Financial System Research Articles

Supporting students’ transition from college to university: Staff perspectives on developing a coherent tertiary system in Scotland

Scottish policy, funding, and quality systems have been tasked to provide “a more coherent and streamlined tertiary education system from the student perspective that delivers the best learning experience for students” (Scottish Funding Council, n.d.). This paper helps to inform this process, by presenting the findings from the second stage of Quality Assurance Agency Enhancement Theme project: Mind the Gap? College Students’ Experience of University. This stage investigated the perspectives of staff who support students making the transition from college to university. While there is a relatively broad literature covering the student perspective of this transition, the staff perspective is less well understood. This paper uses the themes developed from the first stage of the project – a qualitative research synthesis on the lived experiences of students (Robertson & Cunningham, 2023) – to investigate staff perceptions of this transition. These themes considered are: (1) the responsibility for enabling effective transition; (2) the extent to which alignment between colleges and universities is achievable or, indeed, desirable; and (3) the extent to which college to university transitions genuinely widen participation. This paper reports the findings from a series of focus groups with university academic staff, university student support staff, and college academic staff from three institutions (two universities and one college). Using theoretical thematic analysis, the paper considers how sectoral, academic, identity and social, and logistical factors affect, or are identified in, the practice of the participants and what this means for the development of policy and practice around a ‘coherent tertiary model’.

International Journal of Scientific Research in Computer Science, Engineering and Information Technology

This paper explores decentralized finance (DeFi), a fast-growing area powered by blockchain technology that offers a new alternative to traditional financial systems. DeFi removes the need for intermediaries like banks, making transactions more transparent, accessible, and often cheaper. This shift not only reduces costs but also helps improve financial access, particularly for people who are underserved by traditional banking systems. Key elements of DeFi, such as smart contracts and oracles, play a central role in automating processes and enabling peer-to-peer exchanges without needing middlemen. Despite its advantages, DeFi faces several challenges. Smart contracts can have security vulnerabilities, oracles may not always provide accurate data, and there is little consumer protection in place, which raises risks for users. Furthermore, DeFi’s decentralized and often anonymous structure creates regulatory difficulties, especially when it comes to complying with anti-money laundering (AML) and know-your-customer (KYC) standards, which are crucial for ensuring financial safety and preventing illegal activities. This paper examines these issues and proposes potential solutions, such as decentralized oracle networks, regulatory tools embedded within DeFi platforms, and improved scalability techniques. These solutions aim to enhance DeFi’s security while maintaining its core decentralized benefits. The paper concludes by discussing the future of DeFi, stressing the importance of balanced regulations that protect users without stifling innovation. Ultimately, DeFi holds the potential to reshape global finance, making it more inclusive, efficient, and accessible.

Miner competition and transaction fees

In order to maintain the function of a decentralized financial system like Bitcoin, transaction fees are offered to engage miners in the transaction confirmation process. This paper investigates the effect of miner competition on the equilibrium transaction fees. We develop a game-theoretic model with costly entry into mining activities. We find that miners may strategically assemble fewer transactions into a block to reduce total fees, and as a result, to deter entry. Equilibrium transaction fees also depend on block rewards as a rise in total fees is accompanied by a drop in rewards. Our empirical analysis supports the model’s predictions. We provide evidence on the existence of excess capacity in a block, taking into account the random confirmation process. The empirical findings demonstrate that heightened competition tends to increase the block size and total fees. Furthermore, the halving of rewards correlates to a fee hike.

Does green financing promote outward FDI in enterprises? Evidence from China

In the context of sustainable development, green rules and standards have been incorporated into the international investment system. The specific advantages driving outward foreign direct investment (OFDI) by emerging market enterprises have also undergone profound changes. Green financing plays an important role in promoting green transformation and may become a new type of competitive advantage driving OFDI by firms. Based on legitimacy theory, we explore the impact of green financing on OFDI by emerging market firms. Using data from Chinese A-share listed companies from 2008 to 2021, we find that green financing significantly promotes corporate OFDI. Improving ESG levels, alleviating financing constraints and expanding production scale are the main channels. The positive effects of green financing on OFDI are more pronounced in heavily polluting industries, capital-intensive enterprises and state-owned enterprises. This study confirms the positive impact of green financing on OFDI earlier, and also provides useful inspiration and reference for emerging market countries to improve the green financial system and actively promote global green and sustainable development.

Digital economy and entrusted loans: Evidence from shadow banking

Entrusted loans represent a vital component of shadow banking in China and have significant implications for financial system stability. Taking advantage of a sample covering all A-share traded Chinese firms from 2013 to 2022, this research explores the impact of the digital economy on entrusted loans. We display that the level of the digital economy reduces the scale of entrusted loans by strengthening bank risk management and increasing corporate financing options. Further analysis shows that banking competition can amplify the negative link we found. Overall, this study advances extant literature on the digital economy and shadow banking.

A Threshold Effect of Financial Development on Natural Resource Rents-Sustainable Human Development Nexus: Empirical Evidence from Sub-Saharan Africa

Sub-Saharan African (SSA) nations are falling behind in human development when compared to other regions globally, despite their abundant natural resources. Several Sub-Saharan African states have an underdeveloped financial structure, leading to underutilization of natural resource profits for human development. This research examines how the level of financial development impacts the relationship between natural resource rents and sustainable human development in 40 SSA countries from 2005 to 2019. This research used the dynamic panel threshold (DPT) approach, an advanced econometric methodology designed to address concerns often seen in panel data such as endogeneity, cross-sectional dependence, and heterogeneity. The cointegration findings showed a long-term association among the variables. The dynamic panel threshold analysis showed that natural resource rent had a detrimental influence on human capital development when financial development was below a certain threshold. Conversely, the outcomes were different when financial development exceeded the threshold. Financial system progress in Sub-Saharan African states considerably uses resource windfalls to improve sustainable human development. This research conducted robustness tests by using alternative estimates excluding outlier sample countries and extra proxies. The conclusions remained unchanged. Policy suggestions were introduced to enhance the financial sector and improve institutional quality in order to ensure sustainable growth in the SSA area.

Does green credit policy matter for corporate sustainable innovation? Evidence from China

Green finance is a powerful motivator for promoting sustainable innovation and achieving green development. Under the dual background of building a green finance system and a market-oriented green technology innovation system, this study examines the impact of the Green Credit Guidelines on the sustainable innovation of enterprises both before and after implementation. By analyzing the propensity score matching difference-in-difference (PSM-DiD) analysis of Chinese listed enterprises, we have found that the support of relevant policies actually inhibits sustainable innovation and reduces the number of sustainability-related patents. This effect is more pronounced in green credit-restricted industries, state-owned enterprises (SOEs), and eastern regions. Ultimately, we have discovered that green utility model patents, in contrast to green invention patents, are the primary indicator of the detrimental impact of green credit policy on the performance of sustainable innovation. Overall, our study broadens the understanding of the external impacts of sustainable innovation within enterprises and provides valuable insights for corporate policy makers and management professionals.

Using a policy learning lens to understand health financing policy outcomes: the case of translating strategic health purchasing into policy and practice in Burkina Faso

IntroductionAchieving universal health coverage (UHC) through an effective health financing system is a challenge for many low-income countries. Learning is key to success due to many uncertainties and unknowns. Using the case of translating strategic health purchasing into policy and practice in Burkina Faso, our study seeks to understand how policy learning can shape policy processes and outcomes.MethodsWe used a qualitative case study design and Dunlop and Radaelli’s conceptualisation of policy learning to identify which modes of learning did or did not occur, what helped or hindered them and the resulting policy outcomes. Dunlop and Radaelli frame policy learning as epistemic, reflexive, negotiative or hierarchical. We collected data through documentary review and in-depth individual interviews with 21 key informants. We analysed the data manually using pattern-matching techniques.ResultsThe introduction of strategic health purchasing in Burkina Faso was initially seen as an opportunity to reduce the fragmentation of the health financing system by coupling a performance-based financing scheme and a user fee exemption policy. However, this has faltered, and our findings suggest that an inability to harness all modes of learning has led to blockages. Indeed, while reflective learning was present, epistemic, hierarchical and learning through bargaining were absent, preventing national policy actors from defending their own policy or scheme from reaching compromises. But thanks to facilitating processes led by a well-resourced organisation and contextual elements that encouraged the emergence of more pluralistic modes of learning, some progress was achieved in operationalising strategic health purchasing.ConclusionsSome modes of learning seem to be overlooked in countries’ efforts to achieve UHC. Facilitation techniques and initiatives that encourage the use of all modes of learning, while supporting countries to take full ownership and responsibility for consolidating their own learning health systems, should be promoted.

The Impact of White Noise on Chaotic Behavior in a Financial Fractional System with Constant and VariableOrder: A Comparative Study

In this study, we investigated the impact of white noise on the chaotic dynamics of a financial system with Caputo fractional derivatives of constant- and variable-order. We solve thesefractional financial systems numerically. We analyze the chaotic behavior of these fractional-order hyperchaotic systems through simulations, study the effects of white noise on chaotic dynamics, and provide a comparison between fractional hyperchaotic systems of constant and variable orders. The study reveals that white noise can either amplify or suppress chaos, with significant differences observed between the constant- and variable-order cases. We obtained numerous intriguing graphical findings for the model by evaluating various scenarios. The findings provide useful information for better understanding financial market dynamics in the presence of noise.

Collapse of Silicon Valley Bank: Impacts on Startups & Global Financial Markets, Comparison Between Lehman Brother and Silicon Valley Bank Crises

The sudden collapse of Silicon Valley Bank (SVB) sent shockwaves through the startup ecosystem and the global financial landscape. This research delves into the factors that led to SVB's downfall, exploring how its unique role in supporting tech startups became a double-edged sword. By examining the parallels between SVB's crisis and the infamous collapse of Lehman Brothers in 2008, we uncover important lessons about risk management and the fragility of financial institutions. The fallout from SVB's failure didn't just affect its immediate clients; it rippled through the entire venture capital community and beyond, prompting startups to rethink their banking relationships and funding strategies. We reflect on the broader implications for the financial industry and the lessons learned about the need for diversification and sustainable growth. Ultimately, this research is a reminder of the interconnectedness of our financial systems and the human stories behind the numbers. As we navigate an ever-changing economic landscape, the insights gained from SVB's collapse will shape the future of banking and entrepreneurship for years to come.

Solvency analysis of vanke real estate

The real estate industry has an important impact on the national economy and financial system. The implementation of various new policies, market competition, and economic development have drawn much attention to the solvency of the real estate industry, which is of great significance to the development trend and risk prevention of the entire real estate industry. Therefore, this paper analyzes the solvency of Vanke Real Estate and puts forward corresponding countermeasures, hoping to improve the solvency of Vanke Real Estate and provide certain reference value for the future development of the real estate industry. This paper first analyzes the solvency of Vanke real estate through short-term solvency and long-term solvency, and then analyzes the ranking of Vanke real estate’s solvency in the real estate industry through factor analysis. In the process of analysis, typical problems existing in Vanke Real Estate are also found. After in-depth analysis of the reasons, it is found that Vanke Real Estate has inventory overhang, unreasonable capital structure, and insufficient industry competitiveness in terms of solvency and puts forward countermeasures such as strengthening inventory management, optimizing capital structure, and adjusting sales strategy.

대학생의 융합교육 실천 방법에 대한 인식 및 요구 분석: S대학 사례를 중심으로

Objectives The purpose of this study is to categorize convergence education practice methods into six types and analyze the perceptions and needs of undergraduate students at S University regarding these methods. Methods To achieve the research purpose, the researcher classified convergence education practice methods in-to six types through literature review. Based on them, the needs analysis was conducted through the ques-tionnaire targeting the undergraduate students at S University. For the analysis, the t-test, Borich need assess-ment model, and Hershkowitz's criticality function were used. Results Among the methods of implementing convergence education, the methods that S University under-graduate students recognize as most important were identified in the order of AI liberal arts curriculum expansion, teaching and learning innovation, and student-designed majors. Among these, regarding the operation of the stu-dent-designed major system, the current implementation level of S University was recognized as higher than the level of importance. As a result of calculating the Borich demand value, it was confirmed that the following order was innovation in teaching and learning, system for allowing major changes without division, and innovation in major curriculum content. By synthesizing the results of Hershkowitz's critical function analysis, the practice of convergence education through innovation in the teaching-learning area had the highest level of demand from S University undergraduate students. Conclusions Based on the results of this study, first, in order to practice convergence education in university set-tings, it is important to introduce educational content and curriculum that break down the boundaries between majors, but it is also necessary to discuss educational methods to put this into practice. Second, It was suggested that strengthening the capacity of instructors to practice convergence education is also important, and thirdly, that an administrative and financial support system suitable for each university's situation to practice convergence ed-ucation should be established.

Disclosure of Transparency, Accountability and Value for Money Concept in Public Sector Financial Management: A Systematic Literature Review

This study aims to examine the implementation of transparency, accountability, and the concept of value for money in public sector financial management. The method used is a Systematic Literature Review (SLR), selecting relevant articles from the Scopus database published, the research identifies these principles as crucial in enhancing efficiency, effectiveness, and public trust. The results indicate that transparency and accountability play a crucial role in improving public financial governance and significantly contribute to enhanced financial management efficiency and public trust. The concept of value for money, focusing on efficiency, economy, and effectiveness, is essential in ensuring that each budget expenditure provides maximum benefits and proves beneficial in optimizing budget use. However, challenges such as a lack of information transparency, public involvement, and regulatory constraints remain obstacles to its implementation. Therefore, improving the quality of financial information systems and strengthening human resources capacity are essential for achieving better public financial management and enhancing public service quality.

Russian Experience in Legal Regulation of BRICS Investment Platforms

Aim. The article aims to formulate the problem of formation of such type of investment institutions as investment platform in BRICS.Tasks. The objectives of the article are defined by the fact that the executive director of the Russian Direct Investment Fund proposed to create a joint investment platform of BRICS countries, allowing BRICS members to invest more actively in the economies of their partners. And as is known, BRICS countries currently play a significant and constantly growing role in world politics and international relations. Methods. In the process of research the set tasks were solved by the author usin g general scientific (historical, dialectical, systemic, logical, method of analysis) and legal (comparative legal, sociological, axiological) research methods.Results. The result of the research is the proposal based on the Russian experience of regulation of platform services (financial platforms, investment platforms and information systems) on the formation on the basis of the Russian regulation model of the concept of building the corresponding institution within BRICS. At the same time, the article also draws attention to possible problems that may arise during the preparation of the relevant international act. In particular, the implementation of this initiative raises a wide range of technical, economic and legal issues that require detailed consideration.Conclusions. When choosing specific investment methods that can be used on such a platform, it is necessary to take into account the needs of businesses and the population, both in the long-term and short-term attraction and placement of resources. In particular, legal regulation of the choice of the legal regime for investment should influence the choice of the legal status of entities that will be admitted to such a platform, highlighting, for example, qualified investors or retail investors.

Has the application of sanctions against financial institutions involved in money laundering had a deterrent effect?

Money laundering is one of the crimes that has a wide impact, both economically and socially. With the increasing complexity of global financial networks, financial institutions must be more responsible in preventing money laundering practices. The existence of strong and transparent financial institutions is essential to maintain the integrity of the financial system. Using normative juridical research methods, this study analyzes the regulations that govern sanctions and law enforcement practices. The purpose of this study is to evaluate whether the sanctions applied have provided a deterrent effect to financial institutions that violate the law. The results of the study show that although there are several institutions affected by sanctions, in general, the implementation of sanctions has not been effective in providing a significant deterrent effect. These obstacles arise due to the lack of strict supervision, weak international cooperation, and inconsistencies in law enforcement. In addition, the proactive attitude of financial institutions in fulfilling reporting obligations also needs to be improved. Therefore, reforms in the sanctions system and improved law enforcement mechanisms are needed to create a stronger deterrent effect against financial institutions involved in money laundering

Foreign direct investment inflow and the economic growth nexus in Tanzania

PurposeA shortage of investment capital is one of the main issues facing most developing economies, including Tanzania. Policymakers, economists, and governments in these countries have been debating how to overcome this obstacle and improve economic growth through foreign direct investments (FDI). The present study endeavors to examine the relationship between FDI and economic growth in Tanzania during the period of 1991–2021. The analysis considers financial development, capital formation, and labor force involvement as intermediation variables.Design/methodology/approachThe study uses time series data to estimate an autoregressive distributed lag (ARDL) model, as well as Granger causality tests to investigate the relationship between the variables under study.FindingsThe findings show a long-run co-integration between the studied variables. However, only FDI and labor input have a significant impact on gross domestic product (GDP) growth in both the short and long run. Bidirectional causality exists between FDI, labor input, and GDP growth in the short and long run.Practical implicationsThis study contributes to an understanding of the relationship between inbound FDI, labor input, and economic growth in Tanzania, as well as updating the government to improve its financial system to gain more from FDI inflows and hence boost growth-enhancing effects.Originality/valueThis study provides insight into the relationship between inbound FDI and economic growth in Tanzania, which is a critical policy concern in developing economies. Extant studies’ results remain controversial, and this is the first study in Tanzania to investigate the FDI-growth nexus, by considering financial development, capital formation, and labor input simultaneously.

Proof Of Criminal Origin Related To Money Laundering In Mutual Fund Investment Activities In Supreme Court Decision Number 2937 K/Pid.Sus/2021

The crime of money laundering in the form of mutual fund investments is a serious crime that can threaten the stability of the financial system and economy. Perpetrators use mutual funds as a means to disguise the origin of illegal funds resulting from criminal acts, such as corruption, which are then invested as if they were legitimate funds. This not only harms the country financially, but can also reduce investor confidence in the mutual fund industry. Therefore, it is important to examine the criminal liability of perpetrators of money laundering in mutual fund investments in order to maintain the integrity of the financial system and provide a deterrent effect for perpetrators of similar crimes. This research is aimed at analyzing the legal regulation of criminal acts of money laundering in mutual fund investment activities in Indonesia, proof of predicate crimes related to criminal acts of money laundering in mutual fund investment activities in Supreme Court Decision Number 2937 K/Pid.Sus/2021, as well as criminal responsibility for perpetrators of these crimes. money laundering crime in mutual fund investment activities in Supreme Court Decision Number 2937 K/Pid.Sus/2021.The research method used is normative juridical research, which is supported by primary and secondary data sources. All legal materials were collected using library research techniques using document study data collection tools. Apart from that, field studies were also carried out using interview methods and analyzed qualitatively.The results of the research and discussion concluded that the legal regulations related to the crime of money laundering in mutual fund investment activities in Indonesia are as regulated in Law Number 8 of 2010. Based on Supreme Court Decision Number 2937 K/Pid.Sus/2021, it can be concluded that the defendant Benny Tjokrosaputro proven to have committed a criminal act of corruption together with other parties in managing investments at PT Asuransi Jiwasraya (Persero) which caused state losses amounting to IDR 16.807 trillion, as well as a money laundering crime of IDR 6.078 trillion, so he was sentenced to life imprisonment and payment of compensation to the state, based on valid evidence at trial and the fulfillment of the elements of the criminal act in accordance with the articles charged.

PREREQUISITES FOR THE APPLICATION OF MONETARY POLICY TOOLS OF THE "NEW REALITY" IN THE CONDITIONS OF THE GEOPOLITICAL IMPACT OF MILITARY AGGRESSION IN UKRAINE

The prospects of using a new type of monetary policy instruments, which determine modern significant changes in the development of global financial, economic and social relations, caused by the geopolitical influence of military aggression in Ukraine, are studied. Not only the negative financial and economic impact on the country victim of hostilities, i.e. Ukraine, was established. Problems with inflation and debt were also identified in the G7 countries, as well as in China due to the consequences of the war in Ukraine. It was determined that the financial system of countries that have close trade and monetary transactions with developed market countries will also have a significant impact of the global crisis. The financial and economic indicators of Ukraine, the G7 countries and China for the medium term are predicted. The influence of the main financial threats on the macroeconomic stability of the country's economy in the conditions of military aggression is determined, and the main instruments of monetary policy that would allow maintaining such stability are indicated. It is noted that the use of a new type of monetary policy in modern realities, based on non-traditional instruments, will contribute to overcoming the negative impact of military aggression in all countries that experience it.

Indonesia’s financial resilience: Between optimism and risk

This study aims to evaluate the relationship between financial resilience, exchange rate, inflation, and economic growth from 1996 to 2022 using secondary data from the World Bank. The analysis method uses vector autoregressive to understand the causality dynamics between these variables. The results show that past economic growth positively impacts current economic conditions, but an increase in the exchange rate can hinder economic growth. The exchange rate also tends to be influenced by previous values, but high economic growth does not always increase the exchange rate. Previous conditions significantly affect financial resilience and can be strengthened by a strong currency. Meanwhile, inflation has an inverse relationship with economic growth, where past inflation seems to suppress current inflation, which price stabilization policies can cause. From an institutional economics perspective, this study provides an understanding of the interaction between various economic factors in the structural framework and policies that regulate economic activities. The impulse response function (IRF) shows that economic growth can react strongly to sudden changes, although this reaction may not last long. The exchange rate fluctuates with economic changes, reflecting market optimism and uncertainty. Financial resilience may be strong initially but may weaken over time, indicating the need for policies to strengthen the financial system to ensure economic stability. Furthermore, the role of social capital in economic resilience is highlighted as it can amplify the positive effects of a robust institutional framework by fostering trust and collaboration among economic actors. Inflation reacts differently to economic changes, challenging policymakers to balance growth and price stability. Overall, the IRF provides insights into how economic variables interact with each other and react to sudden changes, albeit with some uncertainty in the estimates. The forecast error decomposition variance (FEVD) analysis in this study reveals that internal factors initially influence economic growth, but over time, external factors such as the exchange rate, financial resilience, and inflation come into play. The exchange rate, which was initially volatile due to internal factors, becomes increasingly influenced by economic growth, indicating a close relationship between the economy and the foreign exchange market. From an institutional economics perspective, financial resilience, which was initially stable due to internal factors, becomes increasingly dependent on global economic conditions, suggesting the importance of a solid institutional framework for maintaining economic stability. In addition, inflation, which was initially explained by economic growth and exchange rates, has gradually become more influenced by financial resilience, indicating the importance of effective monetary policy in controlling inflation. This study highlights the importance of understanding how economic variables influence each other for effective economic governance. Integrating institutional economics and social capital perspectives provides a comprehensive framework for enhancing financial resilience and promoting sustainable economic development in Indonesia.

Universal Health Care Coverage for Aging Population

The term Universal Health Coverage (UHC) refers to a situation where “all people (both males and females, boys and girls) have access, without financial hardship, to the full range of type of quality health services when and where they need them, now and at times”. The UHC envisages coverage of the full range of essential health care services: from health promotion to (1) ‘Prevention’, (2) ‘Treatment’, (3) ‘Rehabilitation’, and (4) ‘Palliative care’ [aimed at improving quality of life of people (adults and children) and their families confronted with life-threatening illness]. It is pertinent to note that the UHC aligns with the SDG (Sustainable Development Goal) Target 3.8: achieve universal health coverage. The UHC is, thus, global commitment. However, in to deliver this promise, national governments need and inter-governmental organizations need to have health systems that are rooted in the locations communities they serve. Also, such health systems need to be • Need-based, • Efficient, and • Equitable. The author of this review paper argues that Primary Health Care (PHC) is the most effective and cost-efficient way to reach out to people with the UHC, with consideration of “need-based approach”. Further, it is due to this consideration of need-based theory that every country, with its own socio-economic and demographic profile, adopts a different strategy for the purpose of achieving the UHC. Furthermore, national governments decide what to cover, depending on the needs of their populations, including availability of health infrastructure (resources). Investment in the scientifically designed UHC programs has the potential to ensures that health needs of people are (a) ‘Identified’, (b) ‘Prioritized’, and (c) ‘Addressed’. The conceptual framework of the UHC is of increased relevance for aging population (individuals above the age of 65). The author of this work is of the considered research view that objective of achieving the SDG-3.8 target cannot be fully and adequately realized without transforming health care system that has significant impact on functional ability in older age people (or aging population). Objective of this evidence-based review paper is to investigate into significance and implications of the UHC for aging population. Also, it briefly outlines renewed strategies needed for the UHC for aging population. Secondary data (largely ‘qualitative’ in nature) have been used. The method of data analysis is ‘descriptive’, involving non-statistical (mathematical) techniques. The paper briefly concludes that scientifically-designed mechanism for offering the UHC for older people, without financial burden, is crucial. It is important that health financing systems of the national governments are designed to cater to health needs of older people, while protecting them from to access services when they are needed, but also to protect them from financial catastrophe (by abolishing “out of pocket spending”).