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The purpose of this paper is to critically examine the corporate social responsibility (CSR) initiatives of multinational oil companies (MOCs) in Nigeria. Its special focus is to investigate the impact of the global memorandum of understanding (GMoU) on enhancing rural women's financial inclusion in the areas of access to credit, insurance, propensity of women to save and the widening of economic opportunities in the Niger Delta. A total of 800 rural women were sampled across the Niger Delta region of Nigeria. Results from the use of a combined propensity score matching and logit model indicate that the GMoU model has made significant impact on closing the gaps in financial services, thereby removing women's constraints on their efforts to enhance their financial literacy. The results also confirm that innovative delivery channels and social networks of the GMoUs have reduced some costs in the areas of access to credit, insurance, propensity to save and the widening of economic opportunities of rural women in the oil host communities. However, a further look at the rural women's participation in the CSR activities using SCOTDI shows that even though the involvement of the women is appreciable, it is insignificant when compared with their male counterparts. [ABSTRACT FROM AUTHOR]

In this paper, we present a hybrid Agent-Based Stock-Flow-Consistent (AB-SFC) model about the macroeconomic and distributional implications of central bank's decision to leave a "Low(-for-long) Interest Rate Environment" (LIRE). Our goal is to study the non-linear effects of monetary tightening when implemented under LIRE than in an alternative "Higher Interest Rate" setting (HIRE). This way, we shed light over the interaction between monetary policy, inequality, and macro-financial fragility in a financialized economy characterized by the presence of securitization and the production of complex financial products, i.e., Asset-Backed Securities (ABSs). We obtain three main findings. First, consistent with existing empirical literature, LIRE may be sources of vulnerabilities in the financial industry (i.e., lower banks' profitability and capital adequacy ratio). However, it may reduce systemic macro-financial risk by stimulating faster growth, lower unemployment and inequality records alongside with lower public and private indebtedness and lower-scale securitization. Second, central bank's decision to raise interest rates improves financial sector's performance indicators at the costs of harsh real-side consequences, i.e., permanently higher unemployment and inequality, when implemented under LIRE. Third, financialization structurally changes the functioning of the economy by feeding the creation of a debt-led economy in which monetary policy becomes less effective in its attempt of controlling inflation. Central bank's reaction in the form of a permanently tighter monetary policy stance eventually prompts a more unequal and unstable rentier-friendly economy. • We study central bank's decision to leave a Low Interest Rate Environment (LIRE). • We show how leaving LIRE causes permanent employment losses and higher inequality. • We show how securitization reduces the effectiveness of monetary policy. • We show how securitization may give rise to a rentier-friendly economy. [ABSTRACT FROM AUTHOR]

Purpose: The present study aims to comprehensively examine the impact of the Union Bank of Switzerland (UBS) takeover of Credit Suisse on the banking and financial services sector in the Indian stock market. To fully comprehend the impact of the event, the study separately investigates the response of private sector banks, public sector banks, overall banking companies and financial services companies to the takeover of the second-largest financial institution in Switzerland. Design/methodology/approach: The study employs event study methodology, using the market model, to analyze the event's impact on Indian banking and financial services sector stocks. The data consists of daily closing prices of companies included in the Nifty Private Bank Index, Nifty PSU Bank Index, Nifty Bank Index and Nifty Financial Services Index from the National Stock Exchange (NSE). Furthermore, cross-sectional regression analysis has been conducted to explore the factors that drive abnormal returns. Findings: The empirical findings of the study suggest the event had a heterogeneous impact on the stock prices of Indian banks and financial services companies. While public sector banks experienced a significant negative impact on select days within the event window, the overall Indian banking sector and financial services companies also witnessed notable declines. In contrast, Indian private sector banks were relatively resilient, exhibiting minimal effects. However, the cumulative effect is found to be insignificant for all four categories across different event windows. The study also observed that the cumulative abnormal returns (CARs) were significantly influenced by certain variables during different event windows. Originality/value: To the best of the authors' knowledge, the present study is the earliest attempt that investigates the impact of the UBS takeover of Credit Suisse on the Indian banking and financial services sector using event study methodology and cross-sectional regression model. [ABSTRACT FROM AUTHOR]

Studying the state of general financial stability from the perspective of commercial banks and the extent of their application of its indicators is one of the important topics that has received great attention internationally. The problem of the study, which bears the title (Analysis of the impact of financial stability using the general aggregate index technique for a sample of Iraqi banks for the period from 2015 to 2021) is focused on the question: Next: Do commercial banks in Iraq have an impact in achieving financial stability in Iraq if the financial stability rates applied by the Central Bank are applied? The study came in two main parts, the first of which dealt with the theoretical framework of financial stability in terms of the concept, challenges, risks, characteristics and components, while the second dealt with the theoretical framework of financial stability in terms of the concept, challenges, risks, characteristics and components. He touched on showing the extent to which the study sample of commercial banks in Iraq applied financial stability rates through financial analysis of indicators. Thus, the study showed a number of conclusions. One of the most important conclusions was that the state of financial stability in Iraq depends to a large extent in achieving it on commercial banks, which must be developed. And keeping pace with the external environment, other global indicators must be applied, and the position of the commercial banks in the research sample was concluded on the basis of financial analysis, which shows an impact in achieving financial stability. [ABSTRACT FROM AUTHOR]

The study aims in analyzing the role of workplace stressors on occupational stress levels. A descriptive and explanatory research design has been used. A mean scale as a measure of central tendency was used to explain the existing situation. Correlation and multiple regression have been implemented to measure the association of variables and the stress level prediction ability of the constructs. A random sampling technique was used in determining the sample size. Mainly primary data is collected through a structured questionnaire and distributed to people online through Google form. Occupational stresses have shown a strong and significant association with stress constructs. The cumulative prediction ability of the constructs is stronger on the occupational stress level of the organization. Social support and job control are inversely associated with occupational stress levels. However. role ambiguity and role overload have a direct relationship with the magnitude of occupational stress. [ABSTRACT FROM AUTHOR]

The recently introduced deep parametric PDE method combines the efficiency of deep learning for high-dimensional problems with the reliability of classical PDE models. The accuracy of the deep parametric PDE method is determined by the best-approximation property of neural networks. We provide (to the best of our knowledge) the first approximation results, which feature a dimension-independent rate of convergence for deep neural networks with a hyperbolic tangent as the activation function. Numerical results confirm that the deep parametric PDE method performs well in high-dimensional settings by presenting in a risk management problem of high interest for the financial industry. [ABSTRACT FROM AUTHOR]

This study investigates the assertion that the use of mobile financial services, tools that increase financial inclusion and reduce poverty, lags the adoption rate, partly due to concerns about trust in technology and mobile-finance providers. The study employs a 387-respondent survey from the Eastern Cape province of South Africa. A two-step factor-score structural equation model investigates trust as a mediating factor for perceived security, perceived benefits, perceived ease of use, age, and education. Results show that the impact of perceived ease of use and perceived benefits are amplified in a high trust environment. Trust has a complementary mediation relationship with perceived benefits and perceived ease of use. The effect of age is wholly mediated by trust, explaining the insignificance of age effects in studies of mobile finance use and adoption that do not consider mediation. Investment in user-friendly platform features can benefit overall provider performance. The importance of product design and security features is reiterated. Service providers should prioritize monitoring trust through customer surveys and educating users about the potential benefits of mobile financial services. [ABSTRACT FROM AUTHOR]

Tax havens are often connected to growth in tourism, as finance and tourism conveniently share infrastructural prerequisites. This paper addresses the detrimental impacts of a tax haven development strategy adopted by small open economies in relation to the development of their tourism industry. Utilizing the synthetic control method, we find that since the 2016 Panama Papers scandal, Panama's tourism exports have fallen relative to an estimated counterfactual level that would have otherwise been attained. Moreover, based on an analysis of panel data drawn from 20 small open economies, we find that in the long run, the growth of the financial industry crowds out the tourism industry. Our findings warn tourism practitioners, based in tax havens, that they face an additional risk linked to potential tax scandals. Furthermore, the tourism industry may suffer reputational harm due to tax haven blacklisting and the crowding out of productive resources by the financial industry. JEL classifications: F43, H26, O57, Z32 [ABSTRACT FROM AUTHOR]

The quantity of electronic currency in circulation within the community experienced a substantial increase between 2017 and 2022. However, the quantity of electronic currency in circulation in 2021 has declined compared to 2020 and 2022. Furthermore, the emergence of central bank digital currency (CBDC) as a digital currency has problems that cannot be avoided; these problems arise from policies or regulations and understanding of the public and business people and are related to the security of digital currency users. The Bank of Indonesia deems it imperative to address this by implementing suitable policies. The policy encompasses digital payments and financial services, including Central Bank Digital Currency (CBDC). Central banks worldwide are encouraged to develop Central Bank Digital Currency (CBDC) to enhance monetary policy effectiveness. The objective is to guarantee financial stability and enhance the effectiveness and resilience of the payment system. This study aims to examine the concept of Central Bank Digital Currency (CBDC) as a novel electronic payment tool for social entrepreneurs. The research approach employed in this study was descriptive qualitative with data forecasting. The findings of this study indicate that Central Bank Digital Currency (CBDC) has the potential to be utilized as a payment instrument by social entrepreneurs. [ABSTRACT FROM AUTHOR]

A financial services supplier authorised in its home state that wishes to supply services cross-border into another state will, absent any relief, have in addition to meet the regulatory requirements of that host state to trade in it. Regulatory frictions including duplicative regulatory requirements are barriers to cross-border trade. This article considers certain techniques deployed to reduce such barriers, noting that trust plays a part in many of them. These techniques grant relief to incoming firms from obligations to comply with the regulatory requirements of a host state. They may take the form of unilateral arrangements, with or without any conditions. There may be assessments of equivalence as a basis for relief from compliance with the host state's rules: deference to the home state's regime, a basis for recognition, whether unilateral or mutual. Recognition may be given effect through a party's domestic laws or in international law under the General Agreement on Trade in Services (GATS) Article VII. A GATS Article VII agreement can relieve regulatory frictions in the financial services sector alone as there is no requirement for "substantial sectoral coverage" as required for regional trade agreements under GATS Article V. Mutual recognition agreements for financial services in international law are, however, few in number. [ABSTRACT FROM AUTHOR]

The EU and the US are more similar than they are different in their approach to equivalence. The world of derivatives is where the equivalence approach is most developed in the US, although in the US, equivalence is referred to as substituted compliance and is found only after a determination that the foreign regulatory regime is comparable to that in the US. US substituted compliance has been developed through the regulatory process, meaning that it is subject to continued development and could change over time at the whim of the regulators who are then in charge. In the case of credit institutions (EU) or commercial/retail banking (US), both the EU and the US largely follow an extra-territorial or territorial approach applying national law to a branch of a foreign entity doing business in the US (the extra-territorial approach) or requiring that a US subsidiary or intermediate holding company be established that is fully subject to US law (the territorial approach). In the provision of investment services, equivalence may theoretically be used to determine whether a third-country firm may offer investment services without a branch throughout the EU. As a practical matter, the only way to access the EU internal market is through a subsidiary established in a Member State (the territorial approach). A few broker-dealer activities may be conducted by foreign firms in the US without registering with the US Securities and Exchange Commission (SEC), but otherwise foreign firms must register with the SEC and become a member of the Financial Industry Regulatory Authority (FINRA) self-regulatory organization to engage in underwriting, private placement, and mergers and acquisitions advisory services. [ABSTRACT FROM AUTHOR]

In California, wildfires caused by electrical infrastructure have left the state's investor-owned power utilities with major and growing liabilities. But even in such an incendiary environment, the financial industry has demonstrated that it can profit from disaster. This paper uses the 2019-2020 bankruptcy of Pacific Gas & Electric to explain how. In it, I show how "risk" in California's electricity industry is legally constituted, mediated, and allocated. First, I explain how financial perceptions of wildfire risk in California's electricity industry are shaped by the state's legal and regulatory environment, and how the law is used to manage this risk. I then turn to PG&E's bankruptcy to show how litigation functions as a financial strategy. In court, risk is endogenous to legal-financial practice. I develop the concepts of "legal arbitrage" and "leverage" to explain how law mediates the relationship between risk and finance. I adapt the concept of legal arbitrage to show how financial assets (like those in a utility with unprecedented wildfire liabilities) can possess both legal and market value, which can and often do diverge in circumstances of distress. I use the term leverage to refer to a particular kind of legal-financial power which enables actors to transfer risk away from themselves and onto others. In working through these concepts, I argue that that mainstream perceptions of risk in the financial industry are inadequate, especially in an era of increasing climate insecurity. [ABSTRACT FROM AUTHOR]

Explainable artificial intelligence (XAI) is a group of techniques and evaluations that allows users to understand artificial intelligence knowledge and increase the reliability of the results produced using artificial intelligence. XAI can assist actuaries in achieving better estimations and decisions. This study reviews the current literature to summarize XAI in common actuarial problems. We proposed a research process based on understanding the type of AI used in actuarial practice in the financial industry and insurance pricing and then researched XAI implementation. This study systematically reviews the literature on the need for implementation options and the current use of explanatory artificial intelligence (XAI) techniques for actuarial problems. The study begins with a contextual introduction outlining the use of artificial intelligence techniques and their potential limitations, followed by the definition of the search equations used in the research process, the analysis of the results, and the identification of the main potential fields for exploitation in actuarial problems, as well as pointers for potential future work in this area. [ABSTRACT FROM AUTHOR]

This paper examines the effect of financial sanctions at the most disaggregated level possible, individual bank accounts. Using data from the Eurosystem's real-time gross settlement system TARGET2, we provide empirical evidence that sanctions imposed by the European Union on Russian banks following Russia's aggression against Ukraine in 2014 and 2022 have sizably reduced financial transactions with sanctioned Russian bank accounts, both along the extensive and intensive margins. Among the various sanction measures taken, exclusion from SWIFT, a global provider of secure financial messaging services, turns out to have the largest effects. [ABSTRACT FROM AUTHOR]

• During 1993–2018, market services grew at a faster rate than non-market services. • Applying Domar weights we observed that transport and storage was the highest contributor among market services industries, while public administration has made relatively higher contribution to aggregate non-market services TFP growth. • TFP growth in manufacturing has a significant positive effect on TFP growth of both market services and non-market services. • Market services TFP growth is positively impacted by a spillover effect of TFP growth in India's trade partners. The services have been the driver of India's overall growth since the onset of economic reforms in the 1990s. The value-added share of services increased from 41 percent in 1990 to 53 percent in 2018. On average, the sector grew at 7.5 percent annually during 1993–2018, contributing to about half of the aggregate economic growth. Using the India KLEMS data, we examine the trends in total factor productivity (TFP) in individual industries within services and their contribution to aggregate TFP growth in the sector during 1993–2018. We find that transport and storage was the highest contributor among various market services industries followed by financial services, while public administration made a relatively high contribution to aggregate non-market services TFP growth. Moreover, we investigate the factors driving TFP growth in the services sector, particularly the role of manufacturing TFP – looking into spillover effect from manufacturing to market services and non-market services. Our results suggest that TFP growth in manufacturing had a significant positive impact on TFP growth in the services sector. Also, we find evidence of significant productivity spillover effect to India's services sector from other countries, particularly the developed countries. [ABSTRACT FROM AUTHOR]

This study aims to determine the influence of Tax Knowledge, Tax Obligation Rights, and Tax Sanctions on the Fulfillment of UMKM Tax Obligations in Baktijaya Village, Depok City. This research data uses primary data in the form of questionnaires to 130 MSME respondents. Data analysis techniques use inferential analysis with multiple linear regression and use the Statistical Product and Service Solution (SPSS) program version 26.0. The results of multiple linear regression analysis show that the variables of Tax Knowledge (X1), Tax Obligation Rights (X2), and Tax Sanctions (X3) have a positive and significant effect on the Fulfillment of UMKM Tax Obligations (Y). The results of this study hope that MSMEs can find out Tax Knowledge, Tax Obligation Rights, and Tax Sanctions that can support taxation. [ABSTRACT FROM AUTHOR]

The article focuses on the implications of administrative rulemaking in the U.S., with a specific examination of the SEC v. Alpine Securities Corporation case. It discusses the challenges posed by the increasing complexity of the regulatory landscape, particularly in the financial services sector, and explores the tension between efficiency and clarity in regulatory practices.

This paper examines profit-seeking investments that US financial industry actors have made in the name of racial justice since the summer of 2020. This trend, which builds on the proposition of "sustainable" finance that private profits and social benefits can coexist, is known in the industry as racial justice investing. To understand how the industry frames racial justice as an object of financial intervention, I draw from theories of social reproduction, racial capitalism, and social finance to analyze the historical and contemporary processes through which racial in justice is conceived in economic terms as a "gap" between the wealth of white and racialized households. Then, I analyze the political economy of these investments, focusing on how solutions to the wealth gap are oriented around extending credit and economic inclusion to racialized households and business owners. Ultimately I illustrate how the financial industry's investments in closing the racial wealth gap largely sidestep questions of power and, paradoxically, justice that animate many contemporary racial justice movements. [ABSTRACT FROM AUTHOR]

Bridging the digital divide between urban and rural communities is critical for expanding financial inclusion. The purpose of this study is to understand the key factors driving the adoption of financial technology (FinTech) applications among rural residents. A conceptual framework is built on the basis of the technology acceptance model, along with the incorporation of innovation awareness and financial awareness. The relationships between factors are empirically validated using a structural equation modeling approach based on survey data from a sample of 386 respondents in rural communities. The results indicate that perceived usefulness, perceived ease of use, innovation awareness, and financial awareness can positively and significantly affect the intention to adopt FinTech applications. In addition, perceived usefulness mediates the relationship between perceived ease of use and behavioral intention. Practical implications for promoting FinTech adoption in rural areas are discussed. [ABSTRACT FROM AUTHOR]

This study uses a modified UTAUT model to examine behavioral factors influencing mobile banking services' (MBS) adoption in China. Despite the abundance of smart mobile phones, the uptake of mobile banking among the population remains low. To address this issue, this study integrates four variables--perceived financial cost, awareness, technology infrastructure support, and government regulations--into the UTAUT framework to explore their impact on driving the adoption of MBS. Based on convenient sampling techniques, it uses 567 valid responses collected through a self-administered questionnaire and applies multiple regression analysis methods for data analysis using SPSS-26 software. Results indicate that performance expectancy, effort expectancy, perceived financial cost, and awareness are significant drivers of behavioral intention to use MBS in China. Technological infrastructure support positively influences performance expectancy, and individuals' intent to use and adopt MBS in China. Government support significantly drives the individual's behavioral intention to use and adopt MBS. Furthermore, behavioral intention to use MBS significantly predicts its adoption in China. The practical and academic ramifications of MBS on the growth and development of sustainable mobile banking systems are presented. [ABSTRACT FROM AUTHOR]

We investigate the empirical nexus between financial inclusion and economic growth for an extended sample of 21 Asian countries spanning over a period from 2004 to 2019. Further, we also conducted a sub-sample analysis by dividing the overall samples into developed and developing countries. Our results reveal a significant positive long-term impact of financial inclusion on economic growth in Asia. Our pair-wise causality test shows bidirectional causality between financial inclusion and economic development. Our robust results are consistent across various estimation techniques. Our findings suggest that the influence of financial inclusion on economic growth is more pronounced in developing countries compared to developed countries. Our results hold across subsamples. These findings posit important policy insights to enable the policy-makers in designing policies that ensure efficient and inclusive financial system on an equitable basis to achieve sustainable economic growth. [ABSTRACT FROM AUTHOR]

Amidst the framework of dual circulation, innovation emerges as a pivotal strategy for realizing high-quality economic development. Concurrently, digital finance, serving as a potent complement to traditional financial systems, significantly influences regional innovation enhancement. This research employs a spatial panel methodology to thoroughly investigate the inherent mechanisms through which digital finance development shapes regional innovation. Empirical testing is conducted using panel data derived from 283 mainland Chinese prefecture-level cities spanning from 2013 to 2020. The findings underscore that digital inclusive finance plays a crucial role in amplifying regional innovation output, unveiling a distinct spatial impact on innovation. The progression of each facet of digital finance contributes to mitigating supply-side financing constraints, thereby directly fostering heightened regional innovation. The study delves into a Chinese regional sub-sample, revealing a prevalent driving effect with conspicuous heterogeneity across the major regions--East. Central. West. As scientific and technological innovation stands as the primary driving force, its profound interplay with the evolution of financial inclusion in China is evident. This study provides valuable insights to fortify regional modernization efforts and serves as a reference for policymakers and researchers navigating the complex intersection of finance and innovation in the Chinese context. [ABSTRACT FROM AUTHOR]

Little is known about the association between debt collection experience and physical health. Financial access, the ability to own and use financial products and services from mainstream financial institutions, may serve as a buffer on the association. Using the 2022 Financial Health Pulse data, this study explored the association among debt collection experience, financial access, and health. This study identified three classes of financial access (Investor, Working Class, and Thinly Banked) through the Latent Class Analysis and found a negative association between debt collection experience and physical health. The negative association is strongest for those with the lowest financial access. Practice, research, and policy implications for consumer finance and health practitioners are discussed. [ABSTRACT FROM AUTHOR]

We develop a conceptual structure to explore how financial technology (FinTech) innovation is being implemented to deal with vague, inconsistent and ambiguous knowledge in actual world. The structure of this study is built upon the technology, organization, environment (TOE) context, which one uses the concept of multi-criteria estimation to measure the significance of FinTech innovation. We develop an integrated MCDM (multiple criteria decision-making) model through rough set theory help administrators obtain a strategic influence relation map for enhancing performance approaching towards the aspiration value. This model involves three steps: primary, we apply this rough number to define group views which reflect upon experts' real experiences; second, we use the rough DEMATEL-based ANP-(RDANP) to acquire the rough influential weights and rough influential network relationship map (RINRM) based on this TOE structure and its corresponding attributes; finally, we utilize the rough modified VIKOR with the influence to analyze the gap between the performance value and the aspirated level. The empirical case was originated from financial industry in Taiwan. According to the weighting results the expected benefits, technology integration, and competitive pressure were the most important criteria. Our results also illustrate how FinTech innovation can be used for promoting financial services. [ABSTRACT FROM AUTHOR]

This study examined the relationship between Islamic financial inclusion and economic development in Indonesia and Iraq using panel data from 2000 to 2014. The study used variables such as GDP per capita growth, education, inflation, government consumption, trade openness, domestic credit, loans by Islamic financial institutions, the rule of law, and regulatory quality. The findings showed significant variation across countries and periods regarding economic development, education, and the adoption of Islamic finance. Correlation analysis revealed both positive and negative relationships between the variables. Panel unit root and cross-sectional dependency tests highlighted the need for advanced methods to analyze panel data. Panel co-integration tests suggested evidence of a long-term relationship between Islamic financial inclusion and economic development. The FMOLS estimators demonstrated the significance and direction of the relationships. The study provided insights into the role of Islamic financial inclusion in promoting economic development in Indonesia and Iraq, emphasizing the potential benefits of integrating Islamic finance into the financial systems of these countries. [ABSTRACT FROM AUTHOR]

We document the contribution of Islamic finance development to economic growth by studying a global sample of countries engaged in providing Islamic financial services. Fifteen countries are included in the sample based on significant Islamic banking share in total domestic banking assets. Results are documented through the application of the Panel regression (EGLS) method for the period 2001–2020. Findings suggest a positive contribution of the Islamic Financial Services Industry (IFSI) to economic growth in sample countries in multiple regression settings. Additionally, a range of control variables, including domestic credit to the private sector, inflation, and trade openness, contribute significantly to economic growth. We recommend the creation of a conducive environment for the promotion of IFSI on account of the built‐in stability feature and positive contribution to economic growth. We also recommend overall development in the financial sector of selected economies, including credit availability to the private sector and trade openness. Our study helps in understanding the dynamics of economic growth in economies with a dual banking system (conventional & Islamic). This article contributes to the literature by studying a larger sample of countries engaged in the practice of Islamic finance and considering the significance of the market share of assets under IFSI. [ABSTRACT FROM AUTHOR]

Supply chain finance is newly emerging concept and grab attend of financial sercive providers, buyers and suppliers. This study empirically examines the impact of supply chain finance solutions (SCFS), banks financial risk on financial service providers' financial performance using panel dataset of Asian Development Bank registered countries (Pakistan, China and Bangladesh) from 2012–2021. By breaking new ground, supply chain finance solution index is developed by combining several solutions to measure its impact on financial service provider financial performance. The results show a significant impact of supply chain finance solutions on financial performance of financial service providers. Furthermore, by offering SCF solutions a bank is able to reduce its financial risk for the external parties (e.g., investors, shareholders) This research encourages financial service providers (banks) to embrace the supply chain finance solution to enhance financial performance and allows them to evaluate their supply chain finance solutions investments as a technique to mitigate financial risk. [ABSTRACT FROM AUTHOR]

Recent Supreme Court judgment 914/2023 of 4 July confirms that the Bank of Spain's internal bulletins nos. 7/2011 and 2/2013 are lawful and holds that they are merely instructions for its own inspectors rather than general provisions. This decision has important consequences on an individual's guarantees during Bank of Spain inspections, particularly onsite ones. [ABSTRACT FROM AUTHOR]

Many Filipinos prefer to work outside of the country because the opportunities and earnings are far superior to those offered in the Philippines. This correlational study aims to determine the awareness on Pag-IBIG Fund services and financial behavior and habits of Overseas Filipino Workers (OFW) members. The level of awareness of the Pag- IBIG Fund services includes Knowledge, Trust and Credibility, Sources and Channels, and Perceived Benefits, Barriers, and Engagement of OFW members while the efficiency level of financial behavior and habits of the members considers Savings Behavior, Investment Behavior, and Debt Management as factors. Furthermore, this study utilized a researchers-made survey questionnaire conducted to 300 respondents. Results revealed that OFW members are highly aware of the services offered by Pag-IBIG and they have high efficiency level when it comes to financial behavior and habits. Moreover, the correlation between years of employment and level of awareness on Pag- IBIG Fund services of the respondents as well as the efficiency level of financial behavior and habits and respondents' demographic profiles are not significant. Further, the study exposed that OFW members exhibit a high level of efficiency in their financial behavior and habits, especially in savings and investment and a highly satisfactory awareness on Pag-IBIG Fund services. Specifically, age, gender, and civil status do not strongly influence financial efficiency while educational attainment impacts savings and debt management efficiency. Hence, these findings highlight the importance of education and awareness in fostering better financial habits among OFW members. [ABSTRACT FROM AUTHOR]

The quality of the financial services of the Public Service Agency (BLU) at Universitas Negeri Manado should be able to provide good results wherever possible. The State Civil Apparatus within the Universitas Negeri Manado Personnel, Finance and General Bureau has a very strategic role as the spearhead of public planning. The aim of this research is to determine, describe and analyze the Quality of Financial Management Services for the Universitas Negeri Manado Public Service Agency (BLU) in 2022. The method used is a qualitative research method. Based on research in the field, it can be concluded that the 5 indicators of service quality, namely tangible, reliability, responsiveness, assurance and empathy, which were researched at the Universitas Negeri Manado Personnel, Finance and General Bureau (BKKU), have gone well. This can be seen from the answers of the informants and documentary evidence as well as the circumstances studied. However, there are several things that need to be improved so that service users can be more satisfied in the future. [ABSTRACT FROM AUTHOR]

The structural transformation path in most developing economies follows an employment shift towards service activities, skipping an industrialisation phase. In this paper, we explore how this premature deindustrialisation trend affects the inclusive growth trajectory of middle-income economies. Considering the trends in manufacturing employment and value-added share, we identify premature deindustrialisation phases in economies. We apply panel fixed-effects and bootstrap-corrected dynamic fixed-effects models to empirically examine the relationship between premature deindustrialisation and income inequality. Our findings suggest that income inequality rises with premature deindustrialisation if the displaced workers are absorbed into market services (especially with employment movement towards non-business market services such as trade, transport, hotels, and accommodation). In contrast, if non-market services (such as education and health) or business services (such as banking and financial services) are the dominant employment provider, it helps to reduce income inequality even in the presence of premature deindustrialisation. [ABSTRACT FROM AUTHOR]

Despite being greatly progressive for more than 45 years covering even Muslim minority countries, the development of Islamic finance in some countries is not supported by well-established governance. This paper aims to empirically re-examine the effects of the governance components on Islamic finance in 45 Islamic finance-permitting countries. The study utilizes the dynamic panel GMM approach from the data spanning from 2012 to 2019. We find insignificant effect of regulation in Islamic finance in the region of developed countries, Muslim minority countries, and other Arab countries. We also find that corporate governance is not statistically significant in MENA and non-Asian countries. These results reinforce the need for a new type of regulation based on product requirements, policies, and procedures. Thus, the governance indicators can be understood by the wider world and assist in gaining more acceptance for the Islamic finance industry. [ABSTRACT FROM AUTHOR]

Integrating the internet and financial services gives people the luxury to reduce financial stress and anxiety by giving consumers more power over their financial situation. Likewise, the adoption of environmental technologies helps improve environmental quality, which positively impacts mental and physical health and thus increases the sense of well-being and happiness. Therefore, the main focus of the study is to analyze the influence of financial services and environmental technologies on happiness. For analyzing the short and long-run impacts of financial services and environmental technologies on happiness, we have utilized the ARDL model and QARDL models. The findings of the ARDL model confirm the positive influence of financial services, environmental technologies, national income, financial development, and education on happiness in the short and long term. Similarly, the QARDL model also suggests the favorable long-run effects of financial services and environmental technologies on happiness at most quantiles. The long-run Wald test confirms the asymmetric influence of all variables on happiness, while in the short-term, excluding education, all other variables exert asymmetric impacts on happiness. Thus, to promote happiness, policymakers should try to increase the role of internet-based financial services and increases investment in research and development activities to enhance environment-related technologies. However, the study is limited to China, it should be expanded to other regions. [ABSTRACT FROM AUTHOR]

The purpose of the article is to analyse the experiences of sex workers in Poland in terms of their encounters with police officers. Much as the very provision of sexual services is not criminalised or penalised in Poland, binding legal regulations (criminalising third parties who organise, coordinate, and facilitate the provision of sexual services for financial gain) bring sex workers within the purview of the operational activities of police officers. This factor sets a specific backdrop for all interactions that occur between sex workers and police officers. In this article, I discuss the three main roles in which police officers interact with sex workers: as a client, as a third party or as an officer in the line of duty. I set out to demonstrate that the disparate modes of enacting these roles by police officers reinforce sex workers’ distrust and reluctance to interact with the police. I discuss the aforementioned issues drawing on qualitative interviews conducted with female sex workers providing a range of sex services in Poland. [ABSTRACT FROM AUTHOR]

Financial services are significantly impacted by digital transformation, which has been believed as one of the primary trends reshaping society and industry. A comprehensive understanding of digital transformation from an academic and management perspective is required, and it is crucial to close the knowledge gap using bibliometric and qualitative research techniques. Hence, the purpose of this paper is to identify the extensive research themes in digital transformation in financial services from 2000 to 2021, their significance and interdependencies, to determine which trending topics seem to be the most influential, to trace the evolution of digital transformation in the financial service, and to address new and under-researched field of research that is intriguing for future research. This study used a bibliometric analysis of 288 peer-reviewed research articles published over the last 22 years in digital transformation in financial services. The data were extracted from the Scopus database and used various bibliometric analyses such as conceptual structure analysis, co-citation network analysis, social structure, and keyword analysis using R software. The findings show an overall increasing trend in journal publications, author productivity, collaborative research by institutions, and countries' collaboration from the year 2019, as well as major insights from co-citation analysis. According to Lotka's law, most authors (769, or 95.77%) contributed only one article. In addition, the study assesses multiple research areas, such as the effects of digital transformation in financial services, applied technology and insights, and digitalization processes, comprising the latest trending topics in this research stream that extensively cover up in financial services. One of the limitations of this study is that it used only a single database. The author recommends that the findings of this research be reinforced with more targeted and extensive qualitative literature in this field of study. This study establishes a framework for policymakers, academics, and researchers to investigate the areas where digital technologies influence financial services. This study also highlighted several cutting-edge digital technologies used for different functions of the financial services of an organization. This study illustrates the bibliometric structure of the digital transformation literature in financial services and provides insights into the literature's growth year over year. It provides a comprehensive understanding of this evolving field, guiding future research and facilitating informed decision-making in the financial industry. Plain language summary: Purpose: Financial services are significantly impacted by digital transformation, which has been believed as one of the primary trends reshaping society and industry. A comprehensive understanding of digital transformation from an academic and management perspective is required, and it is crucial to close the knowledge gap using bibliometric and qualitative research techniques. Hence, the purpose of this paper is to identify the extensive research themes in digital transformation in financial services from 2000 to 2021, their significance and interdependencies, to determine which trending topics seem to be the most influential, to trace the evolution of digital transformation in the financial service, and to address new and under-researched field of research that is intriguing for future research. Design/methodology/approach: This study used a bibliometric analysis of 288 peer-reviewed research articles published over the last 22 years in digital transformation in financial services. The data were extracted from the Scopus database and used various bibliometric analyses such as conceptual structure analysis, co-citation network analysis, social structure, and keyword analysis using R software. Findings: The findings show an overall increasing trend in journal publications, author productivity, collaborative research by institutions, and countries' collaboration from the year 2019, as well as major insights from co-citation analysis. According to Lotka s law, most authors (769, or 95.77 %) contributed only one article. In addition, the study assesses multiple research areas, such as the effects of digital transformation in financial services, applied technology and insights, and digitalization processes, comprising the latest trending topics in this research stream that extensively cover up in financial services. Research limitations/implications: One of the limitations of this study is that it used only a single database. The author recommends that the findings of this research be reinforced with more targeted and extensive qualitative literature in this field of study. Practical Implications: This study establishes a framework for policymakers, academics, and researchers to investigate the areas where digital technologies influence financial services. This study also highlighted several cutting-edge digital technologies used for different functions of the financial services of an organization. [ABSTRACT FROM AUTHOR]

This study explores and analyses the implications of digital financial services (DFS) on human development from a global perspective. Informed by a systematic literature review of studies published in the past two decades, from 2000 to 2020, this research unveils six overarching themes: contextual conditions, technological skills and financial literacy, consistent trust, shaping financial behavior, energizing economic activities, and supporting financial inclusion. Further analysis categorizes these themes into what constitutes the two intertwined dimensions of DFS: foundational conditions and effectual repercussions. We discuss how these dimensions enhance our understanding of the role information and communication technologies play in contributing to human development. We also present practical implications for different stakeholders in the financial sector. [ABSTRACT FROM AUTHOR]

Modeling heterogeneity on heavy-tailed distributions under a regression framework is challenging, yet classical statistical methodologies usually place conditions on the distribution models to facilitate the learning procedure. However, these conditions will likely overlook the complex dependence structure between the heaviness of tails and the covariates. Moreover, data sparsity on tail regions makes the inference method less stable, leading to biased estimates for extremerelated quantities. This paper proposes a gradient boosting algorithm to estimate a functional extreme value index with heterogeneous extremes. Our proposed algorithm is a data-driven procedure capturing complex and dynamic structures in tail distributions. We also conduct extensive simulation studies to show the prediction accuracy of the proposed algorithm. In addition, we apply our method to a real-world data set to illustrate the state-dependent and time-varying properties of heavy-tail phenomena in the financial industry. [ABSTRACT FROM AUTHOR]

We explore the dynamics and determinants of volatility spillover between financial technology (FinTech) and the traditional financial industry (TFI). The total, directional, and net spillover indices are measured, and we further decompose volatility spillovers in a time–frequency framework. Economic fundamentals, risk contagion, and market attention are examined as potential determinants of volatility spillovers. We reveal that the total spillover index is time-varying and exhibits an inverse U-shape between 2017 and 2021. FinTech is a net volatility receiver in most cases, and exported volatility to the TFI during the COVID-19 pandemic. The long-term components are the main driving force of volatility spillovers based on the frequency domain decomposition. Meanwhile, the economic fundamental determinants are the main contributing factors of volatility spillovers, explaining over 60% of total spillover between FinTech and the TFI. The findings remain robust under different settings of forecasting horizons, lag lengths, and proxy of the risk contagion determinant. [ABSTRACT FROM AUTHOR]

Financial liberalization has noticeably reduced the role of the state in effectively influencing the economy in post-developmental states. Yet many studies have found that the legacies of the developmental model continue to influence the policies, institutions, and socioeconomic challenges that are faced by the states that previously adopted the model. These studies, however, do not clearly identify when and how such legacies may be manifested in state behavior. This paper contributes to filling this gap in the literature by arguing that financial crises can serve as a trigger to more clearly reveal the structural evidence of the legacy in institutions that were previously established and utilized for developmental objectives. By conducting a rigorous case analysis using historical and market data on the crisis responses of South Korea's public pension fund, this paper finds that South Korea's developmental legacy remains passively embedded in the governance structure of the pension fund in non-crisis times but manifests during financial crises. [ABSTRACT FROM AUTHOR]

Financial inclusion (that is, access by individuals to the services provided by financial institutions such as banks, insurance, and investment firms) is a key condition for economic development, and forms one of the principal policy instruments in China for the promotion of rural-urban integration. Using data from the China Household Financial Studies (2013), this paper investigates the determinants of financial inclusion at the household level in China. Focused on the role of the Chinese household registration system (hukou), this paper proposes a new hukou typology to investigate the composite index of financial inclusion as well as the six indicators. Multilevel estimates reveal substantial differences of financial inclusion among different hukou holders; significant cross-level associations between hukou and economic development is also found, revealing the complex and non-linear relationship between hukou and financial inclusion. These findings shed light on the potential for market failures and two types of discrimination based on hukou system, which deny access to financial services to groups of people. Research implications on how to increase financial inclusion are mentioned and discussed. [ABSTRACT FROM AUTHOR]