Money Funds Research Articles

A Case Study of Interbank Deposit Fund Market: Sustainable Emerging Markets in China

The first batch of interbank deposit funds was issued in China on December 3, 2021, and three batches of interbank deposit funds were issued in China as of May 2022, totaling 17 funds. As an emerging market, the interbank deposit fund market is a gap area of academic research. This paper analyzes the background of the development of the interbank deposit fund market in China, summarizes the current development of interbank deposit funds based on relevant data, introduces the specific profit model of interbank deposit funds, and explains their main advantages over short-dated bond funds and money funds. At the same time, this paper also discusses the main constraints faced by interbank depository funds, proposes corresponding solutions, and looks into the future development direction of China's interbank depository fund market. The above research plays a role in the sustainable development of the interbank depository fund market.

FACTORS INFLUENCING FIXED INCOME MUTUAL FUND PERFORMANCE

A mutual fund is one of the investment instruments currently developing in Indonesia. There are many types of mutual funds, such as money market funds, fixed-income funds, equity funds, and mixed funds. When an investor invests their money in mutual funds, the investor has to be able to pick the best mutual funds based on mutual funds' performance and their risk profile. There are a lot of factors to determine mutual funds' performance. This research aims to analyze the effect of fund age, fund size, expenditure ratio, and past performance on fixed income mutual funds performance starting from 2016 – 2019. The performance of fixed income mutual funds is measured with the Sharpe method. Multiple regression results analyzed data from the research. The research results show that fund age has a negative and significant effect on fixed income mutual funds. Meanwhile, fund size, expenditure ratio, and past performance don’t significantly affect the performance of fixed-income mutual funds. This research provides investors insight into being more selective in choosing mutual fund products, especially fixed income mutual funds. Furthermore, portfolio managers might use this study to assess the performance of the mutual funds they manage. So that the mutual funds they manage might have a higher future performance. The study contributes to a better understanding of the factors to consider when investing in fixed income mutual funds.

Liquidity Creation by Islamic and Conventional Banks during Covid-19 Pandemic

The Covid-19 pandemic has affected many aspects beyond the health sector. The pandemic has also changed the economy in various ways. For example, a decline in economic growth in various countries is predicted to trigger a global crisis. Social distancing and partial lock-down policies also significantly suppress economic activity and domestic consumption, resulting in economic contraction. In addition, partial lock-down policies, social distancing policies, and uncertainty regarding the future economic conditions have increased the risk of vulnerability in the banking industry, particularly in terms of lending and liquidity creation in the banking sector.The Indonesian government provides several incentives such as assistance with a social safety net and economic incentives to increase public consumption and government spending. Thus, it is hoped that there will be money movement and additional funding and lending activities in the banking system and reinforce liquidity creation. Keywords: Liquidity Creation, Islamic Bank, Conventional Bank, Covid-19 Pandemic

Idaho governor highlights $50M investment in BH

Idaho Gov. Brad Little and other state officials on Tuesday highlighted one of the state's largest‐ever investments in behavioral health care, the Associated Press reported April 5. The Republican governor in a ceremonial event that included Idaho Supreme Court justices and lawmakers marked the $50 million approved by the Legislature in a series of appropriations bills this year that Little has already signed into law. “Our goal is to do intervention early enough to where these problems aren't these big problems,” Little said. “That we can recognize behavioral health issues early on and address those early, and that will lower the cost of everything. But most importantly, it will improve our quality of life here in Idaho.” The money targets areas recommended by the Idaho Behavioral Health Council, comprised of members from all three branches of state government. The council has sought to improve access to mental health resources and improve outcomes. The $50 million is spread over a handful of appropriations bills and passed with large margins, but with far right‐wing lawmakers tending to vote against them. The money includes a mix of federal coronavirus relief funds as well as general fund money. Little called it “a very successful passage of significant bills that will enhance the delivery of much‐needed behavioral health services across the state.”

FUNDAMENTAL & TECHNICAL ANALYSIS ON SELECTED SECTORS

The annual inflation rate was 6.18% in 2020 from a downwardly revised 3.72% in the previous year. With the inflation rate higher than the average interest rate offered by the Indian Banks on the savings account being on an average 3.5 to 4%, Indians have started investing their money in equity or mutual funds. With more number of people aware about the equity market, and with constant encouragement by SEBI and GOI for educating people about the different avenues of investment, people have started considering investing in the stock market. The traditional investors today still focus more on Fixed Deposits and PPFs. But gradually, people have started being more aware about the stock market. To minimize the effect of risk various models and theories have been formulated. The two primary methods used to analyze the risk and the volatility of the market are: Fundamental & Technical Analysis. Secondary data from Money Control and many other sites is used for fundamental & technical analysis of 10companies from 5 different sectors (IT, Banking, Automobile, Health and Infrastructure). From research view point, the importance of fundamental & technical analysis in investment decisions can be observed and the sectors can be ranked according to their performance as well as investor preference.

Systematical Review: Faktor Penyebab Keterlambatan Penyediaan Rekam Medis Rawat Jalan

Background: The provision of outpatient Medical Records (MR) affects the length of waiting time for patient services. The time of providing outpatient MR in several hospitals was more than the standard average time of ≤10 minutes. This study aims to analyse the factors causing the delay in providing outpatient medical records.Method: The research design was systematic review uses Google Scholar and Garuda Databases with topics related to factors causing delays in the provision of outpatient MR. Two reviewers were screening and found articles which match the criteria and have 13 full-length articles included to final review.Result: The average time for providing outpatient MR was in range of 11-20 minutes. The causes of delays in providing outpatient MR were grouped based on 5M factors including lack of MR educated officers, indiscipline, lack of knowledge, train and motivation (Man), unavailability of funds (Money), unavailability of MR, storage and folder, easily damaged material, infrastructure unavailability and technical problems (Machine), as well as unavailability and not maximized SOP use, no evaluation and outpatient registration flow (Method).Conclusion: The time delay in providing outpatient MR was still high, the main cause was the unavailability of infrastructure and the lack of MR educated officers.Keywords: Delay, provision, medical records outpatient, systematical review

Analysis of the Reasons Why Hong Kong does not have Short-term Financial Products

Whether in mainland China or Hong Kong, due to the steady development of China's economy and the continuous growth of national income, residents' awareness of financial management has become stronger and stronger, so the development of the financial product industry is also booming. In the mainland, an increasing number of people are investing their spare money in currency funds such as Short-term wealth management products under a good momentum of development. However, the development of such currency funds in Hong Kong is slower than that in the mainland. This article will explore and analyze the reasons for the lack of Short-term money funds in Hong Kong from different angles.

Using Land and Water Conservation Fund Money to Protect Western Migration Corridors

Using Land and Water Conservation Fund Money to Protect Western Migration Corridors

The Readiness for Implementation of Financial Management Patterns of Regional Public Services Agency at Public Health Center

The purpose of the study is to determine the readiness of Lais public health center and Teluk Kijing public health center of Musi Banyuasin District, South Sumatra Indonesia, in managing finances of regional public service agencies (BLUD). Time of research from March-July 2021. Used the types of descriptive qualitative research to review the documents, observation, and in-depth interviews to the research subject as many as 10 (ten) informants. The triangulation technique is used in testing the validity of the data. The research result showed that Lais public health center and Teluk Kijing public health center were ready to implement the financial management pattern of BLUD, which can be seen from the results of input analysis, process, and output from the analysis of stakeholder, related commitment, knowledge and responsibilities, funding (money), infrastructure (materials) and methods, in addition, substantive requirements, technical requirements, and administrative requirements have been carried out. The results of this study have implications related to the preparation and continuation of the implementation of the BLUD Public Health Center financial management pattern. Based on its limitation, it is still possible for other local governments who have the same contextual conditions to use these results as an input when preparing the BLUDs financial management pattern.

Pengaruh risiko operasional dan tingkat kecukupan modal terhadap profitabilitas pada bank umum swasta nasional di bursa efek indonesia periode 2015-2019

Banks are financial institutions whose activities are to collect funds (money) from the public in the form of deposits. Profitability in a bank is influenced by several factors, including operational risk and the level of capital adequacy. The purpose of this study was to determine the effect of Operational Risk and Capital Adequacy Ratio on Profitability at Bank Milik Swasta Nasional listed on the Indonesian Stock Exchange for the period 2015-2019. This study uses a population of 6 private banks listed on the IDX with a total of 30, sampling on the IDX accessed through the website www.idx.co.id and data obtained in the form of published Private Bank Annual Report. The data analysis technique used is Descriptive Analysis, Classical Assumption Test, Multiple Linear Regression Analysis and Hypothesis Test (t and f test). The results of this study indicate that operational risk has a significant negative effect on profitability, and the level of capital adequacy has a significant positive effect on profitability.

ФУНКЦІЇ СТРАХУВАННЯ ЯК ОБ’ЄКТ ФІНАНСОВО-ПРАВОВОГО РЕГУЛЮВАННЯ

The functions of insurance as an object of financial and legal regulation are considered. Based on the methodology of the system analysis, an analysis of the current legislation in the field of insurance concerning definition of the insurance concept is carried out. It is noted that today a new sub-branch such as financial and legal regulation of insurance business has appeared in the system of financial law as a branch of law. It combines legal norms that regulate (mainly by the method of authoritative provisions) public relations on the formation, distribution and use of insurance funds, exercise of control and supervisory measures. It also includes legal norms regulating involvement of insurance business entities and other participants in public relations in the field of insurance to financial and legal responsibility in order to protect the rights and legitimate interests of insured persons in insured accidents. Insurance functions occupy a special place in the financial legislation. The distributive, preventive, restorative, saving, risk, control, investment functions of insurance are examined. The factors influencing the investment function of insurance are determined; the role of the National Bank of Ukraine in the implementation of this function is demonstrated. It is stated that the function of forming a specialized insurance money fund to maintain the security and stability of the state financial system is one of the specific functions of insurance. Insurance is an integral part of the financial system of the state, which provides the regular functioning of social development; it is an integral function of the state, a necessary condition for the development and stability. Ukraine’s course towards European integration determines the factors of economic and legal transformations in the country, including the further development of insurance activities.

Research on the Dependence Structure and Risk Spillover of Internet Money Funds Based on C-Vine Copula and Time-Varying t-Copula

Internet money funds (IMFs) are the most widely involved products in the Internet financial products market. This research utilized the C-vine copula model to study the risk dependence structure of IMFs and then introduces the time-varying t-copula model to analyze the risk spillover of diverse IMFs. The results show the following: (1) The risks of Internet-based IMFs, bank-based IMFs, and fund-based IMFs have obvious dependence structure, and the degree of risk dependence among different categories of IMFs is significantly different. (2) There are risk spillover effects among diverse IMFs, and their risk dependence relationship is characterized by cyclical feature. (3) The risk spillover effect among diverse IMFs is pronounced, and dynamic risk dependence between IMFs is characterized by synchronization.

Performance Evaluation of China Internet Monetary Fund Based on Super-efficient DEA

Since 2013, China’s Internet money fund market has entered a new era. On June 17, 2013, Yu’e Bao, jointly launched by Alipay and Tianhong Fund Company, was the first to go public. In just a few short years, the Internet money fund market has developed in full swing, and Tencent, Baidu, and JD have also participated in the development of related change wealth management businesses. This article uses super-efficiency DEA to evaluate fund performance. Through the validity test of 16 sample fund products in 2019, 7 sample funds are valid according to the DEA; and 16 sample fund products in 2020 are tested for validity, 9 sample funds are valid according to the DEA. The research found that most of the Internet financial products have not yet reached their effectiveness, which is mainly reflected in the fund’s custody and management fees. There is still a lot of room for development in China’s Internet fund market.

Analysis of The Exchange Rate on The Thai Baht Against The Chinese Yuan Using A Support Vector Machine and Firefly Algorithm

This research constructed an optimal model to forecast the exchange rate of the Thai Baht against the Chinese Yuan by Support Vector Machine model and firefly algorithm. The software used for the construction was R program. The data used for modelling was secondary data collected from Bank of Thailand and the Ministry of Commerce, which consisted of the exchange rate of the Thai Baht against the Chinese Yuan, policy interest rate (per year), the Thai Baht index, import value, export value and international reserve fund. The collection of data was monthly records starting from January 2009 to June 2019, 126 data sets. The first 120 data sets were used for constructing the model and the last 6 data sets were used to verify the model. It was found that there were 3 factors which affected the exchange rate of the Thai baht against the Chinese yuan, with 5% statistical significance. The same direction factors were policy interest rate and import value and the opposite direction factor was international money fund. The optimal support vector machine model obtained was eps-regression type with radial basis function kernel, which had gamma parameter , epsilon parameter and cost value parameter . The model verification showed that the obtained model provided the root mean square error 0.1518 only whereas the classical multiple linear regression model provided the root mean square error 0.2614.

Funding Liquidity and Market Liquidity: The Broker-Dealer Perspective

We provide direct evidence of how dealers’ funding liquidity affects their liquidity provision in securities markets. Worse funding liquidity (higher repo haircuts and rates) leads to larger bid-ask spreads and transaction costs in corporate bonds. We also find that dealers’ relationships with money funds are important determinants of their repo haircuts and rates. Using dealers’ exposure to the 2016 Securities and Exchange Commission (SEC) money fund reform as an instrument, we show that funding liquidity indeed has a causal effect on market liquidity. Finally, dealers with lower funding liquidity tend to have smaller market shares and execute more trades on an agency basis. This paper was accepted by Haoxiang Zhu, finance.

401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2018

The bulk of 401(k) assets were invested in stocks. On average, at year-end 2018, 63 percent of 401(k) participants’ assets were invested in equity securities through equity funds, the equity portion of balanced funds, and company stock. Twenty-eight percent of assets were in fixed-income securities such as stable value investments, bond funds, money funds, and the fixed-income portion of balanced funds. More 401(k) plan participants held equities at year-end 2018 than before the financial market crisis (year-end 2007), and most had the majority of their accounts invested in equities. For example, about three-quarters of participants in their twenties had more than 80 percent of their 401(k) plan accounts invested in equities at year-end 2018, up from less than half of participants in their twenties at year-end 2007. Overall, more than 90 percent of 401(k) participants had at least some investment in equities at year-end 2018. More than three-quarters of 401(k) plans, covering more than three-quarters of 401(k) plan participants, included target date funds in their investment lineup at year-end 2018. At year-end 2018, 27 percent of the assets in the EBRI/ICI 401(k) database were invested in target date funds and more than half of 401(k) participants in the database held target date funds. Also known as lifecycle funds, these funds are designed to offer a diversified portfolio that automatically rebalances to be more focused on income over time. In an ongoing collaborative effort, the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI) collect annual data on millions of 401(k) plan participants as a means to examine how these participants manage their 401(k) plan accounts. This report is an update of EBRI and ICI’s ongoing research into 401(k) plan participants’ activity through year-end 2018. The report is divided into four sections: the first describes the EBRI/ICI 401(k) database; the second presents a snapshot of participant account balances at year-end 2018; the third looks at participants’ asset allocations, including analysis of 401(k) participants’ use of target date, or lifecycle, funds; and the fourth focuses on participants’ 401(k) loan activity.

ОЦІНКА СУЧАСНОГО СТАНУ СИСТЕМИ НЕДЕРЖАВНОГО ПЕНСІЙНОГО ЗАБЕЗПЕЧЕННЯ В УКРАЇНІ

The trends of recent years indicate that the available pay-as-you-go financing pension system soon will not be able to perform its main function – to guarantee monetary benefits to persons who have reached retirement age. This, in turn, generates the need to draw the country’s attention to non-state pension provision. Thus, the article is devoted to the study of the development of the modern status of the system of non-state pension provision in Ukraine and making proposals for its promotion. To conduct the research, the author uses the following tools: statistical analysis – to assess trends in the development of the system of non-state pension provision; graphic method and table method – to visualize research findings on the activities of private pension funds; comparative method – to determine the dynamics in the system of non-state pension provision. In the course of the research, the dynamics of the key indicators that characterize the features of non-state pension provision in Ukraine are considered and analyzed. It is established that recent years are characterized by a lack of positive changes in the territorial distribution of non-state pension funds, lagging progress in increasing the total number of participants of non-state pension provision – in fact, individual entrepreneurs don’t show interest in the system of non-state pension provision. The research emphasizes that the state should pay considerable attention to informing about the non-state pension system to earn the trust and readiness of Ukrainians to collect money in non-state pension funds. In particular, considerable attention should be paid to the creation of open information space for the young generation, which would provide accessible, reliable and understandable data on the activities of private pension funds and the prospects and benefits of joining the non-state pension provision system. It is highlighted that an important aspect in the advancement of the system of non-state pension provision encompasses a positive demographic situation, favorable tax policy both for the employer and the employee, stable financial capacity of the population.

Banks’ Interest Rate Setting and Transitions between Liquidity Surplus and Deficit

Assuming that a central bank is successful in steering money market interest rates, commercial banks’ loan rate setting behaviour is not expected to change during a transition between liquidity surplus and deficit. However, this logic does not hold if the interest rates for the lending and borrowing activities of an individual bank on the money market do not coincide. In this environment, it may be appropriate to adjust the loan rates when a bank transitions between liquidity surplus and deficit (i.e. switches between the benchmark money market rates). This strategy is fundamentally different from linking the loan rates to the average cost of funding (i.e. the average between retail and wholesale funding rates). The magnitude of such loan rate adjustment is limited by the (usually moderate) spread between the funding and investment money market rates.

ОБЪЕКТИВНЫЕ ПРИЗНАКИ ПРЕСТУПЛЕНИЙ ПРОТИВ СОБСТВЕННОСТИ: ХИЩЕНИЕ ДЕНЕЖНЫХ СРЕДСТВ С БАНКОВСКОЙ КАРТЫ

The relevance of scientific research is caused primarily by the general transition of the society to the funds’ transfer network. Physical money is replaced by virtual one, the access to which is granted remotely. Therefore, in some situations, a lawbreaker can gain possession of non-cash resources far easier than stealing the cash of a possible victim. For the past two decades, lawbreakers successfully apply lots of ways allowing a lawbreaker both to possess personal information of another person – bank cardholder and, subsequently, to steal money from a holder’s account. The paper determines the objective signs of a crime against property and the list of attributes typical for stealing money funds from a bank card. The authors distinguish the objective signs of two bodies of a crime, which can fall within the definition of embezzlement from a bank card: a theft from a bank account, and fraud using electronic payment facilities. The authors conclude that the embezzlement from a bank card throw the commission of fraudulent acts is possible only when interacting with a third party. The actual presence of another person (a victim or an employee of credit, bank, commercial, or other organization) and the interaction of a criminal with this person is a prerequisite for classifying a crime as a fraud. Any actions aimed at the unlawful seizure of non-cash monetary assets and not accompanied by direct contact with a third party should be classified as theft.

Improving Internet Connectivity During COVID-19

The COVID-19 pandemic has forced all of us to live, work, learn, and communicate online, making reliable and affordable access to the internet indispensable. However, those who are already disadvantaged are suffering greater digital exclusion during this time, in the form of inadequate internet connectivity. At the same time, the COVID-19 pandemic has been a catalyst for positive regulatory change, since it has presented countries with an opportunity to deploy different regulatory and policy tools to improve internet access. Through the discussion of four cases – Panama, South Africa, Kenya, and the State of Kerala (in India) – this paper looks at the steps taken by governments to meet the increased demand for internet during the pandemic. It also examines the regulatory changes that may be necessary to nudge mobile network operators to ensure continued internet connectivity.The paper summarises the different approaches that have met with success in the four cases in maintaining and improving internet connectivity during the pandemic. Governments and regulators can allocate spectrum temporarily; freeze internet and mobile payments on a temporary basis; prohibit a price increase; implement tax measures; support telecom infrastructure providers; use the unutilised money in the national Universal Access Fund; provide zero-rated access to websites (after taking into consideration certain factors); and monitor network capacity regularly. Countries should also adequately consider the time frame of their policies. These options can form part of a country’s policy toolkit during an emergency, and can be deployed depending on the local context and economic, political, and social factors.