Catalogue Search | MBRL
Are you sure you want to remove the book from the shelf?
{{itemTitle}}
198,810
result(s) for
"Financial systems"
Sort by:
Banks' Financial Reporting and Financial System Stability
The use of accounting measures and disclosures in banks' contracts and regulation suggests that the quality of banks' financial reporting is central to the efficacy of market discipline and nonmarket mechanisms in limiting banks' development of debt and risk overhangs in economic good times and in mitigating the adverse consequences of those overhangs for the stability of the financial system in downturns. This essay examines how research on banks' financial reporting, informed by the financial economics literature on banking, can generate insights about how to enhance the stability of the financial system. We begin with a foundational discussion of how aspects of banks' accounting and disclosures may affect stability. We then evaluate representative papers in the empirical literature on banks' financial reporting and stability, pointing out the research design issues that empirical accounting researchers need to confront to develop well-specified tests able to generate reliably interpretable findings. To this end, we provide examples of settings amenable to addressing these issues. We conclude with considerations for accounting standard setters and financial system policy makers.
Journal Article
Structural causes of the global financial crisis: a critical assessment of the ‘new financial architecture’
We are in the midst of the worst financial crisis since the Great Depression. This crisis is the latest phase of the evolution of financial markets under the radical financial deregulation process that began in the late 1970s. This evolution has taken the form of cycles in which deregulation accompanied by rapid financial innovation stimulates powerful financial booms that end in crises. Governments respond to crises with bailouts that allow new expansions to begin. As a result, financial markets have become ever larger and financial crises have become more threatening to society, which forces governments to enact ever larger bailouts. This process culminated in the current global financial crisis, which is so deeply rooted that even unprecedented interventions by affected governments have, thus far, failed to contain it. In this paper we analyse the structural flaws in the financial system that helped bring on the current crisis and discuss prospects for financial reform.
Journal Article
Commercializing blockchain : strategic applications in the real world
The accessible, non-technical guide to applying and benefiting from blockchain technology. Blockchain has grown at an enormous rate in a very short period of time. In a business context, blockchain can level the playing field between small and large organisations in several ways: Exact copies of the immutable, time-stamped data is held by all parties, all transactions can be viewed in real time, data blocks are cryptographically linked, all raw materials are traceable and smart contracts ensure no middle-men, ease of audit and reduced friction. The trust, transparency, security, quality and reduced costs of blockchain make it a game-changing technology that crosses sectors, industries and borders with ease. Even though the technologies are ready for adoption, businesses remain largely unaware of their full potential and effective implementation. End users require accurate and up-to-date information on the practical applications of blockchain-Commercializing Blockchain provides it. A practical and easy-to-understand guide to blockchain, this timely book illustrates how this revolutionary technology can be used to transform governments, businesses, enterprises and entire communities. The author draws from his experience with global retailers, global technology companies, UCL Centre for Blockchain technologies, the government of the UK, Retail Blockchain Consortium and many other sources to present real-world case studies on the use and benefits of blockchain. Topics include financial transactions, tokenisation, identity management, supply chain transparency, global shipping and freight, counterfeiting and more. Provides practical guidance for blockchain transactions in business operations -Provides practical guidance for blockchain transactions in business operations -Demonstrates how blockchain can add value and bring increased efficiency to commercial operations -Covers all of the essential components of blockchain such as traceability, provenance, certification and authentication -Requires no technical expertise to embrace blockchain strategies Commercializing Blockchain: Strategic Applications in the Real World is ideal for enterprises seeking to develop and deploy blockchain technology, particularly in areas retail, supply chain and consumer goods.
Book
Correlation Effects of Fiscal and Monetary Systems: Construction of China’s Modern Fiscal, Tax, and Financial Systems
Mainstream theories have not sufficiently explored the organic connection between fiscal and monetary systems. The requirement to establish a modern fiscal, tax, and financial system necessitates a more profound understanding of the interrelated effects between fiscal and monetary systems. This paper, based on a comprehensive analytical framework for fiscal influence on the monetary system, explores the institutional foundation, transmission channels, and regulatory capabilities through which the fiscal authorities affect monetary circulation. There are three findings. First, the Treasury Single Account (TSA) system, the capital contributor responsibility system with the fiscal authorities fulfilling responsibilities as the capital contributor for state-owned commercial banks, and the fiscal credit system endow fiscal authorities with the ability to influence money creation. Second, fiscal authorities exert a significant influence on the monetary market: With regard to money supply, treasury deposits are a vital factor influencing the broad money, and the impact of treasury deposits on money supply exhibits significant cyclical characteristics; And in terms of public financial product production, over the past decade, the proportion of fiscal credit relative to commercial credit has been on the rise, with 11.04% to 31.29% of loans from financial institutions in 2022 categorized as fiscal credit. Third, relevant authorities have employed open market operations to counteract disturbances from treasury revenues and expenditures, have utilized structural monetary policy tools in conjunction with fiscal production of public financial products, expanded government bond space through the characteristics of state-owned financial capital as a fiscal contributor, and supported the central bank’s macro-prudential management through their role as the capital contributor for state-owned commercial banks.
Journal Article
Financial stress evaluation: a complexity science approach
Financial markets typically exhibit dynamically complex properties as they continuously interact with economic and environmental factors. For example, the efficient market hypothesis suggests a considerable difference in the structural complexity of security prices between “normal” (stable markets) and “abnormal” (financial crises) situations. Considering the analogy between market undulation of price time series and physiological stress of bio-signals, we investigate whether physical stress indices in bio-systems can be adopted and modified to measure “standard stress” in financial markets. We employ structural complexity analysis based on univariate and multivariate sample entropy variants to estimate the overall stress level of financial markets and the performance of individual financial indices. Furthermore, we propose a novel graphical framework to determine the sensitivity of individual assets and stock markets to financial crises. Catastrophe theory and entropy-based stress evaluations are used to ascertain the unique performance of each index or individual stock in response to different types of crisis. Four major indices and four individual equities with gold prices are considered over 31 years, from 1991 to 2021. Results show the feasibility of measuring financial stress and reveal the relationship between structural complexity among economic indices and within each price time series.
Journal Article
Counter-Cyclical Approach to Change Management in Banks for the Sustainable Development of the Financial System
The motivation for this research was the need for scientific elaboration on the issues of managing the flexibility of the financial system to ensure its sustainable development. The purpose of the article is to develop a counter-cyclical approach to change management in banks for the sustainable development of the financial system. Based on data of 2020 and post-crisis economic recovery in 2021, the article reveals the positive effect of managing changes in banks in the form of sustainable development of the financial system. Alternative scenarios for managing changes in banks are compared in terms of advantages to enhance the resilience of the financial system. This serves as a justification for the fact that the contribution of banks’ flexibility to this positive effect varies significantly depending on the phases of the economic cycle. The authors’ SAP-LAP model has provided a qualitative interpretation of change management in banks in the context of the economic crisis to enhance the resilience of the financial system on the example of the credit services market. The theoretical impact consists in revealing the status quo that determine the flexibility of banks and their contribution to the sustainable development of the financial system. These conditions are the development of mobile money services and the expansion of ATM network, as well as specialization in the segments of the richest 60% and the poorest 40% of consumers of credit services. The practical significance of the results obtained in the article is that the developed new approach to the organization of banks’ activities makes it possible to increase the flexibility of banks and thereby enhance their adaptability to the cyclical economy.
Journal Article