Τμήμα Διεθνών και Ευρωπαϊκών Οικονομικών Σπουδών
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Τεκμήριο The 0.5 global Sulphur cap and its implications on the tanker industryKornilaki, Anastasia; Nikolaou, Ioanna; Athens University of Economics and Business, Department of Accounting and Finance; Athens University of Economics and Business, Department of International European Economic Studies; Panayides, PhotisThe dissertation investigates the available methods with which shipowners can comply with the Sulfur regulations of bunker fuels that will be enforced in 2020. To begin with, general characteristics of the tanker shipping industry are presented, such as oil and oil products, ships carrying oil at sea, as well as sources of marine pollution. In continuation, a deep literature review is being carried out on the regulations that have been or will be adopted regarding Sulfur limit and emissions from ships’ engines. We also identify the sea areas to which stricter regulations apply, namely Emissions Control Areas (ECAs) and Particularly Sensitive Sea Areas (PSSAs). The factors that shipowners need to take into consideration and can affect their decision concerning the choice of the optimal method of compliance, are also examined. Furthermore, the available methods with which hipowner can meet the new sulfur requirements, together with the advantages and disadvantages of each method are being analyzed. Finally, a comparison between the various alternative methods is being performed using market reports, previous researches on that subject, a SWOT analysis, a cost comparison of the available methods for three tankers with different characteristics and an ECA calculator in order to calculate the payback period of the proposed investment.Τεκμήριο 1. Handling data from Thompson’s DataStream 2. The Cross-Section of European Returns: an application of asset pricing models, anomalies and predictability in a Pan-European frameworkLandis-Conrad, Felix-Michel; Athens University of Economics and Business, Department of International European Economic Studies; Skouras, SpyrosThis paper refers on Handling data from Thompson’s DataStream (TDS). Although DataStream is a rich data source for approximately 50.000 equities from more than 65 markets around the world with more than 25 years of coverage, its data should be handle with care. An extensive research on that subject is already published by Ince and Porter (2006-“Individual Equity Return Data from Thompson DataStream: Handle With Care”). So our paper comes as a supplement to it, providing, though more information especially in the common stock identification processes for European markets and proposing extra screens for unreported errors. At the same time it, jointly describes the methodology we applied to obtain the European sample we used in our tests throughout the paper 2 .Τεκμήριο 1997 Asian crisis - the vulnerabilities of the "Asian Tigers" and the fiscal response towards recovery: a country by country analysis(02/18/2019) Kottas, Christos; Athens University of Economics and Business, Department of International and European Economic Studies; Tsakloglou, Panagiotis; Moutos, ThomasThe Asian economic and financial crisis that occurred in 1997 is considered as one of the most serious crises in the economic history. The contagion effect, following the depreciation of the Thai baht due to the massive speculative attack on July 1997, transmitted the crisis in the other countries of the area, mainly South Korea, Malaysia, Philippines, Singapore and Indonesia. This paper examines the anatomy of the East Asian financial crisis, analyzes the fiscal response and the measures that were implemented and assesses the macroeconomic adjustment of the involved countries by presenting the results of the measures implemented and its output the years afterwards. The analysis conducted is firstly country – oriented, that is, each country’s involvement in the crisis is examined separately focusing on the macroeconomic framework before the crisis. Moving towards the fiscal adjustment section of the paper, the analysis remains on a country-by-country level in order to analyze the measures implemented aiming at the assessment of the supporting programs degree of success and focusing on the International Monetary Fund’s and countries authorities intervention there, as well as the fiscal adjustments modalities that became necessary in this context. Finally, the paper overviews the situation and aftermath of these countries the years afterwards and the position of these countries in the modern world almost 20 years after the end of the Asian tigers crisis.Τεκμήριο Aid for economic development: the efficiency of aid to developing countries, the case of Africa(2021) Kampouri, Anna-Kanelia; Καμπούρη, Άννα-Κανέλια; Athens University of Economics and Business, Department of International European Economic Studies; Milliou, Chrysovalantou; Chatzipanagiotou, PanagiotisForeign aid is a great topic of discussion between developed and developing world the last 50 years. This thesis is separated in two main parts. The first one concerns the theory of foreign aid, the effects and motives of the donors, while the second part analyzes the case of Africa. It is worth noting that while Africa has received huge amounts of foreign aid still remains in a very low level of livelihood. The impressive characteristic is that countries, which receive the aid, tend to be rich in natural resources, however those countries are underdeveloped and live in poverty with corrupted health and education systems. However, it seems to be an economic growth in the very last years in some countries such as Ethiopia.Τεκμήριο Aid for economic development: the efficiency of EU aid programs to developing countriesKoukouras, Konstantinos A.; Athens University of Economics and Business, Department of International European Economic Studies; Hatzipanayotou, PanosForeign aid has often been envisaged as a tool to boosting growth in aid recipient countries and eradicating poverty that many poor countries on the continent nowadays are confronted with. Whether aid succeeds in fulfilling its aims or not is not easy to answer. The highly controversial issue of aid effectiveness continues to baffle researchers and an ongoing debate around this topic keeps on drawing experts’ attention from all over the world. We have tried to examine aid from both a theoretical and an empirical perspective. The first chapter provides the reader with the necessary background so that he/she gets familiarized with the notion of aid and its purposes. The second chapter examines the welfare and terms of trade analysis of aid, focusing mainly on the so-called “Transfer Paradox” (i.e., the enrichment of the donor country and the impoverishment of the recipient) and the conditions under which it can occur. The third chapter is associated with the relationship between aid and corruption, namely whether aid can potentially foster corruption in recipient countries or not. The next chapter tries to identify the possible reasons for aid giving, namely what factors encourage donors to give aid to recipient countries. The issue of aid effectiveness is examined in the fifth chapter, paying attention to aid’s capability of meeting the Millennium Development Goals (MDGs) by 2015. The last chapter is devoted to the aid-growth nexus that is central in the literature on aid. We try to explain whether aid manages to boost growth in aid recipient countries or not and we illustrate this with two case studies from the real world, one for Bangladesh and one for Uganda.Τεκμήριο Alternative asset classes and diversification benefits(14-10-2022) Νικολακόπουλος, Λάμπρος; Athens University of Economics and Business, Department of International and European Economic Studies; Demos, Antonios; Skouras, Spyros; Topaloglou, NikolaosΗ παρούσα διατριβή έχει ως στόχο να κάνει μια εις βάθος παρουσίαση σχετικά με τα οφέλη διαφοροποίησης που μπορεί να έχουν εναλλακτικές κατηγορίες περιουσιακών στοιχείων από τη συμπερίληψή τους σε ένα παραδοσιακό χαρτοφυλάκιο (αποτελείται από μετοχές και ομόλογα). Έχοντας αυτό υπόψη, η διατριβή δομείται ως ακολούθως. Το πρώτο μέρος παρουσιάζει τη θεωρητική πτυχή του θέματος συμπεριλαμβανομένου το τι είδη κινδύνων υπάρχουν που επηρεάζουν οικονομικές και άλλες δραστηριότητες, στατιστικές μεθόδους προκειμένου να μετρηθεί ο κίνδυνος και, τέλος, μια εκτενή βιβλιογραφική ανασκόπηση των εναλλακτικών κατηγοριών περιουσιακών στοιχείων και την ύπαρξη ή όχι πλεονεκτημάτων διαφοροποίησης. Στο δεύτερο μέρος παρουσιάζεται η εμπειρική ανάλυση που έλαβε χώρα. Ειδικότερα, διακρίνεται σε δύο διαφορετικές αναλύσεις προκειμένου να εξεταστεί το εάν υπάρχουν οφέλη από διαφοροποίηση.Τεκμήριο Alternative methods of portfolio management(01-02-2019) Lazopoulos, Ioannis; Athens University of Economics and Business, Department of International and European Economic Studies; Konstantinou, Panagiotis; Topaloglou NikolaosThe present dissertation intends to summarize and analyze some significant factors that affect the portfolio management and also, to simulate some common investing strategies. The theoretical part of this research is the interpretation of the concept of risk in portfolio management and the analytical presentation of the most important risk types such as market risk, credit risk, operational risk, and liquidity risk. Also, at the theoretical part of this dissertation, we examine the most important risk measurement models which are: Variance, Value-at-Risk (VaR), Conditional Value-at-Risk (CVaR) and Mean Absolute Deviation MAD). The final theme of the theoretical part is an extensive presentation of the strategies that are going to be simulated at the empirical part of this dissertation. More specifically, these strategies are the Equally Weighted Portfolio, Momentum, Contrarian, Equity Market-Neutral, and Risk-on/Risk-off.For the empirical part of this dissertation, we use twenty companies that are components of the Standard & Poor’s 500 (S&P 500) in order to construct a portfolio for every strategy that we mentioned above and to observe the range of its return for the period 31/01/2007 to 30/11/2018. Also, we will present comparison charts among those methods. Finally, this study provides conclusions for the results of the simulated strategies.Τεκμήριο An automatic stabilizer for the Euro area: A European unemployment benefit scheme(20-03-2018) Nasopoulos, Vasileios; Athens University of Economics and Business, Department of International and European Economic Studies; Tsakloglou, PanagiotisThe purpose of this paper is to present the discourse on the automatic stabilizer for the Euro Area, the European Unemployment Benefits Scheme. Chapter 1 introduces the theories of integration that envisaged the European Monetary Union and the incremental approach on integration that followed ever since. The theory of Optimal Currency Area as the blueprint for the EMU and the institutional building blocks of the present EMU are presented, alongside the trajectory of the debate for the EMU institutional framework in the literature. The stabilisation process in the EMU was devoid of an instrument of fiscal capacity and the aftermath of the crisis rekindled the debate for an automatic stabilizer. Based upon the lessons of the crisis and the evident inconsistencies that increased the cost of the monetary union, the EUBS theoretical project was brought into the highest level of policy-making in the five Presidents’ Report as a call for an automatic stabilizer for the Euro Area. Chapter 2 introduces the project of the EUBS and its designated utility features. The trajectory of the debate on a fiscal stabilizer traced out the design of the EUBS and the main design features as described in the literature. The common ground among the studies in the literature is analyzed in terms of stabilisation efficiency and cost, in relation to the moral hazard problem. It is further explored the danger of institutional moral hazard that arises in all multi-tiered systems, to be mitigated before establishing an EUBS framework. Chapter 2 concludes with the theoretical presentation of EUBS variants models by Miroslav Beblavý and Karolien Lenaerts in the study of Feasibility and Added value of an European Unemployment Benefits Scheme 2017, that encompasses the work of all the studies in the literature up to date. Chapter 3 presents the results of the simulations and the conclusions drawn from the performance of the respective models. The simulations include backward-looking models that estimate the stabilisation capacity and crisis mitigation if an EUBS had been established in the period 1995-2013. Moreover, forward-looking models simulate the impact on stabilisation of an EUBS in the event of four hypothetical scenarios of shocks. The results of the simulations envision the limitations and the capability of a European Unemployment Benefit Scheme andits added value on the European Monetary Union framework, the European citizens and the European Project in general.Τεκμήριο Anti-dumping practices: a safety valve or trade impediment?(2018) Angeli, Kyriaki; Athens University of Economics and Business, Department of International and European Economic Studies; Milliou, Chrysovalantou; Tsakloglou, Panagiotis; Chatzipanagiotou, PanagiotisThe present study aims to analyze the phenomenon of dumping. More specifically, it is presented information concerning trade across the world as well as how this is formed by dumping and trade barriers. The methodology is based on the collection of data collected them from scientific books, articles as well as from official websites.In order to be fully understood, there is an introduction which explains what dumping is, starting from a historical review and mentioning the objectives and the types of it. Moreover, observing the diagram of dumping it becomes obvious the profitability of it.The next chapter focuses on anti dumping actions as a reaction to dumping, citing some historical data as well as their effects worldwide. In 1948, it was important to establish a trade agreement intending to reduce tariffs highlighting the pros and cons of it, mentioning also the impact of trade liberalization. In addition to this, there is both an extended analysis of anti-dumping regulations under WTO and under EU. Finally, it is extremely important to consider a case study concerning a product and specifically solar panels. Solar panels are one of the most important instances of dumping cases while lots of enterprises are interested in importing and exporting this kind of product abroad increasing their revenues. In this analysis, there is a particular emphasis on financial relations between China and European Union.Τεκμήριο Applied regional environmental policy : the case of Greece(Οικονομικό Πανεπιστήμιο Αθηνών, 01-2010) Βεζυργιάννη, Αλίκη - Δέσποινα; Οικονομικό Πανεπιστήμιο Αθηνών, Τμήμα Διεθνών και Ευρωπαϊκών Οικονομικών Σπουδών; Ξεπαπαδέας, ΑναστάσιοςΔιπλωματική εργασία - Οικονομικό Πανεπιστήμιο Αθηνών. ΜΠΣ με κατεύθυνση στην «Ευρωπαϊκή Οικονομική Πολιτική»Τεκμήριο Approaching the Gulf: political and economic relations between the European Union and the Gulf Cooperation Council(20-06-2018) Mikelis, Grigorios; Athens University of Economics and Business, Department of International and European Economic Studies; Pagoulatos, Georgios; Blavoukos, SpyrosThe bilateral European Union (EU) and Gulf Cooperation Council (GCC) relations began to be delimited by a coordinated institutional framework in 1989 with the activation of the Cooperation Agreement (CA). From then on this partnership has had many obstacles to overcome since minimal initiatives have succeeded in successful completion of key issues such as the common acceptance for the start of a Free Trade Agreement (FTA) which is still a matter of negotiation. Intense disagreements, several points of divergence and the changing of priorities in economic and political level have brought this relationship at a crossroads between deceleration and stagnation. Although, the different structure of the two transnational unions, the appearance of bilateral contacts against multilateral agreements, the alternative economic development and trade policy that they follow as well as the dissimilar political culture arise many hurdles among them, the attempts to maintain and to create new communication and collaboration networks proves that this is a cooperation with strategic character for both sides. However, in order to become this partnership viable it should be adopted with a single policy line at regional level, creating relationships of interdependence which, in turn, will lead to a steady pace of recovery, deepening of their relations and with positive future prospects.Τεκμήριο Artificial neural networks in financial time series forecasting(11/29/2020) Koutsourakis, Athanasios K.; Κουτσουράκης, Αθανάσιος; Athens University of Economics and Business, Department of International and European Economic Studies; Tzavalis, Ilias; Pagratis, Spyros; Topaloglou, NikolaosTime series forecasting is well-known for being a tough problem in the domain of finance. The traditional methods based on domain knowledge, such as autoregressive and structural time-series models, have depended on parametric models which been around for a long time and are still helpful in certain situations, but the linear assumptions underlying them may be excessively restricting. Machine learning methods and especially ANNs provide ways to learn temporal dynamics using data-driven learning, while they have been proven to be universal approximators thus, are able to approximate non linear continuous functions. Additionally, they do not require specific assumptions about themodel since the underlying relationship is decided entirely via data mining. In this paper we present a forecasting methodology to predict the Nvidia stock prices, as well as to forecast the stock return trend movement of the company’s stock, by leveraging ANNs.We focus on the Long Short-Term Memory (LSTM) recurrent neural networks, and we implement a layered architecture on which we train our neural model after adjusting the appropriate hyperparameters, then we leverage this model to forecast the stock market value one day ahead using the sliding window method. We present two hands-on case studies with Python, in the first case we predict the stock price as a univariate regression problem, and in the second case we forecast the stock returns as a multivariate regression problem using additional independent variables other than lagged values. Finally, we verify that neural networks with two hidden layers and properly adjusted hyperparameters are able to predict with high precision financial time series such as stock prices, even when trained only on historical data.Τεκμήριο Assessing efficiency in urban transit systems : with an application to electric bus services in Athens, Greece using data envelopment analysis(Athens University of Economics and Business, 12-2001) Politou, Despina M.; Kalyvitis, SarantisThesis - Athens University of Economics and Business, Department of International European Economic StudiesΤεκμήριο Asset protection scheme in Greece: towards a resolution of the NPEs problem(10/14/2021) Mitsopoulos, Andreas; Μητσόπουλος, Ανδρέας; Athens University of Economics and Business, Department of International and European Economic Studies; Tzavalis, Ilias; Zacharias, Eleftherios; Pagratis, SpyrosThe research aim of the present dissertation deals with the major problem of non-performing exposures (NPEs) in the Greek banking system. After the 2008 global financial crisis, which stemmed from the USA as a result of the mortgage market collapse, our country faced and is continuing facing the most severe crisis of the last decades. This crisis commenced in Greece as a sovereign debt crisis and very soon evolved, contaminating the whole banking system. The main impact of this sovereign debt crisis in the banking sector was the large deterioration in value of their assets and the upcoming huge increase in their troubled assets, the non-performing exposures (NPEs).The consequences of these events were at first instance, the transformation of the whole banking system. Many small banks been merged with other banks, leading the Greek banking system to consist of four major systemic banks today. After that, these four remaining systemic banks are striving with the major problem of NPEs. The effective management of NPEs by financial institutions is of paramount importance. The restoration of financial stability depends on this. Market confidence and credit in the financial sector should been improved, as well as the ability of the banking sector to finance the economy in order to lead to a sustainable economic recovery for the country.Today, the Greek banking system still remains with high levels of NPEs compared to the European Union average, despite the great efforts and actions which have been made all these years from financial institutions and governments. The need for a solution is urgent and necessary for a healthy banking system. Since the beginning of the sovereign debt crisis and the upcoming banking crisis with the accumulation of the huge stock of NPEs, the main actions made for dealing with it, was write-offs, provisions and a small amount of non-performing loans (NPLs) portfolios sales, but without success. The last two years a new action plan has been thrown into this “battle”, the Hellenic Asset Protection Scheme (HAPS), named “Hercules”.The “Hercules” is among others the last effort for banks to overcome the major problem of NPEs and to pass into a new era. With the government play the key role of the guarantor in this scheme, which is fully analyzed in chapter 2, and the loans management companies, called “Servicers”, being part of this action plan, it is believed that banks will get rid of the huge stock of NPEs until the end of 2022, derived mainly from the 2008 crisis (“legacy loans”), and return back in their core banking activities, the financing of business and households.Τεκμήριο Autonomous ships: introduction and application(10-06-2019) Άκουρος, Δημοσθένης; Akouros, Dimosthenis; Πανταζόπουλος, Γεώργιος; Pantazopoulos, Georgios; Athens University of Economics and Business, Department of International and European Economic Studies; Ρομπόλης, Λεωνίδας; Βεντίκος, ΝικόλαοςΤα αυτόνομα και εξ αποστάσεως ελεγχόμενα πλοία έχουν δείξει αυξανόμενο ενδιαφέρον στις μέρες μας. Οι τεχνολογικές εξελίξεις, το λογισμικό και οι αλγόριθμοι υποστήριξης αποφάσεων, καθώς και η συνδεσιμότητα στη θάλασσα έχουν επιτρέψει στα πρώτα εμπορικά έργα που είναι έτοιμα να ξεκινήσουν στο όχι τόσο μακρινό μέλλον.Το πεδίο είναι ευρύ με πολλές διαφορετικές εφαρμογές αυτοματισμού και έννοιες που θα μπορούσαν να διαδραματίσουν ζωτικό ρόλο, ωφελώντας τη ναυτιλιακή βιομηχανία. Από πλοία με πλήρη απουσία ανθρώπινου παράγοντα σε πλοία με τηλεχειρισμό από χερσαίες εικονικές γέφυρες, μέχρι συστήματα υποστήριξης που θερμαίνουν το πλήρωμα πριν από τη σύγκρουση ή βοηθούν στη βελτιστοποίηση των λειτουργιών.Από τους αισθητήρες επί του σκάφους, την αξιοπιστία των μηχανημάτων σε ένα μη επανδρωμένο σκάφος έως τους εθνικούς και διεθνείς κανόνες και κανονισμούς, έως το λογισμικό που πρέπει να είναι σταθερό και ασφαλές στον κυβερνοχώρο, υπάρχουν πολλές προκλήσεις που πρέπει να ξεπεραστούν πριν τεθεί σε εφαρμογή αυτή η τεχνολογία. το τέστ.Το μελλοντικό πλοίο θα χρειαστεί ακόμη ανθρώπινη συμβολή από τη χερσαία σύνδεση μεταξύ του πλοίου και της ακτής. Η επικοινωνία πρέπει να είναι ακριβής, υποστηριζόμενη από πολλαπλά συστήματα, προκειμένου να ελαχιστοποιηθεί ο κίνδυνος.Ο στόχος αυτής της διατριβής είναι να αναλύσει τις διαφορές μεταξύ ενός αυτόνομου και συμβατικού σκάφους, υπογραμμίζοντας τα οφέλη-εμπόδια του καθενός, για να δημιουργήσει έναν αλγόριθμο που απεικονίζει μια διέγερση ενός αυτόνομου σκάφους που ξεπερνά ένα φανταστικό εμπόδιο.Τεκμήριο Aνταλλαγή πληροφοριών και καρτέλ(07/15/2019) Φερούσης, Χρήστος; Οικονομικό Πανεπιστήμιο Αθηνών, Τμήμα Διεθνών και Ευρωπαϊκών Οικονομικών Σπουδών; Χρυσοβαλάντου, ΜήλλιουΠώς η ανταλλαγή πληροφoριών μεταξύ ανταγωνιστών και οι μορφές που παίρνει μπορεί να επηρεάσει τα καρτέλ.Τεκμήριο Ballast water management: an overviewChatziieremia, Eleni; Papagianni, Christina; Athens University of Economics and Business, Department of Accounting and Finance; Athens University of Economics and Business, Department of International and European Economic Studies; Konstantinidis, EmmanouilThousands of potentially harmful marine species are transported all over the world into the ballast water and this is proved by the fact that there are hundreds of examples of severe ecological, economical and human health impacts from invasive aquatic species around the world. The transfer of aquatic invasive species into new environments via ballast water has been specified as one of the greatest threats to the oceans. The risk of spread of these invasive species is being increased as a result of the global nature and continuous growth of maritime trade. In an effort to minimize and ultimately extinguish this risk, IMO proceeded to the implementation of a regulatory framework of international character by adopting the International Convention for the Control and Management of Ships’ Ballast Water and Sediments (BWMC). The aforementioned Convention entered into force on September the 8th of 2017.In turn BWMC affected the decision-making in the maritime industry since it introduced, inter alia, new requirements for port States and ships around the world. The United States have already set in force their own regulations regarding ballast water treatment in an effort to regulate the harmful aquatic organisms’ transfer to their territorial waters. Since there is no globally unified way of facing this challenge and legal approaches vary around the world, the problem becomes more complex. Therefore, a need arises for the regulations and standards applying on new and existing ships to be presented in a clear and consolidated way. This is the reason why this thesis focuses on the different international and regional regulatory frameworks. Ballast Water management is currently entering a new phase where all ships will soon be compelled to meet new and stricter standards for ballast water discharging. Apart from the clarification of the applicable legislation, even stricter ballast water discharge laws and regulations create uncertainty to the ship-owners and alters significantly the costs not only for new but for existing ships as well. This thesis tries to bring attention to the legal approaches and economic challenges and ideally present an overview to maritime professionals to enable them to take the best possible decision in relation to the trading limits of their ships and in relation to the legal regimes they must be compliant with.Τεκμήριο Bank credit ratings and macroprudential implications: the case of Moody's(15/10/2021) Μπουρλής, Αντώνιος; Οικονομικό Πανεπιστήμιο Αθηνών, Τμήμα Διεθνών και Ευρωπαϊκών Οικονομικών Σπουδών; Τζαβαλής, Ηλίας; Ζαχαριάς, Ελευθέριος; Παγκράτης, ΣπυρίδωνΑναμφίβολα ο τραπεζικός τομέας συνδέεται άμεσα με την πραγματική οικονομία. Η ιστορία έχει δείξει ότι μια τραπεζική κρίση μπορεί εύκολα να εξαπλωθεί στην πραγματική οικονομία και αντίστροφα. Η αξιολόγηση της πιστοληπτικής ικανότητας του τραπεζικού τομέα, αφενός, γίνεται με ιδιαίτερη προσοχή, αφετέρου, δεν είναι γνωστό ότι έχει σημαντικές επιρροές στο πραγματικό μέγεθος της οικονομίας.Σκοπός αυτής της διπλωματικής εργασίας είναι να παρουσιάσει τις μακροοικονομικές επιπτώσεις των τραπεζικών αξιολογήσεων από μεγάλους οργανισμούς αξιολόγησης, όπως παρουσιάστηκαν μέσω μελετών και ερευνών από σημαντικούς ερευνητές.Το πρώτο κεφάλαιο είναι ένα εισαγωγικό κεφάλαιο, το οποίο στοχεύει να μας μυήσει στο ρόλο και τη σημασία της ύπαρξης και λειτουργίας των πιστωτικών αξιολογητών. Το κύριο ερώτημα που απαντήθηκε σε αυτό το κεφάλαιο, μετά από μια σύντομη περιγραφή του κλάδου αξιολόγησης της πιστοληπτικής ικανότητας, ήταν ποιος είναι ο ρόλος και ποια είναι η ανάγκη που καλύπτουν τελικά οι οργανισμοί αξιολόγησης.Στο δεύτερο κεφάλαιο επικεντρωθήκαμε αποκλειστικά στην αξιολόγηση του τραπεζικού κλάδου, στη διαδικασία και στη μεθοδολογία που χρησιμοποιήθηκε από τους οίκους αξιολόγησης. Ακολουθεί μια σύντομη αναφορά στη γενική μεθοδολογία των πιστωτικών αξιολογητών.Στο τρίτο κεφάλαιο, αναφέρονται οι συνέπειες των αξιολογήσεων που προσφέρουν οι οργανισμοί αξιολόγησης πιστοληπτικής ικανότητας. Η εστίασή μας ήταν στην αλληλεπίδραση που φαίνεται να υπάρχει μεταξύ του χρηματοπιστωτικού κύκλου και της οικονομικής ανάπτυξης, όπως περιγράφεται μέσω ανάλυσης και μελετών.Στο τέταρτο και τελευταίο κεφάλαιο της μελέτης μας, παρουσιάζουμε σημαντικά σημεία από τη μεθοδολογία που χρησιμοποίησε ο Moody's για την αξιολόγηση των πιστωτικών ιδρυμάτων, δίνοντας παράλληλα τις αλλαγές που έχουν συμβεί στη μεθοδολογία μετά την οικονομική κρίση. Πήραμε αυτές τις πληροφορίες από τις αναφορές που ανακοινώνει ο ίδιος ο Moody's σχετικά με τη μεθοδολογία του. Το σίγουρο είναι ότι η κρίση έχει καταλύσει τον τρόπο με τον οποίο οι οργανισμοί αξιολόγησης προσεγγίζουν τον τραπεζικό τομέα και αξιολογούν την πιστοληπτική του ικανότητα.Τεκμήριο Bank credit ratings and macroprudential issuesFanos, Evangelos; Athens University of Economics and Business, Department of Economics; Athens University of Economics and Business, Department of International and European Economic Studies; Pagratis, SpyrosThis dissertation studies Credit Rating Agencies and the due diligence process on their creditworthiness assessments, as well as the issues associated with credit ratings quality. The principal role of these agencies is to mitigate the information asymmetry between investors and borrowers who seek external financing, by evaluating their capability to service their debt obligations. The present dissertation aspires to examine the criteria behind these decisions, focusing on Moody's - one of the most influential credit rating agencies worldwide - methodology for bank ratings assessment. The world has changed dramatically for bank creditors since the onset of the financial crisis in 2008 and the banking sector has stimulated the interest of everyone, including regulators. Credit rating agencies have been accused for their, in hindsight, proven failure to warn about the real risks existing prior to the crisis. Therefore, in its aftermath there are definitely some take-away lessons to be borne in mind in the future. Accordingly, some basic issues related to credit ratings are discussed in my study, including both a micro and a macro level of analysis. These issues significantly affect credit ratings informativeness, thus posing a threat for financial prudence, considering their importance to market participants. Among the issues discussed are included indicatively, credit rating agencies transparency, potential conflicts of interest, level of competition, the agencies liability, regulations reliance on ratings and the issue of "procyclicality", namely that ratings tend to be higher during economic booms and lower during economic slowdowns. Regulations, both microprudential and macroprudential, surrounding credit rating agencies and their ratings, are discussed as well. It is stressed that regulators currently focus more on microprudential issues, although there are significant systemic risks inherent to ratings, as it has become clear in the aftermath of the crisis. Considering that financial stability should be the desired outcome of any regulatory framework, the procyclicality of ratings, along with the systemic risks stemming from credit rating agencies, need to be addressed.Τεκμήριο Bank profitability in the Euro area: challenges and policy response(01/31/2022) Νικολόπουλος, Χαράλαμπος; Οικονομικό Πανεπιστήμιο Αθηνών, Τμήμα Διεθνών και Ευρωπαϊκών Οικονομικών Σπουδών; Αντωνίου, Φάμπιο; Ζαχαριάς, Ελευθέριος; Παγκράτης, ΣπυρίδωνΗ κερδοφορία των ευρωπαϊκών τραπεζών αποτελεί το βασικό αντικείμενο της συγκεκριμένης μελέτης. Απώτερος σκοπός είναι να καταγραφούν όλες οι προκλήσεις που αντιμετωπίζουν οι ευρωπαϊκές τράπεζες, καθώς και ο αντίκτυπος των πολιτικών αντιμετώπισης για αυτές τις προκλήσεις. Η εργασία ξεκινά με μια σύντομη εισαγωγή στα αίτια που οδήγησαν στην εκδήλωση της παγκόσμιας οικονομικής κρίσης του 2008. Στο συνέχεια, στο πρώτο μέρος της, χρησιμοποιείται μια εμπειρική ανάλυση, με στόχο να καταδείξει τη σύνδεση της τραπεζικής κερδοφορίας (RoA) με διάφορους παράγοντες, είτε bank-specific είτε εξωγενείς. Αμέσως μετά, παρουσιάζονται δεδομένα πάνω στην τραπεζική κερδοφορία της ευρωζώνης, τα οποία προέρχονται κυρίως από τα τελευταία χρόνια πριν το ξέσπασμα της υγειονομικής κρίσης του COVID-19. Στο δεύτερο μέρος της εργασίας γίνεται εκτενής αναφορά στο ρυθμιστικό πλαίσιο της Βασιλείας 3, καθώς και στον αντίκτυπο που η τελευταία ασκεί στην τραπεζική κερδοφορία. Στο τελευταίο μέρος γίνεται εκτενής ανάλυση της επιρροής των χαμηλών (ή αρνητικών) επιτοκίων στην τραπεζική κερδοφορία. Συμπερασματικά, ο αντίκτυπος της Bασιλείας 3 στην τραπεζική κερδοφορία έχει σε γενικές γραμμές θετικό πρόσημο. Η Βασιλεία 3 ασκεί καταλυτική επίδραση στο RoA και προκαλεί μείωση του default risk των τραπεζών. Επιπλέον, η προσαρμογή σε ένα χαμηλό ή και αρνητικό περιβάλλον επιτοκίων συμβάλλει θετικά στην τραπεζική κερδοφορία.