scholarly journals Transformation of the agricultural financial system in the age of globalisation

2017 ◽  
Vol 63 (No. 12) ◽  
pp. 548-558 ◽  
Author(s):  
Brzozowska Anna ◽  
Bubel Dagmara ◽  
Kalinichenko Antonina ◽  
 Nekrasenko Larysa
Keyword(s):  
Economic Growth ◽  
Financial Markets ◽  
Capital Flows ◽  
Financial Integration ◽  
Financial System ◽  
The Other ◽  
Financial Policy ◽  
Financial Flows ◽  
European Agriculture ◽  
Financial Globalisation

The paper is an attempt to address the advantages and risks connected with the wave of financial globalisation, with a focus on its impact on financial policy in European agriculture. The aim of the paper is to identify the basic conditions of the functioning and change of the financial system of agriculture under the conditions of the globalisation of financial markets. Financial globalisation, also referred to as financial integration or openness, is understood as an increase in global ties and interdependences caused by capital flows. Potentially, globalisation can bring a lot of benefits, which are manifested in an acceleration of economic growth and decreased fluctuation in consumption, which should further improve the level of overall prosperity. On the other hand, however, internationalisation of financial flows entails a range of threats, including the possibility of crisis.

Financial markets as commensurating machines

2019 ◽  
Vol 58 (4) ◽  
pp. 539-565
Author(s):  
Barbara Kuchler
Keyword(s):  
Financial Markets ◽  
Capital Markets ◽  
Capital Market ◽  
Capital Flows ◽  
Financial System ◽  
Financial Assets ◽  
Financial Instruments ◽  
Black Scholes ◽  
Derivatives Markets

Ever since the crisis of 2008, the dynamism and self-referentiality of financial markets have puzzled observers. This article argues that this dynamism is the product of a long process of commensuration, by which ever more heterogeneous financial assets and financial instruments have come to be compared with, substituted for, and valuated relatively to one another, and have thereby been condensed into a highly interconnected financial system. This trajectory can be found both in the long-term historical emergence of financial markets from ancient origins and in the more recent transformations of the financial system since the 1970s, including (i) the rise of derivatives markets, and (ii) the rise of capital markets as against bank-intermediated capital flows. The rise of derivatives markets was triggered by the commensuration of basic securities (such as stock, bond) and derivatives (such as options, futures), established by the Black-Scholes-Merton theory of option pricing. The rise of capital markets was rooted in the commensuration – and hence, competition and substitution – of bank products (such as loans, deposits) and non-bank products (capital market securities).

scholarly journals Post-liberalisation Efficiency and Productivity of the Banking Sector in Pakistan

2001 ◽  
Vol 40 (4II) ◽  
pp. 605-632 ◽  
Author(s):  
Syed Fawad Ali Rizvi
Keyword(s):  
Economic Growth ◽  
Financial Markets ◽  
Banking Sector ◽  
Peer Group ◽  
Financial System ◽  
Empirical Literature ◽  
Key Factors ◽  
Group Efficiency ◽  
Cross Country ◽  
Efficiency And Productivity

It has been long debated in economic literature whether financial markets play a significant role in economic growth and development. [For review see Gertler (1988) and Levine (1997)]. Findings of some recent empirical literature show that well-functioning financial system plays an instrumental role in economic growth, and the causality runs from finance to growth [for cross country evidences see King and Levine (1993, 1993a); Levine and Zervos (1998); Levine, Loayza and Beck (1999); Beck, Levine, and Loayza (1999)]. This, in turn, has led to a search for the key factors that determine the better functioning financial markets. Within the banking sector, efficiency is the core concern of both academics and bank officials. A number of studies have sought to measure the efficiency of financial institutions, to identify the factors that contribute to efficiency of financial system, and to recommend the ways to attain the peer group efficiency levels [Berg (1993); Leaven (1999); Berger and Mester (1997); Miller and Noulas (1996)].

scholarly journals A comparative analysis of the financial liberalization in Turkey and Brazil

2020 ◽  
Vol 67 (2) ◽  
pp. 207-224
Author(s):  
Gover Tugrul
Keyword(s):  
Comparative Analysis ◽  
Capital Flows ◽  
Financial Integration ◽  
Financial Liberalization ◽  
Capital Controls ◽  
The Other ◽  
Capital Account ◽  
Other Hand ◽  
Capital Outflows ◽  
The One

The objective of this study is to explain the financial liberalization processes in Turkey and Brazil, to analyze the external financial liberalization processes and the financial integration indices and to compare the developments in the financial integration indices of Turkey and Brazil during the period 1980-2013. Our analysis revealed that, on the one hand, Brazil has continued its external liberalization process since the 1990s, but on the other hand, Brazil used two main tools to manage the capital flows, namely, capital controls and liberalization of capital outflows. In contrast, Turkey did not employ these tools following liberalization of the capital account.

Introduction

2018 ◽  
Author(s):  
Mccormick Roger ◽  
Stears Chris
Keyword(s):  
Financial Markets ◽  
Financial Institutions ◽  
Financial Services ◽  
Financial System ◽  
The Other ◽  
Legal Risk ◽  
The People ◽  
European Banking ◽  
Prospective Risk

This introductory chapter first sets out the book’s purpose, which is to describe and explain legal and conduct risk, and suggest possible approaches to the management of these risks. Legal risk is defined as risk arising in the operation and practices of the financial markets. They are a part of the spectrum of risks that are inherent in the operations of banks and other financial institutions, affecting the lives of the people who work there and the customers who put their trust in them as well as, in more extreme cases, the financial system itself. On the other hand, the European Banking Authority defines conduct risk as ‘the current or prospective risk of losses to an institution arising from an inappropriate supply of financial services including cases of wilful or negligent misconduct’.

scholarly journals Examining the relationship between finance, institutions and economic growth: evidence from the ASEAN economies

2019 ◽  
Vol 53 (4) ◽  
pp. 519-542 ◽  
Author(s):  
Hazwan Haini
Keyword(s):  
Economic Growth ◽  
Financial Markets ◽  
Financial Development ◽  
Financial Institutions ◽  
Financial Integration ◽  
Institutional Quality ◽  
Institutional Development ◽  
Positive Role ◽  
Asean Economic Community ◽  
Dynamic Panel Estimator

AbstractThis study investigates the role of financial and institutional development on economic growth in the Association of Southeast Asian Nations (ASEAN) economies from 1995 to 2017 using a dynamic panel estimator. Financial development is instrumental in promoting economic growth; however, the effect of financial institutions and financial markets can differ. In recent years, the ASEAN economies have launched financial and institutional integration initiatives towards the goal of an integrated ASEAN Economic Community, which can have a profound impact on economic growth. The estimated results show that financial institutions are positive and significant towards economic growth, while financial markets are insignificant. Equally important, institutional quality plays a significant and positive role in economic growth. More interestingly, the study finds that institutional development is complementary to financial institutions and markets. Member states should emphasise on further financial integration across the ASEAN economies, allowing for the development of financial institutions and markets alongside improvements in institutional quality to increase the effectiveness of financial development.

scholarly journals Impact of Financial Integration on Ethiopian Economic Growth

2019 ◽  
Vol 10 (1) ◽  
pp. 55
Author(s):  
Abdulaziz A Hussen
Keyword(s):  
Economic Growth ◽  
Financial Integration ◽  
Positive Impact ◽  
Negative Influence ◽  
Paper Analysis ◽  
Positive Contribution ◽  
Financial Flows ◽  
Research Results ◽  
Advantages And Disadvantages ◽  
The Impact

This paper analyzes theoretically the role of financial integration on economic growth and empirically examines the influence of financial integration on Ethiopian economic growth. Many researchers find different investigation results during their data analysis on the impact of financial integration on economic growth. The outcome of most researchers indicate that financial integration has a positive contribution to economic growth, while the result of quite a few numbers of researchers suggested that financial integration has a negative influence on economic growth. Similarly, few of them propose that the relationship between these two variables as bi- directional. Furthermore, literatures categorize the impact of financial sector on economic growth into four basic hypotheses. Which are supply leading, demand following, bidirectional, and independent hypothesis. These hypotheses suggest that financial integration has different role on economic growth and all of them are supported by several research results of various researchers. It is considered that the main reason behind these contrasting research results are the level of financial integration and the composition of financial flows. Moreover, the financial crises that occur in recent decades created a heated debate among researchers on the advantages and disadvantages of financial integration. However, most economists agree that financial integration is beneficial to the economy. The result of this paper analysis also shows, financial integration has a positive impact on the Ethiopian economic performance.

scholarly journals Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990–2010

2012 ◽  
Vol 24 (3) ◽  
pp. 371-396 ◽  
Author(s):  
Joshua Aizenman ◽  
Yothin Jinjarak ◽  
Donghyun Park
Keyword(s):  
Economic Growth ◽  
Capital Flows ◽  
Financial Integration

scholarly journals Providing economic stability in the conditions of financial openness: change of approaches and conclusions for Ukraine

2019 ◽  
Vol 2019 (4) ◽  
pp. 42-53
Author(s):  
Yevhen Bublyk
Keyword(s):  
Economic Growth ◽  
Capital Flows ◽  
Financial Integration ◽  
Institutional Environment ◽  
International Capital Flows ◽  
Rational Approach ◽  
International Capital ◽  
Economic Stability ◽  
Financial Openness ◽  
Theoretical Approaches

The article summarizes theoretical approaches to substantiate the benefits and risks of financial openness as the scientific basis for shaping economic stability policy. Shown the gaps of the neoliberal approach to financial openness as an exogenous factor of economic growth and its contradiction with classical theory. The author identifies the signs of change in the institutional view of leading IFIs at the global level and the formation of a more rational approach to the introduction of financial openness, which includes the implementation of international capital flows control and management policies. Determined the main factors of the formation of conditions for financial instability in the economy under the influence of the consequences of uncontrolled movement of international capital flows and revival of foreign trade. As a result of the comparison of modern views with the classical origins of the theory of free movement of capital and the analysis of empirical data on the practical impact of financial openness on economic stability, it is substantiated that the modern rational approach is more consistent with the classical origins of the theory of financial integration and the practical needs for stable economic growth. Substantiated the influence of the institutional environment of the financial sector on the benefits of financial and trade openness. Based on the need to ensure stable functioning of Ukraine’s economy, the author outlines the conceptualized principles of the rational advancement of Ukraine’s economy towards financial openness.

scholarly journals Has Financial Integration of ASEAN and APEC Contributed to Economic Growth?

2021 ◽  
Vol 4 (1) ◽  
pp. p36
Author(s):  
Yutaka Kurihara
Keyword(s):  
Economic Growth ◽  
Financial Crisis ◽  
Financial Crises ◽  
Financial Integration ◽  
Global Financial Crisis ◽  
The Other ◽  
Policy Makers ◽  
Definite Answer ◽  
Pros And Cons ◽  
The Relationship

As globalization prevails, financial integration has been ongoing. The movement of globalization has occurred from the 1980s and a lot of attention has been paid to occurred issues from of aspects. This study focuses on whether financial integration in ASEAN and APEC promotes economic growth or not. These areas have attempted to tackle integration and cooperation and to achieve growth. Also, a global financial crisis occurred in the 1990s, and the 2000s made policy makers and business persons aware of potential contagion. Globalization sometimes has caused a contagion of financial crises. On the other hand, cooperation promoted recovery from the damaged economy in some areas. So the pros and cons have been examined, however, a definite answer whether financial integration is correct or not remains unknown. Using available data, empirical analyses are conducted in this study to examine the relationship between financial integration and economic growth. The empirical results show that financial integration has contributed to economic growth in ASEAN, however, this result cannot be applied clearly to APEC. The variety of participating countries in APEC may have affected the result. Moreover, there are some problems to be solved for sound economic growth for these areas.

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