scholarly journals Changes in the Financial System of Vas County at the Beginning of the 20th Century

2022 ◽  
pp. 97-111
Author(s):  
Imre Halász
Keyword(s):  
World War I ◽  
Financial Institutions ◽  
Financial Services ◽  
Balance Sheet ◽  
Turn Of The Century ◽  
Financial Indicators ◽  
Capitalist Development ◽  
Money Markets ◽  
Savings Banks ◽  
The World

The purpose of the study. To showcase the growth of the region’s savings banks network during the period of Hungary’s capitalist development between the turn of the century and the World War I. Applied methods. Primarily data published in the financial almanac ‘Magyar Compass’ and newspaper articles of the time were sourced for the purposes of the study. Of financial indicators, balance sheet total and aggregate cash turnover figures were used. The study presents the accessible data of all the savings banks in operation at the time. Outcomes. By the end of 1912, various types of financial services had already been available in 28 Vas County settlements with 53 savings banks operating in the county. Their number was augmented by five branches and two affiliates. The savings banks furthermore established 17 disbursement points. This network of financial institutions was complemented by the Austro-Hungarian Bank (Osztrák-Magyar Bank, OMB) and two discount houses operating in Szombathely. The market district of Szombathely covered the whole county. While several larger microregional money markets were created, significant amounts were repatriated by Hungarians emigrating to America. Amidst all these changes, two banks’ bankruptcies made it known nationwide that the development of the local financial network was not without its failures.

scholarly journals The Network of Financial Institutions and Capital Accumulation in Vas County in the Second Half of the 19th Century

2021 ◽  
pp. 61-71
Author(s):  
Imre Halász ◽  
Keyword(s):  
19Th Century ◽  
Financial Institutions ◽  
Capital Accumulation ◽  
Western Europe ◽  
Turn Of The Century ◽  
Money Markets ◽  
Savings Banks ◽  
Company Limited ◽  
The One ◽  
The 19Th Century

The way financial institutions emerged in Hungary was just the inverse of the one followed in Western Europe. In Western Europe capital intensive banks developed first and savings banks rendering services to people with more modest financial means appeared later. In the second half of the 19th century a new bank type (Credit mobilier) was created, which combined the commercial and development banking activities. In Hungary the first financial institution got established in 1842 as a company limited by shares, and the banks founded subsequent to 1867 fashioned their business policies in this vein. In Vas county, situated in West-Transdanubia, and in its county- seat, Szombathely, capital accumulation strengthened by leaps and bounds after a difficult start and the emergence of financial institutions was largely supported by the enactment of the Commercial Code in 1875. In the first business year following the crisis of 1873 already 16 banks and savings banks operated in Vas county, with the number of financial institutions reaching 27 by the turn of the century. Between 1874 and 1899 their number increased to almost two and a half times this figure, and in settlements with populations between one thousand and three thousand people two, in larger settlements three, and in the county seat five new financial institutions had been founded by the turn of the century. The increase in the initial capital saw a nearly eleven times increase, the balance sheet total expanded 6.3 times and the total cash turnover of Vas county financial institutions amounted to 178,414,263 Austro-Hungarian Krones in 1899. Within the county’s territory microregional money markets evolved. No data have so far been found regarding the turnover undoubtedly realised between such microregions for the time being.

scholarly journals Innovations & Technology Based Initiatives in Mutual Fund Distribution Intermediation in India

2019 ◽  
Vol 9 (2) ◽  
pp. 4747-4753
Keyword(s):  
Mutual Funds ◽  
Financial Institutions ◽  
Mutual Fund ◽  
Financial Services ◽  
Recent Past ◽  
Indian Government ◽  
Point Of Sale ◽  
The World ◽  
Areas Of Concern ◽  
The Ideal

The world of financial services is changing in ways that are more dramatic than we would have foreseen even five years ago. Taking a leaf from evolving ecosystem around mobile telephony, many financial institutions are using smart technology to remodel their branches into smarter point of sale. This has given a genesis to a terminology of “emerging distribution intermediaries” in financial services. Mutual funds (MF) being the combiner of various savings instruments are regarded as the ideal investment vehicle for today’s complex and modern financial scenario. But its penetration is poor. One of the major levers to increase penetration is innovations in distributing MF products. Considering this, Indian government & regulator have taken many policies reforms & IT initiatives towards increasing retail participation in Mutual Funds and equity markets in recent past. Through this paper, researcher has attempted to critically analyze these initiatives. Apart from highlighting various innovations in MF distributions, this paper will also highlight the present state of online Mutual Fund trading platforms. Further, the paper attempts to highlight the areas of concern, augmentation and intervention in this space.

scholarly journals Islamic banking

2021 ◽  
pp. 275-287
Author(s):  
Christian Castro
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Islamic Law ◽  
Islamic Banking ◽  
Investment Funds ◽  
Banking And Finance ◽  
Financial Products ◽  
The World ◽  
Globalized World ◽  
The U.S

In recent years the rise of Islamic banking has been one of the most important trends in the economic sphere, with an estimated 1.5 billion Muslims in the world, this arena has plenty of room for expansion. Conforming to Shariah (Islamic Law) puts a huge demand among Muslims looking for financial products and services that adhere to their beliefs. If it weren’t for the creation of such alter-natives to conventional banking and finance, Muslims would find it hard to participate in our globalized world without violating their religious principles. There are currently over 300 financial Institutions across the global sphere providing some type of Islamic financial product. According to some experts, the assets that are currently being managed under Shariah law, which range from investment to commercial banks and investment funds, are estimated to be no less than 300 billion. Other experts in the industry estimate the assets under mana-gement to be much larger. The FSA (Financial Services Authority), a regulator for financial services based out of London, estimates the total amount associated with Shariah banking to be as much as 500 billion. Even the U.S rating agency, S & P, estimates the sukuk (deed) market has reached over 75 billion and will likely be over 150 billion by the end of the decade. It used to be that Islamic fi-nancial products were more of a niche market but over time they are now considered mainstream, with many well-known interna-tional financial institutions battling to get a little piece of the pie.

scholarly journals Comparative Analysis on Shariah Governance in Malaysia: SGF 2010, IFSA 2013 and SGPD 2019

2020 ◽  
Vol 10 (1) ◽  
pp. 110 ◽  
Author(s):  
Muhammad Iqmal Hisham Kamaruddin ◽  
Mustafa Mohd Hanefah ◽  
Zurina Shafii ◽  
Supiah Salleh ◽  
Nurazalia Zakaria
Keyword(s):  
Comparative Analysis ◽  
Financial Institutions ◽  
Financial Services ◽  
Islamic Finance ◽  
Policy Document ◽  
Finance Industry ◽  
The World ◽  
Governance Practices ◽  
Islamic Financial Institutions ◽  
Shariah Governance

The main focus of shariah governance for an organization is to ensure that it is comply with shariah laws and regulations. Under Islamic finance industry, shariah governance is being given attention due to rapid growth of this industry in the world. For Malaysia, the authority through Bank Negara Malaysia (BNM) have taken a proactive role by introducing shariah governance guidelines including the Shariah Governance Framework (SGF) 2010, the Islamic Financial Services Act (IFSA) 2013 and the latest is the Shariah Governance Policy Document (SGPD) 2019. These shariah governance guidelines are supposed to support the development of shariah governance practices especially by Islamic Financial Institutions (IFIs) in Malaysia. However, there is limited to none study conducted to compare these guidelines. These shariah governance guidelines is necessary to be compared in order to find out whether these guidelines are complemented each other and to identify any differences among these guidelines. Therefore, the aim of this study is to compare between these shariah governance guidelines. Based on the analysis, it has been found that SGPD 2019 is the most comprehensive covers on shariah governance as compared to IFSA 2013 and SGF 2010. However, these three guidelines still not become comprehensive enough, as there is still limited to none discussion on the definition and objectives of shariah governance itself.

The Role of Internet Banking in the Presentation and Marketing of Financial Services and Products in a Digital Environment

2020 ◽  
pp. 162-183
Author(s):  
Berrin Arzu Eren
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Banking Sector ◽  
Internet Banking ◽  
The Internet ◽  
Advantages And Disadvantages ◽  
The World ◽  
Technological Developments ◽  
Use Of Internet

This study aims to reveal the advantages and disadvantages offered by internet banking to financial institutions and their customers as well as the reasons why customers use/do not use internet banking. For this purpose, customers' perspectives on internet banking are presented to the reader in the past and present by statistics. This research points out that many customers of the bank around the world still do not use the internet. Hence, internet banking is not an option. Therefore, in this study, suggestions are made to enable the use of internet banking by the wider masses. In addition to internet banking, technological developments and digital innovations in the banking sector are mentioned in the chapter, and the evolution of internet banking is pointed out.

A way to increase K-SURE’s export insurance recoveries through arbitration by subrogation

2016 ◽  
Vol 20 (4) ◽  
pp. 364-382
Author(s):  
Keon-Hyung Ahn ◽  
Pil-Joon Kim
Keyword(s):  
Financial Institutions ◽  
Design Methodology ◽  
Balance Sheet ◽  
Export Credit ◽  
Content Type ◽  
Legal Principles ◽  
Korean Economy ◽  
The World ◽  
Credit Agency

Purpose The purpose of this paper is to utilize the concept of arbitration by subrogation as a means to increase recoveries of indemnities paid out to exporters or any financial institutions by K-SURE, an export credit agency of Korea, against possible non-payment or breach of obligations from the buyer or the buyer’s country. It looks into the possibility of K-SURE and KCAB reactivating its 2004 MOU to give more jurisdictional protection to K-SURE’s indemnities recovery transactions. Design/methodology/approach This paper first introduces a brief elucidation about export insurance provided by K-SURE and the necessity of arbitration in the export insurance, and a summary of a subrogation arbitration case referred to the KCAB by K-SURE in 2005. Cognizant of the 2004 MOU between K-SURE and KCAB, as well as the foreign and domestic developments in arbitration, the paper then analyzes legal principles of subrogation by insurer, as well as domestic and overseas precedents on the matters of assignment of claim and arbitration by subrogation. Findings While it appears that there is still no universally recognized authority nor established court precedents applying arbitration by subrogation, the authors discovered that similar to Korea, most of leading courts in the world have consistently held that the assignee can request and be requested for arbitration pursuant to the arbitration agreement contained in the assigned contract. The paper concludes that the K-SURE now can be admitted as a party having proper standing in the arbitration proceedings so long as the specific claim right under the contract which includes the arbitration agreement is assigned to the K-SURE. Originality/value This paper suggests a possible plan to increase recoveries in export insurance. The outcome of the research is expected to enhance the arbitration system on the back of increasing numbers of arbitration related to export insurance, to improve the balance sheet of K-SURE and ultimately, to help the Korean economy by collecting export insurance recoveries which will lead to saving Korean people’s tax.

scholarly journals International Contagion through Leveraged Financial Institutions

2013 ◽  
Vol 5 (3) ◽  
pp. 152-189 ◽  
Author(s):  
Eric van Wincoop
Keyword(s):  
United States ◽  
Financial Institutions ◽  
Financial Crises ◽  
Asset Prices ◽  
Balance Sheet ◽  
The United States ◽  
Transmission Mechanisms ◽  
The World ◽  
Global Nature ◽  
The Impact

The 2008 –2009 financial crises, while originating in the United States, witnessed a drop in asset prices and output that was at least as large in the rest of the world. We investigate, in the context of a simple two-country model, whether this could have been the result of transmission through leveraged financial institutions. The paper highlights what the various transmission mechanisms associated with balance sheet losses are. For realistic parameters we find that the model cannot account for the global nature of the crisis, both in terms of the size of the impact and the extent of transmission. (JEL E32, E44, F44, G01, G21)

scholarly journals COMPARATIVE ANALYSIS OF FINANCIAL TECHNOLOGY REGULATION SYSTEMS: FOREIGN AND DOMESTIC EXPERIENCE

2019 ◽  
pp. 7-13
Author(s):  
A. Semynoh ◽  
A. Bukhtiarova ◽  
N. Bort
Keyword(s):  
Comparative Analysis ◽  
Financial Market ◽  
Financial Institutions ◽  
Financial Services ◽  
Personal Data ◽  
Regulation System ◽  
Market Regulation ◽  
The World ◽  
Technology Market ◽  
Financial Technology

In the article, based on the analysis of scientific sources, a comparative analysis of financial market regulation systems in different countries of the world is made. The level of development of regulatory systems in the UK, France, USA, India and Ukraine is characterized. The main institutions that regulate and supervise in the countries of the world are listed. The basic principles of their functioning are presented. It also analyzes the regulatory and provisions governing the activities of fintech companies. It is determined that a particular problem for the development of the financial technology market is the lack of a single regulatory approach to different types of Fintech companies and solutions. This is evidenced by the lack of unified regulatory bodies in the field of fintech, as well as adequate regulatory support both in Ukraine and in foreign countries. At the moment, in most countries of the world, fintech companies are subject to the laws that were adopted in the times of existence of only classical financial institutions, and therefore do not take into account the specifics of individual fintech businesses, and their peculiarities of cooperation with banking and non-banking financial institutions, with intermediaries of the securities market. It is determined that, in accordance with the potential of the financial technology market development and the benefits of its growth, programs for the support and development of the financial market through the introduction of special commissions, accelerator funds and simplified regulation systems in the form of sandbox fintech are being implemented in all analyzed countries. It is determined that the driver of the growth of fintech solutions in the financial services market was the active dissemination of open APIs in the activities of financial institutions, which provide for voluntary exchange of information about bank customers with fintech companies. It is substantiated that an important component of increasing confidence in the financial technology market is ensuring the storage and protection of personal data of fintech companies’ clients. Keywords: financial technology market, fintech, financial services, financial institutions, financial technology market regulation system.

scholarly journals Comparison of the efficiency measurement of the conventional and Islamic banks

2020 ◽  
Vol 11 (1) ◽  
pp. 29-58 ◽  
Author(s):  
Hussam Musa ◽  
Viacheslav Natorin ◽  
Zdenka Musova ◽  
Pavol Durana
Keyword(s):  
Financial Institutions ◽  
Economic Efficiency ◽  
Value Added ◽  
Islamic Banks ◽  
Financial Indicators ◽  
The World ◽  
Islamic Financial Institutions ◽  
Conservative Values ◽  
And Control ◽  
Conventional And Islamic Banks

Research background: Islamic banks appeared on the world scene as active players over two decades ago. Many of the principles upon which Islamic banking is based have been commonly accepted all over the world. Financial institutions driven by Islamic principles acquire new clientele without excessive marketing, due to preservation of conservative values. Contrary to the conventional investment banks, their value is based on real money, and not on virtual activities from swap and derivative assets. Competition between conventional (or traditional) and Islamic banks is increasing every day, moreover, Islamic financial institutions are more resistant to the crisis. Our study contains analysis and comparison of economic efficiency of the conventional and Islamic banks. Besides the fact that traditional and Islamic banks apply inputs differently, the reason of better efficiency of Islamic banks may be connected with different approach to the risk management and control of the banking operations by the Sharia commission. Purpose of the article: The main aim of the article is to compare the economic efficiency of the conventional and Islamic banks in Europe. Methods: To achieve the aim of the paper, firstly the selected financial indicators of traditional and Islamic banks in Europe were compared. The second, the analysis of the economic efficiency of the selected 1460 conventional and Islamic financial institutions using DEA methods was conducted. Findings & Value added: Research results indicated methodological differences in the economic efficiency measuring in the Islamic banks. At the same time, the higher economic efficiency of Islamic banks was confirmed. The results are motivating for the follow-up investigation into the causes of higher efficiency of Islamic banks compared to traditional banks.

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