Стимулирование долгосрочных инвестиций домохозяйств в финансовые инструменты (Stimulating Long-Term Household Investments in Financial Instruments)

2019 ◽  
Author(s):  
Yury Danilov
Keyword(s):  
Financial Instruments

scholarly journals Pendampingan Pentingnya Strategi dalam Meningkatkan Minat Nasabah terhadap Investasi Saham di Surabaya

2020 ◽  
Vol 2 (2) ◽  
pp. 84-89
Author(s):  
Veronika Nugraheni Sri Lestari ◽  
Dwi Cahyono ◽  
Nila Romatal Azah ◽  
Devy Mei Ariyanti
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Initial Step ◽  
Financial Instruments ◽  
Public Companies ◽  
Public Offerings ◽  
Securities Trading ◽  
Market Infrastructure ◽  
The Capital Market

Capital markets are often interpreted as a market for a long-term financial instrument (securities) (its maturity is more than 1 year). In addition to that understanding, the capital market is also often associated as a place for the transaction of the party that needs funds (the company) and the Excess party (financier). The initial step of Sharia capital market developments in Indonesia began with the issuance of sharia funds on 25 June 1997 followed by the issuance of sharia bonds at the end of 2002, followed by the presence of the Jakarta Islamic Index (JII) in July 2000. The marketable securities traded on the stock exchange include stocks, bonds and mutual funds. Marketable securities are often referred to as ' financial instruments ' or ' securities ' or ' Sekuritas ' (Securities Act No. 8 year 1995 defines the capital market as "the activities concerned with public offerings and securities trading, public companies relating to securities, published, as well as institutions and professions relating to the securities". The capital market acts as a liaison between investors and companies or government institutions through the long-term trading of financial instruments. In an effort to support the realization of the Indonesian capital market to become a resilient and global economic driver of the national economy as stated in the Indonesian capital market blueprint, it needs to be done continuously to improve and expand the capital market infrastructure towards the better direction.

scholarly journals European Experience in Adapting Social and Economic Development to Crisis Situation: Programs and Financial Instruments

2021 ◽  
Vol 3 (49) ◽  
pp. 22-34
Author(s):  
V. O. Kornіvska ◽  
Keyword(s):  
Institutional Environment ◽  
Crisis Response ◽  
Special Role ◽  
Financial Instruments ◽  
Eu Member States ◽  
Role Of The State ◽  
European Experience ◽  
Investment Process ◽  
European Investment

The paper presents analysis of European counter-crisis response programs: investment initiatives in response to the coronavirus; REACT-EU package of measures; a long-term recovery program (budget for 2021-2027) and Next Generation EU; and a banking package of measures titled “Supporting businesses and households amid COVID-19”. The sources of financial instruments for the recovery and adaptation of EU member states to the transcrisis state are described, and the most effective mechanisms for supporting entrepreneurship in the COVID-19 crisis are shown. The example of Slovakia and Poland is used to demonstrate the European experience in organizing the credit process, providing guarantees, intensifying social entrepreneurship in the face of the ongoing epidemic shock. The European investment trends and the participation of financial intermediaries in the post-crisis recovery are determined and used as a basis to characterize nationalization of the European long-term investment process. The special role of the state and the formation of state funds in the process of ensuring the effective adaptation of the Ukrainian financial and institutional environment to new challenges is substantiated; the importance of developing long-term programs for adapting the Ukrainian economy and society to the challenges of sanitary, humanitarian, climatic and political and economic nature, as well as forming appropriate institutions is shown. It is concluded that, given the peculiarities of the operational behavior of Ukrainian banking institutions, which are now focused on operations with government securities and commission activities, the adaptation investment process should be provided by public financial institutions.

Financial Instruments and the Capital Markets

2019 ◽  
pp. 47-64
Author(s):  
Alan N. Rechtschaffen
Keyword(s):  
Capital Markets ◽  
Regulatory Compliance ◽  
Financial Instruments ◽  
Federal Regulation ◽  
Secondary Markets ◽  
Financial Transactions ◽  
Digital Assets

This chapter begins with a discussion on the capital markets. It compares primary and secondary markets, and long-term versus short-term marketplaces. This is followed by a case study on the auction rate securities (ARS) market. The second section discusses financial instruments, covering the types of financial instruments (equity-based financial instruments, debt-based financial instruments, derivatives, cryptocurrency and digital assets), and the distinction between debt and equity, and federal regulation. The final section deals with the role of the attorney. It discusses competent representation, the duty to advise the client, drafting financial instruments, regulatory compliance, and the issuance of opinion letters to clients regarding the implications of financial transactions.

Financial markets as commensurating machines

2019 ◽  
Vol 58 (4) ◽  
pp. 539-565
Author(s):  
Barbara Kuchler
Keyword(s):  
Financial Markets ◽  
Capital Markets ◽  
Capital Market ◽  
Capital Flows ◽  
Financial System ◽  
Financial Assets ◽  
Financial Instruments ◽  
Black Scholes ◽  
Derivatives Markets

Ever since the crisis of 2008, the dynamism and self-referentiality of financial markets have puzzled observers. This article argues that this dynamism is the product of a long process of commensuration, by which ever more heterogeneous financial assets and financial instruments have come to be compared with, substituted for, and valuated relatively to one another, and have thereby been condensed into a highly interconnected financial system. This trajectory can be found both in the long-term historical emergence of financial markets from ancient origins and in the more recent transformations of the financial system since the 1970s, including (i) the rise of derivatives markets, and (ii) the rise of capital markets as against bank-intermediated capital flows. The rise of derivatives markets was triggered by the commensuration of basic securities (such as stock, bond) and derivatives (such as options, futures), established by the Black-Scholes-Merton theory of option pricing. The rise of capital markets was rooted in the commensuration – and hence, competition and substitution – of bank products (such as loans, deposits) and non-bank products (capital market securities).

Indexing long-term financial contracts

1981 ◽  
Vol 108 (3) ◽  
pp. 299-360 ◽  
Author(s):  
A. D. Wilkie
Keyword(s):  
Beneficial Effect ◽  
Price Index ◽  
Pension Fund ◽  
Financial Instruments ◽  
Financial Contracts ◽  
Life Assurance ◽  
The United Kingdom ◽  
Insight Into ◽  
Assurance Contracts

This paper has two functions: first, in part 1, to present briefly the results of some recent investigations into the behaviour of a price index (in the United Kingdom) in order to gain some insight into the possible future progress of inflation; secondly, in parts 2–4, to present the arguments in favour of the linking to a price index of financial instruments, in particular government stocks, life assurance contracts and pension fund benefits. Part 1 is heavily statistical, and those who prefer the controversial material can go straight to part 2, noting only the conclusion to part 1, viz.: that it is not easy to forecast inflation over any lengthy period. Parts 2–4 are controversial, and I expect will still be topical when the paper is presented. I make no pretence to be impartial; I am convinced that widespread index-linking of long-term contracts would have a beneficial effect on the conduct of our financial affairs. It is up to those who disagree with me to put their case in the discussion; but I hope my supporters will express their views too.

scholarly journals FINANCIAL ENGINEERING AS A TOOL FOR THE DEVELOPMENT OF CORPORATE BOND MARKET IN EASTERN EUROPE ON THE EXAMPLE OF UKRAINE

2018 ◽  
Vol 4 (4) ◽  
pp. 120-125
Author(s):  
Maria Iorgachova ◽  
Olena Kovalova ◽  
Ivan Plets
Keyword(s):  
Stock Market ◽  
Financial Engineering ◽  
Bond Market ◽  
The State ◽  
Corporate Bond ◽  
Financial Resources ◽  
General Level ◽  
Financial Instruments ◽  
Corporate Bond Market

In the context of the gap between the financial and real sectors of the Ukrainian economy, there is a problem of the absence of financial instruments able to solve the issue of financing the development of the national economic system on a long-term basis. At the current stage of the stock market development, financial engineering has a significant potential for the effective application since it can become an instrument that meets the current needs of the market. The purpose of this article is to study the current dynamics of development and features of the corporate bond market in Ukraine, as well as to develop the parameters of the new profit-bonds with the help of financial engineering, which takes into account investors’ inquiries in the formation of an investment portfolio and supposed to be a profitable form of attracting financial resources for issuers. Methodology. Materials of periodicals, analytical market reviews, resources of the Internet are the informational and methodological basis of the investigation. The research is based on general scientific and special methods, such as: comparison, systematic approach factor analysis, economic and mathematical methods. A comparative analysis of the parameters of financial instruments has been carried out that allowed determining the investors’ inquiries, investment trends and features of the choice of financial instruments by investors and accordingly to offer competitive debt securities according to the parameters of payment, maturity, security, repayment order, issue of currency. The results of the study indicate that there is the necessity of reformation of the stock market in terms of expanding the range of financial instruments based on financial engineering. The introduction of profit-bonds will allow offering participants of the Ukrainian market competitive conditions for the issue of securities, which are based on the modelled parameters of bonds. A schematic algorithm for the implementation of profit bonds is developed; it joins a complex of interrelated stages of implementation, which are sensitive to internal and external factors of influence. Practical implications. Directions for improving financial instruments on the basis of financial engineering can be applied by the participants of the stock market that will increase the general level of economic activity in the national economy and permit to accumulate financial resources on the profitable terms. Value/originality. The article reveals the development of the domestic market for corporate bonds as an important segment of the stock market through the application of financial engineering and the use of new financial products created to address the issue of attracting the necessary financial resources to the real sector. The introduction of financial engineering as a tool for the development of Ukrainian corporate bond market and its schematic algorithm of the implementation will allow an investor to react in time to the market changes. The creation of the State Fund for the Guaranteeing of Income of the Investors Market Act, which is formed at the state level by analogy with the existing Guarantee Fund for Individual Deposits, will allow the fulfilment of the security parameter that will classify profit bonds as long-term debt instruments with a high credit rating.

scholarly journals La programmation déterministe du budget de capital : un modèle financier

2009 ◽  
Vol 50 (3) ◽  
pp. 415-449 ◽  
Author(s):  
Jean-Pierre D. Chateau
Keyword(s):  
Objective Function ◽  
Selection Criterion ◽  
Capital Budgeting ◽  
Cash Flows ◽  
Financial Instruments ◽  
Financial Model ◽  
Investment Funds ◽  
Investment Projects ◽  
The Impact

Abstract The financial model presented in the article attempts to further integrate capital budgeting into the firm's overall financial planning policy. Although it is an extension and generalization of Bernhard and Weingartner's previous models, it differs from these works by some basic assumptions related to both the objective function and constraint set. First, the objective function stresses the growing role of managerial discretion as opposed to the common assumption of maximizing shareholders' wealth. In particular we assume that managers wish to maximize the size of the firm under their control at the end of some future time horizon. Since net cash flows of the investment projects selected are sources of future investment funds, the managers try to keep the shareholders' dividends to a minimum level, sufficient enough however to pacify them. Secondly, the model constraints embody the complete set of financial instruments available to the corporation managers: in a sense, this enlarges the previous models' short-term external financing facilities by considering simultaneously the alternative long-term external financial instruments, namely equity and bond issues. In the latter case, the refunding features are incorporated in the constraints. The constraints also imply that managers prefer steady growth of net cash flows through time. This contrasts with the usual maximization approach which has been shown to favor long-term investment projects with somewhat more erratic net cash flows. The derivation of the Kuhn and Tucker conditions for the model allows us to show the impact of the opportunity cost of the various instruments on that of the liquidity requirement and the investment projects selection criterion. Finally, the duality properties also highlight the reciprocal relationships existing between the various opportunity costs, both internal and external.

scholarly journals FINANCIAL INSTRUMENTS AND THEIR IMPACT ON THE GROWTH OF INVESTMENT – A STUDY ON THE LIBYAN MARKET

2020 ◽  
Vol 4 (3) ◽  
Author(s):  
Abdulbaset Ali Alhaj ◽  
Abdullah Mohammed Awn ◽  
Al Taher Khalifa Abdusalam Alaswed
Keyword(s):  
Output Growth ◽  
Independent Effect ◽  
Financial Instruments ◽  
Domestic Investment ◽  
Short Time ◽  
Investment Growth ◽  
The Relationship ◽  
Limited Choice ◽  
Made In

Purpose: The aim of this study was to explore the relationship between Financial instruments and growth of investment. Design/Methodology/Approach: The distributed questionnaires include 300 clients from banks and companies represented in Tripoli. The data collected was analyzed using SPSS- SEM. Results: The obtained results showed that indicated that, despite the modest progress made in a very short time regarding all indicators which the paper calculated, however, it can be said that Libyan stock market remain largely underdeveloped, small and relatively inefficient. Its market capitalization to GDP is very low and investors have no access to long-term capital. In addition, the market still has very low liquidity and investors still have a limited choice of financial instruments and face liquidity problems. Originality/Value: This study contributes significantly to the importance of diversity in the use of financial instruments that help in the growth of investment. The study added a new discussion, which is the disclosure that financial instruments affect the growth of domestic investment, especially by easing financing restrictions, which allows companies to increase investment in response to increased demand for production. The main finding is that the structure of the financial system does not have an independent effect on investment growth, in the sense that it does not enhance the response of investment to changes in production, whereas financial development makes investment more responsive to output growth. Thus, instead of promoting a specific type of financial instrument, countries should implement policies that reduce transaction costs in financial intermediation and enforce the rights of creditors and investors. This will facilitate the development of banks and stock markets, which will stimulate the growth of domestic investment. JEL: D53; G14; O16

scholarly journals Islamic Money Market: An Instrument for Managing Liquidity Risk in Islamic Banks

ICR Journal ◽  
2014 ◽  
Vol 5 (2) ◽  
pp. 205-224
Author(s):  
Sekono Abiola Muttalib
Keyword(s):  
Risk Management ◽  
Liquidity Risk ◽  
Money Market ◽  
Islamic Banks ◽  
Financial Instruments ◽  
Short Term ◽  
Money Markets ◽  
Islamic Financial Institutions ◽  
Banking Institutions

The general consensus of financial experts is that liquidity is the lifeblood of any organisation, which is inclusive of Islamic banks. Hence, effective liquidity management is essential for the efficiency of banking institutions and the economy as a whole. The major provider of liquidity is the short-term money market instruments.  Islamic financial institutions just like their conventional counterparts use short-term mobilised deposit funds to finance long-term loans and projects which expose them to asset liability mismatches and thus, are vulnerable to liquidity problems. Addressing the potential liquidity risk due to the cash-flow mismatches requires an efficient and vibrant Islamic money market as it is an essential and integral part of Islamic financial system. It therefore raises the need for developing an Islamic money market where Shari’ah-compliant financial instruments are to be traded and operated based on Shari’ah principles. Although it is considered the surest approach to sound liquidity risk management in Islamic banks, the dilemma that Islamic money markets are facing now is acute shortage of Shari’ah-compliant financial instruments and the controversies surrounding the few available instruments. A successful liquidity risk management therefore requires ensuring well functioning Islamic money markets with some if not all controversies/addressed through embarking on development of new products or promoting innovation in order to enable Islamic banks to compete effectively with their conventional counterparts. Hence, this study attempts to present a better understanding of various Islamic money market instruments, their roles in managing liquidity and their relationship with liquidity risk management.

scholarly journals Improving Project Management Teaching Using Scaffolding Based on Cladistics Parsimony Analysis

2017 ◽  
Vol 11 (5) ◽  
pp. 42
Author(s):  
Stanislaw Paul MAJ
Keyword(s):  
Project Management ◽  
Long Term Memory ◽  
Financial Instruments ◽  
Parsimony Analysis ◽  
Learning Sequence ◽  
Optimal Learning ◽  
Different Characteristics ◽  
Educational Paradigms ◽  
Optimum Sequence

There are numerous educational paradigms each with their advocates and critics. The cognitive science approach is based on modelling memory as short term and long term each with their different characteristics. All learning consists of an iterative cycle of assimilate and retrieve between these two types of memory. The objective is the construction of an ordered mental structure called a schema in long term memory. With this approach it is possible to define schemas according to an optimal learning sequence. An optimum sequence has minimal cognitive load and hence the ideal teaching sequence. Previous work has clearly demonstrated that this method may be applied to network technology education. This paper applies the same method of teaching financial instruments in project management. Results to date demonstrate that scaffolding, based on cladistics parsimony analysis is a generic method and can be applied to different disciplines. Using this method an optimal learning sequence for project management financial instruments may be produced.

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