A contabilidade a valor justo tem sido discutida desde meados do século passado; porém, tomou força maior a partir de publicações recentes do FASB (Financial Accounting Standards Board) e do IASB (International Accounting Standards Board). Mais recentemente, em resposta à crise global de 2008, inicialmente chamada de crise do subprime, a SEC (Securities Exchange Comission), o FASB e o IASB rediscutiram exaustivamente este critério de mensuração, com o objetivo de detectar falhas que poderiam ter deflagrado ou agravado a crise, e também a fim de esclarecer como o valor justo deve ser estimado no caso de mercados ilíquidos ou ausência de um mercado ativo. Esta dissertação questiona se, na visão de especialistas em economia e mercado financeiro, a contabilidade a valor justo teve papel decisivo na deflagração ou agravamento da crise financeira mundial. A primeira parte deste trabalho se desenvolve primariamente com base nos pronunciamentos do IASB e do FASB sobre o valor justo na contabilidade, e tem por finalidade a revisão de alguns conceitos sobre mensuração e, principalmente, buscar o entendimento da teoria e da aplicabilidade da contabilidade baseada em valores de mercado. Na segunda parte, são estudadas diferentes teorias sobre a crise, culminando no assunto a contabilidade e a crise financeira mundial. A parte empírica do trabalho consiste na realização de entrevistas com grandes especialistas em economia e mercado financeiro. O estudo é concluído com base não só nas entrevistas, mas também nos estudos recentes da SEC, do IASB e do FASB, e na literatura sobre a crise, que evidenciam que, entre diversos fatores que podem ter levado o mundo a esta crise, a contabilidade a valor justo teve papel pouco relevante. Pelo contrário, ainda colaborou com um diagnóstico mais rápido. / The fair value accounting has been discussed since the middle of last century, however, it became stronger after recent publications of FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board). More recently, in response to the global crisis of 2008, initially called as subprime crisis, SEC (Securities Exchange Commission), FASB and IASB have rediscussed a lot this measurement criterion, with the objective of detecting flaws that could have started off or worsened the crisis, and also explain how the fair value should be estimated in case of non-liquid markets or in the absence of an active market. This dissertation asks, from economy and financial market specialists point of view, if the fair value accounting had a decisive role in the explosion or in the aggravation of the global crisis. The first part of this job is developed primarily based on IASB and FASB pronouncements about fair value accounting, with the purpose of reviewing some concepts about measurement and, mainly, look for an understanding of the theory and applicability of an accounting based on market values. In the second part, different theories about crisis are studied, culminating in the subject fair value accounting and the global crisis. The empiric part of the job consists of interviews with great specialists in economy and financial market. The study is concluded based not only on the interviews, but also on the recent studies of SEC, IASB and FASB, and on the literature about crisis, that evidence that, among several factors that might have led the world to this crisis, the fair value accounting had a small relevant role. Instead, the fair value collaborated yet with a faster diagnosis.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-03-29T12:28:05Z No. of bitstreams: 1 Matheus da Silva Fernandes.pdf: 1299404 bytes, checksum: d38378c3fd8f33e67220bf393b10b11e (MD5) / Made available in DSpace on 2017-03-29T12:28:05Z (GMT). No. of bitstreams: 1 Matheus da Silva Fernandes.pdf: 1299404 bytes, checksum: d38378c3fd8f33e67220bf393b10b11e (MD5) Previous issue date: 2017-03-22 / The purpose of this dissertation is to analyze and propose changes in financial regulation from a Marxist-Keynesian point of view. This study is justified by the lack of social meaning in the functioning of the financial system. From the 1960s, fictitious capital began to take the productive economy more and more. Tax havens serve the wealthiest individuals and large corporations by allowing them to evade rules and taxes they would otherwise be compelled to meet. The financial crisis of 2008 let the dimension of those capitals be clear, which started to withdraw banking and financial regulation and supervision, allowing them to create new financial investments that turned non-bank institutions equivalent to bank institutions. To that end, these shadow banks were financed with customer deposits and invested in securities such as CDOs from subprime mortgages. When mortgage borrowers began to default, the entire system succumbed and carried with them the whole US economy, a priori, and the world economy after. Brazil, however, is involved in another way, by practicing the highest real rates of interest in the world. This fact allows the financial intermediaries to puncture a significant proportion of the productive wealth of families and companies, channeling it to the financial system. High rates of interest also affect the public sector by compromising the government budget with financial expenses instead of expending in public education, healthcare and infrastructure, for example. It is upon governments to restate the order of the financial sector, by enforcing laws that keep the financial system under strict supervision, and extend its scope to newly created innovations. The rates on capital gains and on fortunes should be instituted and raised and the usury crime regulated, establishing a ceiling for real rates of interest in Brazil / A presente dissertação tem objetivo de analisar e propor mudanças na regulação financeira sob a ótica marxista-keynesiana, e seu estudo se justifica pela falta do sentido social no funcionamento do sistema financeiro. A partir da década de 1960, o capital fictício passou a se apropriar cada vez mais da economia produtiva. Os paraísos fiscais servem aos indivíduos mais ricos e às grandes corporações ao permiti-los evadir de regras e tributações que, caso contrário, estariam compelidos a cumprir. A crise financeira de 2008 deixou clara a dimensão desses capitais, que passaram a operar arredios da regulação e supervisão financeira e bancária, os permitindo criar novas aplicações financeiras que tornavam instituições não-bancárias equivalentes às instituições bancárias. Para tanto, estes shadow banks se financiavam com depósitos dos clientes e aplicavam em títulos como os CDOs de hipotecas subprime. Quando os mutuários destas hipotecas começaram a calotear, todo o sistema derivado deles sucumbiu e levou consigo toda a economia dos EUA a priori, e mundial em seguida. O Brasil, contudo, se insere na finança mundial de outra forma, pela cobrança das maiores taxas de juros reais do mundo. Esse fato permite aos intermediários financeiros punçar uma relevante proporção da riqueza produtiva das famílias e das empresas, a canalizando para o sistema financeiro. Elevadas taxas de juros também afetam o setor público ao comprometer o orçamento do governo com gastos financeiros à revelia das despesas em educação, saúde e infraestrutura públicas, por exemplo. Cabe aos governos retomar a ordem do setor financeiro, pela aplicação de leis que mantenham o sistema financeiro sobre estrita supervisão, além de ampliar sua abrangência para as inovações criadas recentemente. Devem ser instituídas e elevadas as alíquotas sobre os ganhos de capital e sobre grandes fortunas e regulamentado o crime de usura, estabelecendo um teto para as taxas de juros reais no Brasil

Den här studien belyser hur revisorer i Sverige har påverkats av den globala finanskrisen. Inledningsvis presenteras tidigare skandaler och kriser som en bakgrund för studien, med anledning att upplysa läsaren om vilka konsekvenser det har fått för revisionsarbetet. Historiskt sett har yrket upprepade gånger haft motgångar som resulterat i hårdare krav och nya arbetsprocesser för revisorerna, där man gång på gång tvingats upprätthålla sitt förtroende och professionella status för allmänheten. Ämnet finner vi intressant eftersom det är under krissituationer som yrket prövas på allvar. För den här studien har vi valt en kvantitativ ansats som har baserats på en enkätundersökning. Enkäten har skickats till alla auktoriserade och godkända revisorer i landet, den utgörs av ett antal väl utvalda frågor som berör arbetsprocessen med risk som tema. Den teoretiska referensramen kommer att behandla revisorernas arbetsprocess och utförligt beskriva relevanta riskverktyg, tillgångsposter och begrepp. Teorin kommer att jämföras mot det empiriska materialet och sedan presenteras i en analys för studien. I resultatet kan vi konstatera att finanskrisen har haft en tydlig påverkan på revisionsarbetet. Det intressanta för studien är att vi har fått en bredare helhetssyn över hur revisorerna påverkats. Statistiska variabler har skapat förutsättningar för olika grupperingar och bidragit med värdefull information som har presenterats i analysen. Konsekvensen av finanskrisen har varit både positiva och negativa. Den ökade risken tvingar revisorerna till ett mer djupgående riskanalyser, detta upplever vi som en positiv konsekvens av finanskrisen. Även granskningsarbetet har fått ett ökat fokus och tvingat revisorerna till ett mer noggrannare arbete. En negativ konsekvens är att kraven för dokumentationen har ökat vilket skapat betydligt mer arbete för revisorerna, något som vi anser kan komma att påverka effektiviteten för revisionsarbetet.

This dissertation analyzes the emergence of the Austro-Hungarian Bank (OeUB) as a modern lender of last resort (LLR) between 1868 and 1914. In order to evaluate policy responses to specific periods of financial distress, an in-depth knowledge of the context and dynamics at hand is indispensable. Chapter I sets the groundwork for this dissertation. It shows that bank failures during the Austro-Hungarian crisis of 1873 followed mainly from the break-down of a large repo market on the Viennese stock exchange. Credit institutions granted repo loans against securities that turned into highly illiquid and depreciated collateral. Banks that were forced to sell repossessed collateral in response to heavy funding withdrawals had to write-off substantial portions of their repo portfolios and thus incurred heavy losses. This chapter reinterprets the Austro-Hungarian crisis of 1873 as a historical "run on repo". It is the first study to examine a historical repo market crisis using microdata. I use semi-parametric survival analysis as well as stratification techniques new to the literature on bank distress to identify the causes of bank failures. Bank failures in 1873 did not spring from a pure liquidity problem, nor did they derive from a simple solvency shock. The complex roots of bank distress in 1873 posed difficult questions for policy-makers who needed to decide whether and how to intervene. Although central banks may be first-best candidates for the role of a LLR, they can also face constraints which obviate an elastic supply of liquidity during crises. Some of these constraints may be ideational, institutional or technical. Others are driven by market characteristics: quantity rationing can be the result of asymmetric information problems in financial markets. In Chapter II, I study a historical experiment implemented to overcome the specter of a credit rationing LLR during the Austro-Hungarian crisis of 1873. I explore bank-level information on treatment by a LLR mechanism designed as a public-private partnership between the central bank and market players. Drawing on inverse probability weighted regression adjustment (IPWRA) to tease out the causal effect of liquidity support, I show that this unconventional LLR was effective in mitigating bank distress: it worked as a remedy for the under-provision of a good particularly desirable in times of crises central bank liquidity. No matter how successful it is in calming financial distress and independently of the concrete form it takes, the LLR always comes at a cost. Moral hazard is a central issue in the literature on last resort lending. In Chapter III, I provide a new explanation for how central banks dealt with moral hazard historically. I focus on one specific component of central banks' risk frameworks: credit limits for discount window customers. I argue that credit limits as operationalized by the Austro-Hungarian Bank (OeUB) after 1878 constituted the backbone of an early form of microprudential regulation that was designed to check moral hazard in normal times. Credit limits empowered the Austro-Hungarian Bank to enforce minimum liquidity and capital standards for its counterparties at the discount window. Rather than contradicting the tenet of free lending in times of distress, credit limits functioned as "contingent rules": enforced in normal times, limits were increased or lifted during liquidity crises perceived as exogenous. Moreover, even during crises, the Bank did not simply relax limits for all credit institutions: it differentiated between banks depending on their fundamentals prior to the crisis. Chapter III provides the first economic interpretation and empirical analysis of the credit limit frameworks employed by central banks in the past.

Orientador: Eduardo Strachamn / Banca: Enéas Gonçalves de Carvalho / Banca: Ernani Torres Teixeira Filho / Resumo: O presente trabalho tem como objetivo analisar a experiência do Japão após os colapsos das bolhas especulativas dos ativos na década de 1990. Aceitando que o pior já passou, ou seja, que a crise financeira japonesa foi finalmente resolvida, uma coisa é certa; não antes de uma "década perdida" caracterizada por um longo período, de baixo crescimento, aumento das taxas de desemprego, deflação nos preços dos ativos, falências bancárias e persistência dos no-performing loans. Nesse contexto, as principais respostas obtidas por este trabalho foram: a crença que a recuperação econômica viria com o passar do tempo e a falta de entendimento sobre o tamanho do problema que a morosidade de atuação levaria ao sistema, explica em certo ponto a tolerância inicial do governo japonês frente à crise econômica. A política fiscal expansionista foi eficaz, mas, não utilizada de forma consistente, a natureza "stop-start" dos estímulos realizados, e em particular as prematuras reversões fiscais diminuíram a sua eficácia, outros fatores prováveis para a baixa eficácia durante os anos 90 foram: os estímulos fiscais podem ter sido prejudicados pela queda dos multiplicadores fiscais; os efetivos investimentos públicos foram menores que os anunciados e ao invés de se dar ênfase a obras públicas, priorizou-se cortes em impostos. De outra forma, um caminho fundamental de maximizar os estímulos fiscais é através da restauração do crédito do setor bancário, caso a recapitalização e as restaurações do setor fossem realizas em uma fase inicial, os efeitos dos estímulos poderiam ser de curta duração, se o sistema financeiro estivesse em boa saúde. No Japão, as injeções nos bancos "em grande escala" ocorreram apenas em 1999. Por outro lado, a política monetária, com base em uma versão alternativa da armadilha da liquidez levou o BOJ a tomar algumas medidas... (Resumo completo, clicar acesso eletrônico abaixo) / Abstract: This dissertation intend to analyze the experience of Japan after the collapse of speculative bubbles in assets in the 1990s. Accepting that the worst is over, that is to say, that the Japanese financial crisis was finally resolved, one thing is certain; not before a "lost decade" characterized by a long period of low growth, increasing rates of unemployment, deflation in asset prices, bank failures and persistence of no-performing loans. In this context, the main responses received for this work were: the belief that economic recovery would come with the passage of time and lack of understanding about the size of the problem that the slowness of action would lead to the system; this explains in some degree the initial tolerance of the Japanese government by the economic crisis. The expansionary fiscal was effective, but not consistently used, the nature of "stop-start" of the stimuli made, and in particular the early tax reversals decreased its effectiveness, other likely factors for the low efficiency during the year 1990 were: the fiscal stimuli may have been harmed by falling tax multipliers; the effective public investments were lower than those advertised instead of giving emphasis to public works, the priority was tax cuts. On the other hand, a fundamental way to maximize the tax incentives is through the restoration of credit from the banking sector, if the recapitalization and the restorations of the sector were held in an early stage, the effects of stimuli could be short term, if the financial system was in good health. In Japan, the injections in banks "large scale" occurred only in 1999. Moreover, monetary policy, based on an alternative version of the liquidity trap led the BOJ to take some innovative measures since 2001. Centered on a strategy to ensure liquidity and extend the warranties on direct purchases of assets, quantitative easing was implanted... (Complete abstract click electronic access below) / Mestre

The aim of my final thesis is the derivatives markets development analysis during financial crisis. Through basic problems with derivatives accounts of Lehman Brothers we can assess needs of standardization and transparency in area of derivatives instruments with such result which has minimal impact for liquidity on derivatives market. In the next step, there was analyzed year 2008 alone because of bankruptcy announcement of Lehman Brothers and therefore was analyzed impact on derivatives product lines in organized market in this year. Last part of thesis is analyzing development of number and change in traded derivatives contracts, options and futures, in organized market differentiated by products lines since 2002 to 2010.

The Master thesis "Performance analysis of selected collective investment funds" is focused on development of collective investment and gives readers the general overview of the current situation of collective investment funds in the capital market of the Czech Republic. The initial description of the theoretical, historical and legislative development of this specific form of investment is followed by two primary parts of this thesis. The first part analyzes the impact of the global financial crisis on the Czech Republic's market of collective investment and the subsequent economic development. Second and also the fundamental part of this thesis focuses on the examination and comparison of the performance of selected funds operating in the Czech Republic.

This master thesis is focused on assessing the impact of the global financial crisis on the EU banking sector. The main objectives is the description and analysis of measures taken by U.S. and European policies in response to the collapsing banking market. In the first part I deal with the beginning of the crisis in the U.S., defining the causes of the crisis, impact on the U.S. banking rescue and analysis of individual steps by the government and FED. The second and third part is already fully paid to the situation in the European Union. Besides of the stimulus policies of the ECB, which shoud prevented the deepening recession in the EU, I try to analyze and evaluate the impact of the Larosiere report. Large space is devoted to evaluation of Stress test of European's banks 2010, which were carried out by the ECB. In conclusion, I try to show my subjective outline of future development of European's banking market.

This thesis presents market stock trading focused on analysis of financial crisis which falls on world's biggest exchange stocks and strategy of trading for a small investor. In the first part of this thesis will be explained priciples of trading on stock markets with modern trading business platformes. I explain economic conections and economy cycles which influence development of financial markets. In second part of thesis I analyse financial crisis fall on stock markets, indexis, commodities (gold, silver, brend crude oil) and currency markets (forex). I appreciate situation in Czech republik and course of czech index PX. Important role has a fundamental and technical analysis. I will analyse and descript modern trends of this business.

The aim of this paper is to summarize the changes in the regulation of world capital markets, which have been made in connection with the course of the financial crisis. Focus my attention on two of the world's economies, the U.S. and the European Union. The next section will analyze the specific market segments - banking, insurance and credit rating agencies. The paper describes the most important rules of law which arose from the changes in the regulation of financial markets.