Economia i Empresa

Treballs de fi de grau, de màster o d'alguna assignatura, realitzats per estudiants de la UPF en l'àmbit d'Economia i Empresa.

URI permanent per a aquesta comunitat http://hdl.handle.net/10230/20647

Recent Submissions

Assessing the global minimum corporate tax as an economic instrument against inequality
(2025) Pi Vicente, Natàlia; Rexach Ripoll, Jordi; Sánchez Muñoz, David; Torres Arias, Ingrid
The present paper assesses the implementation of the 15% Global Minimum Tax (GMT) proposed by the OECD. Its Section 1 outlines the problem regarding profit shifting and the limitations that a globalised tax system faces in a globalised economy. Section 2 analyses the structure of the Spanish corporate tax and highlights that a significant gap has been found between nominal and effective tax rates. Section 3 studies the GMT with a broader look, examining the issue from a global perspective. In the 4th section of the paper, the main arguments in favour of the measure are presented, including an increase in the fairness of taxation, the reduction of fiscal asymmetries, the loss of appeal of tax havens and the protection of public revenues. In Section 5, a critical examination of the limitations of the policy is conducted showcasing some of its limitations, such as its limited scope, its low rate, the complexity of enforcing it and the possible negative impacts that the measure could entail for developing countries. Finally, Section 6 concludes that the analysed reform has been a meaningful step leading to a more equitable tax system, but its long term effectiveness depends on certain refinements and international cooperation.
Anchor effects on entrepreneurial entry and risk-taking
(2025) Chen, Jiajia; Chen, Wu
It has been well documented that an individuals’ surroundings influences their entrepreneurial decisions. This paper provides a new behavioral perspective to explain the phenomenon. We focus on the university setting and argue that social reference points create anchoring effects on students and influence them on their likelihood of entrepreneurial entry and risk-taking. We conducted an empirical study with survey data collected from Spanish university students and found that a higher social anchor led to a higher likelihood of entry and risk-taking. Additionally, children of business owners had increased risk-taking due to the anchor, explaining why entrepreneurship tends to run in the family. Men and children of entrepreneurs were encouraged to enter, and men and high self-efficacy individuals took more risks when identifying their surrounding peers as entrepreneurs, explaining the prevalence of these characteristics among entrepreneurs. The general anchor was ineffective in influencing entrepreneurial decisions, highlighting the salience of social anchors. The results of the study help explain how, from a cognitive perspective, environments such as elite universities are so prolific in producing successful entrepreneurs. This provides a more comprehensive view of the origins of entrepreneurship and has implications for institutional policies to foster business creation and increase overall welfare.
Capital and labour in economic theory: historical conflicts and conceptual shifts
(2025) Mestre Trabal, Eduard
This project examines the evolution of conceptualisations of labour and capital within economic theory, tracing their development from classical political economy through neoclassical economics to post-Keynesian perspectives. Classical economists such as Adam Smith, David Ricardo, and Karl Marx viewed labour and capital as interdependent elements within a historical and social context, with a particular emphasis on the dynamics of accumulation, the distribution of income, and class relations. In contrast, the neoclassical school redefined these concepts within an abstract, ahistorical framework, focusing on individual choice and marginal productivity, which led to the treatment of capital as a homogeneous and measurable factor of production, abstracted from its historical and qualitative characteristics. The Cambridge Capital Controversy challenged this aggregation, highlighting the incommensurability of heterogeneous capital goods and questioning the validity of marginalist theories in explaining income distribution. Post-Keynesian economists, drawing on both classical insights and Cambridge critiques, emphasized the importance of historical specificity, institutional context, and the role of power and conflict in shaping economic outcomes. This paper argues that the revival of classical themes offers a more historically grounded and analytically robust perspective on the labour-capital relationship, thereby enriching the discourse within heterodox economics.
The metamorphosis of Revolut: from travel - oriented fintech to direct competitor
(2025) Aguiló Llabrés, Auba; Barrionuevo García, Daniela; Rico Fernández, Sofía; Romero de Blas, Carla
This project analy zes the strategic evolution of Revolut in the Spanish market with the aim of assessing its potential to establish itself as a primary bank in contrast to traditional banking institutions. To this end, an external and internal analysis is first conducted using tools such as PESTEL, Porter’s Five Forces, and Porter’s Value Chain, which serve as the foundation for a subsequent SWOT analysis. Next, Revolut’s corporate strategies are compared to those of its main competitors, and public perception of the company is examined through a survey of 165 participants. Despite a high level of technological innovation and rapid growth, the results show that Revolut is still perceived as merely a secondary app primarily used for travel -related purposes. Based on this, it is concluded that the company should strengthen its brand awareness through a series of measures such as partnerships with public institutions, diversification of its services into key sectors, or the introduction of physical service points to build greater trust among users.
Impact of Trump's 2025 tariff policies on the USD/EUR and its volatility
(2025) Fernández i Sala, Enric; González Afonso, José Antonio; Morales Castaño, Paulo Cesar; Viñas i Tarradas, Jaume
This study investigates the macroeconomic and financial effects of Donald Trump’s 2025 tariff policies on the USD/EUR exchange rate and its volatility. Following Trump’s re-election, the US administration imposed sweeping protectionist measures, triggering significant fluctuations in currency markets. Using an extended IS-LM framework—including Mundell-Fleming and Open IS-MP-PC models—the paper analyzes the theoretical mechanisms linking tariffs to exchange rate dynamics. The study identifies two key phases: a short-lived USD appreciation driven by initial market optimism, followed by a sharp depreciation due to retaliatory tariffs, heightened uncertainty, and rising risk premiums. To complement the theoretical framework, empirical analysis is conducted using time-series forecasting simulations: ARMAX-GARCH, random forests, and boosting, trained on macro-financial data from 1999 to 2025. The forecasts reveal that Trump’s tariff shock led to unusual exchange rate movements considering historical patterns, underscoring the role of expectations, political credibility, and uncertainty in shaping currency behavior. The paper concludes with a discussion on policy implications for the US, the Eurozone, and other major trade partners of the US; and the stability of the global economy.

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