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Item Open Access Establishing regulatory sandboxes for FinTech companies in the European Union to foster the development of the FinTech Sector – an analysis(Universidad ESAN, 2021) Engelhardt, Linus; Calvo Silvosa, Anxo; Bremser, KerstinThis paper aims to find an answer to the question whether and to what extent the concept of a Regulatory Sandbox for FinTech companies should be applied at the supranational level of the European Union. In several steps the term "FinTech" will be narrowed down and its effects on the global financial sector analyzed. Afterwards, the three most common regulatory approaches are presented, whereby the Regulatory Sandbox is described in more detail using the sandbox of the Financial Conduct Authority from the United Kingdom as an example. Finally, the relevant regulatory authorities in the EU are discussed. The results make clear that the economic importance of FinTechs is increasing significantly. Considering the fact that FinTechs from Great Britain account for almost three quarters of the total market volume, it is still clear that the EU must become much more attractive in the face of the coming Brexit in order not to lose ground globally. One way to do so is to provide regulatory certainty. A regulatory sandbox is suitable for this purpose, as it reduces uncertainty for companies and makes them more attractive for investors. Regulators also benefit from receiving direct feedback on their regulatory framework and being able to adapt and develop it accordingly. It is proposed that in the run-up to a joint European sandbox, interested National States establish their own national sandboxes, whereby all of them should decide slightly differently on both the structure and the objectives. Based on the experiences of the National States, it is up to the competent authorities in the EU to prepare a supranational sandbox. When implementing the establishment of such sandbox, clear coordination and responsibility of the actors as well as the assumed demand and potential problems have to be considered carefully.Item Open Access A financial approach to fight climate change: using green bonds to fund sustainable investments(Universidad ESAN, 2021) Schwab, Melanie Caroline; Calvo Silvosa, AnxoThe present thesis deals with the research topic of how green bonds can be used to fund sustainable investments that fight climate change. A key focus lies on how the green bond market can possibly be improved in order to raise more funds and allow a better response to climate change. This thesis uses a literature research approach. This is done by looking at the issue of climate change and the policies and actions to fight it, first. Afterwards, the topic of environmental, social and governance (ESG) investments is treated with a particular focus on environmental investments and the types of financial assets, through which an investment can be made. Green bonds are the key subject of this work. Accordingly, their current situation is addressed by analyzing the variety of existing definitions, the market evolution, characteristics and types of green bonds, and their cost of capital. Attention is paid towards the main actors in the market, their role and what can be done by each type of actor to develop the market of green bonds. Additionally, some recent examples from the global market and the real performance of green bonds in the past years are discussed. Concluding the most important findings of this work, the major challenges identified in the global green bond market are the following ones: the missing definition and standards, the on average lower return than on conventional bonds, and the fact that green bonds are not focused on investments in the countries most affected by climate change where urgent adaptation measures are required. To overcome these challenges, it is recommended to establish obligatory standards for green bonds in order to provide security for issuers and investors. The standardization of the market could also provide the opportunity to develop their market in those countries where action is needed most urgently. It is further recommended for issuers and intermediaries to better address the preferences of certain types of investors and direct green bonds towards risk-averse and responsible investors.Item Open Access Análisis de la solidez del sector bancario aplicando la metodología CAMEL y matrices de transición: caso peruano 2009-2020(Universidad ESAN, 2021) Cartolin Ramos, Luiggie Misael; Quispe Salguero, JulioLa estabilidad financiera es una de las características más deseadas en la economía. Esta ayuda a la efectividad de las políticas económicas que buscan un crecimiento y desarrollo sostenible en el tiempo. Parte fundamental del sistema financiero es el sector bancario, y más en escenarios de concentración bancaria como en el Perú. Este estudio presenta una forma novedosa de medir y analizar la estabilidad financiera a través de la solidez del sector bancario. Usando la metodología CAMEL y matrices de transición, esta investigación es un primer acercamiento al uso de herramientas y modelos predictivos basados en el índice compuesto CAMEL, tal como se hace en otra economías. Como conclusión de este documento, se logra fundamentar que el supuesto de homogeneidad en el tiempo necesario para el uso de matrices de transición se cumple para el caso peruano, siendo un hallazgo clave para futuros estudios que sigan esta línea de investigación.
