O circuito finance-investimento-poupança- funding em economias abertas

The finance-investment-savings-funding circuit in open economies. On monetary economies the Finance-Investment-Savings-Funding circuit (F-I-S-F) prevails. Investment precedes savings. This circuit was worked out for a closed economy. This study seeks to demonstrate that the circuit F-I-S-F also prevails for open economies. A second point studied in this paper relates the relationship between budget deficits and savings restriction for investment. Conclusions highlight that the circuit F-I-S-F prevails for open economies and that budget deficits do not cause savings restriction for investment. In some situations budget déficits transfer the effects of investment for national savings formation from domestic economy to the rest of the world.

Dívida pública, poupança em conta corrente do governo e superávit primário: uma análise de sustentabilidade

On this paper, we propose a change in the primary surplus' target by the government current account saving. That concept excludes public investment from primary surplus. However, of that change has raised a question about if government current account saving represents a sustainable fiscal policy. Thus, this paper analyses if the change in the primary surplus' target by the government current account saving implies a meaning modification on the debt-to-GDP ratio path. The empirical analysis, which is based on Brazilian monthly data for the period 1999-2005, suggests that the change in fiscal target does not mean a lack of sustain-ability.

Déficits gêmeos e poupança nacional: abordagem teórica

A consensus has not yet emerged about the relationship between budget deficit, external deficit and national saving. According to mainstream economic literature the budget deficit can cause an insufficiency of national saving for a given investment rate. In this case, the investment rate will not be reduced if foreign saving is absorbed, causing an external deficit. In general, the mechanisms through which budget deficits could cause current account deficits are not highlighted in the works about this theme. We arrive at the conclusion that there is not a systematic relationship between budget deficit, current account deficit and national saving and that when it happens it can be processed only through changes in the real exchange rate.

Towards a better energy efficiency through a systems approach in an industrial forklift

The purpose of this study is to improve the potential energy recovery to electric energy in an electrohydraulic forklift system. The initial achieved result for energy saving ratio after structural optimization is 40 %. Component optimization is applied to the tested drive which consists of a DTC controlled electric servo motor directly running a reversible hydraulic pump. According to the study the energy efficiency and the energy recovery from the electro-hydraulic forklift system can be increased by 11 % units. New ideas and directions of further research were obtained during the study.

Pienen kiinteistösijoitusyhtiön kasvustrategia

Tämän pro gradu-tutkielman tarkoituksena oli tutkia minkälaisia kasvupyrkimyksiä Suomessa toimivilla pienillä kiinteistösijoittajilla tai kiinteistösijoitusyhtiöillä on. Tutkimuksen pohjaksi esiteltiin yrityksen strategiateoriaa ja kasvun malleja pienyritysnäkökulmasta. Tutkimuksen tulokset voivat antaa yrittäjille mietteitä kasvamisen suunnitelmallisuudesta ja sen hyödyistä. Tutkimusosuus suoritettiin laadullisena tutkimuksena. Aineisto kerättiin haastattelemalla 16 pientä kiinteistösijoittajaa nettipohjaisen kyselyn avulla. Painopiste oli vapaissa vastauksissa ja tällä pyrittiin saamaan laajoja mielipiteitä. Kohdeyritykset valittiin sattumalta tutkijan lähipiiriin kuuluvien yrittäjien avulla. Maantieteellinen jakauma oli laaja, koko maan kattava. Kohdeyrityksistä haastateltiin yhtä henkilöä, joka oli tyypillisesti yrityksen omistaja. Haastatteluista saatua materiaalia analysoitiin strategisten näkemysten ja yrityksen kasvuteorioiden valossa. Tutkimuksessa todettiin, että pienyrittäjät suhtautuvat kiinteistösijoittamiseen lähinnä säästämismuotona eikä niinkään systemaattisena yrittämisenä. Useat vastaajat tekivät kiinteistösijoittamista osa-aikaisesti. Kasvua tavoittelee kyllä valtaosa yrityksistä, mutta sen eteen ei tehdä juuri mitään. Odotellaan vain sopivia kohteita ostettavaksi. Kasvamisen määrä riippuu hyvin pitkälti yrittäjän persoonasta. Jos yrittäjä on kunnianhimoinen toiminnan kasvattaja, niin se heijastuu myös hänen harjoittamaan kiinteistösijoittamiseen.

The real mechanisms of the global economy

The paper presents the main arguments of Bresser Pereira's Globalization and Competition. Development strategies based on the 'conventional orthodoxy' are shown to carry serious drawbacks ("Dutch disease", pernicious effects of external saving, currency overvaluation), while a 'new developmentalism' is promoted, in spite of the widespread belief that the nation-states have been dispossessed of their room for manoeuvre because of the globalization process. The "new developmentalism" is based on domestic finance, balanced public budgets, moderate interest rates and competitiveness policies aimed at neutralizing the tendency to exchange rate overappreciation. The paper also points out a few theoretical questions the book raises.

The structuralist tradition in economics: methodological and macroeconomics aspects

This paper examines the structuralist tradition in economics, emphasizing the role that structures play in the economic growth of developing countries. Since the subject at hand is evidently too large to cover in a single article, an emphasis has been brought to bear upon the macroeconomic elements of such a tradition, while also exploring its methodological aspects. It begins by analysing some general aspects of structuralism in economics (its evolution and origins) associated with ECLAC thought, in this instance focusing on the dynamics of the center-periphery relationship. Thereafter, the macroeconomic structuralism derived from the works of Taylor (1983, 1991) is presented, followed by a presentation of neo-structuralism. Centred on the concept of systemic competitiveness, this approach defines a strategy to achieve the high road of globalization, understood here as an inevitable process in spite of its engagement being dependent on the policies adopted. The conclusions show the genuine contributions of this tradition to economic theory.

Formation of the Employer Brand Image

The purpose of this study was to explore the employer brand image and its formation of a Finnish (yet international) service company in B2B sector. In the research qualitative case study method was used to explore the most preferred attributes in employer attraction, the employer brand perceptions towards the case company, and the effectors behind these brand perceptions among the prospective group of employees. The research was conducted through in-depth semistructured interviews among 23-30 undergraduate or graduate business students in Finnish universities close to their graduation. After deriving the attributes of an attractive employer, and exploring their relation to the case company, the employer brand image of the case company was determined and its attractiveness level evaluated. Moreover, the formation of the employer brand image was investigated and its sources detected. The most important factors for the target group in employer attractiveness were found to be company reputation and company culture/work atmosphere. Also career opportunities and international opportunities were seen important. The case company was found to hold a positive, attractive image on company culture and international opportunities, but failing to hold a good reputation as a fair employer. The main and most impactful source of employer brand image was former and current employees - directly or indirectly. Company’s own actions played only small part in employer brand formation as credibility is a critical factor in brand image formation and corporate communication found not to be perceived genuine. Based on the findings, suggestions for further employer branding were made.

Understanding round-tripping phenomenon in Russian context – case Cyprus

Russian FDI has a few peculiarities. One of them is round-tripping. Round-tripping is defined as transfer of funds abroad, usually to offshore financial centers (OFCs), and then bringing all or some of the investment back as foreign investment. Russian context was chosen for this study because the share of round-tripping investments from country’s total FDI is extensive. However, it needs to be addressed that this is not just a Russian phenomenon. Round-tripping is used by many developed and developing countries, and most of the countries have their own designated destinations for this kind of capital, much like Cyprus is the main destination for Russian capital. It is important to study this phenomenon further, since it falsifies FDI statistics and can lead to poor decisions on state level. Theoretical part of the study tries to determine weather traditional FDI and internationalization theories fit to explain the Russian round-tripping phenomenon. Traditional FDI and internationalization theories are first introduced in general terms, and then further examined in Russian context. In traditional endogenic FDI theories, when the capital is formed in one country it goes abroad to find better profits. At a first glance, this seemed not to be the case in round-tripping. However, during the study it became rather clear that with few adjustments and changes in perspective, traditional theories could be used to explain round-tripping phenomenon. For example, OLI paradigm can be further developed into OLIH paradigm with ‘H’ representing the important home country institutions. Transaction based view and resource seeking theories were also seen well equipped to explain round-tripping with a change in perspective. The latter part of the study focused on holistic understanding of Russian –Cyprian investment relationship. Study aims to shed light into the determinants and consequences of this phenomenon for both countries involved. The two share historical, cultural and political ties, but most importantly common financial interests. Russian companies seek security and financial knowledge to maneuver their assets and Cyprian economy largely is dependent on their disproportionally large financial sector. Consequences for Cyprian economy were seen in current economic crisis, when the need for their financial services diminished. Russian government on the other hand is losing vast amounts of tax money due to this phenomenon. A rather extreme view was also introduced in this study. Round-tripping phenomenon and OFCs are an important reason why corruption exists, since if one does not have a way to make ill-gained money legitimate why try to ill-gain the money at the first place. The most important finding of the study is that round-tripping companies are in a better competitive position than genuine and purely domestic investor due to their institutional knowledge.

Liiketoimintayksikön materiaalihallinnan nykytila ja sen tehostaminen materiaalien suoratoimituksilla

Tutkimuksen tarkoituksena on tutkia kansainvälisesti toimivan konserniyrityksen yhden liiketoimintayksikön materiaalinhallinnan ja siihen liittyvien toimintojen nykytilaa. Lisäksi tutkimuksessa selvitetään, miten materiaalinhallintaa varastoinnin osalta voidaan kehittää suoratoimitusmallin periaatetta hyödyntäen ja mitä säästöpotentiaaleja tämän kaltaiseen malliin liittyy kohdeorganisaation toimintaympäristö huomioiden. Tutkimuksen teoriaosion lähdeaineisto koostuu materiaalinhallinnan perusteosten lisäksi tieteellisistä artikkelijulkaisuista. Käytännönosuuden aineisto pohjautuu kohdeorganisaatiossa käytyihin keskusteluihin, tuotannonohjausjärjestelmästä saatuun tietoon ja omiin havaintoihin. Nykytilanteen analyysissä selvisi, että kohdeorganisaation varastointiin liittyy tehostamispotentiaalia erityisesti tila-, käsittely, ja työkustannusten osalta. Kohdeorganisaation varastoinnin tehostamista tutkittiin suoratoimitusmallin avulla. Suoratoimitusmallissa materiaalit eivät kierrä kohdeorganisaation pitämän välivaraston kautta, vaan ne toimitetaan toimittajan tiloista suoraan tuotannon välittömään tarpeeseen. Mallin avulla voidaan jakaa toimittajien kanssa sellaisia resursseja, joita molempien toiminta vaatii ja täten vapauttaa nykyistä varastointitilaa ja keventää sisäisen logistiikan kuormaa. Suoratoimitusmallin liittyvien hyötyjen kannalta on oleellista, että malliin valitaan sellaiset materiaalit, jotka sisältävät eniten potentiaalia niin säästö- kuin soveltuvuusnäkökulmasta. Valittujen kriteerien avulla kohdeorganisaation hankkimista materiaaleista löydettiin joukko materiaaleja, joiden avulla pystyttiin osoittamaan, että suoratoimitusmallin avulla on mahdollista saavuttaa kustannussäätöjä varastoinnin osalta.

Commercial blog communication and brand image

The aim of this thesis was to examine whether company initiated commercial communication in personal blogs has an effect on consumers’ brand image. A detailed picture of the main topics was built based on the previous academic literature. The study explores how sponsored and company-initiated blog postings influence consumers’ brand image with a qualitative research. A framework defines the link between the main concepts of commercial blog communication and how this can be used in order to reach positive results in relation to consumers’ brand image. The findings of this study demonstrate that if the tech-savvy consumers consider that the commercial blog communication is genuine and the blogger stands behind the recommendation of the blog posting, it will result on a more positive brand image. However, if the consumers consider the content of the blog posting to be too controlled by the company, it is automatically seen as an advertisement instead of a recommendation by someone trustworthy. The company-controlled commercial blog communication without presenting the personality of the blogger has negative effects on brand image.

Energy efficiency of glassmaking production

Master’s thesis Energy efficiency of glassmaking production gives description of glassmaking production and possible energy saving measures. Due to the high electricity and fuel prices the problem of rational energy utilization rises sharply. In addition the environmental issues also require a great attention. This work represented the feasible increasing of the furnace efficiency as the most productive activity. Thesis also provides a detail description of utilizing waste heat boiler. Also possible boiler characteristics are calculated and represented at the end of the thesis. As well as brief description of the feasibility of using this method of energy saving. The solution of this problem has a huge importance. Due to the increasing of energy costs and limits of raw materials, glassmaking industry should overcome on high efficiency operation mode. Especially, if such measures is making a significant contribution in the safety of environment.

Modelling ecological values in heterogeneous and dynamic landscapes with geospatial data

Our surrounding landscape is in a constantly dynamic state, but recently the rate of changes and their effects on the environment have considerably increased. In terms of the impact on nature, this development has not been entirely positive, but has rather caused a decline in valuable species, habitats, and general biodiversity. Regardless of recognizing the problem and its high importance, plans and actions of how to stop the detrimental development are largely lacking. This partly originates from a lack of genuine will, but is also due to difficulties in detecting many valuable landscape components and their consequent neglect. To support knowledge extraction, various digital environmental data sources may be of substantial help, but only if all the relevant background factors are known and the data is processed in a suitable way. This dissertation concentrates on detecting ecologically valuable landscape components by using geospatial data sources, and applies this knowledge to support spatial planning and management activities. In other words, the focus is on observing regionally valuable species, habitats, and biotopes with GIS and remote sensing data, using suitable methods for their analysis. Primary emphasis is given to the hemiboreal vegetation zone and the drastic decline in its semi-natural grasslands, which were created by a long trajectory of traditional grazing and management activities. However, the applied perspective is largely methodological, and allows for the application of the obtained results in various contexts. Models based on statistical dependencies and correlations of multiple variables, which are able to extract desired properties from a large mass of initial data, are emphasized in the dissertation. In addition, the papers included combine several data sets from different sources and dates together, with the aim of detecting a wider range of environmental characteristics, as well as pointing out their temporal dynamics. The results of the dissertation emphasise the multidimensionality and dynamics of landscapes, which need to be understood in order to be able to recognise their ecologically valuable components. This not only requires knowledge about the emergence of these components and an understanding of the used data, but also the need to focus the observations on minute details that are able to indicate the existence of fragmented and partly overlapping landscape targets. In addition, this pinpoints the fact that most of the existing classifications are too generalised as such to provide all the required details, but they can be utilized at various steps along a longer processing chain. The dissertation also emphases the importance of landscape history as an important factor, which both creates and preserves ecological values, and which sets an essential standpoint for understanding the present landscape characteristics. The obtained results are significant both in terms of preserving semi-natural grasslands, as well as general methodological development, giving support to science-based framework in order to evaluate ecological values and guide spatial planning.

Nietzsche's eternal recurrence of the same : the effect of logic abridgement, contradictions and inconsistencies

I will argue that the doctrine of eternal recurrence of the same no better interprets cosmology than pink elephants interpret zoology. I will also argue that the eternal-reiurn-of-the-same doctrine as what Magnus calls "existential imperative" is without possibility of application and thus futile. To facilitate those arguments, the validity of the doctrine of the eternal recurrence of the same will be tested under distinct rubrics. Although each rubric will stand alone, one per chapter, as an evaluation of some specific aspect of eternal recurrence, the rubric sequence has been selected to accommodate the identification of what I shall be calling logic abridgments. The conclusions to be extracted from each rubric are grouped under the heading CONCLUSION and appear immediately following rubric ten. Then, or if, at the end of a rubric a reader is inclined to wonder which rubric or topic is next, and why, the answer can be found at the top of the following page. The question is usually answered in the very first sentence, but always answered in the first paragraph. The first rubric has been placed in order by chronological entitlement in that it deals with the evolution of the idea of eternal recurrence from the time of the ancient Greeks to Nietzsche's August, 1881 inspiration. This much-recommended technique is also known as starting at the beginning. Rubric 1 also deals with 20th. Century philosophers' assessments of the relationship between Nietzsche and ancient Greek thought. The only experience of E-R, Zarathustra's mountain vision, is second only because it sets the scene alluded to in following rubrics. The third rubric explores .ii?.ih T jc,i -I'w Nietzsche's evaluation of rationality so that his thought processes will be understood appropriately. The actual mechanism of E-R is tested in rubric four...The scientific proof Nietzsche assembled in support of E-R is assessed by contemporary philosophers in rubric five. E-R's function as an ethical imperative is debated in rubrics six and seven.. .The extent to which E-R fulfills its purpose in overcoming nihilism is measured against the comfort assured by major world religions in rubric eight. Whether E-R also serves as a redemption for revenge is questioned in rubric nine. Rubric ten assures that E-R refers to return of the identically same and not merely the similar. In addition to assemblage and evaluation of all ten rubrics, at the end of each rubric a brief recapitulation of its principal points concludes the chapter. In this essay I will assess the theoretical conditions under which the doctrine cannot be applicable and will show what contradictions and inconsistencies follow if the doctrine is taken to be operable. Harold Alderman in his book Nietzsche's Gift wrote, the "doctrine of eternal recurrence gives us a problem not in Platonic cosmology, but in Socratic selfreflection." ^ I will illustrate that the recurrence doctrine's cosmogony is unworkable and that if it were workable, it would negate self-reflection on the grounds that selfreflection cannot find its cause in eternal recurrence of the same. Thus, when the cosmology is shown to be impossible, any expected ensuing results or benefits will be rendered also impossible. The so-called "heaviest burden" will be exposed as complex, engrossing "what if speculations deserving no linkings to reality. To identify ^Alderman p. 84 abridgments of logic, contradictions and inconsistencies in Nietzsche's doctrine of eternal recurrence of the same, I. will examine the subject under the following schedule. In Chapter 1 the ancient origins of recurrence theories will be introduced. ..This chapter is intended to establish the boundaries within which the subsequent chapters, except Chapter 10, will be confined. Chapter 2, Zarathustra's vision of E-R, assesses the sections of Thus Spoke Zarathustra in which the phenomenon of recurrence of the same is reported. ..Nihilism as a psychological difficulty is introduced in this rubric, but that subject will be studied in detail in Chapter 8. In Chapter 2 the symbols of eternal recurrence of the same will be considered. Whether the recurrence image should be of a closed ring or as a coil will be of significance in many sections of my essay. I will argue that neither symbolic configuration can accommodate Nietzsche's supposed intention. Chapter 3 defends the description of E-R given by Zarathustra. Chapter 4, the cosmological mechanics of E-R, speculates on the seriousness with which Nietzsche might have intended the doctrine of eternal recurrence to be taken. My essay reports, and then assesses, the argument of those who suppose the doctrine to have been merely exploratory musings by Nietzsche on cosmological hypotheses...The cosmogony of E-R is examined. In Chapter 5, cosmological proofs tested, the proofs for Nietzsche's doctrine of return of the same are evaluated. This chapter features the position taken by Martin ' Heidegger. My essay suggests that while Heidegger's argument that recurrence of the same is a genuine cosmic agenda is admirable, it is not at all persuasive. Chapter 6, E-R is an ethical imperative, is in essence the reporting of a debate between two scholars regarding the possibility of an imperative in the doctrine of recurrence. Their debate polarizes the arguments I intend to develop. Chapter 7, does E-R of the same preclude alteration of attitudes, is a continuation of the debate presented in Chapter 6 with the focus shifted to the psychological from the cosmological aspects of eternal recurrence of the same. Chapter 8, Can E-R Overcome Nihilism?, is divided into two parts. In the first, nihilism as it applies to Nietzsche's theory is discussed. ..In part 2, the broader consequences, sources and definitions of nihilism are outlined. My essay argues that Nietzsche's doctrine is more nihilistic than are the world's major religions. Chapter 9, Is E-R a redemption for revenge?, examines the suggestion extracted from Thus Spoke Zarathustra that the doctrine of eternal recurrence is intended, among other purposes, as a redemption for mankind from the destructiveness of revenge. Chapter 10, E-R of the similar refuted, analyses a position that an element of chance can influence the doctrine of recurrence. This view appears to allow, not for recurrence of the same, but recurrence of the similar. A summary will recount briefly the various significant logic abridgments, contradictions, and inconsistencies associated with Nietzsche's doctrine of eternal recurrence of the same. In the 'conclusion' section of my essay my own opinions and observations will be assembled from the body of the essay.

Transforming curriculum leadership: vice principals in independent Christian elementary schools /

The literature on the vice principalship characterizes the position as one filled with clerical record keeping and student discipline and paints a picture of role conflict and general discontent. Research suggests that vice principals desire to take on a more significant role, specifically a role in curriculum leadership. Using open-ended interviews, a focus group interview, document analysis, and my research journal, I have explored the work ofa group of vice principals who have taken on the role of curriculum leader in independent Christian elementary schools in Ontario. When asked to explain their understanding of curriculum, the participants referred to written programs of study. However, their leadership activities reveal a broader understanding of curriculum as something that is in fact dynamic in nature. This leadership is enabled and shaped by their middle position on staff that combines the authority of an administrator and the credibility of a teacher. Although this dual identity creates tension, it also provides opportunities for genuine curriculum leadership. As middle leaders, the participants in this study often pull together or connect elements of the curriculum (teachers, principals, and programs) that have become separated. Such connective leadership is characterized by transformational (Van Brummelen, 2002) tendencies. This research suggests that the further along the continuum one goes from the understanding of curriculum as planned (Eisner, 1994) to acknowledging a lived curriculum (Aoki, 1993), the more transformational one's leadership style becomes.