Financial Agreements Research Articles

Geocultural Power: China’s Belt and Road Initiative

ABSTRACT This paper examines China’s Belt and Road Initiative as an exercise in geocultural power. To date, Belt and Road has been analysed as a geopolitical and geo-economic initiative, with arguments constructed around the development of infrastructure, trade or finance agreements. This paper introduces the Silk Roads as one of the most compelling geocultural concepts of the modern era to show its strategic value as a platform for cooperation and multi-sector connectivity. A critical analysis of the Silk Roads provides new insights into Belt and Road, revealing how China is mobilising its geocultural potential as a civilisational state to build regional and continental connectivities.

ELIMINASI RISIKO OPERASIONAL BMT SRI SEJAHTERA SURABAYA

The results of this research are risk mitigation measures in the continuity of internal processes, human resources, technology and information. Risk mitigation on the internal processes is done by performing supervision based on employees job description, and implementation of sharia financing agreements with customers. Risk mitigation on human resources is done by providing moral guidance to employees. Risk mitigation in information technology is carried out by performing regular maintenance of computer software and hardware, as well as other devices that support Baitul Maal wa tamwil Sri Sejahtera business activities.

ПРАВОВЫЕ АСПЕКТЫ ПРИМЕНЕНИЯ МЕХАНИЗМА ФИНАНСОВОГО ВЗАИМОДЕЙСТВИЯ ГОСУДАРСТВА И КОРПОРАТИВНЫХ ФИНАНСОВ В ФОРМАТЕ ГОСУДАРСТВЕННО-ЧАСТНОГО ПАРТНЕРСТВА

The modern state performs a lot more functions than in historical retrospective. In addition to the totality of social functions aimed at ensuring social guarantees in society and social justice, a large pool of new financial functions has been formed that are designed to ensure transparency of mechanisms for investing in objects of particular importance. This category includes transport infrastructure, the construction and modernization of which are aimed at ensuring sustainable rates of economic growth and domestic economic security. The basis of the mechanism of financial interaction between the state and corporate entities is the regulatory framework, including a number of documents, from decrees of the President of the Russian Federation V.V. Putin, expended in Federal Law No. 115-FL dated July 21, 2005 “On Concession Agreements in the Russian Federation” to the National Program “Safe and High-Quality Roads” and the Federal Projects “Road Safety” and “System-wide Measures for the Development of the Road Economy”. All these documents from the conditions under which participation in project financing or concession agreements is possible, which are used as part of a public-private partnership in the construction and modernization of transport infrastructure facilities. Of particular importance is the regulatory framework for the regions, forming on its basis regional documents regulating relations between the state and private corporate investors. In the article, the authors attempted to review the experience of the Ural Federal District in the direction of developing public-private partnerships in the field of construction and modernization of transport infrastructure facilities. The place of legal aspects in the formation of the investment status of individual subjects of the Ural Federal District is shown.

Can Brazil Become a Green Hydrogen Powerhouse?

This paper assesses the feasibility of green hydrogen production in Brazil. By green hydrogen, it is meant the hydrogen produced by the electrolysis of water by consuming electricity produced by renewable sources. The country has large areas with high solar irradiation and favorable wind velocities that help to make wind power and solar PV economical alternatives. Other factors include lower investments and lower grid integration cost with respect to global average, because of the large share of hydropower. As known, hydro plants respond well to the short-term variability of renewable production. Local regulations also incentivize renewable energy. For example, it is possible, according to market rules, for a hydrogen producer to sign a financial Power Purchase Agreement (PPA) contract with a producer or trader to secure a firm, renewable energy supply for the electrolysis process. This market-driven factor, and other key factors, such as low price of electricity, are considered in an economic feasibility model. Results from this model suggest that Brazil could become a green hydrogen powerhouse for the internal market and potential exports to Germany and other European countries.

Chinese Resource-for-Infrastructure (RFI) Investments in Sub-Saharan Africa and the Future of the "Rules-Based" Framework for Sovereign Finance: The Sicomines Case Study

China has emerged as sub-Saharan Africa’s largest development financier over the past two decades. While commentators have observed novel, sui generis transactional structures in China’s financing arrangements, legal analysis of those contractual forms and their relationships to incumbent international economic governance regimes remains scant. This note addresses those scholarly lacunae, taking as its case study the 2008 Sicomines Agreement—a multi-billion USD investment financing agreement between the Democratic Republic of the Congo and various Chinese corporate entities that merges infrastructure investment with a mineral extraction joint-venture project. It demonstrates that the Sicomines Agreement selectively draws on and integrates pre-existing modes of sovereign development finance, but in ways that subvert the extant legal and customary frameworks those modes have depended on. Legal issues arising under the Sicomines Agreement fall under two analytical categories: (1) areas of the Sicomines Agreement that the extant, “rules-based” framework governing sovereign development finance adequately captures; and (2) elements of the transaction that subvert that framework, confounding existing rules. This note concludes by considering what broader implications Chinese-origin development finance may have on the legal regimes and institutions governing the international financial system as a whole.

Теоретична концептуалізація інституційного забезпечення фінансового ринку

The article is concerned with the problems of formation and development of institutional provision of the financial market. The relevance of the problem is caused by the relationship of formal and informal norms of economic processes and phenomena, the understanding of which provides the key to achieving the effectiveness of the financial market development. Understanding the essence of institutional provision of the financial market and the factors of its formation and development makes it possible to make more informed and effective decisions in the sphere of financial market development. The article is aimed at substantiating the conceptual approaches to the structuring of institutional provision of the financial market. It is substantiated that institutional provision of the financial market includes both formal and informal institutions. The formal institutions, in turn, consist of institutions-organizations and institutions-norms. The factors of occurrence of institutional deformations in the financial market are systematized. The institutions of the financial market are structured, in particular, in the composition of the institutions-norms the authors allocate the formal (international legal framework for concluding and implementing agreements in financial markets, national regulatory framework for concluding and implementing agreements in financial markets, norms of related national and international law, ensuring the conclusion and implementation of agreements in financial markets) and the informal norms (norms stipulated by religion, informal agreements and conspiracies between the financial market participants, unofficial (shadow) markets for the conclusion and implementation of financial agreements). In the composition of institutions-organizations the authors allocate the institutions-buyers of financial resources; institutions – sellers of financial resources; institutions that serve the functioning of institutions-sellers and institutions – buyers of financial resources; institutions-regulators. The institutional provision of the financial market is structured and the relationship between institutions-norms, institutions-rules and the State is defined. The principles of institutional provision of the financial market are substantiated and its functions are defined.

Інтелектуалізація підприємств: підходи, сутність, структура

This article presents a common understanding that intellectualization is the process of increasing the role of the intellect in social and economic processes. The enhancement in the level of intellect is based on raising the share of creative and intellectual work in society, in the economy, at the enterprise, in the production also this comes at the expense of the artificial intelligence in social and economic processes. Intellectualization is seen as a process of increasing the role of intellect, intellectual labor that increases the share of intangible production and product (from material to intellectual) labor. It is a process of increasing the role, application and using of knowledge, innovative information in public life. This is based on generalization of approaches to the definition of the concept of «intellectual», its essence and structure that made it possible to identify similarities and differences in the general understanding, intellectualization of the economy, labor, personnel, enterprise, production, management, etc. The general properties of intelligence are set. It is an object (intellectual potential) and a result (improvement of an innovative product). The differences in approaches are expressed in form, scope, levels of intellectualization and determine the diversity of approaches to its classification. The article defines the structure of the intellectualization of an enterprise in the real economy according to its types of activities: operational, financial and investment. The unsolved part of the problem researching of the category «intellectualization of enterprise» is determined. In particular, these are the characteristics of the intellectualization of the financial sphere of enterprises: the processes of the intellectualization of financial agreements and operations in enterprises in the real sector of the economy, the transfer of investment resources from the financial sector to the real sector. Processes of transformation instruments of financing the technological development require additional analysis, including «fintech» as an instrument of financial security and stimulation of the intellectualization of enterprises of the real sector of economy.

Preliminary Results: Exploring Why Some Families Living in Proximity to Wind Turbine Facilities Contemplate Vacating Their Homes—A Community-Based Study

In Ontario, Canada, between 2006 and the end of 2016, government records provided by the former Ontario Ministry of Environment and Climate Change documented that neighbors living near industrial wind turbine (IWT) facilities filed 4574 noise complaints/incident reports. In some cases, these records also included occurrences of adverse health effects being experienced by some of those living near the IWT facilities [1]. The risk of harm associated with living near IWT energy facilities is controversial and reported globally [1] [2] [3] [4]. Some families have been billeted by, or negotiated financial agreements with wind energy developers [2], and some took the step to vacate/abandon their homes [2] [3] [4] while others have felt forced to do so [3] [4]. While the action of vacating/abandoning a family home is internationally reported [1] [2] [3] [4] research about these occurrences is limited. Utilizing the Grounded Theory (GT) methodology, an ethics approved community-based study was conducted to investigate these occurrences. Participants in the study included those who had vacated/abandoned their homes in the past, or at the time of the interview were contemplating to do so, or decided to remain. Between October 2017 and January 2018, sixty-seven (n-67) consenting participants were interviewed. This article presents preliminary results which will be augmented by additional submissions to peer reviewed scientific journals for their consideration for publication.

PERLINDUNGAN KONSUMEN PENGGUNA JASA KEUANGAN NON BANK DALAM PERJANJIAN PEMBIAYAAN (CONTOH KASUS: PERUSAHAAN PEMBIAYAAN PT ADIRA FINANCE VS KONSUMEN)

At present, consumers can easily have a vehicle with various waivers such as loans with 0% interest, free administration fees, installments with a small down payment and so forth. However, this causes problems, especially when consumers cant continue installment payments which lead to the forced withdrawal of collateral. The problem that the writer raises is how is the responsibility of non-bank financial service business actors in the example of a financing agreement in PT Adira Finance, what is the form of legal protection for consumers of non-bank financial service users if there’s a loss? What legal remedies can consumers of non-bank financial service users do if there’s a loss? The author examines cases with normative research methods. The data obtained by the author is that the finance company may not withdraw collateral without a confiscation letter and the third party who seized the collateral must not be arbitrary, must first obtain a certificate from the Professional Certification Institute. Consumers, as stated in the financing agreement of PT Adira Finance, can only settle disputes either by deliberation and consensus or if they are not able to successfully settle in a district court in the creditor's office area or outside the court through the Alternative Dispute Settlement Institution (LAPS) that has been established by OJK. According to the UUPK, the responsibility that can be given by business actors to the detriment of consumers in this case is compensation for money / goods / services worth the price

ELUCIDATION OF ACTIVITIES OF CREDIT AND FINANCIAL INSTITUTIONS OF THE DNIEPER UKRAINE IN PERSONAL ORIGIN SOURCES (THE SECOND HALF OF THE ХІХ – EARLY XX CENTURIES)

Проаналізовано інформаційний потенціал джерел особового походження в якості важливого джерела з історії становлення кредитно-банківської системи другої половини XIX – початку XX ст. Сформований комплекс включає: мемуарну літературу, щоденники, листування та некрологи. До аналізу залучено матеріали банкірів, фінансистів, державних посадових осіб, громадських діячів і вчених. Критичне використання фактичного матеріалу, що містять джерела особового походження в зіставленні з іншими джерелами інформації дозволяє більш повно відтворити різні боки подій тієї епохи – від зовнішньої політики і міжнародних відносин до народного господарства і питань фінансів. Викладена в мемуарах, щоденниках та листах С. Ю. Вітте, Є. І Ламанського, К. А. Скальковського та інших інформація містить такі дані, які неможливо знайти в інших джерелах. Умовно у джерелах особового походження можна виділити 3 групи ін­формації щодо діяльності кредитно-банківських закладів: 1) дані стосовно державної політики у даній галузі, створення та діяльності загальнодержавних банківських установ (найбільш змі­­стовним у даному випадку є мемуари Є. І. Ламанського, П. Л. Бар­ка та С. Ю. Вітте); 2) інформацію про окремі банкірські будинки Наддніпрян­сь­кої України (серед установ Наддніпрянської України згадуються банки м. Києва та одеські банкірські будинки. Водночас практично відсутня інформація стосовно ді­яль­ності організацій дрібного кредиту); 3) характеристику окремих політичних, громадських діячів та представників фінансових кіл (окрім детально описаних постатей Мі­ністрів фінансів Російської імперії, спогади, щоденники та некрологи роз­кривають історію банкіра і промисловця О. К. Алчевського, банкірської династії Рафаловичів). Джерела особового походження, особливо мемуарна література та листування дозволяють розкрити особистості банкірів та фінансистів, які займалися торгівлею, страховою справою, активно грали на біржі, мали у своєму володінні акції промислових підприємств та залізниці, становили керівний персонал кредитно-банківських установ. Також, вони здатні показати закриту для офіційної публічної документації сторону роботи кредитно-банківських установ, адже у своїх спогадах діячі описували альтернативні (неофіційні) схеми фінансових угод, шляхи збагачення та можливі варіанти «обходу» закону.

Analisis Hukum Perkara Jaminan Fidusia dalam Putusan Pengadilan Negeri Padang Nomor 38/Pdt.G/2018/PN Pdg

<p>The occurrence of the agreement on a vehicle financing agreement with the transfer of ownership rights fiduciary between PT. Pro Car International Finance (creditor) with a debtor No. No. 0450001897 dated May 31, 2014. The Debtor has not fulfilled its obligations since the 32nd installment due on December 31, 2016. The reason the debtor did not fulfill the obligation because the debtor has committed a crime. Upon the situation of the debtor, the PT. Pro Car International Finance states that the debtor has violated Article 1365 and Article 1366 of the Civil Code. The purpose of this study is first, to find out the form of acts against the law in Case number: 38 / Pdt.G / 2018 / PN Pdg, second, to find out the basis for judges' consideration of acts against the law in Case number: 38 / Pdt.G / 2018 / PN Pdg. This research method is normative juridical with qualitative analysis and presented descriptively. The results obtained, firstly, that the form of acts against the law in case number: 38 / Pdt.G / 2018 / PN Pdg in the form, acts that are contrary to their own legal obligations. The second result, that the basis for consideration of the Judge gave a decision on a lawsuit against the law in case number: 38 / Pdt.G / 2018 / PN Pdg is the debtor has been proven to have committed an unlawful act and the judge granted part of the demand for the Defendant to pay a loss of Rp 82,745 .681.00 with interest and penalties.</p>

Introduction of a Surgical Black Box System in a Hybrid Angiosuite: Challenges and Opportunities

Introduction: Patient and team safety are paramount in healthcare, but medical errors remain the third leading cause of death. In laparoscopy, a surgical black box, based on aviation industry principles, provides valuable information about events occurring during these procedures.1 The system collects and synchronizes audio-visual and patient-related data for semi-automatic evaluation of technical- and non-technical skills (NTS) and environmental factors. In endovascular surgery, this technology may also provide useful knowledge about type, cause and frequency of perioperative events. Yet, high reliance on multidisciplinary teams and high equipment demands including radiation and a mobile C-arm pose additional challenges to transfer the black box technology in this field. We present our experience to adapt a black box system for evaluation of endovascular surgical procedures. Methods: Prior to installation, approval was obtained from all relevant hospital parties. Together with the original black box team and partners from biomedical, infrastructural and IT departments, an implementation plan was created for adapting the black box to our hybrid angiosuite, equipped with a Philips Allura Xper FD20 system. Video-evaluation frameworks were chosen with the black box research team. Technical skill evaluation tools were chosen after a non-structured analysis of the literature. NTS and environmental factor evaluation frameworks were already available in the system. A framework for radiation safety evaluation has been self-developed and is currently being validated. Results: Ethics approval took 54 days and approval of juridical and financial agreement took 252 days. All team members (surgeons, nurses, anaesthesiologists) were informed during informative sessions and informed consent was collected. Site assessment and hardware installation both required two days. Four ceiling-mounted cameras were used to capture team movement and activity in the angiosuite, which were sometimes blocked by the C-arm. Three multidirectional ceiling microphones were installed to capture team conversations and environmental noise. A direct connection with the C-arm system captures the fluoroscopy image and radiation safety parameters. Patient hemodynamic monitoring is captured through the anaesthesia monitor and provides information about event severity and physiologic consequences. Surgical technical performance is assessed with the 'Global Rating Scale of Endovascular Performance' and the 'Examiner's Checklist' frameworks. The NOTSS, SPLINTS and ANTS frameworks were picked to assess non-technical skills of surgical, nursing and anaesthesiology teams, respectively. The 'Disruption in Surgery Index' framework assesses disruptive and environmental factors. A pilot study of 20 elective endovascular treatments of symptomatic iliac and femoropopliteal atherosclerotic disease to assess feasibility and reliability of black box-driven analysis is in progress. Data will be available at the annual meeting. Conclusion: To our knowledge, this innovative black box technology is the first to be installed in a hybrid angiosuite worldwide. Ultimately, this may help identify the number of errors or near-misses occurring in a hybrid angiosuite. This may allow each centre to identify safety risks and map operational sequences leading to adverse events in endovascular surgery, ultimately leading to educational interventions based on real situations so that every error or near-miss remains unique. Disclosure: Nothing to disclose

Application of the Principle of Good Faith in Consumer Financing Agreements

Increasingly diverse community mobility now results in an increase in the need for transportation equipment, both in terms of quantity and quality, however, on the other hand the available public transportation facilities are far from what is expected. This encourages to be encouraged to have a private facility. Today the development of motorized vehicle use is increasing rapidly. This is because motorized vehicles have advantages compared to public transportation, for example in terms of comfort and safety when on the road. The increase in transportation needs also boosted the growth of Consumer Financing Institutions perceived by consumers as a simpler procedure compared to bank financing institutions. The agreement signed between consumers and the Consumer Financing Institution is a standard agreement, in which consumers have no right to determine the contents of the agreement. This leads to the frequent occurrence of defaults on the part of consumers, because consumers do not understand the contents of the agreement properly. Good faith is an agreement principle that can control the occurrence of agreements that tend to incriminate parties. This paper aims to reveal the role of the principle of good faith in the establishment and implementation of the Consumer Financing Agreement. The study method used is a normative and philosophical study method based on secondary data.

PRAKSIS HUKUM PIDANA DALAM PERLINDUNGAN KONSUMEN

This paper discusses the issue of consumer protection in criminal law, where in the applicable laws and regulations, the inclusion of standard clauses in motor vehicle loan agreements through leasing institutions whose contents are detrimental to consumers has been explicitly prohibited, even in the Consumer Protection Act there is a criminal threat for business actors who violate these provisions. But in practice, motor vehicle financing agreements through leasing still include standard clauses that provide flexibility to act for creditors when there is a problem in installment payments. With law enforcement against violating business actors, it is expected to provide a deterrent effect for business actors.

PENGAKUAN UTANG - PIUTANG DALAM PERJANJIAN PEMBIAYAAN BERDASARKAN PRINSIP MURABAHAH PADA BANK SYARIAH MANDIRI CILEGON

Debt or loan is a transaction between two parties who hand over their money to another voluntarily to be returned to him by the second party with a similar matter. In the murabahah financing agreement practiced by independent Islamic banks there are two deeds agreed upon and signed between the independent Islamic bank and the customer, namely the financing contract based on the murabahah principle made under the hand and SKMHT made before the Notary / PPAT. The analytical method used is a normative juridical approach which states that the law is identical to written norms made and promulgated by an authorized institution or official. From the results of this study, there are two deeds, namely a deed made under the hands of an independent Islamic bank and a deed made by a Notary / PPAT. In the two deeds written the number of debt or loan obligations that must be returned by the customer to the independent Islamic bank is not the same or there is a difference. So that the difference can be interpreted as excess cash returns from the value of debt.

How to solve financing gap to ensure patient access to patented pharmaceuticals in CEE countries? – the good, the bad, and the ugly ways

ABSTRACTIntroduction: There is significant difference in utilization of patented medicines in the EU, as pharmaceuticals at Western European price levels are usually not cost-effective in Central and Eastern European (CEE) countries. The article reviews options to solve the ‘financing gap’ posed by the challenge of covering patented medicines from more restricted resources in countries with greater unmet medical need.Areas covered: Hidden volume restrictions to patented pharmaceuticals implemented by payers to facilitate financial sustainability may increase European inequity in patient access. Confidential price discounts and financial risk-sharing agreements improve cost-effectiveness of pharmaceuticals with limited impact on the European floor price. Narrowing the eligible group of patients on the positive drug list can help to target the medicines to patients with potentially greater health benefit whilst reducing the budget impact. Pay-for-performance schemes can improve cost-effectiveness of pharmaceuticals with significant uncertainty or heterogeneity in the magnitude of added therapeutic value. Increased utilization of off-patent pharmaceuticals can increase patient access through re-investing the savings from generic or biosimilar price erosion.Expert opinion: Transparent and sustainable pharmaceutical policies aiming to improve the allocative efficiency of scarce resources should be implemented in CEE to reduce financing gap and improve patient access to high-cost medicines.

Modelling pricing, vertical co-op advertising and quality improvement in a non-cooperative three-echelon supply chain using game theory approach

Vertical cooperative (co-op) advertising is one of the well-known mechanisms for coordination of supply chains. Vertical co-op advertising is a financial agreement in which a member of the chain pays certain percentage (i.e. cooperation rate) of a subsequent member’s advertisement cost. Since increasing the number of echelons and decision variables in supply chain problems increase the modelling and computational complexity, most researchers study vertical co-op advertising in a two-level supply chain including a manufacturer and a retailer. This paper investigates the problem by considering price and quality levels as additional decision variables in a three-echelon supply chain consisting of one supplier, one manufacturer, and one retailer. The ultimate goal is to show supply chain managers the importance of product quality as well the role of local advertisement in positively influencing market demand on top of the traditional approach of speed and efficiency optimization. Using game theory approach, power of the manufacturer is assumed to be higher than or equal to those of others in the chain. Five different relationships between players are considered in five non-cooperative games (named as G1–G5) and equilibrium solutions are extracted for each. The results show that the manufacturer prefers to play Stackelberg with the retailer and the supplier rather than be in conflict with them in Nash game. Such preference can lead manufacturer towards high quality and cost-efficient product/service via efficient advertisement in our complex network of business firms.

The Global Financial Crisis and Regional Trade Agreements

This article argues that the global financial crisis has weakened institutional support for financial liberalization in regional trade agreements and increased transaction costs in the financial services sector. Due to the lack of cooperation among international economic organizations, regional trade agreements, such as the TPP and TTIP, are at odds with international financial policies such as Basel III. This article analyzes the design of regional trade agreements and finds shortcomings — a proliferation of micro-prudential carve-outs, an absence of a macro-prudential perspective, and a fragmentary FTA dispute settlement. I argue that these shortcomings erode not only trade liberalization, but also international regulatory cooperation in financial services. This article brings together issues in international trade and finance that have been examined separately and calls for cooperation among international economic organizations.

Metodologia box-jenkins aplicada ao setor habitacional: um estudo de caso

O setor habitacional tem participação no desenvolvimento econômico e social, contribuindo para o amparo às famílias. O estudo apresenta uma análise exploratória acerca dos contratos de financiamento imobiliário realizados no Brasil com recursos do Sistema Brasileiro de Poupança e Empréstimo. O propósito deste estudo foi investigar o comportamento e prever os financiamentos habitacionais no país por meio de um modelo para séries temporais. Para isto foram utilizados os registros mensais, de janeiro/2010 a março/2017, obtidos na Câmara Brasileira da Indústria da Construção, ajustando modelos por meio da metodologia ARIMA. O modelo que melhor se ajustou para a interpretação do comportamento da série foi um autorregressivo, com a presença de médias móveis e a aplicação de duas diferenças para caracterizar a estacionariedade da série em estudo, tratando-se, portanto, de um modelo ARIMA (1,2,1). O comportamento da série refletiu o impacto político advindo das trocas de governo analisadas desde o governo Lula até o governo de Temer.

Reducing the template ageing effect in on‐line signature biometrics

On-line signature recognition is an area of growing interest in recent years due to the massive deployment of high-quality digitising tablets, smartphones, and tablets in many commercial sectors such as banking. In addition, handwritten signature is one of the most socially accepted biometric traits as it has been used in financial and legal agreements for over a century. In this current environment for signature biometrics, the number of stored samples or templates per user can grow very fast, making it possible to train more robust statistical user models, improving the performance of the biometric systems and in particular reducing the template ageing effect. This study carries out an exhaustive experimental analysis of template update strategies for three well-known on-line signature verification approaches, extracts various practical findings related to the template ageing effect in signature biometrics, and configures time-adaptive improved versions of the considered baseline approaches overcoming to some extent the template ageing. The proposed improved approach achieves system performances of 2.1 and 0.2% equal error rate for skilled and random forgery cases, respectively. These results show the efficacy of the proposed methodology.