The study examined the relationship between financial intermediation and poverty in selected developing countries. In particular the study sought to examine the deterministic relationship, cointegration and the causality between financial intermediation and poverty. Panel data spanning the period 2004-2016 for 35 developing countries was employed. Substantial empirical research proposed that financial development expands economic prospects and reduces poverty and inequality. Hitherto, there is a dearth of empirical studies on the potential effects of formal financial dimensions of financial access, financial efficiency and financial stability in reducing poverty. There is also a lack of empirical work on the joint effect of the other financial dimensions in a financial intermediation setting in poverty reduction. The present study contributed to literature by including these financial dimensions in examining cointegration and causality between financial dimensions and poverty. The study employed a number of econometric methodologies to address the objectives of the research such as the GMM, panel ARDL and panel ECM. The GMM was employed to examine the determinants of poverty that were selected for this study. To examine the long run, short run and the causal relationship, the panel ARDL and the error correction model were used. In addition the study deployed PCA to develop the composite index for institutional quality. Panel heterogenous estimation methods such as the pooled mean group to infer the cointegration and causal effect between the financial dimensions and poverty were employed. The Hausman test was used to determine the most appropriate estimator and the PMG estimator was selected as the most appropriate since the p-value of the Hausman test was insignificant. The results from panel ARDL, cointegration test showed the existence of a long run relationship between financial intermediation, financial access, financial efficiency, financial access and poverty. Furthermore, the study noted that the relationship between financial intermediation and poverty differ depending on how poverty is measured. Therefore, the distortions in understanding and definition of poverty may consequently lead to distorted policies that yield little or no results for the effectiveness of the financial sector in poverty reduction.The study found strong causality in the long run for all the poverty proxies and the selected financial variables. Additionally the results from the panel causality tests indicate the bidirectional causality of the variables in the long run. We fail to observe the causality among most iii of the variables in the short run. There is strong joint causality among the variables in the panel as the results of the error correction term is negative and significant indicating that there is dynamic stability between the financial variables and poverty. The study further included the domestic public debt and remittances as determinants of poverty in a financial intermediation setting. Since domestic public debt can crowd out private credit, this study included domestic public debt for the panel of the developing countries and the study found that domestic public debt has a poverty reducing effect. Additionally the study found that remittances reduce the share of population living in poverty whilst increasing inequality as indicated in the findings of the study. / Finance, Risk Management and Banking

This thesis asses the financial health of the company in the years 2002 – 2005 at the basis of sesected methods of the financial analysis. It comprieses proposals of possible solutions of identified problems which should result in the improvement of financial situation and ensurance of financial stability of the firm in future years.

This thesis assesses the financial health and the problematic areas of the company in the years 2003 - 2006 on the basis of selected methods of financial analysis. It comprises proposals of solutions of identified problems which should result in improvement if financial situation of the company and its stability fin future years.

This master’s thesis deals with an evaluation of the financial situation of the company Unistav a.s. in the years 2003 – 2006, using selected methods of financial analysis. It also contains proposals of solutions which lead to improve the company’s situation and secure its financial stability.

The topic of this diploma thesis is to measure and investigate the clarity of Financial stability reports from 27 European central banks. Using unbalanced panel data from 2004 to 2017 we found out variables that determine the level of clarity of Financial stability reports. Clarity indices are calculated by Flesch-Kincaid readability tests. Based on our results, we claim that the clarity of the Financial stability report is affected by the level of independence of the central bank and by non-housing macroprudential policy index. Furthermore, the clarity of Financial stability reports changes among years and especially during the financial crisis. According to spatial models, the distance between central banks really matters in the terms of the clarity of Financial stability reports.

Det är år 2020 få klubbar i svensk elitishockey som är ekonomiskt hållbara och i lägre divisioner når inte klubbarna sportslig framgång utan stora ekonomiska risker. Djurgårdens IF har vunnit flest svenska mästerskap i ishockey för herrar i Sverige och har en verksamhet med en stabil ekonomi samtidigt som klubben år 2020 är i toppskiktet i landets högsta divisioner för herrar, damer och juniorer i ishockey. Tidigare forskning har främst fokuserat på varumärkesidentitet, det som skapar lojalitet bland fans och effekterna av sponsring enskilt medan den här studien vill ge en sammanställd bild av de här delarna. Studiens syfte blev därför att identifiera faktorer som varit viktiga för Djurgården Hockeys arbete med sin varumärkesidentitet och om det har varit bidragande till föreningens ekonomiska tillväxt. Studien genomfördes som en fallstudie om Djurgården Hockey där representanter från föreningen, den officiella supporterföreningen samt en huvudsponsor intervjuades genom semistrukturerade intervjuer som sedan tolkades för att besvara syftet med studien. Resultatet visar att några faktorer som framförallt varit avgörande för Djurgården Hockey är att föreningen har byggt sin identitet tydligt i vad de står för, föreningen bygger stora profiler bland spelare och ledare som fungerar som förebilder för barn och ungdomar samt att föreningen gör gott för andra som sätter föreningen i en positiv kontext. / In 2020, there are few clubs within Swedish elite ice hockey who are financially sustainable, and clubs in the lower divisions do not reach sporting success without taking big financial risks. Djurgårdens IF have won more championships in men’s hockey in Sweden than any other team, and have a strong business with a stable economy while the club is in top tier in the country’s highest divisions for men, women, and juniors in ice hockey in 2020. Previous research has mainly focused on brand identity, the process of creating loyalty among fans and the effects of sponsorship individually, while this study aims to provide a composite view of these factors. The purpose of the study was therefore to identify factors that have been important for Djurgården Hockey in their work with their brand identity and if it has affected the club’s economic growth. The study was conducted as a case study on Djurgården Hockey in which representatives from the association, the official supporter association and a main sponsor were interviewed through semi-structured interviews and then by interpretation of these answer the purpose of the study. The results shows that some of the factors that have been particularly important for Djurgården Hockey are that the association has built a clear identity in what they stand for, as well as creating big profiles among players and coaches that serve as role models for children. Furthermore, the association does good for others which results in being put in a positive context.

This dissertation explores several aspects of financial globalization, inequality and economic growth. In the first two essays, we show that cross-border capital inflows raise the domestic credit volumes and lead to higher bank risk-taking. In particular, capital inflows are related to an increased credit supply towards ex-ante risky and low performing firms. These results are amplified when the financial system is more prone to agency problems—problems that rise in the financial system’s size/concentration and undercapitalization. Therefore, from a policy perspective, we gauge that the regulation of the financial sector shapes the allocation of global liquidity to the real economy. Turning our attention towards firms’ real activities, we show that capital inflows are negatively linked with the ex-post performance of firms. Consequently, foreign capital is not only allocated overproportionally to firms with a low ex-ante profitability; additionally, low performing firms display further decreases in their future profitability, constituting long-run hazards for the aggregate economic performance. This result helps to explain the difficulties of the empirical literature to identify a distinct positive relationship between cross-border capital flows and aggregate economic growth. In the third essay, we identify the growth effects of another macroeconomic variable that has been shown to increase with financial globalization—income inequality. We find that higher income inequality increases the growth rates of industries that are dependent on physical capital. In contrast, human capital intense industries grow less in countries with a more unequal distribution of income. We further gauge that higher aggregate investments (in financially more closed economies) and devaluations of the real exchange rate (in financially more open economies) drive the positive growth effects of inequality. The negative growth effects are an implication of lower human capital investments. Consequently, policy makers should keep in mind the potential negative implications of inequality for aggregate economic growth in case their country’s industrial structure relies to a great extent on human capital.

This dissertation contributes to the discussion on the existence and extent of systemic risk in the insurance sector and its regulation. It consists of four self-contained empirical studies. Chapter one contains the introduction and motivation. The second chapter addresses the question of what characteristics an insurer exhibits such that it contributes to potential financial sector instability. The study analyzes stock losses of U.S. insurers and the U.S. financial market during the financial crisis of 2008, and examines idiosyncratic characteristics proposed by regulators to identify systemically important insurers. It employs three well-known measures of systemic risk in cross-sectional and probit regressions. Chapter three examines the relation between asset price bubbles and systemic risk among a global sample of insurance companies over a period of almost thirty years. The fourth chapter focuses on how stock market investors evaluate the presence of systemic risk in the U.S. insurance sector, and whether they price in indicators of systemic risk in insurer stocks. This study employs five different asset pricing models over time periods before, during, and after the financial crisis of 2008. The fifth chapter analyzes the relation between insurers' capital and their profitability around the world over a nine-year period. Causality between the measures of capital and profitability is established using an instrumental variable approach.

What is the optimal interaction between macroprudential and fiscal policy to foster financial stability? This thesis evaluates whether policy interaction can impact private debt growth. First, a model is built with borrowing constraints that illustrate the links between private and public debt dynamics. The derived hypothesis and theoretical predictions indicate that a tighter macroprudential stance is reinforced by prudential fiscal policies, conditional on the initial level of public debt and scope for countercyclical fiscal policies. Second, the hypothesis is tested by using a dynamic panel data model for a sample of 49 advanced and emerging economies over the period 2000-2013. Whilst the interaction term alone yields insignificant results, interesting inferences can be drawn of the findings within the context of existing literature. The suggestion is that there may exist two opposing effects associated with the interaction between macroprudential and fiscal policy on private debt. Moreover the outcome of this interaction is contingent upon the levels of public debt and private indebtedness.

The relevance of the topic is due to the need to improve the accuracy of forecasts for future operations and related resource requirements to improve the quality of budgeting and planning in the enterprise. The purpose of this work is to study the budgeting system as a tool of financial planning at a particular enterprise and to identify on this basis the problems and the development of measures aimed at their solution. In this paper, various methods and approaches to the organization of the budgeting system are studied, the current budgeting system at the enterprise of Uralchimplast is analyzed, problems are identified and measures aimed at building an effective budgeting system at the enterprise of Uralchimplast for the purpose of accuracy and transparency of calculation of financial indicators are proposed. / Актуальность темы обусловлена необходимостью повышения точности прогнозов относительно будущих операций и связанных с ними потребностей в ресурсах для повышения качества бюджетирования и планирования на предприятии. Цель данной работы является исследование системы бюджетирования как инструмента финансового планирования на конкретном предприятии и выявление на этой основе проблем и разработка мероприятий, направленных на их решение. В данной работе исследованы различные методы и подходы по организации системы бюджетирования, проанализирована действующей системы бюджетирования на предприятии ОАО «Уралхимпласт», выявлены проблемы и предложены мероприятия, направленные на построение эффективной системы бюджетирования на предприятии ОАО «Уралхимпласт» с целью точности и прозрачности расчета финансовых показателей.