluctuated and what primary factors caused the shifts during the period discussed. In doing so, it employs the “social conflict” analysis, which views states not as unitary actors, but within which is comprised of different societal forces competing with one another and pursues foreign policies in accordance with their own ideology, interest, and strategy. As such, it is postulated that Cambodia-Thailand diplomatic relations should not be seen simply as relations between two unitary states cooperating with or securitizing against one another, but rather as a matrix of intertwining relationships between various social and political groups in both states harboring competing ideologies and/or interests to advance their power positions at home. Two inter-related arguments are therefore put forward in this research. Firstly, Cambodian-Thai relations are likely to be cooperative when both governments in power are civilian-democratically elected regimes and share similar ideologies, mutual economic interests, as well as security outlooks. Conversely, relations between them tend to deteriorate when these factors are not reciprocal. This is particularly true when one government has more in common with the dissidents of the government of the other side. Secondly, though antagonistic nationalism does exist between Cambodia and Thailand, it is not a determinant of the two nations’ foreign relations. This research argues that nationalism and historical animosity are invoked only if at least the government on one side needs to bolster its own legitimacy at home, and the government on the other side does not share a similar ideology or strategic interests with its own – the second aspect being the more important factor here.

Made available in DSpace on 2016-04-26T20:25:54Z (GMT). No. of bitstreams: 1 Livia Alves Visnevski Froes Coelho.pdf: 555623 bytes, checksum: 8376d5ab915cc209cf20c0ffb8f50df2 (MD5) Previous issue date: 2007-09-03 / The intention of this study is to carry out an analysis of securitization in Brazil and, therefore, it will present an analysis of the securitization terminology and appearance, first in the United States of America and then in Brazil. Thereafter, the legal nature and the concept of securitization will be studied pursuant to the Brazilian legislation, after which we will verify its legal structure, including (i) the incorporation of a specific purpose vehicle, consisting of an investment fund or a special purpose company, the latter usually incorporated as a joint-stock company, (ii) the assignment of credits from the company which originates the assets to the specific purpose vehicle, at which point the issue regarding the effective segregation of the applicable specific purpose vehicle s assets from the originator s assets will be analyzed, and (iii) the issuance of asset backed securities. The roles and responsibilities of the other agents which are part of the securitization process will be verified: the institution providing the structure of the operation, the fiduciary agent, the independent auditor and the rating agency. Finally, the specific securitization structures and regulations in Brazil will be described, as follows: export securitization, real estate securitization, financial credit securitization and receivables securitization in general / O presente trabalho tem por objetivo fazer uma análise da securitização no Brasil e, para tanto, analisa a sua terminologia e o seu surgimento, inicialmente nos Estados Unidos da América e, posteriormente, no Brasil. Após, serão abordados a natureza jurídica e o conceito de securitização dentro da legislação pátria, para, então, tratar de sua estrutura jurídica, que compreende (i) a constituição de um veículo de propósito específico, que pode ser um fundo de investimento ou uma sociedade de propósito específico, esta última geralmente constituída sob a forma de sociedade por ações, (ii) a cessão do crédito da sociedade originadora dos ativos para o veículo de propósito específico, analisando-se aí especialmente a questão que diz respeito à efetiva segregação dos ativos do patrimônio da originadora, e (iii) a emissão de valores mobiliários lastreados nos ativos cedidos. Serão então analisados os papéis e as responsabilidades dos demais agentes presentes na securitização, a saber, o estruturador, o agente fiduciário, o auditor independente e a agência de classificação de risco. Finalmente, serão descritas as estruturas específicas e a regulamentação de cada um dos tipos de securitização atualmente utilizados no Brasil, quais sejam, a securitização de exportações, a securitização imobiliária, a securitização de créditos financeiros e a securitização de recebíveis em geral

Made available in DSpace on 2016-04-26T20:29:58Z (GMT). No. of bitstreams: 1 Bruno Pierin Furiati.pdf: 1371264 bytes, checksum: 8738b62e9c4a2fd5fde69c8c23ed3b52 (MD5) Previous issue date: 2009-11-27 / This work discusses the securitization s basic foundation, which is the effective and irrevocable transference of credits by the assignee to the assignor - the true sale. Nevertheless, to understand the its correct meaning, it is necessary to analyze each and every aspect of the components of the transaction, including the assignment. The result of the consideration of the North American law s concepts will create the way for the definition in the scope of the Brazilian law. Indeed, this is why aspects of Brazilian law will be laying side by side with the North-American doctrine. In addition, to be able to reach the assignment s analysis on a bankruptcy event, it is necessary to go over the aspects of the contracts law, which will be discussed on the second section. It is not only a Brazilian law review, but also a study with a background on the European legal system. This will be necessary to accomplish a concrete solution for this work. Finally, the last section will go through the commercial law s aspects, a the same time connecting it with some subjects of the contract law theory. The bankruptcy and the issues attached to it shall be formally addressed in a systemic way, so it would be able to answer the questions that arouse from the true sale / O presente trabalho trata da fundamentação básica para a securitização, qual seja, a transferência efetiva e irrevogável dos créditos do cedente para o cessionário. A chamada true sale. Todavia, para uma correta interpretação doutrinária de seu sentido, faz-se necessário analisar todos os componentes da operação, inclusive a própria cessão. A partir dos conceitos do direito norte-americano, constituem-se os caminhos para a definição no âmbito do direito brasileiro. Em razão disso é que na primeira parte deste trabalho os aspectos do direito nacional estão alocados lado a lado aos do direito norte-americano. Adicionalmente, para que se possa chegar à aplicação da falência na cessão se faz necessário transcorrer pelos aspectos do direito civil, na segunda parte. Não é apenas uma visão brasileira, busca-se também sua fundamentação no direito europeu, procurando-se chegar a determinações concretas. Ao final, ingressa-se no campo do direito empresarial. Não sem pincelar alguns pontos de direito civil. A falência e os conceitos a ela atrelados são postos de forma sistemática, a fim de que se possa problematizar com rigor a questão da true sale

O presente trabalho parte da análise das normas que regem a tributação da renda no mercado imobiliário com a finalidade de possibilitar a identificação de um sistema jurídico dotado de princípios e valores próprios, que possibilite o estudo de suas normas de maneira destacada em relação às demais disposições que versam sobre a imposição da renda. Não se tem por pretensão a busca de uma autonomia das mencionadas normas; pelo contrário, o estudo parte da premissa de um único sistema jurídico, mas que pode ser estudado sob diferentes pontos de vista: um sistema que comporta subsistemas normativos, com valores e princípios próprios. Objetiva-se, assim, a identificação e posterior aproximação daquelas disposições que possuem fundamentos e princípios comuns, o que possibilitará a compreensão da extensão das previsões normativas a serem analisadas, bem como as opções efetuadas pelo legislador na produção legislativa. Antes de se efetuar o estudo das normas que versam sobre a tributação da renda imobiliária serão discutidos e apresentados os conceitos gerais necessários às análises que se seguirão. A limitação do legislador na produção legislativa é aspecto central no presente estudo. Entende-se que o sistema jurídico justo demanda uma coerência alcançada somente quando verificada a adequação valorativa das normas que o compõem e apresente unidade, por meio da observância de princípios e valores comuns, por essas mesmas normas. As normas que prevêem as imposições fiscais incidentes sobre renda no mercado imobiliário se prestarão de pano de fundo para a identificação de princípios que regem a tributação do imposto de renda nas diversas situações apresentadas. Serão, assim, objeto de análise a tributação do imposto de renda das pessoas jurídicas, tributadas pelo lucro real e pelo lucro presumido; a tributação especial das pessoas jurídicas sujeitas ao patrimônio de afetação; os rendimentos auferidos pelas pessoas físicas decorrente das atividades ligadas ao mercado imobiliário, tais como o ganho de capital na venda de imóveis e a tributação dos fundos de investimento imobiliários. Ao final da análise da legislação que versa sobre a tributação do imposto de renda nas situações acima mencionadas serão apresentados os princípios e valores escolhidos pelo legislador para a imposição da renda imobiliária. / The present arises from the analysis of principles which rule the taxation on the real estate market aiming the possibility of identifying a legal system endowed with principles and self-values and also providing an outstanding study of its rules with relation to the other provisions which deal with the income taxation. There is no intention of the search of independence from the aforementioned provisions, on the contrary, the study arises from the assumption of a unique legal system, which otherwise may be studied under different points of view, a system which involves normative sub-systems with their own values and principles. It aims, therefore, the identification and later approach to those provisions which own principles and grounds in common, providing that way, the understanding of the extension of the normative foresight to be analyzed, as well as, the legislator\'s altematives when making laws. Before the study of the principles which deal with the real estate income taxation, the general concepts needed to the analysis shall be presented and discussed. The legislator limitation to the law making shall be the central aspect of the present study. It is understood that a fair legal system demands coherence, which is just achieved when the appropriate principle values which integrate it are consolidated by the observance of the common principles and values of such principles. The rules, which provide the tax enforcement collected on the real estate income, shall be the grounds for the identification of the principles which rule the taxation on the income tax of the different situations herein presented. The corporation income tax, collected on presumed and gross profits, special corporation taxation liable to the \"patrimônio de afetação\", the earnings obtained by the individual persons regarding real estate businesses such as capital gain in property sales and the taxation on real estate funds of investments will, therefore, be the object of the analysis. After the analysis of the legislation which deals with the taxation on the income tax of the aforementioned situations, the principles and values enforced on real state earnings chosen by the legislator shall be presented.

The work seeks to analyze the causes and impacts of the current financial crisis. It deals with the theoretical view and definition of financial crisis, along with a brief historical excursion. A significant part of the work is devoted to describe the financial crisis in the United States and in selected, economically important, countries. In the context of the causes of and solutions to the current crisis period are remembered views of different economic schools, which are very different. A significant part is devoted to the description of institutional architecture and function of the financial system. Important part is the description of the functioning of lending money (such interest and regulatory policy), because the author sees in it a long series of "unhealthy" factors, which helped the emergence of a financial crisis. The aim of this work is to give a komplete, non-ideological coloring, look at the biggest financial crisis in modern history.

The diploma thesis investigates causes and progression of the financial crisis beginning in 2007 in the United States and leading in the economic recession. Theoretical part of the thesis describes business cycles and their explanations in accordance with the Austrian theory of the business cycle and other theories. Analytical part of the thesis explores the period before the crisis and significant events relevant to it. The main subject of the thesis are institutions and regulatory measures that have major importance for the U.S. real estate market -- including monetary and intervenionist policy of Fed, Community Reinvestment Act, government sponsored enterprises and three major rating agencies. The goal of the work is to provide a comprehensive view of the financial crisis and analyse main factors that influenced its creation -- credit expansion, mortgage market, Fed's monetary policy, bank behavior, etc. This thesis tries to demonstrate an inaccuracy of state inteventions and their impacts on the economy and market system.

承做反向房屋抵押貸款有許多的風險，包括有利率風險、房屋價值風險和死亡率風險，而當反向房屋抵押貸款的貸款餘額超過抵押房屋的價值時，則反向房屋抵押貸款的發行機構將會面臨了臨界風險。本文中的利率模型採用Black-Derman-Toy模型(BDT)來生成未來短期利率的機率分布；而房價模型方面則採用Cox-Ross-Rubinstein模型(CRR) ，死亡率模型為Lee-Carter模型。另外，本篇使用了三維度的四元樹模擬方法，觀察在短期利率模型與房屋價值模型相關的條件下，貸放機構將會面臨的預期損失。另外，對於承做反向房屋抵押貸款的貸放機構而言，最高可貸成數是由貸放機構未來預期損失的淨現值總合等於未來貸款保費的淨現值總合所求得。然而，當貸放機構未來所遭遇的實質損失大於預期損失時，貸放機構則將有未預期損失，因此為了移轉此非預期損失，我們設計了一個證券化的模型，希望藉由發行債券的方式，將此反向房屋抵押貸款發生在臨界點之後的臨界風險移轉給資本市場中的債券持有人。 / When the outstanding balance exceeds the housing value before the loan is settled, the insurer suffers an exposure to crossover risk induced by three risk factors: interest rates, house prices and mortality rates. Under the consideration of housing price risk, interest rate risk and longevity risk, we provide a three-dimensional lattice method which simultaneously captures the evolution of housing price and short-term interest rate to numerically calculate the fair valuation of reverse mortgages. For a mortgage reverse insurer, the maximum level of reverse mortgage insurance is determined by setting the present value of total expected claim losses equal to the present value of the premium charges. However, when the actual loss is higher than the expected loss, the insurer will incur an unexpected loss. To offset the potential loss, we also design a crossover bond, the payoff structure of which is related to the actual losses and expected losses, to transfer the unexpected loss into the bond investors. Therefore, through the crossover bonds, the reverse mortgage insurers can transfer the crossover risk into the bondholders.

In the financial industry , typical indirect-financial institution attracts deposit, inter-bank loan, or issuing negotiable certificate of time deposit and bonds.¡@After collecting money from excess capital units through auditing procedure then loan to the needed parties as a financial intermediary in the market. The roles of financial institutions such as banks are acting as a financial intermediary by providing buy-sell funding to enterprises or individuals. Those banks actually take whole funding liquidity risk to exchange main resource of bank¡¦s profitability. Once failure in managing risk or facing dynamically financial environment changing, bank may engage in difficulty and cause serious financial crisis. Comparison with large international financial institutions, our financial institutions hold a lot of NPL (Non-Performing Loan; Taiwan major NPL almost came from mortgage), it not only lower the liquidity of fund, longer payment duration but also raise operation risk can¡¦t recover financial assets. The quality of asset has also been worse off rapidly. These phenomena raise financial institution operation risk and influence stability of financial system and development of financial environment. With the financial environment is changing, those developed countries mostly adopted structured finance or financial asset securitization methods. The purpose of financial asset securitization in general is to raise fund for originator. Originator is the most important participant on the securitization process. The originators pool and reorganize those assets, which could create cash flow into small-amount unit security and sell to the investors. By this way originator don¡¦t have to wait till maturity and buyback those securities. That is why by using financial asset securitization will help financial institution to improve asset/liability management, spread asset risk and increase the ratio of equity to assets. At the same time, this will improve the effect and efficiency of finance institution¡¦s operating and open up the funding market. Mortgage securitization can raise banks¡¦ capital adequacy and current ratio. By way of asset securitization, the originators enjoy higher asset liquidity, lower funding cost, and improved capital ratio; while investors can use mortgage-backed securities to diversity their portfolios, improve liquidity and enhance yields. For originators, securitization is not only lower the cost of capital, increase the net profit but also enhances the liquidity of cash and balances the assets¡¦ structure. Assets-backed securitization has been prevailed in USA for years. It effectively controls the NPL (Non-performing Loans) problem and stabilizes financial management. Through financial asset securitization optimal asset allocation model, this thesis has the following finding: 1. Financial market funding supply shows multiple effects after Banking Financial asset securitization. In the initial stage of securitization, banks will lower risky assets and then will increase to original size. 2. After Financial asset securitization, a capital adequate ratio will rise first then become normal level. 3. Under assumption that financial asset securitization does not create any capital gain or loss; bank will lower profitability at initial stage. Then after a while, profitability will increase dramatically later. 4. After consideration of risk, this research discovers that securitization wills steeper Capital Allocation Line. It means every risk taking will compensate higher return. Improve Banking efficiency and profitability. Securitization provides a groundbreaking tool to increase profitability and avoid risk. Under MBS structure, the commissions and fees, absolutely out of risk, is major and stable income of the bank. On the other hand, the successful development of USA RTC implement is another contribution to resolve NPL. In sum, financial asset securitization not only accelerates the efficiency of financial institutions for more balance capital markets but also avoids financial risk in the banking system. At present, the prime theme of he banking sector should be how to maintain sound operations by strengthening credit risk management and restructure assets quality. Introducing successful external professional partner system is another way to deal with NPL problems.

This thesis contains three self-contained chapters, covering different subjects but using similar methods: The Effect of Foreclosure Laws on Securitization: Evidence from U.S. States shows that mortgage loans are less likely to be securitized in states with costlier foreclosure procedures. I interpret this in light of prior literature showing a higher foreclosure risk for securitized loans, due to unwillingness to renegotiate by the agents working on behalf of investors. Moreover, the magnitude of the effect increases for loans with higher risk of default, and disappears for loans where state foreclosure laws usually do not apply. Do daughters make family firms more sustainable? studies listed companies with a family owning a large block of shares, and asks how the family composition affects the company’s policies. Creating a novel Swedish data set, I find that environmental performance improves when the family has more daughters. The effect does not seem to operate through more adult daughters leading to more female CEOs or board members, or through the appointment of family members as CEOs. Bank taxes, leverage and risk uses staggered changes in US state-level bank taxation, and documents an increase in leverage when taxes are raised. Banks partly dampen the effect by adjusting their Tier 2 capital (a lower-quality form of regulatory capital that is less able to absorb losses), and by reducing the risk on the asset side of the balance sheet as measured by regulators. / <p>Diss. Stockholm :  Stockholm School of Economics, 2015. Introduction together with 3 papers</p>