| | SLO | ENG | Cookies and privacy

Bigger font | Smaller font

Show document

Title:FINANČNE INOVACIJE V LUČI AKTUALNE FINANČNE KRIZE IN NJIHOV VPLIV NA POSLOVANJE BANK
Authors:Novak, Andrej (Author)
Jagrič, Timotej (Mentor) More about this mentor... New window
Files:.pdf MAG_Novak_Andrej_2013.pdf (2,00 MB)
 
Language:Slovenian
Work type:Master's thesis/paper (mb22)
Typology:2.09 - Master's Thesis
Organization:EPF - Faculty of Business and Economics
Abstract:Zgodovina finančnih kriz v dvajsetem stoletju je dolga in pestra, prav tako tudi vzroki za njihov nastanek in načini za njihovo preprečevanje ter reševanje. Aktualno finančno krizo pogosto imenujemo tudi kriza drugorazrednih posojil, saj naj bi bile njen neposredni vzrok ravno težave v izpolnjevanju obveznosti drugorazrednih posojilojemalcev na ameriškem trgu. Vendar pa samo omenjeno dejstvo še ni moglo biti izključen vzrok za globalno krizo. Razvoj finančnega trga in novih finančnih produktov je namreč omogočil prenos kreditnega tveganja iz običajnih kreditnih institucij preko strukturiranih finančnih instrumentov na različne skupine investitorjev, tudi takšne, ki sicer ne bi prevzemali tovrstnih tveganj. Finančne inovacije lahko opredelimo kot novosti na finančnem področju, ki vključujejo tako nove finančne produkte kot tudi storitve oziroma procese značilne za napredne ekonomske sisteme. Značilno za moderne finančne inovacije je, da zraven ciljev kot je na primer povečanje donosnosti, bistveno vplivajo na odnos do tveganj tako na aktivni kot pasivni strani bilanc finančnih institucij. Banke kot eden izmed največjih igralcev na finančnem trgu so imele vodilno vlogo pri razvoju finančnih inovacij. Pri tem so zasledovale svoje interese kot so povečanje dobička, zmanjšanje izpostavljenosti tveganju, povečanje likvidnosti ali ustreznost regulatornih zahtevam. Namen naše raziskave je bil analizirati različne dejavnike poslovanja v ameriških bankah v obdobju od leta 2003 do leta 2011 in ugotoviti njihov vpliv na poslovanje bank iz vidika donosnosti in izpostavljenosti tveganju. Pri tem smo bili posebej pozorni na vpliv listinjenja kot ene izmed glavnih finančnih inovacij na donosnost in izpostavljenost tveganju bank ter vplivu finančne krize na poslovanje bank. V raziskavi smo kot vir podatkov uporabljali podatke iz Federal Deposit Insurance Corporation – FDIC. Za preverjanje postavljenih hipotez smo razvili in predstavili ekonometrični model s pomočjo katerega smo analizirali vpliv listinjenja na poslovanje bank. Raziskava je pokazala, da je vpliv listinjenja na donosnost pozitiven in da lahko sklepamo, da je povečevanje donosnosti bil eden glavnih ciljev uporabe listinjenja. Hkrati pa nam rezultati raziskave pokažejo, da se je izpostavljenost tveganju v bankah ob uporabi listinjenja povečala. Ekonometrični model nam je sicer pri analizi ostalih dejavnikov, ki vplivajo na poslovanje bank, dal rezultate, ki so bili pričakovani. To velja tudi za vpliv finančne krize, kjer se je pokazalo, da je vplivala na zmanjšanje donosnosti bank obenem pa tudi na zmanjšanje izpostavljenosti tveganju.
Keywords:Finančna kriza, deregulacija, globalna ekonomska neravnovesja, hipotekarna posojila, nepremičninski balon, bonitetne agencije, finančne inovacije, listinjenje, hipotekarna obveznica – MBS, zadolžnica zavarovana z dolgom - CDO, zamenjava kreditnega tveganja – CDS, bančni sistem v senci, ameriške banke, donosnost, izpostavljenost tveganju, regresijska analiza, metoda najmanjših kvadratov, Ramseyev Reset Test.
Year of publishing:2013
Publisher:[A. Novak]
Source:Maribor
UDC:336.77
COBISS_ID:11513628 Link is opened in a new window
NUK URN:URN:SI:UM:DK:W3E3TN6Y
Views:1157
Downloads:281
Metadata:XML RDF-CHPDL DC-XML DC-RDF
Categories:EPF
:
  
Average score:(0 votes)
Your score:Voting is allowed only for logged in users.
Share:AddThis
AddThis uses cookies that require your consent. Edit consent...

Hover the mouse pointer over a document title to show the abstract or click on the title to get all document metadata.

Secondary language

Language:English
Title:FINANCIAL INNOVATION IN THE LIGHT OF CURRENT FINANCIAL CRISIS AND ITS IMPACT ON BANKS PERFORMANCE
Abstract:The history of financial crises in the twentieth century is long and diverse, as are the causes and the methods for their prevention and resolution. The current financial crisis is often referred to as the sub-prime mortgage crisis, as its direct cause supposedly were the difficulties of subprime borrowers in the US market with fulfilling their obligations. However, the mere fact above could not have been the sole cause of the global crisis. The development of the financial market and new financial products enabled the transfer of credit risk from conventional credit institutions through structured financial instruments to different groups of investors, including those, who would otherwise not have taken on such risks. Financial innovations can be defined as novelties in the financial sector, including both new financial products, as well as services or processes specific to advanced economic systems. It is characteristic of modern financial innovations, that, in addition to objectives such as increased profitability, they also significantly influence the attitude towards risk on both the active as well as the passive side of financial institution's balance sheets. Banks, as one of the major players on the financial market, had a lead role in the development of financial innovations. In doing so, they pursued their interests, such as increasing profitability, reducing exposure to risk, increasing liquidity or meeting regulatory requirements. The purpose of our study was to analyse the various business factors in American banks during the period from 2003 to 2011 and determine their influence on US banks performance in terms of profitability and risk exposure. In doing so, we gave particularly attention to the influence of securitization, as one of the main financial innovations, on the profitability and risk exposure of banks and also on the impact of the financial crisis on the banks performance. In our study, source of our data was database of Federal Deposit Insurance Corporation – FDIC. To verify our hypotheses, we developed and presented an econometric model, with which we analysed the influence of securitization on the banks performance. The research showed that the influence of securitization on profitability is positive and that we can assume that the increase in profitability was one of the main objectives of the use of securitization. In contrast, the results of our study show, that the risk exposure in banks increased with the use of securitization. For the analysis of other factors influencing the banks performance, the econometric model gave us expected results. This also applies to the influence of the financial crisis, where it proved that the crisis had an impact on the decrease of the profitability of banks, while at the same time it had an impact also on the decrease of risk exposure.
Keywords:Financial crisis, deregulation, global economic imbalances, mortgage loans, housing bubble, credit rating agencies, financial innovations, securitization, mortgage backed security – MBS, collateralized debt obligation – CDO, credit default swaps – CDS, shadow banking system, American banks, profitability, risk exposure, regression analysis, least squares method, Ramsey Reset Test.


Comments

Leave comment

You have to log in to leave a comment.

Comments (0)
0 - 0 / 0
 
There are no comments!

Back
Logos of partners University of Maribor University of Ljubljana University of Primorska University of Nova Gorica