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Podjetja in finančne inštitucije se pri poslovanju že od nekdaj srečujejo z različnimi oblikami tveganja. Pomembno je tveganje razumeti, poznati različne oblike tveganja, ter znati obvladovati tveganje. Za to je potrebno poznati različne finančne instrumente, ki so na voljo na trgu, tudi preproste in bolj zapletene izvedene finančne instrumente. Obstajajo različni modeli vrednotenja naložb in ocenjevanja tveganja, kot so CAPM model, Black-Scholesova formula, RiskMetrics, katere pokriva tudi moja diplomska naloga. Poznamo različne mere tveganja, namenjene vrednotenju tveganja in ugotavljanju primerne količine kapitala, potrebne za kritje. Da lahko trg nemoteno deluje, skrbijo različni regulatorni organi in sistemi regulacij. V primeru površnega upravljanja s tveganjem in neučinkovitih regulacij pa lahko pride do hudih posledic, kot je globalna finančna kriza. Companies and financial institutions are constantly facing various risk that come in all shapes and sizes. It is essential not only to understand them, but also to be able to manage the risk. Knowing different financial instruments is imperative, especially with such a broad spectrum of existing instruments, including simple and more complex derivatives. There are many models for evaluating investments and measuring risks, such as CAPM model, Black-Scholes model and RiskMetrics, all of which are covered in this paper. Risk measures are used for evaluating risks and calculating the amount of capital required to cover potential losses. In order for the market to function seemlessly, different regulatory systems are in place, enforced by competent regulatory authorities. Negligent risk assessment and management, along with inefficient regulations can lead to catastrophic consequences, such as global financial crisis.

In order to identify novel qualitative determinants of transitions in sovereign credit ratings, we construct six different textual sentiment and subjectivity measures using dictionary-based, and machine learning approaches on sovereign credit rating reports issued by Moody's and Fitch in the period from 2002 to 2017. After controlling for macroeconomic and fiscal strength, soft information, as well as known sources of proximity biases, we find that, on average, these novel text-based measures improve the classification accuracy of downgrades and upgrades. The improvement is more notable for sentiment than subjectivity measures, and for downgrades compared to upgrades. Next, we find evidence that credit rating agencies seem to follow the through-the-cycle rating philosophy by taking a longer horizon into account. Finally, to the best of our knowledge, we offer the most comprehensive analysis of textual sentiment measures and their effect on sovereign credit ratings thus far.

Življenje v 21. stoletju poteka hitreje kot kadar koli. Tehnologija narekuje tempo na vseh področjih in to velja tudi za finančni sektor. Virtualne valute so kot novo nastajajoči finančni instrument že ob nastanku postopoma zajele celoten planet. Koncept novodobnega denarja ima ogromno potenciala za nadaljnji razvoj in seveda uporabo, vendar gre pri tem za veliko vprašanje z vidika kompatibilnosti z današnjo zakonodajo. Raziskovalni izziv predstavlja relativno novo področje virtualnih valut. Inovativna tehnologija je privabila veliko investitorjev, ki pa so zaradi slabo urejene regulacije izpostavljeni zavajanju in prevaram. Področje virtualnih valut predstavlja številne možnosti raziskovanja, zato smo raziskavo omejili na dve svetovni velesili, Združene države Amerike in Kitajsko. Namen diplomske naloge je opredeliti današnjo politično in ekonomsko ureditev v izbranih državah ter raziskati in razumeti problematiko regulacije na področju novo nastalega finančnega instrumenta, virtualnih valut. Pri izdelavi raziskave smo uporabili deskriptivno in komparativno metodo, metodo analize, sinteze, metodo zbiranja podatkov ter študijo primera. V diplomski nalogi smo se osredotočili na izpolnjevanje ciljev regulacije, na razloge, zaradi katerih regulacija ni vzpostavljena, ter ali lahko organi izvajajo že vzpostavljeno klasično regulacijo. Pri analizi smo se oprli na posamezne vidike v obeh državah, kot so: implementacija, uporaba in sprejem virtualnih valut ter institucionalna regulacija področja. Na podlagi rezultatov in ugotovitev, podanih z bistvenimi elementi in akterji, smo zaključili, da so dosedanji poskusi regulacije imeli nekaj učinka, toda dokler področje ne bo enotno opredeljeno, bo regulacija tudi v prihodnje delovala neučinkovito. Life in the 21st century is progressing faster than ever. Technology is dictating the pace in all areas and the same is true for the financial sector. The newly emerging financial instrument, virtual currencies, have gradually taken over the entire planet since its inception. The concept of modern-day money has enormous potential for further development and use, but there is a huge obstacle in terms of compatibility with today's legislation. The research challenge is a relatively new area of virtual currencies. Innovative technology has attracted a lot of investors, who are being exposed to foul play and deception due to poor regulation. The field of virtual currencies presents many exploration opportunities, so we have limited our research to two major world countrys, the United States, and China. The purpose of the diploma thesis is to define the current political and economic regulation in the selected countries and to explore and understand the problems of regulation in the field of newly emerged financial instruments, virtual currencies. We used a descriptive, comparative, analysis, and synthesis method, as well as a case study. In the diploma thesis, we focused on meeting the goals of regulation, what are the reasons for the lack of regulation, and whether the authorities can implement the already established classical regulation. The analysis was developed on the common ground of both countries regarding the implementation, use, and adoption of virtual currencies and defined the current institutional regulation of the field. Based on the results and findings provided with the essential elements and actors, we concluded that the attempts to regulate so far have had some effect, but as long as the area of virtual currencies is not uniquely defined, the regulation will continue to function ineffectively.

V delu po vrsti predstavimo Lévyjeve procese in nekaj pomembnih rezultatov s tega področja. Predstavimo tudi tisti del stohastične analize, ki je pomemben za vrednotenje finančnih instrumentov, s poudarkom na Itôvi formuli za Lévyjeve procese. Nadaljujemo s predstavitvijo nekaterih finančnih in zavarovalniških produktov. Nato predstavimo osnovne metode numerične aproksimacije in integracije ter metodo končnih elementov za reševanje parcialnih diferencialnih enačb. Končno se posvetimo uporabi omenjenih teoretičnih pristopov pri vrednotenju izvedenih finančnih instrumentov, pri zavarovalniških simulacijah ter pri vrednotenju produkta variabilne rente z garancijo, poznanega pod imenom GMWB. Tu uporabimo naš inovativen pristop k vrednotenju. In the thesis we first introduce Lévy processes and some important results in the field. Next we present a part of the stochastic analysis for Lévy processes which is important for the pricing of financial derivatives and give special emphasis to the Itô formula for Lévy processes. We continue with the description of some financial derivatives and insurance products. In the continuation we give a method for solving the differential equations and methods of numerical approximation and integration. Finally, we apply these methods and theoretical results to the pricing of financial derivatives, economic scenario generators and pricing variable annuities, especially the product GMWB. Our introduced approach for the latter seems to be new.

V magistrski nalogi bomo s teoretičnega vidika preučili področje finančnih tveganj, opredelili njihove lastnosti ter prikazali učinkovitosti modelov za tržno vrednotenje izpeljanih finančnih instrumentov. Spoznali in preučili bomo tudi metode za obvladovanje finančnih tveganj. V nadaljevanju bomo na primeru skupine Krka proučili, analizirali in primerjali finančne kazalnike ter se osredotočili na obvladovanje tveganj. Tako bomo z raziskavo poslovanja skupine Krka prišli do ugotovitev, na osnovi katerih bomo potrdili ali zavrnili naše hipoteze. V skupini Krka stabilnost poslovanja zagotavljajo z aktivnim upravljanjem s tveganji. Zaradi mednarodne razvejanosti izvoznih in uvoznih poslov je skupina Krka izpostavljena zlasti tveganju zaradi sprememb deviznih tečajev in kreditnemu tveganju. Eden od ključnih dejavnikov nihanja (rasti ali padca) terjatev v evrih je prevrednotenje terjatev zaradi krepitve ali slabitve posameznih valut, v katerih ima skupina Krka terjatve. Valute, katerim nihanj je skupina Krka izpostavljena, so ruski rubelj, romunski lej, hrvaška kuna in druge. Da je vpliv sprememb deviznih tečajev na rezultat skupine Krka čim manjši, se uporablja zavarovanje z navadnimi terminskimi pogodbami, zavarovanje odprtih terjatev skupine do kupcev pri kreditni zavarovalnici in z bančnimi garancijami ter akreditivi. In the master's thesis, we will analyze from the theoretical point of view the field of financial risks, define their properties and demonstrate the effectiveness of models for the market valuation of derivative financial instruments. We will also learn about and explore methods for managing financial risks. In the following, we will examine, analyze and compare financial indicators on the Krka Group case, and focus on risk management. Thus, the Krka Group's research will come to the findings, based on which we will confirm or reject our hypotheses. In the Krka Group, they ensure the stability of operations through active risk management. Due to the international diversification of export and import transactions, the Krka Group is particularly exposed to the risk of changes in foreign exchange rates and credit risk. One of the key factors of the fluctuation (growth or decline) of receivables in euros is the revaluation of receivables due to the strengthening or impairment of individual currencies in which the Krka Group receivables. The currencies to which the Krka Group's fluctuations are exposed are the Russian ruble, the Romanian ley, the Croatian kuna and others. In order to minimize the impact of exchange rate fluctuations on the Krka Group's results, insurance with ordinary futures contracts, collateral for outstanding group receivables from customers with a credit insurer, and bank guarantees and letters of credit are used.

Faktoring je finančna storitev, ki podjetjem zagotavlja likvidnost oz. stalni denarni tok. Storitev je v Sloveniji med podjetji, zlasti malimi, slabo poznana. Številna podjetja še vedno ne razumejo delovanja faktoringa in se ne zavedajo vseh pozitivnih učinkov, ki jih prinaša. Faktoring se zaradi visokih stroškov pogosto enači z oderuškim posojilom. Da bi razumeli ali to drži ali ne, se moramo najprej seznaniti z različnimi vrstami in principi delovanja faktoringa, čemur je namenjen prvi del magistrske naloge. V nadaljevanju magistrske naloge je predstavljena pravna ureditev faktoringa v Sloveniji. Faktoring spada na področje obligacijskega prava, kjer prevladujeta načelo pogodbene avtonomije in načelo dispozitivnosti. Stranke tako razmerje oblikujejo bolj ali manj svobodno, kar je tudi razlog za obstoj tolikšnega števila različnih vrst faktoringa in razlog, da različni ponudniki faktoringa pogosto celo isto vrsto faktoringa razumejo različno. Faktoring ima veliko prednosti, tako za faktorja kot odstopnika, a tudi nekaj slabosti. Za faktorja zagotovo ni primerna oseba, ki se želi za vsako ceno izogniti tveganju. Vsaka faktorinška družba se namreč slej ko prej sooči z izgubami, saj so le-te sestavni del posla. Pri uspešnem faktorju prevladujejo dobički, s katerimi faktor brez težav pokriva posamezne izgube. V zaključku magistrske naloge je predstavljen faktoring kot alternativni način investiranja ter ocena, kakšne donose bi dosegal sklad, ki bi investiral izključno v odkupovanje terjatev. Factoring is a financial transaction which provides companies liquidity and access to the constant cash flow. Transaction is not very well known among Slovenian companies, especially small ones. Many companies still don’t understand how factoring works and what positive benefits it has. Because factoring is expensive it’s often equated with outrageous loan. To understand if this is true or not we firstly have to understand various types and basic concepts of factoring which is a first topic of the master &#787 s thesis. Second part of the master &#787 s thesis presents the legal regulation of factoring in Slovenia. Factoring is a part of the law of obligation where principles of contractual autonomy and dispositivity are very important. Parties are more or less free to create a relationship what is also a reason that there are so many different types of factoring and a reason that even the same type is defined different among diferent factoring providers. Factoring has a lot of advantages, for factor and factoring client, but also some disadvantages. A person who is afraid of losing and would do everything to avoid risk is definitely not suitable for a factor. Losses are an integral part of this business and sooner or later every factor has one. Profits prevail if a factor is sucessful which allows factor to easily cover individual losses. The end of the master &#787 s thesis discusses factoring as an alternative investment vehicle and evaluates what kind of returns would earn the fund which would be solely investing in purchase of receivables.

Direktiva o finančnih zavarovanjih (Direktiva 2002/47/ES) je bila sprejeta z namenom povečanja učinkovitosti zavarovanj na finančnih trgih in posledično povečanja likvidnosti finančnih zavarovanj. Evropska komisija je sledila cilju odstranitve omejitev za učinkovito uporabo dogovorov o finančnih zavarovanjih, tako da je omejila formalnosti pri ustanavljanju in izvrševanju finančnih zavarovanj, podprla zaščito dogovorov o finančnih zavarovanjih pred posledicami pravil insolvenčnih postopkov, dovolila uporabo finančnega zavarovanja kakor, da bi bil prejemnik njihov lastnik, in priznala veljavo strukturi popolnega prenosa pravice v dogovoru o finančnem zavarovanju in dogovora o izravnavi. Direktiva je bila v slovenski pravni red prenesena z Zakonom o finančnih zavarovanjih, ki je implementiral nekaj prilagoditev obstoječih oblik stvarnopravnih zavarovanj z ustanovitvijo zastavne pravice na finančnih instrumentih ali prenosom finančnih instrumentov v zavarovanje. Kot finančna zavarovanja se tako lahko uporabijo finančni instrumenti, gotovina ali bančno posojilo, pogodbe oz. dogovori o finančnem zavarovanju, pa se lahko sklepajo le med določenimi pravnimi osebami. Namen disertacije je ugotoviti kakšen je položaj dolžnika zaradi posebnih pravil in ali se njegov položaj poslabšuje. Posebna pravila se nanašajo na spremembe v obličnostnih zahtevah ob sklepanju dogovora o finančnem zavarovanju (odprava administrativnih ovir), možnostih posebnih dogovorov o uporabi predmeta zavarovanja, prilastitvi in neto izravnavi v primeru nastopa pogoja izvršitve. Posebno pozornost pa namenjam postopkom unovčitve zavarovanj, saj je direktiva sledila ideji pospešitve neformaliziranih postopkov izvensodnega unovčevanja. Po natančni analizi zakonske ureditve, primerjalnopravnem pregledu ureditev v Avstriji, Nemčiji in Združenem kraljestvu ter analizi obstoječe sodne prakse zaključujem, da se položaj dolžnika zaradi možnosti posebnih dogovorov ni bistveno poslabšal, saj posebni dogovori brez pristanka dajalca zavarovanja niso mogoči. Zgolj podreditev dogovora pod pravila o finančnih zavarovanjih ne zadošča za aplikacijo vseh posebnosti, s čimer ima dajalec zavarovanja vselej možnost vplivati in predvideti svoj položaj ob zadlosti terjatve. Obstoječa pozitivnopravna ureditev sicer zadostno ureja položaj dolžnika, bilo pa bi smiselno v prihodnje natančneje določiti dopustne metode oz. načine vrednotenja finančnih zavarovanj, da bi se odpravili dvomi o morebitni kršitvi prepovedi komisoričnega dogovora, in bi se prilagodile tehnike vodenja nematerializiranih vrednostnih papirjev možnostim posebnih dogovorov o finančnih zavarovanjih. The Financial Collateral Directive (Directive 2002/47/EC) has been adopted with the purpose of increasing the efficiency of financial collateral on financial markets and consequently increasing the liquidity of financial collateral. The European Commission aimed to eliminate the restrictions for an efficient use of financial collateral arrangements by abolishing formal requirements for the creation and execution of financial collateral, by supporting the protection of financial collateral arrangements against statutory insolvency regulation, by introducing the right of use of given collateral and admissing the titel transfer and close-out netting provisions. The Directive was transposed into Slovenian law by Financial Collateral Act, which implemented several adjustments and changes to the existing forms of equitable collateral by creating security interest on financial instruments or fiduciary transfer of financial instruments. Financial instruments, cash and credit claims can be used as financial collateral and collateral agreements may be concluded only between designated parties being legal entities only. The purpose of the thesis is to determine the status of the debtor due to the aforementioned special provisions and whether their position has deteriorated. Special provisions are handling formal requirements for concluding financial collateral agreements (limitation of administrative burdens), the possibility of special agreements on the right of use, appropriation and close-out netting in the case of the occurance of the enforcement event. Special attention is given to the out-of-court enforcement procedures since the direcitve has followed the idea of a rapid non-formalistic enforcement procedure. After conducting a careful analysis of the legal framework, comparative study of Austrian, German and UK statutatory law with the analysis of the existing case law, I have come to the conlucision that the position of the debtor and collateral giver has not deteriorated significantly due to the eventual special provisions, since these provisions are only possible on the contractural basis. The simple subsumption of the collateral agreement under the financial collateral rules does not suffice for the application of the special regulation thus giving the collateral giver the chance to influence and predict their position when the collateralised claim is due. The existing statutatory framework is sufficiently regulating the debtor's position, however a thorough definition of allowed collateral valuation methods, to avoid any doubts whether the lex commissoria rule has been breached, shall be recommended and the adjustment of the existing rules for keeping book-entry securities to comply with the financial collateral special arrangements should be made.

Naša družba se srečuje s problematiko onesnaženosti okolja in pomanjkanja naravnih virov za naraščajoče potrebe človeštva. Da bomo v prihodnje lahko zadostili potrebam človeštva, je treba uvesti trajnostno gospodarstvo, zmanjšati črpanje naravnih resursov in zmanjšati onesnaževanje okolja ter vrniti v ponovno uporabo čimveč odpadnega materiala. Ker se je v zadnjih desetletjih tudi na svetovni ravni okrepilo zavedanje, da je to edino okolje, ki ga imamo, da je treba bolj ekonomično uporabljati naravne vire, zmanjšati onesnaževanje in zaščititi izumirajoče rastlinske in živalske vrste ter ohraniti naravne habitate, če želimo, da bodo tudi naši otroci še imeli za življenje primeren planet, se države tudi na svetovni ravni dogovarjajo o ukrepih za zmanjšanje in preprečevanje okoljske škode. Preko politike varstva okolja poskušajo s t.i. zelenimi davki in drugimi ekonomskimi in finančnimi instrumenti usmerjati gospodarstvo in prebivalce v bolj ekološke načine delovanja. V Sloveniji okoljska politika temelji na načelu, da povzročitelj onesnaževanja plača. Ker prehod na bolj zelene načine gospodarstva predstavlja za podjetja in zasebnike velike investicije, so uvedene davčne olajšave na podlagi principa, če boš povzročal manjše onesnaževanje, boš plačal tudi manj davka. Naslednji način je z investiranjem nepovratnih sredstev iz državnega proračuna, proračuna EU in proračunov občin v t.i. zelene projekte, nudenjem ugodnih kreditov, ipd. Diplomska naloga je usmerjena v predstavitev davčnih olajšav in finančnih spodbud za vlaganje sredstev v varstvo in ohranitev okolja za manjša podjetja, samostojne podjetnike, društva in druge zasebnike. V zadnjem delu diplomske je iz tega izpeljan prikaz tega, za kaj lahko zasebniki in manjša podjetja uveljavljajo davčne olajšave in kateri drugi ekonomski in finančni instrumenti, za spodbujanje zasebnega sektorja k prehodu na okolju prijaznejšo gospodarstvo, so jim na razpolago. Predstavljeni so tudi pogoji, pod katerimi lahko zavezanci zmanjšajo svojo davčno obveznost na račun vlaganja sredstev v ohranjanje okolja. Our society faces the problem of environmental pollution and the absence of natural sources for rising of human needs. For their satisfaction in the future sustainable economy has to be imposed as well as the reduction of environmental pollution and reusing the most of waste material. In the last decades we became aware, that this is the only environment we have, that natural sources have to be used more economically, pollution has to be reduced and the extinctive crop and animal species have to be protected, the natural habitants have to be maintained, if we want our children to have the appropriate planet for their lives, so states at the world level make the agreement about the reduction and prevention of the environmental damage. According to the politics of environmental protection, they are trying to direct economy and residents to more ecological ways of acting by providing green taxes and the other economic and financial instruments. In Slovenia the environmental politics is based on the strategy, that the one who makes damage has to pay. Using the greener ways of economy makes large investments for the companies and the private citizens, the tax allowances are provided according to the fact that, if you cause less pollution, you pay less tax. The following way is the formation of subvention from the state budged, EU budget and the budget of municipalities into green projects, giving suitable credits. Diploma work is directed into introduction of tax allowances and financial encouragements for investments into protection and maintenance of environment for small companies and private traders, associations and the other private citizens. In the last part of this diploma work has been derived, the review why can private citizens and small companies get tax allowances and which economic and financial instruments for encouraging private sector to get environment friendlier economy are available. There are also conditions presented under which people liable, reduce their tax liability according to investments for the maintenance of environment.

Statistika finančnih računov postaja zaradi širokih možnosti uporabe vse pomembnejša makroekonomska statistika. Finančni računi namreč predstavljajo pomembno analitsko orodje za proučevanje finančnih razmerij in finančnih tokov med domačimi institucionalnimi sektorji in v odnosu do tujine. Podatki finančnih računov temeljijo na skupni metodologiji, zato se lahko uporabljajo tudi za mednarodne primerjave. Živimo v času hitrih sprememb, ki so bile posebej izrazite v zadnjih letih. Med drugim je Slovenija postala članica EU, prevzela skupno evropsko valuto evro ter doživela finančni in gospodarski razcvet. Slovenijo se je pred izbruhom finančne krize omenjalo kot eno uspešnejših novih držav članic EU. Institucionalni sektorji so beležili visoke stopnje rasti finančnih sredstev in zmanjševali razvojni zaostanek za evroobmočjem, kar je bilo zelo izrazito pri investicijskih skladih. Nefinančne družbe so se pospešeno zadolževale pri bankah, ki so se v veliki meri financirale na tujih finančnih trgih. Pospešeno so se zadolževala tudi gospodinjstva, ki so se v večji meri odločala za naložbe v delnice in investicijske sklade, ki so omogočali visoke donose, medtem ko se je država zadolževala le v manjšem obsegu. Poglobitev finančne krize proti koncu leta 2008 je povzročila svetovno gospodarsko krizo velikih razsežnosti, čemur se tudi Slovenija ni mogla izogniti, kriza jo je prizadela celo bolj kot številne druge države. Posledice krize so segle tako v gospodarstvo kot v finančni sektor, prišlo je do stečajev številnih podjetij. Približevanje ravnem razvitosti državam evroobmočja se je povsem ustavilo, še več, razvojni zaostanek predvsem investicijskih skladov in drugih finančnih posrednikov, se je pričel povečevati. Prišlo je do močnega upada financiranja s strani tujine, kjer so se močno razdolževale predvsem banke. Pomembno vlogo je imela centralna banka oz. Evrosistem, ki je s sprejetjem nestandardnih ukrepov denarne politike bankam omogočila dostop do potrebnih dolgoročnejših virov financiranja. Razdolževale so se tudi nefinančne družbe, medtem ko se je zadolževanje gospodinjstev v zadnjih letih povsem umirilo, gospodinjstva so tudi bolj previdna pri svojih naložbah. Finančna kriza je zahtevala posredovanje države, ki je sprejela več ukrepov za stabilizacijo razmer. Slovenijo se je v času pred sanacijo bančnega sistema vse pogosteje omenjalo kot državo, ki bo kot naslednja zaprosila za mednarodno finančno pomoč in se jo tako uvrščalo ob bok državam, ki jih je finančna kriza najbolj prizadela. Banke smo nato sanirali sami, vendar se je močno povečala zadolženost države. Rezultati opravljenih primerjav in kazalnikov, ki smo jih uporabili v magistrskem delu, potrjujejo, da je finančna kriza Slovenijo prizadela bolj kot to velja za evroobmočje kot celoto. The financial accounts statistics is becoming increasingly important macroeconomic statistics due to its wide range of usage. Financial accounts form an important tool for analysing financial interrelationships and financial flows taking place between institutional sectors within the economy and between institutional sectors and the rest of the world. Financial accounts data are based on a common methodology, therefore they can also be used for international comparisons. We live in a time of rapid change, which has been especially significant in recent years. Among others, Slovenia became a member of the EU, it adopted the common European currency the Euro and experienced a financial and economic blossoming. Before the outbreak of the economic crisis, Slovenia had been referred to as one of the more successful new EU members. The institutional sectors recorded high growth rates of financial assets and reduced the developmental arrears with the euro area, which in the case of investment funds had become significant. Non-financial corporations rapidly incurred debts with banks, which were mostly financed on foreign financial markets. Households also rapidly incurred debts. To a large extent they decided on investing in shares and investment funds, which enabled high yields, while the general government borrowed money to a lesser extent. Towards the end of 2008 the global financial crisis took on an immense new scale. Slovenia could also not avoid it, the crisis affected it more than many other countries. The consequences of the crisis reached the economic as well as the financial sector, many corporations went bankrupt. Developmental approximation to the levels of other euro area countries ceased completely, moreover the developmental arrears of the foremost investment funds and other financial intermediaries started to grow. There was a sharp drop in foreign financing, where the banks in particular decreased their debt. The Central Bank, or Eurosystem, played an important role. With non-standard measurements of monetary policy, the banks were able to access much needed long-term sources of finance. Non-financial corporations also started to deleverage, while household debts came to a standstill in the last years and the households are also more cautious with their investments. The financial crisis demanded the intervention of the general government, which has taken a number of measures to stabilise the situation. Before the rehabilitation of the bank system, Slovenia was increasingly mentioned as the next country to ask for financial assistance from the international community. As such, it was placed alongside those countries which were the most seriously affected by the financial crisis. Later, we rehabilitated the banks ourselves however the indebtedness of the general government increased substantially. The results of the comparisons and indicators used in the Master’s Degree confirm that the financial crisis affected Slovenia more than the rest of the euro area as a whole.

The new EU target of achieving 80-95% emission reductions by 2050 calls for novel energy policy solutions. Previous research has failed to evaluate the influence of all relevant elements of energy policy on technology-specific sustainable renewable energy diffusion. This paper adds to existing research by studying the effectiveness of financial and fiscal instruments on diffusion, additionally controlling for potential political, economic, social, and environmental drivers. These drivers are analysed for 26 EU countries over the period 1990-2011. The main results show that feed-in tariffs, quotas, and tenders effectively promote wind technologies. Other explanatory variables have technology- and model-dependent impacts. DOI: 10.15458/85451.6