Does the Chinese banking system benefit from foreign investors?

We find empirical evidence that the Chinese banking system has benefited from the entry of foreign investors through higher profitability and increased efficiency of the banking system. Foreign participation, which consists of a minority stake in a Chinese bank (in contrast to the typical pattern in emerging countries), appears to be most effective when the foreign bank acts as a strategic investor. Purely financial investors contribute little, if anything, to bank performance.China; banking system; foreign participation

Does China have an impact on foreign direct investment to Latin America?

We analyze empirically whether the emergence of China as a large recipient of FDI has affected the amount of FDI received by Latin American countries. For the longest time span possible given data availability (from 1984 to 2001), we do not find a substitution from Latin American inward FDI to China, when other relevant factors are taken into account. However, concentrating on the last few years (from 1995 to 2001), when FDI boomed worldwide and negotiations for China’s WTO membership accelerated, the “Chinese” effect becomes highly significant. Assessing the impact country by country, China’s inward FDI appears to have hampered that of Mexico and Colombia.China, Latin America, FDI

Does China have an impact on foreign direct investment to Latin America?

We analyze empirically whether the emergence of China as a large recipient of FDI has affected the amount of FDI received by Latin American countries. For the longest time span possible given data availability (from 1984 to 2001), we do not find a substitution from Latin American inward FDI to China, when other relevant factors are taken into account. However, concentrating on the last few years (from 1995 to 2001), when FDI boomed worldwide and negotiations for China’s WTO membership accelerated, the “Chinese” effect becomes highly significant. Assessing the impact country by country, China’s inward FDI appears to have hampered that of Mexico and Colombia.China, Latin America, FDI

WHERE IS THE CHINESE BANKING SYSTEM GOING WITH THE ONGOING REFORM?

The Chinese banking system, characterized by a large proportion of state-ownership and low capitalization, has started a reform process based on three main pillars: (i) bank restructuring, with the cleaning- up of non-performing loans and public capital injections, particularly in the four largest state-owned banks; (ii) financial liberalization, with the gradual flexibilizaton of price and quantity controls and the opening-up to foreign competition; and (iii) strengthened financial regulation and supervision, as well as better risk management, corporate governance, disclosure, and the introduction of international standards. Although it is still early to judge on the success of the reform, the available evidence does not offer a very optimistic outlook. The solvency of Chinese banks is still very weak, with a stubbornly high level of non-performing loans, and profitability is poor. Given the commitment of the Chinese authorities to fully open up its banking system to foreign competition by 2006, it seems crucial that financial reform accelerates so that the Chinese banking system can compete at the international level. This is particularly the case for the reduction of NPLs and bank recapitalization as well as for a furthered improvement of bank regulation and supervision.Chinese financial system, financial reform, bank restructuring, financial liberalization, bank regulation and supervision

DETERMINANTS AND IMPACT OF FINANCIAL SECTOR FDI TO EMERGING

This paper reviews the theoretical literature explaining financial FDI, as well as the empirical results on the determinants of financial FDI and its potential effects for the home country. From this revision, we conclude that, at the present stage, the existing theoretical paradigms need to be adapted to explain the recent surge in international banks’ local operations in emerging countries financial sectors. Macroeconomic and risk diversification theories would seem particularly well- suited to explain this reality. The empirical literature on financial FDI has concentrated on bank-specific factors and much less so on macroeconomic determinants, particularly push factors where generally only general FDI literature is available. The survey draws on this literature in those cases where no specific results for financial FDI exist. Finally, the effects of financial FDI on the home country are virtually unknown. The literature on general FDI has focused on employment, trade and investment effects, yet the consequences on the profitability and systemic risk of home’s financial system remain a topic for debate.

China’s banking reform: An assessment of its evolution and possible impact

The Chinese banking system, characterized by massive government intervention, poor asset quality and low capitalization, has started a reform process based on three main pillars: (i) bank restructuring, through the cleaning-up of non-performing loans and public capital injections, particularly in the four largest state-owned banks; (ii) financial liberalization, with the gradual flexibilization of quantity and price controls, the opening-up to foreign competition and cautious steps toward capital account liberalization; and (iii) strengthened financial regulation and supervision, coupled with efforts to improve corporate governance and transparency. Although the reform is still ongoing, our preliminary assessment indicates that changes are needed for the reform to be fully successful. Asset quality has improved, particularly in the recapitalized banks, but there is a high risk of a new build-up of non performing loans. Capitalization has increased in the largest banks, as a consequence of the government capital injections, but it generally remains low and profitability has fallen even further. China’s huge financing needs, to maintain high economic growth, and its commitment to fully open up its banking system to foreign competition urgently require a more comprehensive and time-bound strategy, with a long-term vision of the desired structure of the Chinese banking system. Bank recapitalization should be completed immediately, not only to ensure bank soundness, but also to increase profitability, which could be affected negatively as competition increases with full financial liberalization. Bank recapitalization, however, needs to be accompanied by a radical improvement in corporate governance, which would clearly be facilitated by a change in the property structure.Chinese financial system, financial reform, bank restructuring, financial liberalization, bank regulation and supervision.

Los anglicismos híbridos de los esports. Traducción y propuestas de adaptación terminológica (EN-ESP)

El presente trabajo propone analizar, desde el punto de vista traductológico y terminológico, algunos términos empleados en el lenguaje de los esports o competiciones de videojuegos, ya que aquí se está produciendo un curioso fenómeno de neología léxica que da lugar en español a anglicismos híbridos tales como farmear, stunear y gankear. En este trabajo, no solo vamos a familiarizar al lector con el tema que vamos a tratar, sino que también vamos a analizar una serie de términos y vamos a sugerir algunas propuestas de adaptación y traducción. Asimismo, responderemos a algunas preguntas concernientes al uso de estos términos, debido a la controversia que causa esta cuestión en la comunidad lingüística.Grado en Traducción e Interpretació

Crecimiento económico, comercio internacional y medio ambiente

El presente trabajo tiene por objeto el análisis de tres variables relevantes para una economía, como son el crecimiento económico, el comercio internacional y el medio ambiente. Primeramente se lleva a cabo dicha tarea de manera individual para cada variable, para posteriormente analizar las relaciones bilaterales entre ellas. Por último, a fin de contrastar lo dicho en la teoría, se elaboran una serie de gráficos que muestran la evolución empírica de las variables para diferentes países. Algunas conclusiones a las que este estudio nos permite llegar son el hecho de que el comercio internacional es una vía para lograr el crecimiento económico y posterior desarrollo económico, pero el crecimiento económico influye a su vez en el medio ambiente, provocando en muchos casos su degradación. Por ello, el objetivo sería lograr un crecimiento económico sin que ello suponga un perjuicio para el medio ambiente, esto es, que sea sostenible.Departamento de Fundamentos del Análisis Económico e Historia e Instituciones EconómicasGrado en Derecho y Grado en Administración y Dirección de Empresa

Magic Realism in Contemporary Irish Short Stories

In spite of the mythical and fantastical richness of Ireland, its imaginative people and its orography and landscapes, the country is not credited with having magic realistic literary texts in the twentieth century. The aim of this B.A. Thesis is to study four short stories “Children’s Children”, “Costellos”, “The Seventh Man” and “Ebenezer’s Memories”by three young Irish authors, Jan Carson, Oisin Fagan and Roisin O’Donnell, and to prove that they have features of magic realism. The methodology I have used is that of close reading of the four works and a comparison of their traits with the features of 'traditional' magic realism. As a result, we can conclude that there is magic realism in Irish literature but with some distinctive characteristics.A pesar de la riqueza mítica y fantástica de Irlanda, de sus ingeniosos habitantes, y de su orografía y paisajes, al país no se le atribuye la existencia de textos literarios magicorrealistas en el siglo XX. El objetivo de este Trabajo de Fin de Grado es estudiar cuatro historias cortas: “Children’s Children”, “Costellos”, “The Seventh Man” y “Ebenezer’s Memories”, escritas por tres jóvenes autores irlandeses, Jan Carson, Oisin Fagan y Roisin O'Donnell, y demostrar que tienen rasgos de realismo mágico. La metodología que he utilizado es la de la lectura en profundidad de las cuatro obras y la comparación de sus características con las del realismo mágico ‘tradicional’. Como resultado, podemos concluir que existe un realismo mágico en la literatura irlandesa, pero con algunas características distintivas.Departamento de Filología InglesaGrado en Estudios Inglese

Instituciones, Segmentación del Mercado de Trabajo y Competitividad en la Economía Política Alemana

Tesis inédita de la Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, leída el 23-11-2020This doctoral dissertation analyzes the evolution of German labor institutions and their effects on the country’s economic performance throughout the period 1990-2015. Our theoretical framework draws on a specific strand within the political economy literature: the “Varieties of Capitalism debate” in a broad sense. The PhD thesis is organized in 5 related but independent chapters. Chapter 1 introduces the topic. It provides a historical overview of the German political economy since the early-1970s, and illustrates the theoretical underpinnings of the Varieties of Capitalism debate as well as the goals of each chapter. Chapter 2 explores the transformation of the German employment and industrial relations model. Using a firm-level dataset (a sample size of more than 10,000 observations per year), the evolution of different forms of atypical employment and the coverage of the dual system of industrial relations are analyzed across different groups of firms. Additionally, using a shift-share technique, we estimate the impact of the change in the employment structure on this process of institutional change...Esta tesis doctoral estudia la evolución de las instituciones laborales alemanas y sus efectos sobre el desempeño económico durante el período 1990-2015. Nuestro marco teórico descansa en una corriente concreta de la economía política comparada: “el debate de las Variedades de Capitalismo” en un sentido amplio. El trabajo se divide en 5 capítulos independientes, pero vinculados entre sí. El Capítulo 1 es introductorio. En él hacemos un repaso histórico de la economía política alemana desde los años 70 hasta la actualidad, y presentamos el debate de las Variedades de Capitalismo junto con los objetivos de cada uno de los siguientes capítulos. El Capítulo 2 analiza el proceso de liberalización del modelo alemán de empleo y relaciones laborales. Para ello, empleamos una base de datos representativa de empresas (con una muestra de más de 10.000 observaciones al año) y exploramos la evolución de varias formas de empleo atípico y de la cobertura del sistema dual de relaciones laborales en diferentes tipos de compañías. Además, utilizamos una técnica de descomposición para estimar el efecto de la evolución de la estructura del empleo en el cambio institucional...Fac. de Ciencias Económicas y EmpresarialesTRUEunpu