Thesis (MPhil)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: The implementation of the Marketing of Agricultural Products Act of 1996 resulted in the deregulation of the South African fruit industry in October 1997. This led to independent decision-making regarding the marketing of export products by a host of deciduous fruit producers and exporters. No longer were the producers controlled by a monopoly. The deregulation challenged the inflexible single-channel fruit pooling marketing structure of the past and exposed domestic producers and exporters to the competitive global fruit market. By implication this translated into a need to become globally competitive in the interest of growing market share. The focus of this new marketing system is to give the producer the opportunity to export high quality fruit and earn an associated premium for his products, and to strengthen his brand and reputation through these efforts. The deregulation also provided the opportunity for independent fruit growers to influence the optimisation of the value chain, in the interest of lower costs and improved customer service. The market has since changed from supply (stock "push") to demand driven (stock "pull"). It is now imperative that the various producers and exporters provide an efficient supply chain in order to satisfy the end user demands. A consequence of this would be the increase in deciduous fruit quality as a determinant of decidU<;ms fruit demand. Market research was conducted to determine the impact that deregulation has had on South Africa's deciduous fruit industry and to establish the degree to which Portnet should transform to accommodate this changing and deregulated environment. In summary, deregulation has created many opportunities for South African fruit producers and exporters in the domestic and international markets. The only impediment is whether the new logistical structures will be able to reduce costs and improve profit margins, particularly now that economies of scale have been dissipated. Customer service may improve, but at what cost? / AFRIKAANSE OPSOMMING: Die implementering van die Bemarkingswet van Landbouprodukte in 1996 het gelei tot die deregulering van die Suid-Afrikaanse vrugtebedryf in Oktober 1997. Die gevolg hiervan was die onafhanklike besluitneming ten opsigte van die bemarking van uitvoerprodukte deur 'n groep sagtevrugteprodusente en -uitvoerders. Die produsente is nie langer deur 'n monopolie beheer nie. Die deregulering het die onbuigbare een-kanaal vrugtebemarkingstruktuur van die verlede opsy geskuif en binnelandse produsente en uitvoerders die geleentheid gebied om deel te word van die kompeterende intemasionale vrugtemark. Dit het by implikasie aanleiding gegee tot 'n behoefte om intemasionaal mededingend te wees in die belang van 'n groeiende markaandeel. Die fokus van hierdie nuwe bemarkingstelsel is om die produsent die geleentheid te gee om hoe kwaliteit vrugte uit te voer en die meegaande hoe premie vir sy produkte te verdien, asook om sy handelsmerk en reputasie sodoende te vestig. Die deregulasie het ook die onafhanklike vrugteprodusente die geleentheid gegee om seggenskap in die optimisering van die waardeketting te kry wat tot laer koste en verbeterde klientediens gelei het. Sedertdien het die mark verander vanaf 'n aanbodmark na 'n vraaggedrewe mark. Dit is nou uiters belangrik dat die verskillende produsente en uitvoerders 'n effektiewe voorsieningsnetwerk skep om in die eindverbruikers se behoeftes te voorsien. Die gevolg sou 'n toename in die gehalte van sagtevrugte wees, wat weer belangrike determinant van die sagtevrugte vraag is. Marknavorsing is gedoen om die impak van die deregulasie op die Suid-Afrikaanse sagtevrugtebedryfvas te stel. Wat ook vasgestel moes word, was die mate waartoe Portnet moet transformeer om in die veranderde en gedereguleerde omgewing te funksioneer. Om op te som, deregulering het verskeie geleenthede vir Suid-Afrika se vrugteprodusente en uitvoerders in die binnelandse en intemasionale markte geskep. Die enigste vraag is of die nuwe logistieke strukture wel koste sal verminder en winsmarges sal verhoog, veral noudat skaalvoordele nie meer van toepassing is nie. Klientediens sal verbeter, maar teen watter koste?

The Texas ERCOT market is one of the most open, deregulated electricity markets in the world. This open market brought electricity costs down for Texas residents and businesses, creating a much more competitive economic climate. However, these low prices currently generate insufficient revenue for generators to finance construction of new or replacement generation assets. In the instance of combined cycle advanced natural gas, the Independent Market Monitor 2012 annual report estimated that a plant needed to generate 2.5 times as much as revenue it did in 2012 to incent new generation. This author argues that while the gap is still significant, the continuous changes to the ERCOT market since its inception make an historical examination like that used by the IMM less accurate. New market rules such as price caps or changes in fuel markets through new technologies like hydraulic fracturing create a very different valuation gap than a model based on historical activity alone. This analysis attempts to get a more accurate approximation of the gap through the use of publicly traded futures contracts for natural gas and electricity. Electricity futures reflect market expectations of revenue based on current and future market rules. Gas futures reflect price expectations in light of market changes like fracturing, potential LNG exports, and other changes. Financial positions can be maintained in both markets to give a fixed rate of return. Using this method, one can create a very conservative valuation model that still more accurately reflects market sentiment. This thesis starts with a brief history of ERCOT deregulation from the early 2000s to present in order to clarify for the reader the changes that have taken place in the market. It then demonstrates the futures-valuation model using an advanced combined cycle power plant as an example. / text

我國加入WTO之後，為因應先進國家自由化、國際化的潮流和趨勢，以及追求我國保險制度的健全發展，保險主管機關乃決定將過去長期採用的規章費率改為自由費率。而為了避免對保險業的衝擊過大，乃將整個費率自由化的時程分成三個階段實施，以達到逐步開放產險市場的目標。費率自由化的目的主要是希望能藉此廢除不合理干預市場機制的法規，並建立合理的競爭環境，以及保護消費者的權益等。事實上，費率自由化並不是盲目的開放市場，而是藉由有制度的監理，確保保險業有足夠的清償能力，並且維護市場秩序和紀律。 從歐、美及日本等國在費率自由化的發展趨勢及經驗來看，費率自由化的實施已成為一種不可抵擋的趨勢，而保險業者為了能在競爭的市場中生存，都會積極的推出新產品、新通路，並提出各項經營策略以為因應，因為也唯有如此才能立足於保險市場，也不會在這股洪流中被淹沒。 就我國的現況來看，民國91年開放的第一階段費率自由化，主要是以放寬「附加費用率」為主，就「危險保費」部分得讓業者做有限度的偏離，則在第二階段始予以開放，惟保險公司必須依規定檢具各項資料先行向主管機關申請。至於最後一個階段除了強制保險外，其餘之商品均得由業者自行釐定費率，簡單的說，從第三階段開始費率就全面自由化了。 本篇論文主要目的係探討費率自由化之相關議題。首先介紹費率自由化之意義與實施源由，接著將闡述各歐美先進國家之發展狀況與衝擊，最後，則根據各國實施費率自由化的經驗，以及我國汽車保險市場的實際情況，提出實施費率自由化後的趨勢分析，而面對未來車險市場的變革，也提出個人幾點因應之道，期望所有的保險業者都能藉由努力提昇獲利力，在競爭的車險市場中各占有一席之地，並且也期盼本文對於日後在費率自由化的研究上，能提供業者作為參考。 / After Taiwan’s entrance into WTO, insurance authorities decide to follow the trend of internationalization and liberalization and adopt rate deregulation, for soundness development of insurance market. To avoid heavy impact on insurance companies, authorities divide the plan of rate deregulation into three phases, in order to open the property/casualty market gradually. The objective of deregulation is to eliminate the improper control, and to establish a rational competition environment for protecting consumers’ rights. In fact, the main purpose of rate deregulation is to ensure insurers’ solvency and to maintain the discipline of the insurance market. The implementation of rate deregulation is an inevitable trend in the world, many insurers make a great deal of efforts to develop the various products and channels to increase market share. From the prospective of Taiwan’s condition, the first stage of rate deregulation focuses on releasing the restrictions of “loading expenses” and making “risk premium” relax limited. The main purpose of the second stage is to deregulate “risk premium” completely, but insurers should report the relevant information and files to authorities concerned in advanced. In the last stage, insurers can rate all products individually other than compulsory insurance. That is, it will be a fully liberalization stage. The purpose of the study aims to clarify several issues. First, the study introduces the reasons of the implementation of the rate deregulation. Second, the study elaborates the background and influence of the experience of rate deregulation in every developed country as well. Meanwhile, the study makes descriptions of the current situation of Taiwan. Finally, according to the experience of rate deregulation of every country and the condition of Taiwan, the study analyzes the trend of implementation of rate deregulation and suggests several strategies to deal with the potential influence which may be helpful to insurers in Taiwan.

Cette recherche présente une analyse historique de la naissance et de l’évolution des radios libres en Italie et en France à partir du début des années soixante-dix jusqu’à la fin des années quatre-vingt au XXe siècle. Le caractère comparatif de la recherche illustre les similitudes et les divergences soit des processus sociaux-historiques, soit des différents systèmes politiques, qui ont déterminé l’apparition et l’évolution de ces formes de communication en dehors du monopole d’Etat et leur intégration à l’intérieur de systèmes médiatiques spécifiques, aux réalités nationales singulières. L’étude s’insère dans l’histoire des médias des deux Pays. Le parcours des radios libres montre de quelle façon on est passé des revendications originelles de la prise de parole libre, d’une communication décentrée, de la réalisation de médias démocratiques, à l’affirmation dans les années quatre-vingt du modèle de la radio commerciale, influencé par la domination de la télévision et de la publicité. L’évolution des radios libres contribue à redéfinir le paysage audiovisuel en décrétant la fin du monopole public du service audiovisuel. Les radios libres, en exprimant le point de vue de groupes politiques, culturels, religieux et de communautés locales, ont représenté un moment d’ouverture et de démocratisation du secteur des médias et d’élargissement de l’espace de la sphère publique. Même si ces objectifs pendant les années quatre-vingt ont été en partie remplacés par l’affirmation des radios à vocation musicale, à cause de situations politique, sociale et économique différentes, l’expérience des radios communautaires, favorisant une communication de proximité sans but lucratif, ont constitué les héritières directes de la période des radios libres. Bien qu’elles n’occupent qu’une place réduite dans les systèmes médiatiques de l’Italie et de la France, ces radios ont démontré l’importance sociale des moyens de communications alternatifs et locaux, au niveau soit des contenus, soit de l’organisation radiophonique, en anticipant en partie des formes d’interactivité qui se développeront dans les décennies suivantes avec la naissance des webradios. / The thesis presents an historical analysis of the birth and evolution of free radios in Italy and France between the beginning of ‘70s (seventies) and the end of ‘80s (eighties) of the 20th century. The comparative character of the study highlights the similarities and divergences of both the historical-social processes and the various political systems which determined the emergence and transformation of such from-the-ground means of communication, out of the central monopoly of the State as well as their insertion in the proper frame of national media. The study finds its place in the historical context of the two countries. The route of free radios shows how one passed from the original claim of ‘taking-the-word’, of off-centred communication, of realization of democratic media, to the affirmation in the Eighties of the model of commercial radio, influenced by the centrality of the television and the commercials. The evolution of free radios contributes to redefine the audio-visual landscape of the two countries, causing the end of the public monopoly of the radio and TV broadcast. Free radios, expressing the point-of-new of political, cultural and religious groups of local communities, represented a moment of opening and democratization of the media sector and of widening of spaces of the public sphere. Although these objectives in the Eighties, thanks also to a changed political, social and economic frame, were substituted by the affirmation of the music radios, communitary radios, which favored non-profit forms of communication of proximity, constituted the direct heir of free radios. Despite they occupied a reduced space in the media system of the two countries, they proved the social importance of alternative and local means of communication, with respect to the radiophonic contents and the organization, partially anticipating certain features of interactivity which will be recovered years later with the rise of the web-radios.

This thesis analyses discourses on health and wellbeing in three Swedish lifestyle magazines for women, Amelia, Tara and M-magasin, and how readers of these magazines reflect on and negotiate the values and identities presented in them. The aim of the thesis is to contribute to increased knowledge about mediatized religion, directed to women by commercial women's magazines on a secular market, and how this religion is presented, perceived and used as a resource for women's wellbeing, lifestyle and identity. The study is a qualitative case study combining a content analysis of what is referred to as the wellbeing discourses of the three magazines, and a reception study. This design was selected to combine a media centred and a consumer oriented perspective. Inspired by Nancy T. Ammerman, the magazines’ and the readers’ discursive understanding of religion and spirituality was approached through the concept of everyday religion. The magazines and the readers associated religion with institutional religion and a collective experience. Spirituality was related to non-institutional religion and individually chosen meaning-making elements from both non-institutional and institutional religion. This individualistic spirituality was, thus, still connected to institutional religion. This religion can, on an individual as well as structural level, be connected to a global holistic consumption spirituality and a standardization and homogenization of contemporary religion where practises like yoga and meditation occupied a prominent position. The understanding of religion and spirituality presented through the magazines’ wellbeing discourses, can be seen as “glossy-feminism”, a feminism that grows out of a neo-liberal self-help paradigm, and a feminisation of wellbeing in contemporary western society. Wellbeing is depicted as a female concern that legitimates the reader's attention to her own body as the primary tool to achieve control over her own life and social relationships, and for gender equality in society. This strategy is connected to female caring practice in traditional gender positions. The thesis draws on theories of deregulation of religion, the mediatization and individualisation of religion, and contributes to a deeper understanding of how these shape contemporary religious change. Through focusing the understudied area of commercial women's magazines, it contributes with new knowledge to the field of research on media as a primary source of peoples’ encounter with religion. / Impact of Religion

Cette thèse est constituée de quatre articles. Le premier article avec Johan Hombert montre que lorsque les relations bancaires sont affectées, cela réduit le nombre d'entreprises innovantes et conduit également à une hausse de la mobilité géographique des inventeurs, qui quittent les états où les relations bancaires sont dégradées. Le second article est un travail avec Claire Célerier mettant en avant le rôle de l'offre dans le phénomène de non bancarisation des populations pauvres aux Etats-Unis. Le troisième article étudie les externalités d'innovation et montre que lorsque certaines entreprises innovent moins les autres entreprises locales innovent moins en réponse. Cet effet décroit rapidement avec la distance. Le quatrième article, en collaboration avec Olivier Dessaint, montre que les managers répondent systématiquement à des chocs de liquidité proches d'eux en augmentant temporairement leur trésorier. / This dissertation is made of four distinct chapters. The first chapter with Johan Hombert shows that when lending relationships are hurt, it reduces the number of innovative firms and foster inventor mobility who move out of geographical areas where lending relationships are hurt. The second chapter presents a work with Claire Célerier and shows that supply-side factors account for a large part of the unbanked household phenomenon in the US. The third chapter studies spillovers of innovation and shows that when some firms innovate less other firms in the same city innovate less in response and this effect declines sharply with distance. The fourth chapter with Olivier Dessaint presents evidence that managers systematically respond to near-miss liquidity shocks by temporarily increasing the amount of corporate cash holdings.

Bakgrund: Taximarknaden har varit, och är, under förändring. Till följd av den teknologiska utvecklingen har nya aktörer och substitut etablerat sig på marknaden. Uber, Bzzt och Lime är endast tre av de företag som vuxit fram under de senare åren. De nya företagen bidrar inte endast med nya, innovativa substitut till traditionell taxi, utan även ökad konkurrens vad gäller tillgänglighet via digitala plattformar. Syfte: Syftet med uppsatsen är att analysera den teknologiska utvecklingens betydelse för taximarknadens struktur och funktion, med fokus på Stockholm. Metod: Uppsatsens referensram är Structure-Conduct-Performance modellen. För djupare analys och förståelse har intervjuer med: Bzzt, Svenska Taxiförbundet och Taxi Stockholm, genomförts. Uppsatsen innefattar även två egna undersökningar om taxiföretagens prisnivå och tillgänglighet. De taxiföretagen som inkluderas i uppsatsen är: Sverigetaxi, TaxiKurir, Taxi Stockholm, TOPCAB samt Uber. Slutsats: Den teknologiska utvecklingen har en stor betydelse för taximarknadens struktur och funktion, i det avseende att den bidrar till en mer kundcentrerad och effektivare marknad. Marknadsstrukturen i Stockholm liknar en hybridmarknad mellan oligopol och fullständig konkurrens, beroende på de storleksmässiga skillnader som finns mellan aktörerna. Marknaden har en jämn prisnivå och bra tillgänglighet, varav det sistnämnda har förbättrats till följd av utvecklandet av taxiföretagens egna applikationer. / Background: The taxi market has been, and is, undergoing a transformation. As a result of the technological development, new companies and substitutes have been established on the market. Uber, Bzzt and Lime are only three of all the new companies that have emerged in the recent years, and not only contribute with new, innovative substitutes for traditional taxi, but also increased competition in terms of accessibility through digital platforms. Purpose: The purpose of the essay is to analyze the influence of the technological development on the taxi market’s structure and function, with focus on Stockholm. Completion: The main framework of the essay is the Structure-Conduct-Performance model. For a more profound analysis three interviews were conducted with: Bzzt, Svenska Taxiförbundet and Taxi Stockholm. The essay also includes a study of the price level and a study of the accessibility to a taxi. The included companies are: Sverigetaxi, TaxiKurir, Taxi Stockholm, TOPCAB and Uber. Conclusions: The technological development have a large impact on the structure and function of the taxi market, since it contributes to a more customer-centered and efficient market. The market structure in Stockholm is similar to a hybrid market of an oligopoly and perfect competition, depending on the difference in size of the existing companies. The market has a uniform price level and a good accessibility, of which the latest has improved as a result of the development of the taxi companies own applications.

Made available in DSpace on 2016-04-26T20:48:31Z (GMT). No. of bitstreams: 1 Paulo Roberto da Silva.pdf: 1447192 bytes, checksum: 7f99b454c4f76ae9c8a5421fa5972370 (MD5) Previous issue date: 2010-10-28 / This research has as objective to show the evolution of International the Financial System, as the institucional environment of century XXI consists at the beginning and as the sistêmica crisis of 2008 occurred. To show the evolution of International the Financial System, we realized a historical survey since the period of the standard-gold, passing for the period between wars, the system of regulation of Bretton Woods that created the BIRD, responsible for the provision of credits destined to the retaken one of investments and the FMI that would be a regulating organism to assist countries in difficulties in its rockings of payments. We show that the System of Bretton Woods represented a successful attempt of regulating International the System Financial that almost guaranteed the diverse countries three decades of growth and economic stability. With the end of the System of Bretton Woods, international the monetary relations had more passed not to be governed by rules or agreement involving exchange adjustments or creation of international liquidity, of this form in 1973, all the countries had started to adopt the regimen of flexible exchange, starting point for an exchange and monetary instability. This research searchs to analyze as if it held International the Financial System from the occured deregulation with the end of Bretton Woods and which its paper in the recent deflagrated sistêmica crisis in 2008 in the United States. In this meantime, we show that this crisis brought proposals of economists, multilateral governments and institutions with intention to promote reforms ample that can regulate International the System Financial of form to attenuate the crises / Esta pesquisa tem como objetivo mostrar a evolução do Sistema Financeiro Internacional, como se constitui o ambiente institucional no início do século XXI e como ocorreu a crise sistêmica de 2008. Para mostrarmos a evolução do Sistema Financeiro Internacional, realizamos um levantamento histórico desde o período do padrão-ouro, passando pelo período entre guerras, pelo sistema de regulação de Bretton Woods que criou o BIRD, responsável pela provisão de créditos destinados à retomada de investimentos e o FMI que seria um organismo regulador para auxiliar países em dificuldades em seus balanços de pagamentos. Mostramos que o Sistema de Bretton Woods representou uma tentativa bem-sucedida de regular o Sistema Financeiro Internacional que garantiu a diversos países quase três décadas de crescimento e estabilidade econômica. Com o fim do Sistema de Bretton Woods, as relações monetárias internacionais passaram a não ser mais governadas por regras ou entendimento envolvendo ajustes cambiais ou criação de liquidez internacional, dessa forma, em 1973, todos os países passaram a adotar o regime de câmbio flexível, ponto de partida para uma instabilidade cambial e monetária. Esta dissertação busca analisar como se comportou o Sistema Financeiro Internacional a partir da desregulamentação ocorrida com o fim de Bretton Woods e qual o seu papel na recente crise sistêmica deflagada em 2008 nos Estados Unidos. Neste interim, mostramos que essa crise trouxe à tona propostas de economistas, governos e instituições multilaterais com o intuito de promoverem reformas amplas que possam regular o Sistema Financeiro Internacional de forma a atenuar as crises

Made available in DSpace on 2016-04-26T20:48:40Z (GMT). No. of bitstreams: 1 Eliel Felix de Lima.pdf: 1438354 bytes, checksum: e8134cd965f6f20c6c018394074a3a7f (MD5) Previous issue date: 2014-04-24 / This Dissertation seeks to develop a discussion of foreign exchange in Brazil in the post - 2008 crisis period, drawing attention to the centrality of the exchange rate as an instrument for promoting economic growth and a lack of instruments available to the Brazilian central Bank to avoid both excessive appreciation in moments of high international liquidity cycle as overshooting exchange in times of flight to quality. It will be argued that the current international financial architecture that is characterized by deregulation and liberalization of markets, currencies are treated as highly liquid financial assets judged by the markets according to the criterion of risk and return. Therefore, the dynamics of the stocks of wealth and the logic of portfolio management of economic agents are critical for determining the exchange rate at the expense of economic fundamentals. While the exchange rate is not neutral, that is, have impacts on the performance of the real economy, its determination is predominantly financial / A presente dissertação busca desenvolver uma discussão sobre câmbio no Brasil no período pós-crise de 2008, chamando a atenção para a centralidade da taxa de câmbio como instrumento para a promoção do crescimento econômico e da insuficiência dos instrumentos à disposição banco central brasileiro para evitar tanto valorização excessiva nos momentos de alta no ciclo internacional de liquidez quanto overshooting cambial em momentos de fuga para a qualidade. Será discutido que na atual arquitetura financeira internacional que se caracteriza pela desregulamentação e liberalização dos mercados, as moedas são tratadas como ativos financeiros de alta liquidez julgados pelos mercados segundo o critério de risco e retorno. Diante disso, a dinâmica dos estoques de riqueza e a lógica da gestão de portfólios dos agentes econômicos são fundamentais para a determinação da taxa de câmbio em detrimento dos fundamentos econômicos. Ao mesmo tempo em que a taxa de câmbio é não neutra, isto é, tem impactos no desempenho da economia real, sua determinação é predominantemente financeira

Made available in DSpace on 2016-04-26T20:49:00Z (GMT). No. of bitstreams: 1 Olivia Maria Bullio Mattos.pdf: 922804 bytes, checksum: 3e7bae29d19a9a942f72caf436c16254 (MD5) Previous issue date: 2010-05-19 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / In mid-2007, the world faced one of the biggest crisis capitalism ever experienced, called the subprime crisis, which originated in the US housing market. The Federal Reserve (Fed) had to act promptly, trying to rescue the markets. However, the Federal Reserve, which had always been pragmatic, found itself in great distress when the traditional tools of monetary policy were not enough to stop the liquidity crisis. The Fed had to act aggressively both as a lender of last resort and expanding the monetary base to halt the risk of a widespread "default" in the inter-bank market. Using changes in the size and composition of the Fed's Balance Sheet From July of 2007 to September of 2009, this dissertation analyses the actions taken and new tools created to fight the crisis. Initially, the dissertation presents the prevailing thesis up to the subprime crisis, which were the financial deregulation and the monetary authority's goal of price stability. The dissertation then discusses the Post- Keynesians and Minsky's take of the capitalistic economy, a more adequate view to understand the crisis and the preceding financial processes. In conclusion, the lessons learned from the subprime crisis are that we should rethink how we regulate financial institutions and products created by such institutions in pursue of profit; we should also rethink the way we do monetary policy and its objectives / Em meados de 2007, o mundo se viu a frente de uma das maiores crises financeiras já vividas pelo capitalismo, a chamada crise subprime, que teve sua origem no mercado imobiliário norte-americano. Foi necessário que o Federal Reserve (Fed) agisse e tentasse resgatar o mercado. No entanto, o Banco Central americano, que sempre foi pragmático, se viu em dificuldades quando os instrumentos tradicionais de política monetária não mais conseguiram conter a crise de iliquidez. Foi preciso então atuar agressivamente como emprestador de última instância e expandir a base monetária para conter os riscos de inadimplência generalizada no mercado interbancário. Através da análise das mudanças na composição e tamanho do Balance Sheet do Fed de julho de 2007 a setembro de 2009, esta dissertação analisa as ações e novos instrumentos criados para conter a crise. Inicialmente apresenta-se as teses dominantes até então, que eram de desregulamentação do mercado financeiro e de mandato de estabilidade de preços para a autoridade monetária. Em seguida, discute-se o entendimento de Minsky e dos pós-keynesianos da economia capitalista, uma visão mais adequada para compreender a crise e os processos financeiros precedentes. Conclui-se que as lições tiradas da crise mostram que deve-se repensar o formato de regulação das instituições financeiras e dos produtos criados por elas para busca de lucros; deve-se rever a maneira como é feita a política monetária e seus objetivos