International Capital Flows and Monetary Policy Spillovers

This dissertation examines the drivers and implications of international capital flows. The overarching motivation is the observation that countries not at the centre of global financial markets are subject to considerable spillovers from centre countries, notably from their monetary policy. I present new empirical evidence on the determinants of the observed patterns of international capital flows and monetary policy spillovers, and study their effect on both financial markets and the real economy. In Chapter 2 I provide evidence on the determinants of a puzzling negative correlation observed between productivity growth and net capital inflows to developing and emerging market economies (EMEs) since 1980. By disaggregating net capital inflows into their gross components, I show that this negative correlation is explained by capital outflows related to purchases of very liquid assets from the fastest growing countries. My results suggest a desire for international portfolio diversification in liquid assets by fast growing countries is driving much of the original puzzle. In the reminder of my dissertation I pivot to study the foreign characteristics that drive international capital flows and monetary policy spillovers, with a particular focus on the role of unconventional monetary policy in the United States (U.S.). In Chapter 3 I show that a significant portion of the heterogeneity in EMEs' asset price adjustment following the quantitative easing operations by the Federal Reserve (the Fed) during 2008-2014 can be explained by the degree of bilateral capital market frictions between these countries and the U.S. This is true even after accounting for capital controls, exchange rate regimes, and domestic monetary policies. Chapter 4, co-authored with Michal Ksawery Popiel, studies unconventional monetary policy in a small open economy, looking specifically at the case of Canada since the global financial crisis. We quantify the effect Canadian unconventional monetary policy shocks had on the real economy, while carefully controlling for and quantifying spillovers from U.S. unconventional monetary policy. Our results indicate that the Bank of Canada's unconventional monetary policy increased Canadian output significantly from 2009-2010, but that spillovers from the Fed's policy were even more important for increasing Canadian output after 2008.

Review of virtual power plant applications for the power system management and V2G market development

Utilization of renewable energy sources and energy storage systems is increasing with fostering new policies on energy industries. However, the increase of distributed generation hinders the reliability of power systems. In order to stabilize them, a virtual power plant emerges as a novel power grid management system. The VPP has a role to make a participation of different distributed energy resources and energy storage systems. This paper defines core technology of the VPP which are demand response and ancillary service concerning about Korea, America and Europe cases. It also suggests application solutions of the VPP to V2G market for restructuring national power industries in Korea.

Geophysics: Principles, applications and emerging technologies

This book presents research in the field of Geophysics, particularly referring to principles, applications and emerging technologies. Table of Contents: Preface pp. i-xxi Environmental Geophysics: Techniques, advantages and limitations (Pantelis Soupios and Eleni Kokinou, Department of Environmental and Natural Resources Engineering, Technological Educational Institute of Crete, Dynamics of the Ocean Floor, Helmholtz Centre for Ocean Research Kiel, Geomar)pp i-xxi Application of Innovative Geophysical Techniques in Coastal Areas (V. Di Fiore, M. Punzo, D. Tarallo, and G. Cavuoto, Institute for Marine Coastal Environment, National Research Council, Naples)pp. i-xxi Marine Geophysics of the Naples Bay (Southern Tyrrhenian sea, Italy): Principles, Applications and Emerging Technologies (Gemma Aiello and Ennio Marsella, Institute for Marine Coastal Environment, National Research Council, Naples)pp. i-xxi Oceanic Oscillation Phenomena: Relation to Synchronization and Stochastic Resonance (Shinya Shimokawa and Tomonori Matsuura, National Research Institute for Earth Science and Disaster Prevention, Univ. of Toyama)pp. i-xxi Assessment of ocean variability in the Sicily Channel from a numerical three-dimensional model using EOFs decomposition (R. Sorgente, A. Olita, A.F. Drago, A. Ribotti, L. Fazioli, and C. Tedesco, Institute for Marine Coastal Environment, National Research Council, Oristano)pp. i-xxi Monitoring Test of Crack Opening in Volcanic Tuff (Coroglio Cliff. Italy) Using Distributed Optical Fiber Sensor (A. Minardo, A. Coscetta, M. Caccavale, G. Esposito, F. Matano, M. Sacchi, R. Somma, G. Zeni, and L. Zeni, Department of Industrial and Information Eng., Second University of Naples Aversa, Institute for Marine Coastal Environment, National Research Council Naples, National Institute for Geophysics and Volcanology, Osservatorio Vesuviano Naples, Institute for Electromagnetic Sensing of the Environment, National Research Council Naples)pp. i-xxi

Sobre o contágio nos mercados bolsistas internacionais: evidência de nove países

Mestrado em Contabilidade e Análise Financeira

Export and import market-specific characteristics. How they drive the decision to trade and how much

Using a rich firm-level dataset on the Italian manufacturing industry, this paper provides a comprehensive analysis of the role that firms and market characteristics play in shaping firms’ trade activities. We enhance the previous analyses by considering firms’ engagement in international transactions, by focusing on either exports or imports. We show that the determinants of a firm’s export participation and value across countries also drive import behavior. Our research is consistent with the presence of country-specific sunk costs and with a qualitatively similar role of gravity forces and other country attributes on both sides of trading activities. Our evidence, however, militates in favor of a framework where variations in market characteristics have a larger impact on imports than exports.

Rural Non-Farm Sector and Labor Market in Rural Vietnam: Trends and Determinants

This dissertation aims to investigate the Trends and Determinants of the Rural Non-Farm Sector and Labor Market in Rural Vietnam since the global economic crisis occurred in 2007 with the focus on the household's diversification; the involvement of rural individuals in Rural Non-Farm Employment; Rural Labor Market development; and assessment of a specific labor market policy.

Conceptualization of an Electric Compact SUV for the American and Italian Market using the IDeS Method

Electric cars are increasingly popular due to a transition of mobility towards more sustainable forms. From an increasingly green and pollution reduction perspective, there are more and more incentives that encourage customers to invest in electric cars. Using the Industrial Design and Structure (IDeS) research method, this project has the aim to design a new electric compact SUV suitable for all people who live in the city, and for people who move outside urban areas. In order to achieve the goal of developing a new car in the industrial automotive environment, the compact SUV segment was chosen because it is a vehicle very requested by the costumers and it is successful in the market due to its versatility. IDeS is a combination of innovative and advanced systematic approaches used to set up a new industrial project. The IDeS methodology is sequentially composed of Quality Function Deployment (QFD), Benchmarking (BM), Top-Flop analysis (TFA), Stylistic Design Engineering (SDE), Design for X, Prototyping, Testing, Budgeting, and Planning. The work is based on a series of steps and the sequence of these must be meticulously scheduled, imposing deadlines along the work. Starting from an analysis of the market and competitors, the study of the best and worst existing parameters in the competitor’s market is done, arriving at the idea of a better product in terms of numbers and innovation. After identifying the characteristics that the new car should have, the other step is the styling part, with the definition of the style and the design of the machine on a 3D CAD. Finally, it switches to the prototyping and testing phase to see if the product is able to work. Ultimately, intending to place the car on the market, it is essential to estimate the necessary budget for a possible investment in this project.

Hierarchical determinants of capital structure

We analyze the influence of time-, firm-, industry- and country-level determinants of capital structure. First, we apply hierarchical linear modeling in order to assess the relative importance of those levels. We find that time and firm levels explain 78% of firm leverage. Second, we include random intercepts and random coefficients in order to analyze the direct and indirect influences of firm/industry/country characteristics on firm leverage. We document several important indirect influences of variables at industry and country-levels on firm determinants of leverage, as well as several structural differences in the financial behavior between firms of developed and emerging countries. (C) 2010 Elsevier B.V. All rights reserved.

Dimensionamento de uma central de miniprodução fotovoltaica para uma exploração agrícola direcionada à indústria de laticínios

Este documento apresenta o trabalho desenvolvido no âmbito da disciplina de “Dissertação/Projeto/Estágio”, do 2º ano do Mestrado em Energias Sustentáveis. O crescente consumo energético das sociedades desenvolvidas e emergentes, associado ao consequente aumento dos custos de energia e dos danos ambientais resultantes, promove o desenvolvimento de novas formas de produção de energia, as quais têm como prioridade a sua obtenção ao menor custo possível e com reduzidos impactos ambientais. De modo a poupar os recursos naturais e reduzir a emissão com gases de efeito de estufa, é necessária a diminuição do consumo de energia produzida a partir de combustíveis fósseis. Assim, devem ser criadas alternativas para um futuro sustentável, onde as fontes renováveis de energia assumam um papel fundamental. Neste sentido, a produção de energia elétrica, através de sistemas solares fotovoltaicos, surge como uma das soluções. A presente dissertação tem como principal objetivo a realização do dimensionamento de uma central de miniprodução fotovoltaica, com ligação à rede elétrica, em uma exploração agrícola direcionada à indústria de laticínios, e o seu respetivo estudo de viabilidade económica. A exploração agrícola, que serve de objeto de estudo, está localizada na Ilha Graciosa, Açores, sendo a potência máxima a injetar na Rede Elétrica de Serviço Público, pela central de miniprodução, de 10 kW. Para o dimensionamento foi utilizado um software apropriado e reconhecido na área da produção de energia elétrica através de sistemas fotovoltaicos – o PVsyst –, compreendendo as seguintes etapas: a) definição das caraterísticas do local e do projeto; b) seleção dos módulos fotovoltaicos; c) seleção do inversor; d) definição da potência de ligação à rede elétrica da unidade de miniprodução. Posteriormente, foram estudadas diferentes hipóteses de sistemas fotovoltaicos, que se distinguem na opção de estrutura de fixação utilizada: dois sistemas fixos e dois com eixo incorporado. No estudo de viabilidade económica foram realizadas duas análises distintas a cada um dos sistemas fotovoltaicos considerados no dimensionamento, nomeadamente: uma análise em regime remuneratório bonificado e uma análise em regime remuneratório geral. Os resultados obtidos nos indicadores económicos do estudo de viabilidade económica realizado, serviram de apoio à decisão pelo sistema fotovoltaico mais favorável ao investimento. Conclui-se que o sistema fotovoltaico com inclinação adicional é a opção mais vantajosa em ambos os regimes remuneratórios analisados. Comprova-se, assim, que o sistema fotovoltaico com maior valor de produção de energia elétrica anual, que corresponde ao sistema fotovoltaico de dois eixos, não é a opção com maior rentabilidade em termos económicos, isto porque a remuneração proveniente da sua produção excedente não é suficiente para colmatar o valor do investimento mais acentuado de modo a obter indicadores económicos mais favoráveis, que os do sistema fotovoltaico com inclinação adicional. De acordo com o estudo de viabilidade económica efetuado independentemente do sistema fotovoltaico que seja adotado, é recuperado o investimento realizado, sendo a remuneração efetiva superior à que foi exigida. Assim, mesmo tendo em consideração o risco associado, comprova-se que todos os sistemas fotovoltaicos, em qualquer dos regimes remuneratórios, correspondem a investimentos rentáveis.

Impact de la consommation de sel sur la santé: les croyances de la population suisse [Impact of salt intake on health: beliefs of the Swiss population].

Excessive salt intake increases the risk of developing hypertension and cardiovascular disease. Sodium intake remains high both in developed and emerging countries. The Swiss Federal Office of Public Health has ordered a national survey on the salt intake in Switzerland, realized in different centers. This article presents the results of the awareness of the Swiss population concerning the relationship between excessive salt intake and health. This survey reveals a lack of knowledge regarding the association between high salt intake and cardiovascular disease, the sodium content of usual food, and the recommended daily value of sodium intake. Strategies to reduce salt consumption need to be reinforced by collaborations between health authorities and health care professionals.

Challenges for Finnish companies in doing business in Russia

The purpose of this study was to define the key challenges for Finnish companies in doing business in Russia. The study consists of a theoretical and an empirical part and is conducted as a quantitative study. The theoretical framework was build around capital structure, cost of capital and emerging market theories. The findings suggest that the firms in the sample seek growth mainly from emerging markets. These research results also indicate that challenges are visible in emerging market environment. Challenges that companies are facing in Russian market are mainly connected with legislation, communication and language problems. In addition, companies’ profitability has changed during the financial crisis, which has been the main reason for the negative changes in companies’ profitability. Even though the financial crisis has had a strong effect on the worldwide economy, the firms in the sample are not postponing their investments to Russia, because of lack of new financing or unfavorable credit terms.

Taxa de câmbio real e crescimento econômico: uma comparação entre economias emergentes e desenvolvidas

Real exchange rate and economic growth: a comparison between emerging and developed economies. This paper presents a discussion on the relationship between economic growth and real exchange rate. The article presents the results generated by a dynamic panel that tested the relationship of economic growth with the level of the exchange rate, exchange rate volatility and the choice of exchange rate regime from 26 countries, 13 emerging and 13 developed. The results suggest that the level of the exchange rate and volatility are relevant for growth. Finally, the paper stresses that there are important differences when comparing developed and emerging economies.

Estructura a Plazo Colombia: Modelo Afín de tres factores

La estimación e interpretación de la estructura a plazo de la tasas de interés es de gran relevancia porque permite realizar pronósticos, es fundamental para la toma de decisiones de política monetaria y fiscal, es esencial en la administración de riesgos y es insumo para la valoración de diferentes activos financieros. Por estas razones, es necesario entender que puede provocar un movimiento en la estructura a plazo. En este trabajo se estiman un modelo afín exponencial de tres factores aplicado a los rendimientos de los títulos en pesos de deuda pública colombianos. Los factores estimados son la tasa corta, la media de largo plazo de la tasa corta y la volatilidad de la tasa corta. La estimación se realiza para el periodo enero 2010 a mayo de 2015 y se realiza un análisis de correlaciones entre los tres factores. Posterior a esto, con los factores estimados se realiza una regresión para identificar la importancia que tiene cada uno de estos en el comportamiento de las tasas de los títulos de deuda pública colombiana para diferentes plazos al vencimiento. Finalmente, se estima la estructura a plazo de las tasas de interés para Colombia y se identifica la relación de los factores estimados con los encontrados por Litterman y Scheinkman [1991] correspondientes al nivel, pendiente y curvatura.