Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников и приложения. В первой главе представлены теоретические основы исследования финансовых инноваций в деятельности коммерческих банков. Во второй главе представлена характеристика АО «Тинькофф Банк», выполнен анализ инновационной активности, проведена оценка эффективности инноваций, реализуемых Банком. В третьей главе описаны проблемы реализации финансовых инноваций, а также даны практические рекомендации по повышению эффективности реализации инноваций АО «Тинькофф Банк». В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, a conclusion, a list of references and applications. The first chapter presents the theoretical foundations of the study of financial innovations in the activities of commercial banks. The second chapter presents the characteristics of Tinkoff Bank JSC, analyzes the innovative activity, evaluates the effectiveness of innovations implemented by the Bank. The third chapter describes the problems of implementing financial innovations, as well as provides practical recommendations for improving the efficiency of implementing innovations of Tinkoff Bank JSC. In conclusion, the main conclusions are formed.

A financial crisis in 2007 changed the development of the global financial system. A lot of financial innovations, although they cannot be considered the only reason of the crisis, affected the critical situation reasonably. The initial crisis of the financial system soon transferred into real economy. German banking system suffered from negative effects of the financial crisis. The federal government sets up a Special fund for stabilization of the financial market (Soffin) to help the financial sector. Germany is the second largest exporter in the world and the fall of the foreign demand meant a depression of its export. The Czech financial system (banking) was not affected too seriously during the initial period of the financial crisis. The main reason of this was that the majority of Czech banks are controlled by foreign subjects which meant that risky businesses were implemented by principal companies. The crisis transferred into real economy through the channel of foreign trade.

Cette thèse analyse les conséquences des transformations de la sphère financière sur les canaux de transmission des décisions de politique monétaire, au cours de ces dernières années dans les pays industrialisés. Elle observe que du fait de ces transformations, les établissements bancaires sont passés d’un modèle d’« octroi et détention du crédit » (originate to hold) à un modèle d’« octroi puis cession du crédit » (originate to distribute), ce qui leur permet de recourir davantage aux produits dérivés et à des instruments de transfert du risque de crédit. Elle démontre que ces techniques de gestion actif/passif ont complètement bouleversé les fondements théoriques des canaux traditionnels, en particulier, du canal du crédit. Pour expliquer ces bouleversements, l’analyse a été structurée en deux parties. La première met en évidence, à travers le principe d’accélérateur financier, la manière dont la déconnexion partielle entre la croissance de l’offre de crédits et celle des dépôts bancaires a tendance à renforcer le canal du crédit alors qu’on devait s’attendre à son affaiblissement du fait que toutes les hypothèses-clés mises en avant par Bernanke et Blinder (1988) ont été fragilisées par les innovations financières. La deuxième partie montre, en s’appuyant sur les études empiriques, comment le canal des taux d’intérêt s’est renforcé grâce à la financiarisation croissance des économies industrialisées et à la flexibilité du cadre opérationnel de la politique monétaire. / This dissertation analyses the consequences of transformations in the financial sphere on the transmission channels of decisions in monetary policy in industrialized countries over the past several years. We observe that as a result of these transformations, banking institutions have evolved from an originate to hold model to an originate to distribute model. This has enabled banks to turn more toward derivative products and credit risk transfer instruments. We demonstrate that these techniques of active/passive management have completely revolutionized the theoretical foundations of traditional channels and in particular the credit channel. Our analysis of these landmark changes is organized into two parts. The first part reveals, using the principle of the financial accelerator, the manner in which the partial disconnection between the growth of the credit offer and that of banking deposits tends to reinforce the credit channel. This reinforcement flies in the face of expectations, given that the key hypotheses formulated by Bernanke and Blinder (1988) have been undermined by financial innovations. The second part of the dissertation uses empirical studies to demonstrate how the interest rate channel has been reinforced thanks to growing financialization in the industrialized economies and to the flexibility of the operational framework of monetary policy.

Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников. В первой части работы рассматривается понятие и классификация финансовых инноваций в банковской сфере, описывается их роль, а также производится выявление особенностей развития финансовых инноваций в банковском секторе Российской федерации. Во второй части работы проводится финансово-экономическая характеристика банка АО «АЛЬФА-БАНК», а также оценивается инновационная активность банка и анализируется эффективность использования инновационных технологий в нем. В третьей части работы выявляются основные проблемы реализации финансовых инноваций АО «АЛЬФА-БАНК», а также предлагаются мероприятия по повышению эффективности реализации финансовых инноваций в банке. В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, a conclusion, and a list of sources used. In the first part of the work, the concept and classification of financial innovations in the banking sector are considered, their role is described, and the features of the development of financial innovations in the banking sector of the Russian Federation are identified. In the second part of the work, the financial and economic characteristics of the bank of ALFA-BANK are carried out, as well as the innovative activity of the bank is evaluated and the effectiveness of using innovative technologies in it is analyzed. In the third part of the work, the main problems of implementing financial innovations of ALFA-BANK are identified, as well as measures to improve the effectiveness of implementing financial innovations in the bank are proposed. In conclusion, the main conclusions are formed.

The current global economic crisis has put into question the elucidating ability of many economic approaches, in particular those based on neoclassical assumptions, marked roughly by the tendency to equilibrium (self-tuning) as well as the treatment of superficial functions of money in the capitalist system. Similarly, the work of some authors from the heterodox line has gained more space in discussions precisely because give special attention to the role of money in the functioning of the capitalist economic dynamics, and also observe the system on the prism of inherent instability. Regarding the crisis, the mainstream has pointed to possible failures of economic policies of the U.S. government, in turn, heterodox analyzes have indicated, generally, the lack of regulation of financial markets. Beyond these interpretations, however, one of the most striking elements of this process - from the formation of the bubble subprime crisis - were financial innovations that led to the emergence of a period of global economic prosperity. Thus it broadens the perception of innovation as an important element in the formation of economic cycles, encouraging discussion and research on both topics. In order to further explore the relationship between theories that treat innovation as a key driver of the business cycle, we propose an analysis of rapprochement between the views of business cycles from Schumpeter and Minsky. The differences between the heuristic models used in their analysis are considerable, but it is precisely here that lies the challenge and the goal of this dissertation: trying to establish a complementarity between the views of cycle from the two economists, despite the differences in their models. Thus, the hypothesis holds that innovation is central in explaining business cycles in the theoretical approaches of Schumpeter and Minsky, which makes their visions of the dynamics of a market economy complementary. There is, therefore, the question: Is it possible to explain the centrality that has innovations in explaining business cycles from the complementarity of the views of Schumpeter and Minsky cycle? In making this dissertation it was applied the methodology of assessment literature. We exposed the differences between the theories of the business cycle of Minsky and Schumpeter, but also identified traits in common in the views of the two. Above all, despite the differences between the theoretical legacies and heuristic models, it was observed that the visions of cycle from the two economists have considerable approaches together. It was observed that, in fact, the views of Schumpeter and Minsky cycles are complementary. According to Vercelli assumption there is a relation of complementarity among the cycles of the two economists. However, the main question of this dissertation concerns the complementary of cycle visions from Schumpeter and Minsky. However, it is not entirely abandoned the Vercelli assumption since, based on what has been discussed, it can be stated that financial innovations possibly arising on market conditions similar to that tend to arise technological innovations (relative stability, for example). Although, not necessarily, the two cycles has to occur simultaneously and dependent. In short, we can say that a reconciliation between the vision of technological cycle of Schumpeter and vision of Minsky's financial cycle is able to make more explicit the cyclical dynamics of the capitalist system and the role of innovation in this process. Thus we conclude that innovation is central in explaining business cycles in the theoretical approaches of Schumpeter and Minsky, which makes their visions of the dynamics of a market economy complementary. / A atual crise econômica mundial tem posto em cheque a capacidade elucidativa de muitas abordagens da teoria econômica, em especial as que possuem base nos pressupostos neoclássicos, marcados, grosso modo, pela tendência ao equilíbrio (auto-ajuste), bem como o tratamento superficial das funções da moeda no sistema capitalista. No mesmo sentido, a obra de alguns autores de linha heterodoxa tem ganhado maior espaço nas discussões justamente por dispensarem atenção especial ao papel da moeda no funcionamento da dinâmica econômica capitalista, além de também observarem o sistema sobre o prisma da instabilidade inerente. No tocante à crise, o mainstream tem apontado para possíveis equívocos de políticas governamentais americanas, por sua vez, as análises heterodoxas têm indicado, grosso modo, a insuficiência de regulamentação dos mercados financeiros. Para além dessas interpretações, contudo, um dos elementos mais marcantes desse processo – desde a formação da bolha do subprime à crise − foram as inovações financeiras, que propiciaram o surgimento de um período de prosperidade econômica mundial. Desse modo amplia-se a percepção da inovação como um elemento importante na formação dos ciclos econômicos, motivando a discussão e investigação sobre ambos os temas. Com o intuito de explorar melhor a relação entre as teorias que tratam a inovação como principal propulsor dos ciclos econômicos, propomos uma análise de aproximação entre as visões de ciclos econômicos de Schumpeter e de Minsky. As diferenças entre os modelos heurísticos empregados em suas respectivas análises são consideráveis; mas, é justamente nesse ponto que reside o desafio e o objetivo dessa dissertação: tentar estabelecer uma complementariedade entre as visões de ciclo dos dois economistas, a despeito das diferenças de seus modelos. Assim, sustenta-se a hipótese de que a inovação é central na explicação dos ciclos econômicos nas abordagens teóricas de Schumpeter e Minsky, o que torna suas visões da dinâmica de uma economia de mercado complementares. Coloca-se, portanto, a seguinte questão: É possível explicitar a centralidade que tem as inovações na explicação dos ciclos econômicos a partir da complementariedade das visões de ciclo de Schumpeter e Minsky? Na confecção dessa dissertação aplicou-se a metodologia de apreciação bibliográfica. Foram expostas as diferenças que existem entre as teorias de ciclo econômico de Minsky e Schumpeter, mas também foram identificados traços que aproximam as visões dos dois. Sobretudo, a despeito das divergências entre as heranças teóricas e os modelos heurísticos, observou-se que as visões de ciclo dos dois economistas apresentam aproximações consideráveis entre si. Observou-se que, na realidade, as visões dos ciclos de Schumpeter e Minsky se complementam. Segundo a suposição de Vercelli há uma relação de complementariedade entre os próprios ciclos dos dois economistas. Entretanto, a questão principal dessa dissertação diz respeito à complementariedade das visões de ciclo de Schumpeter e Minsky. Contudo, não se abandonou inteiramente a suposição de Vercelli uma vez que, com base no que foi discutido, pode-se afirmar que as inovações financeiras surgem, possivelmente, diante de condições de mercado semelhantes em que tendem a surgir as inovações tecnológicas (relativa estabilidade, por exemplo). Embora não necessariamente os ciclos tenham que ocorrer de forma simultânea e dependente. Em suma, pode-se dizer que uma conciliação entre a visão de ciclo tecnológico de Schumpeter e a visão de ciclo financeiro de Minsky é capaz de tornar mais explícita a dinâmica cíclica do sistema capitalista, bem como o protagonismo da inovação nesse processo. Conclue-se assim que a inovação é central na explicação dos ciclos econômicos nas abordagens teóricas de Schumpeter e Minsky, o que torna suas visões da dinâmica de uma economia de mercado complementares.

Submitted by Augusto Rodrigues Coutinho de Melo Filho (augusto.filho@hotmail.com.br) on 2018-05-10T04:23:30Z No. of bitstreams: 1 Regulação por objetivos - versão biblioteca.pdf: 1394879 bytes, checksum: 9a29a0db296eb7bf9d7db7143e270747 (MD5) / Approved for entry into archive by Diego Andrade (diego.andrade@fgv.br) on 2018-05-16T12:55:49Z (GMT) No. of bitstreams: 1 Regulação por objetivos - versão biblioteca.pdf: 1394879 bytes, checksum: 9a29a0db296eb7bf9d7db7143e270747 (MD5) / Approved for entry into archive by Maria Almeida (maria.socorro@fgv.br) on 2018-05-18T19:26:37Z (GMT) No. of bitstreams: 1 Regulação por objetivos - versão biblioteca.pdf: 1394879 bytes, checksum: 9a29a0db296eb7bf9d7db7143e270747 (MD5) / Made available in DSpace on 2018-05-18T19:26:37Z (GMT). No. of bitstreams: 1 Regulação por objetivos - versão biblioteca.pdf: 1394879 bytes, checksum: 9a29a0db296eb7bf9d7db7143e270747 (MD5) Previous issue date: 2018-02-05 / O presente trabalho pretende investigar os diferentes modelos de regulação financeira, com foco no modelo de regulação por objetivos ou “twin peaks”, no contexto das recentes transformações na estrutura do mercado financeiro global, notadamente no que tange (i) ao surgimento de novos produtos e serviços que não são facilmente enquadrados em um segmento específico do mercado financeiro, podendo envolver concomitantemente funções típicas dos mercados bancário, de capitais e de seguros; e (ii) às mudanças nas características dos principais participantes que atuam nesse mercado, dentre as quais pode se destacar (ii.1) a unificação de organizações financeiras que atuavam em diferentes setores do mercado financeiro – bancos de investimento, bancos comerciais, corretoras, seguradoras etc. – resultando na formação de conglomerados financeiros; (ii.2) o ingresso de empresas de tecnologia que competem e fornecem serviços financeiros de modo inovador, desafiando os participantes clássicos deste mercado. As mudanças supracitadas são significativas do ponto de vista da estrutura de mercado, e devem ser observadas pelos reguladores a fim de avaliar a compatibilidade de suas respectivas estruturas regulatórias com os novos riscos advindos desse “novo mercado financeiro” em formação. Parte-se da premissa de que uma estrutura regulatória efetiva precisa se adequar à respectiva estrutura de mercado a qual se pretende regular, sob o risco de tal desalinhamento resultar em uma regulação excessivamente custosa e que não promove os objetivos para os quais foi criada. A hipótese deste trabalho é que o modelo de regulação por objetivos é o mais apto a propiciar uma regulação financeira efetiva, em contraposição aos modelos de regulação por setores e unificada, tendo em vista que sua estrutura regulatória: (i) permite a consecução dos múltiplos objetivos da regulação financeira de forma harmonizada, em um cenário de crescente complexificação dos riscos emanados do sistema financeiro, mitigando a possibilidade de sobreposição de objetivos dentro de uma mesma agência; e (ii) amplia o limite de aplicação da regulação, uma vez que os critérios jurídicos para determinação de competência dos reguladores não são vinculados a conceitos próprios dos setores bancário, securitário e de capitais, cuja divisão é cada vez menos perceptível do ponto de vista da prática financeira, na qual as atividades financeiras vêm sendo desenvolvidas de modo transversal. A fim de desenvolver a hipótese elencada, o trabalho se propõe, num primeiro momento, a fazer uma revisão da literatura teórica sobre modelos de regulação, com o objetivo de identificar as características que tornam um modelo regulatório “ótimo” do ponto de vista da efetividade. Após essa análise, parte-se para um exame das mudanças práticas pelas quais o mercado financeiro vem passando, e como elas afetam as diferentes estruturas de regulação vigentes – propiciando a emergência do modelo de regulação por objetivos como predominante em algumas jurisdições. Nesse contexto, a regulação por objetivos se coloca como uma opção a ser considerada pelos diferentes reguladores nacionais para enfrentar os novos riscos do mercado financeiro global e auxiliar o pleno desenvolvimento do mercado financeiro nas próximas décadas. / The present work intends to investigate the different models of financial regulation, focusing on the model of regulation by objectives or "twin peaks", in the context of the recent transformations in the structure of the global financial market, especially regarding (i) the emergence of new products and services that are not easily framed in a specific segment of the financial market, and can simultaneously develop typical functions of the banking, securities and insurance markets; and (ii) changes in the characteristics of the main participants in this market, among which (ii.1) the unification of financial organizations operating in different sectors of the financial market - investment banks, commercial banks, brokerage firms, insurance companies etc. - resulting in the formation of financial conglomerates; (ii.2) the entry of financial technology companies that compete and provide innovative services in competition with the classic participants of this market. The aforementioned changes should be interpreted as major changes in terms of market structure, and must be observed by regulators in order to assess the compatibility of their respective financial structures with the new risks arising from this "new financial market" in formation. The work is based on the theoretical premise that an efficient and effective regulatory structure needs to reflect the respective market structure that it is intended to regulate, under the risk that such misalignment will result in an empty regulation, without regulatory tools to promote the objectives for which it was created. The hypothesis of this work is that the model of regulation by objectives, as opposed to the unified- and sector-based models, is the most adequate to provide an efficient and effective financial regulation, especially considering that its regulatory structure: (i) enable the fulfillment of multiple objectives of financial regulation in a harmonized manner, in a stage where the complexity of risks emanating from the financial system are increasing, mitigating the possibility of objective overlap within the same agency; and (ii) expand the regulatory perimeters, since the legal criteria for determining the competence of regulators is not linked to concepts of the banking, security and capital sectors, whose distinction increasingly blurred from the point of view that most financial activities have been developed in a cross-sectored way. In order to develop this hypothesis, this dissertation proposes, firstly, to review the theoretical literature on regulation models, with the objective of identifying the characteristics that make a regulatory model “optimal” from the point of view of efficiency and effectiveness. After this analysis, we examine the practical changes happening in the financial market, and how they affect the different regulatory structures in force - propitiating the emergence of the regulation by objectives as the redominant model in some jurisdictions. In this context, regulation by objectives is an option to be considered by the different national regulators to face the new risks of the global financial market and to help the full development of financial markets in the coming decades

Residents of informal settlements (slums) are vulnerable to various disturbances; e.g. diseases spreading and fluctuations in food prices and local access to credits. The lack of credits derives from the continuous outflow of money from communities. This study examines a financial innovation called Sarafu-credits (SC) implemented in Kenyan informal settlements by the organization Grassroots Economics (GE). SC is a community currency (CC), more particularly vouchers only used within a network of micro-businesses, which aim to complement scarcity of conventional money. In addition, GE have initiated community activities, e.g. tree planting, trash collection, food gardens and cultural events, where residents can be paid in SC to improve the community socially and environmentally. This study examines the design and practice of SC, and the activities, using mainly semi-structured interviews with SC-network-members and GE key persons, to understand how a CC can contribute to sustainable livelihood. The concepts specified and general resilience are used to understand the links between SC and the various social-ecological disturbances facing slum-dwellers. The results suggest that SC-members who are actively trading with SC are able to increase their sales, savings and access to basic goods and services thanks to SC. The results also suggest the networks and community activities are strengthening social contacts in the neighbourhood, and constitute examples of how a CC can help finance management of local environmental problems, where SC paid for community services also support local trade. The identified challenges are related to local leadership, where trust, communication and consistency of rules are lacking. In one of the networks, the confidence in the usefulness of the currency is lacking, due to these challenges. GE have experimented with different designs where one successful innovation is the ability to exchange SC to conventional money at certain occasions, which seem to strengthen the confidence in SC.

Submitted by Marcia Bacha (marcia.bacha@fgv.br) on 2013-10-15T18:16:28Z No. of bitstreams: 1 relatório dissertação mestrado Ronaldo Aniceto.pdf: 365049 bytes, checksum: b0c5782337dbf2560fd5d991b8914e52 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2013-10-15T18:17:09Z (GMT) No. of bitstreams: 1 relatório dissertação mestrado Ronaldo Aniceto.pdf: 365049 bytes, checksum: b0c5782337dbf2560fd5d991b8914e52 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2013-10-15T18:17:18Z (GMT) No. of bitstreams: 1 relatório dissertação mestrado Ronaldo Aniceto.pdf: 365049 bytes, checksum: b0c5782337dbf2560fd5d991b8914e52 (MD5) / Made available in DSpace on 2013-10-15T18:17:42Z (GMT). No. of bitstreams: 1 relatório dissertação mestrado Ronaldo Aniceto.pdf: 365049 bytes, checksum: b0c5782337dbf2560fd5d991b8914e52 (MD5) Previous issue date: 2011 / O objetivo deste estudo histórico-comparativo é verificar a apropriação pelo setor elétrico, mais especificamente no segmento de geração de energia elétrica, das inovações financeiras disponibilizadas para o financiamento de empresas, difundidas a partir da década de 80, mediante levantamento da legislação balizadora da atuação das concessionárias do setor e conectá-las à forma utilizada de seu financiamento na expansão da geração hidrelétrica. Para isso, utiliza-se da comparação das Usinas Hidrelétricas de Xingó e Santo Antônio, de porte equivalentes, concedidas para a exploração hidráulica em períodos distintos e separadas por um período de alteração de modelo regulatório, compreendido entre 1988 e 2004. A análise e comparação das características das usinas consideradas relevantes para o estudo: empreendimento, sociedade, remuneração, forma e fontes de financiamento, permitiram identificar as distinções nessas características e suas vinculações com a regulamentação setorial e diretrizes da forma de gestão adotada pelo estado em cada período, além do alinhamento societário para a utilização das inovações financeiras na captação de recursos destinados aos investimentos de geração do setor. / The aim of this historical-comparative study is to verify the appropriation, by the electricity sector, more specifically the energy generation sector, of the financial innovations available for the financing of companies, known since the 1980's, through research of the legislation that regulates the actions of the concessionaries and connect them to the form of financing used in the expansion of hydroelectric generation. To do so, a comparison between Hydroelectrics Xingó and Santo Antonio, of equivalent size, and which were granted hydraulic exploration at different periods and separated by a period of change in the regulatory model, between 1988 and 2004. The analysis and comparison of the characteristics of plants considered relevant to the study: business, partnership, compensation, form and sources of funding, have allowed the identification of the distinctions among these characteristics and their link with industry regulations and guidelines as adopted by state management in each period, besides the alignment to the corporate use of financial innovations in raising funds for investment in the generation sector.