ZUT - Polska Rama Kwalifikacji / Rok 2020/2021 / Wydział Ekonomiczny / Economics (S1) / Sylabus przedmiotu

Wydział Ekonomiczny - Economics (S1)

Sylabus przedmiotu Environmental protection finance:

Informacje podstawowe

Kierunek studiów	Economics
Forma studiów	studia stacjonarne	Poziom	pierwszego stopnia
Tytuł zawodowy absolwenta	licencjat
Obszary studiów	charakterystyki PRK
Profil	ogólnoakademicki
Moduł	—
Przedmiot	Environmental protection finance
Specjalność	przedmiot wspólny
Jednostka prowadząca	Katedra Studiów Regionalnych i Europejskich
Nauczyciel odpowiedzialny	Bartosz Mickiewicz <Bartosz.Mickiewicz@zut.edu.pl>
Inni nauczyciele
ECTS (planowane)	2,0	ECTS (formy)	2,0
Forma zaliczenia	zaliczenie	Język	polski
Blok obieralny	4	Grupa obieralna	2

Formy dydaktyczne

Forma dydaktyczna	KOD	Semestr	Godziny	ECTS	Waga	Zaliczenie
projekty	P	6	30	2,0	1,00	zaliczenie

Wymagania wstępne

KOD	Wymaganie wstępne
W-1	Knowledge of the issues of microeconomics.
W-2	Knowledge of the issues of macroeconomics.

Cele przedmiotu

KOD	Cel modułu/przedmiotu
C-1	Student after completing the course should have elementary knowledge of environmental protection finances.
C-2	The student should know the place of institutions and instruments in environmental protection.
C-3	The student should have knowledge allowing to identify problems and specificity of environmental protection
C-4	The student is aware of his knowledge and the necessity of learning throughout life

Treści programowe z podziałem na formy zajęć

KOD	Treść programowa	Godziny
projekty
T-P-1	Types of fees and taxes in the role of environmental management instruments. Legal basis for ecological fees and taxes.	6
T-P-2	Functions and structure of fees for using the environment.	4
T-P-3	The system of exchange and collection of ecological fees and fines. Diversified rates of taxes and other public levies to protect the environment.	2
T-P-4	Budget expenditure as an instrument for environmental protection. Types of earmarked funds in the role of environmental management instruments. Legal basis of earmarked funds and their organizational and legal form.	4
T-P-5	Sources of income and directions of expenditures of the National Fund for Environmental Protection and Water Management, Provincial Funds for Environmental Protection and Water Management	4
T-P-6	Directions and forms of external assistance in financing environmental protection.	4
T-P-7	The concept of ecological damage and ecological risk. Legal basis of ecological claims. Forms of ecological responsibility of enterprises	4
T-P-8	Commercial and investment banks in environmental management.	2
		30

Obciążenie pracą studenta - formy aktywności

KOD	Forma aktywności	Godziny
projekty
A-P-1	Reading the indicated subject literature.	10
A-P-2	Participation in classes.	30
A-P-3	Preparing for classes.	10
A-P-4	Preparing to pass	7
A-P-5	Participation in the pass	3
		60

Metody nauczania / narzędzia dydaktyczne

KOD	Metoda nauczania / narzędzie dydaktyczne
M-1	Information classes
M-2	Case method.
M-3	Multimedia classes

Sposoby oceny

KOD	Sposób oceny
S-1	Ocena podsumowująca: Oral or written exam, including questions verifying issues raised in class.
S-2	Ocena formująca: Possible oral or written assessment during the semester.

Zamierzone efekty uczenia się - wiedza

Zamierzone efekty uczenia się	Odniesienie do efektów kształcenia dla kierunku studiów	Odniesienie do efektów zdefiniowanych dla obszaru kształcenia	Cel przedmiotu	Treści programowe	Metody nauczania	Sposób oceny
E_1A_O15_W01 The student has knowledge of financial products and institutions and the capital market used in environmental protection.	E_1A_W03, E_1A_W11, E_1A_W12	—	C-1, C-2	T-P-2, T-P-3	M-1	S-2, S-1
E_1A_O15_W02 The student has knowledge of the principles and directions of environmental protection.	E_1A_W03, E_1A_W08, E_1A_W13	—	C-2, C-3	T-P-8, T-P-4	M-2, M-1	S-2, S-1
E_1A_O15_W03 The student has knowledge of problem-based environmental cost accounting and ecological balance sheets.	E_1A_W06, E_1A_W12	—	C-1, C-2, C-3	T-P-8, T-P-6, T-P-7	M-2, M-1	S-2, S-1

Zamierzone efekty uczenia się - umiejętności

Zamierzone efekty uczenia się	Odniesienie do efektów kształcenia dla kierunku studiów	Odniesienie do efektów zdefiniowanych dla obszaru kształcenia	Cel przedmiotu	Treści programowe	Metody nauczania	Sposób oceny
E_1A_O15_U01 The student has the ability to calculate ecological fees and the ability to build and analyze ecological cost accounts and environmental balances.	E_1A_U02, E_1A_U09, E_1A_U11	—	C-1, C-2, C-3	T-P-8, T-P-6, T-P-7, T-P-5, T-P-4	M-2, M-1	S-2, S-1
E_1A_O15_U02 The student has the ability to analyze the development of capital markets and the development of products of financial institutions serving environmental protection.	E_1A_U02, E_1A_U08, E_1A_U18, E_1A_U21	—	C-1, C-2, C-3	T-P-8, T-P-6, T-P-7	M-2, M-1	S-2, S-1

Zamierzone efekty uczenia się - inne kompetencje społeczne i personalne

Zamierzone efekty uczenia się	Odniesienie do efektów kształcenia dla kierunku studiów	Odniesienie do efektów zdefiniowanych dla obszaru kształcenia	Cel przedmiotu	Treści programowe	Metody nauczania	Sposób oceny
E_1A_O15_K01 The student is aware of his knowledge and the necessity of learning throughout life	E_1A_K01	—	C-4	T-P-8, T-P-7, T-P-5, T-P-1	M-1	S-1

Kryterium oceny - wiedza

Efekt uczenia się	Ocena	Kryterium oceny
E_1A_O15_W01 The student has knowledge of financial products and institutions and the capital market used in environmental protection.	2,0	The student has no knowledge of financial products and institutions and the capital market used in environmental protection.
	3,0	The student has sufficient knowledge of financial products and institutions and the capital market used in environmental protection.
	3,5	The student has better than sufficient knowledge of financial products and institutions and the capital market used in environmental protection.
	4,0	The student has a good knowledge of financial products and institutions and the capital market used in environmental protection.
	4,5	The student has better than good knowledge of financial products and institutions and the capital market used in environmental protection.
	5,0	The student has a very good knowledge of financial products and institutions and the capital market used in environmental protection.
E_1A_O15_W02 The student has knowledge of the principles and directions of environmental protection.	2,0	The student does not have sufficient knowledge of the principles and directions of environmental protection.
	3,0	The student has sufficient knowledge of the principles and directions of environmental protection.
	3,5	The student has more than sufficient knowledge of the principles and directions of environmental protection.
	4,0	The student has good knowledge of the principles and directions of environmental protection.
	4,5	The student has more than good sufficient knowledge of the principles and directions of environmental protection.
	5,0	The student has very good knowledge of the principles and directions of environmental protection.
E_1A_O15_W03 The student has knowledge of problem-based environmental cost accounting and ecological balance sheets.	2,0	The student does not have sufficient knowledge of the problem accounts of ecological costs and ecological balances.
	3,0	The student has knowledge of problem-based environmental cost accounting and ecological balance sheets.
	3,5	The student has more than sufficent knowledge of problem-based environmental cost accounting and ecological balance sheets.
	4,0	The student has good knowledge of problem-based environmental cost accounting and ecological balance sheets.
	4,5	The student has more than good knowledge of problem-based environmental cost accounting and ecological balance sheets.
	5,0	The student has very good knowledge of problem-based environmental cost accounting and ecological balance sheets.

Kryterium oceny - umiejętności

Efekt uczenia się	Ocena	Kryterium oceny
E_1A_O15_U01 The student has the ability to calculate ecological fees and the ability to build and analyze ecological cost accounts and environmental balances.	2,0	The student does not have the ability to calculate ecological fees and the ability to build and analyze ecological cost statements and ecological balances.
	3,0	The student has sufficient ability to calculate ecological fees and the ability to build and analyze ecological cost statements and ecological balance sheets.
	3,5	The student has better than sufficient skills to calculate ecological fees and the ability to build and analyze ecological cost statements and environmental balances.
	4,0	The student has good skills in calculating ecological fees and the ability to build and analyze ecological cost statements and ecological balance sheets.
	4,5	The student has better than good good skills in calculating ecological fees and the ability to build and analyze ecological cost statements and ecological balances.
	5,0	The student has very good skills in calculating ecological fees and the ability to build and analyze ecological cost statements and ecological balances.
E_1A_O15_U02 The student has the ability to analyze the development of capital markets and the development of products of financial institutions serving environmental protection.	2,0	The student does not have the skills to analyze the development of capital markets and develop the products of financial institutions serving environmental protection.
	3,0	The student has the basic skills from the analysis of the development of capital markets and the development of products of financial institutions serving environmental protection.
	3,5	The student has better than sufficient skills from the analysis of development of capital markets and development of products of financial institutions serving environmental protection.
	4,0	The student has good skills in the analysis of the development of capital markets and the development of products of financial institutions serving the protection of the environment.
	4,5	The student has better than good skills in analyzing the development of capital markets and the development of products of financial institutions serving environmental protection.
	5,0	The student has very good skills in the analysis of the development of capital markets and the development of products of financial institutions serving the protection of the environment.

Kryterium oceny - inne kompetencje społeczne i personalne

Efekt uczenia się	Ocena	Kryterium oceny
E_1A_O15_K01 The student is aware of his knowledge and the necessity of learning throughout life	2,0	The student has no knowledge about the functioning of finance and financial phenomena in environmental protection.
	3,0	The student has a basic knowledge of the subject of finance science.
	3,5	The student has a good knowledge of the subject of finance science, functions of finance and financial phenomena, can determine the links of the financial system.
	4,0	The student has a good knowledge of the subject of finance science, finance functions and financial phenomena, can determine the links of the financial system and relations between them.
	4,5	The student has a good knowledge of the subject of finance science, finance functions and financial phenomena, can identify and describe the links of the financial system and relations between them.
	5,0	The student has a very good knowledge of the subject of finance science, finance functions and financial phenomena, can identify and describe the links of the financial system and relations between them.

Literatura podstawowa

Arye L. Hillman, Public Finance and Public Policy: Responsibilities and Limitations of Government, Cambridge University Press, 2009, ISBN-13: 978-0521738057
Richard Abel Musgrave, Peggy B. Muscrave, Public Finance in Theory and Practice (5th Edition), McGraw-Hill College, 1998, ISBN-13: 978-0070441279
Mark Chesney, Environmental finance and investments, Springer, 2015, ISBN13 (EAN): 9783662481745
Ludkovski Michael, Commodities, Energy and Environmental Finance, Springer-Verlag New York Inc., 2015, ISBN13 (EAN): 9781493927326
Adrian Belcham, Environmental Management, Taylor & Francis Ltd, 2014, ISBN: 1138775347

Treści programowe - projekty

KOD	Treść programowa	Godziny
T-P-1	Types of fees and taxes in the role of environmental management instruments. Legal basis for ecological fees and taxes.	6
T-P-2	Functions and structure of fees for using the environment.	4
T-P-3	The system of exchange and collection of ecological fees and fines. Diversified rates of taxes and other public levies to protect the environment.	2
T-P-4	Budget expenditure as an instrument for environmental protection. Types of earmarked funds in the role of environmental management instruments. Legal basis of earmarked funds and their organizational and legal form.	4
T-P-5	Sources of income and directions of expenditures of the National Fund for Environmental Protection and Water Management, Provincial Funds for Environmental Protection and Water Management	4
T-P-6	Directions and forms of external assistance in financing environmental protection.	4
T-P-7	The concept of ecological damage and ecological risk. Legal basis of ecological claims. Forms of ecological responsibility of enterprises	4
T-P-8	Commercial and investment banks in environmental management.	2
		30

Formy aktywności - projekty

KOD	Forma aktywności	Godziny
A-P-1	Reading the indicated subject literature.	10
A-P-2	Participation in classes.	30
A-P-3	Preparing for classes.	10
A-P-4	Preparing to pass	7
A-P-5	Participation in the pass	3
		60

(*) 1 punkt ECTS, odpowiada około 30 godzinom aktywności studenta

Pole	KOD	Znaczenie kodu
Zamierzone efekty uczenia się	E_1A_O15_W01	The student has knowledge of financial products and institutions and the capital market used in environmental protection.
Odniesienie do efektów kształcenia dla kierunku studiów	E_1A_W03	Ma podstawową wiedzę na temat relacji między strukturami i instytucjami społecznymi w skali krajowej i międzynarodowej
	E_1A_W11	Ma podstawową wiedzę na temat zasad rachunkowości oraz systemu finansowego i jego wpływu na funkcjonowanie gospodarki
	E_1A_W12	Ma podstawową wiedzę o metodach analizy ekonomiczno-finansowej oraz planowania
Cel przedmiotu	C-1	Student after completing the course should have elementary knowledge of environmental protection finances.
Cel przedmiotu	C-2	The student should know the place of institutions and instruments in environmental protection.
Treści programowe	T-P-2	Functions and structure of fees for using the environment.
Treści programowe	T-P-3	The system of exchange and collection of ecological fees and fines. Diversified rates of taxes and other public levies to protect the environment.
Metody nauczania	M-1	Information classes
Sposób oceny	S-2	Ocena formująca: Possible oral or written assessment during the semester.
Sposób oceny	S-1	Ocena podsumowująca: Oral or written exam, including questions verifying issues raised in class.
Kryteria oceny	Ocena	Kryterium oceny
	2,0	The student has no knowledge of financial products and institutions and the capital market used in environmental protection.
	3,0	The student has sufficient knowledge of financial products and institutions and the capital market used in environmental protection.
	3,5	The student has better than sufficient knowledge of financial products and institutions and the capital market used in environmental protection.
	4,0	The student has a good knowledge of financial products and institutions and the capital market used in environmental protection.
	4,5	The student has better than good knowledge of financial products and institutions and the capital market used in environmental protection.
	5,0	The student has a very good knowledge of financial products and institutions and the capital market used in environmental protection.

Pole	KOD	Znaczenie kodu
Zamierzone efekty uczenia się	E_1A_O15_W02	The student has knowledge of the principles and directions of environmental protection.
Odniesienie do efektów kształcenia dla kierunku studiów	E_1A_W03	Ma podstawową wiedzę na temat relacji między strukturami i instytucjami społecznymi w skali krajowej i międzynarodowej
	E_1A_W08	Zna podstawowe normy i reguły prawno-organizacyjne warunkujące funkcjonowanie podmiotów gospodarczych i instytucji społecznych, ich naturę i sposoby działania
	E_1A_W13	Ma wiedzę o poglądach na temat struktur, zjawisk i instytucji społecznych oraz rodzajów więzi społecznych a także o ich historycznej ewolucji
Cel przedmiotu	C-2	The student should know the place of institutions and instruments in environmental protection.
Cel przedmiotu	C-3	The student should have knowledge allowing to identify problems and specificity of environmental protection
Treści programowe	T-P-8	Commercial and investment banks in environmental management.
Treści programowe	T-P-4	Budget expenditure as an instrument for environmental protection. Types of earmarked funds in the role of environmental management instruments. Legal basis of earmarked funds and their organizational and legal form.
Metody nauczania	M-2	Case method.
Metody nauczania	M-1	Information classes
Sposób oceny	S-2	Ocena formująca: Possible oral or written assessment during the semester.
Sposób oceny	S-1	Ocena podsumowująca: Oral or written exam, including questions verifying issues raised in class.
Kryteria oceny	Ocena	Kryterium oceny
	2,0	The student does not have sufficient knowledge of the principles and directions of environmental protection.
	3,0	The student has sufficient knowledge of the principles and directions of environmental protection.
	3,5	The student has more than sufficient knowledge of the principles and directions of environmental protection.
	4,0	The student has good knowledge of the principles and directions of environmental protection.
	4,5	The student has more than good sufficient knowledge of the principles and directions of environmental protection.
	5,0	The student has very good knowledge of the principles and directions of environmental protection.

Pole	KOD	Znaczenie kodu
Zamierzone efekty uczenia się	E_1A_O15_W03	The student has knowledge of problem-based environmental cost accounting and ecological balance sheets.
Odniesienie do efektów kształcenia dla kierunku studiów	E_1A_W06	Zna metody i narzędzia pozyskiwania, przetwarzania i prezentacji danych (w tym informatyczne) dotyczące zjawisk i procesów społeczno-gospodarczych
Odniesienie do efektów kształcenia dla kierunku studiów	E_1A_W12	Ma podstawową wiedzę o metodach analizy ekonomiczno-finansowej oraz planowania
Cel przedmiotu	C-1	Student after completing the course should have elementary knowledge of environmental protection finances.
	C-2	The student should know the place of institutions and instruments in environmental protection.
	C-3	The student should have knowledge allowing to identify problems and specificity of environmental protection
Treści programowe	T-P-8	Commercial and investment banks in environmental management.
	T-P-6	Directions and forms of external assistance in financing environmental protection.
	T-P-7	The concept of ecological damage and ecological risk. Legal basis of ecological claims. Forms of ecological responsibility of enterprises
Metody nauczania	M-2	Case method.
Metody nauczania	M-1	Information classes
Sposób oceny	S-2	Ocena formująca: Possible oral or written assessment during the semester.
Sposób oceny	S-1	Ocena podsumowująca: Oral or written exam, including questions verifying issues raised in class.
Kryteria oceny	Ocena	Kryterium oceny
	2,0	The student does not have sufficient knowledge of the problem accounts of ecological costs and ecological balances.
	3,0	The student has knowledge of problem-based environmental cost accounting and ecological balance sheets.
	3,5	The student has more than sufficent knowledge of problem-based environmental cost accounting and ecological balance sheets.
	4,0	The student has good knowledge of problem-based environmental cost accounting and ecological balance sheets.
	4,5	The student has more than good knowledge of problem-based environmental cost accounting and ecological balance sheets.
	5,0	The student has very good knowledge of problem-based environmental cost accounting and ecological balance sheets.

Pole	KOD	Znaczenie kodu
Zamierzone efekty uczenia się	E_1A_O15_U01	The student has the ability to calculate ecological fees and the ability to build and analyze ecological cost accounts and environmental balances.
Odniesienie do efektów kształcenia dla kierunku studiów	E_1A_U02	Potrafi zastosować podstawową wiedzę teoretyczną i pozyskiwać dane do analizowania konkretnych procesów i zjawisk społeczno-gospodarczych
	E_1A_U09	Potrafi prognozować procesy i zjawiska społeczne z wykorzystaniem standardowych metod badawczych
	E_1A_U11	Analizuje wskazane rozwiązania konkretnych problemów i proponuje w tym zakresie odpowiednie rozstrzygnięcia
Cel przedmiotu	C-1	Student after completing the course should have elementary knowledge of environmental protection finances.
	C-2	The student should know the place of institutions and instruments in environmental protection.
	C-3	The student should have knowledge allowing to identify problems and specificity of environmental protection
Treści programowe	T-P-8	Commercial and investment banks in environmental management.
	T-P-6	Directions and forms of external assistance in financing environmental protection.
	T-P-7	The concept of ecological damage and ecological risk. Legal basis of ecological claims. Forms of ecological responsibility of enterprises
	T-P-5	Sources of income and directions of expenditures of the National Fund for Environmental Protection and Water Management, Provincial Funds for Environmental Protection and Water Management
	T-P-4	Budget expenditure as an instrument for environmental protection. Types of earmarked funds in the role of environmental management instruments. Legal basis of earmarked funds and their organizational and legal form.
Metody nauczania	M-2	Case method.
Metody nauczania	M-1	Information classes
Sposób oceny	S-2	Ocena formująca: Possible oral or written assessment during the semester.
Sposób oceny	S-1	Ocena podsumowująca: Oral or written exam, including questions verifying issues raised in class.
Kryteria oceny	Ocena	Kryterium oceny
	2,0	The student does not have the ability to calculate ecological fees and the ability to build and analyze ecological cost statements and ecological balances.
	3,0	The student has sufficient ability to calculate ecological fees and the ability to build and analyze ecological cost statements and ecological balance sheets.
	3,5	The student has better than sufficient skills to calculate ecological fees and the ability to build and analyze ecological cost statements and environmental balances.
	4,0	The student has good skills in calculating ecological fees and the ability to build and analyze ecological cost statements and ecological balance sheets.
	4,5	The student has better than good good skills in calculating ecological fees and the ability to build and analyze ecological cost statements and ecological balances.
	5,0	The student has very good skills in calculating ecological fees and the ability to build and analyze ecological cost statements and ecological balances.

Pole	KOD	Znaczenie kodu
Zamierzone efekty uczenia się	E_1A_O15_U02	The student has the ability to analyze the development of capital markets and the development of products of financial institutions serving environmental protection.
Odniesienie do efektów kształcenia dla kierunku studiów	E_1A_U02	Potrafi zastosować podstawową wiedzę teoretyczną i pozyskiwać dane do analizowania konkretnych procesów i zjawisk społeczno-gospodarczych
	E_1A_U08	Potrafi właściwie analizować przyczyny oraz przebieg procesów i zjawisk społecznych w zakresie ekonomii
	E_1A_U18	Potrafi oceniać swoje działania ze względu na ich skutki ekonomiczno-finansowe, prawne i moralne
	E_1A_U21	Posiada umiejętność uczenia się przez całe życie
Cel przedmiotu	C-1	Student after completing the course should have elementary knowledge of environmental protection finances.
	C-2	The student should know the place of institutions and instruments in environmental protection.
	C-3	The student should have knowledge allowing to identify problems and specificity of environmental protection
Treści programowe	T-P-8	Commercial and investment banks in environmental management.
	T-P-6	Directions and forms of external assistance in financing environmental protection.
	T-P-7	The concept of ecological damage and ecological risk. Legal basis of ecological claims. Forms of ecological responsibility of enterprises
Metody nauczania	M-2	Case method.
Metody nauczania	M-1	Information classes
Sposób oceny	S-2	Ocena formująca: Possible oral or written assessment during the semester.
Sposób oceny	S-1	Ocena podsumowująca: Oral or written exam, including questions verifying issues raised in class.
Kryteria oceny	Ocena	Kryterium oceny
	2,0	The student does not have the skills to analyze the development of capital markets and develop the products of financial institutions serving environmental protection.
	3,0	The student has the basic skills from the analysis of the development of capital markets and the development of products of financial institutions serving environmental protection.
	3,5	The student has better than sufficient skills from the analysis of development of capital markets and development of products of financial institutions serving environmental protection.
	4,0	The student has good skills in the analysis of the development of capital markets and the development of products of financial institutions serving the protection of the environment.
	4,5	The student has better than good skills in analyzing the development of capital markets and the development of products of financial institutions serving environmental protection.
	5,0	The student has very good skills in the analysis of the development of capital markets and the development of products of financial institutions serving the protection of the environment.

Pole	KOD	Znaczenie kodu
Zamierzone efekty uczenia się	E_1A_O15_K01	The student is aware of his knowledge and the necessity of learning throughout life
Odniesienie do efektów kształcenia dla kierunku studiów	E_1A_K01	Samodzielnej pracy oraz pracy w zespole (słuchanie, negocjacje, perswazja, prezentacja)
Cel przedmiotu	C-4	The student is aware of his knowledge and the necessity of learning throughout life
Treści programowe	T-P-8	Commercial and investment banks in environmental management.
	T-P-7	The concept of ecological damage and ecological risk. Legal basis of ecological claims. Forms of ecological responsibility of enterprises
	T-P-5	Sources of income and directions of expenditures of the National Fund for Environmental Protection and Water Management, Provincial Funds for Environmental Protection and Water Management
	T-P-1	Types of fees and taxes in the role of environmental management instruments. Legal basis for ecological fees and taxes.
Metody nauczania	M-1	Information classes
Sposób oceny	S-1	Ocena podsumowująca: Oral or written exam, including questions verifying issues raised in class.
Kryteria oceny	Ocena	Kryterium oceny
	2,0	The student has no knowledge about the functioning of finance and financial phenomena in environmental protection.
	3,0	The student has a basic knowledge of the subject of finance science.
	3,5	The student has a good knowledge of the subject of finance science, functions of finance and financial phenomena, can determine the links of the financial system.
	4,0	The student has a good knowledge of the subject of finance science, finance functions and financial phenomena, can determine the links of the financial system and relations between them.
	4,5	The student has a good knowledge of the subject of finance science, finance functions and financial phenomena, can identify and describe the links of the financial system and relations between them.
	5,0	The student has a very good knowledge of the subject of finance science, finance functions and financial phenomena, can identify and describe the links of the financial system and relations between them.