scholarly journals Regulating Global Stablecoins and Central Bank Digital Currencies in Selected G20 Countries

2021 ◽  
Vol 16 (4) ◽  
pp. 196-220
Author(s):  
Andrei Shelepov ◽  
Keyword(s):  
Central Bank ◽  
International Cooperation ◽  
Financial Services ◽  
Financial Stability ◽  
Global Economy ◽  
Pilot Projects ◽  
Cross Border ◽  
Potential Alternative ◽  
Real Assets ◽  
Digital Assets

Digitalization of the global economy, which has intensified during the COVID-19 pandemic, is leading to the development of digital currencies. Financial authorities in most countries are working to design regulation aimed at minimizing the risks associated with privately issued digital assets. At the same time, research is being carried out, and several pilot projects have been launched, on the use of central bank digital currencies (CBDCs)—a new payment instrument that can potentially contribute to stimulating innovations, expanding access to financial services, simplifying cross-border payments, and maintaining financial stability. In this article, the author examines the approaches of some G20 members to regulating CBDCs and global stablecoins (GSC)—a financial instrument pegged to real assets, which is a potential alternative to traditional fiat currencies. The author then identifies general tendencies in the approaches of the considered jurisdictions to regulation and proposes recommendations on intensifying the development of Russia’s national rules and norms in this area, primarily for GSC, and strengthening international cooperation.

scholarly journals Malta

2019 ◽  
Vol 19 (349) ◽  
Author(s):  
Keyword(s):  
Central Bank ◽  
Financial Services ◽  
Financial Stability ◽  
Institutional Framework ◽  
Macroprudential Policy ◽  
Communication Tools ◽  
Cross Border ◽  
Policy Conflicts ◽  
The Imf

Malta’s institutional framework for macroprudential policy, formalized in 2014, is broadly in line with the IMF guidance for effective macroprudential policymaking. Amendments to the Central Bank of Malta (CBM) Act designated the CBM as the national macroprudential authority with clear objectives and the power to formulate and implement macroprudential policy and instruments. The CBM has a dedicated department to pursue its statutory macroprudential functions and various communication tools to ensure accountability and transparency. The Joint Financial Stability Board (JFSB) was also established in 2013 to ensure effective coordination with relevant agencies, especially the Malta Financial Services Authority (MFSA; the country’s microprudential authority), and to address potential policy conflicts. The CBM also works closely with European counterparts on cross-border coordination.

scholarly journals Curtailing unconventional monetary policy: limitations and prospects

2019 ◽  
Vol 2019 (4) ◽  
pp. 68-80
Author(s):  
Nataliia Sheludko
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Financial Stability ◽  
Global Economy ◽  
Production Capacity ◽  
Policy Instruments ◽  
Developed Countries ◽  
The United States ◽  
Central Banks ◽  
Budget Deficits

The paper considers the monetary policy of leading world central banks that were used to overcome the global financial and economic crisis in 2008–2009. Advanced developed countries managed to overcome this crisis, primarily through monetary mechanisms. For this purpose, a non-traditional monetary policy was invented and applied for the first time. It included the following: quantitative easing with a corresponding rapid growth of central bank liabilities; de facto maintaining a plurality of their objectives, including ensuring financial stability and reducing unemployment; and expanded participation of central banks in financing governments' budget deficits. The measures taken helped to overcome the recession in developed countries and promoted the transition to a trajectory of economic growth. The current practice of monetary policy normalization, initiated in the United States, involves a gradual increase in the key interest rate and a curtailment of central bank balances. However, in many developed countries (EU), the practice of non-traditional monetary policy is still persistent and is an important factor for determining the trends of the global economy. In general, the results of this policy can be evaluated differently, but it is important for Ukraine to conclude on the relevance of monetary policy to stimulate economic development. Global volatility, increasingly determined by trade wars and other forms of protectionism in global economies, poses challenges (primarily in terms of maintaining/enhancing export and production capacity). For the economy of Ukraine, which is vulnerable to external shocks, these factors, combined with internal centres of instability, form a bunch of complicated tasks, in particular in terms of the cessation of further loss of investment potential, which should be addressed rationally by the monetary policy instruments.

scholarly journals Financial technologies for bank financial stability management in economical turbulence conditions

VUZF Review ◽  
2021 ◽  
Vol 6 (3) ◽  
pp. 90-99
Author(s):  
Maksim Babenko
Keyword(s):  
Financial Services ◽  
Financial Management ◽  
Financial Stability ◽  
Global Economy ◽  
Business Models ◽  
Financial Instruments ◽  
Financial Innovations ◽  
Markets And Institutions ◽  
Prospective Control ◽  
Banking Institutions

The development of the global economy is characterized by an increase in turbulence and the restoration of a cyclic crisis component of development. An important driving force for the development of the economy is the financial stability of the bank, which manifests itself at all levels – from the micro level to the global economic system. The market of banking services is the most dynamic segment of the financial market, where the number of subjects and spectrum of products, the level of service and technologies is constantly changing. The priority instrument for managing the financial stability of the bank in the conditions of turbulence of the economy is a financial engineering, which is a system of synergistic functioning, pre-developed and implemented combinations and processes (namely the interaction of financial innovations, financial technologies and financial instruments) in financial management of the bank due to the release of innovation resource reserve. to ensure the financial stability of the bank. Financial innovations include financial instruments and financial technologies. Financial technologies are technologically supported by financial innovations, which can lead to new business models, programs, processes or products that have a significant impact on financial markets and institutions that provide financial services. It is proposed to manage the financial stability of the bank in the conditions of turbulence of the economy of Ukraine to introduce a process approach that is focused on improving the motivation of banking institutions and a clear distribution of their responsibilities; achievement of internal transparency for guidance, obtaining information in real time due to the development and strengthening of the system of current and prospective control; improving the quality and predictability of the results of work; providing trust of stakeholders to banking institutions and confidence in the financial stability of its functioning; minimization of expenses and reducing the terms of organization of technological cycles of banking operations. In order to ensure the financial stability of the bank on the basis of financial technologies, the state of turbulence of the economy should be taken into account, react promptly to its changes that require enhanced control.

scholarly journals Toward a Central Bank Collateral Framework for ABMI

2021 ◽  
Vol 5 (2) ◽  
pp. p23
Author(s):  
Gongpil Choi
Keyword(s):  
Risk Management ◽  
Financial Crisis ◽  
Central Bank ◽  
Financial Markets ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Central Banks ◽  
Cross Border ◽  
Market Needs

The post-global financial crisis highlighted the importance of engaging in collateralized securities financing to meet the ever-increasing market needs for liquidity and risk management. Given the heavy reliance on volatile Eurodollar system and the fragmented governance and limited cross-border usability of the collateral among ASEAN+3 countries, it is important to relax prevailing constraints on collateral and mobilize cross-border transactions. To address the imperatives for securing collateral-based cross-border financial markets in the region, Asia needs the initiatives of central banks to develop a regional collateral framework for better financial plumbing. By collaborating on common grounds for cross-border collateral utilization, some of the prevailing constraints on collateral use can be relaxed. The inclusive collateral framework that incorporates CBCA (Central Bank Collateral Arrangement) would provide strong initial market support for the ABMI, thus help achieve sustainable financial stability.

Part I Regulatory Structure, 4 International Agreements and Supranational Bodies

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
Financial Services ◽  
Financial Stability ◽  
Global Economy ◽  
Task Force ◽  
World Trade Organisation ◽  
International Agreements ◽  
Global Market ◽  
Regulatory Structure ◽  
Sarbanes Oxley ◽  
The World

This chapter focuses on some of the international agreements and supranational bodies in the banking and financial services sector that perform a variety of functions, from collating collective research and compiling statistics, to providing a framework for standard setting and mediating disputes between national interests. It first considers the World Trade Organisation (WTO) and WTO agreements, dispute resolution under WTO proceedings, and financial services under the WTO before turning to other supranational bodies such as the Transatlantic Trade and Investment Partnership, the World Bank and the International Monetary Fund, the Basel Committee, Financial Action Task Force, and International Accounting Standards Board. The chapter also examines the Sarbanes-Oxley Act of 2002 and its impact on non-US entities and how the credit crunch affected the role of supranational bodies in creating financial stability in the global market. Finally, it analyses the future of supranational bodies in a global economy.

scholarly journals Empirical Research of Business Development Potentiality of Cross Border E commerce between China and the Belt & Road Countries

2020 ◽  
Vol 6 (3) ◽  
pp. p1
Author(s):  
Haohan SHEN ◽  
Jun CHEN
Keyword(s):  
Foreign Trade ◽  
Financial Services ◽  
Global Economy ◽  
Evaluation System ◽  
Stochastic Frontier ◽  
Cross Border ◽  
External Demand ◽  
Belt And Road ◽  
Double Impact ◽  
The Belt And Road

Since the financial crisis, the global economy has fallen into a trough and recovered slowly. Under the double impact of the “new normal” of the internal economy and shrinking external demand, the growth rate of China’s traditional foreign trade has shrunk dramatically. In contrast, cross-border e-commerce has become a key support point for China’s foreign trade. In addition, the “Belt and Road” strategy is proposed to provide good development conditions for cross-border e-commerce. This paper takes the “Belt and Road” cross-border e-commerce as the background, builds a systematic cross-border e-commerce impact mechanism evaluation system, and analyzes the potential of cross-border e-commerce export from China to the countries along the “Belt and Road” based on the stochastic frontier gravity model. The conclusion is that improving infrastructure and logistics construction, improving the development of e-commerce environment, strengthening financial services, and depreciating RMB can promote cross-border e-commerce export efficiency, and thereby tap the export potential of cross-border e-commerce. Finally, this essay puts forward specific policy recommendations to help the development of cross-border e-commerce, combining the actual conditions of China and the countries along the “Belt and Road”.

scholarly journals Political Power in Central Banks Is Essential to Avert Future Economic Crises

2020 ◽  
Vol 1 (3) ◽  
Author(s):  
Yuhang Liu
Keyword(s):  
Central Bank ◽  
Economic Crisis ◽  
Financial Stability ◽  
Global Economy ◽  
Political Power ◽  
Central Banks ◽  
Capital Flow ◽  
Economic Crises ◽  
European Central

In the era of globalization, Central banks have posed important impacts in the global economy. The central bank plays an important role in managing financial stability and capital flow, and avoiding economic crisis. Every central bank plays an important role in the country or region where it is located. The role of central banks in the global economy is examined below. As a functional department of a country or a region, the central bank inevitably embraces political power. In the process of argument, this paper takes the European central banks as an example to determine that the central bank should exercise its political power when facing the problem of avoiding the possible economic crisis in the future.

scholarly journals Monetary policy in the conditions of global instability: conclusions for Ukraine

2019 ◽  
Vol 2019 (3) ◽  
pp. 46-58
Author(s):  
Nataliia Sheludko
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Financial Stability ◽  
Global Economy ◽  
Production Capacity ◽  
Policy Instruments ◽  
Developed Countries ◽  
The United States ◽  
Central Banks ◽  
Budget Deficits

The paper considers the monetary policy of leading world central banks that have been used to overcome the global financial and economic crisis in 2008-2009. Advanced developed countries, which are current world’s technological leaders, managed to overcome this crisis, primarily through monetary mechanisms. For this purpose, a non-traditional monetary policy was invented and applied for the first time. It included the following: quantitative easing with a corresponding rapid growth of central bank liabilities; de facto maintaining a plurality of their objectives, including ensuring financial stability and reducing unemployment; expanded participation of central banks in financing governments’ budget deficits. The measures taken helped to overcome the recession in developed countries and the transition to a trajectory of economic growth. The current practice of monetary policy normalization, initiated in the United States, involves a gradual increase in the key interest rate and a curtailment of central bank balances. However, in many developed countries, the practice of non-traditional monetary policy is still persistent and is an important factor for determining the trends of the global economy. In general, the results of this policy can be evaluated differently, but it is important for Ukraine to conclude on the relevance of monetary policy to stimulate economic development. Global volatility, increasingly determined by trade wars and other forms of protectionism in global economies, poses challenges (primarily in terms of maintaining/enhancing export and production capacity). For the economy of Ukraine, which is vulnerable to external shocks, these factors, combined with internal centres of instability, form a complex of complicated tasks, in particular in terms of the cessation of further loss of investment potential, which should be addressed rationally by the monetary policy instruments.

The end of Alchemy of Finance and Sovereign Money (on the books by M. King “The end of Alchemy: Money, Banking and the Future of the Global Economy” and by J. Huber “Sovereign Money. Beyond Reserve Banking”)

2017 ◽  
pp. 131-141 ◽  
Author(s):  
V. Yefimov
Keyword(s):  
Economic Policy ◽  
Central Bank ◽  
Institutional Theory ◽  
Money Supply ◽  
Government Spending ◽  
Global Economy ◽  
Private Banks ◽  
Money Creation ◽  
Ministry Of Finance ◽  
Reserve Banking

The review discusses the institutional theory of money considered in the books by King and Huber, and the conclusions that follow from it for economic policy. In accordance with this theory, at present the most of the money supply is created not by the Central Bank but by private banks. When a bank issues a loan, new money is created, and when the loan is repaid this money is destructed. The concept of sovereign money involves the monopoly of money creation of the central bank. In this case the most of newly created money is handed over to the ministry of finance to implement government spending.

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.

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