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Owolabi, Oluwarotimi Ayokunnu. "Corporate financing in transition : implications for institutions and ownership." Thesis, Brunel University, 2012. http://bura.brunel.ac.uk/handle/2438/6154.
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The present thesis examines the implications of ownership and institutions for corporate financing in Central and Eastern Europe. There are three empirical chapters (chapters 2, 3 and 4). Chapter two examines the role of business networks for firm external financing. Our central hypothesis here is that firms’ affiliation to business association is likely to be beneficial in securing external finance (especially bank finance) in countries with weak legal and judicial institutions, as it helps banks and financial institutions to minimize the underlying agency costs of lending. Using recent EBRD-World Bank BEEPS data, we find some support to this central hypothesis in our sample. Importance of foreign banks for economic development of CEE countries has been emphasized in the literature though there is wide dispersion in foreign investment in the region. In this context, chapter three (i.e., the second empirical chapter) focuses on the implications of corruption for foreign bank entry and ownership structure in Central and Eastern European countries. The chapter argues that the presence and persistence of corruption (both absolute and relative) may adversely affect costs of setting up as well as running day-to-day operations of foreign banks in host emerging economies. Using primarily Bankscope bank-level data we find that greater absolute and relative corruption may lower foreign bank entry, greater relative corruption may encourage foreign greenfield entry in our sample; while relative corruption is not significant for foreign takeover. The latter highlights the importance of encouraging foreign investors from countries with similar institutions. Finally, considering the implications of ownership for bank capital and performance in chapter four (the final empirical chapter) in light of the focus on bank capital and capital regulation in discussions after the recent banking crisis, we argue that the relationship between bank capital and bank performance crucially depends on bank ownership structure. Using Osiris data we examine foreign greenfield and other joint venture (JV) differential effect of high bank capital on bank performance. A significant positive effect of foreign Greenfield (as opposed to JV) bank capital on bank performance, after controlling for all other factors is found. We attribute this to better governance compared to varied ownership arrangement in other joint venture banks. Thus wide dispersion in the quality of institutions and ownership explains a great deal of variation in the economic performance of countries in the region. We hope findings of this thesis would inform policies and will also influence future research.
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Loh, Christian. "Bankensysteme in Mittel- und Osteuropa : die Evolution des Bankensystems am Beispiel ausgewählter Transformationsländer /." Hamburg : Kovač, 2008. http://www.gbv.de/dms/zbw/56477121X.pdf.
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Armengol, Ferrer Ferran. "El Banc Europeu de Reconstrucció i Desenvolupament: una institució financera internacional en el marc de la integració europea i la globalització." Doctoral thesis, Universitat Pompeu Fabra, 2004. http://hdl.handle.net/10803/7285.
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L'objecte de la present tesi doctoral és l'estudi del Banc Europeu de Reconstrucció i Desenvolupament (BERD), institució financera internacional específicament dedicada a la cooperació a la transició política i econòmica dels estats d'Europa central i oriental. L'estudi és de caràcter essencialment jurídic i analitza la "funció d'adaptació" a la democràcia pluralista i l'economia de mercat dels esmentats estats que desenvolupa el Banc, i els problemes jurídics derivats d'aquesta activitat. La Tesi s'estructura, així, en quatre parts: en la primera s'analitzen els fonaments del marc de cooperació en el qual s'insereix la creació del BERD ; la segona descriu els diversos tipus d'operacions desenvolupades pel banc. La tercera incideix sobre l'estructura institucional del Banc i la quarta, i última, es refereix al règim jurídic del Banc i els mitjans de control polític i judicial de la seva activitat.El objeto de la presente tesis doctoral es el estudio del Banco Europeo de Reconstrucción y Desarrollo (BERD), institución financiera internacional específicamente dedicada a la cooperación a la transición política y económica de los estados de Europa central y oriental. El estudio es de carácter esencialmente jurídico y analiza la "función de adaptación" a la democracia pluralista y la economía de mercado de dichos estados que desarrolla el Banco, y los problemas jurídicos derivados de dicha actividad. La Tesis se estructura, así, en cuatro partes: en la primera se analizan los fundamentos del marco de cooperación en el que se inserta la creación del BERD; la segunda describe los diversos tipos de operaciones desarrolladas por el Banco. La tercera incide sobre la estructura institucional del Banco y la cuarta, y última, se refiere al régimen jurídico del Banco y los medios de control político y judicial de su actividad.
The object of this Ph D thesis is the study of the European Bank for Reconstruction and Development (EBRD), international financial institution specifically devoted to the cooperation to the political and economic transition in Central and Eastern Europe States. The study is from essentially juridical character and analyzes the function of adaptation of the aforementioned States to pluralistic democracy and market economy that develops the Bank , and the juridical problems derived from this activity. The Thesis is structured, thus, in four parts: in Part One, the foundations of the frame of cooperation in which the creation of the EBRD is inserted are analyzed; Part Two portrays the several types of operations developed by the Bank. Part Three falls upon the institutional structure of the Bank. Part Four refers to the juridical regime of the Bank and the means of political and judicial control of its activity.
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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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Adalid, Sébastien. "La BCE et l’Eurosystème : exemple d’intégration verticale." Thesis, Lyon 3, 2012. http://www.theses.fr/2012LYO30086/document.
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La banque centrale européenne (bce) n'est pas une institution au sens des traités communautaires. pourtant elle dispose, à l'image des institutions, de pouvoirs législatifs et exécutifs. au sens du droit communautaire, la bce est un <>, elle jouit donc de la personnalité juridique. dans le paysage institutionnel de l'union, la bce est la seule à disposer à la fois de pouvoirs législatifs et exécutifs et de la personnalité morale. il convient de ce fait de se poser la question de la place de la bce dans ce paysage institutionnel. de plus, les pouvoirs de la bce et leur exercice sont extrêmement flous. tout d'abord, la bce partage certains pouvoirs avec le conseil ecofin, qui lui mêne en partage avec l'eurogroupe. ensuite, les pouvoirs de la bce sont exercés soit par le conseil des gouverneurs, soit par le directoire. les décisions prises par ces organes, sont ensuite mises en oeuvre par la bce elle même ou par les banques centrales nationales. il se pose donc la question des réels pouvoirs de la bce, du fait de son intégration au sein du système européen de banques centrales. beaucoup d'auteurs ont apporté des réponses à ces questions, la bce : banque centrale de la communauté, la bce autorité administrative indépedante, le bce communauté internationale à part. malgré, l'intérêt de ces travaux aucun n'a pris en compte la bce dans sa globalité et dans sa complexité. notre travail de tèse se propose de reprendre l'ensemble des questions relatives à la place de la bce dans les institutions et organes de l'union, afin de mieux définir et comprendre cet organe à partThe Eurosystem is a unique structure of European Union law which includes the central banks of States that have adopted the euro and the European Central Bank. A theoretical study of the evolution of the exercise of power within the Union demonstrates the emergence of a new methode of integration called "vertical integration." In a dialectical process between theory and reality of the Eurosystem, the main features of the the vertical integration method can be tested and its main qualities and defects disclosed.The method of vertical integration led to the construction of sub-systems composed of national bodies and body of the Union. The method operates in four directions. The sub- system thereby producted relates formally and functionally to the EU and operates in a specific sector which imposes the specificities of its action. It can be said "organized" (its components are interconnected by complex interrelationships guaranteeing the unity and effectiveness of the system). It is independent from the states as it is from the political institutions of the Union.The study of the Eurosystem through this perspective allows to elucidate the nature of this unusual construction whose action in crises - the financial crisis and the sovereign debt crisis - was crucial. Such research can also highlight, under a new perspective, the recent developments in the institutional system of the EU as a whole
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Singh, Rupinder. "Financial restructuring of transition economics in Central and Eastern Europe." Thesis, Birkbeck (University of London), 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.299789.
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Beck, Nicolas. "L'évolution du cadre institutionnel de la régulation prudentielle." Thesis, Paris 2, 2012. http://www.theses.fr/2012PA020079.
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Avec l’annonce de la création d’une Union bancaire européenne, l’évolution du cadre institutionnel de la régulation prudentielle est actuellement au coeur des débats politiques. Le projet de réforme prévoit la dévolution d’une importante partie du contrôle prudentiel des entreprises financières à la Banque centrale européenne. Les conflits d’intérêts potentiels susceptibles d’être générés dans le cadre de la détermination de la politique monétaire et de la mise en oeuvre du contrôle prudentiel ont souvent été mis en exergue par les détracteurs du modèle de régulation intégré aux institutions d’émission. Cependant, les influences réciproques ainsi que la complémentarité tenant à l’exercice des missions de stabilité monétaire et de stabilité financière par le banquier central pourraient tendre à justifier l’adoption de telles mesures. La concentration des pouvoirs monétaires et prudentiels dans le giron des banques centrales impliquerait néanmoins pour ces dernières de répondre au principe de la légitimité démocratique, cela tout en conservant un certain degré d’indépendance à l’endroit du pouvoir politique. La conciliation de ces deux exigences semblerait nécessaire dans l’hypothèse où les banques centrales se verraient amenées à exercer un rôle croissant au sein de la sphère financière. Plus largement, c’est peut-être dans la recherche de cet équilibre que réside le secret de la conception d’un cadre institutionnel optimal dans le domaine de la régulation monétaire et financière. Les insuffisances dénoncées des modèles de supervision pourraient-elles ainsi se voir pallier par l’institution d’un Système mondial de banques centrales en charge du contrôle prudentiel ?With the announcement of the creation of an European banking union, the evolution of institutionnal framework of prudential supervision is currently at the center of political debates. The draft reform provides for the devolution of a significant part of prudential supervision of financial enterprises to the European central bank. The potential conflicts of interest which might be generated in the framework of the determination of monetary policy and the implementation of prudential supervision have often been underlined by critics of the integrated regulatory model within issuing institutions. However, both reciprocal influences and complementarity in the exercice of the missions of monetary stability and financial stability by the central banker might tend to justify the adoption of such measures. The concentration of monetary and prudential powers within central banks would imply, though, for those latter to satisfy the principle of democratic legitimacy, this while keeping some degree of independence from the political power. The conciliation between these two requirements would seem necessary assuming that central banks would be set to exercise an increasingly important role within the financial sphere. More extensively, perhaps the secret of the design of an optimal institutionnal framework in the area of financial and monetary supervision lies in the search for this balance. Might insufficiencies highlighted in supervisory models be overcome by setting up a world system of central banks in charge of prudential supervision?
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Elston, Thomas. "Reinterpreting agencies in UK central government : on meaning, motive and policymaking." Thesis, University of Nottingham, 2014. http://eprints.nottingham.ac.uk/14045/.
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This thesis is a qualitative and interpretive exploration of continuity and change in the role of executive agencies in UK central government. Its three objectives are: (i) to test the longevity of the semi-autonomous agency model first introduced by Conservative governments after 1988; (ii) to explore the department-agency task division in the policymaking processes supposedly fragmented by this ‘agencification’; and (iii) to evaluate the paradigmatic testament of contemporary agency policy and practice in Whitehall. The thesis builds from an extended case study conducted during the 2010 Coalition Government in the Ministry of Justice and three of its agencies – the National Offender Management Service, HM Courts and Tribunals Service, and the Office of the Public Guardian. Social constructivist meta-theory and the application of narrative and discourse analysis together make for an account of interpretive transformation that is theorised by discursive institutionalism. Substantively, the thesis first describes an asymmetric departure from the ‘accountable management’ philosophy which the 1988 Next Steps agency programme originally epitomised. Agency meaning is multivocal, but contemporarily converges towards accountability and transparent corporate governance, rather than managerial empowerment, de-politicisation and decentralisation. Secondly, institutional preservation of the policy-delivery work dichotomy is registered, yet found to be a poor descriptor of both historic and contemporary policy processes. Agency staff act as policy initiators and collaborators, contrary to Next Steps’ quasi-contractual, principal-agent logic, and further evidencing the departmentalisation of the once arm’s-length agency model. Thirdly, and paradigmatically, while no unidirectional trend is found, the thesis adds to the growing literature positing some departure from the former ideological and practical predominance of ‘new public management’. In so doing, it also demonstrates the challenges faced by large-N population ecology and administrative systems analysis – the favoured methodology in much international agencification scholarship – in accounting for continuity and change in policy, practice and paradigm.
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Smith, Alison F. "The effect of electoral institutions on party membership in central and east Europe." Thesis, University of Oxford, 2013. http://ora.ox.ac.uk/objects/uuid:2c9c60b1-5fd8-435e-a485-a5322de60246.
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Party membership levels in the new democracies of central and east European were predicted to remain universally low, stymied by post-communist legacies, the availability of state funding and the prevalence of mass media communications (van Biezen, 2003; Kopecký, 2007). However, more than two decades after the fall of the Berlin Wall, membership levels vary considerably between countries, and also between individual parties within party systems. Using freshly gathered party membership data, elite surveys and interviews, this thesis explores a number of institutional hypotheses to test whether, as in western democracies, electoral institutions influence how parties organise and campaign. This thesis finds that national electoral systems, municipal electoral rules and business funding regulations have an observable impact on how parties use their members. In particular, 'decentralised' electoral systems encourage greater involvement of members in voter contacting and other small campaign tasks. This thesis concludes that, contrary to the dominant literature, the availability of state funding has little impact on party membership recruitment. Instead, central and east European parties' attitudes to members are shaped by a complex interaction of institutional, cultural, ideological and strategic factors.
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Rabrenović, Aleksandra. "Financial accountability as a condition for EU membership." Thesis, University of Glasgow, 2007. http://theses.gla.ac.uk/2265/.
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The objective of this thesis is to provide advice on how to establish a reliable system of financial accountability in Serbia, as a condition for EU membership. The creation of a functional financial accountability system in Serbia is important not only for further Serbian development, but also to secure efficient and effective use of the EU/Member States’ monies, which are already being used in Serbia. This thesis analyses financial accountability systems of two EU Member States: UK and France and a supranational EU system, which are then compared with the Serbian system. The legal frameworks of these systems of financial accountability are analysed against their socio-historical backgrounds, focusing on the key challenges they face in both their strategic developments and everyday work. The conclusion is that Serbia has still not met the financial accountability conditions for EU membership outlined in the acquis communitaure. The comparative socio-legal analysis has demonstrated that the application of pure, more advanced Western European models of financial accountability would not be possible in the transitional Serbian environment. However, specific elements of these systems, exemplified in the emerging European system of financial accountability, could be well applied in the Serbian context.
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Stone, Zita. "Financial system development in central and Eastern Europe: time for equity culture?" Thesis, University of Kent, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.594199.
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Equity culture is underdeveloped in Central and Eastern Europe. The corporate sector's dependence on debt as an external source of capital, scarce and illiquid capital markets and distrust in corporate sharing are the reasons for this. Yet, according to a number of surveys, fIrms are dissatisfied with the existing forms of debt driven external capital. The barriers of access to capital and the cost of capital are high resulting in unattractive and inflexible financing options. However, the availability of capital is a necessity for corporate existence and economic growth. The question of the viability of equity financing development as an alternative to the traditional debt financing in the transition economies of Central and Eastern Europe puzzles many. National policymakers as well as domestic and foreign investors need this question answered so that time and effort is not wasted on pursuing unviable strategies and creating unrealistic investment plans. The development of an equity culture in the CEECs is the main focus of this study. We develop a theory-bridging conceptual framework through which we attempt to demonstrate what factors contribute to its formation. We maintain that fIrms seeking equity finance are the main drivers for equity culture development in a country. This demand is affected by the size of transaction costs these finns incur in the process of searching for, establishing and co-ordinating contractual relationships with equity providers. We establish that the size of transaction costs is detennined by a set of conditions stemming from internal (managerial) and external (macro-economic and institutional) environments impacting the firm. The conceptual framework is empirically tested using quantitative data on ten Central and Eastern European countries (CEECs) (EU member countries since 2004 and 2007) for a continuous period of thirteen years (1996-2008). Firstly, a relatively new graphical display method - the Co-Plot method - is applied to cluster the gathered data. This method facilitates benchmarking against two representatives of the equity oriented financial system (UK and USA) and two representatives of the bank (debt) oriented financial system (Germany and Japan). The outcome of this analysis is the identification of three separate groups within our sample ofCEECs (Leaders, Potentials, Laggards) in terms of the potential for equity culture development they exhibit. Secondly, a regression analysis follows. It determines causal relationships between the demand-based dependent variables and independent variables represented by equity culture supportive conditions. Regressions are performed while controlling for different finn sizes (Large finns, SMEs, Micro firms and the total number of firms) to detennine the driving factors of equity culture development for each firm size individually as differing effects are expected. Furthermore, we carry out the regression analysis while controlling for the groups of Leaders, Potentials, and Laggards on a case by case basis. Finally, a qualitative comparative analysis for three CEECs, Slovakia, Hungary and Bulgaria, (each being a representative for a group with different potential for equity culture development) is provided. Our findings suggest that CEECs belonging to the group of Leaders have the macroeconomic and institutional conditions necessary for the development of an equity culture in place and that it is the equity-oriented financial institutions and the managerial capabilities which require further attention so that equity culture can be fully developed. By contrast, countries from the Potentials group have the macroeconomic performance required for the development of an advanced equity-based fmancial system, however the conditions stemming from the institutional (including both quality as weil as adequacy of equityiii r I .1 oriented financial intermediaries) and the managerial environment need improving. The results for the group of Laggards indicate that in order for an equity culture to be able to develop, a complex set of macro-economic, institutional and managerial conditions requires attention. Furthermore, we establish that large firms do not necessarily require the presence of adequate managerial conditions for them to become the drivers of equity culture development. In the case of SMEs we fmd that it i& primarily the presence of appropriate institutional rather than macro-economic and managerial conditions that have to be satisfied in order for these finns to opt for equity finance. Finally. our results for micro firms imply that although the presence of adequate macro-economic and institutional conditions is important, however, it is not sufficient. It is the presence of appropriate managerial conditions which motivate micro firms to consider equity finance. Our study contributes to the existing literature in several ways. Firstly, it contributes to theory by providing a Dew conceptual perspective on the financial system development and finn financing options in transition economies typical for their limited experience with equity financing and an underdeveloped equity culture, such as the CEECs. Secondly, it provides contributions to practice by proposing managerial and policy recommendations, how to identify best investment targets, and how to support equity culture development should it be desired.
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Kats, Jasper. "Financial integration and the financing decisions of SMEs in Central and Eastern Europe." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-319492.
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Bakar, Eric S. "Financial Intermediation and Economic Development in 12 Central and Eastern European Economies." Scholarship @ Claremont, 2017. http://scholarship.claremont.edu/cmc_theses/1501.
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This paper takes a panel series approach to investigate whether the intensity of financial intermediation encouraged investment and growth in 12 Central and Eastern European(CEE) economies from 2001 to 2015. The results from our regression confirmed our hypothesis that there was a uni-directional relationship between financial intermediation and economic growth and while we only analyzed 12 CEE countries, this relationship has held among other developing countries as well. We will provide background on the general CEE transition out of communism and the ensuing ebbs and flows of the financial and real sector through the early 2000s. The 2008 financial crisis marked a key event for CEE that gave us the opportunity to analyze important characteristics of how our model acted before and after a major crisis. We found a significant relationship with the crisis and our finance-growth model that furthered our prediction that the expansion of financial intermediaries in developing countries acts as a key mechanism through which an economy grows. The research allowed us to understand the nature of statistical causality between financial and real sector activity.
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Braun, Benjamin. "Central Bank agency and monetary governability in the Euro area : governing through money, trust, and expectations." Thesis, University of Warwick, 2014. http://wrap.warwick.ac.uk/67054/.
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Aiming to speak to broader debates about the nature of state power in relation to the economy this thesis concentrates on central bank agency and monetary governability. More specifically, it focuses on a single case: The agency of the European Central Bank (ECB) and the making, unmaking, and re-making of monetary governability in the euro area from 1999 through 2014. This choice is motivated by the euro area representing a unique 'natural experiment' in establishing monetary governability from scratch under conditions of 21st century financialised capitalism. The thesis is divided into two parts. Chapters one and two develop an original analytical and conceptual framework for the study of central bank agency. Starting out from the premise that governability is not a natural feature of the economy but needs to be actively established, I argue that any attempt to answer the question of the ECB’s role in that process has to account for the fundamental hybridity of central bank agency both as a central bureaucratic authority and as a bank, as well as for its multidimensionality as it addresses different governability challenges posed by different audiences. It is on the basis of these inductively won observations that I embrace the theoretical vocabulary of performativity, conceptualising governability as a performative effect of the interactions between the ECB and its audiences. The arrangements that govern these interactions are described, using a Foucauldian concept, as 'apparatuses'. On that basis, the second part of the thesis comprises three empirical chapters on the financial apparatus of monetary policy implementation, the communicative apparatus of expectation management, and the ideological apparatus of monetary trust. The sixth chapter brings the analysis of the three apparatuses up to date by focusing on three key episodes from the recent financial and economic crisis.
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Bertucci, Louis. "The role of financial institutions : limits and perspectives." Thesis, Paris Sciences et Lettres (ComUE), 2019. http://www.theses.fr/2019PSLED036.
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A travers les siècles, les institutions financières ont façonné le paysage financier et influencé l’activité économique. L’objectif de cette thèse est de mettre en évidence, d’un point de vue théorique, les limites fondamentales des institutions modernes et d’en déduire les implications concernant le futur rôle de ces institutions.Le premier chapitre propose un analyse des Chambres de Compensation. A la suite de la crise financière de 2008, les autorités financières à travers le monde ont mis en place des réglementations imposant la compensation centrale sur la plupart des produits dérivés. Nous montrons que la compensation centrale nécessite un plus grand niveau de liquidité que la compensation bilatérale.Le second chapitre présente un modèle d’apprentissage en temps continu censé représenter le processus d’apprentissage d’une institution par rapport à une information cachée détenue par le marché. A l’équilibre, le niveau d’incertitude perçue par les agents, constitue une limite fondamentale du rôle des institutions financières.Le dernier chapitre introduit et analyse le Lightning Network qui est un réseau de paiement basé sur la Blockchain. Il permet aux utilisateurs de transférer de la valeur de façon instantanée sans avoir recours à un tiers de confiance. Nous discutons des implications à propos de la structure de ce réseau de paiement ainsi que de sa capacité à prendre une place importante dans le paysage financierThroughout the centuries, financial institutions have shaped the financial landscape and influenced economic activity. The goal of this dissertation is to highlight, from a theoretical point of view, fundamental limitations of modern institutions and eventually derive implications regarding the future role of those institutions.The first chapter provides an analysis of Central Clearing Platforms (CCP). In the aftermath of the financial crisis of 2008, financial authorities around the world implemented regulations imposing central clearing on most derivative products. It is shown that central clearing often requires a larger liquidity buffer than bilateral clearing.The second chapter presents a continuous-time learning model meant to represent the learning process of an institution such as a central bank regarding a hidden information held by the market. The equilibrium level of uncertainty perceived by agents is shown to be an important limitation to the role of financial institutions.The last chapter introduces a specific blockchain-based payment network called the Lightning Network. It allows users to transfer value instantly without relying on any trusted third party. We discuss the implications regarding the structure of this network as well as its ability to become an important part of the financial landscape
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Denca, Sorin Stefan. "European integration and foreign policy in Central and Eastern Europe : the cases of Hungary, Slovakia and Romania." Thesis, University of Birmingham, 2011. http://etheses.bham.ac.uk//id/eprint/1462/.
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This thesis examines the impact of Europeanization on the foreign policy of the new member states of the European Union, using as case studies Hungary, Slovakia and Romania. It asks what the extent of Europeanization of foreign policy is and whether and to what extent there has been divergence in the way in which the new member states have responded to the similar constraints and opportunities of the European integration. Insofar as divergence can be identified, a third research question asks why there is policy divergence. It argues that the governmental politics and the politics of national identity play a key role as mediating factors for the Europeanization of the system of policy making, the process of elite socialization and the conduct of foreign policy itself. Three critical international events are used as sub-case studies in order to assess the extent of Europeanization of foreign policy of the CEE counties: the US-led war in Iraq in 2003, the NATO airstrikes against Yugoslavia in 1999 and the Kosovo declaration of independence in 2008. The study’s findings suggest that the pressures of Europeanization leads to convergence in some policy areas, but domestic factors such as governmental and national identity politics offer a more convincing explanation of divergence. Overall, Europeanization is uneven not only across issue-areas, but also across countries. The limits of convergence as an outcome of Europeanization and the persistence of diversity are therefore best accounted for by the diversity of domestic factors.
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Eller, Markus, Peter Haiss, and Katharina Steiner. "Foreign Direct Investment in the Financial Sector. The Engine of Growth for Central and Eastern Europe?" Europainstitut, WU Vienna University of Economics and Business, 2005. http://epub.wu.ac.at/98/1/document.pdf.
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This paper examines the impact of financial sector foreign direct investment (FSFDI) on economic growth by estimating a panel data model for 11 Central and Eastern European countries (CEECs) between 1996 and 2003 in a cross-country growth accounting framework. The analysis concentrates on the efficiency channel linking FSFDI to economic growth. The results clearly indicate that there can be a relationship between FSFDI and economic growth. Approaching a medium degree of financial M&A is rewarded by higher economic growth after two periods. Beyond it, FSFDI seems to spur economic growth depending on a higher human capital stock. FSFDI-induced knowledge-spillovers to domestic banks can be an explanation for this phenomenon. Above a certain threshold, the crowding-out of local physical capital caused by the entry of a foreign bank seems to hamper economic growth. The value of the paper lies in (1) providing novel data on FSFDI in CEECs, (2) analyzing the impact of FDI on a sectoral level and (3) in modeling the hitherto only qualitatively discussed relationship between foreign banks and economic development into a structural, econometric model that combines two streams of economic research: the FDI-growth-literature and the finance-growth-literature. (author's abstract)Series: EI Working Papers / Europainstitut
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Kimei, Charles Stephen. "Tanzania's financial experience in the post-war period." Uppsala : Stockholm, Sweden : Acta Universitatis Upsaliensis ; Distributor, Almqvist & Wiksell International, 1987. http://catalog.hathitrust.org/api/volumes/oclc/18190549.html.
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Zalewska-Mitura, Anna. "Emerging markets from Central and Eastern Europe : evolving market efficiency, problems of thin trading and price limits." Thesis, London School of Economics and Political Science (University of London), 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.286193.
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Fitzsimons, Vincent Gerard. "The impact of economic institutions on macroeconomic performance : with reference to the transition economies of Central and Eastern Europe." Thesis, University of Leeds, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.434235.
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Bateson, Rositsa. "The role of student services in enhancing the student experience : cases of transformation in Central and Eastern Europe." Thesis, University of Southampton, 2008. https://eprints.soton.ac.uk/66747/.
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This research project examines the role of student services in universities in Central and Eastern Europe at a time of rapid transformation of the higher education sector, following from the collapse of the socialist period in 1989 and the implementation of the Bologna process after 1999. Conducted in the period 2004- 2006, the research process aimed to identify the major factors of institutional change, and to what extent are students, and services for students, considered a driving force for organisational restructuring. Based upon a comparative qualitative study of four public universities in Hungary, Romania, Croatia and Serbia, this project found ample evidence of institutional change and introspection, innovation, achievement, as well as awareness and critical analysis of weaknesses. However, the main expectation to find students as active agents in institutional change and in the improvement of the old and the provision of new services for students was not supported by the findings in this study. Although the four universities in this project share the characteristics of an allencompassing change process, students, and services for students, still play a marginal part in determining institutional priorities and in influencing the service provision and culture. Having anticipated the lack of awareness of the role of student services in organisational management, this project examines the reasons for this from a historical perspective, using a comparative approach to development trends in the United States, continental Europe, and Central and Eastern Europe. It further suggests a model of integrated student services, based upon the actual experience of the Central European University, but defined and analysed against the context of the region. This research project coincides with a growing awareness in public policy debates in continental Europe of the importance of institutional student support services. As the first study of institutional practices with regard to student services in Central and Eastern Europe, it anticipates the reform in this area and the integration of student services as part of the university core.
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Louisy-Louis, Moise. "The determinants of rates used in défined-benefit pension plans : a pan-European study of financial institutions over 2005/2011." Thesis, Nice, 2014. http://www.theses.fr/2014NICE0026/document.
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A la lumière du débat actuel visant la comptabilisation des engagements de retraite, la thèse examine les forces et faiblesses de la comptabilisation telle que stipulée par le normalisateur international, l’International Accounting Standards Board (IASB). Afin d’étayer nos arguments, nous étudions l’influence de certains paramètres, à savoir la rentabilité, les flux, le levier financier, le levier des engagements de retraite, ou la composition du portefeuille d’actifs du régime, parmi d’autres, sur le choix du taux d’actualisation et du taux de rendement attendu des actifs du régime dans le cadre des régimes à prestations définies. La littérature, incluant en particulier les travaux d’Amir et Benartzi (1998), Asthana (1999), Picconi (2006), ou Adams, Frank et Perry (2011), identifie ces paramètres comme influents sur le choix des taux. A l’échelle de l’entreprise, l’impact de ces taux peut être significatif sur le niveau d’endettement ou de rentabilité, et à l’échelle de l’économie, le provisionnement correct des engagements de retraite représente un défi majeur pour des secteurs, industries ou nations (OECD, 2011). Dans ce contexte, la dissertation analyse en détails les règles comptables, la recherche et les pratiques en usage en Europe, une région qui a traditionnellement attiré relativement peu d’intérêt empirique à un niveau paneuropéen notamment à cause de la grande diversité qui caractérise les pratiques comptables et les juridictions locales. Une étude basée sur les membres du Stoxx Europe Total Market Index a été réalisée afin de répondre à la problématique suivante : quels sont les facteurs influençant et expliquant le choix du taux d’actualisation et du taux de rendement attendu des actifs du régime ?In light of the current debate about pension accounting, the dissertation examines the strengths and weaknesses of pension accounting as stipulated by the International Accounting Standards Board (IASB). To substantiate our arguments, we study the influence of key parameters, namely profitability, cash flow, leverage, funding status, and plan asset investment allocation, among others, on the choice of the discount rate and the expected rate of return used when accounting for defined benefit pension schemes. Prior literature, including research performed by Amir and Benartzi (1998), Asthana (1999), Picconi (2006), and Adams, Frank and Perry (2011), identifies these factors as influential in the choice of these rates. At a micro level, the impact of these rates can be tremendous on the financial status of reporting entities (e.g. inflated/deflated indebtedness or earnings) and at a macro level, the correct provisioning of pension represents a major challenge for sectors, industries or nations as a whole (OECD, 2011). In such a context, the dissertation reviews in details current regulation, research, and practices across Europe, a region which has historically attracted relatively little empirical research on a pan-European basis mainly because of the great diversity in accounting practices and local jurisdictions. A study focused on members of Stoxx Europe Total Market Index is performed to address the following research question: what are the factors impacting and explaining the choice of the discount rate and the expected rate of return ?
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Haiss, Peter, and Stefan Marin. "Options for developing bond markets. Lessons from Asia for Central and Eastern Europe." Europainstitut, WU Vienna University of Economics and Business, 2005. http://epub.wu.ac.at/1234/1/document.pdf.
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Asian efforts towards bond market development are driven by the 1997-98 financial crises; Central and Eastern European efforts by the transition towards EMU. The small size of most of the economies underlying these still "emerging" bond markets poses the question of minimum efficient scale and which options to pursue. We argue that the joint bond funds and regional bond market linkups that follow existing trade, FDI and bank ties will broaden the sources of finance, can improve market discipline, provide signals to the market, and thus increase financial stability. Based upon bond market data and analysis of regional efforts like the Asian Bond Funds, we argue that bond market development should be given more attention to foster growth and stability. (author's abstract)Series: EI Working Papers / Europainstitut
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Haiss, Peter, and Elisabeth Schellander. "Knowledge Transfer by Austrian Banks to the Transition Economies of Central, Eastern and South Eastern Europe." WU Vienna University of Economics and Business, 2010. http://epub.wu.ac.at/3878/1/haissknowledge.pdf.
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Since the opening of the Central, Eastern and South Eastern European (CESEE) banking market, foreign banks, have started to invest in the financial sector of emerging economies. Economic research highlights that foreign banks have brought advanced technology, improved management expertise, upgraded risk management techniques and generally more efficient and competitive banking practices into CESEE countries (Clarke, Cull, Peria and Sànchez, 2002; Eller, Haiss and Steiner, 2006). However, there is hardly evidence about how this large-scale knowledge transfer has been achieved and what knowledge has actually been transferred. This paper intends to fill this gap. Two in-depth case studies of bank acquisitions by Austrian banks in CESEE give insight into the methods and content of knowledge transfer within the post-acquisition integration. A questionnaire sent out to CESEE subsidiaries of Austrian banks additionally provides information on the topic. The results show that knowledge transfer mainly occurs in international teams and during international meetings, trainings and development programs and that it is supported by information and communication technologies. Results further show that the content, methods and magnitude of knowledge transfer efforts change along the stages of post-acquisition integration. (author's abstract)
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Ashraf, Ali. "Empirical Examination of Quantitative Easing in Monetary Policy and Earning Management of Financial Markets and Institutions." ScholarWorks@UNO, 2013. http://scholarworks.uno.edu/td/1605.
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In the first chapter, I analyze the impact of changes in aggregate holding in special asset purchase programs by Federal Reserve Systems (FED) as an alternate monetary policy at aggregate level. Later, to complement the analysis of monetary impact at aggregate level, I also analyze the impact of monetary actions at bank stock level with a set of 186 banks. First, for the overall sample period, expected monetary shock has positive effect on bank stock return; however, unexpected shock component has otherwise negative impact. Second, during both conventional and QE regime, monetary shocks are not significant in explaining weekly stock returns; however change in FED’s total asset holding in special programs is significant during the QE regime and such findings are more robust for the “large” banks when compared to “medium” and “small” banks.
The second chapter presents the second essay that is one of the early studies to analyze whether either the changes in accounting standard or the changes in prudential regulatory regimes may affect the bank earning management in terms of Loan Loss Provisioning (LLP) systematically. Results suggest that, in general, bank managers use LLP as a tool for earning management for income smoothing and also for capital management once LLP is allowed to be a part of Tier-I capital requirement. Both changes in prudential regulation from pro-cyclic to a dynamic regime and convergence of accounting standard from rule-based to principle-based standards have significant negative fixed effects separately and jointly once included.
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Bernal, Oscar. "Financial information flows and central bank interventions: the case of Japan." Doctoral thesis, Universite Libre de Bruxelles, 2007. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210599.
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La thèse comporte deux parties. Dans la première partie (Chapitres 1 et 2), un examen des déterminants des interventions officielles sur le marché des changes est proposée. Dans la second partie (Chapitres 3 et 4), c'est la problématique des interventions dites « secrètes » qui est étudiée. Chapitre 1: « Talks, financial operations or both »
Ce chapitre propose une nouvelle approche aux fonctions de réaction permettant d’examiner, dans un même modèle, les déterminants des différents types d’interventions (les interventions effectives et les interventions orales). Le modèle permet de mieux comprendre les choix stratégiques des autorités (opérations financières ou simple politique de communication) et d’en évaluer le degré de substituabilité ou de complémentarité.
Chapitre 2 :« The institutional organization underlying interventions »
La structure institutionnelle sous-jacente au processus d’intervention (interactions entre le Ministère des finances et la banque centrale) est explicitement incorporée dans le modèle proposé dans ce chapitre. Cette approche permet d’évaluer, dans quelle mesure, le Ministère des finances (l’autorité responsable de la politique de change), en intervenant sur le marché, internalise les objectifs de la banque centrale(l’agent du Ministère pour l’implémentation des ordres d’intervention).
Chapitre 3 :« The secrecy puzzle »
Ce chapitre propose une évaluation empirique des différents arguments théoriques expliquant le recours aux interventions secrètes. Le travail repose sur l’examen économétrique d’une fonction de stratégie, dans laquelle, des déterminants relatifs à la décision d’intervenir secrètement d’une part et, d’autre part, des déterminants relatifs à la détection des interventions par le marché sont incorporés.
Chapitre 4 :« A unified approach to interventions »
Un modèle unique, permettant d’expliquer les trois étapes du processus d’intervention, est proposé dans ce chapitre. Ces trois étapes sont relatives (i) au choix d’intervenir, (ii) au choix d’intervenir de façon secrète et (iii) à la perception des interventions par le marché. Grâce à l’inclusion de déterminants spécifiques pour ces différentes étapes, cette approche multidimensionnelle permet d’appréhender leurs interrelations et, donc, de mieux comprendre les différents arbitrages réalisés par les autorités lorsqu’elles décident d’intervenir.
Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished
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Fontan, Clément. "Une institution politique à l'épreuve de la crise : la Banque Centrale Européenne dans l'Union Economique et Monétaire (août 2007 - janvier 2012)." Phd thesis, Université de Grenoble, 2012. http://tel.archives-ouvertes.fr/tel-00926443.
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Comment la Banque Centrale Européenne (BCE) a-t-elle étendu son influence et ses compétences dans l'Union Economique et Monétaire (UEM) pendant la crise de la zone euro? Pour répondre à cette question, nous analysons le jeu politique de la BCE, basé sur un double mouvement paradoxal de défense de sa réputation originelle et d'extension de ses compétences au-delà de la sphère monétaire. Cette stratégie lui a permis de gérer les tensions et les opportunités liées à la crise de la zone euro : ses canaux d'influence (son monopole sur la liquidité, la reconnaissance de son expertise sur les marchés financiers et son autorité morale) ont plus d'impact qu'en temps normal mais, en même temps, elle la force à implémenter des politiques qui représentent un écart avec sa réputation originelle, basée sur les postulats ordo-libéraux et l'exemple de la Bundesbank. L'étude des mécanismes au cœur du processus de délégation entre les Etats de la zone euro et la BCE permet alors d'attester de la réussite de ce double mouvement et d'explorer la redéfinition de la place de la BCE au sein de l'UEM se déroulant pendant la crise. Ces éléments sont analysés à travers trois études de cas : le paramétrage des instruments de politique monétaire de la BCE pendant la crise, le processus de résolution de crise au sein de l'UEM, et la création d'un nouvel organisme de surveillance des risques macro-systémiques. La méthodologie de recherche est basée sur une approche relationnelle de la BCE qui inclut des entretiens semi-dirigés auprès d'une trentaine de hauts-dirigeants de l'UEM et une analyse des sources primaires et secondaires.
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Rahman, Dima. "The fragility of financial institutions : dependence structure, extremal behaviour and contagion." Thesis, Paris 10, 2011. http://www.theses.fr/2011PA100128.
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Cette thèse se propose d’analyser la structure et la dynamique de dépendance de crédit des institutions financières aux Etats-Unis et en Europe durant la crise financière de 2008. Un premier chapitre présente une revue de la littérature des modèles multi-dimensionnels de crédit et des modèles économétriques de contagion financière. Ce chapitre a pour vocation de guider notre réflexion à la fois conceptuelle et méthodologique sur les hypothèses analytiques de la contagion ainsi que ses méthodes de mesure. Nous montrons que si la contagion est devenue une hypothèse centrale des modèles multivariés de risque de crédit, il n’en reste néanmoins que sa définition et sa quantification ne font pas l’objet de consensus dans la littérature. Un deuxième chapitre propose une analyse empirique des co-movements des rendements de CDS de banques et sociétés d’assurance américaines et européennes. La dissociation de leur structure de dépendance entre association linéaire et dépendances extrêmes nous permet de mettre en évidence des phénomènes d'interconnexions entre institutions financières apparues au courant de la crise et véhiculant ainsi sous l'effet de la contagion, un risque systémique croissant. Un dernier chapitre présente une interprétation économique des résultats obtenus dans notre deuxième chapitre. En particulier, nous cherchons à quantifier l'influence jouée par la contagion et les facteurs de risques communs sur la dynamique de dépendance extrême des institutions financières. Nous démontrons ainsi le rôle du risque de contrepartie, du risque de liquidité et du risque de défaut des institutions financières dans la transmission de la contagion sur le marché de CDSThis thesis examines the credit dependence structure and dynamics of financial institutions in the U.S. and Europe amid the recent financial crisis. A first chapter presents a survey of multi-name models of credit risk and econometric models of financial contagion with the purpose of guiding both the analytical and conceptual assumptions and econometric modelling techniques we use in the subsequent chapters. We show that if contagion has become a central cornerstone of multi-name models of credit risk, there is nonetheless a lack of consensus on the way to both define and measure it. A second chapter presents the results of an empirical analysis of U.S. and European banks and insurance companies’ CDS return extreme co-movements. By uncovering financial institutions' linear as well as extremal dependence structures, we provide evidence that their credit dependence has strengthened during the crisis, thereby effectively conveying, in the face of extreme tail events, potential systemic risks. A third and last chapter provides an economic rationale of the results presented in our second chapter. In particular, we examine the impact of common risk factors and contagion on the dynamics of financial institutions' extremal credit dependence. We demonstrate the role of counterparty risk and liquidity risk, as well the repricing by market participants since July 2007 of their jump-to-default premia as additional channels driving financial institutions' increased dependence and amplifying contagion on the CDS market
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Zhang, Qiao. "Three essays in monetary economics : central bank transparency and macroeconomic Implications of financial frictions." Thesis, Strasbourg, 2014. http://www.theses.fr/2014STRAB010/document.
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Dans cette thèse, l'objectif de mes recherches, s'inscrivant dans la lignée de la littérature qui donne un rôle prééminent aux intermédiaires financiers dans les modèles macroéconomiques,consiste à comprendre les mécanismes qui ont permis à l'intermédiation financière imparfaite et parfaite d'affecter la dynamique de l'économie et la transmission de la politique monétaire, et de fournir une nouvelle formulation théorique pour l'évaluation de la politique monétaire non conventionnelle. Pour ce faire, j'ai d'abord considéré l'impact de l'intermédiation financière sur l'analyse des effets de la transparence de la banque centrale (chapitre 2). Dans le chapitre 3, je me suis concentré sur le rôle joué par l'intermédiation financière imparfaite et les frictions financières dans la transmission des chocs : par quels mécanismes, la présence d'intermédiaires financiers contraints par leur bilan affecte l'effet des chocs sur la macroéconomie? Enfin, dans le quatrième chapitre, je construis un modèle théorique pour analyser une question importante : le mécanisme de transmission des effets de l'achat à grande échelle de la banque centrale de titres adossés, qui n'a pas été effectué dans la littérature existanteIn this dissertation, my research aims at dwelling on the questions, at understanding and explaining -- as a follow of current strand of literature on financial frictions -- the mechanisms that allowed the imperfect and perfect credit intermediation to affect the dynamics of economy and the transmission of monetary policy, and providing a new theoretical formulation for evaluating the unconventional monetary policy. To do this, I first considered the impact of financial intermediation on the analysis of central bank transparency issue (Chapter 2). ln Chapter 3, I focused on the role played by the imperfect financial intermediation/financial frictions in the transmission of shocks : through which mechanisms, do the presence of balance-sheet constraint financial intermediaries affect the effect of shocks on the macroeconomy? Finally, in Chapter 4, 1 construct an theoreticalmodel to analyze an important issue which have net been carried out in existing literature: the transmission mechanism of the central bank's large-scale purchase of mortgage-backed securities. ln this chapter, I first simulated a financial crisis to see if the model is able to replicate some of the most important stylized facts of the Great Recession. Then, basing on the simulated crisis, I examine the efficacy and transmission mechanism of large scale purchases of MBS through comparing these purchases to the purchases of corporate bonds. This experiment is conducted in two credit market configurations, i.e., a partially and a totally segmented credit market. The latter case of market condition is considered by many economists as main obstacle that impedes the nominal functioning of the financial markets. ln this work, we have obtained rich and important findings for guiding the use of unconventional monetary policy. The following parts briefly present the findinqs of the thesis
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Segol, Matthieu. "Three essays in financial economics." Thesis, Paris 1, 2020. http://www.theses.fr/2020PA01E026.
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Les trois chapitres de cette thèse s’intéressent aux répercussions des contraintes financières, et ce dans différents contextes. Ainsi, le premier chapitre analyse l’impact de nouvelles contraintes réglementaires sur le portefeuille de dérivés de taux des banques commerciales américaines. En particulier, nous étudions l’effet de l’obligation de compensation centrale des dérivés de taux, qui peut représenter un coût important pour les utilisateurs finaux. Nos résultats montrent qu’un nombre significatif de banques ont rééquilibré leur portefeuille de dérivés après la mise en place de la réforme, précisément en vue de limiter l’utilisation de la compensation centrale. Ce type de comportement indique que le nouveau paysage réglementaire ne crée pas d’incitation financière systématique à l’utilisation de la compensation centrale pour l’ensemble des utilisateurs finaux soumis à la réforme. Le deuxième chapitre étudie l’impact de conditions de crédit bancaire inadéquates sur l’investissement intangible des entreprises européennes. Nous utilisons pour cette analyse des nouvelles données d’enquête fournissant des informations sur l’investissement des entreprises dans plusieurs catégories distinctes d’actifs intangibles. De plus, l’enquête mesure la satisfaction des entreprises avec quatre dimensions du contrat de prêt, nous permettant ainsi de couvrir un large spectre de possibles contraintes financières. Nos résultats montrent que la satisfaction avec le montant du prêt est le principal déterminant de la probabilité d’investir dans les actifs intangibles. Les insatisfactions à l’égard du taux d’intérêt, de la maturité et/ou des exigences de garantie ont, quant à elles, un effet négatif sur la capacité des entreprises à investir simultanément dans plusieurs actifs intangibles, empêchant ainsi les entreprises de bénéficier de la complémentarité de ces actifs. Le dernier chapitre étudie d’un point de vue théorique l’impact des contraintes de collatéral sur la stabilité des prix des actifs financiers dans un marché où les investisseurs ont différents niveaux d’aversion à l’ambiguïté. Contraintes de collatéral et aversion à l’ambiguïté sont deux caractéristiques des marchés qui ont été particulièrement analysées pendant la crise financière de 2007-2009 étant donné leurs possibles rôles dans l’amplification du choc initial. Un aspect important de notre modèle est que les anticipations de croissance des agents présentant de l’aversion à l’ambiguïté sont endogènes et, par conséquent, peuvent être impactées par les contraintes réglementaires de collatéral mises en place par les décideurs publics. Les simulations montrent que des contraintes actives peuvent réduire la volatilité des prix dans ce contexte, suggérant ainsi un possible rôle stabilisateur d’un durcissement des contraintes réglementaires quand une partie des investisseurs est sensible à l’ambiguïtéThe three chapters of this PhD investigate the effects of financial constraints in several contexts. In the first chapter, we analyze the impact of new regulatory constraints on US banks’ interest rate derivative portfolios. In particular, we evaluate the effect of the central clearing requirement for interest rate derivatives, which can represent a significant cost for end-users. Our results show that a significant number of banks rebalanced their derivative portfolio after the implementation of the reform, precisely in order to limit the use of central clearing. This type of behaviour indicates that the new regulatory landscape does not provide a cost incentive to move towards central clearing for all end-users subject to the reform. The second chapter evaluates the impact of inadequate bank loan terms on firms’ intangible investment in Europe. This analysis is carried out using new survey data which provide information on firms’ investment in several categories of intangible assets. In addition, surveyed firms are asked to indicate their satisfaction regarding several terms of their loan contract, allowing us to cover a large scope of possible financial constraints. Our results show that a satisfying loan amount is the main determinant of firms’ probability to invest in intangibles. On the other hand, dissatisfaction with the loan rate, maturity and/or collateral requirements have a negative impact on firms’ ability to invest in several intangibles simultaneously, preventing them to benefit from the complementarity of these assets. In the last chapter, I build a theoretical model designed to study the impact of collateral constraints on asset price stability in a market where investors have different degrees of ambiguity aversion. Collateral constraints and ambiguity aversion are financial markets’ features which have been particularly studied during the 2007-2009 financial crisis given their possible role in the amplification of the initial shock. An important outcome of our specification is that expectations of ambiguity-averse agents regarding future growth are endogenous and, consequently, can be impacted by binding collateral constraints. Our simulations show that binding constraints can lead to reduced asset price volatility in this framework, suggesting a possible stabilizing effect of tighter financial regulations when a fraction of market participants are concerned about ambiguity
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Pinheiro, Fernando Antonio Perrone. "Escala e viabilidade das instituições financeiras." Universidade de São Paulo, 2016. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-06092016-090401/.
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O mercado financeiro brasileiro é caracterizado pela elevada concentração bancária, onde os cinco maiores bancos detêm a maior parte dos ativos financeiros. Bancos pequenos e médios têm que disputar espaços com os grandes conglomerados financeiros. Questões como economia de escala e custo de observância às normas são essenciais para a sobrevivência destas instituições menores. A aprovação para a constituição de instituições financeiras no País é dada pelo Banco Central do Brasil, que estabelece os valores de capital mínimo, em função da modalidade de instituição. Por sua vez, o Comitê de Supervisão Bancária de Basiléia estabelece os padrões máximos de alavancagem, o que indica qual volume de carteira pode ser contratado, dado este patrimônio. Este trabalho tem como objetivo verificar se os valores de capital mínimo estabelecidos pelo Banco Central do Brasil são compatíveis com a estrutura de custo das instituições, e com o objetivo de retorno dos acionistas. Serão utilizados dados dos demonstrativos das instituições financeiras e, com base em modelo de regressão de dados em painel estático, será construída uma curva de retornos em função do porte da instituição. Este retorno, comparado com o custo de capital calculado pelo CAPM indicará a partir de que porte uma instituição financeira é viável.The Brazilian financial market is characterized by its huge banking concentration, where the five largest banks hold most part of the assets. Small and medium size financial institutions have to compete with the larger financial conglomerates. Economy of scale and cost of compliance issues are essential for the survival of the smaller institutions. The approval of a new financial institution is given by the Brazilian Central Bank, who establishes the minimum equity value, depending on the type of institution intended. Additionally, the Basle Committee on Banking Supervision fixes the maximum leverage standards, what indicates the maximum credit portfolio possible, given this equity value. This thesis aims to verify if the minimum equity value established by the Brazilian Central Bank is compatible with the banks operational cost and the shareholder return objective. Data of the financial statements will be used in conjunction with static panel regressions, to construct the return curve regarding the dimension of the institution. This will be compared with the shareholder cost of capital, estimated by de CAPM, to indicate the minimum dimension, which makes feasible the institution.
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Romenska, Sandra. "Processes of institutional innovation in higher education in central and eastern Europe in the period 1989-2005 : five higher education institutions supported by the Hesp/Open society institute network." Thesis, University of Oxford, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.553062.
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This thesis presents the results of a study of institutional innovation in higher education. After 1989 the structures and systems of higher education in a number of countries in Central and Eastern Europe were exposed to turbulent pressures from their radically changing environments, triggered by the fall of the communist regimes in the region. As a consequence, during the period of transition of the post- communist societies towards democratisation and market reform, new higher education institutions emerged, and new actors entered the higher education scene. Despite the potential of these developments to expose how and why innovative higher education institutions develop, there is a deficit of studies which systematically examine the pathways of change in post-communist higher education, especially from a comparative perspective. This research shortage becomes even more evident if thematically relevant areas are considered - comparative higher education research, research on change and innovation, and the burgeoning body of literature on institutions. As a result, individual explanatory factors, as well as causes of the differences and similarities in the institutional transition remain ambiguous. The study reported in this thesis focused on five higher education institutions established after 1989 in four countries in Central and Eastern Europe. The institutions were selected from a network of innovative higher education institutions, supported by one of the principal non-governmental organisations investing in the reform of post-communist higher education. The study was guided by the following research questions: How did the five higher education institutions develop in the period between 1989 and 2005? What descriptive and analytical ideas regarding the establishment and development of their institutions are revealed by participants in the study? The thesis begins with a review of historical developments in higher education in Central and Eastern Europe after the fall of the communist regimes. Chapters One to Four draw on this historical account to build the structure of the analytical and methodological framework of the study, by incorporating analyses of relevant literature on higher education, institutional theories and innovation. Gaps in existing literature are identified and linked with the rationale of the study, which serves to support the formulation of the research questions. The empirical analysis in Chapters Five to Seven seeks to address the two research questions by examining evidence, generated from interviews with members of the five higher education institutions selected for this study, representatives of organisations supporting the institutions, and documentary evidence. The individual histories of the five higher education institutions and the non-governmental programme which supported them are explored. Evidence of participants' ideas about the innovative strategies of their institutions, the evolution of their institutional missions with the change in the nature of their relationship with the state and their funders, and the challenge of achieving sustainability serves to construct an account of institutional innovation as a dynamic balance between processes of imitation, recombination, transfer and invention. Finally, the findings of the study are discussed with reference to existing research. The insights gained in the study map out the fertile ground for exploring further considerations, relating to the emergent view of institutional innovation in higher education. The idea that innovations and institutions, rather than ruling each other out, could be parts in the same continuous process may be a simple one, but it is an idea worthy of further exploration.
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Shimizu, Shu. "The battle of economic ideas : a critical analysis of financial crisis management discourse in the UK, 2007-8." Thesis, University of Essex, 2016. http://repository.essex.ac.uk/16259/.
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This thesis contributes to our understanding of the financial crisis as it played itself out in the UK. The onset of the crisis provoked multiple diagnoses and interpretations of the crisis. Pre-dominant economic understandings of the crisis minimised its significance, suggesting that the natural operation of market mechanisms would enable the economic system to self-correct spontaneously and rapidly. As the economic situation worsened, however, other interpretations gained ground. From this perspective, the crisis was an event that exposed the limits of the highly financialised status of our economy, presenting policy makers with the opportunity to roll back the financialisation. The eventual non-realisation of this financial ‘roll-back’ is the starting point of many studies, and my thesis can be said to contribute to this literature in a modest way. Its main focus is the battle of economic ideas in elite policy-making circles in the UK. What is often missing from critical narratives of the crisis period is a detailed account of the dynamic interplay of competing interpretations of the crisis at crucial conjunctural moments by key agencies and figures animating the crisis drama in the UK context. These battles are ‘battles of ideas’ in the sense that they refer to competing characterisations of the unfolding events, as well as competing policy and regulatory proposals designed to manage the crisis, rooted in competing economic doctrines, espoused by different actors occupying hegemonic positions of the UK elite finance and media establishment. Although these battles were often fought with great intensity and urgency, there was an internal complexity to the dynamic of these battles that often gets glossed over in accounts of this period. I suggest that ‘reactivating’ this period in detail and with nuance is helpful in showing not only the manner in which ‘neoliberal finance’ has managed to survive the crisis largely intact despite the general expectation of its end but also in pointing to the challenges faced by those who wish its end. Three key conjunctural moments are chosen as the focus of my empirical analysis: the Great Crunch in the Summer of 2007, the Run on the Rock in the Autumn of 2007, and the Lehman Shock in the Autumn of 2008. I articulate a novel theoretical approach and research strategy, drawing on poststructuralist discourse theories. I deploy this approach in a close and systematic analysis of UK elite narratives on economic management, my corpus comprising the discourse produced by official political and economic institutions and agents, including professional economists, as well as narratives found in the broadsheet press more generally. Qualitative interpretative techniques are used to probe the justifications informing a range of bailout and regulatory policy proposals, in order to characterize in a unique and original manner the discursive battles at each one of the conjunctures. My empirical investigation reveals how the battle of economic ideas played itself out politically and ideologically in such a way as to leave neoliberal finance largely unperturbed. While anti-interventionist and interventionist proposals were frequently thematised and debated, these exchanges did not end up challenging the neoliberal finance character of our economy. Moreover, while my findings reveal a clear shift of emphasis in the centre of gravity of elite policy debates when moving from the Great Crunch to the Rock Run (the focus shifting from bailouts to regulation), the legal reforms announced following the Lehman Shock were understood to be largely temporary measures designed to calm and stabilise the markets rather than challenge neoliberal finance. More radical proposals were not taken seriously in the mainstream policy making community, and I argue that this is in part due to the hegemonic sway of neoliberal finance within this context. In order to contribute to the broader question of why neoliberal finance survived the crisis, it is essential to have a clear picture of how the detail and dynamics of the battle of ideas in the early period of the crisis unfolded, including a clear picture of the main actors, the discursive coalitions within which they operated, and the economic doctrines they appealed to when debating the scale of the crisis and the state management of the crisis. It is at this level that my thesis contributes to an overall account of the ‘non-death’ of neoliberal finance.
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Ridley, Nick. "Money laundering and financial crime in selected EU Accession countries in central and south east Europe during the transition from pre to post Communist era and the role of the central bank : with special reference to the issues of compliance with the Eu." Thesis, University of Southampton, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.419386.
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Oguzsoy, Cenk Mehmet. "The Structure Of National And Subnational Institutons In European Union Candidate Countries And Eu Implications." Thesis, METU, 2004. http://etd.lib.metu.edu.tr/upload/1260459/index.pdf.
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The European Union is now facing with the enormous enlargement processes, which comprise thirteen new countries. Different from the European Union member states, these candidate countries are suffering significant socio-economic problems and have to face with the need for adjustment of their regional policies, administrations and institutions. In this process, the EU is intervening actively into the development of the Central and Eastern European Countries&rsquoregional policies and institutional structures. While twelve of these countries (Bulgaria, the Czech Republic, Cyprus, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Romania, the Slovak Republic and Slovenia) will be definitely the member states until the year of 2007, Turkey is not currently negotiating her membership and is highly backward status in comparison with the other candidate countries. In this context, the thesis study is composed of four main parts: 1. the changing system of the European Union regional policy, 2. the realized applications of the candidate countries in the field of regional policy after the year 1989, 3. the developments of the candidate countries&rsquo
institutional structures on regional policy, and 4. the position of Turkish regional policy and institutional structure. Basically, the thesis investigates how the European Union is following a similar system for the candidate countries in the field of regional policy and institutional structure and tries to provide significant outputs in Turkish case.
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Golab, Anna. "An investigation into the volatility and cointegration of emerging European stock markets." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2013. https://ro.ecu.edu.au/theses/572.
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This dissertation examines the interaction between European Emerging markets including cointegration, volatility, correlation and spillover effects. This study is also concerned with the process of the enlargement of the European Union and how this affects the emerging markets of newcomers. The twelve emerging markets studied are Bulgaria, the Czech Republic, Cyprus, Estonia, Hungry, Latvia, Lithuania, Malta, Poland, Romania, Slovakia and Slovenia, which are all progressing very rapidly in their reforms and domestic economic stability.
The majority of prior studies on stock market comovements and integration have concentrated on mature developed markets or the advanced emerging markets of the Czech Republic, Hungary and Poland whilst the behaviour and interrelationship of other Central and Eastern European equity markets has been neglected. This study fills that gap.
There are two key aspects investigated in this study. Firstly the cointegration between studied emerging markets and secondly the volatility and spillover effects.
The cointegration analysis examines the short and long run behaviour of the twelve emerging stock markets and assesses the impact of the EU on stock market linkages as revealed by the time series behaviour of their stock market indices. The adopted time- series framework incorporates the Johansen procedure, Granger Causality tests, Variance Decompositions and Impulse Response analyses. The cointegration results for both pre- and post- EU periods confirm the existence of long run relationships between markets. Granger Causality relationships are indentified among the most advanced emerging markets. The Variance Decomposition analyses find evidence of regional integration amongst the markets. Furthermore, the Impulse Response function illustrates that the shocks in returns for all twelve markets persist for very short time periods.
The volatility and spillover analysis applies several univariate models of Autoregressive Conditional Heteroscedasticity, including GARCH, GJR and EGARCH. The models used in the analysis of cross market effects include CCC, diagonal BEKK, VARMA GARCH and VARMA AGARCH. Overall, the econometric analysis using these models shows stock market integration during the pre-EU period, however interdependence of the markets is established for the post-EU period. The results provide important information on the impact of the accession of new countries to the EU, with clear evidence of stability in Central and Eastern Europe markets and integration within the region.
This study has important implications for investors wishing to diversify across national markets, such as the implications of growing asset correlations, if they are displayed, and whether investors should diversify outside the Central and Eastern European countries. It could be argued that the former Eastern block economies constitute emerging markets which typically offer attractive risk adjusted returns for international investors. Moreover, stock market comovement is of considerable interest to policy makers from a perspective of the effects on the macroeconomy, the planning of monetary policy and impact of the degree of stock market comovements on the stability of international monetary policy.
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Quincey, Sylvio. "La supervision bancaire dans l'Union Européenne : essai de contribution pour une zone de supervision optimale." Thesis, Lyon 3, 2015. http://www.theses.fr/2015LYO30063.
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Pour le superviseur, une approche historique de la banque permet de mieux assimiler ses modes de fonctionnement. Elle sert aussi à mieux comprendre pourquoi ses acteurs, toujours dotés, à raison, de la confiance indispensable au développement des affaires, font preuve parfois d’un sur-optimisme conduisant à leur ruine. La mobilisation du droit : telle est ce qui guide l’action du contrôleur de banque. La dernière crise financière a provoqué une prise de conscience en Europe : l’impossibilité pour chaque pays membre de l’Union d’exercer individuellement une surveillance efficace sans une harmonisation totale. Ainsi est née l’idée puis la construction du MSU. Centralisée à Francfort, la supervision unique est en place depuis le 4 novembre 2014. Mais sa feuille de route porte sur un champ plus diversifiable encore. Par construction, le MSU possède les qualités d’efficacité et de pérennité requises. Mais aura-t-il la volonté de contribuer à la transformation de toute l’Union européenne en zone de supervision optimale ?For the supervisor, an historical approach of banks allows to better assimilate its ways of functioning. She also serves to better understand why her actors, always endowed of the confidence to develop business, sometimes, show an over-optimism leading to their ruin. The mobilization of the law guides the action of the banking control. The 2007-2008 crisis has provoked awareness in Europe: the impossibility for every member state of the Union to exercise individually an effective supervision without a total harmonization. So was born the construction of the MSU. Located in Frankfurt, the “supervision unique” has been working since November 4th, 2014. But the road map assigned to the supervision a new and more diversifiable field. For sure, the MSU is skilled enough, but is there a will to change the European Union into a “zone de supervision optimale”?
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Barnor, Joel A. "An analysis of the money market linkages between South Africa and selected major world economies." Thesis, Rhodes University, 2009. http://hdl.handle.net/10962/d1002690.
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Globalisation and financial liberalisation has increased the linkages across countries in recent times. The existence of money market links has important implications for both domestic monetary policy and for investment decisions. This study examines the linkages between South Africa’s money market and selected major international money markets. The objectives of the study are firstly to examine the links between the repo rate of South Africa and the central bank rates of the EU, Japan, UK and US. Secondly, is to compare the influence of domestic and foreign monetary policy decisions on South Africa’s money market. The third objective is to examine the long run relationship between the South African money market and the money markets of its major trading partners. Three estimation techniques are used to examine the different links. Principal components analysis, four tests of cointegration, and stationarity tests of the spreads/risk premium between South Africa’s interest rates and the interest rates of the other countries. All three techniques show that there is no long-run link between South Africa’s central bank rates and the central bank rates of the other countries. This shows that the repo rate does not depend on movements in other central bank rates. Domestic money market interest rates respond strongly to changes in the repo rate whilst showing no dependence on central bank rates of the other countries. This confirms the autonomy of the South African Reserve Bank in carrying out policy objectives. When the risk premium is accounted for under the third technique, evidence of integration is found. This indicates that the risk premium plays a crucial part in the level of integration between South Africa and the countries included in the study.
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Souza, Paula Bagrichevsky de. "Política de responsabilidade socioambiental das instituições financeiras: aplicabilidade ao BNDES." reponame:Repositório Institucional do BNDES, 2013. https://web.bndes.gov.br/bib/jspui/handle/1408/6482.
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Fiala, Petr. "PŘÍČINY HYPOTEČNÍ KRIZE V USA." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-77820.
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The diploma thesis investigates causes and progression of the mortgage crisis beginning in 2006 in the United States. Theoretical part of the thesis explains general causes of economic crises in accordance with the Austrian theory of the business cycle. Some of the basic problems of nonmonetary business cycle theories are mentioned and the most common ABCT attacks refuted. Analytical part of the thesis tries to explain why the current business cycle appeared primarily in the form of mortgage crisis. For this reason institutions playing the main role in the American mortgage market are being analysed including Federal Reserve System, government-sponsored enterprises, and three biggest rating agencies Moody's, Standard & Poor's and Fitch Ratings. Thesis conclusion should answer the question why and how the mortgage crisis originated in the United States.
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Curto, Millet Fabien. "Inflation expectations, labour markets and EMU." Thesis, University of Oxford, 2007. http://ora.ox.ac.uk/objects/uuid:9187d2eb-2f93-4a5a-a7d6-0fb6556079bb.
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This thesis examines the measurement, applications and properties of consumer inflation expectations in the context of eight European Union countries: France, Germany, the UK, Spain, Italy, Belgium, the Netherlands and Sweden. The data proceed mainly from the European Commission's Consumer Survey and are qualitative in nature, therefore requiring quantification prior to use. This study first seeks to determine the optimal quantification methodology among a set of approaches spanning three traditions, associated with Carlson-Parkin (1975), Pesaran (1984) and Seitz (1988). The success of a quantification methodology is assessed on the basis of its ability to match quantitative expectations data and on its behaviour in an important economic application, namely the modelling of wages for our sample countries. The wage equation developed here draws on the theoretical background of the staggered contracts and the wage bargaining literature, and controls carefully for inflation expectations and institutional variables. The Carlson-Parkin variation proposed in Curto Millet (2004) was found to be the most satisfactory. This being established, the wage equations are used to test the hypothesis that the advent of EMU generated an increase in labour market flexibility, which would be reflected in structural breaks. The hypothesis is essentially rejected. Finally, the properties of inflation expectations and perceptions themselves are examined, especially in the context of EMU. Both the rational expectations and rational perceptions hypotheses are rejected. Popular expectations mechanisms, such as the "rule-of-thumb" model or Akerlof et al.'s (2000) "near-rationality hypothesis" are similarly unsupported. On the other hand, evidence is found for the transmission of expert forecasts to consumer expectations in the case of the UK, as in Carroll's (2003) model. The distribution of consumer expectations and perceptions is also considered, showing a tendency for gradual (as in Mankiw and Reis, 2002) but non-rational adjustment. Expectations formation is further shown to have important qualitative features.
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LUNDSTEDT, Ludvig. "Too big to fail : financial market reform in transition economies." Doctoral thesis, 2017. http://hdl.handle.net/1814/49484.
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Defence date: 13 December 2017Examining Board: Professor Laszlo Bruszt, European University Institute (Supervisor); Professor Dorothee Bohle, European University Institute; Professor Juliet Johnson, McGill Univeristy; Professor Nauro F. Campos, Brunei University
This dissertation deals with the issue of institutional reform in transition economies. In particular, it studies banking reform in 17 transition economies during their accession to the European Union (EU). It does so by building on the veto player theory often used in the literature on the political economy of reform. However, the veto player theory as traditionally applied seldom take into account the role of special interests. The dissertation aims to fill this gap in the literature by developing a theoretical account of how veto players and special interests interact. The empirical part of the dissertation, on whoch the theoretical account is based, consists of two parts. First, a quantitative part that studies the effect of the interaction between veto players and special interest on banking reform during seventeen transition economies accession to the EU. Banking reform is meaured through a new dataset based on the Commission Progress Reports. A measure of market concentration has also been developed for the purpose of the thesis, the measure uses data from BankScope (2016), which consists of yearly data for more than 43 000 banks world-wide. Second, the qualitative part of the dissertation consists of two case-studies of Estonia and Lithuania. The main finding of the dissertation is that neither veto players nor special interests can be studied in isolation, but rather that they should be studied in tandem. How veto players affect the reform capacity of a country will depend on how special interest is structured in the country. At high level of market concentration, additional veto players will make the movement towrds full reform more likely. Conversly, at low levels of market concentration additional veto players decreases the likelyhood of reform.
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BUSCA, Alessandro. "A legal and economic assessment of the EMU’s common principles and alternative routes of budget constraints." Doctoral thesis, 2018. http://hdl.handle.net/1814/57525.
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Defence date: 20 July 2018Examining Board: Professor Stefan Grundmann, European University Institute; Professor Klaus Heine, Erasmus University Rotterdam; Professor Giorgio Monti, European University Institute; Professor Pietro Sirena, Università commerciale Luigi Bocconi
In the past 20 years, the European integration process has been mostly successful at establishing a single European market. However, no such success can be attributed to the establishment of an economic and monetary union. The recent financial and sovereign debt crisis dramatically exposed all the flaws and weaknesses of this ambitious project, which led the European Union into a deep economic and political crisis. In this context, the task of scholars and academics should be to explore new effective and efficient alternative in order to strengthen and create “a more perfect union”. On these premises and considerations, the present research will analyze the current legal framework of the European Monetary Union in order to assess and understand its success, and explore possible alternative institutional designs which could be more effective in achieving its objectives and, at the same time, be potentially more efficient and legittimate. More in details, after examining in the first chapter, the origin and evolution of the economic and monetary integration from its very foundation, and, in the second chapter, the current legal structure of the economic union; the last and third chapter represents the normative claim of thesis. In an attempt to reconcile both law and economics, this normative part will involve a balancing exercise between the economic concepts of effectiveness and efficiency, and the legal concepts of legitimacy. The analysis will first understand and assess the effectiveness of the present governance structure. We will argue that the fundamental problem of the present governance structure is given by its many internal inconsistencies. On these premises, we will claim that it is possible to design an alternative regime which could potentially solve such issues and thus be more effective. The resulting three different alternative regimes will then be compared and evaluated in terms of their efficiency, according to the new institutional economics approach. The purpose of the efficiency evaluation is not to identify the single most efficient system of governance, but rather to understand the distinctive strenghts and weaknesses of the various alternatives in comparison with the current structure. Ultimately, the chapter will also evaluate the current EMU structure under a legitimacy standpoint. In particular, it will try to assess and understand whether these potentially more effective and efficient alternative arrangements would also improve the EMU under a legitimacy standpoint.
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Kabai, Thobeli. "The role of financial education of members of the public in the legal mandate of the central bank of Lesotho." Thesis, 2018. https://hdl.handle.net/10539/27091.
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A research report submitted to the Faculty of Commerce, Law and Management of the University of the Witwatersrand, in partial fulfillment of the requirements of the degree Master of Laws in Labour Law, 2018This paper examines whether there is any role for financial education of the members of the public in the legal mandate of the Central Bank of Lesotho. The traditional functions of the central banks have been discussed to see first whether Central Bank of Lesotho performs functions similar to those of its sister banks. All the statutes that enshrine the functions of the central bank are analysed and interpreted in order to conclude whether and how financial education of the members of public forms part of the legal mandate. Conclusions and recommendations on how best to address financial education in Lesotho are made at the end of this report.
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Carter, Daniel Arthur. "Globalization or regionalization : financial flows and business practices in Central Europe and Latin America." 1997. https://scholarworks.umass.edu/theses/2546.
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Žáková, Kristýna. "Cross-Border Contagion: An Empirical Analysis of the Current Financial Crisis in Central and Eastern Europe." Master's thesis, 2011. http://www.nusl.cz/ntk/nusl-298421.
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The objective of this thesis is to examine cross-border contagion effects during the 2007-09 crisis in Central and Eastern Europe (CEE) and from all the possible propagation channels, it chooses to focus on cross-border bank loans. It tries to discover which global and local factors had significant influence on the changes in bank loans from banks in source (lending) countries to banks, as well as households, corporations and government in host (borrowing) countries. The main research method is a panel data regression model. The empirical results suggest that both local and global factors had influence on the changes in cross-border loans, i.e. helped to spread the 2007-09 crisis to CEE. The significant local factors were macroeconomic and financial characteristics of both source and host countries, such as their GDP growth differential, interest rate differential, FDI, or profitability and health of the banking sector. The significant global factors were the expected market volatility and investors' risk appetite/aversion which was an indicator of "pure" contagion. The main contribution of this thesis lies in its focus on CEE and the analysis of investors' behavior based on their changing risk appetite.
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Dandashly, Assem. "Domestic politics comes first: Euro adoption strategies in Central Europe : the cases of the Czech Republic, Hungary and Poland." Thesis, 2012. http://hdl.handle.net/1828/3828.
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In the 2003 Treaty of Accession, the signatories agreed that all New Member States (NMS) that joined the European Union (EU) in 2004, would adopt the euro, even if no timetable was provided. Why have some NMS not been able to join the euro area even if they made serious attempts at the outset? What are the circumstances and policies in these countries that have led them not yet to adopt the euro? Has it been lack of political will on the part of the government, a strong voice in the opposition, a euroskeptic president, insufficient administrative capacity, or lack of policy learning? Though there is no consensus among economists as to whether or not adopting the euro in the short run is a good idea, an economic cost-benefit analysis would suggest that in the long run euro adoption is positive for NMS. Yet, macroeconomic analyses cannot explain the change in government policies that may lead to euro adoption. Political scientists have typically focused on collective identity, policy learning, ideas and knowledge transfer among central bankers and other political elites, as well as adjustment to global pressures and Europeanization. This political science literature is unable to provide a satisfactory explanation as to why the Czech Republic, Hungary and Poland have not adopted the euro yet. I argue that the role of domestic politics is key to explaining the process of euro adoption in Czech Republic, Hungary and Poland: government policies, elections, electoral cycles as well as constitutional rules, veto points, central banks, public opinion and the media turn out to be crucial in explaining the lagging euro adoption process in these countries.Graduate
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Perlman, Leon Joseph. "Legal and regulatory aspects of mobile financial services." Thesis, 2012. http://hdl.handle.net/10500/13362.
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The thesis deals with the emergence of bank and non-bank entities that provide a range of unique
transaction-based payment services broadly called Mobile Financial Services (MFS) to unbanked,
underserved and underbanked persons via mobile phones.
Models of MFS from Mobile Network Operators (MNOs), banks, combinations of MNOs and banks, and
independent Mobile Financial Services Providers are covered. Provision by non-banks of ‘bank-type’
services via mobile phones has been termed ‘transformational banking’ versus the ‘additive banking’
services from banks. All involve the concept of ‘branchless banking’ whereby ‘cash-in/cash out’ services
are provided through ‘agents.’
Funds for MFS payments may available through a Stored Value Product (SVP), particularly through a
Stored Value Account SVP variant offered by MNOs where value is stored as a redeemable fiat- or mobile
‘airtime’-based Store of Value.
The competitive, legal, technical and regulatory nature of non-bank versus bank MFS models is discussed,
in particular the impact of banking, payments, money laundering, telecommunications, e-commerce and
consumer protection laws. Whether funding mechanisms for SVPs may amount to deposit-taking such that
entities could be engaged in the ‘business of banking’ is discussed. The continued use of ‘deposit’ as the
traditional trigger for the ‘business of banking’ is investigated, alongside whether transaction and paymentcentric
MFS rises to the ‘business of banking.’
An extensive evaluation of ‘money’ based on the Orthodox and Claim School economic theories is
undertaken in relation to SVPs used in MFS, their legal associations and import, and whether they may be
deemed ‘money’ in law.
Consumer protection for MFS and payments generally through current statute, contract, and payment law
and common law condictiones are found to be wanting. Possible regulatory arbitrage in relation to MFS in
South African law is discussed.
The legal and regulatory regimes in the European Union, Kenya and the United States of America are
compared with South Africa. The need for a coordinated payments-specific law that has consumer
protections, enables proportional risk-based licensing of new non-bank providers of MFS, and allows for a
regulator for retail payments is recommended. The use of trust companies and trust accounts is
recommended for protection of user funds.
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Zhang, Wen. "Dopad finanční krize na export zemí střední a východní Evropy." Master's thesis, 2020. http://www.nusl.cz/ntk/nusl-449684.
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Finanční krize, která začala v roce 2008, ovlivnila nejen finanční sektor, ale i zbytek ekonomik mnoha zemí světa. Země střední a východní Evropy (SVE) zažily především negativní externí poptávkový šok. Tato dizertace analyzuje, zda exporty zemí SVE odpovídají změnám HDP a zda finanční krize měla na obchod zemí SVE dlouhodobé dopady. Analýza využívá data za období 2000-2018 za 12 zemí SVE v roli exportérů a celkem 198 importérů. Je založena na strukturálním gravitačním modelu využívajícím Baier & Bergstrandovu (2009) "Bonus Vetus" metodu doplněnou o roční dummy proměnné a vybrané párové dummies pro vybrané páry zemí. Výsledky v první řadě ukazují, že v souladu se základní logikou gravitačních modelů jsou vzdálenost a HDP vývozců a dovozců významnými determinantami exportů. Výsledky dále ukazují na přítomnost dalších efektů, tj. že obchod se během krize změnil více, než by odpovídalo čistě změnám HDP. Dummy proměnné vztažené k citlivosti na HDP a k úrovňovému efektu ukazují na dlouhodobé dopady krize na obchod. Pokud jde o další vlivy, členství v EU a přítomnost plovoucího kurzu může exportům napomoci, zatímco vliv členství v Eurozóně byl nevýznamný. Kvůli přítomnosti trvalejších efektů dále analyzujeme data na sektorové úrovni. Dopady se týkaly všech sektorů, ale příčiny a velikost se lišily. I...
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MOREIRO, GONZALEZ Carlos Javier. "Banking in Europe : the harmonization process in establishment and services." Doctoral thesis, 1992. http://hdl.handle.net/1814/4717.
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Supervisor: F. SnyderDefence date: 6 March 1992
First made available online on 10 September 2013.
This research is an interdisciplinary approach to the EEC banking harmonization process. The methodology employed consists in focusing the subject from the legal, economic and political Science perspectives. Therefore, the underlying purpose of the research is to study the legal outcomes within their context. The research is subdivided in several parts. The first part is a legal approach to both the first and second Banking Directives as the cornerstones of the EEC banking harmonization process. The detailed analysis of both Directives from an EEC legal perspective is a condition precedent for the understanding of how is being shaped the Community Financial Policy. The Second Part is a political science approach to the role of interest within the EEC decision making process. More specifically, it is an attempt to show how banks can influence legislators for the achievement of their objectives. An additional study to this second part, is constituted by the analysis of the Community policies in consumer protection. This sector provides us with comparative information for an estimation of the importance of "interest” within the shaping of regulatory policies within the EEC. A socioeconomic approach to credit institutions strategies1 for the controlling of financial markets is the subject of the third part. Through the study of the United States current "deregulatory" trends, we show the interrelationship between the world financial markets. A second stage of this part connects the European context with the other representative world financial markets. Thus, similar behaviours can be remarked, which leads the author to the conclusion that neither national governments, nor the European Institutions are currently capable to regulate financial markets without a previous “consensus" with the financial institutions. The fourth part of the research consists in a critical approach to the institutional behaviour of the Community as regards policy-making for the achievement of an integrated financial market by 1992. This analysis shows that credit institutions, whose profits are greatly affected by public policy, have an extraordinary capacity to innovate and adapt, notably as a way of lawfully avoiding the effects of "public Controls”. Each of the four parts of the research used the same methodology. First, there is an introduction to establish the guidelines of the research approach to the subject. Secondly, there is a detailed analysis of the main issues constituting the field of the study. Thirdly, we draw some conclusions from the research.