This Thesis shall analyze the development, resp. the actual changes made in the structure of the European financial supervision system. The analysis is done with a view to the deepening economic integration of the Member States of the European Union, whereby in the Thesis the European supranational financial supervision is perceived as a necessary result of the supranational economic cooperation. However, it is also to be borne in mind that the structure of the European financial supervision is or - at least so far - it has been very imperfect, because the Member States of the European Union were willing neither to institutionalize the cooperation in the sphere of the supranational financial supervision nor to hand over any supervision competences to the supranational level. The Thesis takes into account, in particular, the impacts of the world financial crisis and its influence on the European financial supervision structure. However, with a view to the fact that the Thesis analyzes the long-term development of the European financial supervision as well as incentives, obstructions and goals of the particular former reform steps undertaken in this field, in addition to the impacts of the world financial crises the Thesis also analyzes other decisive factors. As for other factors that - from our...

The thesis is concerned with the history of financial supervision in Sweden during the twentieth century up to the financial crisis in the early 1990s. To this end a theoretical framework is developed which is based on institutional economics, law and economics, theories on bureaucracies, regulatory enforcement and policy analysis. Except for the attempt to propose how financial supervision and supervisors could be understood theoretically, the thesis address problems ranging from the organization of supervision in relation to regulation and the changes of the regulated market, the constraints and abilities put on supervisors in different institutional arrangements and regulatory regimes, and the competence of supervisors. The extensive use of empirical data aims to make the thesis a contribution also to financial history research in general, and the growing research on the histories of financial supervision in particular.

This thesis deals with the organizational structure of financial supervision in Germany with a view to asses the recently completed institutional integration. First, the overview of theoretical models of financial supervisory agencies is submitted including advantages and disadvantages of such concepts. Being aware of the absence of a sole universal applicable solution of the institutional organization of financial supervision, the fundamental requirements are introduced, generally imposed on every financial regulation system in order to perform its tasks effectively. The emphasis of this paper rests upon presenting the German financial supervision in several terms. The main section surveys the evolution of supervision until the formation of BaFin -- Federal Financial Supervision Agency, the ample scope is devoted to legal issues, the inner organization of BaFin is described in detail and the particular attention is paid to funding. The reality of day-to-day supervisory activities is explored in the passage related to problems of financial supervision, where especially the complex question of mutual cooperation between BaFin and Bundesbank In the field of bank supervision comes to light. The supervision-costs analysis focused on the situation prior to integration and mistakenly assumed course after its implementation supplements the general view. Considering all proposed facts the conclusion offers a review of assumptions ensuring a proper supervisory structure.

[pt] O Sistema Financeiro brasileiro, após a estabilização econômica de 1994, passou por intensas modificações, com a necessidade de implementação de vários programas de saneamento. A primeira parte desta dissertação oferece uma explicação alternativa para esta fragilidade. Ao considerarmos as atividades de gestão de crédito e de obtenção de receitas inflacionárias competitivas para as decisões de investimento do banco, expectativas de maiores taxas de inflação futuras fazem com que as instituições fiquem mais expostas a riscos de insolvência, quando de um choque de taxa de juros reais. Na segunda parte da dissertação, abordamos as implicações de diferentes desenhos institucionais para a fiscalização bancária. Caso crises bancárias deteriorem os trade-offs da política monetária quando a regulação for realizada pelo Banco Central, temos como resultado excesso de fiscalização bancária. Ao contrário do recomendado na literatura, o modelo implica que países emergentes, onde há maiores probabilidades de crises bancárias e a política monetária está mais sujeita a deterioração de trade-offs, devem ter agência autônoma de fiscalização bancária. / [en] After the end of high inflation in 1994, the Brazilian financial system experienced intense changes in its structure. Several programs were designed to recapitalize insolvent institutions. The first topic of this thesis shows an alternative explanation for the weakness of the financial system in this period. Since risk management of loans and inflationary floating are competitive activities in banks investments, higher inflation rate expectations may lead to institutions with higher risks of bankruptcy due to real interest rate shocks. The second topic of this thesis, we investigate the implications of different institutional designs of financial supervision. Considering that financial crisis may worsen the monetary policy trade-offs when supervision is provided by central bank, one outcome of the model is over-regulation of the financial system. In contrast to standard literature views, our model implies separation of the supervision and monetary policy activities in emerging markets countries, where bank crisis are often and monetary authority lack full credibility.

隨著兩岸政策的逐漸鬆綁，台灣地區銀行業進入中國大陸深耕勢在必行，然而在兩岸分立分治之情況下，台灣地區之銀行業進入中國大陸設立分支機構時，除應符合台灣地區銀行監理機制外，更應了解中國大陸銀行業之監理規範，以期在符合兩岸監理機制及相關法令之規定下創造雙贏。 兩岸之監理原則，皆以母國監理原則為前提，並依據國際清算銀行（BIS）1992年公佈之「監理國際性銀行集團及海外分支機構最低標準」為指導原則，但針對目前兩岸跨國銀行之監理，台灣面臨最大的困境即是「國家認同」的問題。台灣目前的監理制度存在有深度（一般檢查）及廣度（專案檢查）的問題，且金融檢查係屬於交易發生後之事後檢查，故金融主管機關除加強金融檢查外，尚需督促金融機構建立落實內部控制及內部稽核機制，以健全金融機構之經營。 / As the cross-strait policy gradually untie, Bank deep into mainland China in Taiwan is a must, however in the case of partition of separation between the two sides, when set up branches of Taiwan banks entering the Mainland, apart from banking supervision mechanism in Taiwan should be consistent with, and should be aware of mainland China's banking supervision norms, with a view to in the cross-strait supervision mechanism and under the relevant provisions of the Act creates a win-win. Principles of supervision across the Taiwan Strait, are premised on the principle of home country supervision, and in accordance with the Bank for International Settlements (BIS) published in 1992 "minimum standards for the supervision of international banking groups and overseas branches" as the guiding principle, however, in response to the current cross-strait supervision of transnational Bank, Taiwan faces the biggest dilemma that is "national identity" issues. Taiwan depth with the existing supervision system (General check) and breadth (project review) issues, and financial checks belonging to transactions that took place after the ex-post checks, financial authorities in addition to strengthening the financial checks, still need to urge financial institutions to establish the implementation of internal control and internal audit mechanisms, based on sound management of financial institutions.

近年來各國金融機構為提昇競爭力，多採異業併購方式拓展其經營領域，再加上電子資訊技術不斷創新，金融集團推出銀行、證券、保險等綜合產品已蔚為風潮，美日等國為配合業者金融現代化發展動向，皆已容許其金融機構採行控股公司模式經營。而我國金融跨業經營型態，除各金融機構本身內部設立部門兼營其他金融業務外，並得依各業別法或其授權規定以轉投資子公司型態經營，因此金控法實施前實際上同時經營銀行、證券、保險中二種專業以上之金融集團已有二十家，政府為利金融業因應當前環境的轉變及加入世界貿易組織之競爭壓力，期使金融機構透過經濟規模之提高，發揮經營綜效，協助業者因應國際經營潮流，乃立法通過金融控股公司法，並自九十年十一月一日起實施。 　　金融控股公司法的實施，雖然協助金融機構透過經濟規模的提高，發揮經營綜效，以因應國際經營潮流，但金控公司並非是金融業經營之唯一選擇，也不是所有金融業都適合轉型為金控公司，資產規模不夠大、市場佔有率有限或是不具互補性之異業結盟而成立金控公司，只是疊床架屋，讓經營效率更加低落罷了。另一方面，金控公司之成立並無法改善目前我國各金融機構嚴重之呆帳問題，金融體系高達1.2兆的逾期放款，更不會在財政部從寬核發金控公司執照後憑空消失。 　　近年來，國內陸續爆發多起金融弊案，反應出金融監理效率不彰之事實，再加上國內及國際經濟景氣之衰退，隨時都有引發金融危機與風暴之可能，因此，如何強化金融監理效能，建立金融市場之安定與秩序，實為當前金融革新之重要工作。尤其隨著金融環境之迅速變遷，金融集團之迅速興起以及金融商品日漸複雜之際，如何調整金融監理架構及強化監理效能，實為當前政府所面臨之極大挑戰。目前財政部積極規劃合併監理制度，逐步走向金融監理一元化的目標。整體金融監理制度一元化包括對於金融、證券、期貨及保險業之聯合監督管理。規劃將於行政院下設立金融監督管理委員會，讓委員會合併現行財政部金融局、保險司、證券暨期貨管理委員會、中央銀行金檢處及中央存保公司檢查處之金檢權，為一具備獨立金融、保險、證券及期貨之監督管理組織。 　　雖然金融監理委員會的成立確實解決了部分現行監理制度之缺失，然而，依照本文研究，新的制度仍將面臨許多新的挑戰，例如，仍未順應潮流採行功能性監理、監理政策與監理法規可能發生整而未合之情形、金控公司系統風險難以量化、監理難度不斷升高以及專業人才培育不易等諸多問題。因此，本文對我國未來監理制度提出下列建言: 　　1.貫徹金融監理一元化之理想。 　　2.金融監理技術之提升。 　　3.監理政策及監理法規應整合。 　　4.果斷整頓問題金融機構。 　　5.強化金融業者自律功能。 　　6.金融監理應秉持重要性原則。 　　7.建立金融機構資料申報中心。 　　8.建立金融機構強制退出市場機制。 　　9.落實資訊揭露制度，加強市場制裁與監督功能。 　　10.紓困救急也要整頓改革。 　　11.專業獨立之金融管理。 　　12.培育優秀監理人才。 　　13.金控法匆促立法，尚待隨時補充規範。 　　14.審慎處理基層金融問題。 　　15.金控法實施後，存保公司風險大增，卻角色定位未明。 　　在金融體系快速自由化的過程中，我們深信，唯有堅持強化監理能力的原則與果斷執法的決心，才能真正防範金融危機的發生。

Les mutations structurelles au sein de l'industrie financière sont nombreuses, protéiformes et complexes. L'analyse de leurs conséquences, particulièrement en matière de stabilité financière, s'avère cruciale. Notre travail se concentre sur l'une de ces transformations, à savoir l'émergence et le développement de la conglomération financière, qui a pour singularité d'entremêler diversification et globalisation, et qui, à notre sens, a été relativement peu étudié. Notre objectif est donc de contribuer à combler cette insuffisance. Nous avons articulé notre réflexion autour de trois axes : l'appréhension pratique de la conglomération financière, ses implications en termes de risque, et ses incidences en matière de dispositif prudentiel, et plus particulièrement en termes d'architecture de surveillance. Nous proposons de pallier l'absence de données dédiées spécifiquement à ce mouvement en utilisant des données relatives aux opérations de fusions-acquisitions. Alors qu'il est impossible d'affirmer de manière univoque si ces groupes sont plus ou moins risqués que leurs homologues individuels et susceptibles d'exposer la sphère financière à des risques exacerbés et/ou nouveaux, nous explicitons les éléments à même d'engendrer un profil de risque plus élevé, soulignons l'importance d'adopter une perspective globale du niveau de risque encouru et démontrons l'incidence pernicieuse de la stratégie de diversification sur la probabilité de risque systémique. Enfin, nous montrons à l'aide d'un Probit Multinomial que la conglomération financière est un facteur explicatif aux cotés des facteurs traditionnellement mis en avant de l'unification des autorités nationales de surveillance. / The arisen structural changes, and still current, within the financial industry are especially numerous, multiple and complex. The analysis of their consequences, particularly on financial stability, turns out crucial. Our work concentrates on one of these transformations, the emergence and the development of the financial conglomeration, which has for peculiarity to mix diversification and globalization, and which in our sense was rarely studied. Our objective is to contribute to fill this lack. We articulated our reflection around three axes: the practice apprehension of the financial conglomeration, its implications in terms on risk exposure, and its incidences in prudential plan, more particularly in terms on architecture of the financial supervision. We suggest mitigating the absence of data dedicated specifically to this movement by using data relative to the operations of mergers & acquisitions. While it seems impossible to assert in a unambiguous way if these groups are more or less risked that their counterparts individual and susceptible to expose the financial sphere to aggravated and\or new risks, we clarify elements to engender a higher risk profile, underline the importance to adopt a global perspective towards this level of incurred risk and demonstrate the pernicious incidence of the strategy of diversification on the probability of systematic risk. Finally, we show by means of a Probit Multinomial that the financial conglomeration is an explanatory factor in the highly-rated of factors traditionally advanced by the unification of the national authorities of supervision.

1 Abstract This master thesis deals with the arrangement of the supervision of the financial system in the European Union. Its content and structure is strongly tied with two principal supervisory pillars - European System of Financial Supervision (ESFS) and Single Supervisory Mechanism (SSM). The first chapter starts with the historical background of the European financial supervision and proceeds to the recent global Great recession which motivated the reforms that led to the current state of the supervisory structure. The operation of the ESFS and SSM is thoroughly explained in chapters two and three respectively, moreover I cover their interaction with national supervisory authorities and special emphasis is put on the role of the Czech National Bank. Several controversial issues are also reflected in the course of the thesis, ie. rather regulatory than supervisory role of the European supervisory authorities which contradicts the initially declared intentions, their low operability or quite illusory legislative demand of extensive independence of national representatives when they stand for their respective home authorities in the European institutions. The emphasis on the Czech Republic is evident from the sub-chapter regarding the potential entry into the close cooperation with the Single Supervisory...

金融機構預警制度在性質上兼具金融管理及經營評鑑之雙重功能，且對於金融危機具有預防及警戒作用之制度，其意義係依據有關之金融法規與金融業務之經營原則，選定若干變數而訂定一套預警函數、指標、臨界值或基準值、判別模型等，將能夠數據化之部份，利用電腦處理資料並進行統計分析與審察，對於未符合規定、逾越警戒範圍之異常數或脫軌狀況，經過測試與核算後，發出預警信號，以促使主管機關或金融機構（或稱銀行）本身提早注意，並加以防範、及時糾正與改善，以促進其健全經營之制度。 近幾年來，在金融國際化與自由化影響下，金融機構業務已日趨複雜，金融監理機關所擔負的責任也越加沈重，為解決此一困境，如何善用場外監控工具，以彌補實地檢查之不足，應是強化當前金融監理制度的有效方案。我們都知道金融監理機關越來越重視場外監控工作，其中最廣為人知且有效發揮其功能的就是「金融預警系統」，它能評估金融機構績效、篩選問題金融機構及顯示有關警訊等功能，如今已成金融監理機關重要輔助工具之一。 關鍵詞：金融機構預警制度、金融機構、金融監理 / Financial early warning system is a line both in the nature of financial management and operational evaluation of the dual function. To the financial crisis, With the role of prevention and warning system. The significance of means in accordance with relevant laws and regulations of the financial business and financial management principles. Certain number of selected variable set of a number of warning function, indication), cutoff or decimal value, discriminant model. According to the number of data, after testing with the accounting, it cause alarm or signal, so that the issue of the fail to meet the requirement, beyond the scope of the warning or to derail the number of abnormal conditions. To encourage the competent authorities or financial institutions (or banks) early attention to itself. By prevent and promptly correct and improve, to promote the sound management of the system. In recent years, financial institutions have become increasingly complex business and responsible for financial supervision authorities increasingly heavy responsibility, under the influence of the financial internationalization and liberalization. To solve this dilemma, how to make the best use of off-site monitoring tool, make up for lack of spot checks. It should be an effective program to strengthen the current financial supervision system. We all know that more and more attention to the financial supervisory authorities to the work of off-site monitoring. One of the most well-known and effective functioning is the “financial early warning system”. It could assess the performance of financial institutions, financial institutions and the issue of screening show that the functions of the police. For the financial supervision authorities, one of the important auxiliary tool, today. Keywords: financial early warning system, financial institutions, financial supervision

The objects of diploma thesis is resolved tax implication of personal income, it includes also changes of social and health insurance approved on 1th January 2008. Most important changes in personal income tax by employee were within year 2007 and year 2008: {$\bullet$} change of basic wage of personal income tax, {$\bullet$} change of tax rate, {$\bullet$} cancellation of community taxation of spouses, {$\bullet$} cancellation of tax effect for insurance, {$\bullet$} implementation of maximal base of assessment. All tax payers of personal income tax got better salary in year 2008 than in year 2007 depending upon modification of salary calculation. People with highest personal incomes had best salary because they saved money for social and health insurance and also reduction of tax rate. Taxpayers with minimum incomes paid increased personal tax in year 2008, but they got higher tax bonuses. Taxpayers with gross salary CZK 20 000 {--} 30 000 had worst position in research. Their net salary was increased only for 4 {--} 5 %.