Financial property rights under colonialism: some counterfactual possibilities

2016 ◽  
Vol 12 (4) ◽  
pp. 797-824
Author(s):  
ABHISHEK CHATTERJEE
Keyword(s):  
Property Rights ◽  
Financial Market ◽  
Financial Capital ◽  
Power Relationship ◽  
Financial Systems ◽  
Mutual Cooperation ◽  
Money Markets ◽  
Market Formation ◽  
Considerable Concentration ◽  
Special Case

AbstractThis article seeks to explain the lack of the development of contemporaneously ‘modern’ money and credit markets in the 18th to 19th century economy of India. Borrowing from the literature on property rights, it demonstrates that the emergence of ‘modern’, and state-connected money markets was the result of a certain kind of power relationship between rulers and financial capital holders where the two were forced to mutually cooperate; financial systems represented the institutionalization of this mutual cooperation. Specific kinds of ‘colonialism’ represent just one special case of a relationship where the latter did not obtain. The article thus proposes a mechanism though which the spread of European capital could have retarded financial market formation in now-developing areas with otherwise considerable concentration of ‘native’ mercantile capital.

Stock Market in Georgia

2021 ◽  
Vol 10 (2) ◽  
pp. 26-38
Author(s):  
Davit (David) Aslanishvili
Keyword(s):  
Stock Market ◽  
Central Bank ◽  
Financial Market ◽  
Commercial Banks ◽  
Financial Capital ◽  
Market Capitalization ◽  
Economic Progress ◽  
Financial Investments ◽  
Economic Reality ◽  
Monopoly Position

The study examines the financial and economic reality and backwardness of Georgia. It reflects the monopoly of commercial banks thanks to the steady support of the state and the central bank, which ultimately does not allow for the attraction of alternative financial capital and is one of the main reasons for the country's failure. In this respect, the economic progress is directly linked to this problem. Developing an economy requires large financial investments and resources. Based on the research a number of proposals need to be introduced to change the situation and to build a competitive financial market. The ultimate goal is to end the monopoly position of commercial banks and to neutralize the negative activity of the Central Bank of Georgia as the regulator of this market. This is the only way to create the independent and competitive source of finance and investment in Georgia. Ultimately, this will increase market capitalization and eliminate the backwardness between Georgia and a number of leading countries in the field of financial market and its infrastructure.

scholarly journals Individual resources, property rights and entrepreneurship in China

2018 ◽  
Vol 13 (6) ◽  
pp. 1502-1521 ◽  
Author(s):  
Sreevas Sahasranamam ◽  
G. Venkat Raman
Keyword(s):  
Property Rights ◽  
Financial Capital ◽  
Constitutional Amendment ◽  
Chinese Government ◽  
Continuous Variables ◽  
Content Type ◽  
Necessity Entrepreneurship ◽  
Rights Protection ◽  
Property Rights Protection ◽  
Institutional Contexts

Purpose In the last decade, the Chinese Government enacted two rule-based policy changes related to property rights, namely, a constitutional amendment to protect the lawful rights of the private sector in 2004 and a property rights law in 2007. Using property rights theory, the purpose of this paper is to hypothesize the contingent effect that these property rights changes have on the investment of individual human and financial capital toward entrepreneurship. In addition, this study also explores whether property rights changes have a differential effect on the two forms of entrepreneurship, namely, opportunity and necessity entrepreneurship. Design/methodology/approach This research uses logit regression analysis on a two-period model using the Global Entrepreneurship Monitor (GEM) database to test these effects. Findings Contrary to existing evidence from western contexts, this study finds that property rights changes have a significant influence on the investment of both forms of capital toward necessity entrepreneurship in China. Research limitations/implications The use of a secondary database like GEM has certain limitations, such as the non-availability of data on a longitudinal basis, and the need to operationalize certain constructs like social and financial capital as non-continuous variables. Originality/value There has been limited research on the phenomena of necessity entrepreneurship in economies such as that of China. The findings of this study highlight that property rights protection is equally important for necessity entrepreneurship in institutional contexts like China.

scholarly journals L’economia islamica: alternativa apparente o reale?

2017 ◽  
Vol 97 (2) ◽  
pp. 270-290
Author(s):  
Valentino Cattelan
Keyword(s):  
Social Justice ◽  
Property Rights ◽  
Financial Market ◽  
Risk Sharing ◽  
Financial System ◽  
Real Economy ◽  
Scientific Paradigm ◽  
Moral Principles ◽  
The Future ◽  
Economic Thinking

Abstract This article deals with the nature of Islamic economics as a scientific paradigm which claims to be alternative to conventional economic thinking. To critically evaluate this claim, the work investigates the peculiar religious and moral principles that shape the idea of social justice in Islam. Subsequently, it outlines how Islamic economics derives from these principles a specific conceptualization of property rights and commercial relations that embraces parameters of (1) primacy of real economy; (2) transactional equilibrium; (3) and profit- and risk-sharing. By endorsing the conceptual autonomy of Islamic economics from conventional capitalism, the article also refers to the current emergence of the Islamic financial market at a global stage, and the possible implications for a plural financial system in the future.

Durability and Change in Financial Systems

2016 ◽  
Author(s):  
Richard Deeg ◽  
Elliot Posner
Keyword(s):  
Financial Market ◽  
Market Integration ◽  
Analytical Approach ◽  
Financial Regulation ◽  
Financial Integration ◽  
Historical Institutionalism ◽  
Financial Systems ◽  
Financial Market Integration ◽  
European Financial Integration

Historical institutionalism features extensively in the study of banking and financial regulation in Europe. This chapter reviews scholarship that explicitly, implicitly or inadvertently draws heavily on that tradition’s central tenets. The authors find that historical institutionalism can help explain the emergence, persistence, and evolution of distinct kinds of financial systems in Europe, as well as the pattern and effects of European financial integration. However, they find there is considerable untapped potential for historical institutionalism as an analytical approach for studying European financial market integration and regulation.

scholarly journals Financial Innovation: A Permanent Agenda in Finance

2017 ◽  
Vol 1 (3) ◽  
Author(s):  
Wesley Mendes-Da-Silva
Keyword(s):  
Financial Market ◽  
Financial Innovation ◽  
The United States ◽  
Economic Stability ◽  
Financial Systems ◽  
Policy Makers ◽  
Financial Products ◽  
Different Types ◽  
Technology Market ◽  
New Challenges

The Journal of Financial Innovation (JoFI), which is totally independent and completely free to anyone who is interested in reading it, has been establishing itself as one of the first periodicals dedicated to financial innovation, a subject that has been growing in importance in various spheres of interest, from academia to industry, including policy makers. Economic stability and growth are closely linked to financial innovation in its various formats, i.e. products, processes and financial institutions.At the end of the 1980s the financial market in the United States and its institutions were facing changes that were seen as revolutionary at the time. In other words, at that particular moment in time we witnessed the rise of financial instruments and institutions that did not even exist at the end of the 1970s. As Mishkin (1990) points out, there is still an interest in understanding better the dynamic of the changes in financial systems and the proliferation of financial products. In this regard, the forces behind financial innovation are increasing in relevance. These include the conditions required for changes in the market, advances in technology, market (de)regulation, different types of crisis that are relevant to the market, new challenges facing banks, and other such matters.

scholarly journals Integrating Social Capital and Finansial Capital for Beef Cattle Farmers Economic Solutions in Kediri Regency, East Java Province, Indonesia

2020 ◽  
Vol 4 (2) ◽  
pp. 115-118
Author(s):  
Linawati Linawati ◽  
Nur Solikin
Keyword(s):  
Social Capital ◽  
Rural Communities ◽  
Beef Cattle ◽  
Rural Areas ◽  
Joint Venture ◽  
Financial Capital ◽  
Mutual Cooperation ◽  
Economic Problems ◽  
The Social ◽  
Cattle Breeders

The culture of mutual cooperation with rural communities is one of the social capital that is still ongoing, especially in running livestock businesses. This study aims to analyze the social capital and financial capital of beef cattle breeders. The research location was chosen in conjunction in Semen District, Kediri Regency. Interviewing and filling out questionnaires are instruments in this descriptive study. The results showed that the social capital of cattle breeders in the medium category, financial capital came from a joint venture (gaduhan system). The conclusion is that the existence of social and financial capital due to the gaduhan system is a solution to economic problems in rural areas. An increase in social capital may have an impact on increasing financial capital. 

Trading Anytime Anywhere with Ubiquitous Financial Information Systems

2011 ◽  
pp. 19-36
Author(s):  
Alexander Y. Yap
Keyword(s):  
Information Systems ◽  
Financial Market ◽  
Financial Information ◽  
Global Markets ◽  
Financial Systems ◽  
Hourly Basis ◽  
Do So ◽  
Financial Information Systems

Trading anytime anywhere ubiquitously is rapidly becoming a popular trading practice in the financial marketspace. When highly volatile financial global markets are becoming a normal phenomenon, trading stocks, options, and futures requires the flexibility to trade anywhere, anytime. Investors or traders who keep track of the financial market on a daily or hourly basis do so because they want to be able to make immediate buy and sell decisions wherever they are and whenever they see fit. Ubiquitous financial systems empower traders to limit risk or take advantage of trading opportunities by providing the capability to ‘time’ trading executions. Millions and billions of dollars are either lost or gained in a few seconds, and timing is key.

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