La revolución tecnológica vigente ha dado lugar a un modelo transaccional electrónico independiente de intermediarios, con bajos costos, en menor tiempo, con una alta eficiencia en su gestión, garantizando la seguridad de las transacciones que se realizan por este canal. Este nuevo modelo es la llamada Blockchain o cadena de bloques. El presente trabajo de investigación busca identificar cuál es la presencia y desarrollo de la plataforma Blockchain del sector financiero latinoamericano. Para ello, se realiza una revisión sistemática de las principales publicaciones académicas recientes que se han dado en torno a esta tecnología en espacios no latinoamericanos y, luego de la región económica de América Latina, detectando algunas diferencias en su diseño y ejecución. En un primer momento, se describe el origen de la Blockchain y cómo se ha desarrollado en distintos periodos, además de su relación con otros conceptos como la criptografía y las bitcoin, y las distintas áreas de aplicación. En el segundo capítulo, se explica el desarrollo del sector financiero latinoamericano y sus procesos de digitalización con modelos como las Fintech y la bancarización digital. Luego, se describe el panorama vigente en el que las Blockchain participan activamente en América Latina y el Perú, así como sus riesgos. En la cuarta sección, se describe cómo la pandemia ocasionada por el COVID-19 ha desplegado oportunidades que potencian los sistemas digitales en el procesamiento de data. Este trabajo concluye que, a pesar de los múltiples beneficios y su implementación, esta tecnología aún enfrenta múltiples dificultades en su implementación. / Current technological revolution has motivated a recent electronic transactional model independent of intermediaries, with low costs, in less time, with high efficiency in its management, guaranteeing the security of the transactions carried out through this channel. This new model is the so-called Blockchain. This paper identifies the presence and development of the Blockchain platform in the Latin American financial sector. In order with this objective, a systematic review of the main recent academic publications that have been given about this technology in worldwide. Also, Latin America as economic area is analyzed detecting some differences about Blockchain design and execution. First, the origin of the Blockchain is described and how it has developed in different periods, besides its relationship with other concepts such as cryptography and bitcoin, and the different areas of application. In the second chapter, the development of the Latin American financial sector and its digitization processes with models such as Fintech and digital banking are explained. Then, the current scenario in which Blockchains actively participate in Latin America and Peru is described, as well as their risks. In the fourth section, it is described how the pandemic caused by COVID-19 has produced opportunities that enhance digital systems in data processing. This research concludes that, despite the multiple benefits and its implementation, this technology still faces multiple difficulties in its implementation. / Trabajo de Suficiencia Profesional

This thesis studies the spillover of the financial market uncertainty arising from the United States to three major European stock markets by analyzing the impulse response functions that were estimated using the local projections method. European stock markets are represented by their corresponding in- dices: the DAX 30 index for Germany, the CAC 40 for France, and the FTSE 100 for the United Kingdom. The results prove the existence of uncertainty spillover from the United States into Europe with the negative relationship be- tween the performance of a particular stock market and the uncertainty shock emerging from the US. Additional analysis examines the response to uncer- tainty shock for the two subsamples based on the Lehman Brothers collapse. The results show a possible interesting improvement in the ability to recover from uncertainty shock since the collapse of Lehman Brothers and can serve as a starting point for the further analyses in the field. JEL Classification F12, F21, F23, H25, H71, H87 Keywords Uncertainty, financial market, stock market, United States, Europe Title The US Financial Market Uncertainty and Its Spillover to European Stock Markets

The objective of this thesis was to study the difficulties of Systems in the Internet's environment that are being used for analysis of Financial Market and on the basis of that to analyze, design, create and test these Information Systems. The main focus is primarily on monitoring of information in Financial Market and particularly on implementation of an interface for a customer and on a simple analysis of the gathered data. Furthermore this thesis describes and demonstrates the possibilities of current existing systems that are being used for analysis, gathering of financial data and automated trading in Financial Market, and also the possibilities of commonly used technologies in the Internet's environment: markup language HTML, database system MySQL and a scripting language PHP5, JavaScript and AJAX.

Магистерская диссертация посвящена анализу специфики инвестиционной деятельности на финансовом рынке и формированию наиболее оптимальной структуры инвестиционного портфеля. Целью исследования является формирование инвестиционных портфелей для разных возрастных групп частных инвесторов. Научной новизной исследования являются моделирование инвестиционных портфелей с заданными критериями оптимизации, авторские рекомендации по инвестированию, дополнение классификации рисков инвестирования на финансовом рынке, выделение критериев выбора биржевого брокера. / The master's thesis is devoted to the analysis of specifics of investment activity in the financial market and formation of the most optimal theoretical base for trading on stock exchange. The purpose of the study is to form invest portfolio for different age groups of private investors. The scientific novelty of the research is the modeling of investment portfolios with specified optimization criteria, author's recommendations for investment, addition of a classification of investment risks in the financial market, and selection of criteria for choosing a stock broker.

The initial coronavirus disease caught the world by surprise at the end of 2019, as it was soon declared a pandemic. It led to an unexpected global crisis and profound disruption in societies and Sweden was no exception. The representing index OMXS30 took a steep fall in March 2020 and the market risk aversion increased in ways not seen since the financial crisis in 2008. The financial market has been extremely unpredictable ever since. Although, it has not yet been declared how the pandemic has influenced the financial market in Sweden. Therefore, this thesis aims to analyze how the quantitative epidemiological factors directly caused by the COVID-19 pandemic can be linked to the price fluctuations in the Swedish stock market - which, in this thesis, is represented by the OMXS30 index. By looking into the significance of these factors respectively, a potential hedging strategy could be determined. A multiple linear regression analysis was performed to determine the relationship between OMXS30 and the epidemiological factors. These factors included: "the number of people in intensive care due to COVID-19", "the number of people infected by COVID-19", and "the number of deceased due to COVID-19". The results showed that the first regressor was of no significance to the model. However, the second and third regressor variables showed to have a strong significance in relation to the price fluctuations of the OMXS30 index. From this finding, an optimal hedging strategy was found. This strategy implies that one should take a long position in the stocks included in OMXS30 if the COVID-19 infection rate is predicted to increase, and contrary take a short position in these stocks if the mortality rate is prognosticated to rise. / Coronaviruset bröt ut i slutet av år 2019 och blev snart därefter klassificerat som en global pandemi. COVID-19 orsakade en oväntad global kris och storartade störningar i samhällen världen över - Sverige var inget undantag. Det representerande indexet OMXS30 föll kraftigt under mars 2020 och marknadsriskaversionen ökade på ett sätt som inte skådats sedan finanskrisen år 2008. Finansmarknaden har sedan dess varit extremt oförutsägbar och det är ännu inte klarlagt hur pandemin har påverkat den svenska finansmarknaden. Denna avhandling syftar därav till att analysera hur de kvantitativa epidemiologiska riskfaktorerna som är direkt orsakade av COVID-19-pandemin kan kopplas till kursfluktuationerna på den svenska aktiemarknaden - som i denna avhandling representeras av OMXS30-indexet. Genom att undersöka dessa faktorers inverkan på den svenska aktiemarknaden kunde en potentiell investeringsstrategi fastställas. En multipel linjär regressionsanalys utfördes för att finna sambandet mellan prisfluktationerna i OMXS30-indexet och de epidemiologiska riskfaktorerna. Dessa riskfaktorer inkluderade: "antal personer i intensivvård till följd av COVID-19", "antal personer som smittats av COVID-19" och "antal avlidna personer till följd av COVID-19". Resultatet visade att den första regressorvariabeln inte var av signifikans i modellen. Den andra, respektive den tredje regressorvariabeln visade sig dock ha en stark signifikans i förhållande till prisfluktuationerna i OMXS30-indexet. Utifrån detta bestämdes en optimal investeringsstrategi. Denna strategi innebär att en lång position bör tas i de aktier som ingår i OMXS30 förutsatt att smittspridningen av COVID-19 förutspås att öka. Tvärtom, bör en kort position tas i dessa aktier om dödligheten till följd av COVID-19 prognostiseras att stiga.

Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников и приложения. В первой главе рассмотрены теоретико-методологические основы контроля и надзора за некредитными финансовыми организациями (НФО) Банком России. Во второй главе исследована эффективность контрольных и надзорных функций Банка России в отношении некредитных финансовых организаций В третьей главе разработаны пути повышения эффективности контроля и надзора мегарегулятора в сфере деятельности некредитных финансовых организаций в условиях цифровой экономики. В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, a conclusion, a list of sources used and applications. The first chapter examines the theoretical and methodological foundations of control and supervision of non-credit financial organizations (NFIs) by the Bank of Russia. The second chapter examines the effectiveness of the control and supervisory functions of the Bank of Russia in relation to non-bank financial organizations. The third chapter develops ways to increase the efficiency of control and supervision of the mega-regulator in the field of activities of non-bank financial organizations in the digital economy. In conclusion, the main conclusions are drawn.

Esta dissertação estima os modelos de volatilidade para a série de preços da Vale do Rio Doce, para uma série de sub-períodos de 1998 até 2004. Está organizada em quatro capítulos, icluindo a introdução e aconclusão. O primeiro capítulo, faz uma apresentação geral do trabalho. O capítulo segundo, faz um histórico da Vale do Rio Doce e discute o mercado de capitais, bem como a sua relação com o desenvolvimento econômico. O terceiro capítulo faz referência aos procedimentos empíricos que serão utilizados no último capítulo e faz uma revisão empírica para o Brasil. Por fim, no quarto e último capítulo é realizada uma análise econométrica para a ação da Vale do Rio Doce. / This work of conclusion esteem the models of volatileness for the series of prices of the Valley of the River Candy, for a series of sub-periods of 1998 up to 2004. It is organized in four chapters, having icluindo the introduction and the conclusion. The first chapter, makes a general presentation of the work. The chapter second, makes a description of the Valley of the River Candy and argues the stock market, as well as its relation with the economic development. The third chapter make reference to reference the empirical procedures that will be used in the last chapter and makes an empirical revision for Brazil. Finally, in the room and last chapter a econometrical analysis for the action of the Valley of the River is carried through Candy.

Esta dissertação estima os modelos de volatilidade para a série de preços da Vale do Rio Doce, para uma série de sub-períodos de 1998 até 2004. Está organizada em quatro capítulos, icluindo a introdução e aconclusão. O primeiro capítulo, faz uma apresentação geral do trabalho. O capítulo segundo, faz um histórico da Vale do Rio Doce e discute o mercado de capitais, bem como a sua relação com o desenvolvimento econômico. O terceiro capítulo faz referência aos procedimentos empíricos que serão utilizados no último capítulo e faz uma revisão empírica para o Brasil. Por fim, no quarto e último capítulo é realizada uma análise econométrica para a ação da Vale do Rio Doce. / This work of conclusion esteem the models of volatileness for the series of prices of the Valley of the River Candy, for a series of sub-periods of 1998 up to 2004. It is organized in four chapters, having icluindo the introduction and the conclusion. The first chapter, makes a general presentation of the work. The chapter second, makes a description of the Valley of the River Candy and argues the stock market, as well as its relation with the economic development. The third chapter make reference to reference the empirical procedures that will be used in the last chapter and makes an empirical revision for Brazil. Finally, in the room and last chapter a econometrical analysis for the action of the Valley of the River is carried through Candy.

Esta dissertação estima os modelos de volatilidade para a série de preços da Vale do Rio Doce, para uma série de sub-períodos de 1998 até 2004. Está organizada em quatro capítulos, icluindo a introdução e aconclusão. O primeiro capítulo, faz uma apresentação geral do trabalho. O capítulo segundo, faz um histórico da Vale do Rio Doce e discute o mercado de capitais, bem como a sua relação com o desenvolvimento econômico. O terceiro capítulo faz referência aos procedimentos empíricos que serão utilizados no último capítulo e faz uma revisão empírica para o Brasil. Por fim, no quarto e último capítulo é realizada uma análise econométrica para a ação da Vale do Rio Doce. / This work of conclusion esteem the models of volatileness for the series of prices of the Valley of the River Candy, for a series of sub-periods of 1998 up to 2004. It is organized in four chapters, having icluindo the introduction and the conclusion. The first chapter, makes a general presentation of the work. The chapter second, makes a description of the Valley of the River Candy and argues the stock market, as well as its relation with the economic development. The third chapter make reference to reference the empirical procedures that will be used in the last chapter and makes an empirical revision for Brazil. Finally, in the room and last chapter a econometrical analysis for the action of the Valley of the River is carried through Candy.

This thesis deals with methodics of credit process of a particular credit union present on the Czech market. Because of confidentiality, the name of the credit union is not mentioned. The thesis is divided into four parts. The first part deals with characteristics of credit unions, their specifications and differences from banks. You can find in this part comparison of development of particular values of the analyzed credit union with the whole sector of Czech credit unions and bank sector as well. The second part is focused on importance of credit process, specifics of the balance of credit institutions, description of risks connected to credit process and principle of state regulation of this process. The third part describes in more details credit process of the analyzed credit union with further focus on acquisition period, credit analysis and decision making process. The last part explains questions of guarantee with all the types of guarantee of the analyzed credit union mentioned. Hence in the whole thesis the theory and practice is mixed together. In the concluding part I evaluate quality of credit process of the analyzed credit union, including the differences from credit process of bank institutions.