Financial Sector Sustainability Regulations and Voluntary Codes of Conduct: Do They Help to Create a More Sustainable Financial System?

2018 ◽  
pp. 383-404 ◽  
Author(s):  
Olaf Weber
Keyword(s):  
Codes Of Conduct ◽  
Financial System ◽  
Financial Sector ◽  
Voluntary Codes Of Conduct

Modelling the UK Banking Sector

2010 ◽  
Vol 214 ◽  
pp. F67-F72
Author(s):  
Ray Barrell ◽  
Simon Kirby ◽  
E. Philip Davis
Keyword(s):  
Banking Sector ◽  
National Income ◽  
Financial System ◽  
Financial Sector ◽  
Equation Model ◽  
Dsge Models ◽  
Real Economy ◽  
Equilibrium Models ◽  
Return To Equilibrium ◽  
Dynamic Stochastic

The financial crisis that emerged during 2007 and overwhelmed the financial system in late 2008 also brought to the fore some of the obvious failings of the style of modelling that had been fashionable in central banks in the previous decade. The shift to Dynamic Stochastic General Equilibrium models (DSGE) of whatever sort left no real scope for money and financial markets to have an impact on the real economy. This was in part because equilibrium models based on theory are unlikely to be designed to cope with a period of disequilibrium, which is when the financial system becomes important in macroeconomics. DSGE models come in various guises, and it was common to operate with a three-equation model with demand, supply and the interest rate as the equations. It is hard to see how the financial sector could fit into this, or what use it would be even if it were included. Larger DSGE models that respect the national income identity are easier to augment with a financial sector; but even that developed by the US Federal Reserve (see Edge, Kiley and Laforte, 2010) tends to return to equilibrium rather more rapidly than seems reasonable.

scholarly journals Financial system and growth and economic development

VUZF Review ◽  
2021 ◽  
Vol 6 (2) ◽  
pp. 160-170
Author(s):  
Małgorzata Hala
Keyword(s):  
Economic Growth ◽  
Economic System ◽  
Financial Institutions ◽  
Financial System ◽  
Financial Sector ◽  
Real Sector ◽  
The Real ◽  
State And Local ◽  
The Impact

The aim of the article is to present the role of the financial system in economic growth and development. The first part presents the traditional understanding of the relationship between the economic system and economic growth. The second part presents the experience of financial crises and their impact on the conversation on the mutual relations between the financial sector and the real sector. The third part shows the role of the state in the financial system. The article describes the arrangement of interrelated financial institutions, financial markets and elements of the financial system infrastructure.  It shows what part of the economic system the financial system is, and whether it enables the provision of services allowing the circulation of purchasing power throughout the economy. The article presents the important role of the financial system, the role related to the transfer of capital from entities with savings to entities that need capital for investments. It shows the financial system as a set of logically related organizational forms, legal acts, financial institutions and other elements enabling entities to establish financial relations in the real sector and the financial sector, and this system forms the basis of activity for entities using money, enabling the conclusion of various economic transactions, in which money performs various functions. The article also presents the concept of a financial crisis as a situation in which there are rapid changes in the financial market, usually associated with insufficient liquidity or insolvency of banks or financial institutions, and as a result, a decrease in production or its deepening. The article also includes issues related to the impact of public authorities (state and local authorities) on the financial system in the economy.

NGO Strategies for Promoting Corporate Social Responsibility

2002 ◽  
Vol 16 (1) ◽  
pp. 71-87 ◽  
Author(s):  
Morton Winston
Keyword(s):  
Human Rights ◽  
Multinational Corporations ◽  
Codes Of Conduct ◽  
Legal Standards ◽  
Voluntary Codes Of Conduct ◽  
Financial Interests ◽  
Corporate Social Accountability ◽  
Naming And Shaming ◽  
Corporate Social ◽  
National Governments

This article describes and evaluates the different strategies that have been employed by international human rights nongovernmental organizations (NGOs) in attempting to influence the behavior of multinational corporations (MNCs). Within the NGO world, there is a basic divide on tactics for dealing with corporations: Engagers try to draw corporations into dialogue in order to persuade them by means of ethical and prudential arguments to adopt voluntary codes of conduct, while confronters believe that corporations will act only when their financial interests are threatened, and therefore take a more adversarial stance toward them. Confrontational NGOs tend to employ moral stigmatization, or “naming and shaming,” as their primary tactic, while NGOs that favor engagement offer dialogue and limited forms of cooperation with willing MNCs.The article explains the evolving relationship between NGOs and MNCs in relation to human rights issues and defines eight strategies along the engagement/confrontation spectrum used by NGOs in their dealings with MNCs. The potential benefits and risks of various forms of engagement between NGOs and MNCs are analyzed and it is argued that the dynamic created by NGOs pursuing these different strategies can be productive in moving some companies to embrace their social responsibilities. Yet, in order for these changes to be sustainable, national governments will need to enact enforceable international legal standards for corporate social accountability.

DIGITAL TRANSFORMATION OF THE ECONOMY AND FINANCIAL SYSTEM OF RUSSIA

2021 ◽  
Vol 1 (6) ◽  
pp. 82-95
Author(s):  
А. V. ZVEREV ◽  
◽  
M. Yu. MISHINA ◽  
A. V. NOVIKOV ◽  
◽  
...  
Keyword(s):  
Economic System ◽  
Financial System ◽  
Digital Technologies ◽  
Financial Sector ◽  
Digital Transformation ◽  
Economic Relations

The article considers the theoretical aspects of the digitalization of economic relations in Russia, identifies the features of the digital transformation of the economic system and the formation of the digital state. The advanced industries and the most developed digital technologies by Russian companies are identified. The focus is on the digitalization of the financial sector: the main trends and directions of the process are identified, the level of development and implementation of financial technologies in the framework of the formation of the fintech industry is considered.

Financial System Reform: Regulatory Structure, Financial Safety, Systemic Stability and Competition Policy

1997 ◽  
Vol 8 (2) ◽  
pp. 318-332 ◽  
Author(s):  
Warren Hogan ◽  
Ian G. Sharpe
Keyword(s):  
Financial Markets ◽  
Competition Policy ◽  
Financial System ◽  
Financial Sector ◽  
System Reform ◽  
Regulatory Structure ◽  
Markets And Institutions

The paper provides an assessment of the recommendations of the Financial System Inquiry and the Government's reform proposals relating to the regulatory structure, financial safety and the mega-prudential regulator, systemic stability, and competition policy in the financial sector. It is argued that key reform proposals are based on explicit or implicit assumptions relating to the workings of financial markets and institutions. The Report fails to test those assumptions against contemporary and prospective circumstances to determine the practical worth of the recommendations.

Offshore Financial Centers - The Assessment Program - A Progress Report

Policy Papers ◽  
2006 ◽  
Vol 2006 (58) ◽  
Author(s):  
Keyword(s):  
Financial System ◽  
Financial Sector ◽  
Progress Report ◽  
Second Phase ◽  
Executive Directors ◽  
Assessment Program ◽  
International Financial System ◽  
Standard Component ◽  
Financial Center ◽  
Sector Work

This paper updates Executive Directors on the progress since February 2005 in implementing the second phase of the offshore financial center (OFC) program as agreed in November 2003 (see PIN No. 03/138 at http://www.imf.org). At that time, Directors recognized that OFCs could pose prudential and financial integrity risks to the international financial system. In this context, Directors agreed that the monitoring of OFCs' activities and their compliance with supervisory and integrity standards should become a standard component of the financial sector work of the Fund. They also requested periodic updates on the progress with implementation of the program. Earlier updates were provided in March 2004 (Offshore Financial Centers—The Assessment Program—An Update) and February 2005 (Offshore Financial Centers—The Assessment Program—A Progress Report). With the completion of the first round of assessments, staff have begun implementing the second phase of the program.

scholarly journals Republic of Kosovo

2020 ◽  
Vol 20 (217) ◽  
Author(s):  
Keyword(s):  
Balance Sheet ◽  
Financial System ◽  
Financial Sector ◽  
Assessment Program ◽  
Financial Soundness ◽  
The Imf

The FSSR mission team conducted a diagnostic review of CBK governance and of the financial system, undertook a stocktaking of the implementation of recommendations from the 2012 Financial Sector Assessment Program (FSAP) and MCM TA, and proposed a TA Roadmap to support the efforts of the authorities to address key gaps and vulnerabilities. The IMF Statistics Department (STA) supported the mission with an assessment of the compilation of financial soundness indicators (FSIs), monetary and financial statistics, and balance sheet matrices (Annex I).

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