Journal articles: 'Financial market'

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SEKARAN, Dr G. CHANDRA, and Mr G. GABRIEL PRABHU. "Financial Market." Global Journal For Research Analysis 3, no. 8 (June 15, 2012): 28–30. http://dx.doi.org/10.15373/22778160/august2014/9.

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Stryzhychenko, Kostyantyn. "Adaptation of Ukrainian financial market to the foreign financial market." Corporate Ownership and Control 11, no. 4 (2014): 699–706. http://dx.doi.org/10.22495/cocv11i4c7p12.

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In the current work we investigation depend of Ukrainian financial markets segments from influences of the external financial market. In the article we propose the methodology of the investigation which includes three main units. The main ideas of these units are recognition of the most influential external financial market by indicators set, forecasting of the tendencies and influences of the foreign financial markets segments, construction of adaptation decision for the regulation of the Ukrainian financial market. We used the VAR models and variance analysis for the determination of the influences foreign financial market. The investigation of MosPrime Index and DAX Index as most influential indicators of external market allowed to define the adaptation type of the stock and credit segments of the Ukrainian financial market.

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Braasch, Bernd. "Financial market crisis and financial market channel." Intereconomics 45, no. 2 (March 2010): 96–105. http://dx.doi.org/10.1007/s10272-010-0327-6.

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Alijon Qizi, Alijonova Zarnigor. "INTERNATIONAL ISLAMIC FINANCIAL MARKET." European International Journal of Multidisciplinary Research and Management Studies 02, no. 05 (May 1, 2022): 27–30. http://dx.doi.org/10.55640/eijmrms-02-05-07.

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Islamic finance is increasingly attrCovid-19 Impact on Islamic Financeacting attention among investors worldwide, especially in 2019 which saw a double-digit growth in assets. Despite the tumultuous year for global financial markets last year due to the COVID-19 pandemic, there is growing interest due to three reasons—greater appreciation around the role that Islamic finance plays in responsible investing; geographical interest in markets where Islamic finance is gaining prominence; as well as digital transformation, which makes Islamic investments more accessible.

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Pankova, V. A. "Retail financial markets as a driver for the development of financial sector." Voprosy Ekonomiki, no. 11 (November 4, 2021): 33–53. http://dx.doi.org/10.32609/0042-8736-2021-11-33-53.

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The paper analyzes the influence of the dynamics of retail financial markets on the development of financial sector on the annual data for 39 countries, including developed and developing economies, for the period 1990—2018. To assess the general dynamics of retail markets development, a composite indicator was built. This indicator is included in the models for corporate lending market, stock market and non-life insurance market. The results show that, on the one hand, the development of retail markets (households credit market, life insurance market and private pension funds) stimulates the development of non-retail financial markets (corporate lending market, stock market and non-life insurance market) due to the expansion of their resources. On the other hand, overheating of retail credit market has a negative impact on the stability of the banking sector and subsequently leads to a reduction in the size of the corporate credit market, and the excessively rapid growth of life insurance market may hinder the development of its other segments.

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Chistyukhin, V. V. "Financial market as a category of financial law." Courier of Kutafin Moscow State Law University (MSAL)), no. 9 (December 24, 2021): 113–23. http://dx.doi.org/10.17803/2311-5998.2021.85.9.113-123.

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This article is devoted to the study of the financial market as a category of financial law. The paper analyzes the doctrinal definitions of the concept under consideration, investigates the essence of the relations developing in the financial market, and classifies financial markets on various grounds.

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Mynhardt, Ronald Henry, Alexey Plastun, and Inna Makarenko. "Behavior of financial markets efficiency during the financial market crisis: 2007 – 2009." Corporate Ownership and Control 11, no. 2 (2014): 473–87. http://dx.doi.org/10.22495/cocv11i2c5p4.

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This paper examines the behavior of financial markets efficiency during the recent financial market crisis. Using the Hurst exponent as a criterion of market efficiency we show that level of market efficiency is different for pre-crisis and crisis periods. We also classify financial markets of different countries by the level of their efficiency and reaffirm that financial markets of developed countries are more efficient than the developing ones. Based on Ukrainian financial market analysis we show the reasons of inefficiency of financial markets and provide some recommendations on their solution and thus improving the efficiency.

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Evstigneeva, L., and R. Evstigneev. "Metamorphoses of Financial Capital." Voprosy Ekonomiki, no. 8 (August 20, 2013): 106–22. http://dx.doi.org/10.32609/0042-8736-2013-8-106-122.

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Financial capital is considered as a precondition of forming an integral market system. Based on financial capital a vertical market model is taking shape. It includes the following leading markets: strategic markets of financial capital, finance and money markets, markets of physical (cluster) capital, markets of social (consumers) capital. Markets of financial capital build the world reproduction model of synergetic character. Sustainability of the world market is maintained within the framework of the following types of big financial capital systems: cooperation of industrial and banking capital (Hilferding), international banks (Keynes), state monopoly of GDP (well known as far back, as in the USSR period). One can consider this framework as a political form of general equilibrium of the global market. A systemic function of financial capital is gathering power for ensuring endogenous evolution of economy and society on the principles of market self-organization. The authors believe this is the only way out of a deadlock for our economy and society.

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Liu, Yirou. "Positive Affect of Financial Derivatives onThe Stock Market." Advances in Economics, Management and Political Sciences 7, no. 1 (September 13, 2023): 163–70. http://dx.doi.org/10.54254/2754-1169/7/20230229.

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The derivatives market is widely recognized in financial markets, and it has developed rapidly, but there is little evidence that it contributed to the development of financial and economic markets. This article investigates the dynamic relationship between the Indian derivatives market and the stock market to determine how it affects market pricing. This paper use the DCC-garCH model to examine the dynamics of India from the third quarter of 2018 to 2022, I find that the financial derivatives market is more financially contagious than the equity market. Therefore, I can analyse that the development of derivatives has a positive impact on economic growth.

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Carey, Mark, Anil K. Kashyap, Raghuram Rajan, and René M. Stulz. "Market institutions, financial market risks, and the financial crisis." Journal of Financial Economics 104, no. 3 (June 2012): 421–24. http://dx.doi.org/10.1016/j.jfineco.2012.02.003.

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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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Gurrib, Ikhlaas. "Are key market players in currency derivatives markets affected by financial conditions?" Investment Management and Financial Innovations 15, no. 2 (June 4, 2018): 183–93. http://dx.doi.org/10.21511/imfi.15(2).2018.16.

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This study investigates if the biggest players in major foreign currencies futures markets are affected by current and previous financial conditions. Using root mean squared errors (RMSE), normalized RMSE, and Nash-Sutcliffe efficiency, this study compares the impact of current, 1 and 2 week lags of financial conditions onto foreign currency futures players’ net positions. The financial conditions indices used are UFCI, STLFSI, NFCI and ANFCI with weekly data set from January 2007 till December 2018. The US dollar index futures is included as a benchmark, since the financial conditions are based on US data and the most actively traded foreign currencies are paired against the USD. While RMSE and NRMSE gave mixed results into how current, 1 week and 2 weeks lagged Financial Conditions Indices (FCIs) values are related to speculators and hedgers’ net positions, lagged NFCI captured the highest correlation with both players’ net positions in Japanese Yen. 95% prediction levels encompassed the actual net positions held, including the financial crisis of 2008-2009. Forecasts were lower (higher) for hedgers (speculators) than actual net positions held during the same period. Comparatively, in the period 2016-2017, hedgers (speculators) net positions forecasts were higher (lower) than actual positions. The latter could be explained by FCIs not being affected during this period’s event, compared to net positions. While net positions data were stationary, excess kurtosis was present pointing to non-normal and autocorrelated series. This suggests the need to look into other components like non-reportable long or short positions in future analysis.

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Cerutti, Eugenio, and Maurice Obstfeld. "China's Bond Market and Global Financial Markets." IMF Working Papers 18, no. 253 (2018): 1. http://dx.doi.org/10.5089/9781484377475.001.

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14

Klein, Irene. "Market free lunch and large financial markets." Annals of Applied Probability 16, no. 4 (November 2006): 2055–77. http://dx.doi.org/10.1214/105051606000000484.

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15

Li, Wenyang. "Analysis of Financial Market Efficiency." International Journal of Global Economics and Management 2, no. 2 (April 7, 2024): 244–53. http://dx.doi.org/10.62051/ijgem.v2n2.31.

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This comprehensive study delves into the intricacies of financial market efficiency, anchored around the Efficient Market Hypothesis (EMH) as postulated by Eugene Fama. It scrutinizes the hypothesis across its weak, semi-strong, and strong forms, incorporating a broad spectrum of empirical evidence and theoretical discourse. In light of recent advancements in technology and the increasing complexity of global financial markets, this paper also explores the impact of high-frequency trading, artificial intelligence, and blockchain technology on market efficiency. Through a meticulous examination of both supportive and critical perspectives on the EMH, the analysis extends to consider the implications of market efficiency on investment strategies, portfolio management, and regulatory frameworks. By juxtaposing traditional financial theories with contemporary market phenomena, this study seeks to offer a nuanced understanding of the dynamic interplay between market efficiency, technological innovation, and investor behavior. The ultimate objective is to provide a balanced viewpoint that acknowledges the merits of the EMH while also recognizing the evolving challenges and opportunities within global financial markets.

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16

Wu, Jun. "The Influence and Application of Financial Mathematics in Contemporary Financial Markets." Highlights in Business, Economics and Management 15 (June 28, 2023): 1–7. http://dx.doi.org/10.54097/hbem.v15i.9218.

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The change of times has promoted the rapid development of the economy, and also stimulated the prosperity of the market. As an important component of the economic market, the continuous improvement of the financial economy requires the support of theoretical knowledge in the financial field. As an important theoretical part of financial economics, financial mathematics, relying on its computer and mathematical advantages, conducts a deeper exploration of securities and market equilibrium in the financial market. After decades of research, it has achieved fruitful results, providing strong data support for promoting the normal operation of financial institutions. Starting from the concept and related theoretical composition of financial mathematics, this article mainly analyzes the impact of financial mathematics on contemporary financial markets, and expounds the application of some core theories of financial mathematics at the market level. The article also briefly explains the current situation of financial markets from the perspectives of theoretical innovation and application issues, and describes the prospects of financial mathematics.

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D. Kaya, Halil, and Engku Ngah S. Engkuchik. "The effect of financial crises on stock market liquidity across global markets." Investment Management and Financial Innovations 14, no. 2 (June 2, 2017): 38–50. http://dx.doi.org/10.21511/imfi.14(2).2017.04.

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In this study, using a widely available market liquidity measure, the “turnover ratio”, the authors test for market liquidity contagion during the four financial crises that occurred between 1997 and 1999: The Thai crisis, the Hong Kong crisis, the Russian crisis, and the Brazilian crisis. It is found that while the liquidity levels decreased in approximately half of the sample markets, in the remaining half, the liquidity levels actually improved. The Granger causality tests show that while there is almost no evidence of causality (in both directions) before each crisis, during each crisis, approximately half of the pairwise tests were significant. The results show that most of these causalities are reverse feedback effects from the non-crisis-origin markets to the crisis-origin market. Therefore, it is concluded that the more crucial phenomenon during these crises is the “reverse feedback effects” rather than the liquidity contagion itself.

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18

Prasetya, Bangun Putra. "THE EFFECT OF FINANCIAL LITERACY ON FINANCIAL WELL-BEING MEDIATED BY FINANCIAL BEHAVIOR." IJEBD (International Journal of Entrepreneurship and Business Development) 6, no. 4 (July 31, 2023): 782–91. http://dx.doi.org/10.29138/ijebd.v6i4.2309.

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Purpose: The occurrence of a shift in the consumption patterns of people who originally shopped in traditional markets to modern markets. Market traders often experience delays in development that can affect financial well-being (Financial Well Being). This study aims to see the effect of financial literacy on financial well-being mediated by financial behavior Design/methodology/approach: This research is a quantitative research using the PLS SEM analysis tool. This research was carried out in Kotagede market, which was established since the time of the Mataram Kingdom in Yogyakarta. The research sample was 99 traders in Kotagede market, Yogyakarta. Findings: The results showed that there was an influence of Financial Literacy variables on Financial Behavior variables and Financial Behavior variables on Financial Well Being. While the influence between Financial Literacy variables on Financial Well Being is stated to be insignificant. But the results show that the difference between the effect of financial literacy on financial well being will be significant if mediated by financial behavior

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Zhou, Yijia. "Market Efficiency in the UK Emerging Financial Markets." Advances in Economics, Management and Political Sciences 19, no. 1 (September 13, 2023): 366–71. http://dx.doi.org/10.54254/2754-1169/19/20230161.

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The UK financial market system is huge, more clearly divided and more functional. Under the impact of the world financial innovation trend and the increasing competition in the international financial market, the UK financial market has made quite bold financial innovations. The internationalization trend of the UK's emerging financial market, capital market and London foreign exchange market are all strengthening. The efficiency of financial markets has a significant impact on the effective functioning of financial markets and thus on the efficiency of real economic operations. Market efficiency is influenced by a variety of factors. This paper examines market efficiency in detail from the perspectives of resource allocation theory, incomplete information theory, institutional economics theory and behavioral economics theory, and concludes that market efficiency is the result of a combination of factors such as resource allocation, and information, economic behavior. According to the efficient market hypothesis, investment decisions are largely determined by market efficiency. However, even the most developed financial markets in the world today are hardly guaranteed to conform to the perfect competition hypothesis. In summary, the study of market efficiency issues has far-reaching practical implications for the UK emerging financial markets in the transition period.

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20

Gagnon, Jean-Marie. "FINANCIAL MARKET HISTORY." L'Actualité économique 95, no. 1 (2019): 147. http://dx.doi.org/10.7202/1076387ar.

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Jacobs, Bruce I., Kenneth N. Levy, and Harry M. Markowitz. "Financial Market Simulation." Journal of Portfolio Management 30, no. 5 (January 31, 2004): 142–52. http://dx.doi.org/10.3905/jpm.2004.442640.

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22

Nabor, Andreas. "Financial Market Regulation." Vierteljahrshefte zur Wirtschaftsforschung 70, no. 4 (October 2001): 504–14. http://dx.doi.org/10.3790/vjh.70.4.504.

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23

Abdullaeva, Sanemkhan. "ISLAMIC FINANCIAL MARKET." Theoretical & Applied Science 113, no. 09 (September 30, 2022): 145–48. http://dx.doi.org/10.15863/tas.2022.09.113.28.

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Mukhopadhyay, Bappaditya. "Financial Market Integration." Review of Market Integration 1, no. 1 (April 2009): 37–60. http://dx.doi.org/10.1177/097492920900100103.

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Dziawgo, Leszek. "Greening financial market." Copernican Journal of Finance & Accounting 3, no. 2 (October 21, 2014): 9. http://dx.doi.org/10.12775/cjfa.2014.014.

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Michael, Fredrick, and M. D. Johnson. "Financial market dynamics." Physica A: Statistical Mechanics and its Applications 320 (March 2003): 525–34. http://dx.doi.org/10.1016/s0378-4371(02)01558-3.

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Pasquariello, Paolo. "Financial Market Dislocations." Review of Financial Studies 27, no. 6 (February 12, 2014): 1868–914. http://dx.doi.org/10.1093/rfs/hhu007.

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Funke, Nobert, and Andrea Goldstein. "Financial market volatility." Intereconomics 31, no. 5 (September 1996): 215–20. http://dx.doi.org/10.1007/bf02927152.

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Salazar-Rebaza, Carola, Fioreny Aguilar-Sotelo, Monica Zegarra-Alva, and Franklin Cordova-Buiza. "Financing in the alternative securities market: Economic and financial impact on SMEs." Investment Management and Financial Innovations 19, no. 2 (April 11, 2022): 1–13. http://dx.doi.org/10.21511/imfi.19(2).2022.01.

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In Latin America, SMEs have difficulty accessing sources of financing that allow them to obtain more significant growth and strengthen their economic activity. Therefore, this paper aims to determine the impact of financing in the alternative securities market (MAV) on the economic and financial situation of Peruvian SMEs during 2017–2020. The methodology used in this study is a quantitative approach, descriptive, non-experimental design, and longitudinal measurement. In addition, a documentary analysis technique is employed. The population included 17 SMEs financed in the MAV; the paper considers the financial statements of 6 companies in the last 4 years as a sample. The results obtained show that SMEs financed through the MAV are of different categories and economic activities. Likewise, there is a predisposition of these in the issuance and placement of short-term instruments, determining a favorable economic and financial situation through the analysis of financial indicators, with sustainable profitability growth and an acceptable liquidity and solvency situation. The conclusion is that financing in the alternative securities market has contributed to the improvement of SMEs’ economic and financial state, allowing for sustainable growth and opportunities to diversify their operations.

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Duan, Xiaofei. "Influence and Promotion of Financial Mathematics on China's Contemporary Financial Market." Advances in Economics, Management and Political Sciences 76, no. 1 (April 18, 2024): 47–52. http://dx.doi.org/10.54254/2754-1169/76/20241879.

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The financial market is the mechanism used to trade financial assets and determine their prices. The market system that is extensive is composed of multiple branches, including the securities market, stock market, fund market, and others. Due to the development of modern economy, financial mathematics has gradually become an important part of the financial market. By combining its own characteristics with modern science and technology, and exploring the securities theory of the financial market, financial institutions can obtain more precise data resources. Financial mathematics uses mathematical thinking and computer advantages to quantify the financial market. Then constructing mathematical models, analyzing the data, and calculating them, which is a significant way to promote the development of the financial market. This paper mainly explores the impact of financial mathematics on the financial market, with the aim of better promoting social development. In this paper, the method of literature analysis is used to investigate the influence and promotion of financial mathematics in the field of modern financial markets. The conclusion shows that financial mathematics is an important part of the promotion of the market and that this new discipline has unlimited potential.

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Cipriani, Marco, and Antonio Guarino. "Herd Behavior in Financial Markets: An Experiment with Financial Market Professionals." IMF Working Papers 08, no. 141 (2008): 1. http://dx.doi.org/10.5089/9781451869996.001.

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Cipriani, Marco, and Antonio Guarino. "Herd Behavior in Financial Markets: An Experiment with Financial Market Professionals." Journal of the European Economic Association 7, no. 1 (March 2009): 206–33. http://dx.doi.org/10.1162/jeea.2009.7.1.206.

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Khatun, Rabia, and Jagadish Prasad Bist. "Financial development, openness in financial services trade and economic growth." International Trade, Politics and Development 3, no. 2 (July 15, 2019): 42–65. http://dx.doi.org/10.1108/itpd-05-2019-0002.

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Purpose The purpose of this paper is to examine the relationship between financial development, openness in financial services trade and economic growth in BRICS countries for the period 1990–2012. Design/methodology/approach An index for financial development has been constructed using principal component analysis technique by including banking sector development, stock market development, bond market development and insurance sector development. For the robustness of the result, the long-run cointegrating relationship amongst the variables has been analyzed. Findings Overall financial development has a positive and significant impact on economic growth. To take the full advantage of openness in financial services trade, countries need to put more emphasis on the development of their stock markets, bond markets and the insurance sector. The result shows that openness in financial services trade has a positive impact on economic growth when the stock market, bond market and insurance sector are included in the system. Research limitations/implications The policy implication of the findings is that policymakers should focus more on developing all four areas of finance to get the full benefit of the financial system on the process of economic growth. Originality/value The authors have constructed the better indicators of financial development in the case of BRICS economies. Most of the studies in BRICS economies have measured the development of the financial sector as either banking sector development or stock market development. However, the present study includes all four areas of finance (banking sector development, stock market development, insurance sector development and bond market development) into account.

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Sare, Yakubu Awudu, Eric Evans Osei Opoku, Muazu Ibrahim, and Isaac Koomson. "Financial sector development convergence in Africa: Evidence from bank- and market-based measures." Economics and Business Letters 8, no. 4 (December 18, 2019): 166. http://dx.doi.org/10.17811/ebl.8.4.2019.166-175.

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In this paper, we employ data from 46 African countries over the period 1980–2014 to examine financial sector development convergence, using bank- and market-based measures of financial development. Within the framework of the generalized method of moments (GMM), we present evidence that both the bank– and market–based financial sector development in Africa diverge over time. However, we find strong evidence of financial development divergence when using bank-based financial sector development indicators whereas this evidence is weaker for market-based indicators. Given the divergence in the level of finance, the gap between countries with underdeveloped and well–developed financial markets will continue to widen as financially less developed countries do not appear to catch-up with the financially more developed economies. Keywords: Financial development; divergence, convergence, AfricaJEL Classification: F15, F36, G01, O55

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Feng, Jiacheng. "Innovative Applications of Financial Mathematics in Economic and Financial Markets." Advances in Economics, Management and Political Sciences 49, no. 1 (December 1, 2023): 259–65. http://dx.doi.org/10.54254/2754-1169/49/20230527.

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Under the rapid development of the new economic situation, China's financial market is showing a thriving take-off scene, and the theoretical development and practical cases related to finance are also increasing geometrically. Financial mathematics, as an important theory that emerges at the historic moment, advocates the use of mathematical thinking to guide the discussion of financial theory. Taking advantage of the computational advantages of computers and mathematics, financial mathematics can conduct a deeper exploration of securities in financial markets and market equilibrium. Its formation and development provide strong data support for promoting the normal operation of financial institutions. Starting from the connotation of financial mathematics and its current development status, the author deeply analyzes the innovative application of financial mathematics at the financial market level, hoping to promote the orderly development of financial markets.

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Wang, Xue. "The time-varying co-movements between energy market and global financial market." Journal of Computing and Electronic Information Management 10, no. 1 (March 8, 2023): 88–95. http://dx.doi.org/10.54097/jceim.v10i1.5763.

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Since the global financial crisis in 2008, international energy markets have become more closely linked to financial markets and energy prices have exhibited more financial characteristics. Therefore, it is of great theoretical and practical significance to study the time-varying synergy between the energy market and the global financial market. This paper sets up a model for realizing the time-varying co-movements between energy markets and global financial markets: It uses the Diebold &Yilmaz spillover index method and its dynamic expansion model to test the spillover mechanism of market volatility shocks, applies the deep long and short-term memory (DLSTM) model to predict market prices. The results of this study show that, first, energy markets and global financial markets are closely linked networks, and the spillover effects have obvious time-varying characteristics. Second, from a static spillover perspective, the Global Financial Price Index shows the largest net exporter in both yield and volatility spillovers, suggesting that the global financial development market has the strongest influence on other markets. However, in the volatility spillover, the net spillover index shows alternating periods of positive and negative periods most of the time.

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Kemetmüller, Thomas. "The Theory and Empirics of Financial Development in the East Asian Bond Markets." Vienna Journal of East Asian Studies 5, no. 1 (December 1, 2014): 45–76. http://dx.doi.org/10.2478/vjeas-2014-0003.

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Abstract The Asian financial crisis marked a turning point in financial development in East Asia that brought the development of bond markets within the focus of policy-makers. This paper tracks the benefits of an advanced bond market, the current state of the East Asian corporate and government bond markets and their rapid evolution since the Asian crisis. Subsequently, a multivariate model is used to determine the endogenous economic and institutional factors that drove growth in the region’s bond markets. The following findings may be noted: (1) growth in the government bond market was driven by the monetary sterilisation efforts of East Asian central banks in order to cope with excessive liquidity, (2) the government bond market may crowd out the corporate bond market, and (3) the corporate bond market grew particularly strongly during the global financial crisis.

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Bokpin, Godfred A. "Financial market development and corporate financing: evidence from emerging market economies." Journal of Economic Studies 37, no. 1 (January 26, 2010): 96–116. http://dx.doi.org/10.1108/01443581011012270.

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Blahun, I. "FINANCIAL MARKET OF UKRAINE - A MODERN LOOK AT THE ESSENCE OF THE CONCEPT." Vìsnik Sumsʹkogo deržavnogo unìversitetu, no. 2 (2019): 13–20. http://dx.doi.org/10.21272/1817-9215.2019.2-2.

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The article presents a modern view of understanding of "financial market" concept, as the development of financial technologies gradually influences the change of paradigm of its functioning, new financial institutions, institutions of market infrastructure, financial instruments are emerging, as well as the development of forms of alternative financing. On the base of the systematization, it is determined that the term "financial market" in the current scientific literature is considered from three positions, first as a mechanism of distribution of financial resources, secondly, as a system of economic relations, and thirdly as a set of markets and institutions. As a result of the research on the contrary to the popular opinion that the financial services market and the financial market are two separate markets, it has been substantiated that the financial services market is a part of the financial market, because financial instruments are formed through the provision of financial services. The financial market and the market of financial services have common subjects - financial intermediaries (banks, insurance companies, non-government pension funds, investment funds, etc.), but at the same time the objects of these two markets are different. Financial instruments are objects for financial markets, and services – for the market of financial services. Through the process of financial services providing, financial intermediaries ensure the fulfilment of the basic function of the financial market, which is the redistribution of financial resources in the economy, thereby creating financial assets, liabilities, etc., which is the basis for the formation of financial instruments. Taking into account of the impact of fintech on the development of the financial market, author's definition was presented in this work as a system of financial institutions (market subjects), which create the conditions for transactions with financial instruments of economic agents (market objects) using appropriate infrastructure and financial technologies. Transfer of flows of financial resources in the economy at national, subnational and global levels, adequate assess of financial risks and ability to absorb exogenous and endogenous shocks were determined as a purpose of the functioning of the financial market. Keywords: fintech, financial instruments, financial institutions, financial services market, financial system, financial services..

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Tubolec, I. I., and O. V. Tkalich. "GLOBALIZATION OF INTERNATIONAL FINANCIAL MARKETS." Scientific Bulletin of Ivano-Frankivsk National Technical University of Oil and Gas (Series: Economics and Management in the Oil and Gas Industry), no. 1(19) (May 21, 2019): 133–41. http://dx.doi.org/10.31471/2409-0948-2019-1(19)-133-141.

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The article deals with one of the components of globalization - the globalization of financial markets. The article considers financial markets, which are the component of globalization. The study investigates the international financial institutions that together form the international financial infrastructure and the main subjects of financial globalization. The study investigates the international financial institutions, which collectively form the international financial infrastructure and main subjects of financial globalization. The segments of the global financial market, which include the global debt market, the global stock market, other global financial markets (precious metals, real estate insurance), the global currency market, are considered. The article considers the segments of the global financial market, such as the global debt market, the global stock market, the global currency market and other global financial markets (precious metals, real estate insurance etc.). The article presents the prospects of global financial markets, such as high world standards, higher level of diversification, higher liquidity and professional risk management. It is established that the basis of the globalization of the financial system lies in the interaction of such phenomena as: technological progress; growing competition: on the one hand, between lending and financial institutions in the financial markets, and on the other hand, between the financial markets themselves, due to the significant development of information technology and telecommunications; restructuring of credit and financial; wide internationalization of business due to the increasing transnational nature of corporations; consolidation of regional integration associations (in Europe - Economic and Monetary Union); weakening of the firm control over the implementation of international agreements related to the movement of capital stock exchanges; - macroeconomic stabilization and reform in a number of developing and transition countries that have created a favorable climate for foreign investors; widespread use of the "principle of the lever". We investigated that the integration of international capital markets, merger of financial institutions, the tendency to increase speculative operations in the financial markets and financial crises are the global trends in the development of international financial markets in the requisition of globalization. It is proved that the, the emergence of the global financial space is represented by an increase in international financial flows, volumes of all types of international transactions, an increase in the number of companies and financial groups that operate outside of the national financial systems.

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41

Rim, Hong, and Robert Setaputra. "The Impacts Of The U.S. Financial Crisis On Financial Markets In Asia And Europe." International Business & Economics Research Journal (IBER) 11, no. 1 (December 21, 2011): 45. http://dx.doi.org/10.19030/iber.v11i1.6670.

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This study is to examine the impacts of the U.S. financial crisis (2008) on a few financial markets in Asia and Europe in the framework of vector auto-regressive model. This study uses daily returns of the stock market indexes during January 2005-February 2010. Some important findings are: 1) the U.S. market became more integrated with Asian markets during the crisis but less integrated with European markets; 2) the U.S. influence remained strong in both Asia and Europe during the U.S. crisis; 3) the speed of adjustments increased in some markets but decreased in other markets; and 4) there were observed strong spillover effects from the U.S. to other markets during the crisis. The overall results suggest that there still exist much diversification benefits to be exploited in European markets but not much in Asian market.

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Bosworth, Barry, and Aaron Flaaen. "Financial Crisis American Style." Asian Economic Papers 8, no. 3 (October 2009): 146–70. http://dx.doi.org/10.1162/asep.2009.8.3.146.

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This paper reviews some of the research on the causes of the financial crisis of 2008–09, highlights the key events that triggered a financial panic in September 2008, and summarizes the key policy actions that the United States has taken to ameliorate the crisis. We document the characteristics and growth of the sub-prime mortgage market, and the distorted incentives and flawed regulatory structure surrounding the secondary market for mortgage-backed securities. We also assess the role for macroeconomic determinants of the crisis that serve to explain the bubble in U.S. asset prices, most notably low global interest rates attributed to either loose monetary policy or excess global saving. Although low global interest rates may have contributed to the boom in housing markets and speculative excesses, we believe that the financial innovations and microeconomic distortions played a more fundamental role. Finally, a recovery marked by higher private saving, weak domestic investment, and a large public deficit appears to be unsustainable. Ultimately, the U.S. economy will need to shift about 3 percent of GDP from domestic consumption to the export sector. This will pose some serious challenges to Asian economies that have come to rely on exports to the U.S. market.

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Okioga, Charles Kombo. "The Capital Market Authority Effectiveness in the Regulation of Financial Markets perspectives from the financial sector actors." Australian Journal of Business and Management Research 02, no. 11 (November 29, 2012): 15–24. http://dx.doi.org/10.52283/nswrca.ajbmr.20120211a02.

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Capital Market Authority in Kenya is in a development phase in order to be effective in the regulation of the financial markets. The market participants and the regulators are increasingly adopting international standards in order to make the capital markets in sync with those of developed markets. New products are being introduced and new business lines are being established. The Capital Markets Authority (Regulator) is constantly reviewing existing regulations and recommending changes to regulate the market properly. Business lines and activities are being harmonized by market participants to provide a one stop solution in order to meet the financial and securities services needs of the investors. The convergence of business lines and activities of market intermediaries gives rise to the diversity of a firm’s business operations to meet multiplicity of regulations that its activities are subject to. The methodology used in this study was designed to examine the relationship between capital markets Authority effective regulation and the performance of the financial markets. The study used correlation design, the study population consisted of 30 employees in financial institutions regulated by Capital Markets Authority and 80 investors. The study found out that effective financial market regulation has a significant relationship with the financial market performance indicated by (r=0.571, p<0.01) and (r=0.716, p≤0.01, the study recommended a further research on the factors that hinder effective financial regulation by the Capital Markets Authority.

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Wittwer, Milena. "Connecting Disconnected Financial Markets?" American Economic Journal: Microeconomics 13, no. 1 (February 1, 2021): 252–82. http://dx.doi.org/10.1257/mic.20180314.

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In most financial markets, securities are traded in isolation. Such a disconnected market design can be inefficient if agents trade more than one security. I assess welfare effects of connecting markets by allowing orders for one security to depend on prices of other securities. I show that everyone trades identical amounts under both market structures if and only if the clearing prices are perfectly correlated or all are price-takers. Prices in disconnected markets might allow strategic traders to extract higher rents from nonstrategic traders. In expectation, connected markets generate higher welfare, but all markets become efficient as they grow large. (JEL D44, D47, G10, H82)

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Ziemba, William T. "Pari-Mutuel Betting Markets: Racetracks and Lotteries Revisited." Annual Review of Financial Economics 15, no. 1 (November 1, 2023): 641–62. http://dx.doi.org/10.1146/annurev-financial-053122-021925.

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This survey discusses the state of the art in research in racetrack and lottery investment markets. Market efficiency and the pricing of various wagers are studied along with new developments since the Thaler & Ziemba (1988) review. The weak form inefficient market pricing approach using stochastic programming optimization models changed racetrack betting from handicapping to a financial market allowing professional syndicates to operate as hedge funds. Topics discussed include arbitrage and risk arbitrage, syndicates, betting exchange rebates, behavioral biases, and fundamental and mispricing information in racetrack and lottery markets. Similar models can be used to successfully trade stock market anomalies. Supplemental Materials are included online.

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Lee, Byung-Joo. "Asian financial market integration and the role of Chinese financial market." International Review of Economics & Finance 59 (January 2019): 490–99. http://dx.doi.org/10.1016/j.iref.2018.10.012.

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Krawczyk-Sawicka, Anna. "Integration of the Financial Market EU after the Financial Crisis." Central European Review of Economics & Finance 27, no. 5 (October 31, 2018): 67–78. http://dx.doi.org/10.24136/ceref.2018.027.

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The EU integration and the creation of the so-called European single financial market requires creation of institutional solutions corresponding to the integrated structure. At the moment, we are dealing with globalisation of financial markets, and thus with a growth in their integration. However, full integration of the financial system, or the lack thereof, will be only achieved when European states overcome the still lasting financial crisis and its effects in the form of recession in most EU countries. The purpose of this article is to present the situation concerning the integration of financial markets, as illustrated with the example of countries belonging to the EU, with emphasis on the situation on the Polish financial market after the deepest and the most severe financial crisis for the world economies, namely after 2008–2009 as compared with the period preceding the financial crisis.

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Kim, Ryoonhee. "Financial Weakness and Product Market Performance: Internal Capital Market Evidence." Journal of Financial and Quantitative Analysis 51, no. 1 (February 2016): 307–32. http://dx.doi.org/10.1017/s0022109016000077.

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AbstractUsing a data set of Korean business groups in the period 1999–2006, just after the Asian Financial Crisis, this study shows how business groups’ financial leverage can lead group-affiliated firms to lose market share to industry rivals. This analysis reveals that the negative effect of group leverage is greater when an affiliated firm is financially weak. Additionally, high group leverage is more detrimental to firms operating in fast-growing industries, discouraging affiliated firms from investing while encouraging their rivals. The results suggest that groups’ financial positions encompass a substantial strategic dimension of group-affiliated firms.

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Khan, Mahmood Hasan. "Financial Market Reform in Pakistan." Pakistan Development Review 36, no. 4II (December 1, 1997): 839–54. http://dx.doi.org/10.30541/v36i4iipp.839-854.

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The paper argues that the finance dimension of economic development has often been treated as an aftellhought by researchers and politicians alike, because it is considered to be too "sophisticated" to matter for "simple" economies. The role of the financial sector was considered to be primarily for mobilising resources to increase growth. However, expclicnce has also revealed that financial development, including stock market development, is correlated with current and future economic growth, capital accumulation, and productivity improvements. It is suggested that a strategy for financial market development in emerging economies is better evolved from the perspective of the "functions" of financial markets as envisaged in modern financial literature. It is also argued that financial sector policies in emerging economies should focus on enhancing, rather than inhibiting, the multiple roles of financial markets.

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Li, Jin, and Zhi-Gang Shao. "Leverage effects of financial markets in financial crisis." International Journal of Modern Physics C 31, no. 05 (April 14, 2020): 2050072. http://dx.doi.org/10.1142/s0129183120500722.

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We have investigated the leverage effects of three major financial markets within a time frame from 2000 to 2012 throughout the 2008 financial crisis. First, dividing the considered time into four consecutive periods, we find the leverage effects of markets exhibiting similar pattern at various periods. Second, splitting the yield data into the positive-return and negative-return series, we find these two series always show anti-leverage effect. The anti-leverage effect of negative-return series usually dominates over the positive one, reflecting people at most times are more sensitive to bad news. However, we observe anomalous behavior in approaching the outbreak of crisis, where the positive-return series shows stronger anti-leverage effect, i.e. people become more sensitive to good news instead. Such phenomenology can persist till after the crisis for an immature market, as opposed to a mature market where it disappears before the end of crisis without external intervene. Our results afford insight into the micro-emotion of various financial markets swept through by the financial crisis.

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Journal articles on the topic 'Financial market'

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