The thesis is focused on the development of investment patterns of the sectoral point of view in comparison with the EU and selected member countries. The aim of the thesis is to bring the industrial structure of gross fixed capital formation in the Czech Republic and compare the founded results with those for the European Union and selected EU member states. The theoretical part deals with basic facts about investment, what they represent, how they are distinguished and what is the importance in the national economy. The practical part deals with the structure of investments in the Czech Republic in terms of material and sectoral in the form of graphs and tables. Then there is noted the comparison of the Czech Republic data with the EU and selected member countries in the shares of total investment to GDP, gross fixed capital formation by industry structure and investment by institutional sectors.

Esta tese analisa os fatores determinantes do investimento e seus efeitos sobre o crescimento econômico das nações, em geral, e do Brasil, em particular. O foco da discussão na acumulação de capital decorre do fato de que 2/3 do crescimento econômico brasileiro foi devido a esse processo. Para avaliar a questão, a tese combina três abordagens complementares: a visão teórica, a avaliação histórica e a análise econométrica. O trabalho está dividido em duas partes: a primeira trata dos determinantes teóricos do investimento e faz a análise econométrica com dados internacionais. A segunda traz a análise do crédito e do investimento no Brasil, reunindo as abordagens histórica e econométrica. A visão teórica fundamenta a análise e define as variáveis-chave que afetam o investimento: juros, crédito de longo prazo, retorno do capital e preço dos ativos. Parte-se da visão de que as mudanças institucionais afetam o investimento porque buscam preservar o retorno dos investidores e dos bancos. A análise econométrica avalia o comportamento dos investimentos em três níveis: macroeconômico internacional, macroeconômico brasileiro e setorial brasileiro. A análise internacional considera um painel com dados de 39 economias entre 1995 e 2011. São utilizadas as técnicas de cointegração em painel conforme as metodologias de Kao (1999) e Pedroni (1999, 2004). A avaliação econométrica do agregado da economia brasileira é feita com dados anuais entre 1953 e 2013 e utiliza as técnicas de cointegração de Johansen (1995) e de Gregory e Hansen (1996), para avaliar a possibilidade de quebras estruturais. A análise desagregada é feita com base em dados de 31 setores de atividade econômica entre 1995 e 2009 e nas técnicas de cointegração em painel. Os resultados das avaliações econométricas de painel (internacional e setorial) mostram relações estáveis e positivas entre investimento, crédito e retorno do capital, e relações negativas entre investimento, taxa de juros de longo prazo e taxa real de câmbio, corroborando os princípios teóricos. Os resultados para o agregado da economia brasileira (séries de tempo) confirmam haver relações estáveis e positivas entre investimento, crédito e retorno do capital, mesmo na presença de quebra estrutural. A abordagem histórica analisa a constituição dos mecanismos de financiamento ao investimento no Brasil e suas principais alterações ao longo da história. São avaliados os papéis do crédito hipotecário, do mercado acionário, da implantação do Banco Nacional de Desenvolvimento Econômico (BNDE) e do Banco Nacional da Habitação (BNH) e das reformas institucionais dos anos 1960. Também são descritas as principais mudanças institucionais ocorridas nas décadas de 1990, 2000 e 2010. A interpretação histórica do contexto institucional brasileiro e os resultados das análises econométricas sugerem que as mudanças institucionais ocorridas ao longo da história econômica do país foram fundamentais para a retomada do crédito de longo prazo na economia. Elas também contribuíram para amenizar a queda do retorno do capital. / This doctoral dissertation analyzes the determining investment factors and their effects on economic growth of the nations in general and on Brazil in particular. This discussion focuses especially on capital accumulation because this process has accounted for two thirds of Brazilian economic growth. To investigate this question, this study combines three complementary approaches: a theoretical vision, a historical assessment, and an econometric analysis. The dissertation is divided into two parts. The first discusses the theoretical determining factors of investment and presents an econometric analysis using international data. The second analyzes credit and investment in Brazil, combining historical and econometric approaches. The theoretical overview provides a basis for the analysis and defines the key variables that influence investment: interest rates, longterm credit, return of capital, and the price of assets. This investigation is based on the premise that institutional changes affect investment because they attempt to preserve the return of both investors and banks. The econometric analysis evaluates the behavior of investment on three levels: international macroeconomic, Brazilian macroeconomic, and Brazilian industries. The international analysis considers a panel of 39 economies containing data from 1995 to 2011. This study employed panel cointegration techniques based on the methods described by Kao (1999) and Pedroni (1999, 2004). The econometric evaluation of the aggregate of the Brazilian economy uses annual data from 1953 to 2013 and cointegration techniques described by Johansen (1995) and by Gregory and Hansen (1996), to assess the possibility of structural changes. The disaggregated analysis uses data from 31 economic industries, from 1995 to 2009, and panel cointegration techniques. The results of the panel econometric evaluations (international and sector) show stable and positive relations between investment, credit and return of capital, and negative relations between investment, long-term interest rate, and real exchange rate, confirming the theoretical principles. The results for the aggregate of the Brazilian economy (time series) confirm positive and stable relations between investment, credit, and return of capital, even when there is a structural change. The historical overview investigates the creation of investment financing mechanisms in Brazil and how they have changed over time. This dissertation analyzes mortgage securities, equity market, the establishment of the National Economic Development Bank (BNDE) and the National Housing Bank (BNH), and the institutional reforms of the 1960s. It also describes the main institutional changes of the 1990s, 2000s and 2010s. The historical interpretation of the Brazilian institutional setting and the findings of the econometric analyses suggest that the institutional changes that have taken place over Brazil\'s economic history were essential in making long-term credit again available in the economy. They have also helped to minimize the decreasing trends in the returns of capital.

This dissertation comprises three essays on macroeconomic impacts of foreign direct investment (FDI). The first essay analyses the impact of FDI on the growth rate of total factor productivity of host countries. The essay focuses on 77 low- and middle-income countries and is based on balanced panel data for the period 1980-2008. The system GMM and common correlated effects (CCE) panel data methods are applied to estimate the models. Estimated coefficients show that FDI does not have any significant impact on the growth rate and the levels of TFP. The second essay investigates the relationship between FDI and domestic investment focusing on low- and middle-income countries, and using panel data for the period 1980-2012. It applies common parameter and heterogeneous parameter, static and dynamic, single equation and simultaneous equation panel data econometric techniques to study the relationship. Empirical findings suggest that FDI crowds our domestic investment. Our estimated coefficients also suggest that countries that have weak institutions, less developed financial systems, less human capital, less developed infrastructure, or economies that are more open, are more exposed to foreign competition and experience stronger crowding out from inward FDI. In the third essay, the influence of capital flows on the real exchange rate of recipient countries is analysed. The influence of three important capital flows, viz. foreign direct investment (FDI), foreign aid, and remittances, are assessed on the real exchange rate, using data for 45 middle- and low-income countries for the period 1980–2013. Both heterogeneous and homogeneous panel data methods are applied to estimate the real exchange rate models. The estimated coefficients of these models imply that foreign direct investment (FDI) and remittances do not influence the real exchange rate. Aid tends to depreciate the real exchange rate. Findings also suggest that financial development does not influence the exchange rate impact of aid in our sample countries. The study further finds that while aid tends to increase real exchange rate volatility, FDI and remittances do not have any robust influence on volatility. / February 2017

O presente trabalho tem por objetivo estudar a trajetória do crédito rural dos anos 60 até os dias de hoje, a fim de compreender a escassez de crédito do sistema atual, e as novas propostas em questão sob o enfoque dos modelos de competição imperfeita e assimetria de informação nos mercados de crédito. A natureza deste trabalho é essencialmente analítica, de forma que não foi estabelecido nenhum modelo empírico de teste e análise dos dados apresentados. Por outro lado, foi realizada uma revisão de literatura do crédito rural no Brasil e, também, uma revisão da literatura de teoria econômica sobre mercados de crédito ao longo dos últimos 20 anos. A falta de recursos do sistema tradicional de financiamento da agricultura é uma forte evidência do esgotamento do modelo tradicional. São vários os entraves para um novo sistema de financiamento, entre eles: uma legislação muito pouco adequada (que acaba por dificultar a concessão de empréstimos), o forte endividamento dos agricultores, os altos custos bancários de transação para concessão de empréstimos, a assimetria de informação no mercado e, no contexto macroeconômico, as altas taxas de juros praticadas na economia brasileira. A CPR (Cédula do Produto Rural), e o mecanismo de equalizações são importantes instrumentos em uma fase de transição de um sistema basicamente sustentado pelo Estado para um sistema cujos recursos sejam, em grande parte, gerados pelo mercado. / The present work has for objective to study the path of the agricultural credit for the 60th until the present in order to understand the scarcity of credit in the current system, and the new proposals in question under the approach of the models of imperfect competition and asymmetry of information in the credit markets. The nature of this work is essentially analytical. In this context, it was not established and tested a empirical model or analysis of the data presented here. On the other hand, it was carried through a literature review about the agricultural credit in Brazil and the economic theory on markets of credit to the long one of last the 20 years. The lack of features in the traditional system of agriculture financing is one strong evidence of the debility of the traditional model. There are several impediments for a new system of financing, as: a smaller adjusted legislation (that results in difficulting the concession of loans), the strong indebtedness of the agriculturists, the high banking transaction costs for concession of loans, the asymmetry of information in the market and, in the macroeconomic context, the high taxes of interests practised in the Brazilian economy. The CPR (Cédula do Produto Rural), and the mechanisms of equalization are important instruments in the transition of a system supported basically by the State to a system whose features are, to a large extent, generated for the market.

Οποιαδήποτε ιδεολογία και να εξυπηρετεί η πολιτική εξουσία σε μια χώρα, η διεθνής εμπειρία έχει δείξει ότι υφίσταται πάντα ένας βαθμός κυβερνητικής παρέμβασης στον τουρισμό. Ο τουρισμός καθώς συγκεντρώνεται στον χώρο και τον χρόνο, ως μια ιδιαίτερα διαμορφούμενη ιδιωτική κατανάλωση με τα συνακόλουθα προβλήματα παραγωγής και διάθεσης που διαχέονται στο σύνολο της οικονομίας και της κοινωνίας, απαιτεί την ρυθμιστική παρέμβαση του κράτους. Επομένως, το ζήτημα που τίθεται δεν είναι εάν το κράτος θα πρέπει να έχει ένα παρεμβατικό ρόλο στην ανάπτυξη του τουρισμού, αλλά ποιος να είναι ο ρόλος αυτός, πράγμα που άμεσα συναρτάται από το ποιο σκοπό θα εξυπηρετεί και ποιους στόχους θα έχει. Γενικά, οι βασικοί τομείς παρέμβασης που η διεθνής εμπειρία έχει καταγράψει είναι: ο σχεδιασμός, η προστασία, η ρύθμιση, ο συντονισμός καθώς και η στήριξη και η γενικότερη πολιτική σχηματισμού τουριστικού κεφαλαίου. Ο βαθμός έντασης των ως άνω τομέων παρέμβασης του κράτους στον τουρισμό δεν είναι προδιαγεγραμμένος, ούτε σταθερός, μεταβάλλεται διαχρονικά σε συνάρτηση με το βαθμό επίτευξης του σκοπού και των στόχων που η τουριστική πολιτική έχει θέσει. Μετά τον Δεύτερο Παγκόσμιο Πόλεμο η διεθνής εμπειρία της τουριστικής πολικής σε διάφορες χώρες δείχνει ότι, οι περισσότερες κυβερνήσεις, στο πλαίσιο του σχεδίου εθνικής οικονομικής ανάπτυξης, αναλαμβάνουν να πραγματοποιήσουν, ακόμη και να λειτουργήσουν άμεσα τις αναγκαίες για την τουριστική ανάπτυξη επενδύσεις υποδομής και ανωδομής. Κλασσική περίπτωση, αυτής της συνθετικής κρατικής παρέμβασης αποτελεί η τουριστική ανάπτυξη στην Ελλάδα. Οι φάσεις αυτής της πολιτικής από το 1951, έτος επανίδρυσης του ΕΟΤ και συγκρότησης της εθνικής τουριστικής πολιτικής με άκρως παρεμβατική λειτουργία στον τουρισμό, έως την πρώτη πενταετία του 2000, περίοδο εμφανούς απορρύθμισης των λειτουργιών του κράτους τόσο γενικότερα όσο και στον τουρισμό, διαμορφώνουν το χρονικό πλαίσιο της εξέλιξης του ελληνικού τουρισμού. Στην ιστορική αυτή περίοδο η λειτουργία του ελληνικού κράτους στον τουρισμό έλαβε όλες τις διεθνώς γνωστές μορφές παρέμβασης ανεξαρτήτως της επιτυχούς ή όχι έκβασής των. Χαρακτηριστικές περιπτώσεις της ως άνω παρεμβατικής λειτουργίας του κράτους στην χωρική ανάπτυξη του ελληνικού τουρισμού είναι εν παραδείγματι: α. το Πρόγραμμα Δημοσίων Επενδύσεων και β. η ακολουθείσασα Πιστωτική Πολιτική. / International experience has indicated that up to an extent tourism has always been subject to government intervention regardless the ideology served by a country's political authority. While tourism focuses on space and time as a particular form of a changing private consumption with the subsequent problems of production and distribution which diffuse economy and society as a whole, it requires the regulatory state intervention. Therefore the issue raised is not whether the state should have an intervening role in the development of tourism but what kind of role it is going to have-something which is linked directly to which goal it will serve and which objectives it will have. In general the main areas of intervention which international experience has recorded are: planning, conservation, legislation and regulation, coordination as well as the support of and stimulation and, the wider policy of tourism capital formation. The extent to which the above areas of state intervention influence tourism is neither pre-determined nor stable but it changes through time depending on the extent to which the goal and the objectives placed by the tourism policy are achieved. After World War II international experience of tourism policy in different countries has indicated that most governments - in the context of national economic development plans - have engaged in either realizing or even operating directly the necessary investment for tourism development. Tourism development in Greece provides a typical example of this complex state intervention. The phases of this policy starting from 1951 - the year of re-establishing Greek National Tourism Organization (GNTO) and of formulating the national tourism policy with a completely intervening operation in tourism - up to the first five years of 2000, a period of obvious disorganization of the state's operations both in tourism and in general, shape the time context of the evolution of Greek tourism. In this historical period the operation of the Greek state in tourism has adopted all the internationally known intervention forms regardless their successful or unsuccessful outcome. Typical cases of the intervening role of the state in the spatial development of Greek tourism are for example the following: a. the Plan of Public Investments and b. the Credit Policy followed.

Made available in DSpace on 2014-06-12T17:16:59Z (GMT). No. of bitstreams: 2 arquivo3487_1.pdf: 1817342 bytes, checksum: 1faa3d30f1582bb331b81dbfc2ea3cc6 (MD5) license.txt: 1748 bytes, checksum: 8a4605be74aa9ea9d79846c1fba20a33 (MD5) Previous issue date: 2008 / Maia de Faria, Bruna; Barrantes Hidalgo, Álvaro. Migração internacional de trabalho qualificado e o fenômeno do brain drain no Brasil. 2008. Dissertação (Mestrado). Programa de Pós-Graduação em Economia, Universidade Federal de Pernambuco, Recife, 2008.

O presente trabalho tem por objetivo estudar a trajetória do crédito rural dos anos 60 até os dias de hoje, a fim de compreender a escassez de crédito do sistema atual, e as novas propostas em questão sob o enfoque dos modelos de competição imperfeita e assimetria de informação nos mercados de crédito. A natureza deste trabalho é essencialmente analítica, de forma que não foi estabelecido nenhum modelo empírico de teste e análise dos dados apresentados. Por outro lado, foi realizada uma revisão de literatura do crédito rural no Brasil e, também, uma revisão da literatura de teoria econômica sobre mercados de crédito ao longo dos últimos 20 anos. A falta de recursos do sistema tradicional de financiamento da agricultura é uma forte evidência do esgotamento do modelo tradicional. São vários os entraves para um novo sistema de financiamento, entre eles: uma legislação muito pouco adequada (que acaba por dificultar a concessão de empréstimos), o forte endividamento dos agricultores, os altos custos bancários de transação para concessão de empréstimos, a assimetria de informação no mercado e, no contexto macroeconômico, as altas taxas de juros praticadas na economia brasileira. A CPR (Cédula do Produto Rural), e o mecanismo de equalizações são importantes instrumentos em uma fase de transição de um sistema basicamente sustentado pelo Estado para um sistema cujos recursos sejam, em grande parte, gerados pelo mercado. / The present work has for objective to study the path of the agricultural credit for the 60th until the present in order to understand the scarcity of credit in the current system, and the new proposals in question under the approach of the models of imperfect competition and asymmetry of information in the credit markets. The nature of this work is essentially analytical. In this context, it was not established and tested a empirical model or analysis of the data presented here. On the other hand, it was carried through a literature review about the agricultural credit in Brazil and the economic theory on markets of credit to the long one of last the 20 years. The lack of features in the traditional system of agriculture financing is one strong evidence of the debility of the traditional model. There are several impediments for a new system of financing, as: a smaller adjusted legislation (that results in difficulting the concession of loans), the strong indebtedness of the agriculturists, the high banking transaction costs for concession of loans, the asymmetry of information in the market and, in the macroeconomic context, the high taxes of interests practised in the Brazilian economy. The CPR (Cédula do Produto Rural), and the mechanisms of equalization are important instruments in the transition of a system supported basically by the State to a system whose features are, to a large extent, generated for the market.

The theme of this thesis is to analyze the development of the investment cycle in the Czech Republic in the years 2000-2012 and clarify the impact of defined development determinants of the investment. In the thesis, the investment environment in, which investors make decisions, is described and which the economic policy of the state affects. After the contribution analysis of individual growth components of GDP, the following statistically oriented section examines the level of investment, investment determinants and their mutual connection with GFCF. The work also contains an alternative view on the investment in the production sector, with the help of G. Reisman's GDR indicator. Finally, there are introduced others, not so well quantifiable factors that may also influence the formation and development of the investment cycle.

No description available.

In this thesis, I study the performance behaviour of hedge funds and mutual funds. I study a basket of various risk statistics that are widely used to measure the fluctuation of asset prices. Those risk statistics are used to rank the performance of the assets. The linear dependence relation of these risk measures in ranking assets is investigated and the set of risk measures is reduced by excluding risk measures that produce linearly dependent ranking vectors to other risk measures. The ranks within each of the selected remaining risk statistics are standardised and then linearly transformed into a new set of linearly independent factors where principal component analysis is carried out as a variable reduction technique to remove the noise while preserve the main variation of the original data. The transformed factors are sorted in descending order according to their contribution to the variation of the original data. The factor loadings of the first two principal components PC1 and PC2 are reviewed and interpreted as styles (PC1 as consistency and PC2 as aggression). The universe of a set of hedge funds is classified according to these styles as BL=(low consistency, low aggression), BR=(high consistency, low aggression), TL=(low consistency, high aggression) and TR=(high consistency, high aggression). I examine the performance behaviour of the four different classified classes whereby this classification method provides an indication on returns and management styles of hedge funds. A three-factor prediction model for asset returns is introduced by regressing 12 weeks' forward rank of return on the historical ranks of risk statistics. The first few principal components, which explain the main variation of information captured by risk statistics, are used in the prediction model. The robustness of the model is tested by applying the model to the following 12-week period using the set of independent factors. An investment strategy is constructed based on the prediction model using the set of independent factors. I discover high evidence of predictability and I test for out-of-sample forecasting performance. I then examine the use of subsets of risk statistics from the basket rather than using the set of all risk statistics. I further study the use of the so-called σ2/μ risk measure in predicting the market “turning point” of performance of a portfolio of hedge funds. Risk measure quantity σ2/μ replaces the traditional variance σ2 in the Black-Scholes option valuation formula when it is evaluated for hedge funds.