Made available in DSpace on 2016-04-26T20:24:22Z (GMT). No. of bitstreams: 1 Hugo Thomas de Araujo Albuquerque.pdf: 975231 bytes, checksum: 9c4296c75aa4942ce2ad10aab42b8b24 (MD5) Previous issue date: 2016-03-17 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The problem addressed in the tension between majority rule and the protection of minorities in Brazilian Democracy Contemporary it is an very important issue for the brazilian Constitutional Law, even though the 1998 Brazilian Fundamental Law establishes a salutary rights system and warrants, including , protection of minorities, but, at the same time, it has a political order based on majority vote. This paradox reveals a cleavage within the constitutional system, which raises several questions: as a constitutional political system based on this principle can both realize the rights of minorities? Or, more accurately, what they are majorities and minorities? How can relate within a democratic regime? What would a democracy? What is the role of sovereign power? Raising such issues and raise possible ways of understanding is objective of this dissertation / O problema abordado em A Tensão Entre a Regra Da Maioria e a Proteção das Minorias na Democracia Brasileira Contemporânea se trata de um item caro ao Direito Constitucional pátrio, muito embora a Lei Maior de 1988 estabeleça um salutar sistema de direitos e garantias fundamentais voltado, inclusive, à proteção das minorias, mas ao mesmo tempo possui uma ordem política fundada no princípio majoritário. Tal paradoxo revela uma clivagem no interior do sistema constitucional, o que suscita várias questões: como um sistema político constitucional fundado em tal princípio pode ao mesmo tempo realizar os direitos das minorias? Ou, mais precisamente, o que são maiorias e minorias? Como podem se relacionar no seio de um regime democrático? O que seria uma democracia? Qual o papel do poder soberano? Levantar tais questões e suscitar possíveis caminhos de entendimento é objetivo da presente dissertação.

Made available in DSpace on 2016-04-26T20:48:35Z (GMT). No. of bitstreams: 1 Rafael Baptista Palazzi.pdf: 814710 bytes, checksum: ce7465b2f886d65bb16dc97d442eae3d (MD5) Previous issue date: 2011-11-16 / The actual study aims to analyze the role of credit rating agencies in the world crisis, focusing on the Asian crisis, the Agencies whose work had an important role. We have argued that in Asian crisis the rating agencies have not been able to anticipate the crisis and have acted in a way to intensify it. This paper presents, previously, the historical background of the Rating Agencies and analyzes the structure of the methodology disclosed by them, which is used for classification of the ratings. Through the relevant literature review it will be analyzed the determinants and impacts of the ratings in emerging market economies, particularly in the Asian crisis. Therefore it will be discussed the role of the rating Agencies in the Asian crisis and, briefly, it will be shown the acting of rating agencies in the other world crises / O presente estudo visa analisar o papel das agências classificadoras de risco nas crises mundiais, com foco na crise asiática, quando a atuação das agências teve um papel importante. Argumentamos que, na crise asiática as Agências de rating não foram capazes de antecipar a crise e agiram de forma a intensificá-la. O trabalho apresenta, inicialmente, um panorama histórico das agências de rating e analisa a estrutura da metodologia divulgada pelas agências que é utilizada para classificação dos ratings. Por meio da revisão da literatura relevante, serão analisados os determinantes e os impactos dos ratings nas economias emergentes e, principalmente, os impactos na crise asiática. Por fim será discutido o papel das agências na crise asiática e, brevemente, será destacada a atuação das agências em outras crises mundiais

La conduite des politiques économiques a été mise en question après le déclenchement de la crise financière en 2007. Cette thèse analyse les faiblesses identifiées dans la réglementation existante avant la crise et propose des pistes d’amélioration. Le premier chapitre s’intéresse à l’existence du canal de la prise de risque en zone euro. Parle biais des mesures de causalité de long terme, nous démontrons que la politique monétaire a une influence sur le niveau de risque financier. Un autre constat tiré de cette analyse concerne l’absence des mesures de risque systémique.Par conséquent, le deuxième chapitre étudie les mesures proposées après la crise pour les institutions financières et les applique aux États membres de la zone euro. A l’aide de ces mesures, les autorités pourront imposer des règles plus strictes aux pays les plus risqués d’un point de vue systémique. Le chapitre trois envisage une première solution visant à atténuer l’effet des décisions monétaires sur le risque. Nous étudions, à travers un modèle DSGE, l’impact de la stratégie de “leaning against the wind” sur les cycles économiques et financiers. Les résultats montrent qu’unetelle approche n’est pas suffisante pour stabiliser l’économie et que des arbitrages entre objectifs apparaissent. Pour cette raison, le dernier chapitre porte plus en détail sur les arbitrages entre objectifs, et propose, comme une deuxième solution, l’intégration des mesures macroprudentielles dans l’analyse. En utilisant un modèle Néo-Keynésien sous forme réduite, nous trouvons que les fonds propres contracycliques aident à réduire la volatilité des cycles, mais que les trade-offs demeurent en cas de chocs financiers. Le rôle de la banque centrale dans le maintien de la stabilité financière s’avère aussi important, puisque l’utilisation du leaning against the wind semble améliorer la volatilité des cycles. / The conduct of economic policy has been called into question after the outbreak of the financial crisis in2007. This thesis analyzes the flaws identified in the regulation enforced before the crisis and offers suggestionsfor improvement. The first chapter focuses on the existence of the risk-taking channel in the Eurozone. Throughmeasures of long-term causality, we demonstrate that monetary policy influences the level of financial risk. Anotherconclusion drawn from this analysis is the absence of systemic risk measures. Therefore, the second chapter analyzesthe measures proposed after the crisis for financial institutions and applies them to members of the Eurozone. Basedon these measures, authorities may impose stricter rules on countries that prove to be systemically risky. Chapterthree considers a first solution to mitigate the effect of monetary policy decisions on risk. We study, through a DSGEmodel, the impact of the "leaning against the wind" strategy on economic and financial cycles. The results show thatthis approach is not sufficient to stabilize the economy and that it gives rise to trade-offs between objectives. For thisreason, the last chapter examines in more detail the trade-offs between objectives, and proposes as second solution,the integration of macroprudential measures in the analysis. Using a reduced form New-Keynesian model, we find thatcountercyclical capital helps to reduce the volatility of cycles, but trade-offs appear in case of financial shocks. Therole of the central bank in maintaining financial stability seems also important, as the use of leaning against the windimproves cycles’ volatility.

Submitted by Mariana Dornelles Vargas (marianadv) on 2015-05-13T14:38:02Z No. of bitstreams: 1 dinastia_solipsismo.pdf: 1241002 bytes, checksum: 4e91919775f9f37d4453e52f880c5f9d (MD5) / Made available in DSpace on 2015-05-13T14:38:02Z (GMT). No. of bitstreams: 1 dinastia_solipsismo.pdf: 1241002 bytes, checksum: 4e91919775f9f37d4453e52f880c5f9d (MD5) Previous issue date: 2011-03-25 / CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / A proposta de abordagem do presente estudo pretende analisar o solipsismo soberano na sociedade internacional através das premissas político-jurídicas de Thomas Hobbes no contexto contemporâneo relativo à manutenção da paz e da segurança internacionais, sobretudo na análise do mundo pós Segunda Guerra Mundial, da Carta das Nações Unidas de 1945 e, por consequência, do principal órgão da referida instituição, o Conselho de Segurança das Nações Unidas (CSNU). A partir da análise temporal centrada na passagem do jusnaturalismo à instituição de um sistema internacional de dominação política, demonstrar-se-á a estabilização do sistema político-internacional por meio das Resoluções e a manutenção do status quo mundial pela regra de unanimidade das grandes potências (direito de veto), apresentando as dimensões de instrumentalização do poder nas relações internacionais, inseridos claramente na perspectiva hobbesiana. Em tal concepção, o Direito Internacional Público assume mínimas funções instrumentais de garantia de paz e de segurança, com vistas à salvaguarda da temporalidade estável do Leviatã mundial hobbesiano. Além disso, demarcando os Direitos Humanos como legitimação por eloquência, a retórica jurídico-minimalista apresentada pelos discursos contemporâneos na política global resta constatada, o que torna a pesquisa, muito além de uma observação e de uma descrição do sistema político-internacional a partir de categorias de Thomas Hobbes, uma articulação perceptiva e reflexiva do despotismo e das controvérsias arrojadas nos processos de manutenção da paz e da segurança internacionais. / The main approach of this study intends to analyze the sovereign solipsism in the international society through the political and legal premises of Thomas Hobbes, in the contemporary context related to the maintenance of international peace and security, particularly in the analysis of the post World War II scenario, as well as the Charter of the United Nations (1945) and, moreover, the main body of that institution: the United Nations Security Council (UNSC). From the temporal analysis focused on the passage of natural law to the establishment of an international system of political domination, it will be demonstrated that the stabilization of the international-political system occurs through Resolutions and the maintenance of the global status quo through the great owers’ unanimity rule (veto right), showing the dimensions of the instrumentalization of power in the international relations field, clearly inserted in a Hobbesian perspective. In this conception, Public International Law assumes minimal and instrumental functions of maintaining peace and security, in a stable temporal safeguarding view of the Hobbesian Leviathan. Moreover, marking Human Rights as a legitimation for eloquence, the rhetoric presented by legal and minimalist contemporary discourses on global politics remains questioned, making the research a perceptive and thoughtful articulation of despotism and the controversies found within the process of maintaining peace and international security, well beyond the observation and description of the political-international system through Thomas Hobbes categories.

Tendo como fio condutor o uso da violência política em sua relação com o poder soberano, a Tese decifra um percurso que leva da crítica ao terror ao esvaziamento da política. O temor da transformação de questões sociais em questões políticas inaugura a desqualificação da ação política que busque instaurar outra hierarquia de valores e outros lugares às categorias e grupos sociais vítimas de uma ordem instituída. Como se essa decisão de exclui-los fosse expressão da vontade da maioria, a abstração que permite excluir grupos humanos inteiros no pós-Primeira Guerra Mundial, ao transformar direito em privilégio de alguns como no caso em que apátridas e desnacionalizados foram vítimas, é encontrada também no movimento que transforma a política em gestão e administração, e criminaliza as tentativas de ruptura da ordem vigente. No termo desse percurso, os limites à liberdade prático-política são pensados tanto sob o registro da luta emancipatória radical quanto sob o da criminalização da ação violenta como terrorismo a ser neutralizado ou exterminado. / This Thesis main focus is the analysis of the ways in which political violence can be used and its relations with the Sovereign Power. I argue that there is a link build by the years between the Terrors critics and the emptying of politics, alloying the creation of the idea that one must fear the transformation of social questions into political questions. Because of this situation, all political actions seeking another values hierarchy and another place to the status quos victims tend to be disqualified. Also, since the post-I Great War, the mass exclusion of entire social groups not only became possible but could be shared as a decision of the majority of the people, through the transformation of common wrights into privileges of some, as can be observed in the homelandless and stateless cases. I aim to demonstrate the functioning of the abstraction working in that process, and to sustain that is the same abstraction that gives basis to transform politics into management and administration, and to criminalize the ones who fight to disrupt the established order. Thus, the limits of the practical political freedom will be examined under the clash of two registers: one belonging to radical emancipatory fights and the other one to the movement that enforces violent political actions criminalization as terrorism needed to be neutralized or terminated.

The thesis deals with the growing importance of sovereign wealth funds in the international investment activities. It includes the definition of a sovereign fund, the history of the creation, the largest funds as well as the origin of their capital. While sovereign wealth funds have existed for decades, their profile has risen considerably since the credit crisis. Analyzing the potential benefits and risks related with their investments, the thesis further discusses the changing profile of sovereign wealth funds in the world economy. Despite the significant benefits to global capital markets, some governments expressed concerns regarding the political motivation of their investment activity in strategic sectors of other countries. It is obvious that the measures concerning limited transparency of sovereign wealth funds should be adopted at the multilateral level to avoid protectionism.

State responsibility is central to modern politics and international relations. States are commonly blamed for wars, called on to apologize, punished with sanctions, admonished to keep their promises, bound by treaties, and held liable for debts and reparations. But why, and under which conditions, does it make sense to assign responsibilities to whole states rather than to individual leaders and officials? The purpose of this thesis is to resurrect and develop a forgotten understanding of state responsibility from the political thought of Thomas Hobbes. Chapters 1 and 2 examine the two dominant theories of state responsibility and propose a Hobbesian alternative. According to the agential theory, states can be held responsible because they are moral agents like human beings, with analogous capacities for deliberation and intentional action. According to the functional theory, states can be held responsible because they act vicariously through their organs, much as principals act vicariously through agents. What makes Hobbes unique is that he considers states to be 'persons'-entities to which actions, rights, and responsibilities can be attributed-even though they are neither agents nor principals. Hobbes' idea of state personality relies on the concepts of authorization and representation, not of agency and intentionality, nor of functions and organs. Chapters 3, 4, and 5 develop the Hobbesian theory of state responsibility and apply it to three sets of problems. Chapter 3 addresses problems of attribution, such as whether the actions of dictators count as acts of state and whether states can commit crimes. Chapter 4 addresses problems of identity, such as whether revolutions and annexations negate the state's identity and hence its responsibilities. Chapter 5 addresses problems of distribution, such as whether the subjects of the state ought to bear the costs of debts and reparations that their state incurred before they were born. I argue that the Hobbesian theory provides better answers to each set of problems than the agential and functional alternatives.

在次級房貸風暴之後，各國赤字大幅增加。如希臘與愛爾蘭，其主權債務違約風險皆大幅升高。面對這樣的困境，政府該如何實施財政政策，以防止主權債務危機的發生?本篇文章在DSGE模型之下，以Uribe(2006)的設定為基礎架構，額外增加了產出方程式以使國家產出能由模型內生決定。並加入了政府支出與產出之間的關係式，以討論在面對正的景氣衝擊與負的景氣衝擊時，政府使用正向景氣循環政策和負向景氣循環政策對於政府倒債率的影響。最後發現當政府使用負向景氣循環政策和較弱的順向景氣循環政策時，政府的倒債率會和技術衝擊有反向的關係。而當政府使用較強的順向景氣循環政策時，政府的倒債率會和技術衝擊有正向的關係。從此結果，我們推論在後金融海嘯時期，希臘與愛爾蘭等國家，應使用較強的順景氣循環政策以降低其主權債務危機的發生機率。 / After the subprime crisis, many government deficits rose sharply, especially Greece and Ireland. Their default rate rose greatly than before. Under this difficult situation, what kind of fiscal policy should the government enforces to prevent it from bankruptcy? We follow the model in Uribe (2006) as our framework but adding the production function and the government expenditure function to analyze the effects of different fiscal policies on the government default rate. The results tell us that when the government uses countercyclical fiscal policy and weak procyclical fiscal policy, the change of the default rate is opposite to the technical shock. On the contrary, when the government uses strong procyclical fiscal policy, the default rate is positive relation with the technical shock. This implies that governments, such as Greece and Ireland, should use strong procyclical fiscal policy to reduce their sovereign risk under the recession.

Chapter I - Derivative Market Competition: OTC Markets Versus Organized Derivative Exchanges  Recent regulatory initiatives in the United States have again raised the issue of a ''level regulatory and supervisory playing field'' and the degree of competition globally between over-the-counter (OTC) derivatives and organized derivative exchange (ODE) markets. This chapter models some important aspects of how an ODE market interrelates with the OTC markets. It analyzes various ways in which an ODE market can respond to competition from the OTC markets and considers whether ODE markets would actually benefit from a more level playing field. Among other factors, such as different transaction costs, different abilities to mitigate credit risk play a significant role in determining the degree of competition between the two types of markets. This implies that a potentially important service ODE markets can provide OTC market participants is to extend clearing services to them. Such services would allow the OTC markets to focus more on providing less competitive contracts/innovations and instead customize their contracts to specific investors’ risk preferences and needs.  Chapter II – Crisis Resolution and Private Sector Adaptation Efforts at crisis resolution that succeed in reducing potential inefficiencies and instability in the international financial system are in the interest of both the private and the public sector. Unlike in the domestic context, in the international context, in the absence of clearly established rules of the game, the approaches adopted toward crisis resolution, and the extent to which they are interpreted by market participants as setting a precedent, can have profound implications for the nature and structure of international capital flows. The key conclusion of this chapter is that recent experiences with payment suspensions and bond restructurings are limited as guides to determining the future success or failures of these initiatives, as the private sector most likely has adapted in order to minimize any unwanted public sector involvement. Chapter III - European Equity Market Integration: Cyclical or Structural? Reviewing the empirical evidence of equity market integration in the European Union, the chapter finds a significant increase in the importance of global sector factors for a number of industries. Unlike most past studies, which only covered developments during the bull market of the late nineties, the results presented in this chapter suggest that the degree of Euroland equity market integration has declined gradually following the bursting of the TMT bubble. This seems to suggest that the findings of previous studies that Euroland equity markets were nearly fully financially integrated is worth revisiting. There are, however, several good reasons to believe that the structural factors driving European equity market integration have yet to play themselves out fully. Institutional investors both outside the Euroland area and within have substantial untapped capacity to take on Euroland exposures and invest additionally in Euroland equities. / Diss. Stockholm : Handelshögskolan, 2004

Questa tesi contiene tre saggi di teoria macroeconomica. Il primo capitolo presenta una rassegna dei modelli monetari con agenti eterogenei e include una valutazione dei costi dell’inflazione in termini di welfare per agenti con reddito e ricchezza eterogenei. Il secondo capitolo studia le interazioni tra due canali di trasmissione della politica monetaria che emergono in presenza di eterogeneità: il canale del debito nominale e il canale della tassa da inflazione. Il terzo capitolo studia le relazioni tra le aspettative di crescita del reddito e gli episodi di default su debito sovrano. Questo saggio mostra come introducendo un meccanismo di apprendimento del processo stocastico che determina la sostenibilità del debito sia possibile generare una significativa volatilità del debito e riprodurre una frequenza di default empiricamente plausibile. / This thesis presents three essays in macroeconomic theory. The first chapter surveys monetary models with heterogeneous agents and contains an evaluation of heterogeneous welfare costs of inflation when agents have different income and wealth levels. The second chapter studies the interactions between two transmission channels of monetary policy that arise because of heterogeneity: the nominal debt channel and the inflation-tax net worth channel. The third chapter studies the relations between expectations of future output growth of a small open economy and sovereign defaults. This essay shows that learning of the stochastic process that drives debt sustainability induces significant debt volatility and an empirically plausible default frequency.