O financiamento por meio de títulos negociáveis vem ganhando importância no cenário internacional e concorrendo com meios tradicionais de financiamento, como os empréstimos bancários. No entanto, existem poucos estudos científicos no Brasil que abordam o financiamento das empresas por meio da emissão de títulos de dívida, em especial, os títulos de dívida de médio e longo prazos emitidos no exterior, os eurobonds e euronotes. Dessa forma, este trabalho tem por objetivo analisar e descrever o mercado de eurobonds e euronotes, sua história, características, ferramentas e técnicas, com especial atenção aos títulos brasileiros. Este objetivo será atingido por meio de uma análise descritivo-exploratória e o estabelecimento de relações entre variáveis, revisão de literatura, apresentação e exposição de dados históricos de mercado, análise de volumes de emissões e desenvolvimento intertemporal. Também é objetivo deste trabalho analisar empiricamente, de forma descritiva e exploratória, o perfil das empresas brasileiras que captam no exterior e a utilização de bonds em sua estrutura de financiamento, com suporte das teorias de estrutura de capital do trade-off estático e de peking order. Para isso, foram feitas análises estatísticas de indicadores contábeis e financeiros organizados em forma de painel (painel data analysis). Os resultados empíricos demonstram que, em geral, as empresas que emitem bonds possuem maior alavancagem com capital de terceiros, perfil de dívida com prazo mais alongado, maiores índices de imobilização, maior taxa de rentabilidade derivada do elevado faturamento, o que demonstra também a diferença do tamanho médio das empresas com emissão de bonds com as demais, confirmando a afirmação de Valle (2001) de que apenas as grandes empresas brasileiras possuem atuação ativa na captação no mercado de eurobonds e bonds estrangeiros. Também foi verificado que o comportamento dos indicadores financeiros em relação ao endividamento por bonds está em acordo com as teorias da estrutura de capital, em especial com a teoria do trade-off estático que preconiza que quanto maior a alavancagem da empresa, maior a rentabilidade para os acionistas. O estudo não possui o objetivo de generalização dos resultados, ficando as conclusões restritas à amostra e ao período analisado. / The financing by negotiable securities has been gaining importance in the international scene and competing with traditional ways of financing such as the banking loans. However, there are not many scientific studies in Brazil that approach the financing of companies through debt securities, especially medium and long-run debts issued in international market, the eurobonds and euronotes. Therefore, the objective of this study is to analyze and describe the market of eurobonds and euronotes, its history, characteristics, tools and techniques, with special attention to the Brazilian securities. In order to do that, a descriptive-exploratory analysis and the establishment of relations between variables will be done through an ample revision of literature, presentation and exposition of historical market data, non-statistical analysis of emissions volumes and development. It is also the objective of this study to analyze empirically, through a descriptive and exploratory form, the profile of companies that issued bonds in the international market, and the utilization of bonds in the financing structure of Brazilian companies, supported by the theories of capital structure of the static trade-off and peking order. In order to do that, statistical analysis of panel data was used. Empirical results indicated that, in general, Brazilian companies that issue bonds in the international market show higher leverage, longer term, higher fixed assets / equity ratio, higher profitability derived from high level of sales, which also demonstrates the difference between the average size of companies with emission of bonds and others, confirming the verification of Valle (2001) that only large Brazilian companies issue in the eurobonds and foreign bonds markets. It was also verified that financial indicators and leverage level are related, in accordance with the theories of capital structure and especially with the theory of static trade-off which praises that the higher the company´s leverage, the higher the profitability for the shareholders. It is not an objective of the present study to generalize the results, being the conclusions restricted to the analyzed sample.

Since the 1970s, the international economic system has become prone to the volatility and undue effects associated with booms and busts. This forty year period spanning the present has exhibited restrained growth and repressive economic development. Critical changes to the system are presented by the transition from "Fordism" to the post 1970s neoliberal regime and the globalization of world markets. Underpinning this transformation is an ideological shift towards free market capitalism and the adoption of "reduced form" market models. These "reduced form" models appear to hinder economic sustainability as their grounding in economics fails to account for real economic activity. This thesis aims to provide a more holistic perception of sustainability, one that provides a sound basis on which to develop sustainable economic policy. The Regulationist Approach presents the requisite understanding of economic sustainability required within this research. The inclusion of economic, historical and socio-political fields of research proposes a wider understanding of the political economy and sustainability. The application of the Regulation Approach to the South African economy illustrates many problem areas that require attention. The examination found that firstly, aggregate demand in the South African economy was unsustainable due to the debt driven nature of demand under the asset price bubble of the mid to late 2000s. Secondly, aggregate supply also proved unsustainable as government is failing to provide any substantive growth within important sectors of the economy such as education and the provision of general services. Furthermore, the adoption of inflation targeting in South Africa poses a barrier to sustained economic growth as it focuses singularly on price inflation. The "reduced form" model of inflation targeting fails to account for market failures and a number of vital indicators of sustainability most notably, debt levels and asset prices. The inclusion of these indicators, and financial stability more generally, are found to provide a more holistic and sustainable approach to macroeconomic policymaking.

No description available.

[pt] Este artigo investiga a dinâmica do mercado domésticos de derivativos cambiais no Brasil, que possui comportamento atipicamente ativo comparado a outros mercados emergentes. Especificamente, nós examinamos as consequências de sua estrutura contrastanto os mercados Deliverable Forwards, os mercados Non-Deliverable Forward estrangeiros e os mercados Domestic Non-Deliverable Forward predominantes no Brasil. Nosso modelo incopora interações entre consumidores domésticos e estrangeiros nos mercados cambiais a vista e a termo, ao lado de intermediários financeiros e um governo restrito por orbrigações e dívidas em moeda estrangeira. Nossos resultados apontam que sob dívida externa controlada e baixo risco externo, esses mercados analizados tem funcionamento equivalente. Por outro lado, o surgumimento de risco de conversibilidade rompe esta equivalência, o que é particularmente evidente em cenários similares à experiência brasileira em 2002. / [en] This paper investigates the distinctive dynamics of Brazil s domestic currency derivatives market, which exhibits remarkable activity compared to other emerging markets. Specifically, we examine the consequences of this market structure by contrasting Deliverable Forward markets, Offshore NonDeliverable Forward markets, and the prevalent Domestic Non-Deliverable Forward markets in Brazil. Our model incorporates interactions between domestic and foreign consumers in spot and forward markets, alongside financial intermediaries and a government constrained by foreign currency debts and obligations. We find that under controlled external debt and minimal external risk, these markets function equivalently. However, the emergence of convertibility risk disrupts this equivalence, particularly evident in scenarios similar to Brazil’s experiences in 2002.

Call number: LD2668 .T4 1935 F61

近年來，由於國際化的開展，國際貿易愈來愈普及，匯率因此扮演一個重要的角色。貶值固然可以提高一國的出口競爭力，卻可能造成通貨膨脹而不利本國消費，激烈的匯率波動更會造成兩國間貿易的不確定性。因此，各國中央銀行為了穩定外匯市場及商品市場，並為了追求低而穩定的通貨膨脹率而干預匯率波動。依據Devereux and Engle (2003)，跨國廠商在訂貿易財價格時可採生產者貨幣訂價法（producer-currency pricing, PCP）或當地貨幣訂價法（local-currency pricing, LCP），在此兩種訂價方式下，匯率的轉嫁程度會有所不同，此亦可能會改變貨幣政策的總體經濟效果。 本文在一小型開放的動態隨機一般均衡模型（DSGE）下，加入央行的資產負債表與貨幣政策法則，探討當外生衝擊發生時，在不同的匯率轉嫁程度下，央行採取彈性匯率或管理浮動匯率對總體經濟變數產生的影響。 / With the development of the global economy, the international trade has become more common. When the country trades with other countries, exchange rate plays an important role. The currency depreciation may generate the current account surplus, but may lead to higher inflation and hurt the domestic consumption. Drastic exchange rate fluctuations may result in the uncertainty in trades. As the result, central banks may intervene in the foreign exchange market to stabilize exchange rate movements. Devereux and Engle (2003) build up the two-country DSGE model to examine macroeconomic effects of monetary policy under different degree of exchange rate pass-through. They consider two cases: producer-currency-pricing (PCP) where the exchange rate pass-through is complete and expenditure-switching effect exists, and local-currency-pricing (LCP) where the exchange rate pass-through is incomplete and there is no expenditure-switching effect. In the paper, we follow the small-open-economy DSGE model in Kollmann (2002) by including the balance sheet and alternative monetary policy rules of the monetary policy to examine the different macroeconomic effects under different degrees of exchange rate pass-through.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-12-04T11:55:11Z No. of bitstreams: 1 Fabrício Silva de Sousa Machado.pdf: 1470089 bytes, checksum: dbe41bf9d295f422d6c1d5b836338992 (MD5) / Made available in DSpace on 2017-12-04T11:55:11Z (GMT). No. of bitstreams: 1 Fabrício Silva de Sousa Machado.pdf: 1470089 bytes, checksum: dbe41bf9d295f422d6c1d5b836338992 (MD5) Previous issue date: 2017-11-13 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / The 2008 crisis allowed Hyman Minsky's theories to be reinserted into the debate on the directions of modern macroeconomics. In a post-Keynesian perspective, this study aims to prove the hypothesis that complex financial innovations, post-Bretton Woods financial market leverage, and deregulation have magnified the fragility and instability of the capitalist economy. Thus, we will treat the causes of the crisis as a problem of theoretical foundation of the capitalist system, because its functioning is based on the deregulation of the financial markets and the dominance of efficient markets hypothesis. Looking at the evidence of the 2008 crisis, it is possible to question the thesis of the new classics that financial liberalization would promote greater efficiency and stability in the system, because with the collapse of US mortgage loans, caused by the proliferation of securitized products, the problem became systemic. This occurs by the amplification of using of off-balance structures such as the shadow bankings, which began in the 1970s, widening the base of the financial capital base outside the control area of the national central bank systems. This situation reinforces the importance of understanding the fundamental dilemma between market deregulation and financial instability, the central object of this work / A crise de 2008 permitiu que as teorias de Hyman Minsky fossem reinseridas no debate sobre os rumos da moderna macroeconomia. Sob a perspectiva pós-keynesiana, esse trabalho visa a comprovar a hipótese de que as complexas inovações financeiras, a alavancagem dos mercados financeiros ocorridos no pós-Bretton Woods e a desregulamentação ampliaram a fragilidade e a instabilidade da economia capitalista. Assim, trataremos das causas da crise como um problema de fundamentação teórica do sistema capitalista, pois seu funcionamento está baseado na desregulamentação dos mercados financeiros e na dominância da hipótese dos mercados eficientes. Ao se observar as evidências da crise de 2008, é possível questionar a tese defendida pelos novos clássicos de que a liberalização financeira promoveria uma maior eficiência e estabilidade no sistema, pois, com o colapso dos empréstimos hipotecários do EUA, originado pela proliferação dos produtos securitizados, o problema tornou-se sistêmico. Isso ocorreu em razão da amplificação de estruturas “off-balance” como os shadow bankings, cuja disseminação iniciou-se nos anos 70, ampliando a base de capitais financeiros fora da área de controle dos sistemas de bancos centrais nacionais. Essa situação reforça a importância de compreender o dilema fundamental entre a desregulamentação dos mercados e a instabilidade financeira, objeto central desse trabalho

Thailand has been one of significant recipients of foreign direct investment (FDI) among developing countries over the last 30 years, and has recorded rapid and sustained growth rates in a number of different industrial categories. Thailand has shown a clear policy transition for foreign investment over time from an import-substitution regime to an export-oriented regime. Before the 1997 Asian Financial Crisis (1985-1996), Thailand had the fastest growing level of exports in manufactured goods among Asian economies. FDI plays a significant role in the Thai economy. Thailand has been pursuing different foreign investment policies at different times depending on the development objectives and economic situation in the country. The main objective of this research is to evaluate the determinants of FDI and foreign portfolio investment (FPI) in Thailand using the extended Gravity Model. Panel data is used to estimate and evaluate the empirical results based on the data for the years 1980 to 2004. It also examines the FDI flows between different locations and their geographical distances in Thailand. The primary research question addresses what factors motivate, attract, and sustain the FDI and FPI in Thailand. In addition, this study also examines the effects of the 1997 Asian Financial Crisis on the inflows of FDI and FPI into Thailand. The results show that the inflows of FDI in Thailand, which are supply-driven, are significantly influenced by its 21 largest investing partners. The 1997 Asian Financial Crisis has no impact on the determinants of the inflows of FDI into Thailand, but positively influences the inflows of FPI into Thailand. Our results also show that increases in GDP and trade between investing partners and Thailand potentially attract more FDI and FPI into Thailand. Investing partners closer to Thailand draw more portfolio investment into Thailand than distant partners – emphasising that distance has a negative impact on the portfolio investment but a negligible impact on the FDI.

This thesis conducts empirical studies related to financial institutions and corporate finance. Specifically, I look at banks’ lending behavior, performance of leveraged buyouts (LBOs), and the cultural impact on cross-border LBOs. Following an introduction in Chapter 1, in Chapter 2, I study U.S. commercial banks’ herding behavior in their domestic loan decisions, where herding is defined as the extent to which banks deviate from the industry average lending decisions and collectively increase or decrease loans to certain categories. I find significant evidence that herding exists and that banks tend to herd more when the economic condition is less favorable, regulation is tight, and when banks are struggling . Overall, these findings support the hypotheses of information asymmetry and regulatory arbitrage as motivations for herding. Chapter 3 provides a comprehensive study of LBO deal characteristics, participants’ involvement, and their impact on target firms’ performance. I find that better post-buyout operating performance is associated with larger amounts of leverage added during the LBO process, tighter LBO loan covenants, and equity contribution by target firms’ incumbent management. LBOs are more likely to exit through an IPO or a sale if they use more bank debt with tighter covenants and are sponsored by private equity (PE) firms of high reputation. These results suggest that the main source of value creation in LBOs is the reduced agency costs through the disciplining effect of debt, closer monitoring by lenders, and the better aligned management incentives. PE reputation is also important in ensuring successful deal outcomes. Chapter 4 (co-authored) examines the impact of cultural differences between PE firms and target firms on the completion of cross-border LBOs. We find that cultural distance between PE and target firms reduces the likelihood of buyout completion and increases the time between buyout announcement and completion. We also find that club deals moderate the negative (positive) impact of cultural distance on the likelihood (the duration) of LBO completion. This mitigation effect is through the increased familiarity channel of club formation. Our findings contribute to the literature that underscores the importance of culture in economic outcomes. / Thesis (Ph.D, Management) -- Queen's University, 2014-06-24 08:59:00.0

Thesis (doctoral)--Universität, Münster (Westfalen), 2005.