scholarly journals Integracja rynków finansowych w Unii Europejskiej

2012 ◽  
pp. 185-210
Author(s):  
Eliza Maria Kierska-Woźny
Keyword(s):  
Economic Growth ◽  
Financial Markets ◽  
Economic Integration ◽  
Financial Services ◽  
Financial Integration ◽  
Free Market ◽  
Economic Recession ◽  
Global Scale ◽  
Negative Effects ◽  
The Eu

The integration of financial markets is one of the stages of economic integration. The trends for the integration of financial markets is observed both on a global scale, as well as its various regions. The integration of financial markets may occurs as a result of actions by the authorities, but also by the international free market processes – globalization. Speaking about the integration of EU financial markets, we mean creating opportunities for free movement of capital and financial services in the EU and the single currency. As a result of increase in the financial integration process in Europe the value of the flow of capital between countries has significantly increased. With the progress of economic integration in the EU, the EU as a whole has become a stronger business partner and was able to invest more beyond its borders, as well as more investments flowed from the third countries. The integration of financial markets through greater development of the financial markets is leading to faster economic growth. It can bring many benefits, but also risks. Benefits should be seen in the possibility to boost the GDP growth, the risks in the existence of increasingly stronger links between national markets and intermediaries acting on that markets. A particularly important issue is the contagion effect. Additionally, in case of institutional mismatches on the side of economic policy, financial integration can also have negative effects on the economy, such as greater probability of financial crisis and economic recession, because the price for increased integration of financial markets is an increase in the risk of financial crises. Economic growth stimulated by the development of financial markets should be accompanied by proper regulation of markets to prevent future crisis. However, it must be also remembered that the growth of the institutions may limit the development of markets.

scholarly journals Transformation of the agricultural financial system in the age of globalisation

2017 ◽  
Vol 63 (No. 12) ◽  
pp. 548-558 ◽  
Author(s):  
Brzozowska Anna ◽  
Bubel Dagmara ◽  
Kalinichenko Antonina ◽  
 Nekrasenko Larysa
Keyword(s):  
Economic Growth ◽  
Financial Markets ◽  
Capital Flows ◽  
Financial Integration ◽  
Financial System ◽  
The Other ◽  
Financial Policy ◽  
Financial Flows ◽  
European Agriculture ◽  
Financial Globalisation

The paper is an attempt to address the advantages and risks connected with the wave of financial globalisation, with a focus on its impact on financial policy in European agriculture. The aim of the paper is to identify the basic conditions of the functioning and change of the financial system of agriculture under the conditions of the globalisation of financial markets. Financial globalisation, also referred to as financial integration or openness, is understood as an increase in global ties and interdependences caused by capital flows. Potentially, globalisation can bring a lot of benefits, which are manifested in an acceleration of economic growth and decreased fluctuation in consumption, which should further improve the level of overall prosperity. On the other hand, however, internationalisation of financial flows entails a range of threats, including the possibility of crisis.

scholarly journals Towards Single Market in Financial Services: Highlights of the EU and the EAEU Financial Markets Regulation

2020 ◽  
Vol 8 (1) ◽  
pp. 111-137
Author(s):  
Rustam Kasyanov ◽  
Anzhelika Kriger
Keyword(s):  
Comparative Analysis ◽  
Financial Markets ◽  
Financial Services ◽  
Market Regulation ◽  
The European Union ◽  
European Union Law ◽  
Member States ◽  
Advantages And Disadvantages ◽  
The Eu ◽  
Financial Markets Regulation

The article covers key formats of interstate cooperation in the post-Soviet space. The authors conclude that the Eurasian Economic Union is the major integration project bringing together Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. This research addresses various legal issues related to founding of the EAEU single financial services market with provisions and annexes of the EAEU Treaty studied. The EAEU meets challenges and creates legal and institutional framework for single financial services market within a relatively short timeframe. By 2025 both Supranational Eurasian financial regulator should be established and EAEU legislation on financial services should be harmonized. These tasks require international and national regulation experience. Therefore through the use of comparative analysis some advantages of the European Union law in the field of financial services market regulation are pointed out alongside with particular national legislation aspects of the EAEU member states in the similar or relative fields. Comparative analysis provides for determination of modern approaches to financial services market regulation in the EAEU and its member states, and allows to emphasize advantages and disadvantages of such regulation. Comparative analysis is applied to specifically investigate three subject areas of high relevance for global financial community: institutional forms of trade in financial instruments; organized trade in financial derivatives; organization of algorithmic and high-frequency algorithmic trading. Conclusion drawn is that the EU experience in the matters of financial markets regulation is of particular interest for the EAEU and its member states.

scholarly journals The main aspects of financial regulators organization. EU experience

2012 ◽  
pp. 147-153
Author(s):  
R. A. Каsyanov
Keyword(s):  
Financial Crisis ◽  
Financial Services ◽  
Financial Integration ◽  
Global Financial Crisis ◽  
Legal Framework ◽  
Financial Service ◽  
Economic Regulation ◽  
Financial Services Regulation ◽  
Framework Development ◽  
The Eu

This article is dedicated to analysis of modern trends of the EU financial service integration processes development. The most important stages of financial integration legal framework development in the EU are considered chronologically. The article contains deep research of financial integration institutional basis transformation, greatly strengthened in the result of global financial crisis of 2008, which entailed the improvement of financial regulators.. The author raises some of the problems of financial and economic regulation and accentuates, that the EU is consistently improving its mechanism of financial services regulation each time becoming more efficient. Next stage of the reform will start in 2013, when important legislative initiatives in the EU financial sector shall be implemented.

scholarly journals Analisis pengaruh kredit perbankan, pembiayaan bank syariah dan investasi terhadap pertumbuhan ekonomi di Indonesia periode sebelum pandemi Covid-19 (2015-2019) dan periode pandemi Covid-19 tahun 2020

2021 ◽  
Vol 1 (9) ◽  
pp. 844-853
Author(s):  
Deni Andrean ◽  
Imam Mukhlis
Keyword(s):  
Economic Growth ◽  
Time Series ◽  
Financial Services ◽  
Time Series Data ◽  
T Test ◽  
Series Data ◽  
Islamic Banking ◽  
Negative Effects ◽  
Paired Samples ◽  
Banking Credit

Abstract This study aims to identify the effects of conventional banking credit, Islamic banking financing, PMA and PMDN investment on Indonesia’s economic growth in the before (2015-2019) and after (2019-2020) Covid-19. This study used quantitative method with VAR/VECM analysis. In this study, the time series data were analyzed using eviews 10, while the comparison between before (2019) and after (2020) Covid-19 was carried out using paired samples t-test. The data were collected from various sources, including Financial Services Authority and central Bureau of Statistics. The findings show that the total investment carries significant negative effects on Indonesia’s economic growth, while conventional banking credit carries no effect on Indonesia economic growth. The Islamic banking financing brings positive significant effects in long-term toward Indonesia economic growth. Abstrak Penelitian ini bertujuan untuk mengetahui pengaruh antara kredit perbankan konvensional, pembiayaan perbankan syariah dan investasi PMA dan PMDN terhadap pertumbuhan ekonomi di Indonesia pada periode sebelum covid -19 tahun 2015 sampai 2019 dan periode covid-19 tahun 2019-2020. Penelitian ini menerapkan metode penelitian kuantitatif menggunakan analisis VAR/VECM dengan menggunakan data time series dan diolah menggunakan eviews 10, dan perbandingan perbedaan antara seluruh variabel dari tahun sebelum pandemi (2019) dan setelah adanya pandemic (2020) menggunakan pengujian Uji Beda Paired Samples t-test, data ini dikumpulkan dari berbagai sumber utama termasuk Otoritas Jasa Keuangan (OJK) dan Badan Pusat Statistik (BPS). Temuan ini menunjukkan bahwa total investasi berpengaruh negatif signifikan terhadap pertumbuhan ekonomi di Indonesia, kredit perbankan konvensional tidak berpengaruh terhadap pertumbuhan ekonomi di Indonesia. Sedangkan pada variabel pembiayaan perbankan syariah menunjukkan bahwa pembiayaan perbankan syariah berpengaruh positif signifikan dalam jangka panjang terhadap pertumbuhan ekonomi di Indonesia

scholarly journals Examining the relationship between finance, institutions and economic growth: evidence from the ASEAN economies

2019 ◽  
Vol 53 (4) ◽  
pp. 519-542 ◽  
Author(s):  
Hazwan Haini
Keyword(s):  
Economic Growth ◽  
Financial Markets ◽  
Financial Development ◽  
Financial Institutions ◽  
Financial Integration ◽  
Institutional Quality ◽  
Institutional Development ◽  
Positive Role ◽  
Asean Economic Community ◽  
Dynamic Panel Estimator

AbstractThis study investigates the role of financial and institutional development on economic growth in the Association of Southeast Asian Nations (ASEAN) economies from 1995 to 2017 using a dynamic panel estimator. Financial development is instrumental in promoting economic growth; however, the effect of financial institutions and financial markets can differ. In recent years, the ASEAN economies have launched financial and institutional integration initiatives towards the goal of an integrated ASEAN Economic Community, which can have a profound impact on economic growth. The estimated results show that financial institutions are positive and significant towards economic growth, while financial markets are insignificant. Equally important, institutional quality plays a significant and positive role in economic growth. More interestingly, the study finds that institutional development is complementary to financial institutions and markets. Member states should emphasise on further financial integration across the ASEAN economies, allowing for the development of financial institutions and markets alongside improvements in institutional quality to increase the effectiveness of financial development.

The EU Experience as a Model for the Development of a Single Financial Market Regulation in the Eurasian Economic Union (EAEU)

2019 ◽  
Vol 16 (5) ◽  
pp. 592-621 ◽  
Author(s):  
Rustam A. Kasyanov
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Financial Services ◽  
Market Regulation ◽  
Member States ◽  
Financial Market Regulation ◽  
Eurasian Economic Union ◽  
Economic Union ◽  
The Republic ◽  
The Eu

Five countries became members of the Eurasian Economic Union – an international organization of regional economic integration. The Republic of Kazakhstan, the Russian Federation, and the Republic of Belarus signed the international Treaty in the city of Astana, Kazakhstan on May 29, 2014. The Republic of Armenia and the Kyrgyz Republic acceded to the Treaty later. Harmonized regulation of financial markets should be one of the initial areas of cooperation, with the aims of creating a single financial services market within the EAEU and ensuring non-discriminatory access to the national financial markets of each of the member states. The EAEU member states have already entered into the initial stage of developing the Eurasian common market in financial services. A considerable part of the work should be carried out by a supranational financial market regulation body, which is to be established by 2025 according to the EAEU Treaty. Such financial integration in the EAEU has only been in progress for a limited time period and many of the key steps are yet to be done. The existing national-markets development level is highly non-homogeneous and is in need of further development. In such circumstances, a relevant question related to the study of foreign experience arises. European Union started to form its single financial services market in 1973, and since then it has gained certain experience in financial markets integration. This research paper is dedicated to the issue of necessity and possibility of using the EU experience in the course of the EAEU Single market development. The issue will be addressed in terms of political, legal, academic, and practical aspects. The article is of a general, theoretical legal character, which is why emphasis will be placed on legal and doctrinal questions. Special attention will be paid to an analysis of the Eurasian Economic Union Treaty and its Protocols. The work will be based on the academic research and opinions of Russian and foreign authors.

THE NEXUS BETWEEN ECONOMIC INTEGRATION AND GROWTH: APPLICATION TO VIETNAM

2019 ◽  
Vol 14 (03) ◽  
pp. 1950014 ◽  
Author(s):  
HA MINH NGUYEN ◽  
NGOC HOANG BUI ◽  
DUC HONG VO
Keyword(s):  
Economic Growth ◽  
Economic Integration ◽  
Quantitative Methods ◽  
Financial Integration ◽  
Political Stability ◽  
Trade Integration ◽  
Causality Test ◽  
Distributed Lag ◽  
Autoregressive Distributed Lag ◽  
Economic Development Strategies

The paper examines the relationship between the economic integration and growth nexus in Vietnam using powerful quantitative methods, specifically the Autoregressive Distributed Lag (ARDL) and the Granger causality test. The study focuses on three types of economic integration, including overall integration, financial integration and trade integration, which affected economic growth in Vietnam from 1986 to 2015. The key finding from this study is that when three types of economic integration are considered together, integration provides positive impacts on economic growth. In addition, causal relationship exists between overall integration and financial integration, and between trade integration and financial integration. As such, financial integration is absolutely important to economic growth in Vietnam. On the grounds of these findings, the Vietnamese government should carefully outline socio-economic development strategies to maintain political stability and to derive benefits from economic integration and globalization.

scholarly journals СТЕЧАЈ БАНАКА И ФИНАНСИЈСКИХ УСТАНОВА У ЗЕМАЉАМА КАНДИДАТИМА ЗА ЕУ ЗАПАДНОГ БАЛКАНА

TEME ◽  
2018 ◽  
pp. 129
Author(s):  
Ђуро М. Ђурић ◽  
Владимир М. Јовановић ◽  
Мирјана М. Мисаиловић
Keyword(s):  
Financial Markets ◽  
Financial Institutions ◽  
Economic Conditions ◽  
Negative Effects ◽  
Eu Countries ◽  
Eu Membership ◽  
Financial Difficulties ◽  
The World ◽  
Eu Candidate Countries ◽  
The Eu

The objective of this paper is to present the regulation of insolvency of banks and other financial institutions in some West Balkans countries (Serbia, Montenegro and FYROM) candidates for the EU membership and its development under the influence of the EU regulations. This question has become particularly interesting since the onset of the world financial crisis of 2008. Banks and financial institutions from the EU countries are among major players in financial markets. The crisis has shown that the models that have previously existed were not sufficient and did not enable an adequate level of cooperation between member states, in order to minimize the spreading of negative effects of individual insolvencies and problems of individual financial institutions across the EU and all over the world. Therefore, changes were needed in the regulations, and indeed, certain changes have been made. This paper tries to see and evaluate the enlargement of the EU which is currently not on top of the EU political and economic agenda, the candidate countries are in the process of adjusting their legislation and practices in order to be better prepared for negotiating with the EU, but also in order to make their respective economic conditions and markets more harmonized with the EU countries, therefore making them more attractive to potential foreign investors. We shall attempt to give a brief analysis of how several West Balkans EU candidate countries have reacted to the described changes in the EU regulations regarding financial institutions and handling their financial difficulties.

scholarly journals MARKETING IN TIMES OF CLIMATE CHANGE AND CORONAVIRUS PANDEMIC: TACKLING SUPPLY CHAIN FRAGILITY THROUGH EU ECONOMIC AND REGULATORY POLICIES BASED ON 5G NETWORK IMPLEMENTATION AND BLOCKCHAIN TECHNOLOGIES

2021 ◽  
Vol 14(63) (1) ◽  
pp. 19-28
Author(s):  
Alexis Daj
Keyword(s):  
Climate Change ◽  
Supply Chain ◽  
Free Market ◽  
Global Climate ◽  
Negative Effects ◽  
Market Mechanisms ◽  
Supply Networks ◽  
Regulatory Policies ◽  
5G Network ◽  
The Eu

The ongoing coronavirus pandemic - in juxtaposition with recurring evidence of the negative effects of global climate change - has stress tested the overwhelming majority of worldwide supply networks. The dire sanitary crisis has shown that free market mechanisms alone are not able to resuscitate the broken links of the global economic system, and thus the need for a novel mix of economic, regulatory, and technology-based government policies became more evident than ever. Against this backdrop and with an emphasis on the EU, the present paper gives an overview of the possible pathways for marketing to embrace the opportunities offered by 5G network implementation and blockchain technologies to tackle supply chain fragility.

scholarly journals Imperatives of development of post-socialist countries financial markets

2019 ◽  
pp. 80-88
Author(s):  
Olena Borzenko
Keyword(s):  
Financial Markets ◽  
Financial Services ◽  
World Economy ◽  
Financial Integration ◽  
Supply And Demand ◽  
Social Process ◽  
Financial Sector ◽  
Financial Systems ◽  
Global Science ◽  
The World

The relevance of the article in the analysis of the modern geopolitical space in which there are dramatic changes that qualitatively alter the disposition of post-socialist countries and regions of the world under the influence of scientific, technological, information, organizational and social process. The process of forming regulatory mechanisms for the functioning of the financial markets of the post-Soviet countries is linked to the transformation processes of global monetary and financial relations management. In modern conditions, the national financial market cannot be separated from the processes occurring in the world economy. In the last decades theoretical and practical problems of geoeconomics and global science have been investigated in the works of foreign scientists: L. Abalkin, M. Alle, U. Anderson, A. Anikina, J. Ackerloff, J. Arriga, D. Bell, W. Beck, Z. Brzezinski, I. Wallerstein, L. Galitz, J. Gelbraith, E. Giddens, M. Golovnin, P. Drucker, A. Kavkin, M. Castels, D. Keynes, L. Krasavina, V. Kruglov and others. It is observed that in the process of interaction of various factors of development in the world markets, an appropriate market conjuncture is formed, which reflects changes in specific conditions of market functioning and supply and demand, related to the dynamics of prices for goods and profits of firms and based on the cyclical development of the world economy, reflecting the nature of a market economy. Research methods are based on general scientific principles and fundamental principles of economic theory, theories of international economic relations and financial globalization, evolving in the face of geo-economic changes. The development of post-socialist countries is characterized by significant differences in the rates of economic growth and stabilization of monetary and financial systems, which is caused by: first, a significant stratification of economies in terms of development; second, the disintegration processes in mutual trade and more successful integration into the global trading environment due to the accelerated liberalization of the foreign trade sector compared to the financial sector; third, the incompleteness of financial sector reforms and the low level of development of financial services markets, respectively, the inefficiency of financial integration; fourth, the monetary and financial systems of the countries of the region remain vulnerable to the external effects of the crisis. The most powerful post-socialist countries (Russia, Kazakhstan, Ukraine, Azerbaijan) make more effective use of the benefits of globalization in the sphere of integration into the world economy.

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