Abstract Recent social policy in Brazil has centred on a vision for financial inclusion that claims to alleviate poverty through credit‐based consumption. We argue that, contrary to these claims, Brazil's consumer credit boom has entrenched a financialised macroeconomic model in which debt and rentierism have become motors of the national economy. Financial inclusion discourse obscures how the periphery has been the new frontier for this shift, via the institutionalisation of debt as a mechanism for everyday survival. Taking our cue from residents of Peixinhos (the periphery of Olinda, Northeast Brazil), we argue for the imperative to “name the wolves” driving these processes. We thus demonstrate how recent financial legislation has stimulated mass expansion of small‐scale moneylending, formalising a prototype of credit provision which takes the ambiguous practice of loan sharking as its model. Brazilian financialisation is achieved, we argue, through this interplay between financial market innovation, state complicity, and ongoing struggle on the periphery.

Digital currency, as an emerging financial instrument, is having a profound impact on the traditional financial system. This paper explores the transformative role of digital currencies on the global financial system by analysing the types of digital currencies, their technological foundations and their impact on the areas of money supply, banking, payment systems and capital markets. First, digital currencies have improved payment efficiency and financial inclusion, especially central bank digital currencies (CBDC) and decentralized finance (DeFi) have driven innovation in payment systems and cross-border payments. Second, the popularity of digital currencies also poses regulatory and compliance challenges, particularly in terms of monetary policy, financial stability, and cross-border regulation. Finally, the paper highlights the potential of digital currencies to drive financial services inclusion and market innovation, particularly in the area of decentralised finance. Nonetheless, issues of technical security, market risk and legal compliance still need to bead dressed. In the future, the development of digital currencies will depend on technological advances and regulatory harmonization on a global scale.

The structural design of Shariah governance frameworks, focusing on three lines of defense, board and senior management accountability, the independence and composition of ISSCs, and the interaction with the HSA .This study critically examines the regulatory infrastructure and governance mechanisms ensuring Shariah compliance in Islamic banks operating in the United Arab Emirates (UAE). Drawing upon the Central Bank of the UAE’s Standard Re. Shari’ah Governance for Islamic Financial Institutions (STA‑LFI‑GOV‑2020), updated in April 2020, the research outlines the prescribed roles and responsibilities of the Higher Shari’ah Authority (HSA), institutional Internal Shari’ah Supervisory Committees (ISSCs), and supporting control and audit divisions . Ultimately, the paper evaluates how effectively current governance mechanisms safeguard Shariah compliance while balancing financial stability, market innovation, and regulatory transparency in the UAE context. It concludes with recommendations to enhance governance effectiveness, strengthen institutional accountability, and bridge gaps between international standards and national enforcement practices.

The objective of this study was to understand the impact of innovation on financial performance in the banking sector using mixed methods research and a case study. The study area was Zanaco Bank PLC. Secondary data was analysed through the banks financial reports posted on their website. Categorical data was collected, analysed by simple frequencies using regression analysis. Qualitative textual data was analysed manually using hierarchical coding frames. Quantitative Likert scale data were used to understand the perception of innovation amongst employees. Results of the study are that financial process innovation and financial product innovations had a higher correlation to financial performance as opposed to financial institution innovation alongside financial market innovation. Based on these results, strategic recommendations on how best to produce optimised innovation strategies were then developed.

The SEC has long been faced with the difficult task of regulating financial market innovations, and the rise of fintech has increased the complexities faced by the agency. As fintech entities grew in popularity among retail investors and moved financial markets closer to what some call “democratized finance,” calls for new regulations grew louder. After years of hesitancy, investigation and regulatory uncertainty, the SEC has been increasingly responsive to these calls.
 This Note reviews and conceptualizes the SEC’s approach to regulating new developments in financial market access since the agency’s founding in the 1930s. This Note begins with a review of prior SEC approaches to regulation through either enforcement or the promulgation of new regulations, and then reviews how the agency has used these approaches when regulating two prominent fintech segments: online retail-broker dealers and cryptocurrency entities. Lastly, the Note proposes two frameworks to conceptualize historical and contemporary regulatory approaches by the agency. Ultimately, by reviewing prior instances of regulation, contemporary issues and frameworks, this Note aims to give greater clarity to how the SEC has and will continue to regulate financial market innovations, in particular as it relates to “democratized” financial markets.

Does financial structure still matter for technological innovation when financial technology and financial regulation develop?

Few financial market innovations offer the opportunities to enhance transaction efficiency, as does the potential of the blockchain and cryptocurrencies. The author demonstrates that this industry's unusual demand and supply relationship results in ever-increasing energy consumption if Proof-of-Work currencies rise in price faster than mining rewards decay. This previously undocumented challenge poses global warming risk. In addition, the accessibility and opacity of many cryptocurrencies create financial risks for inexperienced speculators. Digital currencies also reduce the ability of central banks to conduct monetary policy and challenge regulatory authorities to promulgate rules to protect the economy and consumers. The author explores these various risks, demonstrates how the design of Proof-of-Work cryptocurrency mining frustrates the efficiency they promise and describes mechanisms that would allow cryptocurrencies based on the blockchain to live up to their immense potential.

Abstract We use daily data for the period 5 January 2000 to 31 October 2018 to analyse the impact of structural oil supply, oil demand and financial market risk shocks on the level, slope and curvature factors derived from the term structure of interest rates of the U.S. Treasury securities covering maturities of 1–30 years. Linear causality tests detect no evidence of predictability of these shocks on the three latent factors. However, statistical tests performed on the linear model provide evidence of structural breaks and nonlinearity, and hence indicate that the Granger causality test results are based on a misspecified framework, and cannot be relied upon. Given this, we use a nonparametric causality in‐quantiles test to reconsider the predictive ability of the three shocks on the three latent factors, with this model being robust to misspecification due to regime changes and nonlinearity, as it is a data‐driven approach. Moreover, this framework allows us to model the entire conditional distribution of the level, slope and curvature factors, and hence can accommodate, via the lower quantiles, the zero lower bound situation seen in our sample period. Using this robust model, we find overwhelming evidence of causality from the two oil shocks and the risk shock for the entire conditional distribution of the three factors, suggesting the predictability of the entire U.S. term structure based on information contained in oil and financial market innovations. Our results have important implications for academics, investors and policymakers.

The effects of the monetary policy on the U.S. housing boom from 2001 to 2006

Abstract The 5th European Retail Investment Conference was hosted at Börse Stuttgart, Germany, from April 10th to 12th 2019. The conference chairs invited academics and practitioners to participate and discuss empirical and theoretical research focusing on retail investor products and services, the impact of technology on retail investors, investors’ decision-making, investor protection schemes, and market microstructure. Albert Menkveld, Professor of Finance at Vrije Universiteit Amsterdam and Fellow at the Tinbergen Institute, held the keynote about the fundamental value of bitcoin.

Financial Innovation for an Aging World

The Impact of Banking Regulation on Voluntary Disclosures: Evidence from the Dodd-Frank Act

The Product Market Effects of Derivatives Trading: Evidence from Credit Default Swaps

ABSTRACTMarket-oriented development philosophy and international financial market practices are key drivers for the prosperity of China’s financial market. Now China’s financial market has evolvedto a vast market that global investors cannot ignore.Compared to international developed markets, openness of China’s financial market is lack of coordination among sub-markets as well as absence of a harmonized means of opening-up. In foreseeable future, promoting development of the China’s financial market with opening-up policies will be a necessity for strengthening China’s competitiveness in the international market. China must take initiatives, adopt an inclusive and cooperative attitude to financialaffairs, and adjust its self-focused strategy of opening up. By adapting to international conventions and the best practices, China will gradually play acentral role in the international financial architecture, leading to an improved pattern of domestic reform and opening-up.

The main purpose of the paper is to summarize the challenges that the Iranian economy will face in the economic upgrading process and to provide possible solutions for the Iranian economy to move up in the global value chain. To achieve these goals, the data related to the global competitiveness index were studied to gain insight into the current situation of the Iranian economy. Findings reveal that despite the immense revenue source of Iran from exporting gas and oil, the Iranian economy is not competitive globally, and Iran is confronted with serious shortcomings in the globalization path. Data show that the performance of Iran in different factors of competitiveness (institutions, macroeconomic environment, labor market efficiency, goods market efficiency, financial market efficiency and innovation) is poor. Since Iran has many benefits from potential capabilities such as a young workforce and plentiful natural resources, it is recommended that Iranian government consider a functional and process upgrading strategy to improve the performance of Iran in global competitiveness. It is also important to focus on research and development processes for moving along the global value chain curve, in order to move towards the higher value creating activities. These internal development processes are very important for the country to maintain the upgrading process even under the unfavorable international political circumstances.

Abstract The 4th European Retail Investment Conference was hosted at Boerse Stuttgart, Germany, from May 17th to 19th 2017. The conference chairs invited academics and practitioners to participate and discuss empirical and theoretical research that investigates retail investor products and services, the impact of technology on retail investors, investors’ decision-making, investor protection schemes, and market microstructure. The keynote was given by Prof. David L. Yermack, Albert Fingerhut Professor of Finance & Business Transformation at the Stern School of Business (New York University), Chairman of the Finance Department, and Director of the NYU Pollack Center for Law and Business. Privatanleger, Borse und Innovation – Erkenntnisse von der 4. European Retail Investment Conference (ERIC) Zusammenfassung Vom 17. bis 19. Mai 2017 fand an der Borse Stuttgart die 4. European Retail Investment Conference statt. Die Konferenzteilnehmer aus Wissenschaft und Praxis und diskutierten dabei empirische und theore...

Impact of U.S Financial Market Deregulation on Commodity Derivatives Market: An Overview

The Impact of Financial and Product Market Innovation on the Nature of Entrepreneurship: A Historical Perspective

In recent years, the global climate governance is not just for a global environmental problem of climate change, more involved in international politics, economy, investment, technology and other fields, and involves the transformation of production and life style. Accompanied by global energy and technology revolution, the development of low carbon is our inevitable requirement. Recently, China submitted to UNFCCC (United Nations Framework Convention on Climate Change) the Secretariat of the national independent contribution plan and set emission reduction targets: carbon dioxide emissions reach the peak in 2030 and strive to reach the peak as early as possible; carbon emission intensity decreased by 60% - 65% compared with that in 2005. This means that our government will intensify its efforts to reduce carbon emissions. In the past, our target was to reduce carbon emissions intensity, but now our country is to realize the reduction of total carbon emissions, or “absolute reduction”. Carbon finance is an important breakthrough in the development of low carbon economy and the promotion of carbon emission reduction. This paper focuses on the analysis of the development status of China’s carbon financial market, the problems and the opportunities and challenges faced, and finally, the relevant countermeasures and suggestions are given from the perspectives of policy, talent, mechanism, international cooperation and so on, in order to promote the development of carbon financial market innovation, to seize the commanding heights of the era of low-carbon economy.

Social investing will be examined as an example of modern institutional innovations with respect to the complexity of financial markets.Social impact bonds will be used as a case study of a particular innovative financial instrument in order to understand the complexity and resulting challenges of these potential market dynamics.The author argues that post-crisis regulatory regime governing US and European markets require substantial work to fully address the challenges derived from financial innovations.In particular, existing regulation, technologies, information asymmetry, agency cost, and innovation pace need to be considered in order to understand the factors which will determine likely outcomes of social impact bonds.Social Investing and the embryonic stage of current development reflect certain 'unknown areas'.This paper addresses the needs of the post-embryonic stage of the theoretical framework of financial market innovations.