Este trabalho tem como objetivo investigar e analisar a evolução do grau de integração financeira do Brasil com os mercados de capitais internacionais a partir da década de noventa. O conceito de integração financeira fraca é adotado por meio da relação da paridade coberta de juros (PCJ) e o conceito de integração forte é usado a partir da relação de paridade descoberta de juros (PDJ). As condições de não arbitragem foram estimadas usando os modelos de parâmetros fixos e de parâmetros variando no tempo. A importância de estimar parâmetros variáveis ao longo do tempo deve-se ao fato de que várias mudanças na legislação de capitais estrangeiros ocorreram no período amostral. Além disso, os planos de estabilização, as crises monetárias e financeiras e a mudança de regime cambial devem ter mostrado algum efeito sobre o comportamento das paridades de juros. Como outra possibilidade, estudam-se os possíveis fatores pull e push relevantes na explicação dos fluxos de entrada de capitais estrangeiros. Os resultados indicaram que existe um grau de integração financeira intermediário tanto no sentido fraco como forte. Os desvios da PDJ sugerem a presença de um prêmio de risco país e de um prêmio de risco da moeda relevantes nas arbitragens de juros. A aplicação do filtro de Kalman nas equações da PCJ e da PDJ mostrou evidências de variação nos parâmetros, observando-se mudanças bruscas como graduais ao longo do tempo. A PCJ mostrou uma mudança no início de 1991 que pode estar associado ao período de abertura da conta de capital brasileira. Foi também possível observar dois momentos de quebras estruturais na evolução PDJ. Além disso, um aumento no diferencial de juros interno e externo produziu uma desvalorização excessiva na taxa de câmbio no momentos de crescimento na incerteza no mercado de divisas. Com a introdução do Plano Real, os resultados apontaram que os investimentos estrangeiros foram realizados com prêmios de risco país e da moeda mais elevado relativamente aos outros anos da década. Por fim, os resultados mostraram as influências de fatores push como de fatores pull nas decisões de investimento no Brasil. / This work aims to investigate and to analyze the evolution of the degree of financial integration between Brazilian capital market and the international capital markets throughout nineties. The concept of weak financial integration is employed in relation to the covered parity of interests (CPI) and the concept of strong financial integration is used to uncovered parity of interests (UPI). The condition of non-arbitrage has been evaluated using the models of both fixed and varying in time parameters. The importance of evaluating variable parameters during the time is due to the fact that some change in the legislation of foreign capitals has occurred in the studied period. Moreover, the plans of stabilization, the monetary and financial crises and the change of exchange regime may have had some effects on the behavior of the interest parities. As another possibility, the study analyzes the pull and push relevant factors to explain foreign capital inflows. The results indicated that there is an intermediary degree of financial integration in both concepts; weak and strong financial integration. The deviations of the CPI have indicated that there are barriers to the mobility of capital and free-risk exceeding gains to those invest in Brazilian bonds compared to North-American bonds. The deviations of the UPI have pointed out the presence of a premium of country risk and premium of currency risk on the interest arbitrage. The use of the Kalman filter in the equations of the CPI and the UPI showed evidence of varying in the parameters. Theses changes might be strong and gradual during the time. The CPI changed in the beginning of 1991 significantly which can be associated to the period of Brazilian opening capital account. It was also possible to observe two structural breakdowns in the UPI series. Moreover, an increase in differential between internal and external interests created an extreme depreciation in the exchange rate during the period that uncertainties in the exchange market raised. After implementation of Real Plan, the results indicated that the foreign investments had been carried through country risk premium and currency risk premium relatively higher than to the other years of the decade. Finally, the results have shown the influences of push and pull factors in the decisions of investment in Brazilian economy.

Made available in DSpace on 2016-03-15T19:32:58Z (GMT). No. of bitstreams: 1 Marisa Gomes da Costa.pdf: 2649705 bytes, checksum: 9dfdf2c39e3c4389540dc1f3a8f8d26f (MD5) Previous issue date: 2016-02-01 / This study aims to identify the determinants of Brazil country risk level, during the period from February 1995 to August 2015, based on the deviations from the covered interest rate parity condition. These deviations represent a measure of the risk assumed by an investor who choose to invest in a Brazilian security in Brazil, rather than do it abroad. Using Autometrics, an algorithm for automatic model selection, developed by Doornik (2009), thirty-nine explanatories variables were selected from previous studies. The Brazil country risk level is susceptible to changes in the balance of payments, import by GDP, the deviation covered interest rate parity of the previous period, the inflation rate, the change in exports, total debt per GDP, and external debt by exports. / Este estudo propõe-se a identificar os fatores determinantes do nível do risco Brasil, durante o período de fevereiro de 1995 a agosto de 2015, calculado pelos desvios da condição da paridade coberta de juros. Estes desvios representam a medida do risco assumido por um investidor ao optar investir em um título brasileiro no Brasil, ao invés de fazê-lo no exterior. Utilizando a técnica de seleção automática de modelos com a aplicação do algoritmo Autometrics, desenvolvido por Doornik (2009), trinta e nove variáveis explicativas foram selecionadas a partir de estudos anteriores. O nível do risco Brasil é altamente suscetível às variações do balanço de pagamento, da importação por PIB, do desvio da condição da paridade coberta do período anterior, à taxa de inflação, à variação das exportações (em $ e em volume), à dívida total por PIB e à dívida externa pela exportação.

The topic of this thesis is project and documentation for montane recreative komplex, which is situated in Loučná nad Desnou. The object is located in land-registered area Kouty nad Desnou. In this region is famous ski slope and from the hotel is nice view on this ski slope. The montane hotel respects criteria of protected landscape area Jeseníky. Architectonic plan is designed with respect to mountain scenery. In the hotel are 18 rooms with possibility 9 extra beds for 51 guests. There is a option to visit restaurant all-day. This restaurant is part of the hotel. Recreative zone is situated in north part of the hotel and this zone is devided into two parts. First part, is public and serves for all guests. This zone includes pool with whirpool bath, sauna and steam bath. Second zone is private. This zone provides privacy in massage rooms or in rooms for aromatic bath. The object is devided into four floors. Three floors are overground and one floor is underground. In the second and thirds floors are hotels rooms and rooms for clean-up and employees. First overground floor containes restauration with kitchen, coffee-bar, main hall with reception and all recreation zone, which passes to the second floor. Basement is consists of air handling units, technical rooms and housed mass garages with 21 places. Main entrance to the hotel is from south-eastern side and it is open space which passes to gallery. Type of constructional system is reinforcement framework. It is made of monolithic pillars placed on reinforcement column base with beam PEIKKO DELTABEAM. On this beam are located reinforcement ceilings elements SPIROLL. Fulfil brickwork is SILKA covered by combination of heating EPS with MW, ISOVER TWINNER with 200 millimetre thikness. Roof is combination of double cover flatbed roofs and single cover flatbed roofs. In the second floor is roof with posibility to walk to a terrace. Project was process in program ArchiCAD like BIM. In process of making was important to

This master thesis deals with study of area, which is intended for construction of apartments building and public facilities. Four building are projected with visually connection by a covered parking place. There are three apartments building and one multifunctional building. The aim of this master thesis is elaboration of project documentation for the implementation of new multifunctional house in the area of the city Uherský Brod. In the first floor is designed café, which has its own entrance. In the second part of the floor is household equipment and utility room, which also has a separate entrance from outside. In the second to fourth floor is ten housing units of different sizes. The object is located on a gently sloping land in the northern part of Uherský Brod in the new city district called “Nad Zámkem”. Wall construction is designed from Porotherm elements. Ceiling construction is monolithic reinforced concrete. Roofing is solved by single-flat roof. The drawing part of this master thesis is processed in AutoCAD.

[pt] Desvios de Paridade Coberta da Taxa de Juros (CIP) têm sido amplos e persistentes, entre economias do G10, desde a crise financeira mundial de 2008. Uma das explicações para a quebra na relação de paridade (CIP) são as novas regulações bancárias que surgiram no período pós-crise. Por outro lado, desvios de CIP na economia brasileira têm sido associados ao índice EMBI+, que é uma medida de risco país, tal como em Garcia and Didier (2003). A partir da literatura recente sobre desvios de CIP (i.e., a currency basis) entre as economias do G10, eu mostro a evolução recente da cross-currency basis para essas economias, durante a pandemia de 2020, e então eu estudo os determinantes macroeconômicos e regulatórios da basis do Real. Usando a estratégia empírica de Cerutti et al (2021), eu encontro que o bid-ask spread (medida de liquidez) do dólar futuro tem um efeito proeminente. Em uma abordagem de diferença-em-diferenças, eu encontro que a basis brasileira sobe aos finais de trimestres, coincidindo com o período em que os contratos futuros aparecem no balanço patrimonial dos bancos. Tal evidência sugere um efeito causal de regulação bancária na currency basis, em linha com Du, Tepper and Verdelhan (2018). / [en] Covered Interest Parity deviations (CIP) have been large and persistent among G10 currencies since the global financial crisis in 2008. One of the explanations for the CIP condition breakdown are the new banking regulations that arose in the post-crisis period. On the other hand, CIP deviations for the Brazilian economy have been associated with the EMBI+ index, which is a measure of country risk, as in Garcia and Didier (2003). Building on the recent literature on Covered Interest Parity deviations (i.e, the currency basis) among G10 currencies, I show the recent evolution of the cross-currency basis for the G10 economies, during the 2020 pandemic crisis, and then I study the macroeconomic and regulatory drivers of the Brazilian currency basis. Using the regression approach of Cerutti et al (2021), I find that the FX bid-ask spread has a prominent effect on the real/dollar basis. Using a difference-in-differences approach, I find that the Brazilian currency basis rises at quarter-ends, which is the period when forward contracts appear on banks balance sheets. This points to a causal effect of banking regulation on the currency basis, in line with Du, Tepper and Verdelhan (2018).

[pt] Tradicionalmente, muitos trabalhos têm estudado os efeitos das intervenções cambiais esterilizadas nas taxas de câmbio, tanto empiricamente quanto teoricamente, encontrando resultados mistos. Mais recentemente, a literatura de finanças internacionais têm procurado explicar os desvios na Paridade Coberta da Taxa de Juros (PCJ), que vem sendo observado entre as moedas das economias desenvolvidas após a Grande Crise Financeira de 2008. Neste trabalho, ligamos as duas literaturas ao estudar o efeito das intervenções cambiais nos desvios na paridade coberta de juros. Nossa amostra consiste nas intervenções realizadas pelo Banco Central do Brasil entre os anos de 2009 e 2020. Este período contempla o programa de intervenções pré-anunciadas de 2013, implementado no contexto do Taper Tantrum, e que já mostrou ter afetado significantemente as taxas de câmbio (Chamon, Garcia e Souza (2017) ). Para avaliar os efeitos, construímos uma série contrafactual utilizando a metodologia ArCo, desenvolvida por Carvalho, Masini e Medeiros (2018), e também estimando funções impulso resposta utilizando Local Projection, desenvolvida por Jordà (2005). Os resultados indicam que a venda de dólares no mercado futuro aumentam os desvios na PCJ, enquanto que compras de dólares tem o efeito oposto. A oferta de dólares via contratos de recompra diminui os desvios no curto prazo. As intervenções no mercado a vista apresentam resultados inconclusivos. / [en] Traditionally, much has been written about the effects of FX (foreign exchange) sterilized interventions on exchange rates, both theoretically and empirically, with mixed results. More recently, the international finance literature has tried to explain the deviations from the well-known Covered Interest Parity (CIP) condition that have, since the 2008 Great Financial Crisis, arisen among advanced economies currencies. Here, we originally merge these two strands of the literature by analyzing the effects of sterilized FX interventions on the CIP (Covered Interest Parity) deviation. Our sample is composed of Brazilian Central Bank FX interventions between 2009 and 2020. This period contains a major program of announced FX interventions in response to the Taper Tantrum, in 2013, which has already been shown to have significantly affected the level of the exchange rate (Chamon, Garcia, and Souza (2017)). To gauge the effects, we build a counterfactual employing the ArCo methodology, developed by Carvalho, Masini, and Medeiros (2018), and also make use of Jordà (2005) Local Projections. The results indicate that selling US dollars in the futures market increases CIP deviations while buying US dollar futures has the opposite effect. Offering US dollar repo credit lines points to a short-lived decrease in the deviation. The number of sterilized sales or purchases of spot currency seems not to be high enough to lead to conclusive results.

The thesis tries to explain different nature of the dynamics during the upward and downward part of the last house price cycle in Spain, characterized by important rigidities. Covered bonds are introduced as an instrument which may accelerate a house price boom, while it may also serve as a source of correction to overvalued house prices in downturn. In a serious economic stress, lack of investment opportunities motivates investors to buy the covered bonds due to the strong guarantees provided, which may in turn help to revitalize the credit and housing markets. To address such regime shift, house price dynamics is modelled within a framework of mutually related house price, credit and business cycles using smooth transition vector autoregressive model. Linear behaviour of such system is rejected, indicating the need to model house prices in a nonlinear framework. Also, importance of modelling house prices in the context of credit and business cycles is confirmed. Possible causality from issuance of covered bonds to house price dynamics was identified in this nonlinear structure. Finally, threat to financial stability resulting from rising asset encumbrance both in the upward and downward part of the house price cycle was identified, stressing the need to model impact of the covered bonds on house prices in...

Made available in DSpace on 2016-04-26T20:29:02Z (GMT). No. of bitstreams: 1 Marcia Helena Bosch.pdf: 739158 bytes, checksum: 55c87b3680615726d128025b118acd08 (MD5) Previous issue date: 2009-05-06 / This study aims to demonstrate that the idea which seems right on the exclusive responsibility of the relations of consumption that is the view that if the code of consumer protection does not expressly contemplate the fortuitous event and force majeure as the exclusive responsibility, not it is for the interpreter do it. Also discusses the fact that in cases of force majeure and fortuitous event refers, in fact, the fault of the agent (and not the causal link) and the code is the responsibility of consumer protection, as a rule, objective, which investigates the fault is not the best exegesis seems once again be the case that excludes the fortuitous and exclusive as forces greater responsibility in the relations between suppliers and consumers / O presente trabalho tem por finalidade demonstrar que a ideia que mais parece acertada sobre as excludentes de responsabilidade nas relações de consumo é a que defende que se o Código de Defesa do Consumidor não contemplou expressamente o caso fortuito e a força maior como excludentes de responsabilidade, não cabe ao intérprete fazê-lo. Também discorre sobre o fato de que nas hipóteses de caso fortuito e força maior se cogita, na verdade, a culpa do agente (e não o rompimento do nexo de causalidade) e sendo a responsabilidade no Código de Defesa do Consumidor, em regra, objetiva, onde não se investiga a culpa, a melhor exegese parece mais uma vez ser a que exclui o caso fortuito e a força maior como excludentes de responsabilidade nas relações entre fornecedores e consumidores

Diploma thesis is about design and making of execution project for office city building which is located in Nový Bydžov. The building is located in the late brownfield area of Dufek´s wood manufacture, which is on the south part of Nový Bydžov. The building has four above ground floors and one below ground floor. The building shape is rectangular of dimensions 53,02 x 17,62 m. On the south, west and east is the façade from height of second floor slightly cantilevered. On the east part the edge of cantilevered façade duplicate slopping edge of the bottom land and it creates wonderful but economical shape. The height of the building from the ground is 14,5 m. The shape of roof is flat, covered with the mPVC foil and gravel mound. Façade which covering the first ground floor is made of polystyrene with thin layer of plaster which creates building plinth. Top cantilevered façade is made of ceramic tiles of dimensions 1200 x 600 mm which are suspended behind the air layer. The ceramic tiles are light brown color. In the bottom part are glazed areas of rectangular and square shapes to create the open feeling in the ground floor. In the rear part is designed coffee bar with nice outside wooden terrace. Windows in the top cantilevered part of the façade are the circular shape and extend the architectural impression of the building. All windows are in the same color of dark blue. The steel parts of the building are also dark blue color. In the bellow ground floor are designed underground parking lot with the maximum capacity 29 cars and technical equipment. In the first floor above ground are designed reception, big lecture hall, exhibition hall, coffee bar with terrace and toilets. In the second floor above the ground are offices, computer room and HVAC equipment. In the third above floor are offices, conference hall, and IT equipment. In the fourth floor above the ground are also offices, maintenance room and storage of furniture.

The aim of this diploma thesis is to determine the preparation and organization of a Sport areal in located Třeboň. The main purpose of this thesis is to design a solution for structural layout of an existing football field with covered grandsatnd construction. The diploma thesis includes following sections: technical report which refers to the construction-technological project, coordinating situation of the construction with wider links to transport routes, time and financial plan of the building site, feasibility study of the main technological phases, equipment of the building site, proposal of construction machina and mechanisms, timetable, plan for securing material sources, technological regulation of roof steel construction, test and kontrol plan, risks and draft measures, technical report for the issuance of construction permits and item budget.