This study analyzes validity of the relative purchasing power parity (PPP) and the uncovered interest rate parity (IRP) theories for the dollar/euro exchange rate. The period of analysis is from 1990 to 2003. The dollar/euro exchange rate represents the currencies of a country, the USA, and a region, the Euro Area. The basic data needed for this study are the dollar/euro exchange rate, and the inflation and the interest rates for the USA and the Euro Area. Since the Euro Area was officially formed on January 1st, 1999, we had difficulty in finding the data for the Euro Area. For the lacking Euro Area data, synthetic values are created by using the individual data of Euro Area countries. These synthetic values are treated as the equivalents of the actual values and are used in the parity implied dollar/euro exchange rate calculations. The parity implied dollar/euro exchange rates are compared with the actual dollar/euro exchange rates. Our results indicate that the parity implied dollar/euro exchange rates are statistically significantly different from the actual dollar/euro exchange rates. In other words, both the PPP and the IRP theories do not hold for the dollar/euro exchange rate.

This dissertation examines the role of the fundamental economic variables (price levels, interest rates, and income levels) in the determination of foreign exchange rates during the period 1973-1978. Purchasing power parity, the International Fisher Effect, and the relationship of exchange rates with income levels through the marginal propensity to import were integrated, as suggested by the literature, and a fairly reasonable specification of a model for exchange rate determination was measured. The results of speculation tests indicate destabilizing results for some currencies and stabilizing results for the others; the coefficient of expectation tests, however, lend support to the destabilizing hypothesis. The conclusion of the research, therefore, is that the exchange rates of the major industrial countries which are of prime importance to the international financier and investor, and to the student of international finance and trade, are primarily determined, not by the fundamental economic variables, but by speculative forces which are believed to be of a destabilizing nature.

Conselho Nacional de Desenvolvimento CientÃfico e TecnolÃgico / Este estudo investiga os efeitos da estabilizaÃÃo da inflaÃÃo no Brasil nos Ãndices de preÃos regionais atravÃs da teoria da Paridade do Poder de Compra. Para tanto, utilizamos o Ãndice Nacional de PreÃos ao Consumidor Amplo, IPCA, abrangendo as nove regiÃes metropolitanas brasileiras durante o perÃodo de 1989 a 2011. Iniciamos nossa anÃlise com o teste de Perron e Yabu (2009) com o objetivo de verificar possÃveis quebras estruturais nas sÃries de cÃmbio real entre as regiÃes metropolitanas. Visando confirmar a hipÃtese da Paridade do Poder de Compra para o Brasil, aplicamos o teste de raiz unitÃria ERS (1996) bem como o teste de Kim (2000) posteriormente modificado por Harvey, Leybourne e Taylor (2006) para verificar possÃveis mudanÃas de persistÃncia nas sÃries. Durante o perÃodo analisado foi detectada uma diminuiÃÃo da persistÃncia das sÃries, creditamos esse fenÃmeno ao controle inflacionÃrio com o implemento do Plano Real, evidenciando que a estabilidade dos preÃos influi positivamente na validaÃÃo da hipÃtese da Paridade do Poder de Compra. / This study investigates the effects of inflation stabilization in Brazil in regional price indices through the theory of Purchasing Power Parity. We used the National Index of Consumer Prices Broad, IPCA, covering nine metropolitan regions during the period of 1989 to 2011. We begin our analysis with the test of Perron and Yabu (2009) in order to check for possible structural breaks in the series of real exchange rates between the metropolitan areas. To confirm the hypothesis of Purchasing Power Parity for Brazil, we apply the unit root test ERS (1996) as well as the test of Kim (2000) later modified by Harvey, Leybourne and Taylor (2006) to check for possible changes of persistence in the series. During the period analyzed was detected a decrease of the persistence of the series, we credit this phenomenon to the implement of the Real Plan, showing that price stability positively influence the validation of the hypothesis of Purchasing Power Parity.

La Responsabilité Sociale des Entreprises (RSE) a été étudiée par de nombreux chercheurs et professionnels du monde de l'entreprise ; ces travaux montrent que les consommateurs adoptent une attitude plus positive envers les entreprises qui agissent de manière responsable. Cependant, ils suggèrent également que les consommateurs restent encore sceptiques aux argumentaires développés par les entreprises sur leur responsabilité sociale et donc qu'une méfiance s'est instaurée envers les marques. Cela implique, que les entreprises doivent veiller à ce que leur communication n'éveille pas de sentiments négatifs. Par ailleurs et conséquemment aux effets de la crise économique mondiale, les consommateurs se préoccupent de plus en plus de leur pouvoir d'achat. Dès lors, ils peuvent estimer ne pas avoir les moyens de payer leurs produits provenant des entreprises engagées. Ces résultats sont issus principalement de travaux portant sur la communication des grandes entreprises. Néanmoins, aucun n'étudie spécifiquement les effets sur les consommateurs de la communication sociétale des Petites et Moyennes Entreprises (PME), en terme de valeur perçue de la marque et de confiance. Or, les PME présentent un grand intérêt de recherche, tant au niveau national qu'international. Aussi, l'absence de résultats empiriques sur la valeur perçue est surprenante compte tenu du fait qu'elle est considérée comme un antécédent naturel à la fidélité (Holbrook, 1994, 1999 ; Sirieix and Dubois, 1999 ; Frisou, 2000 ; Chaudhuri and Holbrook, 2001; Aurier, et al., 2001). De ce fait, ce travail se propose de combler ce manque théorique et empirique en proposant de mieux comprendre les effets des discours socialement responsables des entreprises sur deux dimensions de la valeur perçue : la valeur sociale et la valeur éthique. De plus, l'étude s'intéressera à la confiance des consommateurs. L'objectif est de mieux comprendre : « Quelle est l'influence de la communication RSE sur la valeur perçue et la confiance des consommateurs envers les marques ? » Pour ce faire, le choix d'un visuel de magazine d'une marque fictive agroalimentaire a été fait. En effet, il a été considéré comme stimuli et canal de communication pour l'expérimentation. L'objectif était d'évaluer l'impact de la communication d'une PME impliquée dans une démarche responsable sur la valeur perçue et la confiance du consommateur. Un questionnaire en ligne auprès de 645 consommateurs a été mis en place pour tester quatre messages responsables (les messages portait sur la dimension environnementale, ou sociale, ou encore sociale et environnementale à la fois et un message de contrôle). Les résultats montrent l'intérêt pour les PME de communiquer prioritairement aux consommateurs des messages portant sur la dimension environnementale. Les résultats suggèrent que le message environnemental non seulement est plus efficace sur les valeurs éthique et sociale mais engendre également une confiance accrue des consommateurs envers la marque. De plus, cet impact positif suggère qu'il est pur, car il n'est pas modéré ni par le scepticisme du consommateur ni par sa préoccupation concernant son pouvoir d'achat. L'originalité de la recherche réside dans la prise en compte de la théorie de la valeur perçue dans une perspective de communication responsable. Enfin, la conceptualisation et l'étude de l'impact de ce genre d'argumentaire permettent de développer une façon plus efficace pour les PME de communiquer leurs engagements responsables aux consommateurs. / Corporate Social Responsibility (CSR) has been studied by academics and business leaders and they have proven that consumers develop a positive attitude towards companies that behave in socially responsible ways. However, they also suggest that CSR communication is subject to consumer scepticism. This implies that organizations and brands while communicating about their CSR activities may have the risk to be encountered with consumers' disbelieve. Furthermore, the previous global economic crisis limits CSR effectiveness due to consumer's concerns regarding their purchasing power. As a result, customers may feel guilty or unable to pay for products coming from engaged enterprises, which are considered sometimes by consumers as premium products. Moreover, a large body of research on CSR communication discusses the effectiveness of the message content and the efficiency on communication channels, within the case of multinational enterprises. However, there is little research linking CSR communication in the case of SME and perceived value and trust, whereas the topic of SME is an important research issue for national or international governmental entities. Also, the lack of empirical research on this issue is surprising, as perceived value and trust are considered by researchers as natural antecedents of customers brand loyalty ((Holbrook, 1994, 1999; Sirieix and Dubois, 1999; Frisou, 2000; Chaudhuri and Holbrook, 2001; Aurier, et al.,2001). As a result, this work aims to fill this gap in order to better understand the effects of socially responsible communication on two dimensions of perceived value: social value and ethical value and consumers' trust. In order to enhance understanding with regards to our research question: “What is the influence of CSR communication on perceived value and trust”, a qualitative research was conducted with consumers and practitioners. Additionally, an experiment has been conducted in which the level of CSR involvement from an SME in the food industry has been manipulated. A set of four different printed ad magazines has been considered as stimuli and communication channel for the experiment: one with an environmental message, with a social message, message or with a mix of these two messages together (social and environmental) or a control message. An online survey is conducted to a heterogeneous sample of consumers (n=645) Results reveal an interest for the SME to communicate prioritary through their environmental engagements. Results suggest that the environmental message is not only more effective on the ethical and social value perception but on consumers trust as well. Also, neither scepticism nor consumer's purchasing power concern show to moderate the positive effect between the CSR communications on perceived value and trust. The originality of the research lies in the consideration of the perceived value theory on the CSR communication research. More generally, the conceptualization and the study of perceived value on CSR communication highlight a more efficient CSR communication strategy between consumers and the SME.

The theories of the law of one price and purchasing power parity are thought to hold almost exactly in financial market, but it seems less likely to occur in international trade where arbitrage opportunities take place. The purpose of this study is to test whether the purchasing power parity holds for commodities in various national markets, for which a quantitative method is followed. For identical goods, the prices should be equal across countries. In fact, the prices vary significantly across ‘truly homogenous’ goods within a product group. The finding suggests that differences in productivity and value-added tax do have significant positive impacts on price settings. As a consequence, purchasing power parity definitely does not prevail as well as law of one price does not. Further studies can use these findings to examine the extent and permanence of violations of the law of one price.

If you ask any person for his opinion about "miljonprogrammet", most would answer that it is the largest architectural failure in modern times. The housing shortage meant that numerous buildings had to be built quickly and the architecture was neglected. Today there is again a significant housing shortage, and the need to build many homes have quickly become a political priority issue. These homes should preferably be as cheap as possible. The risk is great that we in 50 years will view these buildings in a similar way that we look at the "miljonprogrammet" today. If we instead turn to the houses that were built in the 1920s these are still considered to be very beautiful and classic tastefulness. This type of house should be easy to replicate by simply building classic houses with pitched roof, simple details above windows and doors with a one-colored plaster facade. This work has been carried out in order to avoid falling into the same situation again. The aim was to prove that there is an increased willingness to pay for houses built around the 1920s. By proving that this is the case, we hope that the houses being built in the future will return to this classic tastefulness architecture which we believe will provide a more sustainable cityscape. The result has been obtained by several independent t-tests of sales in Södermalm and Östermalm, in central Stockholm, during the past five years. Interviews with architects, brokers and construction companies have also carried out to obtain a broader base and to see how professionals in the industry look at the issue. Literature has been used for further theoretical background. The conclusion has been obtained by compiling samples and interviews. The result was that there is a strong significant difference in the willingness to pay of properties built during the "miljonprogrammet" versus 1920. Where the 1920s houses sold for a much higher price. / Frågar man valfri person efter dennes åsikt angående miljonprogrammet skulle de flesta svara att det är det största arkitektoniska misslyckandet i modern tid. Bostadsbristen medförde att mycket skulle byggas fort och arkitekturen kom i skymundan. Idag råder det återigen stor bostadsbrist och behovet av att bygga många bostäder snabbt har blivit en politisk huvudfråga. Dessa bostäder ska helst också bli så billiga som möjligt. Risken är stor att vi om 50 år kommer se på dessa byggnader som man ser på miljonprogrammet idag. Ser man istället till husen som byggdes under 1920-talet anses dessa fortfarande vara väldigt vackra och klassiskt stilrena. Tjugotalshusen borde vara enkla att återskapa genom att bara bygga klassiska hus med sadeltak, få enkla detaljer över fönster och dörrar samt med en enfärgad putsfasad. Det här arbetet har genomförts för att undvika att hamna i samma situation en gång till. Syftet var att bevisa att det finns en ökad betalningsvilja för hus byggda kring 1920-talet. Genom att bevisa att så är fallet hoppas vi att de hus som byggs i framtiden kommer återgå mot denna klassiskt stilrena arkitektur. Detta tror vi kommer ge en mer långsiktigt hållbar stadsbild. Resultatet har fåtts genom en sticksprovsstudie av överlåtelser på Södermalm och Östermalm, i Stockholms innerstad, under de senaste fem åren. Intervjuer med arkitekter, mäklare och byggbolag har även genomförts för att få en bredare bas och för att se hur yrkesverksamma i branschen ser på frågan. Litteratur har använts för vidare teoretisk bakgrund. Slutsatsen har fåtts genom en sammanställning av stickproven och intervjuerna. Resultatet blev att det finns en stark signifikant skillnad i betalningsvilja mellan fastigheter byggda under miljonprogrammet kontra 1920-talet. Där 1920-talshusen såldes för ett betydligt högre pris.

[pt] A paridade do poder de compra da moeda (“PPP”), uma das teorias mais discutidas no meio acadêmico, sustenta que a taxa de câmbio nominal entre duas moedas deve ser igual à relação dos níveis de preços agregados entre os dois países, de modo que uma unidade de moeda de um país terá o mesmo poder de compra em um país estrangeiro. O objetivo deste trabalho é investigar a validade da teoria de PPP e a inovação que trazemos para a literatura é a aplicação desta teoria para o desenvolvimento de uma estratégia quantitativa de compra/venda de pares de moedas utilizando as séries diárias de preços calculadas pela PriceStats. Os resultados encontrados aqui sugerem que, apesar de identificarmos uma relação entre o diferencial de inflação e movimentos da taxa de câmbio nominal nas séries do PriceStats, observamos um desempenho quantitativo pior das nossas estratégias de investimento em moedas baseadas no modelo de Paridade do Poder de Compra da Moeda (PPP) vis à vis outros modelos padrão dentro da literatura financeira. Por outro lado, para pares específicos de moedas, encontramos números interessantes quando baseamos nossa estratégia nos modelos de PPP, observando Hit Ratio superior a 50% e retorno acumulado positivo da estratégia. / [en] The Purchasing power parity (PPP), one of the most consolidated theories in academia, holds that the nominal exchange rate between two currencies must be equal to the ratio of aggregate price levels between the two countries, so that a currency unit of one country will have the same purchasing power in a foreign country. The objective of this work is to investigate the validity of the PPP theory and the innovation that we bring to the literature is using this theory to the develop a quantitative strategy to buy/sell currency pairs using the daily price series calculated by PriceStats. The results found here suggest that, despite identifying a relationship between the inflation differential and nominal exchange rate movements in the Price Stats series, we observe a worse quantitative performance of our currency investment strategies based on the Power Parity model of Purchase vis a vis the standard models within the financial literature. On the other hand, for specific currency pairs, we found interesting numbers when we based our strategy on PPP models, observing a Hit Ratio above 50% and a positive cumulative return of the strategy, results very similar to those found for the reference models already mentioned within the financial literature.

No description available.

Östersjön har alltid varit en viktig knutpunkt för de länder som angränsar dit för att göra det möjligt att handla med varandra och på så sätt skapa en internationell marknad sinsemellan varandra. Under 1700-1800-talet tog produktionen fart och tack vare merkantilismen utvecklades den internationella handeln. För att fastställa deras växelkurs har många länder använt sig av olika myntfot såsom till exempel guldmyntfoten där valutans värde bestämdes utifrån värdet på motsvarande mängd guld vilket innebär att växelkurserna var fasta. Utifrån guldmyntfoten utvecklades teorierna lagen om ett pris och köpkraftsparitet med principerna om att en enhet valuta ska ha samma köpkraft även i andra länder vilket innebär att en vara ska kunna köpas för samma mängd av valutan oavsett om det är inrikes eller utrikes. Dessa teorier har studerats flertalet gånger, både för kort och lång sikt, med fåtalet länder till ett större antal. Denna studie använder sig av teoriernas grundidé och testar huruvida PPP i dess absoluta samt relativa form håller för Östersjöns handelsområde. För att kunna testa detta har två ekonometriska tester av de variabler som används gjorts, stationäritetstest och kointegrationstest. Stationäritetstestet visade att alla variabler förutom de tidsserier som användes för att testa relativ PPP led av icke-stationäritet och därmed behövdes differentieras för att kunna användas för att testa PPP. Kointegrationstestet visade att ingen av tidsserierna led av kointegration vilket medförde att vidare korrigeringsmodeller ej behövdes göras. Resultatet från de ekonometriska skattningarna visade på att absolut och relativ PPP ej kunde bekräftas, ej heller förnekas, då inga signifikanta koefficienter kunde konstateras. Vid testandet av real växelkurs för relativ PPP gavs signifikanta tidsserier men ej i enlighet med nollhypotesen och därmed förkastades nollhypotesen om att relativ PPP håller. Utifrån resultatet dras slutsatsen att PPP ej kan bekräftas utan att vidare studier måste göras. / The Baltic sea has always been an important transit hub for neighboring countries and the sea have made ​​it possible for the countries to trade with each other and thus create an international trade among themselves to each other. During 1700-1800's, the production took off and because of the mercantilism international trade developed. To establish their exchange rate, many countries have followed different standards, such as the gold standard where the currency's value was determined from the value of the corresponding quantity of gold which implies that the exchange rates were fixed. Based on the gold standard different theories was developed, such as the law of one price and purchasing power parity with the principles that a single currency will have the same purchasing power in other countries, which implies that a commodity should be bought for the same amount of currency, whether it is domestic or foreign. These theories have been studied several times, both for the short and long term, with the few countries to a greater number. In order to test this, two econometric tests of the variables were made​​, stationarity test and cointegration test. The stationarity test showed that all variables except the time series that was used to test relative PPP suffered from non-stationarity and therefore needed to be differentiated to be used to test the PPP. The cointegration test showed that no one of the time series suffered of cointegration and therefore further correction models was not needed to be done. The results from the econometric estimates showed that absolute and relative PPP could not be confirmed, nor denied, since no significant coefficients were identified. In the testing of real exchange rate for relative PPP significant time series were given but not in accordance with the nullhypothesis and therefore the null hypothesis is rejected that the relative PPP holds. From the results it is concluded that the PPP cannot be confirmed without that further studies must be done.

La recherche se propose d’introduire en sciences de gestion le concept de cherté de la vie du point de vue des consommateurs. Pour ce faire, la recherche propose, dans un premier temps, de définir le concept de cherté de la vie tel qu’évalué par les consommateurs et d’en identifier son contenu. Dans un second temps, la recherche pose la question des antécédents de cette évaluation et de ses conséquences sur le comportement d’achat des consommateurs.La démarche empirique s’appuie sur une Mixed Methods Research. Il s’agit là d’une méthode de recherche qui implique de combiner à la fois les éléments d’une approche quantitative et d’une approche qualitative à des fins de compréhension et de corroboration. Dans cette optique, deux principales études empiriques ont été réalisées : (1) une étude exploratoire qualitative composée de plusieurs méthodes de collecte de données (entretiens semi directifs, netnographie, sondage en sortie de supermarché) et (2) une étude quantitative confirmatoire menée auprès de 700 résidents de l’île de La Réunion.L’étude qualitative permet (1) de déterminer les causes de cette cherté de la vie du point de vue des consommateurs, (2) de définir l’évaluation de la cherté de la vie et de structurer son contenu et (3) d’analyser les conséquences de cette évaluation sur le comportement d’achat des consommateurs. A la lumière de ces premiers résultats et de la revue de la littérature, une série d’hypothèses ainsi que le modèle de la recherche qui en découle sont alors formulés. Hypothèses et modèle testés lors de la phase quantitative.L’étude quantitative permet quant à elle (1) de valider un instrument de mesure de l’évaluation de la cherté de la vie, (2) de mettre en évidence l’influence de l’évaluation de la cherté de la vie sur les comportements d’achat des consommateurs, et (3) de souligner le rôle modérateur de la préoccupation du maintien du pouvoir d’achat (PPA). La recherche a comme principaux apports la conceptualisation de la cherté de la vie du point de vue des consommateurs et la mise en exergue des conséquences de cette évaluation sur les habitudes de consommation des individus. Les résultats permettent ainsi d’alimenter la réflexion sur la nécessité, pour les managers, de tenir compte de / The research proposes to introduce the concept of high cost-of-living from customers’ point of view into managementscience. In order to do this, the research first proposes to define the concept of high cost of from customers’ point of viewand to identify its content. Secondly, the research focuses on the antecedents of the concept and its consequences onconsumers' purchasing behavior.The empirical approach is based on a Mixed Methods Research. This is a research method that involves combining boththe elements of a quantitative and qualitative approach in order to understand the high cost-of-living from customers’point of view. Two main empirical studies have been carried out: (1) a qualitative exploratory study composed of severalmethods of data collection (semi-directive interviews, netnography, survey at the exit of a supermarket) and (2) aquantitative confirmatory study with a sample of 700 residents of Réunion Island.The qualitative study allows (1) to determine the causes of this high cost-of-living from customers’ point of view, (2) todefine the concept and to structure its content and (3) to analyze the consequences of this evaluation on consumerpurchasing behavior. From the results of the qualitative study and the literature review, a series of assumptions and themodel of research are formulated. The assumptions and the model are tested during the quantitative study.The quantitative study allows (1) to validate a measuring instrument of evaluation of the high cost-of-living, (2) todetermine the influence of this evaluation on consumer buying behavior, and (3) to emphasize the moderating role ofPPA.The main contributions of this research are the conceptualization of the high cost of living from customers’ point of viewand the description of the consequences of this evaluation on consumer.