L’intégration européenne des marchés financiers semble se heurter de manière répétée à un certain type de problèmes concernant la substance et les limites conceptuelles de ce « marché » en cours d’intégration, ainsi que le statut et le rôle qu’y revêtent la monnaie, les infrastructures et la gouvernance publique. Ces problèmes et les controverses qu’ils soulèvent présentent un parallélisme avec des débats classiques de théorie économique tels que celui qui oppose les conceptions du marché comme espace sans frottements et comme processus de concurrence. Ce parallélisme est attribué ici à une « conception concurrentielle du marché » car celle-ci implique l’idée contradictoire d’une « intégration de la fragmentation ». La thèse repère ces thèmes et ces parallèles dans un grand projet récent d’intégration des infrastructures de marché financier : la plateforme paneuropéenne de règlement-livraison de titres Target2Securities (ou T2S), censée surmonter la fragmentation des systèmes qui réalisent les transferts de monnaie et de titres lors de transactions financières. L’analyse de ce projet permet en outre d’avancer une réponse à une énigme que les approches habituelles de l’intégration européenne en sociologie et en économie politique (political economy) – principalement centrées sur les intérêts et idées des acteurs les plus puissants – sont bien en peine d’éclaircir : à savoir la raison pour laquelle T2S sera de facto un monopole de la Banque centrale européenne, alors que les institutions européennes privilégient depuis le début l’intégration par les acteurs privés. La notion foucaldienne de « formation discursive » est mise à contribution pour conceptualiser ces thèses. / European integration of financial markets appears to repeatedly encounter specific kinds of problems about the substance and limits of the notion of “the market” undergoing integration, and about the status and role of money, market infrastructures, and government within it. Moreover, these problems and the controversies around them parallel classical discussions in economic theory such as that between conceptions of the market as a frictionless space and as a process of competition. A “competitive conception of the market” is identified as producing these parallel problems and controversies in European market integration and economic theory because it implies a contradictory “integration of fragmentation.” These themes and parallels can be specifically identified in a recent major project to integrate financial market infrastructures: a pan-European settlement platform – “Target2-Securities (T2S)” – to overcome existing fragmentation between the systems that perform the actual delivery of money and securities from financial transactions. Moreover, a close analysis of T2S answers a question that existing sociological and political economy approaches to European integration – focusing primarily on the interests and ideas of powerful players – struggle with: why T2S will become de facto a monopoly for the European Central Bank when early on in the integration process EU institutions emphasized an industry-led integration. Foucault’s notion of “discursive formation” is employed to conceptualize these arguments.

Chapter I - Derivative Market Competition: OTC Markets Versus Organized Derivative Exchanges  Recent regulatory initiatives in the United States have again raised the issue of a ''level regulatory and supervisory playing field'' and the degree of competition globally between over-the-counter (OTC) derivatives and organized derivative exchange (ODE) markets. This chapter models some important aspects of how an ODE market interrelates with the OTC markets. It analyzes various ways in which an ODE market can respond to competition from the OTC markets and considers whether ODE markets would actually benefit from a more level playing field. Among other factors, such as different transaction costs, different abilities to mitigate credit risk play a significant role in determining the degree of competition between the two types of markets. This implies that a potentially important service ODE markets can provide OTC market participants is to extend clearing services to them. Such services would allow the OTC markets to focus more on providing less competitive contracts/innovations and instead customize their contracts to specific investors’ risk preferences and needs.  Chapter II – Crisis Resolution and Private Sector Adaptation Efforts at crisis resolution that succeed in reducing potential inefficiencies and instability in the international financial system are in the interest of both the private and the public sector. Unlike in the domestic context, in the international context, in the absence of clearly established rules of the game, the approaches adopted toward crisis resolution, and the extent to which they are interpreted by market participants as setting a precedent, can have profound implications for the nature and structure of international capital flows. The key conclusion of this chapter is that recent experiences with payment suspensions and bond restructurings are limited as guides to determining the future success or failures of these initiatives, as the private sector most likely has adapted in order to minimize any unwanted public sector involvement. Chapter III - European Equity Market Integration: Cyclical or Structural? Reviewing the empirical evidence of equity market integration in the European Union, the chapter finds a significant increase in the importance of global sector factors for a number of industries. Unlike most past studies, which only covered developments during the bull market of the late nineties, the results presented in this chapter suggest that the degree of Euroland equity market integration has declined gradually following the bursting of the TMT bubble. This seems to suggest that the findings of previous studies that Euroland equity markets were nearly fully financially integrated is worth revisiting. There are, however, several good reasons to believe that the structural factors driving European equity market integration have yet to play themselves out fully. Institutional investors both outside the Euroland area and within have substantial untapped capacity to take on Euroland exposures and invest additionally in Euroland equities. / Diss. Stockholm : Handelshögskolan, 2004

Denna studie behandlar bondehushållets försörjningsmönster och dess utveckling sent 1800-tal. Undersökningen fokuserar på ett svenskt hushåll åren 1870-1900, enperiod då jordbruksekonomin integrerades i marknader och ledde till ökad specialisering, nya jordbruksvaror, ökad rationalisering i produktionen och Bruksdöd för gamla näringar. Hushållet, Tomtas gård i Folkärna socken uti södra Dalarna, utgör ett av de bondehushåll i Sverige som själv dokumenterade processen genom bondedagbokens dagliga och vardagliga notiser. Den ekonomiska vardagen i bondehushållet har studerats för att förstå vad förändringarna innebar för människorna som direkt deltog i-, och påverkades av, marknadsintegreringen. Detta har skett genom att studera bondehushållets medlemssammansättning och tidsdisposition för olika arbetsmoment utifrån antagandet att husbondens livscykel hade en avgörande inverkan på bondehushållets försörjningsmönster. Livscykel förstås här som den tid då gårdsansvar innehas av en husbonde fram till dess att en ny husbonde, son eller svärson, tar över gården. Under livscykelns gång förändras, utökas och minskas, produktionen i relation till husbondens egen fas i livet. I kombination med aggregerad data från myndigheter har bondedagboken använts för att ge en detaljerad källa av den ekonomiska vardagen vid bondehushållet. Studien visar att bondehushållet marknadsanpassade sin produktion och utnyttjade det växande näringslivet i socknen för fortsatt förädling av egna varor. Processen tog sig även uttryck i medlemssammansättningen då primärt pigor anställdes för boskapsskötseln, vilket traditionellt utfördes av kvinnor. Bondehushållets livscykel kan utifrån nuvarande studie inte sägas ha ändrat marknadsanpassningen. Samtidigt framgår att interna konflikter om gårdsansvar inverkade på försörjningsmöjligheterna. En utvecklad metod krävs för att värdera betydelsen av husbondens livscykel för bondehushållets försörjningsmönster, framförallt om en närmare förståelse av kvinnors arbete ska kunna uppnås. / This study is concerned with the farmer households pattern of sustenance and its development. The study focuses on one Swedish household between 1870-1900. The late 19th century was a period when agricultural economy became increasingly integrated in markets, leading to increased specialisation and rationalisation of production and subsequent outsourcing of production from previous centres of manufacture. The household members of Tomtas farm in Folkärna parish, within southern Dalarna, were among the households in Sweden that documented this process through the daily reports of a diary. The economic every-day of the household has been studied in order to understand what these changes meant for the people who directly participated in, and were affected by, the market integration of agriculture. This has been conducted by focusing on the household’s member composition and the work allocation of its members; the theoretical assumption being that the family-fathers life cycle imposed limits on a household’s pattern of sustenance. The life cycle is here understood as the period when a male figurehead held household responsibility until a son or son-in-law took over the role of family-father. During this period, the pattern of sustenance changed, increased and stagnated, in relation to the family-fathers phases in life. In combination with aggregated data from authorities the farmer diary of Tomtas farm has been used for detailed accounts on the economic every-day of the household. The study suggests that the farmer household adjusted its production and used the growing commercial life of the parish for further refinement of its own resources. This process was expressed in the one-sided recruitment of female peasants for animal products, which traditionally had been conducted by women. The households lifecycle has, based on this study, not explained the extent of market adjustment. Still, there are indicators that lifecycle related conflicts did influence the patterns of sustenance though its extent is hard to estimate. Methodological refinement is required to assess the importance of the family-father's lifecycle on the household's pattern of sustenance, particularly if a more detailed account is to be given on women’s work in late 19th century agriculture.

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This dissertation studies the cost of carry relationship and the international dynamics of mispricing, price and volatility in the three Nikkei futures markets - the Osaka Exchange (OSE), the Singapore Exchange (SGX) and the Chicago Mercantile Exchange (CME). Previous research does not fully consider the unique characteristics of the triple-listed Nikkei futures contracts, or the price and volatility dynamics in the three Nikkei futures exchanges at the same time. This dissertation makes a significant contribution to the existing literature. In particular, with a comprehensive new 19-year sample period, this dissertation helps deepen the understanding of the Nikkei spot-futures equilibrium and arbitrage behaviour, cross-border information transmission mechanism, and futures market integration. The first topic of the dissertation is to study the cost of carry relationship, mispricing and index arbitrage in the three Nikkei markets. The standard cost of carry model is adjusted for each Nikkei futures contract by allowing for the triple-listing nature and key institutional differences. Based on this, the economic significance of the Nikkei mispricing is explored in the presence of transaction costs. The static behaviour of the mispricing suggests that it is difficult especially for institutional investors to make arbitrage profits in the OSE and SGX, and that index arbitrage in the CME is not strictly risk-free due to the exchange rate effect. Smooth transition models are used to study the dynamic behaviour of the mispricing in the three markets. The results show that mean reversion in mispricing and limits to arbitrage are driven more by transaction costs than by heterogeneous arbitrageurs in the Nikkei markets. The second topic of the dissertation is to investigate the price discovery process in individual Nikkei markets and across the Nikkei futures markets. With smooth transition error correction models, this dissertation reports the leading role of the futures prices in the pre-crisis period and the leading role of the spot prices in the post-crisis period, in the first-moment information transmission process. Moreover, there is evidence of asymmetric adjustments in the Nikkei prices and volatilities. The cross-border dynamics suggest that the foreign Nikkei markets (the CME and SGX) act as the main price discovery vehicle, which implies the key functions of the equivalent, offshore markets in futures market globalisation. The third topic of the dissertation is to study the volatility transmission process in individual Nikkei markets and across the Nikkei futures markets, from the perspectives of the volatility interactions in and across the Nikkei markets and of the dynamic Nikkei market linkages. This dissertation finds bidirectional volatility spillover effects between the Nikkei spot and futures markets, and the information leadership of the foreign Nikkei markets (the CME and SGX) in the second-moment information transmission process across the border. It further examines the dynamic conditional correlations between the Nikkei markets. The results point to a dramatic integration process with strongly persistent and stable Nikkei market co-movements over time.

Se maiores mercados permitem ganhos de especialização, conforme postulado por Adam Smith, o estudo da integração entre mercados ocupa posição central em economia. No contexto histórico tais estudos permitem inferir, a partir de evidência empírica contida em séries de preços, relacionamentos entre diversos mercados e, conseqüentemente, permitem apoiar ou refutar a narrativa histórica tradicional. Apesar do grande número de estudos históricos sobre integração de mercados entre países europeus, e, em menor grau, Estados Unidos e China, a literatura sobre integração entre mercados latino americanos e europeus durante o período colonial é praticamente inexistente. Esta tese estuda, através de técnicas de cointegração, oito produtos (açúcar, trigo, linho, papel, sabão, carne e vinho) e doze mercados (Bolívia, Brasil, Argentina, Chile, Peru, Colômbia, Inglaterra, França, Alemanha, Itália, Espanha e Portugal) ao longo de até 800 anos. O principal resultado é o fato de o mercado inglês aparecer ao centro do comércio latino americano e mesmo ibérico durante o período colonial. Este resultado suporta a narrativa histórica tradicional que enfatiza a crescente ascendência do contrabando inglês na região. Por outro lado, a evidência empírica aqui demonstrada questiona a validade do chamado pacto colonial e coloca num contexto temporal mais longo os movimentos de independência que eclodiram na região ao final do período. / If larger markets allow gains from specialization, as postulated by Adam Smith, the study of market integration occupies a central position in economics. In the historical context such studies can infer, from evidence contained in price series, relationships between various markets and, consequently, can support or refute the traditional historical narrative. Despite the large number of historical studies on market integration between European countries, and to a lesser extent, the United States and China, the literature on integration between Latin American and European markets during the colonial period is virtually nonexistent. This thesis studies, using techniques of cointegration, eight products (sugar, wheat, linen, paper, soap, meat and wine) and twelve markets (Bolivia, Brazil, Argentina, Chile, Peru, Colombia, England, France, Germany, Italy, Spain and Portugal) over up to 800 years. The main result is the fact that the English market appears to be in the center of trade in Latin America and even in the Iberian Peninsula during the colonial period. This result supports the traditional historical narrative that highlights the growing ascendancy of English smuggling in the region. Moreover, the evidence demonstrated here questions the validity of the so-called \"colonial pact\" and places the independence movements that erupted in the region at the end of the period in a longer time span.

Este estudo tem como objetivo verificar quais são os efeitos indiretos que a participação de povos indígenas no mercado de produtos florestais não madeireiros (PFNMs) produz no uso de recursos naturais. As Terras Indígenas são estratégicas para a conservação das florestas tropicais, embora este papel possa ser alterado pelo crescente envolvimento dos povos indígenas com o mercado. Estimulado como forma de promover o desenvolvimento econômico dessas sociedades aliado à conservação ambiental, o mercado de PFNMs pode também produzir efeitos negativos no meio ambiente, tanto diretos - nos recursos explorados - como indiretos - por meio de transformações nas atividades de subsistência dos povos indígenas. O estudo dos efeitos indiretos é ainda negligenciado, restando dúvidas se a adoção dessa estratégia de mercado atinge os objetivos a que se propõe. O presente estudo pretende auxiliar a preencher essa lacuna, verificando de que forma a participação dos Araweté no mercado de PFNMs afeta suas atividades de subsistência. Por meio de técnicas qualitativas (entrevistas semi-estruturadas e informais) e quantitativas (survey e observações sistemáticas de alocação de tempo), foram levantados dados sobre o grau de envolvimento no mercado de PFNMs (renda obtida) e o padrão de utilização dos recursos naturais (tempo alocado nas diferentes atividades de subsistência e tamanho da área cultivada) de uma amostra de 24 unidades domésticas por um período de sete meses, durante um ano. Os resultados mostram que ocorreram transformações históricas nas atividades de subsistência dos Araweté e em sua participação na economia de mercado. Na subsistência, observou-se: o maior consumo da mandioca e do milho; o cultivo de dois roçados (milho e mandioca) por várias famílias; a incorporação de novas tecnologias na pesca e agricultura; a redução da coleta de alguns itens e a introdução do cultivo de arroz. Os Araweté participam da economia de mercado principalmente por meio da comercialização de PFNMs, bem como por aposentadorias e salários do governo. O maior envolvimento no mercado de PFNMs está associado com maior dedicação às atividades de subsistência (de forma geral) e, em particular, à agricultura e à coleta, embora não explique variações na caça e pesca. / The aim of this study is to analyse the indirect effects produced to the use of natural resources which arise from the participation of indigenous peoples in markets for non-timber forest products (NTFP). Indigenous territories play a strategic role in the conservation of tropical rainforests, though their character might change with the growing involvement of indigenous societies in the market economy. If NTFP markets are stimulated in order to promote economic development of such societies, alongside with forest conservation, they may as well produce negative effects both directly – to the resource extracted, or indirectly – through changes in the patterns of subsistence activities. The study of the latter has been neglected, raising doubts whether this win-win strategy accomplishes its own purposes. This study focuses on this gap, by investigating how the participation of the Araweté in the NTFP trade affects their pattern of subsistence activities. Qualitative (semi-structured and unstructured interviews) and quantitative (survey and spot observations) techniques were adopted to gather data about Arawete’s level of participation in the market economy (i.e. incomes) and the patterns of natural resource use (i.e. time allocated to subsistence activities and size of the agricultural plots). 24 households were sampled during seven months within a year’s period. The results show the patterns of Araweté’s subsistence and their involvement into the market economy were transformed. As regards subsistence patterns, we observed: a greater consumption of manioc and corn; the cultivation of two plots (corn and manioc) by several families; the incorporation of new fishing and hunting technologies; a decrease in gathering of some products and the introduction of rice. The Araweté participate in the market economy mainly through the commercialisation of NTFPs, as well as pensions and government salaries. Their greater involvement in the market economy is associated with greater dedication to subsistence (in general) and, in particular, to agriculture, while it does not explain changes in hunting and fishing patterns.

Transferências Condicionadas de Renda (TCR), como o Programa Bolsa Família (PBF) no Brasil, são cada vez mais adotadas no mundo para romper com o ciclo de transmissão da pobreza, por meio de transferências monetárias a famílias pobres, condicionadas a investimentos em capital humano. Como cerca de 76% da população pobre do mundo vive em áreas rurais, e a incidência de pobreza é maior em localidades remotas florestadas, os TCR são frequentemente implementados junto a populações semiautárquicas de países em desenvolvimento. Assim, essas transferências têm aumentado a disponibilidade de recursos monetários junto a essas populações, como certos povos indígenas. Nesses contextos, evidências prévias mostram que a monetarização das economias locais pode ter efeitos positivos, negativos ou nulos na dedicação de tempo às atividades de subsistência e no consumo de recursos naturais. Porém, existem duas lacunas nesse conhecimento. Primeiro, estudos prévios avaliaram os efeitos conjuntos de diversas fontes de renda, muito embora estas variem nos investimentos de tempo necessários, de nulos (e.g., TCR e aposentadorias) a altos (e.g., salários e comércio de artesanato). Segundo, a maior parte da literatura assume, ainda que implicitamente, que as decisões na base das escolhas humanas são racionais e motivadas, sobretudo, por maximizar a renda ou, eventualmente, minimizar os riscos. Porém, evidências empíricas e avanços teóricos indicam que as decisões nem sempre são racionais, tanto por limitações cognitivas que levam a outros processos decisórios (e.g., heurísticas), como porque são motivadas por outros fatores (e.g., prazer, emoção, normas sociais). Portanto, esta dissertação teve por objetivo investigar se o aumento da renda monetária de transferências do PBF estava associado a diferenças no investimento de tempo em atividades de subsistência (agricultura, caça, pesca e coleta) e no consumo de produtos derivados ou não dessas atividades pelo povo indígena Kisêdjê da Amazônia brasileira. Além disso, investigou se o hedonismo e a contabilidade mental seriam motivadores dessas decisões. Três hipóteses foram testadas. Primeira, diferentes fontes de renda monetária devem produzir efeitos diversos sobre o tempo dedicado pelos Kisêdjê a atividades de subsistência. Segunda, os efeitos do PBF devem variar de acordo com o quanto as pessoas apreciam cada atividade de subsistência, i.e., o hedonismo é importante para prever investimentos de tempo nessas atividades. Terceira, os Kisêdjê realizam contabilidade mental, i.e., separam o dinheiro em diferentes contas mentais e, portanto, fontes alternativas de renda monetária devem produzir padrões de consumo distintos e fontes de renda de baixo esforço, como o PBF, devem privilegiar o consumo de alimentos ou de bens supérfluos. Para tal, o estudo adotou um delineamento observacional em painel, compreendendo todos (242) os indivíduos adultos (>=16 anos) de 2 comunidades. Os dados foram coletados em dois períodos em 2016 e 2017, por meio de survey por entrevistas estruturadas e experimento em contabilidade mental, e observação direta de alocação de tempo (random-interval instantaneous sampling), sendo analisados por técnicas de estatística descritiva e modelos mistos de regressão. Os resultados mostraram, primeiro, que as transferências do PBF não tiveram efeitos no tempo dedicado às atividades de subsistência, embora outras rendas monetárias (e.g., trabalho regular, aposentadoria) tenham ora aumentado, ora reduzido a probabilidade de investimento de tempo. Segundo, o hedonismo foi mais importante que as fontes de renda monetária para explicar o esforço alocado na atividade de caça para os homens. Por fim, não foram observadas evidências de contabilidade mental, ou seja: (i) o padrão de consumo não diferiu segundo a fonte de renda, mas somente entre homens e mulheres; (ii) com fontes de renda de baixo (e.g. PBF) ou alto esforço, os Kisêdjê estiveram menos propensos a consumir bens supérfluos. Os resultados parecem sugerir que os efeitos do PBF nas atividades de subsistência e no consumo dos Kisêdjê são baixos, muito embora a cobertura ampla tenha dificultado a avaliação. Quanto aos motivadores, os resultados apontam para a importância de investigar outros determinantes além da renda. / Conditional Cash Transfers (CCTs), such as the Bolsa Família Program (BFP) in Brazil, have increasingly been adopted worldwide to break the cycle of poverty transmission, by transferring cash to poor families, conditional on investments in human capital. As about 76% of the worlds poor live in rural areas, and poverty incidence is higher in remote forested localities, CCTs are frequently implemented in semi-autarkic communities of developing countries. Thus, these transfers have increased the availability of cash income resources to semi-autarkic populations, such as certain indigenous peoples. In this context, prior evidence shows the monetization of local economies has been associated with positive, negative, or null effects on the time allocated to subsistence activities and consumption of natural resources. However, there are two knowledge gaps. First, previous studies evaluated the combined effects of several income sources, although these sources vary on the necessary time investments, from null (e.g., CCTs) to high (e.g., wages and handicrafts trade). Second, most previous studies assume, although implicitly, that decisions which base peoples choices are rational and motivated, above all, on income maximization or, occasionally, risk minimization. However, empirical evidence and theoretical advances indicate that decisions are often not always, either because of cognitive limitations that lead to other decision-making processes (e.g., heuristics), or because they are motivated by other factors (e.g., pleasure, emotion, social norms). Therefore, this dissertation aimed to investigate whether increased levels of cash income from the BFP transfers were associated with differences in time investments in subsistence activities (agriculture, hunting, fishing and gathering) and in the consumption of Kisêdjê indigenous people from the Brazilian Amazon. Additionally, we investigated if hedonism and mental accounting were the motivators behind these decisions. Three hypotheses were tested. First, alternative income sources should produce different effects on the time allocated by the Kisêdjê to subsistence activities. Second, the effects of BFP should vary, depending on how much people appreciated each subsistence activity, i.e. hedonism is important to predict time investments. Third, Kisêdjê do mental accounting and, therefore, different cash income sources should distinct consumption patterns and low-effort activities such as BFP should increase the likelihood of consuming superfluous food or goods. To do that, we adopted an observational panel design, including all (242) adult individuals (>= 16 years) in 2 communities. Data were gathered in two periods in 2016 and 2017, through a survey based on face-to-face interviews and experiment in mental accounting, direct observations of time allocation by random-interval instantaneous sampling, and were analysed by descriptive statistical techniques and mixed-effects regressions. The results indicated that, first, BFP cash transfers had no effect on the time spent on subsistence activities, although other income sources (e.g., wages, pensions) in certain cases increased, while in others decreased the likelihood of time investments. Second, hedonism was important than cash income sources in explaining the effort allocated to hunting for men. Finally, we did not observe evidences of mental accounting, i.e.: (i) consumption patterns did not differ across income sources, but only between men and women; (ii) with low-effort (e.g., BFP) or high-effort income sources, the Kisêdjê were less likely to consume superfluous goods. Our results suggest that the effects of BFP transfers on subsistence activities and consumption are low, although the high rate of coverage has impaired our analyses. As regards motivations, the results point to the importance of investigating determinants other than income.

The work of Government and non-Government organizations in refugee integration in the German labor market, Sep. 2015-Jan. 2016. Abstract The new refugee surges in Germany have emphasized the importance of refugee integration in the host country. Current research highlights the role of government and nongovernment organisations in helping refugees overcome integration related challenges. This thesis highlights the challenges that are typically faced by refugees and assesses the importance of government and nongovernment institutions and organisations in helping refugees overcome those challenges. Applying a qualitative method and a comparative approach, the thesis employs data available from a set of reports and websites from respective organisations that work on refugee related issues, or that evaluate the work in different countries. The findings suggest that there is a set of challenges that are faced by refugees, with highlight in: host country language abilities, previous qualification recognition, skills recognition, emotional challenges, cultural differences in the workplaces. Moreover, the findings analyze the main industries where refugees are typically employed. Finally, comparing the areas of focus by both types of organisations, it is identified the presence of a noticeable division, not...