Academic literature on the topic 'Financial institutions – Europe, Central'
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Journal articles on the topic "Financial institutions – Europe, Central"
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Stef, Nicolae. "Institutions and corporate financial distress in Central and Eastern Europe." European Journal of Law and Economics 52, no. 1 (May 28, 2021): 57–87. http://dx.doi.org/10.1007/s10657-021-09702-9.
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Bohl, Martin T., and Hans-Jürgen Wagener. "Emerging financial systems in Central and Eastern Europe: financial institutions and asset pricing." Economic Systems 28, no. 2 (June 2004): 109–10. http://dx.doi.org/10.1016/j.ecosys.2004.05.001.
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Brada, Josef C., Roland Schönfeld, and Ben Slay. "The Role of International Financial Institutions in Central and Eastern Europe." Journal of Comparative Economics 20, no. 1 (February 1995): 49–56. http://dx.doi.org/10.1006/jcec.1995.1003.
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Natalina, Nataliia. "Democracy and Institutional Political Subjectness: Comparative Study for Europe and Central Asia." Przegląd Politologiczny, no. 3 (October 27, 2022): 17–34. http://dx.doi.org/10.14746/pp.2022.27.3.2.
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This article presents the results of a comparative analysis of political institutions in different types of regimes through indicators of their political subjectness, namely governance effectiveness, government’s future orientation and institutional trust. The correlation between these indicators and the level of democratisation for 50 countries in Europe and Central Asia as of 2021 and in the dynamics of the last 15 years is calculated on the basis of a broad empirical database. The influence of new world order trends, such as the development of a network society, the digitalisation of the political field and the influence of international financial institutions, on institutional political subjectness is explored. The author concludes that consolidated democracies and autocracies have a higher level of political subjectness than hybrid regimes. Democracies are more effective in governance, but autocracies are more perceived by their citizens as capable of providing political stability and a long-term vision for the future. As a result, autocratic regimes have a higher dynamic of institutional trust. Hybrid regimes demonstrate a greater propensity for authoritarian political institutions and traditions than for democratic ones.
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PAMUK, ŞEVKET. "The evolution of financial institutions in the Ottoman Empire, 1600–1914." Financial History Review 11, no. 1 (April 2004): 7–32. http://dx.doi.org/10.1017/s0968565004000022.
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For most of its 600-year existence, the economic institutions and policies of the Ottoman Empire were shaped to a large degree by the priorities and interests of a central bureaucracy. The influence of landowners, merchants and moneychangers remained limited. The central bureaucracy managed to contain the many challenges it faced with pragmatism, flexibility and negotiation. This study examines long-term changes in Ottoman fiscal, monetary and financial institutions from this perspective of pragmatism, flexibility and adaptiveness. Ottoman institutions of private and public finance retained their Islamic lineage until the end of the seventeenth century. European financial institutions began to grow in influence during the eighteenth century. With the onset of the Ottoman reform movement and greater economic interaction with Europe during the nineteenth century, institutional change accelerated. Ultimately, however, Ottoman pragmatism and flexibility remained selective and was utilised for the defence of a traditional order led by the central bureaucracy. Many of the key institutions of the traditional order such as state ownership of land, urban guilds and restrictions on private capital accumulation remained intact until the nineteenth century.
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Nistor, Simona. "Banks’ Vulnerability and Financial Openness across Central and Eastern Europe." Studia Universitatis Babes-Bolyai Oeconomica 62, no. 3 (December 1, 2017): 47–66. http://dx.doi.org/10.1515/subboec-2017-0013.
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Abstract This paper investigates the impact of the degree of capital account openness on banks’ exposure to extreme events during the period 2005-2012 using a sample of financial institutions from Central and Eastern Europe. The empirical output highlights a positive and strongly significant impact of a higher degree of financial openness on banks’ systemic vulnerability. Robust findings suggest that this harmful effect is lower for foreign owned banks or for those whose bank holding company signed one or more Vienna Initiative commitment letters. On the other side, tighter capital regulations and private monitoring policies enhance the positive impact of a higher degree of capital accounts openness on banks’ vulnerability to systemic events.
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GRESKOVITS, BÉLA. "The postsocialist transformation in Central and Eastern Europe." Brazilian Journal of Political Economy 22, no. 4 (December 2002): 579–93. http://dx.doi.org/10.1590/0101-31572002-1270.
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ABSTRACT What is attempted in the East is catching up with the West from a recent position of worse-than-Latin-American economic backwardness. Until now, populations that were sentenced to political patience by the logic of poor democracies have reluctantly backed this enormous effort. Central and Eastern Europe’s post-socialist path is characterized by an increasingly discredited ideology of a return to Europe and a non- European combination of substitute institutions of development: radical opening towards the world economy, damaged institutions of labor representation, eroded state capacity, and often strong private and foreign dominance in the financial and other strategic sectors. There is a chance for a few countries to succeed. Yet various development traps may be more likely in the end than a “Great Spurt” in the Gerschenkronian sense.
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Anginer, Deniz, Asli Demirgüç-Kunt, and Davide Salvatore Mare. "Bank regulation and risk in Europe and Central Asia since the global financial crisis." Risk Governance and Control: Financial Markets and Institutions 10, no. 1 (2020): 75–93. http://dx.doi.org/10.22495/rgcv10i1p6.
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This paper examines changes in bank capital and capital regulations since the global financial crisis, in the Europe and Central Asia region. It shows that banks in Europe and Central Asia are better capitalized, as measured by regulatory capital ratios, than they were prior to the crisis. However, the increase in simple equity ratios for the same banks has been smaller over the past 10 years. The increases in regulatory capital ratios have coincided with a reduction in the stringency of the definition of Tier 1 capital and reduction in risk-weights. We further analyze the relationship between bank capital and bank risk using individual bank data. We show that bank risk in Europe and Central Asia is more sensitive to changes in simple leverage ratios than changes in regulatory capital ratios, consistent with the notion that equity ratios only include high-quality capital and do not rely on internal risk models to compute risk-weights. Although there has been some effort to increase capital and liquidity requirements for institutions deemed systemically important, the region has been lagging in addressing the resolution of these institutions. In line with Demirguc-Kunt, Detragiache, and Merrouche (2013), our findings show the importance of the definition of bank capital to assure bank financial stability in Europe and Central Asia.
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Soulsby, Anna, Graham Hollinshead, and Thomas Steger. "Crisis and change in industrial relations in Central and Eastern Europe." European Journal of Industrial Relations 23, no. 1 (March 2017): 5–15. http://dx.doi.org/10.1177/0959680117693686.
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This article introduces the Special Issue on industrial relations in Central and Eastern Europe since the financial and economic crisis. Already dependent economically on funding from the west and lacking the robust industrial relations institutions traditional in much of Western Europe, countries in the region were particularly vulnerable. However, there are important cross-national differences, and the strategies of key actors have significantly affected the outcomes.
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Hashimoto, Tom. "The agency of reformers in new European financial centres: A historically informed financial geography." Finance and Society 7, no. 1 (May 4, 2021): 57–75. http://dx.doi.org/10.2218/finsoc.v7i1.5591.
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While institutional frameworks are the dominant approach to analysing the geography of finance, this article focuses on how individual policymakers influence the characteristics of financial institutions and set, or even alter, financial centre development. The historical narratives from Central and Eastern Europe (CEE) that this article presents reveal post-socialist reformers’ contrasting philosophies and approaches, despite their shared goals of market liberalisation and European integration. These reforms (or lack thereof) differentiated the securities markets in Warsaw, Prague, and Budapest, especially with respect to financial intermediary mechanisms. Although the legacies of such reforms continue to shape an uneven landscape of financial centres in CEE, this article proposes reformer-centred narratives as an alternative to deterministic institutional thinking. The article argues that historical narratives that foreground the actions and ideas of key policymakers need to be included in the observation framework of financial centre development, in a similar way to how scholars analyse foreign policy by focusing on the heads of governments and ministers.
Dissertations / Theses on the topic "Financial institutions – Europe, Central"
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Owolabi, Oluwarotimi Ayokunnu. "Corporate financing in transition : implications for institutions and ownership." Thesis, Brunel University, 2012. http://bura.brunel.ac.uk/handle/2438/6154.
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The present thesis examines the implications of ownership and institutions for corporate financing in Central and Eastern Europe. There are three empirical chapters (chapters 2, 3 and 4). Chapter two examines the role of business networks for firm external financing. Our central hypothesis here is that firms’ affiliation to business association is likely to be beneficial in securing external finance (especially bank finance) in countries with weak legal and judicial institutions, as it helps banks and financial institutions to minimize the underlying agency costs of lending. Using recent EBRD-World Bank BEEPS data, we find some support to this central hypothesis in our sample. Importance of foreign banks for economic development of CEE countries has been emphasized in the literature though there is wide dispersion in foreign investment in the region. In this context, chapter three (i.e., the second empirical chapter) focuses on the implications of corruption for foreign bank entry and ownership structure in Central and Eastern European countries. The chapter argues that the presence and persistence of corruption (both absolute and relative) may adversely affect costs of setting up as well as running day-to-day operations of foreign banks in host emerging economies. Using primarily Bankscope bank-level data we find that greater absolute and relative corruption may lower foreign bank entry, greater relative corruption may encourage foreign greenfield entry in our sample; while relative corruption is not significant for foreign takeover. The latter highlights the importance of encouraging foreign investors from countries with similar institutions. Finally, considering the implications of ownership for bank capital and performance in chapter four (the final empirical chapter) in light of the focus on bank capital and capital regulation in discussions after the recent banking crisis, we argue that the relationship between bank capital and bank performance crucially depends on bank ownership structure. Using Osiris data we examine foreign greenfield and other joint venture (JV) differential effect of high bank capital on bank performance. A significant positive effect of foreign Greenfield (as opposed to JV) bank capital on bank performance, after controlling for all other factors is found. We attribute this to better governance compared to varied ownership arrangement in other joint venture banks. Thus wide dispersion in the quality of institutions and ownership explains a great deal of variation in the economic performance of countries in the region. We hope findings of this thesis would inform policies and will also influence future research.
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Loh, Christian. "Bankensysteme in Mittel- und Osteuropa : die Evolution des Bankensystems am Beispiel ausgewählter Transformationsländer /." Hamburg : Kovač, 2008. http://www.gbv.de/dms/zbw/56477121X.pdf.
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Armengol, Ferrer Ferran. "El Banc Europeu de Reconstrucció i Desenvolupament: una institució financera internacional en el marc de la integració europea i la globalització." Doctoral thesis, Universitat Pompeu Fabra, 2004. http://hdl.handle.net/10803/7285.
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L'objecte de la present tesi doctoral és l'estudi del Banc Europeu de Reconstrucció i Desenvolupament (BERD), institució financera internacional específicament dedicada a la cooperació a la transició política i econòmica dels estats d'Europa central i oriental. L'estudi és de caràcter essencialment jurídic i analitza la "funció d'adaptació" a la democràcia pluralista i l'economia de mercat dels esmentats estats que desenvolupa el Banc, i els problemes jurídics derivats d'aquesta activitat. La Tesi s'estructura, així, en quatre parts: en la primera s'analitzen els fonaments del marc de cooperació en el qual s'insereix la creació del BERD ; la segona descriu els diversos tipus d'operacions desenvolupades pel banc. La tercera incideix sobre l'estructura institucional del Banc i la quarta, i última, es refereix al règim jurídic del Banc i els mitjans de control polític i judicial de la seva activitat.El objeto de la presente tesis doctoral es el estudio del Banco Europeo de Reconstrucción y Desarrollo (BERD), institución financiera internacional específicamente dedicada a la cooperación a la transición política y económica de los estados de Europa central y oriental. El estudio es de carácter esencialmente jurídico y analiza la "función de adaptación" a la democracia pluralista y la economía de mercado de dichos estados que desarrolla el Banco, y los problemas jurídicos derivados de dicha actividad. La Tesis se estructura, así, en cuatro partes: en la primera se analizan los fundamentos del marco de cooperación en el que se inserta la creación del BERD; la segunda describe los diversos tipos de operaciones desarrolladas por el Banco. La tercera incide sobre la estructura institucional del Banco y la cuarta, y última, se refiere al régimen jurídico del Banco y los medios de control político y judicial de su actividad.
The object of this Ph D thesis is the study of the European Bank for Reconstruction and Development (EBRD), international financial institution specifically devoted to the cooperation to the political and economic transition in Central and Eastern Europe States. The study is from essentially juridical character and analyzes the function of adaptation of the aforementioned States to pluralistic democracy and market economy that develops the Bank , and the juridical problems derived from this activity. The Thesis is structured, thus, in four parts: in Part One, the foundations of the frame of cooperation in which the creation of the EBRD is inserted are analyzed; Part Two portrays the several types of operations developed by the Bank. Part Three falls upon the institutional structure of the Bank. Part Four refers to the juridical regime of the Bank and the means of political and judicial control of its activity.
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Loranth, Gyöngyi. "Essays on Financial Markets Strategies." Doctoral thesis, Universite Libre de Bruxelles, 2002. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/211358.
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Adalid, Sébastien. "La BCE et l’Eurosystème : exemple d’intégration verticale." Thesis, Lyon 3, 2012. http://www.theses.fr/2012LYO30086/document.
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La banque centrale européenne (bce) n'est pas une institution au sens des traités communautaires. pourtant elle dispose, à l'image des institutions, de pouvoirs législatifs et exécutifs. au sens du droit communautaire, la bce est un <>, elle jouit donc de la personnalité juridique. dans le paysage institutionnel de l'union, la bce est la seule à disposer à la fois de pouvoirs législatifs et exécutifs et de la personnalité morale. il convient de ce fait de se poser la question de la place de la bce dans ce paysage institutionnel. de plus, les pouvoirs de la bce et leur exercice sont extrêmement flous. tout d'abord, la bce partage certains pouvoirs avec le conseil ecofin, qui lui mêne en partage avec l'eurogroupe. ensuite, les pouvoirs de la bce sont exercés soit par le conseil des gouverneurs, soit par le directoire. les décisions prises par ces organes, sont ensuite mises en oeuvre par la bce elle même ou par les banques centrales nationales. il se pose donc la question des réels pouvoirs de la bce, du fait de son intégration au sein du système européen de banques centrales. beaucoup d'auteurs ont apporté des réponses à ces questions, la bce : banque centrale de la communauté, la bce autorité administrative indépedante, le bce communauté internationale à part. malgré, l'intérêt de ces travaux aucun n'a pris en compte la bce dans sa globalité et dans sa complexité. notre travail de tèse se propose de reprendre l'ensemble des questions relatives à la place de la bce dans les institutions et organes de l'union, afin de mieux définir et comprendre cet organe à partThe Eurosystem is a unique structure of European Union law which includes the central banks of States that have adopted the euro and the European Central Bank. A theoretical study of the evolution of the exercise of power within the Union demonstrates the emergence of a new methode of integration called "vertical integration." In a dialectical process between theory and reality of the Eurosystem, the main features of the the vertical integration method can be tested and its main qualities and defects disclosed.The method of vertical integration led to the construction of sub-systems composed of national bodies and body of the Union. The method operates in four directions. The sub- system thereby producted relates formally and functionally to the EU and operates in a specific sector which imposes the specificities of its action. It can be said "organized" (its components are interconnected by complex interrelationships guaranteeing the unity and effectiveness of the system). It is independent from the states as it is from the political institutions of the Union.The study of the Eurosystem through this perspective allows to elucidate the nature of this unusual construction whose action in crises - the financial crisis and the sovereign debt crisis - was crucial. Such research can also highlight, under a new perspective, the recent developments in the institutional system of the EU as a whole
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Singh, Rupinder. "Financial restructuring of transition economics in Central and Eastern Europe." Thesis, Birkbeck (University of London), 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.299789.
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Beck, Nicolas. "L'évolution du cadre institutionnel de la régulation prudentielle." Thesis, Paris 2, 2012. http://www.theses.fr/2012PA020079.
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Avec l’annonce de la création d’une Union bancaire européenne, l’évolution du cadre institutionnel de la régulation prudentielle est actuellement au coeur des débats politiques. Le projet de réforme prévoit la dévolution d’une importante partie du contrôle prudentiel des entreprises financières à la Banque centrale européenne. Les conflits d’intérêts potentiels susceptibles d’être générés dans le cadre de la détermination de la politique monétaire et de la mise en oeuvre du contrôle prudentiel ont souvent été mis en exergue par les détracteurs du modèle de régulation intégré aux institutions d’émission. Cependant, les influences réciproques ainsi que la complémentarité tenant à l’exercice des missions de stabilité monétaire et de stabilité financière par le banquier central pourraient tendre à justifier l’adoption de telles mesures. La concentration des pouvoirs monétaires et prudentiels dans le giron des banques centrales impliquerait néanmoins pour ces dernières de répondre au principe de la légitimité démocratique, cela tout en conservant un certain degré d’indépendance à l’endroit du pouvoir politique. La conciliation de ces deux exigences semblerait nécessaire dans l’hypothèse où les banques centrales se verraient amenées à exercer un rôle croissant au sein de la sphère financière. Plus largement, c’est peut-être dans la recherche de cet équilibre que réside le secret de la conception d’un cadre institutionnel optimal dans le domaine de la régulation monétaire et financière. Les insuffisances dénoncées des modèles de supervision pourraient-elles ainsi se voir pallier par l’institution d’un Système mondial de banques centrales en charge du contrôle prudentiel ?With the announcement of the creation of an European banking union, the evolution of institutionnal framework of prudential supervision is currently at the center of political debates. The draft reform provides for the devolution of a significant part of prudential supervision of financial enterprises to the European central bank. The potential conflicts of interest which might be generated in the framework of the determination of monetary policy and the implementation of prudential supervision have often been underlined by critics of the integrated regulatory model within issuing institutions. However, both reciprocal influences and complementarity in the exercice of the missions of monetary stability and financial stability by the central banker might tend to justify the adoption of such measures. The concentration of monetary and prudential powers within central banks would imply, though, for those latter to satisfy the principle of democratic legitimacy, this while keeping some degree of independence from the political power. The conciliation between these two requirements would seem necessary assuming that central banks would be set to exercise an increasingly important role within the financial sphere. More extensively, perhaps the secret of the design of an optimal institutionnal framework in the area of financial and monetary supervision lies in the search for this balance. Might insufficiencies highlighted in supervisory models be overcome by setting up a world system of central banks in charge of prudential supervision?
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Elston, Thomas. "Reinterpreting agencies in UK central government : on meaning, motive and policymaking." Thesis, University of Nottingham, 2014. http://eprints.nottingham.ac.uk/14045/.
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This thesis is a qualitative and interpretive exploration of continuity and change in the role of executive agencies in UK central government. Its three objectives are: (i) to test the longevity of the semi-autonomous agency model first introduced by Conservative governments after 1988; (ii) to explore the department-agency task division in the policymaking processes supposedly fragmented by this ‘agencification’; and (iii) to evaluate the paradigmatic testament of contemporary agency policy and practice in Whitehall. The thesis builds from an extended case study conducted during the 2010 Coalition Government in the Ministry of Justice and three of its agencies – the National Offender Management Service, HM Courts and Tribunals Service, and the Office of the Public Guardian. Social constructivist meta-theory and the application of narrative and discourse analysis together make for an account of interpretive transformation that is theorised by discursive institutionalism. Substantively, the thesis first describes an asymmetric departure from the ‘accountable management’ philosophy which the 1988 Next Steps agency programme originally epitomised. Agency meaning is multivocal, but contemporarily converges towards accountability and transparent corporate governance, rather than managerial empowerment, de-politicisation and decentralisation. Secondly, institutional preservation of the policy-delivery work dichotomy is registered, yet found to be a poor descriptor of both historic and contemporary policy processes. Agency staff act as policy initiators and collaborators, contrary to Next Steps’ quasi-contractual, principal-agent logic, and further evidencing the departmentalisation of the once arm’s-length agency model. Thirdly, and paradigmatically, while no unidirectional trend is found, the thesis adds to the growing literature positing some departure from the former ideological and practical predominance of ‘new public management’. In so doing, it also demonstrates the challenges faced by large-N population ecology and administrative systems analysis – the favoured methodology in much international agencification scholarship – in accounting for continuity and change in policy, practice and paradigm.
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Smith, Alison F. "The effect of electoral institutions on party membership in central and east Europe." Thesis, University of Oxford, 2013. http://ora.ox.ac.uk/objects/uuid:2c9c60b1-5fd8-435e-a485-a5322de60246.
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Party membership levels in the new democracies of central and east European were predicted to remain universally low, stymied by post-communist legacies, the availability of state funding and the prevalence of mass media communications (van Biezen, 2003; Kopecký, 2007). However, more than two decades after the fall of the Berlin Wall, membership levels vary considerably between countries, and also between individual parties within party systems. Using freshly gathered party membership data, elite surveys and interviews, this thesis explores a number of institutional hypotheses to test whether, as in western democracies, electoral institutions influence how parties organise and campaign. This thesis finds that national electoral systems, municipal electoral rules and business funding regulations have an observable impact on how parties use their members. In particular, 'decentralised' electoral systems encourage greater involvement of members in voter contacting and other small campaign tasks. This thesis concludes that, contrary to the dominant literature, the availability of state funding has little impact on party membership recruitment. Instead, central and east European parties' attitudes to members are shaped by a complex interaction of institutional, cultural, ideological and strategic factors.
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Rabrenović, Aleksandra. "Financial accountability as a condition for EU membership." Thesis, University of Glasgow, 2007. http://theses.gla.ac.uk/2265/.
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The objective of this thesis is to provide advice on how to establish a reliable system of financial accountability in Serbia, as a condition for EU membership. The creation of a functional financial accountability system in Serbia is important not only for further Serbian development, but also to secure efficient and effective use of the EU/Member States’ monies, which are already being used in Serbia. This thesis analyses financial accountability systems of two EU Member States: UK and France and a supranational EU system, which are then compared with the Serbian system. The legal frameworks of these systems of financial accountability are analysed against their socio-historical backgrounds, focusing on the key challenges they face in both their strategic developments and everyday work. The conclusion is that Serbia has still not met the financial accountability conditions for EU membership outlined in the acquis communitaure. The comparative socio-legal analysis has demonstrated that the application of pure, more advanced Western European models of financial accountability would not be possible in the transitional Serbian environment. However, specific elements of these systems, exemplified in the emerging European system of financial accountability, could be well applied in the Serbian context.
Books on the topic "Financial institutions – Europe, Central"
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Gavin, Gray, ed. Handbook of financial institutions in Central Europe. London: Euromoney Publications, 1993.
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Yelena, Kalyuzhnova, and Taylor Michael 1962-, eds. Transitional economies: Banking, finance, institutions. Basingstoke, Hampshire: Palgrave in association with Centre for Euro-Asian Studies, 2001.
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John, Bonin, and Székely István P. 1959-, eds. The development and reform of financial systems in Central and Eastern Europe. Aldershot, Hants, England: E. Elgar, 1994.
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Hoffmeyer, Erik. Thirty years in central banking. Washington, D.C: Group of Thirty, 1994.
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1948-, Bruni Franco, Fair Donald E, O'Brien Richard 1950-, Allen Bill 1949-, and Société universitaire européenne de recherches financières., eds. Risk management in volatile financial markets. Dordrecht: Kluwer Academic Publishers, 1996.
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Banco Central de Reserva de El Salvador. and Seminario Regional sobre las Experiencias en la Integración de Sistemas Financieros (1992 : San Salvador, El Salvador), eds. Experiencias en la integración de sistemas financieros: Seminario. San Salvador, El Salvador: Banco Central de Reserva de El Salvador, 1993.
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E, Hörnig S., and Eastwood Michael, eds. Major financial institutions of Europe. London: Graham & Whiteside, 1995.
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Japanese financial institutions in Europe. Amsterdam: Elsevier, 1995.
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Office, General Accounting. Environmental issues in Central and Eastern Europe: U.S. efforts to help resolve institutional and financial problems : report to the Chairman, Committee on Energy and Commerce, House of Representatives. Washington, D.C: The Office, 1994.
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Whiteside, R. M., A. Wilson, S. Blackburn, S. E. Hörnig, and C. P. Wilson, eds. Major Financial Institutions of Europe 1993. Dordrecht: Springer Netherlands, 1992. http://dx.doi.org/10.1007/978-94-011-2240-5.
Full textBook chapters on the topic "Financial institutions – Europe, Central"
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Branson, William H., Jorge Braga Macedo, and Jürgen von Hagen. "Macroeconomic Policy and Institutions During the Transition to European Union Membership." In Central Europe towards Monetary Union: Macroeconomic Underpinnings and Financial Reputation, 5–29. Boston, MA: Springer US, 2000. http://dx.doi.org/10.1007/978-1-4615-1385-8_2.
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Häusler, Gerd. "The Competitive Position of Germany as a Financial Centre as Seen by a Central Banker." In The Competitiveness of Financial Institutions and Centres in Europe, 253–63. Dordrecht: Springer Netherlands, 1994. http://dx.doi.org/10.1007/978-94-015-8350-3_16.
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Blattner, Niklaus. "The Swiss Financial Centre Revisited." In The Competitiveness of Financial Institutions and Centres in Europe, 335–49. Dordrecht: Springer Netherlands, 1994. http://dx.doi.org/10.1007/978-94-015-8350-3_21.
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O’Connell, Thomas, and Neil Kennedy. "Dublin’s International Financial Services Centre: A Review." In The Competitiveness of Financial Institutions and Centres in Europe, 265–84. Dordrecht: Springer Netherlands, 1994. http://dx.doi.org/10.1007/978-94-015-8350-3_17.
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Takahashi, Wataru, and Hiroo Taguchi. "Japan’s Financial Markets: Their Competitiveness and Internationalization." In The Competitiveness of Financial Institutions and Centres in Europe, 285–99. Dordrecht: Springer Netherlands, 1994. http://dx.doi.org/10.1007/978-94-015-8350-3_18.
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Sijben, Jacques J. "Financial Fragility and Macroeconomic Performance: An Overview." In The Competitiveness of Financial Institutions and Centres in Europe, 353–79. Dordrecht: Springer Netherlands, 1994. http://dx.doi.org/10.1007/978-94-015-8350-3_22.
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O’Connell, Maurice. "The Irish Financial Sector in the European Context." In The Competitiveness of Financial Institutions and Centres in Europe, 5–7. Dordrecht: Springer Netherlands, 1994. http://dx.doi.org/10.1007/978-94-015-8350-3_2.
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Modiano, Pietro, Laura Elisabetta Mollame, and Virna Valenti. "New Competitive Strategies in the Italian Financial Services Industry." In The Competitiveness of Financial Institutions and Centres in Europe, 199–225. Dordrecht: Springer Netherlands, 1994. http://dx.doi.org/10.1007/978-94-015-8350-3_13.
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Abraham, Jean-Paul. "Is Competitiveness a Dangerous Obsession in the Financial World?" In The Competitiveness of Financial Institutions and Centres in Europe, 29–44. Dordrecht: Springer Netherlands, 1994. http://dx.doi.org/10.1007/978-94-015-8350-3_4.
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Raikes, David G., and Andrew Newton. "Competition and Financial Centres in Europe: London as a Case Study." In The Competitiveness of Financial Institutions and Centres in Europe, 313–34. Dordrecht: Springer Netherlands, 1994. http://dx.doi.org/10.1007/978-94-015-8350-3_20.
Full textConference papers on the topic "Financial institutions – Europe, Central"
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Polouček, Stanislav. "Credit Behaviour of Banks in the European Union in the Wake of Global Economic Crisis." In International Conference on Eurasian Economies. Eurasian Economists Association, 2010. http://dx.doi.org/10.36880/c01.00221.
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Recent financial crises hit many countries. The impact on Visegrad countries in credit area was not damaging. The main reason was stability and soundness of financial (banking) sectors in these countries and an adequate response of central banks as well as flexible management of commercial banks. Commercial banks, usually daughter companies of western banks, used above all domestic deposits for financing credits. This played a key role in credit area and helped to keep the financial system stable. It is important to underpin that responses to the crisis have been rather heterogeneous in central European countries and there are quite big disparities among Visegrad countries, too. In the paper developments and responses of the commercial banks to the crisis and their stability have been discussed on the basis of deposits, loans of monetary financial institutions to the non-financial sector, households, governments, lending for house purchase and credit for consumption in several EU countries. Net position of banks vis-á-vis foreign banks is taken into account, too.
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Banincova, Eva. "Implications of the Global Financial Crisis on the Banking Sector in Eastern Europe and Baltic States." In International Conference on Eurasian Economies. Eurasian Economists Association, 2011. http://dx.doi.org/10.36880/c02.00263.
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In 2008-09 the banking sectors of four Central and East European States and three Baltic States have experienced a large-scale financial crisis in the EU for the first time since becoming foreign-owned. Amongst the new EU member states Baltic States and Hungary were the worst affected economies.
The paper first explores why the extent of crisis varied among these seven states by distinguishing major differences in the pre-crisis bank lending practices which reflect different macroeconomic developments and exchange rate policies in these states. Based on the analysis of bank performance indicators since 2008 and my interviews with representatives of major banks active in the region, the important role of foreign banks in mitigating the risks of financial contagion is outlined. The implication from the crisis is examined mainly from the perspective of the financial supervision and regulation in the enlarged EU. By inspecting the concrete experience of financial supervision authorities in the Baltic States the paper shows why the host country supervisors were not able to curb excessive lending and risk-taking by large Scandinavian banks. Since it is expected that the new EU regulatory and supervisory framework will reinforce the financial stability in the case of large cross-border banking groups, the paper addresses the issues in the financial crisis prevention, management are resolution in the new EU member states which will improve based on the new EU regulatory and supervisory framework for credit institutions.
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Lleshaj, Llesh. "Volatility Estimation of Euribor and Equilibrium Forecasting." In 7th International Scientific Conference ERAZ - Knowledge Based Sustainable Development. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2021. http://dx.doi.org/10.31410/eraz.2021.171.
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Euribor rates (Euro Interbank Offered Rate) rates are considered to be the most important reference rates in the European money market. The interest rates do provide the basis for the price and interest rates of all kinds of financial products like interest rate swaps, interest rate futures, saving accounts and mortgages. Since September 2014, this index has performed with negative rates. In recent years, several European central banks have imposed negative interest rates on commercial banks, as the only way to stimulate their nations’ economies. Under these circumstances, the purpose of this study is to estimate the gap of the negative rates which are still increasing constantly. This fact puts in question the financial stability in many countries and the effect of monetary policy on stimulating economic growth around European countries. According to the daily data 2016 - 2021, this study has analyzed the volatility of the Euribor index related to efficient market hypothesis and volatility clustering. Applying advanced volatility econometric methods, GARCH volatility models are derived and the long-run equilibrium is predicted. Practical Implications are related to the empirical impacts that ought to be taken into consideration by the banking sector and other financial institutions to make decisions with the Euribor index.
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Öztürk, Serdar, Ali Sözdemir, and Özlem Ülger. "The Global Economic Crisis and its Effects on the Monetary Policy of Turkey." In International Conference on Eurasian Economies. Eurasian Economists Association, 2012. http://dx.doi.org/10.36880/c03.00536.
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Capitalism has faced the most severe and the longest crisis since 1929. Resource of the emerging financial crisis in the second half of 2007 was mortgage crisis that experienced in the United States. The collapse of housing market has caused great instability in the financial markets and then turned into the strong liquidity crisis and spread all over the world. The impact of global economic crisis on the world economies in the last quarter of 2008 was very fast and it occured in a devastating way. In this process, the asset prices declined, capital of financial institutions seriously damaged and this caused bankruptcy of many large financial organizations such as Lehman Brothers. In this context, the growth rates in the world fell down quickly, external demand contraction and global export decreased. At this point, developed countries applied large scale financial incentive packages. Especially, the Central Banks of developed countries have provided exceptional levels of liquidity that is used as a monetary policy tool by taking the risk of deterioration of their balance sheets. During this period, as a result of these policies followed by money and finance authorities have changed only the shape of global crisis and as a result the financial crisis has turned into a debt crisis. The effects of Global Economic Crisis on the Turkish economy emerged prominently in the last quarter of 2008. However, in comparison with many European countries, it is clear that all dynamics have became more favourable for Turkey after 2010.
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Mazur-Kumrić, Nives, and Ivan Zeko-Pivač. "TRIGGERING EMERGENCY PROCEDURES: A CRITICAL OVERVIEW OF THE EU’S AND UN'S RESPONSE TO THE COVID-19 PANDEMIC AND BEYOND." In EU 2021 – The future of the EU in and after the pandemic. Faculty of Law, Josip Juraj Strossmayer University of Osijek, 2021. http://dx.doi.org/10.25234/eclic/18300.
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The large-scale COVID-19 pandemic is a severe public health emergency which poses distressing social and economic challenges to the international community as a whole. In order to provide immediate and effective support to affected welfare and healthcare systems as well as to build their lasting, inclusive and sustainable recovery, both the European Union and the United Nations have introduced a number of urgent measures aiming to help and protect citizens and economies. This paper looks into the specificities of urgent procedures launched and carried out by the two most influential international organisations with a view to rapidly respond to the unprecedented COVID-19 crisis. More specifically, it focuses on the involved institutions and steps of urgent procedures as well as on their most remarkable outcomes. In the case of the European Union, the emphasis is put primarily on two Coronavirus Response Investment Initiatives (CRIIs), adopted during the Croatian Presidency of the Council in one of the fastest legal procedures in the history of the European Union, and the Recovery Assistance for Cohesion and the Territories of Europe (REACT-EU) as an extension of the CRIIs’ crisis repair measures. The overarching United Nations’ response is assessed through an analysis of its urgent policy agenda developed on the premise that the COVID-19 pandemic is not only a health and socio-economic emergency but also a global humanitarian, security and human rights crisis. This particularly includes procedures foreseen by the Global Humanitarian Response Plan (GHRP) and the Strategic Preparedness and Response Plan (SPRP). In addition, the aim of the paper is to provide a critical overview of the subject by highlighting three pivotal elements. First, the paper sheds light on the financial aspects of the urgent fight against the COVID-19 pandemic, necessary for turning words into action. Notably, this refers to funds secured by the Multiannual Financial Frameworks 2014-2020 and 2021-2027, and the Next Generation EU recovery instrument, on the one hand, and the UN COVID-19 Response and Recovery Fund, the UN Central Emergency Response Fund and the Solidarity Response Fund, on the other hand. Second, it offers a comparative evaluation of the end results of the European and global emergency procedures in mitigating the impacts of the COVID-19 pandemic. Finally, it summarises the underlying elements of measures governing the aftermath of the ongoing crisis, i.e. those promoting a human-centred, green, sustainable, inclusive and digital approach to future life.
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Pyka, Anna, and Aleksandra Nocoń. "Polish versus European banking sector − characteristics, consolidation, ownership changes." In Contemporary Issues in Business, Management and Economics Engineering. Vilnius Gediminas Technical University, 2019. http://dx.doi.org/10.3846/cibmee.2019.032.
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Purpose – the main aim of the study is an assessment of the banking sector in Poland, including the size of the sector, banking institutions forming the sector and consolidation processes taking place in the sector against the background of banking sectors in other countries. The paper also indicates ownership changes as a consequence of consolidation processes in the banking sectors after the global financial crisis of 2008−2012. Research methodology – the following research methods were used: cause and effect analysis, comparative analysis, case studies, observation method, secondary data analysis, and synthesis method. Findings – the research allowed to find out that the banking sector in Poland is growing at a rate significantly exceeding the growth rate in other European countries. However, rapid development does not mean a radical increase in the importance of this sector in Europe. Concentration ratios of the Polish banking sector show continuous but slight increases, although their level is still quite low compared to other European Union countries. Moreover, in Poland, a decreasing number of banks, observed in recent years, reduces a share of foreign investors in the structure of the sector. This means a high activity of domestic investors in taking over bank capital. Research limitations – the main research limitation is that the study mainly focuses on changes as well as comparative analysis of the concentration ratio (CR5). While further research should be expanded by more measures to compare ownership structure and the profitability of Polish and the European Unionʼs banking sectors. Practical implications – the results might be useful for central banks and supervisory authorities when it comes to their role in changes in the ownership structure of banking sectors. Originality/Value – the main value of the article is the in-depth analysis of the ownership structure of the Polish banking sector in the background of the European ones
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Pepler, Giles. "DEVELOPING POLICIES TO STIMULATE THE UPTAKE OF OER IN EUROPE." In eLSE 2014. Editura Universitatii Nationale de Aparare "Carol I", 2014. http://dx.doi.org/10.12753/2066-026x-14-040.
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The POERUP project This paper presents research, analysis and policy recommendations from the POERUP (Policies for OER Up Take) project. The overall aim is to develop policies to promote the uptake of OER, especially across the EU, in all main educational sectors. The project has already created an inventory of more than 400 OER initiatives worldwide, documented on the project wiki. POERUP has produced 11 country reports and 19 mini-reports and is finalising seven case studies of notable OER initiatives. Outcomes of our research In the schools sector, it appears that there are very large numbers of European OERs which are potentially appropriate for K-12 education, a significant proportion of which emanate from museums, galleries, archives and national broadcasters. Although there appears to be some uncertainty concerning the availability of K-12 OER, they form potentially a valuable element in policy responses to austerity and to improve the learner experience in the school sector. However our research reports a range of barriers and disincentives to using OER. Although the development of vocational training has been a subject of enhanced political cooperation at the European level during the past decade, only one of the notable OER initiatives we have catalogued is targeted towards the VET sector and there is little evidence of any national or regional policies on OER for VET. In Universities the various schemes for quality in OER are so far ignored by national HE quality agencies or governments - not surprising when they mostly ignore similar schemes for quality in e-learning, even though e-learning (on- or off-campus) has far greater penetration than OER. Types of policy interventions Our research leads us to recommend three strands of policy interventions: o Linking OER to open access to research and to standards. o Fostering the phenomena that OER is said to facilitate. o Reducing the barriers to creation of innovative institutions and innovative practices. POERUP has produced three draft EU-level policy documents for universities, VET and schools. This paper integrates recommendations from the three sectors. POERUP is also producing policy documents for 5 Member States. Policy recommendations for the Commission and Member States OER is part of the broader fields of e-learning and distance learning and many of our recommendations are applicable in these broader contexts. They are grouped under seven headings and all are mapped against Opening Up Education; recommendations to Member States are specified. Communication and awareness raising: o Continue to promote the OER related initiatives currently being funded. o Facilitate exchange of experiences from national programmes between Member States. o Mount a campaign to educate university and school staff on IPR issues. Funding mechanisms and licensing issues o Ensure that any public outputs from EU programmes are available as open resources. o Continue to promote the availability and accessibility of open resources created through its cultural sector programmes. o Create an innovation fund for the development of online learning resources and assembling/ creating pathways to credentials. o Use Erasmus+ and Horizon 2020 to encourage partnerships between creators of educational content to increase the supply of quality OER and other digital educational materials in different languages, to develop new business models and to develop technical solutions. o Establish a European Hub of Digitally Innovative Education institutions, complemented by a specific European Award of Digital Excellence. o Authorities developing the EHEA should reduce the regulatory barriers against new non-study-time-based modes of provision. o Encourage Member States to increase their scrutiny of the cost basis for university teaching and consider the benefits of output-based funding for qualifications. o Support the development of technological methods to provide more and standardised information on IPR to the users of digital educational content. o Member States should ensure that budgets for digital educational resources are flexible enough to support the development (and maintenance) of openly licensed materials. Quality issues o Require OER to meet (disability) accessibility standards and should ensure that accessibility is a central tenet of all OER programmes and initiatives. o Establish a European quality assurance standard for OER content produced in Europe. o Member States should ensure that OER are allowed to be included on approved instructional materials lists. o Member States should consider establishing and funding an OER evaluation and adoption panel. Teacher training and continuous professional development o Encourage Member States to establish incentive and award schemes for teachers engaged in online professional development of their pedagogic skills, including online learning. o Member States should establish a professional development programme to support CPD on the creation, use and re-use of OER, with coverage of distance learning, MOOCs and IPR issues. Certification and accreditation o Drive forward the development of EQF and encourage Europe-wide validation of learning acquired online. o Foster the development of transnational accrediting agencies and mutual recognition of accreditations across the EU. o Explore and test digital competence frameworks and self-assessment tools for learners, teachers and organisations, including the tailoring of 'open badges' to the needs of learners. Infrastructure issues o Continue its focus on improving the ICT in education infrastructure in Members States to enable them to exploit potential pedagogical and financial advantages of OER. Further research o Develop its understanding of new modes of learning (including online, distance, OER and MOOCs) and how they impact quality assurance and recognition. o Support research into the benefits of OER & sustainable business models. o Launch a platform open to all stakeholders to record and benchmark the digital state of educational institutions.
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Andor, Gyorgy, and Tamas Toth. "Non-financial background of financial performance: Evidence from Central and Eastern Europe." In 4th International Scientific Conference: Knowledge based sustainable economic development. Association of Economists and Managers of the Balkans, Belgrade, Serbia et all, 2018. http://dx.doi.org/10.31410/eraz.2018.874.
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Abacı, Hilal, Gizem Saray, Hasan Akça, and Levent Şahin. "Investigation of EU Grant Funded Projects Implemented in Turkey (2000-2015)." In International Conference on Eurasian Economies. Eurasian Economists Association, 2015. http://dx.doi.org/10.36880/c06.01400.
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Turkey has benefitted from financial assistance of the EU in order to enhance the institutional capacity and the quality of legislation in different areas since 2001. It is aimed that Turkey could integrate easily to common policies when she became a full member of the EU via projects funded by the EU. In this context, financial assistance is distributed to both public and private sectors and also non-governmental organizations via Central Finance and Contracts Unit (CFCU), National Agency, Agriculture and Rural Development Support Institution (ARDSI), and Ministries. At least 50% or all of the funds in some projects have been taken from the EU.
After recognition of Turkey as a candidate country by the EU in December 1999, accession negotiations started between Turkey and the EU in October 2005. Therefore, the study covers the period of 2000-2015. The method of STEEPLED Analysis was used in the study. EU grant projects implemented in the last 15 years were investigated various point of view (Social, Technological, Economics, Environmental, Politics, Legal, European and Demographic) and in the light of the findings, contribution of the EU grant schemes to the local/regional development, employment, environmental conservation and reduction of poverty were determined.
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Dias, Rui, Catarina Revez, Nicole Horta, Paulo Alexandre, and Paula Heliodoro. "Financial Contagion in Central and Eastern European Capital Markets: The Case of Russia’s Invasion of Ukraine." In 8th International Scientific Conference ERAZ - Knowledge Based Sustainable Development. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2022. http://dx.doi.org/10.31410/eraz.2022.57.
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Russia invaded Ukraine on February 24th, 2022, marking a steep escalation of the Russo-Ukrainian War, which began in 2014 after the Ukrainian Dignity Revolution. The invasion caused Europe’s largest refugee crisis since World War II, with more than 5.5 million Ukrainians leaving the country and a quarter of the population displaced. At the outbreak of war in 2014, Russia annexed Crimea and Russian-backed separatists who participated in the south-eastern Donbas region of Ukraine, starting a regional war there. Considering these events, it is relevant for policymakers and regulators to understand how contagious crises are to take appropriate measures to prevent or contain the side effects. To verify the levels of contagion or interdependencies we use Pindyck and Rotemberg’s t-statistic, as well as Forbes and Rigobon’s t-test, which suggests that we are facing extreme volatility in the capital markets analysed, and financial contagion is very significant. In conclusion, the capital markets analysed mostly show that correlations have increased in this period of uncertainty in the global economy (Russian invasion in Ukraine), evidencing that investors will find it difficult to diversify risk in these markets. The authors believe that the results achieved represent interest for investors seeking opportunities in these stock markets, and for policymakers to undertake institutional reforms to increase stock market efficiency and promote sustainable growth in financial markets. These findings also open room for market regulators to take steps to ensure better information in these regional markets
Reports on the topic "Financial institutions – Europe, Central"
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Romero, Antonio. The Political Dialogue and Cooperation Agreement and relations between European Union and Cuba. Fundación Carolina, February 2022. http://dx.doi.org/10.33960/issn-e.1885-9119.dtff01en.
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This document makes an assessment of the Political Dialogue and Cooperation Agreement (PDCA) between Cuba and the European Union (EU) in its four years of validity, and of the evolution of political and economic relations between both parties. The analysis is structured in five headings that address the background, determinants and significance of the PDCA between Cuba and the EU; the main elements discussed in the political dialogue —and in thematic dialogue— between the two parties since 2018, and the central aspects of trade, investment and cooperation relations between Cuba and the EU. The report concludes that, unlike the United States, the EU is able to support the complex process of economic and institutional transformations underway in Cuba, in four fundamental areas: i) technical assistance and advice for the design and implementation of public policies, macroeconomic management, decentralisation and local development; ii) cooperation to fight climate change and transform Cuba’s productive and technological structure; iii) the promotion and encouragement of foreign investment flows from Europe, targeting key productive sectors; and iv) the exploration of financial opportunities for Cuba through the European Investment Bank (EIB) under the current PDCA.
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Freeman, Richard. What Directions for Labor Market Institutions in Eastern and Central Europe? Cambridge, MA: National Bureau of Economic Research, November 1992. http://dx.doi.org/10.3386/w4209.
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Vestergaard, Jakob. Monetary Policy for the Climate? A Money View Perspective on Green Central Banking. Institute for New Economic Thinking Working Paper Series, July 2022. http://dx.doi.org/10.36687/inetwp188.
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Central banks can potentially influence the investment decisions of private financial institutions, which in turn will create incentives towards green technology adoption and development of lower emission business models. This paper examines how monetary policies can be deployed to promote a greening of finance. To guide the efforts, the paper mobilizes the Money View literature. This enables a comparative assessment of different monetary policy options. The main finding is that a promising way forward for green monetary policy is to adopt a strategy of expanding collateral eligibility through positive screening and widening haircut spreads to change relative incentives in favor of green over brown assets.
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Bergsen, Pepijn, Leah Downey, Max Krahé, Hans Kundnani, Manuela Moschella, and Quinn Slobodian. The economic basis of democracy in Europe: structural economic change, inequality and the depoliticization of economic policymaking. Royal Institute of International Affairs, September 2022. http://dx.doi.org/10.55317/9781784135362.
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- To understand contemporary challenges to European democracy, it is crucial to look beyond the surface of politics and consider the deeper relationship between democracy and the economy. Instead of focusing exclusively on the rise of ‘populism’, it is necessary to acknowledge the multiplicity of threats to European democracy, in particular those arising from the structure of European economies and economic policymaking. - Understanding these weaknesses in the functioning of European democracies is crucial to an effective approach to future economic transformations, in particular the green transition, but also for dealing effectively and equitably with challenges such as higher inflation. It is important that the relevant policy changes and responses are democratically legitimate and do not foster the kind of political backlash that previous economic transformations did. - Over the past 40 years, economic inequality – ranging from income inequality to discrepancies in wealth and economic security – has widened throughout developed economies. In turn, these developments have generated increasing political inequality, as economic policymaking has served the interests of the well-off. - Democratic systems have also been made less responsive to electorates through the ‘depoliticization’ of policymaking, in particular economic policy, as a result of its insulation from national-level democratic scrutiny. The expansion of technocratic modes of governance – notably through independent central banks and EU-level institutions – has in many cases entrenched the policy preferences of specific groups in institutions removed from direct democratic control. - As this depoliticization has to a large extent made democratic contestation over economic policy redundant, politics has increasingly been polarized around ‘cultural’ questions. But such a focus on culture is unlikely to address the inequalities behind the dysfunction of democracies in Europe. - Strengthening European democracy requires a ‘repoliticization’ of economic policymaking, including both fiscal and monetary policymaking. In the specific context of the EU, this would mean opening up more policy space for national decision-makers and parliaments – in particular by giving them a more influential role in fiscal policy, and by making monetary policy more democratic.
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Haider, Huma. Fostering a Democratic Culture: Lessons for the Eastern Neighbourhood. Institute of Development Studies, August 2022. http://dx.doi.org/10.19088/k4d.2022.131.
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Political culture is the values, beliefs, and emotions that members of a society express about the political regime and their role in it (Pickering, 2022, p. 5). Norms, values, attitudes and practices considered integral to a “culture of democracy”, according to the Council of Europe, include: a commitment to public deliberation, discussion, and the free expression of opinions; a commitment to electoral rules; the rule of law; and the protection of minority rights; peaceful conflict resolution. The consolidation of democracy involves not only institutional change, but also instilling a democratic culture in a society (Balčytienė, 2021). Research on democratic consolidation in various countries in Central and Eastern Europe (CEE) finds that a key impediment to consolidation is the persistence of old, authoritarian political culture that undermines political and civic participation. This rapid review looks at aspects of democratic culture and potential ways to foster it, focusing on educational initiatives and opportunities for civic action — which comprise much of the literature on developing the values, attitudes and behaviours of democracy. Discussion on the strengthening of democratic institutions or assistance to electoral processes is outside the scope of the report.
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Williams, Teshanee, Jamie McCall, Maureen Berner, and Anita Brown-Graham. Strategic Capacity Building in Community Development Organizations Post COVID-19: A Multi-Dimensional Approach to Describing Social Capital. Carolina Small Business Development Fund, November 2020. http://dx.doi.org/10.46712/social-capital-covid19-recovery/.
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Much like the 2008 financial crisis, the aftermath of the COVID-19 pandemic will likely shape historically underserved communities for decades to come. Now, more than perhaps ever before, community development organizations (CDOs) will be central actors and foundational institutions for sustainable economic growth. Our data suggest social capital is important for CDO capacity across multiple dimensions. Given the central role CDOs will likely play in rebuilding local economies in the wake of the pandemic, we highlight how these organizations can use social capital to maintain and build political, resource, network, and organizational capacity.
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Chandrasekhar, C. P. The Long Search for Stability: Financial Cooperation to Address Global Risks in the East Asian Region. Institute for New Economic Thinking Working Paper Series, March 2021. http://dx.doi.org/10.36687/inetwp153.
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Forced by the 1997 Southeast Asian crisis to recognize the external vulnerabilities that openness to volatile capital flows result in and upset over the post-crisis policy responses imposed by the IMF, countries in the sub-region saw the need for a regional financial safety net that can pre-empt or mitigate future crises. At the outset, the aim of the initiative, then led by Japan, was to create a facility or design a mechanism that was independent of the United States and the IMF, since the former was less concerned with vulnerabilities in Asia than it was in Latin America and that the latter’s recommendations proved damaging for countries in the region. But US opposition and inherited geopolitical tensions in the region blocked Japan’s initial proposal to establish an Asian Monetary Fund, a kind of regional IMF. As an alternative, the ASEAN+3 grouping (ASEAN members plus China, Japan and South Korea) opted for more flexible arrangements, at the core of which was a network of multilateral and bilateral central bank swap agreements. While central bank swap agreements have played a role in crisis management, the effort to make them the central instruments of a cooperatively established regional safety net, the Chiang Mai Initiative, failed. During the crises of 2008 and 2020 countries covered by the Initiative chose not to rely on the facility, preferring to turn to multilateral institutions such as the ADB, World Bank and IMF or enter into bilateral agreements within and outside the region for assistance. The fundamental problem was that because of an effort to appease the US and the IMF and the use of the IMF as a foil against the dominance of a regional power like Japan, the regional arrangement was not a real alternative to traditional sources of balance of payments support. In particular, access to significant financial assistance under the arrangement required a country to be supported first by an IMF program and be subject to the IMF’s conditions and surveillance. The failure of the multilateral effort meant that a specifically Asian safety net independent of the US and the IMF had to be one constructed by a regional power involving support for a network of bilateral agreements. Japan was the first regional power to seek to build such a network through it post-1997 Miyazawa Initiative. But its own complex relationship with the US meant that its intervention could not be sustained, more so because of the crisis that engulfed Japan in 1990. But the prospect of regional independence in crisis resolution has revived with the rise of China as a regional and global power. This time both economics and China’s independence from the US seem to improve prospects of successful regional cooperation to address financial vulnerability. A history of tensions between China and its neighbours and the fear of Chinese dominance may yet lead to one more failure. But, as of now, the Belt and Road Initiative, China’s support for a large number of bilateral swap arrangements and its participation in the Regional Comprehensive Economic Partnership seem to suggest that Asian countries may finally come into their own.
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Bourrier, Mathilde, Michael Deml, and Farnaz Mahdavian. Comparative report of the COVID-19 Pandemic Responses in Norway, Sweden, Germany, Switzerland and the United Kingdom. University of Stavanger, November 2022. http://dx.doi.org/10.31265/usps.254.
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The purpose of this report is to compare the risk communication strategies and public health mitigation measures implemented by Germany, Norway, Sweden, Switzerland, and the United Kingdom (UK) in 2020 in response to the COVID-19 pandemic based on publicly available documents. The report compares the country responses both in relation to one another and to the recommendations and guidance of the World Health Organization where available. The comparative report is an output of Work Package 1 from the research project PAN-FIGHT (Fighting pandemics with enhanced risk communication: Messages, compliance and vulnerability during the COVID-19 outbreak), which is financially supported by the Norwegian Research Council's extraordinary programme for corona research. PAN-FIGHT adopts a comparative approach which follows a “most different systems” variation as a logic of comparison guiding the research (Przeworski & Teune, 1970). The countries in this study include two EU member States (Sweden, Germany), one which was engaged in an exit process from the EU membership (the UK), and two non-European Union states, but both members of the European Free Trade Association (EFTA): Norway and Switzerland. Furthermore, Germany and Switzerland govern by the Continental European Federal administrative model, with a relatively weak central bureaucracy and strong subnational, decentralised institutions. Norway and Sweden adhere to the Scandinavian model—a unitary but fairly decentralised system with power bestowed to the local authorities. The United Kingdom applies the Anglo-Saxon model, characterized by New Public Management (NPM) and decentralised managerial practices (Einhorn & Logue, 2003; Kuhlmann & Wollmann, 2014; Petridou et al., 2019). In total, PAN-FIGHT is comprised of 5 Work Packages (WPs), which are research-, recommendation-, and practice-oriented. The WPs seek to respond to the following research questions and accomplish the following: WP1: What are the characteristics of governmental and public health authorities’ risk communication strategies in five European countries, both in comparison to each other and in relation to the official strategies proposed by WHO? WP2: To what extent and how does the general public’s understanding, induced by national risk communication, vary across five countries, in relation to factors such as social capital, age, gender, socio-economic status and household composition? WP3: Based on data generated in WP1 and WP2, what is the significance of being male or female in terms of individual susceptibility to risk communication and subsequent vulnerability during the COVID-19 outbreak? WP4: Based on insight and knowledge generated in WPs 1 and 2, what recommendations can we offer national and local governments and health institutions on enhancing their risk communication strategies to curb pandemic outbreaks? WP5: Enhance health risk communication strategies across five European countries based upon the knowledge and recommendations generated by WPs 1-4. Pre-pandemic preparedness characteristics All five countries had pandemic plans developed prior to 2020, which generally were specific to influenza pandemics but not to coronaviruses. All plans had been updated following the H1N1 pandemic (2009-2010). During the SARS (2003) and MERS (2012) outbreaks, both of which are coronaviruses, all five countries experienced few cases, with notably smaller impacts than the H1N1 epidemic (2009-2010). The UK had conducted several exercises (Exercise Cygnet in 2016, Exercise Cygnus in 2016, and Exercise Iris in 2018) to check their preparedness plans; the reports from these exercises concluded that there were gaps in preparedness for epidemic outbreaks. Germany also simulated an influenza pandemic exercise in 2007 called LÜKEX 07, to train cross-state and cross-department crisis management (Bundesanstalt Technisches Hilfswerk, 2007). In 2017 within the context of the G20, Germany ran a health emergency simulation exercise with WHO and World Bank representatives to prepare for potential future pandemics (Federal Ministry of Health et al., 2017). Prior to COVID-19, only the UK had expert groups, notably the Scientific Advisory Group for Emergencies (SAGE), that was tasked with providing advice during emergencies. It had been used in previous emergency events (not exclusively limited to health). In contrast, none of the other countries had a similar expert advisory group in place prior to the pandemic. COVID-19 waves in 2020 All five countries experienced two waves of infection in 2020. The first wave occurred during the first half of the year and peaked after March 2020. The second wave arrived during the final quarter. Norway consistently had the lowest number of SARS-CoV-2 infections per million. Germany’s counts were neither the lowest nor the highest. Sweden, Switzerland and the UK alternated in having the highest numbers per million throughout 2020. Implementation of measures to control the spread of infection In Germany, Switzerland and the UK, health policy is the responsibility of regional states, (Länders, cantons and nations, respectively). However, there was a strong initial centralized response in all five countries to mitigate the spread of infection. Later on, country responses varied in the degree to which they were centralized or decentralized. Risk communication In all countries, a large variety of communication channels were used (press briefings, websites, social media, interviews). Digital communication channels were used extensively. Artificial intelligence was used, for example chatbots and decision support systems. Dashboards were used to provide access to and communicate data.
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Boruchowicz, Cynthia, Florencia López Bóo, Benjamin Roseth, and Luis Tejerina. Default Options: A Powerful Behavioral Tool to Increase COVID-19 Contact Tracing App Acceptance in Latin America? Inter-American Development Bank, December 2020. http://dx.doi.org/10.18235/0002983.
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Being able to follow the chain of contagion of COVID-19 is important to help save lives and control the epidemic without sustained costly lockdowns. This is especially relevant in Latin America, where economic contractions have already been the largest in the regions history. Given the high rates of transmission of COVID-19, relying only in manual contact tracing might be infeasible. Acceptability and uptake of contact tracing apps with exposure notifications is key for the implementation the “test, trace and treat” triad. In the first study of its kind in Latin America, we find that for a nationally representative sample of 10 countries, an opt-out regime with automatic installation significantly increases the probability of acceptance of such apps in almost 22 p.p. compared to an opt-in regime with voluntary installation. This triples the size and is of opposite sign of the effect found in Europe and the United States. We see that an opt-out regime is more effective in increasing acceptability in South America compared to Central America and Mexico; for those who claim not to trust the national government; and for those who do not use their smartphones for financial transactions. The severity of the pandemic at the place of residence does not seem to affect the effectiveness of the opt-out regime versus an opt-in one, but feeling personally at risk does increase the willingness to accept contact tracing apps with exposure notifications in general. These results can shed light on the use of default options in public health in the context of a pandemic in Latin America.
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Payment Systems Report - June of 2021. Banco de la República, February 2022. http://dx.doi.org/10.32468/rept-sist-pag.eng.2021.
Full textAbstract:
Banco de la República provides a comprehensive overview of Colombia’s finan¬cial infrastructure in its Payment Systems Report, which is an important product of the work it does to oversee that infrastructure. The figures published in this edition of the report are for the year 2020, a pandemic period in which the con¬tainment measures designed and adopted to alleviate the strain on the health system led to a sharp reduction in economic activity and consumption in Colom¬bia, as was the case in most countries. At the start of the pandemic, the Board of Directors of Banco de la República adopted decisions that were necessary to supply the market with ample liquid¬ity in pesos and US dollars to guarantee market stability, protect the payment system and preserve the supply of credit. The pronounced growth in mone¬tary aggregates reflected an increased preference for liquidity, which Banco de la República addressed at the right time. These decisions were implemented through operations that were cleared and settled via the financial infrastructure. The second section of this report, following the introduction, offers an analysis of how the various financial infrastructures in Colombia have evolved and per¬formed. One of the highlights is the large-value payment system (CUD), which registered more momentum in 2020 than during the previous year, mainly be¬cause of an increase in average daily remunerated deposits made with Banco de la República by the General Directorate of Public Credit and the National Treasury (DGCPTN), as well as more activity in the sell/buy-back market with sovereign debt. Consequently, with more activity in the CUD, the Central Securi¬ties Depository (DCV) experienced an added impetus sparked by an increase in the money market for bonds and securities placed on the primary market by the national government. The value of operations cleared and settled through the Colombian Central Counterparty (CRCC) continues to grow, propelled largely by peso/dollar non-deliverable forward (NDF) contracts. With respect to the CRCC, it is important to note this clearing house has been in charge of managing risks and clearing and settling operations in the peso/dollar spot market since the end of last year, following its merger with the Foreign Exchange Clearing House of Colombia (CCDC). Since the final quarter of 2020, the CRCC has also been re¬sponsible for clearing and settlement in the equities market, which was former¬ly done by the Colombian Stock Exchange (BVC). The third section of this report provides an all-inclusive view of payments in the market for goods and services; namely, transactions carried out by members of the public and non-financial institutions. During the pandemic, inter- and intra-bank electronic funds transfers, which originate mostly with companies, increased in both the number and value of transactions with respect to 2019. However, debit and credit card payments, which are made largely by private citizens, declined compared to 2019. The incidence of payment by check contin¬ue to drop, exhibiting quite a pronounced downward trend during the past last year. To supplement to the information on electronic funds transfers, section three includes a segment (Box 4) characterizing the population with savings and checking accounts, based on data from a survey by Banco de la República con-cerning the perception of the use of payment instruments in 2019. There also is segment (Box 2) on the growth in transactions with a mobile wallet provided by a company specialized in electronic deposits and payments (Sedpe). It shows the number of users and the value of their transactions have increased since the wallet was introduced in late 2017, particularly during the pandemic. In addition, there is a diagnosis of the effects of the pandemic on the payment patterns of the population, based on data related to the use of cash in circu¬lation, payments with electronic instruments, and consumption and consumer confidence. The conclusion is that the collapse in the consumer confidence in¬dex and the drop in private consumption led to changes in the public’s pay¬ment patterns. Credit and debit card purchases were down, while payments for goods and services through electronic funds transfers increased. These findings, coupled with the considerable increase in cash in circulation, might indicate a possible precautionary cash hoarding by individuals and more use of cash as a payment instrument. There is also a segment (in Focus 3) on the major changes introduced in regulations on the retail-value payment system in Colombia, as provided for in Decree 1692 of December 2020. The fourth section of this report refers to the important innovations and tech¬nological changes that have occurred in the retail-value payment system. Four themes are highlighted in this respect. The first is a key point in building the financial infrastructure for instant payments. It involves of the design and im¬plementation of overlay schemes, a technological development that allows the various participants in the payment chain to communicate openly. The result is a high degree of interoperability among the different payment service providers. The second topic explores developments in the international debate on central bank digital currency (CBDC). The purpose is to understand how it could impact the retail-value payment system and the use of cash if it were to be issued. The third topic is related to new forms of payment initiation, such as QR codes, bio¬metrics or near field communication (NFC) technology. These seemingly small changes can have a major impact on the user’s experience with the retail-value payment system. The fourth theme is the growth in payments via mobile tele¬phone and the internet. The report ends in section five with a review of two papers on applied research done at Banco de la República in 2020. The first analyzes the extent of the CRCC’s capital, acknowledging the relevant role this infrastructure has acquired in pro¬viding clearing and settlement services for various financial markets in Colom¬bia. The capital requirements defined for central counterparties in some jurisdic¬tions are explored, and the risks to be hedged are identified from the standpoint of the service these type of institutions offer to the market and those associated with their corporate activity. The CRCC’s capital levels are analyzed in light of what has been observed in the European Union’s regulations, and the conclusion is that the CRCC has a scheme of security rings very similar to those applied internationally and the extent of its capital exceeds what is stipulated in Colombian regulations, being sufficient to hedge other risks. The second study presents an algorithm used to identify and quantify the liquidity sources that CUD’s participants use under normal conditions to meet their daily obligations in the local financial market. This algorithm can be used as a tool to monitor intraday liquidity. Leonardo Villar Gómez Governor