Mortgage loans are the major assets securitised by South African banks. Arguments from the literature indicate that the use of securitisation as an instrument for regulatory arbitrage weakened banks’ soundness and caused, at least partially, the 2007-2008 Global Financial Crisis. In this regard, financial institutions continually took advantage of the loopholes in the Basel regulation, principally that of Basel I. Undertaken from both the empirical and theoretical angles, this thesis investigated whether regulatory capital arbitrage under Basel II and III regulations, was a driver of mortgage loans securitisation by South African banks. Additionally, the effect of mortgage loans securitisation on the South African banks’ stability was analysed. Furthermore, the project built upon the case of mortgage loans securitisation to deepen the insight on banks’ behaviour towards risk, by considering a rare contractual relationship where banks are regarded as agents acting on behalf of regulators. The theoretical examination was carried out by means of perspectives from Agency and Institutional Theories. The South African banking system is essentially monopolistic with five banks holding more than 90% of total assets, out of which four, with 70% of the assets, consistently report outstanding volume of mortgage loans securitised. Based on the data collected from these four major banks, this research project is the first in many regards. It involves an emerging economy, considers the influence of both Basel II and III regulations, covers the period 2008 to 2015, and focuses on well-capitalised banks exclusively. Moreover, it extends regulatory capital arbitrage analysis to the evidence of loans expansion, includes CAMELS as bank stability proxy and brings in Agency Theory and Institutional Theory to explain banks’ behaviour with regards to risk in this particular context. In contrast, other studies were concentrated on Europe and America, mostly under Basel I, limited to one or two baseline models for regulatory capital arbitrage and often only the Z-score measure was used for bank stability. In three major steps, this study first employed the Ordinary Least Squares statistical methodology to test the capital arbitrage theory of securitisation and other of its features whereby it causes the decrease of capital with little or no reduction of risk. The estimation results indicated that securitisation of mortgage loans lessened South African banks’ regulatory capital, increased their overall risk level and moreover, suggested that the proceeds from securitisation were used to expand their loans portfolios. These outcomes tentatively imply that South African banks securitise mortgage loans for regulatory capital arbitrage. The second step explored the impact of securitisation of mortgage loans on South African banks’ stability. Two different measures of bank stability were involved: the CAMELS and the Z-score. CAMELS stands for C: capital (leverage ratio and not the regulatory capital); A: assets quality; M: management efficiency; E: earning; L: liquidity; and S: sensitivity to market risk (interest risk). The Two Stage Least Squares and the Ordinary Least Squares statistical methods were used respectively for the analysis of the relationship between the two bank stability indicators and the outstanding volume of mortgage securitised. The empirical results from CAMELS showed that mortgage loans securitised negatively affected the level of capital proxied by the leverage ratio, eroded assets quality and increased South African banks’ overall costs. However, they had a positive effect on South African banks’ profit, they seemed to be an additional source of liquidity and represented a useful tool to curtail market risk sensitivity, especially the interest risk as they increased net interest income. With regards to the analysis with the Z-score, the results indicated a negative impact of mortgage securitised on South African banks’ stability. The outcome remained unchanged when retained interests in the form of subordinated loans were included in the analysis, but retained interest had a positive influence on the Z-score. The last step of this study pertained to the theoretical analysis based on the concepts of Agency Theory and Institutional Theory. Acting as regulators’ agents in an agency relationship, the simple model of Agency Theory in its extended form explained that South African banks were first and foremost risk-taking players. They were more interested in the risk/reward trade-off in their decision-making attitude towards risk than pursuing the regulators’ goal of the stability of the banking system. In that sense, it was not a surprise that they engaged in regulatory capital arbitrage despite knowing that it was risky but could provide gains in liquidity and profit. In addition to goals conflict, Agency Theory indicated asymmetry of information between banks and regulators as the indirect origin of regulatory capital arbitrage, where the opacity of banks’ activities, such as securitisation, rendered regulations ineffective and thus easy to shirk. Furthermore, it was found that the essentials of the behaviour-oriented contract suggested by the theory as the optimal contract, were already included in the formulation of the latest Basel Accords. However, the researcher believes that one key element, which is the reward or compensation that should benefit the banks (the agent) when they abide by the terms of the contract, is missing. Regulators should therefore include incentives in the regulations and combine the behaviour and outcome-oriented contracts to optimize their relationship with banks even though, as explained by the theory, the outcome of bank stability will remain partially uncertain due to uncontrollable factors such as the economic conditions. The concept of legitimacy, from Institutional Theory, explicated that banks’ legitimacy came from their ability to comply with the regulations. From this stance, the results suggested that regulatory capital arbitrage seemed instead to undermine the legitimacy of South Africa banks well-capitalised position.

Since 2009, International Relations scholars have researched the role of big advocacy groups in giving access to the Campaign to Stop Killer Robots in the United Nations Convention on Certain Conventional Weapons (CCW). To further these studies, the focus of this thesis is on the progress of negotiations for the 6-year period since the issue has been adopted, asking the question – How has the Campaign to Stop Killer Robots chosen to frame lethal autonomous weapons systems, and how successful has that framing been for the period of 2013 to 2019? I argue that advocates undertook a normative securitisation process to frame the existential threat lethal autonomous weapons systems (LAWS) pose to human beings. This argument is supported by a dual method research approach of 1) semi-structured elite interviews; and 2) qualitative content analysis of reports. The findings of this research show that, while the advocacy group has not achieved success in the form of a legally binding agreement at the CCW, they have successfully developed a process of moral stigmatization of LAWS that contributes to the creation of a new humanitarian security regime.

Abstract. The outbreak of the novel coronavirus put democratic process, and security architecture across the globe in jeopardy. The global health crisis galvanised the proliferation of pandemic-related disinformation and other malign influence operations, and this phenomenon gave birth to a new buzzword, known as "infodemic". The "infodemic" provided hostile countries with a possibility to launch disinformation campaigns and other malign communication efforts, which in most cases were attributed to external state actors, such as China and Russia. Both actors aimed to weaken the legitimacy of European institutions, and undermine its democratic process. The "infodemic", thus, posed a threat to the EU's security and became a watershed moment in the disinformation discourse for the EU. In the aftermath, this mounting threat of disinformation was instantly acknowledged by EU representatives and institutions in their numerous official statements and policy documents. This dissertation examines the EU's approach towards Chinese and Russian disinformation campaigns through the lenses of securitisation theory and evaluates the success of this process. The findings of the evaluation showcased that neither Russian nor Chinese disinformation was successfully securitised by the EU. It also argues that the EU has...

This thesis addresses the role of education to mitigate the risks of deliberate disease, including biological weapons. Specifically, it aims to analyse how education was constructed as a potential instrument to mitigate specific security risks; if and how education could impact on risks; and how effectiveness of education as a risk mitigation measure could be improved. The research framework combines concepts of security, risk and education within a general constructionist approach. Securitization is used to analyse attempts to construct education as a tool to mitigate specific security risks; risk assessment is used to identify and characterize risk scenarios and potential for risks mitigation; and instructional design and evaluation models are used for the design and evaluation of education. The thesis contends that education has been constructed as a mitigation tool for what were presented as urgent security risks of deliberate disease. Nine attempted securitization moves are identified and assessed. Improved competences identified in four thematic areas, and built with education, can mitigate risks in specific scenarios via impacting factors that primarily influence risk likelihood. The thesis presents several examples of achieved learning objectives, and tools that can be useful to evaluate behavioural and risk impacts, though empirical results on these levels here are still scarce. Design and evaluation tools, illustrated through a large amount of original and pre-existing data from a range of countries and contexts, are presented that can improve effectiveness of education as a deliberate disease risks mitigation measure.

This thesis is conducted as a descriptive single case study to establish empirical knowledge regarding how securitisation is expressed in discourse by the Swedish policymaking elite, in other words “securitising actors”. The thesis takes an ontological approach of interpretivism with a theoretical approach of securitisation theory. Further, by utilising a methodological approach of an inductive method to empirically analyse 44 collected speeches from Folk och Försvars annual national conference and the annual foreign declaration in order to analyse what prominent themes emerged from the discourse. The analysis was conducted through a discourse analysis by applying two analytically driven questions derived from securitisation theory. This is in order to analyse how securitisation was expressed by the securitising actors, and what motivating factors could be identified for the shift from non-alignment to military-alignment in Swedish foreign and security policy. The result of the analysis indicated that with an ongoing security concern in Sweden’s immediate neighbourhood, securitisation was expressed as focusing on an increased national defence. Along with indicating a conflict of interests in Swedish foreign and security policy through the conflict of ideals and interests by breaking Sweden’s long-term tradition of military non-alignment. By this, this thesis aims to contribute to knowledge and to the overarching literature pertaining to discourse and shifts in Swedish foreign and security policy.

There are several things which can influence a nations policy both from within a nation and without. This Thesis aimed to understand the relationship between international incidents and the national rhetoric and policy of a nation. To this end the thesis made use of a comparative case study around the case of the annexation of Crimea and its impact on Swedish defence policy and rhetoric. Making use of two theories to structure the analysis that of Framing and Securitisation. The thesis selected and made use of public addresses performed by the Swedish Prime Minsters, Foreign Minsters, Defence Ministers and policy documents posted from the years 2010 to 2018. This thesis found that while the frame of the Russian state existed before 2014, it became much more severe within the speeches and statements from Swedish politicians following the event moving from being a passive threat to Sweden to an actively growing threat which needed to be addressed. The solutions which are proposed during the period range from increased cooperation with nations around Sweden to more extreme solutions such as an increased war readiness and a permanent garrison which is stationed on the Gotland Island in response to a suggested Russian threat.

Doctor Legum - LLD / The ideals of shareholder and creditor protection are affected by legislation pertaining to the validity of a company’s transactions. Until legislative reforms introduced in the twentieth century, a company’s capacity and the ultra vires doctrine traditionally limited the company’s ability to contract. Therefore, the legal framework regulating corporate capacity influences a company’s interactions with outsiders. The goal of the law in this regard should be to facilitate commerce while providing adequate protection to all affected stakeholders. South Africa’s Companies Act 71 of 2008 (the Act) contains several novel provisions regarding a company’s capacity, the desirability of which is questionable. Special purpose vehicles (SPVs) are used for various purposes in commerce, from asset holding in the financial services sector to concluding complex financial functions in corporate finance. For instance, traditional securitisation is a financial engineering technique that makes use of corporate SPVs. Traditional securitisation is a valuable risk management, earnings management, and corporate financing tool. Incorporators of securitisation SPVs often include capacity restrictions in the constitutions of such entities as a means of reducing the likelihood that the SPV will be subject to liquidation proceedings.This thesis analyses the capacity provisions in the Act to determine whether they provide a commercially desirable framework to facilitate the activities of SPVs used in traditional securitisation schemes. The thesis argues that the capacity provisions in the Act in their current form are undesirable because they place third parties at too great a risk in exchange for inconsistent and unreliable shareholder protection. Executory ultra vires contracts concluded by limited capacity companies are at the same time valid and capable of being restrained by a single shareholder, director or prescribed officer of the company. It is argued that the Act’s approach to corporate capacity is detrimental to commercial certainty and creditor protection, and that capacity restrictions under the current framework do not provide any more shareholder protection than ordinary authority limitations would. Consequently, it is argued that the capacity provisions in the Act do not make a positive contribution to the “insolvency-remoteness” of SPVs used in traditional securitisation schemes. It is recommended that the capacity provisions in the Act should be substantially amended, or deleted.

64053643 SECURITISING BIOLOGY: BIOLOGICAL THREATS AND STATE PREPAREDNESS IN THE WAKE OF A PANDEMIC ABSTRACT The management of infectious diseases in the realm of public health has shown increasingly overlapping areas with biological warfare preparedness. While the acknowledgement of these common elements is not only frequent but also codified in an international treaty and subject to distinct regulations, research into how these two fields connect is scarce. Potential deliberate use of biological weapons typically leads to intense political mobilisation and ensuing dedication of financial resources. Contrarily, the management of health crises over the last decades has been severely flawed, and no country in the world is considered fully prepared to a pandemic, according to the Global Health Security Index. The current COVID-19 pandemic has recently been further proof of the inadequacy of state-level prevention and preparedness capabilities. This dissertation aims at bridging the existing conceptual gap and policy divide between biological warfare and infectious disease preparedness, and to analyse elements that can be mutually applicable and potentially beneficial. It will do so by establishing analytical equivalence between the securitisation of an artificial biothreat and a nature-borne infectious disease...

In February 1914, Sweden faced a time of constitutional crisis, dubbed the Courtyard Crisis, when King Gustaf V publicly distanced himself from Prime Minister Karl Staaff and the Liberal Government over differences of opinion regarding the Swedish defence. Behind this, however, was also a dispute between two different political systems. On the one hand, there was the current form of government based on monarchical rule, and on the other hand, the advancing form of government, a government based on parliamentarism. This thesis is concerned with explaining the tension that arises between, on the one hand, different forms of government, and, on the other hand, aspects of decision making in the process of securitisation. To do this, the thesis uses Buzan, Wæver, and de Wilde’s securitisation sectors, though limited to the military, political, and societal sectors, as entry points for the analysis and uses political discourse analysis to analyse the language used by the Left and the Right during parliamentary debates held between 6 and 18 February 1914. The thesis concludes that, though the results were not conclusive, the Courtyard Crisis can be used as an example to explain the tension between different forms of government by showing the difference in ideas between the two powers of state in Sweden and how these affect the decision making in the process of securitisation.

This thesis applies securitisation theory to the Israeli-Palestinian case with a particular focus on the potential for desecuritisation processes arising from Israeli-Palestinian cooperation/coexistence efforts in peace education and water management. It aims to apply securitisation theory in general and the under-employed concept of desecuritisation in particular, to explore the limits and prospects as a theoretical framework. Concepts, arguments and assumptions associated with the securitisation theory of the Copenhagen School are considered. In this regard, the thesis makes a contribution to Security Studies through its application of securitisation theory and sheds light on a complex conflict situation. Based on an analytical framework that integrates the concept of desecuritisation with the concepts of peace-building and peace-making, the thesis pays attention to desecuritisation moves involving Israeli and Palestinian civil societies through peace education and water management. The thesis contributes to debates over the problems and prospects of reconciliation between Israelis and Palestinians, so making a significant empirical and theoretical contribution in the development of the concept of desecuritisation as a framework for analysing conflict resolution. The thesis develops an analytical framework that combines political level peace-making with civil society actors' peace-building efforts. These are seen as potential processes of desecuritisation; indeed, for desecuritisation to occur. The thesis argues that a combination of moves at both the political and societal levels is required. By contrast to securitisation processes which are mainly initiated by political andlor military elites with the moral consent of society (or 'audience' in Copenhagen School terms), processes of desecuritisation, especially in cases of protracted conflicts, go beyond the level of elites to involve society in cultural and structural peace-building programmes. Israeli-Palestinian peace education and water management cases are employed to illustrate this argument.