192,134 research outputs found

    Online social lending: Borrower-generated content

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    This article explores online social lending, an innovative venture that represents a reintermediation in financial services. Borrowers and lenders now have access to online financial information services such as Motley Fool, http://www.fool.com/ , and the opportunity to communicate directly with each other online, sharing user-generated content, in the spirit of Web 2.0. In this environment, new possibilities emerge. Drawing on the literature of community banks, finance, and online banking, we conducted a structurational analysis of ZOPA(2007) a newly founded venture in online social lending whereby borrower/lender interactions take place within an open and transparent environment using discussion boards and blogs. ZOPA offers a service as an intermediary but one that differs from the intermediating role played by a traditional bank. We analyzed the possible attractions and risks of ZOPA’s service to customers, from the perspective of social lending and social networking, using public data from ZOPA’s website. Our intention is to understand the nature of this reintermediation and explain the development of this process through Giddens’ propositions

    The Digitalisation of African Agriculture Report 2018-2019

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    An inclusive, digitally-enabled agricultural transformation could help achieve meaningful livelihood improvements for Africa’s smallholder farmers and pastoralists. It could drive greater engagement in agriculture from women and youth and create employment opportunities along the value chain. At CTA we staked a claim on this power of digitalisation to more systematically transform agriculture early on. Digitalisation, focusing on not individual ICTs but the application of these technologies to entire value chains, is a theme that cuts across all of our work. In youth entrepreneurship, we are fostering a new breed of young ICT ‘agripreneurs’. In climate-smart agriculture multiple projects provide information that can help towards building resilience for smallholder farmers. And in women empowerment we are supporting digital platforms to drive greater inclusion for women entrepreneurs in agricultural value chains

    Gender Performance Indicators: How Well Are We Serving Women?

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    This document presents gender performance indicators and how well women are being treated. If an institution is targeting women, as 74% of microfinance institutions do, then it should be able to measure how well it is serving women. Similarly if an institution's mission declares a commitment to women, then performance should reflect that commitment. Recognizing a lack of information beyond basic measures, Women's World Banking setout to develop an evaluation framework that defines the key metrics that will allow microfinance providers to measure how effectively they are serving women, both internally and externally

    Ideas for a regulatory definition of FinTech

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    Purpose: The aim of the paper is to develop the approach to a legal definition of FinTech. Design/Methodology/Approach: In this paper we evolve possible approaches of FinTech legal definition, investigate existing approaches at the international level and examine the policies applied at the national levels. Document analysis, as a form of qualitative research, was used in this study. Findings: We found that in most countries the legislation does not specifically address fintech companies, and the legal framework equally regulates the activities of traditional service providers and fintech operators. In our opinion, no specific legislation for FinTech companies needed, each type of activity provided by a financial or technology company is subject to a specific legislation/regulation with primary focus on services and products provided as payments, insurance, investments etc. Practical Implications: The term FinTech is freely used by policy makers, regulators, companies, researchers, academics and the public, both nationally and internationally. According to international organizations such as the IMF, the World Bank and the OECD, FinTech offers the opportunity to accelerate economic growth and expand financial affordability/inclusion in all countries. Some countries are increasingly striving to become global or international regional hubs for FinTech and are working hard to develop interagency government strategies with a supportive legal environment. Originality/Value: There is still confusion about the nature and dynamics of FinTech among politicians, scientists and practitioners, as well as about the legal framework of this area. The value of this article is to clarify and propose an apprach to definition of FinTech by combining different approaches in a very original and innovative way.peer-reviewe

    Credit securitization and credit derivatives : financial instruments and the credit risk management of middle market commercial loan portfolios

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    Banks increasingly recognize the need to measure and manage the credit risk of their loans on a portfolio basis. We address the subportfolio "middle market". Due to their specific lending policy for this market segment it is an important task for banks to systematically identify regional and industrial credit concentrations and reduce the detected concentrations through diversification. In recent years, the development of markets for credit securitization and credit derivatives has provided new credit risk management tools. However, in the addressed market segment adverse selection and moral hazard problems are quite severe. A potential successful application of credit securitization and credit derivatives for managing credit risk of middle market commercial loan portfolios depends on the development of incentive-compatible structures which solve or at least mitigate the adverse selection and moral hazard problems. In this paper we identify a number of general requirements and describe two possible solution concepts

    Master’s Program in Money and Finance (MMF)

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    The Master’s program in Money and Finance (MMF) is an innovative joint venture of the Department of Money and Macroeconomics and of the Department of Finance, both located in the new House of Finance. The program offers promising students from all over the world an intellectually stimulating and challenging setting in which to prepare for their professional careers in central banking, commercial banking, insurance and other financial services. By being located in Frankfurt, one of the world's leading financial centers and the only city in the world with two central banks (the ECB and the German Bundesbank), it offers unique opportunities for interaction with practitioners. The program is taught exclusively in English; knowledge of German is not required for admission to, or completion of the program. It has been designed with a view to establishing itself as a leading Masters program integrating studies in monetary economics, macroeconomics and finance and a major gateway to high-profile jobs in the banking and financial sector

    Strategies for sustainable socio-economic development and mechanisms their implementation in the global dimension

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    The authors of the book have come to the conclusion that it is necessary to effectively use modern approaches to developing and implementation strategies of sustainable socio-economic development in order to increase efficiency and competitiveness of economic entities. Basic research focuses on economic diagnostics of socio-economic potential and financial results of economic entities, transition period in the economy of individual countries and ensuring their competitiveness, assessment of educational processes and knowledge management. The research results have been implemented in the different models and strategies of supply and logistics management, development of non-profit organizations, competitiveness of tourism and transport, financing strategies for small and medium-sized enterprises, cross-border cooperation. The results of the study can be used in decision-making at the level the economic entities in different areas of activity and organizational-legal forms of ownership, ministries and departments that promote of development the economic entities on the basis of models and strategies for sustainable socio-economic development. The results can also be used by students and young scientists in modern concepts and mechanisms for management of sustainable socio-economic development of economic entities in the condition of global economic transformations and challenges

    Market dynamics associated with credit ratings: a literature review.

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    Over the past few years there has been rapid growth in credit risk transfer instruments, including credit derivatives, and increasing use of these instruments by a diverse range of market participants: banks, insurance and reinsurance companies, mutual funds, as well as companies and hedge funds. This has led the authorities that participate in the Financial Stability Forum to examine this issue and the possible repercussions of recent developments. In this respect, there are two conflicting views: some people consider that the greater dispersion of credit risk across a wider spectrum of agents may contribute to the stability of financial systems; for others, however, the spreading of credit risk may give rise to new sources of instability if the new holders of this risk are unable to accurately assess and manage it. In order to increase their knowledge of these products, in the second half of 2003 the French supervisory authorities – the Commission de ContrĂŽle des assurances (Insurance Supervisory Commission), the Commission des OpĂ©rations de Bourse (Stock Exchange Commission), and the Commission Bancaire (Banking Commission) – conducted a survey of credit institutions, insurance and reinsurance companies, and asset management companies. The survey’s findings, which constitute the first joint assessment of credit risk transfers undertaken by the French authorities, are presented in this article. These findings, which only relate to agents in the financial sector, are not a cause for particular concern from the point of view of financial stability. Indeed, the vast majority of risk transfers take place between major banks, especially in the case of credit derivatives, and mainly involve large US banks. This concentration of players is not specific to credit derivatives — it is reproduced with respect to derivatives across the board. However, the situation is more diverse where structured products are concerned. Here the involvement of insurance and reinsurance companies and mutual funds is more significant, although the bulk of transactions take place on highly-rated instruments. In terms of the transactions themselves, the results of the survey highlight the importance of new types of risk associated with these instruments: legal and documentation risk, and also illiquidity risk for non-standardised products. Given that the use of these products is likely to expand, market participants need to be well aware of the risks associated with them and endeavour to improve their assessment and management of these risks. Moreover, greater progress in terms of financial transparency is desirable in this area. All in all, this should help to make this market more mature, more liquid and therefore less risky.

    BASEL III- Responses to Consultative Documents, Vital Aspects of the Consultative Processes and the Journey Culminating in the Present Framework (Part 1)

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    This paper is aimed at providing a comprehensive overview of, and responses to, four very vital components of the consultative processes which have contributed to the new framework known as Basel III. The paper will approach these components in the order of the consultative processes, namely, the capital proposals, the liquidity proposals and the Proposal to ensure the loss absorbency of regulatory capital at the point of non-viability. The capital proposals comprise proposals aimed at strengthening the resilience of the banking sector, the proposal relating to international framework for liquidity risk measurement, standards and monitoring and, the countercyclical capital buffer proposal. Whilst the capital proposals have been welcomed, there has been growing realisation since the aftermath of the recent Financial Crises that banks which have been complying with capital adequacy requirements could still face severe liquidity problems. As well as highlighting the importance of introducing counter cyclical capital buffers, the response to the countercyclical proposal draws attention to the need for greater focus on more forward looking provisions, as well as provisions which are aimed at addressing losses and unforeseen problems attributed to “maturity transformation of short-term deposits into long term loans.” The Basel Committee’s consultative document on the “Proposal to Ensure the Loss Absorbency of Regulatory Capital at the Point of Non Viability” sets out a proposal aimed at “enhancing the entry criteria of regulatory capital to ensure that all regulatory capital instruments issued by banks are capable of absorbing losses in the event that a bank is unable to support itself in the private market.” Amongst other issues addressed, the response to the consultative document highlights why the controlled winding down procedure also constitutes a means whereby losses could still be absorbed in the event that a bank is unable to support itself in the private market

    Gaining Depth: State of Watershed Investment 2014

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    Last year, governments, businesses, and donors channeled $12.3 billion (B) toward nature-based solutions to the global water crisis. Water users and public funders were paying land managers to repair and protect forests, wetlands, and other natural systems as a flexible, costeffective strategy to ensure clean and reliable water supplies, resilience to natural disasters, and sustainable livelihoods. These deals paid for watershed protection and restoration across more than 365 million (M) hectares (ha) worldwide in 2013, an area larger than India.The value of investment in watershed services1 (IWS) - referring to funding for watershed restoration or protection that delivers benefits to society like aquifer recharge or erosion control - has been growing at anaverage rate of 12% per year. The number of operational programs grew by two thirds between 2011 and 2013, expanding in both scale and sophistication as program developers introduced new tools to track returns on watershed investment, coordinated efforts across political boundaries, and delivered additional benefits like sustainable livelihoods and biodiversity protection
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