This thesis analyzes the interactions between domestic credit expansion, capital inflows and current account imbalances in a framework of empirical models carried out for Brazil and Turkey. In this context, three vector autoregressive (VAR) models are specified covering the time period between January 2002 and March 2012 for Brazil and 2003 January and 2012 March for Turkey. Real effective exchange rate (REER) and relative yield spreads formed with country specific Embi + indexes are also included in the estimations of the models. The analyses of the models show that capital inflows in these countries trigger the domestic credit expansion which create an upward pressure on import demands and affect current account balances negatively. The results support the implementation of domestic credit tightening policies to reduce the current account imbalances in these countries.

The discipline of marketing is evolving from a product centric paradigm where all value is invested in the product by the supplier and it is exchanged for a market determined price by means of an arm’s length transaction, to a service centric paradigm where value is co-created by customer and supplier through complex relationships in which the rewards are determined through negotiation. This study recognizes that in practice a supplier will and ought to continue to have some customer relationships that are transactional and others that involve higher levels of value co-creation. A five point continuum of relationships from transactional to strategic alliance is defined. Dyadic data in which customer and supplier are asked to evaluate the same relationship from their respective points of view are analyzed resulting in a portfolio of a supplier’s relationships that include each of the five levels. Three structured equation models are validated: first, the customer’s assessment of the level of relationship as a function of new, behaviorally anchored measures; second, the supplier’s assessment as a function of new, behaviorally anchored measures of investment; third, the differences between customer and supplier assessments as a function of differences in ratings of new, behaviorally anchored measures. Additionally, segmentation of the customer base is identified based on the level of assessment of the current and desired future level of relationship. Servicing processes are defined to enable the supplier to match the right offerings to each level of customer thereby optimizing their investment in their customer portfolio.

La figura professional del director de comptes en publicitat ha estat molt poc tractada a nivell acadèmic i són escasses les monografies sobre el tema. Aquesta tesi aborda aquest rol professional des de la perspectiva de la gestió de la comunicació de les marques. Per a això s'ha elaborat un marc teòric que pretén delimitar aquells aspectes relacionats amb la gestió de marques, per una banda, i els vinculats a la direcció de comptes, per l'altre; aquest marc dóna cobertura teòrica a la segona part del treball, un estudi empíric realitzat entre professionals de la direcció de comptes en agències de publicitat de Barcelona i que ha valgut per confirmar o refutar les hipòtesis plantejades. / La figura profesional del director de cuentas en publicidad ha sido muy poco tratada a nivel académico y son escasas las monografías sobre el tema. Esta tesis aborda este rol profesional desde la perspectiva de la gestión de la comunicación de las marcas. Para ello, se ha elaborado un marco teórico que pretende delimitar aquellos aspectos relacionados con la gestión de marcas, por un lado, y los vinculados a la dirección de cuentas por otro; este marco da cobertura teórica a la segunda parte del trabajo, un estudio empírico realizado entre profesionales de la dirección de cuentas en agencias de publicidad de Barcelona y que ha servido para confirmar o refutar las hipótesis planteadas. / The professional role of the account manager in advertising has not been widely explored at the academic level, and only a few monographs have been published on this subject. This thesis focuses on this professional role from the perspective of brand management communication. To do this, we have developed a theoretical framework to specify, on the one hand, those aspects related to brand management and, on the other, those related to account management; this theoretical framework constitutes the second part of the work, an empirical study carried out among professional account directors working in advertising agencies in Barcelona in order to confirm or refute the previous hypotheses.

Denna uppsats syfte är att ta reda på om euron är en internationell valuta och om euron kan konkurrera med dollarn om titeln som världens ledande valuta. Teori om valutamarknaden, en valutas uppgifter och vad som avgör vilken valuta som används internationellt behandlas och för att kunna svara på uppsatsens frågeställningar (syfte) redogörs siffror på eurons internationella användning. Sådana siffror visar att euron är en internationell valuta då den används i valutans funktioner internationellt, men att dollarn fortfarande är den världsledande valutan utan att vara särsklit hotad i sin ställning av euron.

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This study investigates the validity of the twin deficits hypothesis for the Turkish quarterly data over the 1988:1-2005:2 periods. To this end, we consider a VAR variable space containing budget deficits, current account deficits, real output, real interest rates and real exchange rates and employ cointegration, equilibrium/error correction mechanism techniques along with Granger-non-causality tests and impulse response analyses. The empirical results from decompositions of the budget and current account deficits into their cyclical and structural components suggest that both CAD and BD are counter-cyclical. The twin deficit hypothesis, consistent with the conventional Mundell-Flemming framework, postulates that current account and budget deficits move together in the long run and the causality runs from the former to the latter. The results from Engle-Granger and Johansen cointegration procedures support either the twin divergence or the Ricardian equivalence postulations but not the twin deficits hypothesis. Current account deficits and budget deficits are also found to be jointly endogenous. The short-run impacts of budget deficits on current account deficits are found to be mainly through the real exchange rate and real interest rate channels.

This study aims to analyze the causes and consequences of sudden stops in international capital flows with special reference to the recent Turkish experience. We aim to investigate also the vulnerability of the Turkish economy to a sudden stop and compute the required change in the real exchange rates for a current account adjustment in the face of a sudden stop. The assessment of the economic and structural indicators, which are assumed to be related with the resilience of the economy against sudden stops, such as openness and dollarization, refers that the risk of experiencing a sudden stop has increased in Turkey in the last two years, despite a decrease in its exposure to the destructive effects of such shocks thanks to the structural improvements in the economy. Our empirical results based on a small open economy model with tradables and non-tradables suggest that a sudden stop that requires the closing of the current account imbalance in Turkey would necessitate a real depreciation of around 36 percent as of May 2008 under the assumption that international reserves were not used in order to mitigate the level and the effects of the adjustment. Although the effects of such a real depreciation may be milder due to the decreased currency mismatches in the public and banking sector, there is still the risk of experiencing a financial crisis following a sudden stop because of the high liability dollarization in the real sector.

The aim of this paper is to analyze the pattern of speculation-led growth in Turkey. It is dependent on international capital flows, whose continuity becomes more and more critical given the current account deficit, which is estimated to reach 6.1% as a ratio to GDP at the end of 2005. The paper assesses the sustainability of this speculation-led growth in the context of EU enlargement and compares the current state of fragility with former crises in Turkey as well as in East Asia and Latin America. Following a severe financial crisis in 2001, Turkey has entered a new phase of fragile growth led by boom-euphoric expectations. The paper aims at explaining this new phase and the evolution of the risk perceptions of both the creditors as well as the debtors in this "speculation game" based on the post-Keynesian/Minskyan concepts of endogenous expectations and financial fragility. (author's abstract) / Series: Department of Economics Working Paper Series

Research object – charts of accounts for enterprises and farmers farm. Research aim – to analyze charts of accounts, in use in Lithuania and foreign countries, to determine their advantages and disadvantages and to give proposals for development of chart of accounts in Lithuania. Objectives:  to analyze the essence of accounts and classification of accounts;  to present conception of charts of accounts and to review types of charts of accounts;  to review development and principles of formation of charts of accounts;  to analyze example charts of accounts, in use in Lithuania and foreign countries;  to carry out empirical research and to find out how to structure example chart of accounts and how charts of accounts are framed in practice;  to submit proposals for development of charts of accounts in Lithuania based on references study and research results. Research methods – logical analysis and synthesis of literature of Lithuanian and foreign authors, comparative analysis, questionnaire questioning, logical and graphical modeling. On the ground of principle scheme of formation of chart of accounts, advantages and disadvantages of chart of accounts and research results there are submitted proposals for development of example chart of accounts, validated by Accountancy Institute of Lithuania, and charts of accounts for agricultural subjects, framed in 2005 years.

The focus of this thesis is the normative base of moral liability to defensive harm. Many argue that liability is what makes it morally permissible to seriously injure or kill in self-defense or in the defense of others. Authors such as Jonathan Quong and Jeff McMahan argue that liability not only has important implications for the individual morality of self-defense, but that it plays a major role in the principles of just war conduct. How you determine when someone is liable will have a significant impact on when someone can be harmed. In this paper, I focus on the question of what a person must do to be morally liable to defensive harm. More specifically, I take a close look at Jeff McMahan’s moral responsibility account of liability and argue that it is unsatisfying as an explanation of when and why a person is liable. I then argue that an evidence-based account of liability better captures our moral intuitions surrounding liability. I end by considering an argument put forward by Quong on why we should not support an evidence-based account of liability. / Thesis (Master, Philosophy) -- Queen's University, 2012-09-30 12:44:32.85