Dissertations / Theses on the topic 'German financial system'

The theme of my dissertation is the specifics of German conception of financial analysis and possibilities of their implementing into Czech methodology. In Czech literature which deals with financial analysis we can encounter references to German sources very rarely. With regard to this I have chosen to explore German literature, to get inspired by German authors and to look for ideas which may help to contribute to common method of financial analysis in the Czech Republic. The assignment of my dissertation comes out from the hypothesis that methods of financial analysis used by German-writing authors incorporate elements that can be implemented in our practice. This dissertation therefore has the goal to develop the study of financial analysis specifics that are typical for German authors with the objective to suggest ideas to improve common methods of Czech external financial analysis. Based on the wide recherché I introduced in the dissertation a spectrum of methodological elements recorded at influential German-writing authors and in the end I suggested those elements that should be incorporated into our methodology. I suggested financial ratio system for analyzing short-term financial solvency that shows prospective ability of company to cover short-term non-interest debts, short-term interest debts and interest. The empirical study presented the advantages of financial ratio system of liquidity ratios based on ideas to be incorporated into methodology of financial analysis inspired by German literature. I managed to specify 16 ideas how to built up (in the Czech Republic) on specific methodology elements that are suggested by German authors. The suggestions of replenishment of common Czech methodology approaches mainly represent a benefit in more significant focusing of external financial analysis on prediction of financial situation in short term period.

This master thesis deals with the impact of the debt crisis on the financial system in Germany. The aim is to prepare an analysis of the impact of the debt crisis on the stability of German financial system, assess individual consequences in the comparison with other world economies and give a prediction of possible future developments in the banking and capital market in Germany. The first chapter defines the financial system in general and describes the theory of the individual components within the financial system. The second chapter focuses on a specific definition of the financial system in Germany and analyzes in detail the various financial markets from a historical perspective. In the third chapter there is an analysis of the development of debt and banking crisis in Germany. The last chapter deals with clearing payment system TARGET2, describes the impacts of the debt crisis, evaluate current state of the German financial system and predicts the future development as well.

Thesis (LLD (Public Law))—University of Stellenbosch,
In this dissertation a comparative study is made of the constitutional accommodation of the distribution of financial resources and constitutional obligations to the various spheres of government in Germany and South Africa. Both countries have decentralised or multi-level systems of government and can be classified, in terms of current studies on federalism, as integrated or cooperative federal systems. An overview of the historical developments, the political contexts, the fundamental principles and the constitutional frameworks for government in Germany and South Africa is provided as a basis for the in-depth analysis regarding the financial intergovernmental relations in these countries. This study has shown that economic theory is important in the design of decentralised systems of government and that political and socio-economic considerations, for example, the need for rebuilding Germany after World War II and the need to eliminate severe poverty in South Africa after 1994, often play a dominant role in the design and implementation of decentralised constitutional systems. The economic theory applicable to decentralised systems of government suggests a balanced approach to the distribution of financial resources and constitutional obligations with a view to obtaining the most efficient and equitable solution. In both countries the particular constitutional allocation of obligations and financial resources created a fiscal gap that required some form of revenue sharing or financial equalisation. The German financial equalisation system has been developed over fifty years and is quite complex. It attempts to balance the constitutional aim of reasonable equalisation of the financial disparity of the Länder with the financial autonomy of the Länder as required by the Basic Law. The huge financial and economic demands from the eastern Länder after unification in 1990 placed an additional burden on the available funds and on the financial equalisation system. Germany currently faces reform of its financial equalisation system and possibly also bigger constitutional reform. The South African constitutional system is only a decade old and the financial equalisation system that is less complex than the German system, is functioning reasonably well but needs time to develop to its full potential. The system may however require some adjustment in order to enhance accountability, efficiency and equity. A lack of sufficient skills and administrative capacity at municipal government level and in some provinces hampers service delivery and good governance and places additional pressure on the financial equalisation system. The Bundesverfassungsgericht and the Constitutional Court play important roles in Germany and South Africa in upholding the principle of constitutional supremacy, and make a valuable contribution to the better understanding of the constitutional systems and the further development thereof. This study has shown that clear principles in constitutional texts, for example, such as those contained in the Basic Law, guide the development of applicable financial legislation and add value to the provisions on financial equalisation and how they are implemented. These principles in the Basic Law are justiciable and give the Bundesverfassungsgericht an important tool to adjudicate the financial equalisation legislation. The study of the constitutional accommodation of the distribution of financial resources and constitutional obligations in Germany and South Africa is not an abstract academic exercise and should be seen in the particular political and socio-economic contexts within which the respective constitutions function. The need to give effect to the realisation of socio-economic rights, for example, the right of access to health services, places additional demands on the financial equalisation system. The South African society experienced a major transformation from the apartheid system to a democratic constitutional order that in itself has had a significant influence on financial intergovernmental relations. This dissertation focuses on a distinct part of constitutional law that can be described as financial constitutional law. This comparative analysis of the two countries has provided some lessons for the further development of South Africa’s young democracy, in particular the financial intergovernmental relations system.

In this thesis, I argue that the financial authorities in the United Kingdom and Germany have experienced a waning in their ability to influence the quantity and allocation of (domestic) credit money, and its domestic and international value i.e. purchasing power, since WW2. This ability is called financial power. It is then argued that post-Keynesian (PK) endogenous money theory (EMT) can be combined with Marxian analysis in order to give insight into the changing financial power relationships between state, finance sector and real economy from 1945 to 2007. In particular, the ability to influence the provision of credit is identified as a primary (but not exclusive) source of social power for those that wield it. Inspired by the work of Susan Strange1, the thesis defends the position that this financial power is derived from the ability to influence the quantity of money issued (and its allocation) and its purchasing power, which are determined by the state and market in varying proportions depending on context (Strange 1988).2 Since virtually all of modern money exists in the form of credit-money held as bank deposits, it is further posited that the focus on the political economy of the banking system is appropriate. It is argued that the state in capitalist economies exercised certain capabilities to influence credit during the Bretton Woods period (1944-1973) but that, as the thesis title suggests, was subsequently eroded. The thesis establishes empirical support for this proposition, and then provides an explanation of the phenomenon using Marx’s political economy combined with the EMT. If the state has lost financial capability, this reduces its capacity to regulate the economy and increases any democratic deficit. The growth of financial markets in recent decades (so-called financialisation) has led many such as Palley to suggest that finance sector decision-makers increasingly determine economic outcomes (Palley 2007). It is also common to explain these monetary developments with reference to the actual nature and processes of financialisation itself. Inspired by the seminal work of Andrew Kliman, it is argued that this approach provides insufficient explanation of the root causes of financialisation (1999)3. In contrast, the thesis argues that systemic drivers of capitalism rooted in production, probably best 1 The late Susan Strange was Professor of International Political Economy at Warwick University. Her theories of financial power are espoused in her States and Markets text (Strange 1988). 2 The control of existing money is also a source of financial (social) power but is not the subject of the enquiry. 3 Andrew Kliman is Emeritus Professor of Economics at Pace University, New York City, United States. understood by Marx, provide plausible explanation of the causes of financialisation and the erosion of state financial capability. The thesis first introduces the key concepts and argument and then provides a review of monetary history, monetary theory (including the EMT), Marx’s political economy and an exploration of the role of the state. The objective was to arrive at a robust modern theory of money that could be synthesised with Marx. The study of financial power then examines two research questions, within the context of case studies (from WW2 to 2007) of the United Kingdom (UK) and German financial systems (Federal Republic of West Germany [FRWG] before 1990). The first explores whether or not the capabilities of the UK and German states to determine the level of domestic credit (i.e. offshore currency is ignored), inflation (thus domestic purchasing power) and exchange rate value (international purchasing power) has been diminished. The second question considers the systemic development with respect to the changing roles and interaction between the state, private banks and non-financial businesses in the context of the growth of financial markets. The question asks whether underlying production factors, in particular Marx’s law of value, provide a plausible explanation of the erosion of state financial capability. It is concluded that this is a valid conclusion supported by theory and evidence. The interpretation of Marx that is employed is called the Temporal Single System Interpretation (TSSI) of Marx, which illustrates Marx’s law of value across periods and identifies a tendency for profit rates to fall. In particular, the method used by Kliman in his study of US corporate profitability from the 1930s is used in the German and UK case studies (Kliman 2010). The results indicate that profitability has fallen across the period, especially if Marx’s method of adjusting for inflation is adopted. The thesis then claims that the tendency for the profit rate (measured in abstract labour terms) to fall was a key underlying (albeit indirect) driver of the systemic propensity towards financialisation phenomena. I claim in the thesis that the responses of market financial agents (supported by the state) to the falling profitability have also been responsible for the erosion of state capability to influence the level of credit and the purchasing power of money, since a key feature of the financialisation era manifests a stronger role for market actors at the expense of the UK/German state. Fundamentally, these conclusions support the Marxian-inspired notion of the state as an entity that primarily exists to represent the interests of capital and capital accumulation.

Досконала фінансова система держави – одна з головних умов забезпечення високого рівня життя кожного громадянина. Першоосновою стабільної фінансової системи є ефективне функціонування економіки країни. Створення такого злагодженого і раціонального механізму – справа досить складна, оскільки фінансова система – це складна фінансова конструкція, яка вимагає оптимального балансу в ній інтересів як фінансової політики держави, так і економіки. Практика розвинутих країн світу доводить, що становлення їх фінансових систем відбувалося протягом 50-100 років.

This diploma thesis deals with the non-financial part of the export promotion system of the Czech Republic and is focused on a description of activities of the CzechTrade agency and the Economic and Commercial sections of the Embassies of the Czech Republic. In conclusion, the evaluation and comparison of results based on own research is carried out, followed by proposals for a better effectiveness of the state export promotion system.

Practitioners of Forecast-based Action (FbA) argue that a humanitarian response able to utilize forecasts to accurately predict disaster, secure funding, and take action before the onset of a crisis will benefit donors and beneficiaries alike. In search of effective and efficient early-action regimes, a number of major humanitarian actors are developing FbA projects of various designs, predominantly in response to natural disaster and famine. While numerous organizations and institutions have expressed interest in developing FbA mechanisms, the tool has only been applied in a limited capacity to the humanitarian needs generated by armed conflict. This research seeks to understand whether a scalable FbA approach can be developed to stage principled, anticipatory humanitarian action in response to situations in which rigorous evaluations predict the likelihood of imminent armed conflict. The hypothesis is that the application of FbA to armed conflict is possible, but due to the complex political nature of conflict, implementing organizations should try to focus on creating mechanisms managed by humanitarian actors and, in so far as possible, be insulated from outside influence. This research is the first academic work to specifically investigate the application of FbA to armed conflict. Following an extensive review of current FbA mechanisms and conflict early warning practices, this research concludes that a conflict-centered FbA system akin to the automated FbA systems in use today to respond to natural disaster and famine is possible, but that the endeavor presents many practical and conceptual barriers to implementation. In particular, diffuse models such as the Start Fund offer a hopeful glimpse at a type of horizontal, member-driven FbA mechanism that is both highly context-sensitive and relatively insulated from outside influence. Such a design, however, features notable and inherent limitations in its ability to reliably and accurately predict the outbreak of conflict and respond in a manner that minimizes regretful actions.

This dissertation collects three essays which deal with financial development in emerging markets. Owing to the appliance of different econometric methods on several data sets, insights in the behavior of and the impacts from financial markets are generated. Usually, the financial markets in emerging countries are characterized by the presence of credit constraints. In the first chapter it is shown that the financial development in 19th century Germany generally affected the economy in a positive way. Additionally, when different economic sectors are under investigation, it is revealed that the reaction due to financial development is not homogeneously across the sectors. A structural vector autoregression (VAR) framework is applied to a new annual data set from 1870 to 1912 that was initially compiled by Walther Hoffmann (1965). With respect to the literature, the most important difference of this analysis is the focus on different sectors in the economy and the interpretation of the results in the context of a two-sector growth model. It is revealed that all sectors were affected significantly by shocks from the banking system. Interestingly, this link is the strongest in sectors with small or non-tradable-goods-producing firms, such as construction, services, transportation and agriculture. In this regard, the growth patterns in 19th century Germany are reminiscent to those in today's emerging markets. The second chapter deals with the integration of the stock markets of mainland China with those of the United States and Hong Kong. Market integration and the resulting welfare gains as risk sharing, increasing investment and growth benefits has become a central topic in international finance research. This chapter investigates stock market integration after stock market liberalization which is assessed by spillover effects from Hong Kong and the United States to Chinese stock market indices. Dividing the sample in pre- and post-liberalization phases, causality in variance procedure is applied using four mainland China stock market indices, two indices of the stock exchange in Hong Kong and the Dow Jones Industrials index in the main part. Evidence of global and regional integration is found, but no evidence for increasing integration after the partial opening of the Chinese stock markets, neither with Hong Kong nor with the United States. Based on the idea presented in the first chapter, the third chapter examines one of today's emerging markets. As China is experiencing remarkable economic growth in the recent decades, it is analyzed if and to what extent the ongoing deregulations in the financial system contribute to this development. Structural VARs for gross domestic product as well as for sectoral output data in conjunction with two different bank lending variables are applied. It is indicated that China is positive affected by financial development and that all sectors benefit from domestic bank lending enlargements but to different degrees. Especially in the sectors where mainly state-owned enterprises are represented - such as construction, trade and transportation - shocks in bank lending have a strong positive influence while sectors where private enterprises are prevalent, seem to be more credit constrained.

碩士
國立清華大學
科技法律研究所
105
This essay aims to develop a propriate financial legal system for long-term care policies which based on our country’s background and legal conditions through comparative research methods. In fact, there is no doubt about the urgency of the implementation of long-term system, however, the core issue of promoting prosperity of the long-term care services is financial resources. The OECD countries had mainly developed two modes of financial system for long-term care, one is social insurance mode, the other is tax mode, and there is also a mixed mode. Among them, the most representative examples are the social insurance mode in Germany, the tax mode in Sweden, and the mixed mode in Japan. Currently, our country is still hesitating in choosing whether social insurance mode or tax mode as long-term system. The correspond study of the comparative financial legal system becomes more essential since the amendment of legislations is always massively changed with a Party Alternation occurs. Therefore, this essay take German, Japan, Sweden’s experience for references, to clarify the causes and effects of the muti-dimention aspects, e.g., historical background and the economic conditions. In conclusion, our country shall learn from Japan’s financial legal system, and hope there will be more research about the mixed mode applied to our country in the future.

碩士
東吳大學
會計學系
91
At present, due to the difference in the type of financial institutions (public bank, private bank and local agriculture society and cooperative etc.), there is also variance in the financial supervision institution of our country. In addition, as the authority limit of the supervision is not the same as the authority limit of administration sanction, therefore the function of finance supervision cannot be sufficiently and efficiently brought into full play. As a result, it is necessary to integrate the present finance supervision system so that the official duty can conform to the responsibility. In addition, due to the continual change of technology and added with the diversity and complexity of the present finance business, the traditional finance system may not be able to handle the modern finance business. Therefore it is necessary to provide improvement to various supervisory measures or to bring in new form of finance supervision system so as to achieve uniformity of finance supervision and finance inspection. If the following matters can be enhanced, the reform work of the finance supervision can be more complete： 1. Protect the rights and interests of consumers Establish a consolidated institution with special responsibility for consumers to process complaints so as to respond to the trend of congregation of finance service. Facing with different finance consumers, what kind of rights and interests maintenance should be provided would also be the focal point that finance supervision institution should pay attention to. 2. Evaluate the function of finance supervision “Principle of payment by user” has already become the trend of divisional ownership of finance supervision cost. Payee should have the right to request for supervision quality and function. If the special responsibility institution can audit the operation condition and the effect of the finance supervision management fund and can provide supervision companies with related measures like counseling obligation etc., it will enhance the function of the finance supervision of the special responsibility institution. 3. Revision of regulation Finance supervision is the common responsibility of government supervision institution and finance institution, therefore the enhancement of the role of direct supervision by the government in the Banking Law and the self discipline of the finance institution itself should also be clearly stipulated in law. In regard to the financial institutions at a base level, serious consideration should be given to the problem of its existence or abolishment. If there is necessity of existence, then revision on related regulation should be augmented, minimum capital amount shall be increased and there should be capital applicability standard. As a result, the establishment of base level finance institution and operation standard can be progressively advanced to the scale of commercial bank. In addition, the authority limit of supervision and capability of local supervision institution can be enhanced. 4. Revise the system of utilizing talent If professional people with experience can be employed and the on-the-job training and pro-vocational training can be strengthened and if mutual transfer method can be stipulated with other department providing them with more favorable terms, may be superior talents will be willing to stay to participate in the finance management to serve at the finance supervision system. 5. Enhance self supervision of finance supervision “Safety & Stability” is the highest principle of bank operation and is the major official duty of the board of director and high-level management department of the finance institution. An effective monitoring management department is the first and is also the most important defense line to prevent occurrence of potential problem. In addition, it relies on mutual cooperation of the capability of audit personnel, independency of audit, appropriateness of audit policy and effectiveness of audit plan etc. 6. Supervision by risk Risk management is not only just an important point of concern by bank operation, it is also the new direction to manage the finance supervision by finance inspector. Therefore, the finance institution should respond to this with a more cautious and stringent attitude by requesting finance institution to establish business operation policy, to strengthen internal operation standard, to establish management information system and to include risk control in the information. In addition, special risk management unit should be established. 7. Enhance company governance standard and improve financial performance Although for some banks, their problem is due to improper internal control or fraudulent behavior, yet what is concealed at the back of the bank crisis is a more serious enterprise problem. If the debtor enterprise cannot be restructured at the same time, the finance reform will be in vain. However, if enterprise can systemize or enhance company governance and morale standard, it can establish and enhance asset quality. If investors have no confidence on the transparency of the market and enterprise responsibility, the market cannot bring the maximum efficiency into full play. 8. Only with a determined reform action and cost reduction, a rapid economic recovery can be stimulated Enterprise and financial group should be strongly restructured and bank with serious and improper operation should be urged to withdraw from the market so that this malignant tumor can be eliminated. The transparency of the finance and operation of enterprise should be improved and the self-owned capital percentage should be increased. Enterprises are requested to focus on their core business and to reduce diversified operation. In addition, the supervision authority and the responsibility of large shareholders and operators of enterprise should be enhanced. Especially when the government is driving reform again, the government should manifest its decision and decisiveness to eliminate all barriers and to conduct its implementation thoroughly and this is the most important key for the success of reform. 9. Government support should be sufficient to root out problem and to re-establish the confidence of the market When the government is putting in capital, it should not be utilized to mitigate the difficulty of shareholder solely as it is necessary to supervise the reform result of the operation level. The purpose of mitigation of difficulty is to allow the loss apportionment to be transparent and to reduce the burden of taxpayer and to provide a tempting factor of capital investment from the private sector. 10. Full cooperation by disregarding what the political party is will be the most key factor of success in finance reform When blocking the reform due to the selfishness of one political party, it will bring more disaster to people. Various political parties should group their strength together to solve problem. 11. Speed up connection with international standard Active participation in international finance organization so as to master the new trend of international finance supervision. Accelerate the speed of training finance supervision talents and establish good finance supervision structure in order to meet the challenge brought by frequent changes of the finance market.

The master thesis The solution of the financial crisis in the Federal Republic of Germany 2008-2009 is based on the statement, that the state intervention during the solution of the financial crisis in the Federal Republic of Germany (FRG) was in accord with the model of social market economy. The confirmation or disproval of this statement shall be reached by answering the following questions: What are the basic principles of the social market economy in FRG? How does the bank system of FRG work? What was the timeline of the financial crisis in FRG? What measures had to be taken to master the crisis? What was the role of the state in these measures? Within the framework of these questions this master thesis deals with the economic system and economic policy of FRG and the role of the state and other actors in the forming of economic policy. The bank system is outlined and the financial crisis as an example of general rules applied to particular regulative measures are discussed. In the topic of the financial crisis the focus is put on the beginning and the causes of the global financial crisis, the impact of the financial crisis on FRG and the central point are the particular measures which were taken to solve the financial crisis in FRG. Keywords Financial crisis, solution of the financial crisis...

It is generally recognised that education systems play a fundamental role in our societies and economies. They provide populations with access to knowledge and the opportunity to develop competences and skills. These are important for the well-being of individuals, the good functioning of societies and economic growth. Despite the fact that Federal Republic of Germany and Czech Republic are neighbouring countries and both are members of European Union, each has a different educational system and different system of university financing. The aim of this master thesis is to determine the main differences in financing of education in the Czech Republic and Federal Republic of Germany with a focus on tertiary education and also to propose a suggestion that would lead to the improvement of the tertiary education financing system of the Czech Republic. In the Czech Republic public universities receive funds from the state budget towards their running and capital costs. Higher education institutions receive a financial contribution based on the number of students and graduates, the economic costliness of the relevant study programme and certain quality and performance indicators. The Ministry of Education, Youth and Sports is also used to finance public universities through project grants. Part of the budget is allocated to schools on the basis of qualitative criteria. In Germany the public financing arrangements for the education system are the result of decision making processes in the political and administrative system in which the various forms of public spending on education are apportioned between Federation, states (Länder) and local authorities (Kommunen) and according to education policy and objective requirements.