Дисертації з теми "Financial regulatory system"

This research examines the impact of certain bank-specific variables on bank stability in Ghana, in the context of the existing regulatory structures. The thesis examines this issue along two main themes. The first part of this study examines whether two of the commonly used measures of banking stability, the CAMELS and the Z-Score, provide similar or different results in assessing the stability of banks in Ghana. The results of this study show that the use of the CAMELS and the Z-score measures could lead to different outcomes in terms of bank stability in Ghana. This suggests that the traditional micro-prudential CAMELS framework should be complemented with the Z-score which inherently has both micro and macro-prudential characteristics of signaling weaknesses in bank stability, and to enhance the management of bank stability. The second part of the study examines the impact of some bank-specific variables on bank stability. Using the panel data approach, the results show that while bank size, regulatory governance, regulatory independence and origin impact significantly on the stability score, there was no significant impact in terms of interbank borrowing and non-performing loans. Further analysis using the Blinder –Oaxaca decomposition also suggests that foreign banks in Ghana exhibit relatively higher levels of stability compared to local banks. The policy implications of these findings suggest that the liberalisation of the banking sector should be accompanied by an effective micro- and macro-prudential supervisory regime in order to manage the stability of the constituent banks and the banking sector as a whole.

For the past few years the financial sector in many countries has undergone significant transformations that affected the activities of financial regulators. To ensure the efficiency of the financial sector in the context of the new financial architecture it’s useful to study the foreign experience of financial systems supervision organization.

This thesis concerned with certain problems in the U.S. financial market during the financial crisis. In the theoretical part of this thesis, I deal with the formation of U.S. banking and regulation and supervision until its present form. In this part of the work are described in detail circumstances that lead to foundation of the Federal Reserve system, and also the origins of Great Depression. The practical part is focused on the analysis of the causes of the global financial crisis. Especially the U.S. real estate market, asset securitization and credit rating agencies. In the final part of this work are described in detail the measures taken by the U.S. government in the form of law "Dodd-Frank Wall Street Reform and Consumer Protection Act".

В умовах економічної нестабільності, обумовленої існуючими політико-правовими факторами, гостро постає потреба в сталому й ефективному функціонуванні всіх її елементів, за для дієвої протидії будь-яким загрозам. Однією з таких складових, безумовно, є фінансова система, належне управління якою є вагомою передумовою для стабільного економічного зростання й соціального розвитку будь-якої країни. Адже, не викликає сумніву та обставина, що саме завдяки ефективній управлінській діяльності можливе досягнення високих показників у будь-якій сфері суспільних відносин. Тому, очевидно, що виникає необхідність в існуванні інструментів для постійного й дієвого управління фінансовою системою. Серед таких засобів особлива роль відводиться регуляторній політиці та, відповідно, Державній регуляторній службі України, яка безпосередньо її реалізує. Адже саме від якісного виконання нею своїх завдань частково залежить успіх в забезпеченні належного функціонування фінансової системи.

The expansion of the Internet led to disruptive business and consumer processes, as existing regulations do not cover the scope and scale of emerging financial technologies. Using organization economic theory as the foundation, the purpose of this correlational study was to examine and compare the financial regulatory impact on traditional and emerging financial systems across a variety of factors including organizational type, predicted users, operational concerns, reasons for cost increases, and changes in business practices as a result of the regulatory environment. Data were collected through a survey of 227 adult Americans who engage in the financial sector and are familiar with the US regulatory environment. Data were analyzed using descriptive statistics, cross tabulations, and statistical significance was tested using Lambda and Kendall's Tau c. The key finding of this study is that the effects of regulations are different for the traditional and emerging financial systems, showing the need to develop and implement policies that are context specific to the emerging financial systems. The recommendations from the study include suggestions to regulatory agencies to regulate and support emerging financial systems in line with new technology that envisions efficiency and economic fairness. The positive social change implications for this study include the development of a strategy that can ensure economic stability, reduce irregularities, and strengthen investments with a view of protecting the financial system from breakdown.

This research is the first comprehensive critical evaluation of the ways in which Islamic mortgages can be developed and executed in a Sharia compliant manner in order to boost the development of housing markets primarily in Saudi Arabia, with regulatory analyses of securitisation in the US and EU, and case analyses of the UK, Sharjah, and Dubai. The regulatory analyses of securitization show how the excesses of modern financial legal techniques to greatly expand opportunistic developments of mortgagebacked markets led to market failures, and that such market failure could be avoided by the use of Islamic finance principles. These case analyses have been selected to provide a spectrum of different socio-economic contexts in which to compare the Saudi Arabian system. The study also engages in the examination of the Western and Islamic legal systems and their impact on mortgaging and securitisation theory and practice. Securitisation, namely the activity involving the packaging, dividing and selling of mortgages in the primary market has in recent years become a well-established business process (with banking, financing and legal implications and aspects) for enhancing home financing and home ownership in the USA, the UK and Western Europe, all of which are subject to common law contractual processes. However, it would be natural to suppose that further development of the Saudi Arabian and other Islamic legal systems would include securitisation techniques in the near future. Indeed, certain Islamic finance structures lend themselves to securitisation processes which are investigated in depth in this work. Banking and financial activities in the Islamic countries are however governed by a mix of conventional practice, common law and Islamic law, with variations occurring in the same between different jurisdictions. This study aims to engage in a detailed comparison of the conventional (Western) banking system and the banking procedures and processes followed in Islamic jurisdictions in order to develop and recommend a standardized securitisation system for mortgages, which draws upon the best of western regulations and practices and is yet compliant with Islamic law, i.e. the Sharia. The Western banking system is based upon intermediation between entities that have money and ones that need to use it, the charging of interest and a rational decisionmaking process between banks and their clients. The Islamic system on the other hand is governed by Islamic law, which prohibits interest, speculation and any type of activity that is perceived to be oppressive. It recommends close partnerships between bankers andclients, rather than short-term transactional utility. The establishment of common ground between these two systems is undoubtedly a challenging task, particularly because of the differences in the interpretation of religious law by different clerics. This study however points out that significant common ground can be established if standardisation of legal practices and bank policies can be achieved in Islamic countries. The development of high levels of standardisation will help in the creation of securitisation processes for housing mortgages that are Sharia compliant and thus satisfy two important objectives, namely religious requirements and the expansion of the housing market.

La Chine a fait le pari de s’ouvrir au monde, à cette mondialisation, dans laquelle règne une grande disharmonie. Aujourd’hui, la mise en œuvre du socialisme, aux couleurs chinoises, s’inscrit dans un processus beaucoup plus global, fondé sur la promotion de la culture chinoise. Deng Xiaoping, le premier, avait, en 1979, libéré l’initiative de chaque citoyen Chinois, avec sa fameuse expression « Enrichissez-vous ! ». Le rêve pour tous les chinois de pouvoir entrevoir une réussite sociale et matérielle devenait donc palpable. Le lancement par la Chine d’un programme d’envergure dans la recherche et le développement technologique, assure à ses industries un socle qui reste aujourd’hui une priorité stratégique de l’Etat - Parti, libère les énergies et crée les conditions de son ouverture au reste du monde. Le « rêve chinois », expression lancée par le nouveau président Xi Jinping, en 2013, lors de son accession au pouvoir suprême, sonne comme un rappel utopique à l’imaginaire de tout son peuple et revêt une portée symbolique face à une Amérique, fondamentalement attachée à son célèbre « rêve américain ». Notre étude porte sur le rôle du système bancaire chinois et sur son évolution. Son particularisme nous permettra de comprendre dans quelle mesure il constitue un moyen pour la Chine de mettre en œuvre son propre développement économique et financier. Mon travail s’est appuyé sur les nombreux ouvrages et articles cités dans la bibliographie. Cette recherche a été enrichie par les différentes conférences auxquelles j’ai pu assister et par la réalisation d’interviews auprès de banquiers, d’économistes, d’universitaires et d’acteurs reconnus du monde industriel. Dans un premier temps, nous dresserons un indispensable rappel historique pour mieux comprendre les choix politiques d’une Chine qui va finir par défendre avec fermeté ses intérêts, à la fois sur la scène régionale et internationale. Nous focaliserons par la suite notre attention sur la construction et le processus de décision de son système bancaire, au service de sa croissance, et, enfin, nous élargirons notre propos et tenterons de démontrer de quelle manière les fonds d’Etats répondent à la mission qui leur est donnée : financer les ambitions économiques de la Chine et conforter son rôle central dans l’économie mondiale. En trois décennies à peine, la Chine, reléguée auparavant dans un statut de nation sous-développée, s’est élevée au rang de première puissance industrielle et commerciale. Elle est, aujourd’hui, la seconde économie du monde. Nulle part, dans l’histoire, une nation, dans un temps aussi court, n’aura été en mesure de remettre en cause les équilibres internationaux, bouleversant l’actuel paradigme de la hiérarchie des grandes puissances. Dans cette perspective, la question des vrais objectifs de la Chine semble être pertinente et ceci à chaque étape de ses réformes. Une telle puissance financière interpelle et inquiète, lorsque, en quelques années, elle a enregistré une forte inflation de ses investissements à l’étranger. En effet, les banques d’Etat chinoises jouent un rôle pivot dans la gouvernance financière des entreprises d’Etat, plus globalement dans le seul but du développement durable de l’économie chinoise pour édifier son propre système de conquête économique. La Chine souhaite-t-elle vraiment atteindre les standards du système de régulation international ? La Chine est-elle en train par ses choix déterminants, de tracer sa propre voie ? Tout l’effort de cet Etat vise à reconstruire la puissance économique et financière, sans laquelle ne peut se matérialiser efficacement son influence politique et lui offrir son prestige du passé
China has made the bet to open up to the world, to this globalization, in which there is a great disharmony. Today, the implementation of socialism, with Chinese colors, is part of a much more global process, based on the promotion of Chinese culture. Deng Xiaoping, the first, in 1979, released the initiative of every Chinese citizen, with his famous expression " Enrich yourself ! ". The dream for all Chinese to be able to glimpse a social and material success became palpable.The launch by China of a major program in research and technological development, ensures its industries a base that remains today a strategic priority of the State Party, releases the energies and creates the conditions of its opening to the rest of the world. The "Chinese Dream", an expression launched by the new President Xi Jinping in 2013, when he ascended to supreme power, sounds like an utopian reminder to the imagination of all his people and has a symbolic significance in front of an America, fundamentally attached to his famous "American Dream". Our study focuses on the role of the Chinese banking system and its evolution. Its particularity will allow us to understand in what extent it constitutes a means for China to implement its own economic and financial development. My work was based on the many books and articles cited in the bibliography. This research was enriched by the various conferences I attended and by conducting interviews with bankers, economists, academics and recognized industry players. At a first step, we will draw an essential historical reminder to better understand the political choices of a China that will finish to defend stongly its interests, at the same time on the regional and international level. Then, we will focalize our attention upon the construction and the process of its banking system, for its growth. Endly,we will expand our discusion and try to demonstrate how the state funds respond to the mission. given to them: to finance China's economic ambitions and consolidate its central role in the global economy. In three decades, China, previously relegated to underdeveloped nation status, has risen to the rank of the first industrial and commercial power. It is today the second largest economy in the world. Nowhere in history has a nation, in such a short time, been able to question international balance, to change completly the current paradigm of the hierarchy of the great powers. In this perspective, the question of the true objectives of China seems to be relevant and this at each stage of its reforms. Such a financial power questions and worries when, in a few years, it has recorded a high inflation of its investments abroad. Indeed, Chinese state-owned banks play a principal role in the financial governance of state-owned enterprises, more generally for the only purpose of the sustainable development of the Chinese economy to build its own system of economic conquest. Does China really want to reach the standards of the international regulatory system ? Is China in the process of determining its own path through its decisive choices ? The whole effort of this state aims to rebuild the economic and financial power, without which its political influence can not be effectively realized and offer it its prestige of the past

У роботі розглядаються теоретичні засади забезпечення фінансової стійкості банку, реалізації негативних чинників, методи оцінки фінансової стійкості банку, достатності власного капіталу. Розглянуті підходи щодо обґрунтування чинників підвищення фінансової стійкості банків України. Проаналізовано теоретичні аспекти стiйкoстi бaнкiвськoї устaнoви, її oснoвнi eлeмeнти, склад, структура та динаміка фінансових ресурсів банківської системи України; визначені основні методи а положення щодо надання оцінки фінансовій стійкості банку; обґрунтовано порогові показники достатності ресурсного потенціалу банківської системи. Запропоновано методи оцінки банківських ризиків, підходи щодо нівелювання їх наслідків та приклади вдалого антикризового управління.
The work deals with the theoretical aspects of financial stability of a bank, realizations of negative values, methods of financial stability valuation of a financial bank, prosperity of a powerful capital are examined. The approaches to substantiation of the financial stability of Ukrainian banks are considered. Тhe аuthor analysis theoretical setting up of the financial resources of the Ukrainian banks and their basic elements, warehouse, structure and dynamics of the financial resources of the Ukrainian banks' systems has been reviewed; the basic methods of determining the amount of financial resources to be allocated to the bank; the threshold indicators of the resource potential of the banks' systems are justified. Тhe author proposes directions of optimization of the bank's resource potential for further development of bank's active operations.

Money Service Businesses provide people and institutions with a way to send money (remit) from one place to another. This service is most often associated with migrants, who typically wish to send money or value home. Remittances can be sent both on a domestic and on a cross-border basis. The methods used to remit money or value can be used for both legitimate and illegal purposes. The question posed by this research is whether the Money Service Businesses that operate in South Africa and provide crossborder remittance services are adequately regulated, to ensure that it is not used for the purposes of money laundering and/or terror financing. Copyright
Dissertation (MPhil)--University of Pretoria, 2010.
Accounting
unrestricted

Before the 2008 financial crisis, most research in financial mathematics focused on the risk management and the pricing of options without considering effects of counterparties’ default, illiquidity problems, systemic risk and the role of the repurchase agreement (Repo). During the 2008 financial crisis, a frozen Repo market led to a shutdown of short sales in the stock market. Cyclical interdependencies among financial corporations caused that a default of one firm seriously affected other firms and even the whole financial network. In this dissertation, we will consider financial markets which are shaped by financial crisis. This will be done from two distinct perspectives, an investor’s and a regulator’s. From an investor’s perspective, recently models were proposed to compute the total valuation adjustment (XVA) of derivatives without considering a potential crisis in the market. In our research, we include a possible crisis by apply an alternating renewal process to describe a switching between a normal financial status and a financial crisis status. We develop a framework for pricing the XVA of a European claim in this state-dependent framework. We represent the price as a solution to a backward stochastic differential equation and prove the existence and uniqueness of the solution. To study financial networks from a regulator’s perspective, one popular method is the fixed point based approach by L. Eisenberg and T. Noe. However, in practice, there is no accurate record of the interbank liabilities and thus one has to estimate them to use Eisenberg - Noe type models. In our research, we conduct a sensitivity analysis of the Eisenberg - Noe framework, and quantify the effect of the estimation errors to the clearing payments. We show that the effect of the missing specification of interbank connection to clearing payments can be described via directional derivatives that can be represented as solutions of fixed point equations. We also compute the probability of observing clearing payment deviations of a certain magnitude.

Financial markets play a crucial role in the development of trade and investment across the world. They have also helped in shaping the economy of many countries through emerging resolve to diversify their economy by building financial markets that are attractive to both domestic and foreign investors. But beyond the participation of investors, there has been continuous determination to establish robust regulatory frameworks in order to make the market safer for investors and for the economy. To achieve this, the need for effective legislation and proper enforcement against market abuse has become a prominent part of policy decisions across nations and regions. This works looks at the development of financial market in the Kingdom of Saudi Arabia in comparison with developments in the United Kingdom. In doing so, the study makes a contribution to the field of knowledge by critically discussing the challenges of emerging markets such as Saudi Arabia in not only expanding its financial industry but in restructuring the industry with new regulations, products and services that are also protected from market abuse. The study is also one that for the first time, compares these two jurisdictions in the context of financial market regulations and legal mechanisms against market abuse. The study examines these regimes from a legal perspective, by looking at the development of the two financial markets regimes and especially the way regulatory frameworks modelled and implemented to deal with market abuse. The thesis also looks at the critical issues and challenges of dealing with insider trading and market manipulation in the face of Saudi’s growing ambition to reach out to the global market while keeping it traditional model of Islamic finance. These issues were discussed in comparison to the model in the UK and how the UK legal framework works to curtail abuse of the market, ensure compliance and investor safety as well as issues relating to penalties for offenders. The thesis further relates these aspects of financial markets to the challenges of dealing with the growing volume of products and services that are becoming increasingly sophisticated in a global market that has continued to become interconnected.

It has been widely accepted that the banking industry is highly dependent on information technology (IT). Due to its pervasiveness and intertwining nature in most aspects of banking business, IT has also significantly become one of the critical components that facilitate the ability of banking institutions to meet regulatory requirements in an efficient and a cost-effective way. For instance, in the effort to mitigate the activities of money laundering and terrorism financing (ML/TF), various information on banking customers are timely and accurately gathered and analysed through automation. Furthermore, in many instances, IT systems exclusively built to achieve a similar objective are frequently established, and comparable to most IT implementations in the banking institutions, they are often can be equally regarded as a significant investment as well. Viewed from the longstanding debate on the value of IT investments to organisations, empirical research within the IS domain seemed to have placed less emphasis on the possible contribution of regulatory IT implementations. While it is easy to conceive that these IT deployments were never intended to directly benefit banking business from the outset, a study from this perspective should not be disregarded, but instead, warrant to be equally explored. The rationale for this statement can be attributed to the aforementioned assertion regarding the potentially substantial monetary investments required. In addition to this, it may also be due to the high tendency of stringent regulations being enforced in the future, and hence, could inevitably place a significant demand on organisational resources, and further influence their associated opportunity costs. For that reason, this study has attempted to fill the identified research gaps by conducting an investigation from the standpoint of a topical issue regarding anti-money laundering and counter terrorism financing (AML/CFT) implementation efforts within banking institutions. Utilising a conceptual framework that leverages the resource-based view (RBV) to structurally analyse a list of research objectives, empirical evidence of business benefits and the associated capabilities through organisational AML/CFT efforts have indeed been discovered. The benefits are particularly in the form of having the opportunity to leverage various information and infrastructure that were established for regulatory purposes. Further evidence has also suggested that selected AML/CFT alerts have the potential of providing unique opportunity for the organisation to trigger time-critical event-based marketing activities, resulting in a possible improved competitive positioning (ICP). Importantly, by appreciating the insights obtained through the research, a conceptual framework is proposed, which may aid to structurally assess the possible benefits of any organisational regulatory IT implementations.

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The regulatory system varies depending on the country's institutional endowment. A component of the regulatory system is regulatory governance, namely the set of safeguards that limit discretionary actions of the regulator. In Brazil, one of the safeguards is the institutional design of regulatory agencies. This design consists of a series of factors among which stands out autonomy, commonly divided into administrative, financial and political. The ultimate goal of this study is to evaluate the financial autonomy of federal regulatory agencies. The greater financial autonomy is, the more robust regulatory governance tends to be, because the institutional design plays a better role as safeguard. Strengthened governance contributes to the stability of rules, reduces regulatory risk and enhances the attraction of private investments, which ultimately leverage the country's economic development. To achieve the ultimate goal, it will be held an exploratory, descriptive and explanatory research. The means used are bibliographic, documentary and multiple cases. Each case is selected in a non-probabilistic way by typicality and accessibility, in that order, in order to reach contrasting results (theoretical replication). These criteria determine the choice of all federal regulatory agencies, with the exception of ANAC, because of the accessibility of its budgetary and financial data. Thus, from data of ANEEL, ANATEL, ANP, ANVISA, ANS, ANA, ANTAQ, ANTT and ANCINE for the years 2002 to 2010, four indicators are calculated: budget availability, budget execution, financial execution, and budget and financial overlay. The averages of these partial indicators comprise a comprehensive indicator of financial autonomy. The results are compared between the agencies, between the generations of the agencies and between the sectors of activity of the agencies, using the technique of analysis of variance with a significance level of five percent. The evaluation of the financial autonomy of federal regulatory agencies is unexpected. Rejecting the initial hypotheses, the regulatory agencies of first generation have inferior results to those agencies from second and third generation, and infrastructure agencies have inferior results to social agencies. These results highlight the need to revise the model of budgetary and financial management designed for federal regulatory agencies. The legal provision of own sources of funds is not sufficient to ensure the financial autonomy of agencies to the extent that the central government makes use of increasingly frequent resources impoundments.
O sistema regulatório varia conforme a dotação institucional do país. Um componente do sistema regulatório é a governança regulatória, isto é, o conjunto de salvaguardas que limita ações discricionárias do regulador. No caso brasileiro, uma das salvaguardas é o desenho institucional das agências reguladoras. Este desenho é formado por uma série de elementos entre os quais se destaca a autonomia, comumente dividida em administrativa, financeira e política. O objetivo final deste estudo é avaliar a autonomia financeira das agências reguladoras federais. Quanto maior a autonomia financeira, mais robusta tende a ser a governança regulatória, pois melhor é o papel desempenhado pelo desenho institucional das agências como salvaguarda. Fortalecida, a governança contribui para a estabilidade de regras, reduz o risco regulatório e potencializa a atração de investimentos privados, o que, em última análise, alavanca o desenvolvimento econômico do país. Para alcançar o objetivo final, realiza-se pesquisa exploratória, descritiva e explicativa. Os meios utilizados são bibliográficos, documentais e estudo de múltiplos casos. Cada caso é selecionado de forma não probabilística por tipicidade e por acessibilidade, nesta ordem, a fim de se chegar a resultados contrastantes (replicação teórica). Estes critérios determinam a escolha de todas as agências reguladoras federais, com exceção da ANAC, em virtude da acessibilidade de seus dados orçamentários e financeiros. Assim, a partir dos dados da ANEEL, ANATEL, ANP, ANVISA, ANS, ANA, ANTAQ, ANTT e ANCINE referentes aos anos de 2002 a 2010, são calculados quatro indicadores: de disponibilidade orçamentária, de execução orçamentária, de execução financeira e de sobreposição orçamentária e financeira. As médias aritméticas desses indicadores parciais compõem um indicador global de autonomia financeira. Os resultados encontrados são comparados entre as agências, entre as gerações das agências e entre os setores de atuação das agências, utilizando-se a técnica da análise de variância a um nível de significância de cinco por cento. A avaliação da autonomia financeira das agências reguladoras federais é surpreendente. Rejeitando as hipóteses iniciais, as agências reguladoras de primeira geração obtêm resultados inferiores às agências de segunda e terceira geração, e as agências de infraestrutura resultados inferiores às agências sociais. Estes resultados evidenciam a necessidade de revisão do modelo de gestão orçamentária e financeira concebido para as agências reguladoras federais. A previsão legal de fontes próprias de recursos não é suficiente para assegurar a autonomia financeira das agências na medida em que o governo central faz uso cada vez mais frequente de contingenciamentos de recursos.

Савастєєва, О. М. Теоретико-методологічне забезпечення бюджетного процесу на місцевому рівні в умовах трансформації міжбюджетних відносин : дис. ... д-ра екон. наук : 08.00.08 / О. М. Савастєєва. - Чернігів, 2020. - 509 с.
Дисертація присвячена вирішенню важливої наукової проблеми – дослідженню розвитку та обґрунтуванню теоретико-методологічних й удосконаленню науково-методичних засад забезпечення бюджетного процесу на місцевому рівні в умовах трансформації міжбюджетних відносин. Запропоновано авторське визначення бюджетного процесу на місцевому рівні з виокремленням його складових, їх взаємозв’язку й взаємодії. Обґрунтовано теоретико-методологічну архітектуру системи реалізації соціально-економічних функцій держави в частині бюджетоутворення. Розроблений методичний підхід до оцінки транспарентності бюджетного процесу на рівні об’єднаних територіальних громад. Здійснений моніторинг стану міжбюджетних відносин в Україні. Представлені стратегічні пріоритети розвитку бюджетної політики на місцевому рівні в умовах фінансової децентралізації. Обґрунтована доцільність та формалізована змістовність авторської концепції бюджетної політики фінансового забезпечення розвитку регіонів України. Запропоновано модель формування та реалізації стратегії ресурсного забезпечення місцевих бюджетів територіальних громад. Обґрунтована необхідність запровадження комплексного науково-методичного підходу до інтегральної оцінки ефективності механізму регулювання організаційно-фінансового забезпечення бюджетного процесу на місцевому рівні в умовах міжбюджетних трансформацій. Формалізована змістовність інструментарію програмно-цільового формування місцевих бюджетів в умовах міжбюджетних трансформацій.
Диссертация посвящена решению важной научной проблемы – исследованию развития и обоснованию теоретико-методологических и совершенствованию научно-методических основ обеспечения бюджетного процесса на местном уровне в условиях трансформации межбюджетных отношений. Предложено авторское определение бюджетного процесса на местном уровне с выделением его составляющих (систем обеспечения, процедур, технологий, этапов составления, рассмотрения, утверждения, исполнения местных бюджетов, отчетности об их выполнении), их взаимосвязи и взаимодействия. Представлены концептуальный подход к разработке модели механизма функционирования институциональной архитектоники бюджетного процесса на местном уровне, эффективное использование которого предполагает становление единой межотраслевой методики качественной оценки результатов выполнения бюджетных программ и создание в составе местных органов власти специализированных постоянно действующих общественных палат по бюджетным вопросам. Обоснованы теоретико-методологическую архитектуру системы реализации социально-экономических функций государства в части бюджетообразования, которая состоит из совокупности принципов эффективности бюджетного процесса (синергичности, иерархичности, эмерджентности, мультипликативности, целеустремленности, альтернативности, производительности, целостности, взаимозависимости, коммуникативности и адаптивности), функциональных подсистем (бюджетный механизм, бюджетная политика и бюджетный процесс), детерминант (бюджетные доходы и бюджетные расходы), которые обеспечивают благоприятные условия для эффективного функционирования бюджетного процесса в условиях трансформации межбюджетных отношений. Предложена и схематично представлена гипотеза указанной научной работы, которая реализуется через закономерности (перераспределение властных компетенций и полномочий в финансовой сфере; институциональное обеспечение бюджетного процесса, увеличение финансового потенциала; активность фискальной политики и устойчивость финансового состояния) и базисные положения, соответствующие каждой из составляющих предложенной гипотезы. Предложенная система рисков эффективности бюджетного процесса на местном уровне: 1. Риски внешней среды. 2. Риски структуры бюджета. 3. Риски организационно-методического инструментария. Разработан методический подход к оценке транспарентности бюджетного процесса на уровне объединенных территориальных общин, который ориентирован на избежание или минимизации влияния рисков на бюджетный процесс. Проведенный мониторинг состояния межбюджетных отношений в Украине обнаружил, что на уровень эффективности бюджетного процесса негативно влияет внутренняя неуравновешенность доходной и расходной части местных бюджетов и соответствующие диспропорции в финансовой обеспеченности регионов. Разработан методический подход, который предусматривает проведение оперативного и фундаментального анализа бюджетного процесса с целью расчета интегрального показателя финансовой устойчивости. Внедрение такого подхода позволяет сформировать информацию, необходимую для прогнозирования бюджетов и обоснования мероприятий по обеспечению их устойчивости с учетом возможных рисков. Представленные стратегические приоритеты развития бюджетной политики на местном уровне в условиях финансовой децентрализации: укрепление самостоятельности местных бюджетов; урегулирование вопросов оптимизации системы межбюджетных отношений путем распределения полномочий между органами государственной власти и местного самоуправления; проведение мониторинга результативности использования бюджетных средств; совершенствование нормативно-правового обеспечения бюджетной политики. Обоснована целесообразность и формализованная содержательность авторской концепции бюджетной политики финансового обеспечения развития регионов Украины. Интерпретировано научно-концептуальный подход к регулированию межбюджетных отношений с целью согласования интересов субъектов бюджетного процесса в Украине. Предложена модель формирования и реализации стратегии ресурсного обеспечения местных бюджетов территориальных общин, в структуру которой отнесено характеристику ресурсного потенциала и структуру целей и поэтапный алгоритм ее реализации. Обоснована необходимость внедрения комплексного научно-методического подхода к интегральной оценки эффективности механизма регулирования организационно-финансового обеспечения бюджетного процесса на местном уровне в условиях межбюджетных трансформаций. Формализованная содержательность инструментария программно-целевого формирования местных бюджетов в условиях межбюджетных трансформаций.
The dissertation is devoted to the solution of an important scientific problem - research of development and substantiation of theoretical and methodological principles and improvement of scientific and methodological foundations of ensuring the budget process at the local level in the conditions of transformation of intergovernmental relations. The author defines the local budget process with an emphasis on its components, their interrelation and interaction. The theoretical and methodological architecture of the system of realization of socio-economic functions of the state in terms of budgeting is substantiated. A methodological approach to assessing the transparency of the budget process at the level of integrated territorial communities has been developed. The state of intergovernmental relations in Ukraine has been monitored. The strategic priorities of the development of budgetary policy at the local level in terms of financial decentralization are presented. The expediency and formal content of the author's concept of the budgetary policy of financial support for the development of the regions of Ukraine are substantiated. The model of formation and realization of the strategy of resource provision of local budgets of territorial communities is offered. The necessity of introducing a comprehensive scientific and methodological approach to the integrated evaluation of the effectiveness of the mechanism of regulation of organizational and financial support of the budget process at the local level in terms of intergovernmental transformations is substantiated. Formal content of the toolkit of program-targeted formation of local budgets in terms of intergovernmental transformations.

A presente dissertação versa sobre o estudo da regulação financeira sistêmica brasileira e está dividida em quatro capítulos. No primeiro capítulo, descreve-se a essência das atividades financeiras e narra-se a trajetória histórica que deu ensejo à criação de Bancos Centrais e o surgimento da regulação bancária no mundo. Em seguida, discorre-se sobre o processo de expansão do sistema financeiro e sua internacionalização face à globalização financeira dos mercados. Após a exposição de razões políticas, comportamentais, econômicas e técnicas consideradas determinantes para a consumação da última crise financeira mundial (caso subprime), demonstra-se que uma regulação financeira sistêmica adequada constitui um processo complexo, dinâmico e contínuo de gestão pública com vistas a evitar ou atenuar os efeitos de crises sistêmicas. Nesse sentido, são expostos os motivos por que o Brasil enfrentou bem tal crise, através da apresentação da evolução dos processos regulatórios domésticos nos últimos anos. No segundo capítulo, utilizado o marco político-filosófico de John Rawls, sustenta-se a ideia de que a estabilidade financeira sustentável ao longo do tempo é uma questão de justiça básica que deve influenciar o desenho político-institucional em sociedades democráticas constitucionais. Nesse sentido, afirma-se a possibilidade de geração de um consenso sobreposto, segundo o ideal de razão pública, quanto à necessidade de estabelecimento de instituições, relativamente descoladas dos ciclos político-eleitorais e dotadas de especialização técnica, responsáveis pelo planejamento e acompanhamento público e transparente da sustentabilidade da execução da política monetária e da regulação financeira sistêmica propriamente dita no longo prazo. Adicionalmente, em razão da globalização financeira dos mercados, discorre-se sobre os limites e possibilidades do ideal de razão pública nos organismos financeiros internacionais (redes globais de governo), instituídos para definir padrões de regulação financeira sistêmica, e são feitos comentários acerca da existência de um Direito Administrativo Global. No terceiro capítulo, defende-se a ideia de razão prática regulatória como a diretriz adequada de atuação sustentável do Estado na economia com foco em resultados, a fim de estimular o progresso nos processos regulatórios, mediante o uso do better regulation como paradigma de análise de custos e benefícios. Após, expõe-se a noção de juridicidade administrativa como a mais compatível com a Constituição, além de defender-se a legitimidade democrática e o poder normativo das agências reguladoras financeiras. Por fim, com fundamento nas características do desenho institucional da estrutura regulatória brasileira, são formuladas propostas de aprimoramento institucional. No último capítulo, são feitos comentários sobre as vantagens, limites e riscos de judicialização dos processos regulatórios financeiros em democracias constitucionais, o que motiva a construção de parâmetros institucionais e materiais de atuação judicial, posteriormente analisados em precedentes importantes julgados no Brasil nos últimos anos.
This dissertation deals with the study of systemic financial regulation in Brazil and is divided into four chapters. The first chapter describes the essence of the financial activities and narrates the historical trajectory that gave rise to the creation of Central Banks and the emergence of banking regulation in the world. Afterwards, it exposes the expansion process of the financial system and its internationalization due to globalization of financial markets. Then, it presents political, behavioral, economic and technical reasons considered crucial to the consummation of the last global financial crisis (subprime case) and concludes that an adequate systemic financial regulation is a complex, dynamic and continuous public management process in order to prevent or mitigate the effects of systemic crises. In this sense, it shows why Brazil faced the last crisis well, through the exposure of the evolution of the domestic regulatory processes in recent years. In the second chapter, based on the John Rawlss political liberalism framework, it holds up the idea that sustainable financial stability over time is a matter of basic fairness that should influence the design of political institutions in democratic constitutional societies. In this sense, it states the possibility of generating overlapping consensus, according to the ideal of public reason, on the need to establish institutions, relatively detached from electoral cycles and endowed with technical expertise, responsible for planning and monitoring the long run sustainability implementation of accountable monetary policy and systemic financial regulation as well. Additionally, due to the globalization, it discusses the limits and possibilities of the ideal of public reason in the international financial organizations (global networks of government), established to set systemic financial regulatory standards, as well as comments are made about a Global Administrative Law. In the third chapter, it argues the idea of regulatory practice reason as the appropriate guideline for sustainable state performance in the economy with a focus on results, in order to stimulate progress in regulatory processes through the use of better regulation as a paradigm of cost-benefit analysis. After, it exposes the notion of constitutional legality and it defends the democratic legitimacy and the normative power of the financial regulatory agencies. Finally, based on the characteristics of the institutional design of the regulatory framework in Brazil, proposals for institutional improvement are formulated. In the last chapter, it comments the advantages, limitations and risks involved in judicialization of financial regulatory processes in constitutional democracies, which motivates the construction of institutional and material parameters of judicial action, subsequently analyzed in important cases judged in Brazilian courts.

Dans ce travail, l’impact des accords d’EMIR et d’autres directives internationales (Principles for Financial Market Infrastructures, Key Attributes of Effective Resolution Regimes for Financial Institutions) sur la résilience des marchés financiers est étudié en termes de risque de contrepartie et de risque systémique. Plus particulièrement, le travail se focalise sur la résilience des Chambres de Compensation (CCPs), qui sont au cœur de la nouvelle architecture du système financier. Dans le cadre du mouvement réglementaire des produits dérivées vers les CCPs, le risque de contrepartie a ainsi été transféré des marchés bilatéraux aux CCPs. Il est donc aujourd’hui primordial d’évaluer les risques systémiques relatifs à cette transformation de la structure des marchés financiers. Après avoir décrit le fonctionnement des CCPs et leur cadre réglementaire, le rôle du marché européen des pensions livrées compensées comme canal d’amplification du risque systémique est analysé. Les pensions livrées sont des instruments financiers de refinancement des banques, représentant une part croissante de la liquidité des institutions financières en Europe. Un nouvel ensemble de données sur les taux de décote appliqués aux obligations d’état par les CCPs est présenté. Son analyse montre que les taux de décote sur les obligations d’État des pays périphériques ont considérablement augmenté en réaction à la hausse du risque souverain. Enfin, la procyclicité des taux de décote et la concentration des transactions sécurisées indiquent que le marché de la pension livrée pourrait être une source de risque systémique dans la zone Euro. La deuxième partie s’intéresse à la résilience financière des CCPs et de leurs membres. Comme la résilience de long terme d’une CCP dépend de la solidité de sa base de membres, la capacité de paiement des bases de membres en vertu des scénarios normaux et stressés est évaluée. Pour se protéger contre le défaut de leurs participants, les chambres de compensation ont mis au point plusieurs procédures de gestion des risques : des marges, des fonds de garantie mutuels (default fund), et des outils de récupération (remplissage des fonds de garantie mutuels, prélèvement d’une fraction des gains de marges, ). Les ressources préfinancées, les outils de récupération, et les pouvoirs d’évaluation (assessment powers) des plus importantes CCPs européennes et américaines sont étudiés afin d’évaluer l’exposition possible de leurs membres. Des règles de répartition des pertes et l’impact des nouveaux régimes de résolution sur la liquidité contingente sont aussi considérés. Il ressort de cette analyse que, sous un scénario stressé (couverture 2), la qualité de la base des membres s’érode considérablement, compromettant la capacité des membres à fournir des liquidités contingentes et à maintenir la résilience de la chambre de compensation. Enfin, l’ensemble des CCPs européens est scruté en utilisant des données publiques. Des nouveaux outils ont été développés ; ils permettent de comparer les activités des CCPs européens, leur degré d’interconnexion, et le risque de liquidité auquel fait face une CCP dans le cadre de ses activités du réinvestissement. Ces outils permettent de montrer que, dans le cas d’une crise systémique, plusieurs CCPs pourraient poser des problèmes sévères pour la stabilité du système financier
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This paper discusses the analytical arguments used to explain the international financial crisis thatbroke out in 2007. First, we stress Ben Bernanke’s global saving glut hypothesis, which holds that the causes of the financial instability in the USA were exogenous and primarily triggered by the actions of developing countries, the effects of which escaped the control of the American financial and monetary authorities. We then review the criticism of this hypothesis and the correction that Bernake himself applied, which admits, as being foremost, the existence of factors other than the actions of developing countries. Below, we present the theory of credit development and regulatory failures, which includes the unprecedented growth in credit and financial leverage amid increasing financial deregulation. Finally, we review the central ideas of Hyman Minsky, which stress the systemic nature of the crisis in the capitalist economy.The theory of credit development and regulatory failures strikes us as the most fitting, as the evidence in its favor is substantial; what is more, Bernanke amended his initial approach and incorporated elements of this hypothesis. The recent study by Reinhart and Rogoff (2009) isconsiderably broader, analyzing several centuries of crisis and allowing the recent crisis to be reconciled with the credit development and regulatory failures theory.
Este trabajo discute los argumentos analíticos que se usaron para explicar la crisis financiera internacional que se desató a partir de 2007. Empezamos con la hipótesis del «exceso de ahorro» desarrollada por Ben Bernanke, quien sostiene que la causa de los desequilibrios financieros en EEUU fue exógena, generada, básicamente, por acciones de países en desarrollo, y que sus efectos escapaban al manejo de las autoridades monetarias y financieras norteamericanas. Luego revisamos la crítica que se le hizo y la corrección que él mismo procesó en la que se admite, como elemento prioritario, la existencia de otros factores distintos de las acciones de los países en desa- rrollo. A continuación, presentamos la hipótesis del «desarrollo del crédito y falencias regulatorias» en las que se destaca la ampliación sin precedentes del crédito y el apalancamiento financiero, en medio de creciente desregulación financiera. En tercer lugar, revisamos las ideas centrales de Hyman Minsky que destacan el carácter sistémico de las crisis en la economía capitalista.La hipótesis de crédito y falencia regulatorias nos parece la más acertada, pues la evidencia a su favor es sustancial y, además, también Bernanke corrige su enfoque inicial e incorpora los elementos de este segundo enfoque. El reciente trabajo Reinhart y Rogoff (2009) siendo bastante más amplio, pues estudia varios siglos de crisis, con respecto a la crisis reciente podría ser ubicado dentro de la hipótesis del «desarrollo del crédito y falencias regulatorias».

Le risque systémique a joué un rôle clé dans la propagation de la dernière crise financière mondiale.Un grand nombre de mesures de ce risque ont été développées pour évaluer la contribution d’une institutionfinancière au risque de l’ensemble du système. Toutefois, de nombreuses questions concernantles capacités de ces mesures à identifier les institutions financières d’importance systémique (SIFIs) ontété soulevées puisque le risque systémique possède de multiples facettes et certaines d’entre elles sontdifficiles identifier, telles que les similitudes entre institutions financières.L’objectif général de cette thèse en finance est donc (i) de proposer une solution empirique pour identifierles SIFIs au niveau nationale, (ii) de comparer théoriquement et empiriquement différentes mesures durisque systémique et (iii) de mesurer les changements d’expositions au risque des banques.Tout d’abord, le chapitre 1 propose un ajustement de trois mesures de risque systémique basées sur desdonnées de marchés et conçues dans un cadre international, afin d’identifier les SIFIs au niveau national.Ensuite, le chapitre 2 introduit un modèle commun dans lequel plusieurs mesures du risque systémiquesont exprimées et comparées. Il y est théoriquement établi que ces mesures de risque systémique peuventêtre exprimées en fonction de mesures traditionnelles de risque. L’application empirique confirme cesrésultats et montre que ces mesures ne sont pas capables de saisir la nature multidimensionnelle durisque systémique. Enfin, le chapitre 3 présente la méthodologie appelée Factor Implied Risk Exposures(FIRE) permettant de décomposer une variation de la mesure de risque d’une banque en deux éléments,le premier représentant la volatilité de marché et le second correspondant à l’exposition au risque de labanque. Ce chapitre illustre empiriquement que les changements d’expositions au risque sont corréléspositivement entre les banques, ce qui est cohérent avec le fait que les banques présentent des similitudesdans leurs prises de positions sur le marché
Systemic risk has played a key role in the propagation of the last global financial crisis. A large number ofsystemic risk measures have been developed to quantify the contribution of a financial institution to thesystem-wide risk. However, numerous questions about their abilities to identify Systemically ImportantFinancial Institutions (SIFIs) have been raised since systemic risk has multiple facets, and some of themare difficult to gauge, such as the commonalities across financial institutions.The main goal of this dissertation in finance is thus (i) to propose an empirical solution to identifydomestic SIFIs, (ii) to compare theoretically and empirically different systemic risk measures, and (iii)to measure changes in banks’ risk exposures.First, chapter 1 offers an adjustment of three market-based systemic risk measures, designed in a globalframework, to identify domestic SIFIs. Second, chapter 2 introduces a common framework in whichseveral systemic risk measures are expressed and compared. It is theoretically shown that those systemicrisk measures can be expressed as function of traditional risk measures. The empirical application confirmsthese findings and shows that these measures fall short in capturing the multifaceted nature of systemicrisk. Third, chapter 3 proposes the Factor Implied Risk Exposures (FIRE) methodology which breaksdown a change in risk disclosure into a market volatility component and a bank-specific risk exposurecomponent. This chapter empirically illustrates that changes in risk exposures are positively correlatedacross banks, which is consistent with banks exhibiting commonality in trading

碩士
國立臺北大學
經濟學系
97
Subprime mortgage crisis started from housing bubble in the US and high default ratio on subprime mortgages. The incentives of housing mortgages、a sustained rise in housing price and favorable refinancing condition encouraged housing mortgages borrowers to make a loan. However since mid 2006, housing price in American has started to fall, that made borrowers refinance hardly, moreover, a further increase in adjustable interest rate made default rate and delinquency rate on subprime mortgages rise sharply. First, when borrowers could not repay their debts or they were not willing to repay their debts, mortgage institution could not get their money back so that they confronted the risk of bankruptcy, for instance, New Century Financial declared bankruptcy in March 2007. Then, a lot of financial goods related to subprime mortgage were also afflicted with that. When the value of financial goods decreased, investors such as investment bank、pension fund and so on suffered a great loss, that afflicted stock markets in many countries and credit crunch had spilled into the whole world. Finally, financial storm transformed into economic crisis, that made the economy in many countries such as developed countries and developing countries decline. To stimulate the decline of economy and encourage the faith of the financial market, each government took a series of stimulus packages. But a drop in GDP in the world showed that the stimulus packages did not work effectively and the economy was still affected by subprime mortgage crisis. This paper researches the background of subprime mortgage crisis and try to find the part of the frangible financial system to prevent the financial crisis from happening again.

University of Technology Sydney. Faculty of Engineering and Information Technology.
This thesis studied the risks of decentrally governed distributed ledger technology (DLT) systems in the Australian financial system and develops a framework of regulatory controls and design principles to treat these risks. While DLT systems address important concerns about the conventional reliance of regulatory governance on institutional intermediaries, they also challenge regulators by disintermediating key regulatory control points for managing risks. This thesis developed a regulatory control response framework to address the emerging challenge of decentrally governed DLT systems in the regulatory context of the Australian financial system. To develop the framework, regulatory control treatments were co-designed with Australian regulatory DLT experts using a participatory action design research approach. This thesis provides a practitioner vetted, theory ingrained framework with insights for regulators and researchers responding to the challenges of decentrally governed DLT systems.

碩士
東吳大學
法律學系
104
“The Internet Finance” is defined as a new type of financial business model whereby internet start-ups make use of internet technology to provide innovative financial services. These non-banks have posed a threat to banks by providing online and convenient financial services. Banks have also been aware of the emerging innovation is challenging their business model of traditional financial services, many are turning to FinTech solutions to enhance the competitive advantage. In response, Financial Supervisory Commission (FSC) began to advance “Digital Financial Environment 3.0” program in 2014. Banks are allowed to provide various mobile payment services, as well as online services including applying credit loan and credit card. Meanwhile, banks are also allowed to engage in electronic payment institution businesses with FSC’s approval. Moreover, Banks and financial holding companies could invest in Fintech industry and could hold the equity shares of the companies up to 100%. Risk Management of banks has been seen as their principal competitive advantage. Banks in Taiwan are developing new products to facilitate e-commerce, some are investing in creating faster and better online lending experiences for customers, offering convenient mobile payment services, the others are applying to become an authorised electronic payment institution pursuant to Article 39 of The Act Governing Electronic Payment Institutions. Banks should strengthen the overall security of e-commerce transaction to ensure proper protection of consumers. In order to promote the use of mobile payment services in Taiwan, Executive Yuan has approved Apple Pay’s introduction of to Taiwan. The clearing and settlement of transactions with cards issued domestically will have to be done in Taiwan. However, the token service provider, the authenticating entity for the service, may be operated by institutions based either abroad or in Taiwan. Consumer protection issues and effective financial regulation will be discussed in this research. Banking industry in Taiwan can become an authorised electronic payment institution, the research will focus on the suitability of The Act Governing Electronic Payment Institutions, and provide comments for FSC on specific issues in the regulation to strengthen policy direction and establish effective supervision.

碩士
國立政治大學
經營管理碩士學程
92
This research analyzes 49 domestic banks, 55 credit cooperative unions, 287 credit department of farmer associations and 27 credit department of fisherman associations above four kind of financial institution´s management situation, and refers the operation ways of various countries financial early warning system, selects suitable financial ratios , utilizes SAS statistics software and Z-score, Logistic models, it identifies the root cause of bankruptcy thus reveals finance of ratio the correlation, appraises management efficiency, the defeat probability each kind of financial institution if the correct difference rate. It appraises each kind of financial institution´s management efficiency, defeats probability and correct difference rate. It establishes early warning model that forecasts financial institutions failure rate. The research model and period: used 49 domestic banks from 2001 in 2nd season to the end of 2003 total 11 seasons and 25 items of finance ratio、55 credit cooperative associations from the end of 1998 to the end of 2003 total 21 seasons and 26 items of finance ratio、287 credit department of farmer associations and 27 credit department of fisherman associations from the end of 1998 to the end of 2003 total 21 seasons which used respectively 25 items of finance ratio. The conclusion of this research are: Firstly, it collects the entire Z-Score model to have significant financial indicator to each kind of financial institution, the domestic banks have 6 items, the credit cooperative associations have 7 items, the credit department of farmer associations have 6 items, and the credit department of fisherman associations have 4 items. Secondly, it collects the entire Logistic model to have significant financial indicator to each kind of financial institution, the domestic banks and the credit cooperative associations have 6 items respectively, the credit department of farmer associations have 5 items, and the credit department of fisherman associations have 4 items. Thirdly, in the financial early warning model, when comparing Z-Score with Logistic model , the latter appears to have a higher correct difference rate.

碩士
國立臺灣大學
政治學研究所
97
In this thesis, the impacts of US subprime mortgages event and its regulatory forbearance policy on Taiwan’s financial system are examined. This thesis first investigates the causes and impacts of financial turmoil due to subprime mortgage event. Second, we explore the impacts of US subprime mortgages event on global financial system. This thesis will examine not only the impacts of the event on the infrastructure of global financial markets, but also the impacts of the event on risk management of global financial institutions. Finally, we explore the impacts of US subprime mortgages event on Taiwan’s regulatory policy. Due to the impacts, we discuss how to enhance Taiwan’s ratings agencies and the infrastructure of Taiwan’s financial markets. Also, we sum up how to strengthen risk management practices for Taiwan’s financial institutions. Besides, we also investigate how to enhance prudential regulatory policies for Taiwan’s financial system.

The thesis deals with the emergence of bank and non-bank entities that provide a range of unique transaction-based payment services broadly called Mobile Financial Services (MFS) to unbanked, underserved and underbanked persons via mobile phones. Models of MFS from Mobile Network Operators (MNOs), banks, combinations of MNOs and banks, and independent Mobile Financial Services Providers are covered. Provision by non-banks of ‘bank-type’ services via mobile phones has been termed ‘transformational banking’ versus the ‘additive banking’ services from banks. All involve the concept of ‘branchless banking’ whereby ‘cash-in/cash out’ services are provided through ‘agents.’ Funds for MFS payments may available through a Stored Value Product (SVP), particularly through a Stored Value Account SVP variant offered by MNOs where value is stored as a redeemable fiat- or mobile ‘airtime’-based Store of Value. The competitive, legal, technical and regulatory nature of non-bank versus bank MFS models is discussed, in particular the impact of banking, payments, money laundering, telecommunications, e-commerce and consumer protection laws. Whether funding mechanisms for SVPs may amount to deposit-taking such that entities could be engaged in the ‘business of banking’ is discussed. The continued use of ‘deposit’ as the traditional trigger for the ‘business of banking’ is investigated, alongside whether transaction and paymentcentric MFS rises to the ‘business of banking.’ An extensive evaluation of ‘money’ based on the Orthodox and Claim School economic theories is undertaken in relation to SVPs used in MFS, their legal associations and import, and whether they may be deemed ‘money’ in law. Consumer protection for MFS and payments generally through current statute, contract, and payment law and common law condictiones are found to be wanting. Possible regulatory arbitrage in relation to MFS in South African law is discussed. The legal and regulatory regimes in the European Union, Kenya and the United States of America are compared with South Africa. The need for a coordinated payments-specific law that has consumer protections, enables proportional risk-based licensing of new non-bank providers of MFS, and allows for a regulator for retail payments is recommended. The use of trust companies and trust accounts is recommended for protection of user funds. | vi
Public, Constitutional and International Law
LLD

Islamic finance has become global: Islamic financial institutions and their customers from multiple jurisdictions are jointly participating in this international shift. Such financial institutions commonly use a Murabaha contract for financial operations. Consequently, as the foundation of Islamic financial transactions is the application of Islamic financial principles, such principles are being espoused in financial agreements and integrated into non-Islamic legal environments that may not give credit to Islamic principles. Parties to Murabaha may include a clause that states the contract should be governed by Islamic legal principles alongside domestic laws. However, the requirement of Murabaha to simultaneously comply with different legal systems may create disputes over interpretation and application, posing both regulatory and financial risks. Within this context, this thesis employs a qualitative methodological approach to explore the feasibility of using Shariah compliant Murabaha in Australia. By examining Islamic and non- Islamic legal texts, academic journals and Murabaha dispute cases, the first objective of this project was to examine whether the different legal systems create any additional legal or financial risk to Murabaha. The second objective was to investigate how Murabaha disputes are settled in common law jurisdictions through an analysis of Murabaha cases in the United Kingdom and Malaysia, as there have not yet been any Murabaha legal disputes in Australian court history. The third objective of the thesis was to study different aspects of dispute resolution, litigation and arbitration to determine the most suitable dispute resolution system for Murabaha in Australia. The thesis concluded that Islamic financial institutions’ practice closely resembles Murabaha transactions with conventional financial practices. This allows them to enjoy similar economic advantages and receive the same legal treatment as conventional financial institutions. However, such close resemblance with the conventional financial system may risk diverting Murabaha from Islamic finance theory towards Shariah non-compliance. Moreover, the thesis found that Malaysia has established a regulatory financial system for Islamic finance that has eliminated Shariah non-compliance risk. On the other hand, the study demonstrated that even though the UK recognises Islamic finance system, it does not accept Shariah as a system of law capable of governing a contract. The UK treats Murabaha transactions as credit contracts that receive the same legal protection as conventional credit contracts. Similarly, Australia, a Commonwealth country, takes the same position as British courts with regards to the Murabaha transactions. Furthermore, the study revealed that the arbitration is the most appropriate dispute resolution forum for Murabaha because it can accommodate Shariah law within domestic legal systems. The arbitration system obliges arbitral tribunals to decide disputes with reference to either the national law chosen by the parties or any considerations agreed upon, such as Shariah law. This flexibility closes the gap between Shariah principles and arbitration law and stabilises international commercial relationships in Australia. Therefore, the study recommends that Australia should incorporate the Islamic rules governing Murabaha into its legal and regulatory system and consider adopting the Malaysian model because of its success in integrating Islamic banking and finance in a common law system. The study also recommends that the Islamic finance industry in Australia should adopt arbitration as an alternative dispute resolution forum for Murabaha disputes. For guidance, the study suggests that the Islamic finance industry implement AAOIFI Shariah Standard on Arbitration and the KLRCA Arbitration Rules. This would make Murabaha legally compliant and commercially desirable while also maintaining Shariah compliance within Australian law.

博士
國立中正大學
犯罪防治所
94
Abstract With the rapid economic development, financial frauds in Taiwan are on the increase from one year to another. A few defendants usurped the economic fruits brought by the toil of the whole people. When the economy is on the upswing, people are less complaining about economic offenses. In recent years the economic recession has sharpened people’s realization about the scourge of financial crimes. As comparatively fewer financial offenses are convicted and some political figures are involved in some cases, people have the feelings that politics has manipulated the judiciary. This study hypothesize different (judicial, financial, and finance supervisory) organizations and officials (judges, prosecutors, prosecutor’s assistances, and special agents of Investigation Bureau, Ministry of Justice) have different sensibilities about the offenses, perceptions of their causes, and opinions on countermeasures. This study is intended to find out such differences through meticulous analyses and to gauge their sensibilities, perceptions, and countermeasures for reference by competent organizations in controlling financial frauds. In the discipline of financial crime, the studies are not as plenty as in the field of traditional street crimes, it is hoped that this study will become a minnow that can attract the whale – the more valuable opinions – and the attention of various circles to this type of offense. In the study, most of the people interviewed have expressed their sensibilities and agreed that financial offenses will affect the development of the economy as a whole, undermine the financial order, and tarnish the nation’s image. With regard to the cause of financial offenses, ninety percent of the interviewees lay the blame on the failure of not impounding or confiscating the gains of the offenses in time, on the lack of internal control and audit among the financial institutions, on the insufficiency of financial knowledge among the people, and on the inadequate channels of international cooperation. As for the countermeasures, the interviewees opine that judicial personnel and law enforcement agencies should increase their financial knowledge. There are great differences among judicial, finance supervisory and financial personnel in their sensibilities to and in the identity of the causes of financial offenses but their differences in opinion on the control of financial crime are not conspicuous. Through polynomial regression analysis the equation is: Countermeasure = ?sensibility + β* cause + C (? β are coefficients and C is a constant) It is discovered in the analysis that, in the explanation of the countermeasure, sensibility accounts for 0.516, whereas the cause accounts for 0.605. When sensibility and cause are used as independent variables, they can explain 65.0% of the change of the countermeasure （R=0.650）. In the end, the researcher makes proposals on the control of financial offenses from the perspectives of the criminal justice system, regulatory authority, and financial institutions in hopes of arousing the interests of domestic academics and financial practitioners in follow-up studies of financial offenses in order to reduce the harms of the crime.

Embedded generation (EG) provides many benefits in terms of reduction of system technical losses and increased load carrying capacity. In this study the sustainable EG carrying capacity permutations in a medium voltage distribution system, will be determined. Using these results, the financial investment recovery potential of EG will be studied and the impact on the cost recovery by the Utility as a result of compensating the EG at the current system marginal price, will be analysed. The study was done to show what capitalisation can be done on a medium voltage distribution system, by the owners of EG plant receiving revenue from the Utility, at the system margin price with the anticipated inflationary increases. The study will also cover the effect on the revenue stream of the Utility as a result of voltage changes caused by the EGs to the loads being supplied. The electrical system used in the study consisted of a radial system with distributed load and generation. The distributed loads were modelled using the average load capacity supplied by the Utility in medium voltage system. The average volume of sales lost as a result of non-technical losses was included in the load model so that the overall accuracy of the revenue effect by EG on the Utility, could be increased. The amount of capitalisation that is achievable by the owners of the EG was tested against various practical permutation scenarios, including variation of location, system impedance (different X/R ratios), time of operation and changing load volume and type. The extent of successful penetration of EG into the distribution system was found to be between 20% and 60% of the load carrying capacity of the system. The simulated results revealed “bathtub curve” behaviour for the cost of energy losses and this reconciled with the theoretical analysis of other studies done in this area. Lower volume penetration of EG results in higher investment potential of up to ten million rand per MW with a 5% MARR per year. This is very low when compared to the levelised cost of the expensive renewable energy technologies that are currently available in the market. With higher penetration of EG on low impedance systems, the gross contribution of the Utility is negatively affected which would introduce instability in the SMP yearly increases.
M. Sc. Eng. University of KwaZulu-Natal, Durban 2013.

The purpose of the presented thesis is to analyse the developments of the regulatory framework relating to the taking up and pursuit of the business of credit institutions within the European Union (EU). One of the main reasons for this research is the development of the regulatory framework in the aftermath of the financial crises which showed its destructive effects after the financial collapse of Lehman Brothers in September 2008. The EU regulatory respond to the crisis led to the establishment of the new European System of Financial Supervision (ESFS). The new regulatory framework affects not only the role of the national standard setters and the work of national supervisory authorities but also rights and duties of all regulated and supervised entities of the financial market. The thesis is composed of five chapters. Each of them is dealing with the development of the regulatory framework concerning technical instruments of prudential supervision in the area of credit institutions. The introductory Chapter One defines instruments of prudential supervision which are applied by credit institutions and their supervisors under the present so- called Capital requirement directives (CRD). Chapter Two describes the evolution of the process of harmonisation in the area of credit institutions. The...

Mise en garde : Ce mémoire a été réalisé grâce au soutien financier du Fonds d’éducation et de saine gouvernance de l'Autorité des marchés financiers. Les informations, opinions et avis exprimés n'engagent que la responsabilité de Marie-Annick Laurendeau.
Le débat sur la structure de la régulation provinciale ou fédérale en valeurs mobilières occupe la scène financière depuis nombre d’années. Suivant le Renvoi de la Cour suprême de 2011 sur le sujet, un projet de régulateur coopératif, regroupant les régulateurs provinciaux avec le ministère des Finances fédéral pour l’encadrement des valeurs mobilières et devant permettre la collecte de données nationales ainsi que la gestion du risque systémique, a vu le jour. Pourtant, l’amélioration du modèle d’encadrement provincial actuel adresserait également les enjeux de la régulation. Nous présenterons donc des solutions possibles pour améliorer la régulation décentralisée en valeurs mobilières. Pour ce faire, nous analyserons les éléments perfectibles du régime en place afin de proposer des solutions axées sur la collaboration ainsi que sur la création d’organisations pancanadiennes spécialisées rassemblant l’expertise et les ressources des régulateurs de même que facilitant les relations avec leurs homologues étrangers. Enfin, la coopération entre les régulateurs provinciaux et fédéraux dans l’harmonisation réglementaire, la représentativité internationale, la mise en application et la prévention du risque systémique est possible. Nous étudierons alors des solutions novatrices dont un rôle renforcé pour les Autorités canadiennes en valeurs mobilières afin d’assurer l’harmonisation, notamment par l’élargissement du régime de passeport, l’ajout d’une agence nationale responsable du droit criminel et pénal et d’un tribunal administratif d’adjudication commun dans chacune des provinces canadiennes pour la réciprocité automatique des décisions, ainsi que la création d’un Conseil de stabilité financière canadien.
For years now, the structure of securities regulation has been debated between the provincial and federal governments. Following the Reference from the Supreme Court on the matter in 2011, the project of a cooperative regulator, grouping the provincial regulators with the federal ministry of Finance to regulate securities and allowing to collect national data as well as to manage systemic risk across the country, has arisen. However, the improvement of the actual provincial regulatory model would also address the issues regarding the framework of securities regulation in Canada. Thus, we will present possible solutions in order to improve the decentralized regulatory model. Our analysis will look at the aspects that could be improved in the current framework to propose solutions such as enhancing collaboration and creating specialized Canadian organizations to group regulators’ expertise and resources as well as to facilitate relations with foreign regulators. Finally, cooperation between provincial and federal regulators to join their efforts regarding regulatory harmonization, international representativeness, enforcement and the prevention of systemic risks are possible through innovative solutions. As such, we will study the benefits of a strengthened role for the Canadian securities administrators to harmonize regulation, namely by broadening the passport regime, a national agency for criminal and penal enforcement, an administrative adjudicative tribunal in each province, the automatic reciprocity of regulatory decisions, as well as a Canadian financial stability board.