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[{"key": "dc.contributor.author", "value": "Jantunen, Atte", "language": "", "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2021-06-10T09:42:50Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2021-06-10T09:42:50Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2021", "language": "", "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/76424", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Valtion takausportfolion sis\u00e4lt\u00e4mist\u00e4 riskeist\u00e4 on viime aikoina virinnyt keskustelua takausm\u00e4\u00e4rien kasvutrendin jatkuttua usean vuoden ajan. T\u00e4m\u00e4n tutkielman tarkoituksena on selvitt\u00e4\u00e4 portfolion laajuutta, koostumusta sek\u00e4 siihen liittyvi\u00e4 riskej\u00e4. Tarkasteluun otetaan erityisesti Finnveran vienti- ja erityistakausportfolio yhdess\u00e4 valtioneuvoston antamien suorien yritystakausten kanssa. Takauskannassa on havaittavissa my\u00f6s linkkej\u00e4 valtion osakeomistuksiin, joihin sis\u00e4ltyy heikon rahoitusmarkkinakehityksen aikana merkitt\u00e4vi\u00e4 riskej\u00e4 arvonlaskun osalta. Aiheesta tehty akateeminen tutkimus on toistaiseksi v\u00e4h\u00e4ist\u00e4, joten t\u00e4m\u00e4n gradun tarkoituksena on tarjota mahdollista laajentavaa n\u00e4k\u00f6kulmaa riskienhallinnan kehitt\u00e4miseen. \n\nTutkimuksen tavoitteena on arvioida Finnveran vientitakaustoiminnan riskej\u00e4 yksin\u00e4\u00e4n, sek\u00e4 yhdess\u00e4 valtioneuvoston antamien takausten ja valtion osakeomistusten kanssa. Tutkimuksen tavoitteena on my\u00f6s selvitt\u00e4\u00e4, onko erilaisilla luottoriskimenetelmill\u00e4 lasketuilla arvioilla keskin\u00e4isi\u00e4 eroja riskiestimaateissa, kuinka suuria erot ovat ja mist\u00e4 ne mahdollisesti voivat johtua. \n\nTutkimuksen teoriapohja perustuu luottoriskinhallinnassa tunnettuihin ja vakiintuneisiin menetelmiin, kuten luottoluokituksiin, rakenteellisiin luottoriskimalleihin ja korkoeroista laskettuihin kaatumistodenn\u00e4k\u00f6isyyksiin. N\u00e4iden avulla estimoidaan portfolioiden Value-at-Risk ja Conditional Value-at-Risk arvoja, jotka kertovat portfolion riskiprofiilista. Tutkimuksessa k\u00e4ytetty aineisto perustuu julkisista l\u00e4hteist\u00e4 hankittuun tietoon takaus- ja osakeportfolioiden koostumuksen osalta. \n\nTutkimuksen tulokset vahvistavat n\u00e4kemyksi\u00e4 valtion takausportfolioon sis\u00e4ltyvist\u00e4 merkitt\u00e4vist\u00e4 keskittym\u00e4riskeist\u00e4 tietyille toimialoille ja yrityksille. My\u00f6s osakeportfolion ja takauskannan v\u00e4lill\u00e4 on yhteyksi\u00e4, jotka kasvattavat riskikeskittymi\u00e4. Riskiestimaateissa havaittiin mallien v\u00e4lill\u00e4 suurehkoja eroja, joka kuvastaa tiettyjen toimialojen ja yritysten ahdinkoa, sek\u00e4 kasvaneita riskej\u00e4 koronakriisin keskell\u00e4. Erot my\u00f6s kertovat koronakriisin my\u00f6t\u00e4 suoritettujen elvytysohjelmien suuresta vaikutuksesta riskien hinnoitteluun korkomarkkinoilla. Tutkimus alleviivaa kokonaisvaltaisen riskien arvioinnin kehitt\u00e4misen t\u00e4rkeytt\u00e4, sek\u00e4 tarvetta pit\u00e4yty\u00e4 yleisiss\u00e4 riskinmittauksen k\u00e4yt\u00e4nteiss\u00e4, mahdollisimman luotettavan ja selke\u00e4n kuvan luomiseksi p\u00e4\u00e4tt\u00e4jille elinkeinopoliittisiin toimiin sis\u00e4ltyvist\u00e4 riskeist\u00e4", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by Paivi Vuorio (paelvuor@jyu.fi) on 2021-06-10T09:42:50Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2021-06-10T09:42:50Z (GMT). No. of bitstreams: 0\n Previous issue date: 2021", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "65", "language": "", "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "qualifier": "mimetype", "schema": "dc"}, {"key": "dc.language.iso", "value": "fin", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": "en", "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.subject.other", "value": "Finnvera", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Solidium", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "osakeomistukset", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Value at Risk", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "VaR", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Conditional Value at Risk", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "CVaR", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Expected Shortfall", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "ES", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "Suomen valtion takausportfolion ja osakeomistusten riskit", "language": "", "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master 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