Europejski Zielony Ład jako narzędzie modernizacji i legitymizacji projektu europejskiego

Covid-19 pandemic created a new environment to New Green Deal - flagship initiative of European Commission and crucial element of Ursula von der Leyen political manifesto. Author argues, that faced with the possibility of weakening or postponing ambitious environmental programme because of new challenges the commission, backed by important group pf member states decided to build a direct link between reconstruction after pandemics and greening of the economy. The result was a push forward with decarbonisation commitments - the stimuli for change should be bound together to strengthen their interdependence and build a momentum for modernization of EU in both economic and political dimensions. Conditionality of Next Generation Europe financial instrument is one of the links between these two dimensions.

Europejski Zielony Ład jako narzędzie modernizacji i legitymizacji projektu europejskiego

Covid-19 pandemic created a new environment to New Green Deal - flagship initiative of European Commission and crucial element of Ursula von der Leyen political manifesto. Author argues, that faced with the possibility of weakening or postponing ambitious environmental programme because of new challenges the commission, backed by important group pf member states decided to build a direct link between reconstruction after pandemics and greening of the economy. The result was a push forward with decarbonisation commitments - the stimuli for change should be bound together to strengthen their interdependence and build a momentum for modernization of EU in both economic and political dimensions. Conditionality of Next Generation Europe financial instrument is one of the links between these two dimensions.

Financial Instrument Forecast with Artificial Intelligence

In ancient times, trade was carried out by barter. With the use of money and similar means, the concept of financial instruments emerged. Financial instruments are tools and documents used in the economy. Financial instruments can be foreign exchange rates, securities, crypto currency, index and funds. There are many methods used in financial instrument forecast. These methods include technical analysis methods, basic analysis methods, forecasts carried out using variables and formulas, time-series algorithms and artificial intelligence algorithms. Within the scope of this study, the importance of the use of artificial intelligence algorithms in the financial instrument forecast is studied. Since financial instruments are used as a means of investment and trade by all sections of the society, namely individuals, families, institutions, and states, it is highly important to know about their future. Financial instrument forecast can bring about profitability such as increased income welfare, more economical adjustment of maturities, creation of large finances, minimization of risks, spreading of ownership to the grassroots, and more balanced income distribution. Within the scope of this study, financial instrument forecast is carried out by applying a new methods of Long Short Term Memory (LSTM), Recurrent Neural Network (RNN), Convolutional Neural Network (CNN), Autoregressive Integrated Moving Average (ARIMA) algorithms and Ensemble Classification Boosting Method. Financial instrument forecast is carried out by creating a network compromising LSTM and RNN algorithm, an LSTM layer, and an RNN output layer. With the ensemble classification boosting method, a new method that gives a more successful result compared to the other algorithm forecast results was applied. At the conclusion of the study, alternative algorithm forecast results were competed against each other and the algorithm that gave the most successful forecast was suggested. The success rate of the forecast results was increased by comparing the results with different time intervals and training data sets. Furthermore, a new method was developed using the ensemble classification boosting method, and this method yielded a more successful result than the most successful algorithm result.

The Impacts of New Financial Instrument Accounting Standards on Chinese Commercial Banks

On March 31, 2017, the Ministry of Finance revised and issued three new financial instrument accounting standards including Accounting Standards for Enterprises No.22- Recognition and Measurement of Financial Instruments. The banks of China’s A and H stocks have implemented the new standards since January 1, 2018. From January 1, 2021, the scope of implementation of the standards covers all non-listed commercial banks. The new financial instrument standards have undergone great changes in the classification and impairment treatment of financial assets, which is bound to have a profound impact on Chinese commercial banks. This article analyzes the impacts of new standards on Chinese commercial banks from the aspects of financial asset classification and measurement, impairment, credit risk management, profit and earnings management. Finally, the paper puts forward several suggestions and measures on the system and model construction, credit policy and post-loan risk management and talent training, in order to facilitate banks smooth the transition to the new standards.

Zakat Practices from the Times

Zakat is an Islamic social financial instrument that has become an important factor in overcoming poverty. This paper aims to explain the practice of zakat from time to time: the practice of zakat on the Prophet Muhammad, during the Khulafaurrasyidin era, during the tabi'in period, during the Islamic Kingdom in Indonesia, during colonialism, and after independence. This article uses a approach qualitative. This article is library research. The results showed that the management of zakat on the Prophet Muhammad Saw. until khulafaurrasydin was handed over directly to the Prophet Muhammad Saw. and Khulafaurrasyidin or people who are mandated by the Prophet and Khulafaurrasyidin to manage them. The management of zakat in the Umayyah dynasty is getting better, but its performance has declined except during the time of Umar bin Abdul Aziz. During the Abbasiyah dynasty, people began not paying zakat due to the high burden of kharj and ushr taxes. In the Andalusian dynasty, the management of zakat became a bone of contention between tribal chiefs, as a result, the distribution of zakat could not meet the adequacy of the poor. During the Fatimiyah dynasty, the caliph asked each regional head to collect zakat, then deposited the zakat to him without any recording of expenses or receipts. The most important lesson in this era is that public trust and compliance in paying the zakat are the main determinants of zakat performance. During the Islamic Kingdom, zakat became a public obligation and contributed to the development of Islamic kingdoms. Then the zakat is managed by the kingdom and is considered as royal income. During colonialism, zakat served as a source of funds for the struggle for Indonesian independence. After Indonesia gained its independence, zakat again received attention from economists, fiqh experts, and the government in the Indonesian economy.

Principles of Multitrading

Modern software and hardware tools provide unprecedented freedom for a variety of activities in the forex markets, from trading to analyzing the feasibility of models of nonlinear processes in self-organizing systems. To reduce risks and increase the efficiency of interaction with stock market instruments, it is proposed to provide variable adaptability of trading by combining trading strategies using several trading accounts of different brokers, multiple financial instruments, and Complex Indicators Tendencies of price changes. As a result of three years of experimental work, the basic principles of multitrading have been formulated and tested, and an information environment has been compiled, contributing to the development of an individualized trading system. The basic concept of organizing a multitrading information environment: the use of specialized hardware and software systems for strategic analysis and forecasting of price changes for an individual financial instrument, tactical selection of a promising financial instrument from the available set, and effective operating activities with orders of trading accounts. It can be expected that the evolution of the principles of multitrading will lead to the creation of analytical systems for predicting the kinetics of non-equilibrium changes in the characteristic parameters of self-organizing cooperative systems for wide application in biology, cybernetics, economics, and the social sphere.

Global Depository Receipts in India: boon or bane

The Global Depository Receipt (“GDR” or “DR”) is a structured financial instrument denominated in foreign currency and Indian companies issue equity shares/securities underlying the GDR to international investors. Many companies have used GDRs for manipulative and fraudulent practices and the Indian regulator, SEBI has penalised them. This paper aims to evaluate the legitimacy of the GDRs and malpractices associated with them and to find if there is any need for reform in the GDR Scheme, to see if the GDRs are beneficial to the economy or are inherently manipulative instruments and looks at the need to reform the laws governing GDR. The authors have employed the methods, literature review and empirical research. The authors have conducted empirical research of the participants in the Indian GDR industry in April and May of 2021 by way of an online Questionnaire and unstructured telephonic interviews. The study results in the author’s conclusion that the GDRs are legitimate instruments but the participants abused the Scheme and led to malpractices. The authors failed to conclude about the need for reforms in the GDR laws. The paper recommends the suitable amendment of the DR scheme with an intention to plug its loopholes and allow it in foreign jurisdictions with the highest compliance requirements while keeping in mind the cost of such compliance.

The Theoretical Platform of the Digital Economy

The article discusses the basic provisions of the theory of the digital economy, synthesizing the practical experience of its formation in Russian society. The new content of commodity-money relations, the leading role of intangible assets in it, the objective nature of the monopoly of electronic money, which have lost a number of its specific functions, and the transformation of monetary institutions into multi-disciplinary financial concerns are substantiated. It is proved the need to exclude individuals from the sphere of taxation and its focus on the fiscal accounting of intellectual, digital property and capital, to turn the budget into a financial instrument of redistribution of gross public product in favor of non-working citizens. The concept of a two-tier economy is introduced, in which the class of intermediaries parasitizing on its achievements is gradually eliminated.

IIA - a Step Forward, Giving a Leap into the Future

The study examines all aspects of individual investment accounts as a long-term financial instrument. The authors analyze the advantages and disadvantages of this tool for private investors and the state, give the main indicators of the development of IIA and the stock market. The paper gives the forecast of the dynamics of the development of the Russian stock market and compares it with the stages of development of the American one. The authors define the new conditions of the “game” and give characteristics of qualified and unqualified investors. The authors pay special attention to the regional aspect, determine the key directions of the development of IIA at the local level. In the conclusion, the ways and prospects of its development are proposed. Individual investment account is investigated as a long-term financial instrument.