Interdependence of International Stock Markets, European Government Bond Market and Gold Market

This thesis examines the interdependence of international stock markets (the USA, Europe, Japan, emerging markets, and frontier markets), European government bond market, and gold market during the 21st century. Special focus is on the dynamics of the correlations between the markets, as well as on, spillovers in mean returns and volatility. The mean return spillovers are examined on the basis of the bivariate VAR(1) model, whereas the bivariate BEKK-GARCH(1, 1) model is employed for the analysis of the volatility spillovers. In order to analyze the spillover effects in different market conditions, the full sample period from 2000 to 2013 is divided into the pre-crisis period (2000–2006) and the crisis period (2007–2013). The results indicate an increasing interdependence especially within international stock markets during the periods of financial turbulence, and are thus consistent with the existing literature. Hence, bond and gold markets provide the best diversification benefits for equity investors, particularly during the periods of market turmoil.

India : west coast : Gulf of Cutch to Viziadrig from surveys by the officers of the East India government 1828-1856

Kartta kuuluu A. E. Nordenskiöldin kokoelmaan

India : west coast : Viziadrug to Cochin with the Lacadivh archipelago from surveys by the officers of the East India government 1828-1856

Kartta kuuluu A. E. Nordenskiöldin kokoelmaan

The very worst government that any country ever had. Kirkkovaltio ja paavin asema Britannian parlamenttikeskusteluissa Italian yhdistymisprosessin aikana 1858–1861

Tutkielmassa tarkastellaan Britannian parlamentissa käytyä keskustelua Kirkkovaltiosta ja paavin maallisesta vallasta vuosina 1858–1861. Aihetta tarkastellaan kolmen teeman kautta. Nämä teemat ovat Kirkkovaltion ajassa ja paikassa tapahtunut kontekstualisointi, paavin ja katolilaisten Britannialle aiheuttamasta sisäisestä ja ulkoisesta uhasta käyty keskustelu, sekä Kirkkovaltion liittäminen kansainvälisiin suhteisiin. Britannian ja Kirkkovaltion suhdetta 1800-luvun puolivälissä on käsitelty aikaisemmassa tutkimuksessa vain vähän. Suhtautumisen perusasenteena sekä konservatiiveilla että liberaaleilla on pidetty katolilaisvastaisuutta ja Kirkkovaltion lakkauttamisen ajamista. Tutkielmassa pyritään osoittamaan, että Britannian parlamentin jäsenten suhtautuminen oli kuitenkin moniulotteisempaa ja moniäänisempää, kuin pelkkä tiukka katolilaisvastaisuus. Parlamentin jäsenet pyrkivät kontekstualisoimaan Kirkkovaltiota käyttämällä vertauksia sekä Britanniaan ja Sardinian kuningaskuntaan, että erilaisiin historiallisiin tilanteisiin. Keskusteluun osallistuneilla parlamentin jäsenillä oli myös hyvin laaja skaala erilaisia kontakteja Italiaan ja Roomaan, ja he olivat hyvin perillä paavin maallisesta vallasta käydystä yleiseurooppalaisesta kirjallisesta debatista. Osa parlamentin jäsenistä näki paavin ja katolilaiset sekä sisäisenä että ulkoisena uhkana Britannialle, mikä liittyy vahvasti 1800-luvun puolivälin uhkakuvia täynnä olleeseen näkemykseen. Näkemys uhasta tiivistyi keskusteluun uskollisuudenvalan uudistamisesta vuonna 1858. Tässä keskustelussa esiin nousivat erityisesti ääriprotestanttiset, katolilaisvastaiset parlamentin jäsenet. Osa parlamentin jäsenistä näki paavin itsenäisyyden toisaalta myös hyvänä asiana, ja paavin maallisen vallan lakkauttamista uhkana Britannialle. Viimeisessä käsittelyluvussa tutkitaan suhtautumista Kirkkovaltioon kansainvälisten suhteiden tasolla. Britannialla ei ollut virallisia diplomaattisuhteita Kirkkovaltioon, mutta maan epävirallisista suhteista ja niiden kehittämisestä käytiin parlamentissa keskustelua. Parlamentissa keskusteltiin myös Ranskan ja Itävallan merkityksestä Kirkkovaltiolle, sekä Kirkkovaltion mahdollisista aluemenetyksistä tai jopa valtion lakkauttamisesta. Keskustelua käytiin myös brittien värväämisestä paavin armeijaan ja paavia vastustaneen Garibaldin joukkoihin.

Still the century of government savings banks? The Caixa Econômica Federal

This article explores general concerns about government banking, social inclusion, and democracy through case study of the Brazilian federal government savings bank (Caixa Econômica Federal). Review of government savings banks in Brazilian history suggests that these institutions have been at the center of domestic political economy, expanding and contracting under a variety of political regimes and economic conditions. Since capitalization to meet central bank and Basel Accord guidelines in 2001, the Caixa has attempted to modernize, continue to serve as agent for government policies, and expand both popular credit and savings and investment banking activities.

Key factors in U.S. Government support of business internationalization in Finland Case: U.S. Embassy in Helsinki

This study discusses the importance of government intervention for companies and the expansion of national innovation systems. The purpose of the study is to examine the impact which the U.S. Embassy in Helsinki can have on Finnish businesses through their business support programs and events. The embassy has shifted focus in recent years with the creation of an innovation center and increased business services. The study has sub-objectives to discover the critical factors for producing impact, host and home based factor interaction, and effects produced by these initiatives. The theoretical background of the study consists of literature relating to the concepts of national innovation systems and government intervention. The empirical research conduct for this study is based on interviews with experts from the environment surrounding the U.S. Embassy in Helsinki, Finland and participation in embassy events. The data was collected between March 2014 and September 2015. Seven interviews were conducted; five with representatives of the U.S. Embassy and two with related organizations. Thematic analysis was used to categorize and interpret interview and observation data. The use of an impact radar was implemented as a basis for analysis. This study finds that the internationalization of national innovation systems provides interesting opportunities and challenges for national governments. The opportunity to provide services to foreign companies by an embassy in a stable environment opens the possibility to create positive notice and relations with the host country. The increased connections and inputs to the national innovation system of the home country have the potential to increase knowledge absorption and create positive growth. The most effective way for governments to encourage businesses is to create incentives and reduce barriers. The services are best aimed at small to medium sized companies in the early stages of development. The findings of this report suggest that the most critical factors for producing impact on companies are the ability to disseminate information effectively, the ability to create a positive image of the country, the ability to foster effective networks between the two countries, and the ability to facilitate the internationalization of companies. In the best cases, the embassy is able to create incentives to internationalize to the United States and reduce barriers which are encountered by companies. Future research is necessary to fully understand the impact of business services provided by an embassy can have on the political and economic relations of countries, and on particular industry sectors. The institutional setting provided by the embassy’s focus on business relations provides a rich environment for further study in a number of areas.

Minsky on "Big Government"

This paper objective is to assess, in light of the main works of Minsky, his view and analysis of what he called the "Big Government" as that huge institution which, in parallels with the "Big Bank" was capable of ensuring stability in the capitalist system and regulate its inherently unstable financial system in mid-20th century. In this work, we analyze how Minsky proposes an active role for the government in a complex economic system flawed by financial instability.

Profits and votes: Entrepreneurs and the government in Brazilian housing policy

ABSTRACTAfter more than twenty years of low housing construction output, the housing policy recovered its momentum in the country with the ascent of the Partido dos Trabalhadores (Workers' Party, PT) to the seat of the federal government. This article demonstrates - through the analysis of documents, interviews and research conducted with businessmen - that the impetus of such a state policy is a part of the PT electoral strategy, which is based on economic growth and the expansion of social programs. The research analyses the dovetailing of interests between the Lula (the Brazilian President from 2003 to 2010) administration and the civil construction business - the latter concerned with expanding its business, and the former with increasing the supply of jobs and the level of economic activity. This process culminated in the launching of the largest social housing program to be implemented in the country. Minha Casa, Minha Vida (My House, My Life), is a project in whose planning building companies played a key role, performing feasibility studies and carrying out social housing projects.

A year after Crimea: continuity and change of Finnish-Russian relations reflected in the views of the government officials of Finland and Russia

This thesis discusses the dynamism of bilateral relations between Finland and Russia and their interconnection with wider EU-Russia relations in the sight of the recent conflict in Ukraine. In particular, incorporation of Crimea in the territory of Russia in March 2014 is believed to have triggered a series of disputes between the European Union and Russia and thus, have impacted the course of the bilateral Finnish-Russian relations. The study leans on a premise that there are some historical traditions and regularities in the Finnish foreign policy course towards Russia which make the bilateral Finnish-Russian relations special. These traditions are distinguished and described in the book “Russia Forever? Towards Pragmatism in Finnish/Russian relations” (2008) edited by H. Rytövuori-Apunen. Assuming that the featured traditions take place in modern relations between Finland and Russia, the aim of the thesis is to find out how these traditions reappear during the year shaped by the events in Ukraine. In order to do that, author follows the timeline of happenings around the Ukraine crisis starting with Crimea’s referendum on independence, and exams the way these events were commented on and evaluated by the key government officials and political institutions of Finland and Russia. The main focus is given to the Finnish official discourse on Russia during the study period. The data collection, consisting of mostly primary sources (ministerial press releases and comments, statements, speeches and blog posts of individual policy makers) is processed using the thematic analysis supported by the content analysis. The study reveals that the consequences of the Ukraine crisis have brought, among others, complications to the economic cooperation between Finland and Russia, and have stimulated the increased attention of the Finnish decision makers to the country’s security questions. As a result, the character and importance of some historical regularities of the Finnish foreign policies on Russia, like the Continental Dilemma, have taken new shape.