Financial Revolution Research Articles

Dragon’s Ascent: The Significance of Stock Exchanges in the Chinese Financial Revolution

Dragon’s Ascent: The Significance of Stock Exchanges in the Chinese Financial Revolution

Financial Revolution through Agent-based Artificial Simulation Computational Models for Predicting Market Behavior

The fundamental theory of the Efficient market hypothesis (EMH), which states that market participants are rational, has received a lot of criticism. The complexity of behavior in the capital market is still a black box, especially when psychological biases influence aggressively on decision-making amid uncertainty. Experimental research on finance and capital markets in the form of AI using machine learning seeks to predict the results of more complex interactions. This multidisciplinary approach offers efforts to explain social phenomena from the micro level to macro descriptions which are built artificially through the computational world. The processing modeling approach is preferred because it includes the complexes that emerge from the behavior and interactions of individuals in the real world. Agent Based Model (ABM) is an AI approach in the form of computational simulation that performs a bottom-up approach by combining irrational–rational agent interactions through networks in microenvironments. Using the ABM approach through Netlogo computing, this study proves that AI can be used to analyze investor behavior in the capital market. Keywords: Agent Based Model, artificial intelligence, investor behavior

Paper Steaks: Live Cattle Futures Markets and the Financial Revolution of 1964

Paper Steaks: Live Cattle Futures Markets and the Financial Revolution of 1964

Digital finance, bank competition shocks and operational efficiency of local commercial banks in Western China

The rise of information technology has triggered the digital financial revolution and reshaped the competitive landscape of the commercial banking industry. This transformation has profoundly affected the operating efficiency of many small and medium-sized traditional commercial banks in Western China. We combine panel data from 130 local commercial banks in Western China from 2008 to 2021 to investigate the impact of digital finance on the operational efficiency of these local commercial banks. Our findings indicate that the overall operational performance of local commercial banks in Western China has declined under the influence of digital finance. Additionally, the intensification of banking competition has disrupted the established traditional market competition structure, with this mechanism exerting a more pronounced weakening effect on the operational performance of these local banks. This research provides rational recommendations for the high-quality development of the banking industry in the Western region, thereby enhancing the quality and efficiency of commercial banks' services to the real economy.

Past, present, and future of block-chain in finance

Diverse businesses are investigating the possibility of redefining their current operational systems in light of the latest blockchain, initially developed for Bitcoin traBitcoinns. This research examines the existing literature on blockchain and its application in the finance sector. This paper provides a systematic literature review of the uses of blockchain in the finance sector. To conduct the review, we performed a boolean search on the Scopus database and obtained 149 records, which we then analyzed bibliometrically using the bibliometrix package in R. The categorization of the existing literature into themes resulted in identifying the following six significant research themes: financial inclusion, sustainable finance, blockchain technology, cryptocurrencies, and artificial intelligence. Following the inductive analysis, we propose a conceptual framework that includes components such as the digital financial revolution, innovation, entrepreneurship, the financial market, sustainable business development, and financial innovation and sustainability. These findings are utilized to suggest future lines of inquiry for this area of study, including the necessity of methodological development and theoretical foundation.

Financial revolution: a systemic analysis of artificial intelligence and machine learning in the banking sector

This paper reviews the advances, challenges, and approaches of artificial intelligence (AI) and machine learning (ML) in the banking sector. The use of these technologies is accelerating in various industries, including banking. However, the literature on banking is scattered, making a global understanding difficult. This study reviewed the main approaches in terms of applications and algorithmic models, as well as the benefits and challenges associated with their implementation in banking, in addition to a bibliometric analysis of variables related to the distribution of publications and the most productive countries, as well as an analysis of the co-occurrence and dynamics of keywords. Following the preferred reporting items for systematic reviews and meta-analyses (PRISMA) framework, forty articles were selected for review. The results indicate that these technologies are used in the banking sector for customer segmentation, credit risk analysis, recommendation, and fraud detection. It should be noted that credit analysis and fraud detection are the most implemented areas, using algorithms such as random forests (RF), decision trees (DT), support vector machines (SVM), and logistic regression (LR), among others. In addition, their use brings significant benefits for decision-making and optimizing banking operations. However, the handling of substantial amounts of data with these technologies poses ethical challenges.

THE RISE OF CRYPTOCURRENCY ADOPTION IN PAKISTAN: THE LEGAL LANDSCAPE

This article explores the rise of cryptocurrency adoption in Pakistan and examines the promising future that lies ahead for this emerging digital asset class in the country. Pakistan, with its cash-centric economy and limited access to formal financial services for a significant portion of its population, has witnessed a remarkable shift in attitudes toward cryptocurrencies. Factors such as financial inclusion efforts, economic instability, and supportive government policies have contributed to this growing interest. The younger generation, in particular, is embracing digital currencies as a means of participating in the global economy and preserving their wealth in the face of inflation. The establishment of crypto exchanges and supporting infrastructure, along with educational initiatives and awareness programs, has further facilitated cryptocurrency adoption. The government's positive approach and efforts to develop a comprehensive regulatory framework have instilled confidence and encouraged individuals and businesses to explore the opportunities presented by cryptocurrencies. Moreover, partnerships with global crypto projects and the potential applications of blockchain technology in various sectors have contributed to Pakistan's promising future in the cryptocurrency space. As more individuals and businesses embrace cryptocurrencies, Pakistan is poised to leverage the benefits of this transformative technology, fostering financial inclusion, economic growth, and technological innovation in the years to come. Cryptocurrencies have garnered significant attention and adoption worldwide, and Pakistan is no exception. In recent years, Pakistan has witnessed a growing interest in cryptocurrencies, with an increasing number of individuals and businesses embracing this digital financial revolution. This article explores the factors contributing to the rise of cryptocurrency adoption in Pakistan and examines the promising future that lies ahead.

Gender Inclusivity of India's Digital Financial Revolution for Attainment of SDGs: Macro Achievements and the Micro Experiences of Targeted Initiatives.

For decades, India has led the drive for financial inclusion of poor rural women to facilitate attainment of development objectives like poverty alleviation and women's empowerment. More recently, it has promoted digital financial inclusion to further its fight against poverty and gender inequality and support the attainment of UN's Sustainable Development Goals (SDGs). In this paper we take stock of how India's digital financial revolution has affected financial transactions and services with a focus on gender inclusivity for the attainment of the SDGs. We propose a framework to understand the gender inclusivity of digital financial inclusion initiatives that connects the macro developments in the sector with the micro-level experiences of improving women's access and use of these services. We draw on India's nationwide developments and present a case study of an initiative that specifically promotes gender inclusive finance. Our findings suggest that India has made great advances in promoting digital financial inclusion but at the same time, the country has struggled to achieve gender parity even within specific finance-focused programmes designed to improve gender inclusivity. We reflect on policy implications of these findings.

BLOCKCHAIN TECHNOLOGY IN PROVIDING DIGITAL TRADE IN GLOBAL MARKETS

Several digital innovations are emerging in the global economy, which create the potential to transform various systems, making infrastructure, production, and trade more interconnected, highly intelligent, and efficient. One of the benefits of driving digital innovation is that it can lead to further innovation, opening new opportunities. This is especially true for infrastructure services, as the potential for innovation in this sector is great. The study revealed the features of blockchain technology in digital trade by identifying development opportunities and trends. The research is based on a systematic approach, which became the basis for the disclosure of blockchain technology as a lever for ensuring digital trade on global markets. Blockchain forms of digital trade have been systematized. The existing iterations of blockchain technology are reviewed and the conclusion is drawn regarding each. The structure of blockchain public capabilities in digital trade was formed by revealing such components as the money revolution, the financial revolution, and the Internet revolution. The study describes the events associated with the development of the blockchain. The presentation of scientific facts in the study was carried out in the context of the overall historical process of blockchain development in digital trade on global markets. In particular, the stages of the Internet revolution were revealed, the dynamics and trends of blockchain technology in digital trade were analyzed, the results of which enriched significantly scientific research and testify to the reliability of its results and conclusions. The analysis of the trends of blockchain technology in digital trade made it possible to argue that digitization will be an important process in the system of global markets. As a result of the study, it is substantiated that the blockchain technology will be able to accelerate the development of digital trade on global markets. Forecasts for the growing blockchain technology indicators are taking on a planetary scale in the conditions of digitization of global markets. Keywords. digitization, blockchain technology, metauniverse, cryptocurrency, digital assets, blockchain projects.

Patriots and the Country party tradition in the eighteenth century: the critics of Britain’s fiscal-military state from Robert Harley to Catharine Macaulay

ABSTRACT The distinguished historian Steven Pincus has recently argued that “Patriotism” was a distinctive ideology in the middle of the eighteenth century that indicated “governmental activism” and support for “the British way of governing, grounded in the principles set forth in England’s Revolution of 1688–89.” By contrast, this essay shows that “Patriot” was more commonly used as a generic term for opposition politicians in eighteenth-century Britain. Moreover, for much of the century, the term was frequently associated with a slightly more precise and substantial set of political arguments: those associated with the “Country party” platform. In its eighteenth-century guise, the Country party’s raison d’être was opposition to the growth of executive power since the Glorious Revolution. It was not a party as such but rather an opposition stance and a set of principles which occasionally brought together Tories, Whigs, and independent Country gentlemen as well as self-proclaimed Patriots. In the eighteenth century, “the Country” was especially scathing of the “financial revolution” and the growth of the fiscal-military state in the years after 1688–1689. By its continuous association with the Country party tradition, Patriotism and suspicion of the growth of executive power and government finance were intimately linked.

Open Banking's Promise of a Financial Revolution: Are We Falling Short?

Open Banking's Promise of a Financial Revolution: Are We Falling Short?

New Fiscal-Military State in the Eighteenth-Century English Literature

The purpose of this article is to present the new fiscal-military state in light of eighteenth-century English literature. In reality, there were many different reactions to the new financial system at the time. It turns out that while many people embraced them, many others criticized them. The fiscal-military state produced enormous vested interests that were reliant on the results of the exceptional experiment in public credit. In addition to the armed forces, everyone who had a stake in it included the staff members of financial corporations, those who rendered services to them on the stock exchange, and the officials who worked in the revenue system. Among those who supported its founding were the stockholders of the three major corporations. Owners of Bank and East India stock made up approximately a third of the group, which numbered around 10,000 persons. Most of them lived in London and the Home Counties, and non-landed sources of income made up the majority of their income. Fewer than many landowners have excess cash to invest in bank stocks or related to the South Sea or East India. The ‘monied interest’ investors in government loans received heavy criticism from spokespeople for the landed classes. Because of the disagreements between the Whig and Tory parties in the latter Stuart era, the conflict of interests purportedly caused by the financial revolution became entangled in those conflicts. The Whigs were said to be fostering the wealthy interest by the Tories, who claimed to speak for the landed interest. Not all Whigs supported the new public credit system uncritically. It has revealed the rationale behind the growth of the fiscal-military state.

Political theories of money and the politics of contextualisation

AbstractThis essay engages with Stephan Eich’s The Currency of Politics. It finds that the book pursues two goals at once: a minimalist goal of bringing money as a subject of inquiry back into the fold of political theory and a maximalist goal consisting in the stated ambition to ‘articulate more democratic visions of the future of money’. It interrogates Eich’s effort to harnesses a historical perspective to normative claims from the standpoint of a historian of pre-modern Europe. More specifically, it asks what role close reading, intertextuality and contextualisation play in Eich’s approach; why he recognises certain episodes from the (distant) past rather than others as relevant to current predicaments and potential future scenarios; and why he singles out the English financial revolution of the 1690s as the first relevant moment of crisis after the monetary reforms undertaken in Athens in the sixth century BCE.

Understanding the use of digital finance among older internet users in urban China: Evidence from an online convenience sample

ABSTRACT Inclusive digital financial services should welcome older populations and make them beneficiaries of the digital and financial revolution. To understand older adults’ experience of using digital financial tools, we conducted an online survey of 268 older internet users aged 60 or above from urban areas of 14 Chinese provinces after China’s nationwide COVID-19 lockdown in 2021. Our results revealed that older internet surfers were active in digital financial activities and engaged most with activities that were highly compatible with their lifestyles. Active users significantly differed from inactive users in sociodemographics, confirming that a digital divide related to social stratification exists among older internet users. Digital finance active users were also distinguished from inactive users’ attitudes and perceptions toward digital finance. Logistic regression results indicated that perceived usefulness, access to proper devices for digital finance, risk perceptions, and perceived exclusion if not using technology were associated with their adoption of these advanced tools. Older adults reported the perceived inconvenience of in-person financial services during the lockdown. They also expressed a willingness to participate in relevant training if provided. The findings of this study could help aging-related practitioners to understand older adults’ engagement in digital finance and guide policy and project design in the area of financial inclusion of the aging population.

Systematic Analysis of Risk Associated with Supply Chain Operations Using Blockchain Technology

Advancements in information and communication technologies (ICT), big data analytics, and artificial intelligence- (AI-) based techniques brought a dramatic revolution in diverse research domains, including healthcare, IoT, and networking. Blockchain technologies are gaining traction from both private and government organizations at an incredible rate. Emerging technologies have different levels of technological complexities and commercial ramifications. This technology is playing an essential role in the financial revolution of banking and regulatory sectors. Blockchain has piqued the interest of many academics, organizations, and businesses, particularly in using bitcoin. To grasp the significance of this revolution, a comprehensive assessment is performed to bridge the gaps in the targeted blockchain-driven domain with different perspectives. For this systematic review process, a set of four distinct research questions were formulated to accumulate the most relevant research trends. In private and public organizations, it is a securing technology to deliver trustworthy and protected services to users because of its decentralized, controlled aspect. Financial services, real estate, supply chain management, healthcare, academics, and other industries benefit significantly from this evolutionary technology. These application cases are diverse and far-reaching, ranging from smart contracts to blockchain-encrypted educational certificates. This systematic analysis has investigated a total of 113 relevant articles and concluded with the features and functions in an economic setting and briefed how these variables can balance players’ incentives, define core blockchain-related features, and present new research ideas to solve the proposed risk.

Financial Revolution: From Traditional Finance to Behavioral and Neuro-finance

The paper aims to study the growth and evolution of finance, as well as how the evolution of finance theories aids investors in decision-making. The traditional finance model's perfect mobility and rationality fail to predict the economic events, dot-com bubble, and the European debt crisis. These economic disasters provide the foundation for the development of behavioral finance. Psychology and finance are merged into behavioral finance. It defies the traditional financial premise. The field provides unique insights into financial and investment decision making models. Behavioral finance also serves as a bridge for developing novel financial solutions known as Neurofinance. Neurofinance employs neurotechnology to explain participants' behaviour and predict their future behaviour based on observing their brains and hormonal activity.

Financial Developments in London in the Seventeenth Century: The Financial Revolution Revisited

A novel series of interest rates paid by the Corporation of London shows that interest rates in London declined by 350 basis points during the seventeenth century. The decline followed a similar pattern in Europe. Records from the Corporation’s archive provide evidence for financial development: an increase in the number and volume of debt instruments, an increase in the number of lenders, and the development of a secondary market. Econometric analysis establishes that increasing the debt instruments’ liquidity contributed to the convergence of interest rates between London and Amsterdam.

Looking forward, glancing back; competitive balance and the EPL

ABSTRACT The formation of the English Premier League (EPL) in 1992 heralded a digital and financial revolution within the game. Broadcasting fees rose exponentially, clubs became cash rich and English clubs became attractive purchases for foreign investment. Our paper examines the change in competitive balance in the top tier of English football since the inception of the EPL, focusing on 56 seasons between 1964/65 and 2019/20. Our analysis shows that competitive balance has declined in the EPL era and that the league has begun to be dominated by a select number of clubs. From a sporting economics perspective, received theory suggests that such a decline could harm the product. If competitive balance continues to decline, the EPL may face potential future challenges from the attractiveness of the product to broadcasters and the continuing emergence of financially (and sporting) dominant super clubs leading to the potential of breakaway European super leagues, such as Project Big Picture.

Europe’s ‘Hamiltonian moment’? On the political uses and explanatory usefulness of a recurrent historical comparison

The EU’s decision to allow the European Commission to emit some 850 billion euros in debt backed by the EU budget in order to fund transfers and cheap loans to member states has been hailed by some, most notably the German finance minister Olaf Scholz, as Europe’s ‘Hamiltonian moment’, in reference to the first Treasury secretary of the United States. This historical comparison has been widely used over the last decade when discussing the historical meaning of the EU’s attempts to deal with the eurozone crisis and its aftermath. However, commentators pick and choose those aspects of the original ‘moment’ that suit their own analysis of the historical import of EU developments. The original ‘moment’ is, however, best described as a wholesale ‘financial revolution’ involving a series of reforms that transformed financial and fiscal conditions in America. In this paper, I show the relevance but also the limits of this historical comparison by ‘unbundling’ the original Hamiltonian moment and comparing each of its fiscal components to the contemporary EU experience. I conclude by arguing that the Eurozone’s development is best compared with the period beginning with the New Deal in American political history.

New economic-business paradigm: The cryptocurrency and the tokenization of the economy. Monetary and financial revolution. The Blockchain, as the ultimate evolution of the accounting book

Since the beginning of the economic revolution in terms of cryptocurrency and tokenization, we have been researching the theoretical aspects and the practical and real implementation aspects. As well as the potential that these have to establish new financial, entrepreneurial, accounting, and many other paradigms. We cover various fields (philosophical, legal, monetary) and areas that may be affected by the emergence and subsequent establishment of this new paradigm. Through comparisons or examples, we try to clarify the common factors that have in common with business success and the development t of these new elements.