scholarly journals The future of financial markets and regulation: what strategy for Europe?

foresight ◽  
2014 ◽  
Vol 16 (2) ◽  
pp. 95-108 ◽  
Author(s):  
Jean-Baptiste Gossé ◽  
Dominique Plihon
Keyword(s):  
Financial Markets ◽  
Capital Market ◽  
Financial Stability ◽  
Design Methodology ◽  
Financial Integration ◽  
Content Type ◽  
Realistic Option ◽  
The Future ◽  
Unstable Environment ◽  
Insight Into

Purpose – This article aims to provide insight into the future of financial markets and regulation in order to define what would be the best strategy for Europe. Design/methodology/approach – First the authors define the potential changes in financial markets and then the tools available for the regulator to tame them. Finally, they build five scenarios according to the main evolutions observed on the financial markets and on the tools used by the regulator to modify these trends. Findings – Among the five scenarios defined, two present highly unstable features since the regulator refuses to choose between financial opening and independently determining how to regulate finance in order to preserve financial stability. Three of them achieve financial stability. However, they are more or less efficient or feasible. In terms of market efficiency, the multi-polar scenario is the best and the fragmentation scenario is the worst, since gains of integration depend on the size of the new capital market. Regarding sovereignty of regulation, fragmentation is the best scenario and the multi-polar scenario is the worst, because it necessitates coordination at the global level which implies moving further away from respective national preferences. However, the more realistic option seems to be the regionalisation scenario: this level of coordination seems much more realistic than the global one; the market should be of sufficient size to enjoy substantial benefits of integration. Nevertheless, the “European government” might gradually increase the degree of financial integration outside Europe in line with the degree of cooperation with the rest of the world. Originality/value – Foresight studies on financial markets and regulation are quite rare. This may be explained by the difficulty to forecast what will be their evolution in the coming decades, not least because finance is fundamentally unstable. This paper provides a framework to consider what could be the best strategy of regulators in such an unstable environment.

Stricter microprudential supervision versus macroprudential supervision

2015 ◽  
Vol 23 (4) ◽  
pp. 354-368 ◽  
Author(s):  
Larry D Wall
Keyword(s):  
Financial Crisis ◽  
Financial Markets ◽  
Financial Stability ◽  
Design Methodology ◽  
Economic Damage ◽  
Financial Systems ◽  
Content Type ◽  
Depth Analysis ◽  
The Usa ◽  
Practical Implications

Purpose – The purpose of this paper is to develop an explicitly macroprudential supervisory framework designed to identify threats to financial stability use existing mechanisms to reduce the risk of these threats and to provide information to the authorities to more efficiently mitigate any instability that does arise. Design/methodology/approach – This paper begins with an analysis of the limitations of microprudential regulation. It then develops a macroprudential surveillance framework focused on those financial markets that have the potential to undermine financial stability. It concludes with a discussion of how the surveillance results may be used to enhance financial stability. Findings – The current supervisory focus on microprudential supervision of systemically important institutions is insufficient; an explicitly macroprudential focus is required. Research limitations/implications – Although this paper’s conceptual framework is applicable to all advanced financial systems the discussion of specific regulatory structures focuses on the USA. Practical implications – An explicit supervisory focus on the threats posed by major financial markets is feasible and desirable. Social implications – The probability of a financial crisis and the economic damage caused by a crisis can be significantly reduced by redirecting some regulatory efforts toward in-depth analysis of major financial markets. Originality/value – The paper emphasizes that macroprudential supervision must include both quantitative and detailed analysis of the qualitative aspects of key markets.

scholarly journals Tourism in Hawaii 1776‐2076: futurist Jim Dator talks with Ian Yeoman

2015 ◽  
Vol 1 (1) ◽  
pp. 36-45 ◽  
Author(s):  
Jim Dator ◽  
Ian Yeoman
Keyword(s):  
Economic Growth ◽  
Tourism Industry ◽  
Content Type ◽  
The Past ◽  
The Future ◽  
Unstable Environment ◽  
Personal Insight ◽  
The University ◽  
Insight Into

Purpose Futurist Jim Dator provides a personal insight of how he “sees” the past, present, and futures of Hawaiian tourism. The paper aims to discuss this issue. Design/methodology/approach Ian Yeoman interviews one of the world's most prominent and respected futurists, Professor Jim Dator, from the Futures Research Center of the University of Hawaii at Manoa's Political Science Department. Findings Like a climatologist, futurists discuss long‐term futures which are very uncertain, controversial, and often frightening stories. The past tells how the present occurred. Understanding that story is essential before considering the future. The growth of tourism is a fabulous story dependent on many developments whose future is uncertain. The tourism industry may want a “more of the same” trajectory of continued economic growth but a number changes are on the horizon which Dator calls “The Unholy Trinity,” namely the end of cheap and abundant energy; a profoundly unstable environment and a dysfunctional global economic system. Dator concludes that no government now governs satisfactorily, and so the future of tourism is extremely precarious and uncertain. Originality/value The interview provides both insight into how tourism has evolved and foresight of what could occur in the futures. Central to the interview is Dator's identification of the Unholy Trinity, Plus One, that suggests that the future will not neither be like the present nor like the future the tourism industry has hoped for in terms of continued economic growth. The originality and value of Dator's frank views are thought provoking, going beyond present wisdom and comfort.

scholarly journals Investigating homicide: back to the future

2019 ◽  
Vol 5 (3) ◽  
pp. 229-239 ◽  
Author(s):  
Cheryl Allsop ◽  
Sophie Pike
Keyword(s):  
Design Methodology ◽  
England And Wales ◽  
Content Type ◽  
Case File ◽  
Academic Literature ◽  
The Future ◽  
Technological Developments ◽  
Potential Impact ◽  
Practical Implications ◽  
Insight Into

Purpose The purpose of this paper is to suggest two things: first, that the scientific and technological developments and increased regulation that have shaped homicide investigations in England and Wales over the last few decades have provided today’s investigators with opportunities not available to their predecessors, and play a key role in solving unsolved homicides. Second, however, the authors suggest that such developments have created new challenges for investigators, challenges that impede current investigations, potentially creating the future unsolved cases. Design/methodology/approach This paper draws on two qualitative studies that comprised over eight months of ethnographic research, observations, interviews with serving and retired homicide detectives and case file analysis. Findings The widespread changes to homicide investigations in England and Wales have been valuable in many respects, notably, they have allowed detectives to look back in time and bring longstanding unsolved cases to a close. However, change, although well intentioned, might actually be creating future cold cases as detectives endeavour to manage the volume of information now generated during investigations, fast evolving scientific and technological techniques and an increase in bureaucracy. Practical implications This study is helpful for: improving investigative practice; learning from change; reducing unsolved homicides vs a rise in new cold cases; and innovative and entrepreneurial investigators. Originality/value Utilising qualitative research, this paper contributes to the academic literature exploring homicide investigation in England and Wales, offering insight into the challenges facing detectives and the potential impact of these upon solving past and present homicide cases.

Foresight versus FP7: comparing innovations in healthcare

foresight ◽  
2008 ◽  
Vol 10 (6) ◽  
pp. 39-61 ◽  
Author(s):  
Maurits Butter ◽  
Joost Hoogendoorn
Keyword(s):  
Design Methodology ◽  
Framework Programme ◽  
Content Type ◽  
Future Developments ◽  
The Future ◽  
Practical Implications ◽  
Insight Into ◽  
The Eu

PurposeThe EU Framework Programme and the foresight community are both focusing on future developments in innovation. This paper seeks to answer the questions: How much can they learn from one another to enhance their visions on the future? Are both perspectives aligned?Design/methodology/approachThis research used the Dynamo approach, which analyses the match and mismatch of innovation entities by characterising both by a codified taxonomy on innovation. This taxonomy is based on the experience of TNO in innovation. In total, 140 flagship foresight activities from the EFMN database are analysed, as well as the Working Programmes 2007‐2008 from FP7 Cooperation.FindingsThe findings show that the perspectives of FP7 and the foresight community on innovations in health are highly aligned. Some interesting mismatches are identified that can be taken up by FP8 and the foresight community. Only a limited number of innovation themes are not addressed by both perspectives.Practical implicationsThese results can help the foresight community to focus on important innovation themes in health not generally addressed and give input to the new FP7 working for 2009‐2013.Originality/valueThe results of the study show a more detailed insight into what innovation topics foresight and FP7 are mentioning/addressing.

Smart materials: a review of capabilities and applications

2014 ◽  
Vol 34 (1) ◽  
pp. 16-22 ◽  
Author(s):  
Robert Bogue
Keyword(s):  
Medical Devices ◽  
Smart Materials ◽  
Design Methodology ◽  
Self Healing ◽  
Content Type ◽  
Automotive Components ◽  
The Future ◽  
Technological Developments ◽  
New Applications ◽  
Insight Into

Purpose – This paper aims to provide an introduction to smart materials, with an emphasis on their capabilities and applications. Design/methodology/approach – Following an introduction, this paper first considers what smart materials are and what they can do. It then discusses existing and emerging applications of shape changing, self-actuating, self-healing, self-diagnostic and self-sensing materials. Findings – Although difficult to define unambiguously, smart materials offer a range of unique characteristics and have been used in a multitude of products, ranging from household goods and novelty items to automotive components and medical devices. They are the topic of extensive research and all manner of new applications will emerge in the future, reflecting both technological developments and a growing awareness of their capabilities. Originality/value – This paper provides an insight into the rapidly developing technology and applications of smart materials.

Implementing AASB 15 revenue from contracts with customers: the preparer perspective

2019 ◽  
Vol 32 (1) ◽  
pp. 50-67
Author(s):  
Michael Davern ◽  
Nikole Gyles ◽  
Brad Potter ◽  
Victor Yang
Keyword(s):  
Capital Market ◽  
Design Methodology ◽  
Financial Statement ◽  
Costs And Benefits ◽  
Content Type ◽  
Proprietary Costs ◽  
Implementation Experience ◽  
Practical Implications ◽  
Insight Into

Purpose This study aims to examine the implementation of AASB 15 Revenue from Contracts with Customers to provide insight into preparers’ perspectives on the challenges, costs and benefits experienced in implementing a new and complex standard. Design/methodology/approach The study uses a survey of 143 financial statement preparers engaged in implementing AASB 15. Findings The results reveal significant variation in the approach to, and progress in, implementing AASB 15. Research limitations/implications The study provides evidence of the role of proprietary costs in implementing a new standard and suggests that preparers adopt a more pragmatic view of the nature of compliance compared to standard-setters. Practical implications The evidence in this study strongly suggests that there is little to be gained in deferring effective dates for new standards. It suggests that standard-setters can motivate entities by framing a standard in terms of how it improves the business itself, rather than from a compliance framing. Originality/value This study provides a rare perspective on the actual implementation experience of preparers confronted with the introduction of a new standard. Such a perspective is of value to standard-setters and preparers and offers insight to researchers that cannot be gained from traditional capital market archival approaches.

The Future Ain’t What It Used to Be

2018 ◽  
Author(s):  
Ashoka Mody
Keyword(s):  
Financial Markets ◽  
Social Problems ◽  
Financial Integration ◽  
Fiscal Rules ◽  
Fiscal Discipline ◽  
European Project ◽  
The Future ◽  
The Right

This chapter describes two scenarios, the two possible ways in which the final act of the European project plays out. In the first scenario, European authorities remain confident that they have essentially been on the right track and they continue to make modest course corrections, which they believe will ensure a brighter European future. However, the elusive and frustrating pursuit of deeper economic and financial integration causes more economic and political damage. Setbacks and crises recur to test the euro and its accompanying political vision. In the second scenario, the pro-European vision, European authorities recognize the important truth that “more Europe” will not solve Europe's most pressing economic and social problems. They dismantle the economically counterproductive and politically corrosive system of fiscal rules and rely more on financial markets to enforce fiscal discipline. Paradoxically, the euro survives, not because it adds value but because it becomes largely irrelevant.

The effects of materialism on consumer evaluation of sustainable synthetic (lab-grown) products

2020 ◽  
Vol 37 (5) ◽  
pp. 579-590
Author(s):  
Jessica Keech ◽  
Maureen Morrin ◽  
Jeffrey Steven Podoshen
Keyword(s):  
Design Methodology ◽  
Socially Responsible ◽  
Content Type ◽  
Consumer Evaluation ◽  
Positioning Strategy ◽  
Consumer Markets ◽  
The Future ◽  
Promotion Strategies ◽  
Alternative Sources ◽  
The Impact

Purpose The increasing desire of consumers for socially responsible luxury products combined with fluctuating supplies in consumer markets are leading various industries to seek alternative sources to be able to meet the needs of its customers. One possible solution that may meet the demands of the future is lab-grown products. Because these products confer multiple benefits, this study aims to investigate the most effective ways to appeal to consumers by aligning the benefits of the products with their values as marketers seek to find effective promotion for these items. Design/methodology/approach We examine the effectiveness of an ethical positioning strategy for two types of luxury lab-grown (synthetic) products among high versus low materialism consumers in three experiments. Findings Findings suggest that a positioning strategy stressing product ethicality is more effective for low materialism consumers, whereas the strategy is less effective, and may even backfire, for high materialism consumers. The impact on social status consumers perceive from a lab-grown product explains why this effect occurs among low materialism consumers. Therefore, marketers should take caution and use specific appeals for different segments based on values such as consumers’ materialism levels. Originality/value If lab-grown products represent the wave of the future, it is important to understand how consumers will respond to this emerging technology and how promotion strategies may enhance their evaluation.

Rethinking bibliographic utilities for library consortia

2020 ◽  
Vol 37 (8) ◽  
pp. 7-9
Author(s):  
Israel Odede
Keyword(s):  
Literature Review ◽  
Paradigm Shift ◽  
Design Methodology ◽  
Distributed Network ◽  
Network Resources ◽  
Content Type ◽  
Library Consortia ◽  
Individual Ownership ◽  
Insight Into

Purpose The paper aims to critically examine the bibliographic utility as a roadmap to increase library consortia and provide an insight into a new library consortia strategy that integrates librarians into a system of sharing both resources and knowledge. Design/methodology/approach This study adopted a literature review approach with a focus on bibliographic utility as a necessary prerequisite for effective library consortia, which is a paradigm shift from the concept of individual ownership to a collective access of distributed network resources and knowledge. Findings The reviewed literature indicated that significant bibliographic utilities and integrated library systems are factors that shaped and developed consortia activities in libraries. Originality/value The bibliographic utility has limited literature, and a few published scholarly studies have combined bibliographic utility and library consortia as strategies to share resources and knowledge

Formation of contracts for the international sale of goods under Korean law and the CISG

2017 ◽  
Vol 21 (3) ◽  
pp. 208-223
Author(s):  
Byung Mun Lee
Keyword(s):  
Comparative Study ◽  
Design Methodology ◽  
Case Law ◽  
The Other ◽  
Basic Question ◽  
Content Type ◽  
International Sale Of Goods ◽  
The Comparative Study ◽  
International Sales ◽  
Insight Into

Purpose The purpose of this paper is to describe and analyze the rules on the formation of contracts under Korean law and the Contracts for the International Sale of Goods (CISG) in a comparative way and introduce the relevant proposed rules under the Amendment Draft of the Korean Civil Code (KCC). In addition, it attempts to compare and evaluate them in light of the discipline of comparative law. Design/methodology/approach In order to achieve the purposes of the study, it executes a comparative study of the rules as to the formation of contracts of the CISG, Korean law and the Amendment Draft of the KCC. The basic question for this comparative study is placed on whether a solution from one jurisdiction is more logical than the others and to what extent each jurisdiction has responded to protect the reasonable expectations of the parties in the rules as to the formation of contracts. Findings The comparative study finds that most of the rules under the CISG are quite plausible and logical and they are more or less well reflected in the proposals advanced by the KCC amendment committee. On the other hand, the other rules under the CISG which have brought criticisms in terms of their complexity and inconsistent case law invite us their revision or consistent interpretation. The drawbacks of the CISG have also been well responded in the Amendment Draft of the KCC. Nevertheless, it is quite unfortunate that the Amendment Draft of the KCC still has a rule that regards any purported performance with non-material alteration of the terms of an offer as an acceptance. Originality/value This study may provide legal and practical advice to both the seller and the buyer when they enter into a contract for international sales of goods. In addition, it may render us an insight into newly developed or developing rules in this area and show us how they interact with each other. Furthermore, it may be particularly useful in Korea where there is an ongoing discussion for revision of the KCC.

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