The purpose of this paper is to study how the discourse on risk, threat and national security has developed over time within the context of Swedish print news media. The articles we look at are from 1992-2023, and originate from four of Sweden’s largest national newspapers (Dagens Nyheter, Aftonbladet, Expressen, Svenska Dagbladet). By mapping out when and where something or someone is described as a “threat to national security”, and by whom, we want to analyze how the perceived threats against Sweden as a nation has changed and been communicated over time. Other than the foundational theory package that is media logic, our theoretical framework includes Ulrich Beck’s concept of risk and risk society, Noam Chomsky and Edward S. Herman’s propaganda model and the theory of securitization as laid out by the Copenhagen school. Earlier works we have built upon include (among many others) Bakir & Kitzinger’s extensive research on mediated risk, as well as Westberg’s interesting analysis of Sweden’s COVID-19 strategy and its elements of public shaming. Our study is a quantitative content analysis of a body of 301 articles, with occasional qualitative dives into specific parts of the material to give further context. The media archive and search engine Retriever was used to find every article from the four papers within the chosen timespan containing the phrases “hot mot rikets säkerhet”. (threat to national security) and “hot mot Sveriges säkerhet” (threat to Sweden’s security). The contents of the articles were encoded into several categories pertaining to our four questions, and graphed out to see patterns of frequency over time. We found a clear and dramatic increase in “threat reporting” from all four newspapers starting in 2017, peaking in 2019 and continuing at a higher level than before. A whole two-thirds of the 301 articles were published in or after 2017. The 2019 peak largely centers on the case of several imams accused of being security threats, which Expressen wrote the most about using the phrases in question. Expressen generally appears the most (103 articles), and Aftonbladet the least (40). Islamism was most commonly pointed out as a threat overall, followed by terrorism and extraparliamentary political action. In almost half of the articles, the Swedish Security Service (SÄPO) was the source designating something or someone as a threat. The most common countermeasure after investigation was deportation of the (foreign) threat in question, consistent with there being more articles that point to an individual as the threat (121) rather than another state actor (68).

不動產證券化可行性之研究 摘要 為解決傳統不動產投資困境，將不動產投資方式由固定的資產形式轉變為證券型態的概念，而有不動產證券化（Real Estate Securitization）的產生。國內主要的不動產證券化模式分為不動產投資信託（Real Estate Investment Trust）與不動產資產信託（Real Estate Asset Trust），這兩種模式未來市場供需面實際運作的可行性為何，將是不動產證券化制度成功與否的重要關鍵。 本研究先從需求面投資者的角度切入，透過問卷調查資料，運用Logit模型探討證券化可行性因素對於投資者購買不動產受益證券的影響。實證結果發現，一般投資者認為受益證券的市場流通性、分散風險的重要性愈高，以及預期報酬率愈高，其購買不動產受益證券的可能性愈高；在總體因素方面，對於未來證券市場情況愈樂觀，以及房地產市場情況愈樂觀，其購買受益證券的機率將愈高；法人投資者則認為分散風險的重要性愈高，以及該法人機構主要投資工具的種類愈多，其購買不動產受益證券的機率愈大。 以供給面不動產持有者財務上的可行性而言，其財務目標在追求自身的ROE極大化，因此不動產持有者將視各項風險來源對於投資報酬的影響，決定是否運用證券化投資方式。模擬分析結果發現，除了不動產持有者本身的財務結構限制與不動產經營能力之外，在個別考量委託成本風險與開發風險的情況下，其對於不動產持有者ROE的影響較小，但營運風險相較於其他風險來源，對於不動產持有者ROE的影響較大；綜合各項風險來源同時納入考量時，發現不動產持有者自有資金比例愈低，其運用證券化方式的ROE較高，但變動的幅度也較大。此一實證與模擬分析結果，對於未來國內不動產證券化實際運作，可提供政府、業者及一般投資大眾作為決策參考。 關鍵字：不動產證券化、不動產投資信託、不動產資產信託、Logit模型、蒙地卡羅模擬 / A Feasibility Study of Real Estate Securitization in Taiwai Abstract By transforming real assets into securities , real estate securitization is created to solve the liquidity problem of real estate investment. The real estate securitization system in Taiwan is divided into two types - Real Estate Investment Trust and Real Estate Asset Trust. Whether the real estate securitization system succeeds or not is based on the feasibility of the market operation in practice. On the demand side, this research uses Logit model to analyze the impact of the feasibility of the real estate securitization system on the investors’ behavior of buying beneficiary certificates by sampling from intuitional investors and individual investors. The empirical results show that the individual investors emphasize on liquidity, divergence, and expected return. In addition, the probability of buying real estate beneficiary certificates increases with the degree of their optimistic expectation on both the stock and the real estate markets. However, the institutional investors regard the divergence of portfolios and investment instruments as the main factors of their buying those certificates. On the supply side, given the financial objective of ROE maximum, the owners of the real estate will review all of impacts of risk on return of investment before their decision to take the way of securitization. In addition to the financial structure and the management ability of the owners, the results of Monte Carlo simulation on the effect of real estate securitization also reveal that: a. There is little influence on the ROE of the owners’ real assets while taking trust cost risk and land development cost risk into consideration. b. The influence of operation risk on ROE is more than that of other risks. c. Lower the proportion of capital, higher the ROE and bigger the variation of the ROE are. The results of empirical analysis can be a reference of decision making for Government, trust industry, and investors in the real estate security market operation. Keywords：Real Estate Securitization , Real Estate Investment Trust , Real Estate Asset Trust , Logit Model , Monte Carlo Simulation

The thesis tries to explain different nature of the dynamics during the upward and downward part of the last house price cycle in Spain, characterized by important rigidities. Covered bonds are introduced as an instrument which may accelerate a house price boom, while it may also serve as a source of correction to overvalued house prices in downturn. In a serious economic stress, lack of investment opportunities motivates investors to buy the covered bonds due to the strong guarantees provided, which may in turn help to revitalize the credit and housing markets. To address such regime shift, house price dynamics is modelled within a framework of mutually related house price, credit and business cycles using smooth transition vector autoregressive model. Linear behaviour of such system is rejected, indicating the need to model house prices in a nonlinear framework. Also, importance of modelling house prices in the context of credit and business cycles is confirmed. Possible causality from issuance of covered bonds to house price dynamics was identified in this nonlinear structure. Finally, threat to financial stability resulting from rising asset encumbrance both in the upward and downward part of the house price cycle was identified, stressing the need to model impact of the covered bonds on house prices in...

[pt] O modelo de monitoração, registro e valoração de investimentos, adotado por investidores institucionais em países desenvolvidos e em especial o americano, juntamente com todos os seus agregados financeiros - índices de bolsas, indicadores de performance, precificação de ativos, ratings, standards, etc...- é sem dúvida um forte elemento direcionador e influenciador dos modelos adotados no Brasil para administração de carteiras de investimento. Surgiu no próprio mercado americano, após o término da recessão do inicio dos anos 90, uma profunda remodelagem dos instrumentos, veículos, indicadores de performance e standards dos investimentos de base imobiliária, que até então seguiam seus próprios e diversificados padrões, desvinculados dos modelos propalados e adotados pelo mercado financeiro. O conhecimento dos modelos de gestão adotados por investidores institucionais brasileiros, em especial os fundos de pensão é básico para se desenhe uma nova estratégia futura de alocação e respectiva gestão de recursos em carteiras de base imobiliária de investidores institucionais. O foco do presente trabalho é dar início a este processo de conhecimento pela identificação e interpretação dos principais fatores que modelam a gestão imobiliária dos fundos de pensão brasileiros, propondo a partir daí algumas reflexões iniciais sobre estes fatores e por conseguinte sobre estes modelos, visando padronizações, aperfeiçoamentos e um maior alinhamento com práticas já consagradas em mercados mais desenvolvidos e eficientes. / [en] It is common knowledge that the models of monitoring, registering and valuating investments, accepted by institutional investors in many developed countries, especially the US - together with financial ratios adopted in the stock market, in assets price evaluation and performance, in risk ratings, in account standards - have great influence in the models implemented by investment portfolio managers in Brazil. After the recession in the beginning of 1990 s, took place in the US Real Estate market a major restructure of Real Estate instruments, vehicles, performance indices, and standards. The Real Estate community agreed that their market could no longer have dissimilar and diverse methods for measuring and evaluating Real Estate assets if compared with those used currently by the financial market. Knowing and understanding the relationship between models adopted by brazilian institutional investors and the positioning of pension funds when allocating resources to real state, is fundamental to trace any new future allocation and management strategy for real state investments by institutional investors. The main purpose of this paper is to begin this process of knowledge by identifying and interpreting the main factors that model the real estate portfolio management adopted by Brazilian pension funds, followed by some reflexion over those factors and conseqüently over those models, mainly focused on standardization and refinement of such current models, and also on aligning current practices to those already approved and implemented by more developed and efficient markets.

La recrudescence des crises bancaires et financières place la problématique de la sécurité financière au centre des grands enjeux des politiques de régulation économique. En effet, la crise dite des Subprimes et les crises budgétaires y consécutives, puis la crise chypriote avec le sentiment de défiance du public qui en a résulté, amènent à penser que seule la sécurité financière permet de sauvegarder l’industrie financière malgré elle. Cet enjeu, plus pragmatique du reste, semble davantage trouver un écho en droit, contrairement à celui de stabilité financière qui apparait plutôt subjective, voire incantatoire.En Afrique centrale, comme dans les systèmes juridiques de tradition romano-latine, la question de la sécurité financière procède d’abord du statut juridique des déposants bancaires, de leur place dans l’ordre légal de désintéressement des créanciers, en cas défaillance. Mais la question de la sécurité d’un système bancaire intéresse aussi les établissements de crédit eux-mêmes, non simplement en raison de la nature risquée de leurs activités de transformation, mais surtout en raison de l’existence d’un risque systémique exacerbé par l’ingénierie financière. La question de la sécurité se pose dès lors non simplement en terme de protection des acteurs pris individuellement, mais davantage en terme de préservation voire de sauvegarde de l’outil économique qu’est le système bancaire et/ou financier. / The resurgence of banking and financial crises up the issue of financial security at the center of major policy issues of economic regulation. Indeed, the so-called subprime crisis and subsequent fiscal crises there, and the Cyprus crisis with a sense of public defiance that resulted, one may suggest that financial security will save the financial industry in spite of herself. This issue, more pragmatic moreover, seems to resonate more in law, unlike that of financial stability that appears rather subjective or incantatory. In Central Africa, as in the legal systems of Roman- Latin tradition, the question of financial security shall first the legal status of bank depositors, their place in the legal order of payment of creditors in the event of failure. But the question of the security of the banking system as interest credit institutions themselves, not simply because of the risky nature of their processing activities, but mainly because of the existence of systemic risk exacerbated by financial engineering. The question of safety arises therefore not simply in terms of protection of individual players , but more in terms of preservation or backup tool called economic banking and / or financial .

中國出國留學人數與日俱增，在這一大背景下潛藏著兩個問題：低收入家庭子女或者弱勢學生儘管有留學意願，但在現有金融體系下面臨留學資金難獲得的問題；部分有財力自費出國的學生花費巨資進行教育投資，但留學畢業後獲得的實際薪資與原本的預期薪資存在較大差距，留學投資難以在畢業後較快收回，自身教育投資的風險無法分散。 透過相關鑽研探討，本研究發現以往文獻中有提到的兩個重要概念：自然人收入權——一個自然人對於未來收入的所有權，這一所有權可以被等分、定價、出售、轉讓、贖回；自然人收入權益交易市場——一個可以發行與自然人未來收入權益憑證的交易市場。可是為什麼歷史上沒有出現這樣的收入權益交易所呢？本研究認為在歷史上實現一個這樣交易市場的交易成本太高了，這一交易成本包括：搜尋成本、協議成本、定約成本、監督成本與違約成本，本研究發現近期相關文獻指出互聯網的出現尤其是社交網絡的發明極大地降低了商業活動的交易成本，由於交易成本可以被現有互聯網科技工具降低，本研究認為自然人收入權益交易所有望在我們這一世代實現，而它的實現形式要依托社交網絡。 因此，本研究透過研究自然人未來收入證券化的方式解決上述問題：自然人可以在一種社交網絡形態的證券交易所—也就是自然人未來收入權益憑證交易所內出售其未來收入所有權憑證份額的方式籌集資金，扶住弱勢學生以及使得自費出國人群的教育投資風險得以分散；弱勢學生好比是輕資產的新創公司，弱勢學生在抵押授信無法獲得資金的情況下可以向投資人發行股份（未來收入權益憑證）募集資金，而擔心自己教育投資風險的人則可以以發行股份的方式把未來職業生涯發展的風險分擔給投資人，同時投資人亦能分享到募資人的未來收益；另外本文透過量化和質性之混合研究方法對於使用者意願進行了深入調研，對於商業模式的可行性進行了充分驗證。本研究中的交易所商業模式創新可以用較低的成本實現人力資本證券化，不僅適用於自然人教育募資，而且未來也可以延伸到自然人創業募資、藝人球員募資等領域。 本研究也發現了自然人在發行股份情境下以及投資人投資自然人未來收入權益憑證（人力資本股份）情境下一些新的現象和行為特性，而這些都值得社會科學領域在未來進行進一步的深入探討。 / As more and more Chinese students go abroad for education, there exits two main tough problems: firstly, the students from low-income families almost cannot get enough fund for abroad studying although they do have strong intention to go abroad under the present financial system in China ;secondly ,part of the students ,who invest their own human capital so much for receiving higher education ,face the dilemma that the actual salary after graduation may be under their previous expectation ,which means that the risk of investing their own education cannot be diversified and the investment may not get paid back as expectation. Through literature discussion, this research found two important concepts: individual future income ownership, which can be divided ,priced ,sold ,transferred ,and redeemed ;individual future income ownership share exchange market ,which can help the individuals issue and trade future income shares .But we have to ask that why there did not emerge such exchange market in history ?This research suggests that it's because the transaction cost ,which contains searching cost ,negotiating cost ,contracting cost, supervising cost and defaulting cost ,is too high in history .According to the recent paper published ,this research found that as the emergency of internet ,especially the social networks can cut down the transaction cost greatly in commercial activities .As the internet technological tools can reduce the transaction cost, this research suppose that the individual future income share (human capital share exchange) can come true in our generation and the exchange market needs to rely on the social networks. This research proposed business solutions ,which suggests that the individuals can issue future income shares to investors through a social network-style stock exchange market, to such problems so that it can enable the disadvantaged students go abroad and diversify part of the students' human capital investment risk ;the disadvantaged students are quite similar to the start-up companies ,which usually do not have too much assets and unlikely to get loan from bank ,so the disadvantaged students can issue future income shares (human capital shares) to investors to get fund and also the students who worry about their future career development risk can share both the risk and income with the investors by issuing shares to them ;moreover ,this research had verified the business model adequately through mixed research method ,which contains qualitative and quantitative methods .The business model that this research proposed can achieve human capital securitization low costly and it can be not only applied in individual education funding but also can extend to start up funding ,athlete training funding and actor funding. This research also found some new phenomenon and human behaviors under the context the individuals issue shares to investors and investors invest the shares .These new findings worth further deep researching in the social science discipline in the future.

Många frågor har gått från att inte handla om politik till att bli politiserade, men det finns ytterligare ett steg – när en fråga blir så brådskande och hotande att den anses vara för viktig för att lämnas åt politiker, så har den blivit säkerhetiserad. En av de mest debatterade frågorna på senare år har varit klimatförändringar, särskilt efter Agenda 2030 och Parisavtalet antogs. Står klimatförändringar nu inför att säkerhetiseras? Syftet med denna uppsats är att undersöka om klimatfrågan har blivit säkerhetiserad i FN:s Säkerhetsråd under mandatperioden 2017-2018. Olika inramningar från Säkerhetsrådets medlemmar identifieras och kategoriseras, för att sedan undersöka hur dessa inramningar resonerar med publiken. Detta tillåter oss att se vilka inramningar som har accepterats av rådet och vilka inramningar som ignoreras, för att analysera om vissa specifika inramningar har säkerhetiserats och andra inte. Uppsatsens främsta slutsats är att Säkerhetsrådet enhälligt har säkerhetiserat klimatförändringar som ett regionalt problem, men inte som ett globalt. Vissa medlemmar har utan framgång försökt ta säkerhetiseringen längre, men att säkerhetisera frågan på lägre nivå är även det nytt för Säkerhetsrådet. Vidare forskning kan exempelvis fokusera på vilka anledningar som förekommer för att motsätta sig säkerhetisering av klimatförändringar som ett globalt problem, jämföra säkerhetiseringen i Säkerhetsrådet med andra forum eller undersöka de praktiska effekterna av regional säkerhetisering. / Many issues have taken the journey from being non-political to being politicized, but there is one further step – when an issue becomes so urgent and threatening that it is considered too important to be left in the hands of our politicians, it has become securitized. One of the most debated issues of recent years has been climate change, especially after the adoption of the 2030 Agenda and the Paris Agreement. Does climate change now stand on the brink of securitization? The purpose of this thesis is to examine whether the issue of climate change has been securitized in the UN Security Council during the term of 2017-2018. Different ways in which members of the Council have framed the issue are identified and categorized, before looking at how these frames resonate with the audience. This allows us to see which frames are accepted by the Council and which frames are disregarded, in order to analyze if some specific frames have been securitized while others have not. The main finding of this thesis is that the Security Council unanimously has securitized climate change as a regional issue, but not as a global one. Some members have unsuccessfully tried to take the securitization further, but even a smaller-scaled securitization of climate change is new to the Council. Further research could, for example, focus on what the reasons are for opposing securitization of climate change as a global issue, compare the securitization in the Council with other forums, or study the practical effects of regional securitization.

Security and race have historically been entangled in the politics of nation-building, whereby national security discourses have constructed the ‘public’ whom it should protect as ‘white’ while demonizing persons of colour as a threat to that public. In the current war against terrorism, these racialized discourses, underwritten by a colonial logic, have materialized through the symbolic and literal displacement of Muslim persons. Under this imperative of national security, both existing and novel legislations have either been suspended, contorted, or implemented to be used against Muslims, or anyone who visibly appears Muslim. Security certificates are one of such judicial tools. This thesis seeks to explore the experiences of securitization, analyzing how this legislation strips the subjects of the security certificate program of their legal rights and social connectedness. To explore this, I interviewed three of the five men from the ‘Secret Trial Five’ cases and some of their family members. I investigate how securitization manifests in the lives of those who have been securitized, exploring the practices that are used to maintain and reinforce the othering and the displacement of Muslim populations.

Pour remédier aux nombreuses insuffisances et défaillances constatées dans le système de régulation et de surveillance du secteur financier, post crise, de nombreuses réformes institutionnelles ont été réalisées à l'initiative des organismes et autorités de régulation bancaire et financière aussi bien au niveau national qu'au niveau international. Le Royaume du Maroc, en vertu de son statut avancé, signé en octobre 2008, a fait un réel effort pour réduire les différences entre les législations marocaine et européenne. Il a consenti à se rapprocher des normes européennes sur le plan législatif et réglementaire avec l'objectif d'être intégré au marché intérieur européen et de disposer d'une économie plus efficace. Toutefois, le système bancaire marocain ne semble pas adhérer aux changements induits par ce travail de convergence, si non il y a encore du chemin à faire dans ce sens et une convergence totale demandera, incontestablement, "des années"! Cette thèse tente d'examiner les difficultés d'adaptation des techniques de régulation européenne au système financier marocain à travers notamment, le système de régulation des banques marocaines, l'encadrement des mécanismes relevant du shadow banking et des opérations du marché des produits dérivés. Elle met l'accent sur les nombreux défis que cette industrie aura à relever dans les années à venir. Après une analyse des principales difficultés d'adaptation des techniques de régulation européennes au système financier marocain (Partie I), quelques solutions sont proposées, à savoir la finance islamique comme une finance complémentaire à la finance conventionnelle, l'inclusion financière comme une solution ayant pour finalité la réduction de la pauvreté et la création de postes d'emplois et le crowdfunding comme moyen de financement par le public de projet de création d'entreprise et solution au resserrement de crédit constaté après la crise de 2008 (Partie II). / The extent of the 2008 financial crisis' diffusion gave rise to strenuous and far-reaching debates about international financial stability. In fact, the question of financial instituions' social responsability seen as a financial stability vector has become the center of every debate. Financial instituions' governance and risk management devices have not only highlighted the vulnerability of the banking system, but also its inability to deal with liquidity requirements. With no doubt,banks have not been cautions enough to evaluate the risks they were taking. After the crisis, many institutional reforms were carried out at the initiative of banking and financial regulatory authorities, both at national and international levels, to tackle the numerous shortcomings and deficiencies found in the financial sector's regulation and supervision system. Under the Advanced Status, signed in October 2008, the Kingdom of Morocco has tried hard to reduce the gap between the Moroccan and the European legislations. In fact, it has agreed to move closer to European standards on the legislative and regulatory level aiming to be more integrated into the European internal market and to have a more efficient economy. Nevertheless, the banking system doesn't seem to adhere to the changes that were induced by this convergence work. Thus, there is still some way to go in this direction, not to mention that such a total convergence would take "years"! This thesis attempts to examine the difficulties of adapting European regulatory techniques to the Moroccan financial system, particularly through the Moroccan banks' control system and the supervision of mechanisms that take place under the "Shadow Banking" and the derivative market. It emphasizes all of the challenges this industry will have to face in the coming years. After an analysis of the main difficulties of adapting European regulatory techniques to the Moroccan financial system (Part I), some solutions are suggested,namely Islamic finance as a complement to the conventional one, financial inclusion as a solution aiming to reduce poverty and create jobs, and "Crowdfunding" as a financing tool for the mass individual investors to back start up projects, and a solution to the credit tightening phenomenon after the crisis of 2008 (Part II).

The thesis entitled "Genesis of Russian propaganda as a serious security threat of the 21st century from the perspective of NATO and EU" examines the phenomenon of contemporary Russian propaganda. Russia commonly uses propaganda as a tool of promoting its interests. Russian propaganda is very sophisticated, aggressive, and massive. Mainly due to the effective use of the internet and social networks, Russian online actors are able, in a short space of time, to successfully generate an information chaos, which is difficult to navigate in. Contemporary Russian propaganda has several key aspects, namely the anti-American and anti-European orientation, attacks on Western democratic values, and the mixing of truth with fiction. Thus, propaganda becomes an effective weapon in the information war that the Kremlin has initiated. The West is aware of these alarming issues and tries to respond. The thesis analyzes the development of the perception of the Kremlin propaganda by the Western international security organizations NATO and EU. At the same time, it attempts to identify the moment when Russian propaganda began to be perceived as a serious security threat. Whereas the key of the analysis is to interpret the perception of Russian propaganda, the concept of securitization was chosen as the theoretical...