Financial systems are today one of the most heavily regulated sectors of the world and whose role has been widely discussed in the economic debate, considering the route of infection they pose to the economy, as presented in the recent international financial crisis. Thus, this study aimed at reviewing the theoretical framework pertaining to the economic theories of regulation, the role of financial systems in the economy and the rationale for state intervention in these markets, as well as changes the rules on supervision of the sector financial. It also presented a brief discussion of the international financial crisis and the new role of emerging economies in global economic scenario. / Os sistemas financeiros constituem-se hoje um dos setores mais intensamente regulados do mundo e cujo papel tem sido amplamente discutido no debate econômico, haja vista a via de contágio que estes representam para a economia, como apresentado na recente crise financeira internacional. Dessa forma, este trabalho teve como objetivo apresentar uma revisão do arcabouço teórico referente às teorias econômicas da regulação, do papel dos sistemas financeiros na economia e das bases racionais para a intervenção do Estado nestes mercados, bem como da evolução das regras de supervisão do setor financeiro. Apresentou-se ainda, uma breve discussão da crise financeira internacional e do novo papel das economias emergentes no cenário econômico mundial.

The purpose of this study was to investigate the reason behind thedecision by a company regarding the desire to use mobile access to theirERP-system and to discover whether this will involve any loss offunctionally in comparison to using the ERP-system on a computer atthe office. In addition, the pros and cons involved in using mobiledevices for accessing the ERP-system will also be examined. Semistructured telephone interviews were conducted with companies whicheither used or did not use mobile devices in relation to their work. Atelephone interview was also conducted with a consultant who isworking with the implementation of ERP-systems and mobile solutions.The survey showed that companies with staff working in the field assellers, service personnel and construction workers want to gain directaccess to their ERP-system so as to be able to act directly and takedecisions, to have the ability to provide more efficient order processingand to send out invoices more quickly. Those companies which have notopted to use mobile devices at work within this field are those whichare unsure of the connection to the Internet and the capacities availablewithin cellphones. The disadvantages have, in general, been found toinvolve a lack of connection to the Internet in order to gain access to thesystem used by the company. The benefits associated with mobile usagefor those companies with staff whose duties are not totally office basedinclude saving a great deal of time and money. The quality offered isalso increased through the implementation of these mobile devices,which have the ability to access selected parts of an ERP-system or afinancial system. What has been determined through this study is that ifcompanies choose to implement these mobile devices, it is possible forthem to achieve better cash flows, lower transaction costs and the abilityto updated information directly and also for there to be a reduced risk ofmisunderstandings with customers. There is some loss of functionalityfor companies when comparing the use of mobile devices as opposed tousing a computer. However, it is possible to select those features that aremost suitable for mobile devices which are related to the screen, workenvironment and the users who are involved. The reason for firms not tochoose to implement these devices is mainly due to uncertaintyregarding capacity, Internet connection, and lack of coverage and thesmall screens associated with the phones. / Huvudsyftet med denna uppsats har varit att undersöka anledningentill att företag vill använda mobila enheter för åtkomst till sina ekonomielleraffärssystem, ta reda på om de förlorar något i funktionalitetjämfört med användningen av dessa system på en dator samt undersökaför- och nackdelar med att använda mobila enheter för åtkomst tillekonomi- och affärssystem. Det hermeneutiska synsättet har använts föratt skapa en förståelse för det som undersökts. Semistruktureradetelefonintervjuer har genomförts med företag som använder respektiveinte använder mobila enheter i sin verksamhet, samt en telefonintervjumed en konsult som arbetar med att implementera affärssystem ochmobila lösningar. Undersökningen har visat att företag med personal påfältet, till exempel säljare, montörer och byggnadsarbetare vill fååtkomst till ekonomi- eller affärssystem för att kunna agera direkt ochfatta beslut på plats, få en effektivare orderhantering samt kunna sändafakturorna snabbare. De företag som inte valt att införa mobila enheter iarbetet på fältet är osäkra på uppkopplingen mot Internet ochkapaciteten i telefonerna. Nackdelarna är bristande uppkoppling motInternet för åtkomst mot företagens nätverk och åtkomst mot derassystem. Fördelarna är att företagen som inte helt och hållet har sinpersonal på kontoret kan spara mycket tid och pengar samt höjakvaliteten genom att införa dessa mobila enheter för åtkomst till delarav deras affärssystem eller ekonomisystem. Slutsatsen är att om företagväljer att införa dessa mobila enheter kan de uppnå ett bättre kassaflöde,sänkta transaktionskostnader, uppdaterad information på plats ochminskad risk för missförstånd med kunder. Företagen förlorar lite ifunktionalitet jämfört med att använda en dator och de får välja ut defunktioner som är mest lämpliga för de mobila enheterna med tanke påskärmstorlek, arbetsmiljö och vem användaren är. Att företag inte väljeratt införa dessa enheter beror på en osäkerhet gällande kapacitet,uppkoppling till Internet, bristande täckning och de små skärmarna itelefonerna.

Made available in DSpace on 2016-04-26T20:27:25Z (GMT). No. of bitstreams: 1 Volnei Luiz Denardi-Dissertacao Texto Integral.pdf: 1227600 bytes, checksum: 3f978c6df74e38220b20c77f93afa7d5 (MD5) Previous issue date: 2005-05-19 / Tribunal Regional Federal da Terceira Região / The development of the topic judicial and extra-judicial executions in the Housing Financial Systems, governed by Law No. 5741/71 and by Law-Decree No. 70/66, respectively, has as main object to deal with the polemic issues involving these procedures, created under a regime of exception with the purpose of promoting the economic and social development. Although much quicker than the traditional legal procedures, reaching the so much desired scope by means of an alternative and quick way of solving conflicts, the extra-judicial execution still arises controversies in legal scholarship and case law, even over nearly 40 years after the enactment of Law-Decree No. 70/66. Notwithstanding the favorable standpoint taken by the Federal Supreme Court, the constitutional aspects of this procedure still are under discussion, thereby originating issues related to the due process of law, from which issues related to contestation, impartiality and natural judge are derived. No less effective, the procedure established by Law No. 5741/71, destined to the special mortgage execution of contracts entered into within the Housing Financial System, differentiating it from the common procedure of the Civil Procedural Code in face of the suppression of some execution acts, as well as of the limitation of the borrower s equity liability to the excussion of the property mortgaged in the loan contract collateralized by a mortgage. In the special mortgage execution, the debtor can submit the same defenses applicable to the common execution procedure against a solvent debtor contemplated by the Civil Procedural Code, such as debtor s embargoes, intraprocedural defense, and defenses carried out through autonomous information actions. We can highlight, as to the means of defense, the non-suspensivity of debtor s embargoes until the mortgaged property disoccupation. / O desenvolvimento do tema execuções judicial e extrajudicial no Sistema Financeiro da Habitação, disciplinadas na Lei nº 5.741/71 e no Decreto-lei nº 70/66, respectivamente, tem como objetivo fundamental tratar das questões polêmicas que envolvem esses procedimentos, criados em época de regime de exceção com o escopo de promover o desenvolvimento econômico e social. Embora muito mais célere do que os procedimentos judiciais tradicionais, atingindo o tão almejado escopo por forma alternativa ágil na resolução de conflitos, a execução extrajudicial ainda desperta controvérsias na doutrina e na jurisprudência, mesmo depois de quase 40 anos da promulgação do Decreto-lei nº 70/66. Não obstante a posição favorável assumida pelo Supremo Tribunal Federal, ainda são discutidos os aspectos constitucionais desse procedimento, surgindo daí questões relacionadas ao princípio do devido processo legal, do qual decorrem o do contraditório, o da imparcialidade e o do juiz natural. Não menos efetivo o procedimento estabelecido na Lei nº 5.741/71, destinado à execução especial hipotecária dos contratos firmados no âmbito do Sistema Financeiro da Habitação, diferenciando-se do procedimento comum do Código de Processo Civil em face da supressão de alguns atos executivos, como pela limitação da responsabilidade patrimonial do mutuário à excussão do bem hipotecado no contrato de mútuo garantido por hipoteca. Na execução especial hipotecária, o devedor pode oferecer as mesmas defesas cabíveis no procedimento comum de execução contra devedor solvente do Código de Processo Civil, como os embargos do devedor, defesa intraprocessual e a realizada por meio de ações autônomas de conhecimento. Destaca-se, quanto aos meios de defesa, a não suspensividade dos embargos do devedor até a desocupação do imóvel hipotecado.

This thesis consists of four self-contained empirical essays. In the first essays "Markets for Risk and Openness to Trade: How are They Related?" (with Helena Svaleryd), we ask if there is an empirical relationship between financial development and openness to trade. Numerous theoretical papers have noted that trade policies can be used as an insurance against shocks from international markets. It follows that the development of markets for risk should reduce the incentives to rely on trade policy for insurance purposes. Feeney and Hillman (2001) explicitly demonstrate how asset-market incompleteness can affect trade policy in a model where trade policy is determined by the lobbying of interest groups. If risk can be fully diversified, special-interest groups have no incentive to lobby for protection, and free trade will prevail. Likewise, trade liberalization might increase the demand for financial services, thereby spurring the development of financial markets. Using several indicators of both openness to trade and financial development, we find an economically significant relation between the two. In particular, the relation holds when using the well known, although criticized (Rodriguez and Rodrik 1999), Sachs-Warner index, and structurally adjusted trade, as indicators of openness. For tariff levels and non-tariff barriers, the results hold only for relatively rich countries. Causality seems to be running both from openness to financial development and the other way around, depending on which indicator and methodology are used. Due to underlying technological differences, industries differ in their need for external financing (Rajan and Zingales, 1998). Since services provided by the financial sector are largely immobile across countries (Pagano et al., 2001), the pattern of specialization should be influenced by the degree of financial development. In the second essay, "Financial Markets, the Pattern of Specialization, and Comparative Advantage: Evidence from OECD Countries" (with Helena Svaleryd), we find this effect to be strong. In fact, the financial sector has an even greater impact on the pattern of specialization among OECD countries than differences in human- and physical capital. Further, the financial sector gives rise to comparative advantage in a way consistent with the Hecksher-Ohlin-Vanek model. Large and active stock markets, as well as the degree of concentration in the banking sector, produce the strongest and most consistent effects. The results also support the view that the quality accounting standards and the legal protection of creditors affect the pattern of industry specialization, while the depth of the financial system (measured by the amount of liquidity in an economy) is a source of comparative advantage. The third essay, "Who Wants Political Integration? Evidence from the Swedish EU-Membership Referendum" looks directly at the determinants of political attitudes towards regional integration and separation. More precisely, the regional voting pattern of the 1994 Swedish EU-membership referendum is analyzed. To explain this variation, an empirical investigation based on the extensive theoretical literature analyzing the determinants of regional economic and political integration is undertaken. Since enhanced possibilities of inter-regional risk sharing is one of the main gains from integration discussed in the literature (e.g Persson and Tabellini, 1996), special attention is given to this issue. The empirical results show that individuals living in labor markets exposed to a high degree of risk were more negative towards EU-membership than those living in safe ones. It is also shown that inhabitants of high-income labor markets, with a high level of schooling and small receipts of central government transfers were relatively positive towards the EU-membership. Given the restrictive regulations limiting discretionary policies within the EU, these results suggest that inhabitants of safe and rich regions voted in favor of secession from the Swedish transfer system, rather than in favor of European integration. In the final essay, "Does Labor Market Risk Increase the Size of the Public Sector? Evidence From Swedish Municipalities", I study if a high degree of private labor-market risk is related to a larger public sector in Swedish municipalities. The theoretical hypothesis is based on Rodrik (1998), who argues (and shows empirically) that countries exposed to a high degree of external risk also tend to have larger governments. The safe public sector is expanded at the expense of risky sectors and hence provides insurance against income volatility. Several problems related to data availability and comparability that apply to cross-country studies are circumvented by using data on Swedish municipalities. Further, there is no need to aggregate the public sector across different levels of governance: local risk is directly related to the size of the local public sector. The paper is not a complete parallel to Rodrik’s study, however. Several alternative insurance mechanisms that do not exist between countries are available between municipalities. For example, the central government provides insurance against individual-specific risk such as unemployment and illness, private capital markets are better integrated within than between countries, and the central government can hand out grants to municipalities. Despite these mitigating factors, local labor-market risk is found to have a substantial impact on municipal public employment. It is also found that shocks increasing the size of the public sector across all municipalities tend to generate a larger increase in risky locations. For municipal public spending and taxation the results are, however, much weaker. Hence, labor-market risk affects the labor intensity of the municipal public sector, rather than its size. / <p>Diss. Stockholm : Handelshögskolan, 2002</p>

The first part of the article seeks to highlight the importance that increasingly electronic trading experience in the field of financial services, and as a result of that the new expressions that arise in providing financial transactions through a conceptual distinction of services and financial channels. In this context, new challenges for the industry players requiring them continuing specialization and innovation in product design, in order to satisfy the current demands ofconsumers who have configured one profile increasingly informed, sophisticated technology in making their consumption decisions.In the second part of the article, I will describe the local regulation which applies to electronic contracting in comparison with the regulation that applies to the traditional contracting which use printed information and oral presentations. This section identifies also the main regulatory implications for the consumer and the industry, with reference of compared experiences that may be interesting to comment on the formulation of considerations if applicable. / En la primera parte del artículo se propone destacar la importancia que crecientemente experimenta la contratación electrónica en el ámbito de los servicios financieros, y como consecuencia de ello, las nuevas expresiones que surgen en la prestación de operaciones financieras pasando por una distinciónconceptual de servicios y canales financieros. En este contexto, se configuran nuevos retos para los actores de la industria de este tipo de servicios que les exige continua especialización e innovación en el diseño de productos, de modo que éstos estén en grado de satisfacer las exigencias actuales de consumidores que cuentan con un perfil cada vez más informado, sofisticado y tecnológico en la adopción de sus decisiones de consumo.En la segunda parte del artículo se describirá el tratamiento regulatorio local aplicable a la contratación electrónica de servicios financieros, destacando aquellos aspectos regulatorios que la distinguen respecto de la contratación tradicional, esto es, la contratación presencial por medios escritos. En esta sección se identificará a su vez las principales implicancias regulatoriasde cara al consumidor y a la industria, tomando como referencia experiencias regulatorias a nivel comparado que puedan resultar interesantes de comentar en la formulación de consideraciones a que hubiera lugar.

Gouvernée par un socle juridique d’inspiration religieuse, le fonctionnement de la banque islamique est, sur le plan théorique, différent de celui de la banque conventionnelle. Bien que la littérature portant sur les mécanismes de transmission de la politique monétaire dans un cadre conventionnel soit abondante, rares sont les travaux, théoriques et empiriques, qui examinent le rôle des banques islamiques dans cette transmission. En effet, la littérature existante ne présente pas de schéma analytique complet permettant d’appréhender clairement le rôle des banques islamiques dans la transmission de la politique monétaire, et d'identifier et spécifier la nature des interactions entre banques islamiques et banques conventionnelles. L’ambition de la présente thèse, structurée en trois chapitres, consiste donc à étudier par quels mécanismes et dans quelles mesures la banque centrale est susceptible de réguler l’activité économique en présence de banques islamiques. / Governed by a religiously inspired legal framework, Islamic banking is, in theory, different from conventional banking. While the literature on the transmission mechanisms of monetary policy in a conventional framework is abundant, very little research, theoretical and empirical, has been focused directly at the role of Islamic banks in this transmission. Indeed, the existing literature does not present a complete analytical framework allowing a full and clear understanding of the role of Islamic banks in the transmission of monetary policy, and to identify and specify the nature of the interactions between Islamic and conventional banks. The aim of this thesis, made up of three chapters, is to study by which mechanisms and to what extent the central bank is likely to regulate the economic activity in the presence of Islamic banks.