O Novo Acordo de Capitais de Basiléia introduz a alocação de capital para a cobertura de riscos operacionais, estando incluídos entre estes os riscos legais. Estes riscos, no cenário brasileiro, apresentam potencial para ocasionar perdas significativas e um exemplo disto é o volume de provisões contábeis para a cobertura de riscos fiscais, trabalhistas e cíveis, que em dezembro de 2006 atingiam o montante de R$ 39 bilhões no Sistema Financeiro. Em muitos casos a origem destas perdas vai ser encontrada em uma falha operacional; contudo perdas podem advir de mudanças na jurisprudência dos tribunais, e estas perdas também podem ser substanciais. Nesta dissertação, será abordado o impacto do ambiente legal sobre o crédito bancário e, em especial, se destacará o impacto da jurisprudência. Para comprovar este impacto utilizamos modelos que associam a redução no volume de operações de arrendamento mercantil, com decisões judiciais descaracterizando os contratos de leasing. Os dados comprovam que as decisões judiciais podem impactar de forma significativa o crédito. Além disso, os dados demonstram que o processo de consolidação da jurisprudência é lento, gerando longos períodos de incerteza jurisprudencial. / The New Basel Capital Accord introduces capital allocation for operational risks (including legal risks). These risks - in the Brazilian scenario -, present potential for significant losses and a good example of this is the amount of provisions related to fiscal, labor and civil litigation risks, which in December 2006 added up to R$ 39 billions. In many cases, the origin of these losses derives from an operational failure; yet losses may have their origin in changes of legal jurisprudence and may involve substantial sums of money. In this dissertation, the focus will be on the impact of the legal environment on bank loans, with an emphasis on legal jurisprudence. In order to prove this impact, we used models that correlate the reduction in the volume of leasing operations with court decisions that strongly affected the interpretation of leasing contracts. Data show that court decisions may impact loans significantly. Besides, data evidence that the process of convergence and maturation of such decisions is low, thus generating long periods of jurisdictional uncertainty.

nÃo hà / Esta pesquisa investiga o relacionamento entre o nÃvel de risco e o grau de competiÃÃo bancÃria. O trabalho define a estatÃstica-H do modelo de Panzar & Rosse e o Ãndice de BasilÃia como medidas de competiÃÃo e risco, e utiliza o modelo de Bolt & Tieman para esclarecer o relacionamento entre competiÃÃo e risco. Dada a relevÃncia do debate entre Allen & Gale, Grochulski & Kareken e Kahn, foi mensurada uma segunda medida de competiÃÃo que identifica os efeitos da concentraÃÃo (Ãndice de Herfindahl-Hirschman). Os resultados desta pesquisa sÃo: (a) a conclusÃo do modelo teÃrico de Bolt & Tieman no mercado brasileiro à vÃlida, a maior competiÃÃo implica em maior exposiÃÃo ao risco independente da medida de competiÃÃo utilizada, (b) nÃo mostrou significÃncia na relaÃÃo entre competitividade (estatÃstica H) e oferta de crÃdito e (c) os bancos brasileiros operam em concorrÃncia monopolista. / This paper investigates the relationship between risk and competition in banking. The competition is measure with statistic-H of Panzar & Rosse model. The risk is quantified in Brazilian Central Bank Index, Ãndice de BasilÃia. The discussion of Allen & Gale, Grochulski & Kareken and Kahn must measure a second competition index to identify concentration (Herfindahl-Hirschman Index). The results are: (a) the conclusion of the Bolt & Tieman model is valid in Brazilian banking, biggest competition implies bigger risk, (b) competitiveness (statistics H) did not significance to credit supply and (c) Brazilian banks operate in monopolistic competition

O Novo Acordo de Capitais de Basiléia introduz a alocação de capital para a cobertura de riscos operacionais, estando incluídos entre estes os riscos legais. Estes riscos, no cenário brasileiro, apresentam potencial para ocasionar perdas significativas e um exemplo disto é o volume de provisões contábeis para a cobertura de riscos fiscais, trabalhistas e cíveis, que em dezembro de 2006 atingiam o montante de R$ 39 bilhões no Sistema Financeiro. Em muitos casos a origem destas perdas vai ser encontrada em uma falha operacional; contudo perdas podem advir de mudanças na jurisprudência dos tribunais, e estas perdas também podem ser substanciais. Nesta dissertação, será abordado o impacto do ambiente legal sobre o crédito bancário e, em especial, se destacará o impacto da jurisprudência. Para comprovar este impacto utilizamos modelos que associam a redução no volume de operações de arrendamento mercantil, com decisões judiciais descaracterizando os contratos de leasing. Os dados comprovam que as decisões judiciais podem impactar de forma significativa o crédito. Além disso, os dados demonstram que o processo de consolidação da jurisprudência é lento, gerando longos períodos de incerteza jurisprudencial. / The New Basel Capital Accord introduces capital allocation for operational risks (including legal risks). These risks - in the Brazilian scenario -, present potential for significant losses and a good example of this is the amount of provisions related to fiscal, labor and civil litigation risks, which in December 2006 added up to R$ 39 billions. In many cases, the origin of these losses derives from an operational failure; yet losses may have their origin in changes of legal jurisprudence and may involve substantial sums of money. In this dissertation, the focus will be on the impact of the legal environment on bank loans, with an emphasis on legal jurisprudence. In order to prove this impact, we used models that correlate the reduction in the volume of leasing operations with court decisions that strongly affected the interpretation of leasing contracts. Data show that court decisions may impact loans significantly. Besides, data evidence that the process of convergence and maturation of such decisions is low, thus generating long periods of jurisdictional uncertainty.

<p><em><p>“Money is controlled by a market; I trust the government has control. I do not think you are right, of course the government has the control and they would not do like this, it cannot be true that my savings is not real, I work hard for them! But just stop it I just do not want to make these kinds of questions to myself; I just need a house, go traveling and have some fun, I do not want to go around and worrying”.(Anonym comment)</p><p>This comment by a person with university degree in business and middle manager at one of the larger Swedish companies, when discussing the thesis you are about to read, without the person having reading it in advance, actually seems representative for the overall knowledge about what is really going on in the financial system today and the willingness of people question it. The knowledge you will obtain and the result you will experience after finished your reading is challenges of basic “taken for granted assumptions” of businessmen, academics or people in general within the society today, for the purpose of understanding the system and its role in society. You will experience a unique critical presentation of the financial system today, and also discover that this knowledge about the financial system is not a knowledge the majority should possess, even one of the important principles of the system might be just that the majority do not possess this knowledge.</p><p>The financial system, when the time of writing, suffer from large global problems. This thesis is examining the foundation of the system, such as the concept of money, and the forces and principles within the system. The research goes from how the system has developed historically to how it is constructed and maneuvered today. Money is described as trading tools which value is only an illusion of value for persons in the society. The financial system is further broken down into three different subsystems in order to understand the term financial system. From the perspective of the three subsystems the financial system is described as a deceiving system fooling the participants that they possess value in forms of bank notes and coins. Further the thesis shifts the focus to how the system looks today by categorizing actors and tools in the system, how state authorities is trying to maneuver the system and create a network model of the Swedish financial system, the conclusion became that no one can escape the system and do not have a chance not to enter the system, the chapter also reveals how no one really has the power to control and influence the system. Finally the thesis provides foundations for the reader to make his own opinion if the gambling within the system has been taken to long, if the financial system could be labeled as a pyramid scheme, if the system has provided more benefits than drawbacks to society and finally some speculation in consequences if the system would crash and speculation of how historians in the future would describe the present version of the financial system. But before starting reading, think about the message from the director Alan Alda:</p><em><p>“Your assumptions are your windows on the world. Scrub them off every once in a while, or the light won’t come in”</p><p>(Citation: Alan Alda, Quoteland, n.d)</p></em></em></p>

“Money is controlled by a market; I trust the government has control. I do not think you are right, of course the government has the control and they would not do like this, it cannot be true that my savings is not real, I work hard for them! But just stop it I just do not want to make these kinds of questions to myself; I just need a house, go traveling and have some fun, I do not want to go around and worrying”.(Anonym comment) This comment by a person with university degree in business and middle manager at one of the larger Swedish companies, when discussing the thesis you are about to read, without the person having reading it in advance, actually seems representative for the overall knowledge about what is really going on in the financial system today and the willingness of people question it. The knowledge you will obtain and the result you will experience after finished your reading is challenges of basic “taken for granted assumptions” of businessmen, academics or people in general within the society today, for the purpose of understanding the system and its role in society. You will experience a unique critical presentation of the financial system today, and also discover that this knowledge about the financial system is not a knowledge the majority should possess, even one of the important principles of the system might be just that the majority do not possess this knowledge. The financial system, when the time of writing, suffer from large global problems. This thesis is examining the foundation of the system, such as the concept of money, and the forces and principles within the system. The research goes from how the system has developed historically to how it is constructed and maneuvered today. Money is described as trading tools which value is only an illusion of value for persons in the society. The financial system is further broken down into three different subsystems in order to understand the term financial system. From the perspective of the three subsystems the financial system is described as a deceiving system fooling the participants that they possess value in forms of bank notes and coins. Further the thesis shifts the focus to how the system looks today by categorizing actors and tools in the system, how state authorities is trying to maneuver the system and create a network model of the Swedish financial system, the conclusion became that no one can escape the system and do not have a chance not to enter the system, the chapter also reveals how no one really has the power to control and influence the system. Finally the thesis provides foundations for the reader to make his own opinion if the gambling within the system has been taken to long, if the financial system could be labeled as a pyramid scheme, if the system has provided more benefits than drawbacks to society and finally some speculation in consequences if the system would crash and speculation of how historians in the future would describe the present version of the financial system. But before starting reading, think about the message from the director Alan Alda: “Your assumptions are your windows on the world. Scrub them off every once in a while, or the light won’t come in” (Citation: Alan Alda, Quoteland, n.d)

Inledning: Vi lever i en föränderlig värld, det ekonomiska tillståndet skiftar från land till land och när en stor finansiell kris bryter ut så drabbas de flesta länderna. Företag möter varje dag utmaningar, det är dock under en finansiell kris som dessa utmaningar är som svårast. Det gäller i dessa situationer att företagen sätter upp verklighetsbaserade mål, som under de förutsättningar som råder går att uppnå. Samtidigt ska företagen balansera sina mål gällande lönsamhet och tillväxt så att både ledning och aktieägarna blir nöjda och får det som de efterfrågar. Syfte: Syftet med uppsatsen är att undersöka hur företagen uppnår en balanserad mållinje med hjälp av nyckeltalen för tillväxt och lönsamhet. Uppsatsens syfte är även att undersöka vilka faktorer som påverkar den balanserade mållinjen. Metod: Uppsatsen kommer att ske i en kvantitativ ansats, genom att undersöka företag och hur deras finansiella mål ser ut samt hur företaget arbetar med dem. Information som behövs i undersökningen kommer vi få från de tre undersökta företagens årsredovisningar. Resultat: Den finansiella krisen som bröt ut år 2008 har påverkat de tre undersökta företagen negativt. De målen som företagen satt ut för lönsamhet och tillväxt har varit för höga och under de tre senaste åren har dessa ibland inte uppnåtts. Då finansiella kriser i allmänhet kännetecknas av att många företag går i konkurs eller har det dåligt ställt, borde målen kring lönsamhet och tillväxt hos de tre undersökta företagen varit lägre satta så att de kunde möta den hårda verkligheten. / Title: Profitability and growth, does the companies balance their financial goals? Authors: Christina Pierre and Paulina Kaim Supervisor: Maria Smolander Background: We live in a changing world, the economic situation varies from country to country and when a major financial crisis breaks out most of the countries suffer. Companies face challenges every day, but it is during a financial crisis that these challenges are hardest. In these situations it is important to set up reality based targets, which under the circumstances can be achieved. Simultaneously the companies must balance their goals regarding profitability and growth so that both management and shareholders will be satisfied and get what they want. Aim: The purpose of this paper is to examine how companies achieve their balanced goal line by using the keywords growth and profitability. The purpose of this study is also to investigate which factors influence the balanced goal line. Method: The paper will be done in a quantitative approach, by examining the companies and how their financial goals look like and how the companies work with them. The information that is needed in this study will be taken from the three investigated companies annual reports. Results: The financial crisis that erupted in 2008 has affected the three studied companies negatively. The goals that the companies have set out for profitability and growth have been too high and over the past three years these have not been achieved. Financial crises are generally characterized by the fact that many companies go bankrupt or have it poorly. Therefor the goals regarding profitability and growth should have been set lower so that they would be prepared for the harsh reality. Keywords: "The internal financial system", the balanced goal line, agent theory and the pecking order theory.

This dissertation analyzes the development of the Chinese financial system from different perspectives. It has shed light on the recent advancements of the last decade. Overall, the findings reveal a contrasted picture of the progress achieved towards an efficient system. Chapter 1 has shown that the corporate bond market is still impeded by government influence. Based on this evidence, it is thus very unlikely to expect the banking system to decrease its dominance on the financial system. Chapter 2 also stressed that internal governance mechanisms remain imperfect. By analyzing the market price fluctuations at the time of the announcement of a CEO turnover, we find that ownership type plays a major influence on the expected consequences of such a decision. Chapter 3 revealed that little progress has been made in terms of banking competition despite the increasing number of new entrants in the market. However, banks behaved more efficiently over the decade. No trade-off seems to exist for policy-makers between the benefits of lower banking prices and efficiency of the system. Chapter 4 finally showed the beneficial effects of the capital requirement regulation on bank efficiency in China. Capital requirements, in supplement to provide higher capital buffers, appear to lower moral between banks' shareholders and debtholders.

This paper provides an evolutionary perspective on financial systems based on complex systems theory. This perspective is used to organize the discussion about the convergence and non-convergence of financial systems. In recent years the discussion about the relative merits and the efficiency of market- and bank-based financial systems is subject to considerable academic and policy debate throughout the world. Bank- and market-based systems are found to give rise to different economic and corporate dynamics. Based on a notion of financial systems as configuration of complementary elements, it is suggested that the convergence of financial systems is best conceptualized as path dependent process of institutional change. This is illustrated with special reference to the recent developments of convergence of financial systems in Europe. The implication of the evolutionary perspective on financial systems is that neither theories using a simple evolutionary argument of survival of the fittest nor theories related to a institutional ossification perspective can provide much guidance for analyzing the transformations of financial systems. A multilevel institutional analysis which takes the interdependencies between national and firm-level institutions explicitly into account is required. (author's abstract) / Series: Working Papers Series "Growth and Employment in Europe: Sustainability and Competitiveness"

A Selic, uma das mais elevadas taxas básicas de juros do mundo, tem sido utilizada pelo Governo Brasileiro com o intuído de controlar a inflação. No entanto, tal mecanismo tem gerado importantes impactos na economia brasileira, principalmente sobre os outros agregados macroeconômicos, como a dívida pública, as exportações, os investimentos e o câmbio. O presente trabalho pretende explicar como os elevados índices da Taxa Selic, enquanto mecanismo de controle da inflação, tem repercutido na economia brasileira, mostrando seus impactos sobre os agregados macroeconômicos acima mencionados. Em um primeiro momento são analisados as funções e determinações dos juros para duas escolas de pensamento econômico, a keynesiana e a monetarista. Posteriormente, será estudada a composição e a estrutura do Sistema Financeiro Brasileiro e a taxa de juros básica (SELIC), ressaltando alguns de seus impactos. No capítulo seguinte, será feita uma breve análise da dívida pública brasileira, considerando seu caráter externo até meados da década de 1990 e a mudança para o caráter interno, após esse período. Nesse momento, buscar-se-á explicar como ocorreu essa alteração de importância do alto endividamento externo em relação ao PIB em um primeiro momento, para um alto endividamento interno, expresso na dívida mobiliária federal. Em uma última análise, algumas soluções serão propostas, almejando minimizar os efeitos negativos da política de juros sobre a dívida pública. / The SELIC, one of the highest interest rates of the world has been used for the Brazilian Government with the goal to keep the control of the inflation. However, such mechanism has generated important impacts in the Brazilian Economy, mainly on another macroeconomics agregates as public debt, exports, investments and exchange. The present work wants explain how the highest SELIC rates, like a inflation mechanism control has influenced in Brazilian Economy showing the impacts over the macroeconomic agregates mentioned above. In a first moment will be describe the interest function and determinations for two schools of economic thought the Keynesianism and Monetarism. Later will be analized the composition and structure of the Brazilian Financial System and the interest rate (SELIC) detaching some of the impacts. In the next chapter, a brief analisys of the Brazilian public debt, considering the external caracter until the midle of the years 1990 and the change to a domestic caracter after this period. At this moment, it will be explaining how this change of importance has been occured from the highest extern debt, as a GDP proportion, in a first moment, to the highest domestic public debt composed mainly of federal movable debt. At the least, some alternative solution will be proposed, looking for minimize the effects of the interest rates over the public debt.

This research examines the impact of certain bank-specific variables on bank stability in Ghana, in the context of the existing regulatory structures. The thesis examines this issue along two main themes. The first part of this study examines whether two of the commonly used measures of banking stability, the CAMELS and the Z-Score, provide similar or different results in assessing the stability of banks in Ghana. The results of this study show that the use of the CAMELS and the Z-score measures could lead to different outcomes in terms of bank stability in Ghana. This suggests that the traditional micro-prudential CAMELS framework should be complemented with the Z-score which inherently has both micro and macro-prudential characteristics of signaling weaknesses in bank stability, and to enhance the management of bank stability. The second part of the study examines the impact of some bank-specific variables on bank stability. Using the panel data approach, the results show that while bank size, regulatory governance, regulatory independence and origin impact significantly on the stability score, there was no significant impact in terms of interbank borrowing and non-performing loans. Further analysis using the Blinder –Oaxaca decomposition also suggests that foreign banks in Ghana exhibit relatively higher levels of stability compared to local banks. The policy implications of these findings suggest that the liberalisation of the banking sector should be accompanied by an effective micro- and macro-prudential supervisory regime in order to manage the stability of the constituent banks and the banking sector as a whole.