scholarly journals Albania among Bank Based System’s Countries

2013 ◽  
Vol 3 (2) ◽  
pp. 121
Author(s):  
MSc. Rovena Troplini
Keyword(s):  
Transition Economies ◽  
Financial Market ◽  
Capital Markets ◽  
Banking System ◽  
Financial System ◽  
Pension Funds ◽  
Asset Markets ◽  
Investment Funds ◽  
Dynamic Development ◽  
New Phase

The Albanian financial system has entered a new phase of its development. Financial system in Albania is bank oriented, as financial market is not active. Because of the important and deep changes that have altered the image of the banking system, the conditions for more dynamic development of non-banking intermediaries and capital markets have been created. The analysis is based on the standard indicators of size and activity of banking intermediaries. The results of the analysis show that the size and activity of Albanian banking system is growing faster but limiting the crediting process only on banks. However, the achieved level of development of banking intermediaries is still below of other advanced transition economies. Albanian financial system needs to develop quickly the activities of pension funds, investment funds and bond/asset markets in order to create great opportunities to the Albanian economy.

scholarly journals Alternative Investment Funds Implications for Financial Stability in Lithuania

2014 ◽  
Vol 15 (4) ◽  
pp. 339-350
Author(s):  
Gytis Jarašius ◽  
Birutė Galinienė
Keyword(s):  
Financial Market ◽  
Capital Markets ◽  
Hedge Funds ◽  
Financial Stability ◽  
Foreign Capital ◽  
Financial System ◽  
Weighted Average ◽  
Average Correlation ◽  
Investment Funds ◽  
Market Participants

The rapid growth of the AIF assets under management and increasing relative share of these assets in the overall investment fund assets, indicate that AIF successfully established their position in the Lithuanian investment funds market. Due to the specific investment activity AIF are different from other investment funds, they also could be associated with additional threats to the economy and financial system. Private equity and real estate funds invest in the real sector and their impact on the financial system are more indirect, through linkages to the financial market participants. Hedge funds are actively involved in the capital markets, therefore they might have not only indirect but also direct impact on the financial system due to the use of leverage, derivatives or potential occur of crowded trades. Research results has shown that due to the still relatively small volumes of assets under management and high engagement in foreign capital markets (especially hedge funds case), AIF connections with other financial market participants are very low. AIF do not use excess leverage and trading in derivatives is not widespread – only hedge funds use such financial instruments. The high pairwise correlations between hedge funds returns suggest that there is a potential threat to the Lithuanian financial market stability. However because of the small relative share of the hedge funds and their concentration in foreign capital markets, such a threat is only theoretical. Moreover, high level of pairwise correlation coefficients between hedge funds and other investment funds do not determine the growth of the weighted average correlation. It could be added, that AIF in general did not increase values of the weighted average correlation, which could reflect potential crowding in the investment funds market. Bearing in mind small size of the AIF assets under management and fairly conservative type of their activities, it could be concluded, that Lithuanian AIF do not pose a threat to the financial stability.

scholarly journals The effectiveness of capital management strategies used by the investment funds in Poland

2014 ◽  
Vol 15 (2) ◽  
pp. 119-129
Author(s):  
Paweł Trippner
Keyword(s):  
Financial Market ◽  
Financial Intermediation ◽  
Management Strategies ◽  
Financial System ◽  
The State ◽  
Financial Intermediaries ◽  
Investment Strategies ◽  
Capital Management ◽  
Investment Funds ◽  
Location Policy

Abstract Collective investors play an extremely important role in the financial system of the state and in the economy. They operate in the financial market as institutions that enable households and businesses to convert savings into investments. Investment funds are the most conventional institutions which are dealing with financial intermediation. The main purpose of the submitted paper is to characterise the essence of investment funds operation in the role as financial intermediaries, to present the investment strategies and to characterise the methodology for measuring the effectiveness of capital management entrusted by the clients. The author has formulated a research hypothesis, according to which, the strategies of capital location policy used by the investment funds have an impact on the level of their performance, while funds holding higher risk portfolios perform better compared to the funds using passive investment strategies

scholarly journals QUARTERLY OUTLOOK ON MONETARY, BANKING, AND PAYMENT SYSTEM IN INDONESIA: QUARTER I, 2016

2016 ◽  
Vol 18 (4) ◽  
pp. 357-378
Author(s):  
TM Arief Machmud ◽  
Syachman Perdymer ◽  
Muslimin Anwar ◽  
Nurkholisoh Ibnu Aman ◽  
Tri Kurnia Ayu K ◽  
...  
Keyword(s):  
Financial Market ◽  
Government Spending ◽  
Banking System ◽  
Financial System ◽  
Private Investment ◽  
System Stability ◽  
Domestic Economy ◽  
Limited Growth ◽  
The Government ◽  
The Stability

The growth of domestic economy in Indonesia is lower than forecasted in first quarter of 2016.However, the economy is expected to revive and will grow higher in the next quarter, with a well maintained financial system stability. The limited growth of government consumption as well as private investment are the main reason for the slower growth in this quarter, eventhough the government spending on capital goods accelerates. The growth of private consumption remains high with reasonable price movement. With the increase of several commodities’ export, the external performance of export in aggregate also increased. On the other hand, the financial system stability was stable due to viable banking system and better financial market performance. The stability of Rupiah was well maintained, supported by positive expectation on domestic economy and the lower risk of the global financial market.

scholarly journals Assessment of Financial Investors’ Assets Level and Importance on Financial Market in Poland

2015 ◽  
Vol 16 (2) ◽  
pp. 31-44
Author(s):  
Paweł Trippner
Keyword(s):  
Financial Crisis ◽  
Financial Market ◽  
Capital Market ◽  
Gross National Product ◽  
Pension Funds ◽  
National Product ◽  
Insurance Companies ◽  
Investment Funds ◽  
Investment Portfolios

AbstractThe main purpose of the submitted article is the estimation of financial investors’ potential in Poland. There are four groups of collective investors on financial market in Poland like Banks, Insurance companies, Investment funds and Open Pension Funds, which have been analyzed. Their importance on financial market and especially on capital market in Poland is still rising. The dynamics of their assets value in 2009 – 2013 periods has been analyzed. Financial investors’ assets and Gross National Product in Poland ratio has been calculated. The influence of the financial crisis and post-crisis time on the investment portfolios structure has been also reviewed.

scholarly journals Bank-centric nature of the financial system of Ukraine: analysis of the current situation

2020 ◽  
Vol 15 (3) ◽  
pp. 184-198
Author(s):  
Serhiy Frolov ◽  
Fathi Shukairi
Keyword(s):  
Financial Market ◽  
Banking System ◽  
Financial System ◽  
System Model ◽  
Order System ◽  
Financial Intermediaries ◽  
Corporate Sector ◽  
Economic Sectors ◽  
Period Analysis ◽  
The Empirical Analysis

The formation and functioning of the country’s financial system depend on many factors, both endogenous and exogenous. The economic system of a country, as a higher-order system in relation to the financial one, underlies the development of the financial system model. The existing model of the financial system becomes significant in the context of its impact on economic processes in the country. The main purpose of the empirical analysis is to confirm the thesis about the signs of the bank-centricity of the Ukrainian financial market. The share of assets of financial intermediaries in GDP is determined, which indicates a significant decrease in the share of assets of all financial intermediaries in Ukraine. Analysis of the loan-to-deposit ratio in the banking system of Ukraine shows that the deposit base was far smaller than the size of loans throughout the analyzed period. Analysis of non-performing loans by economic sectors shows that the largest share of NPLs is formed in the corporate sector of the economy. Analysis of the structure of banks’ assets, taking into account their owners, shows that at the end of the analyzed period the share of state-owned banks’ assets increased significantly. Thus, having analyzed the functioning of the banking system of Ukraine, one can conclude about the bank-centric nature of Ukraine’s financial system.

scholarly journals Debt-Sale Securities as a Monetary Policy Instrument in the Islamic Banking System of Iran

2021 ◽  
pp. 31-40
Author(s):  
Hossein Meisamy
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Financial Market ◽  
Banking System ◽  
Financial System ◽  
Policy Instrument ◽  
Islamic Banking ◽  
Private Banks ◽  
The Government ◽  
First Time

This paper discusses the legitimacy of securitizing the central bank receivables from the government and banking system in the Iranian financial market and making use of this instrument to conduct monetary policy. Ijtihad or independent jurisprudential reasoning based on Imamiah Fiqh (prevailing in the Iranian Islamic banking system), is used as paper methodology. The results show that considering the jurisprudential ‘ownership unity’ between the central bank, the government, and governmental banks in the Iranian banking system, securitizing the central bank receivables from the government or the governmental banks is not legitimate and not Shariah-compliant. Nevertheless, it is possible to issue debt-sale securities based on the debts of private banks to the central bank. Therefore, issuing debt-sale securities based on central bank receivables from the private banks can be considered a suitable instrument for conducting Shariah-compliant monetary policy in the Islamic banking system of Iran. This paper discusses for the first time the idea of issuing debt-sale securities as a monetary policy instrument in the Iranian financial system. Besides, the analysis is based on the Imamiah School of Fiqh, which is also new.

scholarly journals Denmark

2020 ◽  
Vol 20 (256) ◽  
Author(s):  
Keyword(s):  
Financial Institutions ◽  
Banking System ◽  
Financial System ◽  
Bond Market ◽  
Investment Funds ◽  
Market Reactions ◽  
Idiosyncratic Shocks ◽  
Contagion Model ◽  
Cascade Effects ◽  
New Infrastructure

The FSAP developed a novel multi-layer contagion model to analyze financial system interconnectedness using a new and comprehensive database. This new infrastructure, based on securities data and newly-released confidential credit register data, plays a pivotal role in the development of an advanced contagion model that distinguishes the transmission of shocks between eight different exposure types or layers (loans, deposits, reverse repos, covered bonds, other debt securities, equities, unlisted shares, and other claims). The exercise focuses on the banking system (banks and MCIs), and on interconnections through the covered bond market, as the cornerstones of the overall financial system. However, it also includes exposures vis-a-vis non-bank financial institutions (insurer, pension and investment funds) and non-financial sectors (households, corporates), both domestically and abroad. The simulation exercise consists of a series of idiosyncratic shocks, where the default of each node is triggered iteratively. The model introduces a repricing channel on traded securities to capture cascade effects arising from market reactions to changes in an entity’s solvency condition.

scholarly journals New regulations in the development of a financial market

2019 ◽  
Vol 31 (1) ◽  
pp. 224-228
Author(s):  
A. Tsintsadze ◽  
I. Vashakmadze ◽  
I. Tavadze ◽  
L. Meloyan-Phutkaradze
Keyword(s):  
Financial Market ◽  
Pension System ◽  
Banking System ◽  
Financial System ◽  
Local Economy ◽  
Securities Market ◽  
Insurance Market ◽  
Financial Sustainability ◽  
Insurance Company ◽  
Association Agreement

Effective functioning of a financial market has a key role in the development of a country's economy. Developing countries experience lack of funds, one of the best ways to attract investment capital is the development of the right direction of the securities market, credit market and insurance market that are served by the regulations adopted in this field, which are derived from the Association Agreement. It can be said that a new phase starts with new regulations on the market of financial institutions. Current regulations are directed to the solvency of the insurance company, the use of mechanisms for maintaining financial sustainability, and the rule of formation and placement of reserves. However, there are no regulations for the development of life insurance. According to the new regulations, we think that in 2019 banking sector will be significantly different from the 2017 situation. In the short term, it will bring down retail lending, increase expenditures in the sector, increase demand on capital and reduce profitability, and in the long term we should hope that it will contribute to the improvement of the financial system of Georgian financial system, which will ensure financial sustainability of the banking system. Regulations concerning the development of the securities market, here a pension reform is important, which has come into force since January, 2019. As a result of this, the state accumulative pension system started in which large amounts of accumulated funds will be invested in local securities, in the local economy. The research objective: To determine the effectiveness of new regulations on the financial market, the purpose of implementing regulations is to improve the quality of the banking system, the securities market, the insurance market, and the sustainable development of the economy.

Russian Banking Sector under World Financial Market Uncertainty: Problems and Prospects

2008 ◽  
pp. 4-19 ◽  
Author(s):  
A. Ulyukaev ◽  
E. Danilova
Keyword(s):  
Emerging Markets ◽  
Financial Market ◽  
Banking Sector ◽  
Financial System ◽  
Local Market ◽  
Market Uncertainty ◽  
Balanced Growth ◽  
Banking Sector Development ◽  
The World ◽  
The Usa

The authors point out that the local market crisis - on the USA substandard loan market - has led to the uncertainty of the world financial market. It has caused the growing demand for liquidity in the framework of the world financial system. The Russian banking sector seems to be more stable under negative changes than banking systems of other emerging markets. At the same time one can assume that the crisis will become the factor of qualitative shift in the character of the Russian banking sector development - the shift from impetuous to more balanced growth.

Pension Funds, Capital Markets, and the Power of Diversification

2017 ◽  
Author(s):  
Fiona Stewart ◽  
Romain Despalins ◽  
Inna Remizova
Keyword(s):  
Capital Markets ◽  
Pension Funds
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