La présente étude offre un panorama sur les interactions et les liens qui existent entre la volatilité des taux de change et les échanges internationaux. L’objectif de ce travail est donc de présenter théoriquement cette relation, puis d’examiner empiriquement l’existence de cette relation de causalité entre le commerce international et la variabilité des taux de change. La littérature portant sur la question se considère dans l'ensemble comme contradictoire et supporte plusieurs controverses qui ne nous permettent pas de conclure clairement quant à la relation en question. Nous essayerons de pousser ces recherches un peu plus loin en réexaminant cette évidence pour le canada et en offrant une investigation empirique sur l’existence éventuelle d'un impact significatif de la volatilité sur les flux désagrégées des exportations sectoriels du canada vers son partenaire, les États-Unis. Nous y examinons la réponse empirique de 5 secteurs d’exportations canadiennes aux variations du taux de change réel effectif entre le canada et les États- Unis. Toutefois, nos résultats obtenus ne nous permettent pas de conclure quant à la significativité relative d’un impact de volatilité de taux de change sur les exportations sectoriels désagrégées destinées aux États-Unis. Dans l’ensemble, même si on admet que les signe des coefficients estimés de la variable de risque dans chaque secteur est négatif, nous arrivons à la conclusion que la volatilité ne semble pas avoir un impact statistiquement significatif sur le volume réelle des exportations du Canada vers les États-Unis. / This study provides an overview on the interactions and linkages between the volatility of exchange rates and international trade. The objective of this work is to present this relationship theoretically and examine, empirically the existence of this causal relationship between international trade and exchange rate variability. The literature on the subject considers himself across as contradictory and supports several controversies that do not allow the clear conclusion about the relationship in question. We try to push this research a step further by reviewing the evidence for Canada and providing an empirical investigation on the possible existence of a significant impact of volatility on sectoral disaggregated flows of Canadian exports to its trading partner, the United States. We empirically examine the response of five sectors of Canadian exports to changes in real effective exchange rate between Canada and the United States. However, our results do not allow us to conclude about the significance of an impact on volatility of exchange rates on disaggregated sectoral exports to United States. Overall, even if we admit that the sign of the estimated coefficients of the exchange risk variable in each sector is negative, we reach the conclusion that the volatility does not seem to have a statistically significant impact on the real volume of exports from Canada to the United States.

This thesis focuses on the derivatives market. The goal is to choose ones that are suitable for use for the benefit of family finances and planning. Mapping the world market derivatives, and then describes the basic characteristics of the main types of contracts. After the general characteristics of the derivatives in the introduction, are briefly described two types (forwads and swaps) that are not directly used in the family finances. In their description, however, are pointed out the fundamental principles of derivatives and trading with them. In the next section, the focus is on those derivatives that are suitable for use in household budgets. They include Futures, Options, Warrants, Investment Certificates, Exchange Traded Funds (ETF), Contracts for diference (CFD). There are also discussed basic principles of these instruments, their use and the current bid.

Aim of this work is to analyze the possibility of drawing funds from European Union funds to finance community development activities. Given that the Slovak Republic is an EU member, is also able to draw funds from these sources and improve the living standard of citizens. Based on previous development of public finances, reform of local government, the structure of income and expenditure of municipalities in Slovakia and analysis of the specific communities, work assesses the impact of actually drawn from EU funds on the municipal budget, a municipality to be self -- financing EU projects and predicts the development in the future.

La thèse explore le lien entre la politique étrangère et la survie politique et économique des villes hanséatiques (Hambourg, Brême et Lübeck) et des duchés de Mecklembourg-Schwerin et de Schleswig-Holstein-Gottorp de 1650 à 1730, à travers les relations diplomatiques entretenues par ces petits États avec la France. Les différentes stratégies qu’ils mettent en œuvre afin d’être considérés comme des partenaires diplomatiques par la France font l’objet de la première partie. La deuxième partie est consacrée aux pratiques de la négociation développées par ces États au contact de la France, à leur manière de communiquer avec cette puissance concurrente de l’autorité impériale, ainsi qu’à la prise de décision en matière de politique étrangère. La question de la souveraineté de ces États constitue le fil directeur de la réflexion : ces États, qui jouissent du droit de négocier avec les puissances étrangères à l’Empire, resten soumis à l’autorité de l’Empereur. La troisième partie pose la question de la professionnalisation de la fonction de diplomate dans l’Empire. Trois aspects sont développés. Les éléments permettant de parler de l’émergence d’un métier sont évoqués dans un premier temps, ainsi que les résistances des diplomates à cette première professionnalisation. La situation financière et la vie matérielle des diplomates permettent ensuite de poser la question de leur place dans la hiérarchie sociale de l’époque. Enfin, ces éléments sont complétés par un questionnement sur la culture des diplomates, notamment à travers les relations qu’ils entretiennent avec la République des Lettres et l’analyse de publications, littéraires ou savantes, qui leur sont consacrées. / Through the diplomatic relations maintained with France by the Hanseatic towns (Hamburg, Bremen and Lubeck) and the duchies of Mecklenburg-Schwerin and Schleswig-Holstein-Gottorp from 1650 to 1730 this thesis will explore the link between foreign policy on the one hand and economical and political survival on the other hand. Therefore, the strategies these states develop in order to make themselves considered as valuable partners by the French government form the first part of the thesis. The second part focuses first on the practice of negotiation these states elaborated in contact with France and then on the way they communicated with a power that challenged the authority of the Emperor. Finally the decision-making in the field of foreign policy is regarded. The question if these small states may really be considered as sovereign states is the leitmotif of this thesis as these small states and Hansestic towns are in fact allowed to negotiate with external powers of the Empire. The third part deals with the diplomatic profession. The question is if the function of a diplomat is becoming a genuine profession or not. To this, three topics are studied: the elements which show that the function of a diplomat is indeed becoming a career is presented first as well as the powers of resistance to this evolution. In a second step the financial situation and the material life of the diplomats allow to examine the place of the diplomats in the social hierarchy. These subjects are at last completed by a closer look on the culture of the diplomats through their close ties to the Republic of Letters and the analysis of literary and scientific publications dedicated to their action.

Neste século, o mundo está voltado para os problemas ambientais. Notadamente, são raros os modelos de avaliação de risco de crédito que agregue a variável ambiental, quer por não fazerem parte do escopo da metodologia, quer pelo método não ser transparente quanto à metodologia. Este trabalho pretende contribuir para o desenvolvimento de um modelo de avaliação de risco de crédito agregando a variável ambiental. Desta forma, este trabalho foi embasado em uma metodologia exploratória, cuja técnica foi essencialmente de levantamento bibliográfico, com o principal intuito de apresentar a forma de mensuração e identificação dos riscos mais freqüentes, sob a ótica da concessão de crédito. Foram abordados aspectos de política financeira, de direito ambiental e da legislação brasileira, assim como a análise de alguns índices de eco-eficiência e ambientais. Por fim, com base em alguns sistemas de classificação de risco, foi apresentada uma contribuição ao modelo de avaliação de risco agregando a variável ambiental. / In this century, the world is directed to the environmental problems. Notedly, models of valuation of the credit risk aggregating the environmental variable are rares, it not be part of the intention of the methodology or for methody to not be transparent as for methodology. This work intends to contribute for the development of a model of valuation of the credit risk aggregating the environmental variable. This way, this research was based on an exploratory methodology which technique was essentially made by a bibliographic survey, with the principal purpose to present the manner of the mensuration and identification of the more frequently risks, under the optical of the concession of credit. It was aborded aspects of the financial management, of the environmental law and of the Brazilian legislation, as well as the analysis of some eco-efficiency and environmentals indexes. At last, based upon some systems of risk classification, it was presented a contribution to the model of the valuation of risk, aggregating the environmental variable.

Made available in DSpace on 2016-04-28T20:37:37Z (GMT). No. of bitstreams: 1 Adriana Pontes Paiva.pdf: 810454 bytes, checksum: 689f2d964c8ca40c9d71aa4c08abfc53 (MD5) Previous issue date: 2011-05-24 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This research aimed to understand how a woman who faced the hardships of the divorce process managed, after the transition period of the crisis, to trigger new professional skills and reestablish herself financially. We sought to identify key factors and critical processes associated with risk, vulnerability and protection when coping with divorce s challenges, and also to comprehend the successful professional and economic restructuring, by the woman, after this transition period. Thereafter, it is possible to point out themes that may substantiate development and health promotion programs. We used a qualitative study carried out from a 43yearold woman s life story, who has been divorced for seven years. Safe affective links with the original family, good cognitive resources, proactive behavior, positive sociability, support network, and capability of assuming choices and facing associated losses, due to medium term plans, proved to be deeply related to the overcoming of the challenges faced in the divorce process. The results showed that, although the family s suffering and disorganization during the divorce transition and crisis periods were inevitable, both the professional and the financial restructuring, after the transition period, were possible to this woman, who conquered new horizons and a new social condition, overcoming adversities and demonstrating resilience capability / Esta pesquisa teve como objetivo compreender como uma mulher que enfrentou as adversidades do processo de divórcio conseguiu, após o período de transição da crise, deflagrar novas competências profissionais e se reestabelecer financeiramente. Buscou-se identificar os principais fatores e processos críticos associados a risco, vulnerabilidade e proteção no enfrentamento dos desafios do divórcio e compreender a reorganização profissional e econômica bemsucedida, por parte da mulher, após esta fase de transição. A partir de então, torna-se possível indicar temas que possam fundamentar programas de promoção à saúde e desenvolvimento. Foi utilizado um estudo qualitativo realizado por meio da história de vida de uma mulher de 43 anos, que está divorciada há sete. Vínculos afetivos seguros com família de origem, bons recursos cognitivos, comportamento próativo, sociabilidade positiva, rede de apoio, capacidade de assumir escolhas e encarar as perdas associadas em função de planos de médio prazo mostraramse associados à superação dos desafios enfrentados. Os resultados revelam que, embora o sofrimento e a desorganização familiar durante os períodos de crise e transição do divórcio tenham sido inevitáveis, a reorganização profissional e financeira, após a fase de transição, foi possível a esta mulher, que conquistou novos horizontes e uma nova condição social, superando adversidades e demonstrando capacidade de resiliência

Made available in DSpace on 2016-04-25T16:44:44Z (GMT). No. of bitstreams: 1 Andre Brisola Brito Prado.pdf: 1040992 bytes, checksum: 142001e37431c50cf0d5a5895e27c3b8 (MD5) Previous issue date: 2015-08-03 / This article looks into how the families of young college students of a private university located in the major urban center of São Paulo relate to financial issues regarding consumption, credit, investments and decision-making. Having the financial question as a guide, we performed an analysis on whether these young college students and their families use the more rational bias or the more psychological one for decision-making, and, finally, whether there is any difference in financial behaviors among the different social class backgrounds in these families. The research quanti-qualitative methodology initially involved a bibliographical study followed by a field research, which utilized a questionnaire for data collection. The questionnaire was made available for the students of the business administration course, resulting in 226 valid answers. After data collection, a descriptive and interpretive analysis was performed based chiefly in Kahneman and Tversky's Prospect Theory, in Keynes's Liquidity Preference Theory - LPT - and Fisher's Loanable Funds Theory - LFT -, and also Prahalad's economic development in conjunction with Bauman's critical view. Results showed that it was not possible to determine which of the two aspects - the rational or the psychological - is the most used, but it was evidenced that both are used for decision making. It was possible to acknowledge that the college students and their families, regardless of their social class, have difficulty in financial planning in the short, medium and long terms. Finally, we observed that lack of knowledge and information about finances affect all social classes. Hence, this is a gap that needs to be filled. In this sense, the importance of the proposed Financial Education to be implemented in the various social contexts becomes evident. It will help create individuals able to make more assertive decisions and improve their personal finance management and become more integrated into society, where their choices will be more conscientious / O objetivo do presente trabalho foi verificar como as famílias dos jovens estudantes de uma universidade particular, em um grande centro urbano como São Paulo, relacionam-se com a questão financeira nos aspectos de consumo, crédito, investimentos e tomada de decisão. A partir dessa questão, foi analisado se esses jovens universitários e suas famílias utilizam o viés mais racional ou psicológico para a tomada de decisões financeiras e, por fim, se existe alguma diferença no comportamento financeiro entre as diferentes classes sociais das famílias desses jovens. A metodologia da pesquisa de natureza quanti-qualitativa envolveu, primeiramente, um estudo bibliográfico e, em seguida, a pesquisa de campo que utilizou como instrumento de coleta um questionário, o qual foi disponibilizado para os estudantes do curso de administração, resultando em 226 respostas válidas. A partir da coleta dos dados, adotou-se uma análise descritiva e interpretativa fundamentada especialmente em Kahneman, Tversky em relação à teoria dos prospectos; em Keynes e Fisher, que abordam a Teoria da Preferência pela Liquidez - TPL e a Teoria dos Fundos Emprestáveis -TFE, bem como as ideias do desenvolvimento econômico de Prahalad aliadas à visão crítica de Bauman. Os resultados demonstraram que, em relação aos aspectos, racional e psicológico, não foi possível determinar qual deles é mais utilizado, mas ficou evidenciado que ambos são usados na tomada de decisão. Foi constatado que os jovens e suas famílias, indiferentemente da classe social, têm dificuldades para se planejarem financeiramente em curto, médio e longo prazo. Por fim, observou-se que o desconhecimento e a desinformação sobre finanças, atingem todas as classes sociais, portanto, essa lacuna precisa ser preenchida. Nesse sentido, ficou evidenciada a importância da proposta da Educação Financeira ser implementada nos diversos contextos sociais, para criar assim indivíduos capazes de tomarem decisões mais assertivas, melhorando o gerenciamento de suas finanças pessoais e tornando-se mais integrados à sociedade, tornando suas escolhas mais conscientes

Este trabalho avalia a influência da securitização de ativos sobre os indicadores financeiros e o beta das empresas que utilizam esse tipo de operação estruturada, por meio da aplicação de modelos teóricos e testes empíricos que relacionam conceitos de finanças corporativas com elementos da teoria de carteiras. Os resultados indicam que há uma implicação entre o nível de endividamento e os critérios de rating de crédito e que é possível se estimar a força dessa implicação. A amostra desse estudo é composta por empresas que realizaram operações de securitização de recebíveis e também apresentaram ações negociadas na Bolsa de Valores de São Paulo durante o período compreendido entre 2000 a 2005, período em que se encontra a maior concentração do número de empresas que realizaram essas operações estruturadas de securitização. Para verificar a relação entre os indicadores financeiros e o beta de mercado com a securitização de recebíveis foram selecionados, além dos principais indicadores financeiros, o grau de alavancagem financeira, o grau de alavancagem operacional, o grau de alavancagem total, o beta de mercado das ações e o beta alavancado. A hipótese de existência de relações lineares entre essas medidas foi verificada por meio da aplicação de ferramentas matemáticas, testes estatísticos de associação e regressões simples e múltiplas, bem como a relação implicativa estatística fuzzy. Este trabalho também encontrou fortes evidências de que a securitização de ativos implica na melhora do rating de crédito das empresas que a utilizam. / This research analyzes the influence of asset securitization over the financial indicators and the beta of corporations which use this kind of structured operation. This influence is studied through the application of theoretical models and empirical tests which relate corporate finance concepts to portfolio theory elements. The results indicate a relationship between corporate leverage and the credit rating criteria and the possibility to estimate the significance of such relationship. The research sample is composed of corporations which executed operations of receivable securitization and also had their stocks traded at the São Paulo Stock Exchange from years 2000 to 2005. Such sample period contains the largest number of corporate receivable securitization operations. To analyze the relationship between receivable securitization and financial indicators and between receivable securitization and market beta, the following variables were selected: financial leverage, operational leverage, total leverage, equity beta and asset beta. The fuzzy statistical relation and the linear relationship hypothesis between the dependent and independent variables, and between the independent variables themselves was tested through the application of mathematical tools, of statistical tests of association and of simple and multiple regression models. This research also found strong evidences that asset securitization leads to an improvement in credit rating, for the companies which adopt such structured operations.

L’approbation par le parlement du budget présenté par le gouvernement est un moment essentiel de la vie financière des États. Au regard de son importance, il peut être utile d’apprécier la portée réelle de la fonction exercée par le parlement à cette occasion. Dans les États de l’Afrique occidentale francophone, cette appréciation conduit au constat d’une compétence parlementaire limitée. Elle est limitée aussi bien par l’encadrement de son exercice que par la latitude dont dispose l’exécutif de s’écarter de cette autorisation en cours de gestion. Au-delà de ce caractère limité, il est possible d’observer que cette compétence parlementaire est également en mutation. Cette mutation tend à en changer profondément la nature et, par voie de conséquence, à modifier sensiblement le rôle du parlement dans le processus budgétaire. D’une part, ce rôle passe de la décision à la délibération lors du vote du projet de loi de finances. D’autre part, il se traduit par un contrôle plus rigoureux de l’exécution budgétaire. / The approval by the parliament of the budget submitted by the government is a key moment in the financial life of a state. Given its importance, it may be useful to assess the true scope of the function performed by the parliament on this occasion. In the states of French-speaking West Africa, this assessment leads to the conclusion of a limited parliamentary competence. It is limited both by the management of its exercise and by the government’s flexibility to deviate from this authorization during its implementation. Beyond its limited nature, it is possible to notice that parliamentary competence is also undergoing changes. The changes tend to modify its nature deeply and, consequently, to modify the role of the parliament in the budgetary process significantly. On the one hand, this role moves from the decision to deliberation during the vote of the finance bill. On the other hand, it results in a more rigorous monitoring of budget execution.

The thesis deals with the internal economic equilibrium of the EU member states between 2007 and 2010. In this period, which was considerably influenced by the global economic recession, a sharp deterioration in public finances and other macroeconomic indicators is apparent. The theoretical part of the thesis deals with the starting points and putting the issue of public finances. The practical part is dedicated to the development and comparison of basic indicators of internal economic balance across the member countries, especially to the depth and dynamics of the public debt. In the final part, attention is paid to the prospects of development in this field at European Union level and at the level of national states.