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During the global financial crisis, a large number of banks worldwide either failed or received financial aid thus inflicting substantial losses on the system. We contribute to the early warning literature by constructing a dynamic competing risks hazard model that explores the joint determination of the probability of a distressed bank to face a licence withdrawal or to be bailed out. The underlying patterns of distress are analysed based on a broad range of bank-level and environmental factors. We find that institutions with inadequate capital, illiquid and risky assets, poor management, low levels of earnings and high sensitivity to market conditions have a higher probability to go bankrupt. Bailed out banks, on the other hand, face both capital and liquidity shortages, experience low earnings, and are highly exposed to market products; however, neither the managerial expertise, nor the quality of assets are relevant to the odds of bailout. We further document that large and complex banks are less likely to fail and more likely to be bailed out and also that authorities are more prone to provide support to a distressed bank, which is well-connected with politicians and political parties and less prone to let it go bankrupt. Importantly, our model outperforms the commonly used logit model in terms of forecasting power in all the in- and out-of-sample tests we conduct.

During the late 2000s financial crisis, a large number of banks either failed or received financial aid thus inflicting substantial losses on the system. We contribute to the early warning literature by developing a dynamic competing risks hazard model that explores the joint determination of the probability of a distressed bank to face a licence withdrawal or to be bailed out. The underlying patterns of distress are analysed based on a broad range of bank-level and environmental factors. We find that institutions with inadequate capital, illiquid and risky assets, poor management, low levels of earnings and high sensitivity to market conditions have a higher probability to go bankrupt. Bailed out banks, on the other hand, face both capital and liquidity shortages, experience low earnings, and are highly exposed to market products; however, neither managerial expertise, nor the quality of assets are relevant to the odds of bailout. We further document that large and complex banks are less likely to fail and more likely to be bailed out and that authorities are more prone to provide support to a distressed bank, which is well-connected with politicians and political parties and less prone to let it go bankrupt. Importantly, our model outperforms the commonly used logit model in terms of forecasting accuracy in all the in- and out-of-sample tests we conduct.

The article is devoted to the study of the ways of economic rehabilitation of insolvent banking institution. A special place in the work belongs to the issues of establishment and sale of a transitional bank as a means of bringing the activity of an insolvent bank to the requirements of economic standards. Attention is drawn to the debatable nature of the economic and legal subjectivity of the Deposit Guarantee Fund of Ukraine in the stated procedure. Among other things, the characteristic of economic standards of banking activity is given and the importance of liquidity assessment in the systemic characteristic of the bank is noted. It is pointed out that the procedure for setting up and selling a transition bank is in line with the EU standards as for the rehabilitation of credit institutions and the withdrawal of them from the market.Critical attitude to the legislative approach is maintained, and it is noted that bankruptcy procedures for banks cannot be in sharp conflict with general bankruptcy procedures regulated by the Bankruptcy Code of Ukraine. It is emphasized as the positive moment that there was no withdrawal of any bank - resident of Ukraine from the market due to the insolvency in 2019.Specific features of the legal status of the transitional bank include, in particular: simplified setting up and licensing procedures; specifics of formation of authorized capital; specifics of application of economic standards; specifics of the transfer of assets and liabilities and, finally, specifics of taxation. The investor's compliance with these obligations in this part causes termination of the Fund's participation in the respective legal relations and, accordingly, full restoration of the bank's economic turnover in the financial services market. ; Статья посвящена исследованию способов экономического оздоровления неплатежеспособного банковского учреждения. Особое место в работе занимают вопросы создания и продажи переходного банка как способа приведения деятельности неплатежеспособного банка к требованиям экономических нормативов. Обращается внимание на дискуссионность хозяйственно-правовой правосубъектности Фонда гарантирования вкладов физических лиц Украины в указанной процедуре. Вместе с тем, дается характеристика экономическим нормативам банковской деятельности и указывается на важность оценки ликвидности при системной характеристике банка. ; Статтю присвячено дослідженню способів економічного оздоровлення неплатоспроможної банківської установи. Розглянуто питання створення та продажу перехідного банку як способу приведення діяльності неплатоспроможного банку до вимог економічних нормативів. Акцентовано увагу на дискусійності господарсько-правової правосуб'єктності Фонду гарантування вкладів фізичних осіб України у вказаній процедурі. Охарактеризовано економічні нормативи банківської діяльності, наголошено на важливості оцінки ліквідності при системній характеристиці банку.

Статтю присвячено дослідженню способів економічного оздоровлення неплатоспроможної банківської установи. Розглянуто питання створення та продажу перехідного банку як способу приведення діяльності неплатоспроможного банку до вимог економічних нормативів. Акцентовано увагу на дискусійності господарсько-правової правосуб'єктності Фонду гарантування вкладів фізичних осіб України у вказаній процедурі. Охарактеризовано економічні нормативи банківської діяльності, наголошено на важливості оцінки ліквідності при системній характеристиці банку. ; Статья посвящена исследованию способов экономического оздоровления неплатежеспособного банковского учреждения. Особое место в работе занимают вопросы создания и продажи переходного банка как способа приведения деятельности неплатежеспособного банка к требованиям экономических нормативов. Обращается внимание на дискуссионность хозяйственно-правовой правосубъектности Фонда гарантирования вкладов физических лиц Украины в указанной процедуре. Вместе с тем, дается характеристика экономическим нормативам банковской деятельности и указывается на важность оценки ликвидности при системной характеристике банка. ; The article is devoted to the study of the ways of economic rehabilitation of insolvent banking institution. A special place in the work belongs to the issues of establishment and sale of a transitional bank as a means of bringing the activity of an insolvent bank to the requirements of economic standards. Attention is drawn to the debatable nature of the economic and legal subjectivity of the Deposit Guarantee Fund of Ukraine in the stated procedure. Among other things, the characteristic of economic standards of banking activity is given and the importance of liquidity assessment in the systemic characteristic of the bank is noted. It is pointed out that the procedure for setting up and selling a transition bank is in line with the EU standards as for the rehabilitation of credit institutions and the withdrawal of them from the market.Critical attitude to the legislative approach is maintained, and it is noted that bankruptcy procedures for banks cannot be in sharp conflict with general bankruptcy procedures regulated by the Bankruptcy Code of Ukraine. It is emphasized as the positive moment that there was no withdrawal of any bank - resident of Ukraine from the market due to the insolvency in 2019.Specific features of the legal status of the transitional bank include, in particular: simplified setting up and licensing procedures; specifics of formation of authorized capital; specifics of application of economic standards; specifics of the transfer of assets and liabilities and, finally, specifics of taxation. The investor's compliance with these obligations in this part causes termination of the Fund's participation in the respective legal relations and, accordingly, full restoration of the bank's economic turnover in the financial services market.

The article is devoted to the study of the ways of economic rehabilitation of insolvent banking institution. A special place in the work belongs to the issues of establishment and sale of a transitional bank as a means of bringing the activity of an insolvent bank to the requirements of economic standards. Attention is drawn to the debatable nature of the economic and legal subjectivity of the Deposit Guarantee Fund of Ukraine in the stated procedure. Among other things, the characteristic of economic standards of banking activity is given and the importance of liquidity assessment in the systemic characteristic of the bank is noted. It is pointed out that the procedure for setting up and selling a transition bank is in line with the EU standards as for the rehabilitation of credit institutions and the withdrawal of them from the market.Critical attitude to the legislative approach is maintained, and it is noted that bankruptcy procedures for banks cannot be in sharp conflict with general bankruptcy procedures regulated by the Bankruptcy Code of Ukraine. It is emphasized as the positive moment that there was no withdrawal of any bank - resident of Ukraine from the market due to the insolvency in 2019.Specific features of the legal status of the transitional bank include, in particular: simplified setting up and licensing procedures; specifics of formation of authorized capital; specifics of application of economic standards; specifics of the transfer of assets and liabilities and, finally, specifics of taxation. The investor's compliance with these obligations in this part causes termination of the Fund's participation in the respective legal relations and, accordingly, full restoration of the bank's economic turnover in the financial services market. ; Статья посвящена исследованию способов экономического оздоровления неплатежеспособного банковского учреждения. Особое место в работе занимают вопросы создания и продажи переходного банка как способа приведения деятельности неплатежеспособного банка к требованиям экономических нормативов. Обращается внимание на дискуссионность хозяйственно-правовой правосубъектности Фонда гарантирования вкладов физических лиц Украины в указанной процедуре. Вместе с тем, дается характеристика экономическим нормативам банковской деятельности и указывается на важность оценки ликвидности при системной характеристике банка. ; Статтю присвячено дослідженню способів економічного оздоровлення неплатоспроможної банківської установи. Розглянуто питання створення та продажу перехідного банку як способу приведення діяльності неплатоспроможного банку до вимог економічних нормативів. Акцентовано увагу на дискусійності господарсько-правової правосуб'єктності Фонду гарантування вкладів фізичних осіб України у вказаній процедурі. Охарактеризовано економічні нормативи банківської діяльності, наголошено на важливості оцінки ліквідності при системній характеристиці банку.

Aufgrund der stark binnenwirtschaftlichen Ausrichtung der Lockdown-Maßnahmen gegen die Corona-Pandemie sind in weit stärkerem Maße als in der Finanz- und Wirtschaftskrise vor einem Jahrzehnt auch mittelständische Unternehmen bis hin zu Kleinstbetrieben betroffen. Zudem lei-det der Dienstleistungssektor besonders stark. Dies führt zu starken Umsatzausfällen bei etwa 2,2 Millionen Unternehmen - über der Hälfte des Gesamtbestands - und verursachte bislang Kurzarbeitsanzeigen für gut 10 Millionen Beschäftigte. Ein längerer Lockdown oder anhaltende Umsatzausfälle auch nach Lockerung der Beschränkungen, wie sie aktuell von den Bundeslän-dern Schritt für Schritt vorgenommen werden, kann für viele Unternehmen aufgrund des damit verbundenen Liquiditätsentzugs existenzgefährdende Folgen haben. Liquiditätshilfen des Staa-tes können zwar eine Überbrückungshilfe leisten, verhindern jedoch nicht eine Überschuldung der Unternehmen bei fortschreitendem Kapitalverzehr. Zuschüsse werden jedoch von Bundes-seite nur für Kleinstunternehmen mit bis zu 10 Beschäftigten und auch nur in geringem Umfang bis maximal 15.000 Euro gewährt. Stabilisierend wirkt in dieser kritischen Situation die gute Eigenkapitalbasis, die sich die mittel-ständischen Unternehmen in den letzten 20 Jahren aufgebaut haben. Daten und Untersuchungen der Bundesbank, der KfW Research, von Creditreform und dem Bundesverband der Deut-schen Volks- und Raiffeisenbanken werden nachfolgend herangezogen, um die Entwicklung der Eigenkapitalausstattung und der Bilanzqualität seit der Jahrtausendwende aufzuzeigen. Klein-unternehmen und mittelständische Personengesellschaften, die den Großteil des Unterneh-mensbestandes ausmachen, konnten dabei ihre Bilanzstruktur am stärksten verbessern. Die so-lide Kapitalausstattung des deutschen Mittelstands wird einen Anstieg der Insolvenzzahlen in-folge der Krise zwar nicht verhindern können, wirkt jedoch im Durchschnitt als Existenzsicherung. ; Due to the strong domestic focus of the lockdown measures against the corona pandemic, small and medium-sized enterprises (SMEs) are affected to a far greater extent than in the financial and economic crisis a decade ago, and the service sector is suffering particularly badly. This is leading to severe revenue shortfalls at around 2.2 million companies - more than half of the German total - and has so far resulted in short-time work notices for 10 million employees. A prolonged lockdown or persistent loss of sales even after the restrictions have been relaxed, as is currently being done step by step by the federal states, can have existentially threatening consequences for many companies due to the associated withdrawal of liquidity. Dept-based liquidity assistance from the government may provide bridging aid, but it does not prevent com-panies from becoming overindebted as capital is depleted. However, subsidies are only granted by the federal government for micro-enterprises with up to 10 employees and only in small amounts up to a maximum of 15,000 euros.In this critical situation, the good equity base that SMEs have built up over the past 20 years has a stabilising effect. Small companies and the German "Mittelstand", which make up the majority of total companies, were able to improve their balance sheet structure the most. Although the solid capitalisation of German SMEs will not be able to prevent an increase in the number of insolvencies as a result of the crisis, on average it will act as a safeguard for their existence.

The Covid-19 pandemic has made funding and lending problems even bigger. There is no lending, the withdrawal is also bigger. Thus, BMT's need for funding will be greater, because the need for funds to be withdrawn is also greater. Of course, the liquidity problem of financial institutions including BMT becomes a more serious challenge in the case of Covid-19. In fact, there are several BMTs that can provide financing. Hopefully, this will come. The revolving fund management agency in collaboration with small, medium and micro-medium enterprises (LPDB-KUMKM) has a financing role and comes from banks. The government's role is needed to provide BMT funds, so this BMT will not stop lending. As the growth of Islamic cooperative countries slows down, the global Islamic finance industry is under threat. According to data from SEISRIC, the total number of cases in the Organization of Islamic Cooperation (OIC) countries has reached 180,000.This study used qualitative research methods. This is due to the flexibility in getting information from the latest news stories from trusted sources, regarding how the impact/impact caused by Covid-19 (corona virus), the author also took several news samples from the internet and then combined them into a result. The results are sourced from several news and sources obtained by the author. The author uses an observation technique in the form of observing data related to this Covid-19 (Corona) virus. The results obtained indicate that with the Covid-19 virus pandemic, BMT Amanah Indonesia's financial statements have had an impact on financing achievement, revenue achievement, and operating profit achievement.Keywords: Islamic Financial Institutions

The Philippines economy posted robust growth in early 2010, in part due to large one-off factors. As did many countries in the region, the Philippines benefited from a strong rebound in global trade. Manufacturing and investment activity expanded briskly as a result. Private consumption continued to expand, as consumer confidence improved. Growth also benefited from election-related spending. Expansionary (and now pro-cyclical) fiscal policy continued to support growth. Despite a withdrawal of liquidity-enhancing measures and a stronger peso, a closing output gap meant that monetary policy remained accommodative. A World Bank study of Philippines migration pattern during the global recession reveals that deployment of overseas foreign workers (OFWs) actually accelerated during the crisis. Partly this reflected the fact that the top OFW destinations were not as affected as the rest of the world. The most affected OFWs were males, production workers (especially construction workers) and new hires. By contrast, females, services workers, seafarers and rehires proved resilient to the crisis or even benefited from it. Globally, less tolerance towards weak public finances is expected, raising the need to introduce a credible medium-term fiscal consolidation plan for the Philippines. Running a pro-cyclical fiscal policy with relatively high debt and limited fiscal space-as undertaken in the first-half of 2010-raises risks and should be reverted. Credibility towards such a goal could be achieved, for example, by designing a comprehensive multi-year reform package. As the output gap closes, the accommodative monetary policy introduced in 2008 would need to be gradually unwound, starting by reaching a broadly neutral stance in 2010. An increase in policy rates currently negative or slightly positive could achieve such a goal.

ÖZETBu tezin amacı gelişen ekonomilerdeki finansal krizlerle ilgili bir perspektif sağlayarak Türkiye'de Kasım 2000'de yaşanan likidite krizini ve Şubat 2001'de yaşanan döviz krizini inceleyerek krizde aşırı kredi genişlemesinin, artan yurt dışı kredi yükümlülüklerinin ve düşen uluslarası rezervlerin etkisini tartışmaktır. Döviz krizlerinin genel özellikleri piyasanın zorlamasıyla döviz kuru paritesinde değişiklik olması, diğer bir ifadeyle develüasyon yapılarak sabit veya öngörülen kur sisteminden vazgeçilmesi, ve ülkeden büyük miktarlarda fon çıkışı olarak özetlenebilir.Develüasyonlar genellikle gevşek para politikaları akabinde meydana gelmektedir. Genişlemeci para politikaları enflasyon ve ücretlerde artışa, bunun sonucunda da uluslararası rekabet gücünün azalmasına ve cari dengede bozulmalara yol açarlar. İşsizliğin yüksek olduğu ve işsizliğin politik ve ekonomik sonuçlarını önlemek isteyen hükümetlerin ekonomiyi canlandırma istekleri bunda önemli rol oynar. Fakat bu politikalar rezervlerde azalmaya, bu da döviz kurundaki dengenin bozulmasına neden olur. Rezervlerin düşmeye devam etmesi sonucu hükümet develüasyon yapmak zorunda kalır.1999 Yılı sonunda Türkiye IMF ile 3 yıllık bir program imzalayarak enflasyonu düşürme ve yapısal reform programını devreye sokmuştur. Programın uygulanmasıyla yaşanan büyük sermaye girişi, buradan sağlanan dövizin TL'ye çevrilerek devlet değerli kağıtlarının alınması neticesinde faizlerde ciddi bir düşüş sağlandı. Faizlerdeki bu hızlı düşüş bankaların kredi hacminde, özellikle tüketici kredilerindeki büyük artışla desteklendi. Faizlerin bu denli düşmesi talepte artışa sebep olurken enflasyonun hedeflerin üzerinde gerçekleşmesine neden oldu. Türk lirası değerlendi.Bu gelişmeler piyasalardaki tansiyonu yükseltti. TL'ye büyük ölçüde yatırım yapmış olan yabancı bankaların fon çekmeleri nedeniyle başlangıçta birkaç bankada ortaya çıkan likidite problemi daha sonra sistem krizi haline geldi. Bunun sonucunda Türkiye acılı Kasım 2000 krizini yaşadı.Bu tip finansal krizlerden korunabilmek için Türk lirasının yabancı paralara karşı değerlenmesi, cari açık, kısa vadeli yabancı para yükümlülükler ve uluslararası rezervler çok yakından takip edilmelidir. Serbest dalgalanan döviz kuru rejimi uygulanması bu faktörlerde otomatik bir kur ayarlamasına olanak tanıdığı için faydalı olabilir. Kısa vadeli yabancı para yükümlülüklerin uluslararası rezervlere oranı, yani likidite çok daha yakından takip edilmesi gereken bir orandır. Bankacılık sisteminde yapılacak düzenlemeler ve denetimlerle mali sistemin dövizde aşırı pozisyon açmasının engellenmesi ülkenin likiditesinin korunması için gereklidir. THESIS SUMMARYANALYSIS OF FINANCIAL CRISIS AND THEIR EFFECT ON FINANCIAL SECTOR - TURKEY'S EXAMPLEThe purpose of this paper to provide a perspective of financial crisis in emerging markets, analyze Tukey's liquidity crisis in November 2000 and currency crisis in February 2001 and argue that the crisis is a result of credit expansion, increasing short-term foreign liabilities and declining international reserves.Significant characteristics of a currency crisis are changes in parity forced by the market, in other words develuation of national currency against other currencies, abondenment of a pegged exchange regime and huge cash outflows from the country.Devaluations generally occur after periods of expansionary monetary policy. These expansionary policies lead to price and wage inflation, deteriorating international competitiveness and weak external accounts. They tend to occur when unemployment is high, as if the government is attempting to stimulate an economy in which unemployment has political and economic costs.But policy stimulus leads to a loss of reserves, which jeopardizes exchange rate stability. Reserves continue to decline, eventually forcing the government to devalue the exchange rate.A three-year "disinflation and structural reform program" signed with International Monetary Fund at the last months of 1999. As a result of huge short-term capital inflow which was converted to Turkish lira and used at the purchase of government securities, interest rates of government securities decreased sharply. Sharp decrease in real interest rates and credit expansion in the banking sector caused customer and investment demand to increase. Increases in demand caused problems in meeting to targeted inflation rates. With the realized inflation rates above program targets Turkish Lira became overvalued and trade deficit increased significantly. All these developments increased the tension in markets. Liquidity was further constrained and interest rates including deposit interest rates showed an upward trend. With the effect of the withdrawal of foreign banks from the markets, which invested heavily on short-term TL instruments, the problem of liquidity squeeze, which was observed in a few banks at the beginning, created a systematic crisis. Turkey experienced the painful liquidity crisis in November 2000. To avoid that kind of financial crisis in the future overvaluation of Turkish lira against foreign currencies, current account deficit, short-term international loans and international reserves should be followed carefully. Automatic adjustment mechanisms like free float exchange rate regime will be efficient to keep current account deficit at reasonable levels. International liquidity of the country, in other words ratio of short-term foreign loans to international reserves is also more significant point that should be analysed by financial authorities. Foreign exchange short positions of financial sytem should be controlled through strict regulations to prevent the system from international illiquidity.

After an exceptionally long period of growth on the housing market, the activity has turned over from the beginning of 2006. It seems deeply engaged in a severe adjustment but we suppose this will not lead the economy in a global recession. After a presentation of the past trends (activity, house prices, wealth, mortgage debt), we try to profile these new homeowners and understand the circumstances which allowed households to become owners. The increase of debt could not have taken place if some specific conditions had not been satisfied (low interest rates, high liquidity because of the expansion of the secondary market, creativity of banks to get back the limits of indebtedness). With the increase of interest rates and the slowdown of prices, mortgage equity withdrawal become less attractive and the weakest households could be trapped in their financial commitment, coming back to the hard reality. ; Le retournement qui s'est opéré sur le marché de l'immobilier aux États-Unis depuis le début de l'année 2006 intervient après une phase de croissance exceptionnelle qui rompt avec les tendances de long terme. Engagée en 1995 et peu affectée par la récession de 2001, la dynamique s'emballe à partir de 2003, conduisant à une surchauffe dans le secteur, qu'illustrent la flambée des prix et l'accélération du taux d'endettement des ménages (100 % du revenu des ménages en 2006). Simultanément, le marché de l'accession à la propriété a connu une véritable révolution. Le nombre de ménages propriétaires a augmenté entre 1995 et 2006 d'environ 15 millions dont 5 millions après 2001, et représente aujourd'hui 69 % de l'ensemble des ménages américains.Cette montée n'aurait pu avoir lieu si des conditions exceptionnelles n'avaient pas été réunies : niveau historiquement bas des taux d'intérêt jusqu'en 2004, politique publique de soutien à l'accession à la propriété, abondance de liquidités permise par la titrisation des créances hypothécaires, et surtout inventivité des banques pour faire reculer les limites de l'endettement. ...

One of the important consequences to be drawn from the course of the financial crisis up to now is the insight that more attention must be paid in the future to the factors of liquidity, liquidity management and liquidity protection. That holds true for the protection of the stability of an individual bank as it does for that of a whole national or even international financial system. The liquidity problems of a bank can certainly have a variety of causes. However, as an examination of the history of bank insolvencies and financial crises shows, an accelerated withdrawal of bank deposits by unsecured customers nearly always leads in the end to the collapse of an institution and, as an ultimate consequence, to a national or even international banking crisis. This insight has also brought the deposit insurance institutions in many countries around the world to the attention of political, regulatory and banking management discussions. The rapid, politically necessary, factually often not well founded, guarantee promises made by many governments have shown those responsible that in Europe the need for a fundamental revision of the present deposit insurance schemes must be urgently addressed. In most industrialized countries of the OECD, as well as in a range of other states, working groups are studying the necessary revisions and adjustments of the relevant institutions to meet the new economic and political conditions. Even if solutions of this sort continue to be arranged differently from one country to another on the basis of differing regulatory, historical and structural circumstances, a consensus is emerging over the important basic questions of deposit insurance system design and architecture. As a result of the worldwide financial crisis most European countries massively increased their coverage limits for their national deposit insurance schemes in the fall of 2008. Where no deposit insurance existed, it was introduced. Existing systems were critically scrutinized. In most countries the maximum insurance coverage was raised and the eligible deposit base was extended. Some individual states have even promised an unlimited deposit protection (in some cases with a time restriction). Under the pressure of an increasing number of bank failures these promises were made without revising the existing deposit insurance schemes themselves. In the course of 2009, both the individual European states and the EU itself then set about scrutinizing their existing protection schemes and mechanisms and revising the existing national deposit insurance schemes. It is accepted throughout the world that well designed deposit insurance is an important element in a national safety net for maintaining and extending the stability of the financial system. The design and structure, but also the implementation, of a deposit insurance scheme (DIS) of this sort throws up numerous institutional, procedural and instrumental questions. Such operative and strategic issues must be answered against the background of the overall national circumstances and in line with the country specific realities of the respective financial intermediate system. However, there is a series of topics that can be assessed and solved independently of such individual circumstances. This is even more the case since the worldwide revision of the deposit insurance schemes offers the opportunity to create the conditions for a future harmonization of national deposit insurance schemes at least within Europe. An assimilation of this sort is, in turn, the basis for future EU-wide or perhaps even European depositor protection, which, like any broadly based guarantee, would certainly be more efficient than a multitude of national solutions. This publication intends to make a contribution to the ongoing discussion of the complex questions connected with the further development of European deposit insurance schemes. Both complementing and extending the broad range of theoretical literature available, it focuses on some key design questions of modern deposit insurance schemes, on the discussion of their basic structural elements and on the appropriate consequences for the stakeholders in deposit insurance. We focus on: - the derivation of the most important requirements of a modern European deposit insurance, and the - discussion of specific organizational aspects and fundamental institutional requirements as well as of solutions for selected system building blocks. The first chapter analyzes the institutional framework of deposit insurance schemes and its various aspects of cost/benefit considerations. The second chapter discusses the fundamentals of modern deposit insurance. The third chapter examines selected strategic and instrumental questions concerning the organization and implementation of deposit insurance schemes. The fourth chapter focuses on some questions related to the international harmonization and coordination of the design of deposit insurance schemes. In all sections we address some lessons learned from the recent financial turmoil. The fifth chapter finally addresses some conclusions and sketches some policy implications for designing and implementing a modern deposit insurance scheme.

La tesi prende in esame, nell'ambito del diritto societario, la disciplina del recesso del socio da società per azioni ed in particolare il tema della efficacia della dichiarazione di recesso e la perdita dello status socii. La riforma delle società di capitali attuata dal d.lgs n. 6/2003 ha modificato in modo rilevante l'istituto del recesso, assegnando alla fattispecie una nuova vitalità. Nel sistema originario del codice civile del 1942 il legislatore aveva delineato la figura del recesso del socio di società di capitali quale strumento eccezionale, preoccupandosi di definirne più i limiti che le potenzialità. A causa dell'efficacia disgregatrice ed esiziale per l'organizzazione d'impresa, la direttrice utilizzata fu quella della marginalizzazione della fattispecie. Solo ad inizio del nuovo millennio il legislatore ha voluto attribuire a questo istituto un ruolo più incisivo, a partire dallo spazio riservato nell'impianto codicistico di sei articoli, in sostituzione dell'unico originario, così da poter parlare di(ri)nascita di una fattispecie lasciata fino ad allora in uno stato embrionale, annientata nelle sue potenzialità di tutela del socio. Alla tradizionale funzione legata all'interesse dell'azionista a sciogliere il vincolo societario per dissenso verso le scelte della maggioranza, se ne è affiancata un'altra che, in linea con l'obiettivo perseguito dalla riforma di rendere le società collettori di capitali più attraenti, consente al socio di disinvestire agilmente la propria partecipazione. Il recesso legittimamente esercitato offre uno strumento utile a fini di negoziazione endosocietaria, non più solo meccanismo di difesa del socio di minoranza avverso le decisioni assunte dalla maggioranza in grado di alterare sensibilmente le condizioni di rischio dell'investimento, ma anche mezzo di rinegoziazione del programma societario.Nonostante i meriti riconosciuti alla riforma di aver fornito all'autonomia privata un istituto del recesso riformato ed ampliato, a più di dieci anni dall'entrata in vigore delle modifiche societarie, permangono ancora punti oscuri che determinano dubbi nell'applicazione di un istituto che ha ormai assunto un ruolo centrale negli equilibri sociali. Incerti continuano ad essere i tempi ed, in particolare, perdura l'interrogativo sul momento di efficacia del recesso in termini di definitiva perdita da parte del recedente della sua qualità di socio ed insieme dei connessi diritti sociali, differenti da quello residuo al rimborso. Tenuto conto dell'articolato (e spesso non breve) iter che separa l'istante della ricezione della dichiarazione di exit del socio da parte della società, da quello dell'effettivo versamento del valore di liquidazione della partecipazione, l'individuazione dell'istante in cui possa dirsi cessato il rapporto sociale ha centrale importanza per la certezza dei rapporti giuridici. È proprio su questo limbo temporale che la tesi concentra l'attenzione, al fine di comprendere se e fino a quando il socio recedente possa considerarsi ancora tale o sia per lui prospettabile un depotenziamento delle prerogative partecipative. Si tratta di un problema di rilievo, in quanto ciascuna differente soluzione ha ricadute diverse sull'agere della società e sulla certezza dei rapporti giuridici. Lo studio condotto analizza lo status socii a partire dai principali diritti, amministrativi e patrimoniali di cui l'azionista dispone, quali il diritto di voto, il potere di impugnare le delibere assembleari, di esercitare l'azione di responsabilità nei confronti degli amministratori, il diritto d'opzione. Ciascuno di essi tutela interessi differenti e, con riguardo al socio uscente, si analizza se essi sopravvivano nelle more del procedimento di recesso o se la dichiarata volontà di non far parte più del sodalizio sociale faccia venir meno la ragione giustificatrice del diritto. La prospettiva adottata è stata quella di ricercare un delicato equilibrio tra posizioni contrapposte, della società e dell'azionista uscente, valorizzando il "multiforme ingegno" del recesso, oggi strumento sia di voice che di exit. ; The origin of the withdrawal right is tied to the move in Corporate Law to majority approval of fundamental corporate changes, and away from a requirement of unanimous shareholder consent. The system of the withdrawal right assures a safe exit for minority shareholders, especially when they are members of a not listed company. Unlike limited liability companies whose stocks are sold in the capital market, in not listed ones the rule "if you do not like the management, sell your stock" is not valid. Nevertheless, it is worth pointing out the evolution this right had in recent years: now withdrawal right can also be an instrument to juggle a shareholder's stay in corporation, using the weight of their shares and the loss of liquidity for the company, to achieve a favorable change in majority's policy or to prevent transactions.In this polyfunctional exit procedure it is important to balance protection between the shareholder who has decided to leave the company and, on the other side, the corporation which still continues to exist without the capital of withdrawn shareholder. What happens in withdrawal right is something similar to what economists call "prisoner's dilemma", because every involved subject does not know the reaction to his decision made by the other one, despite the common known goal being the highest individual payoff. Every part, like in the games theory, is obliged to suffer the effects of other's action. The withdrawal right can be a serious threat if the shareholder, using the option of the exit, loses less than the damage inflicted by the company with the majority decision taken. It must be considered that the exit process from the company is not always fast and accepted, but there are phases requiring time (shareholder's decision has to be communicated to the company; company should provide to liquidate the participation or hinder shareholder's proposal). In this length of time, that can last months or years in case of judicial controversy, it fails to grasp if shareholder is still a member or not of organization with their traditional rights and power. In the Italian system of Law the latter company reform (d.lgs. 6/2003) has provided discipline of exit remedy but a certain statement about the moment of the loss of shareholder membership has not been provided. Two different perspectives are possible: if a shareholder is considered as a stakeholder, they should have only a claim of credit from the company, because they are yet considered outside the business corporation; while if they are considered as a shareholder, it should be necessary to identify boundaries of their acting. The risk is that shareholder could abuse their residual position and their rights to hinder or damage the company, due to them being no longer interested in pursuing the best corporate policy, having already an issued, unmodifiable credit claim on the corporation. Nevertheless, it is also true that the withdrawn shareholder is inside the company until the debt is not liquidated, so they could play an active part, although reduced, in corporate governance. The question to solve for withdrawal procedure is the destiny of shareholders who have decided to leave and their surviving role in corporation as shareholders or stakeholders. The thesis try to identify power and rights of members who want to leave company, but are still inside during the withdrawal right procedure. These questions are essential for certain, swift and efficient capital relationships.

Протягом років функціонування банківського сектору України депозитний ринок чутливо реагував на кризові ситуації економіко-політичної сфери, коли вклад­ники, втрачаючи довіру до банківських установ, забирали гроші з депозитних рахунків. В умовах економічної нестабільності таке масове вилучення фінансових ресурсів значно погіршувало ліквідність банків. Актуальним завдання сьогодення залишається пошук оптимального варіанта формування банківських ресурсів.Досліджено ключові аспекти депозитних операцій з урахуванням тенденцій і парадигми розвитку банківського сектору України. При формуванні депозитної політики комерційного банку керівництво ставить перед собою певні цілі — збільшення обсягу ресурсної бази, мінімізація витрат із залучення ресурсів, підтримання нормативного рівня ліквідності тощо. За результатами аналізу банківського сектору і стратегій формування депозитних портфелів конкретних комерційних банків України виявлено основні проблеми залучення депозитних коштів.Увагу приділено методикам оцінки рівня доларизації депозитів, за однією з яких розрахований показник залежності типу вкладів від виду валюти на вітчизняному банківському депозитному ринку. Проаналізовано динаміку депозитних ресурсів вітчизняних комерційних банків у розрізі різних класифікаційних ознак. Виявлено, що в Україні поширена неофіційна доларизація, обумовлена наявністю постійного попиту на іноземну валюту. Питома вага депозитів в іноземній валюті в загальному обсязі депозитних ресурсів за 2013—2018 роки перебувала в межах 37—46 %. Підкреслено, що за досліджуваний період у структурі депозитів за строками розміщення зменшується питома вага вкладів терміном більше ніж один рік.Визначено причини, що стримують розширення обсягів депозитних послуг, і напрями вдосконалення депозитної політики комерційних банків.Наголошено, що стратегія депозитного форму­вання банківських ресурсів має бути спрямована на пристосування інструментарію депозитної політики до мінливого середовища ринку банківських послуг, забезпечення багатоваріантності умов розміщення банківських вкладів. ; During the years of functioning of the banking sector of Ukraine, the deposit market reacted sensitively to the crisis situations of the economic and political spheres, when depositors, losing confidence in banking institutions, took money from deposit accounts. In conditions of economic instability, such a massive withdrawal of financial resources has significantly worsened the liquidity of banks. The urgent task is the search for an optimal variant of the formation of bank resources.The author studies the key aspects of deposit operations taking into account the tendencies and paradigms of the development of the banking sector in Ukraine. When forming a deposit policy of a commercial bank, the top-management has set certain goals - increasing the volume of the resource base, minimizing the costs of attracting resources, maintaining the regulatory level of liquidity, etc. According to the analysis of the banking sector and strategies of the formation of deposit portfolios by specific commercial banks of Ukraine, the main problems of attraction of deposit funds were identified.The attention is paid to the methods of assessing the level of dollarization of deposits, one of which calculated the dependence of the kind of deposit on the type of currency on the domestic banking deposit market. The article analyzes the dynamics of deposit resources of domestic commercial banks in the context of various classification characteristics. It is revealed that unofficial dollarization is widespread in Ukraine due to the constant demand for foreign currency. The share of deposits in foreign currency in the total amount of deposit resources for 2013—2018 was in the range of 37—4 %.It was emphasized that during the investigated period the share of deposits for more than one year decreasesin the structure of deposits by terms of placement.The reasons, restraining expansion of volumes of deposit services, and directions of improvement of deposit policy of commercial banks are determined. It is emphasized that the strategy of depositing the formation of bank resources should be aimed at adapting the instruments of deposit policy to the changing environment of the banking services market, ensuring the multivariate conditions of placing bank deposits. ; Исследованы ключевые аспекты депозитных операций с учетом тенденций и парадигмы развития банковского сектора Украины. Проанализирована динамика депозитных ресурсов отечественных коммерческих банков в разрезе различных классификационных признаков. Определены основные причины, сдерживающие расширение объемов депозитных услуг, и направления совершенствования депозитной политики банков.

Stabilizing Russia in 1995 : taking a chance on anchoring the rouble.
In 1995, the main instrument used for stabilizing the money supply in Russia was the exchange rate. Indeed, from July 1995, the movements of money in Russia were contained within limits of 4,300 and 4,900 roubles to the dollar in the second half of 1995, and then 4,550 and 5,150 roubles to the dollar from the 1st January, 1996. The lack of regulatory financial instruments - inoperative guidance rates, the central Bank's withdrawal of procedures for invitation to tender, a sizeable increase in reserve requirement - has left the exchange rate as one of the only operative instrument of disinflation. This policy is based upon a specific structure of foreign exchange markets which are closely monitored by central Bank : on the one hand, there exist stock exchange markets where the prime exchange rate of the rouble is determined, and, on the other, a mutually agreed interbank market where 80% of transactions are carried out. The rouble "corridor" has up till now been a clear success : it has allowed expectations to be stabilized, and therefore played its part in the steady disinflation which marked the second half of 1995. Observance of the "corridor" took place without any significant change in the level of currency reserves, which have stabilized at 7,5 billion dollars since the month of July. However, at the same time this policy carries with it certain risks, which may in the long run make it unworkable. On the one hand, the actual rise in the value of Russian currency makes exports less competitive. It is true that, at the moment, the trade balance is not adversely affected by the anchoring of the rouble, since it continues to show a healthy surplus. But an overvalued currency may hamper the development of a processing industry (at present in continuous decline) which alone could ensure the Russian economy reliable growth. As for monetary policy, the lack of instruments for monitoring banks liquidity, and the existence of an estimated 20 billion dollars' worth of savings lying idle mean that central Bank's sterilization efforts on the exchange market are doomed to failure. The anchoring of the rouble involves the prioritizing of objectives, with the exchange objective henceforth taking precedence over purely financial objectives. But above all, anchoring the rouble has effected only a conjunctural change in the demand for money. To ensure a return toward the rouble, this policy - admittedly necessary - will not suffice, so long as the shaky and overblown banking system fails to inspire confidence in the depositors. As such, an exchange policy, however stringent and well-intentioned, cannot avoid the necessity for a full-scale structural overhaul of the Russian financial system.

The withdrawal of international security forces since 2014 and continuing political uncertainties have resulted in a significant deceleration to economic growth, with fiscal pressures increasing as security threats mount. However, to a significant extent, Afghanistan has successfully managed the immediate challenges resulting from the transition. It has maintained macroeconomic stability and established the conditions for a slow recovery of the economy. Risks to the economy remain significant, and it is vital that the Government identify new sources of growth to replace the declining donor inflows over the longer-term. The medium-term outlook points towards a slow recovery over the next three years. The rate of growth is projected to reach 1.9 percent in 2016, assuming adjustments in firms and households' behavior in the context of the deteriorating security environment. Growth is projected to gradually increase from 1.9 percent in 2016 to 3.6 percent in 2018, if the political situation stabilizes and planned reforms are successfully implemented. On the other hand, any deterioration in the security environment could weaken growth prospects, with this risk being the most significant faced by the country.