The purpose of this study is to explore the implications for various government stabilization policies of explicit consideration of market disequilibrium, especially credit rationing in the commercial bank loan market. The analysis centers in each case on the value of the government expenditure multiplier. First, a control or equilibrium version of the model is developed which is consistent with standard macrotheory and which contains a welldescribed banking sector. The results of the simulations with this version of the model confirm that the impact multiplier is larger when the deficit is financed by printing money than when bonds are issued to meet the requirement for funds. However, it is shown that in the long run the bond-financed multiplier is greater than the money-financed multiplier. This version of the model also confirms the possibility raised in the current literature that the bondfinanced case may be unstable. Since the current model has a well developed banking sector, the theory of the government finance restraint is extended to consider the case in which the deficit is financed by transferring the ownership of government bank deposits to the private sector. This case closely resembles the bond-financed case in the short run but it is statically stable. The deposit-financed case is limited, of course, by the initial size of the government deposits. Therefore, the restoration of the level of government deposits by one of the other means of financing is considered. Next, a disequilibrium version of the control model is developed consistent with current literature on disequilibrium phenomena. This version of the model contains a feedback mechanism by which a disequilibrium in one market will affect the decisions in all other markets. The results of the simulations with the disequilibrium model show that the government expenditure impact multiplier may be increased by the presence of credit rationing. In fact the bond-financed case which is unstable in the control version becomes stable under "equilibrium" credit rationing, where the loan rate does not adjust at all. Since the model used in this study is ad hoe, sensitivity analysis is used to investigate the importance of the exact values of the key parameters of the system. The policy implications of the study do appear to hing on the values of the feedback coefficients. If the force of credit rationing is mainly felt in the real sector, the government expenditure impact multiplier will be smaller in the disequilibrium version than in the control model. -on the other hand, if the impact of credit rationing is mainly felt in the financial sector, the opposite result will occur. However, the range of values that the multiplier may take on, depending on the impact of the credit rationing, is quite small. Thus, given the size of the error of prediction of standard models, this study concludes that it is unlikely that the inclusion of credit rationing will allow a better evaluation of government stabilization policies. This is especially true if the impact of credit rationing is believed to be in roughly the same proportion as normal expenditures in the various markets. / Thesis / Doctor of Philosophy (PhD)

[pt] O objetivo principal do trabalho é avaliar as vantagens e desvantagens associadas à utilização, no âmbito de uma pequena economia aberta, de um mecanismo de intervenção sobre variações dos preços relativos domésticos de insumos intermediários comerciáveis. Esse mecanismo pode ser implementado por meio de uma combinação de tributos e subsídios às importações e exportações dos insumos comerciáveis, com alíquotas variáveis ao longo do tempo. Tal intervenção assume o papel de um instrumento auxiliar de estabilização que, ao ser manejado de forma coordenada com a taxa de juros nominal e os demais instrumentos convencionais de política monetária, pode vir a melhorar a resposta da economia aos choques que a atingem. Um exemplo concreto desse tipo de mecanismo é a CIDE (Contribuição de Intervenção sobre o Domínio Econômico), que tinha entre seus intuitos originais impedir que a volatilidade do preço do petróleo no mercado internacional se transmitisse integralmente aos preços domésticos dos derivados. O trabalho, portanto, destina-se a analisar e responder as seguintes questões: (i) determinar as circunstâncias nas quais a intervenção sobre os preços internacionais dos insumos pode se somar à manipulação da taxa de juros nominal na tentativa de melhor estabilizar a economia; (ii) investigar a natureza da intervenção ótima, ou seja, como o instrumento auxiliar e a taxa de juros nominal devem se movimentar conjuntamente em resposta aos choques; e (iii) medir os ganhos de bem estar que advêm da disponibilidade desse instrumento auxiliar de estabilização. / [en] The main purpose of the current work is to evaluate the advantages and disadvantages of using a mechanism which intervenes in domestic relative prices of tradable intermediate goods. Such a mechanism can be implemented by a combination of taxes and subsidies to imports and exports of tradable intermediate goods, with rates that vary over time. This intervention performs as an auxiliary stabilization instrument that is managed in a coordinated fashion with more conventional ones, such as the nominal interest rate. In the end this work will look into the matters of (i) investigating the circumstances under which the intervention in international commodity prices, together with the nominal interest rate, might help in the task of stabilizing the economy; (ii) determining the optimal response of the available instruments to the shocks that hit the economy; and (iii) measuring the welfare consequences of the availability of this auxiliary stabilization instrument.

O presente trabalho examina as políticas econômicas adotadas pelo Brasil como medidas de enfrentamento à crise econômica mundial iniciada em 2007-2008. Para isso, apresenta-se a conceituação de crise econômica e suas flutuações, além de um breve histórico de crises econômicas em alguns países em determinados períodos. Em sequência, é apresentada a definição de política econômica, com ênfase na política fiscal e na política monetária e creditícia, bem como seus instrumentos de estabilização ou precaução às crises. Após essa etapa, o trabalho registra os principais efeitos da crise econômica no mundo, expondo os principais indicadores e os principais efeitos da crise econômica no Brasil. Para cumprir sua proposta, explora as principais medidas de políticas econômicas adotadas no Brasil como forma de conter a crise mundialmente instaurada. Os procedimentos metodológicos utilizados são: revisão bibliográfica e pesquisa empírica de dados secundários para apresentação da crise internacional; pesquisa teórica e empírica secundária sobre as medidas econômicas adotadas pelo Brasil e a análise do conteúdo apurado, estabelecendo a avaliação baseada no respectivo levantamento bibliográfico. / This paper examines the economic policies adopted by Brazil as measures to fight the global economic crisis that began in 2007-2008. In order to accomplish that, the concept of economic crisis and its fluctuations is presented, as well as a brief history of economic crises in s few countries over certain times. Then, the definition of economic policy, with an emphasis on tax policy and monetary and credit policy, highlighting their stabilization instruments or measures of precaution against crises are presented. After this step, the research reports the main effects of the economic crisis in the world economy, exposing the key indicators and the main effects of the economic crisis in Brazil. To fulfill its main proposal, the study explores the key measures of economic policies adopted in Brazil as a way to stem the worldwide crisis. The methodological procedures used are: literature review and empirical research of secondary data to present the international crisis; theoretical and secondary empirical research on economic measures adopted by Brazil, and the analysis of the discussed points, developing an assessment based on the respective literature.

O presente trabalho examina as políticas econômicas adotadas pelo Brasil como medidas de enfrentamento à crise econômica mundial iniciada em 2007-2008. Para isso, apresenta-se a conceituação de crise econômica e suas flutuações, além de um breve histórico de crises econômicas em alguns países em determinados períodos. Em sequência, é apresentada a definição de política econômica, com ênfase na política fiscal e na política monetária e creditícia, bem como seus instrumentos de estabilização ou precaução às crises. Após essa etapa, o trabalho registra os principais efeitos da crise econômica no mundo, expondo os principais indicadores e os principais efeitos da crise econômica no Brasil. Para cumprir sua proposta, explora as principais medidas de políticas econômicas adotadas no Brasil como forma de conter a crise mundialmente instaurada. Os procedimentos metodológicos utilizados são: revisão bibliográfica e pesquisa empírica de dados secundários para apresentação da crise internacional; pesquisa teórica e empírica secundária sobre as medidas econômicas adotadas pelo Brasil e a análise do conteúdo apurado, estabelecendo a avaliação baseada no respectivo levantamento bibliográfico. / This paper examines the economic policies adopted by Brazil as measures to fight the global economic crisis that began in 2007-2008. In order to accomplish that, the concept of economic crisis and its fluctuations is presented, as well as a brief history of economic crises in s few countries over certain times. Then, the definition of economic policy, with an emphasis on tax policy and monetary and credit policy, highlighting their stabilization instruments or measures of precaution against crises are presented. After this step, the research reports the main effects of the economic crisis in the world economy, exposing the key indicators and the main effects of the economic crisis in Brazil. To fulfill its main proposal, the study explores the key measures of economic policies adopted in Brazil as a way to stem the worldwide crisis. The methodological procedures used are: literature review and empirical research of secondary data to present the international crisis; theoretical and secondary empirical research on economic measures adopted by Brazil, and the analysis of the discussed points, developing an assessment based on the respective literature.

O presente trabalho examina as políticas econômicas adotadas pelo Brasil como medidas de enfrentamento à crise econômica mundial iniciada em 2007-2008. Para isso, apresenta-se a conceituação de crise econômica e suas flutuações, além de um breve histórico de crises econômicas em alguns países em determinados períodos. Em sequência, é apresentada a definição de política econômica, com ênfase na política fiscal e na política monetária e creditícia, bem como seus instrumentos de estabilização ou precaução às crises. Após essa etapa, o trabalho registra os principais efeitos da crise econômica no mundo, expondo os principais indicadores e os principais efeitos da crise econômica no Brasil. Para cumprir sua proposta, explora as principais medidas de políticas econômicas adotadas no Brasil como forma de conter a crise mundialmente instaurada. Os procedimentos metodológicos utilizados são: revisão bibliográfica e pesquisa empírica de dados secundários para apresentação da crise internacional; pesquisa teórica e empírica secundária sobre as medidas econômicas adotadas pelo Brasil e a análise do conteúdo apurado, estabelecendo a avaliação baseada no respectivo levantamento bibliográfico. / This paper examines the economic policies adopted by Brazil as measures to fight the global economic crisis that began in 2007-2008. In order to accomplish that, the concept of economic crisis and its fluctuations is presented, as well as a brief history of economic crises in s few countries over certain times. Then, the definition of economic policy, with an emphasis on tax policy and monetary and credit policy, highlighting their stabilization instruments or measures of precaution against crises are presented. After this step, the research reports the main effects of the economic crisis in the world economy, exposing the key indicators and the main effects of the economic crisis in Brazil. To fulfill its main proposal, the study explores the key measures of economic policies adopted in Brazil as a way to stem the worldwide crisis. The methodological procedures used are: literature review and empirical research of secondary data to present the international crisis; theoretical and secondary empirical research on economic measures adopted by Brazil, and the analysis of the discussed points, developing an assessment based on the respective literature.

This thesis is analyzing the development of debt and deficit situation in the Czech Republic and France. Our main research questions are: why the Czech Republic and France have different debt and deficit? What are the effects and causes of debt and deficit? How Czech Republic and France wants to reduce the level of debt and deficit? These are the central questions we try to answer in this thesis. To pursue a systematic analysis, we start with a theoretical section on we described different theories of debt/deficit and budgetary rules effects on the economy in order to understand characteristics of debt issues. From these findings, we have resulted causes and differences of debt situations in our countries, which is part of empirical analysis. This is done by evolution of debt/deficit and factors that affect level of debt/deficit. We analyzed three mains factors and due to this factors that influence debt/deficit we can clearly see why our countries have different levels in debt problem. Regarding this we can say our countries are different in many respects. The major difference is monetary policy due to French member of Eurozone. Also the way how to get from debt issue and find a compromise between government reforms and interests of citizens will vary in the future.

Made available in DSpace on 2016-03-15T19:33:59Z (GMT). No. of bitstreams: 1 Jaime Goncalves Filho.pdf: 863240 bytes, checksum: e960a09eb78ee2841ff94326cf87aa72 (MD5) Previous issue date: 2012-08-13 / This dissertation has for object of study the Provisional Measure 168/90 which served as the political and economic instrument for a specific context, namely, the Collor administration. It will analyze, therefore, the legal limits existing at the time of the mentioned Provisional Measure, weighing the economic needs and the legal system in force, and will account for the decisions of the courts that evaluated the constitutionality and legality of the seizure of assets. The Provisional Measure 168/90, put in place to serve economic and political interests during the Collor administration, with the goal of comparing such measures with the existing legal limits in order to come to a conclusion on the illegality of these facts. / A presente dissertação tem por objeto de estudo analisar a Medida Provisória 168/90 que serviu de instrumento político-econômico para um contexto específico, qual seja, o governo Collor. Analisar-se-á, portanto, os limites jurídicos existentes à época da mencionada Medida Provisória, sopesando as necessidades econômicas e a ordem jurídica vigente, fazendo, inclusive, menção às decisões dos Tribunais que apreciaram a constitucionalidade e legalidade do bloqueio de haveres. A Medida Provisória 168/90 foi manejada em razão de interesses econômicos e políticos durante o governo Collor, de modo a cotejar tais medidas com os limites jurídicos existentes, a fim de concluir sobre a ilicitude desses fatos.