Структура магистерской диссертации включает в себя введение, три главы, заключение и библиографического списка. В первой главе рассмотрены теоретические основы, систематизированы и обобщены существующие дефиниции понятия «финансовая устойчивость регионального бюджета». Во второй главе проведен анализ основных параметров бюджета Свердловской области, произведена оценка уровня финансовой устойчивости бюджета Свердловской области. В третьей главе разработаны практические рекомендации по повышению уровня финансовой устойчивости бюджета Свердловской области. В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, a conclusion and a bibliographic list. In the first chapter, the theoretical foundations are considered, the existing definitions of the concept of "financial stability of the regional budget" are systematized and generalized. The second chapter analyzes the main parameters of the budget of the Sverdlovsk region, assesses the level of financial stability of the budget of the Sverdlovsk region. In the third chapter, practical recommendations have been developed to increase the level of financial stability of the budget of the Sverdlovsk region. In conclusion, the main conclusions are formed.

Структура магистерской диссертации включает в себя введение, три главы, заключение, список использованных источников и приложения. В первой главе изучаются теоретические аспекты определения экономической сущности понятий, производится анализ существующих методов управления ликвидности и платежеспособности. Во второй главе анализируется деятельность ПАО «Аэрофлот», проведен анализ ликвидности и платежеспособности, а также финансового состояния предприятия. В третьей главе определяются основные проблемы и предлагаются мероприятия по оптимизации повешению ликвидности и платежеспособности, направленные на оптимизацию финансового состояния компании. В заключении сформированы основные выводы. / The structure of the master's thesis includes an introduction, three chapters, a conclusion, a list of references and applications. The first chapter studies the theoretical aspects of determining the economic essence of concepts, analyzes the existing methods of managing liquidity and solvency. The second chapter analyzes the activities of Aeroflot PJSC, analyzes the liquidity and solvency, as well as the financial condition of the enterprise. The third chapter defines the main problems and proposes measures to improve liquidity and solvency, aimed at optimizing the financial condition of the company. In conclusion, the main conclusions are formed.

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Yes / We assess, for the first time in the literature, the impact of green credit on bank efficiency. We find that green credit has a negative impact on bank efficiency. However, the effect is heterogeneous among different types of banks. While small and low capitalized banks are more affected, the impact is lower in banks with higher levels of risk. On the other hand, we find that highly capitalized banks can offset the negative effects of green credit, while large banks and those highly involved in green credit, benefit from this activity.

No / The paper contains a critical review of the bank crisis management and resolution legal regimes in India and the European Union (EU). The purpose of the review is to use the EU framework as a case study to infer lessons that India could use as it moves to up date its own legal framework in this area. EU was selected because it adopted extensive reforms in its bank crisis management and resolution legal regimes following the global financial crisis (GFC) and the sovereign debt crisis in the eurozone during 2008-12. The two crises resulted insignificant bank failures in EU and caused massive public interventions and costly bank bailouts. The post-crisis EU framework aims to create a special resolution regime for banks in order to improve the process of managing bank failures, while ensuring the avoidance of publicly funded bank bailouts, especially for systemically important banks (SIBs). The EU framework also incorporates the proposals of international standards setters especially of Financial Stability Board (FSB) for the resolution of banks. The EU experience from the implementation of the reforms could be useful to India, which has recently embarked on efforts to update its own legal framework for bank resolution. India is moving in this direction at a slower pace than EU due to the fact that India did not suffer significant bank failures during the GFC. The paper reviews critically the Indian and EU approaches to bank resolution and makes recommendations for improving these frameworks.

Yes / This paper estimates liquidity dynamics between virtual and real assets from multiple dimensions, namely market capacity, transaction cost and market efficiency. The data covers transaction information of crypto markets and four equity exchanges (US, UK, EU and Japan) between January 2019 and December 2022. The first result shows a two-way liquidity risk feedback loop between virtual and real markets, and the second result confirms dynamic liquidity interactions between them. The US market is identified as a transmitter rather than a receiver of liquidity risk but may not escape cumulative liquidity shocks.

This thesis brings a new approach to research of non-performing loans (NPLs), stepping away from the traditional macroeconomic and bank-specific focused literature by exploring the relationship between NPLs and natural disasters across all 50 US states, aiming to understand to what extent and how natural disasters affect financial instability as reflected by NPLs. Using fixed effects models with Beck and Katz robust standard errors the study analyses annual state-level NPL-ratio, a measure of NPLs to total loan portfolio value with natural disasters measured as the number of disasters, cost of disasters, and deaths from disasters. Macroeconomic variables are included as controls, the included variables are by personal income, unemployment rate, and tax collection. The studied period is 1984 to 2019. Support for the notion that the NPL ratio is affected by natural disasters is found, however, the results are conflicting as the number of disasters is found to increase the NPL ratio according to the theoretical expectation, however, not when interactions are added to the model. Whilst, contrary to previous research the number of deaths from disasters is found to decrease the NPL ratio. The results are thus deemed ambiguous. However, the thesis contributes to the field by highlighting the need for further research into similar research questions and providing a new approach to NPLs in the US context.

En bostadsrättsförening kan välja att utkontraktera vissa tjänster till externa aktörer eller sköta det i egen regi. I dagens samhälle är det allt vanligare att bostadsrättsföreningar anlitar extern förvaltning, och allt färre sköter det i egen regi. Anledningen till detta är att föreningen kan få hjälp med fastighetsförvaltningen. Den här studien ämnar undersöka motiv att välja extern förvaltning utifrån en bostadsrättsförenings perspektiv och om detta kan påverka den finansiella stabiliteten.  Studien grundar sig på två delar. Den första delen är en enkätstudie bland bostadsrättsföreningar på Södermalm i Stockholm, vilken genomförs i syfte att ta reda på motiv att anlita externa förvaltningstjänster. Den andra delen är en jämförelse mellan bostadsrättsföreningars årsredovisningar från år 2022, vilken genomförs i syfte att undersöka den finansiella stabiliteten. Jämförelsen baseras på tre nyckeltal: räntekänslighet, årsavgift per kvadratmeter upplåten med bostadsrätt samt skuldsättning per kvadratmeter.   Resultatet visar att de tre främsta motiven är tid, kompetens och storlek på bostadsrättsföreningen. Motiven tid och kompetens syftar på att föreningsarbetet ställer höga krav på tidsåtgång och kompetens för lekmän. Vidare har uppsatsen funnit att ju större bostadsrättsförening, i termer av antal bostadslägenheter, desto större sannolikhet är det att extern förvaltning anlitas.   Uppsatsen har även funnit att en bostadsrättsförening, som anlitat extern förvaltning, har större möjlighet att uppnå eller bibehålla en god finansiell stabilitet. Resultatet visar att det förekommer märkbara skillnader för medelvärdet av räntekänslighet och skuldsättning per kvadratmeter beroende på om föreningen har extern förvaltning eller inte. Bostadsrättsföreningar med extern förvaltning har i båda fallen ett lägre medelvärde, vilket signalerar starkare finansiell stabilitet. Skillnaden i medelvärdet av årsavgift per kvadratmeter upplåten med bostadsrätt var inte lika uppenbar. Dock har de två första nyckeltalen tydligare koppling till finansiell stabilitet, och väger därmed tyngre. / A housing cooperative can choose to outsource some of its services to an external part or manage it internally. In today’s society it’s common for housing cooperatives to choose external property management, while fewer handle it internally. The main reason for this is to receive support regarding their property management. This study aims at examining motives for choosing external management from the perspective of a housing cooperative and how this can affect the financial stability.  The study is based on two parts. The first part is a questionnaire survey among housing cooperatives on Södermalm in Stockholm, conducted to identify the motives for hiring external management services. The second part is a comparison between their annual reports from the year 2022, conducted to examine financial stability. The comparison is based on three key indicators: interest rate sensitivity, annual fee per square meter of cooperative housing and debt per square meter. The result shows that the three main motives are time, competence and size of the housing cooperative. The motives time and competence refer to the fact that the association work makes too high demands on time and expertise for laypeople. Furthermore, our findings show that the larger the housing cooperative is, in terms of number of residential apartments, the greater the likelihood of hiring external management.   Our findings show that a housing cooperative that has engaged external management, has a greater opportunity to achieve or maintain financial stability. There are noticeable differences in the mean value of interest rate sensitivity and debt per square meter, depending on whether the housing cooperative has external management or not. In both cases, the housing cooperatives with external management have a lower mean value which indicates a stronger financial stability. The difference in mean value of annual fee per square meter of cooperative housing was not as obvious. Though, the first two key indicators are more closely tied to financial stability, hence they are more influential.

The central issue of this thesis is investigating the eventuality of systemic break- downs in the international financial system through examining systemic depen- dence between bank and insurance sectors. Standard models of systemic risk often use correlation of stock returns to evaluate the magnitude of intercon- nectedness between financial institutions. One of the main drawbacks of this approach is that it is oriented towards observations occurring along the central part of the distribution and it does not capture the dependence structure of outlying observations. To account for that, we use methodology which builds on the Extreme Value Theory and is solely focused on capturing dependence in extremes. The analysis is performed using the data on stock prices of the EU largest banks and insurance companies. We study dependencies in the pre- crisis and post-crisis period. The objective is to discover which sector poses a higher systemic threat to the international financial stability. Also, we try to find empirical evidence about an increase in interconnections in recent post- crisis years. We find that in both examined periods systemic dependence in the banking sector is higher than in the insurance sector. Our results also in- dicate that extremal interconnections in the respective sectors increased,...

This thesis present concise but comprehensive overview of most important paper dedicated to prediction of corporate bankruptcy, as well as overview of the theory behind the employed models and crucial indicators for quality assessment and comparison of the estimations. Manually collected data includes financial statement, identification information and especially specifications of management and responsible persons. From this point of view, data collected are of high quality and in Czech Republic relatively unique. Noticeable is also multiple imputation method used, current "state-of-the-art" technique for missing data treatment. Practical part concentrates on models estimation for various data setting, when contrasting models on raw and truncated datasets. By smoothing data, significantly better model can be estimated with superior discriminating power on the same data points. Inclusion of macroeconomic variables as well as even more significant governance indicators according to current stage of research, improved estimated models.