This thesis explores the relation between fiancial stability and macroeconomic policy. The first chapter tackles the topic of financial stability from the point of wiev of a the single bank. In that model banks take explicitly into account the probability of default of their counterparties on the interbank market. In this way, an endogenous constraint to the credit supply is defined. That constraint evolves along the business cycle. I show that monetary policy alone is not able to ease credit conditions during a crisis. The second chapter nests a complex network model inside a state-of-the-art DSGE model. Using the tools of network analysis it is possible to trace how contagion spreads between banks (i.e. what is the likelihood that the default of one bank spreds to other banks, how many institution are affected) and how its probability avolves following exogenous shocks. With this tool I test partial equilibrium macropolicy tools (i.e. direct lendings to banks) and the effectiveness of monetary policy during crisis. Finally, in the last chapter I analyze, with high frequency data, the impact of conventional and unconventional monetary policy surprises, finding that the response of markets to menetary policy increased over time. / Questa tesi studia la relazione tra stabilità finanziaria e politica economica. Il primo capitolo della tesi affronta l'argomento della stabilità finanziaria dal punto di vista della singola banca. In quel modello ciascuna banca tiene esplicitamente in considerazine la probabilità di insulvenza delle sue controparti sul mercato interbancario. In questo modo si genera un vincolo endogeno all'offerta di credito. Tale vincolo evolve con il ciclo economico. Il modello mostra come la politica monetaria da sola non sia sufficiente a migliorare le condizioni del credito sui mercati finanziari dureante le crisi. Il secondo capitolo inserisce un modello di network all'interno di un mdoello DSGE standard. Analizzando il modello di network è possibile seguire come il contagio si diffonda tra le banche (qual è la probabilità che l'insolvenza di una banca si diffonda ad altre, qaule il numero di istituzioni coinvolte) e come tale probabilità evolva a seguito di shock esogeni. Con questi strumenti è possibile valutare politiche microeconomiche (per esempio prestiti diretti alle banche) e l'efficacia della politica moentaria durante le crisi. Infine, nell'ultimo capitolo, utilizzando dati ad alta frequenza, stimo l'impatto di shock di politica monetaria (convenzionali e non) trovando che la sensibilità dei mercati è aumentanta nel tempo.

The thesis focuses on the development of the South Korean financial system, especially on the period since the outbreak of the Asian financial crisis that hit Southeast Asia in 1997, to the present. The aim of this thesis is to describe and evaluate the measures taken to combat this crisis, identify remaining challenges and threats and evaluate the current financial sector stability.

This thesis deals with stress testing of the banking sector. Stress tests are a set of analytical tools used to test the resilience and financial stability of the banking sector. At the beginning of the work financial stability and systemic risk impact not only in the form of sys-temically important financial institutions are discussed. Followed by a chapter on stress tests, which describes historic development of stress testing approaches to testing of individual banking risks and their implementation in the form of stress testing. Stress testing methodo-logy is described primarily from the perspective of the Czech National Bank, the importance of banking regulation and supervision in Basel III is also presented. In the final chapter of the thesis there are commented results of Czech National Bank's stress tests, and EU wide stress tests 2014, launched in cooperation with European Banking Authority, European Central Bank and the European Systemic Risk Board.

Admati und Hellwig erklärten 2013, dass sie nie eine kohärente Antwort auf die Frage bekommen hätten, warum Banken nicht 20 oder 30 % ihres Assetwertes an EK halten sollten. Dies war Anlass der vorliegenden Studie, die untersucht, wie man eine Quote von 30 % harten Kernkapitals ganz praktisch realisieren könnte. Wir haben fünf Gruppen von Lösungen für das 30 %-Problem gefunden, die man einsetzen könnte. Die fünf Gruppen sind: I. Stammaktien. Aktienkapital einer Aktiengattung. II. Gattungsaktien. Mehrere Gattungen von Aktien. III. Bail-in. Aktienkapital und nachrangige Verbindlichkeiten, die zusammen zu haftendem Eigenkapital im regulatorischen Sinne erklärt werden („Bail-in-Lösung“). IV. Innen-Außenverhältnis. Aktienkapital im Außenverhältnis und Zusatzvereinbarungen der Aktionäre im Innenverhältnis mit Tranchenbildung und Wasserfallprinzip. V. Zweckgesellschaft. Aktienkapital einer Gattung bereitgestellt durch eine Zweckgesellschaft, die sich mit diversen Schuldtiteln nach dem Wasserfallprinzip refinanziert. Persönlich glauben wir, dass bereits Konzept I (Stammaktien) gute Chancen hätte, realisiert werden zu können: 30 % Stammaktien sind zwar auf den ersten Blick ein wenig attraktiver, langweiliger, rendite- und risikoarmer Kapitalblock. Aber in den Core-Portfolien großer Fonds können sie trotzdem einen attraktiven Baustein darstellen – viel attraktiver als die heute oft verwendeten Staatsanleihen sicherer Länder. Mehr Variabilität der Finanzierungsformen wird möglich, wenn der Gesetzgeber vielfältigere Aktienkategorien (Konzept II) erlaubt. Hier glauben wir, dass ein solcher Ansatz zu starr ist und der Entwicklung der Finanzmärkte zu unflexibel folgen kann. Als Konzept III haben wir das vom Gesetzgeber/Regulator derzeit verfolgte Vorgehen, nämlich Bail-in-Instrumente zu nutzen, diskutiert. Dieses Konzept halten wir für weniger geeignet, weil die betroffenen Kapitalgeber Eigenkaptalrisiken tragen, dafür aber kein Stimmrecht bekommen und dazu noch den nicht marktmäßigen Entscheidungen der Aufsichtsorgane ausgesetzt sind. Das Konzept IV erfordert es, zwischen dem Innen- und dem Außenverhältnis der Gruppe der Aktionäre zu unterscheiden. Durch spezielle Regelungen im Innenverhältnis kann man die Vielfalt der Finanzierungsformen stark erhöhen und im Außenverhältnis trotzdem hartes Kernkapital bereitstellen. Und wenn man schließlich zur Finanzierung des Banken-Eigenkapitals mittels Zweckgesellschaft übergeht (Konzept V), kann man sich von allen Restriktionen befreien. / Admati and Hellwig stated in 2013 that they never received a consistent answer why banks should not have 20 or 30 % core or tier one capital of their asset value. This was the motivation to begin an assessment how to realize 30 % core capital in practice. We found five groups of solutions: (i) ordinary shares, (ii) shares of several categories or classes, (iii) bail-in-capital, (iv) shares with different relations among shareholders internally and with the outer world, (v) special purpose vehicle. Financing all equity with ordinary shares (i) seems not be appealing to investors at first sight. It appears to be a large boring block of homogeneous shares. However, we believe that this would be ideal for the core portfolios of large mutual funds. The second alternative would be to define a variety of different classes of shares as they already exist in many countries. In Germany ordinary and preference shares exist. Creating a wider variety of share classes could meet investors’ preferences better. The third alternative would be the bail-in-system which supervisory bodies are trying to install. However, we believe that this solution would be the least favorable of all because investors in bail-in-capital would bear risk like shareholders but would have no voting rights and depend on the actions of supervisors. The fourth solution is based upon ordinary shares. However, subgroups of shares are created by the use of specific arrangements among shareholders internally. Thanks to the application of the waterfall principle, profits and losses can be distributed asymmetrically among shareholders to meet their preferences more closely. The fifth solution is a variant of the fourth. The bank creates a special purpose vehicle which acquires all bank shares and refinances itself with a variety of financial contracts.

The banking sector is experiencing an increasing interest in evaluating environmental performance, social responsibility, and corporate governance (ESG), since the internationalcontext aroused discussions on advantages of incorporating ESG-related policies. Therefore,significant relationships between ESG engagement and financial performance and stabilityare expected. This study aims to analyse the impact of ESG engagement on financial stabilityin the banking sector including the period of economic distress. A sample size of 72 listedEuropean banks is studied during the period 2017-2022, using regression analysis. Z-score,Non-performing loan ratio and Tobin’s Q are proxies used to measure banks’ financialstability. Combined ESG score and individual Social, Environmental, and Governance pillarsfrom Refinitiv Eikon database are the target variables. Contrary to expectations, the findingsreveal that ESG engagement does not have a significant positive impact on financial stabilitywithin the banking sector. However, interestingly, among the three ESG pillars the social oneseems to decrease financial stability of banks in some estimations. It is also notable that theregression coefficients for target variables are quite low, especially in comparison withfinancial performance variables ROA and ROE, which indicates that ESG engagement maynot be the most influential factor in banks’ financial stability.

Bostadspriserna har stigit markant under de senaste åren och till följd av detta har hushållen varit tvungna att ta på sig stora skulder. Svenska hushåll tar därför ständigt större lån och fler bostadslåntagare uppvisar högre skuldkvot och belåningsgrad än tidigare. Stigande inflation och ökade räntor resulterar i minskade ekonomiska marginaler för låntagare samt sociala konsekvenser. Hushållen har även blivit mer känsliga för risker, såsom förändringar i räntenivåer. Denna studie har till syfte att undersöka hur hög belåningen i samhället är idag och vilka konsekvenser som kan ses på kort och lång sikt. Privata bostadslån i Sverige studeras med fokus kring problematiken med hög skuldsättning. Detta görs genom banktjänstemäns syn på hushållens skuldkvot med hjälp av semistrukturerade intervjuer. Studien innefattar nio intervjuer med åtta svenska banker och en bankförening. Studiens resultat är relevant för svenska beslutsfattare, banker och hushåll, eftersom det ger insikt i vad som ökar riskexponeringen för de som tar bostadslån. Resultaten visar att Sverige ligger på rekordhöga nivåer vad gäller skuldsättning och att detta resulterar i flera konsekvenser. Hög skuldkvot leder till hög räntekänslighet och sårbarhet vilket kan strama åt hushållens ekonomi vid förändringar i penningpolitiken. Detta leder i sin tur till minskat konsumtionsutrymme, försämrad återbetalningsförmåga, minskad ekonomisk tillväxt, finansiell instabilitet, fler konkurser och högre arbetslöshet. / Housing prices have risen significantly in recent years and as a result, households have had to take on large debts. Swedish households are therefore constantly taking out larger loans, and more mortgage borrowers show a higher debt-to-income ratio and loan-to-value ratio than before. Rising inflation and increased interest rates result in reduced financial margins for borrowers and social consequences. Households have also become more sensitive to risks, such as changes in interest rates. The purpose of this study is to investigate how high the level of debt in society is today and what consequences can be foreseen in the short and long term. Private housing loans in Sweden are studied with focus on problems related to high indebtedness. This is done through the perspective of bank employees on households' debt-to-income ratio, using semi-structured interviews. The study includes nine interviews with eight Swedish banks and one banking association. The results of this study are relevant for Swedish decision-makers, banks, and households, as they provide insight into what increases risk exposure for those taking out home loans. The results show that Sweden is at record high levels in terms of indebtedness, and this implies several consequences. A high debt-to-income ratio leads to high interest rate sensitivity and vulnerability, which can tighten the finances of households in case of changes in monetary policy. This, in turn, leads to a reduced space for consumption, worsened repayment ability, reduced economic growth, financial instability, more bankruptcies, and higher unemployment.

No description available.

In the conditions of modern economy the Russian companies pay attention to the solution of a question on optimization of a cost structure more and more, also insurance companies aren't an exception. In this regard a research of theoretical and practical aspects of forming of costs in insurance companies purchase the special importance. Effective management of costs in an insurance company will allow to reach optimum financial performance of its activities. Research purpose is consideration of techniques and management tools costs in an insurance company and on this basis identification of problems and consideration of the actions directed to increase in its financial stability. The practical importance consists in an opportunity of use of the offered method of expense reduction of car insurance in an insurance company for the purpose of increase in the main financial performance of its activities. / В условиях современной экономики российские компании все больше уделяют внимание решению вопроса по оптимизации структуры затрат, не являются исключением и страховые организации. В этой связи исследование теоретических и практических аспектов формирования затрат в страховых организациях приобретают особую значимость. Эффективное управление затратами в страховой организации позволит достичь оптимальных финансовых показателей ее деятельности. Целью исследования является рассмотрение методик и инструментов управления затратами в страховой организации и на этой основе выявление проблем и рассмотрение мероприятий, направленных на повышение ее финансовой устойчивости. Практическая значимость заключается в возможности использования предлагаемой методики по сокращению расходов по автострахованию в страховой организации с целью повышения основных финансовых показателей ее деятельности.

The final qualifying work (master's thesis) is devoted to the study of the activities of commercial banks from the standpoint of maintaining their financial stability in the current economic situation. The subject of the research is economic relations on the use of financial resources that ensure the efficiency of operations and the financial stability of PJSC Sberbank of Russia. The purpose of the work is to study the factors affecting the financial stability of PJSC “Sberbank of Russia”, as well as to develop ways to improve it based on the results obtained during the analysis. As a result of writing the dissertation, recommendations were made to strengthen the financial sustainability of Sberbank of Russia, and an event was developed and calculated that will have a positive impact on the financial sustainability of the bank. / Выпускная квалификационная работа (магистерская диссертация) посвящена исследованию деятельности коммерческих банков с позиции сохранения их финансовой устойчивости в условиях современной экономической ситуации. Предметом исследования выступают экономические отношения по использованию финансовых ресурсов, обеспечивающих эффективность деятельности и финансовую устойчивость ПАО «Сбербанк России». Цель работы заключается в исследовании факторов, влияющих на финансовую устойчивость ПАО «Сбербанк России», а также разработке путей ее повышения на основе результатов, полученных при проведении анализа. В результате написания диссертационной работы даны рекомендации по укреплению финансовой устойчивости ПАО «Сбербанк России», разработано и рассчитано мероприятие, которое окажет положительное влияние на финансовую устойчивость банка.

The relevance of the research topic is that the main task of any enterprise is to make a profit, which is why the financiers and the management of the organization sooner or later face the question of maintaining the company's working capital at a balanced level. The purpose of this work is to study the theoretical aspects of working capital management, analysis of the structure of working capital of the company UralTeploEnergoMontazh, identifying problems and developing measures to maintain the optimal amount of working capital in the organization. This paper explores the nature, structure and methods of working capital management., Analyzes the working capital management policy at the company UralTeploEnergoMontazh, identifies problems of working capital management in order to strengthen the financial position of the company UralTeploEnergoMontazh. / Актуальность темы исследования заключается в том, что основная задача любого предприятия это получение прибыли, именно поэтому перед финансистами и руководством организации рано или поздно встает вопрос о поддержании оборотного капитала компании на сбалансированном уровне. Целью данной работы является исследование теоретических аспектов управления оборотным капиталом, анализ структуры оборотного капитала предприятия ООО «УралТеплоЭнергоМонтаж», выявление проблем и разработка мероприятий по поддержанию оптимального размера оборотного капитала в организации. В данной работе исследованы сущность, структуру и методы управления оборотным капиталом., проанализирована политика управления оборотным капиталом на предприятии ООО «УралТеплоЭнергоМонтаж», выявлены проблемы управления оборотным капиталом с целью укрепления финансового положения предпринятия ООО «УралТеплоЭнергоМонтаж».