This study presents the financial behavior of individuals in Umeå and how their allocation of financial assets has changed as an effect of the financial crisis of 2008. We have also elaborated further on what variables that has had the most impact on individuals’ reallocation behavior. We have chosen a quantitative approach and based our findings on the data derived from 210 participants. Our entire sample was drawn from the geographical area of Umeå and the data was collected through the use of a survey. Our research is built upon a deductive approach; hence we are not generating new theory but rather drawing our conclusions from the comparison of our collected data with previous made research. Our analysis led us to the conclusion that the majority of the individuals in Umeå have not chosen to reallocate their financial assets due to the financial crisis of 2008. Our research was to most parts in line with previous research made within this area. We were also able to determine some main variables that have had a evident effect on the individuals decision to reallocate or not. Some of the most prominent variables are; gender, income and risk willingness.

Although financial innovations and deregulations are often argued to be one of the main causes of the current global financial crises, there are only a few cross-country empirical evidences. Using several proxy variables for different types of innovations and regulations of a total of 132 countries, this thesis analyzes the effects of various types of financial innovations and regulations on several types of financial crisis such as currency crisis and banking crisis, for countries with different income levels. The thesis shows that financial innovation in the form of securitization has a negative effect on a country’s financial stability, while stronger regulations in the form of restrictions on bank activities and entry requirements are positively associated with the financial stability. However, judicious implementation of financial regulations is required to cope with the financial crisis because some types of regulations, if implemented simultaneously, have countervailing effects and may exacerbate the financial crisis.

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Given that all the governments in modern countries have put stress on service performance and quality, the role played by local governments is increasingly important. The main reason is that localization can provide a region with practical needs, so as to improve citizens¡¦ living quality. At the same time, with local decentralization, local governments can create respective regional distinctions and industrial cultures and learn from mutual competition. In the end, their citizen service performance will be further elevated reinforced. Currently, governments¡¦ functions have been expanding, which results in continuing increase in expenditures. Thus, financial decentralization has become a trend of modern countries, in which local governments have to have sufficient finance in order to effectively execute policies and plans. At present, our central government has ample financial resources and is in the position to distribute them, which helps the central government promote major policies and brings about local government¡¦s balanced development. However, in a different light, the decentralization of local finance is limited and resource distribution is out of balance. As a result, autonomous tasks have become difficult to be promoted, so the function of local autonomy cannot be well developed. Hence, the rule of thumb for wielding the substantive function of local governance is to elevate the autonomy of local finance. To increase local revenues, the central government passed the General Principles of Local Tax Act and Fee Act in 2002 to legalize the increase of local governments¡¦ revenues and give local governments more autonomy on their revenues. To this day, limited by pragmatic politics, the expected goal is hard to be attained in a short run, but, in order to effectively improve local financial plights, strengthen local chiefs¡¦ responsibility for the local finance they are in charge, maintain financial discipline and build the function of authorization management, the General Principles of Local Tax Act shall be fully followed in local governments¡¦ imposition of the special product tax, special tax and provisional tax, so as to improve local finance. The purposes of this study are to describe and analyze local governments¡¦ financial status, better understand the financial problems encountered by county/city governments and explore the goals to be attained for enhancing local finance, so as to put forth a strategy to reinforce financial autonomy. This study uses the research methodology including literature data collection, in-depth interviews and secondary data analysis, in which interviews with 11 financial experts were conducted. The main contents of this study cover the analysis of local financial structure in the dimension of law, comparison of county/city governments¡¦ financial revenue and expenditure, and analysis of Penghu County¡¦s financial revenue, expenditure and autonomy. The study further uncovers current local financial status and the existing problems, so as to put forth a strategy of financial autonomy to enhance local finance and attain the goal of sustainable management. By studying the overall dimension of local finance, this paper has concluded the following: 1. The expenditure structure is stiff, and the ratio of personnel expenses to annual expenses is too high. 2. Local financial autonomy shall be elevated and the subsidy system shall be enhanced. 3. Financial Distribution Act is required to be amended, but it will still not completely solve the financial problems. 4. Private participation in public construction or entrusted operation and development shall be strengthened. 5. Expenses of local non-statutory social welfare inflate and local governments¡¦ financial capacity is deficient. 6. Local governments¡¦ financial deficits have continued year by year, so public debts have also persistently increased. 7. Public property management shall be reinforced, so as to increase local financial revenues. 8. Even though General Principles of Local Tax Act are passed and enforced, their substantive function still cannot be wielded. Under existing statutory laws and regulations, the financial resources of local autonomy show severe shortages, and there are many problems existing amid respective local governments. In order to elevate local financial autonomy, this paper uses Penghu County as an example, and provides recommendations from the aspects of legal systems, policies and management respectively.

Although financial innovations and deregulations are often argued to be one of the main causes of the current global financial crises, there are only a few cross-country empirical evidences. Using several proxy variables for different types of innovations and regulations of a total of 132 countries, this thesis analyzes the effects of various types of financial innovations and regulations on several types of financial crisis such as currency crisis and banking crisis, for countries with different income levels. The thesis shows that financial innovation in the form of securitization has a negative effect on a country’s financial stability, while stronger regulations in the form of restrictions on bank activities and entry requirements are positively associated with the financial stability. However, judicious implementation of financial regulations is required to cope with the financial crisis because some types of regulations, if implemented simultaneously, have countervailing effects and may exacerbate the financial crisis.

Cílem práce bude vysvětlit nejnovější úpravu vykazování finančních aktiv a finančích závazků včetně derivátů pro potřeby účetní závěrky sestavované podle mezinárodních standardů finančního výkaznictví. Součástí práce bude i naznačení podmínek pro tzv. zajišťovací účetnictví.

In this paper, we analyse the relation between financial system and financial crises. Our goal is to find how, on the one hand, changes in the financial system affect the prospects for financial crises and, on the other hand, how the occurrence of financial crises shape the core elements of the financial system. We start by defining the financial crisis from three different perspectives. After it, we present the comprehensive history of financial crises that will allow us to continue by drawing some common patterns that are universal. Universal patterns in crises give us the ground for contemplating on some universal policy responses where we again follow different approaches. Taking into account the specifics of modern times and using the young and promising economy based on the blockchain, we are asking the question is this time different?. Analysis of initial development steps in the digital, trustless world gives us the basis for drawing parallels with the reality and the history. Our results suggest that there are many similarities throughout history and between the real and digital world. Instead of providing an exact answer on the question is this time different we conclude that there is a present strong feeling of Deja vu.

Purpose - The study sought to examine the liquidity linkages between the South African bond and equity markets before the global financial crisis in 2008. Design/methodology/approach: The window of observation covered the period January 2000 to September 2008. In order to ensure robustness in the estimation, the study used foreign participation in the various markets as an additional measure of liquidity. The other liquidity measures considered in the study were volume and value traded of the various securities respectively. Time series modeling techniques were used in the estimation. An unrestricted vector autoregressive (VAR) model was estimated following which the standard innovation accounting techniques, impulse response functions and forecast error variance decompositions were applied. In the empirical analysis, the Granger-causality between the two markets was also used. Findings - While all the liquidity measures suggest the existence of linkages between the bond and equity markets, the direction of causality was found to be unidirectional from equity to the bond market using the volume and value measures. On the other hand, the foreign participation measure of liquidity suggests bi-directional causality. The study also provides evidence of long run relationship between key macroeconomic variables such as inflation, exchange rate and interest rate on one hand and liquidity in the debt and equity markets on the other. As empirical findings indicates that the linkages in liquidity between these markets positive, this consistent with studies conducted by Chordia et al (2003 & 2005) and Engsted and Tanggaard (2000) who found the relationship was a positive one. When volumes of trade and trade values, the study find evidence on uni-directional causality and strong bi-directional causality is evidence when foreign investor participation is used as a liquidity measure. In summary, there is a strong evidence liquidity linkage between the bond and equity market from the empirical results.

The purpose of this study was to examine a sample of employed individuals who participated in credit counseling through a non-profit consumer credit counseling agency in the Mid-Atlantic. Using data collected at two points in time, this sample was examined to measure changes in personal financial variables, health status, and work outcomes. The sample respondents were also examined to determine the extent to which they instituted positive financial behaviors following participation in credit counseling. In addition, this research assessed differences in the demographics among the clients. Also studied was the extent to which individual and family characteristics, health status, financial concerns and related stress, and financial wellness accounted for the variance in work outcomes of productivity, presenteeism, and worktime used for personal financial matters. Significant changes in personal financial outcomes, health status, and work outcomes were found between the initial and follow-up study. One year following credit counseling, respondents had decreased levels of financial concerns and financial stress, experienced fewer workloss days, and spent less time using work hours to handle personal financial matters. They also indicated improvements in their level of financial wellness, health status, and job productivity. Respondents had instituted a number of positive financial behaviors since receiving credit counseling one year earlier. Most had reduced some of their personal debts and cut down on living expenses. A model of work and personal financial outcomes was presented in this study. Hierarchical regression analyses using both data sets revealed that health status and financial concerns explained a significant amount of the variance in four work outcomes: (1) productivity, (2) presenteeism, (3) work time used for personal financial matters, and (4) workloss days. Adding financial wellness as the final step in the analysis, did not explain any additional variance in each of the work outcomes. This research assessed only the demographic and personal financial variables explanatory relationships to work outcomes. Therefore, life events beyond these variables may offer additional explanation of the work outcomes. Of importance is that this research provides documentation of positive changes in personal finances and work outcomes of employed individuals who participated in credit counseling one year earlier. In addition, the research presented a model of personal financial and work outcomes that can be advanced through further research. / Ph. D.

This thesis includes three interconnected essays which, building on the work by Hart and Zingales (2011), lay down the foundations for a new theory of financial intermediation. The first essay explains the Hart and Zingales (HZ) framework and shows that their results are not general. In the HZ model, there is a lack of simultaneous double coincidence of wants, and future income is not pledgeable. This implies that agents need money to trade. However, holding money entails an opportunity cost that leads to a waste of resources. Because of this inefficiency, pecuniary externalities have welfare consequences that private price-taking agents fail to internalize. I find that HZ's result, whereby the market produces inefficiently high levels of liquidity, cannot be generalized, because the conflict between private and social incentives to create money depends on agents' preferences. In the second essay I construct a framework that explains the transactions, precautionary and speculative demand for money. Again, the welfare analysis indicates that, depending on individuals' preferences, the market may produce inefficiently high or low levels of liquidity. The results also evidence that the speculative demand for money exists only when households are risk averse in their wealth. In that case, private and social incentives to hold money are stronger, but the market produces insufficient means of payment relative to the social optimum. The third essay introduces active financial institutions, and examines the role played by moral hazard in the provision of and demand for liquidity. Limited liability and the non-contractibility of bank investment policy induce highly levered financial institutions to invest in an inefficient gambling asset. I find that, when the probability that banks gamble is non-zero, the primary goal of public intervention is to address the moral hazard problem by restricting the creation of liquidity. Several policies to address this inefficiency are discussed and analyzed.