Suchergebnisse

This dissertation encompasses four essays, which deal with issues related to the cross-border financial integration and the financialization of economies. The first essay analyses whether foreign bond buying of euro area securities had an impact on euro area long-term interest rates. Capital flows into the euro area were particularly large in the mid-2000s and the share of foreign holdings of euro area securities increased substantially between the introduction of the euro and the outbreak of the global financial crisis. The essay shows that the increase in foreign holdings of euro area bonds in this period is associated with a reduction of euro area long-term interest rates by about 1.55 percentage points, which is in line with previous studies that document a similar impact of foreign bond buying on US Treasury yields. These results are relevant both from a euro area and a global perspective, as they show that the phenomenon of lower long-term interest rates due to foreign bond buying is not exclusive to the United States and foreign inflows into euro area debt securities may have added to increased risk appetite and hunt-for-yield at the global level. The second essay studies the composition of cross-border flows and their relationship with credit and money aggregates. While previous studies have focused on the relationship between international capital flows and domestic credit growth, highlighting the importance of the equity/debt mix, this chapter shows that there are also important implications of flows going to different domestic recipient sectors, especially concerning money dynamics. In particular, cross-border banking flows display a strong comovement with credit but none with broad money; in turn, flows of domestic non-banks display comovement with both credit and money. For this reason, banking flows correlate with the decoupling of these two variables ? the Great Leveraging ?, a stylised fact documented for several economies in the past decades and associated to the rapid expansion of banks non-monetary liabilities. These results thus shed light on the mechanisms through which the international banking activity might have consequences for the composition of the domestic bank balance sheet. The third essay looks at the interaction of financial flows and asset prices dynamics and how they contribute to shaping sectoral balance sheets and leverage for a set of OECD plus a few other mostly European countries. While debt instruments exhibit small holding gains and losses, equity instruments are subject to significant asset price changes. Importantly, these equity holding gains and losses display a significant positive comovement with investment in debt instruments. These patterns imply that, overall, favourable price valuations go hand in hand with the active build up of debt (and vice-versa), as well as tend to mask the increase in leverage when one considers measures based on market prices. Furthermore, this relationship is distinct across different sectors and financial corporations are the main drivers of this procyclical behaviour. Finally, the fourth essay establishes how financial accounts data allow for the computation of interlinkages across financial sectors and document how intra-financial assets of financial corporations have been growing considerably in recent times in a set of mostly advanced economies. How is this increase in financial sectors interconnectedeness associated with credit provided to end-user non-financial sectors? While intra-financial assets growth displays no significant comovement with credit provided to non-financial corporations and the general government, it does with credit provided to households. Moreover, this relationship stems mostly from claims among non-bank and across non-bank and bank financial corporations, and not from intra-bank claims. These results suggest that the expansion of the financial corporations? interlinkages has been mostly associated with residential mortgages and consumption lending which, through activities such as securitization, contribute to the growth of links across the different financial sectors. Finally, general conclusions from this dissertation are presented in the last chapter. ; TARA (Trinity?s Access to Research Archive) has a robust takedown policy. Please contact us if you have any concerns: rssadmin@tcd.ie

Este estudo analisa o comportamento de estabilidade e mudança na execução orçamentária da União, entre 1980 e 2014, buscando verificar a aderência da Teoria do Equilíbrio Pontuado na execução das políticas públicas por meio do orçamento federal. A análise descritiva da execução orçamentária por função indicou um padrão de distribuição das variações com períodos de estabilidade e pequenas interrupções. As maiores amplitudes de variações ocorreram nos anos 1986, 1989 e 1990, coincidindo com períodos de significativas mudanças institucionais. Da mesma forma, a redução na amplitude das variações observadas a partir de 1996 pode indicar alinhamento com a estabilização monetária como fator institucional que contribui para o equilíbrio da execução orçamentária.

O método de construção de cenários é uma maneira de pensar - de forma otimizada, estratégica, baseada em tendências e eventos incertos - sobre uma grande variedade de potenciais resultados que podem impactar o futuro de uma organização. Neste estudo, objetiva-se contribuir para uma possível melhora nos métodos de elaboração de cenários de Godet e Schoemaker por meio da utilização do método de Análise e Estruturação de Modelos (AEM) como ferramenta para a análise de variáveis. Por se tratar de um tema exploratório, realizou-se uma pesquisa bibliográfica com definição e análise das ferramentas, exemplos extraídos da literatura, e um exercício de comparação dos referidos métodos. Constatou-se que a AEM pode substituir ou complementar as ferramentas originais de análise de variáveis de cenários dos métodos de Godet e Schoemaker, haja vista que permite uma profunda análise das relações entre as variáveis em menor espaço de tempo, facilitando a estruturação e construção de possíveis cenários.Palavras-chave: Estratégia. Estudos do futuro. Método AEM.

AbstractThe purpose of the paper is to identify the effect of geographical distribution of job accessibility on that of population density in the city of Salvador, comparing White and Black residents. The use of public and private transportation systems by workers was used to calculate an accessibility index by 713 traffic subzones of the city. The variation in this index was used to explain the variation in the population density in the urban area of the city. A two‐stage least‐square estimation procedure was applied, and a hydrological instrumental variable was used to capture exogenous variations in the accessibility index, since the historical evolution of the city's avenues followed the path of its main rivers. The results showed that accessibility has similar effects for the total population, and for White and Black people. A lower possibility of reaching jobs reduces the demand for housing in more distant urban spaces, which reaffirms the importance of transport policies to reduce socioeconomic inequalities and to improve the urban sprawl in the cities.

Com fundamento nos conceitos da Psicodinâmica do Trabalho (PDT), este estudo buscou analisar os riscos de adoecimento no trabalho de fisioterapeutas com atuação em organizações da região metropolitana de Belo Horizonte. Em um estudo de casos múltiplos, a pesquisa foi desenvolvida com apoio de metodologia qualitativa e descritiva. Utilizou-se como instrumento de pesquisa a entrevista semiestruturada, com base no Inventário de Trabalho e Riscos de Adoecimento (ITRA) de Mendes e Ferreira (2007), e, a análise dos dados coletados deu-se por meio da técnica de Análise de Núcleos de Sentidos (ANS), com base na Análise de Conteúdo de Bardin (2004). Os resultados apontam quem os fisioterapeutas estão sujeitos a contradições no contexto de trabalho, as quais geram mais vivências de sofrimento e podem colocar sua saúde em risco. Alguns quadros patológicos já são observados, revelando estratégias defensivas ineficazes, ficando assim mais propensos ao adoecimento. Pode-se constatar uma fragilidade no aspecto coletivo, o que prejudica sua afirmação profissional e as vivências de prazer. Recomenda-se a adoção de políticas de integração e valorização deste profissional, tanto no âmbito das organizações, quando no campo social.