This thesis compares Norway, Botswana and Venezuela and their sovereign wealth funds. The first two countries are referred to as exceptions to the theory of the resource curse, which explains the phenomenon that shows that countries with a high dependence on income from the export of natural resources have a slower rate of economic, political and institutional development. On the contrary, Venezuela (although it was considered an exception in the past) is severely affected by this phenomenon and thus serves as a negative example in this thesis. The thesis focuses on state sovereign wealth funds and examines whether and under what conditions these funds have an effect on reversing the resource curse. Based on the theoretical part, five key characteristics are identified that the fund must meet in order to function against the negative manifestations of the curse of natural resources - (1) offsetting the effects of volatility, (2) diversifying the economy, (3) budgetary policy, (4) controlling the allocation of expenditure, (5) transparency of funds. Based on these characteristics, it is possible to observe that the Norwegian sovereign wealth fund works best from selected funds as a defense against the resource curse, followed by the Botswana fund and third by the Venezuelan fund. Norway and Botswana...

This dissertation is a collection of three essays dealing with selected problems of the Euro Area during its most recent crisis. It applies empirical, theoretical, and institutional analyses to gain new insights into many of its financial aspects. The first essay offers an alternative explanation for the surge in government bond spreads. Many researchers attribute this phenomenon to market sentiment and multiple equilibria alone. We show that an often neglected fundamental variable may drive spreads: a decrease in the expected recovery value of private market participants. With an ever-increasing share of crisis countries’ debt held by official creditors, private investors may feel pushed into the position of subordinated creditors. The other two essays both explain the sharp increase in central bank credit from different perspectives. First, from the national perspective, central banks may be confronted with a classical tragedy-of-the-commons problem, which gives rise to an expansionary bias. Second, from the perspective of the ECB, we argue that the empirical patterns surrounding the liquidity provision in December 2011 are reminiscent of a speculative attack on a fixed exchange rate system.

Le phénomène de contagion, les hypothèses d'efficience et les transferts de volatilité sont parmi les théories économiques les plus importantes, car elles fournissent une vision globale sur la stabilité financière. Or, elles restent les moins comprises depuis les récentes crises récentes. Ainsi, cette thèse propose de fournir aux régulateurs économiques, aux investisseurs et aux acteurs du marché financier une vision actualisée du comportement dynamique des marchés mondiaux des Credit Default Swaps (CDS): efficacité informationnelle, interaction avec d'autres marchés financiers internationaux et exposition au risque systémique. La dynamique en constante mutation de ces marchés associée à l'évolution constante des politiques de réglementation a suscité un enthousiasme mondial pour l'étude comportementale des marchés des CDS, auquel nous contribuons à travers cinq essais interconnectés. Nous discutons, dans le premier essai, les faits stylisés des données des CDS souverains à travers l'estimation de 9 modèles de type GARCH. Ce chapitre compare les performances de plusieurs modèles prédictifs de volatilité linéaire et non linéaire et prenant en compte différentes caractéristiques financières des séries statistiques. L'application de ces modèles aux spreads de CDS de 38 pays révèle que le pouvoir prédictif de ces modèles dépend de leur capacité à capturer les faits stylisés des CDS souverains pendant l'estimation du processus de la variance. En effet, les modèles GARCH fractionnellement intégrés surpassent les modèles GARCH de base en termes de prévision, en raison de la flexibilité accordée au degré de persistance des chocs de variance. Ces résultats sont utilisés pour modéliser conjointement les rendements et la volatilité des spreads de CDS dans l'ensemble des prochains essais. Le deuxième essai examine également les caractéristiques financières des marchés internationaux des CDS souverains, en donnant de nouvelles preuves sur leurs degrés d'efficacité. En utilisant un nouveau cadre économétrique basé sur une estimation du modèle VECM-FIGARCH en trois étapes, nous montrons que les informations contenues dans les spreads de CDS et les rendements des obligations sous-jacentes ne sont pas toujours reflétées instantanément et correctement dans le niveau du risque souverain. Les résultats révèlent l'existence d'opportunités d'arbitrage avec un rejet partiel de l'hypothèse de marche au hasard dans plusieurs des 37 pays étudiés [etc...] / Contagion phenomenon, efficiency hypothesis and spillover effects are amongst the most important economic theories as they provide an overall vision of the financial stability, yet the least understood in the aftermath of the recent crises. This thesis proposes to provide policy makers, investors and broadly market participants with an updated outlook of the dynamic behavior of the global sovereign Credit Default Swaps (CDS) markets: informational efficiency, interaction with other international financial markets and systemic-risk exposure. The steadily changing dynamics of these markets combined with the constantly evolving regulatory policies have led to a shared worldwide enthusiasm regarding the behavioral study of CDS markets, in which we contribute through five interconnected essays. We first discuss, in the first essay, the statistical characteristics of the sovereign CDS data, through the estimation of 9 GARCH-class models. This chapter compares the predictability performances of several linear and non-linear volatility models taking into consideration different financial stylized facts. Application on CDS spreads of 38 countries reveals that the forecasting power of these models depends on their ability to capture sovereign CDS features while estimating the variance process. Yet, the fractionally-integrated models outperform the basic GARCH-class models due to the allowed flexibility regarding the persistence degree of the variance shocks. These results are used to jointly model returns and volatility of CDS spreads in the forthcoming essays.The second essay also investigates the financial characteristics of the international sovereign CDS markets, by giving new evidences on their efficiency degrees. Using a new framework based on a 3-step estimation of a VECM-FIGARCH model, we show that information contained in CDS spreads and bond yields are not always instantaneously and properly reflected in the current sovereign risk level. Results reveal the existence of arbitrage opportunities with a partial rejection of the randomness hypothesis in some of the 37 studied countries. While the previous essay used the conditional expectation of CDS spreads to study the market behavior, the next essays rather focus on the properties of the variance and covariance. The predictability of sovereign CDS volatility, based on the information contained in some country-specific and global macroeconomic factors, is investigated in the third chapter [etc...]

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[pt] Esta tese argumenta que as operações de garantia da lei e da ordem (Op GLO) no Brasil são práticas soberanas internas que se baseiam em uma convergência entre segurança doméstica e segurança nacional que permitem o emprego das Forças Armadas na segurança pública. Ela sustenta que tais operações reforçam a autoridade soberana de formas violentas conforme os militares exercem sua prerrogativa constitucional de garantia da ordem no espaço público quando atuam em funções de polícia ou quando se engajam em esforços de pacificação doméstica. A pacificação no Rio de Janeiro é voltada para certas áreas marginalizadas da cidade que se encontram em território nacional, mas que o Estado considera como áreas fora de seu controle pelo fato das mesmas estarem sujeitas a autoridades paralelas, como o crime organizado. Como o Estado considera esses espaços fora de seu controle e como ameaças à governança efetiva e à integridade nacional, ele busca reintegrá-las forçadamente através meios violentos. Partindo do pressuposto de Michel Foucault de que o Estado não pode ser entendido de forma dissociada das práticas que o constituem, a análise adotará uma concepção de fronteiras como procedimentos excludentes que representam limites violentos do poder soberano para entender como a soberania enquanto prática é reforçada quando as Forças Armadas são empregadas na pacificação dos dentro/fora do Estado para combater um certo inimigo interno. O arcabouço teórico da tese será construído com base na teoria de práticas e no conceito de biopolítica de Foucault como metodologia. / [en] This thesis argues that law and order enforcement operations (Op GLO) in Brazil are internal sovereign practices based on a convergence of domestic and national security which enables the deployment of the Armed Forces for public security. This study sustains that these operations reinforce sovereign authority in violent ways as the military exercises its constitutional prerogative of guaranteeing order within the public space by performing policing roles or engaging in domestic pacification. Pacification in Rio de Janeiro is aimed at certain marginalized areas of the city located within the national territory, yet that the Brazilian state considers to be outside of its control and subject to the rule of parallel authorities, mainly organized crime. Since the state regards these outsides as threats to effective governance and to national integrity, it aims to forcefully reintegrate them by deploying violence. By assuming Michel Foucault s notion that the state cannot be understood apart from the practices that constitute it, a conception of borders as excluding procedures that represent power thresholds of sovereign violence will be adopted to understand how sovereignty as a practice is reinforced when the Armed Forces are deployed domestically to pacify the inside/outsides of the state and tackle a certain enemy within. The thesis theoretical framework will draw from the practice theory and from Foucault s concept of biopolitics as a methodology.

Working at the intersection of queer feminist affect studies and queer Indigenous studies, this thesis focuses on theorizations and enactments of queer Indigenous joy in Billy-Ray Belcourt's A History of My Brief Body, Gregory Scofield's Love Medicine and One Song, and Joshua Whitehead's Jonny Appleseed. It explores how these contemporary texts uniquely emphasize the relational queer Indigenous body’s tenacious capacity for care and love in order to enact more breathable, collective, and ultimately joyful modes of embodied life, even amid the stifling settler colonial present. I argue that, in doing so, these authors foster joy as a rebellious and healing affective orientation that opposes injurious colonial constructions of queer Indigenous embodiment and contributes to the future-bearing project of radical Indigenous resurgence. By examining these authors' invaluable interventions with joy, which is largely an under-acknowledged positive affect, this thesis aims to convey why the young but burgeoning field of queer Indigenous literature merits far more critical attention than it has received thus far.

This dissertation analyses the idea that parliament controls public money in parliamentary constitutional systems of government. That analysis proceeds through an historical and contemporary examination of the way legal practices distribute authority over public money between different institutions of government. The legislative and judicial practices concerning taxation, public expenditure, sovereign borrowing, and the government financing activities of central banks are selected for close attention. The contemporary analysis focuses on the design and operation of those legal practices in the United Kingdom and the Commonwealth of Australia, in the context of the boom-bust-recovery economic conditions experienced between 2005 and 2016. The dissertation's ultimate claims are explanatory: that "parliamentary control" is a poor explanation of the distribution of financial authority in parliamentary systems of government and should be jettisoned in favour of an idea of "parliamentary ratification". An empirically engaged methodology is adopted throughout the dissertation and (historical and contemporary) public sector financial data enrich the legal analysis. The dissertation acknowledges the impact of, but remains agnostic between, different economic and political perspectives on fiscal discipline and public financial administration. The dissertation makes a number of original contributions. It provides a detailed examination of the historical development, legal operation and constitutional significance of annual appropriation legislation, and the legal regimes governing sovereign borrowing and monetary finance. It also analyses the way that law interacts with government behaviour in situations of economic emergencies (focusing on the Bank of England's public financing activities since 2008), and the institutional and doctrinal obstacles facing judicial involvement in disputes concerning public finance (focusing on the Australian judiciary's recent engagements with public expenditure legislation).

Il y a quatre chapitres dans cette thèse.Dans le premier chapitre, nous analysons les intéractions entre le marché interbancaire et le risque de défaut souverain dans un modèle d’équilibre général à deux pays, en focalisant sur la transmission de la crise financière récente et la politique monétaire non conventionnelle.Dans le deuxième chapitre, les effets de la dévaluation fiscale sur les indicateurs macroéconomiques et le bien être sont analysés en utilisant un modèle à deux pays en union monétaire o`u les variétés de biens et le commerce sont endogènes.Dans le troisième chapitre, l’impact du facteur démographique sur la croissance du secteur des services à long terme est mis en exergue.Dans le quatrième chapitre, on étudie les effets de la mobilité des travailleurs et de la mobilité du capital dans une union monétaire. / This thesis studies challenges for modern developped economies, including the structural change toward services, population ageing, weak labor mobility in the EMU and unconventional monetary policies after the 2008 financial crisis. The manuscript is divided into four chapters.In the first chapter, we analyze the interaction between interbank markets and default risk using a two-country dynamic general equilibrium model, with a focus on the transmission of the recent financial crisis and unconventional monetary policies.In the second chapter, we investigate the effects of fiscal devaluations on key macroeconomic aggregates and welfare using a two-country monetary-union model with endogenous varieties and endogenous tradability.In the third chapter, we study the impact of demographic factor and the growth of service sector by using a multi-sectoral OLG model, and effectuate counterfactual experiments in which the annual growth rate of young generation is ±1pp than the actual growth rate.In the fourth chapter, we study the potential interactions between financial integration and labor mobility in a currency union facing asymmetric shocks, and simulate the impacts of 2008 financial crisis under different mobility costs.

L'objet de la présente thèse concerne l'étude de l'impact économique de trois modalités démocratiques, à savoir (i) l'agenda électoral, (ii) l'affiliation partisane des dirigeants en place dans un cadre de multipartisme, et (iii) les changements de gouvernance constitutionnellement définis. Afin d'introduire notre étude, nous décrivons la relation qui existe entre les modalités démocratiques et la démocratie directe d'une part et la politique budgétaire d'autre part, aux Etats-Unis sur la période 1790-2014 dans l'Introduction Générale. Dans le Chapitre 2 nous étudions l'effet authentique et potentiellement néfaste des cycles politico-budgétaires. Notre méta-analyse suggère que les dirigeants nationaux manipulent effectivement le budget dans un but de réélection mais l'ampleur du phénomène est largement exagérée par la littérature. Toutefois, le biais de publication mis en lumière s'est significativement réduit lors des 25 dernières années de recherches. Dans le Chapitre 3 nous étudions comment l'affiliation partisane des gouverneurs américains affecte le statut de pauvreté des immigrants, aux Etats-Unis, sur la période 1994-2014. Pour ce faire, nous comparons le niveau de pauvreté des immigrants dans les Etats gouvernés par les Démocrates au niveau de pauvreté des immigrants constaté dans les Etats gouvernés par les Républicains. En accord avec la littérature sur l'affiliation partisane, nous trouvons que les immigrants ont plus d'opportunités de sortir de la pauvreté sous les Démocrates que sous les Républicains. Une analyse formelle de médiation révèle que nos résultats empiriques sont médiatisés par un meilleur accès au marché du travail et possiblement de meilleures rétributions du travail, pour les immigrants. Dans le Chapitre 4 nous cherchons à vérifier l'évolution des notations souveraines lors des périodes d'inauguration des nouveaux dirigeants sur un échantillon de 18 pays d'Amérique Latine et des Caraïbes ayant des systèmes présidentiels. A partir de données de panel journalières s'étendant du 1er janvier 1994 au 31 décembre 2014, nous trouvons que les notations souveraines sont de meilleure qualité durant les périodes d'inauguration anticipées comparées aux autres périodes d'inauguration. En outre, nos résultats montrent que durant ces périodes d'inauguration anticipées, les notations sont encore meilleures lorsque le dirigeant entrant (i) est économiquement de droite, (ii) dispose d'un diplôme universitaire d'un pays de l'OCDE, (iii) a un parcours professionnel traditionnel, (iv) a une approche non populiste, et (v) dispose de marges électorales de victoire importantes. Il apparaît également un biais de genre potentiel à la faveur des nouveaux dirigeants de sexe masculin. En prenant avantage d'un modèle de durée et de régressions de Cox -- modèle à risque proportionnel, nous mettons en lumière que les périodes d'inauguration des dirigeants affectent également la probabilité instantanée de dégradation des notations souveraines. Enfin, dans la Conclusion Générale nous explorons les racines des pensées antisystèmes en Occident, puis nous discutons des avantages et inconvénients de quelques formes alternatives de démocratie, à savoir (i) la démocratie directe, (ii) le tirage au sort, et (iii) le développement participatif comme bien public. Finalement, nous explorons les controverses concernant les formes alternatives de démocratie sur l'agora virtuelle que constitue Twitter. / The aim of the present dissertation is to empirically investigate the economic impact of three democratic modalities, namely (i) the electoral agenda; (ii) the partisan affiliation of incumbents in a multipartism framework; and (iii) constitutionally defined leadership changes. To introduce the scope of the dissertation we describe the democratic modalities and direct democracy behind the U.S. fiscal policy from 1790 to 2014, in the General Introduction.In Chapter 2 we study the genuine detrimental effect of political budget cycles. Our meta-analysis suggests that national leaders do manipulate fiscal tools in order to be re-elected, but to an extent that is significantly exaggerated in the literature. The publication selection bias highlighted has nonetheless been reduced during the past 25 years of research. In Chapter 3 we investigate how governors' partisan affiliation affects the poverty status of immigrants to the U.S for the period 1994-2014. To this end, we compare the poverty outcomes of immigrants in states ruled by Democratic governors relative to the outcomes for those in states ruled by Republican governors. Consistent with the literature on partisan affiliation, we find that immigrants are more likely to get out of poverty in states with Democratic governors than states with Republican governors. A formal mediation analysis reveals that the empirical results are mediated through better access to the labor market and possibly through higher wages and labor earnings for immigrants. In Chapter 4 we assess whether sovereign credit ratings change during the inauguration periods of incoming leaders, on a sample of 18 Latin American and Caribbean countries with presidential systems. Building on a daily panel dataset covering the period from January 1, 1994 to December 31, 2014, we find that credit ratings are better during anticipated inauguration periods compared to other inauguration periods. Moreover, our results reveal that, during anticipated inauguration periods, incoming leaders with (i) an economically right-wing orientation; (ii) an OECD college degree; (iii) a traditional professional background; (iv) a non-populist approach; and (v) large electoral margins of victory are associated to even better ratings. There also appears to be a potential gender bias effect in favor of male incoming leaders. Last but not least, the quality of the credit rating also matters. In the General Conclusion we explore the roots of anti-systemism in the West, then we discuss some alternative forms of democracy, and we explore the controversies regarding the alternative forms of democracy on the virtual \emph{agora} of Twitter.

本研究探討歐洲已開發市場之主權信用違約交換與主權債券和無風險利率之債券信用價差之間的動態關係以及價格發現現象。此外亦分析可能影響歐洲已開發市場主權信用違約交換與債券信用價差變動之因子。 實證結果發現信用違約交換有較明顯之價格發現功能，且信用違約交換與債券信用價差間之基準差與信用風險呈現正向關係。而歐洲主權債券因其性質特殊，其使用德國政府公債作無風險利率反而較歐元交換利率為佳。此外我們發現利率變化與股市皆為影響歐洲主權信用價差之因子，而波動率之影響不明顯，原因也可能是歐洲主權債券過去低風險而成為資金避險標的之特殊性質。 / The thesis examines the dynamic relation between CDS and bond spread on developed European sovereign bonds. We also investigate which variables will affect the changes of CDS and bond spreads. We found that price discovery occurs on CDS more often, and the basis between CDS and bond spread has a positive relationship with credit risk. Due to the special characteristic of developed European sovereign bonds, the German sovereign bond yield is a better benchmark for risk-free rate than the Euro swap rate. Also we found that the change of rates and the return on stock market affect the European sovereign credit spread, but the effect of volatility on credit spread is limited. The reason should be the low-risk nature of these bonds in the past, which made them “safe” products for capitals to park.