Política africana de China: una manifestación de la real economy de corte chino

Desde el año 2000 el idilio China-África está marcado principalmente por un foro de cooperación, mecanismo de diálogo y cooperación colectiva ideado por China. Sin embargo, destaca que esta relación ha evolucionado en función de los intereses estratégicos de los chinos. China se inserta en los circuitos económico-comerciales africanos de manera metódica y decidida. A diferencia de sus competidores (Estados Unidos, Unión Europea, Canadá, Japón, etc.), que actúan en África de manera preferencial, China invierte en todos los países africanos sin ninguna excepción, sin importar su régimen político, su situación económico-financiera o su ubicación geográfica. Sin embargo, la voracidad energética china se ha vuelto objeto de preocupación en el Consejo de Seguridad de Naciones Unidas, sobre todo por su ofensiva por acaparar el mercado petrolero africano. Puede afirmarse que el actuar chino en África es una expresión de su pragmatismo económico-comercial, con efectos colaterales negativos para la integración y el desarrollo de África.-----Since 2000, the relationship between China and Africa is growing up because of the Forum on China-Africa Cooperation (FOCAC) which is a collective mechanism of dialogue and cooperation. Meanwhile, it’s important to mention that this relationship has increased regarding the Chinese strategic interests in Africa. China is getting inside the African economic and trade networks in a methodic and aggressive way. Differently from his competitors (USA, EU, Canada, Japan...) which only seem to use Africa, China invests in all the African countries without looking at their economical or financial situation, neither their geographical location. The energetical voracity of China has become a real issue at the United Nations Security Council, especially for the Chinese strike in the African petroleum market. For many reasons, we can affirm that the way China is acting in Africa is only the expression of its economical and trade pragmatism, which also has got negative results in the african development and integration process.

Finance and the real economy: issues and case studies in developing countries

Includes bibliography

Macroeconomic adjustments and the real economy in Korea and Malaysia since 1997

Includes bibliography

Transaction Banking: Respecting its role in the real economy. ECRI Policy Brief No. 6, 6 December 2013

This paper sketches the main features and issues related to recent market developments in global transaction banking (GTB), particularly in trade finance, cash management and correspondent banking. It describes the basic functioning of the GTB, its interaction with global financial markets and related implications of global regulatory developments such as Basel III. The interest in GTB has recently increased, since its low-risk profile, tendency to follow growth rates worldwide and relative independence from other financial instruments became an interesting diversification opportunity both for banks’ business models and for investors. Transaction banking has been a resilient business during the crisis, despite the reduction in world trade figures. In the post crisis period, GTB must cope with new challenges related to increased local and global regulation and the risk of inconsistency in regulatory approaches, which could negatively impact the global network and increased competition by new market entrants. Increased sophistication of corporate clients, as well as the pressure to develop and adopt technological innovations more quickly than other areas of banking continues to impact the business. The future of the industry closely depends on its ability to adjust to complex regulatory developments while at the same time being able to operate a global and efficient network.

Money, Finance and the Real Economy: What went wrong? CEPS Paperback, 17 March 2015

The functions of the financial system of a developed economy are often badly understood. This can largely be attributed to free-market ideology, which has spread the belief that leaving finance to its own devices would provide the best possible mechanism for allocating savings. The latest financial crisis has sparked the beginnings of a new awareness on this point, but it is far from having led to an improved understanding of the role of the financial institutions. For many people, finance remains more an enemy to be resisted than an instrument to be intelligently exploited. Its institutions, which issue and circulate money, play an important role in the working of the real economy that it would be imprudent to neglect. The allocation of savings, but also the level of activity and the growth rate depend on it. In this book, the authors carefully analyse the close links between money, finance and the real economy. In the process, they show why today the existence of a substantial potential of saving, instead of being an opportunity for the world economy, could threaten it with ‘secular stagnation’.

Importância das Servidões Militares Aeronáuticas e o seu Impacto na Economia Real

As Servidões Militares Aeronáuticas (SMA) pressupõem restrições que lhes são intrínsecas, suscetíveis de impactar na Economia Real Portuguesa (ERP). Na Força Aérea (FA) as SMA denotam especial importância, em razão das constantes evolução e atualização das Operações Aéreas e tramitação legal imposta, com vista a uma minimização dos encargos restritivos dos bens que, territorialmente, lhes estão associados. Assim, salienta-se a pertinência das SMA enquanto processo que tem reflexos na ERP, uma vez serem utilizadas pela FA no processo de Licenciamento Urbano. Desta feita, foi avaliada a importância das SMA na FA, através de estudo de caso, utilizando um raciocínio hipotético-dedutivo, o qual norteou as entrevistas semiestruturadas, conceptualizadas no respetivo mapa. Estas entrevistas permitiram verificar que: a FA elabora as SMA segundo pressupostos reais e atualizados; a FA emite pareceres positivos relativos aos pedidos de licenciamento que estejam de acordo com o preconizado nos Decreto-Lei das SMA vigentes e nas respetivas áreas territoriais de aplicação; os processos de emissão de pareceres na FA podem ser melhorados concluindo-se, assim, que o processo de conceção das SMA na FA influencia o desenvolvimento da ERP. Abstract: It is assumed that the Aeronautical Control of Obstacles (ACO) imposes certain inner limitations that are susceptible to cause impact on the Portuguese Real Economy (PRE). The ACO area is of special relevance for the Portuguese Air Force (PoAF) due to the permanent evolution and update of the Air Operations and the legal procedures aimed at the decrease of the property limitations associated to them. The ACO is, therefore, of the utmost importance, considering that its process has a significant impact on PRE because of its use by the PoAF within the Building Control process. The scope of this research lies on the importance of the ACO for the PoAF. The research is based on the case study method and the hypothetical-deductive reasoning which set the guidelines for the semi-structured interviews within the conceptual framework, which made possible to verify the PoAF: develops the ACO according to real and updated assumptions; issues positive official assessments to the requests for building licensing that comply with the ACO Legal Decrees within its territorial area of applicability; process of issuing official assessments may be improved, concluding that the development of the ACO within the PoAF influences the development of the PRE.

Inflation targeting and macroeconomic stability in a Post Keynesian economy

This paper examines the compatibility of inflation targeting with an economy that is Post Keynesian in character. We show that in a Post Keynesian environment, policymakers can both set and achieve an inflation target without adverse consequences for the real economy, as long as an appropriate policy mix is chosen. The latitude that policymakers have in making this choice is investigated. One of our key results is that orthodox policy regimes do not provide appropriate policy mixes. Indeed, the more orthodox the policy regime becomes, the less viable is inflation targeting in a Post Keynesian economy.

Fiscal multipliers in Portugal using a threshold approach

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

Asset Price Instability and Policy Responses: The Legacy of Liberalisation

The debate about the dynamics and potential policy responses to asset inflation has intensified in recent years. Some analysts, notably Borio and Lowe, have called for 'subtle' changes to existing monetary targeting frameworks to try to deal with the problems of asset inflation and have attempted to developed indicators of financial vulnerability to aid this process. In contrast, this paper argues that the uncertainties involved in understanding financial market developments and their potential impact on the real economy are likely to remain too high to embolden policy makers. The political and institutional risks associated with policy errors are also significant. The fundamental premise that a liberalised financial system is based on 'efficient' market allocation cannot be overlooked. The corollary is that any serious attempt to stabilize financial market outcomes must involve at least a partial reversal of deregulation.

Forward-looking versus recursive-dynamic modeling in climate policy analysis: A comparison

This paper develops a multi-regional general equilibrium model for climate policy analysis based on the latest version of the MIT Emissions Prediction and Policy Analysis (EPPA) model. We develop two versions so that we can solve the model either as a fully inter-temporal optimization problem (forward-looking, perfect foresight) or recursively. The standard EPPA model on which these models are based is solved recursively, and it is necessary to simplify some aspects of it to make inter-temporal solution possible. The forward-looking capability allows one to better address economic and policy issues such as borrowing and banking of GHG allowances, efficiency implications of environmental tax recycling, endogenous depletion of fossil resources, international capital flows, and optimal emissions abatement paths among others. To evaluate the solution approaches, we benchmark each version to the same macroeconomic path, and then compare the behavior of the two versions under a climate policy that restricts greenhouse gas emissions. We find that the energy sector and CO(2) price behavior are similar in both versions (in the recursive version of the model we force the inter-temporal theoretical efficiency result that abatement through time should be allocated such that the CO(2) price rises at the interest rate.) The main difference that arises is that the macroeconomic costs are substantially lower in the forward-looking version of the model, since it allows consumption shifting as an additional avenue of adjustment to the policy. On the other hand, the simplifications required for solving the model as an optimization problem, such as dropping the full vintaging of the capital stock and fewer explicit technological options, likely have effects on the results. Moreover, inter-temporal optimization with perfect foresight poorly represents the real economy where agents face high levels of uncertainty that likely lead to higher costs than if they knew the future with certainty. We conclude that while the forward-looking model has value for some problems, the recursive model produces similar behavior in the energy sector and provides greater flexibility in the details of the system that can be represented. (C) 2009 Elsevier B.V. All rights reserved.

Risco de crédito na banca face ao novo enquadramento normativo em contexto de crise : o caso do crédito a particulares

Mestrado em Auditoria

SCADA House Intelligent Management for Energy Efficiency Analysis in Domestic Consumers

The implementation of smart homes allows the domestic consumer to be an active player in the context of the Smart Grid (SG). This paper presents an intelligent house management system that is being developed by the authors to manage, in real time, the power consumption, the micro generation system, the charge and discharge of the electric or plug-in hybrid vehicles, and the participation in Demand Response (DR) programs. The paper proposes a method for the energy efficiency analysis of a domestic consumer using the SCADA House Intelligent Management (SHIM) system. The main goal of the present paper is to demonstrate the economic benefits of the implemented method. The case study considers the consumption data of some real cases of Portuguese house consumption over 30 days of June of 2012, the Portuguese real energy price, the implementation of the power limits at different times of the day and the economic benefits analysis.

Organizational Culture in Cooperatives: an exploratory approach

In recent years, organizational culture has become one of the common themes of interest of scientific and academic research. Each organization has its own unique cultural identity. Based on the recognition that organizational culture is considered important to an organization’s results, and social economy organizations are concerned with improving managerial practices and results, our objective is to study organizational culture in cooperatives: identifying their organizational culture as a specific type of organization of the social economy, recognized as increasingly important economic agents; and in doing so, explore the usage of a widely known model, the Competing Values Framework (Quinn & Rohrbaugh 1983). Three cooperatives were studied. Their presidents were interviewed, and a questionnaire was applied to cooperative members to obtain demographic and organizational culture data. Differences between the cooperatives’ cultural profiles seem to be consistent with both the circumstances of Portuguese social economy organizations (SEOs), and to the organizations’ uniqueness regarding their trade, focuses, and history. International firm trends were compared with this study’s results, and also appear to be explained by the SEO’s management practices evolution standpoint: lack of structured way of working, and the need to improvise and innovate in order to get things done. The importance of our research is held in the fact that social economy, and the cooperative movement in particular, has a developing importance in the expansion of many economies, the lack of literature on culture in SEOs, and the exploratory usage of a well-known model of management literature in cooperatives.