scholarly journals Regulatory Convergence in the Financial Periphery: How Interdependence Shapes Regulators’ Decisions

2019 ◽  
Vol 63 (4) ◽  
pp. 908-922
Author(s):  
Emily Jones ◽  
Alexandra O Zeitz
Keyword(s):  
Small Group ◽  
Global Economy ◽  
Standard Setting ◽  
International Standards ◽  
Professional Networks ◽  
Spatial Lag ◽  
The Core ◽  
Cross Border ◽  
Regulatory Decisions ◽  
Regulatory Convergence

Abstract We examine the processes by which regulations prevailing in countries at the core of the global economy spread to countries outside this small group. We show how specific cross-border relationships between banks, regulators, and investors generate regulatory interdependence that drives the diffusion of international standards from the standard-setting countries at the core of the financial system to the financial periphery. We argue that regulatory decisions in the financial periphery are shaped by the prior choices of regulators in other countries, mediated through four specific cross-border relationships associated with banking globalization. We draw on a new dataset of Basel II adoption in over ninety jurisdictions in the financial periphery. Using spatial lag models we show that regulators’ decisions over the adoption of international standards are shaped by the choices of regulators to whom they are connected through the cross-border operations of individual banks, international professional networks, and competition for capital. Our analysis underscores the value of parsing out the relevant actor-level linkages that connect countries: while international considerations shape regulatory decisions, what matters is not the extent to which countries are connected to the global economy but rather the nature of these connections.

The EU Response to Criminal Misuse of Cryptocurrencies: The Young, already Outdated 5th Anti-Money Laundering Directive

2020 ◽  
Vol 28 (3) ◽  
pp. 217-251
Author(s):  
Valentina Covolo
Keyword(s):  
Money Laundering ◽  
Business Models ◽  
International Standards ◽  
Present Contribution ◽  
The Core ◽  
Cross Border ◽  
The Us ◽  
New Business ◽  
New Business Models ◽  
The Eu

Abstract Combatting criminal misuse of cryptocurrencies was at the core of the fatf agenda under the US Presidency, culminating in June 2019 with the thorough extension of international standards against money laundering over virtual assets’ markets. This echoed the first legislative measure regulating virtual currencies adopted by the EU a year before. Directive 2018/843, better known as the 5th Anti-Money Laundering Directive, fails however to address key technological breakthroughs and new business models, which continuously make the ever-growing and fast-paced crypto economy evolve. Against this background, the present contribution investigates shortfalls and challenges that lay ahead in the light of the new fatf Recommendations. It ultimately argues that the preventive anti-money laundering measures cannot dispense with the establishment of a cross-border integrated supervisory and enforcement system.

scholarly journals The UK and Digital Trade: Which way forward?

2021 ◽  
Author(s):  
Emily Jones ◽  
Beatriz Kira ◽  
Anna Sands ◽  
Danilo B. Garrido Alves
Keyword(s):  
Global Economy ◽  
Trade Agreements ◽  
Digital Economy ◽  
International Standards ◽  
Policy Implications ◽  
The Internet ◽  
Cross Border ◽  
Data Flows ◽  
The Us ◽  
The Uk

The internet and digital technologies are upending global trade. Industries and supply chains are being transformed, and the movement of data across borders is now central to the operation of the global economy. Provisions in trade agreements address many aspects of the digital economy – from cross-border data flows, to the protection of citizens’ personal data, and the regulation of the internet and new technologies like artificial intelligence and algorithmic decision-making. The UK government has identified digital trade as a priority in its Global Britain strategy and one of the main sources of economic growth to recover from the pandemic. It wants the UK to play a leading role in setting the international standards and regulations that govern the global digital economy. The regulation of digital trade is a fast-evolving and contentious issue, and the US, European Union (EU), and China have adopted different approaches. Now that the UK has left the EU, it will need to navigate across multiple and often conflicting digital realms. The UK needs to decide which policy objectives it will prioritise, how to regulate the digital economy domestically, and how best to achieve its priorities when negotiating international trade agreements. There is an urgent need to develop a robust, evidence-based approach to the UK’s digital trade strategy that takes into account the perspectives of businesses, workers, and citizens, as well as the approaches of other countries in the global economy. This working paper aims to inform UK policy debates by assessing the state of play in digital trade globally. The authors present a detailed analysis of five policy areas that are central to discussions on digital trade for the UK: cross-border data flows and privacy; internet access and content regulation; intellectual property and innovation; e-commerce (including trade facilitation and consumer protection); and taxation (customs duties on e-commerce and digital services taxes). In each of these areas the authors compare and contrast the approaches taken by the US, EU and China, discuss the public policy implications, and examine the choices facing the UK.

scholarly journals Optimization Model of Cross-Border E-commerce Payment Security by Blockchain Finance

2021 ◽  
Vol 2021 ◽  
pp. 1-9
Author(s):  
Tung-Chun Chen ◽  
Yu-Shen Liang ◽  
Po-Sheng Ko ◽  
Jui-Chan Huang
Keyword(s):  
Social Life ◽  
Risk Control ◽  
Case Analysis ◽  
International Standards ◽  
Control Mode ◽  
Electronic Payment ◽  
The Core ◽  
Cross Border ◽  
Blockchain Technology ◽  
Border Trade

Cross-border trade is also changing and innovating. Electronic payment has become the core application of modern cross-border e-commerce. However, although electronic payment has brought convenience and efficiency to enterprises and social life, there are also many problems in transaction information security. These problems not only hinder the development of electronic payment but also bring hidden dangers to people’s property security. Therefore, an encryption algorithm of e-commerce was proposed, and its algorithm security and risk control mode was further studied by means of case analysis, empirical analysis, and comparative analysis. Experimental data show that blockchain technology is a breakthrough. The aim of the study is to explore its application in specific circumstances and strive to make the new e-payment mode in line with international standards.

Use “cross-border E-commerce” multi-dimensional teaching to enhance the core competence of international economics and trade students

2021 ◽  
pp. 002072092110134
Author(s):  
Ying Liu
Keyword(s):  
Core Competence ◽  
Teaching Method ◽  
Close Contact ◽  
Operating Mode ◽  
Theory And Practice ◽  
Practical Training ◽  
The Core ◽  
Cross Border ◽  
The Core Competence ◽  
Employment Quality

For some trade majors who only focus on theoretical studies, they no longer have an advantage in the market. If they do not pay attention to practical training, it will be difficult to gain a foothold in business. In education, people are paying more and more attention to e-commerce. Many schools take “cross-border e-commerce (CBEC)” as a course. This article uses CBEC to implement multi-dimensional teaching, so as to enhance the core competence of trade majors. This research is mainly based on the analysis of the existing teaching program model, and proposes a multi-level, all-round and multi-dimensional teaching method. This article analyzes the current teaching mode of trade major and various related problems in this mode, and proposes a teaching method based on theory and practice in response to the requirements of trade major. In teaching, many teachers will use traditional teaching methods to analyze trade and help students learn about CBEC. If students cannot learn the operating mode of CBEC as soon as possible, it will cause many students to walk out of the school very much. It is difficult to adapt to the requirements of work, and it is also difficult to accept the new CBEC model. This not only affects the employment rate and employment quality of students, but also is not conducive to the transformation and development of foreign trade enterprises. Therefore, we need to teach students based on the market’s demand for CBEC compound talents, let them have close contact with enterprise development, and use school-enterprise cooperation to realize CBEC practical and multi-dimensional teaching in schools, so as to generate training to meet the needs of the cross-e-commerce market Technical personnel.

Spatial Convergence in Height in Central Europe, 1890-1910

2009 ◽  
pp. 90
Author(s):  
Marek Brabec ◽  
John Komlos
Keyword(s):  
Global Economy ◽  
Well Being ◽  
Habsburg Monarchy ◽  
The Core ◽  
Military Recruits ◽  
Convergence Clubs ◽  
Spatial Convergence ◽  
Physical Stature ◽  
The Difference ◽  
Peripheral Areas

We examine spatial convergence in biological well-being in the Habsburg Monarchy, circa 1890-1910, on the basis of evidence of the physical stature of 21-year-old military recruits, disaggregated into 15 Districts. We find that the shorter the population in 1890, the faster its height grew thereafter. Hence, there was convergence in physical stature between the peripheral areas of the monarchy (located in today’s Poland/Ukraine, Romania, and Slovakia) and its core (located in today’s Austria, Czech Republic, and Hungary). The difference in trends between the trend in height in the Polish District of Przemysl and in Vienna was about 0.9 cm per decade, in favor of the former. Convergence among the core Districts themselves was minimal or non-existent, whereas the convergence among the peripheral Districts was more pronounced. Spatial convergence also took place between the peripheral regions and the more developed ones. The pattern is somewhat reminiscent of modern findings on convergence clubs in the global economy.

The auditing profession and the key audit matter reporting requirement

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Dessalegn Getie Mihret ◽  
Monika Kansal ◽  
Mohammad Badrul Muttakin ◽  
Tarek Rana
Keyword(s):  
Standard Setting ◽  
International Standards ◽  
Financial Reports ◽  
Content Type ◽  
Reporting Requirement ◽  
Regulatory Rule ◽  
Rule Setting ◽  
A Site ◽  
Relationship Of

Purpose This study aims to examine the setting of International Standards on Auditing (ISA) 701 on disclosing key audit matters (KAMs) to explore the role of standard setting in maintaining or reconstituting the relationship of the auditing profession with preparers and users of financial reports. Design/methodology/approach This study draws on concepts from the sociology of the professions literature and the regulatory space metaphor. Data comprises comment letters and other documents pertaining to the setting of ISA 701. Findings The study shows that the KAM reporting requirement is part of the ongoing re-calibration of the regulatory arrangements governing auditing, which started in the early 2000s. This study interprets standard setting as a site for negotiating the relationships between linked ecologies in the audit regulatory space, namely, the auditing profession, preparers of financial statements and users of audited reports. This study identifies three processes involved in setting ISA 701, namely, reconstitution of the rules governing auditors’ reports as a link between the three ecologies, preserving boundaries between the auditing profession and preparers and negotiation aimed at balancing competing interests of the interrelated ecologies. Originality/value The study offers insights into the role of regulatory rule setting as a central medium through which the adaptive relationship of the profession with its environment is negotiated.

scholarly journals Promoting the Development of Enterprise Niche: Case Study on China’s Organizational Ambidexterity

2018 ◽  
Vol 10 (10) ◽  
pp. 3806 ◽  
Author(s):  
Ling Ding ◽  
Di Cao ◽  
Taohua Ouyang ◽  
Jin-xi Wu
Keyword(s):  
Process Model ◽  
Enterprise Management ◽  
Organizational Ambidexterity ◽  
Strategic Positioning ◽  
The Core ◽  
Cross Border ◽  
History Of ◽  
Core Issue ◽  
Three Stages

This paper aims to take the longitudinal development history of the Lenovo Cross-border complex nested R&D organization as the research object, to explore the development rules of enterprise niche. Strategic positioning is the core issue of enterprise management, and enterprise niche is the core issue of strategic positioning. This study elaborates on the three stages of enterprise R&D organizational ambidexterity promoting enterprise niche evolution, discusses the process model of space development, and reveals the life cycle of enterprise niche. It reveals the deep reason for promoting enterprise niche to develop—the ambidexterity of complex nested organization. The conclusion helps to promote the successful space development of enterprise niches through Cross-border merger and acquisition, and to enhance global sustainable development for the companies from emerging markets such as China.

scholarly journals A International standards and rules for interaction between public authori-ties during the Covid-19 pandemic

2021 ◽  
Vol 7 (Extra-D) ◽  
pp. 480-490
Author(s):  
Tatyana Viktorovna Gololobova ◽  
Salavat Khamitovich Sarmanaev ◽  
Sergey Zenin ◽  
Aleksey Yuryevich Shirokov ◽  
Georgiy Nikolaevich Suvorov
Keyword(s):  
International Standards ◽  
World Health ◽  
Federal State ◽  
Public Authorities ◽  
The Core ◽  
Special Scientific ◽  
Legal Model ◽  
The Usa ◽  
Health Organization ◽  
Rules And Standards

The study aims at identifying the core rules and standards for forming a legal model of inter-action between levels of public authority in a federal state during a pandemic. The authors have considered documents that regulate the process of interaction between public authorities during the coronavirus pandemic, as well as the doctrinal sources of law in Belgium, Germany, Canada, the USA, Switzerland, and Australia. In addition, they have analyzed the acts of the World Health Organization adopted during the COVID-19 epidemic and containing recom-mendations on the interaction of public authorities during a pandemic. The research methods were as follows: general philosophical, general and special scientific (structural-legal, compara-tive-legal, and formal-legal The authors have concluded that it is possible to introduce separate rules and standards for such interaction of public authorities during the period of a pandemic into the Russian legal system.

Determinants of stock market reaction to cross-border acquisitions: evidence from emerging economies

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Samta Jain ◽  
Smita Kashiramka ◽  
P. K. Jain
Keyword(s):  
Emerging Economies ◽  
Value Creation ◽  
Global Economy ◽  
Emerging Market ◽  
Research Work ◽  
Abnormal Returns ◽  
Content Type ◽  
Cross Border ◽  
Country Level ◽  
Acquiring Firms

PurposeThe global economy has witnessed an exponential increase in cross-border acquisitions (CBAs) by emerging market companies (EMCs), demanding a relook at their internationalization strategy. The purpose of the study is to investigate whether the announcement of CBAs by EMCs creates value for the equity-holders of acquiring firms and identify factors affecting the valuation of acquiring companies.Design/methodology/approachThe paper investigates the announcement impact of CBAs of CNX Nifty 500 Indian and SSE 380 Chinese companies. The event study analysis of 553 Indian and 125 Chinese acquisitions supports the contention that CBAs are indeed a strategic choice of EMCs for value creation.FindingsCBAs generate positive and statistically significant abnormal returns for shareholders of both Indian and Chinese acquirers. The markets, however, differ in terms of their motivations; country-level factors have been observed to exert significant influence on the returns of Indian acquirers. Indian companies experience larger value creation on acquiring firms established in developed, institutionally closer and/or economically distant markets. The findings support the asset-seeking motive of Indian companies.Originality/valueThe research work contributes to the evolving stream of CBAs literature with a focus on the globalization strategies of EMCs. The present study is a modest attempt to lay the foundation for a new theoretical framework (asset-seeking perspective) of overseas acquisitions from emerging economies. The existing studies on emerging economies have emphasized, in isolation, either Indian CBAs or international acquisitions by Chinese firms. Being so, the study is unique and original in the sense that it is a comparative study of India and China.

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