This article provides a discussion on some issues associated with digital finance – an area which has not been critically addressed in the literature. Digital finance and financial inclusion has ...several benefits to financial services users, digital finance providers, governments and the economy; notwithstanding, a number of issues still persist which if addressed can make digital finance work better for individuals, businesses and governments. The digital finance issues discussed in this article are relevant for the on-going debate and country-level projects directed at greater financial inclusion via digital finance in developing and emerging economies.
Taxes and Trust is the first book on taxes to focus on trust and the first work of social science to concentrate on how tax policy actually gets implemented on the ground in Poland, Russia and ...Ukraine. It highlights the nuances of the transitional Ukraine case and explains precisely how and why that 'borderland' country differs from the more ideal-types of coercive Russia and compliance-oriented Poland. Through nine bespoke taxpayer surveys, an unprecedented bureaucratic survey and more than fifteen years of qualitative research, the book emphasizes the building and accumulation of trust to transition from a coercive tax state to a compliant one. The context of the book will appeal to students and scholars of taxation worldwide and to those who study Russia and Eastern Europe. This title is also available as Open Access.
This study aims to evaluate the impact of an experimental healthcare policy on hospital use among elderly patients. From 2015 to 2017, French public authorities implemented an integrated care model, ...the Digital Health Territories (Territoire de Soins Numérique (TSN)) programme designed to improve healthcare coordination and sustain the use of health information (HI) technologies. The TSN programme was expected to reduce hospital healthcare utilization. In the Aquitaine region, the TSN programme was implemented in part of the Landes district and primarily consisted of the creation of a support platform (PTA). Part of the Lot-et-Garonne district was chosen as a “control area” due to its similarities to the experimental district in terms of the population structure and healthcare supply characteristics. In the control area, no integrated care model innovation was implemented over the study period. Using claims data from the French National Health Insurance (Système National d'Information Inter-Régimes de l'Assurance Maladie (SNIIRAM)), the healthcare utilization of the populations living in the experimental and control areas was tracked from 2012 to 2017. To estimate the impact of the TSN programme on three hospitalization outcomes, we used a combination of matching and difference-in-differences (DiD) approaches. The TSN programme shows a significant but weak negative impact on emergency department (ED) visits and no significant impact on 30-day re-hospitalizations (R30) or potentially avoidable hospitalizations (PAHs).
Statistics and Data Analysis for Financial Engineering provides an overview of the methods and techniques used to extract quantitative information from enormous amounts of data. The text includes R ...Labs with real-data exercises, and integrates graphical and analytical methods for modeling and diagnosing modeling errors.
Several studies have emphasized the potential role of oil price volatility as a leading macroeconomic indicator, since it provides prominent information to energy traders, market participants and ...policymakers. In an effort to shed fresh insights on the underlying factors of wide oil price changes, the objective of this paper is twofold. First to capture large oil price changes caused by the arrival of surprising news (i.e., jumps); second to distinguish between short-, medium-and long-term determinants of jumps in oil prices due to changes in oil supply and demand fundamentals, factors associated with the market power of oil producers, speculation, geopolitical risks and OPEC's spare capacity. Using an Empirical Mode Decomposition (EMD), we find that oil supply and demand forces are the most prevalent in determining oil price changes in the long run, which is quite predictable. OPEC gains increasing importance in the medium-and long-terms. Our method also allows us to show that OPEC's use of spare capacity moderately reduces oil price volatility in the short-term, thus suggesting a limited stabilizing influence on the oil market. We consider broader policy implications for our results.
The recent financial crisis proved that pre-existing arrangements for the governance of global markets were flawed. With reform underway in the USA, the EU and elsewhere, Emilios Avgouleas explores ...some of the questions associated with building an effective governance system and analyses the evolution of existing structures. By critiquing the soft law structures dominating international financial regulation and examining the roles of financial innovation and the neo-liberal policies in the expansion of global financial markets, he offers a new epistemological reading of the causes of the global financial crisis. Requisite reforms leave serious gaps in cross-border supervision, in the resolution of global financial institutions and in the monitoring of risk originating in the shadow banking sector. To close these gaps and safeguard the stability of the international financial system, an evolutionary governance system is proposed that will also enhance the welfare role of global financial markets.
•New data set on Islamic MFIs.•Islamic microfinance more important than previously recognized.•Outreach of Islamic MFIs exceeds that of conventional MFIs.•Conventional MFIs show stronger financial ...performance.
Conventional microfinance institutions (MFIs) can promote financial inclusion, but they also prompt ethical concerns regarding the social consequences of commercialization and high interest rates. Islamic MFIs, which adhere to Sharia’s prohibition of riba (usually interpreted as a ban on interest), present an alternative. Differences between conventional and Islamic MFIs in terms of outreach and financial sustainability remain underexplored; no comprehensive data set details Islamic MFIs either. With new data, collected with a global survey, the authors construct a unique panel of 543 conventional and 101 Islamic MFIs, operating in Islamic and non-Islamic countries. These data suggest that the market for Islamic microfinance is more important than previously recognized, has grown in recent years, and is likely to continue growing in every region of the world. Statistical comparisons, using various estimation techniques, regarding the outreach and financial performance of Islamic and conventional MFIs also reveal that the breadth and depth of Islamic MFIs exceed those of conventional MFIs, though conventional MFIs achieve stronger financial performance. This latter result is not robust though.
Der Band enthält die Beiträge, die auf der Potsdamer Tagung 1999 des Finanzwissenschaftlichen Ausschusses des Vereins für Socialpolitik vorgetragen wurden. Stefan Homburg untersucht die ...Unternehmensbesteuerung in offenen Volkswirtschaften. Der theoretischen Bestandsaufnahme folgt eine Darstellung des internationalen Unternehmensteuerrechts, wobei das deutsche Steuerrecht im Vordergrund steht. Er unterbreitet einen konkreten Vorschlag für eine europäische Körperschaftsbesteuerung sowie als Gegenentwurf ein System weltweiter Quellenbesteuerung. Clemens Fuest und Bernd Huber untersuchen Beschäftigungseffekte einer Reform des Steuer- und Abgabensystems in Deutschland. In unterschiedlichen Lohnbildungssystemen analysieren sie die Verlagerung der Belastung auf den Konsum einerseits und auf international mobile Faktoren wie z. B. Energie andererseits. Positive Beschäftigungseffekte werden aus einer Reduzierung der auf die Lohnsumme bezogenen Belastung für zusätzlich Beschäftigte relativ zur Belastung der Basislohnsumme erwartet. Wolfgang Buchholz und Kai A. Konrad analysieren die Wirkung der Besteuerung auf die Risikoallokation in Partial- und Totalmodellen unter Berücksichtigung der Verwendung des Steueraufkommens. Ein Positionswahlmodell bezieht auch die Entscheidung zwischen der Tätigkeit als Unternehmer und als Arbeitnehmer ein. Die Autoren untersuchen sodann die risikokonsolidierende Wirkung der Ertragsteuer in informationstheoretischen Modellen unter Berücksichtigung von Moral hazard und Adverser Selektion.
Understanding informal financing Allen, Franklin; Qian, Meijun; Xie, Jing
Journal of financial intermediation,
July 2019, 2019-07-00, Letnik:
39
Journal Article
Recenzirano
Odprti dostop
This paper offers a framework to understand informal financing based on mechanisms to deal with asymmetric information and enforcement. We find that constructive informal financing such as trade ...credits and family borrowing that relies on information advantages or an altruistic relationship is associated with good firm performance. Underground financing such as money lenders who use violence for enforcement is not. Constructive informal financing is prevalent in regions where access to bank loans is extensive, while its role in supporting firm growth decreases with bank loan availability. International comparisons show that China is not an outlier but rather average in using informal financing.
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