The empirical results reached in this thesis contradict the traditional theoretical view of money as being exogenously introduced into an economy as a medium of exchange intended to reduce the transactions costs associated with barter. Instead money was endogenously created in the form of credit. Thus, the long run neutrality of money also is called into question. The varying quality of different kinds of money reflects the demand for them. If legal tender was of higher quality than private promissary notes, it was because the former were in greater demand. Concisely put, the market determines the value, and therefore the quality, of various kinds of money. The principal problem addressed in this thesis is how, during the expansive nineteenth century, it was possible to satisfy the ever growing need for credit and means of payment without sacrificing the fixed exchange rate. Particular attention is paid to the private note issuing banks, the so called Enskilda banks, that dominated the Swedish banking system throughout the nineteenth century. In addition to their note issuing, the Enskilda banks were characterized by unlimited owner liability. An examination of the ongoing political process from a rational choice perspective, indicates that initially the concept of note issuing Enskilda banks enjoyed wide spread support. They were considered to be a reasonable response to the problem of establishing a commercial banking system in an illiquid economy. The distribution of political and economic power in favor of the Crown and the Nobility included their control over the issuance of bank charters. The monopolistic policy they followed in this regard, however, resulted in growing hostility towards these. As a result, starting in the middle 1860's, a more liberal attitude towards the establishment of banks began to prevail. By the end of the nineteenth century, various political interest were able to engineer the revocation of the Enskilda banks’ note issuing rights. The special characteristics of the Enskilda banks, the right to issue bank notes and the unlimited liability of their owners, have caused them to be perceived as outdated, at least once Joint Stock banks were introduced. In contrast to the Enskilda banks, these were unable to issue notes but instead provided their owners with limited liability. The thesis demonstrates that, given the initial illiquidity of the Swedish economy, the Enskilda banks actually were the more efficient alternative. Indeed, the note issuing privileges of the Enskilda banks became one of the principal factors behind the development of liquid domestic capital markets. An empirical study that includes the most basic constraints faced by the nineteenth century Swedish economy, the demands of the specie standard and the general shortages of reliable means of payment and of credit, reveals that the Enskilda bank system can not, strictly speaking, be considered an example of free banking. Instead of holding specie reserves, the Enskilda banks backed their notes with central bank (Riksbank) notes. This was not because the public preferred Enskilda bank to Riksbank notes.  Rather it was the result of a monetary adverse selection process; Gresham’s Law.  Previously utilized, lower quality, means of payment were replaced by Enskilda bank notes. By accepting some of the discount costs, the Enskilda banks made their notes circulate at par with Riksbank notes. Thus a domestic specie exchange system was created. The note issuance of the Enskilda banks paved the way for the deposit based commercial banking system that followed, and it was essential for the monetization of the economy that occurred during the late 1860's. The long run expansion of the money supply was unrelated to growth in Riksbank reserves, specie holdings or the monetary base. Other countries operating under the specie standard also experienced monetary growth, indicating that the specie standard actually was a system of credit. Money supply, as measured in terms of Riksbank and Enskilda bank notes held by the public, eventually reflected the level of output (GDP).  VAR-tests indicated that annual changes in the level of Riksbank reserves preceded changes in the money supply which, in turn, preceded changes in the level of prices, thus supporting the price quantity theory. These results are summarized in a regression model that estimates domestic price movements as a function of current changes in international prices and GDP and of lagged changes in domestic prices and the money supply. The final chapter is an empirical analysis of the support provided to the Swedish banking system during the most severe financial crises of the nineteenth century.  Maintaining the specie standard was over riding goal of the Riksbank. In times of crises, this concern prevented the Bank from supporting the banking system in accord with the classical lender of last resort recipe; to inject liquidity and briefly suspend convertibility. The thesis argues that in a transitional economy, such as that of nineteenth century Sweden, the fixed exchange rate makes it impossible in times of crisis to support the banks at all costs. Doing so might well convert a banking crisis into a currency crisis. Indeed, this is exactly what has happened in various countries on several occasions during the late twentieth century. Instead the appropriate procedure for acting as lender of last resort in a transitional economy is to initially support the banks, but only as long as central bank reserves are not exhausted. Should the seriousness of the crisis make this insufficient, the authorities should then proceed to import high powered money as a way of supplementing their reserves. The possibility that such action will be needed makes it particularly important that the country’s public finances be kept in good order. / <p>Diss. Stockholm : Handelshögskolan, 2003. Sammanfattning på engelska</p>

Globally, the justice system has set up courts to respond to complaints of a criminal and civil nature. Courts also respond to complaints which require swift relief by way of shortened procedures, in the form of motion proceedings. In all these complaints, courts have to respond in a manner that leaves litigants with a feeling of satisfaction that justice has been done. To the end of ensuring that there is legal certainty, justice systems in all jurisdictions have established a hierarchy of courts, with lower courts being bound by the decisions of higher courts in their jurisdiction. There has been no problem in the application of this principle called stare decisis, or judicial precedent, in disputes of law. However, in disputes of constitutional interpretation, courts have demonstrated a marked shift from observing the rule of judicial precedent. The disregard for this rule manifests itself particularly in the adjudication of cases surrounded by controversy. It is argued herein that constitutional interpretation is no different from legal interpretation, in that the rule of judicial precedent which characterises court decisions in legal disputes, should characterise court decisions in constitutional interpretation disputes. The Constitutional Court of South Africa itself, though it is the highest arbiter in constitutional matters, is bound by its own previous decisions, unless its previous decisions have become manifestly wrong. Three constitutional rights are analysed. The right to life in its three manifestations, namely, the right to life of the unborn child, the right to life of the convicted criminal not to be hanged, and the right of the terminally ill to continue living by receiving medical care at state expense. The other two rights are the right to privacy, and the right to culture. The right to privacy is the right that has been claimed in political controversies. In isolated instances, specifically mentioned herein, the Constitutional Assembly and the drafters of the Constitution have also contributed to the resultant inconsistency in constitutional interpretation. This is especially so with regard to the right to practise one‘s culture. / Constitutional, International and Indigenous Law / LL.D.

Made available in DSpace on 2014-12-17T14:34:39Z (GMT). No. of bitstreams: 1 ZoraideBG.pdf: 626283 bytes, checksum: fc37ef4eed41e3313d8551213d342d3b (MD5) Previous issue date: 2009-09-25 / Conselho Nacional de Desenvolvimento Cient?fico e Tecnol?gico / This dissertation aims to continue the work developed previously concerning the properties of the employer of last resort program (ELR) that would be able to promote a complete elimination of the involuntary unemployment from the economy, so much of the unemployment generated by structural problems as for problems of the conjuncture, as the present world financial crisis. Besides, it intends to deepen the study concerning the applicability of that program to the Brazilian economy, estimating their potential target population in the country and the cost with the workers' remuneration. It was presented the ELR theoretical-conceptual structure and a debate concerning their economic viability; the program properties that turn it more efficient than the onetary and fiscal policies (PMFs) in the fight against involuntary unemployment in times of financial crises; a study on its applicability to the Brazilian socioeconomic specificities and an estimate of their potential target population and of the annual wage cost in the country, as a whole, and in the specific case of the Northeast region and of the state of Rio Grande do Norte. / A presente disserta??o objetiva dar prosseguimento a um trabalho realizado anteriormente acerca das propriedades do programa empregador de ?ltima inst?ncia (ELR) que seriam capazes de promover uma completa elimina??o do desemprego involunt?rio da economia, tanto do desemprego gerado por problemas estruturais quanto por problemas conjunturais, como a presente crise financeira mundial. Al?m disso, pretende-se aprofundar o estudo acerca da aplicabilidade desse programa ? economia brasileira, estimando a sua popula??o-alvo potencial no pa?s e o custo com remunera??o dos trabalhadores. Apresentou-se a matriz te?rico-conceitual do programa ELR e um debate acerca da sua viabilidade econ?mica; as propriedades do programa que o tornam mais eficiente do que as pol?ticas monet?rias e fiscais (PMFs) no combate ao desemprego involunt?rio em tempos de crises financeiras; um estudo sobre a sua aplicabilidade ?s especificidades s?cio-econ?micas do Brasil e uma estima??o da sua popula??o-alvo potencial e do custo anual com remunera??o dos trabalhadores no pa?s, como um todo, e no caso espec?fico da regi?o Nordeste e do estado do Rio Grande do Norte.

The aim of this thesis is to document the importance of liquidity resources of central banks during banking panics and financial crises and analysis of the development of LLR function. We examined three historical examples: the banking panic of 1866, the Great Depression and the current financial crisis, and we focused on the interaction between the demand for liquidity on the one hand and the supply of liquidity by central banks on the other. On the wide historical background we also analysed the changes in the function of LLR. We present that a restrictive monetary policy during financial market distortions may lead to further disturbances and cause serious recession. The analysis of the BoE during 1866 and of the FED between 2007 and 2009, on the contrary shows that the expansionary stance and considerably endogenous liquidity supply are able to reduce financial market's distortions and mitigate possible recession. Analysis of FED's reaction also indicated that should the LLR remain efficient, central banks must expand their instruments portfolio.

Les articles constitutifs de cette thèse analysent les défaillances des marchés financiers traditionnellement identifiées par les économistes (associées aux externalités, aux asymétries d'information et à l'incomplétude des marchés) et les réponses des pouvoirs publics. Une observation centrale est que les interventions publiques ne résultent presque jamais d'une analyse à froid de ces défaillances de marché, mais se décident dans l'urgence pour répondre aux dysfonctionnements les plus évidents observés lors d'une crise. Cette approche pragmatique et a-théorique conduit à des interventions mal calibrées. Ces articles s'attaquent notamment à la politique du prêteur en dernier ressort qui encourage l'endettement à court terme des institutions financières, et nourrit le risque systémique. Ils soulignent également les risques de certaines réformes décidées à la suite de la crise des « subprime ». Les pouvoirs publics devraient se concentrer sur la fourniture des biens publics clairement identifiés par l'analyse économique (contrôle des « agents » et information), et ne pas multiplier les interventions hasardeuses qui créent parfois plus d'imperfections de marché qu'elles ne prétendent en résoudre. / The constituent articles of this dissertation analyze the financial market failures traditionally identified by economists (associated with externalities, information asymmetries and incompleteness of markets) and the policy responses. A central observation is that public interventions have almost never resulted from a cold analysis of these market failures but are decided in a hurry to respond to the most obvious shortcomings observed during a crisis. This pragmatic and a-theoretical approach leads to poorly calibrated interventions. These articles are addressing in particular the lender of last resort policy that encourages the issuance of various short-term debts by financial institutions and feeds systemic risk. They also highlight the risks of certain reforms decided after the "subprime" crisis. Governments should focus on the provision of public goods clearly identified by economic analysis (control of "agents" and information), and should not multiply risky interventions that sometimes create more market imperfections than they claim to solve.

While there has been a substantial body of research on interest group activity in U.S. federal courts, there has been comparatively little analysis of interest group engagement with state courts. Given that state courts adjudicate the vast majority of cases in the American legal system and very few cases are appealed to the Supreme Court, understanding why organized interests participate in these courts is of great importance. The present study analyzes interest group involvement as amicus curiae in all state courts of last resort from 1995-1999 to examine what factors motivate organized interests to turn to the courts. The results indicate that interest groups are primarily motivated by their policy goals in deciding which cases to file amicus briefs in, but that they are limited in their ability to file by institutional constraints unique to state courts of last resort. This research provides insight into interest group behavior, state courts and the role organized interests play in influencing legal outcomes in the American states.

Aujourd’hui l’Union européenne favorise la règlementation de la médiation par une démarche générale sous la directive n° 2008/52/CE sur certains aspects de la médiation en matière civile et commerciale et par une démarche sectorielle sous la directive n° 2013/11/UE relative au règlement extrajudiciaire des litiges de consommation et le règlement n° 524/2013/UE en ligne des litiges de consommation. Cette tendance législative apparaît comme une exigence d’améliorer l’accès à la justice en réduisant son coût, sa lenteur et sa complexité. La question qui se pose est de savoir dans quel cadre juridique la médiation facilite la résolution amiable des différends ainsi que l’accès à la justice en réduisant le déséquilibre qui caractérise les rapports juridiques, dès lors qu’on écarte la protection juridictionnelle. La réponse appelle l’analyse de la règlementation de la médiation dans le droit de l’Union européenne et dans les droits nationaux examinés. Le droit de l’Union implique que les États membres prennent les mesures nécessaires pour l’application correcte d’une directive (article 288 § 3 TFUE) ; l’application du droit de l’Union européenne devant être assurée sous le respect des principes d’équivalence et d’efficacité. Comment cela peut-être garantie ? La réception du droit de l’Union européenne a contribué à atténuer les ambivalences préexistantes autour du concept de la médiation et a ainsi facilité la mise en place d’une référence commune à la médiation, si elle n’a pas permis une transposition homogène. Dans les trois systèmes étudiés la médiation se manifeste globalement en tant que « phénomène conventionnel », mais qui se situe au carrefour du droit substantiel et processuel. Si l’entier du processus s’exprime de manière conventionnelle, la convention de médiation, acte fondateur du processus, relève d’une dimension duale, à la fois conventionnelle et processuelle Quelle sera la liaison future entre médiation et justice traditionnelle ? La volonté de ne plus laisser la règlementation de la médiation au domaine privé, mais de lui réserver une place centrale dans les règles étatiques parait claire dans les trois systèmes nationaux. Cette « processualisation » de la médiation conduira-t-elle à l’émergence d’« un droit à la médiation » ? Quel rôle contient désormais le droit d’accès au juge (article 6 § 1 Convention EDH et 47 de la Charte européenne des droits de la Charte des droits fondamentaux) autour du développement législatif de la médiation ? Les réponses nécessitent l’analyse du régime qui donne accès à la médiation et du cadre processuel qui garantit l’accomplissement « légitime » de son processus. Le développement opportun de la médiation exige que les personnes qui assurent sa mise en œuvre puissent justifier d’une formation sérieuse en la matière, ainsi qu’un statut fiable pour inciter les intéressés d’y recourir. Quel est le statut du médiateur ? La comparaison des droits nationaux nous permettra d’envisager le meilleur modèle régulateur pour encadrer les compétences du tiers intervenant. Mais un système de médiation réellement efficace s’est traduit par un aboutissement efficace. Comment se valorise-t-il l’ « accord amiable », l’issue négociée en droit, voire en résolution extrajudiciaire d’un différend ? Y a-t-il un contrôle de légalité de l’accord issu de la médiation et si oui, comment ce contrôle se manifeste-t-il ? Les réponses relèvent de l’analyse du régime de l’accord issu de la médiation. / With regard to the Directive n° 52/2008CE of the European Parliament and the Council of 21 May 2008 in certain aspects of mediation in civil and commercial matters, as well as the Directive 2013/11/EU of the European Parliament and of the Council of 21 May 2013 on alternative dispute resolution for consumer disputes and amending Regulation (EC) No 2006/2004 and Directive 2009/22/EC also the Regulation (EU) n°524/2013 of the European Parliament and the Council of 21 May 2013 on online dispute resolution for consumer disputes and amending Regulation (EC) No 2006/2004 and Directive 2009/22/EC (Regulation on consumer ODR), this thesis examine the main lines for the development of mediation set out by the European Union. How the tendency to develop mediation within Europe, represented by the directive the European texts above has been reflected in the three legal systems examined? How mediation works in systems where law is rigid and its infringement is being severely sanctioned (civil law applied in France and Greece) and how does it work in common law (applied in the United Kingdom)? Mediation law is nowadays largely presented as a flexible way to avoid court’s costs, longevity and complexity. But should it be integrated in procedural law as a kind of complementary justice within the courts? Can positive law, courts and amiable dispute resolution cooperate in an effective manner? An effective cooperation of public justice and mediation could be of major importance for the improvement of procedural law, as access to justice is not always guaranteed. Public justice has not always being successful, since the severe application of law has been proven unable to create a social and dynamic legal system. Thus, it often cultivates “bitterness” against judicial adventure. In this regard, mediation promises a profound change in the way of settling disputes. However, the idea of a “private” justice based in contract law does not go without mistrusts. The imbalance between the parties is usually obvious in contract law and fosters the strongest party. The question then is to know if a secure legal framework of mediation based on the particularities of national legal systems could facilitate its proper implementation. The main concept of the thesis is to present a legal structure of mediation combined by the European law’s directives and their implementation in the three national laws. But the nature, the process, as well as the relation of mediation with courts are examined in parallel with the conformity of mediation in the article 6 § 1 of the European Convention of Human Rights, the fundamental right of a public hearing by a tribunal.

De nombreux travaux académiques se sont penchés sur les facteurs influençant le niveau de générosité des bénéfices du soutien financier minimal dans les pays de l’OCDE dans les vingt dernières années. Les études ont ainsi découvert que la générosité des prestations pouvait être positivement liée avec un PIB élevé, un haut de degré de centralisation du régime d’assistance sociale et le développement d’un régime d’assurance sociale de type universel. De même, l’approche budgétaire comme méthode de détermination du niveau minimal des prestations d’assistance sociale a attiré davantage l’attention du monde académique dans les dernières années et on semble redécouvrir les vertus d’une approche budgétaire basée sur les besoins des prestataires. Toutefois, aucun chercheur ne semble avoir vérifié si l’utilisation de l’approche budgétaire comme déterminant du niveau de bénéfices d’aide financière de dernier recours était positivement ou négativement corrélée avec le niveau de générosité des bénéfices accordés. C’est cette vérification que ce travail s’est appliqué à faire. La conclusion principale de cette recherche est qu’en soi, l’utilisation d’une approche basée sur les besoins des prestataires pour établir le niveau des prestations d’assistance sociale n’est pas suffisante pour assurer un haut niveau de générosité des bénéfices. Il faut qu’un État fasse le choix de se baser sur un standard budgétaire qui permette d’atteindre un niveau de vie raisonnable ou décent pour garantir un degré de générosité de soutien financier minimal élevé. Les cas du Québec et de la Suède démontrent d’ailleurs comment le recours, pour le premier, à un budget de référence dit « de subsistance » peut influencer à la baisse la générosité des bénéfices, alors que celui d’un budget « raisonnable », pour le second, a influencé à la hausse le niveau de générosité des prestations. / In the last two decades, many academics have studied factors that have an impact on the generosity level of minimum income protection in OECD countries. Studies have shown, for example, that benefit generosity was positively linked with high GDP, a high level of centralisation of social assistance schemes, and the presence of universal social insurance programs. Likewise, in recent years, academics have shown a rising interest about the budgetary approach based on beneficiaries’ needs as a mean of determining the minimum social assistance benefit level. However, no important study has verified if the use of reference budgets for determining and adjusting social assistance benefits was correlated with a high or low benefits level. This correlation is what this paper attempts to ascertain. The main conclusion of this research is that the simple use of reference budgets is not directly linked with a high level of benefit generosity. However, if a state uses a budgetary model that allows to achieve a decent and reasonable standard of living, it is very probable that the generosity of assistance to the able-bodied poor will be high. The case of Quebec shows moreover that the use of a reference budget aiming to reach a minimum level of subsistence can contribute to a decrease of benefit generosity. The Swedish case, however, demonstrates that the use of a reference budget allowing a decent living standard and social participation has influenced positively the generosity of social assistance benefits. This study also shows that political and economic concerns and pressures have had important, and generally negative, impacts on the generosity level of social assistance benefits over time.

L’objectif de cette thèse est de présenter la Banque islamique comme réponse à l’instabilité de l’économie de crédit. La lecture de la crise des subprimes au prisme du modèle post- keynésien de Minsky-Kindleberger permet d’affirmer que l’Hypothèse d’Instabilité Financière (HIF) débouche sur des propositions de gestion des crises financières. Car, si les crises sont inhérentes au capitalisme, il devient nécessaire et urgent de mettre en place des institutions à même de gérer les perturbations financières. Les réformes monétaires proposées au fil du temps par des éco- nomistes et le comité Bâle III posent le problème du développement bancaire. Dans le cas où la monnaie est séparée du crédit financier, soit le cas des reformes monétaires proposées par Fisher (1935) et ses disciples, nous rencontrons le problème du multiplicateur de crédit alors que le risque systémique est faible et il y a remise en cause de la nécessité du prêteur en dernier ressort dans ce système. Tandis que si la monnaie n’est pas séparée du crédit financier, cas des réformes monétaire proposées par des instruments de gestion tels que ceux proposées par Minsky (1982) ; Kindleberger (1989) ; Aglietta et Moutot (1993) ; Aglietta (2011) et le comité Bâle III, le risque systémique per- siste toujours. Dans ce dernier cas, c’est le prêteur en dernier ressort qui est le plus susceptible d’assumer l’objectif de la stabilité du système financier dans son ensemble en émettant de la liquidi- té ultime. L’étude comparative de deux cas de développement de banques islamiques, celui de l’Arabie Saoudite et celui du Pakistan, a montré que ces deux systèmes bancaires ont été confrontés au même problème que celui de la finance occidentale : le développement bancaire. Du fait que, si la monnaie est séparée du crédit financier – cas du Pakistan – les Banques islamiques sont à la fois moins vulnérables au risque systémique mais sont moins performantes. Alors que si la monnaie n’est pas séparée du crédit financier – cas de l’Arabie Saoudite – les banques islamiques sont plus vulnérables aux risques systémiques mais sont plus performantes. A contrario, même si la Banque islamique ne répond pas au risque systémique de l’Hypothèse de l’Instabilité de l’Économie de Crédit, elle résiste tout de même à la crise systémique de cette hypothèse du fait qu’elle ne peut en aucun cas conduire à une crise systémique comme celle des subprimes. Car, en contraste avec l’instrument du système financier conventionnel, les spécificités de l’instrument du système finan- cier islamique l’amènent à être moins vulnérable à la crise systémique. / The goal of this PhD is to analyze the Islamic bank model as a possible solution to the credit economy instability. Reading the subprime crisis through the post Keynesian model of Minsky-Kindleberger lenses allows us to assert that the Financial Instability Hypothesis (HIF) leads to proposals for financial crises management. If crises are inherent in capitalism, it becomes necessary and urgent to set up institutions able of managing financial perturbations. The monetary reforms suggested over time by economists and the Bale III committee too raises the problem of banking development. If money is separated from the financial credit, as in the example of Fisher (1935) and his followers monetary reforms shows, we run into the problem of the credit multiplier while the systemic risk is weak and the necessity of the lender of last resort in this system is questioned. Whereas, if money is not separated from the financial credit, as in the case of monetary reforms proposed by instruments of management such as those suggested by Minsky (1982), Kindleberger, Aglietta and Moutot (1993), Aglietta (2011) and Bale III, the systemic risk persists and this is, after all, the lender in the last resort who may assume the objective of the financial system’s stability in general by uttering of the ultimate liquidity. The development study of the two cases of Islamic banks, those in Saudi Arabia and those in Pakistan, showed the confrontation of these banks of the same problems noticed in the western finance. In fact, if money is separated from the financial credit, which is the case in Pakistan, Islamic banks are less vulnerable to systemic risk and are less efficient. While if money is not separated from the financial credit, as in Saudi Arabia, Islamic banks are more vulnerable to systemic risk and more efficient. However, even if the Islamic bank does not respond to the systemic risk of the Hypothesis of the Credit Economy’s instability, it answers as even to the systemic crises of this hypothesis. Hence, in all cases, it cannot lead to a systemic crisis similar to the subprime one. This is due to the fact that specification of the Islamic financial system instrument, in contrast to the instrument of the conventional financial system, is less vulnerable to the systemic crisis.

No description available.