scholarly journals Blockchain, Securities Markets, and Central Banking

2019 ◽  
pp. 213-228 ◽  
Author(s):  
Alexandros L. Seretakis
Keyword(s):  
Financial Markets ◽  
Global Financial Crisis ◽  
Central Banks ◽  
Market Participants ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Widespread Adoption ◽  
Clearing And Settlement ◽  
The Global Financial Crisis

Distributed ledger technology, a variant of which is blockchain technology, represents one of the most important innovations of the FinTech revolution. Academics, policy-makers, and market participants are experimenting with the technology with the aim of enhancing the functioning of financial markets. Industry consortia are being formed by the biggest financial institutions in the world seeking to leverage the use of the technology, in order to improve the clearing and settlement process. Furthermore, central banks in advanced and developing economies are examining the potential of using the technology in market infrastructures operated by central banks and are even exploring the possibility of issuing digital base money. Nevertheless, the widespread adoption of distributed ledger technology as envisioned by its ardent supporters encounters considerable legal obstacles, including the numerous new regulations imposed on financial markets and market participants in the aftermath of the Global Financial Crisis. This chapter seeks to disentangle the myths from the realities of the so-called distributed ledger technology or blockchain revolution and discusses how the legal regime can act both as an impediment and a catalyst to the widespread adoption of the technology.

scholarly journals Disclosure of risk information in the European banking sector

2016 ◽  
pp. 350-366
Author(s):  
Emilia Klepczarek
Keyword(s):  
Financial Markets ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
The Public ◽  
Market Participants ◽  
European Banking ◽  
Adequate Quantity ◽  
The Global Financial Crisis ◽  
Risk Disclosures ◽  
Working Out

A debate on the scope of bank information disclosures seems to be essential, especially after the Global Financial Crisis. The adequate quantity of data provided to the public domain is a condition of transparency of the banking sector which should assure the optimization of market participants’ decisions. There is also a tendency to unify global accountancy standards, and they are expected to ensure the same scope of disclosed information for the global financial market. The aim of the study is to investigate if there are any differences with the number of risk disclosures among the banks using GAAP and IFRS accounting standards, and if more stable banking sectors tend to report a wider scope of data. Finding out the nature of the determinants of disclosures is an important aspect in terms of working out the procedures which will increase the transparency and stability of the financial markets.

scholarly journals RBI Distributed Ledger Technology and Blockchain - A Future of Decentralized India

2020 ◽  
pp. 227-237
Author(s):  
Bhuvana R. ◽  
P. S. Aithal
Keyword(s):  
Central Bank ◽  
New Technologies ◽  
Secondary Data ◽  
Central Banks ◽  
Central Banking ◽  
Indian Government ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Monetary Economy

Despite various countries getting hands-on technology such as blockchain for banking, transaction, and multiple benefits, a developing country such as India must use these technologies because of the advantages it provides in order to keep pace. In the age of digital currencies and new emerging technologies, central banking is a fast-growing topic in the monetary economy. Cryptocurrencies, blockchain, and distributed Ledger technologies appear to be feasible rivals to Fiat Currency central bank. Blockchain technology's influence behind Cryptocurrencies. Cryptocurrencies have the ability to boost payments and operations by central banks and serve as a forum from which central banks could Perhaps launch their own digital currencies. RBI Indian central bank is no less important when it comes to technology that would pave the way for the new economy, enriched with technology-centric growth momentum, by increasing support from India's reserve bank and the Indian government for innovation and integrating technologies through regulatory sandboxes and various other systems. This article illustrates distributed ledger technology in the Indian context. The secondary data were obtained from various scholarly journals and websites. We have analysed distributed ledger technology, India’s move towards learning new technologies, different central banks distributed ledger project and examined blockchain technology in the Indian market using the SWOC framework as a research case study.

scholarly journals Sustainable Public Spending Through Blockchain

2020 ◽  
Vol 9 (4) ◽  
pp. 317
Author(s):  
Judit Glavanits
Keyword(s):  
Best Practices ◽  
Financial Markets ◽  
Public Spending ◽  
The State ◽  
The Public ◽  
Digital Currency ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Industrial Use

Blockchain technology and its industrial use cases can be detected worldwide. It is time for the state to think about the blockchain as an opportunity to reduce costs and build trust in the public spending. The paper and the presentation give an overview on how the state can apply the distributed ledger technology (DLT) and blockchain technology in the public administration: there are several countries with best practices already, and even more are in the introduction phase of opening to Industry 4.0 in the public services as well. On the field of FinTech area the state has great responsibility to regulate (or at least define) the phenomena of cryptocurrencies, that is already in use for more than 10 years now without any responsible governmental acts. Within this topic the Central Bank Digital Currency projects are also discussed in the paper, which are supported by IMF, and declared as the next natural step forward on financial markets. Keywords: blockchain, DLT, SDG, public spending

scholarly journals DEFINING “FINANCIAL STABILITY”

2019 ◽  
Vol 7 (1) ◽  
pp. 9
Author(s):  
Stanisław Stefaniak
Keyword(s):  
European Union ◽  
Financial Markets ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Central Banks ◽  
Legal Analysis ◽  
The European Union ◽  
Policy Documents ◽  
The Global Financial Crisis ◽  
Financial Regulatory

After the Global Financial Crisis (GFC) of 2008 the term “financial stability” rose to prominence in financial regulatory circles. The paper employs methodological tools from political economy, discourse analysis and comparative legal analysis to track the trajectory of this rise in the narratives of scholarship on financial law, policy documents and relevant European legislation and finds that the meaning of the term is subject to change and malleable. It is argued that the substance of financial stability can only be deciphered once the broader ideas about the functioning of financial markets and roles of central banks are taken into context. It is then established that these ideas were redefined in the aftermath of the GFC in line with the new macroprudential paradigm, and how they came to inform subsequent policies and legislation in the European Union.

scholarly journals ON NON-STANDARD MEASURES OF CENTRAL BANKS SUPPORT DURING CRISIS PERIODS

Banking law ◽  
2020 ◽  
Vol 6 ◽  
pp. 20-27
Author(s):  
Mikhail V. Ershov ◽  
◽  
Anna S. Tanasova ◽  
Keyword(s):  
Financial Crisis ◽  
Financial Markets ◽  
Global Financial Crisis ◽  
Central Banks ◽  
Current Crisis ◽  
Legislative Changes ◽  
The Global Financial Crisis

Pandemic of COVID-19 caused turmoil in the financial markets and crisis developments in economic in 2020. Central banks took several steps to stabilize the situation. These steps in significant scale included nonstandard measures for central banks (crediting nonbanking sector). The size of such measures was larger than during the global financial crisis 2008–2009. Now such steps were taken in a larger number of countries. The widening of central banks functions gave rise to discussions and were not implemented quite smoothly. In some countries legislative changes were required. The article observes special features of central banks’ measures during the current crisis.

Ocena antykryzysowej polityki gospodarczej Stanów Zjednoczonych i wybranych państw członkowskich Unii Europejskiej w latach 2005–2014

2016 ◽  
pp. 26-46
Author(s):  
Marcin Jan Flotyński
Keyword(s):  
United States ◽  
European Union ◽  
Financial Markets ◽  
Global Economy ◽  
Global Financial Crisis ◽  
The United States ◽  
The European Union ◽  
High Volatility ◽  
The Global Financial Crisis ◽  
Domestic Products

The global financial crisis in 2007–2009 began a period of high volatility on the financial markets. Specifically, it caused an increased amplitude of fluctuations of the level of gross domestic products, the level of investment and consumption and exchange rates in particular countries. To address the adverse market circumstances, governments and central banks took actions in order to bolster the weakening global economy. The aim of this article is to present the anti-crisis actions in the United States and selected member states of the European Union, including Poland, and an assessment of their efficiency. The analysis conducted indicates that generally the actions taken in the United States in response to the crisis were faster and more adequate to the existing circumstances than in the European Union.

Financialization

2018 ◽  
pp. 276-290
Author(s):  
Ravi Roy ◽  
Thomas D. Willett
Keyword(s):  
Financial Markets ◽  
Financial Services ◽  
Capital Mobility ◽  
Global Financial Crisis ◽  
Economic Globalization ◽  
The Past ◽  
The World ◽  
The Global Financial Crisis ◽  
National Economies ◽  
Global Financial System

The size and scope of financial sectors throughout the world have grown exponentially in tandem with the rise of globalization and increased capital mobility. The terms “economic globalization” and “financialization” are often discussed as inextricably related phenomena. Although the rapid increase in the number and variety of financial services and products during the past four decades has helped spur economic growth and create wealth on an unprecedented scale, the devastating fallout from the global financial crisis of 2008–2009, and the economic turbulence that followed, demonstrates how poorly managed financial sectors can simultaneously cause enormous pain. This chapter argues that if the opportunities created by economic globalization and financialization are to be maximized, while at the same tempering volatile financial markets, then the global financial system (and the national economies connected with it) must be fundamentally restructured. A number of ways that should be taken under consideration are discussed.

INFLATION TARGETING: IT'S NOT BROKE, IT DOESN'T NEED FIXING, BUT CAN IT SURVIVE?

2010 ◽  
Vol 01 (01) ◽  
pp. 59-80
Author(s):  
PIERRE L. SIKLOS
Keyword(s):  
Monetary Policy ◽  
Inflation Targeting ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Asset Price ◽  
Central Banks ◽  
Economic Downturn ◽  
Price Increases ◽  
The Global Financial Crisis ◽  
Nominal Anchor

Until the end of 2005 there were few outward signs that the inflation targeting (IT) monetary policy strategy was deemed fragile or that the likelihood of abandoning it was high. In light of the severe economic downturn and the global financial crisis that has afflicted most economies around the world since at least 2008, it is worth reconsidering the question of the fragility of the inflation targeting regime. This paper reprises the approach followed in Siklos (2008) but adds important new twists. For example, the present study asks whether the continued survival of IT is due to the fact that some of the central banks in question did take account of changes in financial stress. The answer is no. Indeed, many central banks are seen as enablers of rapid asset price increases. The lesson, however, is not that inflation targeting needs to be repaired. Instead, refinements should be considered to the existing inflation targeting strategy which has evolved considerably since it was first introduced in New Zealand 20 years ago. Most notably, there should be continued emphasis on inflation as the primary nominal anchor of monetary policy, especially in emerging market economies (EME), even if additional duties are assigned to central banks in response to recent events.

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