This thesis analyzes the bank-specific, industry-specific and macroeconomic determinants of bank profitability (ROA) in 31 OECD Countries between 2000 and 2009 using a panel data. Each country

A substantial amount of prior research has focused on the relation between Central Bank Independence (CBI) and inflation control. However, this research is mainly theoretical or conducted using cross-country statistical regressions and correlations in the developed world. Little attention has been given to understanding this relation in emerging nations or the influence of interest groups on CBI and inflation in a specific context. This thesis addresses both gaps by conducting an in-depth observation and analysis of this relation in a single country (Lebanon) and the influence of the banking sector on both CBI and inflation during a period of high inflation. This empirical evidence in the case of Lebanon shows that Central Bank Independence from the government – even though abundant and complete – was not enough to control inflation. The influence of the banking sector on both CBI and inflation was more important. This work makes a contribution to knowledge through highlighting the importance of national contexts when evaluating the CBI-inflation relation. Furthermore, this research extends our understanding of the literature and its gaps, and presents a new way to conduct in-depth studies in the field. Finally, it provides practical insights that are of importance to central bankers, especially in emerging nations.

The purpose of this study is to examine economic growth impact on financial sector development in the Baltic States by investigating interrelation between indicators of these two economic areas. Research is based on scientific literature and empirical analysis. Statistical data is collected mostly from World Bank database in the period between 1994-2009. Indicators like liquid liabilities to GDP and private credit to GDP ratio are used to measure the financial sector size and activity. Economic growth is analyzed throughout total production and factors which are suggested by three economic growth theories. Analysis of GDP is made by expenditure approach. Statistical data showed positive financial sector development in Baltic States during the research period. Estonia had highest developed financial sector, then followed Latvia and Lithuania. The main reason for strongest financial performance in Estonia can be explained by highest export and import activity, financial capital accumulation and lowest real interest rates, unemployment and population. Financial sector development in Latvia was supported by high education expenditure and capital formation in the private sector. Lowest performance of financial activity in Lithuania can be justified by greatest unemployment, population and lowest financial capital attraction. This work confirms Patrick's (1966) demand-following hypothesis which states that growing economy leads to increasing demand of financial services and so... [to full text] / Šių studijų tikslas yra ištirti ekonomikos augimo įtaką finansinio sektoriaus plėtrai Baltijos šalyse, nagrinėjant tarpusavio ryšį tarp šių dviejų ekonominiu sričių vystymosi rodiklių. Tyrimas remiasi moksline literatūra ir empirine analize. Statistiniai duomenys yra surinkti daugiausiai iš Pasaulio Banko duomenų bazės 1994-2009 metų laikotarpyje. Indikatoriai kaip likvidţių įsipareigojimų santykis su BVP ir privačių kreditų santykis su BVP yra naudojami matuojant finansinio sektoriaus dydį ir aktyvumą. Ekonomikos augimas analizuojamas per bendrą produkciją ir indikatorius, kurie buvo pasiūlyti trijų ekonomikos augimo teorijų. BVP analizuojamas išlaidų metodu. Statistiniai duomenys parodė pozityvų finansinio sektoriaus vystymąsi Baltijos šalyse tiriamajame laikotarpyje. Estija turėjo labiausiai išvystytą finansinį sektorių, po jos sekė Latvija ir galiausiai Lietuva. Stipri finansinė padėtis Estijoje gali būti paaiškinama dėl aukšto eksporto ir importo aktyvumo, finansinio kapitalo akumuliacijos ir ţemos palūkanų normos, ţemo nedarbo ir populiacijos. Finansinio sektoriaus plėtra Latvijoje buvo paremta didelėmis švietimo išlaidomis ir kapitalo formavimu privačiame sektoriuje. Silpnesnį finansinį sektorių Lietuvoje greičiausiai sąlygojo didţiausias nedarbas, populiacija, ir maţiausias finansinio kapitalo pritraukimas. Šis darbas patvirtina Patricko (1966) paklausos-sekimo hipotezę, kuri teigia, kad ekonomikos augimas veda prie didėjančios finansinių paslaugų paklausos ir taip... [toliau žr. visą tekstą]

Applying a growth accounting framework and a wide range of static and dynamic panel data estimators on a panel covering 22 market economies and 11 transition countries over 1990-2001, we find a weak and fragile finance-growth link in market economies, but strong financial sectorinduced short-run growth effects in transition countries. The main growth effect hereby runs via the productivity channel. Parametric heterogeneity and financial structure seem to play a more important role than hitherto assumed: The financial sector and its different segments trigger different growth effects in different countries. (author's abstract) / Series: EI Working Papers / Europainstitut

Background: In 2008, the financial crisis led to the deterioration of the global economy. The financial industry suffered severe setbacks. On the one hand, regulators strengthened their supervision over financial institutions and raised capital requirements. On the other hand, publics’ confidence in financial institutions declined. At the same time, the fintech industry has rapidly developed during this decade, they use technology to make financial innovation and pose a threat to the traditional financial industry. Purpose: This paper aims to study the linkage between U.S. fintech and the traditional financial sector, trying to figure out which industry's stock price changes will affect the stock price changes in another industry. In particular, it also considers whether the global financial crisis will affect this relationship. Method: We first perform the Granger causality test under the VAR framework for several selected indices sequences, and then use the Toda Yamamoto version of Granger causality approach to verify the reliability of the above tests. Testing is divided into different time intervals in order to detect the impact of financial crisis on the relationship between time series. Conclusion: The empirical analysis results show that the correlation between the index in the long-term and short-term is inconsistent, and also shows that the correlation between the index will be affected by the financial crisis, or say, it will change as time varying.

Magister Legum - LLM / The purpose of this research is to examine the legal and institutional framework of financial services supervision and regulation in SADC. In doing so the study will probe the various models of financial services regulation with the purpose of discerning what each model sets out to do and how, in doing so, it effectively exercises its function. This study answers the question: Is there a model of financial services regulation and supervision that is legally sound and best embraces SADC’s circumstances? The legal soundness will be extracted by examining which model achieves the main objectives of independence and accountability to the greatest extent. The first objective of the study is to discuss the structure and operations of each of the identified primary models of financial services regulation with the aim of determining whether certain cardinal administrative law principles are upheld. Secondly, it then takes a practical look at how the primary models are applied and effectively work within some of the SADC Member States. Similarly, the study’s main focus will be to discern whether the financial services regulation models are ‘tangible’ when country dynamics are introduced. Thereafter, the study reconnoitres the possibility of SADC adopting a ‘harmonised’ financial services regulator and supervisor. It is worth noting that ideal as it may be; the author has no intention of prescribing one of the primary models but merely uses them as a springboard to ascertaining the viability of a single financial services regulator and supervisor in SADC. The objective is to assess how best SADC can deepen its integration levels in this area of concern. The ultimate result may very well be that such deeper relations are not feasible or that different components from the primary models be adopted to make SADC’s ‘unique’ model of financial services regulation and supervision.

Magister Legum - LLM / South Africa

Magister Commercii - MCom / A distinctive phenomenon on the JSE Securities Exchange (JSE) is the market segmentation between the resource sector and the financial and industrial sectors. Criticisms also arise from employing a capitalization-weighted (cap-weighted) index such as the ALSI index when the market is less than perfectly efficient. A study conducted by Vardharah and Fabozzi (2007) also suggests that a correlation exists between sector allocation decisions and the investment styles inherent in portfolios. The uniqueness of the South African stock market is that it is dominated by three major sectors, namely, the financial sector, the industrial sector and the resources sector. The goal of this research is to examine the application of sector influences on the JSE over the examination period 1 January 2003 to 31 December 2013. It is the contention that the cap-weighted ALSI index is price-sensitive and potentially mean-variance inefficient. The study therefore attempts to evaluate the relative meanvariance efficiency of alternative sector allocation strategies versus the cap-weighted ALSI as the optimal risky portfolio on the JSE. Two optimal long-only portfolios that maximises the Sharpe ratio are constructed and compared to the market proxy on the JSE over the examination period from 1 January 2003 to 31 December 2013. A longonly portfolio that comprises the JSE tradable sector indices and includes a cash allocation (risk-free proxy) and a long-only portfolio exclusive of the cash allocation are constructed. The research extends to cross-examine the inter-relationship between sector returns and the investment styles on the JSE using the Carhart (1997) four-factor model. The research further reexamines and updates the market segmentation phenomenon over the extended examination period from 1 January 2003 to 31 December 2013. The practicality of two sector-based multifactor APT models are examined and compared to the single-factor CAPM to determine which of the asset pricing models better explain JSE equity returns. A sector-based two-factor APT model proposed by Van Rensburg (2002) using the JSE sector indices FNDI and RESI as the sector proxies is reexamined and a sector-based three-factor APT model using the JSE tradable sector indices FINI, INDI and RESI as the sector proxies is explored. The optimal long-only portfolio with the cash allocation is found to offer the best meanvariance efficient allocation and the ALSI index represents the most mean-variance inefficient portfolio. The resource sector is found to be the worst performing sector and significantly influences the performance of ALSI. In terms of the style risk influences, the financial sector has a strong value bias and the industrial sector has a moderate value bias, small cap bias and a momentum bias. The resource sector, for the most part, is influenced by growth stocks and has a contrarian tilt. It is also found that the market segmentation phenomenon continues to exist on the JSE. Although the explanatory power of the three-factor APT model and the two-factor APT model is similar, the distinct advantage of the three-factor APT model is that systematic risks could be observed more closely by separating FINI and INDI in the asset pricing model.

Thesis deals with consumer protection in financial sector. The main objective is to analyze the tools which are used in the field of consumer protection. The thesis is divided into two parts. Theoretical part focuses on the legislation of the Czech Republic and the European Union. Furthermore, the legislative framework, which leading to full harmonization of European law on the territory European financial market. The practical part is focused on survey of the Czech financial market, the main objective is analyze information for consumers in the Czech financial sector. Furthermore, an analysis financial codes and their implementation. The last chapter provided a comparison information from the websites of commercial and non-commercial resources.

This thesis presents changes proposed in the European Union as a reaction to financial crisis. The aim of this thesis is to provide a summary and comment of changes both in organisation of supervision and banking regulation, especially concentrating on Basel III and taxation. The first part contains a description of the structure of supervision both in the Czech Republic and in the European Union. The description includes development in the Czech Republic in last five years. The second part contains a description of causes and development of the global financial crisis, defines systemic risk and financial stability and the ways to measure it. The third part describes new structure of supervision in the EU and impact of the change. It also includes a description of Basel III and CRD IV and its impact, discussion of options of taxation in the financial market. The end of this part is a brief summary of changes applied in the USA and its comparison to changes in the EU. The last chapter contains the CNB's position to these changes.