Dissertations / Theses on the topic 'Central bank capital'

Thesis (Ph. D.)--Dept. of Economics and Social Sciences Consortium. University of Missouri--Kansas City, 2006.
"A dissertation in economics and social sciences." Advisor: L. Randall Wray. Typescript. Vita. Title from "catalog record" of the print edition Description based on contents viewed Dec. 19, 2007. Includes bibliographical references (leaves 422-452). Online version of the print edition.

During the Great Recession of 2007 and 2008, liquidity and credit dried up, threatening the stability of financial institutions, particularly the banking firms. Traditional source of funds from the last resort, the Discount Window of the Federal Reserve System, failed to remedy the liquidity problem. To assuage the liquidity and credit problem, the Federal Reserve System established several emergency lending facilities and provided unprecedented amount of loans to the banking industry. Using a dataset published by Bloomberg LLP in the aftermaths of the financial crisis, which contains daily loan balances from the Fed, I conduct an event study to test whether financial markets are efficient in reflecting all public, anticipated and classified information in security prices. The most important contribution of this dissertation to the finance discipline and literature is the investigation and analysis of the Fed’s unprecedented loans to the banking industry during the Great Recession and the market reaction to it. The second major contribution of this study is the empirical test of strong form efficient market hypothesis, which has not been feasible due to legal data challenges. This dissertation has other contributions to the finance discipline and banking research. First, I develop an algorithm for measuring the amount of borrowing by banks. Second, I introduce a new “loan balance” ratio to traditional list of bank financial ratios. Third, I use event study methodologies to allow for cross-correlation, heteroscedasticity and event induced-variance change in studying US banks’ performance during the Great Recession.

O mercado financeiro brasileiro é caracterizado pela elevada concentração bancária, onde os cinco maiores bancos detêm a maior parte dos ativos financeiros. Bancos pequenos e médios têm que disputar espaços com os grandes conglomerados financeiros. Questões como economia de escala e custo de observância às normas são essenciais para a sobrevivência destas instituições menores. A aprovação para a constituição de instituições financeiras no País é dada pelo Banco Central do Brasil, que estabelece os valores de capital mínimo, em função da modalidade de instituição. Por sua vez, o Comitê de Supervisão Bancária de Basiléia estabelece os padrões máximos de alavancagem, o que indica qual volume de carteira pode ser contratado, dado este patrimônio. Este trabalho tem como objetivo verificar se os valores de capital mínimo estabelecidos pelo Banco Central do Brasil são compatíveis com a estrutura de custo das instituições, e com o objetivo de retorno dos acionistas. Serão utilizados dados dos demonstrativos das instituições financeiras e, com base em modelo de regressão de dados em painel estático, será construída uma curva de retornos em função do porte da instituição. Este retorno, comparado com o custo de capital calculado pelo CAPM indicará a partir de que porte uma instituição financeira é viável.
The Brazilian financial market is characterized by its huge banking concentration, where the five largest banks hold most part of the assets. Small and medium size financial institutions have to compete with the larger financial conglomerates. Economy of scale and cost of compliance issues are essential for the survival of the smaller institutions. The approval of a new financial institution is given by the Brazilian Central Bank, who establishes the minimum equity value, depending on the type of institution intended. Additionally, the Basle Committee on Banking Supervision fixes the maximum leverage standards, what indicates the maximum credit portfolio possible, given this equity value. This thesis aims to verify if the minimum equity value established by the Brazilian Central Bank is compatible with the banks operational cost and the shareholder return objective. Data of the financial statements will be used in conjunction with static panel regressions, to construct the return curve regarding the dimension of the institution. This will be compared with the shareholder cost of capital, estimated by de CAPM, to indicate the minimum dimension, which makes feasible the institution.

Cette thèse traite de deux nouveaux débats sur le central banking qui ont émergé après la crise financière de 2008: le débat sur les pertes financières aux bilans des banques centrales, et le débat sur le niveau élevé des taux bancaires par rapport aux taux de marché après la crise. Les deux premiers chapitres s’inscrivent dans le premier débat. Le lien entre la solidité financière des banques centrales et l’inflation est étudié empiriquement dans le premier chapitre, en se basant sur un large panel de 82 pays. Théoriquement, ce lien est potentiellement présent lorsque le gouvernement ne soutient pas financièrement la banque centrale et que celle-ci ne peut donc compter que sur elle-même pour améliorer sa situation financière. Les résultats du premier chapitre montrent qu’en pratique tel est effectivement le cas: les détériorations aux bilans des banques centrales s’accompagnent d’une inflation plus forte lorsque la banque centrale n’a pas de soutien fiscal. Les résultats ne montrent pas de lien dans un contexte général, comme la théorie le suggère. Dans le second chapitre, il est analysé et conceptualisé l’argument selon lequel une banque centrale peut mettre fin à un régime de change fixe ou quasi-fixe par peur de futures pertes financières. L’analyse est ensuite appliquée au cas du cours plancher mis en place par la Banque Centrale de Suisse (BNS) entre 2011 et 2015 vis-à-vis de l’euro. Cet argument a été avancé par beaucoup pour expliquer la fin de la politique de cours plancher en Suisse, sans qu’aucune recherche avant celle-ci n’évalue sa pertinence. Les estimations empiriques du Chapitre 2 permettent de montrer que cet argument avait une crédibilité: elles montrent que dans des scénarios crédibles, en cassant le peg avec l’euro 17 mois plus tard, la BNS aurait essuyé une perte considérable, dépassant un seuil perçu comme limite par beaucoup de banquiers centraux. Le dernier chapitre de cette thèse s’intéresse à l’écart entre les taux de dépôts et le taux de marché en zone euro (l’EURIBOR) qui est devenu significativement positif après la crise, conduisant certains à parler de « sur-rémunération » des dépôts. Ce chapitre soutient que la majorité de cet écart ne s’explique non pas par un comportement anormal des dépôts comme certains l’ont avancé, mais au contraire par une perte de pertinence de l’EURIBOR. Construisant une alternative à l’EURIBOR, ce chapitre conclut que le risque bancaire a eu une influence primordiale sur le niveau de rémunération des dépôts dans le monde d’après-crise
This thesis deals with the new debates on central banking which arose after the 2008 global financial crisis. More particularly, two of such debates are addressed: the debates on the financial losses in central banks’ balance sheets, and the debates on the high level of bank rates compared to market interest rates following the financial crisis. The two first chapters are related to the first debate. The link between central bank financial strength and inflation is empirically examined in a large sample of 82 countries. Theoretically, this link is potentially present when the government does not fiscally support the central bank, so that the central bank can only rely on itself to improve its financial situation. The results show that in practice central bank balance sheet deteriorations indeed lead to higher inflation when fiscal support is absent. The results, based on a particularly meticulous and consistent sample selection, do not show the presence of a link between the two variables in a general context, as the theory suggests. In the second chapter, I analyze and conceptualize the argument according to which a central bank can end a peg exchange rate regime by fear of making significant losses in the future, and I apply this analysis to the Swiss franc peg between 2011 and 2015. This argument was brought forward by many commentators to explain the Swiss move, while no research before this one did study the relevance of this argument. The empirical estimates in Chapter 2 show that this argument indeed had some credibility: under some credible scenarios the Swiss central bank would have incurred significant losses by breaking its peg 17 months later, with losses exceeding a threshold judged as relevant by many central bankers. The last chapter of this thesis focuses on the spread between deposit rates and market interest rates in the Eurozone (more specifically, the EURIBOR), which became significantly positive after the financial crisis, leading some commentators to claim that deposits were over-remunerated. This chapter upholds that the major part of this spread is not due to an « abnormal » behavior of deposits but is rather due to the fact that the EURIBOR has become irrelevant after the global financial crisis. Building an alternative to the EURIBOR, the chapter concludes that banking risks have been having a major influence on the level of deposit remuneration

Cette thèse étudie deux grandes problématiques économiques étant étroitement liées. D’une part, il est question d’analyser à quelles conditions les taux de change présentent des relations de long terme communes. D’autre part, une analyse en profondeur concernant les investissements sur devises connus sous le terme anglais de « carry trades » est proposée. Le taux de change étant un des déterminants du rendement de ces investissements, le lien entre les deux problématiques apparaît clairement. Ces problématiques sont traitées à travers la mobilisation d’outils théoriques et empiriques. Ce travail aboutit à plusieurs conclusions. Concernant les mouvements communs de long terme entre les taux de change, ils dépendent du degré d’intégration des économies ainsi que de la similarité de leurs politiques monétaires. Concernant les investissements sur devises, cette thèse démontre que les banques centrales des petites économies ouvertes ont tout intérêt à fixer une cible d’inflation ainsi qu’une cible d’afflux de capitaux afin d’éviter l’effet déstabilisateur des « carry trades ». Cette politique sera efficace uniquement si la banque centrale est transparente concernant ses cibles de long terme. Pour finir, après la crise financière de 2008, la banque centrale Néo-Zélandaise a changé de comportement vis-à-vis des « carry trades » en provenance du Japon. En effet, après la crise, la banque centrale y a répondu de manière à stabiliser l’économie. Cependant, les investissements en provenance des Etats-Unis sont toujours déstabilisateurs pour l’économie Néo-Zélandaise, surtout lorsque les Etats-Unis utilisent une politique d’assouplissement quantitatif
This thesis investigates two main issues in economics. On the one hand, we investigate under which conditions cointegration between exchange rates is likely to appear. On the other hand, this thesis proposes to investigate how carry trades affect small open economies. Given that the exchange rate is a main determinant of carry trades’ returns, these two topics are obviously linked. These two issues are investigated both through theoretical and empirical tools. Concerning long run comovements between exchange rates, this thesis reveals that they depend on the degree of linkages between two economies and on the way central banks set their monetary policies. Concerning carry trades, this work sheds light on the fact that small open economies central banks should have both an inflation and a capital inflows target to suppress the destabilizing effect of carry trades. Moreover, such a policy would be efficient only if the central banks are transparent concerning their long run targets. Finally, in this thesis we show that the Reserve Bank of New Zealand (RBNZ) has changed its reaction to Japan-sourced carry trades after the 2008 global financial crisis (GFC). Indeed, after the GFC, the RBNZ responded in a stabilizing way to Japan-sourced carry trades. However, after the GFC, the RBNZ still responded in a destabilizing way to US-sourced carry trades. Our work also reveals that carry trades destabilize even more New-Zealand’s economy when the US are engaged in a quantitative easing policy

This dissertation studies the role of sterling during the Bretton Woods period (1944-1971). The Bretton Woods system has often been described as a dollar system with sterling having lost its relevance as reserve currency. However, despite being a secondary reserve currency and having lost importance, sterling was the 'first line of defence for the dollar' as contemporaries put it. They frequently stressed the fact that a sterling crisis would have consequences on the stability of the Bretton Woods system but economic historians have never tested this empirically. This dissertation argues that sterling played an important role in the stability of the international monetary system. Foreign exchange market participants globally monitored sterling and US policymaker stepped in to avoid devaluation of the British currency. US support to sterling was mainly due to the fear of a British devaluation, which could trigger a run on the dollar. When the UK finally devalued the pound in 1967, it marked the beginning of an instable period for the international monetary system. The Gold Pool, a syndicate to defend the US gold parity, collapsed in 1968 and this prefigured the end of the Bretton Woods system. This dissertation presents new data along with novel archival material from seven archives across continents to demonstrate how contagion from sterling to the dollar occurred. Modern econometric methods are used to analyse a new dataset with over 80,000 observations of offshore exchange rates, central bank intervention and reserves. This evidence shows that a secondary reserve currency can still play a key role in the stability of the international monetary system.

The aim of the thesis "Banking union" is to analyze and describe the concept of banking union, with respect to development and harmonization of rules before crisis. In addition to description of 4 pillars of Banking union the thesis tries to reveal the risks connected with rules harmonization and power centralization in hands of ECB. The obligatory membership is conditioned by common currency Euro, therefore there is an opportunity to analyze the potential benefits for states with own currency. This will be done in separate chapter 4th using Czech Republic as example. Thesis will be also enriched with opinion of politics and economist to which own authors comment will be added.

Never before in history has the amount of international trade been higher or more efficient than it is today. The fastest growing type of trade is the speculative currency trading, searching for instant profit based only on the anticipation of the variations in currency exchange rates. When currency speculation becomes an influential part of the capital flows it becomes harmful and creates instability of currency systems. Exchange rates starts to fluctuate due to the will and anticipation of speculators rather than the economic health of the country associated with the currency. This has led to recurring currency crises all over the world and an increased interest in regulatory mechanisms. One of the most discussed mechanisms proposed to handle this harmful evolution of the foreign exchange markets is the Currency Transaction Tax (CTT). The CTT stipulates a low tax (0.1 per cent) on all currency transaction to curb the incitement of short-term speculation based on a large amount of smaller transactions. The purpose of this thesis is to examine whether an implementation of a CTT is compatible with the EU treaties. This purpose consists of two research questions; whether the CTT is in conformity with the substantive law of the EU, more precisely the free movements of capital, and if the CTT is in conformity with the Economic and Monetary Union (EMU) and the exclusive power of the European System of Central Banks (ESCB) over monetary policy. Since this thesis aims to identify if the CTT is in conformity with existing legislation, the traditional doctrinal method is used for identifying and analysing potential difficulties with the CTT and to interpret these provisions in the light of ECJ case law and literature. The thesis concludes that the CTT is in conformity with the EU treaties. It does however require the full cooperation of the ESCB and ECB to achieve the objectives; to create a more stable currency market. The CTT is ready to implement.

Mestrado em Finanças
Este trabalho propõe uma reflexão sobre a génese do problema das bolhas especulativas num contexto de crescente integração dos mercados, a uma escala global. Esta abordagem compreende duas dimensões: na primeira, considera-se um regime de políticas internas e suas implicações nas estruturas de capital domésticas; na segunda, considera-se o papel desempenhado pelo sistema monetário e financeiro internacional como veículo disseminador, igualmente amplificando, para a escala internacional estas mesmas políticas domésticas. Este trabalho destaca as dinâmicas entre Economias Desenvolvidas e Economias de Mercados Emergentes recorrendo à função desempenhada pelos fluxos de capitais internacionais como veículo de transmissão das diferentes políticas monetárias. Este trabalho recorre à Teoria de Capital Austríaca para explicar o processo de criação de riqueza, e utiliza posteriormente a Teoria Austríaca do Ciclo Economico, desenvolvido por Ludwig von Mises e Friedrich A. Hayek, por forma a explicar as distorções que a manipulação monetária exerce no eficiente processo de mercado de alocação de recursos. Pelo que nos foi possível apurar, tal abordagem não foi ainda explorada sob esta perspectiva, particularmente se tivermos em consideração a ligação entre distorções monetárias internas entre as grandes Economias Desenvolvidas e as Economias Emergentes, assim como o seu impacto à escala global, sendo esta a contribuição especifica deste trabalho.
This work proposes a reflection on the genesis of the problem of asset bubbles while integrating it in the context of the globalized market. We look at the problem on two dimensions: first, through the domestic policy regimes and its implications in the domestic capital structure; second, considering the role that the international monetary and financial system performs as a vehicle disseminating to the world, and amplifying, these same domestic policy measures. In this context, the dynamics between advanced economies and emergent market economies is highlighted resorting to the role played by international capital flows as a monetary policy-disseminating vehicle. We carry this exposition based on the Austrian Capital Theory to explain how the wealth creation process should be supported by an efficient market capital structure, and then we make use of the Austrian Business Cycle Theory, as developed by Ludwig von Mises and later by Friedrich A. Hayek, to explain the distortions that the monetary manipulation exerts on the efficient market process of resource allocation. As far as we know, such an approach has not yet been explored within this perspective, particularly regarding the link of domestic monetary distortions between both, big developed and emergent economies, and their global impact, and this is the specific contribution of the present work.

Orientador: Antonio Carlos Moretti
Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Matemática, Estatística e Computação Científica
Made available in DSpace on 2018-08-20T22:02:27Z (GMT). No. of bitstreams: 1 Gratz_LiviaBastos_M.pdf: 1931012 bytes, checksum: 88af4d5b57969faa790a1885c6dacc31 (MD5) Previous issue date: 2012
Resumo: Para a existência de um sistema financeiro sólido e estável é essencial que as instituições financeiras gerenciem bem os seus riscos. A partir da publicação dos Acordos de Basileia, as autoridades supervisoras passaram a exigir a alocação de um capital regulamentar proporcional aos riscos incorridos por cada instituição. O capital regulamentar busca garantir a existência de recursos suficientes para a absorção de perdas inesperadas e seu cálculo considera os riscos de crédito, mercado e operacional. Para o gerenciamento do risco de mercado, as instituições utilizam modelos internos baseados em VaR - Value at Risk. Porém, algumas das parcelas do modelo padronizado adotado para o cálculo do capital regulamentar baseiam-se na metodologia Maturity Ladder. O primeiro modelo é mais sensível ao risco e varia conforme a volatilidade dos ativos. O segundo é menos sensível ao risco e baseia-se nos conceitos de Duration. O objetivo desse trabalho é a redefinição dos parâmetros utilizados no método Maturity Ladder de forma a aproximá-lo aos modelos baseados em VaR. Para a minimização das diferenças entre as metodologias foi utilizado um modelo de otimização baseado em Algoritmo Genético. Os resultados encontrados sugerem que os dois métodos não são totalmente comparáveis e a existência de casos extremos independentemente da escolha dos parâmetros
Abstract: For the existence of a solid and stable financial system is essential that the financial institutions manage their risks. Since the publication of the Basel Accords, supervisory authorities started demanding the allocation of a regulatory capital proportional to the risks incurred by each institution. The regulatory capital aims to ensure the existence of sufficient resources to absorb unexpected losses resulting from credit, market and operational risks. Institutions use internal models based on VaR - Value at Risk to manage the market risk. However, for some risk factors, the standardized model adopted for regulatory capital measurement is based on the Maturity Ladder methodology. The first model is risk-sensitive and varies according to asset volatility. The second is less sensitive to risk and is based on the Duration theories. The objective of this work is the redefinition of the parameters used in the Maturity Ladder methodology in order to bring their outcomes closer to the models based on VaR. To minimize the differences among the methodologies were used an optimization model based on Genetic Algorithm. The results suggest that the two methods are not completely comparable and the existence of extreme cases regardless of the parameters choice
Mestrado
Matematica Aplicada
Mestra em Matemática Aplicada

La marque n’est plus seulement un signe distinctif, elle est devenue un actif incorporel dont la valeur peut dépasser largement celle de tous les autres actifs réunis d’une entreprise. Le secteur des services financiers tunisien a connu plusieurs opérations de fusions-acquisitions. Ces opérations ont donné l’occasion aux entreprises du secteur de changer de noms et de choisir entre un nouveau nom ou maintenir l’ancien ou préserver les noms des entreprises alliées (co-branding). Le but de ce travail est d’étudier l’impact de cette stratégie de co-branding sur l’attitude des consommateurs (aspect affectif, conatif mais surtout cognitif). La marque-entreprise a été considérée dans cette recherche comme étant une représentation sociale. Afin de comprendre l’effet de la stratégie de co-branding sur l’image de marque il s’agit dès lors d’évaluer l’évolution du noyau central et du système périphérique de cette représentation
The trademark is no longer considered as a distinctive sign, rather; it has become an intangible asset whose value can far exceed that of all other combined assets of a company. The Tunisian financial services sector has experienced several processes of mergers and acquisitions. These operations have provided an opportunity for companies in the sector to change names and to choose a new name, to maintain the old one or to keep the names of the allied companies (co-branding). The aim of this work is to study the impact of this strategy of co-branding on consumer attitudes (affective, conative and especially cognitive). The brand company in this research was considered as a social representation. In order to understand the impact of the strategy of co-branding on the brand image, it comes to assess the evolution of the central core and the peripheral system of this representation

The aim of this thesis is to investigate the association of ownership structure and bank risk-taking as well as the effects of capital regulation. This study employs simultaneous equations, panel data and instrumental variables (IV) models on a sample of 192 banks from Eastern Central Europe and Asia Regions from 2005-2014. An assessment was made on how banks adjust their capital level as well as portfolio risks when there is a minimum capital regulatory ratio. The results indicate that firstly, banks react to the capital regulatory pressure by increasing capital and changes in capital and bank risk changes are positively related. Secondly, it is found that Foreign-owned banks have higher default risks than Domestic-owned banks; however, Government-owned banks are more stable in terms of asset risks measure during the year when there is election. When taking the market forces into account, in listed banks, insider owners and institutional owners have positive impacts on asset risks while positive asset risks on listed Government-owned banks only during the election. Finally, the findings also show that when capital regulation is taken as a moderating variable, it has influenced the impacts of ownership structure and bank risk, however, the increasing effects can only be proven for insider owners...

碩士
淡江大學
國際商學碩士在職專班
97
Since 1990, the impact of globalized economy and the change of government economic policy, this leads to have more competitors in the industries and change Market Structure. Due to the limited margin and low market share, There are a number of reasons that mergers and acquisitions occur, such as globalization competitive strategy, economic scale production consideration. This paper analyses the employment effects of mergers and acquisitions and some major labor disputes often arise during mergers and acquisitions. Due to globalization, deregulation, and operating capital accumulation in Taiwan’s business, the impetus to mergers and acquisitions among banking industry , it faced with a cataclysmic change after it joins WTO. The major findings of this papers are as follows: 1. If Taiwan banking industry ,in the period of the mergers and acquisitions, causes significant loss of labors and labor disputes. 2. In the period of the mergers and acquisitions, if the labors don’t trust the government , against government, this results increasing of social environment cost and serious social problems 3. Some discussion on government policy , labor management and labor union

Dissertação de mestrado em Economia Monetária Bancária e Financeira
No presente trabalho pretende-se refletir e conhecer as perspetivas dos entrevistados, nomeadamente do pessoal do quadro que trabalham nos quatro bancos como: Banco Central de Timor Leste, Banco Nacional do Comércio de Timor-Leste, Banco Nacional Ultramarino (BNU) que foi transformado em Sucursal da Caixa Geral de Depósitos de Timor Leste, e Banco Mandiri da Indonésia. A reflexão tem como ponto de partida uma descrição dos parâmetros atuais do funcionamento dos bancos acima referidos, relativamente as concessões de crédito e seus riscos financeiros. Quanto aos objetivos, as entidades envolvidas neste estudo valorizam sobretudo a importância dos bancos, que tanto ajudou o país no desenvolvimento económico, e em simultâneo veio financiar as empresas nacionais designadamente as médias e pequenas empresas que representam o sector privado de Timor Leste, e por outro lado pretende perceber de perto as dificuldades que as bancas comerciais tem vindo enfrentar relativamente sobre o risco de perda dos seus capitais por falta de responsabilidade dos próprios devedores em pagar pontualmente as dívidas que lhes são atribuídas. Isto tem vindo a ser justificada através das opiniões recolhidas no campo da investigação. Com o estabelecimento do Banco Central de Timor-Leste, corresponsável pela definição e execução da política monetária e financeira, fixaram três objetivos principais: Representa os interesses nacionais de Timor Leste para regular e supervisionar o sector bancário; para introduzir o dólar americano como moeda oficial e manter as quantidades adequadas de notas e moedas a serem usadas pelos cidadãos e empresários no país; Gerir o Fundo petrolífero de forma exemplar, facto reconhecido internacionalmente, sobretudo quando consideramos a falta de experiência em Timor Leste a nível da gestão financeira; Para além de exercer o papel de banqueiro do Povo, o Banco Central tem ainda competências a nível das companhias seguradoras e na publicação regular de estatísticas económicas e do sector financeiro, incluindo a balança de pagamentos da Nação, contribuindo para um melhor planeamento económico e, por consequência, para o desenvolvimento do país.
In the present work aims to reflect and understand the perspectives of respondents, including the establishment plan working in four banks as: Central Bank of East Timor, National Bank of Timor-Leste Trade, (BNU) which was transformed Branch in the East Timor CGD, and Bank Mandiri Indonesia. The reflection takes as its starting point a description of the current parameters of the operation of the above banks, for credit concessions and financial risks. The objectives, the entities involved in this study particularly value the importance of banks, which both helped the country in economic development, and simultaneously came finance national companies including medium and small companies representing the private sector in East Timor, and Furthermore intends to closely understand the difficulties that retail banks have been facing relatively on the risk of loss of their capital for lack of responsibility of the debtors themselves punctually pay the debts assigned to them. This has been justified by the views expressed in the research field. With the Central Bank of the establishment of Timor-Leste, co-responsible for the definition and implementation of monetary and financial policy, established three main objectives: It represents the national interests of East Timor to regulate and supervise the banking sector; to enter the US dollar as its currency and maintain adequate amounts of notes and coins to be used by citizens and businesses in the country; Managing the Oil Fund in an exemplary manner, internationally acknowledged, especially when considering the lack of experience in East Timor in terms of financial management; In addition to playing the role of People's banker, the Central Bank still has the skills level of insurance companies and the regular publication of economic statistics and the financial sector, including the balance of payments of the Nation, contributing to an improved economic planning and, consequently, the development of the country.

碩士
國立成功大學
國際管理碩士在職專班
97
A lot of aspects have to be put into consideration before bank decides to invest into companies in a form of loan. For any single bad loan, bank will suffer not only financial losses, but also significant damage in its reputation. That is why before any loan decision is made; applications must undergo a long analysis procedure to screen bad loans from the beginning. In this decision making process, bank officers will take into account a lot of different kind of attributes related to the borrower’s background and experience, the business and conditions surrounding it. As from the lender’s side, human capital factor might influence the decision, simply because human judgment plays important portion in loan decision. This study used both quantitative and qualitative research methods. For the quantitative examination, primary data which are collected from loan officers working in Bank Central Asia, Indonesia. In total there are 291 respondents who participated in the experimental study (conjoint analysis). Respondents were presented with 10 hypothetical companies applying for SME loan. These companies carried a certain mixes of five borrower’s attributes - relationship with the bank, value of collateral, firm size, business experience, and share of investment in the company. The respondents had to give a rating of how likely they will approve the application as if in the real setting. While collecting the quantitative data, interviews and observations were conducted in order to obtain more in-depth information. The study found that borrower’s attributes have positive relationships toward the likelihoods of SME loan approval, with the following ranks of importance: 1) business experience, 2) value of collateral, 3) share of investment, 4) relationship with the bank, and 5) firm size. Lender’s human capitals do not affect the process. Further investigations discovered that the influence of lender’s human capitals has diminished because of the new computerized risk-rating system adopted in the bank. This system has enabled a more rigid and uniform brackets in SME approval, leaving less leeway for human judgment to affect the process. There is also an additional finding which highlights that risk and business department have different values only on collateral attribute. If this difference can be solved and both departments have similar point of view toward the matter, the bank will work more efficiently. The results can be used to reevaluate the credit analysis practice, whether it is in line with the bank’s policy. They can also be used as a base to create the supporting analytical tools necessary to help the job of loan officers. As the role of human capital was found not vital in SME decision process, human resource relocation can be considered. Those with higher human capital can be transferred to credit departments with higher level which require more complicated analyses, leaving the novice or those with lower level of human capital work in the SME department with the assistance of the computerized risk-rating system. Hopefully this study will enrich literature in academic world, give insights to the banking industry, and finally help to creating efficiency in the common practice of loan granting.

Jel Classification E4, E5
In this thesis we analyze the recent events in China, as far as the aggressive attitude of the Central Bank of China（People’s Bank of China, PBC in brief） is concerned towards avoiding the slowdown of the economy and the alleged possibility of its entry into deflation territory and the Zero Lower Bound. In the western way of looking into this problem, our major task is closely related to question whether Quantitative Easing (QE) in China seems to be (or no to be) of any usefulness at all. As we all know very well by now, many economists, top central banks officials, commentators and international institutions (like the IMF) are coming to realize the clear limits of monetary policy and QE in many developed western and Asian economies like Japan. After a long period having central banks creating money to unbelievable levels, many are now calling for the return of active fiscal policy. In our case, and using a linear VAR model, we can conclude in the opposite direction for the Chinese case. Using the multipliers associated with inflation, we can conclude that real variables (like residential investment) show a rather small positive cumulative impact upon inflation, while wealth variables (like the Stock Market Index) show a rather small negative impact. Instead, it is the creation of money (Monetary Base) that displays a huge impact upon inflation. If the Monetary Base increases (first difference of its logarithmic value) by one standard deviation, the change in the CPI will be increased by 14.53 after just nine quarters. Therefore, deflation and the stringent limitations of monetary policy in the Zero Lower Bound do not seem to be applying to the Chinese economy by now, as well as the near future is concerned. Obviously, we are not suggesting that, due to this result, active fiscal policy should not also be used in order to achieve the general goals of economic policy in China.
Nesta tese analisamos os eventos recentes na China, na medida em que a atitude agressiva do Banco Central da China está em causa no sentido de evitar a desaceleração da economia, à alegada possibilidade de entrada em território deflacionário e à existência do limite inferior zero das taxas de juro. Na perspectiva ocidental de encarar este problema, a principal tarefa está intimamente relacionada com a questão se o alívio quantitativo (QE) na China parece ter (ou não) qualquer utilidade. Como se sabe, actualmente, muitos economistas, altos responsáveis dos bancos centrais, comentadores e instituições internacionais (como o FMI) estão a começar a perceber os limites da política monetária e do QE em muitas das economias desenvolvidas ocidentais e asiáticas como o Japão. Após um longo período do criação de dinheiro aténíveis inacreditáveis, pelos bancos centrais, muitos pedem agora o retorno da política fiscal ativa. No nosso estudo, utilizando um modelo VAR linear, concluimos o contrário para o caso chinês. Utilizando multiplicadores associados à inflação, constata-se que as variáveis reais (como o investimento residencial) mostram um pequeno impacto cumulativo positivo sobre a inflação, enquanto por sua vez, as variáveis riqueza (como o Índice da Bolsa) mostram um pequeno impacto negativo. Em vez disso, é a criação de dinheiro (Base Monetária) que exibe um impacto enorme sobre a inflação. Se a base monetária aumenta (primeira diferença do seu valor logarítmico) um desvio-padrão, o consequente aumento do IPC éde 14,53 em apenas nove trimestres. Assim, a deflação e as rigorosas limitações de política monetária no limite inferior zero não parecem ser aplicáveis à economia chinesa até ao momento, bem como no curto-prazo. Obviamente, não sugerimos que devido a este resultado, a política fiscal ativa também não deve ser utilizado, de modo a atingir os objetivos gerais da política económica chinesa.

The aim of this research is to show the effects of financial liberalisation on emerging market economies, how these economies removed restrictions on financial institutions so that they can be globally integrated, and to show the flow of international finance in and out of a country. This research also illustrates how the financial system in these economies moved from being government-led to being market-led. The main finding of this research is that many countries failed to reap the benefits of liberalisation because of weaknesses in the regulatory structure, undercapitalised banks, volatile markets and contagion effects. The research concludes that the long-term gains of liberalisation certainly supersede short-term instability of liberalisation. Thus, for financial liberalisation to have predominantly positive effects, attention should be drawn to the importance of a more prudent regulatory and supervisory environment. Furthermore, financial liberalisation must be accompanied by a sound institutional infrastructure, proper conduct of monetary and fiscal policies, a reduction in corruption, and an increase in transparency. In addition, liberalisation should be a gradual process whereby the right measures are taken in the right sequence.
Economics
M. Comm. (Economics)