由於國內金融自由化的起步較歐美、等先進國家晚，因此，金融創新的活動在國內金融市場一直落後其他先進國家。在瞭解近三十年來金融創新的發展過程，透過學習歐、美等先進國家在金融創新產品上的發展經驗，將可以縮短我國金融業者在金融創新活動上的摸索時間，進而加速提升其金融創新的開發能力。 美林證券在1977年首先推出「現金管理帳戶」（Cash Management Account；簡稱CMA），該帳戶主要提供的服務包括：買賣貨幣市場共同基金、證券交易管理帳戶、簽發支票、信用卡服務、融資權益、與自動提款機提款等功能。國內之華信銀行於民國89年也率先推出類似「現金管理帳戶」的金融創新產品，稱為「投資管理帳戶」（Money Management Account；簡稱MMA）。美林證券在成功開發「現金管理帳戶」之後，更將該產品結合美林證券本身在財務專業上的優勢，提供全面性的財務金融規劃，根據每個投資人其生命週期中的潛在資金需求及收入，例如：退休基金、結婚基金、子女教育基金等，設計出最適合該投資人的投資理財計畫。 由於美林證券「現金管理帳戶」的推出，打破了美國Glass-Steagall Act長久以來商業銀行與投資銀行業務分離的限制，因此，本論文也將從美國G-S法案的立法精神與基本原理出發，探討美國商業銀行跨足證券業務的發展過程以及G-S法案存在的必要性。並且透過美林證券成功開發「現金管理帳戶」的經驗，來探討我國證券商目前若開發該創新產品，可能會面臨到的障礙並且提供相關建議。 最後，透過寄發問卷的研究方式，從我國證券商的角度分析未來「現金管理帳戶」在我國金融市場上發展的可行性，得出實證結論如下： 1.我國證券商對於承作現金管理帳戶的意願受限於國內金融相關法規的限制。 2.多數證券商看好未來現金管理帳戶之發展，並同意承作現金管理帳戶能實際發揮證券商的投資理財專業。 3.未來主管機關應朝向建立公平競爭的金融環境、強化我國自律組織功能發展。 4.國內多數券商皆非常注重專業人才之培訓，因此，未來在開發現金管理帳戶之專業領域上，必會有更大的發揮空間。

晚近金融環境快速變化，金融商品不斷的開發及付款方式不斷的革新，逐漸改變消費者持有現金作為支付工具的習性，使得傳統上只用所得和利率來解釋貨幣需求函數已不太具解釋能力。因此本文將「金融創新」的影響納入貨幣需求函數。 本文實證的變數選擇方面，採用通貨和信用卡的使用分別代表貨幣需求和金融創新以作為分析的重點。實證方法方面，同時採用一般常用的「聯立方程式」－Johansen Procedure和「單迴歸方程式」－OLS、動態OLS(Saikkonen's OLS及Phillips and Loretan's NLS)及FM-OLS來估計信用卡和通貨的關係，並比較這些方法得出的結果。 實證結果比較，發現使用OLS所估計的係數值及圖型均較採用動態OLS及Johansen為佳。在OLS估計時，發現季節性虛擬變數對於估計有重要的影響。 由於使用OLS估計法，在變數為單根時，無法使用一般統計檢定係數顯著性，因此多加入FM-OLS和OLS實證結果的比較，以達能充分了解各變數對於通貨需求的真實影響。 採用FM-OLS實證結果，得到信用卡卡數cn、利率r和實質所得rgnp對於實質通貨淨額rcur的影響顯著，其估計值分別為-0.0025、-0.22與0.60左右。結果顯示當信用卡使用增加、利率增加與所得減少，均會減少通貨的持有，與理論相符。 在採用FM-OLS實證時，發現匯率ex對於通貨需求rcur的影響不顯著，與以往實證結果不符。推測可能原因為(1)通貨持有動機為交易目的，甚少當做投資的工具；(2)過去實證所選取的貨幣需求量為更廣義的M1A、M1B及M2。 第一章　導論 1 第一節 研究動機 1 第二節 研究方法與目的 4 第三節 研究架構 6 第二章 信用卡發展、意義及影響 7 第一節 信用卡的發展 7 第二節 信用卡的意義 9 第三節 信用卡對經濟的影響 11 第三章 貨幣需求理論與文獻回顧 14 第一節 貨幣需求理論 14 1.Baumol and Tobin存貨理論 14 2.Hafiz Akhand and Ross Milbourne 16 第二節 國外實證文獻 21 第三節 國內實證文獻 26 第四章 研究方法 33 第一節 單根檢定 33 1.ADF Test 33 2.Phillips-Perron Test 35 3.Perron Test 36 第二節 共積理論－Johansen Procedure估計法 39 第三節 動態OLS估計法 43 1.Saikkonen's OLS估計法 43 2.Phillips and Loretan's NLS估計法 44 第四節 Fully Modified OLS(FM-OLS)估計法 45 第五章 實證結果 48 第一節 資料說明與處理 48 第二節 單根檢定 50 第三節 Johansen Procedure估計法 53 第四節 OLS及動態OLS的估計及比較 63 1.OLS估計法 63 2.Saikkonen's OLS估計法 69 3.Phillips and Loretan's NLS估計法 78 4.小結 83 第五節 Johansen 與OLS估計結果比較 85 第六節 FM-OLS實證結果與OLS比較 87 第七節 本章實證結果 93 第六章 結論與建議 94

This dissertation studies the effects of Information and Communication Technologies (ICT) on the banking sector and the payments system. It provides insight into how technology-induced changes occur, by exploring both the nature and scope of main technology innovations and evidencing their economic implications for banks and payment systems. Some parts in the dissertation are descriptive. They summarise the main technological developments in the field of finance and link them to economic policies. These parts are complemented with sections of the study that focus on assessing the extent of technology application to banking and payment activities. Finally, it includes also some work which borrows from the economic literature on banking. The need for an interdisciplinary approach arises from the complexity of the topic and the rapid path of change to which it is subject.The first chapter provides an overview of the influence of developments in ICT on the evolution of financial services and international capital flows. We include main indicators and discuss innovation in the financial sector, exchange rates and international capital flows. The chapter concludes with impact analysis and policy options regarding the international financial architecture, some monetary policy issues and the role of international institutions. The second chapter is a technology assessment study that focuses on the relationship between technology and money. The application of technology to payments systems is transforming the way we use money and, in some instances, is blurring the definition of what constitutes money. This chapter surveys the developments in electronic forms of payment and their relationship to the banking system. It also analyses the challenges posed by electronic money for regulators and policy makers, and in particular the opportunities created by two simultaneous processes: the Economic and Monetary Union and the increasing use of electronic payment instruments.The third chapter deals with the implications of developments in ICT on relationship banking. The financial intermediation literature explains relationship banking as a type of financial intermediation characterised by proprietary information and multiple interactions with customers. This form of banking is important for the financing of small and medium-sized enterprises. We discuss the effects of ICT on the banking sector as a whole and then apply these developments to the case of relationship banking.The fourth chapter is an empirical study of the effects of technology on the banking business, using a sample of data from the Spanish banking industry. The design of the study is based on some of the events described in the previous chapters, and also draws from the economic literature on banking. The study shows that developments in information management have differential effects on wholesale and retail banking activities. Finally, the last chapter is a technology assessment study on electronic payments systems in Spain and the European Union. It contains an analysis of existing payment systems and ongoing or planned initiatives in Spain. It forms part of a broader project comprising a series of country-specific analyses covering ten European countries. The main issues raised across the countries serve as the starting point to discuss implications of the development of electronic money for regulation and policies, and in particular, for monetary-policy making.

Submitted by Edimilson Costa Lucas (costalucas@yahoo.com) on 2015-11-10T13:28:51Z No. of bitstreams: 1 EdimilsonCostaLucas_TESE.pdf: 2525096 bytes, checksum: 88b5fc4a39e14115350d9a7fddece121 (MD5) / Approved for entry into archive by Maria Tereza Fernandes Conselmo (maria.conselmo@fgv.br) on 2015-11-11T12:34:10Z (GMT) No. of bitstreams: 1 EdimilsonCostaLucas_TESE.pdf: 2525096 bytes, checksum: 88b5fc4a39e14115350d9a7fddece121 (MD5) / Made available in DSpace on 2015-11-11T12:38:48Z (GMT). No. of bitstreams: 1 EdimilsonCostaLucas_TESE.pdf: 2525096 bytes, checksum: 88b5fc4a39e14115350d9a7fddece121 (MD5) Previous issue date: 2015-10-19 / The occurrence of extreme weather events, such as increased temperature, hurricanes, floods and droughts has been increasingly common around of the world. The finance literature has documented efforts directed to the assessment of economic impacts from climate change that can bring significant consequences for the world economy. However, especially in Brazil, a key emerging market, little has been studied mainly with a view to assessing the impacts of climate events in the company level. Thus, this thesis analyzes, in an unprecedented manner, the impact of weather events on the value of companies belonging to two high national interest industries, in the form of two essays. First it analyzes the impact of extreme rainfall on the stock price of the Brazilian food sector. Therefore, it is conducted the research using daily data in share prices of six companies of this industry. From the location to the main area of activity of these companies, they are considered their daily data on extreme rainfall. With the use of hybrid methodology ARMA-GARCH-GPD, it was found that the evaluated companies, the extreme rainfall impacted significantly in more than half of the 198 days of extreme rainfall between 02/28/2005 and 12/30/2014, resulting in average losses daily around 1.97% on the day after the heavy rainfall. In terms of market value, this represents total average loss of around US$ 682.15 million in a single day. Second it evaluates the impact of climate variables and location on the value of companies in the energy sector in Brazil, from data on companies in the Brazilian electricity sector, as well as rainfall, temperature and geographical location of the companies. From the analysis of data in static panel and spatial panel, the results suggest that temperature and precipitation have significant effect on the value of these companies. This study can contribute in the process of structuring and creating a weather derivatives market in Brazil. / A ocorrência de eventos climáticos extremos, tais como aumento da temperatura, furacões, enchentes e secas, tem sido cada vez mais frequente ao redor do mundo. A literatura de finanças tem documentado esforços dirigidos à avaliação de impactos econômicos oriundos das variações climáticas, com consequências significantes na economia mundial. Entretanto, especialmente no Brasil, um dos principais mercados emergentes, pouco tem sido pesquisado, sobretudo com vistas à avaliação dos impactos de eventos climáticos no nível das empresas. Sendo assim, esta tese analisa, de forma inédita, o impacto de eventos climáticos sobre o valor de empresas pertencentes a duas indústrias de elevado interesse nacional, sob a forma de dois ensaios. Em primeiro lugar analisa-se o impacto de chuvas extremas sobre o preço de ações do setor de alimentos brasileiro. Para tanto, é conduzida a pesquisa empregando dados diários do preço de ações de seis empresas dessa indústria. A partir da localização da principal região de atuação dessas empresas, são considerados os respectivos dados diários referentes às chuvas extremas. Com o emprego da metodologia híbrida ARMA-GARCH-GPD, constatou-se que, nas empresas avaliadas, as chuvas extremas impactaram significantemente em mais da metade dos 198 dias de chuvas extremas ocorridos entre 28/02/2005 e 30/12/2014, acarretando perdas médias diárias ao redor de 1,97% no dia posterior a chuva extrema. Em termos de valor de mercado, isso representa perda média total ao redor de US$682,15 mi em um único dia. Em segundo lugar avalia-se o impacto de variáveis climáticas e localização sobre o valor das empresas do setor de energia do Brasil, a partir de dados referentes às empresas do setor elétrico brasileiro, bem como precipitação pluviométrica, temperatura e localização geográfica das empresas. A partir da análise de dados em painel estático e painel espacial, os resultados sugerem que temperatura e precipitação pluviométrica têm efeito significante sobre o valor dessas empresas. O presente estudo pode vir a contribuir no processo de estruturação e criação de um mercado de derivativos climáticos no Brasil.

Portés par des changements technologiques, des cadres juridiques nouveaux, une demande de financement croissante de la part des entreprises innovantes et une montée en maturité des opérateurs du marché, les professionnels du financement de l’innovation ont pour partie modifié leurs pratiques et de nouveaux outils émergent. Ces nombreuses évolutions posent des questionnements théoriques essentiels.La thèse vise à investiguer trois de ces modes de financement. Le premier, les Social Impact Bonds (autrement dénommés en France Contrats à Impact Social) sont un mode de financement de l’innovation sociale non entrepreneuriale apparu en 2010 en Grande-Bretagne. Le second outil analysé est celui du financement participatif (crowdfunding). Forme émergente de financement des projets entrepreneuriaux par la foule sur internet, il connait une croissance forte depuis une décennie. La thèse questionne l’impact du degré d’innovation sur la réussite des campagnes. Le troisième et dernier outil évoqué dans la thèse est celui des fonds de Multi Corporate Venture Capital (MCVC), et leurs formes organisationnelles. / Driven by technological change, new legal frameworks, growing demand for cash from start-ups, and a growing maturity of market operators, innovation finance professionals have partly modified their practices. On the one hand, traditional financing tools have modernized their organizations and methods, and on the other, new forms of financing have emerged. These numerous evolutions open essential theoretical questions, while questioning the traditional theories of the financing of innovation as well as suggesting new theoretical considerations.The thesis investigates three of these modes of financing. The first, the Social Impact Bonds (otherwise known as Contrats à Impact Social, in France) are a way of financing the non-entrepreneurial social innovation that appeared in 2010 in Great Britain. The second tool analyzed is about equity crowdfunding. Emerging form of financing entrepreneurial projects by the crowd on the internet, it knows a strong growth since a decade. The thesis analyzes the impact of innovation degree on campaigns’ success. The third and last tool mentioned in this thesis is that of the funds of Multi Corporate Venture Capital (MCVC).

L'innovation financière tire avantage de la déconnexion entre forme juridique et substance économique. Les contrats financiers sur actions permettent de répliquer synthétiquement les attributs économiques de la propriété des actions sans organiser le transfert des droits sur la chose. Tandis que le droit des sociétés reconnaît le principe d'autonomie juridique des contrats financiers à l'égard des actions sous-jacentes en attribuant les droits politiques et pécuniaires de l'associé aux seuls titulaires de la propriété juridique des titres financiers, les principes directeurs du droit boursier conduisent à y faire exception face aux perturbations engendrées par ces techniques de dissociation de la forme juridique et de la substance économique. Affichant son pragmatisme, le régulateur boursier saisit la complexité de cette réalité dérivée pour appréhender, au-delà des catégories juridiques formelles, la substance économique des opérations réalisées. Le droit boursier adopte une approche substantielle de l'avoir et du pouvoir au sein des sociétés par actions, pour déterminer notamment l'application des régimes de déclaration des prises de participations significatives et d'offre publique obligatoire. Apparaissent alors les contours d'une méthode raisonnée de régulation de l'innovation financière en droit des sociétés cotées. La démarche que nous proposons opère tant ex ante sur le plan normatif qu'ex post au stade de la sanction. Elle suppose une réflexion d'ensemble sur l'élaboration de la norme en droit des sociétés cotées et les conditions de son application par le régulateur boursier. dans sa double fonction normative et contentieuse. / The dissociation of legal form and economic substance is one of the main drivers of financial innovation. Equity derivatives allow parties to replicate the economic substance of share ownership without transferring the legal title itself. Whereas corporate law acknowledges the autonomy of the financial contract with respect to the underlying shares by granting voting and dividend rights to their sole legal owner, core principles of securities regulation are challenged by transactions taking advantage of the dissociation between form and substance. Taking a pragmatic stance, the regulator addresses the complexity of this derivative reality by grasping the economic substance of such transactions beyond their mere legal form. Recent developments in the major shareholding notification regime and the mandatory tender offer rule indicate an increasing focus on the substance of beneficial ownership and voting power in listed companies. From this evolution emerge the contours of a regulatory approach aiming to tackle the specific issues raised by financial innovation. The approach we advocate operates both ex ante at the normative stage and ex post at the enforcement stage of the regulatory process. It is an invitation to rethink the determinants of securities regulation as well as the role of the securities regulator in the exercise of its dual power to establish norms and to impose sanctions.

The submitted thesis is composed of three different articles dealing with issues of financial innovation, credit constraints, and their impact on welfare. The first article treats the contemporary theoretical grasp of the interaction between the financial and real economies, focusing primarily on the role of modern financial innovation in the business cycle. For this purpose, a framework promoted by the Regulation School and Post Keynesians is frequently employed, whilst some other unorthodox streams and mainstream economics are partially discussed as well. All of them aspire -- either per se or under the pressure of the contemporary economic agenda -- to clarify the evolution of financial innovation and credit in the recent era. It is generally found that certain consensus across the schools of economic thought exists, but some of them have done a better job in predicting the consequences of the financial innovation for real economic activity than others. Further, two dynamic macroeconomic models are developed in order to, inter alia, identify the possible effects of extended credit availability presented in the former article on the example of the housing market, and simulate the effects of housing price changes on general welfare. Clearly, this part of the thesis exhibits the indirect consequences of financial innovation as, once again, being rather ambiguous: after having partially unleashed the unprecedented credit granting in the economy, impacting interest rates and loan-to-value ratios, with a subsequent impact on housing prices, it has also influenced credit constrained and unconstrained households in a different manner. Based on an analysis of the situation using partial and general equilibrium analytical frameworks, two somewhat different conclusions are drawn up with respect to the occurrence of various shocks in the models. Under the partial equilibrium framework the effects of relaxation of credit constraints are visible and quite straightforward, indicating relatively simple and intuitive relationship between the price appreciation and general welfare. This is primarily perspicuous for the credit constrained households. In the general equilibrium framework, on the other hand, the transitional dynamics of shock proliferation is more transparent and the impact on credit constrained vs. unconstrained households is more ambiguous and much different from the basic intuition used in the article anchored in the partial equilibrium toolbox.

隨著科技進步，金融已突破傳統金融模式框架，各個產業都能透過新的金融模式，提供相關服務，提升產業內的財務效率。晚近發展的供應鏈金融（Supply Chain Finance, SCF）就是以銀行、放款機構針對特定核心企業及其上下游企業提供金融產品、服務的一種融資模式，讓資金可以靈活的在供應鏈中流動，讓一些規模較小的企業，不會受到資金不足的限制。供應鏈金融與傳統信貸業務最大的差別在於，透過核心企業的信用能力評估，來分擔對中小型企業訊息不對稱所產生的風險，讓中小企業獲得的充裕資金，以利供應鏈的發展。 國際間已經有類似成功的案例，例如墨西哥國家金融發展銀行（NAFIN）連結美歐大型通路業者與其國內中小企業而成的融資平台是世界銀行所推崇的案例。NAFIN直接取得美歐大型通路業者的應付帳款資訊，並利用此資訊做為向國內中小企業收購應收帳款及提供貿易融資的依據。該平台是利用歐美大型通路業者的高信用，來降低小供應商的違約風險，是一個建構在大型通路業者（核心企業）和供應商之間跨國家的供應鏈金融平台。 透過供應鏈金融為基礎，整合資金需求者、資金供應者及增值服務者三大業者。近年電子商務、互聯網、區塊鏈、大數據等技術的成熟，讓金流、物流相繼與網路平台連結，供應鏈金融因此也有新的發展。2017年3月鴻海集團旗下金融服務平台子公司「富金通」攜手中國網貸（P2P）平台「點融網」共同宣布，推出「鏈結金融」（Chained Finance）平台，率先搶進此市場，透過區塊鏈、互聯網整合而成供應鏈金融平台，初期將業務鎖定於電子製造業、汽車業和服裝業等三大產業的中小企業。由此，便可看出各界對此服務發展潛能的重視。

This thesis evaluates and constructs a general, product-neutral legal concept and model of financial instruments, as opposed to the product-dependent definitions currently employed in contemporary capital markets law. Through a combination of law and economics perspectives, legal history, and comparative analysis, the study examines the various types of financial instruments currently and previously in use. The legal characteristics and features of these instruments are evaluated and compared, leading to the identification of commonalities that can be used to define a product-neutral concept. The thesis argues that such a concept is more beneficial to the function of the capital markets by removing obstacles for financial innovation while also providing a consistent way to ensure that new financial products are governed by the same regulatory framework as comparable instruments.The thesis also examines the historical evolution of financial instruments and how it has been driven by the evolution of international trade and the demand and surplus of available capital. The proposed concept is applied to current financial instruments, including equity and debt, as well as pre-modern markets, and evaluated in terms of regulation, practical use, and legal characteristics such as transferability and negotiability.The research of this thesis encountered several challenges and limitations. Firstly, the historical and comparative analysis proved difficult to carry out, due to limitation in available source material and language related restrictions, respectively. These limitations were overcome by limiting the scope and by employing contacts with law firms in the respective jurisdictions. Secondly, several key issues proved to require further research to be able to provide definitive conclusions. Such research would have been out of scope and as such, simplified explanations and models were employed. The thesis concludes with a discussion of the practical implications of the proposed concept, including its application to cryptocurrencies and similar assets, and identifies potential areas for future research.