Dissertations / Theses on the topic 'Financial deregulation'
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Risman, Sveta, and not supplied. "Measuring the Impact of Financial Deregulation." RMIT University. Economics, Finance and Marketing, 2006. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20080206.100855.
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Extensive deregulation of the Australian financial system officially began in the early 1980s. Since 1979 there have been three inquiries into the Australian financial system. The Campbell, Martin and Wallis Inquiries all supported the notion of deregulation of the Australian financial system. Many of their recommendations focused on allowing the market to determine market outcomes without jeopardising stability. Reform to the system was expected to provide a number of benefits, including increased competition and efficiency. Due to the limited quantity of quality data, research in this area has been limited. This thesis attempts to address issues that have not been adequately dealt with in the current literature by creating a database of financial bank data and using that data to analyse the effects that deregulation has had on the banking industry with respect to competition, efficiency and overall industry profitability.
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Cooray, Arusha Economics Australian School of Business UNSW. "The impact of deregulation on financial market efficiency in Sri Lanka." Awarded by:University of New South Wales. School of Economics, 2000. http://handle.unsw.edu.au/1959.4/17885.
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The purpose of this study is to investigate the impact of deregulation on financial market efficiency in Sri Lanka. The concept of efficiency used here is due to Fama (1970) who defines an efficient market as one in which prices fully reflect all available information. Given the significant expansion of Sri Lanka???s financial markets in the post deregulation period, efficiency is investigated in the context of these markets. To this end, the study employs a number of standard tests for market efficiency including; the expectations hypothesis of the term structure, the Fisher hypothesis, uncovered interest parity, speculative efficiency, real interest rate equalization and tests of capital mobility. Although the overall results presented in this study suggest that Sri Lanka???s financial markets are not fully efficient, the evidence provides significant insight to the performance of these markets. The main policy lesson to be learnt from this analysis is that financial deregulation will not automatically promote market efficiency unless accompanied by positive policy action to reinforce the impact of these reforms. In conclusion therefore, the study makes a number of recommendations which could help to reinforce the impact of financial deregulation on market efficiency.
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Kazemian, Mahmoud. "Financial deregulation and the monetary transmission mechanism of the Australian economy /." Title page, contents and abstract only, 1996. http://web4.library.adelaide.edu.au/theses/09PH/09phk236.pdf.
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Nguyen, Nghia Trong. "Financial deregulation and bank performance in South East Asia, 1985-2004." Thesis, Bangor University, 2007. https://research.bangor.ac.uk/portal/en/theses/financial-deregulation-and-bank-performance-in-south-east-asia-19852004(c9c3fd8e-1f59-454a-b3d7-ed50018bee02).html.
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Robin, Iftekhar Ahmed. "Financial deregulation, banking efficiency and productivity growth: empirical evidence from Bangladesh." Thesis, Curtin University, 2015. http://hdl.handle.net/20.500.11937/273.
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Hulse, Colin D. "Effects of Deregulation on Retirement Savings." Scholarship @ Claremont, 2012. http://scholarship.claremont.edu/cmc_theses/536.
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The implementation of deregulation in the financial industry has shown both positive and negative effects on the average investor’s ability to save for retirement. The increase in financial investment products and supplements to saving has provided the average investor with many more opportunities to manage his/her wealth in order to save for retirement. This paper will examine the evolution of basic savings accounts offered by commercial banks in the early 1900s to the broadening of investment opportunities in the 1990s. The paper discusses the effects of three deregulatory acts on the average investor’s ability to accumulate wealth for retirement. These acts include: The Depository Institutions Deregulatory Monetary Control Act of 1980, Garn-St. Germain Depository Institutions Act of 1982, and the repeal of Glass-Steagall Act of 1933 through the Gramm-Leach-Bliley Act of 1999. Each of these deregulatory measures played a significant role in the changing of investment and savings behavior of the average investor and the definition of retirement in general.
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Ismail, Abdul Ghafar. "Monetary policy in deregulated commercial banks and in the presence of Islamic banks." Thesis, University of Southampton, 1994. https://eprints.soton.ac.uk/421966/.
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Atingi-ego, Michael. "Financial deregulation and its implications for the macroeconomy : the case of Uganda." Thesis, Liverpool John Moores University, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.482070.
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Sarno, Lucio. "Essays in macroeconomics and international finance." Thesis, University of Liverpool, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.364179.
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Rodriguez, Silvia. "The post-deregulation impact on the Canadian financial services industry's mergers and acquistions." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2000. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape3/PQDD_0021/MQ54310.pdf.
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Adeeko, Olukayode Adesope. "The law and policy of financial regulation and deregulation of Nigerian banking system." Thesis, University of Warwick, 1998. http://wrap.warwick.ac.uk/4258/.
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This thesis is a study of banking regulation in Nigeria. It has three main objectives: to explain the evolution and impact of banking regulation after independence to discuss the reasons for the persistent failure of financial regulation; and to highlight the role of external agencies in Nigeria's financial system. The thesis offers a historical perspective on the developments in Nigerian banking regulation, but focuses mainly on the period after independence. It examines the economic and political theories that have influenced financial regulatory trends in Nigeria. It considers these theories in their political and legal context. The thesis does not embrace any theory in particular. Instead, its approach is pragmatic and comparative focusing on the interaction between legal, political and institutional factors that have influenced financial regulation in Nigeria. The study shows that the pre-liberalisation regulatory norms were repressive and inefficient. It argues that banking deregulation was introduced as an economic revolution devoid of necessary corresponding political and legal changes. The core destabilising factors are identified as inadequate regulatory powers, political corruption, political instability, legal instability, policy distortions, and incongruous laws. The complicity of the IMF and World Bank in this process is also discussed. Financial deregulation was prompted by predatory politics characteristic of the Nigerian state; yet, deregulation has aggravated the country's political instability and exacerbated prebendalism. The thesis discusses policy options to break this vicious circle.
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Ray, Chaudhuri Ranajoy. "Three Essays on Financial Intermediation and Growth." The Ohio State University, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=osu1338394730.
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Pacheco, Douglas Vladimir, and na. "Re-deploying State Capacities: The Project of Financial Deregulation in Costa Rica (1980-2000)." Griffith University. School of Humanities, 2004. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20040524.125316.
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Observers of neo-liberal persuasion claim that a financial system free of government regulation can lead to better allocation of resources and if the actual process of deregulation is done properly, the results can benefit society as a whole. Deregulation requires dismantling those state-based banking structures that are perceived as economically inefficient. This approach sets up a dichotomy between financial deregulation, which is portrayed as an intrinsic part of economic progress, and state regulation, which is seen as a force that interferes with entrepreneurial freedom and efficiency. This thesis argues that such a dichotomy can only be possible within the dominant neo-liberal discourses on the economy that have displaced Keynesian style economic management in core and peripheral areas of the world. Following Marxist structural approaches I also argue that financial deregulation is a class-based project that opens up profit sites and reflects the crisis in capitalist accumulation occurring in the latter part of the 20th century. Unlike neo-liberal followers I contend that the role of the state in maintaining and/or transforming capitalist structures in order to achieve certain outcomes (whatever they might be) is crucial in nation-building strategies in peripheral countries such as Costa Rica. As in many other countries, credit allocation was actively used in this country, for some thirty years in order to achieve high levels of investment, economic planning and re-distributive policies. However, the once fully nationalised banking system, as one of the few mechanisms available to the state to regulate savings and offer credit to different socio-economic groups, has gone through dramatic changes in the period from 1980-2000. Using a modified version of Hirschman's exit/voice framework for financial systems and available institutional data, I suggest that Costa Rica has moved from having a financial system that was predominantly owned by the state (public) and whose institutional arrangements were elite-led to one whose ownership is mixed but still led by elites. However if the trend persists I anticipate that it will become a predominantly privately owned system with an equal mixture of elite-voice and exit institutions.
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Delfino, MariÌa Eugenia. "Post-deregulation developments in financial services : the case of the banking industry in Argentina." Thesis, University of Warwick, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.396974.
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Pacheco, Douglas Vladimir. "Re-deploying State Capacities: The Project of Financial Deregulation in Costa Rica (1980-2000)." Thesis, Griffith University, 2004. http://hdl.handle.net/10072/366619.
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Observers of neo-liberal persuasion claim that a financial system free of government regulation can lead to better allocation of resources and if the actual process of deregulation is done properly, the results can benefit society as a whole. Deregulation requires dismantling those state-based banking structures that are perceived as economically inefficient. This approach sets up a dichotomy between financial deregulation, which is portrayed as an intrinsic part of economic progress, and state regulation, which is seen as a force that interferes with entrepreneurial freedom and efficiency. This thesis argues that such a dichotomy can only be possible within the dominant neo-liberal discourses on the economy that have displaced Keynesian style economic management in core and peripheral areas of the world. Following Marxist structural approaches I also argue that financial deregulation is a class-based project that opens up profit sites and reflects the crisis in capitalist accumulation occurring in the latter part of the 20th century. Unlike neo-liberal followers I contend that the role of the state in maintaining and/or transforming capitalist structures in order to achieve certain outcomes (whatever they might be) is crucial in nation-building strategies in peripheral countries such as Costa Rica. As in many other countries, credit allocation was actively used in this country, for some thirty years in order to achieve high levels of investment, economic planning and re-distributive policies. However, the once fully nationalised banking system, as one of the few mechanisms available to the state to regulate savings and offer credit to different socio-economic groups, has gone through dramatic changes in the period from 1980-2000. Using a modified version of Hirschman's exit/voice framework for financial systems and available institutional data, I suggest that Costa Rica has moved from having a financial system that was predominantly owned by the state (public) and whose institutional arrangements were elite-led to one whose ownership is mixed but still led by elites. However if the trend persists I anticipate that it will become a predominantly privately owned system with an equal mixture of elite-voice and exit institutions.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
School of Humanities
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Boustanifar, Hamid. "Essays in financial economics." Doctoral thesis, Handelshögskolan i Stockholm, Institutionen för Finansiell ekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-2087.
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Wu, Hsiang-Ying, and 吳香穎. "An investigation of regulatory changes and real estate credit in episodes of financial instability." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2006. http://hub.hku.hk/bib/B36632119.
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Rajan, Balaji. "A security constrained ac economic dispatch framework for allocation of balanced and unbalanced financial transmission rights." [Tampa, Fla.] : University of South Florida, 2005. http://purl.fcla.edu/fcla/etd/SFE0001161.
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Shenoy, Jaideep, and Ryan Williams. "Trade credit and the joint effects of supplier and customer financial characteristics." ACADEMIC PRESS INC ELSEVIER SCIENCE, 2017. http://hdl.handle.net/10150/623187.
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We examine how access to bank credit affects trade credit in the supplier-customer relationships of U.S. public firms. For identification, we use exogenous liquidity shocks to supplier firms in the form of staggered changes to interstate bank branching laws. Using a variety of tests, we show that supplier firms with greater access to banking liquidity offer more trade credit to their customers. We also show that when bank branching restrictions are relaxed in the supplier's state, the supplier-customer relationship is more likely to survive. (C) 2015 Elsevier Inc. All rights reserved.
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Dejan, Austin J. "Credit Supply, Price and Financial Stability in Markets and Institutions." ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2453.
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In Chapter 1, the staggered nature of the adoption of interstate bank branching deregulation in the United States is utilized as an exogeneous shock to investigate the managerial incentives involved in corporate socially responsible (CSR) activities. Using Kinder, Lydenberg, and Domini Research & Analytics, Inc. for our CSR measures, we find a significant negative relation between the extent of deregulation and CSR practices, which implies that deregulation-led rising competition in product market makes the non-financial firms more concerned about protecting interests of shareholders than other stakeholders. Specifically, firms with low pricing power tend to significantly reduce their CSR activities. Our results are robust using alternative empirical specifications and CSR measures.
Chapter 2 investigates the interaction between price stability and financial stability for “Fragile Five” countries. In the first step, we investigate the causation linkage between price stability and financial stability indicators. In the second step, we analyze the effect of financial stability instruments, lending rate and required reserve ratio, on price stability. We then test the price stability instrument policy rate on financial stability. Empirical findings, in the first step, indicate that there is no meaningful relationship between policy objectives in the short run, while the relation between financial stability and price stability occurs in the longer time frequencies. However, the situation is not valid for all economies. In the second step, we measure the effects of monetary policy tools employed by the central bank of each of the Fragile Five countries. The findings from the analysis that investigates the effects of each policy instrument imply that the policy rate instrument implemented to achieve the inflation target does not affect the financial stability goal. Similarly, the reserve requirement ratio instrument to achieve the financial stability goal does not affect the price stability goal. On the other hand, results give some implication about the negative effects of the lending rate instrument on the inflation targeting objective.
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Gachuru, Margaret Wambui. "Analyzing the Impact of Financial Deregulation on the Risk of Mortgage Delinquency: A Case Study of the Kenyan Mortgage Market." VCU Scholars Compass, 2005. http://scholarscompass.vcu.edu/etd_retro/158.
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In most developing countries, housing finance and mortgage lending are undergoing changes driven by financial deregulation policies, which include interest rate decontrol and privatization. In this study, we analyze detailed residential mortgage data from housing finance institutions (HFIs) in Kenya, to determine the impact of deregulation on loan performance. Using a hazard model, we find that interest rates, real Gross Domestic Product (GDP), exchange rate, and deregulation are significant in explaining the hazard of mortgage delinquency. We use a before and after deregulation framework to analyze the influence of deregulation on the probability of mortgage delinquency, and find that the number of delinquent loans increased after deregulation, the duration of loans from time of loan origination to time of delinquency decreased, and that loan repayment was also faster after deregulation. The study concludes that deregulation increased both the probability of delinquency as well as the probability of loan prepayment in Kenya. Our interpretation of the results is that, borrowers reacted to increasing interest rates, trigger events, and availability of cheaper funds elsewhere, while lenders reacted to increased competition introduced by deregulation by adopting more flexible credit risk analysis as well as teaser rates to attract demand. Given the scarcity of literature relating to mortgage finance in sub-Sahara Africa, this study provides valuable insight into the current lending environment, feasibility of future lending, and includes suggestions for improvement.
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Koch, Christoffer. "Essays on the credit channel of monetary transmission." Thesis, University of Oxford, 2011. http://ora.ox.ac.uk/objects/uuid:76bcdc03-c8da-4dde-aff9-7585d39e95bd.
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This thesis is a collection of three essays with contributions to the empirical literature on banking and the lending channel of monetary policy. The first essay on monetary policy identification addresses the endogeneity of the monetary policy measure employed in most bank level studies of the lending channel. It shows how an identified, exogenous measure of policy evokes different lending dynamics in U.S. commercial banks compared to the standard endogenous measure of monetary policy. The second essay empirically assesses the impact of financial deregulation on the lending channel in the U.S. In particular, it analyses how the gradual phasing out of deposit rate ceilings commonly known as Regulation Q significantly altered bank level frictions as well as the transmission of monetary policy to individual bank lending. While the first two essays consider U.S. bank level data, the third essay analyses individual bank level lending responses in the euro area. Its contribution lies in the construction of a range of exogenous and unanticipated monetary policy shocks as well as in the introduction of a financial conditions index into standard lending regressions. It finds that the lending responses of individual banks to monetary policy do not support the existence of a separate lending channel in the euro area. Further, equilibrium lending responses to policy as measured by a range of policy shocks is non-linear in financial conditions. Specifically, financial conditions as measured by the relative performance of a broad index of euro area banking stocks to the overall euro area stock market reverse the impact of monetary policy on lending.
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Loranth, Gyöngyi. "Essays on Financial Markets Strategies." Doctoral thesis, Universite Libre de Bruxelles, 2002. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/211358.
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Teles, Andrea Sequeira. "Banking Internationalization in Latin America: The Brazilian case, 1997- 2007 a panel analysis." Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/3427.
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Mestrado em FinançasDurante a década de 90 o setor bancário mundial passou por mudanças significativas. Um processo de internacionalização teve início em países desenvolvidos e em desenvolvimento, caracterizado por uma desregulamentação financeira, com barreiras de entradas mais fracas, globalização e desenvolvimento tecnológico. Após a crise Mexicana alguns países em desenvolvimento tiveram necessidade de realizar uma recapitalização no setor. A situação no Brasil era um pouco diferente, pois o país possuía um sistema financeiro com instituições problemáticas e para o aperfeiçoar havia necessidade de as vender ou de transferir o seu controlo. A privatização e o processo de internacionalização tornaram-se numa solução para este problema, e tiveram um papel muito importante durante este período. Este estudo analisa os efeitos da abertura do sistema bancário Brasileiro, e compara-os com o esperado de acordo com a teoria da internacionalização bancária. Diferenças de acordo com a dimensão dos bancos também serão estudadas, através da introdução de pequenos e médios bancos na amostra. A análise foi realizada utilizando dados de 18 bancos nacionais com portfólio comercial, durante o período de 1997 a 2007. Os resultados demonstram que o caso Brasileiro foi atípico, e assim difere do esperado de acordo com a teoria. A análise revelou que a rentabilidade dos bancos Brasileiros não diminuiu com a internacionalização do setor, pelo contrário até aumentou durante este período. Os resultados também permitem concluir que não houve um aumento da eficiência destes bancos nacionais em geral, na realidade os custos destes bancos aumentaram ao longo do tempo, negando a hipótese teórica de que deixariam a sua "quiet life". No entanto a associação existente entre ativos e eficiência, mostra que os maiores bancos se tornaram mais eficientes durante este período.
During the 90s, the banking sector went through significant changes worldwide. An internationalization process began in developed and developing countries, characterized by financial deregulation, weaker entrance barriers, globalization and new technological developments. In some developing countries, after the Tequila banking crisis, there was the need to recapitalize the sector. The situation in Brazil was different, the country had a financial system with problematic institutions and in order to improve it, these institutions had to be sold or had to have their control transferred. Privatization and internationalization were an answer to these problems, and had a crucial role during this period. This work analyses the results of the opening of the Brazilian banking sector, and compares it to what is expected according to the multinational banking theory. Differences between bank sizes will be studied by introducing smaller banks in the sample. The analysis is made by using data from 18 private Brazilian banks with a commercial portfolio, between the period of 1997 to 2007. The results show that the Brazilian case was not typical and that it does not follow what is expected by theory. It shows that national bank profits did not decrease during internationalization; as a matter of fact, it only increased recently. The results also show that national banks did not become more efficient in general and actually have increased their costs, going against the "quiet life" hypothesis. However the association with assets and efficiency shows that bigger banks probably became more efficient during this period.
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Silva, Paulo Roberto da. "Origem e desenvolvimento do Sistema Financeiro Internacional: do padrão ouro à crise de 2008." Pontifícia Universidade Católica de São Paulo, 2010. https://tede2.pucsp.br/handle/handle/9141.
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Previous issue date: 2010-10-28This research has as objective to show the evolution of International the Financial System, as the institucional environment of century XXI consists at the beginning and as the sistêmica crisis of 2008 occurred. To show the evolution of International the Financial System, we realized a historical survey since the period of the standard-gold, passing for the period between wars, the system of regulation of Bretton Woods that created the BIRD, responsible for the provision of credits destined to the retaken one of investments and the FMI that would be a regulating organism to assist countries in difficulties in its rockings of payments. We show that the System of Bretton Woods represented a successful attempt of regulating International the System Financial that almost guaranteed the diverse countries three decades of growth and economic stability. With the end of the System of Bretton Woods, international the monetary relations had more passed not to be governed by rules or agreement involving exchange adjustments or creation of international liquidity, of this form in 1973, all the countries had started to adopt the regimen of flexible exchange, starting point for an exchange and monetary instability. This research searchs to analyze as if it held International the Financial System from the occured deregulation with the end of Bretton Woods and which its paper in the recent deflagrated sistêmica crisis in 2008 in the United States. In this meantime, we show that this crisis brought proposals of economists, multilateral governments and institutions with intention to promote reforms ample that can regulate International the System Financial of form to attenuate the crises
Esta pesquisa tem como objetivo mostrar a evolução do Sistema Financeiro Internacional, como se constitui o ambiente institucional no início do século XXI e como ocorreu a crise sistêmica de 2008. Para mostrarmos a evolução do Sistema Financeiro Internacional, realizamos um levantamento histórico desde o período do padrão-ouro, passando pelo período entre guerras, pelo sistema de regulação de Bretton Woods que criou o BIRD, responsável pela provisão de créditos destinados à retomada de investimentos e o FMI que seria um organismo regulador para auxiliar países em dificuldades em seus balanços de pagamentos. Mostramos que o Sistema de Bretton Woods representou uma tentativa bem-sucedida de regular o Sistema Financeiro Internacional que garantiu a diversos países quase três décadas de crescimento e estabilidade econômica. Com o fim do Sistema de Bretton Woods, as relações monetárias internacionais passaram a não ser mais governadas por regras ou entendimento envolvendo ajustes cambiais ou criação de liquidez internacional, dessa forma, em 1973, todos os países passaram a adotar o regime de câmbio flexível, ponto de partida para uma instabilidade cambial e monetária. Esta dissertação busca analisar como se comportou o Sistema Financeiro Internacional a partir da desregulamentação ocorrida com o fim de Bretton Woods e qual o seu papel na recente crise sistêmica deflagada em 2008 nos Estados Unidos. Neste interim, mostramos que essa crise trouxe à tona propostas de economistas, governos e instituições multilaterais com o intuito de promoverem reformas amplas que possam regular o Sistema Financeiro Internacional de forma a atenuar as crises
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Lima, Eliel Felix de. "Política cambial no Brasil e seus impactos: uma análise para o período de 2008 a 2013." Pontifícia Universidade Católica de São Paulo, 2014. https://tede2.pucsp.br/handle/handle/9233.
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Previous issue date: 2014-04-24This Dissertation seeks to develop a discussion of foreign exchange in Brazil in the post - 2008 crisis period, drawing attention to the centrality of the exchange rate as an instrument for promoting economic growth and a lack of instruments available to the Brazilian central Bank to avoid both excessive appreciation in moments of high international liquidity cycle as overshooting exchange in times of flight to quality. It will be argued that the current international financial architecture that is characterized by deregulation and liberalization of markets, currencies are treated as highly liquid financial assets judged by the markets according to the criterion of risk and return. Therefore, the dynamics of the stocks of wealth and the logic of portfolio management of economic agents are critical for determining the exchange rate at the expense of economic fundamentals. While the exchange rate is not neutral, that is, have impacts on the performance of the real economy, its determination is predominantly financial
A presente dissertação busca desenvolver uma discussão sobre câmbio no Brasil no período pós-crise de 2008, chamando a atenção para a centralidade da taxa de câmbio como instrumento para a promoção do crescimento econômico e da insuficiência dos instrumentos à disposição banco central brasileiro para evitar tanto valorização excessiva nos momentos de alta no ciclo internacional de liquidez quanto overshooting cambial em momentos de fuga para a qualidade. Será discutido que na atual arquitetura financeira internacional que se caracteriza pela desregulamentação e liberalização dos mercados, as moedas são tratadas como ativos financeiros de alta liquidez julgados pelos mercados segundo o critério de risco e retorno. Diante disso, a dinâmica dos estoques de riqueza e a lógica da gestão de portfólios dos agentes econômicos são fundamentais para a determinação da taxa de câmbio em detrimento dos fundamentos econômicos. Ao mesmo tempo em que a taxa de câmbio é não neutra, isto é, tem impactos no desempenho da economia real, sua determinação é predominantemente financeira
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Ferrara, Daniel Nicolau. "O Federal Reserve antes da crise: análise da política monetária e das percepções do Fed entre 2001 e 2007 por meio de sua comunicação." Pontifícia Universidade Católica de São Paulo, 2011. https://tede2.pucsp.br/handle/handle/9149.
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Previous issue date: 2011-05-13In the analysis of the origins of the severe financial crisis, which began in 2007 in the US, remains an open debate about the reasons that led the Fed to underestimate the severity of the crisis. This study analyzes the perceptions of Central Bank on the peculiar context that has developed from 2001. The economic recovery was based on consumption and housing market, including the income extraction derived from valued housing, and followed by the risk of deflation, which subsequently led to growing fears about what was happening in the markets. The instrument used for this is the thorough analysis of the minutes of the FOMC and the pronouncements of the two presidents of the Fed, from 2001 to 2007, Greenspan and Bernanke, in addition to theoretical concepts and economic problems of that period. The methodology is justified because the communication with the market has become a relevant instrument in the Fed's action since the 1990s. The analysis of documents showed that in the aftermath of the crises of 2001-2002, the Fed used to acknowledge consumption and housing market to be important forces in the economic recovery. From 2003-2004, the FOMC members showed concern about the speculative behavior in housing and the effects of the reversal of the expansionary monetary policy would have on property prices and on consumption. The Fed's action to combat these threats was restrained by the belief in the strength of the deregulated financial system, by pragmatic confidence in the conduct of monetary policy guided by the risk management approach and the belief that Central Bank should not act against the formation of bubbles
Na análise das origens da grave crise financeira iniciada, em 2007, nos EUA, permanece em aberto o debate a respeito dos motivos que levaram o Fed a subestimar a gravidade da crise em formação. Este estudo analisa as percepções do BC sobre o quadro peculiar que se desenvolveu, a partir de 2001. A recuperação econômica foi pautada no consumo e no mercado imobiliário, inclusive na extração de renda derivada da valorização dos imóveis, seguida do risco de deflação que, posteriormente, deu lugar a receios crescentes em relação ao que ocorria nos mercados. O instrumento utilizado para isso é a análise minuciosa das atas do FOMC e os pronunciamentos dos dois presidentes do Fed, de 2001 a 2007, Greenspan e Bernanke, além das concepções teóricas e problemas conjunturais do período. A metodologia de análise justifica-se porque a comunicação com o mercado tornou-se instrumento relevante na ação do Fed, desde os anos 1990. A análise dos documentos mostrou que, no rescaldo das crises, de 2001-2002, o Fed reconhecia no consumo e no mercado imobiliário forças importantes na recuperação econômica. A partir de 2003-2004, membros do FOMC demonstravam preocupação quanto ao comportamento especulativo no mercado imobiliário e os efeitos que a reversão da política monetária expansionista teria sobre os preços dos imóveis e sobre o consumo. A ação do Fed para combater esses riscos foi contida pela crença na resistência do sistema financeiro desregulamentado, pela confiança na condução pragmática da política monetária orientada pelo risk management approach e pela convicção de que BC não deve agir frente à formação de bolhas
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Hamilton, Sedrick Tremayne. "Deregulation and The 2007-2008 Housing/Debt Crisis Analysis of the Housing/Debt Crisis of 2007-2008 and its impact on the Financial Strength and Vulnerability of the United States and Global Economy." reponame:Repositório Institucional do FGV, 2015. http://hdl.handle.net/10438/15061.
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One looming question has persisted in the minds of economists the world over in the aftermath of the 2007-2008 American Housing and Debt Crisis: How did it begin and who is responsible for making this happen? Another two-part question is: What measures were implemented to help end the crisis and what changes are being implemented to ensure that it will never happen again? Many speculate that the major contributing factor was the repeal of the Glass-Steagall Act in 1999 that prompted a virtual feeding frenzy among the banking community when new calls from Capitol Hill encouraged home ownership in America as well as the secondary mortgage market which skyrocketed thereafter. The Glass-Steagall Act will be among many of the topics explored in this paper along with the events leading up to the 2007-2008 housing/debt crisis as well as the aftermath.
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Dibley-Maher, Paul. "Friend or foe? The impact of the Hawke/Keating neoliberal reforms on Australian workers and the Australian public sector." Thesis, Queensland University of Technology, 2012. https://eprints.qut.edu.au/54641/1/Paul_Dibley-Maher_Thesis.pdf.
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Over the last three decades neoliberalism has transitioned from occupying the margins of economic policy debate to becoming the dominant approach by governments and their economic advisers, a process that has accelerated with the collapse of the former Stalinist states in Eastern Europe and the Soviet Union. This thesis adopts a Marxist framework for understanding this process, beginning as it did in the realm of relatively abstract philosophical and ideological debate to the permeation of neoliberal values throughout all capitalist institutions, including the state bureaucracy. This necessarily means a focus on the dialectical relationship between the rise of neoliberalism and the shifting balance of class forces that accompanied the success of the neoliberal project in transforming the dominant economic policy paradigm. The extent to which neoliberal reforms impacted on workers and public sector institutions, along with the success or otherwise of traditional working class institutions in defending the material interests of workers will therefore be a recurring theme throughout this body of work. The evidence borne from this research and analysis suggests a major shift in the dialectic of class struggle in favour of the power of capital over labour during the period covered, with the neoliberal age being one of defeat for a labour movement that largely failed to adopt successful strategies for defending itself.
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Machado, Fabrício Silva de Sousa. "A crise de 2008: desregulamentação, inovações e alavancagem financeira das economias capitalistas." Pontifícia Universidade Católica de São Paulo, 2017. https://tede2.pucsp.br/handle/handle/20625.
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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES
The 2008 crisis allowed Hyman Minsky's theories to be reinserted into the debate on the directions of modern macroeconomics. In a post-Keynesian perspective, this study aims to prove the hypothesis that complex financial innovations, post-Bretton Woods financial market leverage, and deregulation have magnified the fragility and instability of the capitalist economy. Thus, we will treat the causes of the crisis as a problem of theoretical foundation of the capitalist system, because its functioning is based on the deregulation of the financial markets and the dominance of efficient markets hypothesis. Looking at the evidence of the 2008 crisis, it is possible to question the thesis of the new classics that financial liberalization would promote greater efficiency and stability in the system, because with the collapse of US mortgage loans, caused by the proliferation of securitized products, the problem became systemic. This occurs by the amplification of using of off-balance structures such as the shadow bankings, which began in the 1970s, widening the base of the financial capital base outside the control area of the national central bank systems. This situation reinforces the importance of understanding the fundamental dilemma between market deregulation and financial instability, the central object of this work
A crise de 2008 permitiu que as teorias de Hyman Minsky fossem reinseridas no debate sobre os rumos da moderna macroeconomia. Sob a perspectiva pós-keynesiana, esse trabalho visa a comprovar a hipótese de que as complexas inovações financeiras, a alavancagem dos mercados financeiros ocorridos no pós-Bretton Woods e a desregulamentação ampliaram a fragilidade e a instabilidade da economia capitalista. Assim, trataremos das causas da crise como um problema de fundamentação teórica do sistema capitalista, pois seu funcionamento está baseado na desregulamentação dos mercados financeiros e na dominância da hipótese dos mercados eficientes. Ao se observar as evidências da crise de 2008, é possível questionar a tese defendida pelos novos clássicos de que a liberalização financeira promoveria uma maior eficiência e estabilidade no sistema, pois, com o colapso dos empréstimos hipotecários do EUA, originado pela proliferação dos produtos securitizados, o problema tornou-se sistêmico. Isso ocorreu em razão da amplificação de estruturas “off-balance” como os shadow bankings, cuja disseminação iniciou-se nos anos 70, ampliando a base de capitais financeiros fora da área de controle dos sistemas de bancos centrais nacionais. Essa situação reforça a importância de compreender o dilema fundamental entre a desregulamentação dos mercados e a instabilidade financeira, objeto central desse trabalho
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Mattos, Olívia Maria Bullio. "Discricionariedade e mandato de bancos centrais em contexto de desregulamentação financeira: o caso do Federal Reserve na crise de 2007 a 2009." Pontifícia Universidade Católica de São Paulo, 2010. https://tede2.pucsp.br/handle/handle/9423.
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Previous issue date: 2010-05-19Coordenação de Aperfeiçoamento de Pessoal de Nível Superior
In mid-2007, the world faced one of the biggest crisis capitalism ever experienced, called the subprime crisis, which originated in the US housing market. The Federal Reserve (Fed) had to act promptly, trying to rescue the markets. However, the Federal Reserve, which had always been pragmatic, found itself in great distress when the traditional tools of monetary policy were not enough to stop the liquidity crisis. The Fed had to act aggressively both as a lender of last resort and expanding the monetary base to halt the risk of a widespread "default" in the inter-bank market. Using changes in the size and composition of the Fed's Balance Sheet From July of 2007 to September of 2009, this dissertation analyses the actions taken and new tools created to fight the crisis. Initially, the dissertation presents the prevailing thesis up to the subprime crisis, which were the financial deregulation and the monetary authority's goal of price stability. The dissertation then discusses the Post- Keynesians and Minsky's take of the capitalistic economy, a more adequate view to understand the crisis and the preceding financial processes. In conclusion, the lessons learned from the subprime crisis are that we should rethink how we regulate financial institutions and products created by such institutions in pursue of profit; we should also rethink the way we do monetary policy and its objectives
Em meados de 2007, o mundo se viu a frente de uma das maiores crises financeiras já vividas pelo capitalismo, a chamada crise subprime, que teve sua origem no mercado imobiliário norte-americano. Foi necessário que o Federal Reserve (Fed) agisse e tentasse resgatar o mercado. No entanto, o Banco Central americano, que sempre foi pragmático, se viu em dificuldades quando os instrumentos tradicionais de política monetária não mais conseguiram conter a crise de iliquidez. Foi preciso então atuar agressivamente como emprestador de última instância e expandir a base monetária para conter os riscos de inadimplência generalizada no mercado interbancário. Através da análise das mudanças na composição e tamanho do Balance Sheet do Fed de julho de 2007 a setembro de 2009, esta dissertação analisa as ações e novos instrumentos criados para conter a crise. Inicialmente apresenta-se as teses dominantes até então, que eram de desregulamentação do mercado financeiro e de mandato de estabilidade de preços para a autoridade monetária. Em seguida, discute-se o entendimento de Minsky e dos pós-keynesianos da economia capitalista, uma visão mais adequada para compreender a crise e os processos financeiros precedentes. Conclui-se que as lições tiradas da crise mostram que deve-se repensar o formato de regulação das instituições financeiras e dos produtos criados por elas para busca de lucros; deve-se rever a maneira como é feita a política monetária e seus objetivos
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Aziz, Saqib. "Three Essays on Mergers and Acquisitions and Bank Stability." Thesis, Rennes 1, 2016. http://www.theses.fr/2016REN1G005/document.
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Cette thèse est constituée de trois essais sur les activités de fusions-acquisitions (F&A) des banques et leurs effets sur la stabilité du secteur bancaire. Le premier essai analyse l’intensité de l’activité F&A des grandes banques Européennes au cours d'une période vaste de 1990-2006 et les liens avec les mesures de sauvetages et les notations de crédit pendant la crise financière de 2007-2009. Trois résultats importants sont mis en évidence à partir de notre étude. En premier lieu, l'intensité de l'activité F&A est liée positivement à la probabilité de sauvetage pendant la crise financière. En second lieu, cette intensité des activités de F&A est liée à la détérioration des notations des émetteurs, suggérant ainsi un risque de défaut plus élevé des banques acquéreuses pendant la période de crise. Enfin, on constate un lien positif entre les mesures de protection gouvernementales et l'effet combiné des activités de F&A et du facteur « too big to fail ». Ceci laisse penser que les banques peuvent poursuive leurs activités de F&A pour exploiter des avantages de protection liés à leur statut de « too big to fail ». Le second essai analyse la relation entre les activités de F&A de grandes banques Européennes et leur vulnérabilité à la crise financière en utilisant l’indicateur DD de Merton (1974) et le ratio de Z-score comme mesures de risque de faillite et de solvabilité. Les résultats mettent en évidence que les stratégies d’acquisition de banques d'investissements sur une période de 1990-2006 sont liées significativement à l'augmentation en leur risque de défaut (mesuré par DD) et l'insolvabilité (mesuré par le Z-score) pendant la crise financière récente. Le troisième et dernier essai s’intéresse aux relations entre les opérations de F&A et les évolutions de la déréglementation bancaire et des réformes de régulation bancaire mises en place aux Etats-Unis. Nous analysons principalement les effets de deux actes de déréglementation significatifs des années 1990 qui ont permis aux banques américaines de s’étendre à travers les états (acte de Riegle-Neal de 1994 et acte de Gramm-Leach-Bliley de 1999). Nous comparons les activités de F&A des banques américaines avec comme groupe de contrôle les banques européennes sur la période 1990-2009. Nous constatons un effet significativement positif de la déréglementation sur les activités de F&A dans le secteur bancaire américain. Cependant, on peut remarquer que les effets constatés ne sont pas forcément les effets souhaités ou visés par les deux actes de déréglementation. De plus, nous montrons que l'intensité des activités de F&A et la déréglementation provoquent conjointement un effet négatif sur la stabilité du secteur bancaire américain, justifiant ainsi le lien souvent établi entre la concentration du système bancaire et sa fragilitéThis dissertation consists of three essays on mergers and acquisitions (M&A) activity of banks and various dimensions of their stability. The first essay delves upon whether and how acquisitiveness of large European banks over an extensive period of 1990-2006 relate to their bailouts and credit ratings during the financial crisis of 2007-2009. Three important findings emerge from the performed analysis. First, the intensity of bank M&A activity positively relates to the likelihood and extent of their bailout support during the financial crisis. Second, the ex-ante acquisitiveness of banks relates in a significantly positive manner with the deterioration in bank issuer ratings – suggesting towards higher default risk of acquisitive banks during the crisis period. Third, a positive link between the external support and the joint effect of M&A activity and “too big to fail” factor substantiates that banks may pursue M&A activity to exploit safety net benefits associated with “too big to fail” status in the market. The second chapter analyzes the relation between M&A activity of large European banks and their vulnerability to the financial crisis using Merton (1974) based distance to default (DD) and the Z-score ratio as a measure of bankruptcy risk and solvency. The results suggest that a greater focus of samples banks towards acquiring investment banking operations over a time span of 1990-2006 significantly relates to the increase in their risk default (measured by DD) and insolvency (measured by Z-score) during the recent financial crisis. Moreover, relatively limited evidence indicates towards the positive stability effects of the acquisitions performed in the retail banking segment of industry by the sample banks. The third and final essay of this dissertation provides M&A centric evidence on bank deregulation, consolidation, and stability in the U.S. banking industry. We primarily analyze the effects of two significant deregulatory acts of the 1990s that permitted U.S. banks to expand across states (the Riegle-Neal act of 1994) and functions performed (the Gramm-Leach-Bliley act of 1999). We employ difference-in-difference approach over M&A activity of U.S. (treatment group) and European (control group) banks over a time span of 1990-2009 in an unbalanced panel setting. We find a significantly positive effect of deregulation in spurring M&A centric consolidation in the U.S. banking industry. However, such effects are not fully reflected in the types of diversification aimed at in the two deregulatory acts. Moreover, we also show that M&A intensity and deregulation jointly cast a negative effect on the stability of U.S. banking industry –thus substantiating “Concentration – Fragility” view over banking
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Apps, Peter, and n/a. "Debt Crises, IMF Policies and Structural Inequality in the Third World." Griffith University. School of Humanities, 2003. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20031010.143327.
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The neo-liberal policies of liberalization and deregulation, as utilized by the International Monetary Fund (IMF) in its dealings with countries of the developing world, tend to facilitate the conditions for financial crisis. This can be traced by examining the economic crises of Mexico in 1982 and 1994/95, Asia in 1997 and Russia in 1998 and looking at the main causes and triggers of these crises. It is evident that the financial vulnerability that these countries suffered from existed due to, and not in spite of, these policy prescriptions. The IMF continues to present these policies as proven successes - a view that this dissertation contests. Further to this, the policies that the Fund uses are formulated for use in semi-peripheral economies and have little relationship to the actual economic environments of peripheral countries such as those of sub-Saharan Africa or Papua New Guinea. The ideology of free-markets and globalization is seen as unassailable by the IMF. By encouraging countries to remain part of the global financial system through debt rescheduling and open-markets policies, the IMF holds an increasingly fragile economic environment together. This dissertation formulates and tests four hypotheses in relation to Mexico, Asia, Russia and Papua New Guinea and the periphery. These are - (1) If there are periods of 'irrational exuberance' among investors in Third World debt, these are likely to contribute to debt crises. (2) If IMF policies are implemented in the Third World as dictated, then their primary benefits will accrue to the elites in those countries and in the developed world. (3) If Third World countries open their economies to foreign capital, then they are more likely to experience debt crises. (4) If IMF policies are implemented in peripheral countries, then they are even less likely to be successful than in semi-peripheral countries.
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Apps, Peter. "Debt Crises, IMF Policies and Structural Inequality in the Third World." Thesis, Griffith University, 2003. http://hdl.handle.net/10072/367067.
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The neo-liberal policies of liberalization and deregulation, as utilized by the International Monetary Fund (IMF) in its dealings with countries of the developing world, tend to facilitate the conditions for financial crisis. This can be traced by examining the economic crises of Mexico in 1982 and 1994/95, Asia in 1997 and Russia in 1998 and looking at the main causes and triggers of these crises. It is evident that the financial vulnerability that these countries suffered from existed due to, and not in spite of, these policy prescriptions. The IMF continues to present these policies as proven successes - a view that this dissertation contests. Further to this, the policies that the Fund uses are formulated for use in semi-peripheral economies and have little relationship to the actual economic environments of peripheral countries such as those of sub-Saharan Africa or Papua New Guinea. The ideology of free-markets and globalization is seen as unassailable by the IMF. By encouraging countries to remain part of the global financial system through debt rescheduling and open-markets policies, the IMF holds an increasingly fragile economic environment together. This dissertation formulates and tests four hypotheses in relation to Mexico, Asia, Russia and Papua New Guinea and the periphery. These are - (1) If there are periods of 'irrational exuberance' among investors in Third World debt, these are likely to contribute to debt crises. (2) If IMF policies are implemented in the Third World as dictated, then their primary benefits will accrue to the elites in those countries and in the developed world. (3) If Third World countries open their economies to foreign capital, then they are more likely to experience debt crises. (4) If IMF policies are implemented in peripheral countries, then they are even less likely to be successful than in semi-peripheral countries.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
School of Humanities
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Ager, Philipp. "Essays in applied economics." Doctoral thesis, Universitat Pompeu Fabra, 2013. http://hdl.handle.net/10803/119325.
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This thesis consists of four essays. In the first essay, I examine how the historical planter elite of the Southern US affected economic development at the county level between 1840 and 1960. I find that counties with a relatively wealthier planter elite before the Civil War performed significantly worse in the post-war decades and even after World War II. In the second essay we investigate the link between religious membership and rainfall risk across US counties in the second half of the nineteenth century. Our results indicate that church membership and seating capacity were significantly larger in counties likely to have been subject to greater rainfall risk. In the third essay, we examine the effect of removing restriction to bank entry on bank failures exploiting the introduction of free banking laws in US states during the 1837-1863 period. Our main finding is that counties in free banking states experienced significantly more bank failures. In the fourth essay we examine the effects that within-county changes in the cultural composition of the US population had on output growth during the age of mass migration. Our main finding is that increases in cultural fractionalization significantly increased output, while increases in cultural polarization significantly decreased output.Aquesta tesi consisteix en quatre articles. En el primer assaig, s’examina com l’èlit històrica del sud dels EUA va afectar el desenvolupament econòmic a nivell de comtat entre 1840 i 1960. He trobat que els comtats amb una èlit relativament més rica abans de la Guerra Civil empitjoraven significativament en les dècades de la postguerra i fins després de la Segona Guerra Mundial. En el segon assaig s’investiga la relació entre l’afiliació religiosa i el risc de pluja a través dels comtats dels Estats Units en la segona meitat del segle XIX. Els nostres resultats indiquen que la comunitat de l’església i el nombre de seients van ser significativament majors en els comtats amb probabilitats d’haver estat subjectes a un major risc de pluja. En el tercer assaig, s’analitza l’efecte de l’eliminació de restriccions a l’entrada de bancs en la fallida de bancs que exploten la introducció de les lleis del “free banking” als estats dels EUA durant el període 1837-1863. La nostra principal conclusió és que els comtats en els estats amb “free banking” experimentaven significativament més fracassos bancaris. En el quart assaig s’examinen els efectes que els canvis dins del comtat en la composició cultural de la població dels EUA, van tenir en el creixement de la producció durant l’era de la migració massiva. La nostra principal conclusió és que l’augment de fragmentació cultural, van augmentar significativament la producció, mentre que l’augment de la polarització cultural, disminuia significativament la producció.
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Spargoli, Fabrizio. "Three essays in banking : theory and empirics." Doctoral thesis, Universitat Pompeu Fabra, 2013. http://hdl.handle.net/10803/117854.
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This thesis revolves around financial instability and banking regulation. The first chapter examines whether the disclosure of information about banks maximizes welfare in times of crisis. Contrary to conventional wisdom, we demonstrate that transparency is optimal only if banks' distress can be efficiently resolved. The second chapter provides an explanation for the observed inability of market participants to assess banks' solvency in times of crisis. We demonstrate that banks' incentives to understate losses lead to an equilibrium where no information is available in the market in times of crisis, and this makes banks take excessive risk ex-ante. The third chapter, coauthored with Philipp Ager, provides an empirical analysis of the effects of liberalization on bank competition and bank failures. Using the relaxation of bank entry barriers in the 19th century US as a case study, we find that liberalization increases bank entry by 11% and bank failures by 2.6%.Aquesta tesi tracta sobre la inestabilitat financera i la regulació bancària. El primer capítol examina si la divulgació d'informació sobre els bancs maximitza el benestar en temps de crisi. Contràriament a la saviesa convencional, es demostra que la transparència és òptima només si els problemes dels bancs es poden resoldre de manera eficient. El segon capítol ofereix una explicació de la incapacitat observada dels participants del mercat per avaluar la solvència dels bancs en temps de crisi. Es demostra que els incentius dels bancs a subestimar les pèrdues porten a un equilibri en el qual no hi ha informació disponible al mercat en temps de crisi, i on els bancs prenen riscos excessius ex-ante. El tercer capítol, en coautoria amb Philipp Ager, proporciona una anàlisi empírica dels efectes de la liberalització sobre la competència bancària i fallides bancàries. Utilitzant la relaxació de les barreres a l'entrada dels bancs als EUA al segle XIX com a cas d'estudi, ens trobem que la liberalització augmenta l'entrada de bancs en un 11% i la fallida de bancs en un 2,6%.
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Артюх, О. В., O. V. Artyukh, and А. В. Артюх. "Податковий аудит у системі фінансового контролю: теорія, методологія та організація." Diss., Одеський національний економічний університет, 2019. http://dspace.oneu.edu.ua/jspui/handle/123456789/11132.
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Ознайомитись з повним текстом дисертації можливо в електронній читальній залі бібліотекиДосліджено генезис, передумови виникнення податкового аудиту в Україні. Сформульовано теоретичні основи податкового аудиту через визначення його мети, функцій, предмету, об'єктів, місця в системі фінансового контролю. Розкрито методологічні засади податкового аудиту шляхом визначення і систематизації методів, методичних прийомів, процедур. Створено модель інституціоналізації податкового аудиту та взаємодії учасників контролю в рамках державно-приватного партнерства. На підставі комбінаторного підходу побудовано модель стандартизації податкового аудиту, стандарт послідовності його виконання. За допомогою імітаційного моделювання результатів перевірок в податковій сфері визначено вплив контрольних факторів на платника податків в контексті кількісних, якісних параметрів, прогнозних ефектів та доведено, що податковий аудит має стати особливим механізмом підвищення ефективності вітчизняного бізнесу і покращання соціально-економічного розвитку країни загалом. Розроблено концепцію внутрішнього податкового контролю, структурно-функціональну схему його організації за варіативним підходом, з розкриттям організаційно-методичних та прикладних аспектів служби внутрішнього податкового аудиту.
The genesis and preconditions of tax audit occurrence in Ukraine are investigated. The theoretical bases of tax audit are formulated by defining of its purpose, functions, subject, objects, place in the structure of financial control, and stated that the reformation of the target setting of the tax policy of the state determines coordination of the objectives of state and non-state control in the tax area. On the theoretical basis, the source factors of which are the postulates of audit in their modern modifications and the principles of tax audit, determine the methodological basis of tax audit with the systematization of methods, methodological techniques, procedures in the context of their semantic comparison and understanding of the theoretical and methodological transformation by the main elements. It is created the model for institutionalization of tax audit according the appropriate stages, which has made it possible to prove, that it is tax audit that should become the institute, that will balance the interests of all parties of control in the tax sphere − the controlling bodies, auditors, taxpayers. The existing paradigm of public-private partnership in the tax area and the modern challenges to its change, governed to the development of a functional model for the interaction of control participants, the implementation of which will allow the fiscal objectives of the state to be implemented within the set limits and to maintain the parity of interests of all parties, subjected to the implementation of the tax audit institution.
Исследован генезис, предпосылки возникновения налогового аудита в Украине. Сформулированы теоретические основы налогового аудита путем определения его цели, функций, предмета, объектов, места в системе финансового контроля. Раскрыты методологические основы налогового аудита путем определения и систематизации методов, методических приемов, процедур. Создана модель институционализации налогового аудита и взаимодействия участников контроля в рамках государственно-частного партнерства. На основании комбинаторного подхода созданы модель стандартизации налогового аудита, стандарт последовательности его выполнения. С помощью имитационного моделирования результатов проверок в налоговой сфере определено влияние контрольных факторов на налогоплательщика в контексте количественных, качественных параметров, прогнозных эффектов и обосновано, что налоговый аудит должен стать особым механизмом повышения эффективности отечественного бизнеса и улучшения социально-экономического развития страны в целом. Разработаны концепция внутреннего налогового контроля, структурно-функциональная схема его организации за вариативным подходом, с раскрытием организационно-методических и прикладных аспектов службы внутреннего налогового аудита.
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Rosenbluth, Frances McCall. "The political economy of Japan's financial deregulation." 1988. http://catalog.hathitrust.org/api/volumes/oclc/29347508.html.
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Jiang, Tzyh Chiarng, and 江自強. "The effect of bank''s deregulation on financial intermediary." Thesis, 1994. http://ndltd.ncl.edu.tw/handle/34369608913173389288.
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Suwandi, Titin Ayu Asih. "Financial deregulation in Indonesia and the continuing policy issues." Phd thesis, 1995. http://hdl.handle.net/1885/119326.
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In many countries, different degrees of banking instability occurred following a
complete financial deregulation, although the reasons for the instability varied. It was
widely recognised that macroeconomic instability was responsible for the failure of
financial deregulation in several countries. Another important reason for banking
instability was the moral hazard problem that emerged after financial deregulation. Under
central bank guarantees of bank deposits, the complete removal of traditional regulations
led banks to take on excessive risk. Several other reasons for the banking failure such as
inappropriate sequencing of economic reform and inadequate supervision of banks were
identified.
Responding to concerns about banking instability, this thesis examines the
positive and negative effects of financial deregulation on the development of banking in
Indonesia. The Indonesian experience is a classic example of the trade-off between
financial deepening and banking instability under financial deregulation with central bank
guarantees and without adequate supervision of banks. The presence of externalities
associated with the use of money on the one hand, and systemic risk such as the risk of a
run on the payments system on the other, makes free market competition in banking,
without central bank intervention, not feasible.
This thesis, therefore, models the relationship between the central bank and
commercial banks in the context of a loan insurance scheme. The model extends the
literature on optimal risk-sharing contracts to the banking sector. In so doing, different
utility functions, which are more representative of the banks' utility functions, are
introduced. The model aims at allowing the central bank to eliminate the moral hazard
problem in bank lending and at the same time give assurance or confidence to depositors.
As the model is a theoretical exposition of the relationship between a central bank and
commercial banks, it stops short of providing a 'blueprint' for such an optimal risk-sharing
contract. To achieve this, simulations of the theoretical model will need to be
done, and this is the subject of further work in the future.
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Halati, Touran. "Deregulation and internationalization of Japanese financial markets impact of change /." 1989. http://catalog.hathitrust.org/api/volumes/oclc/22832644.html.
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Cooray, Arusha. "The impact of deregulation on financial market efficiency in Sri Lanka /." 2000. http://www.library.unsw.edu.au/~thesis/adt-NUN/public/adt-NUN20020328.142754/index.html.
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JOW, Dong-lih, and 周東立. "The Study of Japanese Credit Cooprative Unions' Operating under Financial Deregulation." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/95003273563829275553.
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碩士中國文化大學
日本研究所
86
"金融自由化" 是指逐漸解除或放寬某些管制, 擴大金融活動範圍, 以期靈活調節金融市場的資金供給與需求, 提高資金使用效率及金融業之 服務功能, 包括利率和業務的自由化, 以及金融國際化, 其中以利率自由 化對金融機構的影響最大, 金融機構間由以往的非價格競爭轉變成利率導 向的激烈價格競爭, 利差縮小, 成本上升, 資金籌措與運用能力成了金融 機構能否持續經營的重要因素, 而金融自由化促使金融市場功能的健全, 信用良好的大規模企業減低對金融機構的依賴, 金融機構不得不轉向以往 忽視的中小企業市場, 甚至一般消費者市場, 如此一來便嚴重侵蝕到原本 以中小企業及一般大眾為主要交易對象之信用協同組合的生存空間, 信用 協同組合是在往來對象和營業區域範圍及營業內容都受到限制的情況下, 為填補一般金融機構不足的非營利性機構, 原本便有其制度上之缺失, 面 對此一經營困境, 有部份經營者希望藉由違法行為再造生機, 卻不料日本 因泡沫經濟的破滅導致景氣一蹶不振, 土地價格暴跌, 不良債權暴增, 產 生不可彌補的經營破綻, 造成社會金融秩序的動盪不安. 我國基層金 融機構中的信用合作社體制是由日據時代所遺留下來的產業組合, 於戰後 依照合作社法重新組織的基層金融機構, 在我國的金融自由化推展政策之 下, 遭受新舊銀行的前後夾擊, 雖然因自由化而得改制為一般商業銀行, 但卻非所有信合社皆符合改制標準, 而面臨極大的經營困境; 另一基層金 融機構的農會信用部, 因民國63年農會法制訂時廢除股金制, 再加上主管 機關法源的紊亂, 導致弊端叢生, 讓有心人藐視法令 荒誕經營, 棄存款 大眾之權益於不顧. 本文針對上述中日兩國基層金融機構在金融自由 化下所遭受的衝擊作一分析並比較雙方政府主管單位在發生經營危機時之 處理措施, 對國內基層基融機構提出建言.
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Hayes, Jeffrey W. "A financial markets perspective on the politics of regulatory change /." 1999. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&res_dat=xri:pqdiss&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&rft_dat=xri:pqdiss:9951795.
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Singh, Sukudhew. "Financial deregulation, interest rates and the banking industry the case of Malaysia /." 1997. http://catalog.hathitrust.org/api/volumes/oclc/38277731.html.
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Du, Kai. "Efficiency gains and deregulation policies: evidence from bank level data." Thesis, 2013. http://hdl.handle.net/2440/84128.
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This thesis uses bank level data from developing countries and emerging economies and the data envelopment analysis (DEA) approach to provide empirical evidence on the impact of deregulation policies in the banking industry on the banks’ efficiency. Since the banking industry in China is the largest and most complex among the developing countries and in transition from a centrally planned to a market economy, its transition process and the development of the banking industry is analysed first in order to provide the background information for the following econometric analyses and the thesis. To gather the empirical evidence from China’s banking industry on the correlation between the World Trade Organization (WTO) accession and efficiency gains by commercial banks, this thesis evaluates the efficiency of Chinese banks over the period 2000–09 (this is referred to as the adapting phase of the WTO accession). During this period of time, the restrictions on the foreign banks were removed gradually. The evolution of banks’ efficiency is computed by the DEA approach combined with the bootstrapping technique. All commercial banks are broken down into four groups: (1) all banks in China; (2) domestic banks; (3) private banks; and (4) city banks. Since the categories are mutually exclusive, the empirical results reveal that the efficiency of the banks in China’s banking industry increased over this period. In terms of profit maximising, city banks were the least efficient banks and the catch-up effect was highly significant in this group, since their efficiency increased dramatically compared with other banks. However, the empirical evidence from the Chinese banking industry cannot identify the efficiency effect from removing restrictions on banks in the market. In order to identify the efficiency impacts from different kind of deregulation policies, first, the impact of the deregulation policies to remove the restrictions on foreign banks and domestic banks are explored in six Asian banking industries over the period 1997–2006, namely China (data for mainland China and Taiwan presented separately), India, Indonesia, Malaysia, Pakistan and Thailand. In the first stage of the two-stage DEA model, the output direction DEA is employed for the selected countries to compute the efficiency of the banks. In the second stage, the estimated DEA score is regressed on the indices of the restrictions in the market. The values of indices are taken from Dinh (2008). The main reason to select her indices is that these indices are used to estimate the restrictions on foreign banks and domestic banks in the given market. The expectation is that the deregulation policies to remove the restrictions on foreign or domestic banks will lead to efficiency gains in the markets. In order to overcome the reverse causality issue between the dependent variable (the estimated DEA score) and the independent variable (restriction indices), the two-step first-difference regression model is used and bank efficiency in the previous period is included in the model as one of control variables. The main reason to use the first-difference model is to partial out unobservable time and country effects from the data panel. In the sensitivity analysis, a couple of different model specifications are utilised to confirm the baseline results. The regression results show that the deregulation policies related to the operation of foreign banks are positively correlated with efficiency gains of commercial banks, but the other key set of policies to liberalise the domestic banks has not resulted in significant efficiency gains in the selected banking industries. As alternative channels for increased competition in the market, the efficiency impacts of mergers and acquisitions (M&As) are explored. Theoretically, banks may be encouraged to enhance their efficiency due to the pressures that arise from the possibility of M&As. Most previous analyses use the case study methodology in this topic rather than the cross-country statistical methodology. In this thesis, the efficiency impacts are examined with a sample of banks from a range of emerging economies (China, India, Malaysia, Russia, Thailand and Vietnam) over the period 2002–09. All banks in the selected countries are divided into three groups, namely target banks, acquiring banks, and the banks not involved in the event (or incumbent banks). To compare the differences in the impacts on efficiency between the banks involved in the event (target and acquiring banks) and the banks not involved in the event (incumbent banks), the two-stage DEA is employed. In the first stage, the efficiency of the banks is calculated in the DEA model. The results from the DEA show that the efficiency of the banks increased in most of the countries, except India, in which the bank efficiency is neutral over the sample period. In the second stage, two different matching methods was utilised in this thesis: the regression method and propensity score matching. The empirical results are robust across a number of sensitivity analyses and identification methods and reveal that the M&As reduce the efficiency of the acquiring banks and target banks in the selected emerging economies.Thesis (Ph.D.) -- University of Adelaide, School of Economics, 2013
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Rodriguez, Silvia. "The post-deregulation impact on the Canadian financial services industry's mergers and acquisitions." Thesis, 2000. http://spectrum.library.concordia.ca/1200/1/MQ54310.pdf.
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Financial services industries around the globe went through tremendous changes in the last decade, and deregulation was one of them In Canada, deregulation of the industry's four pillars; i.e., banks, insurance, trusts, and investment dealers, occurred on December 9, 1991. Since then, the Canadian government has allowed previously cross-ownership prohibited among the four pillars. The goal of this research is to study the act of the deregulation on two levels. First, to verify if the systematic risk of the pillars increased following deregulation, and secondly, to examine if mergers and acquisitions (M&As) following deregulation were creators of wealth. Results show that while the banks' systematic risk decreased following deregulation, the risk increased for the other three pillars. As for wealth creation, the bidders had significant positive abnormal returns, while the targets received significant negative returns.
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Chung, Chun-Chi, and 鍾竣吉. "The Impact of Financial Deregulation on the Relationship between Money Supply and Stock Prices." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/77433436589859998238.
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碩士逢甲大學
財務金融學所
93
Abstract Since the late 1970s, a series of financial deregulation occurred in Taiwan. The objective of financial deregulation is to replace government’s regulation with market mechanism. The purpose of this research is to study the impact of financial deregulation on the relationship between money supply and stock prices. The sample period in this research is from November 1980 to December 2004. First, the actual money supply is decomposed into the expected money supply and the unexpected money supply by using the two-stage least squares method. Then, the ADF unit root test is employed. The relationship between money supply and stock return is investigated by using vector autoregressive model, Granger-causality test, impulse response analysis, and forecasting error variance decomposition. From the empirical results, no causal relationship between money supply and stock return is found in the pre-deregulation period while stock return unidirectional cause money supply in the post-deregulation period. Financial deregulation provides efficiency for the relationship between money supply and stock return. No causal relationship exists between money supply and stock return in the pre-deregulation period may be due to financial regulation. The unexpected money supply unidirectional causes stock return. From the viewpoint of unexpected money supply, stock market is still not efficient.
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Tung, Ching-Che, and 董景哲. "A research on financial deregulation and liberalization : a comparison and analysis between Taiwan and Japan." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/48671810271970901684.
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碩士國立中央大學
財務管理學系
85
From the beginning of the 1960''s，the restrictions on international financial market have been gradually lifted, and then financial deregulation and liberalization became the policies each country pursued. Japan began the deregulation process since the first half of the 1970s; for example, overseas bond issuance was partly approved in 1973, then fully in 1974; and a series of deregulatory measures were implemented for securities investment in and outside Japan, following the revision of the Foreign Exchange and Foreign Trade Control Law in 1980. Now, Taiwan is under the deregulation processes, and we can find lots of similarities between Taiwan and Japan. By this research paper, we want to make a comparision between the deregulation processes of Taiwan and Japan, and then offer some suggestions for Taiwan''s goverment references. The other point this paper want to investigate is the effect of financial deregulation on corporate finance. From the second half of the 1970s, we can discover that structural changes in Japan corporate finance emerged and proceeded by studying Japanese case. The large manufacturing firms shifted away from borrowings from banks in their financing of funds, and banks were prompted to expand lending to small and medium-sized firms. As a result, the debt ratio of large manufacturing firms is gradually lower, however, the debt ratio of small and medium-sized firms remains the same. Therefore, we can conclude that the benefits the large manufacturing firms received from financial deregulation is greater than those of medium-sized firms.
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LO, YUAN-CHUN, and 羅淵峻. "A study of the deregulation of financial institutions on the employee''s wage." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/40812961899002572611.
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碩士國立中央大學
產業經濟研究所碩士在職專班
100
This thesis is to study on how the deregulation of financial institutions on the employees’ wage effects. Our research focuses on two times of financial systems changing, one was in 1992 which allows to opening new banks in financial market, and another one was in 2002 which allows to establishing financial holding institutions in banking industry. We use the Mincer’s（1974） human capital earning model, and employ the OLS and FGLS estimation methods to obtain parameters. Our data comes from the Manpower Utilization Survey conducted by the DGBAS. We pooled the data during the period of 1987-2009. Our empirical results indicate as follows: First, there is gender discrimination in the banking industry in Taiwan, however, the differences in average salary between women and men have decreased after financial systems changed. Second, the premium of marriage comes from the working experiences, not from the changing of financial systems. Third, the return of higher education has significant effects on the first time of financial institutions changing. However, the wage effect of higher education disappears on the second time of the system changed. Finally, the premium of professional pay increased during 1992 and 2002. However, the premium has decreased after 2002.