Search

The questions on long-term planning of an enterprise’ bonded loan interest rate payments have been studied. The methods have been considered and the classification of methods for planning the bonds interest rate proposed. Several groups of such planning methods have been singled out. The analysis of application of bond interest rate planning methods applied by enterprises of different national industries has been made. The analysis has been carried out in the spheres of mechanical engineering, generation, transmission and sales of electric power, ferrous metals production, transportation and logistics, foodstuffs production, and information transmission provision. Corporate bond issues issued between 2015 and 2020 have been analyzed. As a result, the three methods most frequently used by enterprises in planning bond interest rates have been identified: methods of considering the macroeconomic risk of an organization; methods of considering the combination of macroeconomic and individual risk of an organization; methods based on market analysis. The study of the mentioned methods allowed us to propose a method of planning the bond interest rate, which calculates the weighted average of the forecast bond interest rate. To assess the quality of the proposed method, it has been tested. The article concludes that it can be used at enterprises planning to issue their own bonded loans.

In the context of carbon neutrality, there will be a demand for green investments of 487 trillion CNY across 211 sectors in China for the next 30 years. How to use green finance to provide significant financial support for carbon neutrality and how to prevent and mitigate major financial risks in the process of achieving carbon neutrality in order to ensure the timely and smooth realization of carbon neutrality goals is an urgent and important problem that needs to be addressed. Scholars have extensively explored this issue from both theoretical and practical perspectives. resulting in groundbreaking research outcomes. This paper systematically reviews the relevant literature and latest research progress on green finance and carbon neutrality both domestically and internationally. From the perspectives of fund allocation, price discovery, and risk management the necessity and key characteristics of promoting carbon neutrality through green finance in China are analyzed. "Promoting the realization of carbon neutrality through green finance" is interpreted as a systemic project that requires private sector funding, tailored implementation according to local conditions, and involvement of various stakeholders. And we propose two paths for it, "the policy design and the financial innovation" corresponding to "top- down" and "down-top". In terms of policy research, scholars have focused on the design of policies and their impact mechanisms on carbon emissions. This includes fiscal and taxation policies (such as carbon taxes), financial support policies (including differential loan interest rates and capital market access), financial infrastructure construction policies (such as the development of green finance standards systems), and international cooperation policies (such as the Belt and Road Initiative). They generally believe that these policies can effectively promote carbon neutrality through avenues such as mobilizing social capital and mitigating information asymmetry. However, existing research has paid little attention to policies that consider regional differences, synergies, and temporal dynamics in their design. Moreover, the scope of policy effectiveness evaluation also needs to be expanded. In the field of financial innovation scholars research focuses on three areas: pricing innovation financial instruments innovation and risk management innovation. In terms of pricing innovation carbon pricing has formed a relatively mature methodological system, but further exploration is required for accurate pricing of climate risks. In terms of financial instruments innovation, certain achievements have been made in the development of green credit and green bonds to support carbon neutrality goals, while there is insufficient attention given to the design of green insurance and financing for the transition of high-carbon enterprises. In terms of risk management innovation, the management methods for climate transition risk have not yet formed a systematic framework and there is a lack of research on systemic risks, risk measurement and early warning related to carbon finance trading markets. Finally this paper provides a prospect on the path of green finance promoting the achievement of carbon neutrality goals focusing on five aspects: further optimizing the policy system improving climate-related information disclosure standards and data sharing mechanisms. strengthening the application of financial technology, enhancing attention to climate transition risks, and promoting organizational modes and innovation of green financial products. [ABSTRACT FROM AUTHOR]

Ensuring the financial sovereignty of the country is one of the key tasks to achieve national goals by 2030. The financial system of the Russian Federation (hereinafter referred to as Russia, RF) should do everything necessary to guarantee the financing of those needs that had been previously funded by Western countries. To do this, the inflow of long-term savings and investments in fast-growing high-tech projects is to be provided. President of RF during the meeting with members of the Government of Russia on January 11, 2023 noted the main directions of the Government’s work for 2023. One of the directions is strengthening the financial sovereignty of the RF which is a condition to increase investments in the country’s economy. M. V. Mishustin, Prime Minister of Russia, speaking with the Government’s report in the State Duma of Russia, mentioned that to achieve the financial sovereignty of the state is one of the important tasks for the current year. Attracting long-term financial resources to the economy, investment attractiveness and providing financial support for fast-growing technology companies are the main conditions to solve this problem. Thus, the Government of RF have developed five main directions for the task implementation in order to fulfill the instructions of President of RF. The purpose of this article is to consider the main measures aimed at achieving financial sovereignty in the current conditions. The activities of the Government of RF and the Bank of Russia on the implementation of the discussed mea sures are analysed as the results of the study. The main conclusion of the article is the justification of financial sovereignty role in increasing the prestige of the Russian economy.

The new conditions for the implementation of economic activity at the national and international levels require the accelerated formation of sovereignty in critical areas, one of which is financial. The formation of full-fledged financial sovereignty is relevant for all states of Greater Eurasia, and therefore it is advisable to implement this task through joint and coordinated efforts within the framework of a broad Eurasian partnership.Aim. Find out the most promising areas for the formation of financial sovereignty within the framework of a large Eurasian partnership.Methods. A comprehensive analysis of the causes and conditions for the dependence of national economies on external financial systems, a comparative analysis of the factors of Western components dominance in the global financial architecture.Results. The main directions of the formation of the financial sovereignty for the countries of Greater Eurasia on the basis of increasing the level of independence of national financial systems from the Western infrastructure of the financial sector are identified. The most promising methods for achieving this goal are proposed based on the creation of new types of reserve assets within the framework of a large Eurasian partnership, which are an alternative to debt obligations of the United States and European countries, as well as the formation of an integrated system for financial instruments trading by the countries of Greater Eurasia.Conclusions. The growing economic confront ation between the West and a number of the largest economies of Greater Eurasia is extremely relevant to the problem of the formation of real financial sovereignty, the achievement of which requires new approaches, the creation of a number of specialized institutions and large-scale cooperation between the leading economic centers of the continent in order to deepen the integration of national financial systems and markets.

Copyright of GeSec: Revista de Gestao e Secretariado is the property of Sindicato das Secretarias e Secretarios do Estado de Sao Paulo (SINSESP) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper measures the impact of multi-market institutions, renewable energy consumption, and infrastructure on sustainable development in 76 selected countries over the period 2000–2015. To this end, we applied a dynamic Ordinary Least Square method with fixed effects, which has the advantage of further addressing cross-section heterogeneity in the sample. Our findings contribute two significant findings to the literature. First, we point to the importance of multi-market institutions in driving sustainable development. Second, we find that renewable energy, economic and social infrastructure can boost sustainable development, while financial infrastructure has a reverse effect. This finding is useful to target the most effective drivers for sustainable development. [ABSTRACT FROM AUTHOR]

The article is devoted to a comprehensive study of the processes of development of financial innovations and determination of the effects of their implementation, as well as to the characterisation of key institutions, levels and instruments in the regulatory architecture of national financial markets and outlining trends in the development of the global financial innovation ecosystem. It is substantiated that financial innovations not only significantly expand the resource capabilities of economic entities to overcome the discretionary restrictions imposed by market regulators, but also ensure the most productive use of financial capital and accelerate the recovery of national economies from recession; in addition, by penetrating national markets, they cause radical modernisation of the global financial infrastructure and existing financial services, and also bring them to a qualitatively higher level of development. It is stated that large-scale digitalisation of all spheres of human life, as one of the universal forms of global economic development, has had a powerful impact on the structural dynamics of financial innovation in recent decades, which takes the form of manifestation in the dynamic spread of digital channels of financial and banking services for business entities; transformation of classical financial intermediaries into high-tech corporate structures with a diversified range of client services; and global spread of It is noted that the global stage of the world economic development based on the digital paradigm is characterised by a systemic, multi-level and multicomponent influence on the development of financial innovations of the whole system of universal and specific factors. It is determined that the global ecosystem of financial innovations, as a qualitatively new value proposition of innovative developments of financial profile and a group of interconnected and interacting institutions that ensure their creation and market circulation, is at the stage of forming its institutional and regulatory architecture in modern conditions. Based on the results of the study of the processes of innovation in the global financial sector, the author concludes that national financial markets tend to follow two main and conceptually different models, namely, centralised and decentralised, some features of which are now clearly manifested in many countries. It is confirmed that the main institutions in the regulatory architecture of national financial markets are traditionally, on the one hand, national (central) banks, and on the other hand, financial institutions in their independent status and in connection with the established self-regulatory organisations. It is noted that financial regulation in different countries of the world has an ambiguous (and sometimes a clearly expressed dualistic) impact on the development of financial innovations. Thus, on the one hand, a strict regulatory regime can significantly increase market confidence in financial innovations, and on the other hand, the easing of regulatory pressure can intensify innovation. It is noted that despite the fact that in recent decades several institutional levels have been distinguished in the architecture of regulation of financial innovation - national, regional and supranational - the main efforts are still made at the national level, where regulatory sandboxes are used as instruments for regulating financial innovation at the national level. It is concluded that the key tasks of institutions in the field of regulating the market circulation of financial innovations should include both traditional ensuring of the integrity and productivity of the financial market and comprehensive support for its innovation, as well as training and testing of new technologies in a controlled environment. [ABSTRACT FROM AUTHOR]

This article explores how transaction information is a fundamental element enabling and fostering global flows of money. Financial systems, constructed around account‐based money, require infrastructure, which is separated into two parts: messaging and settlement, performed via trusted agents. This separation has allowed the geographical expansion of banking, and to this day constitutes a key architecture of increasingly global networks of money. Focusing on the correspondent banking system and the Society for Worldwide Interbank Financial Telecommunication, this article demonstrates the workings of this infrastructure in cross‐border payments and in enacting economic sanctions. This sociotechnical infrastructure is a crucial yet overlooked area of global banking, which makes global economic and financial activity possible in the first place. Importantly, by analysing the organizational architecture of the global payments system and including the actors and agencies within it, we elucidate the (changing) relationships between data/information, geographies and power, contributing to the formation of a literature that conceptualizes financial infrastructure. [ABSTRACT FROM AUTHOR]

Despite the narrative of a globalized economy, there is no effectively working global payment system. Although there is an infrastructure that allows the transmission of data about global payments, the movement of actual money is executed indirectly, making it an incalculable endeavor. The reason is that money is not simply data, but a complex bundle of rights closely tied to the nation state. In the absence of infrastructure that reliably links payments with guarantees of the nation state, intermediaries that facilitate global payments are forced to create trust in a different way. This is only possible by occupying a highly centralized and therefore powerful position. In this article, we investigate which actors were historically able to hold such a position and how these actors are challenged by digitalization. We suggest that there are three models of payment infrastructure provision. Bank-based systems were dominant until the 1980s, but in the following decades, a second model emerged: the provision of financial infrastructure by global companies. Since the early 2000s, we see a third model: the entrance of tech-driven companies in the payment sector. We conclude that digital technologies will not necessarily solve the problems, but might in fact exacerbate them. [ABSTRACT FROM AUTHOR]

BRICS countries' contribution to the global economy has received wider attention. The critical factor behind their role is financial market reform that stimulates these economies' productivity growth. This research contributes to constructing a comprehensive index of financial infrastructure and measuring its relationship with BRICS economies' total factor productivity (TFP) within the purview of outward FDI, trade openness, human capital, innovation and institutional quality during 1990–2019 using the CS-ARDL technique. The findings divulge a significant and positive role of financial infrastructure in TFP both in the long and short runs, while outward FDI, trade openness, human capital, and innovation walk on the same footing in BRICS countries. Moreover, the CS-ARDL-based investigated findings remain the same across the two-way fixed effect with Driscoll and Kraay Standard Error technique. Therefore, BRICS countries' more promotion of financial dynamics and other ancillary economic, demographic, and technological factors is critical to stepping towards the spectacular growth trajectory. [ABSTRACT FROM AUTHOR]

Technical advancements challenge traditional organizational structures, requiring more flexible, proactive, transparent, and inclusive financial services. The efforts to implement technological advancements in reducing the timeframe for executing financial services, but also maintaining safe and transparent financial services, require a high level of functional and technical knowledge. Using appropriate risk management and organizational knowledge flow for constant innovation optimizes the knowledge gaps and different knowledge levels. [ABSTRACT FROM AUTHOR]

Financial inclusion is a vital development policy concern; different combinations and conditions of access to (supply) and use of (demand) financial services may predict levels of financial inclusion. With a fuzzy set qualitative comparative analysis, conducted across 61 countries worldwide, the current research establishes that financial literacy and human development are conditions of high financial inclusion; supply-side drivers, such as bank concentration and bank branches, represent substitutive conditions for attaining high levels of financial inclusion. With separate analyses of a split sample, designating developed and developing countries, the authors also determine that the absence of financial literacy and human development, as demand-side drivers, leads to diminished financial inclusion for both sets of countries. In turn, this research offers novel ideas for achieving more efficient policies to prompt financial inclusion. [ABSTRACT FROM AUTHOR]

The article analyses the financial and infrastructural hubs, centres and points that are the point forms of geospatial organization of the financial infrastructure of the Western region of Ukraine. The definition of the concepts "financial and infrastructural hub", "financial and infrastructural centre" and "financial and infrastructural point" is offered. Specific point forms of geospatial organization at three levels are considered. A feature of the financial infrastructure is its ability to make rapid changes that can be caused at the local, regional, national and global levels, so its transformation occurs simultaneously through two multifunctional processes - globalization and regionalization. There are four main provisions that are provided by the geospatial organization, namely: a) the relative location of objects; b) the existence of relationships of different types (spatial information, human, etc.); c) the existence of territorial social formations (structures, entities, systems); d) their ability to continue to operate (availability of conditions for transformation). The influence of demographic and socio-economic factors was revealed on the selection of specific point forms of financial infrastructure, the social potential of settlements in the study region was taken into account. Particular attention is paid to financial and infrastructure centres, as more requirements are placed on their allocation. Financial and infrastructural centers are also formed under the influence of his torical and geographical factors. Attention is drawn to the problem of transforming specific point-type objects from point to centre to hub and vice versa. The impact of decentralization reform and the new administrative-territorial structure, which led to an increase in the number of financial and infrastructural points but reduced the number of financial and infrastructural centres, are taken into account. [ABSTRACT FROM AUTHOR]

In the present era of rapid economic development, successive governments in India have placed priority on ‘inclusive economic growth and social justice’. After independence, India chose to adopt mixed economy model and central role for development planning and resource allocation across sectors have been done by the State's planning machinery. It has been the resolve of the Government of India to achieve development and welfare of all social groups including scheduled tribes in the country. In this pursuit, several tribal development programmes have been undertaken from time to time entailing enormous human, financial and material resources. However, data driven planning involving data analytics has not been in use for overall planning process for tribal development instead traditional statistical approach has been mostly in practice. The aim of this paper is to bring to the fore the usefulness of data driven gap based planning using data analytics tools. The endeavour is to put in place a scientific mechanism to identify and prioritize the infrastructural gaps in tribal dominated areas for the State of Telangana using twenty-two different parameters. Expert workshop conducted to cluster twenty-two parameters into seven broad clusters viz Finance Infrastructure, Village Material Infrastructure, Household Material Infrastructure, Information Infrastructure, Social Infrastructure, Education Infrastructure, Health Infrastructure. Moreover, the paper aims to connect the smart and sustainable village development considering various parameters such Information and Social Infrastructure. AHP and TOPSIS multi-criteria approaches have been applied to identify and prioritize the infrastructural gap areas for all nine districts and 1663 tribal dominated villages of Telangana. Analysis reveals that Mahbubnagar being the top ranked district while Adilabad being lowest ranked district in the Telangana in terms of gaps in infrastructure facilities. Villages in all nine districts have been clustered into three categories viz. Good, Fair and Poor. Findings and recommendations have been provided in the paper.

This paper examines the financial inclusion (FI) and the reforms of the Algerian banking system, as well as the possibility of adopting (FI) as a mechanism for its rehabilitation, by analyzing the most important indicators to measure supply and demand on financial and banking products, in order to discover the reality of (FI) in Algeria and its constraints. It also addressed the policies adopted and the measures taken by the bodies concerned to improve the (FI) level. The study concluded that the relationship between (FI) and the performance of the Algerian banking system is a direct and reciprocal correlation. [ABSTRACT FROM AUTHOR]

Entrepreneurship in the mobile commerce market provides the opportunity to search for new opportunities for companies in the mobile environment. Taking into account the innovative nature of entrepreneurship in the mobile commerce market, it is necessary to form an infrastructure support system, the main tasks of which are: activating business processes in the mobile commerce system by creating the necessary conditions and turning business activities in this area into a real factor of economic growth by adapting the economy to advanced technologies. The article discusses the system of infrastructure support for entrepreneurship in the mobile commerce market as a complex of institutional entities that provide the conditions for implementing the processes of organizing and managing the development of entrepreneurial activities in the mobile commerce market in Russia. Thus, the infrastructure support of small business in the mobile commerce market is a combination of conditions, institutions and mechanisms that ensure the sustainable development and competitiveness of Internet companies in the Internet environment.

The article investigates the major determinants of total factor productivity of Russian regions, in particular, the role of spillovers and agglomeration effects. Agglomeration effects are found to be important in regions located in the European part of Russia and in regions with low shares of extraction in the gross regional product (GRP): employment density in such regions turns out to be a significant factor determining total factor productivity. At the same time, neither employment density nor the degree of urbanization affects regions’ sensitivities to spillovers of total factor productivity from other regions — instead, these sensitivities depend only on the sizes of regional capitals and on shares of credit in GRP. This suggests that firms from regions with large capitals and high shares of credit in GRP are more actively expanding into neighboring regions: through their linkages with local firms in host regions, they may create positive correlations between total factor productivities in such host regions and their home regions. The analysis is based on methods of spatial econometrics — namely, the spatial lag and spatial error models with constant and variable spatial coefficients. The estimation is performed with maximum likelihood.

This paper studies the economic functions of blockchain. First, by explaining blockchain technologies from an economic perspective, it introduces the Token Paradigm to summarize mainstream blockchain systems, discusses the true meanings of consensus and trustlessness in the blockchain field, and analyzes the functions of smart contracts. Next, it categorizes major blockchain applications according to how they use tokens and discusses relevant economic problems such as tokens' monetary features, tokens' impacts on blockchain platforms, blockchain's governance functions, and the efficiency and security of blockchain systems. Finally, it discusses the concept of Blockchain as a Financial Infrastructure (BaaFI), which is represented by central bank digital currencies (CBDC) and global stable coins. [ABSTRACT FROM AUTHOR]

Financial infrastructures and intermediaries are at the 'centre' of the role of the financial market, and they have been targeted by the blockchain as part of the ambitions to rebuild trust since the very first day when blockchain was born. Then why are they still avid for blockchain applications more broadly? The author analyses that the blockchain strategies of major financial infrastructures and intermediaries are actively creating 'centralised' private chains or consortium chains to help expand cooperation, upgrade business models and gain regulatory support. Even so, their endeavours for blockchain application have failed to stop the sweeping disruptions of BigTechs. BigTechs are not only blockchain technology suppliers to traditional financial institutions, but also their competitors. The author advocates deeper integration rather than 'disruption' for the financial industry and blockchain technology. A practical pathway would be to find an area where technology and industry can be integrated, and to encourage the 'adjacent possibility' of technological innovation. [ABSTRACT FROM AUTHOR]

The article describes the factors forming a new financial infrastructure. Studied the key factors of the international competitiveness of banks in the conditions of formation of a new financial infrastructure. The effect of strengthening macro-prudential banking supervision, the wide use of information and technology innovation, financial innovation on the formation of a new financial infrastructure, which has implications for the international competitiveness of banks in the global financial market. On the basis of generalization of modern theoretical developments are designed integral competitiveness indicators of the banks that have a high cross-jurisdictional activity. Particular attention is paid to the effectiveness of bank management.

Financial development is a major factor that determines the economic situation and income level in different countries. Improving the financial infrastructure is a prerequisite for a more developed financial sector and its impact is an important issue to explore. For this purpose, data from 149 countries for the period 2010 - 2017 are analyzed, outlining the main trends in the development of financial infrastructure around the world. The econometric analysis of panel data shows that financial infrastructure has a significant positive impact on financial development. The main conclusion is that the better financial infrastructure will have a beneficial effect on the financial system and economic development. [ABSTRACT FROM AUTHOR]

At the international and national levels we have recently witnessed an accelerated growth in the new field of public policy, i.e. macroprudential policy. Its goal is to help prevent the occurrence of, or eliminate and mitigate systemic risks in the financial system, thereby achieving and maintaining financial stability. Reference literature does not offer a uniform, generally accepted definition of financial stability. It may be observed that the definitions applied in the past used to be substantially broader and more diverse, having become increasingly precise over time. This has been the result of the complex nature of financial systems and the plethora of factors affecting their stability. Moreover, neither the European legislation nor the national regulations in Serbia explicitly define what is being referred to by the financial system's stability. The definition of financial stability accepted by the National Bank of Serbia focuses on the functions that the financial system should perform, which corresponds to the broader approach to financial stability.

Health system expenditure on cancer drugs is rising rapidly in many countries given the high-priced novel treatments as well as the increasing usage due to a growing and ageing global population. The cost of cancer care continues to outstrip other diseases and it presents a global challenge to treatment access and cancer outcomes. Substantial variability exists in drug pricing across Asia, with low- or middle-income countries being heavily impacted. There is an urgent need to practice value-based pricing for oncology drugs. This will incentivize development of higher-value medicine and eliminate waste. Value-based assessments, financing infrastructure to assist appropriate prioritization, establishing domestic innovation and productive capabilities and reducing the unit economics of care are some of the measures that Asian countries should take towards ensuring universal health coverage for cancer care. Asia will need to keep driving cost management measures that are focused on drug pricing and simultaneously, should be encouraged to explore other interventions including centralising expertise for high "learning curve" efficiencies like chimeric antigen receptor (CAR)-T cell therapy. There is a call for more international collaboration within Asia and a continuous need to engage the public within each country, in order to ensure equitable access to effective cancer medications.

The transformative potential of distributed ledger technology ("DLT"), especially in the financial sector, is attracting enormous interest. Many financial institutions are investing heavily in proof-of-concept demonstrations and the rollout of pilot applications of DLT technology. Part of the attraction of distributed ledger systems such as Blockchain lies in transcending law and regulation. From a technological perspective, DLT is generally seen as offering unbreakable security, immutability, and unparalleled transparency, making law and regulation unnecessary. Yet while the law may be dull and the technology exciting, the impact of the law cannot be simply wished away. With data distributed among many ledgers, legal risk remains. DLT projects may well be found by courts to constitute joint ventures, with liability spread across all owners and operators of systems serving as distributed ledgers. Instead of being subject to law nowhere, organizers may instead be subject to the law wherever there are system users. Regulators seeking to support appropriate approaches to twenty-first century financial infrastructure must focus on these legal consequences. [ABSTRACT FROM AUTHOR]

The financial infrastructure, as foundation of financial transactions, is a key factor for financial and economic development. Good financial infrastructure is a necessary condition for wider and deeper financial markets, more stable financial institutions and a more efficient financial sector. The development of financial infrastructure can be measured by an index that reflects the core infrastructure components - accounting systems and standards, credit information systems, trading, payment and settlement systems, legal system, and regulatory framework and mechanisms. Values of the Index of Financial Infrastructure (IFI) show different levels of development across countries, regions and income levels. [ABSTRACT FROM AUTHOR]

Copyright of Bait Al-Mashura Journal is the property of Bait Al-Mashura Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Lecturas de Economia is the property of Universidad de Antioquia, Facultad de Ciencias Economicas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The financial crisis and recession in Europe have made it necessary to improve the system of regulation of the stock market, including the settlement of securities transactions. The paper constitutes the existing features of securities settlement in the stock markets of the EU and presents the measures and proposals to improve the settlement of securities transactions.

This paper argues that the more ambitious prognosticatons of the outcome of the current "Fintech" revolution, a transformation of banking to the benefit of customers, depend critically on the appropriate use of competition law and policy, in particular the regulation of access to banking platforms. Without supportive intervention of this kind by regulators and central banks to promote incentives for adoption, for example through requiring standardised information exchange through "application programming interfaces" (APIs) and widening access to central bank money, incumbents are likely to successfully resist substantial change. [ABSTRACT FROM AUTHOR]

Nationalized banking in India from 1969 to 1991 had a salutary effect on the expansion of the commercial banking system of the country, geographically, locally and sectorally. However, it witnessed deterioration in the efficiency, asset quality and profitability of the commercial banks in the country. Banking sector reforms were launched in the country in 1991, along with general economic reforms, to overcome the limitations of nationalized banking and to improve the efficiency, profitability and productivity of the banks, which have suffered during nationalized banking. However, with the autonomy of operation given to the banks, consequent to reforms, considerable de-banking of the rural areas of the country took place, since the rural branches of the banks were found to be not sufficiently profitable by the banks. This led to the launching of the programme of financial inclusion and inclusive banking in the country in 2006. The Reserve Bank started adopting an interventionist policy of directing the commercial banks to expand their branch network in the rural areas, particularly in unbanked rural centers. This led to an improvement in the availability of banking facilities in the rural areas again, resulting in a process of rural re-banking in the country. This highlights the fact that rural banking and inclusive banking in the country requires deliberate management of the branch expansion policy of the commercial banks in the country by The Reserve Bank of India, so as to promote a balanced spread of the financial infrastructure, essential for attaining financial inclusion and inclusive banking in the country. [ABSTRACT FROM AUTHOR]

Financial technology (FinTech) is becoming more popular in Japan (as well as globally), and financial institutions are increasingly seeking to collaborate with the firms providing such technology. Among FinTech, blockchain (distributed ledger) technology is attracting particular attention because of the possibilities it offers, most notably as a powerful new tool for facilitating transactions. This paper provides an overview of this new technology, including its potential contribution to the infrastructure of the securities market, and provides an introduction to the role of blockchain in financial transactions. This technology is innovative and improving very rapidly. Nevertheless, any enterprise looking to adopt blockchain technology will need to update their business processes and maintain ongoing discussion with stakeholders. The author suggests that only 20 per cent of the barriers to adoption are technology based, the other 80 per cent being attributable to current business processes and business models. It is necessary to take the time to utilise and apply blockchain technology in financial markets. It will take more than a couple of years for blockchain technology to be fully deployed within the financial infrastructure, but it should take less than a decade. [ABSTRACT FROM AUTHOR]

This paper examines whether EU membership enhances or diminishes the UK's financial sector stability, and therefore its prominence in global finance. The UK is host to the largest share of financial services in the EU, despite being outside of the Eurozone. An important reason is that, as a member of the EU, the UK has direct access to the Eurozone's financial infrastructure. If the UK leaves the EU (and EEA) banks and other financial services firms may continue to have access to the Single Market, but they are unlikely to have direct access to the Eurozone's infrastructure. Banks in the UK will no longer be direct members the Eurozone's payments system. The swap arrangement between the European Central Bank and Bank of England would have no legal enforcement mechanism. Resolution of cross-border banks would be more challenging with less incentive for a cooperative outcome. While some may welcome the reduced size of the financial system, not without reason, this could be achieved more effectively with domestic regulation than by leaving the EU. Given the uncertainty that would follow a vote to leave, there is a risk of capital flight. [ABSTRACT FROM AUTHOR]

Copyright of Problems of Economy is the property of Research Centre for Industrial Developmen Problems of Nas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We argue that banks operating in a local market possess better information about the local housing market than do nonlocal banks. Possessing this information may influence their willingness to grant loans to house buyers and the specifics of the loan terms, which in turn may affect house prices because credit facilitation makes the housing market more efficient. Using a panel data set covering a period from 1993 to 2007 and involving 274 municipalities in Sweden, we establish a positive causal influence of local bank presence on local house prices. There are significant spatial and spillover effects, that is, banks in a municipality affect the housing markets in neighbouring municipalities, although to a lesser extent than in their own municipality. Similar results are obtained through a gravity model. The results are robust over time and municipality size. [ABSTRACT FROM PUBLISHER]

Copyright of Bankarstvo Magazine is the property of Association of Serbian Banks and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper deals with legal and institutional prospects and restraints of the application of financial innovation of securitization on the capital market of Republic of Macedonia. Aim is to indicate the possibility of implementing this financial innovation into the capital market of Republic of Macedonia, relying on theoretical and practical knowledge of developed markets use of securitization. Finally are identified certain legal and institutional presumptions of fundamental importance for the implementation of securitization in the capital market of Republic of Macedonia. [ABSTRACT FROM AUTHOR]