Выпускная квалификационная работа (магистерская диссертация) посвящена исследованию рынка ипотечного кредитования в России. Предметом исследования выступает механизм формирования и развития системы ипотечного жилищного кредитования, а также общественные отношения, возникающие в процессе его осуществления. Целью данного исследования является изучение теоретических и практических основ ипотечного кредитования, а также анализ ипотечного кредитования в АО «Газпромбанк» и разработка мероприятий по его совершенствованию. В заключении обозначены рекомендации по совершенствованию ипотечного кредитования в АО «Газпромбанк». / Final qualifying work (master's thesis) is devoted to the research of the mortgage lending market in Russia. The subject of the research is the mechanism of formation and development of the system of mortgage lending, as well as social relations arising in the process of its implementation. The purpose of this study is to study the theoretical and practical foundations of mortgage lending, as well as the analysis of mortgage lending in JSC Gazprombank and the development of measures for its improvement. In conclusion, recommendations for improving mortgage lending in JSC "Gazprombank" are indicated.

Since the onset of the global financial crisis, urban dwellers face an increasing number of obstacles in establishing themselves on the housing market. Against this backdrop, this paper addresses the variegated dynamics of real estate dispossession in the tourist conurbation Los Cristianos/Las Américas on an intra-urban scale. First, I will present the spatio-temporal patterns of dispossession for the period 2001–2015 using the ATLANTE database (CGPJ). Specifically, I analyze mortgage foreclosures and tenant evictions, both for residential and commercial spaces. Second, I delve deeper into local experiences of dispossession of the resident population and their housing and income conditions by means of questionnaires that I conducted in 2018. The data shows that mortgage foreclosures and dispossessions of residential spaces predominate the initial years after the crisis, albeit with varied spatial incidence. However, the increase in tenant evictions from 2014 onwards points to a reconfiguration of displacement dynamics. Indeed, as stated by the interviewees, staggeringly high rent burdens have become the main driver for displacement from both living and working spaces in recent years. Given the ongoing global pandemic, further and more nuanced research is necessary to grasp how these prevailing housing insecurities are shaped during and beyond the coronavirus crisis.

Vi befinner oss just nu i mitten av 2023 som är en ekonomiskt orolig period på grund av kriget i Ukraina, corona-pandemi, energikris och inflation. Banker kan betraktas som en livsnödvändig samhällsinstitution som under denna period kan minska oron i samhället och samtidigt bygga ett starkt varumärke med hjälp av sin visuella externa kommunikation. Visuell kommunikation kan snabbt och tydligt överföra information, har en känslomässig påverkan och skapar en attraktiv och engagerande kommunikation. Problemet är att det saknas forskning som ser på bankers externa kommunikation under oroliga perioder ur ett visuellt perspektiv. Därför ämnar denna studie att fylla den forskningsluckan. Studien bidrar även med forskning som ser på bankers kommunikation ur ett nutida perspektiv i det sammanhang som aktuella samhällskriser orsakat vilket också är en forskningslucka att fylla. Studien utförs som ett kvalitativt kreativt projekt med Sparbanken som fallstudie där det undersöks hur de kan kommunicera med sina kunder och allmänheten gällande bolån under rådande inflation. I projektets designprocess skapas exempel på kampanjidéer som personer som påverkas av den höjda bolåneräntan värderar i enskilda intervjuer. Deras synpunkter tillsammans med teorier inom varumärke och visuell extern kommunikation, och tidigare forskning om bankers externa kommunikation,  ligger till grund för resultatet och en färdigställd kampanj. Resultatet visar att trygghet och pålitlighet bör genomsyra kommunikationen, vilket stöds av tidigare forskning. Men studien visar också att en symbolisk och djupare betydelse som skapar en emotionell koppling mellan mottagaren och avsändaren är betydelsefull. Studien påvisar också att visuella element som skapar igenkänning, enkelhet, tydlighet och optimism hos mottagaren ska användas i den visuella externa kommunikationen. Resultaten är användbara för banker att ta del av för att tillsammans minska oron i samhället med hjälp av visuell extern kommunikation. Både nu och under eventuella ekonomiskt oroliga perioder framöver. / We are currently in the middle of 2023 which is an economically troubled period due to the war in Ukraine, the corona pandemic, the energy crisis and inflation. Banks can be considered a vital social institution which, during this period, can reduce the worry in society, and at the same time build a strong brand with the help of visual external communication. Visual communication can quickly and clearly convey information, has an emotional impact and creates attractive and engaging communication. The problem is that there is a lack of research that looks at banks' external communication during troubled periods from a visual perspective. Therefore, this study aims to fill that research gap. The study also contributes with research that looks at banks' communication from a contemporary perspective in the context caused by current social crises, which is also a research gap to fill. The study is a qualitative creative project with Sparbanken as a case study where it is examined how they should communicate with their customers and the public regarding mortgages during prevailing inflation. In the project's design process, examples of campaign ideas are created that people who are affected by the increased mortgage interest evaluate in individual interviews Their opinions, together with theories in branding and visual external communication and previous research on banks' external communication, form the basis of the result and a completed campaign. The result shows that security and reliability should pervade communication, which is supported by previous research. But the study also shows that a symbolic and deeper meaning that creates an emotional connection between the recipient and the sender is significant. The study also demonstrates that visual elements that create recognition, simplicity, clarity and optimism should be used in visual external communication. The results are useful for banks to take part of in order to jointly reduce the worry in society with the help of visual external communication. Both now, and during any financially troubled periods ahead.

Bond markets are crucial for the stability and efficiency of the national financial system. Low liquidity prevents market developments and makes investors reluctant to trade actively. It is therefore crucial to maintain liquidity in bond markets. This thesis aims to investigate investor activity and liquidity in the Swedish government and mortgage bond markets. By creating indices using a combination of public trading data (actual trades) and private trading data (potential trades) to measure investor activity, a new liquidity proxy is created. The indices capture two aspects of investor activity, both the quantity of the bonds as well as the trading frequency. High levels of activity imply a liquid market and low levels of activity imply a lack of liquidity. Since Swedish and international investors are exposed to different risks even when investing in the same market, this thesis has segmented investors into four groups: Swedish investors in the government bond market, Swedish investors in the mortgage bond market, foreign investors in the government bond market and foreign investors in the mortgage bond market. To further understand the driving factors of market activity, regression analysis is conducted. From the existing literature a total of 11 potential explanatory variables have been identified. Due to the various market conditions in each investor group, it is no surprise that the variables influence the groups differently. Bond market return, short term interest rate and term risk structure are found to be highly significant for all investor groups. Moreover, stock market return and macroeconomic news are identified to be relevant variables when explaining shifts in investor behaviour. Positive developments in bond and stock market returns boost investor activity, while negative developments halt activity. Short term interest rate and the term risk spread are found to have similar effects, positive influence in the government bond market and negative influence in the mortgage bond market. For international investors, two spreads reflecting Swedish market conditions in relation to international benchmarks are included in the analysis. Both spreads are found to be highly significant, indicating that foreign investors choose to trade in the bond markets with the most desirable conditions. / En välfungerande obligationsmarknad är avgörande för ett lands finansiella stabilitet. Brist på likviditet hindrar marknadsutveckling och medför att investerare blir ovilliga att handla aktivt. Det är därför viktigt att behålla likviditeten i obligationsmarknader. Den här uppsatsen undersöker aktiviteten och likviditeten i de svenska marknaderna för statsobligationer och bostadsobligationer. För att mäta aktiviteten har en kombination av offentlig handelsdata (utförda transaktioner) och privat handelsdata (potentiella transaktioner) använts. Den uppmätta aktiviteten avspeglar storleken på transaktionerna såväl som frekvensen av transaktionerna. Hög aktivitet i marknaden indikerar att likviditeten på marknaden är hög, låg aktivitet indikerar att det råder brist på likviditet i marknaden. Svenska och internationella investerare kan uppleva olika marknadsförhållanden och utsättas för olika risker även när man handlar i samma marknad. Därför har den här studien valt att dela upp investerarna i fyra olika grupper; svenska investerare av statsobligationer, svenska investerare av bostadsobligationer, utländska investerare av statsobligationer och utländska investerare av bostadsobligationer. För att förstå de underliggande faktorerna som driver dessa investerargruppen att vara aktiva på marknaden har regressionsanalys med 11 förklarande variabler använts. På grund av de olika marknadsförhållandena för svenska och utländska investerare, skiljer sig även de drivande faktorerna. Avkastning på obligationsmarknaderna, kortfristiga räntesatsen samt löptidsstrukturen för obligationer visar sig vara signifikanta för alla investerargrupper. Dessutom tyder resultaten på att avkastningen på aktiemarknaden och makroekonomiska nyheter också har betydande inflytande på aktivitet. Positiv utveckling i obligationsmarknaden och aktiemarknaden stimulerar marknadsaktivitet. Den kortfristiga räntan och löptidsstrukturen visar sig ha liknande effekter, positivt inflytande på marknaden för statsobligationer och negativt inflytande på marknaden för bostadsobligationer. För internationella investerare har även två spreadar som återspeglar svenska marknadsförhållanden i relation med utländska marknadsförhållanden inkluderats i regressionsanalysen. Båda spreadarna visar sig vara betydande för utländska investerare. Detta tyder på att utländska investerare väljer att vara aktiva i den marknaderna som de anser ha de mest önskvärda handelsförhållandena.

Prisutvecklingen på bostäder har under en längre tid växt i en snabbare takt än inkomstutvecklingen. De bakomliggande faktorerna till prisutvecklingen har varit sjunkande bolåneräntor samt ett bostadsbyggande som understigit befolkningstillväxten. Till följd av låga räntor har allt fler svenska hushåll efterfrågat en högre belåningsgrad samt skuldkvot, vilket inneburit samhällsrisker för den svenska ekonomin. För att hämma en fortsatt prisutveckling har flera kreditregler införts. Med bakgrund av nuvarande kreditregler samt en hyresmarknad som kännetecknas av allt längre kötider har inträdesbarriären till bostadsmarknaden blivit än mer ansträngt för unga vuxna samt förstagångsköpare. Vi har i vår studie jämfört och utvärderat ett statligt garanterat startlån och Boligsparing For Ungdom som eventuella åtgärder som underlättar bostadssituationen för unga samt förstagångsköpare. Genom semi-strukturerade intervjuer med personer verksamma inom finansiella aktörer samt egna kalkyler har vi ställt dessa förslag mot varandra med hänsyn till dess effekt, kostnader, sparhorisont och socioekonomiska effekter. Resultatet visar att en svensk BSU-variant skulle ge många unga ett starkt incitament att spara i en mindre riskfylld sparform samt bidra till positiva samhällseffekter med en större sparmedvetenhet. Problemet är att effekten är låg i jämförelse med startlånet samt att stora skattesubventioner blir riktade mot samhällsgrupper som har möjlighet att spara. Med detta i åtanke kan ett bosparsystem förvisso vara ett åtgärdsverktyg för att sänka ungas tröskel in till bostadsmarknaden, men att fler lösningar krävs för en lösning på dagens bostadssituation. / The price development on residential housing has for a long time surpassed the growth rate of income in Sweden. A drop in mortgage rates and a construction deficit to population growth are the main underlying reasons for higher housing prices. As a result of low interest rates, Swedish households are significantly becoming more and more leveraged, leading to potential risk elements to the Swedish economy. To curb further price increases new credit rules have been implemented on housing. Due to current credit regulation and a rental market out of balance with long queue times, the access to the housing market is getting out of sight for young adults and first-time buyers. In our study we have examined and compared a government guaranteed second mortgage and the Boligsparing For Ungdom as potential actions to help the situation for young adults and first-time buyers. We have by conducting semi-structured interviews with financial institutions and our own calculations, compared these two options against each other in terms of their effect on saving horizon, costs and socioeconomic implications. The result of the study shows that a Swedish BSU-system would give many youngsters a strong incentive to save in a safe savings form and add positive effects to society with a greater awareness on the importance of savings. The downside with BSU is that it has a lower effect compared to the second mortgage and that large tax subsidies will be aimed towards society groups that already have the ability to save money. Although many more options are needed to solve the current housing situation, a house savings program such as Boligsparing For Ungdom can still be a good tool to reduce the entrance barrier for youngsters.

Le droit des sûretés réelles a fait l’objet de profondes mutations à la suite de plusieurs réformes successives qui viennent de l’affecter. Si la matière s’est indubitablement modernisée, il reste qu’elle souffre d’un manque de cohérence globale qui tient tout à la fois à la trop grande offre de sûretés et à l’insuffisance de règles fédératrices venant régir l’ensemble. La question se pose alors de savoir s’il est possible et envisageable de dégager un socle de règles communes plus élaboré, voire même un droit commun, et selon quelles modalités. Il en ressort l’interrogation sur l’efficacité du droit ohada des sûretés réelles au regard de l’inadéquation entre les objectifs du législateur africain et les moyens qu’il a mis en oeuvre pour les atteindre. Au regard des expériences internationales, la réponse à ces questionnements réside à notre sens dans une réforme plus ambitieuse du droit ohada des sûretés réelles qui se traduirait par l’adoption d’une approche fonctionnelle telle qu’il nous a été donné de voir dans des pays appartenant à la même tradition juridique que la nôtre. Plus concrètement, il s’agira de redonner, à travers cette conception fonctionnelle des sûretés, de la cohérence, de la simplicité et de l’accessibilité, en somme de l’efficacité au droit ohada des sûretés réelles de manière à le rapprocher des populations et des réalités socio-économiques des États de l’ohada tout en n’occultant pas les enjeux économiques internationaux. / The real security interests law/secured transactions has gone through crucial changes following a series of several reforms which has affected it. If the subject matter has undoubtedly been modernized, it is obvious that the real security interests law/secured transactions is still lacking of general consistency which is linked simultaneously to the large numbers of proposal on security interests and to the insufficiency of federative rules which come to govern the whole. Actually, the problem poses the question to know if it is possible and conceivable to put forward a base of more sophisticated general rules, or even a general law, and according to what methods? The interrogation underlines the efficacy of ohada real securities law in regard to the inadequacy between the objectives of the African legislator and the means used by him to achieve them. In other words, it is admitted to question on the way of a reinforcement of the actual real securities law in sight of a greatest efficacy. In regard to the international experiences, the answer of these questioning is found, in our opinion, in a reform more ambitious of the ohada real securities law which is going to lead to the adoption of a functional approach as it was observed in States with the same juridical culture of ours. In concrete terms, it is important to give back, through this functional conception of securities interest, coherence, and simplicity, in sum, efficacy to ohada real securities law likewise to bring it closer to the population and to the socio-economic realities of ohada member States while revealing the international economic stakes.

隨著科技、醫療技術的進步，全世界的死亡率逐年下降，導致人口高齡化、扶老比逐年增加等問題，在這些問題下，退休老人是否有足夠的退休金來維持生活品質是每個人都很關心的議題。本論文探討反向房屋抵押貸款在台灣的應用來維持退休老人生活品質，在承做反向房屋抵押貸款得過程中，影響最大的三個因素分別為死亡率模型、房屋價值模型與利率模型。本論文中的死亡率模型採用Lee 與Carter 的死亡率模型；利率模型採用CIR-SR (Cox、Ingersoll 與Ross)模型；房價模型則是採用ARIMA 模型與布朗運動模型。最後利用台灣死亡率、利率與房價的資料進行模擬，針對各個不同的情境做分析，使用無套利的定價模型計算 反向房屋貸款在台灣的最適可貸金額。 / Progressions of technology and medical treatment has caused the dropping of death rates which raised the aging population problem. Under this circumstance, maintaining good quality of life after retirement is an issue that many of us concerned. This paper discusses how the use of reverse mortgage may help us to accomplish a quality retirement life. In addition to that, we apply the Lee-Carter model, CIR-SR model, and ARIMA model to forecast mortality, interest rate, and house prices respectively. Finally, we use the statistic from Taiwan to simulate several scenarios, and then use the no arbitrage pricing model to find the best payments of reverse mortgage.

不同股市的報酬關聯隨時間動態改變，本研究欲了解近期美國、台灣與亞太地區的中國大陸、香港、日本及韓國的報酬連動關係，並進一步觀察次級房貸風暴期間美股對這些地區的關聯改變趨勢。本論文採用灰色理論與時間序列兩種方法，實證發現次級房貸風暴發生期間，台股及亞太地區主要指數不論在報酬率或是報酬率波動性受美股影響的程度大多增強。 實證結果顯示，在風暴期間的報酬率傳導關係，亞太以韓國影響台股最顯著，美股則全面影響亞太指數；在報酬率波動性溢傳上，亞太以日本、美股以道瓊工業影響台股最強，台股則是電子類股被美股影響最重，但營建類股在與美股或是亞太指數的關聯趨勢變化卻最明顯。另外，灰關聯分析對時間序列檢定的關聯組合可以提供互補的關聯強弱關係說明，且具有相當的正確性。 / Connections between stock markets are dynamically changing, and it affects investor's transnational investment portfolio. We focus on the relationships of stock markets among the United States, Taiwan, Japan, Korea, China and Hong Kong, and eager to understand the connection tendency between Untied States and Asian-Pacific area during the subprime mortgage crisis period. The identified research methods are time series and grey theory, including Granger causality test, GARCH model and grey relational analysis. We find out the returns and volatility in Asian-Pacific stock markets were all affected increasly by U.S. market during the subprime mortgage crisis. The main empirical results are as follows: In the relationships of returns, Korea affects Taiwan mostly in the Asian-Pacific area, and U.S. market affects all the others entirely during the subprime crisis. In the relationships of volatility, Japan and Dow Jones index affects Taiwan deeply during the period; within all the Taiwan indexs, Electronic Sector Index was affected by the U.S. market mostly than others during the same period, but the connection tendency in the Construction Sector Index with other markets changes more obviously. Otherwise, grey relational analysis can provide complementary explainations as compared to time sereies in the strength of relationships, and the explainations are with plenty credibility.

美國次級房貸風暴自2007年7月爆發以來，除重創金融市場外，亦導致相關會計準則之修訂。本研究以我國金融業為對象，探討：（1）以公平價值認列之金融商品及相關金融資產負債之損益，其財務報導是否具有價值攸關性；（2）金融資產減損損失對投資人之影響是否重大；（3）可能產生減損損失之金融資產其財務報導是否具有價值攸關性；以及（4）財務會計準則第34號公報第二次修訂對投資人之影響為何。 / 本研究之主要發現如下：（1）以公平價值認列之金融商品具有價值攸關性，亦即其對投資人具有參考價值；（2）金融資產減損損失及無活絡市場之債券投資具有價值攸關性，金融資產減損損失增加時，會降低公司之價值，而影響投資人決策；以及（3）第34號公報第二次修訂之內容，對股價具有負向之解釋能力，亦即投資人並不認為金融商品重分類規定之放寬，有助於降低金融風暴對於金融業可能帶來的衝擊。 / Since the U.S. subprime mortgage crisis broke out in July, 2007, it not only inflicted heavy losses to global financial markets, but also caused changes in accounting standards. Using the financial industry in Taiwan as research sample, this study examines: (1) whether financial instruments measured at fair value and their reported gains and losses in the financial statements have value-relevance; (2) the influence of impairment losses of financial assets; (3) whether the financial instruments related to impairment losses of financial assets are value-relevant; and (3) the influence to investors before and after the Statements of Financial Account Standard (SFAS) No. 34 second revised. / This study’s major findings are as follows. The financial instruments measured at fair value are value-relevant and can provide incremental information to investors. Impairment losses on financial assets and non-active market investments also have value-relevance. If a company has more impairment losses on its financial assets, it may negatively affect the firm’s value and change investors’ decisions. As for the second revision of SFAS No. 34, it did not reverse investors’ expectations of the negative effect of the aforementioned financial crisis on the financial industry in Taiwan.

近年來隨著台灣人口日漸少子化，「養兒防老」的傳統觀念已不符時勢所趨，面對高齡化社會所帶來龐大的財政負擔及老年人口安養等社會問題。過去研究結果提供了一可能的解決方案－「逆向房屋抵押貸款（Reverse Mortgage, RM）」，然而，對於此種新型貸款在台灣推行之完整可行性分析，相關研究尚付之闕如。是故，本研究從承貸雙方角度出發，旨在深入探討未來逆向房屋抵押貸款在台推行之可行性。 首先，對於申貸者而言，本研究以30至60歲且名下擁有不動產之家戶為研究單位，並用問卷調查台灣中年房屋持有者申請逆向房屋抵押貸款之意願程度。針對調查結果，再以「羅吉斯迴歸（Logistic Regression）」分析影響申請意願之顯著因子，據以探討申請意願與受訪者特性兩者之關係。 其次，從承貸者角度建立一貸款定價模型，模擬分析於損益兩平條件下，貸款機構有無貸款保險，以及於不同貸款給付方案中，其可提供逆向房屋抵押貸款之最高可貸款成數（Loan to Value, LTV）。再者，進一步結合台灣各主要都會區房價資料，研究顯示所得替代率（Income Replacement Ratio, IRR-RM）符合多數申貸者之基本需求。 本研究預期「逆向房屋抵押貸款」除了有效解決人口老化所衍生之社會問題外，亦兼具政府「就地老化（Aging in Place）」政策效益，提升了老年生活品質，維護老年人口的尊嚴。 / With the continuously declining fertility rates and the increasing life expectancy, Taiwan has become one of the aging societies in the world. To release the financial strain of the government, a great number of literature has suggested an alternative option, Reverse Mortgage (RM), to improve the retiring life quality of the elders. However, little attention has been given specifically to the feasibility of the application of RM and the pricing model in individual countries. This study thus conducted the questionnaire and collected the data in Taiwan for analysis in order to show the implementation feasibility of RM in aging society for both the aspects of both lenders and borrowers. First of all, to find out the factors affecting the willingness in applying for RM and the characteristic of the middle-aged homeowners, we designed a survey and a quantitative analysis of the questionnaire through Logistic Regression Analysis. Second, under a break-even hypothesis, we analyzed the ratio of Loan to Value (LTV) a reverse mortgage lender would offer through the simulation model. Furthermore, the housing data from different metropolises of Taiwan is integrated into the study in order to determine whether if the Income Replacement Ratio of RM (IRR-RM) could meet the basic needs of Taiwanese. Results found in this paper suggest that RM could satisfy the general need of people in Taiwan. Procedures conducted in this study may also provide precious insight for other aging countries. This paper suggests that reverse mortgage could not only solve the society issues, but also secure the retiring lives of the elders and preserve their living qualities.