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This master thesis examines global value chains and more specifically the creation and distribution of value in the case of baby-care product business. As the world economy and linkages between participants of international trade are changing and becoming more complicated, the research project addressing at bringing an applicable prototype and model of a global value chain and outlining the distribution of value-added in the chain from both organizational and geographical perspective. In addition, the study includes an analysis of the value chain structure of the case company Kindoh in terms of GVC governance and tries to find out the main strategy of Kindoh for making a profit.
This research analyses whether the amended European Union (EU) Securitisation Regulation that aims to revitalise the securitisation markets is effectively reducing concerns of financial stability. Securitisation activities are a substantial part of the universe of non-bank financial intermediation, elsewhere referred to as the ‘shadow’ banking universe. Securitisations were a channel of contagion during the global financial crisis (GFC). When highly rated assets that had been packaged in mortgage-backed securities began to default, investors tried to quickly dispose of these instruments. The distrust did not discriminate, instead spreading to other securitisation instruments. The consequence was that the market for securitisation froze. This was problematic, as asset-backed securities (ABSs) are used as collateral in interbank lending. Since the GFC, securitisation markets have only recovered slowly. ABS products should stimulate access to market-based finance for the non-financial sector, primarily for small- and medium-seized enterprises, as an alternative to bank-centred finance. This assessment of whether problems of financial stability of securitisations can be ruled out takes a twofold approach. First, it is found that the regulation takes a market
rational approach and attempts to rule out false incentives and moral hazard problems with’skin-in-the-game’ rules, due diligence requirements and stringent supervision. Nevertheless, the second approach of the assessment looks beyond market failure and finds that there are problems which cannot be ruled out. Securitisation comes with bank-like risks, such as maturity and liquidity transformation, potentially divergent expectations between debtors and lenders, asset price bubbles and excessive leverage, which continue to be a potential
source of systemic risk.
Fiscal policy is back in the academic and policy discussion as a tool to stabilize business cycle fluctuations and to stimulate output, which in turn has resulted into a new generation of fiscal multiplier estimates. Recent research shows that the macroeconomic effects of
fiscal policy are country-specific and potentially dependent on the state of the business cycle. Building upon the empirical literature on time-varying fiscal policy, I estimate the magnitude of public investment effects on output for 7 Eurozone countries, using a Bayesian time-varying parameters vector autoregression (TVP-VAR). The results show that public investment shocks have a positive effect on output growth in all countries; while the effect remained constant over time in Finland, France, Germany and the Netherlands, it exhibits time-variation in Italy, Spain and Portugal. The empirical evidence also suggests that public investment effects might not necessarily depend on the state of the business cycle, as they could also remain stable over time or vary due to other macroeconomic factors.