Since reformed of banking structure in China, banks have been gradually developed their operation system. Moreover, the restructure in commercial bank after joined WTO had established China¡¦s banks performance and international reputation. Since 2007, many large commercial banks have strength its risk management based on the commitments made by China Banking Regulatory Commission (CBRC) to follow the New Basel Capital Accord. When the global banking industry is devastated by global financial crisis (GFC) during 2008, China¡¦s banks are less affected by GFC. In addition, the capital scale and revenues performance were thrived during GFC. Therefore, it shows that banks in China had improved the resilience ability during financial crisis. However, being originated in China¡¦s loose monetary policy and economic stimulus package after GFC, investors worried that domestic banks might bear high risks. Notably, the risk is specific risk from each bank instead of system risk. This study employs Markov regime-switching model to examine 14 China banks¡¦ stock prices. The empirical evidence supports our hypothesis that behavior of China banks¡¦ stock prices has confronted structural change after GFC. Furthermore, this research presents that unsystematic risks from each bank were significantly decreased after GFC. It indicates that investors are too pessimistic on the banks in China might suffer high risk after government interventions.

Darbo tikslas – išanalizuoti NASDAQ OMX Baltic listinguojamų įmonių kapitalo struktūrą pasirinktose sektoriuose(energetika, finansai, gamyba). Baigiamojo darbo pagrindinis uždavinys - išsiaiškinti esamus kapitalo struktūros skirtumus tarp sektorių - energetika, finansai, gamyba. Kapitalo struktūros tyrimas apima: atskirų sektorių analizę, veiksnių, lemiančių kapitalo struktūros pasirinkimą, nustatymas, pastarosios finansų krizės įtakos įmonių skolinimuisi įvertinimą. Tyrimą sudaro trys dalys: kapitalo struktūros teoriniai aspektai, NASDAQ OMX Baltic listinguojamų įmonių (energetika, finansai, gamyba) kapitalo struktūros tyrimo metodologija ir tyrimo rezultatai. Atliktas tyrimas patvirtino 2 iš 3 išsikeltų hipotezių. Pirma, nustatyta, kad tarp skolinto kapitalo dydžio ir termino egzistuoja koreliacija. Antra, veiksniai susiję su skolos-turto santykiu buvo turto materialumas ir turto nusidėvėjimas. Trečia, pasaulinė krizė neturėjo įtakos įmonių skolinimuisi, priešingai – skolos dydis įmonių kapitalo struktūroje išaugo. Empirinio tyrimo rezultatai patvirtino, kad egzistuoja kapitalo struktūros skirtumai tarp pasirinktų sektorių. / The aim is to examine whether the NASDAQ OMX Baltic capital structure of listed firms is different in sectors (energy, finance, manufacture) and determine the factors leading to the level of debt. Final working key task is to find out the current capital structure differences across sectors (energy, finance, manufacture).Capital structure analysis of individual sectors includes analysis of the determinants of capital structure choice, as well as assess the latter's financial crisis on corporate borrowing. The study consists of three parts: the capital structure theoretical aspects, survey methodology and results. Study carried out by two of three set in the hypotheses. First, the amount of leverage and maturity there is a correlation. Secondly, factors related to the debt-asset materiality of the assets and asset depreciation. Thirdly, the global crisis did not affect the borrowing companies. Empirical study has confirmed the existence of capital structure differences among the selected sectors.

Thesis (B.A.)--Haverford College, Dept. of Economics, 2009. / Includes bibliographical references.

This paper examines the effects of the Global Financial Crisis on the relationship between unemployment and inflation rate through the Phillips Curve in five Nordic countries: Denmark, Finland, Iceland, Norway and Sweden, from 1999 to 2016. The Nordic countries are quite unique in the world, as they are all economically and culturally connected to each other, which allows us to analyse how the crisis affected them differently. The foundation of our research is the Phillips Curve, which shows an inverse relationship between unemployment and inflation. By using the two-way fixed effects model, we have investigated whether the Phillips Curve and the relationship still holds during the time of the crisis for the Nordic countries. The results have shown that the relationship has changed during the crisis period, which might be due to the unemployment shock and the low targeted inflation rate.

Les « crises financières internationales » sont des événements forts qui remettent en cause l’ordre du secteur financier tout en impactant le reste de la société, notamment aux niveaux économique (baisse des crédits par exemple) et social (chômage par exemple). Elles présentent donc l’intérêt de situer clairement les valeurs et les normes que l’État et ses représentants défendent lorsque ceux-ci communiquent sur ces « crises ». Notre recherche s’appuie sur les activités de communication des membres de l’exécutif (les ministres et le Président de la République) pendant le « krach boursier de 1987 », la « crise asiatique de 1997-1998 » et la « crise des subprimes de 2007-2008 ». Il existe en effet un lien symbolique entre les activités de communication des membres de l’exécutif et la communication de l’État. Les ministres et le Président sont légitimes pour incarner l’État et le faire agir au travers de leurs activités communicationnelles. À partir de ce lien, il est possible de comprendre le rôle de la communication de l’État pendant une « crise financière internationale ». Cette thèse interroge la participation de la communication étatique au gouvernement de la société française. Elle porte également sur les rapports de collaboration et de concurrence que les représentants de l’État entretiennent, par l’intermédiaire de la communication, avec des acteurs différents – comme les journalistes ou les acteurs politiques d’autres États – participant à la construction d’une « crise ». En somme, notre recherche propose d’inclure la communication de l’État dans des logiques de domination et de rapports de force. / "International financial crises" are meaningful events who question the order of the financial sector while impacting the rest of the society, notably at economic (drop of credits for example) and social levels (unemployment for example). In consequence, they clearly show values and norms that the state and its representatives stand up for when they communicate. Our research is based on communication activities of the members of the executive (ministers and the president of the Republic) during the "stock market crash of 1987", the "asian crisis of 1997-1998", and the "subprimes crisis of 2007-2008". Indeed there is a symbolic link between communication activities of the members of the executive and State communication. Ministers and the President are legitimate to embody the State and make it act through their communication activities. From this link, it is possible to understand the role of the State communication during an "international financial crisis". This thesis examines the participation of State communication in the government of French society. It also addresses the collaborative and competitive relationships, through of communication, that State officials have with different actors - such as journalists or political actors of other States - involved in building a "crisis". In short, our research suggests to include the communication of the State in logics of domination and power relations.

Cette thèse est divisée en deux sections. La première section adresse la question sur les conséquences des interventions des politiques budgétaires sur l'économie et la deuxième section traite de la problématique de la liquidité des titres européens de la dette souveraine pendant la récente crise financière, l'effet d'un choc de liquidité sur ces titres et les conséquences des réponses politiques. Le premier chapitre étudie l'impact d'un choc de politique budgétaire discrétionnaire sur l'activité économique et d'autres variables macroéconomiques en utilisant une approche alternative à deux étapes pour l'identification d'un choc budgétaire. Le deuxième chapitre analyse conjointement les effets d'une combinaison de chocs de politique fiscale et monétaire sur les variables macroéconomiques et financières, en utilisant un modèle de Time- V arying Parameters Factor Augmented Vector (TVP-F A V AR). Le troisième chapitre étudie le rôle des titres de la dette souveraine comme collatéral dans le marché interbancaire . En particulier, dans le marché dès pensions livrées, on montre comment une augmentation des marges initiales des pensions livrées, peut représenter un canal dans la transmission des crises bancaires aux crises de la dette souveraine dans les pays de la périphérie de la zone euro. Une augmentation des marges initiales des pensions livrées, qui ont comme collatéraux les titres de la dette souveraine peut être modélisée comme un choc de liquidité sur les titres de la dette souveraine. Le quatrième chapitre analyse l'impact de ce choc dans un modèle stochastique dynamique d'équilibre général (DSGE) avec frictions financières et analyse les conséquences des mesures économiques non-conventionnelles pour restaurer la liquidité dans les marchés financiers. / This dissertation is divided in two sections. The first section addresses the question of the consequences of fiscal policy interventions on the economy and the second section analyzes the issue of the liquidity of European Government bonds during the recent financial crisis, the effect ofliquidity shock on these securities and consequences ofpolicy responses. The frrst chapter studies the impact of a discretionary government spending shock on economic activity and other macroeconomic variables by using an alternative two-step procedure for the identification of the govemment spending shock. The second chapter analyzes the effects of a combination of fiscal and monetary policy shocks on macroeconomic and financial variables using a Time Varying Parameters Factor Augmented VAR (TVP-FA VAR) mode!. The third chapter investigates the European market of repurchase agreements and shows that government bonds represent a key fraction of the collateral in these transactions. lt also examines the effects of a rise in haircuts on the value of govemment bonds and shows that this mechanism may represent a channel in the transmission mechanism of banking and sovereign-debt crises in the periphery of the Eurozone. Following the empirical findings of the third chapter, the last chapter proposes a DSGE model with financial frictions to assess the impact of a negative liquidity shock and the consequences ofunconventional policy.

Understanding characteristics of unemployment can contribute to labour market policies. Therefore this thesis investigates gender and ethnic unemployment during the recent 2008-2010 recession and spatial autocorrelation of unemployment using multivariate analysis, decomposition techniques, and panel SAR model which is innovatively adopted to examine the mechanism of causing spatial autocorrelation.

M.Comm. (Financial Management) / The costs of the 2007- 09 financial crises on global economies have resulted in new central bank rules to strengthen financial institutions. The question of whether there were any significant differences in capital structures between banks who were liquid and those who were liquidity constrained in the 2007– 2009 global financial crisis, still needs to be answered. Theoretical models on corporate failure partly explain how bank capital management impacts on whether a bank fails or not. This study investigates the differences in capital ratios between banks who were liquidity- stressed and those who were liquid. A comparative analysis of selected banking capital ratios were done followed by a discriminant analysis to determine if there is a relationship between the capital structures of liquid and liquidity- stressed banks. It was found that there were differences in capital structures of liquid and liquidity- stressed banks but capital ratios on their own, could not be used as early warning sign for bank failure.

The topic of financial contagion has attracted increased attention in economic literature over the past three decades; in particular after the Asian crisis of 1997. This dissertation investigates financial contagion and its effects on South Africa after the 2007 global financial crisis. In particular, it examines whether South Africa experienced contagion from the United States stock market to its own over the period 1 July 2007 to 1 April 2009 within the strict definition of contagion or otherwise: the fraction of exceedance events in the stock market that is left unexplained by its own covariates but is explained by the exceedance from another region. This is tested empirically with a binomial-nominal logistic model. In addition to this, various financial and trade transmission mechanisms are tested to empirically determine through which channels the crisis was propagated. The analysis makes use of quarterly data from January 2002 to April 2009, within an OLS framework, with a dummy variable differentiating the periods before and after the collapse of Lehman Brothers. The findings suggest that contagion was in fact not present in this crisis, which speaks to market rationality and indicates that the South African stock market did in fact react rationally to a changing macroeconomic environment over this period. The transmission mechanism analyses indicate that there was a change in the interdependence relationship between the two stock markets following the crash of Lehman Brothers in September 2008. It is apparent that both trade and financial variables played significant roles in the propagation of this crisis.

This dissertation investigates the effects of the financial crisis on the South African economy. In order to do this, an index which describes the financial conditions of the South African economy is constructed and computed. The index indicates that domestic South African financial conditions have deteriorated substantially during the period under study and so the study investigates how this has impacted on the country’s economic growth. A VAR model with South African variables is specified and used to assess the quantitative effects of the financial crisis on South African real GDP growth. Results suggest that the South African economy was not significantly affected by the crisis, but economic growth was slowed down and may still grow substantially slower in the next few years due to the financial crisis. These results corroborate the theoretical predictions and are also supported by previous studies.