Studier visar på att företag väljer att underprissätta sina aktier vid en börsnotering, det vill säga att aktiens pris fastställs till lägre än vad det verkliga värdet är för att locka icke informerade investerare och för att säkerställa full täckningsgrad. Graden av underprissättning varierar beroende på om det är en het eller kall period av börsnoteringar. Tidigare forskning har främst studerat börsnoteringars prestation ur ett långsiktigt perspektiv där börsnoteringar generellt presterar sämre än marknaden. Ett fåtal studier har även undersökt börsnoteringars utveckling på kort sikt, där noteringarna i stället visar på positiv prestation. Med ett ökat allmänt intresse för börsen de senaste åren och även en markant ökning i antalet genomförda börsintroduktioner så fann författarna till studien ett forsknings gap på den svenska marknaden. Syftet med denna studie är att undersöka huruvida antalet börsintroduktioner på marknaden påverkar finansiell prestation på kort sikt, mätt i aktiekursutveckling. Studien undersöker genomförda börsnoteringar på marknadsplatsen Nasdaq Stockholm och handelsplattformen First North under perioden2012–2021. För att undersöka om antalet börsnoteringar har någon påverkan på finansiell prestation så klassificerades perioder av börsnoteringar som antingen heta, normala eller kalla. Studiens syfte utmynnade i två forskningsfrågor och den huvudsakliga forskningsfrågan lyder: Har antalet börsintroduktioner på marknaden någon påverkan på deras kortsiktiga finansiella prestation? Den sekundära forskningsfrågan lyder: Vilken av noteringsperioderna het och kall ger högst avkastning på kort sikt? Studien är kvantitativ och har en deduktiv ansats, således är syftet inte att generera nya teorier utan i stället använda befintliga teorier som är relevanta för ämnesområdet. Studien utgår från tre teorier, vilka är den effektiva marknadshypotesen, Winner’s Curse och signalteorin, där den effektiva marknadshypotesen är den primära teorin för studien som legat till grund för hypotesprövningar. Winner’s Curse och signalteorin har fungerat som komplement och har använts som stöd för de diskussioner som förts i studiens analyskapitel. Resultatet påvisar att det finns skillnader i den genomsnittliga abnormala avkastningen mellan heta och kalla perioder vilket kan tyda på att antalet har en påverkan, men dessa skillnader kunde inte statistiskt säkerställas. Resultatet visade att den genomsnittliga abnormala avkastningen för heta perioder var 4,034 % och för kalla perioder 0,349 %. Detta resultat besvarar forskningsfråga två, där heta perioder genererar högst abnormal avkastning på kort sikt. Eftersom resultaten inte gått att statistiskt säkerställa finner studien inga bevis mot den effektiva marknadshypotesen i sin svaga och semistarka form. I studiens robusthetstest undersöktes också om det fanns skillnader mellan de två inkluderade listorna Nasdaq Stockholms och First Norths genomsnittliga abnormala avkastning. Det uppmättes statistiskt signifikanta skillnader, där signifikansnivån var satt till 5 %, vid det tillfället då robusthetstesterna genomfördes. Det resultatet finner stöd för att avfärda den effektiva marknadshypotesen, även i sina svagare former, där skillnaderna till viss del kan förklaras utifrån signalteorin och Winner’s Curse.

This study aims to examine the key aspects of the thesis on corruption and the exploitation of natural resources and their connection to conflicts and the resource curse in the Democratic Republic of Congo. Through a qualitative content analysis, a thematic approach, and with a perspective rooted in the theoretical framework of the resource curse, the study seeks to identify and discuss the complex factors that drive and sustain instability in the country. Utilizing the resource curse theory, it is explained how natural resources not only fail to promote economic development, but also exacerbate conflicts and political instability. Furthermore, it is observed how the exploitation of natural resources, political instability and structural violence contribute to and maintain a cycle of insecurity in the country. With the theoretical application of the resource curse, the study concludes that power structures and hierarchies affect the distribution of assets and opportunities in society. This curse, deeply rooted in historical injustices and discriminatory norms, continues to reproduce itself through institutional and structural mechanisms. / Denna studie ämnar undersöka de viktigaste aspekterna av uppsatsen om korruption och rovdrift på naturresurser och dess koppling till konflikter och resursförbannelsen i Demokratiska republiken Kongo. Utifrån en kvalitativ innehållsanalys, ett tematiskt tillvägagångssätt och med ett perspektiv ur det teoretiska ramverket resursförbannelsen, ämnar studien identifiera och diskutera de komplexa faktorer som driver och upprätthåller instabilitet i landet. Med hjälp av resursförbannelsen förklaras hur naturtillgångar inte bara misslyckas med att gynna ekonomisk utveckling utan också förvärrar konflikter och politisk instabilitet. Vidare konstateras det hur exploatering av naturresurser, politisk instabilitet och strukturellt våld bidrar till och upprätthåller en cykel av osäkerhet i landet. Med den teoretiska appliceringen av resursförbannelsen konstaterar studien att maktstrukturer och hierarkier påverkar fördelningen av tillgångar och möjligheter i samhället. Denna förbannelse, som rotar sig i djupt historiska orättvisor och diskriminerande normer, fortsätter att reproducera sig själv genom institutionella och strukturella mekanismer.

No description available.

Ein zunehmend wichtiges Thema in der Informatik ist der Umgang mit Ähnlichkeit in einer großen Anzahl unterschiedlicher Domänen. Derzeit existiert keine universell verwendbare Infrastruktur für die Ähnlichkeitssuche in allgemeinen metrischen Räumen. Ziel der Arbeit ist es, die Grundlage für eine derartige Infrastruktur zu legen, die in klassische Datenbankmanagementsysteme integriert werden könnte. Im Rahmen einer Analyse des State of the Art wird der M-Baum als am besten geeignete Basisstruktur identifiziert. Dieser wird anschließend zum EM-Baum erweitert, wobei strukturelle Kompatibilität mit dem M-Baum erhalten wird. Die Abfragealgorithmen werden im Hinblick auf eine Minimierung notwendiger Distanzberechnungen optimiert. Aufbauend auf einer mathematischen Analyse der Beziehung zwischen Baumstruktur und Abfrageaufwand werden Freiheitsgrade in Baumänderungsalgorithmen genutzt, um Bäume so zu konstruieren, dass Ähnlichkeitsanfragen mit einer minimalen Anzahl an Anfrageoperationen beantwortet werden können. / A topic of growing importance in computer science is the handling of similarity in multiple heterogenous domains. Currently there is no common infrastructure to support this for the general metric space. The goal of this work is lay the foundation for such an infrastructure, which could be integrated into classical data base management systems. After some analysis of the state of the art the M-Tree is identified as most suitable base and enhanced in multiple ways to the EM-Tree retaining structural compatibility. The query algorithms are optimized to reduce the number of necessary distance calculations. On the basis of a mathematical analysis of the relation between the tree structure and the query performance degrees of freedom in the tree edit algorithms are used to build trees optimized for answering similarity queries using a minimal number of distance calculations.

In this study, we explore models for optimal bidding in auctions on the bond market using data gathered from the Bloomberg Fixed Income Trading platform and MIFID II reporting. We define models that aim to fulfill two purposes. The first is to hit the best competitor price, such that a dealer can win the trade with the lowest possible margin. This model should also take into account the phenomenon of the Winner's Curse, which states that the winner of a common value auction tends to be the bidder who overestimated the value. We want to avoid this since setting a too aggressive bid could be unprofitable even when the dealer wins. The second aim is to define a model that estimates a quote that allows the dealer to win a certain target ratio of trades. We define three novel models for these purposes that are based on the best competitor prices for each trade, modeled by a Skew Exponential Power distribution. Further, we define a proxy for the Winner's Curse, represented by the distance of the estimated price from a reference price for the trade calculated by Bloomberg which is available when the request for quote (RFQ) arrives. Relevant covariates for the trades are also included in the models to increase the specificity for each trade. The novel models are compared to a linear regression and a random forest regression method using the same covariates. When trying to hit the best competitor price, the regression models have approximately equal performance to the expected price method defined in the study. However, when incorporating the Winner's Curse proxy, our Winner's Curse adjusted models are able to reduce the effect of the Winner's Curse as we define it, which the regression methods cannot. The results of the models for hitting a target ratio show that the actual hit ratio falls within an interval of 5% of the desired target ratio when running the model on the test data. The inclusion of covariates in the models does not impact the results as much as expected, but still provide improvements with respect to some measures. In summary, the novel methods show promise as a first step towards building algorithmic trading for bonds, but more research is needed and should incorporate more of the growing data set of RFQs and MIFID II recorded transaction prices. / I denna studie utforskar vi modeller för optimal budgivning för auktioner på obligationsmarknaden med hjälp av data som samlats in från plattformen Bloomberg Fixed Income Trading och MIFID II-rapportering. Vi definierar modeller som ämnar att uppfylla två syften. Det första är att träffa det bästa konkurrentpriset så att en handlare kan vinna auktionen med minsta möjliga marginal. Denna modell bör också ta hänsyn till fenomenet Winner's Curse, som innebär att vinnaren av en så kallad common value auction tenderar att vara den budgivare som överskattat värdet. Vi vill undvika detta eftersom det kan vara olönsamt att skicka ett alltför aggressivt bud även om handlaren vinner. Det andra syftet är att definiera en modell som uppskattar ett pris som gör det möjligt för handlaren att vinna en viss andel av sina obligationsaffärer. Vi definierar tre nya modeller för dessa ändamål som bygger på de bästa konkurrentpriserna för varje transaktion vi har data på. Dessa modelleras av en Skew Exponential Power-fördelning. Vidare definierar vi en variabel som indirekt mäter fenomenet Winner's Curse, representerad av budprisets avstånd från ett referenspris för transaktionen beräknad av Bloomberg som är tillgänglig när en request for quote (RFQ) anländer. Relevanta kovariat för transaktionen implementeras också i modellerna för att öka specificiteten för varje transaktion. De nya modellerna jämförs med en linjärregression och en random forest-regression som använder samma kovariat. När målet är att träffa det bästa konkurrentpriset ger regressionsmodellerna ungefär samma resultat som expected price-modellen som definieras i denna studie. När man däremot integrerar effekten av Winner's Curse med den definierade indirekta variablen kan vår Winner's Curse-justerade modell minska effekten av Winner's Curse, vilket regressionsmetoderna inte kan. Resultaten av modellerna som ämnar vinna en förbestämd andel av transaktionerna visar att den faktiska andelen transaktioner som man vinner faller inom ett intervall på 5% kring den önskade andelen när modellen körs på testdata. Att inkludera kovariat i modellerna påverkar inte resultaten till den grad som uppskattades, men ger mindre förbättringar med avseende på vissa mättal. Sammanfattningsvis visar de nya metoderna potential som ett första steg mot att bygga algoritmisk handel för obligationer, men mer forskning behövs och bör utnyttja mer av den växande datamängden av RFQs och MIFID II-rapporterade transaktionspriser.

Thesis (MPhil) Stellenbosch University, 2014 / ENGLISH ABSTRACT: Existence of natural resources in majority of African countries has been identified to support further development due to continuously increase in commodity revenues. However, the resource curse presents critical aspects of resource intensive economies such as short-term benefits of commodity revenues, limited economic diversification and unstable government. Due to natural resource abundance in Africa, extractive industries are essential in the domestic economic system, although, the disadvantages based on the resource curse theory, question the support of commodity revenues in Africa’s development. South America views the issues of extractive industries from a different perspective by analysing the related developmental approaches namely conventional extractivism, neo-extractivism and post-extractivism. While South American countries are in different transition phases of extractivism, Africa is dominated solely by conventional extractivism. This results in varying degrees of social and environmental impacts on the African continent. However, Africa’s transition towards neo- or post-extractivism will limit the problems of the resource curse and offers a more sustainable resource management of the extractive industries. The Environmental Kuznets’ Curve (EKC) supports the principle of developed and recently industrialised countries by relying on the economic development, which will reduce environmental degradation automatically by achieving a specific turning point. The three phases of EKC can be related to different stages of economic development, as well as to the three extractivism approaches. Therefore, transitions from conventional extractivism to neo-extractivism and finally to post-extractivism have to occur to stabilise economic development and reduce environmental degradation. Within this process of transition towards more sustainable extractivism approaches, the principle of “Sustainable Structural Transformation” (SST) is applicable. SST was described in the UNCTAD report (2012) as a tool to reduce environmental impacts while continuing to provide for the demand of an increasing global population. Neo- and post-extractivism approach supports the concept of SST, which primarily emphasises more efficient technologies, new economic activities, labour productivity and regulations. The foundation of SST is based on resource decoupling in order to separate economic developmental process from natural resource extraction while minimizing environmental impacts. For the application of SST and thus for the transition of extractivism, reinvestment is essential to create a diversified economy. While reinvestment can take place in various forms, the World Bank (2011) identified three types of wealth namely natural, produced and intangible capital contributing to the total wealth of a country. However, developing countries prioritise natural wealth in comparison to other forms of wealth; therefore, reinvestment has to take place in other types of wealth namely intangible and produced wealth in order to achieve sustainable development in Africa. UNCTAD (2012) considers SST as a framework without an attempt of creating a “one-size-fits-all” solution. This understanding is crucial for the transition from one phase of extractivism to another. Depending on the context of a country, tools have to be adapted to support the needed transition. These existing differences are presented in the case studies of Nigeria and Botswana, which are two developing countries in Africa but they present different stages of extractivism and resource management. / AFRIKAANSE OPSOMMING: Daar is vasgestel dat die beskikbaarheid van natuurlike hulpbronne in ’n meerderheid van Afrikalande verdere ontwikkeling ondersteun deur ’n ononderbroke toename in grondstofinkomstes. Die hulpbronvloek wys egter kritisie aspekte van hulpbron-intensiewe ekonomieë uit. Van hierdie aspekte sluit in korttermynvoordele van grondstofinkomstes, beperkte ekonomiese diversifisering en onstabiele regerings. Weens die oorvloed van natuurlike hulpbronne in Afrika is ontginningsnywerhede onontbeerlik in die binnelandse ekonomiese stelsel, alhoewel die nadele wat deur die hulpbronvloekteorie uitgewys word die ondersteuning van grondstofinkomstes in Afrika se ontwikkeling bevraagteken. Suid-Amerika beskou die kwessie van ontginningsnywerhede vanuit ’n ander perspektief deur die verwante ontwikkelingsbenaderings, naamlik konvensionele ontginning, neo-ontginning en postontginning, te ontleed. Alhoewel Suid-Amerikaanse lande in ander oorgangsperiodes van ontginning verkeer, word Afrika slegs deur konvensionele ontginning oorheers. Dit lei tot wisselende grade van sosiale en omgewingsimpakte op die Afrika-kontinent. Afrika se oorgang na neo- en postontginning sal egter die uitdagings van hulpbronvloek beperk en bied ’n meer onderhoubare hulpbronbestuur van die ontginningsnywerhede. Die Omgewing-Kuznetskurwe (OKK) ondersteun die beginsel van ontwikkelde en onlangs geïndustrialiseerde lande. Hierdie ondersteuning geskied deur staat te maak op die ekonomiese ontwikkeling wat outomaties omgewingsagteruitgang sal verminder deur ’n spesifieke keerpunt te bereik. Die drie fases van die OKK kan met verskillende fases van ekonomiese ontwikkeling asook die drie ontginningsbenaderings verbind word. Om hierdie rede moet oorgange van konvensionele ontginning na neo-ontginning en uiteindelik postonginning plaasvind om die ekonomiese ontwikkeling te stabiliseer en die omgewingsagteruitgang te beperk. Die beginsel van “Onderhoubare Strukturele Transformasie” (OST) is veral toepaslik in die oorgangsproses na meer onderhoubare ontginningsbenaderings. Die OST is in die verslag van die Verenigde Nasies se Kongres van Handel en Ontwikkeling (VNKHEO) (2012) beskryf as ’n middel om omgewingsimpakte te beperk terwyl dit in die behoefte van ’n toenemend groeiende wêreldbevolking voorsien. Neo- en postontginningsbenaderings ondersteun die OST-konsep wat veral meer doeltreffende tegnologieë, nuwe ekonomiese aktiwiteite, arbeidsproduktiwiteit en regulasies benadruk. Vir die toepassing van OST en dus die verandering in ontginning is herbelegging noodsaaklik om ’n gediversifiseerde ekonomie te bewerkstellig. Alhoewel herbelegging op verskillende maniere kan plaasvind, het die Wêreldbank (2011) drie tipes rykdom geïdentifiseer, naamlik natuurlike, vervaardigde en ontasbare kapitaal wat tot die algehele rykdom van ’n land bydra. Ontwikkelende lande gee voorkeur aan natuurlike rykdom teenoor ander vorme van rykdom. Om hierdie rede moet herbelegging binne die ander vorme van rykdom plaasvind om onderhoubare ontwikkeling in Afrika teweeg te bring. Hierdie ander vorme van rykdom sluit ontasbare en vervaardigde rykdom in. VNKHEO (2012) beskou OST as ’n raamwerk wat nie poog om ’n “one-size-fits-all”-oplossing voort te bring nie. ’n Oorkoepelende benadering is kardinaal om die verandering in ontginning teweeg te bring. Afhangende van die konteks van ’n land moet middels aangepas word vir die nodige ondersteuning van die verandering. Hierdie bestaande verskille word in die gevallestudies van Nigerië en Botswana uitgewys. Dié twee lande dui op twee verskillende ontginningstadia en hulpbronbestuur.

本文以紀德根據盾徽所提出之內在重複結構，探討美國劇作家山姆謝普的「家庭劇三部曲」。〈烈火家園〉結尾的預言故事說明了家庭成員互相毀滅的行為模式，〈埋葬的孩子〉劇中所揭發的弒子秘密與舞台上的演出相對應，〈西部實錄〉劇中的西部電影大綱正是男主角兄弟鬩牆之爭的寫照。 / Chapter I relates the American playwright Sam Shepard’s life and career. Chapter II introduces the evolution of the idea of "mise en abyme." Chapter III interprets the concluding fable in "Curse of the Starving Class" as the mise en abyme of the play. Chapter IV interprets the secret of the child murder as the duplication of the action of "Buried Child" on stage. Chapter V interprets the Western scenario in "True West" as a reflection of the two brothers’ sibling rivalry in the play.

Esta dissertação tem por objetivo analisar criticamente a governança das receitas públicas de recursos naturais não renováveis no Brasil. Considerando a característica essencial de finitude dos recursos naturais explorados, que importa também em negar às gerações pósteras o acesso aos bens minerais e petrolíferos, impõe-se reconhecer nos diversos aspectos dessa governança a necessidade de tratar essa receita de forma singular. Para compreender quais são estas especificidades, foram eleitos dois eixos de análise: o primeiro, com a revisão da literatura sobre a maldição dos recursos naturais, a doença holandesa, e fenômenos (especialmente econômicos) relacionados à exploração mineral; e o segundo, com consulta à doutrina de diversos ramos (no Direito e fora dele) sobre a noção de justiça, solidariedade ou equidade entre gerações, bem como com a busca de especificação do conteúdo desta perspectiva, que se aplica a diversas áreas do Direito, inclusive e especialmente ao Direito Financeiro. Com essas bases, elegem-se aspectos da governança brasileira de royalties a serem analisados: o federalismo fiscal dessas receitas públicas patrimoniais; a forma de tratamento financeiro-orçamentário dos royalties, especialmente sua classificação consoante a Lei nº 4.320/1964; a utilização de Fundos para gestão dessas receitas (o Fundo Social); a relação entre a arrecadação de royalties e a arrecadação tributária, especialmente nos entes subnacionais beneficiados em grande monta com essas receitas patrimoniais; os modos de direcionamento e coação que a lei impõe ao gestor no gasto dos royalties; a transparência fiscal brasileira; e, de forma ampla, as recentes alterações (efetivadas e propostas) nas leis que regem as explorações de minérios e de petróleo no país. Conclui-se que, apesar de o ordenamento jurídico brasileiro ter avançado significativamente em alguns desses aspectos recentemente (especialmente com a criação do Fundo Social no âmbito da União, e no que diz respeito à transparência fiscal relacionada à atividade exploratória), ele não está, sob as perspectivas de análise escolhidas, adequadamente aparelhado para a governança das receitas públicas de recursos naturais não renováveis. / This dissertation aims to critically analyze the Brazilian governance of public revenues from nonrenewable natural resources. Considering that finiteness is an essential characteristic of natural resources that are exploited, which implies in denying future generations the access to mineral and oil assets, one must acknowledge, in various aspects of governance, the necessity to treat these revenues singularly. To understand what these specificities are, two axes of analysis were elected: the first envolves revisiting the curse of natural resources, the Dutch disease, and phenomena (especially those of economic nature) related to the mineral exploitation; and the second involves consulting doctrine of different areas of study (in and out of Law) about notions of justice, solidarity or equity between generations, as well as searching for specification of this content, which applies to various areas of Law, including and especially Public Finance Law. Building on these foundations, some aspects of Brazilian governance of royalties were elected to be analyzed: fiscal federalism applied to these public revenues; the financial-budgetary treatment of royalties, especially its classification under Law nº 4.320/1964; the utilization of Funds to manage these revenues (the Social Fund); the relationship between the collection of royalties and the collection of taxes, especially in subnational governmental entities largely benefited by these revenues; the ways the law directs and coerces the expenditure of royalties; Brazilian fiscal transparency; and, broadly, the recent modifications (finished and proposed) in the laws that conduct the exploitation of minerals and oil in the country. It is concluded that, although the Brazilian legal system has advanced significantly in some aspects as of late (especially the creation of the Social Fund by the central government, and in respects to fiscal transparency related to the exploratory activities), it is not, under the elected perspectives of analysis, adequately prepared to regulate the governance of public revenues originating from exploration of nonrenewable natural resources.

Esta dissertação tem por objetivo analisar criticamente a governança das receitas públicas de recursos naturais não renováveis no Brasil. Considerando a característica essencial de finitude dos recursos naturais explorados, que importa também em negar às gerações pósteras o acesso aos bens minerais e petrolíferos, impõe-se reconhecer nos diversos aspectos dessa governança a necessidade de tratar essa receita de forma singular. Para compreender quais são estas especificidades, foram eleitos dois eixos de análise: o primeiro, com a revisão da literatura sobre a maldição dos recursos naturais, a doença holandesa, e fenômenos (especialmente econômicos) relacionados à exploração mineral; e o segundo, com consulta à doutrina de diversos ramos (no Direito e fora dele) sobre a noção de justiça, solidariedade ou equidade entre gerações, bem como com a busca de especificação do conteúdo desta perspectiva, que se aplica a diversas áreas do Direito, inclusive e especialmente ao Direito Financeiro. Com essas bases, elegem-se aspectos da governança brasileira de royalties a serem analisados: o federalismo fiscal dessas receitas públicas patrimoniais; a forma de tratamento financeiro-orçamentário dos royalties, especialmente sua classificação consoante a Lei nº 4.320/1964; a utilização de Fundos para gestão dessas receitas (o Fundo Social); a relação entre a arrecadação de royalties e a arrecadação tributária, especialmente nos entes subnacionais beneficiados em grande monta com essas receitas patrimoniais; os modos de direcionamento e coação que a lei impõe ao gestor no gasto dos royalties; a transparência fiscal brasileira; e, de forma ampla, as recentes alterações (efetivadas e propostas) nas leis que regem as explorações de minérios e de petróleo no país. Conclui-se que, apesar de o ordenamento jurídico brasileiro ter avançado significativamente em alguns desses aspectos recentemente (especialmente com a criação do Fundo Social no âmbito da União, e no que diz respeito à transparência fiscal relacionada à atividade exploratória), ele não está, sob as perspectivas de análise escolhidas, adequadamente aparelhado para a governança das receitas públicas de recursos naturais não renováveis. / This dissertation aims to critically analyze the Brazilian governance of public revenues from nonrenewable natural resources. Considering that finiteness is an essential characteristic of natural resources that are exploited, which implies in denying future generations the access to mineral and oil assets, one must acknowledge, in various aspects of governance, the necessity to treat these revenues singularly. To understand what these specificities are, two axes of analysis were elected: the first envolves revisiting the curse of natural resources, the Dutch disease, and phenomena (especially those of economic nature) related to the mineral exploitation; and the second involves consulting doctrine of different areas of study (in and out of Law) about notions of justice, solidarity or equity between generations, as well as searching for specification of this content, which applies to various areas of Law, including and especially Public Finance Law. Building on these foundations, some aspects of Brazilian governance of royalties were elected to be analyzed: fiscal federalism applied to these public revenues; the financial-budgetary treatment of royalties, especially its classification under Law nº 4.320/1964; the utilization of Funds to manage these revenues (the Social Fund); the relationship between the collection of royalties and the collection of taxes, especially in subnational governmental entities largely benefited by these revenues; the ways the law directs and coerces the expenditure of royalties; Brazilian fiscal transparency; and, broadly, the recent modifications (finished and proposed) in the laws that conduct the exploitation of minerals and oil in the country. It is concluded that, although the Brazilian legal system has advanced significantly in some aspects as of late (especially the creation of the Social Fund by the central government, and in respects to fiscal transparency related to the exploratory activities), it is not, under the elected perspectives of analysis, adequately prepared to regulate the governance of public revenues originating from exploration of nonrenewable natural resources.

La dépendance aux ressources naturelles entraîne de nombreux défis pour les décideurs publics. Fort de ce constat, se pose avec acuité la question suivante: dans quelle mesure les gouvernements des pays d’Afrique sub-Saharienne sont à même d’employer leurs leviers de politiques fiscales et monétaires afin de limiter les effets négatifs de la dépendance aux ressources naturelles et d’entraîner un cercle économique vertueux? Le second chapitre de la thèse distingue les mécanismes de court terme et de long terme de la dépendance aux ressources naturelles en utilisant une approche en deux temps: d’abord les variables explicatives sont cointégrées pour établir les relations de long terme puis un modèle à correction d’erreur est estimé pour capter les relations de court terme de retour à l’équilibre.Sur le long terme, l’effet négatif de la dépendance est confirmé. Cependant, les pays dotés d’institutions de mauvaise qualité sont plus vulnérables car non seulement ils subissent l’impact de long terme mais la dépendance aux ressources affecte négativement le processus de retour à l’équilibre sur le court terme. Enfin, les résultats montrent que dans le cadre d’institutions de qualité supérieure, la dépendance aux ressources naturelles peut avoir un impact positif sur la reprise économique. Dans un troisième chapitre, un modèle pvar compare les intéractions macro-économiques dans la zone monétaire franc CFA, ancré à l’euro, par rapport aux pays comparables hors zone franc CFA. En prenant en compte la forte présence de matières premières dans leurs exportations, les résultats montrent que la zone franc CFA ne subit pas de perte de compétitivité de par son appartenance à une zone monétaire. En revanche, les investissements directs de l’étranger n’entraînent pas des effets positifs sur la croissance de la même ampleur que ceux observés hors de la zone franc CFA. Le quatrième chapitre contribue à la littérature associée à la gestion optimale des ressources fiscales, notamment dans le cadre d’un boom des matières premières. Les résultats montrent que dans le cadre d’un accès réduit aux marchés de capitaux, les périodes de boom de matières premières sont des opportunités capitales pour stimuler la croissance via l’investissement public, alors que les contraintes fiscales sont temporairement relâchées. Toutefois, l’efficacité de ces accroissements d’investissement est conditionnelle à un niveau d’endettement public soutenable. / This thesis belongs to the literature on natural resource dependence and brings a new perspective by focusing on the sub-Saharan African region. This dependence introduces numerous challenges for policy makers both in terms of fiscal and monetary policy. The main research question explored in this thesis is the following : to which extent sub- Saharan African governments can rely on fiscal and monetary policies to mitigate the adverse impacts of commodity dependence and trigger positive spillover and achieve sustainable growth? The second chapter of the thesis unfolds short-term versus long-term mechanisms of the resource curse by using a two-step analysis: an error-correction model is performed after co-integrating the explana- tory variables. Main findings highlight the crucial role of institutions. On the long run, the negative impact of the dependence is confirmed independently of the institution quality. However, countries with weak institutions are more vulnerable to the curse because the re- source dependence not only negatively impacts long-term growth but also adversely impacts the recovery process. Finally, in a strong in- stitutional environment, results points to a potential positive impact of natural resources during recovery process. In the third chapter, a panel vector auto-regressive model compares macro-economic interactions in the pegged CFA monetary union versus a comparable sample. Considering their export structure dominated by raw commodities, results suggests that the CFA zone members do not suffer from a loss of competitiveness from belonging to the monetary union. However, foreign direct investments fail to generate the same spillover effect in the CFA zone compared to non-CFA countries. The forth chapter provides insights on the optimal management of fiscal resources, especially during a windfall period. Growth elasticities of different government choices regarding revenue allocation is performed. Results show that in a con- text of limited access to capital, resource windfall are considered as a crucial opportunity to scale up investment. In fact, below a level of public capital stock (estimated around 750 USD per capita), public investment during a boom has a four-fold higher impact on growth than above the threshold. This scaling up is conditional on low levels of public debt: countries featuring unsustainable public debt levels should prioritize the restoration of stronger foreign reserves