Capital flows to Latin America: quarterly developments

Includes bibliography

Capital flows to Latin America: quarterly developments

Includes bibliography

Capital flows to Latin America: recent developments

Includes bibliography

Access to international capital markets: recent developments in Central America and the Caribbean

The objective of this report is to analyze the impact of recent global financial trends on the access to private external financing by Central American and Caribbean (CAC) economies, as well as their performance in international capital markets in recent years. The CAC economies, like many other countries in the world, were not immune to the negative consequences of the global economic and financial crisis of 2008. In fact, their openness, export driven growth and linkages to advanced economies, particularly to the U.S., as well as size, made them more vulnerable than other Latin American countries to the negative effects of the crisis. In addition, their recovery was hindered by their weak linkages to the larger emerging market countries that drove global growth in the post-crisis recovery. As China and other emerging market economies begin to slowdown, however, and the U.S. and other advanced economies show signs of a strengthening recovery, the linkages to advanced economies may once again become a source of strength.

Os BRICS na perspectiva geopolítica: uma análise cientométrica de 2001 a 2010

Pós-graduação em Ciência da Informação - FFC

Banking Regulation in Turkey and Russia: An Economic Analysis

The importance of the banks and financial markets relies on the fact that they promote economic efficiency by allocating savings efficiently to profitable investment opportunities.An efficient banking system is a key determinant for the financial stability.The theory of market failure forms the basis for understanding financial regulation.Following the detrimental economic and financial consequences in theaftermath of the crisis, academics and policymakers started to focus their attention on the construction of an appropriate regulatory and supervisory framework of the banking sector. This dissertation aims at understanding the impact of regulations and supervision on banks’ performance focusing on two emerging market economies, Turkey and Russia. It aims at examining the way in which regulations matter for financial stability and banking performance from a law & economics perspective. A review of the theory of banking regulation, particularly as applied to emerging economies, shows that the efficiency of certain solutions regarding banking regulation is open to debate. Therefore, in the context of emerging countries, whether a certain approach is efficient or not will be presented as an empirical question to which this dissertation will try to find an answer.

On the Efficiency of the Benchmarks Used in the Asset Management

In this work we studied the efficiency of the benchmarks used in the asset management industry. In chapter 2 we analyzed the efficiency of the benchmark used for the government bond markets. We found that for the Emerging Market Bonds an equally weighted index for the country weights is probably the more suited because guarantees maximum diversification of country risk but for the Eurozone government bond market we found a GDP weighted index is better because the most important matter is to avoid a higher weight for highly indebted countries. In chapter 3 we analyzed the efficiency of a Derivatives Index to invest in the European corporate bond market instead of a Cash Index. We can state that the two indexes are similar in terms of returns, but that the Derivatives Index is less risky because it has a lower volatility, has values of skewness and kurtosis closer to those of a normal distribution and is a more liquid instrument, as the autocorrelation is not significant. In chapter 4 it is analyzed the impact of fallen angels on the corporate bond portfolios. Our analysis investigated the impact of the month-end rebalancing of the ML Emu Non Financial Corporate Index for the exit of downgraded bond (the event). We can conclude a flexible approach to the month-end rebalancing is better in order to avoid a loss of valued due to the benchmark construction rules. In chapter 5 we did a comparison between the equally weighted and capitalization weighted method for the European equity market. The benefit which results from reweighting the portfolio into equal weights can be attributed to the fact that EW portfolios implicitly follow a contrarian investment strategy, because they mechanically rebalance away from stocks that increase in price.

A longitudinal cross-country study of entrepreneurial orientation

As recent research documents, there has been an impressive effort of studying the entrepreneurial orientation construct and its nomological role. However, most research has been very context specific and based on the analyses of cross-sectional information. We study causal performance effects from entrepreneurial orientation and its key dimensions in two economic contexts–developed and emerging markets. Gathering data on a sample of 94 firms in developed market context and 108 in emerging market context at two time-points we explore our hypotheses. The results suggest that in a developed economy entrepreneurial orientation has a positive impact on firm performance, whereas in the emerging market context this effect is negative. Furthermore, we assess the contribution of each dimension to the aggregate construct and reveal the importance of risk-taking in both contexts. Finally, we highlight the role of environmental dynamism and explain its varying effect

Bankruptcy Costs, Liability Dollarization, and Vulnerability to Sudden Stops

Emerging market countries that have improved institutions and attained intermediate levels of institutional quality have experienced severe financial crises following capital flow reversals. However, there is also evidence that countries with strong institutions and deep capital markets are less affected by external shocks. We reconcile these two observations using a calibrated DSGE model that extends the financial accelerator framework developed in Bernanke, Gertler, and Gilchrist (1999). The model captures financial market institutional quality with creditors. ability to recover assets from bankrupt firms. Bankruptcy costs affect vulnerability to sudden stops directly but also indirectly by affecting the degree of liability dollarization. Simulations reveal an inverted U-shaped relationship between bankruptcy recovery rates and the output loss following sudden stops. We provide empirical evidence that this non-linear relationship exists.

Modelling diffusion of photovoltaic: concepts and applications

Innovation studies have been interest of not only the scholars from various fields such as economics, management and sociology but also industrial practitioners and policy makers. In this vast and fruitful field, the theory of diffusion of innovations, which has been driven by a sociological approach, has played a vital role in our understanding of the mechanisms behind industrial change. In this paper, our aim is to give a state of art review of diffusion of innovation models in a structural and conceptual way with special reference to photovoltaic. We argue firstly, as an underlying background, how diffusion of innovations theory differs from other innovation studies. Secondly we give a brief taxonomical review of modelling methodologies together with comparative discussions. And finally we put the wealth of modelling in the context of photovoltaic diffusion and suggest some future directions.

Aplicación web de gestión financiera personal desarrollada con MEAN.JS

En este trabajo de fin de grado se llevará a cabo la elaboración de una aplicación web de gestión de gastos personales desde sus inicios, hasta su completo funcionamiento. Estas aplicaciones poseen un crecimiento emergente en el mercado, lo cual implica que la competencia entre ellas es muy elevada. Por ello el diseño de la aplicación que se va a desarrollar en este trabajo ha sido delicadamente cuidado. Se trata de un proceso minucioso el cual aportará a cada una de las partes de las que va a constar la aplicación características únicas que se plasmaran en funcionalidades para el usuario, como son: añadir sus propios gastos e ingresos mensuales, confeccionar gráficos de sus principales gastos, obtención de consejos de una fuente externa, etc… Estas funcionalidades de carácter único junto con otras más generalistas, como son el diseño gráfico en una amplia gama de colores, harán su manejo más fácil e intuitivo. Hay que destacar que para optimizar su uso, la aplicación tendrá la característica de ser responsive, es decir, será capaz de modificar su interfaz según el tamaño de la pantalla del dispositivo desde el que se acceda. Para su desarrollo, se va a utilizar una de las tecnologías más novedosas del mercado y siendo una de las más revolucionarias del momento, MEAN.JS. Con esta innovadora tecnología se creará la aplicación de gestión económica de gastos personales. Gracias al carácter innovador de aplicar esta tecnología novedosa, los retos que plantea este proyecto son muy variados, desde cómo estructurar las carpetas del proyecto y toda la parte de backend hasta como realizar el diseño de la parte de frontend. Además una vez finalizado su desarrollo y puesta en marcha se analizaran posibles mejoras para poder perfeccionarla en su totalidad. ABSTRACT In this final degree project will take out the development of a web application from its inception, until its full performance management. These applications have an emerging market growth, implying that competition between them is very high. Therefore the design of the application that will be developed in this work has been delicately care. It's a painstaking process which will provide each of the parties which will contain the application unique features that were translated into functionality for the user, such as: add their own expenses and monthly income, make graphs of your major expenses, obtaining advice from an external source, etc... These features of unique character together with other more general, such as graphic design in a wide range of colors, will make more easy and intuitive handling. It should be noted that to optimize its use, the application will have the characteristic of being responsive, will be able to modify your interface according to the size of the screen of the device from which are accessed. For its development, it is to use one of the newest technologies on the market and being one of the most revolutionary moment, MEAN. JS. The economic management of personal expenses application will be created with this innovative technology. Thanks to the innovative nature of applying this new technology, the challenges posed by this project are varied, from how to structure the folders of the project and all the backend part up to how to perform the part of frontend design. In addition once finished its development and commissioning possible improvements will analyze to be able to perfect it in its entirety.

O impacto conjunto do empreendedorismo e das redes interorganizacionais sobre o desenvolvimento de inovações globais: evidências das subsidiárias estrangeiras operando no país

As subsidiárias de corporações multinacionais sofrem pressões do ambiente interno e externo. Internamente competem por recursos e reconhecimento da matriz, externamente precisam se preocupar com os concorrentes e demais forças do mercado, de maneira que para desenvolver-se a subsidiária deve explorar as oportunidades de mercado e mostrar o potencial empreendedor que possui. Essas oportunidades podem estar num produto ou processo novo ou substancialmente aprimorado no qual a subsidiária teve o auxílio de um parceiro da rede em que está inserida. Particularmente, essa pesquisa analisa as inovações desenvolvidas localmente (dentro do país hospedeiro) através das subsidiárias instaladas no país, essas inovações são passíveis de serem transferidas para as suas matrizes e então utilizadas pelas demais subsidiárias espalhadas pelo mundo, tornando-se inovações globais. O foco principal deste estudo está em compreender a influência do empreendedorismo e das redes de empresas sobre o desenvolvimento e transferência dessas inovações. Para tanto, o presente estudo analisa uma amostra de 172 subsidiárias estrangeiras que operam no Brasil, a qual foi modelada utilizando-se a técnica de equações estruturais para o teste das hipóteses, mensuração do efeito mediador e comparação multigrupos visando avaliar o efeito moderador referente ao porte das subsidiárias. Os resultados sugerem que o empreendedorismo da subsidiária exerce influência significativa sobre o desenvolvimento das parcerias e consequente enraizamento da subsidiária na rede de empresas do mercado emergente, esse enraizamento na rede é um fator determinante para o desenvolvimento de inovações na subsidiária as quais podem ser transferidas para a matriz e então tornarem-se inovações globais. A partir desses resultados, a pesquisa contribui para um maior entendimento dos direcionadores de inovação nas subsidiárias e aprofunda a discussão sobre o desenvolvimento de inovações globais, particularmente àquelas provenientes de mercados emergentes.

Redes sociales para mayores y/o mayores en las redes sociales

La consolidación de la Web 2.0 y los medios sociales en nuestra sociedad coincide en el tiempo con el paulatino afianzamiento de un mercado emergente, el de las personas mayores. El objetivo de esta investigación es analizar, en el contexto de las redes sociales, cómo se gestiona la comunicación con el público maduro en España. Dos de los criterios que las empresas normalmente consideran cuando evalúan nuevos mercados son su peso económico y demográfico; en ambas áreas las personas mayores se han convertido en un grupo importante, convirtiéndose en uno de los mercados con mayor futuro del que además habría que destacar no sólo su tamaño y densidad, sino también su carácter heterogéneo, su variedad (Hudson, S., 2010; Westerhof et al., 2010; Imserso, 2009; Sudbury, L. y Simcock, P.,2009; Furlong, 2007; Kohlbacher y Herstatt, 2008: Thornhill y Martin, 2007). ¿Cumplen las redes sociales con las expectativas de los mayores, como público específico? Las redes sociales para mayores ¿son comunidades basadas en actitudes o conocimientos? (Matías Fernández, 2006) Los mayores, además de elegir redes y contenidos, ¿son internautas reales de redes sociales?, ¿son activos en la generación de contenidos hasta controlar la comunicación?... No existen precedentes y el trabajo persigue averiguar el papel de las personas mayores en las redes sociales específicas, así como el papel de las nuevas tecnologías en la comunicación de y con las personas mayores. Además, las conclusiones permitirán definir las hipótesis de estudios posteriores.

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.

It’s not just Russia: Currency crisis in the Commonwealth of independent states. Bruegel Policy Contribution 2015/01, February 2015

The currency crisis that started in Russia and Ukraine during 2014 has spread to neighbouring countries in the Commonwealth of Independent States (CIS). The collapse of the Russian ruble, expected recession in Russia, the stronger US dollar and lower commodity prices have negatively affected the entire region, with the consequence that the European Union's entire eastern neighbourhood faces serious economic, social and political challenges because of weaker currencies, higher inflation, decreasing export revenues and labour remittances, net capital outflows and stagnating or declining GDP. •The crisis requires a proper policy response from CIS governments, the International Monetary Fund and the EU. The Russian-Ukrainian conflict in Donbass requires rapid resolution, as the first step to return Russia to the mainstream of global economic and political cooperation. Beyond that, both Russia and Ukraine need deep structural and institutional reforms. The EU should deepen economic ties with those CIS countries that are interested in a closer relationship with Europe. The IMF should provide additional assistance to those CIS countries that have become victims of a new regional contagion, while preparing for the possibility of more emerging-market crises arising from slower growth, the stronger dollar and lower commodity prices.