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6 results on '"financial intermediations"'

1. FINANCIAL INNOVATION: THE IMPACT OF BLOCKCHAIN TECHNOLOGIES ON FINANCIAL INTERMEDIARIES

Author

NICOLA DEL SARTO, LORENZO GAI, and FEDERICA IELASI

Subjects
Fintech, blockchain, financial intermediations, banks, finance, Finance, HG1-9999
Abstract

The world around us has become increasingly digital in recent years, from the quick adoption of mobile phones to the emergence of the Internet and, more recently, social media and big data. With profound effects on all productive sectors, the “digital revolution,” considered as the widespread use of digital technology, has fundamentally changed the financial sector. This is presently in the midst of a profound and unheard-of change known as FinTech, which is the direct outcome of the application of technology to finance. Among other things, blockchain has recently gained popularity in the financial services industry. Therefore, a greater comprehension of how this novel technology could affect the financial industry is necessary. In this paper, we explore how blockchain may impact on financial intermediaries and banks.

Published
2024
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2. Essays on development and the function of financial markets

Author

An, Jiafu, Hou, Wenxuan, and Danbolt, Jo

Subjects
Xinfang, financial intermediations, TseTse fly, mobile money, policymakers, communicable diseases, financial markets, trust, gender biased credit
Abstract

This thesis includes three empirical studies on financial development and the function of modern financial markets. The first study investigates the impact of an alternative legal system on financial development in China. Although Xinfang is not part of the judicial system, and therefore is largely ignored by scholars studying the law and finance in China, Xinfang is a formal institution that addresses an array of commercial, contractual, property, and financial disputes and that often handles more cases than the judicial system. I construct the first cross-province, cross-time measures of Xinfang effectiveness and discover that differences in Xinfang are associated with differences in industry and firm financing patterns that are consistent with the law and finance view. The second study examines the impact of the TseTse fly-which is unique to Africa and transmits an epidemic disease harmful to humans and lethal to livestock-on modern financial development in Africa. Exploiting newly georeferenced firm data across the world, I discover that firms in regions that meet the TseTse survival conditions have less access to external finance today and this relationship only exists in Africa. Further tests suggest a causal interpretation of the result. I also find that people are less likely to trust others, to use financial services, and to learn and adopt financial technologies in historically infested regions. In the third study, I assess the impact of biased gender norms on the function of the trade credit markets. In particular, I examine the effects of female production workers on firms' access to trade credits across the world. Using two sources of plausibly exogenous variations in gender bias and a cross-sectional analysis framework, I document that firms with more female production workers have less access to trade credits in countries with stronger gender beliefs that favor males. This relationship is largely driven by firms in industries with unexpected credit shortages and industries dominated by males. Since female firms rely more on informal finance, this study is relevant for policies that direct female firms towards formal credit markets in high gender-biased places.

Published
2021
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3. Sustainable behaviors and firm performance: The role of financial constraints' alleviation.

Author

Zhang, Dongyang and Lucey, Brian M.

Subjects
ORGANIZATIONAL performance, FINANCIAL performance, ENVIRONMENTAL responsibility, BOND market, LONG-term debt, SHORT-term debt, ENTERPRISE value, LITERACY
Abstract

Financial mechanisms play a vital role in maintaining firm performance alongside sustainable growth practices, which include factors such as low-carbon emissions, green energy, and climate change. External investors increasingly incorporate environmental, social, and governance (ESG) considerations into their investment decisions. However, there is limited data on the potential mechanisms underlying ESG and how ESG performance relates to firm performance. This paper, therefore, focuses on the relationship between firms' ESG performance and explores whether firm performance is moderated by ESG-related financial mechanisms. Our empirical analysis is based on data from 215,110 firm-year observations from global, publicly-traded firms during the period 2016–2020. Using ROA and ROS as measures, we found that ESG performance has a significant and positive effect on firm performance. Second, we discovered that ESG performance improves firm performance by alleviating financial constraints. Third, our results show that ESG performance improves external financing, including long-term and short-term debt. Finally, we demonstrate that strong ESG performance sends a high-quality signal to the credit market, which helps firms gain more trade credit, allowing them to improve their performance and the financial environment. [ABSTRACT FROM AUTHOR]

Published
2022
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5. Jordan Economic Monitor, Spring 2015 : Persisting Forward Despite Challenges

Author

World Bank

Subjects
INVESTMENT, TAX EXEMPTIONS, PAYMENT, PUBLIC CREDIT, REGULATORY POLICIES, ECONOMIC GROWTH, PRIVATE INVESTMENT, BANKING SUPERVISION, EMPLOYMENT GROWTH, PRIVATE INVESTMENTS, DEPOSIT, OVERDRAFT, TRANSACTION COSTS, FINANCING, EXTERNAL FINANCING, FISCAL DEFICIT, CREDITOR, TECHNICAL ASSISTANCE, BANK LENDING, FINANCIAL INTERMEDIATION, PENETRATION RATE, UNEMPLOYMENT, INPUT PRICES, INVESTMENTS, HOUSEHOLD WELFARE, FINANCIAL INFRASTRUCTURE, PUBLIC INVESTMENTS, DISPOSABLE INCOME, WOMEN, RED TAPE, COLLATERAL, COLLATERAL REQUIREMENT, GUARANTEE, PUBLIC FINANCES, BANK, LOANS, CREDIT LINES, BUSINESS DEVELOPMENT, INTERNAL FUNDS, CHECKING ACCOUNT, EARNINGS, CREDIT INSTITUTIONS, FINANCIAL MARKETS, INTEREST PAYMENT, TARIFF, FOREIGN DIRECT INVESTMENT, GUARANTEE SCHEME, BORROWERS, DEPOSITS, CREDITORS, FINANCE, FINANCIAL DISTRESS, ENTERPRISE DEVELOPMENT, CREDIT REGISTRY, LINE OF CREDIT, WELFARE, LACK OF ACCESS, COOPERATION, LABOR MARKET, ENTERPRISES, CREDIT BUREAU, LACK OF CREDIT, BUSINESS DEVELOPMENT SERVICES, ACCESS TO FINANCIAL SERVICES, INFORMATION SYSTEM, MONETARY POLICY, LOAN RECOVERY, HOUSEHOLD, PRIVATE EQUITY, FISCAL DEFICITS, INTEREST RATES, DEBT, GUARANTEES, ANGEL NETWORKS, GRANT, AVAILABILITY OF CREDIT, WORKING CAPITAL, SAVING, PAYMENTS, CAPITAL ADEQUACY, FINANCIAL SERVICES, MFIS, PROPERTY, DEBTS, CASH FLOW, FINANCIAL PRODUCTS, CHECKING ACCOUNTS, ACCESS TO FINANCE, FORM OF COLLATERAL, LABOR FORCE PARTICIPATION, ECONOMIC ACTIVITY, COLLATERAL REQUIREMENTS, EXTERNAL SHOCKS, TREASURY BILLS, FINANCE ACCESS, CAPITAL, BANKRUPTCY, INDICATORS OF ACCESS, LINES OF CREDIT, CREDIT INFORMATION SYSTEM, LENDER, FINANCES, INCOME TAX, COMMERCIAL BANK, SECURITY, REMITTANCES, ENTERPRISE, TARIFFS, CREDIT INFORMATION, CAPITAL MARKETS, CREDITWORTHINESS, BORROWINGS, STUDENT, FAMILY, FISCAL POLICY, FINANCIAL SYSTEM, FINANCIAL INSTITUTIONS, SOCIAL DEVELOPMENT, REVENUE, HOUSEHOLDS, EMPLOYEES, CREDIT REPORTING, DIVERSIFICATION, START-UPS, EQUITY, EMPLOYER, ECONOMIC DEVELOPMENTS, PRIVATE CREDIT, CURRENT ACCOUNT, BANKS, BANK LOANS, FINANCIAL INSTITUTION, UNION, MICROFINANCE INSTITUTIONS, BORROWING, BANK BRANCHES, PRIVATIZATION, DEBT FINANCING, LOAN, CREDIT, ACCESS TO CREDIT, EXPENDITURES, CREDIT FACILITIES, MICRO-ENTERPRISE, COMMERCIAL BANKS, INFORMATION ASYMMETRIES, PEOPLE, VENTURE CAPITAL, MICROFINANCE, POOR CREDIT, ISSUE OF ACCESS, LIMITED ACCESS, EDUCATION LEVEL, CREDIT HISTORY, REAL ESTATE, DEVELOPMENT CORPORATION, INTEREST, RECEIPTS, CORRUPTION, ACCOUNTS RECEIVABLE, JOB CREATION, LOAN GUARANTEE, SUBSIDY, SAVINGS, REVENUES, CAPACITY BUILDING, PUBLIC INVESTMENT, INSURANCE SERVICES, OUTREACH, REFUGEES, TREASURY BILL, GENDER, FINANCIAL INTERMEDIATIONS, FINANCIAL INSTRUMENTS, ENTREPRENEURSHIP DEVELOPMENT, EXPENDITURE
Abstract

Jordans economy continues to slowly but steadily recover from the Arab Spring spillovers. These spillovers include Egypts gas disruptions, the neighboring Syrian and Iraqi conflicts and associated security incidents. Notwithstanding these shocks, real GDP growth rate is estimated to have reached 3.1 percent in 2014, up 30 basis points over 2013. From the supply side, growth was led by construction, wholesale and retail trade, and finance and insurance, with a pick-up in the mining and quarrying sector. On the demand side, growth was predominantly fueled by higher public investments, mostly due to earmarked GCC grants, and a narrower trade deficit. The steady economic recovery has improved unemployment rates although this masks underlying structural weaknesses. While unemployment dropped from 12.6 to 11.9 percent from 2013 to 2014, this was not driven by increased employment but by an equivalent and concerning drop in the labor force participation rate. This was possibly driven by discouraged workers given perceived competition from refugees and limited hiring prospects in the public sector given ongoing consolidation efforts.

Published
2015

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