Orientador: Jose Carlos de Souza Braga / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-15T13:04:12Z (GMT). No. of bitstreams: 1 Lopes_RodrigoLepski_M.pdf: 852987 bytes, checksum: 019f0e918ce82b9cb60d9726809217f7 (MD5) Previous issue date: 2010 / Resumo: A crise de 29 evidenciou os riscos impostos por um regime financeiro predominantemente influenciado pelo comportamento especulativo. As mazelas da Grande Depressão impulsionaram o desenvolvimento de um arcabouço institucional, consagrado em Bretton Woods, que atenuou a instabilidade do sistema financeiro internacional. Entretanto o rompimento dessa ordem deflagraria o surgimento de um novo paradigma no modo de ser da riqueza, pautado pela lógica de financeirização. Tal perspectiva está no âmago das principais crises das últimas décadas, desafiando a capacidade das autoridades governamentais em estabelecer alguma ordem nos mercados financeiros mundo afora. Particularmente, a última crise sistêmica global, originada em 2007 a partir da inadimplência de hipotecas subprime nos Estados Unidos, exige que o tema seja retomado e debatido com mais afinco, sendo esta a proposta fundamental desta dissertação / Abstract: The crisis of 29 showed the risks posed by a financial arrangement predominantly influenced by speculative behavior. The ills of the Great Depression spurred the development of an institutional framework, as set out in Bretton Woods, which diminished the instability of the international financial system. However the disruption of that order had sparked the emergence of a new paradigm in the way of being of wealth, guided by the logic of financialization. This perspective is at the heart of the major crises in decades, challenging the ability of government authorities to establish some order in financial markets around the world. Particularly the last global systemic crisis, which originated in 2007 as defaults on subprime mortgages in the United States, requires that the issue be taken up and discussed more deeply, which is the fundamental proposition of this dissertation / Mestrado / Politica Economica / Mestre em Ciências Econômicas

A presente tese objetiva estudar o Credit Default Swap (CDS) e o Total Return Swap (TRS), que são os derivativos de crédito cuja negociação é permitida no país. Analisaremos a utilização destes instrumentos financeiros no sistema bancário, seus efeitos deletérios no mercado financeiro, o modo como são regulados no direito brasileiro, bem como as recentes alterações legislativas nos Estados Unidos e União Europeia pós crise de 2008. / This thesis aims at studying the Credit Default Swap (CDS) and the Total Return Swap (TRS), which are credit derivatives whose negotiation is permitted in the country. We will analyze the use of these financial instruments in the banking system, its deleterious effects on the financial market, the way they are regulated in Brazilian law, as well as the recent legislative changes in the United States and European Union after the 2008 crisis.

Esta tese analisará, em detalhes, o processo de transformação da economia, especialmente nos aspectos relacionados aos níveis de crescimento econômico e às implicações sobre o mercado de trabalho, ao final do século XX, especificamente entre o período de 1980 e 2000. De início, serão apresentados os principais indicadores e as suas variações no contexto da economia global. Através de séries históricas consolidadas, será possível compreender a importância da amostra temporal selecionada, assim como dos fatos históricos e das variações econômicas que envolveram o período. Na sequência, será analisado o comportamento das economias mais desenvolvidas à época, as quais compõem o Grupo dos Sete (G7). Por meio da separação desse grupo dos países mais desenvolvidos do mundo em dois conjuntos, um com escolha de medidas econômicas liberalizantes, e outro baseado na manutenção das práticas empregadas pelos welfare regimes, essas duas categorias serão comparadas em seus respectivos desempenhos econômicos e nos reflexos sobre a produção e o trabalho. A presente pesquisa analisará, ainda, minuciosamente, a evolução econômica ocorrida nos Estados Unidos, ao final do século XX, e as estratégias adotadas para a manutenção dos níveis de crescimento econômico nesse país. Por fim, será considerado o aprofundamento da importância assumida pelos métodos de intermediação mercado-financeira no processo de composição dos níveis de renda e de riqueza agregada de um país. / This thesis will examine in detail the economic transformation process, especially in which concerns to the levels of economic growth and the effects on the labor market, at the end of the twentieth century, particularly the period from 1980 to 2000. Initially, the main indicators will be presented with their variations within the global economy context. Through consolidated historical series, it will be possible to understand the importance of the selected time sample, as well as the relevance of the historical facts and economic changes involving the period. Following, it will be analyzed the behavior of the most developed economies, constituting the Group of Seven (G7), at that time. Through the division into two groups, the one comprising the most developed countries in the world will be differentiated by choosing liberalizing economic measures, while the other one by maintaining the practices applied by the welfare regimes. These two categories will be compared regarding their economic performance and the effects on production and labor. The research will examine in detail the evolution occurred specifically in the United States, at the end of the twentieth century, and the strategies adopted to maintain the economic growth levels in this country. Finally, it will be considered the intensification of the importance gained by the market-financial intermediation methods in composing the levels of income and aggregate wealth of a country.

O presente estudo busca mapear expectativas e percepções de clientes de segmentos bancários de pessoas físicas de alta renda no Município de São Paulo, bem como eleger os aspectos de maior relevância na determinação de sua satisfação e lealdade. Foram coletados na literatura atributos pertinentes à prestação de serviços bancários, modelos e escalas de mensuração relacionados à Qualidade em Serviços, Imagem Corporativa, Satisfação e Lealdade do consumidor, a partir dos quais foi operacionalizada uma pesquisa quantitativa com clientes de distintos bancos atuantes no mercado de pessoas físicas de alta renda. Os resultados permitiram diagnosticar o alto de nível de expectativa dos clientes e a não homogeneidade de opinião em relação à qualidade do serviço prestado, tendo sido possível identificar os atributos de maior influência nos níveis de Satisfação e Lealdade cliente-banco. / The present study aims to both measure expectations and perceptions of individual bank clients with high earnings in the municipality of São Paulo and to rate the main interfeering aspects in determining their Satisfaction and loyalty. Drawing on the relevant literature on attributes to the provision of bank services as well as on models and scales regarding Service Quality, Coorporative Images, Consumer Satisfaction and Loyalty, a quantitative survey was conducted among the high income clients of bank services. The results showed that whereas clients? expectations were high, their perceptions regarding the quality of the services provided were not homogeneous. Additionally, it possible to identify the most influential attributes in consumer?s levels of Satisfaction with and Loyalty to their banks.

Submitted by marcelo yoshioka (marcelo.ehara@gmail.com) on 2013-03-05T18:48:21Z No. of bitstreams: 1 Dissertação MPFE - Marcelo Ehara.pdf: 697348 bytes, checksum: c264ac718862b8315410772444b9eb00 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-03-05T19:25:16Z (GMT) No. of bitstreams: 1 Dissertação MPFE - Marcelo Ehara.pdf: 697348 bytes, checksum: c264ac718862b8315410772444b9eb00 (MD5) / Made available in DSpace on 2013-03-06T12:39:18Z (GMT). No. of bitstreams: 1 Dissertação MPFE - Marcelo Ehara.pdf: 697348 bytes, checksum: c264ac718862b8315410772444b9eb00 (MD5) Previous issue date: 2013-02-04 / his study aims to determine the existence of explosive behavior in prices in the Brazilian market and identify when these explosions occurred. The approach consists of using a new methodology based on recursive unit root tests, which identifies the beginning and ending dates of price bubbles. For empirical tests were used market indexes (Bovespa adjusted for dollar and dividend yield) and IGP-DI price series (monthly inflation rate and accumulated 12 months inflation rate), which show evidences of explosive behavior over time. The results show the existence of explosive behavior for the Bovespa index (adjusted for dollar) in 1997, 2006 and 2008 (the period prior to the bankruptcy of Lehman Brothers) and for the IGP-DI inflation rate (accumulated 12 months) in the 80's and 90's, prior to Plano Real. / O objetivo deste trabalho é determinar a existência de comportamento explosivo em preços no mercado brasileiro e identificar quando essas explosões ocorreram. Para tanto, foi utilizada uma nova metodologia recursiva de testes de raiz unitária, que identifica início e fim de explosões de preços em tempo real. Foram escolhidos os índices de mercado (Bovespa ajustado pelo dólar e pelo dividend yield do mercado) e a série de preços IGP-DI (taxa de inflação mensal e acumulada em 12 meses) por apresentarem evidências de comportamento explosivo ao longo do tempo. Os resultados obtidos apontaram a existência de comportamentos explosivos nas séries do Ibovespa ajustado pelo dólar nos anos de 1997, 2006 e 2008 (período anterior à quebra do Banco Lehman Brothers) e na taxa de inflação acumulada em 12 meses nas décadas de 80 e 90, previamente ao Plano Real.

Cross-border M&A’s have been gaining momentum in the past decades. As growth opportunities are becoming scarce, more and more multinational corporations seek their expansion opportunities across the border through M&A’s. Whether these cross-border M&A’s add value has been a heavily debated topic. This research takes a value adding perspective by showing the effect of financial market development and capital dependence on the abnormal returns of acquiring firms from the US. Our results show that the effects of financial development and capital dependence are statistically significant, but their financial significance is small.

The subject of the thesis is the integration of financial markets of the new member states of the European Union (hereinafter referred to as the NMS). According to the standard economic theory, the process of financial integration should be associated with several positive effects, among others a) the enforcement of the law of one price in the form of the interest rate parity, b) the smoothening and the synchronisation of the consumption growth among countries, c) the increased diversification of investors portfolios, and d) the decreased dependence of domestic investments on national savings. These envisaged effects serve in the thesis as the indicators of the integration of NMS financial markets with the global financial market. These indicators show that the degree of the financial integration differs among the NMS, despite the fact that they all went through the process of integration with the EU. However, the order of the NMS based on the degree of their financial markets integration could not have been determined as each test indicated a different order. However, most tests indicated that there is a trend towards more integration of the NMS financial markets as the dependence of the domestic consumption growth on the global consumption growth has been increasing and the dependence of domestic investments on national savings has been decreasing. Surprisingly, the indicators did not prove the hypothesis that NMS financial markets are more integrated with the financial market of the EU, despite the fact that these countries had to open their markets to investors from the EU and had to harmonize their legislative requirements. Contrary to the results of previous articles, indicators used in the thesis show that majority of the analysed puzzles in international economics disappeared for large developed markets like the USA. On the other hand, these puzzles persisted for the NMS. Given that majority of the NMS adopted euro during the period under investigation, results presented above indicate that the financial markets of the NMS were not fully integrated with the financial market of the EU and therefore one of the conditions for the existence of the optimum currency area has not been met. Such result also contradicts the hypothesis of the endogeneity of the optimum currency area as the adoption of the common currency did not improve the degree of financial market integration.

This diploma thesis focuses on problems of regulation and supervision over financial market in Czech Republic. The first part of diploma thesis describes briefly the Czech financial market and its main characteristics. The following four chapters evaluate main steps in the development of supervision and also its key inadequacies. According to the main segments of financial market these chapters deal with four markets -- capital market, banking market, insurance market and market of co-operative credit bank. In connection with the actual world economy situation, I mention the actual U. S. mortgage crisis, which is behind the turbulences on financial markets. The last chapter is dwelling on the integration of supervision over the financial market. In the Czech Republic four options of the institutional arrangement of integrated supervision had been comming into question, which are also considered in my thesis. On the basis of predominant advantages, the variant of full integration into the central bank prevailed. One of the aims of my diploma thesis is to analyse, whether this integration of supervision is advantageous for the Czech Republic and whether it brings better results than the earlier sector arrangement of the supervision.

Principal aim of this thesis is the analysis of integration processes of financial markets with emphases on implementation of insurance business incorporation to banking segment. This thesis surveys the history of bancassurance, reasons of reciprocal cooperation between banks and insurance companies, models of settlement for bancassurance companies and conditions for their successful business. Then the thesis analyses a different level of integration trend on the financial markets in the European Union with emphasis on penetration of bancassurance in the Czech Republic. The conclusion considers future of bancassurance segment.

The main objective of this thesis is the analysis of integration processes on financial markets with focus on integration between insurance and banking sector. This thesis examines history of bancassurance, reasons for bancassurance cooperation, partnership models between banks and insurance companies and key factors for succesful realization of bancassurance. Moreover, the thesis analyzes bancassurance segment in the Czech republic and selected countries of the European Union. The end point is dedicated to future of bancassurance.