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1
Omede, P. I. "A Tale of Two Markets: How Lower-end Borrowers Are Punished for Bank Regulatory Failures in Nigeria." Journal of Consumer Policy 43, no. 3 (December 23, 2019): 519–42. http://dx.doi.org/10.1007/s10603-019-09439-8.
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AbstractIn 2009, the Nigerian banking system witnessed a financial crisis caused by elite borrowers in the financial market. Regulatory response to the Nigerian crisis closely mirrored the international response with increased capital and liquidity thresholds for commercial banks. While the rise of consumer protection on the agenda of prudential supervisors internationally was logical in that consumer debt was the main cause of the global recession, the Nigerian banking reforms of 2009 disproportionately affected access by poorer consumers, who ironically had little to do with the underlying causes of the crisis. As lending criteria become more stringent, poorer consumers of credit products are pushed into informal markets because of liquidity-induced credit rationing. Overall, consumer protection is compromised because stronger consumer protection rules for the formal sector benefits borrowers from formal institutions who constitute the minority of borrowers in all markets. While the passage of regulation establishing credit bureaux and the National Collateral Registry will, in theory, ease access to credit especially by lower-end borrowers, the vast size of the informal market continues to compound the information asymmetry problem, fiscal policies to tackle structural economic issues such as unemployment and illiteracy remain to be initiated, and bank regulators continue to pander to elite customers with policy responses that endorse too big to fail but deems lower-end consumers too irrelevant to save. The essay concluded that addressing the wide disparity in access to credit between the rich and poor through property rights reforms to capture the capital of the informal class, promoting regulation to check loan concentration, and stimulating competition by allowing Telecommunication Companies (TELCOs) and fintech companies to carry on lending activities because of their superior knowledge of lower-end markets will facilitate greater access. The risk of systemic failure deriving from consumer credit in Nigeria is insignificant compared to the consumer vulnerabilities resulting from the exposure of consumers to unregulated products in the informal market.
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Kondrackaitė, Karolina, and Ugnė Kastanauskaitė. "Protection of consumer rights and interests." Vilnius University Open Series, no. 4 (November 16, 2020): 29–45. http://dx.doi.org/10.15388/os.tmp.2020.2.
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The object of this scientific article is protection of consumer rights and interests in contractual relationship between seller and consumer. The ever-expanding trade development, increasing abundance of goods and services stimulates consumption and this obviously leads to the growing number of consumer contracts. The growing number of consumer contracts determines the need to regulate contractual relations of consumers and sellers as much detail as possible. The purpose of detailed regulation is to prevent unfairness and ensure effective protection of the consumer as the weaker party. The work also draws attention to European Union law. The European Union law not only develops and ensures free movement of goods, services, capital and persons in a single market of European Union, but also seeks to discover a balance between the competitiveness of various companies in different Member States and a high level of consumer protection.
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Rahmawat, Ema. "IMPLEMENTASI GUGATAN SEDERHANA DALAM LITIGASI DI PASAR MODAL SEBAGAI UPAYA PERLINDUNGAN KONSUMEN (INVESTOR) PASAR MODAL INDONESIA." ADHAPER: Jurnal Hukum Acara Perdata 4, no. 1 (October 10, 2018): 123. http://dx.doi.org/10.36913/jhaper.v4i1.68.
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Capital market sector is one of the financial services which quite dynamic in progress. Capital market transactions have varied characteristics and complexity. In its practices, many factors may motivate legal dispute in capital market in which mostly not settled in litigation way. The investors avoid settle their dispute through litigation mostly because of its formalistic procedure, time consume, and uncertainty of the result because of distrust against court system. The Indonesian Supreme Court has enacted Supreme Court Regulation No. 5 of 2015 concerning Small Claims Procedure as an effort to reform civil justice system which is simplify and expedite. The small claim procedure may offer dispute settlement which simple and quick, however it is limited with the claim value up to Rp200 millions, while mostly capital market transaction has greater value than Rp200 millions. This article will discuss the implementation of the small claims procedure in investor dispute settlement in the capital market. Moreover, this article also elaborates the advantages and disadvantages of small claims procedure in settling investor dispute as a protection to the consumer in capital market.
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Lee, Joseph. "Access to Finance for Artificial Intelligence Regulation in the Financial Services Industry." European Business Organization Law Review 21, no. 4 (November 18, 2020): 731–57. http://dx.doi.org/10.1007/s40804-020-00200-0.
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AbstractThis paper discusses the design of the legal and regulatory framework for using artificial intelligence (AI) in the financial services markets to enhance access to finance (financial inclusion). The author argues that the development of AI should continue to adhere to the regulatory objectives of market safety, consumer protection, and market integrity. However, to ensure equality and fairness, access to finance should be made a clear policy choice. In the first part, the author discusses how AI can lead to systemic risks and market manipulation on trading platforms. For example, by examining the use of algorithms for trading on the capital market, the author discerns the regulatory objectives and the possible methods of regulation for peer-to-peer platforms. In the second part, the author discusses how the use of AI to provide consumers with investment advice, such as financial advice provided from robo-advisers, can close the investment advisory gap and provide consumers with access to finance. The current regime does not provide adequate protection to financial consumers in this regard. In the third part, the author discusses how AI can be used as a form of RegTech to streamline compliance processes, thereby increasing competition in financial markets and providing a benefit to consumers. However, this use may be in conflict with privacy, data protection, and ethical concerns. The author makes policy recommendations and suggests some directions for governance in the use of AI in financial services to enhance access to finance. The findings of this paper are relevant to research on the future governance of AI in financial services, public policy innovation, and urban development.
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Suwardi. "PENGAWASAN PASAR MODAL SETELAH BERLAKUNYA UNDANGUNDANG NOMOR 21 TAHUN 2011 TENTANG OTORITAS JASA KEUANGAN." Legalita 1, no. 1 (August 26, 2019): 63–79. http://dx.doi.org/10.47637/legalita.v1i1.32.
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The capital market is seen as an effective means to accelerate the development of a country because of its ability to mobilize long-term funds from the public to be channeled to productive sectors. However, trading traffic on the capital market requires supervision from the government or parties that are considered to be independent to create safe and comfortable market conditions for each party that will carry out the transaction. This article raises the issue of how to control the capital market before and after the enactment of the Law Number 21 of 2011 concerning the Financial Services Authority ?. The writing of this article uses a normative approach in analyzing various laws and regulations as well as literature related to capital market developments. The process of data analysis is done qualitatively. The function of the capital market supervision after the enactment of Law Number 21 of 2011 concerning OJK replaces the function previously performed by the Capital Market Supervisory Agency (Bapepam). Supervision under the OJK is based on a passion to give attention to protection and education for consumers. Education and protection of financial consumers is directed to increase the trust of investors and consumers in every activity and business activity in the financial services sector and provide opportunities and opportunities for the development of the financial services sector in a fair, efficient and transparent manner.
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Badenhoop, Nikolai. "Private Law Duties Deriving From EU Banking Regulation and its Individual Protection Goals." European Review of Contract Law 16, no. 2 (June 5, 2020): 233–66. http://dx.doi.org/10.1515/ercl-2020-0013.
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AbstractEU regulation both affects private law and increasingly relies on private law mechanisms to ensure its proper enforcement. Prominent examples are competition and capital markets regulation. In contrast, EU prudential regulation of commercial banking predominantly relies on public enforcement via supervisory authorities. This is astonishing given that the protection of individual bank customers emerges as a leitmotiv of EU banking regulation. CRD IV and CRR as the main legislative acts of EU commercial banking regulation strongly promote the goals of depositor and investor protection. More explicitly, the Consumer Credit Directive and the Consumer Mortgage Credit Directive introduced the duty of responsible lending towards consumers. Where the individual bank customer enjoys regulatory attention, but is not protected by public supervisory authorities, private law is best placed to fill the enforcement gap. In light of CJEU guidance, this contribution argues that the current EU banking regulation is open for and even requires private law remedies to enforce individual protection goals. Suitable instruments are contract interpretation, contract nullity and damages.
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Previanti, Niken. "ASPEK HUKUM PENAWARAN UMUM EFEK SECARA ELEKTRONIK." Veritas et Justitia 7, no. 1 (June 28, 2021): 162–87. http://dx.doi.org/10.25123/vej.v7i1.4248.
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The main issue discussed here, using a juridical normative method, regards the legal validity and implementation of, and legal protection given to investors, found in the Financial Services Authority Regulation No. 41/POJK.04/2020 re. Electronic Public Offering of Equity, Debt Securities and/or Syaria’ Undivided Share. Important to note is the fact that the Financial Services Authority is established by virtue of Law No. 21 of 2011 to replace and take over the functions of the Capital Market and Financial Institution Supervisory Agency and the Central Bank in regulating and supervising Indonesian Banks and Capital Markets and lastly protect consumers in the financial services industry. Here should also mentioned the fact that the Capital Market Law (No. 8/1995) and its implementing regulations has yet to respond to how advances in information technology can be utilized to regulate-control and supervise public offering of shares or equity in the Capital Market.
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Shandrivska, Olena. "ЗАСАДИ ФОРМУВАННЯ РИНКУ ПЕРСОНАЛЬНИХ ДАНИХ ГРОМАДЯН: БЕЗПЕКОВИЙ ЗРІЗ." PROBLEMS AND PROSPECTS OF ECONOMIC AND MANAGEMENT, no. 4(20) (2019): 246–54. http://dx.doi.org/10.25140/2411-5215-2019-4(20)-246-254.
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The world experience of the prerequisites for the formation of a consumer personal data market has been analyzed, in particular from the point of view of providing access to stakeholder groups interested in it. A conceptual scheme of the for-mation of a market for personal data has been introduced. A quantitative and qualitative analysis of indicators that identify the conditions of the personal data market has been carried out. The following indicators has been included in the work: economically active population, Internet home subscribers, Internet connectivity rates, available income per capita, and recorded cybercrimes. The basics of streamlining public information relations in terms of personal data protection based on the formation of a unified system of personal data protection has been formulated, methods for minimizing the risks of leak-age of consumers personal data has been developed.
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Barska, Anetta. "Innowacje na rynku produktów żywnościowych z perspektywy polskich i czeskich konsumentów generacji Y." Zeszyty Naukowe SGGW w Warszawie - Problemy Rolnictwa Światowego 17(32), no. 1 (March 30, 2017): 7–18. http://dx.doi.org/10.22630/prs.2017.17.1.1.
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Modern food market is a market with a high level of innovativeness, what is a consequence of more and more differentiated expectations of consumers, not only about the hunger, but also various hedonistic desires, keeping slender figure, increasing vital forces, saving time, or protection of environment (Gutkowska, 2011). Food industry is becoming more and more global. Development of international corporations, movement of capital and workforce on the international scale, development of IT cause diffusion of consuming behavior patterns and there is growing tendency of identification with transnational values. However, phenomenon of homogenization of needs is less observable within the food products because consumers often manifest ethnocentric attitudes toward these products. Food consumption has the strongest relationship with the culture of the country and therefore, in comparison with industrial consumption is less susceptible to the process of globalization. Consumer is an invaluable source of information, indispensable for the producers during preparation of marketing strategies connected with designing and introduction of new products to the market. Knowledge of attitude and behaviors of the consumers towards innovations can significantly contribute to the growth of subject innovativeness. Currently, there is no single common position on how baying decisions of the Generation Y consumer are determined by global trends, and to what extent they are the result of cultural conditioning. Therefore, undertaking this issue has its cognitive justification due to insufficient diagnosis. The goal of this article is identification perception of Gen Y consumers towards innovations on the food market. The author used an analysis of the subject literature and results of her own surveys conducted among 606 consumers Generation Y, from the border areas of Poland and Czech Republic. Results of research have proven that young consumers are open to novelties. The innovations on the food market is a subjective category. Some of the ways of perception of innovations on the food market varied depending on sex and nationality of the respondents.
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Brown-Hruska, Sharon. "The Impact of Post-Crisis Regulatory Reforms on Cross-Border Financial Transactions." Proceedings of the ASIL Annual Meeting 112 (2018): 41–44. http://dx.doi.org/10.1017/amp.2018.8.
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One of the near casualties of the global financial crisis (Crisis) was the march toward a more principles-based global regulatory structure that simultaneously encouraged cross-border transactions and recognized sovereign authorities over them without the necessity of a one-size-fits-all regulatory framework. The implementation of the G20 reforms for over-the-counter derivatives was far more prescriptive than principled. Post-crisis implementation of the G20 reforms, embodied in the United States in Title 7 of the Dodd Frank Wall Street Reform and Consumer Protection Act, yielded a costly, and in some markets, persistent loss of liquidity and fragmentation as market participants have attempted to sort out complex and sometimes competing regulatory requirements for reporting, trading, clearing, margin, and capital in practice.
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Rego, Lopo, Matthew T. Billett, and Neil A. Morgan. "The “Risky” Side of Brand Equity: How Brands Reduce Capital Costs." GfK Marketing Intelligence Review 3, no. 2 (November 1, 2011): 8–15. http://dx.doi.org/10.2478/gfkmir-2014-0044.
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Abstract Whereas it is widely accepted that strong brands are associated with superior productmarketplace and firm financial performance, their influence on firm risk is less clear. However, recent studies from the marketing-finance interface have started to unveil the impact that marketing activities have on the firm’s financial risk, above and beyond ist impact on financial returns. In this study, the association between brand equity and firm risk are investigated. The findings indicate that a firm’s consumer-based brand equity (i.e., strong brands) is associated with decreased debtholder and shareholder risk and also reduces the capital costs for the company. Furthermore, brand equity is particularly relevant in protecting firms’ equity holders during down-market periods. As a consequence, firms should consider brand management within the firm’s risk management strategy and maintain or even increase consumer-based brand equity investments during periods of economic uncertainty.
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Zakirova, Elina. "Economic regulation and market instruments for environmental protection, including fees for negative impacts." E3S Web of Conferences 291 (2021): 02032. http://dx.doi.org/10.1051/e3sconf/202129102032.
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Based on the results of the analysis of the European and Russian experience of state regulation of environmental protection, in the article the author examines the possibilities of using economic instruments in the field of environmental policy. It is substantiated that some market instruments are able to bring the state income, which can either be directed to environmental protection expenditures, or used to compensate taxes on labor and capital. Environmental budget items are underfunded, despite the positive dynamics of environmental protection costs associated with the implementation of the national project “Ecology”. The author emphasizes the need for market regulation mechanisms, since they allow taking into account the interests of all participants in state policy: consumers, the state and producers. One of the topical areas of environmental policy is the establishment of a system for the sale of quotas for emissions of greenhouse gases, which will reduce carbon dioxide emissions and stimulate the development of “green” technologies in the financial and industrial spheres.
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SŁOWIKOWSKI, Marcin Andrzej. "Infringement of consumers’ collective interest – the case of “insurance–deposits”." Central and Eastern European Journal of Management and Economics 5, no. 2 (January 7, 2018): 177. http://dx.doi.org/10.29015/ceejme.625.
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Aim: The purpose of the paper is to present the legal regulation aimed at protecting consumers and demonstrate how legal norms influences the economy. The topic is important because of the increasing scale of controversial practices concerning the insurance-depots.Design / Research methods: This issue is examined using the review of legal acts and judgments regarding col-lective violations of consumer interests related to life insurance with a capital fund offered on the Polish market, as well as literature review.Conclusions / findings: The aim of the paper is to assess the scope of negative consequences of such financial products. The paper is another voice in the discussion on loses from “insurance-depots” and might bring value added to their stakeholders, in particular banks and former clients. Originality / value of the article: The research applies suggestion for further quantitative models concerning the topic.
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Istrate, Costin, and Dumitru Badea. "Financial management of insurance companies in the context of the new regime Solvency II." Proceedings of the International Conference on Business Excellence 11, no. 1 (July 1, 2017): 625–36. http://dx.doi.org/10.1515/picbe-2017-0067.
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Abstract The new solvency regime Solvency II represents a solid and harmonized prudential framework applicable by insurance companies in the European area. Solvency II was implemented in the European Union by adopting Directives 2009/138/EC respectively 2014/51/EU, replacing existing directives regulating solvency former regime, known as Solvency I. Thus, the new European legislation in insurance, applicable from 1 January 2016, was aimed at unifying the main European insurance market and ensuring consumer protection. The responsible authority at EU level with the implementation of the new solvency regime is EIOPA - European Insurance and Occupational Pensions Authority, which dealt in previous periods of testing the European market insurance through organizing quantitative impact studies (last exercise - QIS5, organized in 2011). The main standards derived from Solvency II and also the new IFRS accounting provisions, intended to increase the transparency of risk management and investment, in order to pricing insurance products and profitability of the different classes of insurance rates. Solvency II brings both challenges and opportunities for companies, changing the concept of building protection programs for insured and generating additional concerns about capital requirements in the determination of own funds (basic, auxiliary and surplus) that can be used to meet this requirement. Also estimate realistic and prudent risk assumed by insurance contracts concluded transposed to the insurance companies by recording every technical reserves represent a very important element in order to establish an optimal balance of financial resources. Given the significant overlap between IFRS and Solvency II, insurers will have to improve disclosure requirements of additional information and adjust planning and forecasting. All these measures will increase the efficiency of financial management, a series of operational measures and by providing documented and tested processes. Also, increasing volatility related to financial results will cause insurance companies to deliver predictable results, a process that will produce changes in the financial management optics.
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Engvall, David H., Reid S. Hooper, Keir D. Gumbs, and David B. H. Martin. "SEC proposes “pay-for-performance” disclosure rule." Journal of Investment Compliance 16, no. 3 (September 7, 2015): 24–27. http://dx.doi.org/10.1108/joic-06-2015-0034.
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Purpose – To outline and summarize the new disclosure requirements under the Securities and Exchange Commission’s proposed pay-for-performance rule, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Design/methodology/approach – This article highlights the proposed new disclosure requirements, while briefly discussing the technical requirements under the rule. The article concludes with a summary of the next steps in the rulemaking process followed by our observations of various issues raised by the proposed new disclosure requirement. Findings – While the contours of any new disclosure requirements will depend on the specifics of the final rule, the pay-for-performance rule, as proposed, would represent a significant new annual disclosure obligation for many public companies. Originality/value – Practical guidance from experienced securities and capital markets attorneys.
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Botvina, Natalia. "Formation of the insurance market in Ukraine: realities and problems." Economic Analysis, no. 29(4) (2019): 132–37. http://dx.doi.org/10.35774/econa2019.04.132.
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Insurance is one of the important financial segments of the national economy, where financial and investment resources are formed, accumulated, redistributed and used, and there is an interaction between producers and consumers of insurance products. The financial condition of most insurers is quite low and does not provide them with competitive advantages even in the domestic insurance market. The decisive factor in the opacity of insurance processes is determined by the insurers of circuit transactions. Public reporting of insurers does not contribute to an objective diagnosis of their financial condition, stability, and often inaccuracies and errors. However, the fall in the relative indicators of insurance indemnity in the conditions of a steady rise in the size of insurance premiums convinces that insurance has not yet fully realized its function of providing real insurance protection and covering the existing risks of economic entities. Carrying out structural restructuring of the economy and economic reforms necessitate further development of the insurance market of Ukraine as part of the financial market. Insurance implements the state policy of socio-economic protection of the population, as well as generates significant investment resources. Foreign experience shows that insurance companies have a special place in ensuring the investment process, the possibility of accumulating financial resources, the transformation of the insurance market into a powerful source of investment resources. The main reasons that threaten insurers and, consequently, the financial security of the state, are a significant narrowing of the life insurance segment, a slight increase in insurance capital, slow growth of insurance reserves, slow increase in financial stability, there are structural transformations to expand voluntary property insurance. The development of the insurance sector and increase the confidence of economic entities in insurance institutions depends on the insurance policy, method and regulatory levers of the state. It should be noted that the domestic insurance market is considered to be a fairly closed and non-transparent market. This is due to the extremely heterogeneous construction of the market environment, low level of transparency of the insurance market, the lack of detailed objective data on the functioning of a particular insurer and the structure of its financial capital. The main problems hindering the development of the insurance market in Ukraine are considered. The article pays attention to significant information secrecy, political and financial instability, lack of insurance professionals. Currently, the domestic insurance system is slowly developing due to formal schemes, mainly in an extensive format, and is accompanied by various problems of financial, information-analytical, organizational and institutional-infrastructural nature. However, there are problems of increasing the quality of insurance products, combining and harmonizing the interests of participants in the insurance system. The decisive problems of Ukrainian insurers in the transition to new market conditions was the need to adapt to a tough competitive environment.
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Parnes, Dror, and Srinivas Nippani. "The integration of mortgage and capital markets: a tale of two administrations." Journal of Financial Economic Policy 11, no. 3 (August 5, 2019): 405–31. http://dx.doi.org/10.1108/jfep-09-2018-0130.
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Purpose This study aims to extend the literature by exploring the degrees of integration of both fixed and adjustable mortgage rates and diverse riskless (Treasury) and risky (corporate) interest rates in the capital markets from January 1, 2010, until November 7, 2018. This period is uniquely characterized by a sharp conversion on January 20, 2017, from enhanced financial regulation during the Obama administration to major deregulatory ambitions during the first 22 months of the Trump administration. Design/methodology/approach The authors use the augmented Dickey and Fuller and the Phillips and Perron unit root tests to examine time series stationarity and the Johansen cointegration rank and the Stock-Watson common trends tests to inspect various cointegrations and regressions of time series pairs to explore different effects. The authors deploy these techniques over the entire time frame, as well as for distinct sub-periods of similar length. Findings The authors conclude that a deregulatory setting favors cointegration between mortgage and non-corporate capital markets. However, an enriched regulatory environment supports cointegration between mortgage and corporate capital markets. In addition, the Dodd-Frank Wall Street Reform and Consumer protection Act from July 21, 2010, created a unique though short-term effect on the relationships between Treasury and corporate bonds and fixed-rate mortgages. Practical implications The journey contributes to the overall understanding of the interactions among US financial markets. They are considered efficient, competitive and fully developed if their prices quickly adjust to economic changes and regulatory transformations. Originality/value The authors study the degrees of integration of various conventional and adjustable mortgage rates and different fixed and floating interest rates in the US capital markets from January 1, 2010, until November 7, 2018. This recent time frame has yet to be examined in the economic literature. This period is also characterized by a sharp transformation on January 20, 2017, from enhanced financial regulation during the Obama administration to major deregulatory drives during the first 22 months of the Trump administration.
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Lee, Jun Kyo. "Study on Variable Insurance’s Issue on Principal Loss under Capital Market Act and Possibility of Resolving the Issue under Financial Consumer Protection Act - Focusing on duty of explanation and suitability rule -." Sogang Law Journal 10, no. 1 (February 28, 2021): 153–203. http://dx.doi.org/10.35505/slj.2021.2.10.1.153.
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MARTSENYUK-ROZARYONOVА, Olena. "CURRENT STATE AND PROBLEM ASPECTS OF SUSTAINABLE DEVELOPMENT IN INSURANCE MARKET IN GLOBALIZATION CONDITIONS." "EСONOMY. FINANСES. MANAGEMENT: Topical issues of science and practical activity", no. 4 (44) (April 2019): 61–68. http://dx.doi.org/10.37128/2411-4413-2019-4-7.
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In modern conditions, the functioning of the world financial insurance system is an objectively necessary attribute of a market economy and provides reliable guarantees for the restoration of violated property rights and interests in cases of losses caused by fire, natural disasters, man-made accidents, transport accidents and other unpredictable cases. Due to the mechanism of insurance protection for all market actors, equal rights are created, there is the possibility to benefit, there is a desire to take risks, incentives for increasing labor productivity, technical upgrading of production capacities, and investment in business development are provided. At the same time, insurance not only prevents the state from the cost of damages in the event of occurrence of insurance events, but also significantly affects the consolidation of state finances and is an effective form of accumulation of citizens' funds and a significant and stable source of long-term investment. The insurance market, which has a significant impact on the socio-economic stability of society, is one of the factors that directly determines the level of economic security of the country. The intensive globalization of the world insurance market requires from the national insurance markets adaptation to the new regime of international trade in insurance services, which is determined by the processes of liberalization of insurance supervision and state regulation of insurance markets. Today, an important task is to assess the causes, forms and trends of globalization of the insurance environment, which will allow optimally to form the direction of development of the insurance market in Ukraine. The globalization of insurance relations is a process of eradicating legislative and economic barriers between national insurance markets, which is under the influence of changes in the global economy, and aims to form a global insurance space. This phenomenon is eloquent in the following processes: the concentration of insurance and reinsurance capital; merging of bank and insurance capital; concentration on the market of insurance intermediaries; concentration of consumers of insurance services; change in demand for "mass" insurance services, increased participation of insurers in pension insurance; expanding the scope of private commercial insurance; changes in traditional forms and types of insurance services that lead to a combination of insurance and financial services; change of the market environment in the conditions of full computerization of consumers of insurance services. Ukraine's insurance market is at the stage of formation, gradually adapting to the requirements of European and world markets. We have many gaps in insurance activity, but we are actively trying to eliminate them. For this purpose, the Ukrainian insurance market must be connected to foreign insurance experience and change its own operating models. One such option is Ukraine's cooperation in insurance with the countries of the European Union. Thus, today the insurance market of Ukraine is at the development stage and has certain advantages and a significant number of shortcomings: the growth rate of the insurance market lags behind the growth rate of the economy, and its share in the GDP of the country is insignificant. But the Ukrainian insurance market has a great potential for development. In our opinion, the implementation of the above recommendations should strengthen the financial potential of the Ukrainian insurance market. The formation of a developed market of insurance services in Ukraine will provide favorable conditions for market transformation and stable development of the national economy, development of the world economy and international relations. In view of the preservation of the difficult situation in the economy, the volatility of the operating environment, as well as unresolved issues in the East of the country, one can expect the pressure on the insurance market to be maintained in the near future. This can be manifested as a further reduction in solvent demand for individual insurance services by domestic consumers (both the population and companies), as well as reducing the liquidity and profitability of the insurers themselves. Since the limits of globalization are unrealistic, the only right option in these circumstances is to develop new approaches to regulating processes in the national insurance market and to form effective models of insurance relations management in Ukraine. In view of this, you need: - to determine the main parameters and trends of the development of the modern world insurance space and the place of the insurance market of Ukraine in it; - to form a system of economic regulation instruments that would promptly react to probable significant changes in the insurance business; - ensure a gradual narrowing of the scope of the use of fiscal mechanisms for regulating insurance relations by maximizing the tax burden on the financial performance of insurers through the introduction of taxation principles in the field of insurance in the countries of the European Union; - to adapt the conceptual tools of the national insurance law to the conceptual apparatus of the international agreements regulating the trade in insurance services in the conditions of globalization of the world insurance market; - to adapt the classification of types of insurance activity, the rules for the formation of insurance reserves and their investment in accordance with the requirements of the global insurance market; - continue work on improving the system and structure of management of the institutions of the national insurance market, to study the causes, forms and experience of merging financial, banking and insurance capital.
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Rudkovskii, A. "THE ROLE OF PRUDENTIAL SUPERVISION IN THE FIELD OF INSURANCE SUPERVISION IN UKRAINE." Bulletin of Taras Shevchenko National University of Kyiv. Legal Studies, no. 112 (2020): 43–48. http://dx.doi.org/10.17721/1728-2195/2020/1.112-8.
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The article investigates the current state of the insurance market in Ukraine and the history of its formation. The existing problems that hinder the progressive development of the market and attract investment are considered. Attention is paid to the latest legislative state regulation of financial services markets (banking and non-banking) by one regulator (NBU) and the expediency of its introduction in the non-banking financial sector and its further role. The main levers by which Ukraine will be able to obtain a financial system that meets international standards have been identified. The focus is on the provisions of the EU Solvency ll Directive and the requirements and standards set out therein. It also substantiates the feasibility of securing prudential supervision of insurers, which defines its peculiarities and mechanisms by which it operates effectively. The experience of countries that have already introduced this type of surveillance is explored. A number of significant changes have been identified, among which are the following: transparent financial statements, new standards for service provision, extension of oversight functions of the Authorized Body, etc., which will allow for the proper protection of the rights of consumers of financial services. Purpose: to analyze the international norms and standards according to which insurers operate within the European Union. Do the research on the EU Directive (Solvency ll) and the feasibility of its implementation in national legislation. The advantages and disadvantages of prudential supervision of insurers have been identified. Methods: General and specific cognition methods have been involved in the writing of the work. Historical method, comparative-legal method, system-structural analysis method and formal-logical methods have been used as the basis of the research methodology. Results: justification for the introduction of a new transparent financial reporting system in the future; the need to create a new internal insurer risk assessment system and new capital adequacy requirements. Conclusions: A number of advantages and disadvantages of current changes and further transformation of domestic legislation in the field of insurance supervision to the best international standards have been identified. It examines what changes the insurance market of Ukraine is going through and what to expect from insurers in the coming years, what costs will have to be incurred and what they will receive as a result. The focus is on protecting the rights of consumers of financial services to prevent events occurring in the insurance market more than 25 years ago.
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Bondinuba, Francis Kwesi, Alex Opoku, Degraft Owusu-Manu, and Kenneth Appiah Donkor-Hyiaman. "Stimulating growth and improving the delivery of housing microfinance interventions." Journal of Facilities Management 16, no. 3 (July 2, 2018): 238–52. http://dx.doi.org/10.1108/jfm-04-2017-0019.
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Purpose The emergence of housing microfinance (HMF) as a response to the low-income groups’ inability to access traditional housing finance is an innovative strategy by creative Microfinance Institutions. Yet, low-income groups’ still face barriers in accessing these innovative products, particularly in Ghana. This paper aims to examine the critical demand barriers and how to develop and improve the design and delivery of HMF interventions in the low-income housing market in Ghana. Design/methodology/approach The paper achieves its aim by adopting a focus-group discussion strategy to examine the constraints to the demand for HMF among low-income groups’ in Ghana. Findings Nine factors constrained the design, delivery and demand for HMF – affordability issues; risk; land tenure insecurity; high interest rate; collateralization and insurance challenges; unfavourable HMF loan conditions; lack of social capital; high cost of land and building materials; and ineffective consumer protection. Research limitations/implications Although limited to low-income groups, strategies to stimulate demand for HMF should focus on three broad problems – affordability, macroeconomic management and institutional development and government intervention. Social implications The paper makes significant contributions to the body of knowledge, regarding understanding the low-income housing market and its financing in the context of a developing country. Originality/value The novelty of the paper is founded on the premise of the research methodology adopted to unearthed the barriers to the demand of HMF in Ghana. Future research effort should be directed at exploring the motivations behind low-income groups’ decision to demand HMF and the risk associated with the use of HMF in the context of Ghana.
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Kornatowska, Bożena, and Jadwiga Sienkiewicz. "Forest ecosystem services – assessment methods." Folia Forestalia Polonica 60, no. 4 (December 1, 2018): 248–60. http://dx.doi.org/10.2478/ffp-2018-0026.
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Abstract Forest ecosystems represent the most important values of natural assets. In economic valuation techniques, to estimate the value of forest ecosystem services, the attention is still focused mainly on their market values, i.e. the value of benefits measured in the economic calculation based, first of all, on the price of timber. The valuation of natural resources is currently supported by considerations of the global policy, in order to strengthen the argumentation justifying the need to incur expenditure related to the protection of biodiversity. There is increasing evidence that biodiversity contributes to forest ecosystem functioning and the provision of ecosystem services. Natural capital of forests can be consumed directly as food, wood and other raw materials or indirectly – by benefitting from purified water and air, safeguarded soils or protected climate. At the same time, forest ecosystems provide us with a range of intangible values – scientific, cultural, religious as well as encompass heritage to pass on to future generations. In the era of increasing pressure on the use of free public goods (natural resources), it is necessary to improve understanding of the role of forests in creating national natural capital, and in enhancing the quality of human life. All things considered, the so called non-market forest ecosystem services may have a much higher value than the profits from the production of timber and raw materials. Needless to say, non-market values of forest ecosystems are of great importance for the quality of human life, and the awareness of this should translate into social behavior in the use of natural resources. This paper reviews the methods to estimate the value of forest ecosystem services in view of recently acknowledged paradigm to move forward from economic production to sustainable human well-being.
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Oelangan, Meita Djohan. "PENYELESAIAN SENGKETA BISNIS MELALUI PENGADILAN NIAGA." PRANATA HUKUM 14, no. 1 (January 31, 2019): 65–79. http://dx.doi.org/10.36448/pranatahukum.v14i1.162.
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ABSTRAK
The Commercial Court in the Settlement of Business Disputes Linked to the Principle of Legal Certainty As an Effort to Develop the Indonesian Judicial System at this time still needs to be considered to what extent its authority. From this background the problem that is the subject of the research is how is the Commercial Court's authority in resolving business disputes given the lack of clarity about the object of commercial matters that can be handled by the Commercial Court? The research method used is a normative juridical research method through a legislative approach. With data sources namely secondary data in the form of primary legal materials, secondary legal materials, and tertiary legal materials. The collected data is analyzed qualitatively. The results of the research show that the authority of the Commercial Court in addition to bankruptcy and other commerce currently being examined is intellectual property rights namely Industrial Design, Layout Design of Integrated Circuits, Patents, Trademarks and Copyright while business disputes are submitted to the Commercial Court which are not regulated by law The law is a case relating to banking, trade agreements, consumer protection, insurance, corporate, transportation and capital markets. As a suggestion the authority of the Commercial Court should be clearly specified in the category of business cases and constitute the absolute competence of the Commercial Court and the Commercial Court to be established throughout the Capital of the Province.
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Nasfi, Nasfi, and Sandra Dewi. "Analisis Regulasi Sukuk oleh Otoritas Jasa Keuangan dalam Peningkatan Berinvestasi di Pasar Modal Indonesia." JUSIE (Jurnal Sosial dan Ilmu Ekonomi) 5, no. 02 (December 27, 2020): 180–89. http://dx.doi.org/10.36665/jusie.v5i02.353.
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The purpose of writing is to determine the regulations of the Financial Services Authority (OJK) on issuers that invest and an increase in the number of issuers investing in the capital market each period, whether it has increased or decreased.
The research method is field research (field research) using a qualitative approach, which is to try to describe and explain and collect detailed information using data collection procedures during the case occurred. The data collection technique used is by interviewing and using secondary data found on the website of the Financial Services Authority (OJK).
The results of the study, it can be concluded that the Regulation from the Financial Services Authority (OJK) is to ensure the safety of investors in investing, and the number of issuers investing is still experiencing a decline, this is because the role of the Financial Services Authority (OJK) office does not only focus on supervision and regulation of the service industry. finance but also carry out the function of education and protection of financial consumers, such as the rampant illegal investment offers that are quite unsettling to the public.
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Mozias, P. "South African Economy: No Easy Life Ahead." World Economy and International Relations, no. 1 (2015): 104–16. http://dx.doi.org/10.20542/0131-2227-2015-1-104-116.
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South African rand depreciated in 2013–2014 under the influence of a number of factors. Internationally, its weakness was associated with the capital outflow from all emerging markets as a result of QE’s tapering in the US. Domestically, rand plummeted because of the deterioration of the macroeconomic stance of South Africa itself: economic growth stalled and current account deficit widened again. Consumer spending was restrained with the high household indebtedness, investment climate worsened with the wave of bloody strikes, and net export was still prone to J-curve effect despite the degree of the devaluation happened. But, in its turn, those problems are a mere reflection of the deep institutional misbalances inherent to the very model of the national economy. Saving rate is too low in South Africa. This leads not only to an insufficient investment, but also to trade deficits and overdependence on speculative capital inflows. Extremely high unemployment means that the country’s economic potential is substantially underutilized. Joblessness is generated, first and foremost, by the dualistic structure of the national entrepreneurship. Basic wages are being formed by way of a bargaining between big public and semi state companies, on the one hand, and trade unions associated with the ruling party, on the other. Such a system is biased towards protection of vested interests of those who earn money in capital-intensive industries. At the same time, these rates of wages are prohibitively high for a small business; so far private companies tend to avoid job creation. A new impulse to economic development is likely to emerge only through the government’s efforts to mitigate disproportions and to pursue an active industrial policy. National Development Plan adopted in 2012 is a practical step in that direction. But the growth of public investment is constrained by a necessity of fiscal austerity; as a result, the budget deficit remained too large in recent years. South African Reserve Bank will have to choose between a stimulation of economic growth with low interest rates, on the one hand, and a support of rand by tightening of monetary policy, on the other. This dilemma will greatly influence prices of securities and yields at South African financial markets.
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Smyslov, D. "St. Petersburg Summit of the «Group of Twenty»." World Economy and International Relations, no. 12 (2014): 15–25. http://dx.doi.org/10.20542/0131-2227-2014-12-15-25.
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«The Group of Twenty» is an informal forum for international cooperation between the leading developed states, the largest developing countries and emerging market economies. The article explores the key strategic approaches and governance decisions related to the main directions of international macroeconomic and financial regulation elaborated during the Russian chairmanship in the G-20 (December 2012 – December 2013) which culminated in the St. Petersburg summit. The author makes attempt to estimate viability of discussed approaches and decisions against the background of the actual problems of global economy. The author pays special attention to the St. Petersburg summit’s approaches to the problems of providing favorable conditions for strong and sustainable economic growth and of addressing unemployment. The point is how to achieve an acceptable compromise between the purposes of fiscal and monetary policies, on the one part, and providing balanced state budgets, as well as price stability, on the other part. Also, the importance of a wide range of radical structural reforms is stressed. The author argues that Russia proposed to vital themes to discuss at G-20 summit: long-term financing for investment as a foundation for economic growth and improvement of public debt management practices. The article describes the principal provisions of the Declaration and the Action plan related to various aspects of the reconstruction of financial and monetary system, including: tackling tax avoidance; implementing the Basel-3 standards, dealing with the adequacy of the bank’s capital; ending «too big to fail» problem; reforming over-the-counter (OTC) derivatives market; reducing reliance on the credit rating agencies; addressing potential risks for financial stability posed by the shadow banking; increasing financial inclusion, financial education and strengthening financial consumer protection; eliminating the international misbalances through broad based rebalancing of global demand; resisting of all forms of protectionism and promoting liberalization of global trade and investment; moving towards exchange rate flexibility to avoid persistent exchange rate misalignment; transforming the International Monetary Fund and Financial Stability Board. The author points to significant achievements of G-20 as a coordinating body for economic crisis management and, at the same time, discloses obstacles complicating its activities and development.
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Ajo, Antasalam. "MENGATASI PERMASALAHAN USAHA KULINER TRADISIONAL DI INDONESIA." Media Agribisnis 4, no. 2 (November 30, 2020): 1–12. http://dx.doi.org/10.35326/agribisnis.v4i2.1036.
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Abstract
Indonesia's traditional culinary business has not reached the scale that provides prosperity for small entrepreneurs. The purpose of the study is to obtain a solution format or traditional culinary business development program to build traditional Indonesian cuisine. This research is qualitative research by collecting previous research documents assisted by ATLAS. ti software version 8. The research found internal culinary business problems such as price, service, and hygiene of products, location, resources, interests, motivation, and entrepreneurial mentality, utilization of social media, traditional management, tools, access to funds, technology, infrastructure, and market reach, and do not yet have halal certificates. Meanwhile, external problems such as an unstable economy are exacerbated by the COVID-19 pandemic, global competition, preference for fast food, and competition with new entrepreneurs. Solutions or programs offered include training programs, increased added value, product variation, packaging innovation, service quality, promotion, positive interaction with consumers, and product satisfaction guarantees. Further, the courage to take risks, self-awareness in the face of change, as well as be grateful for all the favors. The government needs capital assistance, a supportive climate, good partnerships, protection, training, promotion, and equal cooperation, strengthening the creative economy, and improving community empowerment programs for example through integration with tourism.
Keywords: Problems, culinary, development program
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Voronko-Nevidnycha, T., O. Pomaz, Yu Vasylieva, and A. Kovalenko. "Aspects of Corporate Social Responsibility of an Enterprise that Contribute to its Image Formation." Modern Economics 24, no. 1 (December 16, 2020): 45–49. http://dx.doi.org/10.31521/modecon.v24(2020)-07.
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Annotation. Introduction. It was found out that modern enterprises have to work in conditions of tough competition. High quality in the world of developed technologies and techniques has become the norm for consumers. Today, companies have to look for new ways to attract and retain customers. One of the ways out of this situation is for the company to create its image. Purpose. The purpose of this study is to develop theoretical aspects of the study about the impact of corporate social responsibility on the formation of the image of the enterprise. Results. It has been revealed that each company, enterprise or organization has its own vision of social responsibility. For some it is a charity, for others, it is timely payment of taxes and providing jobs, for the third – PR. It has been substantiated that the company’s socially responsible policy is manifested in internal (labor safety, stability and social significance of wages, additional medical and social insurance of employees, development of human resources, assistance to employees in critical situations) and external (sponsorship and charity, interaction with local society and authorities, environmental protection, production of quality goods (services), readiness to participate in crisis situations). It was considered that a positive image and a good reputation create prerequisites for a more attractive perception of an enterprise by investors, increase its capitalization, increase its income and provide strong positions when entering new markets, as well as support the general public. It has been proved that the prognostic effects of implementing a socially responsible policy of an enterprise will be the formation of a positive image, improvement of its reputation, establishment of permanent ties with stakeholders in the long term, etc. It has been determined that the image of an enterprise is the degree of consumer confidence in the enterprise itself, in its products (services), a source of growth in sales and, accordingly, development, expansion of functioning (maximization of profitability for owners of capital, increase in wages of employees) or termination of the existence of an organization. Conclusions. Undoubtedly, in order to be effective, the enterprise should use both internal and external corporate social responsibility programs in a comprehensive manner. Of course, this creates and maintains a positive image, which contributes to the growth of consumer confidence in the enterprise, the formation of necessary emotional ties with customers and society as a whole. Keywords: image; enterprise; corporate social responsibility; stakeholders; society.
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Miletic, Slavomir, Ivan Stijovic, and Irena Brajevic. "Consumer protection: Oriented market surveillance." Ekonomika 62, no. 4 (2016): 65–74. http://dx.doi.org/10.5937/ekonomika1604065m.
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Cave, Martin. "Market models and consumer protection." Journal of Consumer Policy 8, no. 4 (December 1985): 335–51. http://dx.doi.org/10.1007/bf00380246.
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Buha, Hanna. "NON-BANKING FINANCIAL INSTITUTION OF UKRAINE AS A SUBJECT OF MONETARY RELATIONS." Law Journal of Donbass 76, no. 3 (2021): 69–76. http://dx.doi.org/10.32366/2523-4269-2021-76-3-69-76.
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The article emphasizes the unprecedented growth of the role and importance of monetary relations in the formation of the market component of society, by supplementing it – the financial market and financial services markets, non-bank financial institutions professionally engaged in large-scale financial transactions. In this regard, monetary relations in their interaction with legal norms give rise to financial legal relations, which simplifies and disciplines the understanding and perception of monetary relations as an object of financial and legal regulation. It is stated that the regulatory impact on monetary relations in the activities of non-bank financial latter in market relations goes beyond public finance, expanding due to corporate and private finance, their market component, and the volume of private and commercial monetary resources in such conditions are one of the parties to the financial and credit relations. The environment for the implementation of modern monetary policy is formed by many factors, which together create extremely difficult conditions and reduce the effectiveness of monetary policy in achieving its goals. However, the most significant is the spread of the global financial crisis, to overcome which Ukraine needs to improve the legal framework for monetary regulation and apply market mechanisms to regulate the credit system. From a legal point of view, it is important when considering monetary relations (especially the forms of their expression) to understand the substantial nature of the financial mechanism as a whole. It is not the institutions of the financial system such as commercial banks, insurance companies, pension funds, investment funds or other institutions that generate credit as such, but, on the contrary, the existence of monetary relations generates the relevant institutions. And this is not just a scholastic play on words or manipulation of scientific concepts, but a legal fact. Thus, despite the rather intensive formation, the non-banking financial sector has not yet become the main and convenient mechanism for providing the real sector of the economy with the necessary financial resources. They are going through the initial period of their formation, their development remains little dynamic, sometimes even chaotic, which is why it is important to further study their legal nature, activities, functions they perform in the economy of the state and so on. In order to minimize the risks that may result from the lack of stability, transparency and competitiveness of the non-banking financial sector, it is necessary to strengthen the institutional and financial capacity of bodies regulating the financial services market and create an effective system for preventing crimes committed by non-banking financial institutions. Public policy in the non-banking financial sector should be aimed at: creating a system of risk identification, monitoring and ongoing analysis of the financial services market in order to ensure opportunities to take precautions to ensure financial security; strengthening transparency and openness in the activities of financial institutions and the body that carries out state regulation and supervision of such institutions; increasing the solvency and financial stability of non-bank financial institutions; ensuring proper protection of consumers of non-banking financial services; preventing the use of non-bank financial institutions for unproductive withdrawal of capital abroad.
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Sepp, Jüri, and Ralph Michael Wrobel. "Consumer Sovereignty versus Consumer Protection in Transition Countries." International Area Review 4, no. 1 (March 2001): 101–7. http://dx.doi.org/10.1177/223386590100400107.
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Conventional economics assumes the existence of important limits to the operation of markets. Even economists who generally prefer the market system to solve economic problems point to the significance of market failure - for example asymmetric information. Then these economists demand government policies suspending or modifying the operation of the market, e.g. consumer protection (Kirzner, 1994, p. 101). Our thesis in this paper is that there exists no market failure because a failure can only be defined in relation to the “nirvana-approach” of static Pareto-optimum (Demsetz, 1969, p. 1). In contrast competition on markets must be seen as discovery procedure, which helps to find better solutions (Hayek, 1969, p. 249–265). A static optimum never and nowhere exists - only in the neo-classical theory. Therefore economically justified government interventions into the market process will be called into question by the following argumentation. Only policies, which are supporting market operation, will be advocated. Contrary, we will show that there exists a danger in state interventions to protect consumers. A growing state activity may lead to destruction of producer freedom and consumers' sovereignty and at last of the market economy itself. As example we will analyse consumer protection policy in Estonia.
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Szakál, Zoltán. "The Present and Future of Tokay Aszú." Acta Agraria Debreceniensis, no. 12 (November 26, 2003): 87–92. http://dx.doi.org/10.34101/actaagrar/12/3434.
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Tokay wine is Hungary’s noblest wine. Beyond doubt, it is one of those uniquely Hungarian products, which has been without rival for centuries. Today the role of quality has become increasingly important and consumers who are ready to pay more for quality wines expect it. This wine will be able to get back its original popularity if the message of its excellence reaches the public. Knowledge of historical wine-producing regions constitutes a part of basic education and wine-marketing could take important measures to spread it since good products need to be sold properly and consumers require information about wines – with gastronomy – and wine producing regions.With foreign invested capital, advantageous changes have been started in Tokay-Hegyalja. However, there is much still to do in order to produce, sell and consume Tokay wine on such conditions that are really worthy of a Hungaricum. It is essential to approach the famous oenologists of Europe and the world and to establish suitable production conditions for every winegrower. In addition to following consciously prepared wine-marketing directions, our country needs to make an expected name for this Hungaricum. These aims are important mainly because of approaching EU-accession. There is timely to study on what conditions Hungarian viticulture and oenology could access. It would be a great success of the Hungarian delegation if they could make current Hungarian laws of Tokay-wine-production accepted in the EU. Of course, all of these would be valid after EU-accession. During the pre-accession period, our country needs to fulfil several stipulations. For example, origin-protection, establishment of a registry system, law harmonisation, development of an institutional system.Strengthening of home consumption has always been an inspirational tool in a product’s life cycle. It is important not only to take the requirements of foreigners into consideration and to produce for export, but we also need to satisfy the home market. Considerable stress should be laid on establishing and preserving viticulture. Increasingly, buyers expect high standards and they are ready to pay more for quality wines. They also demand appropriate professional information and consultation. So there is a lot to do and theoretical approach should be followed by action. In order to get to know what quality expectations exist, we have to examine the consumers of the Hungarian wine-market. Study of the Hungarian people’s consumption behaviour, referring to Tokay „aszú”, was closely connected with my work.Participants of my study were consumers who buy Tokay „aszú” mainly in shopping centres, supermarkets and low-price shops specified for wine selling. Wine shops have important roles as they give opportunity for salespersons to make closer relationships with buyers. These shops could be communication channels of spreading wine culture. It would be favourable if in every town or city there were at least one wine shop giving the opportunity of consultation besides commercial activity and also providing services that support the improvement of wine culture’s position. The majority of questioned people spend less than 4.000 Forints on buying of Tokay „aszú” in a year. Results of the questionnaire survey support the fact that there is a demand for these wine-specialities, but lack of money strongly effects demand.The Following summarises the history of Tokay wine, tasks of Hungary and the expected effects relating to EU-accession. Regulation of oenology and the wine-market, referring to quality wines and main results of the survey are also overviewed in the text.
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Beckers, Anna. "Environmental Protection meets Consumer Sales." European Review of Contract Law 14, no. 2 (June 25, 2018): 157–89. http://dx.doi.org/10.1515/ercl-2018-1009.
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Abstract This article discusses the legal consequences of corporate market communication in the field of environmental protection in European consumer sales law. It analyses first the potential of such market communication to influence the seller’s obligations within a consumer contract. Second, it suggests that the assessment of such market communication as to its market fairness under European unfair commercial practices law may influence the assessment of the correct contract performance under the Consumer Sales Directive. Finally, the article focuses on the remedies that are available to the consumer against the seller in case of a breach of such a contractual environmental obligation. On this point, it is argued that the remedies under consumer sales law for the delivery of a non-conforming good need to be interpreted in the light of the public (environmental) purpose that can reasonably be expected by the consumer who is addressed by such environmental market communication.
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Fouce-Rodríguez, Héctor. "Technologies and media in digital music: From music market crisis to new listening practices." Comunicar 17, no. 34 (March 1, 2010): 65–72. http://dx.doi.org/10.3916/c34-2010-02-06.
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In the last decade, the music industry has become the paradigm of the transformations that has carried the development of the productive system towards Informational Capitalism. Of the hand of a quick technological innovation, not always produced by companies, new forms of production and consumption of music have been developed. This new environment has dragged the phonographic companies to a crisis of sales that has forced a radical transformation for the sake of survival. One of these business transformations has been the intensification of the management of copyright. This intensification occurs mainly in two areas: the extension of the protection deadlines and the expansion of the fields and rights management companies-driven activities. This article is intended to answer the question that lies behind the ambitions to modify the productive system: how create cultural industries capable, at the time, to maintain a common and democratic culture and also to develop initiatives to generate capital gains to musicians, songwriters, and other music professionals. We will use data from a research that have conducted three group interviews segmented by age. The aim is to cross the views and experiences of consumers with the analysis of the evolution of music industry organization. From the observation that the younger generations are installed in a culture of free music, we explore what new business opportunities appear and how are received from the conflicting positions already referred. En la última década la industria de la música se ha convertido en el paradigma de las transformaciones que ha traído consigo el desarrollo del modo productivo hacia el capitalismo informacional. De la mano de una veloz innovación tecnológica, no siempre producida en los entornos empresariales, se han desarrollado nuevas formas de producción y consumo de música que han arrastrado a las compañías productoras de fonogramas a una crisis de ventas que ha obligado a una radical transformación en estas empresas en aras de la supervivencia. Este artículo pretende dar respuesta a la interrogante que subyace en las ambiciones de modificar el tejido productivo: cómo crear unas industrias culturales que sean capaces, al tiempo, de mantener una cultura común y democrática y desarrollar iniciativas que generen plusvalías a músicos, compositores y otros profesionales de la música. Para ello, nos serviremos de los datos extraídos tras una investigación en la que se realizaron tres entrevistas de grupo segmentadas según la edad. Se trata de cruzar las opiniones y experiencias de los consumidores con el análisis de la evolución de la organización de la industria de la música. A partir de la constatación de que las generaciones más jóvenes están instaladas en una cultura de la gratuidad de la música, se trata de explorar qué nuevos espacios de negocio aparecen y cómo son recibidos desde las posiciones en conflicto ya referidas.
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Sahita, Laras Ayu, and Hudi Asrori. "PERLINDUNGAN KONSUMEN PERUSAHAAN EFEK YANG MELAKUKAN PEMBELIAN SAHAM KORPORASI TERBUKA YANG DINYATAKAN MELAKUKAN TINDAK PIDANA KORUPSI." Jurnal Privat Law 7, no. 2 (July 1, 2019): 216. http://dx.doi.org/10.20961/privat.v7i2.39326.
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<p>Abstract<br />This article aims to determine about legal protection for consumers of securities companies that purchase shares of public listed company that committed acts of corruption. This article using a normative prespective<br />legal research with statue approach. Legal materials that used include primary and secondary legal material obtained by data collection techniques based on literature study with analysis techniques with deductive logic, explain a general thing then drawing it into more specific conclusions. The result of this study explains that there is a legal protection in the form of efforts that can be done by the investors as explained in the Chapter VI Article 28 through Article 30 of Law Number 21 of 2011 on Financial Services Authority (FSA) and also through the predetermined Internal Dispute (IDR) mechanism by FSA. If the mechanism unsuccessfully, then they can do an alternative dispute resolution through an Alternative Dispute Settlement Institution in the Financial Services Sector as regulated in POJK Number 1 / POJK.07 / 2013. As a customer, it is expected to find out more about their rights and obligations in the capital market sector before deciding to invest their funds through a securities company. FSA also needs to provide more education regarding the rights and obligations of financial service businesses and financial service consumers. In addition, it is expected that the FSA can have a greater role related to the protection of consumers and society.<br />Keywords: Protaction; Securities Companies; Consumers of Securities Companies.</p><p>Abstrak<br />Penulisan artikel ini bertujuan untuk mengetahui tentang perlindungan hukum bagi konsumen perusahaan efek yang melakukan pembelian saham korporasi terbuka yang dinyatakan melakukan tindak pidana korupsi. Metode yang digunakan adalah penelitian hukum normatif yang bersifat prespektif dengan menggunakan pendekatan perundang-undangan (statue approach). Jenis data yang digunakan berupa data primer dan sekunder yang diperoleh dengan teknik pengumpulan data berdasarkan studi kepustakaan dengan teknik analisis data dengan logika deduktif, yaitu menjelaskan suatu hal yang bersifat umum kemudian menariknya menjadi kesimpulan yang lebih khusus. Hasil dari kajian ini adalah adanya perlindungan hukum berupa upaya yang dapat dilakukan oleh konsumen sebagaimana dijelaskan pada Bab VI Pasal 28 sampai dengan Pasal 30 Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan dan juga melalui mekanisme Standar Internal Dispute (IDR) yang telah ditentukan oleh OJK. Jika melalui mekanisme tersebut belum menemui titik terang maka dapat melakukan alternatif penyelesaian sengketa melalui Lembaga Alternatif Penyelesaian Sengketa di Sektor Jasa Keuangan sebagaimana diatur dalam POJK Nomor 1/ POJK.07/2013. Sebagai nasabah diharapkan untuk lebih mencari tahu kembali terkait hak-hak dan kewajibannya selaku nasabah di sektor pasar modal sebelum memutuskan untuk menginvestasikan dananya melalui perusahaan efek. OJK juga perlu memberikan edukasi lebih terkait hak dan kewajiban baik pelaku usaha jasa keuangan dan konsumen jasa keuangan, selain itu OJK diharapkan dapat memiliki peranan yang lebih besar lagi terkait dengan perlindungan konsumen dan masyarakat.<br />Kata kunci: Perlindungan; Perusahaan Efek; Konsumen Perusahaan Efek.</p>
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Hamzah and Aripin Ahmad. "Capital Market Products and Investor Protection." EUROPEAN RESEARCH STUDIES JOURNAL XXI, Issue 2 (November 1, 2018): 714–27. http://dx.doi.org/10.35808/ersj/1035.
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Campbell, John Y., Howell E. Jackson, Brigitte C. Madrian, and Peter Tufano. "Consumer Financial Protection." Journal of Economic Perspectives 25, no. 1 (February 1, 2011): 91–114. http://dx.doi.org/10.1257/jep.25.1.91.
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The recent financial crisis has led many to question how well businesses deliver services and how well regulatory institutions address problems in consumer financial markets. This paper discusses consumer financial regulation, emphasizing the full range of arguments for regulation that derive from market failure and from limited consumer rationality in financial decision making. We present three case studies—of mortgage markets, payday lending, and financing retirement consumption—to illustrate the need for, and limits of, regulation. We argue that if regulation is to be beneficial, it must be tailored to specific problems and must be accompanied by research to measure the effectiveness of regulatory interventions.
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KUMAGAI, Norikazu. "Consumer Protection in the Resale Housing Market." Japanese Journal of Real Estate Sciences 21, no. 2 (2007): 72–78. http://dx.doi.org/10.5736/jares1985.21.2_72.
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Turanjanin, Veljko. "Criminal law protection of the capital market." Годишњак Факултета безбедности, no. 1 (2017): 367–92. http://dx.doi.org/10.5937/gfb1701367t.
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Čeči, Đerđ. "Role of trademarks in consumer protection." Glasnik Advokatske komore Vojvodine 75, no. 9-10 (2003): 281–85. http://dx.doi.org/10.5937/gakv0308281c.
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The author analyses in this work development of Hungarian legislature related to trademarks belonging to the period of time between late seventies and present day. He points out that since the reform of legal system and transition to market economy numerous statutes have been passed in order to harmonize civil legislation dealing with consumer protection with the demands of market economy. Some of those statutes have been Law on Product Responsibility (1995), Law on Prohibition of Distorted Competition on Market (1990). Trademarks have been regulated by the XI Statute of 1977. This Statute contains numerous and usual notions related to consumer protection. Some of those notions have effect of an absolute or unconditional exclusion from the trademark protection, especially if they may be misleading for consumers in respect of kind. quality, geographic origin or other features of goods and services.
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Li, Yanwu. "The Impact of Corporate Social Responsibility on Corporate Performance - Evidence From Listed Companies in the Sports Industry in China." Accounting and Finance Research 7, no. 4 (October 30, 2018): 107. http://dx.doi.org/10.5430/afr.v7n4p107.
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Maximizing profits has always been the goal and principle pursued in a company’s development. Based on this so-called business principle, companies often blindly pursue economic interests, leaving behind environmental protection and even labor rights and consumer interests, which cause many negative externalities. With the continuous development of the society and the economy, the society no longer evaluates the corporate performance of a company based on its financial performance alone. The society now expects a company not only to improve its financial performance, but also fulfill its social responsibility obligations. However, a large number of companies in China do not put their social responsibility in place. The expenditures on environmental governance, the rights of employees and small/medium investors, along with the intensity of public charity donations, are still unqualified. While the society strongly encourages companies to fulfill their social responsibility, some other parties believe that fulfilling corporate social responsibility increases the cost of a company, which consequently has a negative impact on the financial performance of the company. As a result, whether there is a need for companies to fulfill social responsibility, whether the economic benefits and corporate social responsibility are mutually antagonistic, and how companies should balance their own operations, management and fulfillment of social responsibility, need to be further studied.As an important part of the H-industry, the sports industry has a positive effect on optimizing the industrial structure, expanding domestic demand, and promoting employment. It has developed into a new long-term point in promoting urban economic development. However, at present, there has been little research on the capital management of listed companies in the sports industry. Therefore, based on the Chinese market environment, this paper listed investigates companies in the sports industry. It attempts to find out how the implementation of corporate social responsibility in the Chinese sports industry impacts the corporate performance. This paper uses panel data of 16 listed companies in the sports industry between 2009 and 2016, and rules out the possibility of spurious regression through a series of preliminary tests. Panel correction error model, asymptotic fixed effect model, super-efficiency DEA-Tobit model and threshold panel model are utilized to analyze the influence of fulfilling corporate social responsibility (CSR) on the corporate performance of listed companies in the sports industry in China.
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Graver, Kjersti. "The internal market and consumer protection in Norway." Journal of Consumer Policy 17, no. 1 (March 1994): 101–11. http://dx.doi.org/10.1007/bf01018881.
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Borys, Grażyna, and Renata Manacka. "Creating consumer protection law vs. responsible borrowing on the consumer loan market." Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia 53, no. 3 (November 28, 2019): 25. http://dx.doi.org/10.17951/h.2019.53.3.25-32.
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<p>Responsible borrowing means a thorough reflection on the need to become indebted, full transfer of true information affecting creditworthiness, comprehensive analysis of the credit agreement, and refraining from avoiding the repayment of loan obligations. The main purpose of the article is to verify the hypothesis that Polish legislators make only the lenders fully responsible for excessive borrowing on the consumer loan market. The following research methods were used: critical analysis of the subject literature and economic analysis of the respective legal provisions. On the basis of the analyses conducted, areas were identified in which the legislator should use the appropriate legal instruments stimulating responsible borrowing. Among them the following were listed: the consumer's obligation to prove the absence of overdue payments and the consumer’s notification of becoming acquainted with the terms of the loan agreement.</p>
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Sya'bani, Apri. "Minority Shareholders’ Protection in the Indonesian Capital Market." Indonesia Law Review 4, no. 1 (September 1, 2014): 114. http://dx.doi.org/10.15742/ilrev.v4n1.96.
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Haim, Liran. "Rethinking Consumer Protection Policy in Financial Markets." Journal of Law and Commerce 32, no. 1 (October 25, 2013): 23–79. http://dx.doi.org/10.5195/jlc.2013.58.
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Financial products for consumers usually are characterized by complexity and incomprehensibility. Consumers typically find themselves defeated when attempting to control their financial destiny by understanding these products. This Article explores the economic and social factors that lead to this reality, analyzes its highly negative private and social ramifications and proposes an appropriate policy response. I argue that the current market structure creates a reality in which financial institutions are motivated to produce complex financial products for consumers in order to maximize their profits. This market structure, combined with inadequate policy, induces inefficiency by allocating the comprehension costs of financial products to the consumer. My thesis is that a fundamental change in risk allocation policy will steer the market toward consumer comprehension of financial products and, therefore, will reduce private and social costs, increase consumer trust in financial institutions and promote social cohesion. I propose a new default liability rule under which financial institutions would be required to introduce internal procedures and mechanisms to ensure product comprehension among all of their consumers. To encourage maximum compliance with my proposal, I suggest implementing a reputation-based incentives method that would require every financial institution branch to publicly post a service quality ranking assigned by the regulator. I also support a trust-oriented licensing policy that would encourage the inclusion of new trustworthy financial institutions in the market and offer the implementation of a new regime for supervising financial product contract terms.
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Sobolieva-Tereshchenko, Olena, and Nikita Pylkin. "MARKET BEHAVIOR OF FINANCIAL COMPANIES AND FINANCIAL CONSUMER PROTECTION." INTERNATIONAL JOURNAL OF NEW ECONOMICS, PUBLIC ADMINISTRATION AND LAW 2, no. 4 (May 5, 2019): 5–16. http://dx.doi.org/10.31264/2545-093x-2019-2(4)-5-16.
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Filipovic, Sanja, and Gordan Tanic. "The policy of consumer protection in the electricity market." Ekonomski anali 53, no. 178-179 (2008): 157–82. http://dx.doi.org/10.2298/eka0879157f.
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The provision of a safe and reliable electricity supply has a central place in modern social life. The rise of electricity prices and the process of liberalization of the electricity market are the two main factors which have made it necessary to modify the current traditional ways of protecting vulnerable customer categories. The Internal Energy Market Directives provisions ensure that citizens have access to energy of a specified quality level at reasonable, cost-reflective prices and to the conditions of real competition and free choice. This objective implies intervention due to the fact that some consumer classes are less attractive for the companies (remote consumers, low consumption consumers or low-income consumers). The aim of this paper is to analyze the current forms of vulnerable customer protection from the critical point of view and to point out possibilities for their application in the case of Serbia.
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Che, Yeon-Koo, and Rajiv Sethi. "Credit Market Speculation and the Cost of Capital." American Economic Journal: Microeconomics 6, no. 4 (November 1, 2014): 1–34. http://dx.doi.org/10.1257/mic.6.4.1.
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We examine the effects of speculation using credit derivatives on the cost of debt and the likelihood of default. The availability of credit default swaps induces investors who are optimistic about borrower revenues to sell protection instead of buying bonds. This benefits borrowers if protection can only be bought with an insurable interest, but can increase the cost of debt and crowd out productive lending if protection can be purchased as a bet on default. We also show that the possibility of speculation on default may cause multiple equilibria and exacerbate the problem of rollover risk. (JEL D86, G13, G31)
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Hartigan, James C., Philip R. Perry, and Sreenivas Kamma. "The Value of Administered Protection: A Capital Market Approach." Review of Economics and Statistics 68, no. 4 (November 1986): 610. http://dx.doi.org/10.2307/1924520.
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