[pt] Esta dissertação analisa o setor habitacional brasileiro, após a criação do Sistema Financeiro de Habitação (SFH), com ênfase nas características dos financiamentos realizados no âmbito do Sistema e nas benesses concedidas de forma indiscriminada aos mutuários. Por meio de estudos de caso, identificam-se os principais fatores responsáveis por essa concessão de subsídios, os quais podem ser classificados em três grupos: falhas intrínsecas aos planos de financiamento, renegociações contratuais oferecidas pelo governo entre 1983 e 1985, e planos de estabilização econômica implementados na segunda metade da década de 80 e na primeira metade da década de 90. Apresenta-se a análise da contribuição individual de cada fator, bem como seu efeito conjunto, o que permite concluir que os mutuários do SFH receberam enormes subsídios, que resultaram no esgotamento das fontes de financiamento para as décadas subseqüentes. Conclui-se que as benesses concedidas de forma generalizada tiveram um efeito perverso, uma vez que foram aplicadas em razão inversamente proporcional às necessidades dos mutuários. Os detentores de dívidas mais elevadas e, portanto, em média, possuidores de maior renda, receberam subsídios mais elevados. Dessa forma, houve transferência de riqueza da sociedade como um todo para os mutuários do Sistema, em especial, transferência de riqueza das classes mais pobres para as mais abastadas e transferência de recursos dos que não possuíam casa própria para os que haviam adquirido sua moradia. / [en] This thesis analyzes the evolution of the Housing Financing System (SFH) in Brazil, focusing on the characteristics of the mortgages and on the subsidies given to borrowers. Homebuyers were given large subsidies that led to the breakdown of the system in the following decades. Using case studies, the main factors that gave rise to those subsidies are identified and classified into three groups: failures in the structure of the financial plans, contract renegotiations offered from 1983 through 1985, and macroeconomic stabilization plans launched in the second half of the 1980s and the first half of the 1990s. The individual contributions of each factor for the overall subsidies are estimated. It is also shown that subsidies had a very perverse distributional effect, since high-debt holders received proportionally larger subsidies. There was a transfer of wealth from society as a whole to homebuyers, from the poorest to the richest, and from those who did not own a house to homeowners.

This thesis deals with questions of financial stability in financial systems, monitoring, analyzing and assessment of financial stability from views of various national and international financial institutions. Enhanced attention is paid to the role of central bank in the area of financial stability. Central bank plays significant role in practice of monetary policy, regulation and supervision, prevention of financial instability and financial crisis solution. In this work is also mentioned Financial stability report issued by Czech National Bank and various reports issued by international institutions (e.g. BIS, ECB, IMF). These international institutions exercise activities to the support of financial stability. Thesis deals closely with instruments of assessment of financial stability. These instruments are indicators of financial stability and stress tests.

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.

This thesis investigates the impact of financial liberalisation policies on finance-growth relationship and financial crises. Analysis of recent trends and economic performance of financially developed and stable economies raises at least two very important questions that seem to have strong analytical connections. The first question is associated with the link between financial development and economic growth and the second question focuses the possible association between the policies of financial liberalisation and financial vulnerability. In this thesis we aim to shed light on some of the aspects that have gained so much attention from academics and policy makers during the last two decades. First we address whether excessive liberalisation has caused financial development to lose its effectiveness in generating economic growth. We employ a dynamic panel data analysis for 88 countries over the period of 1973 to 2005. Our index for the financial sector liberalisation covers seven aspects: credit controls and reserve requirements, interest rate controls, entry barriers, state ownership, policies on securities markets, banking regulations and restrictions on capital market. We use a comprehensive financial development indicator constructed through principal component analysis of five different indicators: bank private credit to GDP ratio, liquid liability to GDP ratio, deposit money bank assets to total bank assets ratio, deposit money bank assets to GDP ratio, and bank credit to bank deposit ratio. The results indicate that the positive effect of financial development on long-run growth continues to decline as the financial sector becomes more liberalised. Our results are robust to changes in the financial development indicators and the dis-aggregation of the financial liberalisation index. Second, we examine the possibility for an optimal sequence of financial sector reforms that may reduce an economy’s vulnerability to financial crises. We construct a distance measure from the countries that followed a more gradual approach and liberalised their capital account at a later stage. Our analysis shows that the experience of the countries that delayed or followed a very gradual approach for the liberalisation of their capital accounts have high level of implications to those countries that allowed for shock approach or liberalised their capital account before bringing reforms in other sectors.

This thesis deals with the financial system of the United Kingdom of Great Britain and Northern Ireland. The main area of interest are economic characteristics of the country, important sectors of the british economy, economic condition, and recession, which was started by the financial crisis. The thesis also concentrates on the very structure of the financial system of United Kingdom. The major part is mainly focused on financial institutions, specifically on the banking sector, including its historical development. In this thesis are described troubles of banking institutions after the outbreak of the financial crisis, also are described origins of these problems, their impact on the financial system and a many of measures that had to be established because of ensuring stabilization and protection of the brithis financial system. This thesis also deals with the insurance sector and british financial markets. The conclusion of this thesis describes the regulation and supervision in the United Kingdom and upcoming reform that will significantly changes the current structure of british regulation, the main aim is increased efficiency and prevent from repeating mistakes of the past.

Um sistema financeiro eficiente é capaz de oferecer produtos e serviços adequados, especialmente crédito, com preço acessível, possibilitando a inclusão social dos cidadãos. O objetivo deste trabalho foi analisar a contribuição do Sistema de Crédito Cooperativo para o aumento da eficiência econômica do Sistema Financeiro Nacional. O cooperativismo é o movimento que preconiza a colaboração e associação de pessoas com os mesmos interesses, a fim de maximizar resultados em suas atividades econômicas. Formalmente, o movimento surgiu em 1844, em Rochdale (Manchester/Inglaterra). No Brasil desde 1902, quando constituída a primeira cooperativa em Linha Imperial, atual município de Nova Petrópolis/RS, as cooperativas de crédito diferenciam-se do sistema bancário tradicional na medida em que aplicam os recursos na própria comunidade onde os captam. A evolução da legislação brasileira possibilitou a formação de grandes sistemas (SICOOB, SICREDI, UNICRED, CECRED e CONFESOL), sendo a capilaridade do segmento cooperativo um aspecto importante no aumento da eficiência do Sistema Financeiro Nacional (SFN), permitindo maior acesso as localidades e cidadãos que utilizam seus serviços. Em termos de mercado, o crédito cooperativo vem na última década apresentado crescimento superior a 20% ao ano e apesar de representar apenas 3% do crédito no Sistema Financeiro Nacional, tem grande destaque no financiamento rural, onde 41% do crédito originado no segmento cooperativo tem este objetivo, enquanto que no SFN, não chega a 10% (Banco Central do Brasil, 2012). Em termos de inadimplência de crédito, as cooperativas registraram picos de 2,39% em 2010, quando o mercado registrou taxas de 5,9% neste mesmo período. Ademais, contatou-se que as taxas praticadas pelas Cooperativas de Crédito em 2010 foram em média 31% menores que as praticadas pelo mercado de crédito convencional. Isso proporcionou um excedente do consumidor para os associados de R$ 2,87 bilhões em juros não pagos que retornaram para a economia, demonstrando a importância das cooperativas de crédito para o aumento da eficiência do Sistema Financeiro Nacional. / An efficient financial system is able to offer appropriate products and services, especially credit, affordable, enabling social inclusion of citizens. The objective of this study was to analyze the contribution of the Cooperative Credit System to increase the economic efficiency of the National Financial System. The cooperative movement is the movement which advocates collaboration and association of people with similar interests, in order to maximize results in their economic activities. Formally, the movement emerged in 1844 in Rochdale (Manchester/England). In Brazil since 1902, when the first cooperative formed in Imperial Line current municipality of Nova Petrópolis/RS, credit unions differ from traditional banking system to the extent that apply resources in their own community where the capture. The evolution of Brazilian law allowed the formation of large systems (SICOOB, SICREDI, UNICRED, CECRED and CONFESOL), the capillarity of the cooperative sector an important aspect in increasing the efficiency of the National Financial System (SFN), allowing greater access locations and citizens who use their services. In terms of market share, credit unions in the last decade has presented more than 20% per year growth and despite representing only 3% of credit in the financial system, has great prominence in rural finance, where 41% of loans originated in the cooperative sector has this goal, while SFN, does not reach 10% (Central Bank of Brazil, 2012). In terms of credit default cooperatives recorded peak of 2.39% in 2010, when the market rate of 5.9% recorded in the same period. Moreover, if contacted that the rates charged by credit unions in 2010 were on average 31% lower than those charged by conventional credit market. This provided a consumer surplus for members at R$ 2.87 billion in unpaid interest returning to the economy, demonstrating the importance of credit unions to increase the efficiency of the National Financial System.

El proceso de inclusión financiera ha permitido la expansión de servicios financieros a cada vez más lugares enfocados en buscar el desarrollo. Desde el punto de vista económico, el sistema financiero contribuye de forma útil en la economía a través del aporte en las decisiones de ahorro e inversión de un país y su funcionalidad valida el crecimiento económico. Por ello, resulta importante que la estructura financiera sea sólida e inclusiva para ser sostenible en el tiempo, ya que en presencia de fallas de mercado pueden crearse barreras subjetivas y objetivas de acceso a la inclusión financiera. En este contexto, el presente estudio evalúa si el componente inclusión financiera influye en el crecimiento económico en presencia de cooperativas de créditos. Considerando la literatura existente sobre el vínculo entre el crecimiento económico y el sistema financiero, la investigación considera que las cooperativas tienen influencia en la medida que tienen propias particularidades sociales y funcionan como mecanismo para expandir la inclusión financiera. En ese sentido, este trabajo se basa en la teoría de inclusión financiera para comprender el rol de las cooperativas y su efecto en el crecimiento económico. / The financial inclusion process has allowed the expansion of financial services to more and more places focused on seeking development. From the economic point of view, the financial system contributes in a useful way in the economy through the report on the saving and investment decisions of a country and its valid functionality economic growth. Therefore, it is important that the financial structure is solid and inclusive to be sustainable over time, since in the presence of market failures, subjective and objective barriers to access to financial inclusion can be created. In this context, the present study evaluates whether the financial inclusion component influences economic growth in the presence of credit cooperatives. Considering the existing literature on the link between economic growth and the financial system, the research considers that cooperatives have influence to the extent that they have their own social peculiarities and mechanisms as a mechanism to expand financial inclusion. In this sense, this work is based on the theory of financial inclusion to understand the role of cooperatives and their effect on economic growth. / Trabajo de investigación

[pt] Esta dissertação investiga a utilização de Redes Neurais, especificamente o modelo conhecido como Mapa Auto- Organizável de Kohonen, na previsão de insolvência no sistema finaneiro. Para o desenvolvimento deste trabalho foram utilizados inicialmente indicadores financeiros trimestrais de 32 Bancos e 53 Financeiras do Paraguai no período compreendido entre dezembro de 1996 e dezembro de 1997. Como parâmetro de comparação foram utilizados os resultados fornecidos pelo sistema de qualificação denominado CAULA, empregado pela Superintendência de Bancos do Banco Central do Paraguai. / [en] This dissertation investigates the use of Neural Networks, especially the model known as Self-Organizing Feature Maps (S.O.F.M.), as regards the prediction of bankruptcy in the financial system. Quarterly financial ratios of 32 Banks and 53 Financial Institutions in Paraguay within the period December 96 - December 97 were utilized for the development of this work. The qualification system, Known as CAULA (Capital, Assets, Utilities, Liquidity and Management), used by the Superintendence of Banks of the Central Bank of Paraguay, was chosen as a comparative model with respect to the Neural Network model.

Магистерская диссертация посвящена исследованию теоретических аспектов сущности финансовых ресурсов государства. Раскрывается характеристика видов государственных финансовых ресурсов. Показаны источники формирования финансовых ресурсов государства. В работе подробно анализируется бюджетная система Китая, а также финансовые ресурсы китайских предприятий и домохозяйств. В заключении рассматриваются проблемы формирования и использования государственных финансовых ресурсов Китая и их решение. Целью выпускной квалификационной работы: развитие теоретических основ построения современной финансовой системы государства, выявление проблем и разработка перспектив развития финансовой системы Китая. / The master's thesis is devoted to the study of theoretical aspects of the essence of the financial resources of the state. The characteristics of the types of state financial resources are revealed. The sources of formation of financial resources of the state are shown. The paper analyzes in detail the budget system of China, as well as the financial resources of Chinese enterprises and households. In conclusion, the problems of formation and use of state financial resources of China and their solution are considered. The purpose of the final qualification work is to develop the theoretical foundations of building a modern financial system of the state, identify problems and develop prospects for the development of China's financial system.

Yes / • This article discusses the current situation in the market of cryptocurrencies and joins the debate about the regulation of these financial innovations. • It argues that the appearance of cryptocurrencies was a response to market demand for more affordable and more inclusive banking. • It also argues that distributed ledger technology (DLT) which supports cryptocurrencies and has different characteristics than the technology used by traditional banking could help to create with cryptocurrencies a new, lower cost, more inclusive financial ecosystem separate from the traditional one. • The two ecosystems (traditional and new one) would form a larger two-tier financial ecosystem, which, overall would be more inclusive and more affordable. Also, it would be more effective in containing contagion and major economic disruption during future financial crises. • The current reliance on a single, ever growing, and immensely complex financial ecosystem is not sustainable longer term as systemic risks grow with the system and there are no mechanisms available to fully eliminate these risks. The costs of regulating the current market architecture are also excessively high.