Pour limiter le potentiel systémique des crises financières futures il est nécessaire de renforcer la dimension macro-prudentielle de la régulation. Nous proposons dans cette thèse les quatre pistes de réflexion suivantes pour la construction d’un cadre macro-prudentiel plus robuste : i) détecter les décisions qui jouent un rôle décisif sur le niveau de risque de la banque et sur son exposition aux crises financières; ii) se servir d’un indicateur de levier agrégé pour détecter l’emballement de l’offre de crédits ; iii) introduire une forme de Prompt Corrective Action en Europe dont les signaux de détection seraient composés d’informations sur le capital et sur la liquidité des banques ; iiii) trouver le meilleur moyen de lutter contre le risque de hasard moral des institutions financières systémiques. Les résultats de ces travaux sont les suivants :1) l’association d’une politique de levier agressive et d’une politique de financement largement orientée sur les marchés à court terme est le facteur déterminant pour repérer les banques vulnérables ; 2) l’indicateur de levier agrégé que nous avons construit a un pouvoir prédictif assez élevé et peut par conséquent être utilisé comme instrument de détection des crises financières ; 3) l’information sur le risque de liquidité semble être un bon complément aux ratios de capital pour détecter les banques vulnérables et déclencher l’intervention des superviseurs dans le cadre d’une Prompt Corrective Action européenne ; 4) les solutions les plus pertinentes pour résoudre le problème de hasard moral associé aux institutions systémiques semblent être celles qui visent à simplifier la structure des banques afin d’en faciliter la résolution. / It is crucial to reinforce macro-prudential regulation to reduce the systemic impact of the next financial crisis. In this thesis, we propose four trails to strengthen the robustness of the macro-prudential framework: i) to detect the decisions which have the most significant impact on banks’ risk and, on their exposure to financial crises; ii) to use an indicator of global aggregated leverage to detect credit deviation; iii) to introduce a kind of Prompt Corrective Action in Europe relying on a composite threshold which is made of information about capital and liquidity risk; iiii) to find the best way to reduce moral hazard risk associated to systemically important financial institutions. Our findings are the following: 1) the combination of an excessive leverage and the high use of market short term funding is the core criteria to identify vulnerable banks; 2) the global aggregated leverage ratio we have constructed has a high predictive power and therefore, can be used to detect financial crises; 3) information about banks’ liquidity risk seems to be a useful complement to capital adequacy ratios to detect vulnerable banks and, trigger supervisory intervention for the European Prompt Corrective Action; 4) solutions which aim to reduce banks’ complexity to facilitate the resolution of systemically important financial institutions seems to be the most relevant to reduce moral hazard risk.

The main purpose of this research is to use Hermeneutic research approach to find out how Decision Support System (DSS) is used in banks and financial services. The research started from one stance, from which the further process could be extended to reach more complete picture of Decision Support System’s usage in strategic decision makings in banks. The research is also trying to find out the drawbacks and benefits of the DSS which have been used nowadays in banks. Furthermore, the future improvements of using DSS to make better decisions related with moral and different environments are also being discussed in the research findings. During the primary data collection, resources from different channels have been used to support the research. The primary data sources include lectures and discussion in three banks’ visiting opportunities in Stockholm, Sweden, one interview with IT Vice president from Bank of America Merrill Lynch, New York, two interviews with a professor and a director respectively from Lund University and Financial Services Innovation Centre in University College Cork, Ireland. Experiences from both academic and practical have been shared to strength the research’s validity and trustworthiness. Hermeneutic research approach addresses through the whole research process which needs to be open-minded and flexible. Unawareness of DSS for people who are working in banks is one of the issues today. Different embedded models regarding various functions are not so clear to bank staff; thus there is a gap between human decisions and system decisions. There is a variation of requirements between central banks, retail banks, commercial banks, investment banks. Hence there should be a differentiation when implementing a system. Banking systems are widespread systems which are influenced by environment factors, political, economic, socio-cultural and technological variables.

This diploma thesis deals with the topic of core banking systems. The main objective is to analyze the implementation of the SEPA payments into the payment module. The theoretical part defines the concept of core banking systems and its history. It also compares conventional approaches to core banking systems with Islamic ones. The theoretical part also includes chapters about implementation approaches, the most common challenges in implementation and architecture of core banking systems. Next part of thesis is about the basic modules of core banking systems. The practical part is about the analysis of requirements on core banking systems. Especially the requirements that are mandatory from legislation perspective. These are SEPA payments, PSD2 and instant payments. Gap analysis is used as the main method. We chose SEPA payment implemetation as the requirement that we will analyse. There are two possible solutions that can be used. The first one is the customization of the current payment module and the second solution is implementation of the payment hub. The conclusion of the thesis focuses on the best solution for each of two types of bank institutions. The main acquisition of the thesis is the recommended solution for two different types of banks. And second of all, the conclusions which was founded in this thesis should be used for another requirements such as PSD2, the introduction of instant payments, and more.

Final thesis is concerned on explanation of mortgage market concept in the Czech Republic, in the United States of America and Japan. First part is focused on characterization of mortgage market in general. The second part sets reasons for selection of states and describes theirs brief demographic, geographic, historic and cultural characteristics. Second part is divided into a three smaller sections, which represents analyze of mortgage market in each country. Although the attention is paid on the mortgage market crisis which was born in The United States, we can not forget the interconnection of a world finance sector and be aware of a speed of expansion and potential risk for other world economies.

This thesis is dedicated to the economic development in Spain in the times of the longlasting economic expansion which was terminated by the crisis in 2006-2007. The purpose is to summarize the development, identify the main factores causing the crisis and to evaluate the impacts. Great part of this thesis is dedicated to the sector of construction and the real estate market. It analyses the process of formation of the price bubble on the real estate market and its subsequent crack. The problematic internal situation was in a short time period exposed to the impacts of the global financial crisis. A special part of this thesis is therefore dedicated to the Spanish banking sector and its stability.

L'établissement de crédit, acteur majeur de l'économie mondiale, est source de préoccupations suite aux nombreuses crises subies depuis près d'un siècle. La répétition des évènements démontre que les solutions adoptées n'ont pas permis de prévenir efficacement les crises suivantes. À la globalisation des activités de l'établissement, au développement de systèmes parallèles, à la technicité grandissante des activités ou à l'innovation permanente, la régulation tente d'apporter une réponse, souvent en décalage temporel, technique ou géographique, mais devant pour autant répondre à la nécessité impérieuse d'efficacité que l'ensemble des parties attendent. L'inflation législative et l'accroissement du nombre d'autorités de contrôle apparaissent comme les fruits d'un long processus de régulation débuté il y a maintenant plusieurs années en Europe. Cette réponse constante construit un droit de la régulation fondé sur une Loi bancaire inadaptée, ne reposant pas sur un mécanisme équilibré de régulation censé permettre aux différentes normes constituantes, de gagner en efficacité. Cette dernière tient à la pérennité de la norme, sa souplesse, sa prévisibilité, son accessibilité et une inclinaison volontaire à son application par les acteurs. On le voit, d'un marché commun, censé développer les secteurs économiques, nous sommes arrivés aujourd'hui à un marché unique destiné à mieux réguler la sphère bancaire. Perçu comme un écosystème, le secteur bancaire paraît en réalité être une biosphère, dans laquelle la régulation des établissements de crédit, constituée de normes vivantes de droit, doit évoluer pour s'adapter. À chaque temps de la régulation, une réponse différente apparaît possible et souhaitable. À notre sens, l'efficacité de la régulation viendra d'une complémentarité des acteurs privés, nouveaux régulateurs et sources de normes, ainsi que des autorités publiques de régulation. La régulation des établissements de crédit doit s'appliquer selon le rythme de l'entreprise, distinguant les temps importants, en conjuguant les impératifs de chacune des parties, au moyen de processus corégulateurs tout en gardant comme base de réflexion l'éthique, garantie d'équilibre et d'efficacité. / Analyze efficiency and performance of the bank regulation through a study of french and EU laws and rules. Propose the creation of a new banking regulation system founded on ethic and coregulation.

Admati und Hellwig erklärten 2013, dass sie nie eine kohärente Antwort auf die Frage bekommen hätten, warum Banken nicht 20 oder 30 % ihres Assetwertes an EK halten sollten. Dies war Anlass der vorliegenden Studie, die untersucht, wie man eine Quote von 30 % harten Kernkapitals ganz praktisch realisieren könnte. Wir haben fünf Gruppen von Lösungen für das 30 %-Problem gefunden, die man einsetzen könnte. Die fünf Gruppen sind: I. Stammaktien. Aktienkapital einer Aktiengattung. II. Gattungsaktien. Mehrere Gattungen von Aktien. III. Bail-in. Aktienkapital und nachrangige Verbindlichkeiten, die zusammen zu haftendem Eigenkapital im regulatorischen Sinne erklärt werden („Bail-in-Lösung“). IV. Innen-Außenverhältnis. Aktienkapital im Außenverhältnis und Zusatzvereinbarungen der Aktionäre im Innenverhältnis mit Tranchenbildung und Wasserfallprinzip. V. Zweckgesellschaft. Aktienkapital einer Gattung bereitgestellt durch eine Zweckgesellschaft, die sich mit diversen Schuldtiteln nach dem Wasserfallprinzip refinanziert. Persönlich glauben wir, dass bereits Konzept I (Stammaktien) gute Chancen hätte, realisiert werden zu können: 30 % Stammaktien sind zwar auf den ersten Blick ein wenig attraktiver, langweiliger, rendite- und risikoarmer Kapitalblock. Aber in den Core-Portfolien großer Fonds können sie trotzdem einen attraktiven Baustein darstellen – viel attraktiver als die heute oft verwendeten Staatsanleihen sicherer Länder. Mehr Variabilität der Finanzierungsformen wird möglich, wenn der Gesetzgeber vielfältigere Aktienkategorien (Konzept II) erlaubt. Hier glauben wir, dass ein solcher Ansatz zu starr ist und der Entwicklung der Finanzmärkte zu unflexibel folgen kann. Als Konzept III haben wir das vom Gesetzgeber/Regulator derzeit verfolgte Vorgehen, nämlich Bail-in-Instrumente zu nutzen, diskutiert. Dieses Konzept halten wir für weniger geeignet, weil die betroffenen Kapitalgeber Eigenkaptalrisiken tragen, dafür aber kein Stimmrecht bekommen und dazu noch den nicht marktmäßigen Entscheidungen der Aufsichtsorgane ausgesetzt sind. Das Konzept IV erfordert es, zwischen dem Innen- und dem Außenverhältnis der Gruppe der Aktionäre zu unterscheiden. Durch spezielle Regelungen im Innenverhältnis kann man die Vielfalt der Finanzierungsformen stark erhöhen und im Außenverhältnis trotzdem hartes Kernkapital bereitstellen. Und wenn man schließlich zur Finanzierung des Banken-Eigenkapitals mittels Zweckgesellschaft übergeht (Konzept V), kann man sich von allen Restriktionen befreien. / Admati and Hellwig stated in 2013 that they never received a consistent answer why banks should not have 20 or 30 % core or tier one capital of their asset value. This was the motivation to begin an assessment how to realize 30 % core capital in practice. We found five groups of solutions: (i) ordinary shares, (ii) shares of several categories or classes, (iii) bail-in-capital, (iv) shares with different relations among shareholders internally and with the outer world, (v) special purpose vehicle. Financing all equity with ordinary shares (i) seems not be appealing to investors at first sight. It appears to be a large boring block of homogeneous shares. However, we believe that this would be ideal for the core portfolios of large mutual funds. The second alternative would be to define a variety of different classes of shares as they already exist in many countries. In Germany ordinary and preference shares exist. Creating a wider variety of share classes could meet investors’ preferences better. The third alternative would be the bail-in-system which supervisory bodies are trying to install. However, we believe that this solution would be the least favorable of all because investors in bail-in-capital would bear risk like shareholders but would have no voting rights and depend on the actions of supervisors. The fourth solution is based upon ordinary shares. However, subgroups of shares are created by the use of specific arrangements among shareholders internally. Thanks to the application of the waterfall principle, profits and losses can be distributed asymmetrically among shareholders to meet their preferences more closely. The fifth solution is a variant of the fourth. The bank creates a special purpose vehicle which acquires all bank shares and refinances itself with a variety of financial contracts.

This thesis aims at understanding the impact of Islamic banking development on economic growth and international trade in countries with a dual banking system. For this purpose we use a sample of twenty countries mainly from the Middle East, North Africa, and Southeast Asia during the time period from 1999 through 2014. We employ commonly used panel data estimators such as Pooled OLS and Fixed Effects, as well as the generalized method of moments (GMM) to address a possible endogeneity of the banking development indicators. Our findings show that on the one hand Islamic banking development in countries with a dual banking system hinders economic growth while on the other hand it boosts international trade. The study further discusses why Islamic banking might actually obstruct growth.

O processo de diversificação da topologia bancária brasileira iniciado na década de 1990 com o Plano Real foi ancorado numa política de privatização e desnacionalização dos entes financeiros e chegou ao ápice no ano de 2003, mediante a Resolução n. 3.156, emitida pelo Banco Central do Brasil, propiciando o uso dos serviços de correspondentes no País a qualquer instituição financeira. Se por um lado, tal medida estava estreitamente ligada à política de bancarização levada a efeito pelo Governo Federal (que passaria a fazer uso da rede de correspondentes para distribuição de recursos a segmentos da população que historicamente viviam à margem do sistema bancário tradicional), por outro, serviu de alavanca a diversas instituições financeiras, especialmente os bancos de pequeno e médio portes que, desprovidos de uma rede de agências, encontraram no correspondente uma forma de ampliação de sua capilaridade. Nesse sentido, a prestação do serviço bancário com distintos níveis de capital, tecnologia, organização e trabalho expressa novas relações de complementaridade entre os circuitos (superior, superior marginal e inferior) da economia urbana, ao mesmo tempo em que altera o papel exercido pelo banco, anteriormente único responsável pelas atividades do circuito superior. Nessa perspectiva, buscou-se, no presente trabalho, entender as relações entre o sistema bancário e os circuitos da economia urbana no processo de autonomização da esfera financeira no território brasileiro, tomando como exemplo o estado de Alagoas. Para tanto, fez-se necessário uma avaliação das topologias que expressam a rede bancária no território alagoano, considerando-se a base material, os produtos financeiros e a prestação dos serviços. A partir de pesquisa de campo nos municípios de Girau do Ponciano, Campo Grande e Traipu foi possível identificar que a concessão de crédito consignado se realiza através de novos nexos entre o circuito superior (o banco), o superior marginal (as promotoras de crédito e os correspondentes, que são empresas terceirizadas) e o inferior (o agente de crédito, que representa a garantia dos lucros de uma parte considerável de bancos que vendem seus produtos sem possuir uma única agência no estado). Dessa forma, desvelou-se o acirramento da divisão do trabalho bancário e o processo de espoliação, centrado no aumento vertiginoso do consumo de dinheiro concomitante ao crescente endividamento. Esse processo denota a perpetuação do circuito inferior, tanto no que concerne ao consumo quanto à própria prestação do serviço, ou seja, a realização do trabalho. / The process of diversification of the Brazilian banking topology started in the 1990s with the Real Plan, was anchored in a privatization and denationalization policy of the financial entities which came to a head in 2003, by Resolution no. 3156, issued by the Central Bank of Brazil, allowing the use of corresponding services in the country by any financial institution. On one hand, such a measure was closely linked to the banking policy carried out by the Federal Government (which would make use of the matching network for the distribution of resources to segments of the population that historically lived on the margins of the traditional banking system) in the other, served as a lever to various financial institutions, especially small and medium banks devoid of a network of agencies, met in the corresponding a way to expand its capillarity. In this sense, the provision of banking services with different levels of capital, technology, work and organization express new relations of complementarity between the circuits (upper, upper marginal and lower) of the urban economy, while amending the role played by the bank that was previously solely responsible for the activities of the upper circuit. In this perspective, we sought in the present work, to understand the relationship between the banking system and the circuits of the urban economy in the process of empowerment of the financial sphere in Brazil, taking as an example the state of Alagoas. To do so, it was necessary an evaluation of topologies expressing banking network in Alagoas\' territory, considering the base material, financial products and provision of services. From field research in the counties of Girau Ponciano, Campo Grande and Traipu was possible to identify that the granting of payroll loans is done through new connections between the upper circuit (the bank), the upper marginal (promoters and credit correspondents, who are subcontractors) and the bottom (lower) (the loan officer, who is the guarantee of the profits of a considerable part of banks that sell their products without having a single agency in the state). Thus, was unveiled the intensification of the banking division of labor and dispossession process, centered on the rise of money consumption concomitant with increasing debt. This process denotes the perpetuation of the lower circuit, both as regards consumption as to provide the service itself, in other words, the work realization.

Cette thèse étudie le processus de transformation du système financier chinois dans un contexte de libéralisation financière. Son objectif est de questionner les possibilités d'établir un modèle de financement alternatif en faveur du développement économique des pays en développement. Cette recherche montre que l'expérience de la transition financière en Chine peut être considérée comme un cas de figure pertinent, traduisant la portée des approches de répression financière et les écueils des politiques de libéralisation financière. Elle s'attache à analyser le paradoxe de l'économie chinoise : une performance économique exceptionnelle s'accompagne de la fragilité de son système financier. L'objectif spécifique de ce travail est de discerner les spécificités de la transition financière chinoise afin de contribuer à une meilleure compréhension de la structure financière chinoise actuelle, de son efficacité pour le développement économique du pays et de l'impact de l'ouverture financière sur la stabilité de son système financier. / This thesis examines the transformation of China's financial system in the context of financial liberalization. Its aim is to question the possibility of establishing an alternative financing model for economic development in developing countries. This research shows that the experience of the financial transition in China can be seen as a relevant case, reflecting the range of approaches to financial repression and the pitfalls of financial liberalization policies. It seeks to analyze the paradox of the Chinese economy: an exceptional economic performance is accompanied by the fragility of the financial system. The specific objective of this work is to discern the specifics of the Chinese financial transition to contribute to a better understanding of China's current financial structure, its effectiveness in the economic development and the impact of financial openness for financial system stability.