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Detalles de la revista
Formato
Revista
eISSN
2385-8052
Publicado por primera vez
22 Feb 2015
Periodo de publicación
4 veces al año
Idiomas
Inglés

Buscar

Volumen 61 (2015): Edición 5 (October 2015)

Detalles de la revista
Formato
Revista
eISSN
2385-8052
Publicado por primera vez
22 Feb 2015
Periodo de publicación
4 veces al año
Idiomas
Inglés

Buscar

4 Artículos
Acceso abierto

State Aid for the Coal Sector in the European Union: Pre- and post-crisis perspective / Državna pomoč za premogovni sektor v Evropski uniji – pred- in pokrizna perspektiva

Publicado en línea: 29 Oct 2015
Páginas: 3 - 11

Resumen

Abstract

This article presents the evolution of the conditions of state aid admissibility to the coal industry, starting with legal regulations within the European Coal and Steel Community, the European Community, and now the European Union. The thesis was formulated that, in connection with the expiry on 31 December 2010 of Council regulation No. 1407/2002, on the basis of which the European Commission allowed aid for the national mining industry in different member states in the period before the onset of the financial and economic crisis, the immediate cause of introduction of the next regulation for mining state aid in the form of Council Decision 2010/787/EU on state aid to facilitate the closure of uncompetitive coal mines was the increasing intensity of the aid for the mining industry in recent years.

Palabras clave

  • financial and economic crisis
  • state aid
  • coal mining sector
  • legal regulations
  • the European Union

Ključne besede

  • finančna in ekonomska kriza
  • državna pomoč
  • premogovni sektor
  • pravni predpisi
  • Evropska unija
Acceso abierto

Model for Determining the Stability of Retail Deposits with Higher Outflow Rates / Model za izračun stabilnosti vlog na drobno z višjo stopnjo odliva

Publicado en línea: 29 Oct 2015
Páginas: 12 - 22

Resumen

Abstract

Retail deposits are treated as one of the cheapest and most stable funding sources for banks, especially for those with high volumes of retail deposits. A bank defines three main categories of retail deposits that are subject to different outflow rates for the purpose of liquidity coverage requirements in reporting and compliance. The outflow rates for the first two main groups are 5% and 10% respectively, but for the third main group the bank calculates its own outflow rates. We analyzed the latter in this paper. Each bank should assign retail deposits to one of the three categories based on the number and type of predetermined risk factors. Risk factors are divided into two groups according to the degree of risk. The paper first describes the legislative framework, followed by the method of calculating higher outflow rates for retail deposits according to the historical movements and the expected volatility assessment in the situation of stress conditions. At the end of the paper, we briefly provide the future treatment of retail deposits with higher outflow rates.

Palabras clave

  • retail deposits
  • stability
  • transactional account
  • LCR
  • deposit guarantee scheme
  • depositors
  • higher outflow rates
  • Basel III

Ključne besede

  • vloge na drobno
  • stabilnost
  • transakcijski račun
  • LCR
  • jamstvo za vloge
  • deponenti
  • višji odlivi
  • Basel III
Acceso abierto

Reduction of the Mean Hedging Transaction Costs / Redukcija povprečnih transakcijskih stroškov hedging tehnike

Publicado en línea: 29 Oct 2015
Páginas: 23 - 31

Resumen

Abstract

Transaction costs of derivative hedging appear in financial markets. This paper considers the problem of delta hedging and the reduction of expected proportional transaction costs. In the literature the expected approximate proportional transaction costs are customarily estimated by the gamma term, usually the largest term of the associated series expansion. However, when options are to expire in a month or few weeks, other terms may become even larger so that more precise estimates are needed. In this paper, different higher-order estimates of proportional transaction costs are analyzed. The problem of the reduction of expected transaction costs is considered. As a result, a suitably adjusted delta is given, for which the expected approximate proportional transaction costs can be reduced. The order of the mean and the variance of the hedging error can be preserved. Several examples are provided.

Palabras clave

  • derivatives
  • delta hedging
  • transaction costs
  • hedging error

Ključne besede

  • finančni derivati
  • transakcijski stroški
  • delta hedging tehnika
Acceso abierto

Conceptual Framework for the Definition and Regulation of Virtual Currencies: International and Russian practices / Konceptualni okvir za definicijo in regulacijo virtualnih valut: mednarodne in ruske prakse

Publicado en línea: 29 Oct 2015
Páginas: 32 - 39

Resumen

Abstract

This paper analyzes possible definitions of virtual currencies in legislation and economics. Views of the European Central Bank, Financial Crimes Enforcement Network, and Financial Action Task Force regarding virtual currencies are studied. The analysis also covers the draft legislation to ban money surrogates in the Russian Federation. The author suggests two reasonable approaches to defining virtual currencies in law and economics. The Austrian School representatives’ arguments on the existence of private money are reviewed. The author proposes the introduction of some changes in the legislation of the Russian Federation in order to give legal status to virtual currencies.

Palabras clave

  • virtual currency
  • Bitcoin
  • electronic money
  • private money
  • money surrogates

Ključne besede

  • virtualna valuta
  • bitcoin
  • elektronski denar
  • zasebni denar
  • denarni surogati
4 Artículos
Acceso abierto

State Aid for the Coal Sector in the European Union: Pre- and post-crisis perspective / Državna pomoč za premogovni sektor v Evropski uniji – pred- in pokrizna perspektiva

Publicado en línea: 29 Oct 2015
Páginas: 3 - 11

Resumen

Abstract

This article presents the evolution of the conditions of state aid admissibility to the coal industry, starting with legal regulations within the European Coal and Steel Community, the European Community, and now the European Union. The thesis was formulated that, in connection with the expiry on 31 December 2010 of Council regulation No. 1407/2002, on the basis of which the European Commission allowed aid for the national mining industry in different member states in the period before the onset of the financial and economic crisis, the immediate cause of introduction of the next regulation for mining state aid in the form of Council Decision 2010/787/EU on state aid to facilitate the closure of uncompetitive coal mines was the increasing intensity of the aid for the mining industry in recent years.

Palabras clave

  • financial and economic crisis
  • state aid
  • coal mining sector
  • legal regulations
  • the European Union

Ključne besede

  • finančna in ekonomska kriza
  • državna pomoč
  • premogovni sektor
  • pravni predpisi
  • Evropska unija
Acceso abierto

Model for Determining the Stability of Retail Deposits with Higher Outflow Rates / Model za izračun stabilnosti vlog na drobno z višjo stopnjo odliva

Publicado en línea: 29 Oct 2015
Páginas: 12 - 22

Resumen

Abstract

Retail deposits are treated as one of the cheapest and most stable funding sources for banks, especially for those with high volumes of retail deposits. A bank defines three main categories of retail deposits that are subject to different outflow rates for the purpose of liquidity coverage requirements in reporting and compliance. The outflow rates for the first two main groups are 5% and 10% respectively, but for the third main group the bank calculates its own outflow rates. We analyzed the latter in this paper. Each bank should assign retail deposits to one of the three categories based on the number and type of predetermined risk factors. Risk factors are divided into two groups according to the degree of risk. The paper first describes the legislative framework, followed by the method of calculating higher outflow rates for retail deposits according to the historical movements and the expected volatility assessment in the situation of stress conditions. At the end of the paper, we briefly provide the future treatment of retail deposits with higher outflow rates.

Palabras clave

  • retail deposits
  • stability
  • transactional account
  • LCR
  • deposit guarantee scheme
  • depositors
  • higher outflow rates
  • Basel III

Ključne besede

  • vloge na drobno
  • stabilnost
  • transakcijski račun
  • LCR
  • jamstvo za vloge
  • deponenti
  • višji odlivi
  • Basel III
Acceso abierto

Reduction of the Mean Hedging Transaction Costs / Redukcija povprečnih transakcijskih stroškov hedging tehnike

Publicado en línea: 29 Oct 2015
Páginas: 23 - 31

Resumen

Abstract

Transaction costs of derivative hedging appear in financial markets. This paper considers the problem of delta hedging and the reduction of expected proportional transaction costs. In the literature the expected approximate proportional transaction costs are customarily estimated by the gamma term, usually the largest term of the associated series expansion. However, when options are to expire in a month or few weeks, other terms may become even larger so that more precise estimates are needed. In this paper, different higher-order estimates of proportional transaction costs are analyzed. The problem of the reduction of expected transaction costs is considered. As a result, a suitably adjusted delta is given, for which the expected approximate proportional transaction costs can be reduced. The order of the mean and the variance of the hedging error can be preserved. Several examples are provided.

Palabras clave

  • derivatives
  • delta hedging
  • transaction costs
  • hedging error

Ključne besede

  • finančni derivati
  • transakcijski stroški
  • delta hedging tehnika
Acceso abierto

Conceptual Framework for the Definition and Regulation of Virtual Currencies: International and Russian practices / Konceptualni okvir za definicijo in regulacijo virtualnih valut: mednarodne in ruske prakse

Publicado en línea: 29 Oct 2015
Páginas: 32 - 39

Resumen

Abstract

This paper analyzes possible definitions of virtual currencies in legislation and economics. Views of the European Central Bank, Financial Crimes Enforcement Network, and Financial Action Task Force regarding virtual currencies are studied. The analysis also covers the draft legislation to ban money surrogates in the Russian Federation. The author suggests two reasonable approaches to defining virtual currencies in law and economics. The Austrian School representatives’ arguments on the existence of private money are reviewed. The author proposes the introduction of some changes in the legislation of the Russian Federation in order to give legal status to virtual currencies.

Palabras clave

  • virtual currency
  • Bitcoin
  • electronic money
  • private money
  • money surrogates

Ključne besede

  • virtualna valuta
  • bitcoin
  • elektronski denar
  • zasebni denar
  • denarni surogati

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