Manual de Direito do Trabalho
Xavier, Bernardo da Gama Lobo
2011-01-01
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17 records were found.
This paper presents some new evidence on the hypothesis that financial liberalization will lead to a convergence in the structure of financial systems and firms' capital structure towards market-based systems. The paper focuses on the interesting case of France, where major reforms have liberalized financial markets and the banking system and significantly widened the choice of markets and contracts for firms' financing. The paper does show that the reforms have been paralleled by a shift of firms' funding towards the pattern of market-based systems, but it also argues that this is only a partial picture. Mirroring past and recent theories of capital structure which have concentrated only on financial markets as the provider of funds, this would disregard the role of intermediaries and overlook the fact that French banks are still the ...
The economic impact of privatisation is hard to assess. This paper extends the analysis of Florio (2002b) in four directions. It argues that a welfare assessment of privatisation must include an evaluation of the performance of public enterprises in light of their originally broad set of objectives including, for example, the promotion of employment. It highlights the importance of financial pressure, independently of privatisation, in improving the performance of public firms. It goes on to discuss the potential role of supranational institutions in bringing about this pressure, and identifies the relevance of the 1976 IMF intervention in the UK. International empirical evidence is then presented in support of Florio’s argument that privatisation was not decisive in improving labour productivity. Finally, the paper argues that institu...
The aim of this paper is to contribute to the debate on the redesigning of financial systems in Central and Eastern European and developing countries by focusing attention on specific financial institutions appropriate to easing the transition and fostering the creation of markets. The paper argues that the immediate emulation of the better-known institutions of the most developed, market-based financial systems, i.e. the US and the UK, should not be taken for granted. It underlines, instead, the importance of drawing inspiration from the experiences of a variety of institutions and financial systems. Particularly relevant are those systems that have experienced forms of transition and a mix, over time, of market and state intervention.
The approach of this paper is one of institutional financial economics (Neave, 1991 and Williamso...
Capital markets imperfections, Public enterprises, Investment and cash flow, Soft-budget constraint, Managerial discretion, File-URL: http://www.wider.unu.edu/stc/repec/pdfs/rp2002/dp2002-29.pdf
Public enterprises, Soft budget constraint, State aid, European integration, Italy, Federalism
