Submitted by Cirlene Souza (cirlenebotelhodesouza@gmail.com) on 2012-12-05T13:09:02Z No. of bitstreams: 1 DISSERTAÇÃO VERSÃO FINAL - ENVIADA PARA BIBLIOTECA DIGITAL.pdf: 3773277 bytes, checksum: 168a69ec6abca12cb7ecd5409ff11609 (MD5) / Approved for entry into archive by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br) on 2012-12-06T18:00:53Z (GMT) No. of bitstreams: 1 DISSERTAÇÃO VERSÃO FINAL - ENVIADA PARA BIBLIOTECA DIGITAL.pdf: 3773277 bytes, checksum: 168a69ec6abca12cb7ecd5409ff11609 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2012-12-07T11:00:32Z (GMT) No. of bitstreams: 1 DISSERTAÇÃO VERSÃO FINAL - ENVIADA PARA BIBLIOTECA DIGITAL.pdf: 3773277 bytes, checksum: 168a69ec6abca12cb7ecd5409ff11609 (MD5) / Made available in DSpace on 2012-12-07T11:00:53Z (GMT). No. of bitstreams: 1 DISSERTAÇÃO VERSÃO FINAL - ENVIADA PARA BIBLIOTECA DIGITAL.pdf: 3773277 bytes, checksum: 168a69ec6abca12cb7ecd5409ff11609 (MD5) Previous issue date: 2012-10-04 / A pesquisa realizada abordou as relações entre Estado e sociedade, destacando a democracia como precursora de uma gestão participativa onde a sociedade interage com a gestão pública, onde a decisão compartilhada esteja voltada para o bem comum, a gestão social. Mostrou a evolução da administração pública, investigando mais precisamente a história das Ouvidorias como sendo um dos instrumentos dessa democracia crescente. O papel que as ouvidorias públicas, em especial a Ouvidoria Fazendária do Estado de Pernambuco desempenha na relação entre o cidadão e a gestão pública e a história da SEFAZ-PE – Secretaria da Fazenda do Estado de Pernambuco foram alvo de sua reflexão. Os resultados dos seus estudos baseados na literatura sobre o tema e na experiência da Ouvidoria Fazendária demonstram até que ponto estes órgãos são representantes da sociedade, contribuindo para a conscientização da participação cidadã na administração pública e no processo de tomada de decisão do gestor público. Quanto à metodologia, a pesquisa foi descritiva, explicativa, bibliográfica, documental e de campo. O universo foi composto pelos cidadãos que efetuaram reclamação à Ouvidoria Fazendária do Estado de Pernambuco no ano de 2011 e os servidores do que trabalhavam no setor estudado. Os dados foram coletados através da realização de entrevistas aos funcionários do órgão e questionários enviados por email aos reclamantes, sendo tratados com abordagem qualitativa e estatística descritiva. Verificou-se com os resultados obtidos que os cidadãos usuários da Ouvidoria Fazendária reconhecem que ela representa um canal de participação, um exemplo prático de gestão social entre o cidadão e a gestão pública da SEFAZ-PE. O estudo sugere uma análise da melhoria da qualidade da gestão da Secretaria da Fazenda de PE aliada ao papel atuante da Ouvidoria Fazendária. / The research addressed the relationship between state and society, emphasizing democracy as a precursor to a participative management in which society interacts with the public administration, where the shared decision faces the common good, the social management. It showed the evolution of the public administration, investigating more precisely the history of the Ombudsman as an instrument of this growing democracy. The role that the public ombudsman, in particular the Treasury Ombudsman of the State of Pernambuco play in the relationship between citizens and public administration and the history of SEFAZ-PE – Secretaria da Fazenda do Estado de Pernambuco were the target of its reflection. The results of their studies based on literature on the subject and the experience of the Treasury Ombudsman demonstrate the extent to which these agencies are representatives of society, contributing to the awareness of citizen participation in public administration and decision-making process of public management. Regarding the methodology, the research was descriptive, explanatory, bibliographic, documental and field. The universe was composed by the citizens who made complaints to the Treasury Ombudsman of the state of Pernambuco in 2011 and servers working in the studied sector. The data were collected by conducting interviews with agency officials and questionnaires sent by email to the complainants, being treated with a qualitative approach and descriptive statistics. It was observed with the results that citizens users of the Treasury Ombudsman recognize that it represents a participation channel, a practical example of social management between the citizen and the public management of SEFAZ-PE. The study suggests an analysis of quality improvement of the management of the Secretary of Treasury of PE coupled with the active role of the Treasury Ombudsman.

This diploma thesis surveys debt instruments used in OECD and European Union member countries for financing central government deficits and the techniques of selling government bonds. The volume and structure of the central government deficit and debt in the Czech Republic as well as organization of debt management office are subjected to a detailed analysis. Debt management accomplishments are confronted with the set out strategy and its objectives. The thesis also consists of the characteristics of securities in use (treasury bills, medium-term and long-term government bonds) as well as of legal regulations of auctions by which the securities are placed on the domestic market. An independent subchapter is dedicated to foreign issues of bonds.

This thesis concerns the cash pooling sector that concentrates cash of big companies and top corporates and contributes to an effective control of liquidity. The first part completely describes this bank product using mostly technical foreign sources. The second part analyses individual legal and fiscal apects influencing cash pooling in the Czech republic. The last two chapters of my thesis deals with detailed analysis of this sophisticated product by an example of Komercni banka. Implementation of cash pooling from the perspective of the bank, clients portfolio using this product together with comparison of its differents types is studied in this thesis.

No description available.

Thesis (MBA) -- University of Limpopo, 2022 / The purpose of this study was to investigate challenges faced by Supply Chain Management (SCM) officials in the implementation of the procurement process at the Limpopo Department of Agriculture and Rural Development in Sekhukhune and Capricorn District as per the approval by TREC. The researcher requested the Head of Department for the Limpopo Department of Agriculture and Rural Development to grant approval to conduct the study at Sekhukhune and Capricorn Districts. The Head of Department delegated the Departmental Research Committee to attend to the researcher’s request. The Departmental Research Committee advised the researcher and granted approval to conduct the study at Waterberg, Mopani and Vhembe District offices, since the researcher is working at Sekhukhune District sharing the same complex with Capricorn District office. A qualitative research method was used to collect data which was collected using structured interview questions. Participants in the study were officials working at Waterberg and Vhembe District. The researcher was unable to conduct research at Mopani District due to the unavailability of the participants. The findings revealed that SCM officials are not adequately trained but are still expected to deliver service efficiently and effectively. The study further revealed that there is a shortage of staff and SCM officials are struggling to deliver because of IT Infrastructure network problems. It was concluded that SCM Practitioners are facing some challenges in the implementation of the procurement process at Limpopo Department of Agriculture and Rural Development in Waterberg and Vhembe District offices. The respondents indicated that there is a shortage of staff and also that posts which are vacant are not given priority. In addition, the IT Infrastructure Network problem was a big challenge to SCM Practitioners since they are without network most of the time while their systems require daily network access. The research indicated that officials are not well trained and that there is lack of communication between the districts and Head office. It is recommended that vacant posts be filled immediately after the post becomes vacant and that the Department should develop a communication tool which will be circulated to all SCM officials. Management at head office is advised to arrange iv monthlymeetingsanda SCM forum inviting all SCM officials starting from the lower level upwards to address challenges and update each other about the new developments within the Unit. It is recommended that the Department of Agriculture and Rural Development introduce intensive Training programmes within the Department to ensure that SCM Practitioners remain well informed. It is also recommended that the Department of Agriculture and Rural Development make a concerted effort to train top management in order to solicit their full support to the districts. It is recommended that the Department develops its SCM policy. The Department is advised to install Wi-Fi to officials working for the Limpopo Department of Agriculture and Rural Development at all five Districts in order to promote effective and efficient service delivery. It is recommended that the Department should allocate all necessary Logis training to SCM officials before they get access to the system. The Department needs to work with Provincial Treasury on the allocation of the items which need to be procured e.g seed and seedling in order to speed up service delivery. It is recommended to the Department to appoint well qualified and experienced SCM officials to fill vacant posts, to offer training to officials who are already within the Unit and provide Bursaries to SCM officials to acquire long-term qualifications such as Diplomas and Degrees.

[pt] Investidores aceitam retornos inferiores em ativos que ofereçam liquidez e segurança, sendo tal desconto conhecido como taxa de conveniência. Este estudo utiliza a diferença entre a taxa fixa do swap de juros e a taxa de juros dos títulos do tesouro como medida da taxa de conveniência. Enquanto a literatura comumente foca na análise do referido prêmio especificamente para os Estados Unidos, construo uma estratégica de swap spread para quatro países: Estados Unidos, Reino Unido, Brasil e Polônia, sendo os dois primeiros desenvolvidos e os demais emergentes. Os resultados mostram que a taxa de conveniência dos países desenvolvidos analisados é, em média, positiva e atinge valores extremos durante crise financeira, em linha com os demais artigos sobre o assunto. Diferentemente, a taxa dos países emergentes é, na maior parte do período, negativa e assume montantes ainda menores em momentos de estresse, comportando-se, portanto, de forma oposta. Empiricamente, essa diferença entre a taxa de conveniência calculada para os Estados Unidos e para o Brasil é relacionada a medidas de liquidez e de risco, levando à compreensão de que em momentos de estresse financeiro, o tesouro americano sustenta uma taxa de conveniência ainda maior do que a do tesouro brasileiro. / [en] Investors are willing to accept lower returns when investing in assets that provide liquidity and safety. This discount is acknowledged as convenience yield. This study considers the difference between the fixed leg of an interest rate swap and the treasury bond yield as a measure of the convenience yield. While the literature commonly focuses on the analysis of this referred premium for the United States, I construct a swap spread strategy for four countries: United States, United Kingdom, Brazil and Poland. The former two are developed countries while the latter are emerging countries. The results show that the convenience yield for the developed countries analyzed is, on average, positive and hits extreme values during financial crisis, in accordance with other papers on this issue. Distinctly, the yield for emerging countries is mostly negative and incurs in even lower amounts at moments of distress, behaving in the opposite way. Empirically, this difference between the convenience yield calculated for the United States and for Brazil is related to measures of liquidity and safety premium, entailing to the understanding that at moments of financial stress, the American treasury sustains an even larger convenience yield when compared to the Brazilian treasury.

Economic sociologists have long produced rich accounts of the economy’s embeddedness in social relations and the hybridity of contemporary governance architectures. However, all too often, they contented themselves with merely disenchanting a liberal ontology that divides the social world into neatly differentiated spheres, such as the state and the economy or the public and the private. In this dissertation, I argue that this is not enough. If we want to understand actually existing economic government, we also need to attend to the consequences of its persistent violation of the precepts of liberal order. This dissertation does so by accounting for the simultaneity of the Federal Reserve’s rise to the commanding heights of the US economy and the repeated, multi-pronged controversies over it. I contend that together, the Fed’s ascendance and the controversies surrounding it are symptomatic of the contradictions inherent to a liberal mode of governing ‘the economy’ which, on the one hand, professes its investment in a clear boundary between the state and the economy but which, on the other hand, operationally rests on their entanglement. Its embeddedness in financial markets exposes the Fed to attacks that it is either colluding with finance or that it unduly smuggles in political considerations into an otherwise apolitical economy. In response, to secure its legitimacy as a neutral arbiter of market struggles, the Fed needs to invest in autonomization strategies to demonstrate that it is acting neither in the interests of capital nor on behalf of partisan politicians but in the public interest. Its autonomization strategies in turn feed back onto the modes of embeddedness and governing techniques the Fed deploys, often resulting in new controversies. Combining insights from economic sociology and the sociology of expertise, the perspective developed in this dissertation thus foregrounds the persistent tension between embeddedness and autonomy and the sequences of reiterated problem-solving it gives rise to.Based on extensive archival research and interviews with actors, I reconstruct three such sequences in the Fed’s more-than-a-century long quest for embedded autonomy in three independent but related empirical essays. The first focuses on the decade immediately following the Federal Reserve System’s founding in 1913. It traces how the confluence of democratic turmoil in the wake of World War I, its hybrid organizational structure, and an alliance with institutionalist economists led Fed policymakers to repurpose open market operations from a banking technique into a policy tool that reconciled different interests. This made it possible to take on a task no other central bank had attempted before: mitigating depressions. This major innovation briefly turned the Fed into “the chief stabilizer” before it failed to fulfill this role during the Great Depression. The essay thus adds a critical, oft-forgotten episode to the genealogy of the Fed’s ascendancy and the rise of central banks to the foremost macroeconomic managers of our time. The second essay most explicitly develops the theoretical argument underlying this dissertation and applies it to a practice that has been all but ignored in the scholarship on central banking and financial government: bank supervision. Emphasizing its distinctiveness from regulation, I reconstruct how the Fed folded supervision into its project of governing finance as a vital, yet vulnerable system over the course of the second half of the 20th century and into the 21st. I especially focus on the Fed’s autonomization strategies in the wake of the 2008 Great Financial Crisis and its internal struggles which resulted in a more standardized, quantitative, and transparent supervisory process centered around the technique of stress testing. However, the Fed’s efforts to reassert its autonomy and authority have in the meantime become attacked themselves. The essay traces these controversies, and subsequent reforms, to the present day, further demonstrating the recursive dynamic of the Fed’s quest for embedded autonomy. The third essay finally zooms in on a single event during the Great Financial Crisis: the first major public stress test run by the Fed and the Treasury between February and May 2009. By reconstructing its socio-technical assembling in detail and comparing it to the failures of stress tests run by European agencies between 2009 and 2011, I show that the stress test’s success rested on a reconfiguration of the state’s embeddedness in financial circuits, allowing the Treasury’s material and symbolic capital to back the exercise and the Fed to function as a conduit that iteratively gauged and shaped its audiences’ expectations as to what a credible test would look like. This made it possible to successfully frame the test as an autonomous exercise based on expertise. Probing the structural, socio-technical, and performative conditions of the Fed’s claims to legitimacy, the essay thus resolves the ‘mystery’ (Paul Krugman) how a simulation technique could become a watershed event in the greatest financial crisis in a lifetime.

Purpose: This thesis investigates the relationship concerning traditional safe haven assets, gold and US 10-year treasury bonds during periods of market instability, specifically during the economic concerns raised by the COVID-19 pandemic. It assesses the hedging and safe haven properties of these assets and their dynamic nature throughout two periods of unconventional monetary and fiscal policy measures by the Federal Reserve & US Congress respectively. Furthermore, the study explores a unique divergence between the price movements of the two assets, as well as potential changes in their properties and relationships. Theoretical Perspective: The study is anchored in theoretical concepts based on previous research such as Modern Portfolio Theory, Safe Haven Theory and Hedging Theory. These theories explain asset behaviours during financial turmoil and the relationship between gold and US 10-year treasury bonds during financial crises. The research gap and research questions were formulated based on the information gathered. Methodology: The research employs a quantitative, explanatory approach, anchoredin objectivism and realism, focusing on testing established theories through empirical data. Using a deductive methodology, it investigates potential changes in the dynamic between traditional safe haven assets, gold and US 10-year treasury bonds. Empirical Foundation: Based on a thorough literature review, this study integrates insights from past research and with new data emerging from the pandemic's influence on financial markets and subsequent policy action. The empirical evidence is integrated through quantitative analysis, leveraging ARCH/GARCH models and quantile regression to understand asset performance amid market shocks and policy changes. Conclusion: The findings indicate that gold did not initially act as a hedge against bonds but did so against other assets such as Oil, USD, and BTC during the height of COVID-19. In the recovery phase, this relationship shifted, with gold emerging as a hedge against bonds while its hedging capacity against Oil and Real Yield was negated. Additionally, gold's role as a safe haven against bonds was consistently unsupported across both periods studied. Furthermore, a portfolio analysis revealed a shift in investment strategy, from a balanced gold-bonds mix during the crisis to a sole preference for gold in the recovery phase, adapting to the evolving market conditions and policy changes.

No description available.

common articles of daily use, the goldsmith's works had additional meanings and functions, and - - monarch's court. Its aim is to distinguish two types of the goldsmith's works associated with Charles IV: those based can be proved by signs or inscriptions found directly on the works, or by other written sources. If there's a lack of written altar at the time of Charles IV as a specific kind of goldsmith's work, whose use interconnects the and Vienna, the catalog includes a number of solitary goldsmith's works spread across European church treasuries a liquary Bust of St. Sigismund in Plock. Two women's crowns are also included, the the Środa Treasure. From the total of thirty here described goldsmith's works placed abroad,