scholarly journals Risk Management in Viet Nam Tourism Industry Under the Impact of a Two Factor Model During and After the Global Crisis

2019 ◽  
Vol 1 (2) ◽  
pp. p129
Author(s):  
Dinh Tran Ngoc Huy ◽  
Du Quoc Dao
Keyword(s):  
Financial Markets ◽  
Global Financial Crisis ◽  
Factor Model ◽  
Tourism Industry ◽  
Viet Nam ◽  
Tax Rates ◽  
Mean Values ◽  
Policy Suggestions ◽  
The Global Financial Crisis ◽  
The Impact

Over past few years, the global financial crisis shows certain influence on emerging financial markets including Viet nam. Therefore, this study chooses an analytical approach to give some systematic opinions on how much some certain determinants such as income tax and leverage, affect the level of market risk in listed tourism companies.First, it calculates equity and asset beta values in three different scenarios of changing tax rates and changing the level of financial leverage. Second, under 3 different scenarios of changing tax rates (20%, 25% and 28%), we recognized that there is not large disperse in equity beta values, estimated at 0,753 for current leverage situation.Third, by changing tax rates in 3 scenarios (25%, 20% and 28%), we recognized both equity and asset beta mean values have positive relationship with the increasing level of tax rate.Last but not least, this paper covers some ideas and policy suggestions.

scholarly journals Principles-Based Securities Regulation in the Wake of the Global Financial Crisis

2010 ◽  
Vol 55 (2) ◽  
pp. 257-307 ◽  
Author(s):  
Cristie Ford
Keyword(s):  
Financial Crisis ◽  
Financial Markets ◽  
Global Financial Crisis ◽  
Conflicts Of Interest ◽  
Securities Regulation ◽  
Access To Information ◽  
Critical Factors ◽  
The Global Financial Crisis ◽  
The Impact ◽  
Financial Markets Regulation

The recent global financial crisis contains cautionary lessons about the risks associated with principles-based regulation when it is not reinforced by an effective regulatory presence. Our response to the crisis, however, should not be a rush to enact more rules-based regulatory approaches. On the contrary, principles-based securities regulation offers more viable solutions to the challenges that such a crisis presents for contemporary financial markets regulation. The author draws on the lesson of the global financial crisis to identify three critical factors for effective principles-based securities regulation. First, regulators must have the necessary capacity in terms of numbers, access to information, and expertise in order to act as an effective counterweight to industry. Second, regulation needs to grapple with the impact of complexity on financial markets and their regulation. Third, increased diversity among regulators and greater independence from industry are required to avoid conflicts of interest, overreliance on market discipline, and “groupthink”. The paper calls for a continuing commitment to principles-based regulation, accompanied by meaningful enforcement and oversight.

IMPACT OF EUROZONE SOVEREIGN DEBT CRISIS ON CHINA AND INDIA

2017 ◽  
Vol 62 (05) ◽  
pp. 1137-1164 ◽  
Author(s):  
PAMI DUA ◽  
DIVYA TUTEJA
Keyword(s):  
Financial Markets ◽  
Great Recession ◽  
Sovereign Debt ◽  
Global Financial Crisis ◽  
Debt Crisis ◽  
Eurozone Crisis ◽  
China And India ◽  
Trade And Financial Linkages ◽  
The Global Financial Crisis ◽  
The Impact

This paper analyzes the impact of the Eurozone debt crisis on China and India. Using Markov-switching analysis, we discern regimes in economic growth as well as financial markets and study the impact of the global financial crisis and Eurozone crisis on the same. We identify vulnerability and robustness factors governing the degree of exposure and resilience to the crisis for both these economies. In view of strong trade and financial linkages, the Eurozone crisis may have marred prospects of recovery in the aftermath of the recent Great Recession in both China and India. China, however, is found to be more resilient to the crisis possibly due to stronger macroeconomic fundamentals.

Bank of Russia and bank supervision: Together forever?

2019 ◽  
pp. 85-98 ◽  
Author(s):  
Oleg V. Buklemishev ◽  
Dmitriy O. Vatolin
Keyword(s):  
Financial Markets ◽  
Global Financial Crisis ◽  
Banking Regulation ◽  
Banking Supervision ◽  
Bank Supervision ◽  
Macroprudential Policies ◽  
The Status ◽  
The Global Financial Crisis ◽  
Phase Out ◽  
The Impact

The paper discusses the feasibility of institutional changes in the Russian banking regulation (supervision). The historical and modern practice of the organization of regulatory activity in financial markets is described. Traditional theoretical arguments in favor of and against combining the functions of monetary policy and banking supervision within the Bank of Russia are considered and analyzed under current conditions. The impact of the global financial crisis is taken into account in terms of the need to institutionalize macroprudential policies and to coordinate them with microprudential policies. Based on this analysis the conclusion is made about the absence of fundamental preconditions for preserving the status quo in relation to banking supervision by the Bank of Russia in the context of considerable costs of correcting its errors. There commendation to phase out seniorage financing of banking supervision is given.

scholarly journals Changing Tax Policy Impacts on the Risk Level of Viet Nam Wholesale and Retail Firms after the Global Crisis 2007-2011

2018 ◽  
Vol 2 (1) ◽  
pp. 39-50
Author(s):  
Dinh Tran Ngoc Huy
Keyword(s):  
Financial Markets ◽  
Tax Policy ◽  
Positive Relationship ◽  
Retail Industry ◽  
Risk Level ◽  
Viet Nam ◽  
Tax Rates ◽  
Mean Values ◽  
Listed Firms ◽  
Policy Impacts

Many financial markets including but not limit to, the emerging stock market in Viet Nam, have been affected by the financial crisis 2007-2011. This study analyzes the impacts of tax policy on market risk for the listed firms in the wholesale and retail industry during this period as it becomes necessary. First, by using quantitative and analytical methods to estimate asset and equity beta of total 9 listed companies in Viet Nam wholesale and retail industry with a proper traditional model, we found out that the beta values, in general, for many companies are acceptable.Second, under 3 different scenarios of changing tax rates (20%, 25% and 28%), we recognized that there is not large disperse in equity beta values, estimated at 0,646, 0,653 and 0,657.These values are much lower than those of the listed VN construction firms.Third, by changing tax rates in 3 scenarios (25%, 20% and 28%), we recognized both equity and asset beta mean values have positive relationship with the increasing levels of tax rate.Finally, this paper provides some outcomes that could provide companies and government more evidence in establishing their policies in governance.

scholarly journals Finance and Jobs: How Financial Markets and Prudential Regulation Shape Unemployment Dynamics

2019 ◽  
Vol 12 (1) ◽  
pp. 20 ◽  
Author(s):  
Ekkehard Ernst
Keyword(s):  
Labor Market ◽  
Financial Markets ◽  
Financial Market ◽  
Global Financial Crisis ◽  
Financial Sector ◽  
Market Regulation ◽  
Economic Stability ◽  
Financial Market Regulation ◽  
The Global Financial Crisis ◽  
The Impact

This article explores the impact of financial market regulation on jobs. It argues that understanding the impact of finance on labor markets is key to an understanding of the trade-off between economic stability and financial sector growth. The article combines information on labor market flows with indicators of financial market development and reforms to assess the implications of financial markets on employment dynamics directly, using information from the International Labour Organization (ILO) datatabse on unemployment flows. On the basis of a matching model of the labor market, it analyses the economic, institutional, and policy determinants of unemployment in- and out-flows. Against a set of basic controls, we present evidence regarding the relationship between financial sector development and reforms and their impact on unemployment dynamics. Using scenario analysis, the article demonstrates the importance of broad financial sector re-regulation to stabilize unemployment inflows and to promote faster employment growth. In particular, we find that encompassing financial sector regulation, had it been in place prior to the global financial crisis in 2008, would have helped a faster recovery in jobs.

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