This study explores the possibility that cheep credit, provided to firms when profit opportunities on real investments are low, and when opportunities of financial investments are present, will loose some of it’s stimulus effect due to a crowding out effect of financial investments on real investments. Analyzing the changes in debt, and it’s channels of use during the recession of the covid19 pandemic, between firms with a history of stock buybacks, and firms without such a history, the study finds a significantly higher increase in debt for firms with a history of doing stock buybacks. The study concludes that this effect is due to firms finding financial uses of more cheap credit, which does crowd out real investments.

В выпускной квалификационной работе рассмотрены вопросы санации коммерческих банков, приведены основные характеристики и методы проведения. Описано экономическое состояние банковского сектора России и проанализированы результаты санации кредитных организаций. Результатом работы выступает создание предложений по оптимизации повышения эффективности работы с проблемной задолженностью, а также рассмотрен механизм санации bail-in. / In the final qualifying work considers the issues of reorganization of commercial banks, the main characteristics and methods. Describes the economic condition of the Russian banking sector and analyzes the results of rehabilitation of credit organizations. The result of the work is the creation of proposals for optimization of increase of efficiency of work with problem debts, as well as the resolution mechanism bail-in.

The qualifying work (master's thesis) is devoted to the study of the financial sustainability of credit institutions in the modern economy. The subject of the research is a set of criteria and indicators that characterize the financial stability of the credit institution. The main purpose of the research is the development of measures for improving the financial stability of the credit institution, based on the analysis of its financial condition, to identify the problems and to propose the ways of solvation. In conclusion, author developed the measures for improving the financial stability of the object of study. / Выпускная квалификационная работа (магистерская диссертация) посвящена изучению финансовой устойчивости кредитных учреждений в современной экономике. Предметом исследования выступает совокупность критериев и показателей, которые характеризуют финансовую устойчивость кредитного учреждения. Основной целью исследования выступает разработка мероприятий для повышения финансовой устойчивости кредитной организации на основе анализа ее финансового состояния, выявление проблем и предложение путей их решения. В заключении разработаны мероприятия, которые направлены на повышение финансовой стабильности объекта исследования.

Понимание влияния макроэкономических показателей на экономику государства актуально для институтов власти, таких как центральный банк. Целью данной диссертационной работы является разработка методики динамического моделирования для исследования взаимодействий макроэкономических показателей, а также для создания инструментов для осуществления монетарной политики. Объект данного исследования выступают макроэкономические процессы. Предметом исследования является макроэкономическая модель Российской федерации и ее основные регуляторы. В результате магистерского исследования решены ряд задач: изучена теории мировой экономики, а также проведен анализ макроэкономических показателей, разработанная и произведена программная реализована методики динамических моделей: проведено тестирование программного продукта, и построение сетевых моделей. / Understanding the impact of macroeconomic indicators on the state’s economy is relevant to government institutions, such as the central bank. The purpose of this dissertation is to develop a dynamic modeling methodology for studying the interactions of macroeconomic indicators, as well as for creating tools for implementing monetary policy. The object of this study are macroeconomic processes. The subject of the research is the macroeconomic model of the Russian Federation and its main regulators. As a result of the master's research, a number of problems were solved: the theory of the world economy was studied, and macroeconomic indicators were analyzed, a dynamic model methodology was developed and software implemented: a software product was tested, and network models were built.

Анализ финансового состояния позволяет установить достоверное прошлое и текущее состояние организации, оценить результаты ее деятельности, а также спрогнозировать будущее развитие и определить вероятность банкротства. Кроме того, в современной экономике финансовый анализ принимает все большее значение в принятии стратегических управленческих решений, выявлении проблемных зон. В достоверных результатах финансового анализа заинтересованы и сами собственники (учредители, акционеры) организации, и надзорные органы, и деловые партнеры, кредиторы, инвесторы. Совершенствование современной методологии оценки финансового состояния кредитных организаций, актуализация и адаптация систем оценки к российской действительности, практическая значимость научных исследований в данной области свидетельствуют об актуальности выбранной темы работы и рассмотренных в ней вопросах. / Analysis of the financial condition allows you to establish the reliable past and current state of the organization, evaluate the results of its activities, as well as predict future development and determine the likelihood of bankruptcy. In addition, in the modern economy, financial analysis is becoming increasingly important in making strategic management decisions, identifying problem areas. The owners (founders, shareholders) of the organization themselves, and supervisory authorities, and business partners, creditors, and investors are interested in reliable results of financial analysis. Improvement of the modern methodology for assessing the financial condition of credit institutions, updating and adapting assessment systems to Russian reality, the practical significance of scientific research in this area indicate the relevance of the chosen topic of work and the issues discussed in it.

Актуальность темы исследования обуславливается тем, что денежно-кредитная политика наряду с фискальной является средством, с помощью которых государственные органы в рыночной экономике регулярно влияют на темпы и направление общей экономической активности, что включает не только уровень совокупного выпуска и занятости, но и общие темпы роста или изменения цен. Целью магистерской диссертации является исследование разработка направлений совершенствования инструментов денежно-кредитной политики, используемых Центральным Банком для обеспечения устойчивости финансовой системы государства. На современном этапе развития экономики России отмечается эффективное функционирование Банка России, а также всей банковской системы, которая способна предоставлять финансовые ресурсы крупным и средним организациям, а также малым предприятиям, составляющим базис рыночной экономики. Стабильное развитие российской экономики во многом зависит от эффективности проводимой Банком России денежно-кредитной политики. Банк России может и должен укреплять российскую экономику за счет увеличения выдаваемых кредитов в рублях, конечными бенефициарами которых станут предприятия реальной экономики. Банку России необходимо снижать ключевую ставку, используя опыт развитых стран, до уровня, который будет способствовать развитию отечественной экономики. Необходимо запустить программу кредитования банков по процентным ставкам ниже рыночных при условии выделения последними ресурсов для кредитования нефинансовых секторов экономики, то есть реального сектора. В результате за счет совершенствования денежно-кредитной политики Банка России в 2022-2024 гг. возможно снижение уровня инфляции до 4%, возрастание доли кредитов к уровню ВВП до 62, а ВВП в 2024 перейдет от падения к росту до 103%. / The relevance of the research topic is because monetary policy, along with fiscal policy, is a means by which government agencies in a market economy regularly influence the pace and direction of overall economic activity, which includes not only the level of aggregate output and employment, but also overall growth rates. or price changes. The purpose of the master's thesis is to study the development of ways to improve the monetary policy instruments used by the Central Bank to ensure the stability of the state's financial system. At the present stage of development of the Russian economy, there is an effective functioning of the Bank of Russia, as well as the entire banking system, which can provide financial resources to large and medium-sized organizations, as well as small enterprises that form the basis of a market economy. The stable development of the Russian economy largely depends on the effectiveness of the monetary policy pursued by the Bank of Russia. The Bank of Russia can and should strengthen the Russian economy by increasing its lending in rubles, the ultimate beneficiaries of which will be enterprises in the real economy. The Bank of Russia needs to reduce the key rate, using the experience of developed countries, to a level that will contribute to the development of the domestic economy. It is necessary to launch a program of lending to banks at interest rates below market rates, provided that the latter allocate resources for lending to non-financial sectors of the economy, that is, the real sector. As a result, by improving the monetary policy of the Bank of Russia in 2022-2024. it is possible to reduce the inflation rate to 4%, increase the share of loans to the level of GDP to 62, and GDP in 2024 will move from falling to growing to 103%.

The past decade has offered up some fintech innovations that are gradually reshaping the financial sector. Phasing out of paper currencies together with the populatization of the private digital currencies has propelled central banks to consider issuance of their digital currencies – so called Central Bank Digital Currency (CBDC). In particular, the Central Bank of Sweden has started its e-krona project in 2017. Despite the rising interest in the study of CBDC among the academic, as well as tech and policy practitioners’ communities all over the world, the research of the CBDC remains fragmented and limited. Therefore, this thesis aims to study the impact of CBDC on the conduct of monetary policy and for the preservation of financial and monetary stability that is an important, but underresearched topic. As such, the purpose of this research is to explore how the Central Bank of Sweden plans to use CBDC for addressing the central banks’ main objectives of monetary and financial stability. To reach this purpose, an exploratory qualitative case study has been conducted. The results are based on six semi-structured interviews conducted with the practitioners from the Central Bank of Sweden, Finansinspektionen, Swedish Bankers’ Association, and the Swedish House of Finance. The results of this study show that the Central Bank of Sweden has started studying the possibilities and implications of CBDC in the spring of 2017. The analysis focusses on the need of CBDC for Sweden, as well as the possibilities it opens up and implications it entails for the financial system. At the moment of the conduction of this study, the Central Bank of Sweden has been working on solving two next challenges – examining legal issues and existing technology. As such, a pilot project to test the e-krona concept for the general public and diverse security challenges has been planned for 2020-2021. Next, this study has also investigated the possible impact of the introduction of CBDC on the conduction of monetary policy and preservation of monetary and financial stability. First, this study has shown that the impact of the introduction of CBDC on quantitative easing would depend on the design of the CBDC. As such, if CBDC would be interest-bearing, it would have no impact on quantitative easing. If CBDC would, however, have no interest rate, the effectiveness of quantitative easing would be put in jeopardy. As such, a zero interest rate on CBDC would be a lower bound for policy rate and would make setting a negative policy rate impossible. Some economists argue that introducing CBDC would be a replacement for quantitative easing. The introduction of interest-bearing CBDC, however, would ease the setting of a negative policy rate and might enhance the operation of monetary policy. However, this research has shown that introduction of CBDC with a negative interest rate is unlikely. Second, this study has concluded that the necessity and the effectiveness of the helicopter money concept are widely questioned by scholars and practitioners. It is agreed that introducing CBDC would help to distribute the helicopter money, but the concept itself is often inapplicable. Thus, this research has concluded that helicopter money remains just an idea that is vastly supported by scholars and is a no-go policy for practitioners. Third, the study has also shown that CBDC’s impact on the transmission mechanism is still not clear. As such, scholars argue that CBDC would have a big impact on interest rate channel, as it will increase a pass-through to the to lending rates, as well as on the assets’ channel, as CBDC might become an alternative to bank deposits if it offers a higher interest rate. Practitioners agree that the introduction of interest-bearing CBDC would strengthen the transmission mechanism of the interest rate channel and would lead to the direct and almost instant correlation between the policy rate and the CBDC account interest rate. Some practitioners, however, believe that under the condition of the positive policy rate the transmission mechanisms would not be affected other than marginally. Lastly, an interest-bearing CBDC is considered to be dangerous for financial stability in the scholarly research. It is expected to compete with bank deposits and lead to bank runs, which would result in the drain of the funding from the banking system. Some practitioners agree with these conclusions, however, the majority disagrees and perceives CBDC to be an asset to diversify the savings portfolio, which would potentially bring more deposits to commercial banks and extend the banking system. It is agreed that CBDC would entail risks for financial stability if people lose trust in the whole banking sector and move all of their assets to the Central Bank accounts. However, if the Central Bank puts these assets back into the financial system, CBDC would not entail any risks. / Under det senaste decenniet har nya högteknologiska innovationer skapats som gradvist har förändrat den finansiella sektorn i grunden. Utfasning av pappersvalutor i kombination med populariseringen av privata digitala valutor har drivit och inspirerat centralbanker att skapa egna digitala valutor, så kallade CBDC (central bank digital currency). 2017 startade den svenska centralbanken, Sveriges riksbank, sitt e-krona projekt. Trots ökat intresset för studier av digital centralbanksvaluta, både bland akademiker men även inom experter och poltitiker över hela världen, saknas mycket forskning. Denna uppsats kommer att studera effekterna av digital centralbanksvaluta på penningpolitiken i relation till det finansiella och monetära systemets stabilitet. Syftet är att undersöka hur Sveriges riksbank planerar att använda en digital centralbanksvaluta för att vidare kunna uppfylla sitt primära syfte, som är att stabilisera ekonomin. För att uppnå detta, har en kvalitativ studie genomförts. Resultaten är baserade på sex stycken semistrukturerade intervjuer med anställda i olika beslutsfattande positioner inom Riksbanken, Finansinspektionen, Svenska Bankföreningen och Finanshuset. Resultaten av denna studie visar att Riksbanken har börjat undersöka möjligheterna och långvariga implikationerna av en digital centralbanksvaluta. För tillfället arbetar man med två utmaningar: att undersöka det juridiska ramverket samt tillgänglig teknologi. Pilottesterna av e-krona har påbörjats 2020, ytterligare tester har planerats för 2020 - 2021. Ytterligare har denna studie undersökt införandet av digital centralbanksvaluta möjliga effekter på penningpolitiken och långsiktig finansiell stabilitet. Inverkan av en digital centralbanksvaluta på den kvantitativa lättnaden skulle variera beroende på utformningen av den digitala valutan. Om den digitala valutan skulle vara räntebärande så skulle den inte ha någon effekt på den kvantitativa lättnaden, däremot om den var det skulle detta kunna påverka Riksbankens möjligeter att köpa statsobligationer. Det finns också diskussion hurvida man kan använda en digital centralbanksvaluta för att underlätta genomförandet av negativ styrränta. Dessutom visar denna studie också att nödvändighet och positiva effekter av så kallade helikopterpengar är starkt ifrågasatt, även om en digital centralbanksvaluta skulle kunna användas för att distribuera sådana monetära medel. Denna studie visar även att det är oklart om digital centralbanksvaluta skulle ha en effekt på den penningspolitiska transmissionsmekanismen. Många är dock övertygade att det skulle ha effekt på räntekanalen då det skulle öka genomströmningen mellan styrräntan och räntan på CBDC-kontot. Slutligen skulle en räntebärande digital centralbanksvaluta kunna vara farlig för finansiell stabilitet, då det kan stimulera snabba variationer i värde och sätta igång stora uttag från bankkonton. Dock, är detta farlig bara om människor tappar förtroende för hela banksektorn. Om inte är fallet, medför digital centralbanksvaluta inga risker och skulle kunna istället ses som en finansiell tillgång och öka insättningar på privata banker.

Depuis sa création la monnaie a été l’objet de nombreuses évolutions. Ces dernières années ont vu l’apparition de cryptomonnaies et de projets de monnaie issus de personnes privées. Ces évolutions ont poussé les États à réagir, se sentant alors menacés dans ce qui constitue un élément majeur de leur pouvoir : la monnaie et son contrôle. Comment les États ont-t-ils réagi à cette menace ? Dans ce mémoire, la monnaie officielle sera étudiée à travers les deux unités qui la composent : l’unité de paiement et l’unité de valeur. Ces deux unités se retrouvent dans les cryptomonnaies stables ainsi que dans les projets de monnaie numérique de banque centrale, leur encadrement juridique sera étudié à travers le prisme de la législation canadienne et européenne. Le projet européen de monnaie numérique de banque centrale étant plus développé que le projet canadien, une attention particulière lui sera portée. Les États ont utilisé leur pouvoir législatif pour faire entrer les cryptomonnaies stables dans les systèmes préexistants, il peut s’agir du marché des valeurs mobilières ou du marché bancaire. Les États utilisent les règles de ces marchés pour encadrer ces innovations et les empêcher de se développer hors du sentier que le droit leur a tracé. La régulation ne permet pas d’endiguer suffisamment le phénomène des monnaies privées car elle ne propose pas d’alternative crédible. Les États ont donc mis en place des projets de monnaies numériques de banques centrales afin de créer cette alternative. / Since its creation, currency has been the subject of numerous evolutions. Recent years have seen the emergence of cryptocurrencies and currency projects from private individuals. These developments compelled states to react, feeling threatened in what constitutes a major element of their power: the currency and its control. How have states reacted to this threat? In this dissertation, official money will be studied through the two units that compose it: the unit of payment and the unit of value. These two units are found in stable cryptocurrencies as well as in central bank digital currency projects, their legal framework will be studied here through the prism of Canadian and European legislation. Since the European central bank digital currency project is more developed than the Canadian one, a special focus will be brought to it. States have used their legislative power to bring stable cryptocurrencies into pre-existing systems, through the securities market or the banking market. States use the rules of these markets to regulate these innovations and prevent them from developing outside the path that the law has paved for them. The various digital currency projects of central banks create an alternative to private currencies. They are the other answer to the concerns created by these new innovations.

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. / 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.

La banque centrale européenne (bce) n'est pas une institution au sens des traités communautaires. pourtant elle dispose, à l'image des institutions, de pouvoirs législatifs et exécutifs. au sens du droit communautaire, la bce est un <<organe>>, elle jouit donc de la personnalité juridique. dans le paysage institutionnel de l'union, la bce est la seule à disposer à la fois de pouvoirs législatifs et exécutifs et de la personnalité morale. il convient de ce fait de se poser la question de la place de la bce dans ce paysage institutionnel. de plus, les pouvoirs de la bce et leur exercice sont extrêmement flous. tout d'abord, la bce partage certains pouvoirs avec le conseil ecofin, qui lui mêne en partage avec l'eurogroupe. ensuite, les pouvoirs de la bce sont exercés soit par le conseil des gouverneurs, soit par le directoire. les décisions prises par ces organes, sont ensuite mises en oeuvre par la bce elle même ou par les banques centrales nationales. il se pose donc la question des réels pouvoirs de la bce, du fait de son intégration au sein du système européen de banques centrales. beaucoup d'auteurs ont apporté des réponses à ces questions, la bce : banque centrale de la communauté, la bce autorité administrative indépedante, le bce communauté internationale à part. malgré, l'intérêt de ces travaux aucun n'a pris en compte la bce dans sa globalité et dans sa complexité. notre travail de tèse se propose de reprendre l'ensemble des questions relatives à la place de la bce dans les institutions et organes de l'union, afin de mieux définir et comprendre cet organe à part. / The Eurosystem is a unique structure of European Union law which includes the central banks of States that have adopted the euro and the European Central Bank. A theoretical study of the evolution of the exercise of power within the Union demonstrates the emergence of a new methode of integration called "vertical integration." In a dialectical process between theory and reality of the Eurosystem, the main features of the the vertical integration method can be tested and its main qualities and defects disclosed.The method of vertical integration led to the construction of sub-systems composed of national bodies and body of the Union. The method operates in four directions. The sub- system thereby producted relates formally and functionally to the EU and operates in a specific sector which imposes the specificities of its action. It can be said "organized" (its components are interconnected by complex interrelationships guaranteeing the unity and effectiveness of the system). It is independent from the states as it is from the political institutions of the Union.The study of the Eurosystem through this perspective allows to elucidate the nature of this unusual construction whose action in crises - the financial crisis and the sovereign debt crisis - was crucial. Such research can also highlight, under a new perspective, the recent developments in the institutional system of the EU as a whole.