Between system maker and privileges taker: the role of China in the Greater Mekong Sub-region

Utilizing China's leadership projects in the Great Mekong Sub-Region (GMS) as a case study, this paper aims to investigate whether China qualifies as an international leader. This work argues that its geographic position and economic rise allow China to be a "system maker and privilege taker," which is a dual role forming in economic-political relations in the GMS in the last ten years. China is among major driving forces to set up an economic zone in GMS. Growing Chinese regional power is intimately related to the creation of various hubs connecting regional transportation, communication and energy systems that foster the economic development of this region. However, China also proves dark sides of rising powers which take advantage of their privileges to gain benefits. As a "system maker" with its own position and capability, China has notably benefited from building hydropower systems. More importantly, while China is pursuing its benefits and privileges, its hydropower projects have caused some negative effects for the ecosystem in the region. The inflation of dam constructions in both China and GMS countries is raising concerns about using natural resources of the Mekong River. Our concluding part addresses the pressing need to start a serious discussion on the balance between national interests and regional solidarity within the formulation of Chinese foreign policy in GMS.

Effects and determinants of household debt in Portugal

As the amount of debt has gradually increased, particularly in recent years, Portugal is currently one of the European countries exhibiting one of the highest levels of overall indebtedness, including in both sovereign and private sectors. Indeed, this condition is the outcome of increasing levels of debt assumed not only by the government, but also by companies and families, being the later mostly due to mortgage loans and due charges. This paper focuses on the study of borrowing by Portuguese households. The research has been made in respect to the notion of debt, the consequences of recent developments in debt, among other factors. In order to analyse the factors that are most associated with debt, a study was developed using two multiple regression models, one using a longer time series and another shorter, evaluating the effect of several variables, such as consumption, savings, unemployment, inflation and interest rates, in order to check whether they could be associated with a higher level of debt.

The Sticky Information Macro Model: Beyond Perfect Foresight

Sticky information monetary models have been used in the macroeconomic literature to explain some of the observed features regarding inflation dynamics. In this paper, we explore the consequences of relaxing the rational expectations assumption usually taken in this type of model; in particular, by considering expectations formed through adaptive learning, it is possible to arrive to results other than the trivial convergence to a fixed point long-term equilibrium. The results involve the possibility of endogenous cyclical motion (periodic and a-periodic), which emerges essentially in scenarios of hyperinflation. In low inflation settings, the introduction of learning implies a less severe impact of monetary shocks that, nevertheless, tend to last for additional time periods relative to the pure perfect foresight setup.

Self-interacting scalar field cosmologies: unified exact solutions and symmetries

We investigate a mechanism that generates exact solutions of scalar field cosmologies in a unified way. The procedure investigated here permits to recover almost all known solutions, and allows one to derive new solutions as well. In particular, we derive and discuss one novel solution defined in terms of the Lambert function. The solutions are organised in a classification which depends on the choice of a generating function which we have denoted by x(phi) that reflects the underlying thermodynamics of the model. We also analyse and discuss the existence of form-invariance dualities between solutions. A general way of defining the latter in an appropriate fashion for scalar fields is put forward.

Stabilization constraints from different-average public debt levels in a Monetary Union with country-size asymmetry

In the sequence of the recent financial and economic crisis, the recent public debt accumulation is expected to hamper considerably business cycle stabilization, by enlarging the budgetary consequences of the shocks. This paper analyses how the average level of public debt in a monetary union shapes optimal discretionary fiscal and monetary stabilization policies and affects stabilization welfare. We use a two-country micro-founded New-Keynesian model, where a benevolent central bank and the fiscal authorities play discretionary policy games under different union-average debt-constrained scenarios. We find that high debt levels shift monetary policy assignment from inflation to debt stabilization, making cooperation welfare superior to noncooperation. Moreover, when average debt is too high, welfare moves directly (inversely) with debt-to-output ratios for the union and the large country (small country) under cooperation. However, under non-cooperation, higher average debt levels benefit only the large country.

O impacto da entrada das agências de rating nos países emergentes: estudo comparativo Brasil/Angola

Mestrado em Contabilidade e Gestão das Instituições Financeiras

Determinantes do rating soberano

Dissertação de Mestrado, Ciências Económicas e Empresariais, 28 de Maio de 2015, Universidade dos Açores.

Estrutura de capital e a rendibilidade das 100 maiores empresas dos Açores

Dissertação de Mestrado, Ciências Económicas e Empresariais, 8 de Janeiro de 2015, Universidade dos Açores.

Factors associated to quality of life in active elderly

OBJECTIVE: To analyze whether quality of life in active, healthy elderly individuals is influenced by functional status and sociodemographic characteristics, as well as psychological parameters. METHODS: Study conducted in a sample of 120 active elderly subjects recruited from two open universities of the third age in the cities of São Paulo and São José dos Campos (Southeastern Brazil) between May 2005 and April 2006. Quality of life was measured using the abbreviated Brazilian version of the World Health Organization Quality of Live (WHOQOL-bref) questionnaire. Sociodemographic, clinical and functional variables were measured through crossculturally validated assessments by the Mini Mental State Examination, Geriatric Depression Scale, Functional Reach, One-Leg Balance Test, Timed Up and Go Test, Six-Minute Walk Test, Human Activity Profile and a complementary questionnaire. Simple descriptive analyses, Pearson's correlation coefficient, Student's t-test for non-related samples, analyses of variance, linear regression analyses and variance inflation factor were performed. The significance level for all statistical tests was set at 0.05. RESULTS: Linear regression analysis showed an independent correlation without colinearity between depressive symptoms measured by the Geriatric Depression Scale and four domains of the WHOQOL-bref. Not having a conjugal life implied greater perception in the social domain; developing leisure activities and having an income over five minimum wages implied greater perception in the environment domain. CONCLUSIONS: Functional status had no influence on the Quality of Life variable in the analysis models in active elderly. In contrast, psychological factors, as assessed by the Geriatric Depression Scale, and sociodemographic characteristics, such as marital status, income and leisure activities, had an impact on quality of life.

Estudo sobre a memória longa na volatilidade dos preços do ouro : uma abordagem com base nos modelos de tipo ARCH

Mestrado em Contabilidade e Análise Financeira

Números Índice – Uma abordagem à problemática dos índices de Preços no Consumidor (IPC), no quadro do Sistema de Informação sobre a inflação – O caso de Cabo Verde

Relatório de estágio apresentado como requisito parcial para obtenção do grau de Mestre em Estatística e Gestão de Informação.

Symmetry and order parameter dynamics of the human odometer

Bipedal gaits have been classified on the basis of the group symmetry of the minimal network of identical differential equations (alias cells) required to model them. Primary bipedal gaits (e.g., walk, run) are characterized by dihedral symmetry, whereas secondary bipedal gaits (e.g., gallop-walk, gallop- run) are characterized by a lower, cyclic symmetry. This fact has been used in tests of human odometry (e.g., Turvey et al. in P Roy Soc Lond B Biol 276:4309–4314, 2009, J Exp Psychol Hum Percept Perform 38:1014–1025, 2012). Results suggest that when distance is measured and reported by gaits from the same symmetry class, primary and secondary gaits are comparable. Switching symmetry classes at report compresses (primary to secondary) or inflates (secondary to primary) measured distance, with the compression and inflation equal in magnitude. The present research (a) extends these findings from overground locomotion to treadmill locomotion and (b) assesses a dynamics of sequentially coupled measure and report phases, with relative velocity as an order parameter, or equilibrium state, and difference in symmetry class as an imperfection parameter, or detuning, of those dynamics. The results suggest that the symmetries and dynamics of distance measurement by the human odometer are the same whether the odometer is in motion relative to a stationary ground or stationary relative to a moving ground.

A internacionalização do setor bancário português

O processo de globalização, na esfera dos mercados financeiros, exigiu às instituições bancárias opções de investimento estratégico na plataforma internacional. O movimento de implantação dos bancos portugueses no estrangeiro acompanhou esse processo, permitindo a oferta de serviços bancários de captação e financiamento nos principais mercados de destino das exportações e emigração. A presente dissertação tem como objetivo o estudo do processo de internacionalização do setor bancário português centrado na seguinte questão geral de investigação: “Quais os fatores determinantes das variáveis que caraterizam a evolução do setor bancário português no exterior?” O desenvolvimento desta questão é conduzido através da construção de um modelo explicativo dos impactos de um conjunto de determinantes, selecionados a partir da revisão de literatura, sobre os indicadores que traduzem a dinâmica do negócio bancário no exterior. Neste contexto, pretendeu-se obter evidência empírica desses efeitos através de uma metodologia que consiste na estimação de modelos de dados em painel, utilizando uma amostra de seis bancos com relevância ao nível de investimento no mercado externo relativos ao período compreendido entre 2004 e 2014. Os resultados empíricos sugerem a existência de relações estatisticamente significativas entre as variáveis consideradas nos modelos. Foram encontrados indícios que associam consistentemente as variáveis emigração, Investimento Direto Estrangeiro, Produto Interno Bruto em Portugal e nos países de acolhimento, ativo bancário e inflação, com a evolução da atividade bancária no exterior. Adicionalmente, os resultados revelam que o desemprego e o rácio do crédito em relação ao ativo são estatisticamente significativos na sua influência sobre o indicador da rendibilidade dos bancos. Conclui-se que a significância dos fatores selecionados permite explicar o comportamento dos indicadores de negócio no exterior para os bancos estudados e, consequentemente, a validade do modelo de análise proposto. No entanto, não se exclui que outros elementos explicativos não ponderados no estudo tenham igualmente preponderância explicativa no processo de internacionalização do setor bancário.

Quantitative easing

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

Does corruption drive the stock market?

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics