This dissertation analyses the restructuring of the state and financialisation in Turkey in the post-1980 period with specific emphasis on public debt management. Turkey provides a model case of state pioneering financial deepening and intervening into the market for the socialisation of the losses of the financial sector. The dissertation argues that despite the increasing public debt ratio through 1980s and 1990s, the aim of financial deepening was persistent. The state contributed to the financialisation in the 1990s through the dominance of public securities with high yields in the market. The Treasury was a nodal point not only in the restructuring of the banking sector in the aftermath of 2001 crisis but also the insulation of economic management from political intervention. Its success is tightly related to financial markets and its restructuring presents a case of identification of public interest with the interest of financial sector. The literature on financialisation should be extended to cover the neoliberal transformation in countries labelled as &ldquo / emerging markets&rdquo / . The restructuring of the state in neoliberal era can be defined as financialisation of the state from a broader perspective. It contributed to financialisation by making the state rely on financial markets in an increasing number of policy fields.

Tidigare forskning visar på att ett större antal börsintroduktioner sker under högkonjunkturer än vid lågkonjunkturer. Denna uppsats studerar fenomenet på de två största marknadsplatserna för börshandel i Sverige: First North och Stockholmsbörsen. Under högkonjunkturen 2014-2016 har listorna haft ett rekordhögt antal introduktioner trots att konjunkturläget tidigare varit högre. Uppsatsen inriktar sig dels på detta särskilda marknadsläge men jämför även bolag som noterats under låg- respektive högkonjunkturer mellan åren 2007-2016. Genom användandet av prospekt, delårs- samt årsrapporter har de nyintroducerade bolagens finansiella nyckeltal kunnat tas fram för att sedan undersöka om dessa tal kan kopplas till olika konjunkturlägen. Studien riktar sig främst till investerare, som genom uppsatsen får ta del av värderingar av nyintroduktioner. Detta är något som idag är av stort intresse eftersom aktiemarknaden blivit alltmer populär. Genom att värdera introduktionsbolagen och deras kvalité ges även en indirekt bedömning av introduktionsmarknadens riskläge. Detta kan vara användbart för investerare och kan förenkla bedömandet av riskläget samt investeringsmöjligheterna förknippade med marknaden för nyintroducerade bolag. Resultatet i denna studie visar på att nyckeltalen EV/EBITDA och RE har den största kopplingen till rådande konjunkturläge. De övriga nyckeltalen P/S, RT, rörelsemarginal och soliditet bedöms inte ha en lika tydlig koppling till rådande konjunkturläge. Vad gäller 2016 års nyckeltal går det enbart att se särskilda skillnader för P/S-talet, som visar ett mycket högre värde jämfört med resterande år. Således anses inte några särskilda skillnader hos de nyintroducerade bolagens finansiella nyckeltal enskilt utgöra den avgörande förklaringen till de senaste årens höga antal börsnoteringar. Resultatet indikerar att även andra faktorer som dagens låga räntor samt introduktionsbolagens begränsade belåningsmöjligheter påverkar antalet introduktioner. / Previous studies shows that a larger number of IPO:s take place during periods of economic expansion compared to periods of economic recession. This paper focuses on studying this phenomena on the two largest marketplaces for stock trading in Sweden: First North and Nasdaq Stockholm. During the economic expansion 2014-2016 the two marketplaces had a record number of IPO:s even though the Swedish economy historically has been better. This paper investigates this market abnormality but also compares IPO:s throughout both economic recessions as well as expansions throughout the years 2007-2016. With the help of prospectuses, interim and annual reports the IPO companies financial key figures have been calculated and then investigated for potential connections to the state of the economy. The study is mostly directed at investors, who through the results of this paper can gain information about the valuation of IPO:s. This is something that currently is of large interest because of the stock markets increasingly popularity. By evaluating the IPO companies and their quality, an indirect valuation of the risk associated with the introduction market is also presented. This can also be useful for investors and can ease the valuation of the current risk as well as the current investment possibilities that are associated with the market for IPO companies. The result in this study shows that the key figures EV/EBITDA and RE have the greatest connection to the state of the economy. The other key figures P/S, RT, operating margin and equity ratio did not have a clear connection to the state of the economy. The only key figure with major differences exclusively associated with the IPO companies of 2016 was shown to be P/S, which had a substantially higher value compared to the rest of the years. It is therefore concluded that the last years high quantity of IPO:s cannot exclusively be explained by significant differences in the financial key figures of IPO companies. The result indicates that other factors such as the low market interest rates and the IPO companies limited opportunities of borrowing affects the number of IPO:s.

What causes post-conflict violence to occur in some places emerging from extended violent conflict and not in others? Why does episodic post-conflict violence take different forms? And what causes episodic violence to escalate into larger renewed extended violence? This thesis contributes towards answers to these questions by examining the experience of Indonesia. Six provinces saw civil war or large-scale inter-communal unrest around the turn of the century. In each, war ended. Yet levels and forms of post-conflict violence vary significantly between areas. The Indonesian cases are used to build a theory of the sources of spatial and temporal variance in post-conflict violence. Multiple methods are employed. A new dataset, containing over 158,000 coded incidents, maps patterns of extended and post-conflict violence. Six districts in three provinces are then studied in depth. Comparative analysis of districts and provinces—drawing on over 300 field interviews—identifies the determinants of variations in post-conflict violence levels and forms. Adopting a political economy approach, the thesis develops a novel actor-based theory of post-conflict violence. Violence is not the result of failed elite bargains, dysfunctional inter-group relations, enduring grievances, or weak states. Instead, it flows from the incentives that three sets of actors—local elites, local violence specialists, and national elites—have to use violence for accumulation. Violence is used when it is beneficial, non-costly, and when other opportunities for getting ahead do not exist. How post-conflict resources are deployed, the degree to which those who use violence face sanctions, and the availability of peaceful means to achieve goals shape incentives and hence patterns of violence. Where only violence specialists support violence, post-conflict violence will take small-scale forms. Where local elites also support violence, escalation to frequent large episodic violence occurs. Extended violence only occurs where national elites also have reason to use violence for purposes of accumulation.

Made available in DSpace on 2016-04-26T14:54:05Z (GMT). No. of bitstreams: 1 Fernando Antunes Salgado.pdf: 1452490 bytes, checksum: 3b5805f9790f1bd49fd55184137fe116 (MD5) Previous issue date: 2013-05-15 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The purpose of this paper is to analyze how the federal government, under both the Fernando Henrique Cardoso and the Luiz Inácio Lula da Silva administrations, understood the role of the State in the economy, considering their respective policies concerning the BNDES (the Brazilian national development bank). Our aim is to research at a macroeconomic level the correlations between those policies during both administrations, to find out how different or similar they were and to assess the economic impacts thereof in Brazil s modern society. In the first chapter we shall approach the debated between those who defended a more liberal economy and those who appeared under the flag of the National Developmentalism (who favored deeper state intervention), in order to understand how those two currents influenced both parties, Fernando Henrique s PSBD (social democracy) and Lula s PT (labor). We shall analyze both parties platforms, respectively from the 1994 and the 2002 campaigns, as well as the general economic and political landscape during both administrations. In the second chapter, we shall break down the pro-market tenets held by the liberals and examine the privatization of state-owned enterprises during the Fernando Henrique s administration. In the third chapter, we shall focus on the supporters of the National Developmentalism and their reformed policies toward a state-led economy during Lula s second term (2007-2010), and especially during the financial crisis of 2008, considering how those policies were reflected in the role of BNDES. We consider that from such a correlation one may arrive at interesting conclusions as to the continuation or interruption of economic policies during both administrations / Este trabalho tem como objetivo analisar a visão do papel do Estado na economia nos governos dos presidentes Fernando Henrique Cardoso (1995/2000), do PSDB, e Luiz Inácio Lula da Silva (2003/2010), do PT, sob a ótica da utilização do BNDES por esses governos como ferramenta para execução de suas políticas econômicas. A partir daí, buscaremos fazer uma correlação em âmbito mais macroeconômico para verificar se houve uma continuidade ou mudança entre os mandatos dos dois partidos adversários e os possíveis impactos sobre o Brasil contemporâneo. Para isso, no primeiro capítulo estabeleceremos um debate entre os defensores da abertura econômica, de um lado, e do intervencionismo estatal, via Nacional-Desenvolvimentismo, de outro lado, a fim de compreender as duas correntes que polarizaram o debate econômico recente e influenciaram os dois partidos. Ainda no primeiro capítulo, analisaremos os programas econômicos das duas legendas, entre 1994 e 2002, e o cenário político-econômico dos governos tucano e petista. No segundo capítulo, o objetivo é fazer um recorte da corrente pró-abertura econômica e privatizações e analisar o processo de desestatização no Brasil na década de 1990, tendo o BNDES à frente, especialmente no governo Fernando Henrique. No terceiro capítulo, o foco se dará sobre a corrente desenvolvimentista e a retomada do papel pró-ativo do Estado no segundo mandato do presidente Lula, principalmente a partir da crise financeira de 2008, utilizando-se do BNDES para isso. Avaliamos que desta comparação é possível obter reflexões a respeito da manutenção ou inversão de políticas econômicas entre os dois governos

This dissertation examines how a group of street vendors in Yogyakarta City, Indonesia, experienced a government-organized relocation from Mangkubumi Street to a newly renovated marketplace. In particular, I explore the strategies taken by the leaders of a street vendor organization called Pethikbumi to refuse the relocation and claim their right to the street. Contestations over streets, street vending and street vendor relocations constitute important moments during which citizenship, democracy and belonging are negotiated in the city. I argue that the conflict over belonging and democracy took the form of a social drama and was shaped and structured by specific moral appeals, public performances, and processes of imitation (cf. Turner 1974). The study begins with an exploration of the history of street vending and the pedagang kaki lima (street vendor) in Indonesia. I outline how the pedagang kaki lima were viewed as “dirty”, a simplified code for the transgression of social, spatial and legal boundaries. I move on to explore the way the street vendors of Pethikbumi drew on ideas of “the people” (rakyat), democracy and transparency in claiming their rights. I analyze the ways that Pethikbumi drew on important moments in Indonesia’s past and present, situating this relocation conflict as significant and as part of “history”. The relocation was also rooted in an epistemology of “skepticism” derived from an awareness of the ambiguity and tension between appearances and realities (cf. Anderson 1990). Pethikbumi engaged in tactics to both reveal and conceal the “unseen powers” that were imagined as working behind the scenes to generate conflict. The conflict over the relocation to a marketplace was not only a fight over who had access to the street but also a struggle over what constitutes democracy, how to achieve transparency, and who belongs in post-Suharto Indonesia.

This dissertation thesis deals with the notion of "vekslactvi" in socialist Czechoslovakia and with a social group called "vekslaci", which orchestrated illicit trade with foreign currencies, the so called tuzex vouchers, and smuggled consumer goods. The analysis lays emphasis on the daily operations of the "veksláci" and also on the commodities which they traded. From this perspective, "vekslaci" could be treated as a driving force within the Czechoslovak black market. In addition to the basic principles of "veksl", the chapter also presents a certain typology of traffickers and mutual hierarchical links within this specific community. The lifestyle of the "vekslák subculture" is also a subject of historical reconstruction as the thesis seeks to place "veksláci" in the context of the Czechoslovak society before 1989. The thesis also deals with the social and economic circumstances that enabled the birth of a peculiar social group of "vekslaci". Among others, it focuses on the role of the Tuzex hard currency shops, which was introduced in order to sell (mostly imported) consumer goods in exchange for foreign currencies or special vouchers. Attitude of the Czechoslovak state regarding the issue of "veksláctví" is also a subject of analysis. The research focuses on legislation, which gradually...

Made available in DSpace on 2016-04-26T20:20:09Z (GMT). No. of bitstreams: 1 Carlos Fernando Lopes Abelha.pdf: 21298516 bytes, checksum: 0731445f09438e2ab7221821eac8ae3c (MD5) Previous issue date: 2011-06-06 / This essay addresses issues such as socio-economic system adopted by the Republican Constitution of 1988; free enterprise as a fundamental right, seen by the matrix of the economic order, and the privatization process of the Federal Government as a strategy to reform the state, to serve as a basis to elucidate, within a factual context, the negative consequences to public rail transport, transferred to private enterprise in 1998, according to the National Privatization Program of the Federal Government, caused by abuse of the exercise of free enterprise and the inefficient management of public and private agents. It was found that the process of privatization of this service, previously performed by the Federal Railway - RFFSA occurred in studies of the National Bank of Economic and Social Development, which showed high public deficit and other causes that justified its transfer to the private enterprise. Through bibliographies literature researches, and extensive official documentation produced by public servants of the Federal Railway Police, the National Department of Transport Infrastructure in the National Agency for Land Transport, and other federal agencies, numerous surveys on spots made along the Paulista Railway Network in the years 2008/2009, demonstrating the damage caused to all rail transport system and public coffers, pointing out its causes and actions to solve them. The survey s results conducted on locations that have left traces (patios, garages, railway stations and substations) have been duly listed, following the investigation project and, submitted to engineering experts, computing and accounting examination, the results were analyzed and compared with the legal system and with the goals proposed by the privatization and concession of public service in question. It demonstrates the practice of illegal conduct by public and private agents involved in the supervision and implementation of this public service, intentional noncompliance of the terms of that contract, breach of criminal law and the Law of Concessions and Permits, whose consequences are highly detrimental to Public Service and National Treasury. At the conclusion of this paper it presents the main actions to be taken to solve the problems and to blame the culprit in order to improve the public service / Esta dissertação aborda temas como o sistema socioeconômico adotada pela Constituição Republicana de 1988; a livre iniciativa como direito fundamental, vista sob a matriz da ordem econômica, e o processo de desestatização do Governo Federal, como estratégia de reforma do Estado, para servir como base para demonstrar, dentro de um contexto fático, os reflexos negativos ao serviço público de transporte ferroviário, transferido a iniciativa privada no ano de 1998, seguindo o Programa Nacional de Desestatização do Governo Federal, causados pelo abuso no exercício da livre iniciativa e pela gestão ineficiente dos agentes públicos e privados. Verificou-se que o processo de desestatização desse serviço, antes executado pela Rede Ferroviária Federal RFFSA, ocorreu por estudos do Banco Nacional de Desenvolvimento Econômico e Social, que apontou déficit público elevado e outras causas que justificavam a sua transferência para a iniciativa privada. Buscou-se através de pesquisas bibliográficas, e em vasta documentação oficial, produzidas por servidores públicos da Polícia Ferroviária Federal, Departamento Nacional de Infra-Estrutura nos Transportes, Agência Nacional de Transportes Terrestres, e outros órgãos federais, além de inúmeros levantamentos in loco, realizados ao longo da Malha Paulista da Rede Ferroviária nos anos de 2008/2009, demonstrar os danos causados a todo sistema de transporte ferroviário e aos cofres públicos, apontar suas causas e medidas necessárias para saná-las. Os resultados dos levantamentos feitos nos locais que deixaram vestígios (pátios, oficinas, estações e subestações ferroviárias) foram devidamente catalogados, seguindo o projeto de investigação, assim como, submetidos a exame pericial de engenharia, informática e contabilidade, cujos resultados foram analisados e confrontados com o ordenamento jurídico e com os objetivos propostos na desestatização e no contrato de concessão do serviço público em questão. Ficou demonstrado a prática de condutas ilegais por parte dos agentes públicos e privados envolvidos na fiscalização e execução deste serviço público, com descumprimento intencional das cláusulas do referido contrato, violação da legislação criminal e da Lei de Concessões e Permissões, cujos reflexos são altamente prejudiciais ao serviço público e ao Tesouro Nacional. Na conclusão deste trabalho são apontadas as principais medidas que deverão ser adotadas para sanar os problemas e responsabilizar os culpados, visando a melhoria do serviço público

Submitted by Sarah Morganna Matos Marinho (sarah.momm@gmail.com) on 2015-04-30T14:02:36Z No. of bitstreams: 1 Marinho, Sarah. Como são os laços do capitalismo brasileiro?.pdf: 5894212 bytes, checksum: b21e82cd1bbbfcf9fd6fec3cafe9196f (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2015-04-30T18:42:44Z (GMT) No. of bitstreams: 1 Marinho, Sarah. Como são os laços do capitalismo brasileiro?.pdf: 5894212 bytes, checksum: b21e82cd1bbbfcf9fd6fec3cafe9196f (MD5) / Made available in DSpace on 2015-05-04T12:38:06Z (GMT). No. of bitstreams: 1 Marinho, Sarah. Como são os laços do capitalismo brasileiro?.pdf: 5894212 bytes, checksum: b21e82cd1bbbfcf9fd6fec3cafe9196f (MD5) Previous issue date: 2015-04-01 / O BNDES tem o objetivo de financiar empreendimentos que se relacionem com o desenvolvimento do país, sendo uma de suas modalidades o investimento por subscrição de ações. De um lado, tem-se que as regras elaboradas na estruturação societária de uma empresa podem variar de acordo com a origem do financiamento obtido, em função dos interesses que os diferentes investidores procuram proteger a partir da separação entre a sua propriedade e o controle. Por outro lado, o cenário econômico brasileiro passou por mudanças profundas nos últimos 60 anos, já que o modelo de industrialização baseado no dirigismo estatal – que marcou as décadas de 1950 a 1980 – transformou-se com o movimento de desestatização dos anos 1990. O Estado não se afastou da propriedade empresarial, mas atua agora principalmente como acionista minoritário. Hoje, paira dúvida acerca, em primeiro lugar, das reais motivações que levam determinadas empresas a receber participação do Sistema BNDES. Além disso, há pouca compreensão sobre os veículos jurídicos que viabilizam essas relações público-privadas. A partir de algumas pesquisas sobre o banco, conclui-se que a atuação da sua subsidiária de participações, a BNDESPAR, não ultrapassa objetivos de maximização de valor dos seus ativos. Não se descartou, no entanto, que a função do banco de desenvolvimento – incluindo a do seu braço de renda variável – fosse implementar políticas industriais, por mais que falhas pudessem vir a ocorrer nesse intento, reconhecido como um processo experimental. Assim, revelou-se quais interesses as regras de governança corporativa das companhias abertas financiadas pela BNDESPAR por participação acomodam para a subsidiária, elucidando-se importantes características do modelo contemporâneo de atuação empresarial do Estado e lançando-se luz sobre os objetivos que o levam a investir diretamente como acionista no cenário atual. No caso da BNDESPAR, trata-se de agente em busca de equilíbrio entre a maximização de retornos e a política industrial. De uma maneira mais geral, o BNDES procura ser auto-sustentável – como pré-requisito para existir e cumprir sua missão –, tratando sua subsidiária como a principal personagem desse objetivo dentro do Sistema. A BNDESPAR, por sua vez, acabou por se tornar executora de política voltada a apoiar a negociação das companhias brasileiras no mercado de capitais – atividade emanada da sua própria burocracia. / BNDES has the objective of financing projects related to Brazil’s development and equity purchases are one of its types of investment. On one hand, rules drawn up in a company’s corporate governance structure can vary according to the capital’s origin, since different interests that different investors seek to protect emerge from the separation of their property from the corporate control. On the other hand, Brazilian economic scenario went trough deep changes over the last 60 years, considering that the industrialization model based on State intervention, mainstream between the 1950s and the 1980s, was transformed by the privatization movement in the 1990s. This change, however, did not eliminate the State in corporate property: now it only acts more commonly as a minority shareholder. The present time is marked by doubt over the real motivation that leads some companies to receive equity investments by the BNDES System. Besides that, there is a lack of comprehension on the contractual vehicles that structure these public-private relations. Some researches concerning the bank indicate that its subsidiary investments would not undermine the objective for profit maximization. We have not ignored, however, that the development bank function – including its equity arm – might be executing industrial policies, even though failures are likely to occur during this effort, understood here as an experimental process. Thus, the research has revealed which BNDESPAR’s interests are protected through the corporate governance rules of the public traded companies invested, also revealing important features of the contemporary model of the State as an entrepreneur and clarifying some objectives that could lead the institution to purchase equity participations nowadays. BNDESPAR is an agent motivated by a balance pursuit between profit maximization and industrial policy purposes. Broadly speaking, BNDES seeks self-financial sustainability in order to continue and accomplish its mission, seeing its equity arm as the main executor of this objective inside its System. In this search for sustainability, BNDESPAR became executor of a policy effort for stock markets negotiation raised up among its own bureaucracy activities.

Submitted by Paula Junqueira (paulamslima@gmail.com) on 2018-01-09T14:59:00Z No. of bitstreams: 1 Dissertação_Paula_Lima_Junqueira (1).pdf: 779370 bytes, checksum: 0c3f9f02666d55b4b4099a469baf9d29 (MD5) / Approved for entry into archive by Diego Andrade (diego.andrade@fgv.br) on 2018-01-12T12:10:29Z (GMT) No. of bitstreams: 1 Dissertação_Paula_Lima_Junqueira (1).pdf: 779370 bytes, checksum: 0c3f9f02666d55b4b4099a469baf9d29 (MD5) / Made available in DSpace on 2018-01-16T11:28:22Z (GMT). No. of bitstreams: 1 Dissertação_Paula_Lima_Junqueira (1).pdf: 779370 bytes, checksum: 0c3f9f02666d55b4b4099a469baf9d29 (MD5) Previous issue date: 2017-12-18 / The essay is about Regulatory Law, specifically Tax Law, with important support from AdministrativeLaw. The objetive of the research is to answer to the question of which foundation of legitimacy thedecisions to intervene in the economy with taxes must own to be considered valids. The method ofresearch is bibliographic search with the intention to ground the theoretical conflict presented. Thestudy is initiated with Administrative Law to determine how the State can take decision in adetachment mode. In the second chapter, themes from Tax Law are explored to define how taxes canbe used to intervene in the economy and to induce behaviors and its requirements. The third chapter isdedicated to effectively answer the principal question of research by revealing the grounds thatdecisions of indirect intervention in the economy must have. In conclusion, the essay understands thatthe decision of using inductive taxation to intervene in the economy must be based fundamentally inprinciples, which is the nature of the rights and guarantees predicted in the Federal BrazilianConstitution of 1988. / Trata-se de trabalho relativo ao Direito da Regulação com foco em Direito Tributário e suporte relevante de noções de Direito Administrativo. O objetivo da pesquisa é responder a qual fundamento de legitimidade as decisões de intervir na economia com uso da tributação devem portar para serem consideradas válidas. O método de pesquisa utilizado foi a pesquisa bibliográfica com a intenção de fundamentar o embate teórico apresentado. O trabalho é iniciado com estudo do Direito Administrativo no que tange às decisões discricionárias e à correta identificação e aplicação dos princípios. No segundo capítulo, trata-se de temas atinentes ao Direito Tributário para definição de como tributos podem ser utilizados para intervenção na economia e para induzir comportamentos e quais requisitos devem obrigatoriamente ser observados. O terceiro capítulo se dedica à efetivamente responder à pergunta de pesquisa ao explorar quais bases que a decisão de intervir na economia de forma indireta deve portar. Por fim, em conclusão, a presente dissertação entende que a decisão de utilizar tributos indutores de comportamento para intervenção na economia deve se basear fundamentalmente nos princípios, natureza dos direitos e garantias fundamentais previstos da Constituição Federal de 1988.

This thesis argues that King Leopold II, in his exploitation of the Congo, dealt the Congo a future of political, ethnic, and economic destabilization. At one time consisting of unified and advanced kingdoms, the Congo turned to one completely beleaguered by poverty and political oppression. Leopold acquired the Congo through unethical means and thus took the people's chances away at self-rule. He provided for no education or vocational training, which would stunt future Congolese leaders from making sound economic and political policies. Leopold also exploited the Congo with the help of concession companies, both of which used forced labor to extract valuable resources. Millions of Congolese died and the Congo itself became indebted through Belgian loans that were given with no assurance they could ever truly be paid back due to the crippled economy of the Congo. With the Congo now in crippling debt, the current president, Joseph Kabila, has little incentive to invest in reforms or public infrastructure, which stunts economic growth.1 For over a century the Congo has been ruled by exploitative and authoritarian regimes due to Leopold's initial acquisition. The colonization from Leopold lasted from 1885-1908, and then he sold it to his home country of Belgium who ruled the Congo from 1908 to 1960. Belgium helped prop up a dictator named Joseph Mobutu or Mobutu Sese Seko who ruled from 1965 to 1997. Afterwards he was overthrown by the Kabila family who has continued the exploitative rule and has made no significant efforts at democratization or reforms. Thus the ethnic conflicts, political oppression and economic woes that the Congo is facing today are inevitably linked to its Leopoldian past.