The recent financial crisis has made it paramount for the financial services industry to find new perspectives to look at their industry and, most importantly, to gain a better understanding of how ...the global financial system can be made less vulnerable and more resilient. The primary objective of this book is to illustrate how the safety science of Resilience Engineering can help to gain a better understanding of what the financial services system is and how to improve governance and control of financial services systems by leveraging some of its key concepts. Resilience is the intrinsic ability of a system to adjust its functioning prior to, during, or following changes and disturbances, so that it can sustain required operations under both expected and unexpected conditions. This definition is focused on the ability to function, rather than just to be impervious to failure, and thereby bridges the traditional conflict between productivity and safety. The core concept of the book is that the behaviour of the financial services system is the result of the tight couplings among the humans, organizations and technologies that are necessary to provide complex financial functions such as the transfer of economic resources. It is a consequence of this perspective that the risks associated with these systems cannot be understood without considering the nature of these tight couplings. Adopting this perspective, the book is designed to provide some answers to the following key questions about the financial crisis: - What actually happened? - Why and how did it happen? - Could something similar happen again? How can we see that in time and how can we control it? - How can sustainable recovery of the global financial system be established? How can its resilience be improved?
This article reviews the evidence on the importance of finance for economic well-being. It provides data on the use of basic financial services by households and firms across a sample of countries, ...assesses the desirability of universal access, and provides an overview of the macroeconomic, legal, and regulatory obstacles to access. Despite the benefits of finance, the data show that use of financial services is far from universal in many countries, especially developing countries. Universal access to financial services has not been a public policy objective in most countries and would likely be difficult to achieve. Countries can, however, facilitate access to financial services by strengthening institutional infrastructure, liberalizing markets and facilitating greater competition, and encouraging innovative use of know-how and technology. Government interventions to directly broaden access to finance, however, are costly and fraught with risks, among others the risk of missing the targeted groups. The article concludes with recommendations for global actions aimed at improving data on access and use and suggestions on areas of further analysis to identify constraints to broadening access.
In Contemporary Financial Intermediation, Third Edition, Greenbaum, Thakor and Boot offer a distinctive approach to financial markets and institutions, presenting an integrated portrait that puts ...information at the core. Instead of simply naming and describing markets, regulations, and institutions as competing books do, the authors explore the endless subtlety and plasticity of financial institutions and credit markets. This edition has six new chapters and increased, enhanced pedagogical supplements. The book is ideal for anyone working in the financial sector, presenting professionals with a comprehensive understanding of the reasons why markets, institutions, and regulators act as they do. Readers will find an unmatched, thorough discussion of the world's financial markets and how they function.
Provides a distinctive and thought-provoking approach to the world's financial marketsExplores the endless subtleties and plasticity of financial institutions and credit marketsNewly revised, with six new chapters and increased pedagogical supplementsPresents anyone working in the financial markets and sector with a comprehensive understanding of the inner workings of world markets
Business models have historically facilitated the ability of firms to createand capturevalue. Focusing on financial service agents (FSAs) as actors in the Nigerian financial services industry, this ...study helps to elucidate how value creation and distribution can facilitate business model innovation (BMI)in an emerging market. We deployed Osterwalder and Pigneur’s business model canvas alongside Amit and Zott’s Sources of Value in e-Business (SVCeB) model in mapping FSA business models and value creation sources. We find that the constant need to align the resources of a firm with the demand conditions at the customer end triggers the need for BMI by FSAs. The findings also demonstrate that FSAs have weak business models that inhibit their sustainability and ultimately impede their ability to play their role in closing the country’s financial exclusion gap. We suggest the need for business model innovation by FSAs as a pathway to viability, profitability and sustainability.
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.
Access for All Helms, Brigit
2006, 01-20-2006, 20060101
eBook, Book
Odprti dostop
In the past ten years, the world of microfinance has changed dramatically. The field has moved rapidly from early innovations in providing loans to help poor entrepreneurs start businesses to a bold ...vision of creating entire financial systems that work for the poor. Microfinance has proven to be an effective tool for reducing poverty and helping poor people to improve their lives. And yet a diverse range of potential clients still lack access to an array of financial services not just credit for enterprise but also a safe place to save, the ability to transfer funds to family members, insurance against sickness or other household disasters, and other ways to mitigate risk in vulnerability. The challenge today is to engage more types of distribution systems, more technologies and more talent to create financial systems that work for the poor and boost their contribution to economic growth. This title explains what this new vision of microfinance means in practical, non-technical terms.
Fintech and the innovation trilemma Brummer, Chris; Yadav, Yesha
The Georgetown law journal,
01/2019, Letnik:
107, Številka:
2
Journal Article
Recenzirano
Whether in response to robo advising, artificial intelligence, or crypto-currencies such as Bitcoin, regulators around the world have made it a top policy priority to supervise the exponential growth ...of financial tech-nology (or "fintech") in the post-crisis era. However, applying traditional regulatory strategies to new technological ecosystems has proved concep-tually difficult. Part of the challenge lies in managing the trade-offs that accompany the regulation of innovations that could, conceivably, both help and hurt consumers as well as market participants. Problems also arise from the common assumption that today's fintech is a mere continua-tion of the story of innovation that has shaped finance for centuries. This Article offers a new theoretical framework for understanding and regulating fintech by showing how the supervision of financial innovation is invariably bound by what can be described as a policy trilemma., Whether in response to robo advising, artificial intelligence, or crypto-currencies such as Bitcoin, regulators around the world have made it a top policy priority to supervise the exponential growth of financial tech-nology (or “fintech”) in the post-crisis era. However, applying traditional regulatory strategies to new technological ecosystems has proved concep-tually difficult. Part of the challenge lies in managing the trade-offs that accompany the regulation of innovations that could, conceivably, both help and hurt consumers as well as market participants. Problems also arise from the common assumption that today’s fintech is a mere continua-tion of the story of innovation that has shaped finance for centuries. This Article offers a new theoretical framework for understanding and regulating fintech by showing how the supervision of financial innovation is invariably bound by what can be described as a policy trilemma.
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