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(Pal), Suparna Nandy y Arup Kr Chattopadhyay. "‘Indian Stock Market Volatility’: A Study of Inter-linkages and Spillover Effects". Journal of Emerging Market Finance 18, n.º 2_suppl (21 de junio de 2019): S183—S212. http://dx.doi.org/10.1177/0972652719846321.
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The article attempts to examine interdependence between Indian stock market and other domestic financial markets, namely, foreign exchange market, bullion market, money market, and also Foreign Institutional Investor (FII) trade and foreign stock markets comprising one regional stock market represented by Nikkei of Japan and other stock market for the rest of the world represented by Standard & Poor’s (S&P) 500 of the USA. Attempts are also made to examine asymmetric volatility spillover, first, between the Indian stock market and other domestic financial markets and second, between the Indian stock market and global stock markets (represented by Nikkei and S&P 500) along with the foreign exchange market. To measure linear interdependence among multiple time series of financial markets multivariate Vector Autoregression (VAR) analysis, Granger causality test, impulse response function and variance decomposition techniques are used. For estima-ting the volatility spillover among the aforesaid markets Dynamic Conditional Correlation-Multivriate-Threshold Autoregressive Condi-tional Heteroscedastic (DCC-MV-TARCH) (1, 1) model is applied on daily data for a quite long period of time from 01 April 1996 to 31 March 2012. The results of multivariate VAR analysis, Granger causality test, variance decomposition analysis and impulse response function estimation establish significant interdependence between domestic stock market and different other financial markets in India and abroad. The results of DCC-MV-TARCH (1, 1) model estimation further show signi- ficant asymmetric volatility spillover between the domestic stock market and the foreign exchange market and also from the domestic stock market to bullion market and changes in gross volume of FII trade. We also find (a) both way asymmetric volatility spillover between the domestic stock market and the Asian stock market and (b) its unidirectional movement from the world stock market to the domestic stock market. The results of the study may help market regulators in setting regulatory policies considering the inter-linkages and pattern of volatility spillovers across different financial markets. JEL Classification: G15, G17
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James, William E. "International Finance and Domestic Financial Market Development: The Case of Indonesia". Asian Development Review 14, n.º 01 (enero de 1996): 131–61. http://dx.doi.org/10.1142/s011611059600005x.
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The order of financial market reform in Indonesia, which largely preceded real sector liberalization, was unusual as the external capital account was opened prior to domestic financial market reform. It is posited that changes in financial market policies in Indonesia were strongly influenced by changing circumstances in Indonesia’s access to external finance and to changing conditions in international financial markets. For example, the oil boom and petro-dollar recycling phenomenon reduced Indonesia’s fiscal and financial constraints and, consequently, domestic financial markets became highly regulated and credit and savings flows subject to state controls. The end of the oil bonanza meant tighter fiscal constraints and necessitated tax and financial reforms aimed at boosting savings and increasing the efficiency of domestic financial markets. The success of Indonesia’s financial reforms, though not without problems, provides another case study on the crucial role financial liberalization can play in overall economic development.
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Bosworth, Barry y Aaron Flaaen. "Financial Crisis American Style". Asian Economic Papers 8, n.º 3 (octubre de 2009): 146–70. http://dx.doi.org/10.1162/asep.2009.8.3.146.
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This paper reviews some of the research on the causes of the financial crisis of 2008–09, highlights the key events that triggered a financial panic in September 2008, and summarizes the key policy actions that the United States has taken to ameliorate the crisis. We document the characteristics and growth of the sub-prime mortgage market, and the distorted incentives and flawed regulatory structure surrounding the secondary market for mortgage-backed securities. We also assess the role for macroeconomic determinants of the crisis that serve to explain the bubble in U.S. asset prices, most notably low global interest rates attributed to either loose monetary policy or excess global saving. Although low global interest rates may have contributed to the boom in housing markets and speculative excesses, we believe that the financial innovations and microeconomic distortions played a more fundamental role. Finally, a recovery marked by higher private saving, weak domestic investment, and a large public deficit appears to be unsustainable. Ultimately, the U.S. economy will need to shift about 3 percent of GDP from domestic consumption to the export sector. This will pose some serious challenges to Asian economies that have come to rely on exports to the U.S. market.
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Hardie, Iain y Lena Rethel. "Financial structure and the development of domestic bond markets in emerging economies". Business and Politics 21, n.º 1 (11 de julio de 2018): 86–112. http://dx.doi.org/10.1017/bap.2018.11.
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AbstractIn the period from the 1990s emerging market financial crises until the North Atlantic financial crisis of 2008, the development of domestic bond markets in developing economies was a prominent agenda item in international financial reform circles. The crises of the 1990s drew attention to the vulnerabilities generated by frequently occurring double mismatches of currency denominations and maturities in the borrowing of emerging economies. This led to a series of reform efforts targeted at both increasing liquidity and the range of borrowers in domestic bond markets. In the aggregate, these efforts were successful: For emerging market economies as a whole, domestic debt now exceeds international debt. Moreover, domestic corporate bond markets have emerged in many countries, often for the first time. However, the nature of market development has been far from uniform, and often has not been in line with government aims. In this paper, we examine the interplay of government and business actors in market development. Drawing on 155 interviews with policy and market actors as well as secondary data, we show that the main explanation of variation in market development lies in the pre-existing structure of financial markets, conceptualized as a heterogeneous set of interest/influence constellations.
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Kim, Byeng Kuk, Byung Kwon Lim y Han Ik Jang. "Financial Policy Measures to Strengthen Liquidity in the Real Estate Project Financing Market". KOREA REAL ESTATE INDUSTRY SOCIETY 5, n.º 2 (31 de diciembre de 2022): 86–107. http://dx.doi.org/10.56409/kreis.2022.5.2.86.
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As financial markets and economic conditions are rapidly changing around the world and the domestic real estate market is turning into a recession, credit crunch and liquidity risks are expanding in the real estate PF market. Accordingly, in this study, a financial policy plan that can supply liquidity to the domestic real estate market and reduce the delay rate was proposed. First, in the case of using P-CBO, a plan to support desired funds through the issuance of new corporate bonds using corporate bonds of construction companies that are difficult to raise and refinance in the housing finance market as an underlying asset It is a plan to guarantee and purchase from government-run banks and finances. In addition, a plan was proposed to jointly invest by comprehensive financial investment companies and purchase ABCP directly with the funds. On the other hand, in the case of unsold housing utilization, the housing builder's financing plan for unsold housing was designed by dividing it into unsold housing after completion and unsold housing before completion.
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Mabeba, Mahlatse. "The Effect of Financial Market Depth on Economic Growth in Developing Countries with Large Financial Sectors". Social Science Studies 4, n.º 2 (31 de marzo de 2024): 66–81. http://dx.doi.org/10.47153/sss42.8022024.
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The financial market depth has emerged as a phenomenon shaping developing economies with large financial sectors. This paper presents the effect of financial market depth on economic growth in developing countries with large financial sectors from 1996 to 2022. While developing countries are typically characterized by lower levels of economic development and industrialization, some of them may have relatively large financial sectors. These countries include Brazil, India, Indonesia, Malaysia, Mexico, and South Africa. We utilize the random effects model, a panel data econometrics model, to estimate the nexus. Our proxy for financial market depth is the stock market capitalization as percentage of gross domestic product. A higher market capitalization suggests larger and more liquid markets. The indicator of economic growth is the real gross domestic product, which is growth accounted for inflation. We find that financial market depth has a significant and positive effect on economic growth in developing countries with large financial sectors. The novelty of the study is that the financial market depth and economic growth nexus is significantly moderated by financial and trade openness.
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Pisany, Paweł. "Wsparcie rozwoju rynku obligacji korporacyjnych w wybranych gospodarkach azjatyckich po 1997 roku". Ekonomia 26, n.º 2 (11 de agosto de 2020): 87–101. http://dx.doi.org/10.19195/2658-1310.26.2.5.
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The article contains an analysis of the initiatives aimed at supporting the development of the corporate bonds market in three Asian economies: South Korea, Malaysia, and Thailand. These countries, after difficult experiences from the 1997 crisis, undertook initiatives focused on the development of domestic debt financial markets, mainly corporate bonds denominated in local currency. Case studies of three Asian economies show that the sustainable development of domestic debt markets can be fostered, among others, by: a high level of creditor rights protection, increased market access for institutional investors, in particular domestic ones, regional economic integration, increased market transparency, functioning of the rating agencies — domestic and the presence of global ones, availability of ratings and raising financial awareness in society.
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Sheng, Haoran. "Prediction of Gold ROI Based on LSTM model". BCP Business & Management 38 (2 de marzo de 2023): 2925–29. http://dx.doi.org/10.54691/bcpbm.v38i.4212.
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The developed financial market system must develop the gold market and play an important role in the financial market. Like other financial markets, the gold market also faces the risk of price fluctuation. Although gold has the monetary attribute, its own value is stable, and it has the hedging function, the price of any commodity always fluctuates around its own value, and the market risk caused by gold price fluctuation is inevitable. At the same time, the gold market trading products are almost homogeneous, which determines that the price of gold in the domestic market and the domestic and foreign markets cannot deviate too much, and the existence of certain price differences between different markets will lead to arbitrage between markets. Therefore, it is necessary to forecast the gold yield. Based on this, this paper uses LSTM model to forecast the price yield of gold. The research results show that the price of gold will still fluctuate in the near future. This research has certain theoretical and practical significance for the application of LSTM model in the financial field.
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Bogatyreva, M. V., M. I. Leskinen y M. A. Kolmakov. "The domestic real estate market during financial crises". IOP Conference Series: Earth and Environmental Science 751, n.º 1 (1 de abril de 2021): 012134. http://dx.doi.org/10.1088/1755-1315/751/1/012134.
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Mendiola, Alfredo. "ADR Effects on Domestic Latin American Financial Market". Cuadernos de difusión 15, n.º 28 (30 de junio de 2010): 45–64. http://dx.doi.org/10.46631/jefas.2010.v15n28.02.
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The purpose of this paper is to revisit and extend previous research work that examines the ADR-listing effects on the trading process of all the domestically-listed stocks in the main Latin American exchanges. The most important result is consistent with the idea of a greater isolation (from global markets) of the singly-listed stocks in the post-cross-listing period. These results persist over the cross-listing months. As expected, the cross-listed stocks become more integrated in the post-cross listing period
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LUTSKEVYCH, Oleksandr. "THE ROLE OF STATE REGULATION IN THE DEVELOPMENT OF THE SECURITIES MARKET". WORLD OF FINANCE, n.º 4(61) (2019): 135–43. http://dx.doi.org/10.35774/sf2019.04.135.
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Introduction. The issue of state regulation of the securities market, which is a very necessary and important process for the world economy as a whole and for Ukraine in particular, is investigated. Aim is to study approaches to regulating the domestic securities market and to find ways to improve it. Results. It is substantiated that the mechanism of state regulation of the securities market largely determines the model of state regulation of the entire financial sector of the country. Currently, the problem of regulating the financial market is to establish a relationship between the banking sector and the entire financial market. In this regard, special terms – “mega-regulation” or “cross-sectoral supervision and regulation of the financial market” for integrated supervision of the financial sector have been introduced into the scientific circulation, which consists in the possibility of cross-sectoral, integrated supervision of all sectors of the financial market, developing and applying uniform standards and technologies for the regulation and supervision of different types of financial institutions. It is determined that the domestic securities market is characterized by self-regulation, which, like state regulation, adheres to the goals and principles of activity that are to ensure the stability of the financial market, protect the interests of all financial market participants and reduce the risks of activity. Conclusions. Having studied the basic approaches to the regulation of the securities markets in different countries, we consider it expedient to introduce into the domestic practice of the mega-regulator, since the transition to mega-regulation is the main modern tendency of reforming the financial regulation.
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Abuselidze, George, Nadiia Reznik, Anna Slobodianyk y Victoria Prokhorova. "Global Financial Derivatives Market Development and Trading on the Example of Ukraine". SHS Web of Conferences 74 (2020): 05001. http://dx.doi.org/10.1051/shsconf/20207405001.
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Stock market of financial derivatives in Ukraine still develops. There is important to find the way how to use world experience for the domestic implementation. First of all there is a need to improve of legislative base to ensure economic and financial stability. The next way of integration process for domestic stock market of financial derivatives is stock consolidation. Before implementation of foreign experience on the stock market of Ukraine it is important to take into account of all risks which are connected with this process. This research shows appropriate steps for integration of Ukrainian stock market of financial derivatives into global scale. The article identifies the economic essence of derivatives and their types within market economy. Key trends in global derivatives trading are highlighted. Current state and organizational measures of derivatives market development in Ukraine are discussed. Price risk has become the main feature of contemporary commodity and financial markets. Globalization of world commodity and financial markets leads to rapid changes and uncertain business conditions. Under current circumstances, derivatives market provides efficient ways for price risk hedging within market economy. That is why it is important to take into consideration the contemporary state and perspectives of derivatives market in Ukraine.
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Park, Daekeun y Yung Chul Park. "Toward Developing Regional Bond Markets in East Asia". Asian Economic Papers 3, n.º 2 (marzo de 2004): 183–209. http://dx.doi.org/10.1162/1535351044193394.
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Creating regional bond markets in East Asia has emerged as an important policy topic in discussions of how to promote regional monetary and financial cooperation to prevent future crises in the region. We evaluate the rationale and the strategies and propose a road map for developing regional bond markets in East Asia. We propose a market-oriented approach to development of the regional bond markets with the role of the official sector limited to such activities as building the regional financial infrastructure. We also suggest that the eventual goal of regional bond market development should be the development of domestic bond markets in the region. If domestic bond markets are fortified by domestic financial infrastructure and are deregulated and opened to foreign borrowers and investors, many of the Asian countries will be able to mitigate maturity and currency mismatch problems.
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Živković, Aleksandra. "Interdependence of stock exchange indicators and GDP in selected Balkan countries". Ekonomija: teorija i praksa 14, n.º 3 (2021): 44–63. http://dx.doi.org/10.5937/etp2103044q.
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Stock markets and the level of their development have a great impact on economic growth. The purpose of this research is to empirically determine if there is interdependence between gross domestic product and (1) total turnover and (2) market capitalization in analyzed stock markets. By analyzing the ratio between total turnover and market capitalization into gross domestic product, the level of liquidity and activity of these stock markets can be determined, which enables the comparison of analyzed stock markets based on the mentioned financial indicators. This research included Zagreb, Ljubljana, Montenegro and the Bucharest stock market - in the period 2011-2019. The obtained results show that the analyzed markets are small and not developed, with a low level of activity and liquidity and they indicate the presence of interdependence between gross domestic product and the mentioned financial indicators.
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Dabyltaeva, N. E. y D. E. Galymzhan. "PROBLEMS AND PROSPECTS OF THE SECURITIES MARKET DEVELOPMENT: DOMESTIC AND INTERNATIONAL EXPERIENCE". Statistika, učet i audit 80, n.º 1 (15 de marzo de 2021): 216–21. http://dx.doi.org/10.51579/1563-2415.2021-1.41.
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The securities market is considered as a part of the financial market. Today, the securities market has become the main object of research for many economists and scientists. One of the main reasons for this trend is that in the context of globalization of the world's economies, the main tool for the development of the financial sector of the state's economy is the development of the securities market. As a result of the modern process of globalization, the financial markets of States are becoming closer and more dependent on each other. The formation and organization of the securities market of the Republic of Kazakhstan began after the country gained its sovereignty. One of the main features of the formation of the domestic securities market during this period is the use of foreign experience of developed countries by the state
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Bobrovnik, D. M. "Megaregulation of financial market: Russian and international practice". Entrepreneur’s Guide 13, n.º 4 (23 de noviembre de 2020): 38–45. http://dx.doi.org/10.24182/2073-9885-2020-13-4-38-45.
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The article examines domestic and foreign practices of mega–regulation of the financial market. The analysis of the theoretical apparatus of regulation of financial markets is carried out, the global tendencies of regulation are systematized and the ways of improving the regulation of the financial market of Russia are determined based on the analysis of the current state of its development.
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Инна Вячеславовна, Солдатенкова,. "New Products on Domestic Credit Market". ЖУРНАЛ ПРАВОВЫХ И ЭКОНОМИЧЕСКИХ ИССЛЕДОВАНИЙ, n.º 4 (12 de diciembre de 2022): 247–57. http://dx.doi.org/10.26163/gief.2022.58.95.039.
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В статье рассматриваются кредитные продукты, появившиеся на российском финансовом рынке в 2021-2022 гг. Сделан вывод о преобладании продуктов для розничных клиентов, что влечет за собой увеличение долговой нагрузки населения и выступает одним из рисков финансовой стабильности в экономике РФ. Обозначена необходимость имплементации Правительством новых кредитных продуктов для предприятий реального сектора экономики как определяющего источника инвестиций в основной капитал в условиях санкционного давления. We look at credit products that appeared on Russian financial market in 2021-2022. We make a conclusion about the dominance of products for retail clients that entails the increase in debt burden on the population and represents one of the risks to financial stability in Russian economy. We emphasize the need for the government to implement new credit products for the companies in the real sector as the main source of investment in the fixed capital under sanctions.
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BLAGUN, Ivan. "PRICE RELATIONSHIPS BETWEEN BOND MARKETS". WORLD OF FINANCE, n.º 1(58) (2019): 28–42. http://dx.doi.org/10.35774/sf2019.01.028.
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Introduction. The strengthening of globalization processes leads to a greater integration of the domestic financial market into the global financial market, especially bond market. Ukraine is under significant influence of world economic processes. In this context the impact that has on the state of the domestic market of Ukraine our financial market, as well as the actions of American financial regulators. On the background of the formation of excessive debt structure of the global financial market, including the US market, the financial market of Ukraine in recent time, there is also the nature of the debt market which is a key financial instrument is bonds, i.e. government bonds. Not less important and of the dual influence of the two basic segments of the financial market between market shares and bonds that affects the efficiencyof capital investors. The purposeis the research of the relationships that are formed between the markets of shares and bonds on the example of financial markets of the USA and Ukraine. Results. The price relationship between the bond markets of countries with different levels of development has been considered. For the basic indicators, characterizing the main parameters of the bond market the analysis of the influence of the US bond market to the domestic market, determined correlations between the rates of return on ten-year bonds. It has been established that the time series of the rate on ten-year bonds have signs of nonstationarity. Based on the identified nonstationarity time series were analyzed for cointegration. It is determined that the modeling-level rate bonds in Ukraine can be improved by applying advanced Sapsan the value of the rate of the bonds in the United States. Conclusions. The results do not indicate the manifestation of a dependence between the value of the rates of ten-year bonds in the United States and Ukraine. Also there is no dependence between the current growth rate of bonds. A more detailed analysis also showed the absence of long-term balance between the rates of these bonds. The analysis of the interaction between equity markets and bond between them showed that the existing dual influence should be viewed through the prism of external factors that can lead to very different behavior of these markets, on the one hand they are competitors, in terms of raising capital, on the other in some periods, they are characterized by complementarity.
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Udeaja, Elias A. "Measuring Dynamic Return and Volatility Connectedness among Nigerian Financial Markets". Central Bank of Nigeria Journal of Applied Statistics, Vol. 10 No. 2 (21 de febrero de 2020): 169–91. http://dx.doi.org/10.33429/cjas.10219.6/6.
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This study employs the connectedness measure of Diebold and Yilmaz (2012, 2014) to examine the intensity of connectedness among the Nigerian financial markets for the period January 2000 to December 2018. The study used all shares index, Treasury bill rate and Naira/USD official exchange rate to measure stock market, money market and exchange rate market, respectively. The study found connectedness among the Nigerian financial markets to be highly time-varying and appear to be higher during the period of high depreciation of the naira which coincides with the period of falling oil prices and domestic economic meltdown of 2014 and 2016, respectively. This shows that, relative to external shocks, connectedness among financial markets is likely to get amplified during the time of domestic turbulence. The paper, therefore recommends that policymakers should look inward whenever policy discuss revolves around the increasing integration of financial markets to save the economy from aggravation of contagion.
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Sirenko, Natalia, Olena Bodnar y Nataliia Shyshpanova. "The Institutional Financial Market’s Infrastructure: Theoretical and Practical Aspects". Modern Economics 25, n.º 1 (23 de febrero de 2021): 130–35. http://dx.doi.org/10.31521/modecon.v25(2021)-20.
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Annotation. Introduction. The relevance of the study is conditioned to the significant influence of modern financial markets on the real economy and social development as a whole. Purpose. The purpose of the article is to generalize the theoretical provisions for determining the model of the financial market, highlighting the elements of the financial market infrastructure, analysis of the development of the domestic financial market. Results. We have done the characteristic of the current stage of the financial system’s and financial market’s development. Denotes the inhomogeneity of the existing theoretical approaches to the definition of a financial market and its structural classification, with emphasis on the importance of the institutional component. We have done the analysis of the different models (types) of the financial system and financial markets and the factors determining the use of these models in different countries. Background of selection of so-called mixed model of the financial system in Ukraine are systematized, when equal opportunities and rights, with no serious legislative restrictions and financial transactions are carried out banking and non-banking financial institutions. The current stage of development of the domestic financial market is characterized by a dominant share of universal banks, but the industry non-bank financial institutions has also received its development, which generally creates a competitive environment for all market participants. At the same time, certain non-bank credit institutions, recently appeared on the market and very dynamic, require special attention from the mega-regulator. Conclusions. In this regard, we have done the conclusion about the need to improve legislation in the field of financial markets and to ensure an acceptable level of control. Keywords: financial market; financial system; banking and non-banking financial institutions.
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Sirenko, Natalia, Kateryna Kazemyrchyk y Kateryna Mikuliak. "Mortgage Market Analysis: Domestic and International Experience". Oblik i finansi, n.º 4(102) (2023): 118–24. http://dx.doi.org/10.33146/2307-9878-2023-4(102)-118-124.
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In the conditions of an economic crisis, the activation of economic activity through mortgage lending becomes crucial, and the study of the development of the mortgage market in the world is necessary for a comprehensive understanding of its impact on social, economic, and financial growth. It is also essential for determining optimal management strategies for the housing sector in a specific country. The article aims to substantiate the features of the functioning of the mortgage market in the world and in Ukraine. Investigating the peculiarities of domestic and foreign mortgage markets, the authors used a statistical method to analyze the mortgage market and government mortgage credit programs in Ukraine and worldwide. Empirical evidence in the research includes data from the Ukrainian Financial Housing Company, the Ministry of Finance of Ukraine, and the Diya platform, presented using a graphical method. Abstraction, analysis, and synthesis methods formed the basis for developing recommendations for improving government programs for developing the mortgage market for housing in the world and in Ukraine. The dynamics of mortgage loans issued in Ukraine for 2019–2022 indicate a decline in mortgage loan issuance due to unstable political and economic situations. It was revealed that the restoration of mortgage lending in Ukraine is facilitated by the Ukrainian government's eOselya program, which is aimed at providing citizens with affordable housing. The specifics of mortgage lending in different countries worldwide are disclosed. The overall trend of diversity in mortgage lending conditions in the European Union indicates significant differences in approaches to housing loans in different countries. However, some positive characteristics of the mortgage market development in the EU can serve as valuable experience for reforming Ukraine's national mortgage lending market. Among them are financial and investment capacities, low cost of loans, socio-legal protection, macroeconomic stability, transparency, informational clarity, and unified regulatory approaches.
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KLYMENKO, Kateryna, Nataliia UKHNAL y Volodymyr STARYK. "Domestic market of nonbank financial services: strategic recovery scenarios". Naukovi pratsi NDFI 2023, n.º 1 (10 de septiembre de 2023): 131–44. http://dx.doi.org/10.33763/npndfi2023.01.131.
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As the global financial landscape evolves, the nonbank financial sector has gained prominence and plays a critical role in intermediating financial activities. However, recent developments have underscored the increasing susceptibility of this sector to potential crises and the destabilization of the financial system. The potential for liquidity risks is another significant concern. Nonbank financial and credit institutions heavily rely on short-term funding sources, making them susceptible to sudden disruptions in market liquidity or funding constraints during periods of stress. Moreover, the sector’s exposure to illiquid assets, such as real estate and long-term loans, poses additional vulnerabilities, as their valuations may rapidly deteriorate during periods of market distress. The purpose of the article is to substantiate the key areas of development of non-bank financial and credit institutions in the context of ensuring national economic stability, taking into account the introduction of martial law in Ukraine. The methodology of the system approach, comparison, analysis, synthesis, abstract-logical, economic-statistical, as well as the method of graphical representation of the research results was used. The article examines the growing vulnerability of the nonbank financial sector and its potential impact on the stability of the overall financial system. Current data on the functioning of the non-banking sector are presented, which confirm its importance and impact on the country’s economy. A number of supervisory approaches aimed at ensuring stability, transparency and protection of consumer rights in the market of non-banking financial services (NBFS) are highlighted. The importance of implementing an effective risk-oriented approach to the supervision of the activities of non-bank financial and credit institutions (NBFCI) and the preparation of a methodology for the supervisory assessment of risks of the NBFCI in terms of the ‘structural benchmarks’ declared in the Memorandum of Economic and Financial Policies with IMF is emphasized. Attention is focused on the identified key opportunities and limitations of the non-banking financial services market in the conditions of martial law. An important step in this direction is the harmonization of legislation governing the activities of nonbank financial institutions with the requirements and standards of the European Union. This stimulates interaction with international partners, enhances trust in the Ukrainian financial sector, and promotes the attraction of foreign investments.
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Tenesi, Mukholi Gabriel, Joshua Wafula Chesoli y Andrew Songoro Nyangau. "ASSESSMENT OF THE RELATIONSHIP BETWEEN MARKET-BASED FINANCIAL SYSTEM AND GROSS DOMESTIC PRODUCT PAR CAPITA, KENYA." IJRDO - Journal of Business Management 9, n.º 5 (20 de mayo de 2023): 7–13. http://dx.doi.org/10.53555/bm.v9i5.5705.
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This study assessed the relationship of market-based financial system development indicators and Gross Domestic Product par capita in Kenya. for the period running from 1997 to 2007. The Gross Domestic Product was as low as 1.2% in the first macroeconomic stability in the period running from 1997 to 2001 and was as high as 7.0% in the second macroeconomic stability in the period running from 2002 to 2007. Data capture was by census technique and checking of secondary material on Kenya National Bureau of Statistics(KNBS), Nairobi Security Exchange(NSE), and Capital Market Authority(CMA), Data analysis and interpretation was through descriptive statistics and inferential statistics. The financial indicators of a market-based financial system were characterised as size, activity and efficiency indicators. Stock market capitalization/GDP, private bond market capitalization/GDP, public bond market capitalization/ GDP were size indicators. Stock market total value traded / GDP was activity indicator. Stock market turn- over ratio was efficiency indicator. This study was in relation to literature review which depicts some financial indicators as being counterproductive to each other and in their contribution to GDP per capita. In the first macroeconomic stability (1997-2001), the bank based financial system was79% against 21% of the market based financial system. In the second macroeconomic stability (2002-2007), the bank based financial system was 54% against 46% of the marked based financial system. Financial indicators (Public bond capitalization Ksh.bn/GDP, Market Capitalization Ksh.bn/GDP, turnover ratio and total value traded) as significant predictor of GDP per capita and significantly correlated to GDP par capita in Kenya.
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Li, Yu-wai Vic. "Hong Kong in China’s Financial Globalization". Asian Survey 58, n.º 3 (mayo de 2018): 439–63. http://dx.doi.org/10.1525/as.2018.58.3.439.
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This article casts new light on the role played by post-handover Hong Kong in China’s financial globalization. The power of the city’s markets aside, Hong Kong possesses critical political leverage that has facilitated Beijing’s liberalizing of its domestic capital market and its projection of international financial power.
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Krupka, Ihor. "DOLARIZATION OF THE FINANCIAL MARKET OF UKRAINE: CAUSES, EVOLUTION, CONSEQUENCES". Scientific Notes of Ostroh Academy National University, "Economics" Series 1, n.º 21(49) (24 de junio de 2021): 56–66. http://dx.doi.org/10.25264/2311-5149-2021-21(49)-56-66.
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The purpose of the article is to assess the level of domestic financial market dollarization, find out the causes of this economic phenomenon, trace its evolution and identify current features, substantiate proposals to minimize the negative consequences for the financial market and the economy in general. The methods of theoretical analysis, synthesis and generalization, analysis of statistical data and its graphical interpretation are used in the research. The results of the research showed that the main reasons for dollarization in Ukraine were high inflation and sharp fluctuations in the exchange rate of the national currency. In general, the dollarization of national financial markets occurs through the following channels: 1) borrowing on the international financial market; 2) the entrance of foreign banks to a domestic market; 3) investing abroad, when a national financial market is not sufficiently developed to create high-quality and highly liquid assets, dollarization provides rapid access to foreign financial assets and optimization of the profitability and risk structure of an investment portfolio; 4) the difference (spread) between interest rates in national and foreign currency. Based on the study of the domestic financial market, the following conclusions are made: 1) the level of Ukraine`s financial market dollarization in the aggregate and in terms of its separate segments is high; 2) this level poses a threat to the stable operation of financial intermediaries and the banking system in case of the national currency devaluation; 3) currency imbalance of assets and liabilities in the banking system has strongly decreased since 2008, but is still significant; 4) foreign currency is widely used by economic agents in the shadow sector of the economy. We consider the current dollarization level dangerous for the development of the country's financial system, and its reduction to a scientifically sound natural level should become one of the main tasks of the National Bank of Ukraine. Achieving the natural dollarization level and effective use of the domestic financial market potential will allow to intensify Ukraine's national economy development and promote integration into the international financial market and the global financial space.
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Badvan, N. L., O. S. Gasanov y A. N. Kuz'minov. "Cognitive modeling of factors of financial market stability of Russia". Digest Finance 25, n.º 3 (29 de septiembre de 2020): 287–307. http://dx.doi.org/10.24891/df.25.3.287.
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Subject. The paper highlights the financial market stability. It is one of the most important components of economic growth ensuring. Objectives. The article is to draw up a cognitive map of the Russian financial market. It also aims at modeling changes in its segments and finding the main stability factors of the national financial market. Methods. The research involves methods of cognitive analysis and cognitive modeling. Results. Cumulative effect of all segments of the financial market forms its stability. The Russian financial market is most sensitive to changes in the monetary and currency markets, corporate and government borrowing market. There is a significant relationship between the market liquidity and its stability. It is necessary to form free resources storage in ruble assets. The dependence of the domestic market on international financial markets remains despite sanctions restrictions. Conclusions and Relevance. Achieving financial stability requires constant attention to liquidity in the market and predictability of the national currency. The priority direction of the state financial policy is establishment of relations between the leading players in the world financial markets and international financial institutions. Experts can apply the results of this work in the financial and monetary policy formation.
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Tsaurai, Kunofiwa y Daniel Makina. "The Impact of Financial Sector Development on Foreign Direct Investment: An Empirical Study on Minimum Threshold Levels". Journal of Economics and Behavioral Studies 10, n.º 5(J) (3 de noviembre de 2018): 244–54. http://dx.doi.org/10.22610/jebs.v10i5(j).2513.
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Using panel data of 21 emerging economies, the paper investigates the financial sector development threshold levels that would influence foreign direct investment (FDI) inflows. The threshold levels we identified are 41.27% of stock market capitalization for stock market turnover, 53.55% of gross domestic product (GDP) for stock market value traded, 121.53% of GDP for stock market capitalization, 114.43% of GDP for domestic credit to private sector by banks, 144.06% of GDP for domestic credit provided by financial sector, 0.22% of GDP for outstanding domestic private debt securities and 41.26% of GDP for outstanding domestic public debt securities. Our results show that higher stock market and banking sector development above the threshold level positively and significantly influence FDI inflows whilst the influence of lower stock market and banking sector development on FDI inflows was weak and not significant. Levels of private bond market development equal to or greater than the threshold level are found to have a positive but non-significant impact on FDI inflows whilst private bond market development levels less than the threshold have a weaker positive and non-significant influence on FDI inflows. On the other hand, public bond market development levels equal to or greater than the threshold level negatively influenced FDI inflows whilst levels of public bond market development less than the threshold positively but non-significantly attracted FDI inflows into emerging markets.
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BORMOTOVA, Maryna, Tetiana MASHOSHYNA y Olena TROINIKOVA. "Certain aspects of current state of domestic financial market". Economics. Finances. Law 11/3, n.º - (26 de noviembre de 2021): 8–12. http://dx.doi.org/10.37634/efp.2021.11(3).2.
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Introduction. The financial market, as a combination of exchange and redistribution relations associated with the processes of purchase and sale of financial resources is a complex system that is an indicator of the development of the economy as a whole. In the context of global challenges, the development trends of the financial market and its components are expanding. The securities market today occupies an increasing segment of the financial market, despite the fact that it is under development. Recently, it is characterized by a high level of dynamism. And already now it has positive results for the participants. Purpose. A study of the securities market, the structure of its financial instruments and the circle of participants. Results. Modern financial processes are characterized by the emergence of new financial instruments and technologies, which expands and forms an alternative to the placement and attraction of financial resources outside of banking institutions and increases the circle of participants. An example is the emergence of Internet trading. Internet trading is a system of securities work that gives the investor access to exchange information, and also makes it possible to conclude transactions on the purchase and sale of securities on the exchange in real time using a special certified program installed on a personal computer. The expansion of the range of financial instruments that contribute to the increase of the circle of participants in the financial process in the stock market occurred at the expense of Bonds of Internal Government Loans of Ukraine, whose income rates are higher then bank. They became the first hryvnia instruments included in the global indices of debt securities MVIS (MV Index Solutions. Also in October this year, the National Commission on Securities and Stock Market decided to allow the circulation of foreign securities in Ukraine. As a result, today Ukrainian investors can use the opportunity to invest in 85 securities of foreign issuers. All this makes it possible to obtain additional financial resources for both individual (households) and collective entities (communities). Conclusion. Domestic government bonds are effective financial instruments for the majority of participants in the investment process in the stock market are the first hryvnia instruments to be included in the the global MVIS debt securities indices. There is also a tendency to expand the circle of participants and the structure of financial instruments of the Ukrainian stock market due to the possibility of purchasing state securities by territorial communities, as well as admission of foreign securities by the Cabinet of Ministers of Ukraine.
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Fairbanks, Joshua, Mark Griffiths y Drew Winters. "Financial crisis solutions in the commercial paper market". Managerial Finance 45, n.º 2 (11 de febrero de 2019): 294–310. http://dx.doi.org/10.1108/mf-10-2017-0388.
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Purpose The purpose of this paper is to examine programs designed to support the commercial paper market during the financial crisis. Design/methodology/approach The paper analyzes the participants in the two programs to determine why domestic financial institutions chose one program over the other. Findings Domestic financial institutions chose the Temporary Liquidity Guarantee Program over the Commercial Paper Funding Facility (CPFF) while foreign financial institutions chose the CPFF. Practical implications The analysis is intended to support future policy debate on how to address a liquidity crisis in the money markets. Originality/value The authors are the first paper to examine the participants in these two programs. The value is the policy implications of this study.
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YI, ZHENG y SWEE-LIANG TAN. "AN EMPIRICAL ANALYSIS OF STOCK MARKET INTEGRATION: COMPARISON STUDY OF SINGAPORE AND MALAYSIA". Singapore Economic Review 54, n.º 02 (junio de 2009): 217–32. http://dx.doi.org/10.1142/s021759080900332x.
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Using a GARCH (1,1) model, this paper compares the extent to which financial sector liberalization in Singapore and Malaysia each has led to integration of its domestic equity market with external markets. The results show that the level of integration of the domestic markets with the external markets is higher when MSCI regional and global data are used, as compared to when individual country data are used to proxy regional and global markets. Inferences are made about the preferred pace of liberalization in Singapore, as well as, the impact of the Asian financial crisis and capital control measures imposed in Malaysia on financial integration, in the respective countries under study.
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Bayar, Yilmaz. "Financial Development and Unemployment in Emerging Market Economies". Scientific Annals of Economics and Business 63, n.º 2 (2016): 237–45. http://dx.doi.org/10.1515/saeb-2016-0119.
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Financial sector has experienced significant expansion together with accelerating financial globalization in recent years and had important positive and negative economic implications for all the economies. This study investigates the interaction among unemployment, financial development and domestic investment in 16 emerging market economies during 2001-2014 period using panel data analysis. We found that there was long relationship among the variables and domestic investment had negative impact on the unemployment, while financial development had no significant impact on the unemployment. Furthermore, there was unidirectional causality from development of financial sector to unemployment.
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SOROKA, Bohdan. "INSTITUTIONAL AND SEGMENTAL ASPECTS OF UKRAINE’S FINANCIAL MARKET DIGITALIZATION". Herald of Khmelnytskyi National University. Economic sciences 316, n.º 2 (27 de abril de 2023): 341–45. http://dx.doi.org/10.31891/2307-5740-2023-316-2-53.
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The article deals with the development analysis of certain segments of Ukraine’s financial market in the context of digitalization processes. The positions of modern foreign and domestic scientists regarding the digitalization impact on economic and financial relations are outlined. The key disproportions of the financial market at the institutional and segmental levels are highlighted. In particular, at the institutional level – the long-term and unchallenged dominance of banks over non-banking financial institutions; absence or minimal development of certain types of financial institutions; weakness of stock exchanges and exchange infrastructure in general; low level of financial inclusion. At the segmental level – imbalances in the lending market development, insufficient volume of the corporate securities market; weakness of leasing lending segments, factoring services, etc. It is argued that in the post-war reconstruction of Ukraine, the financial market should become an effective mechanism for the distribution of capital, therefore it is important to conceptually change the emphasis in its development on the digital technologies basis. It has been established that nowadays, the participants of various segments of the financial market are adapting their own strategies to the digital economy’s requirements. However, the degree of such adaptation and digitization level of certain segments of the financial market of Ukraine differ significantly. These disparities largely determine the strategic prospects of various segments of the domestic financial market. A similar conclusion was made regarding the digitalization strategy of financial institutions in Ukraine. For many financial institutions, the digitization of operations has become one of the important competitive advantages, but there are other approaches – in particular, in terms of digital technologies’ use for unfair competition and systemic violations of the rights of investors and consumers of financial services.
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Asmarani, Tuti Eka y Endah Ayu Ningsih. "Domestic Credit and Stock Market Impact on Economic Growth: A New Evidence in Five ASEAN Countries". Winners 23, n.º 2 (11 de mayo de 2023): 95–102. http://dx.doi.org/10.21512/tw.v23i2.7066.
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Capital accumulation and technological innovation had been the two channels through which the financial sector plays a vital role in the growth of economy. However, there are some different results between banking and stock market. The research tested the Solow-Swan growth model augmented with financial markets to show that domestic credit markets and equity from stock markets are two long run determinants of Gross Domestic Products (GDP) per capita in five ASEAN countries: Indonesia, Malaysia, Singapore, Thailand, and Philippines. The research used data from 2000 to 2019 tested with panel regression. The result shows that all determinant variables have a positive impact on economic growth. The domestic credit also has a higher impact on the growth of economy than the stock market. In addition, domestic credit and stock market has statistically significant positif impact to economic growth across five ASEAN countries. The researchalso finds that although population in five ASEAN countries give positive effect to economic growth, it is statistically not convincing. It is suggested that people in ASEAN have already used technology, so population augmented encourages economic growth.
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Yankovoi, Roman, Damir Kulish, Viktor Melnyk, Iryna Churkina, Svitlana Shurpa y Igor Pidkaminnyi. "FORMATION OF INTERNATIONAL MARKETING STRATEGY FOR DOMESTIC ENTERPRISES IN CONDITIONS OF INCREASED FINANCIAL RISKS". Financial and credit activity problems of theory and practice 4, n.º 51 (31 de agosto de 2023): 466–79. http://dx.doi.org/10.55643/fcaptp.4.51.2023.4111.
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This article explores the process of developing an international marketing strategy for domestic enterprises. In an increasingly globalized business environment, expanding into international markets has become a crucial objective for many companies. The article highlights the importance of strategic planning and market analysis in the formation of an effective international marketing strategy. It emphasizes the need for a comprehensive understanding of target markets, including cultural, economic, and regulatory factors. The article discusses key considerations such as market segmentation, product adaptation, pricing strategies, distribution channels, and promotional activities in the context of international marketing. It also explores the significance of digital marketing tools and emerging technologies in facilitating international expansion. Furthermore, the article addresses the challenges and risks associated with entering foreign markets and provides insights into mitigating strategies. By implementing a well-crafted international marketing strategy, domestic enterprises can enhance their competitiveness, increase market share, and achieve sustainable growth in the global marketplace. The article concludes with practical recommendations and guidelines for domestic enterprises seeking to develop and execute successful international marketing strategies. Overall, this article provides valuable insights and guidance for companies aiming to expand their operations internationally. The article proposes an international marketing strategy for domestic enterprises based on the authors' developed comprehensive indicator of the impact of financial risks on international marketing activities. The scientific novelty of the article lies in the author's suggestion to use the calculated value of the comprehensive indicator for selecting the international marketing strategy for domestic enterprises, which is based on the following groups of indicators: Financial indicators, Market position indicators, Customer satisfaction indicators, Innovation and research indicators, Resource efficiency indicators. This approach allows for a reasoned assessment of the current state of the enterprise and the planning of its future development through the defined international marketing strategy for domestic enterprises.
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Naryshkin, A. A. "Financial and Non-Financial Support of Export". MGIMO Review of International Relations 14, n.º 2 (30 de abril de 2021): 72–91. http://dx.doi.org/10.24833/2071-8160-2021-2-77-72-91.
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Promotion of domestic companies interests abroad is the main task of economic diplomacy. Promotion of domestic goods and services in foreign markets ensures the coun- try's stable position in the world economy and economic stability within the state. Following economic boost, world trade and especially export growth may ensure not only country's economy growth, but also citizens welfare through mechanisms for reallocating funds. Value-added exports development in Russia has been brought to the rank of one of the key government goals. Russia has an export promotion institutions system. Some institu- tions have long history. Others have been created recently and based on foreign practices. The Russian government has developed the national project "International cooperation and export", it sets the goal to ensure export growth through effective interaction of existing institutions. The article reviews the foreign and domestic practices of export support through financial and non-financial instruments. They include market analysis tools, exhibition support, popu- larizing exports within the country, various export credit and insurance instruments pro- tecting the exporter from political risks in foreign markets. Author analyzes the legislative framework of key support measures and possible ways to improve efficiency by eliminating duplication in various institutions functions. It should provide a synergistic effect boosting their efficiency. The methodology of the study is based on a comprehensive analysis of the modern export promotion institutions system in Russia and abroad, a regulatory analysis of fundamental documents and a comparative analysis of export support measures. The extensive research subject has provided the usage of an interdisciplinary approach covering economic and po- litical research.
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Vićić, Marija. "Legal regulation of OTC financial derivatives trading". Strani pravni zivot, n.º 2 (2021): 215–30. http://dx.doi.org/10.5937/spz65-30645.
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Author explains legal regulation of OTC financial derivative trading on the leading financial markets (USA and EU) as well as shows uniform regulations developed in international legal environment, and separately explains legal framework of the said question in positive Serbian law. Author elaborates main current legal issues related to financial derivatives transactions on the OTC market to which domestic participants are exposed during the operations in Serbian territory but also in cross-border operations. Finally, the author provides concrete proposals for further improvement of disputable legal issues by amending the regulatory framework in line with comparative legal regulations and regulations developed by the international community. Purpose of this article is to bring the attention of legal experts in Serbia to certain inefficient solutions in currently applicable legal regulations related to financial derivatives on the OTC Market, as well as to serve to legal practice as guidance for practical solving the disputable legal issues in particular transactions which have become frequent also for domestic participants on the capital market.
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Semynoh, A., A. Bukhtiarova y N. Bort. "COMPARATIVE ANALYSIS OF FINANCIAL TECHNOLOGY REGULATION SYSTEMS: FOREIGN AND DOMESTIC EXPERIENCE". Vìsnik Sumsʹkogo deržavnogo unìversitetu, n.º 4 (2019): 7–13. http://dx.doi.org/10.21272/1817-9215.2019.4-1.
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In the article, based on the analysis of scientific sources, a comparative analysis of financial market regulation systems in different countries of the world is made. The level of development of regulatory systems in the UK, France, USA, India and Ukraine is characterized. The main institutions that regulate and supervise in the countries of the world are listed. The basic principles of their functioning are presented. It also analyzes the regulatory and provisions governing the activities of fintech companies. It is determined that a particular problem for the development of the financial technology market is the lack of a single regulatory approach to different types of Fintech companies and solutions. This is evidenced by the lack of unified regulatory bodies in the field of fintech, as well as adequate regulatory support both in Ukraine and in foreign countries. At the moment, in most countries of the world, fintech companies are subject to the laws that were adopted in the times of existence of only classical financial institutions, and therefore do not take into account the specifics of individual fintech businesses, and their peculiarities of cooperation with banking and non-banking financial institutions, with intermediaries of the securities market. It is determined that, in accordance with the potential of the financial technology market development and the benefits of its growth, programs for the support and development of the financial market through the introduction of special commissions, accelerator funds and simplified regulation systems in the form of sandbox fintech are being implemented in all analyzed countries. It is determined that the driver of the growth of fintech solutions in the financial services market was the active dissemination of open APIs in the activities of financial institutions, which provide for voluntary exchange of information about bank customers with fintech companies. It is substantiated that an important component of increasing confidence in the financial technology market is ensuring the storage and protection of personal data of fintech companies’ clients. Keywords: financial technology market, fintech, financial services, financial institutions, financial technology market regulation system.
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Abadiyah, Fajriyatul y Hikmah Endraswati. "Financial Development, Financial Market, and Financial Institutional on International Trade in Developing Eight Countries". JURNAL DINAMIKA EKONOMI PEMBANGUNAN 6, n.º 2 (31 de agosto de 2023): 118–30. http://dx.doi.org/10.14710/jdep.6.2.118-130.
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This study aims to analyze the effect of financial development, financial market, and financial institutional on international trade in developing eight countries, with foreign exchange reserves, foreign direct investment, and real gross domestic product as control variables. This research includes descriptive quantitative research. The population used is eight developing countries. The data in this study is secondary data sourced from World Bank and International Monetary Fund (IMF) reports observation period from 2011 to 2020. The research model uses the panel data regression analysis method (Ordinary Least Square) through the Eviews 10 program. The results show that financial development has a positive and significant effect on international trade in D-8 countries, while financial markets and financial institutional have a significant negative effect on international trade in D-8 countries.
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Abid, Maryam y Danish Ahmed Siddique. "Impact of Financial Market Uncertainty on Market Returns: A Global Analysis". Business and Economic Research 10, n.º 3 (26 de julio de 2020): 216. http://dx.doi.org/10.5296/ber.v10i3.17276.
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This paper examines the effect of financial market uncertainty on market returns of different countries of the world. The effect of other macroeconomic like Consumer Price Index (CPI), Real Interest Rates (R.IR), Market Capitalization (MCAP), and Gross Domestic Product per capita growth (GDPPCG).For analyzing this relationship, around 40 countries data including developed and developing countries, over the period of 10 years from 2009-2018. For analysis, Panel Least Square (PLS) was used. Fixed Effect Model (FEM) is used to check the overall strength of the model. Group correlation was also performed on overall variables to check the causal relationship between all the variables and individual regression tests are also conducted country wise to explore that how much this model is applicable, descriptive analysis for market return and uncertainty to check the moments of these variables. The overall results it is concluded that market returns are affected by the financial markets uncertainty in the long run and it is a significant variable in explaining market returns while overall test results proved a positive relationship with market returns but individual testing of this model on each country shows, more than half countries in the study have a negative relationship of financial market uncertainty with market returns. Along this, other macro-economic variables impact is also measured over market returns of the world which shows all variables Consumer Price Index, Real Interest Rates and Market Capitalization except Gross Domestic Product per capita growth have a negative relationship with the Equity Market returns.
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Lei, Wenni, Zhe Li y Dongzhou Mei. "Financial crisis, labor market frictions, and economic volatility". PLOS ONE 18, n.º 9 (28 de septiembre de 2023): e0291106. http://dx.doi.org/10.1371/journal.pone.0291106.
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This article analyzes cross-country data encompassing 130 countries and regions from 2000 to 2019 to investigate the correlation between financial crises, labor market frictions, and economic volatility. The empirical findings demonstrate that financial crises have a milder impact on real gross domestic product (GDP) in developing countries with flexible labor markets. This trend also applies to non–eurozone developed countries, where labor market flexibility aids crisis mitigation. However, this pattern doesn’t hold for eurozone countries. Further examination of developing nations reveals that those with heightened labor market flexibility tend to experience reduced adverse effects on non-tradable sectors, thereby mitigating the impact on real GDP.
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Mosley, Layna. "Room to Move: International Financial Markets and National Welfare States". International Organization 54, n.º 4 (2000): 737–73. http://dx.doi.org/10.1162/002081800551352.
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A central research question in international political economy concerns the influence of financial markets on government policy outcomes. To what extent does international capital mobility limit government policy choices? I evaluate the relationship between international financial markets and government policy outcomes, with a focus on the government bond market in developed democracies. Evidence includes interviews with financial market participants and a cross-sectional time-series analysis of the determinants of interest rates. This evaluation suggests that governments of developed democracies face strong but narrowly defined financial market pressures. Financial market participants are concerned with a few macroeconomic policy indicators, including inflation rates and government deficit/GDP ratios, but not with micropolicy indicators, such as the distribution of government spending across functional categories. In these areas, governments retain policymaking autonomy. I conclude by exploring the role of financial market influences within domestic politics and offering suggestions for further research.
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Oriol, Nathalie, Alexandra Rufini y Dominique Torre. "Heterogeneous investors and trading platforms competition". Journal of Risk Finance 16, n.º 3 (18 de mayo de 2015): 303–20. http://dx.doi.org/10.1108/jrf-11-2014-0169.
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Purpose – The purpose of this paper is to consider competition’s issues between European market firms, such as Euronext, and multilateral trading facilities, following Markets in Financial Instruments Directive’s enforcement. This new domestic competition is adding to the existing international competition among financial centers. While diversification of local trading services can improve the international competitiveness of a financial center, the fragmentation of order flows can harm its attractiveness. Design/methodology/approach – The theoretical setting analyzes the interaction between heterogeneous who experiment network externalities, and heterogeneous local trading services providers (alternative platforms and incumbent) in an international context. The authors compare two forms of organizations of the market: a consolidated market, and a fragmented market with alternative platforms – in both cases, in competition with a foreign universe. Findings – The results of this study point out the importance of the trade-off between diversification and externalities. With alternative platforms entry, enhanced competition decreases fees and redistributes informed investors between the foreign market and the domestic one. The increase of domestic platforms’ number then has more complex effects on externalities (of information and liquidity). When the liquidity externalities are low, the diversification of financial platforms increases the number of investors on domestic centers. When liquidity externalities are not negligible, despite the decrease of fees, this same diversification orientates more informed investors to the foreign center. Originality/value – This model is the first to analyze jointly the internal and international competition of trading platforms with heterogeneous investors.
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Wardana, Wahyu Wisnu, Rosa Diwanegara, Rezza F. Prisandy, Aminin y Abdul Rohim. "Does Financial Development Alleviate Poverty? Empirical Evidence from Indonesia". Journal of Developing Economies 8, n.º 1 (15 de junio de 2023): 184–204. http://dx.doi.org/10.20473/jde.v8i1.44648.
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This study examines the contribution of financial development to poverty reduction in Indonesia using the autoregressive distributed lag (ARDL) bound testing approach to the cointegration framework. It also employs annual data of several financial development measures such as domestic credit, broad money, and financial development indexes from 1986 to 2018. Our findings suggest that financial development and poverty reduction have a cointegration relationship, regardless of the financial development indicators used. Furthermore, we find that domestic credit, broad money, financial institution depth, financial market depth, financial market access, and financial market efficiency reduced poverty. It suggests that financial development reduced poverty through its indirect channel, i.e., the economic growth effect.
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Abramov, A. E., A. D. Radygin y A. I. Chernova. "Russian stock market: Trends, challenges and solutions. Academic view". Voprosy Ekonomiki, n.º 11 (4 de noviembre de 2021): 5–32. http://dx.doi.org/10.32609/0042-8736-2021-11-5-32.
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The slowdown of economic growth in Russia during 2000—2020 has been accompanied by decelerating domestic market growth and decline of its competitiveness indicators compared to other foreign markets. To some extent this evidence is associated with limitations of such development factors as favorable external economic conditions for raw materials and inflow of foreign investments. The intention to solve this problem by increasing state participation in economic processes and aiming financial regulation primarily at reaching financial stability goals has not led to any positive results in financial market development yet. The authors emphasize several key problems in this development including obstacles for longterm domestic savings growth, the unattractiveness of Russian issuers’ securities in terms of risk—return trade-off, the scarcity of quality issuers in listing, and the lack of competition between financial organizations. In response to these problems the authors propose applied recommendations that may be demanded when forming a long-term strategy for the development of the stock market in Russia.
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Tsaurai, Kunofiwa. "FDI Inspired Energy Consumption in Selected Emerging Markets: Does Financial Development Matter?" Comparative Economic Research. Central and Eastern Europe 21, n.º 3 (18 de septiembre de 2018): 5–23. http://dx.doi.org/10.2478/cer-2018-0016.
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The study investigated the impact of the complementarity between foreign direct investment (FDI) and financial development on energy consumption in emerging markets. Although the relevance of the FDI‑led energy consumption hypothesis is no longer contestable, the combined influence of FDI and financial development on energy consumption is not yet resolved. Random and fixed effects show that the interaction between outstanding domestic private debt securities and FDI had a significant positive influence on energy consumption whereas pooled ordinary least squares (OLS) noted that the interaction between FDI and outstanding domestic public debt securities positively and significantly affected energy consumption. The dynamic generalized methods of moments (GMM) shows that the interaction between (1) FDI and stock market capitalization and (2) FDI and stock market value traded had a significant negative influence on energy consumption. The study urges emerging markets to deepen the bond sector market in order to enhance FDI‑led energy consumption.
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Szajner, Piotr. "Wahania cykliczne na światowym rynku cukru". Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego 19(34), n.º 2 (28 de junio de 2019): 186–95. http://dx.doi.org/10.22630/prs.2019.19.2.34.
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In the economic history of the world, sugar is considered one of the first global products, and the supply-demand in the global market has had a major impact on the development of local markets. The Polish sugar sector has been under the influence of the world market for many years. The reform of the sugar market regulation system in the EU has made the EU and domestic markets increasingly dependent on the world market. The production potential of the domestic sugar industry is greater than the demand on the internal market and the excess supply is directed to exports. The global market is characterized by cyclical fluctuations, which are determined by the cyclical nature of sugar cane cultivation. The length of the business cycle has been reduced to 2-3 years. The world market prices affect domestic sales and export prices and the financial performance of the sugar industry.
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Tsaurai, Kunofiwa. "Complementarity Between Foreign Aid and Financial Development as a Driver of Economic Growth in Selected Emerging Markets". Comparative Economic Research. Central and Eastern Europe 21, n.º 4 (10 de diciembre de 2018): 45–61. http://dx.doi.org/10.2478/cer-2018-0026.
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This paper studied whether the complementarity between financial development and foreign aid promotes economic growth in selected emerging markets using the panel Fully Modified Ordinary Least Squares (FMOLS) approach, with data ranging from 1994 to 2014. Although (1) aid‑growth and (2) finance‑growth studies have been conclusively dealt with, the role of financial development in the aid‑growth nexus has been hardly researched. Is financial development a channel through which foreign aid positively influences economic growth? The current study seeks to address these issues using selected emerging markets as a case study. The complementarity between foreign aid and financial development (domestic credit provided by the financial sector, domestic private credit provided by banks, outstanding domestic private debt securities and stock market turnover) resulted in a significant positive impact on economic growth. The study, therefore, urges selected emerging markets to implement policies which deepen the financial sector in order to allow foreign aid to positively contribute towards economic growth.
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Botha, Ilsé. "Does the financial market lead the business cycle in South Africa?" Journal of Economic and Financial Sciences 2, n.º 1 (30 de abril de 2008): 71–88. http://dx.doi.org/10.4102/jef.v2i1.360.
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Financial markets play a significant role in an emerging market economy such as South Africa, especially after financial liberalisation. Financial liberalisation causes economies to interrelate across borders and between different sectors. The impact of this interrelationship can be captured by taking the different components of the financial market into account and relating these to the real sector, using the coincident indicator. It will be useful to identify an indicator representing the major components - equity market, capital market and the domestic financial sector - of the financial market in South Africa. This financial indicator will lead the coincident indicator, because the components of the financial indicator are available at a higher frequency than the components of the coincident indicator. This new indicator for South Africa will be of assistance in making more informed business decisions since it can be used to forecast turning points in the coincident indicator, i.e. the business cycle.
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LENYIE, Leesi. "Financial Deepening on the Liquidity of Nigerian Stock Market: A Multi- Dimensional Study". INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCIAL MANAGEMENT 8, n.º 3 (4 de septiembre de 2023): 99–117. http://dx.doi.org/10.56201/ijefm.v8.no3.2023.pg99.117.
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This study examined the effect of financial deepening on the liquidity of Nigeria capital market. The objective was to determine the effect of financial deepening variables on the liquidity of capital market. Time series data were sourced from Central Bank of Nigeria Statistical Bulletin. Capital market liquidity measured total market capitalization to all share price index was used as dependent variable while Percentage of Narrow money supply to Gross domestic products, Percentage of broad money supply to Gross domestic products, Percentage of private sector credit to Gross domestic products, Percentage of money outside the bank to Gross domestic products and Percentage of money market instrument to Gross domestic products. Ordinary least square methods of cointegration, granger causality test, unit root test and Vector error correction model. The Parsimonious error correction model showed that the financial deepening variable can explain 57.5% variation on the stock market liquidity, the model summary shows that the model is significant. The financial deepening shows that narrow money supply is negatively related to stock market liquidity at lag 1 but positive at lag 2 and lag 3, money market development is negatively related at lag 2 while broad money supply is negatively related at lag 1 and positive at lag 2. Money outside the bank is negatively related at Lag 1, Lag 2 and Lag 3while private sector credit is negatively related at Lag 1 and Lag 2. The T-statistics and the probability show that the variables are statistically not significant except private sector credit. The study found that financial deepening has significant effect on liquidity of Nigeria capital market. From the findings of the study, there is need to sustain a higher level of financial deepening in Nigeria. Incidences of poor liquidity should be minimized and private sector credits channeled to the real sector of the economy should be enhanced through monetary and macroec
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Boamah, Nicholas Addai. "Investment, financial sector development and the degree of emerging markets integration". Journal of Financial Economic Policy 12, n.º 1 (28 de junio de 2019): 45–64. http://dx.doi.org/10.1108/jfep-09-2018-0136.
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Purpose The purpose of this paper is to explore the co-movements among emerging markets. The authors, additionally, investigate the driven force of the within emerging markets integration. The authors provide evidence of volatility clustering, leverage effect and time-varying integration of emerging markets. Design/methodology/approach The study used dynamic conditional correlation techniques to estimate the time-varying conditional correlations among emerging markets. The cross-sectional and time series variations in the within emerging markets correlations are then described by various market and economic factors. Findings The authors show that investment, domestic credit to the private sector and import of financial services have a positive relation within emerging markets co-movements. However, claim on central government, current account balance and financial services exports have a negative relation with the integration among emerging markets. Evidence is also provided that liquidity and market depth explain the correlation between emerging markets. Originality/value The findings show that emerging markets ability to convert domestic assets into investments appears to be the single most important factor influencing with in emerging markets integration. The findings indicate that across-emerging markets diversification potential exists.