Derived from a marxist/liberal humanist view of power, conventional critiques and historical accounts of the socio-medical sciences in South Africa see only their power to repress and negate the true bodily attributes and authentic person of the African. In so doing, they ignore the productive capacity of these knowledges and practices as a manifestation of what Michel Foucault termed "disciplinary" power, by which the human body is manufactured and made manageable as an object of medical knowledge and industrial utilisation. Accordingly, this thesis offers just such a Foucaultian reading of western socio-medical knowledge in South Africa to demonstrate how it has operated to fabricate the bodies of Africans as visible objects possessed of distinct attributes that have provoked particular strategies for their surveillance, management, and government in health and disease. / Psychology / D. Litt. et Phil. (Psychology)

Ziel dieser Dissertation ist es, auf Grund der Änderungen der wirtschaftspolitischen Struktur des Wirtschafts-und Finanzsystems, die Ursachen warum in den letzten Jahren manche Schwellenländer Staatsfonds gründen bzw. aufbauen, zu verstehen. Der Ausbreitungsprozess ist eine direkte Folge der massiven Anhäufung von Reserven des letzten Jahrzehnt. Dies konnte man in vielen Schwellenländern, insbesondere bei Ölexporteure und asiatischen Ländern, die groβe Handelsüberschüsse mit den Vereinigten Staaten und andere Entwicklungsländern registrierten, beobachten. Um das Defizit der Handelsbilanz zu decken, haben die Reserven in diesen Ländern einen exzessiven Niveau erreicht. Den Verwaltern dieser Reserven wurde daher die Gelegenheit gegeben höchstmögliche Gewinne zu erzielen. Wichtige, voneinander abhängige Faktoren wurden analisiert, um an dieses Ziel näher zu kommen, wie (i) in den 80er Jahren initiierten wirtschaftlichen und finanziellen Liberalisierungsprozess; (ii) die immer wichtigere Rolle, die die Finanzmärkte in der globalen Ökonomie spielen; (iii) das Hervortreten von wichtigen Schwellenländern; (iv) die wachsende, internationale Missverhältnisse und die daraufhin mögliche Anpassungsmechanismen; und (v) Kapitalanhäufungen, die zum Ausbreitungsprozess von Staatsfonds führten. Es wird darauf hingewiesen, dass die oben erwähnten Faktoren nicht Zielobjekte dieser Dissertation darstellen, jedoch sich als grundlegende Elemente zusammensetzen, um Staatsfonds und Hauptursachen des jetzigen Ausbreitungsprozess im Zusammenhang zu verstehen. Daher ist es wichtig, durch einen generellen Standpunkt, die Geschichte, Ziele, Dimensionen, Wachstumsrate und Auswirkungen der Staatsfonds, zu verstehen. Diese Verständnisse könnten gemeinsam mit einer Zusammenstellung von politischen prinzipien, sowohl für Fonds als auch für Investitionsempfänger, die Öffnung für Auslandskapital erhalten und weltweit finanzielle Stabilität fördern. Ursprünglich am Ende des kalten Krieges erschienen und Resultat der Anpassungen des internationalen Wirtschaftssystems, ist die Verbreitung der Staatsfonds eine relativ innovative und neue Bewegung. Als wissenschaftliches Thema handelt es sich hierbei noch um ein Grenzthema, was weitere Untersuchungen dagegen herausfordernd und relevant macht. / O objetivo desta dissertação é entender, com base nas alterações da estrutura econômica e política do sistema econômico e financeiro internacional, os motivos que levaram alguns países emergentes, a criarem e/ou aprofundarem os fundos soberanos de riqueza nos últimos anos. O processo de proliferação é conseqüência direta da massiva acumulação de reservas que ocorreu na última década. Essa acumulação se deu em muitas economias emergentes, especialmente nos países produtores de petróleo e países asiáticos, que apresentavam grandes superávits comerciais com os EUA e outros países em desenvolvimento. Nesses países, as reservas alcançaram níveis além do necessário para cobrir o balanço de pagamentos, fornecendo uma oportunidade para que os administradores dessas reservas maximizassem os retornos. Assim, de forma a alcançar esse objetivo, foram analisados importantes fatores interdependentes e correlacionados, tais como (i) a liberalização econômica e financeira a partir da década de 1980; (ii) o processo de financeirização da economia mundial; (iii) a emergência de importantes economias em desenvolvimento; (iv) os crescentes desequilíbrios internacionais e, conseqüentemente, os possíveis mecanismos de ajuste; e (v) o acúmulo de capitais que levou ao processo de proliferação dos fundos soberanos de riqueza. Ressalta-se que os fatores acima mencionados não são objeto de análise específica da dissertação, mas constituem elementos essenciais que compõem o contexto para o entendimento próprio dos fundos soberanos e das principais causas do atual processo de proliferação. Dessa forma, fazse necessário entender, sob um ponto de vista mais geral a história, os objetivos, a dimensão, o ritmo de crescimento e as implicações sistêmicas dos fundos soberanos de riqueza. Tal entendimento, juntamente com um conjunto de princípios políticos tanto para esses fundos como para os países receptores desses investimentos, poderia ajudar a preservar a abertura ao capital estrangeiro e promover a estabilidade financeira por todo o mundo. A proliferação dos fundos soberanos de riqueza é um movimento recente e de certa forma inovador, resultante das adaptações do sistema econômico internacional, surgido com o final da Guerra Fria. Isso significa que é um tema cujas reflexões e interpretações ainda não estão totalmente consolidadas, fato que cria tanto obstáculos ao seu estudo apropriado, mas também um desafio de se trabalhar com um tema de fronteira. / This thesis aims at examining, within the framework of the recent changes in the international political and economic systems, the reasons that led some emergent countries to create and/or enlarge their sovereign wealth funds. Such enlarging springs from the massive capital accumulation of the past decade which took place on a number of emerging countries, notably oil exporters and Asian economies - which achieved large trade surplus in their deals with the USA and other developing countries. In these countries, reserves greatly surpassed the amount needed for covering any possibility of trade balance deficit, allowing governments to maximize their returns. In order to examine this scenario, this thesis examines a number of its key, inter-related factors, such as: (i) the process of economic and financial liberalization started in the 80's; (ii) the increasingly important role played by the financial markets in global economy; (iii) the growing international imbalances and some possible mechanisms to fix them; (iv) the capital accumulation process which led to the spreading of sovereign wealth funds. Such factors do not constitute any kind of privileged object of this analysis but are listed as crucial elements to understand sovereign wealth funds and the causes of their sharp increase over the recent years. In fact, understanding these funds could contribute - if coupled with a set of investment policies including investors, as well - to preserve capital flows and stabilize world economy. The proliferation of sovereign wealth funds is a recent, innovative movement, which emerged from the economic adjusts world economy underwent after the Cold War. As an academic theme, it is still a frontier topic, a fact that makes its study more challenging and relevant.

[pt] A crescente integração econômica e financeira mundial vem continuamente intensificando a demanda por informações visando subsidiar a tomada de decisões de um investidor global, geralmente baseada em dois fatores primordiais: risco e retorno. Nesse contexto, tornam-se extremamente interessantes as informações produzidas pelas agências de classificação de risco. Tais agências representam, através de notas, o risco de uma determinada nação não arcar com suas dívidas. Conseqüentemente, ao classificar o risco soberano de um país, influenciam investidores de todo o mundo, impactando principalmente, os mercados emergentes, como o brasileiro. Assim, o objetivo deste trabalho é avaliar os efeitos de mudanças dos ratings soberanos brasileiros atribuídos pelas agências de classificação de risco, no mercado acionário nacional. É percorrido um histórico das agências de rating e dos principais bonds por elas avaliados. Também é fornecida uma detalhada descrição das características daquelas agências e a forma de que elas influenciariam o mercado de capitais. Em seguida, através de testes estatísticos, desenvolve-se um estudo de evento, para analisar os efeitos verificados sobre os retornos do índice BOVESPA, nos períodos de upgrade, downgrade ou reavaliação assinalados pelas agências.Por fim, resultados serão expostos e as conclusões apresentadas. / [en] The growing economic and financial integration of the world is continuously intensifying the demand for information, in order to subsidize the decision making of the global investor, generally based on two major factors: risk and return. In this context, the data produced by the Credit Risk Agencies becomes extremely interesting. Such Agencies represent, with grades, the risk of a specific nation does not pay its debt. Consequently, when there is a Sovereign Risk classification of a country, these companies influence investors all over the world, impacting mostly the emerging markets, as well as the Brazilian market. Therefore, the objective of this work is to evaluate the effects of Brazilian Sovereign ratings, attributed by the Credit Agencies, in the national stock bond markets. A history of the Credit Agencies and the most important bonds evaluated by them will be reviewed. Furthermore, a detailed description of the characteristics of those agencies and how they influence the capital markets will be provided. Following, through statistical tests, an event study will be developed to analyze the effects verified in the returns of BOVESPA index, in events of upgrade, downgrade and outlook revision signed by the Credit Agencies. Finally, results are provided and conclusions presented.

Cette thèse met en avant l’analyse du lien entre le marché de la dette de gouvernement, le risque souverain, la stabilité du système financier et le développement des marchés de la dette locale dans les pays émergents. Afin de remplir l’espace vide dans la littérature académique sur les flux obligataires j’ai construit une nouvelle base des données sur les détentions des obligations souveraines par les investisseurs domestiques et étrangers et, par conséquence, j’ai effectué une analyse empirique des déterminants des flux entrants et sortants par type d’investisseur et pays. Ainsi la thèse projette une image complète de la globalisation des marchés de la dette souveraine. / This PhD dissertation presents the analysis of the link between the government debt market, sovereign risk, financial stability and development of the local currency debt in emerging economies. The reserch contribution to the academic literature lies in the empirical analysis of capital flows in bond markets and, for this purpose, I constructed a novel database covering domestic and foreign holdings of government bonds in developed and emerging economies. As a result, this disertation projects a complete and coherent image of the globalisation of sovereign bond markets.

Le droit d’enregistrement désigne le mécanisme institutionnel d’Ancien Régime selon lequel aucunes lettres patentes – ordonnances, édits et déclarations – n’étaient exécutoires tant qu’elles n’avaient pas été enregistrées par une cour souveraine. D’où l’impression d’un «contrôle» exercé par ces cours sur les décisions royales. Cette règle est considérée comme l’un des fondements du droit public français à l’époque moderne. Or, la présence de lettres patentes enregistrées par des chambres de justice ou en Grande Chancellerie sous Louis XIII, plus particulièrement après 1630 et l’accession de Richelieu au ministériat, permet de réexaminer cette théorie. Dans les faits, le droit d’enregistrement échappait en partie aux cours souveraines et surtout à la première d’entre elle : le parlement de Paris. Le droit d’enregistrement devenait dès lors un instrument bien plus efficace qu’un lit de justice qui permettait à la monarchie de contourner l’intervention des magistrats souvent jugée longue et fastidieuse. / The Registration Right refers to the institutional mechanism of Ancien Régime according to which no letters of patent – ordinance, edit or decree – were enforceable until a Sovereign Court registered it. So it leads to an impression of control over the Royal decisions by the Courts, a rule being one the foundation stones of modern French public law. Although the presence of lettres of patent registered by judicial commissaires or by the « Grande Chancellerie » under Louis XIII, especially after 1630 and Richelieu’s accession to the Ministry, allows the re-examination this theory. In fact, the Registration Right escaped sometimes the Sovereign Courts and became an instrument – far more useful than a «lit de justice» - which permitted the Monarchy to bypass the magistrates whose action where often judged slow and fastidious.

This thesis analyses what drives sovereign credit risk when contagion is con- trolled for. CDS spreads are used as a measure of credit risk and bond yields are used to estimate interconnectedness of the examined countries. The main contribution lies in the use of high-frequency data and a robust wavelet based estimator in addition to spatial econometric model. The aim of this thesis is to test for presence of contagion and to evaluate which fundamentals are decisive for market perception of sovereign credit risk. Another goal is to evaluate the possibility of a structural break caused by the Greek debt restructuring. The results show that the restructuring did bring change. Contagion is present during the post-crisis period and it diminishes as the economies recover. Sim- ilarly, fundamentals are of higher importance in the post-crisis period when compared with the following period. JEL Classification C22, C31, C33, G01, G32, G33 Keywords spatial econometrics, CDS spreads, sovereign credit risk, financial contagion, realised covari- ance Author's e-mail josef.zahlava@gmail.com Supervisor's e-mail petr.gapko@seznam.cz

Cette thèse cherche à savoir si la méthode décentralisée, officiellement mise en avant dans la gestion des crises de la dette souveraine depuis leur origine, est non seulement réalisable, mais également efficace en termes de répartition équitable du fardeau de la dette. Nous définissons en effet un processus de restructuration efficace comme une procédure de courte durée (inférieure à un an) et qui respecte les besoins des deux parties prenantes au contrat. Si du côté des créanciers, la décote ne doit pas être abusive, du côté du débiteur, la dette doit redevenir soutenable, au sens à la fois économique et social du terme. Le terrain d'analyse des processus de renégociation de la dette se concentre exclusivement sur les économies d'Amérique Latine, dans la mesure où elles représentent les débiteurs ayant enregistré le plus grand nombre de défauts au cours de l'histoire. À travers une méthode pluridisciplinaire, nous défendons finalement la thèse selon laquelle l'échec des différents processus de restructuration est directement subordonné à l'iniquité du partage du fardeau de la dette, laquelle fait suite à un déséquilibre des pouvoirs de négociation inhérente au cadre de gestion décentralisée. Notre posture macroéconomique et notre démarche inductive induisent un cadre d'analyse socio-économique, lequel fait appel à un approfondissement historique, en termes d'économie politique, mais également à une étude basée sur la psychologie sociale. La thèse est structurée autour de deux parties, elles-mêmes subdivisées en deux chapitres. La première partie s'attache à comprendre les origines et les modalités de prévention et de gestion des crises, ainsi que leurs échecs. Elle conjugue de fait l'observation empirique et les soubassements théoriques de la décentralisation. De fait, le premier chapitre fait état, au vu de la double responsabilité à l'œuvre dans le déclenchement et l'enlisement dans la crise, de l'échec de la méthode décentralisée sur le long terme. En effet, non seulement la décentralisation apparaît inapplicable, puisqu'une tierce partie est systématiquement contrainte d'intervenir, mais elle ne permet pas non de plus de répartir équitablement les coûts de la crise. Le second chapitre cherche consécutivement à comprendre pourquoi ce processus de restructuration est néanmoins maintenu. L'économie politique de la décentralisation montre alors que le choix entre la régulation et le « laissez-faire » ne tient pas tant à des critères d'efficacité économique qu'à des considérations idéologiques et politiques. La deuxième partie de cette thèse propose symétriquement des pistes de réflexion afin de pallier les principaux écueils relevés lors des différents épisodes de défaut et de restructuration. Ainsi, si le troisième chapitre répond au second, le quatrième fait écho au premier. En effet, le troisième chapitre montre que la décentralisation ne peut aboutir en raison non seulement de ses écueils techniques, mais surtout de la nature des deux parties au contrat. L'immunité souveraine ayant été relativisée dans les deux premiers chapitres, il s'agit ici d'analyser le fonctionnement des marchés selon une méthode alternative au concept d'efficience. C'est la raison pour laquelle nous faisons appel aux préceptes de Keynes (1936) et de son analyse en termes psychosociaux, que nous approfondissons au travers du courant de la finance comportementale. Une telle étude révèle ainsi l'incapacité des créanciers à s'organiser de bonne foi, laquelle représente pourtant la condition sine qua non de la réalisation et de l'efficacité de la méthode décentralisée. Par conséquent, le dernier chapitre de ce travail conclue sur la nécessité d'un revirement en faveur d'une approche plus centralisée, laquelle inclut une tierce partie neutre, compétente et institutionnalisée. / The aim of this dissertation is to know whether the decentralized approach, officially put forward in the management of sovereign debt crises since their origin, is not only feasible but also efficient in terms of equity of the debt burden sharing. We define indeed an efficient restructuring process as a procedure of short duration (less than one year) and that meets the needs of both parties. If, in the side of creditors, the discount should not be abusive, towards the debtor, the debt must become sustainable, in both economic and social terms. Field analysis process of renegotiating debt focuses exclusively on Latin American economies, insofar as they represent debtors who historically recorded the highest number of defaults. Through a multidisciplinary approach, we finally defend the thesis that the failure of the various restructuring process is directly subordinate to the iniquity of sharing the debt burden, which is due to an imbalance of bargaining power, as an inherent part of decentralized management. Our macroeconomic and inductive approaches built the framework for socio-economic analysis, which uses history, political economy, but also a study based on social psychology. This dissertation is structured in two parts, themselves divided into two chapters. The first part focuses on understanding the origins of crises, their prevention and crisis management, and then their failures. It combines empirical observation and theoretical underpinnings of the decentralization. Specifically, the first chapter outlines, given the dual responsibility in the onset and sinking into the crisis, the failure of the decentralized approach in the long term. It concludes that not only decentralization is inapplicable, since a third party is always forced to intervene, but nor it does allow an fair sharing of the crisis costs. The second chapter consecutively seeks to understand why such a restructuring process is still maintained. The political economy of decentralization then shows that the choice between regulation and "laissez-faire" is not so much linked to economic efficiency criteria, but rather to ideological and political considerations. The second part of this work symmetrically proposes lines of thought to overcome the main obstacles identified in most cases of defaults and restructurings. Thus, if the third chapter addresses the second, fourth echoes the first. Indeed, the third chapter shows that decentralization can't be efficient, not only because of its technical pitfalls, but also because of the nature of the both contractual parties. Sovereign immunity having been put into perspective in the first two chapters, the point here is to analyze the functioning of financial markets in an alternative way, compared with the efficiency hypothesis. That is why we go into the Keynes psychosocial analysis (1936) in depth with the behavioral finance. Such a study reveals the inability of creditors to organize themselves in good faith, while it is the sine qua non condition of the decentralized approach implementation and efficiency. Therefore, the final chapter concludes on the need for a shift towards a more centralized approach, which includes a neutral, competent and institutionalized third party. Here, if multilateralism must prevail as a model of collaborative thinking, in regard to the management of the current debt crisis in Europe, such a possibility remains unlikely in the short term. This is why debtor countries may have to take some unilateral decisions, including potentially legitimate and transparent debt repudiation in case of sinking into the crisis, in order to compel the international community to make that needed shift. Keywords: Sovereign debt, Restructuration, Decentralized approach, Dependency theories, Political Economy, Behavioral Finance.

The present work indeed to analyze the development of the concept of the sovereign in the West, considering the traffic history of this concept throughout the development process of the western state. Therefore, taking the initial concept developed by Jean Bodin, in his work, the Six Books of the Republic, seeking a revision considering already in Antiquity the presence of the opposition of power necessary to the birth of the sovereign. This new perspective of dialogue, passing notions contractualists developed between the seventeenth and eighteenth centuries, the study seeks to theorize the idea of violence according to a notion linked to a concept originating. Accordingly, the finding of secularization theological, conceptual politics, as a product of monism basic Judeo-Christian, it is necessary, following the basic theory and basic schmttian its dialogue with the matrix of Benjamin. As a result of this speech three analyzes arise relating (1) the idea of mythical violence and its essential connection to the power and legitimacy, as well as (2) on the relational self versus other and finally an attempt to (3) homogenization of the body politic seconds a dispersion of power centers, based on coordination structures and plurality and not more bodinian the concepts of hierarchy, absolutism and perpetuity. / A presente dissertação tem como escopo a análise do desenvolvimento do conceito do soberano no ocidente considerando o trânsito histórico desse conceito ao longo do processo de desenvolvimento do Estado ocidental. Para tanto, tomado o conceito inicial desenvolvido por Jean Bodin, em sua obra Os Seis Livros da República, busca-se uma revisão considerando-se já na antiguidade a presença da oposição de poder necessária ao nascimento do soberano. No diálogo revisional, perpassando as noções contratualistas desenvolvidas entre os séculos XVII e XVIII, o estudo teoriza a ideia de violência segundo uma noção ligada a um conceito originário. Nesse sentido, a constatação da secularização teológica, conceitual político, como um produto do monismo de base judaico-cristã, faz-se necessária, seguindo a teorização básica schmttiana e seu diálogo com a matriz benjaminiana. Como decorrência desse discurso três análises surgem relacionando (1) a ideia de violência mítica essencial e sua ligação ao poder e a legitimidade; assim como (2) sobre a relacional eu versus outro e; finalmente, a uma tentativa de (3) homogeneização do corpo político segundo uma dispersão de centros de poder baseada em estruturas de coordenação e pluralidade e não mais nos conceitos bodinianos de hierarquia, absolutismo e perpetuidade. / Mestre em Filosofia

Ziel dieser Dissertation ist es, auf Grund der Änderungen der wirtschaftspolitischen Struktur des Wirtschafts-und Finanzsystems, die Ursachen warum in den letzten Jahren manche Schwellenländer Staatsfonds gründen bzw. aufbauen, zu verstehen. Der Ausbreitungsprozess ist eine direkte Folge der massiven Anhäufung von Reserven des letzten Jahrzehnt. Dies konnte man in vielen Schwellenländern, insbesondere bei Ölexporteure und asiatischen Ländern, die groβe Handelsüberschüsse mit den Vereinigten Staaten und andere Entwicklungsländern registrierten, beobachten. Um das Defizit der Handelsbilanz zu decken, haben die Reserven in diesen Ländern einen exzessiven Niveau erreicht. Den Verwaltern dieser Reserven wurde daher die Gelegenheit gegeben höchstmögliche Gewinne zu erzielen. Wichtige, voneinander abhängige Faktoren wurden analisiert, um an dieses Ziel näher zu kommen, wie (i) in den 80er Jahren initiierten wirtschaftlichen und finanziellen Liberalisierungsprozess; (ii) die immer wichtigere Rolle, die die Finanzmärkte in der globalen Ökonomie spielen; (iii) das Hervortreten von wichtigen Schwellenländern; (iv) die wachsende, internationale Missverhältnisse und die daraufhin mögliche Anpassungsmechanismen; und (v) Kapitalanhäufungen, die zum Ausbreitungsprozess von Staatsfonds führten. Es wird darauf hingewiesen, dass die oben erwähnten Faktoren nicht Zielobjekte dieser Dissertation darstellen, jedoch sich als grundlegende Elemente zusammensetzen, um Staatsfonds und Hauptursachen des jetzigen Ausbreitungsprozess im Zusammenhang zu verstehen. Daher ist es wichtig, durch einen generellen Standpunkt, die Geschichte, Ziele, Dimensionen, Wachstumsrate und Auswirkungen der Staatsfonds, zu verstehen. Diese Verständnisse könnten gemeinsam mit einer Zusammenstellung von politischen prinzipien, sowohl für Fonds als auch für Investitionsempfänger, die Öffnung für Auslandskapital erhalten und weltweit finanzielle Stabilität fördern. Ursprünglich am Ende des kalten Krieges erschienen und Resultat der Anpassungen des internationalen Wirtschaftssystems, ist die Verbreitung der Staatsfonds eine relativ innovative und neue Bewegung. Als wissenschaftliches Thema handelt es sich hierbei noch um ein Grenzthema, was weitere Untersuchungen dagegen herausfordernd und relevant macht. / O objetivo desta dissertação é entender, com base nas alterações da estrutura econômica e política do sistema econômico e financeiro internacional, os motivos que levaram alguns países emergentes, a criarem e/ou aprofundarem os fundos soberanos de riqueza nos últimos anos. O processo de proliferação é conseqüência direta da massiva acumulação de reservas que ocorreu na última década. Essa acumulação se deu em muitas economias emergentes, especialmente nos países produtores de petróleo e países asiáticos, que apresentavam grandes superávits comerciais com os EUA e outros países em desenvolvimento. Nesses países, as reservas alcançaram níveis além do necessário para cobrir o balanço de pagamentos, fornecendo uma oportunidade para que os administradores dessas reservas maximizassem os retornos. Assim, de forma a alcançar esse objetivo, foram analisados importantes fatores interdependentes e correlacionados, tais como (i) a liberalização econômica e financeira a partir da década de 1980; (ii) o processo de financeirização da economia mundial; (iii) a emergência de importantes economias em desenvolvimento; (iv) os crescentes desequilíbrios internacionais e, conseqüentemente, os possíveis mecanismos de ajuste; e (v) o acúmulo de capitais que levou ao processo de proliferação dos fundos soberanos de riqueza. Ressalta-se que os fatores acima mencionados não são objeto de análise específica da dissertação, mas constituem elementos essenciais que compõem o contexto para o entendimento próprio dos fundos soberanos e das principais causas do atual processo de proliferação. Dessa forma, fazse necessário entender, sob um ponto de vista mais geral a história, os objetivos, a dimensão, o ritmo de crescimento e as implicações sistêmicas dos fundos soberanos de riqueza. Tal entendimento, juntamente com um conjunto de princípios políticos tanto para esses fundos como para os países receptores desses investimentos, poderia ajudar a preservar a abertura ao capital estrangeiro e promover a estabilidade financeira por todo o mundo. A proliferação dos fundos soberanos de riqueza é um movimento recente e de certa forma inovador, resultante das adaptações do sistema econômico internacional, surgido com o final da Guerra Fria. Isso significa que é um tema cujas reflexões e interpretações ainda não estão totalmente consolidadas, fato que cria tanto obstáculos ao seu estudo apropriado, mas também um desafio de se trabalhar com um tema de fronteira. / This thesis aims at examining, within the framework of the recent changes in the international political and economic systems, the reasons that led some emergent countries to create and/or enlarge their sovereign wealth funds. Such enlarging springs from the massive capital accumulation of the past decade which took place on a number of emerging countries, notably oil exporters and Asian economies - which achieved large trade surplus in their deals with the USA and other developing countries. In these countries, reserves greatly surpassed the amount needed for covering any possibility of trade balance deficit, allowing governments to maximize their returns. In order to examine this scenario, this thesis examines a number of its key, inter-related factors, such as: (i) the process of economic and financial liberalization started in the 80's; (ii) the increasingly important role played by the financial markets in global economy; (iii) the growing international imbalances and some possible mechanisms to fix them; (iv) the capital accumulation process which led to the spreading of sovereign wealth funds. Such factors do not constitute any kind of privileged object of this analysis but are listed as crucial elements to understand sovereign wealth funds and the causes of their sharp increase over the recent years. In fact, understanding these funds could contribute - if coupled with a set of investment policies including investors, as well - to preserve capital flows and stabilize world economy. The proliferation of sovereign wealth funds is a recent, innovative movement, which emerged from the economic adjusts world economy underwent after the Cold War. As an academic theme, it is still a frontier topic, a fact that makes its study more challenging and relevant.

Made available in DSpace on 2017-07-10T18:26:32Z (GMT). No. of bitstreams: 1 Marco Antonio Batistella.pdf: 799527 bytes, checksum: dbc91deb2735fdf399e489e052aba482 (MD5) Previous issue date: 2012-11-14 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / It is intended in this dissertation thematize the notion of Power in the work of Carl Schmitt in order to problematize the concepto of the Political of the thesis in Power and Order that is inextricably perfect space conflictual politics. This claim is argumentative strategy to answer the following problem to be treated: if, on one hand, Carl Schmitt undertakes a relentless critique of "normativism" the liberal order so, however, does not waive the need for establishment of a normative order as is possible, however, to reconcile normativadade with a substantial political and non-liberal? In this context, proposes to tracejar two spheres systematic exposure, namely: 1) A critical part: containing a historical-conceptual exposition of the political structure to which Carl Schmitt controversially ensnares its antithetical force of argument, 2) A part-dogmatic conceptual: in which he exposes the positioning - decisionist - Carl Schmitt, and the way the author bases its claim of theoretical Political conceive as a typical scope of conflict and the exercise of power and law. To satisfy this proposal will provide the development of three chapters articulated. Therefore, we intend to develop in the first chapter the historical and philosophical assumptions of the crisis of modern rule of law in order to highlight the main theses articulated by current contractarian political thinkers who formed the so-called doctrine of modern natural law. In this scope, it is suggested that, noted some nuances unique and distinctive among leading theorists of that chain, there is the common denominator consistent in the primacy of the individual over the decision-making power of the State. In the second chapter, we intend to articulate how the proposed rules of Hans Kelsen is closely linked with the modern jusnaturalism. It is suggested from the outset that Kelsen proposes the theory under which the state reduces to the law, or the State / Force the Norm / Law. Indeed, it is argued that the Order engineered by normativism active in the Weimar Republic, in attempting to "neutral", presupposes the absence of a decision-maker, since where rationality of Law operates no voluntas, with no place, therefore, to mention both the "state of exception" as the meaning of "sovereignty" policy, except the "Sovereignty of Law." For ultimate, intended to articulate the last chapter, the design of Power schmittian the likeness of the very phenomenon constitutive condition of human life in the world, and argue that their manifestation does not cease to exist, or else do not reduce their intensity when the political relationship between the men. In view of this, we aim to address two notions instilled in indissoluble relation between Power and Order. These are the notion of "constituent power" and the principle of formal political "representation." These two notions expressed in Carl Schmitt, the way becomes apparent homogeneity of the people at the expense of pluralism of liberal order. Altogether the work of Carl Schmitt, and outlined the proposal of this dissertation, the objective is, ultimately, to understand how the author, in his defense of the Political, undertakes a justification of State and Law, light inextricable relationship between power and Order. / Pretende-se nessa dissertação tematizar a noção de Poder na obra de Carl Schmitt de modo a problematizar o conceito de Político sob a tese de que Poder e Ordem se aperfeiçoam indissociavelmente no espaço conflitivo da política. Essa pretensão constitui estratégia argumentativa para a resposta do seguinte problema a ser tratado: se, de um lado, Carl Schmitt empreende uma incessante crítica ao normativismo da ordem liberal de modo a, todavia, não renunciar a necessidade de constituição de uma ordem normativa, como é possível, por outro lado, conciliar a normativadade com uma ordem política substancial e não-liberal? Nesse contexto, propôe-se tracejar dois âmbitos sistemáticos de exposição, a saber: 1) Um âmbito crítico: contendo uma exposição histórico-conceitual da estrutura política para a qual Carl Schmitt polemicamente enreda sua força antitética de argumentação; 2) Um âmbito dogmático-conceitual: no qual se expôe o posicionamento decisionista de Carl Schmitt, além do modo como o autor alicerça sua pretensão teórica de conceber o Político como um âmbito típico de conflito e de exercício do Poder e do Direito. Para satisfazer a presente proposta, estipular-se-á o desenvolvimento de três capítulos articulados. Assim sendo, pretende-se desenvolver no primeiro capítulo os pressupostos históricos e filosóficos da crise do Estado de Direito Moderno, a fim de ressaltar as principais teses articuladas pelos pensadores políticos da corrente contratualista que compuseram a denominada Doutrina do Direito Natural Moderno. Nesse escopo, sugere-se que, anotadas algumas nuances singulares e distintivas entre os principais teóricos daquela corrente, há o denominador comum consistente na primazia do indivíduo em detrimento do poder decisório do Estado. Ao segundo capítulo, pretende-se articular como a proposta normativa de Hans Kelsen está intimamente articulada com o jusnaturalismo moderno. Sugere-se, à partida, que Kelsen propõe a tese sob a qual o Estado reduz-se ao Direito, ou o Estado/Força à Norma/Direito. Com efeito, argumenta-se que a Ordem arquitetada pelo normativismo operante na República de Weimar, ao pretender-se neutra , pressupõe a inexistência de uma instância decisória, dado que, onde a racionalidade da Lei opera, não há voluntas, não havendo lugar, portanto, para se mencionar tanto o estado de exceção quanto o significado de soberania política, exceto a Soberania da Lei . Por derradeiro, pretende-se articular no último capítulo, a concepção schmittiana do Poder à semelhança de fenômeno constitutivo da própria condição da vida humana no mundo, bem como argumentar que sua manifestação não deixará de existir ou, então, não se reduzirá sua intensidade quando da relação política entre os homens. À vista disso, objetiva-se abordar duas noções incutidas na relação indissociável entre Poder e Ordem. Tratam-se da noção de poder constituinte e do princípio político-formal da representação . Essas duas noções expressam, em Carl Schmitt, a forma pela qual se torna manifesta a homogeneidade do povo em detrimento do pluralismo da ordem liberal. No conjunto da obra de Carl Schmitt, assim esboçada a proposta dessa dissertação, objetiva-se, em última instância, compreender como o autor, em sua defesa do Político, empreende uma justificativa do Estado e do Direito, a luz da relação inextrincável entre Poder e Ordem.