The goal of this diploma thesis is to analyze the gold market and provide readers with the necessary information and context having an impact on the price of gold. The thesis consists of three chapters. First one deals in general with the commodity market and introduces the readers to commodity exchange issues such as trading commodities in commodity exchanges, motives of commodity trading as well as the specific characteristics of commodities. Second one concerns the detailed analysis of commodity investment tools that investors might use when they feel like getting an exposure to price movements of commodities. The last chapter gears towards an analysis of the gold market in today's super globalized world and depicts what fundamental factors have an impact on the price of gold. At last, I shall summarize existing pieces of knowledge and cast light on further gold price movements.

1 Abstract This thesis investigates the housing price determinants and possibilities of housing price bubbles in the residential real estate markets of Central and Eastern Europe before and during the economic crisis of 2007-2009. Using data from international institutions, national central banks and national statistical offices three quantitative methods are applied. Price-to-income ratios suggest housing price bubbles that were eliminated during the crisis in three out of five countries covered. Second approach of simple panel data models sheds additional light on housing price bubbles and indicates GDP growth, unemployment and average real wage as the main determinants of housing prices in the region. First indication of severe housing price persistence in CEE is demonstrated by the results of the models as well. More reliable results for housing price determinants are obtained from variance decomposition and impulse response functions of vector autoregression models. Each country is modeled separately and substantial differences exist between the countries. Poland is the only country that does not exhibit housing price persistence and dynamics in Austria are less volatile as compared to the new EU members in the sample. JEL Classification G12, E39, R21, R31, R32 Keywords residential real estate, housing...

Information recueillie sur les marchés des drogues de synthèse est beaucoup moins avancée que les études sur d'autres marchés de drogues illicites. La classification relativement récente des drogues de synthèse comme substances illicites, couplée avec ses caractéristiques distinctes qui empêchent son observation, a entravé le développement d’évaluations complètes et fiables des caractéristiques structurelles des marchés. Le but de cet article est de fournir un aperçu fiable sur la dynamique interne du marché des drogues synthétiques, en particulier sur ses caractéristiques structurelles et organisationnelles. En utilisant l'information obtenue à partir de 365 drogues de synthèse saisies par les policiers pendant un an, cette étude sera la fusion de deux techniques, soit la composition des drogues illicites et des analyses économiques, afin de tirer des évaluations fiables des caractéristiques structurelles du marché du Québec de drogues synthétiques. Les résultats concernant l'analyse de la composition des drogues indiquent que le marché des drogues synthétiques au Québec est probablement composé d'un nombre élevé de petites structures, ce qui indique un marché compétitif. L'analyse économique a également fourni des informations complémentaires sur le marché des drogues. Selon la région géographique les couts de la production et les relations entre trafiquant et consommateur influencent le prix des drogues. Les résultats de cette recherche mettent l'accent sur la nécessité de concevoir des politiques qui tient compte des différences régionales dans la production de drogue et reflète la nature compétitive de ce marché. / Research gathered on synthetic drug markets trails behind studies on other illegal drug markets. Synthetic drug's relatively recent classification as an illicit substance, coupled with its distinct characteristics that insulate it from detection has hindered the development of reliable assessments of the markets structural features. The purpose of this study is to provide reliable insight into the inner dynamics of Quebec’s synthetic drug industry, focusing on its organizational features. Using information derived from 365 synthetic drugs seized by law enforcement over a one year period, this study will merge two techniques, drug composition and economic analyses, under a common framework to derive reliable and comprehensive assessments of the structure of Quebec's synthetic drug market. Drug composition analysis examines the drug’s chemical and physical profile to make inferences about the market structure while the economic analysis examines price determinants for the same market, providing further insight into its dynamics and distinctive features. Findings from the drug composition analysis indicate that the synthetic drug market in Quebec is likely to be composed of a high number of small structures, indicating a competitive market. The economic analysis provided complementary information, finding that both differential production costs and trafficker-consumer relations may influence price variations, depending on the region. This study concludes by emphasizing that drug composition analysis should be diligently pursued by both researchers and enforcement organizations alike to effectively target and enhance our understanding of the intricate processes that underlie the synthetic drug market.

En 2010, l'Organisation Mondiale de la Santé (OMS) a publié de nouvelles recommandations pour le traitement contre le Vih/Sida dans le but d'améliorer la qualité des thérapies antirétrovirales (TARV) distribuées dans les pays en voie de développement (PED). Cependant, les coûts de plus en plus importants liés à l'incorporation des antirétroviraux (ARV) de nouvelle génération, associés à l'intensification de la protection des droits de la propriété intellectuelle (DPI), accentuent le déséquilibre entre les priorités d'expansion de la couverture des patients et les objectifs d'amélioration des traitements, ce qui favorise la pérennité d'un double standard de soins dans le monde. Cette thèse a pour objectif d'analyser les déterminants de l'incorporation des nouvelles technologies et de l'évolution des prix des ARV pour mieux comprendre leur impact sur la qualité et l'accessibilité financière des TARV dans les PED. La présente recherche est basée sur la politique brésilienne de TARV et les leçons qu'elle peut apporter dans la lute contre l'épidémie du Vih/Sida. La première partie de la thèse porte sur les critères utilisés pour l'incorporation des nouveaux médicaments dans les protocoles cliniques de TARV. L'étude part des méthodes de l'analyse de contenu et statistique pour examiner l'impact des prix des ARVs sur les recommandations thérapeutiques et comment celles-ci influencent la pratique médicale. / In 2010, the World Health Organization (WHO) published new HIV/AIDS treatment recommendations which aim at improving the quality of antiretroviral therapy (ART) delivered in developing countries. Nonetheless, the higher costs of incorporating new and more potent antiretrovirals (ARVs), coupled by the intensification of intellectual property rights (IPRs) protection, put in evidence a growing trade-off between patient coverage expansion priorities and treatment quality objectives, which tend to favor the perpetuation of a double standard of HIV care in the world.This thesis aims at analyzing the determinants of technology incorporation and price evolution in HIV care as the basis for discussing how these can impact both the quality and affordability of ART in low and middle-income settings. The present research takes as reference the Brazilian ART policy and the insights it may provide in the fight against the HIV/AIDS epidemic. The first part of this thesis addresses the criteria used for the incorporation of novel drugs in ART guidelines. Content and statistical analyses are used to examine the impact of ARV prices on therapeutic recommendations and how the latter have been able to influence clinical practice. They show that, although efficacy, toxicity and dosing convenience represent major determinants of ART incorporation decisions in Brazil, costs have most recently started influencing deferral in the use of new ARVs. The second part takes into account the role of patent protection on pharmaceutical innovation and pricing, further employing descriptive and econometric approaches to analyze ARV market structure and prices in Brazil.