Los mercados de repos en el sistema financiero: Fundamentos, regulación y el caso de Bolivia

Monetary Policy Transmission in Segmented Markets

Purpose – The purpose of this paper is to report the findings of research into the levels of awareness, usage and benefits of risk assessment and management practices (RAMP) within the construction industry in Ghana. Design/methodology/approach – The study was conducted through a structured questionnaire administered to 103 construction professionals practising with construction client (private and public), consultant and contractor organisations within the Ghanaian construction industry. The results were analysed to establish the current levels of awareness, usage and perceived benefits of risk management practices. Survey response data were subjected to descriptive statistics; subsequently, ANOVA and other non-parametric tests were used to examine the differences in the levels of agreement of the perceived benefits. Findings – This study illustrates that although the majority of the respondents are aware of RAMP, some professionals found the process not to be formal. Relative to the benefits, there was a disparity in the ranking of agreement scores on two of the eight benefits among the respondents in relation to “product to the required quality” and “reduction in contract claims”. However, they all agreed on “improved team morale” as the most important benefits. Research limitations/implications – The research limitation of the study is that the cross-sectional data made it difficult to generalise the findings. Geographically, only respondents from construction organisations in the Greater Accra Region were considered. However, it is recommended that future work on RAMP be extended to cover all the regions of the country. Practical implications – The findings of the study provide practical for organisations to measure the benefits and capture the awareness of risk management practices through the provision of a framework based on an index and scoring method. This can be used by senior management in assessing the current benefit levels within projects “internal benchmarking” and has potential for external benchmarking purposes. Furthermore, through education and training, both formal and informal process including more information and provision of expertise within RAMP could enhance the levels of awareness. Originality/value – Little is known about the current levels of awareness, usage and benefits of risk management among Ghanaian construction organisations, and this study provides some insights and deepening our understanding on the uptake and perceived benefits of RAMP among construction professions in Ghana. These findings may help construction practitioners in having an increased awareness of risk management practices, and this can further lead to a higher uptake and usage resulting in reaping the advocated benefits of the implementing risk management practices such as achievement of project objectives of time, cost and quality, as well as enhanced decision-making processes.

Monetary policy transmission in segmented markets

Reducing Systemic Risk: The Role of Money Market Mutual Funds as Substitutes for Federally Insured Bank Deposits

Repo market networks: dynamics under financial stress

The transmission of monetary policy through the interest rate mechanism has been thoroughly discussed in economic literature for quite some time. The traditional view is that, the change in real interest rate influences the cost of capital. The change in cost of capital affects the magnitude of investment and consumption and therefore the level of, real income and prices [Mishkin (1995)].1 Operationally the State bank of Pakistan, influences the yield on treasury bills (T-bills). This is done on the assumption that the yield on treasury bills influences other interest rates like the Money Market rate (Call money rate), banks’ deposit and banks’ Lending rates. The change in these rates influences the cost of capital and thus level of investment and consumption in the economy. Given this, the central bank can influence the yield on T-bills to influence the level of real income and the level of prices. The foregoing explanation of the monetary transmission mechanism makes it clear that if the changes in yield on the T-Bill rate are not passed on to the Call money rate and the bank deposit and the Lending rate then it becomes difficult for the central bank to use the channels that involve interest rate, for influencing the level of output and prices. Hence it is important to test whether the changes in the treasury bill rate are passed on to money market rate, bank deposit rate and the bank lending rate and if yes at what speed and to what extent. Therefore this study examines the pass-through of the changes in Treasury bill rate to Call Money rate, Banks’ deposit rate and Banks’ Lending rate.

The Oxford Handbook of Banking, second edition provides an overview and analysis of developments and research in banking written by leading researchers in the field. This handbook will appeal to graduate students of economics, banking and finance, academics, practitioners, regulators and policymakers. Consequently, the book strikes a balance between abstract theory, empirical analysis, and practitioner and policy-related material. The handbook is split into five parts. Part I, The Theory of Banking, examines the role of banks in the wider financial system, why banks exist, how they function, and their corporate governance and risk management practices. Part II deals with bank performance and operations. A range of issues are covered including bank performance, financial innovation and technological change. Aspects relating to small business, consumer and mortgage lending are analyzed together with securitization, shadow banking, and payment systems. Part III, entitled Regulatory and Policy Perspectives, discusses central banking, monetary policy transmission, market discipline, and prudential regulation and supervision. Part IV of the book covers various macroeconomic perspectives in banking. This part includes a discussion of systemic risk and banking and sovereign crises, the role of the state in finance and development as well as how banks influence real economic activity. The final Part V examines International Differences in Banking Structures and Environments. This part of the handbook examines banking systems in the United States, European Union, Japan, Africa, Transition countries, and the developing nations of Asia and Latin America.

As governments increasingly explore digital financial instruments to diversify funding channels and expand citizen participation, Thailand’s G-Token represents an early attempt to integrate blockchain technology into sovereign debt issuance. This study examines its potential implications through a multi-dimensional risk and governance framework, situating the analysis within both domestic regulatory structures and international benchmarks. The evaluation considers macroeconomic effects—such as potential shifts in monetary policy transmission, bank disintermediation risks, and systemic liquidity impacts—alongside micro-level concerns involving investor protection, market integrity, and financial literacy. Using comparative analysis with the European Union, Singapore, and United States regulatory approaches, the paper identifies critical gaps in legal classification, oversight maturity, and structural safeguards. Findings indicate that while Thailand’s design—particularly its separation from payment systems—supports monetary coherence, its ad hoc legal integration, reliance on administrative investor protections, and early-stage market infrastructure pose vulnerabilities if adoption scales. The study concludes that achieving long-term viability will require explicit statutory authorization, enhanced disclosure and governance standards, strengthened interagency oversight, and inclusive market access strategies. These insights provide a structured basis for emerging economies seeking to adopt government-backed tokenized instruments without undermining financial stability or public trust.

ObjectivesTo analyse how economic downturns affect child mortality both globally and among subgroups of countries of variable income levels.DesignRetrospective observational study using economic data from the World Bank's Development Indicators...

The repo market is an essential source of short-term funding for broader trading activity across modern financial markets. It is a market created to circumvent the unintended effects of regulation, and the size and composition of repo markets across the world reflect regulatory policy decisions and traders’ needs. Many variations of a repo contract exist, but they share a distinct set of common features. The amount and cost of repo financing can change dramatically in a short period of time to accommodate time-varying demand for market liquidity, but that flexibility may not always be a stabilizing factor. When repo markets function well, they help other markets function smoothly and can give insight into the cost of trading and the demand for securities or their derivatives. However, when the repo market ceases to function it can be a systemic risk that threatens all financial markets.

A rich literature has long studied the asymmetric effects of monetary policy over the business cycle, generally presenting mixed results. Most of the empirical work, however, focuses on the responses of output and prices. Our analysis centres on the dynamics of the markup, given the key role that it plays in the transmission of monetary policy, the fact that it constitutes a key leading indicator for predicting economic and financial crises, its direct relationship with income distribution, and the scarce studies on the subject. Recent empirical findings suggest that the markup decreases (increases) in response to a monetary policy tightening (easing) shock, a counterintuitive result if we consider the basic New Keynesian model, which delivers a countercyclical response of the markup conditional on a monetary shock. We show that the dynamics of the markup depend on whether the monetary policy shock takes place during a period of expansion or recession, with the markup responding as expected in the New Keynesian model in recessions, but failing to do so in expansions. Our results have important policy implications, providing evidence that the transmission mechanism of monetary policy through the markup would not be operative during booms.

Decomposing Changes in the Functioning of the Sterling Repo Market

Analysis and understanding of financial market principles are important for effective financial management both for individual investors and for the economy at the national and global levels. One of the key theoretical approaches to the study of financial markets is the efficient market hypothesis (EMH), according to which asset prices reflect all available information at once, so it is impossible to obtain excess profits using only public information. At the same time, the research focuses more on the influence of behavioral factors, which emphasize the role of psychological and emotional aspects in making investment decisions. The purpose of the article is to study the peculiarities of the functioning of the financial services market, taking into account the hypothesis of an efficient market and behavioral effects, as well as to identify the impact of psychological factors on investment decision-making and market dynamics. The object of research is the behavior of financial market participants. A number of research methods were used in the work on the research: analysis of scientific sources, research of historical data of the financial services market, statistical methods, quantitative analysis of behavioral effects and models of behavioral economics. The "December rally" effect has been studied and described as a phenomenon where financial markets, particularly stock markets, tend to show positive changes during December, and the January effect, when financial markets tend to show certain patterns or changes during January, the first month of the new year. The impact of the "Santa Claus Rally" effect is summarized, which describes a significant and rapid increase in market prices and indicates a rapid increase in stock indices during the New Year holidays. Statistical trends related to the day-of-the-week effect on stock exchanges have been identified, including explanations for fluctuations at the beginning of the week (Monday) and at the end of the week (Friday). The cyclicality of the stock market is described depending on the presidential elections in the country and the following years, when the stock markets show certain regularities during the four-year election cycle in the USA. Numerous cases have been identified that indicate that the financial market is also largely dependent on the actions and statements of influencers due to their influence on investor sentiment, the formation of expectations and the direct stimulation of trading activity.

The article examines the main approaches and methods necessary for creating an effective financial and economic mechanism for pension provision for citizens, considers theoretical and practical aspects of forming a pension system capable of ensuring social stability and financial security for citizens during their retirement. age. The methodological support draws attention to the main aspects that must be taken into account when developing an effective pension system. Among them: determining the principles of the pension system, analyzing the demographic situation, determining sources of financing, regulation and supervision, investment policy. motivation to participate in the system, indexation and adjustment of payments. The main methods and approaches that should be used when building a financial and economic mechanism for pension provision for citizens are considered. It is established that their use will allow for the implementation of a comprehensive approach that will take into account various sources of financing, economic and demographic factors, and will also ensure a balance between social justice and economic efficiency. The article highlights the main advantages of using the proposed methods and approaches to forming a financial and economic mechanism for pension provision for citizens. It is noted that one of the important elements of the proposed methodology is the state regulation of pension funds and investment flows. Careful regulation of the activities of pension funds and other financial institutions that manage pension savings will help ensure the stability of pension financing. The proposed methodology provides for a variety of sources of financing for the pension system, which should include both state and private resources. It is substantiated that the use of modern technologies allows to increase the efficiency of pension fund management and optimize the processes of collection, processing and use of funds, which is especially important for the modern methodology for forming a financial and economic mechanism for pension provision. provision of citizens.

International financial integration has increased significantly over the last decades, both at the regional level and at the global level. A greater degree of financial integration carries important implications for academic researchers, central bankers, financial regulators and international investors. For example, financial institutions monitor closely the degree of international comovement among bond and equity markets since this comovement determines the size of the benefits from international portfolio diversification. Financial regulators seek to understand the sources of shocks for domestic financial institutions, whereas central banks assess the impact of greater financial integration on the transmission of monetary policy. As a result, there is a significant demand for indicators of financial integration that are relatively easy to construct and interpret, based on publicly available data, and available for many countries and regions over time. This chapter reviews some of these indicators, describes the underlying datasets, and presents some illustrative evidence.