Capital Markets and Financial Entrepreneurs in the Roman World

2020 ◽  
pp. 381-416 ◽  
Author(s):  
Koenraad Verboven
Keyword(s):  
Middle Ages ◽  
Financial Institutions ◽  
Financial Services ◽  
Credit Markets ◽  
Banking System ◽  
Financial Capital ◽  
Lender Of Last Resort ◽  
Financial Transfers ◽  
Roman World ◽  
Modern Capitalism

Modern capitalism requires institutions that provide financial capital to entrepreneurs. The need for financial capital has been inherent in capitalism since the middle ages and was equally strong for ancient commercial enterprises. The financial institutions and instruments developed in early modern Europe, however, did not exist in the Roman world. This chapter argues that we need to analyse Roman financial institutions for what they were and relate them to the levels of commerce and production they made possible. The focus is on commercial intermediaries (deposit bankers and others) who offered financial services bridging the gap between those who had money and those who needed it. Roman credit markets relied on open-access institutions. In the heartlands and hubs of the empire credit markets were thick and capital flowed easily from investors, through intermediaries, to entrepreneurs and back. But this was not true everywhere, and throughout its history, even in the areas where credit markets were thick, social networks were essential for financial transfers to be possible. Anonymous transactions through an impersonal financial market remained a marginal phenomenon because the negotiability of financial instruments did not support the development of such a market. In the absence of a central banking system with a structural lender of last resort and an interlocking network of banks, the money supply remained largely limited to the stock of metal currency. The Roman financial system was sophisticated and efficiently fulfilled the needs of estate owners, farmers, craftsmen, shippers, merchants, and retailers, but never realized a financial revolution comparable to that which gave birth to the modern banking system.

scholarly journals FINTECH INDUSTRY IN UKRAINE: PROBLEMS AND PROSPECTS FOR THE IMPLEMENTATION OF INNOVATIVE SOLUTIONS

2020 ◽  
Vol 6 (4) ◽  
pp. 46-55
Author(s):  
Vira Vartsaba ◽  
Olha Zaslavska
Keyword(s):  
International Development ◽  
Financial Institutions ◽  
Financial Services ◽  
Digital Literacy ◽  
Public Awareness ◽  
Banking System ◽  
Radical Change ◽  
Legal Framework ◽  
Model Assessment ◽  
Credit System

The article considers the issues of development of the financial technology market, its opportunities and obstacles, as well as the need and inevitability of the in-troduction of fintech solutions in the financial and credit spheres. The main purpose of the research is to determine the role of fintech services in the state economy, the prospects for their development, as well as to substantiate the trends of adaptation of classical credit institutions and consumers of financial services to new financial tech-nologies at different stages of their development. Systematization of literature sources and approaches to solving the problem of intensifying activities in the field of innovative finance has shown that fintech is a specific cross-sectoral industry, which lies on the border of financial and IT spheres, consists of companies that use technology to improve the efficiency of financial services and encompasses digital innovations and programs that facilitate the creation and implementation of financial products. The urgency of solving this scientific problem is that the market of finan-cial technologies is one of the fastest growing. That is why it highlights the need for traditional financial institutions to digitize their activities through a radical change in the business model in order to strengthen competitive positions and provide strategic advantages. The research of the implementation of financial technologies in the article is carried out in the following logical sequence: systematization of stages of development of the fintech industry; assessment of the development of the fintech sphere in Ukraine in the context of the transition to the stage of integration with the banking system; study of the strengths and weaknesses of domestic banks and fintech companies, outlining obstacles and necessary changes for further digitization of the financial and credit system; research of the process of implementation of fintech services on the example of the technology life cycle model; assessment of the relationship between the level of financial and digital literacy of the population and the depth of promotion of innovative fintech products; identifying ways to increase the financial and digital inclusion of the population of Ukraine. Methods of the empirical, experimental and theoretical levels became the methodological tools of the conducted research. The results were evaluated and analyzed on the basis of surveys conducted in 2017-2019 by the Ukrainian Association of Fintech and Innovative Companies, the Ministry of Digital Transformation of Ukraine, the Ukrainian division of the British audit and consulting company Ernst & Young, and the US Agency for International Development. The article presents the results of an empirical analysis of the relations and interdependence of classical and innovative financial institutions, which showed the inevitability of the processes of digitization of financial services. The study em-pirically confirms and theoretically proves that the favorable development of the fintech industry is based on the following: the level of public awareness in the field of finance and information technology; the level of innovative development of financial institutions and the degree of penetration of the fintech companies in the financial market of the country; completeness of the legal framework.

Islamic Finance Fundamentals With Applications in Malaysia

2016 ◽  
Author(s):  
Shahriza Osman ◽  
Zahiruddin Ghazali ◽  
Syed Mohd Na’im Syed Salim
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Banking System ◽  
Basic Knowledge ◽  
Islamic Finance ◽  
Islamic Banking ◽  
Risk And Uncertainty ◽  
Financial Systems ◽  
Political Economic ◽  
Financial Issues

Islam postulates a unique link of contracts among the creator, man and society on the basis of Syariah law that directly affects the workings of the various social, political, economic, and financial systems. Therefore, to understand the way in which economic affairs and financial institutions are organized in an Islamic system, it is first necessary to comprehend the nature of this relationship. Consequently, one cannot study a particular aspect or part of an Islamic system, economics, for example, in isolation, without having understanding of the basic knowledge of Islamic finance. Islamic finance products are contract-based. This book explains Islamic finance, which refers to the provision of financial services in accordance with Syariah law in chapter one. The Syariah law is the foundation for the establishment of an Islamic banking system. Chapter two illustrates the differences between the principles of Syariah and Tabii. Chapter three explains the Islamic theory of profit. Chapter four is about risk and uncertainty, which is known as gharar in Islamic finance. Chapter five discusses interest/riba, which is the most significance principle of Islamic banking. Chapter six explains some of the financial issues related to Islamic banking.

scholarly journals ANALYSIS OF NON-BANK FINANCIAL INSTITUTIONS ACTIVITY AS PARTICIPANTS OF MODERN FINANCIAL SERVICES MARKET

2018 ◽  
pp. 88-94 ◽  
Author(s):  
Liudmyla Didenko ◽  
Inna Kobzar ◽  
Iryna Khanaliieva
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Banking System ◽  
Foreign Banks ◽  
Stable Operation ◽  
Credit System ◽  
Pension Insurance ◽  
Wide Range ◽  
State Pension ◽  
Credit Institutions

Banking system, that is, the National Bank of Ukraine, other banks and branches of foreign banks operating in the country, is the basis of the Ukrainian credit system. However, non-bank financial and credit institutions play an important role in the financial services market. Today they provide quite a wide range of services and thus become serious competitors for banks. Therefore, the study of the peculiarities of the activities of non-bank financial and credit institutions and their role in the economic growth of the state is an urgent problem for investigation. The article assesses the activities of the main non-bank financial institutions. The main indicators of the effectiveness of non-banking financial institutions in the context of the main segments of the modern financial services market are analysed. The problems that impede the development of the insurance services market, the non-state pension insurance market and the Lombard loan market are identified. It is concluded that it is an urgent necessary to solve the system problems in the financial services market in order to ensure its effective and stable operation in the future.

scholarly journals Government Anticipation in Tackling Crime of Money Laundering (White Collar Crime) in Indonesia

2018 ◽  
Vol 3 (1) ◽  
pp. 145-163
Author(s):  
Sunarno Edy Wibowo
Keyword(s):  
Money Laundering ◽  
Financial Institutions ◽  
Financial Services ◽  
White Collar Crime ◽  
Banking System ◽  
The State ◽  
Clearing System ◽  
The Government ◽  
The Stability ◽  
Almost All

Indonesia is currently racing with time related to the increasingly rampant criminal corruption committed by state officials who have a very significant impact also on the increase of TPPU. One of the perpetrators' efforts to avoid him from the law by hiding or obscuring his crime through money laundering takes advantage of the mechanism of financial traffic. Money laundering practices are very often committed against money earned from crime. The practice is simply a way to disguise or conceal the proceeds of a criminal offense. Money laundering is then used as a shield for the proceeds of the crime. Therefore, the existence of provisions or regulations on TPPU is very beneficial to minimize the velocity of funds from the crime. The latent danger of corruption has touched almost all levels of society, not only in relation to state organizers, power and policy, but also to the presence of private parties. Various methods have been taken to eradicate it, both preventively and repressively as well as by making changes to the method of eradication. One of the objectives of repressive action is to restore the State's losses. Corruption has resulted in heavy losses to the state's finances and undermines the stability of the national economy. The state losses in the form of assets resulting from corruption in returning it are not easy, the complexity of the settlement of criminal cases is one of the most dominant causes, not to mention the settlement of cases of corruption, especially those that have obtained permanent legal force, in relation to the spoils and payments replacement money, suspects, defendants, or convicted persons who disappeared at the time the proceedings were underway. The handling of TPPU cases has significance for the return of state assets related to the eradication of corruption. Property becomes a very fundamental object in relation to corruption and TPPU. Money laundering is always associated with property derived from a crime. The outcome of corruption is certainly related to assets or property acquired in an unauthorized and dirty manner. The prosecution of the perpetrators of corruption is not only related to the problem of his actions but also the repression of the result of his act of seizure of assets or assets of the perpetrator. Presidential Instruction Number 5 of 2004 on the Acceleration of Corruption Eradication issued by the President on December 9, 2004 to prove the seriousness of the government in criminalizing the money laundering of corruption results as well as a legal instrument that ordered law enforcement officers to immediately restore the state loss (asset recovery).1 The handling of TPPU, is a tough task for PPATK, especially to detect the occurrence of TPPU and further criminal acts. So the prevention and eradication of money laundering requires a systematic and comprehensive mechanism, which includes the detection process and legal process.2 The practice of money laundering through bank mechanisms is possible because banks are the most vulnerable financial institutions, and are subjected to the practice of Money Laundering whereby banks have a clearing system, international correspondence and a secret banking system.3 The role of the financial and government industry (PPATK) in preventing and eradicating TPPU becomes a barometer. It is based on banking and other financial services providers as front lines, in anti money laundering regimes. It is expected that financial institutions together with employees are at the forefront, in an effort to combat illegal financial activities.4

scholarly journals FORMATION OF UKRAINE TRANSPARENCY BANKING

2019 ◽  
pp. 35-41
Author(s):  
T. Savchenko ◽  
L. Mynenko
Keyword(s):  
Development Strategy ◽  
Financial Market ◽  
Financial Institutions ◽  
Financial Services ◽  
Banking Sector ◽  
Banking System ◽  
Market Participants ◽  
Financial Organization ◽  
Credit Bureaus ◽  
National Bank

The article analyzes requirements of the National Bank of Ukraine for transparency of banks, banking groups and non-banking financial market participants. Transparency development process in the Ukrainian banking sector considered in a dynamic and in context of the EU's transparency requirements. Authors came to conclusion that the National Bank of Ukraine have to extended last achievements at banks transparency issues on activities of banking groups and to non-banking financial institutions. This conclusion based on rudiments of effective supervision of banking groups on a consolidated basis, as well as the adoption by the Verkhovna Rada of Ukraine of the Law on "Split". This law extends the National Bank's responsibility in the supervision of non-banking financial institutions (insurance, leasing, financial companies, credit unions, pawnshops and credit bureaus) since July 2020. Therefore, the National Bank should introduce new regulatory requirements to increase the transparency of banking groups and non-bank financial intermediaries. These reforms will establish uniform approaches and standards for disclosure of information on the activities of financial institutions, as well as provide the harmonization of national legislation with EU requirements. Expanding the list of public reporting information and establishing proper reporting intervals will ensure the stable functioning of the financial market and will increase the confidence in the financial system by the users of financial services. These measures will also help management of the financial organization to make informed decisions in defining their development strategy. Besides, they will provide further development of the competitive environment in the financial services industry. Keywords: transparency of banking system, transparency requirements, bank, banking group.

Liberalisation and Consolidation: The Single European Market and the Remaking of European Financial Capital

1992 ◽  
Vol 24 (1) ◽  
pp. 49-81 ◽  
Author(s):  
A Leyshon ◽  
N J Thrift
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
State Regulation ◽  
The State ◽  
European Market ◽  
Financial Capital ◽  
Services Sector ◽  
Financial Services Sector ◽  
Single European Market

The European Community's attempts to restructure the European financial services sector, as part of the Single European Market programme, are examined. These attempts are seen to embody impulses towards the liberalisation and consolidation of the sector which are often at odds. The authors examine the state regulation of money and financial institutions, consider the chief tendencies towards liberalisation and the opposing tendencies towards consolidation, and speculate on the outcome of the programme, especially on the struggle between finance and financial capital models of state regulation of money and finance.

scholarly journals Rural credit markets in South Africa: A review of theory and empirical evidence

2014 ◽  
Vol 12 (1) ◽  
pp. 363-374 ◽  
Author(s):  
Joseph Chisasa
Keyword(s):  
South Africa ◽  
Financial Markets ◽  
Financial Institutions ◽  
Financial Services ◽  
Credit Markets ◽  
Smallholder Farmers ◽  
Policy Implications ◽  
Medium Size ◽  
Rural Credit ◽  
Rural Credit Markets

The demand for and supply of financial services in general and credit instruments in particular by rural South Africa still remains a confounding problem. The aim of this paper is to determine the status of rural credit markets in South Africa by reviewing theory and evidence from empirical studies. It is observed that financial markets in South Africa are fragmented between formal and informal markets. Formal financial markets generally serve urban and peri-urban areas with a thin distribution of services to people living in rural areas. Rather, informal financial institutions such as savings clubs (stockvels), co-operatives, moneylenders (mashonisas) and village banks are the more dominant providers of financial services. Commercial banks and other formal financial institutions cite high operating costs such as information gathering, monitoring and enforcement as some of the reasons for limited participation in rural financial markets. Such attitudes have been observed to retard entrepreneurial innovation and growth among small to medium size enterprises and smallholder farmers. Results of this analysis have policy implications in the areas of reduction of unemployment, poverty and sustainable economic growth in South Africa. Policies directed at increasing financial intermediation via formal financial institutions are recommended

Arah Kebijakan Pengawasan terhadap Perbankan Syariah dalam Sistem Perbankan Nasional di Indonesia

2020 ◽  
Vol 3 (1) ◽  
pp. 41-52
Author(s):  
Andrew Shandy Utama
Keyword(s):  
Central Bank ◽  
Financial Services ◽  
Banking System ◽  
Islamic Banking ◽  
Legal Research ◽  
Islamic Bank ◽  
Independent Direction ◽  
National Banking System

This research aims to explain the direction of policy regarding supervision of Islamic banking in the banking system in Indonesia. The method used in this research is normative legal research using the statutory approach. The results of this research explain that the policy regarding supervision of Islamic banking in the national banking system in Indonesia is headed toward an independent direction. In Law Number 7 of 1992 and Law Number 10 of 1998, it is stated that supervision of Islamic banking is done by Bank Indonesia as the central bank. Based on Law Number 21 of 2008, supervision of Islamic banking is strengthened by not only being supervised by Bank Indonesia, but also by the National Sharia Council of the Majelis Ulama Indonesia by placing Sharia Supervisory Councils in each Islamic bank. After the ratification of Law Number 21 of 2011, supervision of Islamic banking moved from Bank Indonesia to an independent institution called the Financial Services Authority.

The Lending Performance of Non-Bank Financial Institutions in Online Credit Markets

2018 ◽  
Author(s):  
Mark Cummins ◽  
Ciaran Mac an Bhaird ◽  
Pierangelo Rosati ◽  
Theodore G. Lynn
Keyword(s):  
Financial Institutions ◽  
Credit Markets

A Study on Customer Satisfaction on Commercial Banks in Theni District

2018 ◽  
Vol 5 (2) ◽  
pp. 41
Author(s):  
G. Pooranam ◽  
K. Nandhini
Keyword(s):  
Customer Satisfaction ◽  
Financial Services ◽  
Commercial Banks ◽  
Banking System ◽  
Modern State ◽  
Satisfaction Level ◽  
Important Place ◽  
Study Find ◽  
Modern Economy ◽  
Economic Objective

Banks play a very important role in the economic development of every modern state and country. Banks operate at the heart of the modern economy. Today’s Business is continually looking for ways to achieve a competitive advantage. Banks essentially are a social organization which rendering financial services to subserve socio-economic objective of the society. Banking system occupies an important place in nation’s economy. In this study, find out the customer satisfaction level of the Commercial banks in Theni District.

Sign in / Sign up

Export Citation Format

Share Document