scholarly journals Development of the Financial Markets in Turkey in Comparison with the EU Countries

2014 ◽  
Author(s):  
Sudi Apak ◽  
Mehmet Fatih Bayramoğlu
Keyword(s):  
Financial Markets ◽  
Capital Markets ◽  
Banking Sector ◽  
Financial Sector ◽  
Current Situation ◽  
Special Focus ◽  
Eu Countries ◽  
Financial Center ◽  
The Eu

The Turkish financial sector, especially the Turkish banking sector, demonstrates a growth tendency in recent years. Although this growth is observed to be steady, it has not reached a sufficient volume and the sources of growth are not healthy. In this study, the dimensions of the said growth in the Turkish financial sector are analyzed in comparison with the EU member countries, which are also the members of OECD, with respect to the competitiveness features of the countries and financial centers, banking sectors of the countries and the capital markets of the countries. The study presents an evaluation of the current situation with a special focus on Istanbul - a city planned to be a global financial center.

scholarly journals Financialisation of pensions in semi-peripheral Portugal

2017 ◽  
Vol 18 (2) ◽  
pp. 189-209 ◽  
Author(s):  
João Rodrigues ◽  
Ana C Santos ◽  
Nuno Teles
Keyword(s):  
European Union ◽  
Capital Markets ◽  
Public Expenditure ◽  
Banking Sector ◽  
Pension System ◽  
Financial Sector ◽  
Retirement Income ◽  
Eu Countries

This article aims at contributing to the literature on the financialisation of pensions in Europe by examining the transformations occurring in semi-peripheral Portugal. The Portuguese case accounts for the variegated nature of financialisation in general, and of pension provision in particular, throughout Europe. While the country followed similar processes to those of core European Union (EU) countries, leading to an increasingly integrated financial sector in the international arena, this integration was mainly led by the banking sector rather than by capital markets. This helps account for the relatively reduced role of private retirement income products in the country. Nonetheless, the Portuguese pension system has been equally subject to reform, aiming at reducing its weight in public expenditure. The result is a contraction in coverage and benefit without achieving an equivalent match in supplementary private forms of pension provision. Under a prolonged period of stagnation and crisis, the deterioration of State pensions for the majority continues while a residual private, outward-oriented and foreign-owned pension sector grows for the most affluent, further exposing the systemic and variegated nature of financialisation processes in the semi-periphery.

scholarly journals Homogeneity of Determinants in the Financial Sector and Investment in EU Countries

Economies ◽  
2020 ◽  
Vol 8 (1) ◽  
pp. 14
Author(s):  
Erika Urbankova ◽  
David Krizek
Keyword(s):  
Financial Markets ◽  
Statistical Method ◽  
Financial Sector ◽  
Developed Countries ◽  
Investment Activity ◽  
Eu Countries ◽  
Eu Member States ◽  
The Individual ◽  
The Impact ◽  
The Eu

This paper evaluates the homogeneity of the financial markets in European Union (EU) countries and the impact of determinants of the financial sector in individual EU countries on the investment by economic entities in the given countries. The objective of the paper is to evaluate the homogeneity of financial sectors in EU countries in terms of individual indicators. The paper also evaluates the interdependence between the loan amount (debt and liabilities of the financial sector) on one side and the selected investments on the other. This paper uses the statistical method of correlation analysis to determine the strength and closeness of dependence among indicators, and the multidimensional statistical method of cluster analysis to determine the homogeneity among the individual countries. The results show that, in terms of financial markets, there is still a difference between developed countries in terms of Gross Domestic Product and the rest of the EU Member States. However, in the case of investment activity that is no longer. Partial integration therefore takes place within the EU, in terms of financial markets.

scholarly journals Analysis And Directions Of Development Of The Practice Of Attracting Capital From The Financial Market Of Joint-Stock Companies. Evidence From Uzbekistan

2020 ◽  
Vol 02 (12) ◽  
pp. 136-144
Author(s):  
Buvsara Tashmuradova ◽  
◽  
Omonullo Hamdamov ◽  
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Financial Sector ◽  
Economic Importance ◽  
Current Situation ◽  
Financial Resources ◽  
International Financial Markets ◽  
The Republic ◽  
National Practice

The paper describes the economic importance of attracting financial resources from the national and international financial markets by joint stock companies operating in the Republic of Uzbekistan. The current situation with the attraction of capital from the international financial markets by companies in the financial sector has been analyzed and key conclusions have been drawn. In national practice, the existing shortcomings in the financing of companies on the basis of debt instruments have been studied and scientific proposals have been developed to address them.

Ceci n’est pas un Capital Markets Union: Re-establishing EU-led financialization

2020 ◽  
Vol 24 (3-4) ◽  
pp. 248-267
Author(s):  
Nina Haerter
Keyword(s):  
Financial Markets ◽  
Capital Markets ◽  
Market Integration ◽  
Policy Documents ◽  
Policy Initiatives ◽  
Financial Products ◽  
Capital Markets Union ◽  
The Many ◽  
Integration Project ◽  
The Eu

In the 11 years since the outbreak of the financial crisis, the EU has introduced many policy initiatives directed at the financial sector, the most recent one being the Capital Markets Union. The official aim is to integrate Europe’s financial markets, fulfilling decades-old wishes for a Single Market for capital. Some scholars have already voiced concerns about different elements of Capital Markets Union since its inception in 2015, but the extent to which this critique was generalizable remained unclear. Through an analysis of policy documents and interview data inspired by the ‘What’s the Problem Represented to be?’-approach, this paper reveals two common threads among the many Capital Markets Union proposals, which are not explicitly acknowledged: a reduction of prudential rules and various forms of incentivizing financial products with public funds. It is therefore argued that Capital Markets Union is not a market integration project (as its name and official narrative suggest), as much as it is the re-establishment of EU-led financialization, following a long tradition of asymmetrical integration in the Union.

scholarly journals The Impact of Banking Sector Competition on Banks’ Risk-Taking in Transition Economies of Central and South-Eastern Europe

2018 ◽  
Vol 13 (1) ◽  
pp. 31-42
Author(s):  
Arben Mustafa ◽  
Valentin Toçi
Keyword(s):  
Eastern Europe ◽  
Risk Taking ◽  
Fixed Effects ◽  
Banking Sector ◽  
Negative Impact ◽  
Eu Countries ◽  
South Eastern ◽  
South Eastern Europe ◽  
The Impact ◽  
The Eu

Abstract This paper uses the Panzar-Rosse H-statistic to provide empirical evidence on the impact of competitive behaviour of banks on risk-taking, using the Fixed Effects Vector Decomposition Method on panel data of banks in 15 Central and South-Eastern Europe countries during the period 1999-2009. The findings suggest that banking sector competition has had a negative impact on banks’ risk-taking implying that competition contributed to the improvement of the loan-portfolio quality. However, the results differ significantly when distinguishing between the EU and non-EU countries of the CESEE region. While for the EU countries the relationship between banking sector competition and risk-taking remains negative, this relationship is positive for the non-EU countries of the region, suggesting that an increase of competition in the non-EU countries may be detrimental for the stability of the banking sector in these countries. These results are robust to different model specifications and measures of competition

scholarly journals The Leniency of Personal Bankruptcy Regulations in the EU Countries

Risks ◽  
2021 ◽  
Vol 9 (9) ◽  
pp. 162
Author(s):  
György Walter ◽  
Jens Valdemar Krenchel
Keyword(s):  
Financial Markets ◽  
Labour Supply ◽  
Strong Association ◽  
Composite Index ◽  
Legal Origin ◽  
Personal Bankruptcy ◽  
Eu Countries ◽  
The Us ◽  
Legislative Changes ◽  
The Eu

Discussions on personal bankruptcy regulations are usually focused on the controversial effects of leniency on society, economy, financial markets, entrepreneurship, and labour supply. However, the methodology of measuring leniency has been limited to one-time legislative changes or some elements of the US personal bankruptcy system. In contrast, we create a composite index of personal bankruptcy legislations. We calculate the composite index for 25 EU countries and the US as a benchmark, validate the results, and rank the countries according to the leniency of their personal bankruptcy systems. We analyse the index scores by region, law origin, and the age of the regime. We conclude that the systems show high heterogeneity and cannot be clustered by region or legal origin assumed based on former studies. However, there is a strong association between leniency and the age of legislation. Results indicate that personal bankruptcy policies in the EU are usually launched as creditor-friendly and are later shifted to a more lenient direction.

Financial markets and institutional purposes: The normative issues

2017 ◽  
Author(s):  
Seumas Miller
Keyword(s):  
Financial Markets ◽  
Capital Markets ◽  
Banking Sector ◽  
Equity Markets ◽  
Social Institutions ◽  
Retirement Savings ◽  
Normative Issues ◽  
Normative Account

There is a pressing need for an adequate general normative account or “theory” of financial markets, and for adequate special normative “theories” of particular financial markets, e.g. equity markets. This chapter discusses various currently influential normative theories of markets and market-based institutions, and rejects them (Section 4.2). The chapter goes on to elaborate the author’s own normative teleological account of social institutions (Section 4.3) and apply it to financial markets, specifically the banking sector, retirement savings schemes, and capital markets (Section 4.4). The chapter identifies manifest deficiencies in these financial markets and mentions various proposed remedies, arguing that these deficiencies and the remedies for them must be principally viewed in the light of the (normatively understood) institutional purposes of these financial markets and market-based institutions.

Vennootschappelijke medezeggenschap in de EU en Nederland

2016 ◽  
Vol 32 (2) ◽  
Author(s):  
Robbert van het Kaar
Keyword(s):  
The Netherlands ◽  
Employee Participation ◽  
Special Focus ◽  
Works Councils ◽  
Eu Countries ◽  
The Core ◽  
Recent Developments ◽  
Core Issue ◽  
Board Level ◽  
The Eu

Employee participation at board level in the EU and the Netherlands The core issue of this article is employee participation at board level, as distinguished from information and consultation through union representatives and works councils. The author gives an overview of recent developments at EU-level and several EU-countries, with a special focus on the Netherlands. The analysis takes account of changes in both legislation and practice.

scholarly journals The Determinants Of European Union (EU) Foreign Direct Investments In The EU Countries From Central And Eastern Europe During 1994–2012

2017 ◽  
Vol 20 (1) ◽  
pp. 75-99 ◽  
Author(s):  
Donny Tang
Keyword(s):  
Stock Market ◽  
Market Integration ◽  
Large Scale ◽  
Banking Sector ◽  
Bank Credit ◽  
Market Size ◽  
Foreign Direct Investments ◽  
Eu Countries ◽  
Positive Effect ◽  
The Eu

This study examines whether the CEECs’ financial market development can explain the EU FDI in the CEECs during 1994–2012. The higher bank credit flows had a positive effect on the FDI in 2005–2012. This can be attributed to the major banking sector reforms undertaken before the CEECs’ EU accession. Second, the stock market size had a positive effect in 1997–2004. This is due to the fact that the EU membership announcement facilitated deeper stock market integration. Third, the higher country income, in interaction with a higher bank credit flow, had only a small positive effect in 2005–2012. The higher income CEECs have pursued much deeper bank liberalization through large-scale privatization of state-owned banks. Finally, the higher country income, in interaction with a larger stock market size, had a negative effect in 2005–2012. A possible reason for this is that the EU countries have started to divert their new FDI to the non-EU countries.

scholarly journals Market-Based Finance, Debt and Systemic Risk: A Critique of the EU Capital Markets Union

2018 ◽  
Vol 0 (0) ◽  
Author(s):  
Vincenzo Bavoso
Keyword(s):  
Financial Markets ◽  
Capital Markets ◽  
Firm Level ◽  
Bretton Woods ◽  
The Past ◽  
Regulatory Changes ◽  
Financing Channels ◽  
Capital Markets Union ◽  
Regulatory Measures ◽  
The Eu

Abstract Modern, globalised financial markets are the offspring of a process of liberalisation of capital that started with the collapse of Bretton Woods in the 1970s and culminated with a number of regulatory changes in the 1980s and 1990s. As a consequence of that process, financial markets have grown dramatically and become increasingly integrated at a global level. Importantly, the growth and innovation that occurred over the past decade has taken place in the realm of capital market finance, and in particular in the context of market-based channels that revolved chiefly around securitisation and repo transactions. As a result, new debt transactions and products have been engineered since the 1980s. This article contends that, contrary to conventional belief, the excessive development of market-based channels of finance has been one of the catalysts behind the crises and scandals exploded over the past fifteen years. In particular, the employment of innovative debt transactions was instrumental to the creation of excessive levels of risk-taking and leverage. These had catastrophic consequence, both at firm level and at systemic level. Notwithstanding the regulatory measures that have been enacted over the past fifteen years, the way in which debt transactions in capital markets are designed and entered into remains lightly or indirectly regulated. Moreover, regulators have so far neglected the role that leverage and debt creation have in the economy and the consequence that these phenomena have on the wider social context. On the contrary, recently the EU has promoted the implementation of an old design, namely the Capital Markets Union (CMU). This revolves around market-based forms of financing, which should represent an alternative to the traditionally predominant (in Europe) bank-based financing channels. This article contends that the CMU framework fails to appreciate the dangers associated with capital markets finance and its ensuing debt creation effects. It argues that, despite some regulatory efforts, a suitable architecture for the regulation of market-based channels of finance is still missing.

Sign in / Sign up

Export Citation Format

Share Document