scholarly journals Central bank digital currency research around the world: a review of literature

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Peterson K. Ozili
Keyword(s):  
Central Bank ◽  
Financial Stability ◽  
Future Research ◽  
Policy Makers ◽  
Content Type ◽  
Digital Currency ◽  
Potential Benefits ◽  
Digital Payments ◽  
The Cost ◽  
Country Specific

Purpose The purpose of this paper is to gain some insight into central bank digital currency research by reviewing the recent advances in central bank digital currency (CBDC) research in a way that would help researchers, policy makers and practitioners to take a closer look at CBDC. Design/methodology/approach The paper uses a systematic literature review methodology. Findings The review shows a general consensus that a CBDC is a liability of the central bank and it has cash-like attributes. The review also presents the motivation and benefits of issuing a CBDC such as the need to increase financial inclusion, the need to improve the conduct of monetary policy and to foster efficient digital payments. The review also shows that many central banks are researching the potential to issue CBDCs due to its many benefits. However, a number of studies have called for caution against over-optimism about the potential benefits of CBDC due to the limiting nature of CBDC design and its inability to meet multiple competing goals. Suggested areas for future research are identified such as the need to find the optimal CBDC design that meets all competing objectives, the need for empirical evidence on the effect of CBDC on the cost of credit and financial stability, and the need to find a balance between limiting the CBDC holdings of users and allowing users to hold as much CBDC as they want, and there is a need to undertake country-specific and regional case studies of CBDC design. Originality/value This review paper offers new areas for further research in central bank digital currencies.

Digital currencies hold much promise for central banks

2020 ◽  
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Financial Stability ◽  
Central Banks ◽  
Content Type ◽  
Emerging Nations ◽  
Or Groups ◽  
Potential Applications ◽  
Digital Money ◽  
The Cost

Subject Central bank digital currencies. Significance Central banks are investigating potential applications of central bank digital currencies (CBDCs) and this month the Financial Stability Board released its consultative paper on regulating and supervising stablecoins, which are pegged to a traditional asset. Issuance of CBDCs is growing closer. In emerging markets (EMs), they could provide governments with a tool to improve their monetary systems. Impacts Digital currencies can give central banks ‘precision monetary policy’ by bypassing intermediaries and targeting sectors or groups. The COVID-19 pandemic highlights the health advantage that digital money has over 'dirty' banknotes. Digital currencies will lower the cost of remittances to emerging nations but over years rather than months as barriers need to be overcome.

Funding structure and technical efficiency

2019 ◽  
Vol 15 (4) ◽  
pp. 425-443 ◽  
Author(s):  
Daniel Ofori-Sasu ◽  
Joshua Yindenaba Abor ◽  
Lord Mensah
Keyword(s):  
Technical Efficiency ◽  
Financial Stability ◽  
Random Effect ◽  
Emerging Economy ◽  
Future Research ◽  
Macroeconomic Factors ◽  
Policy Makers ◽  
Content Type ◽  
And Performance ◽  
The Impact

Purpose The purpose of this paper is to examine the effect of funding structure on technical efficiency of banks in Ghana, between 2011 and 2016. Design/methodology/approach Employing the random-effect and the truncated panel data of 25 banks, the results present new evidence. Findings The findings reveal that Ghanaian banks are less technically efficient, as the average efficiency scores generated is below the threshold of 1. Furthermore, the results show that banks in Ghana finance their operations mainly with deposit source of funding. The results reveal a significantly positive relationship between funding structure and technical efficiency. However, internally generated source of funds was negatively linked with technical efficiency. This is not surprising because banks that rely on external funds attract higher costs than internally generated funds, and this puts pressure on managers to perform. The results are relevant to emerging economies when the authors use additional macroeconomic factors. Research limitations/implications Thus, a proportionally larger deposit base funding would typically lead to an overall increase in technical efficiency of banks in Ghana. Shareholders should put pressure on managers to plough back earnings in order to increase the use of internally generated funds, thus, increasing technical efficiency. Banks that are inefficient should make some adjustments to their weights of inputs and/or outputs combinations by following their benchmark banks (efficient banks) to improve their efficiency. Practical implications The results of this study have important implications for regulators, investors and policy makers, particularly an emerging economy. The implication of the study to investors is that investors should be able to identify an appropriate source of funds that can be used efficiently to maximize their wealth in emerging markets. It is important for regulators and managers of banks to improve technical efficiency by considering the role that macroeconomic and monetary environment play when identifying and using various sources of funds as a strategy to improve bank efficiency. Social implications Consequently, future research should investigate the impact of funding structure on technical efficiency for other regions and considering their interactions with institutional quality, macroeconomic factors and financial stability. Originality/value To the best of the authors’ knowledge, the study is the first to fulfill an urgent need to explore a robust approach of measuring technical efficiency and funding structure within the context of banks over six-year period, prompting insightful avenues to the survival, growth and performance of financiers in emerging economy.

Healthcare supply chain management: literature review and some issues

2018 ◽  
Vol 15 (3) ◽  
pp. 265-287 ◽  
Author(s):  
Bhavana Mathur ◽  
Sumit Gupta ◽  
Makhan Lal Meena ◽  
G.S. Dangayach
Keyword(s):  
Supply Chain ◽  
Supply Chain Management ◽  
Literature Review ◽  
Organizational Performance ◽  
Critical Role ◽  
Sample Survey ◽  
Future Research ◽  
Chain Management ◽  
Content Type ◽  
Potential Benefits

PurposeThe purpose of this paper is to examine the causal linkages among supply chain practices, effectiveness of supply chain performance (SCP) and organizational performance (OP) in Indian healthcare industries.Design/methodology/approachThis paper is helpful in developing a framework for linking a healthcare supply chain practice to its OP, and thus identifies how such a linkage can be connected to the effectiveness of SCP. Such effort also enables the authors to derive a set of recommended supply chain practices for SC performance.FindingsFrom the literature review, this paper finds that, in the context of Indian healthcare industries, efficient SC performance may play a critical role for overall OP improvement, as there is a close interrelationship between supply chain management (SCM) practices and SCP that may have a more significant effect on OP improvement.Research limitations/implicationsThe principle limitation of the paper is that it is performed only in a particular industry and with a questionnaire survey which could be extended in future for other industries also. Another limitation of the paper is that it is focused only on the SCP of medical device and equipment supply chain which is a small portion of the whole healthcare supply chain, and therefore requires further research covering various other domains of healthcare supply chain. Another limitation of the study is that the sample survey has been taken from only one respondent per company at one point of time which may create biasness in the results. Thus, future research should collect data through multiple members from the organization.Practical implicationsThis study contributes to know the effect of SCM practices on healthcare SCP and provides a practical and useful tool to evaluate the extent of effectiveness of SCP and finally their impact on the healthcare OP. Finally, this study provides conceptual and descriptive literature regarding SCM practices that leads to improvement in healthcare performance.Social implicationsThis study adds to the knowledge on healthcare SCM performance by exploring the relationship between supply chain practices, healthcare SCP and healthcare OP and by developing and testing a research framework thus help in improving patient satisfaction.Originality/valueThis study attempts to show how the potential benefits of supply chain practices can no longer be ignored in healthcare supply chain.

Territorial capital as a company intangible

2016 ◽  
Vol 17 (1) ◽  
pp. 148-167 ◽  
Author(s):  
Mariachiara Barzotto ◽  
Giancarlo Corò ◽  
Mario Volpe
Keyword(s):  
Great Difficulty ◽  
Future Research ◽  
Manufacturing Companies ◽  
Policy Makers ◽  
Content Type ◽  
Capital Growth ◽  
Multiple Case ◽  
Definition Of ◽  
A Company

Purpose – The purpose of this paper is twofold. First, to explore to what extent being located in a territory is value-relevant for a company. Second, to understand if a company is aware of, and how it can sustain, the territorial tangible and intangible assets present in the economic area in which it is located. Design/methodology/approach – The study presents an empirical multiple case-study, investigating ten mid-/large-sized Italian companies in manufacturing sectors. Findings – The results indicate that the sampled manufacturing companies are intertwined with the environment in which they are embedded, both in their home country and in host ones. The domestic territorial capital has provided, and still provides, enterprises with workers endowed with the necessary technical skills that they can have great difficulty in finding in other places. In turn, companies support territorial capital generation through their activities. Research limitations/implications – To increase the generalisability of the results, future research should expand the sample and examine firms based in different countries and sectors. Practical implications – Implications for policy makers: developing effective initiatives to support and guide a sustainable territorial capital growth. Implications for managers and investors: improving managerial and investors’ decisions by disclosing a complete picture of the enterprise, also outside the firm boundaries. Originality/value – The study contributes to intangibles/intellectual capital literature by shedding light on the importance of including territorial capital in a company’s report to improve the definition of the firm’s value. Accounting of the territorial capital would increase the awareness of the socio-economic environment value in which companies are located and its use.

Central bank digital currency: the future of institutional changes in the banking sector

2021 ◽  
Vol 2021 (2) ◽  
pp. 26-48
Author(s):  
Volodymyr MISHCHENKO ◽  
◽  
Svitlana NAUMENKOVA ◽  
Svitlana MISHCHENKO ◽  
◽  
...  
Keyword(s):  
Central Bank ◽  
Financial Stability ◽  
Banking Sector ◽  
Central Banks ◽  
Credit System ◽  
Bank Supervision ◽  
Bank Of China ◽  
Digital Currency ◽  
Financial Monitoring ◽  
The Impact

The purpose of the article is to reveal the essence and features of the introduction of digital currency of central banks and their impact on the conditions of monetary policy, financial stability, as well as institutional transformations in the development of national banking systems. The study is based on an analysis of projects of issuance and use of digital currencies of the ECB and central banks of leading countries, as well as the results of pilot projects of the National Bank of China on the use of the digital yuan and NBU on the e-hryvnia circulation. It is proved that digital currency of the central bank should be considered as a new dematerialized form of national currency in addition to cash and non-cash forms. Particular attention is paid to the study of the impact of the use of digital currency by central banks on the main parameters of economic policy. The main directions of potential influence of digital currency use on transformation of mechanisms of realization of monetary, budgetary and tax, macroprudential policy, maintenance of financial stability, activization of action of channels of the monetary transmission mechanism, and also on reforming of system of the state financial monitoring and bank supervision are substantiated. It is determined that one of the consequences of the use of digital currency will be the ability to ensure full control over all monetary transactions, which will help reduce the shadow economy and corruption. Structural and logical schemes of centralized and decentralized models of issuance and circulation of digital currency of central bank have been developed, directions of changes in the structure and functions of commercial and central banks, as well as in the structure of the financial and credit system in general have been substantiated.

Potential outcomes of work integration social enterprises for people who are homeless, at risk of homelessness, or transitioning out of homelessness

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sarah Barton ◽  
Hayley Porter ◽  
Susanne Murphy ◽  
Rosemary Lysaght
Keyword(s):  
At Risk ◽  
Financial Stability ◽  
Social Enterprise ◽  
Empirical Studies ◽  
Target Population ◽  
Social Enterprises ◽  
Potential Outcomes ◽  
Future Research ◽  
Content Type ◽  
Work Integration

Purpose Social enterprise has the potential to serve as a mechanism of social and economic opportunity for persons experiencing homelessness. This paper aims to identify potential outcomes of work integration social enterprises (WISEs) for people who are homeless, at risk of homelessness, or transitioning out of homelessness. Design/methodology/approach Searches of 14 databases were completed using keywords and subject headings pertaining to homelessness, social enterprise and employment, respectively. These searches were then combined to identify literature concerning WISEs with homeless populations. The initial search yielded 784 unique articles. Through screening, 29 articles were selected and independently coded to establish themes. Findings The analysis identified the potential for WISEs to contribute positively to the lives of the target population in the areas of connection to the community, employment skill building, mental health, personal agency and empowerment, relationship-building, structure and time use, financial stability and housing. There were less positive and mixed findings regarding substance use, crime/delinquency, physical health and transition to mainstream employment. Future research should further explore causal relationships between WISE approaches and strategies and their potential implications for persons emerging from homelessness. Originality/value Prior to this research, there have not been any recent publications that synthesize the existing body of literature to evaluate the potential outcomes of WISE participation for homeless populations. This paper lays the groundwork for future empirical studies.

scholarly journals CENTRAL BANK DIGITAL CURRENCY: ECONOMIC AND LEGAL CHARACTERISTICS

2019 ◽  
pp. 94-100
Author(s):  
T.S. Hudima ◽  
V.A. Ustymenko
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Financial Stability ◽  
Banking System ◽  
Legal Framework ◽  
Central Banks ◽  
Digital Currency ◽  
Business Entities ◽  
The Right ◽  
Article 5

The article is devoted to identifying the peculiarities of the central bank digital currency (CBDC), explaining their impact on the monetary policy of the state, and identifying the prospects for the transformation of domestic banking legislation in connection with the implementation of the CBDC. It is noted that the scope of competence of the Central Bank and the legal basis for the issuance of the CBDC will depend on the economic and legal features of the digital currency, the degree of its impact on the monetary policy, the financial stability of the country’s economy and so on. In the process of forming the appropriate legal field and defining the conceptual apparatus in the sphere of emission and circulation of the CBDC, the peculiarities of the use of the latter in economic transactions and the specific functions not inherent in ordinary means of payment should be taken. СBDC initiatives will help: 1) progressively narrow the banking system at the level of the Central Banks (such as the Chicago Plan) by allowing individuals and businesses to deposit directly into the accounts of the Central Banks; 2) increasing confidence of economic entities and individuals in the financial system; 3) strengthening the financial stability of the economy (both domestically and globally). Granting business entities or individuals the right to store digital money directly with the Central Bank can give rise to two main directions of influence on monetary policy: first, to strengthen its transmission mechanism; secondly, lead to banks being disrupted. This may lead to some legal issues regarding (1) the NBU’s area of competence; (2) the constitutional foundations of the legal economic order (Article 5 of the ECU). In particular, it cannot be ruled out that centralization of the production, servicing, and management of the СBDC turnover may violate the principles of competition in business activities, prevent abuse of monopoly position in the market, etc. Keywords: monetary policy, central bank digital currency, financial stability, competence, legal framework, economic operations, issue.

Current state of corporate governance: global business and cultural analysis

2016 ◽  
Vol 39 (11) ◽  
pp. 1431-1446 ◽  
Author(s):  
Namporn Thanetsunthorn ◽  
Rattaphon Wuthisatian
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
National Culture ◽  
Future Research ◽  
Governance System ◽  
Cultural Characteristics ◽  
Policy Makers ◽  
Content Type ◽  
Current State ◽  
Corporate Governance System

Purpose The purpose of this study is to explore the current state of corporate governance in various aspects of business settings and to empirically examine the impact of national culture on corporate governance performance, with a view of supporting business corporations in further enhancing the effectiveness of their corporate governance system. Design/methodology/approach A pooled sample of 9,003 companies drawn from 50 countries across ten different regions is collected. A variety of statistical methods, including the paired sample t-test, the ordinary least squares regression and the Pearson product-moment correlation coefficient are implemented to analyze the current state of corporate governance. To empirically investigate the causal relationship between national culture and corporate governance, the multivariate regression analysis is also applied. Findings This study proposes a broad set of the empirical findings regarding the current state of corporate governance. Despite being accepted as a prerequisite building block for sustainable corporate social responsibility (CSR), corporate governance is still receiving far less attention among business corporations. The governance framework is widely adopted by business corporations, yet the intensity of implementing corporate governance is significantly different across regions. The variation of the intensity observed across regions can be explained by the national cultural characteristics that are all likely to impact the degree to which corporations act in corporate governance manners. Corporate governance performance is strongly related to three other aspects of socially responsible corporate performance – community, employee and environment. Research limitations/implications This study provides both the motivation and a starting point for further investigation in the milieu of corporate governance. It would be interesting for future research to further explore the extent to which corporate governance has a positive indirect impact on a firm’s financial performance. There is potential to provide a more comprehensive analysis of the interaction effect of national culture and geographic region on corporate governance performance of the corporations embedded in that region through a statistical interaction method. In addition, it may be interesting to integrate corporate financial performance (CFP) into the analysis to identify a specific type/practice of the corporate governance that could provide the highest return on the investment. Last, another interesting avenue for future research would be to explore the ethical mechanisms that have been institutionalized to promote corporate governance practices. Practical implications The present study is beneficial to both business corporations and policy makers. In essence, the study can potentially draw managers’ attention to applying modified corporate governance strategies according to their national culture. Furthermore, the study can alter business corporations to promote a strong corporate governance regime in chorus to CSR strategies so as to promote CSR development, which ultimately results in higher levels of competitiveness and CFP. In addition, policy makers who are responsible for inward foreign investment can use the findings of this study to evaluate the investors’ potential governance adoption. Originality/value The findings of this study are useful in encouraging the business corporations to further strengthen their corporate governance system. This study helps to fill the theoretical void regarding the cultural impact on corporate governance by exploring a broad set of national cultural characteristics under which good corporate governance is more or less likely to occur.

scholarly journals Women’s entrepreneurship policy: a 13 nation cross-country comparison

2017 ◽  
Vol 9 (3) ◽  
pp. 206-228 ◽  
Author(s):  
Colette Henry ◽  
Barbara Orser ◽  
Susan Coleman ◽  
Lene Foss
Keyword(s):  
Policy Development ◽  
Methodological Approach ◽  
Future Research ◽  
Entrepreneurship Policy ◽  
Policy Makers ◽  
Content Type ◽  
Policy Practice ◽  
Women’S Entrepreneurship ◽  
The Status ◽  
Women's Entrepreneurship

Purpose Government attention to women’s entrepreneurship has increased in the past two decades; however, there are few cross-cultural studies to inform policy development. This paper aims to draw on gender and institutional theory to report on the status of female-focused small and medium-sized enterprises/entrepreneurship policies and to ask how – and to what extent – do women’s entrepreneurship policies differ among countries? Design/methodology/approach A common methodological approach is used to identify gaps in the policy-practice nexus. Findings The study highlights countries where policy is weak but practice is strong, and vice versa. Research limitations/implications The study’s data were restricted to policy documents and observations of practices and initiatives on the ground. Practical implications The findings have implications for policy makers in respect of support for women’s entrepreneurship. Recommendations for future research are advanced. Originality/value The paper contributes to extant knowledge and understanding about entrepreneurship policy, specifically in relation to women’s entrepreneurship. It is also one of the few studies to use a common methodological approach to explore and compare women’s entrepreneurship policies in 13 countries.

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