The Interplay among Financial Regulations, Resilience, and Growth

Allen, Franklin; Goldstein, Itay; Jagtiani, Julapa

doi:10.1007/s10693-018-0291-z

Cited by 14 publications

(4 citation statements)

References 42 publications

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“…International policy helps to reinforce consumer utilization with innovative financial products that are assumed to absorb shocks in the economy (Ramsay and Williams 2020). Ambiguity, market manipulation, arbitrage, and regulatory loopholes occur due to the proposal of more complex regulations (Allen et al 2018;Pollman 2019).…”

Section: Rq2: What Is the Significance Of Regulation In Fintech Innov...mentioning

confidence: 99%

Fintech Innovations in the Financial Service Industry

Mansurali

Ramakrishnan

Joghee

et al. 2022

JRFM

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Digital transformation underscored by the fourth industrial revolution has led to the emergence of sophisticated technology-enabled financial services known as fintech, that has swiftly altered traditional financial services space. Global adoption of fintech is rapidly increasing due to its disruptive nature and is largely embraced by participants who are underserved by traditional financial service providers. Global investments in fintech are growing rapidly year by year owing to increased interconnectivity with the digital revolution. Fintech is expansive, engulfing a plethora of innovative applications in various services including payments, financing, asset management, insurance, etc. There exists a gap in the literature and visualization research on impact and future pathway of fintech innovations in payments and financial services and role of financial regulations. This study aims to enrich the understanding of fintech innovations in payments and financing and investigate the correlation and significance of regulatory framework in maintaining a fair ecosystem. With this objective, an extant systematic review was performed using research articles published in peer-reviewed journals for the period 2014–2022 when there has been a burgeoning of interest in ‘fintech’ globally. The findings of this study contribute to the theoretical constructs of fintech innovations in the financial services industry and show that such innovations play a crucial role in shaping the nature of future of business. The results of this study have implications for researchers who could deploy this research as a reference point to get a holistic insight and a detailed mapping of innovations in fintech.

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Section: Rq2: What Is the Significance Of Regulation In Fintech Innov...mentioning

confidence: 99%

Fintech Innovations in the Financial Service Industry

Mansurali

Ramakrishnan

Joghee

et al. 2022

JRFM

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“…Allen et al . (2018) argue that the many layers of regulatory complexity have in fact added to ambiguity and the possibility for market manipulation. Current legislation worldwide encourages, or requires, both internal and external monitoring of financial markets for the detection of market manipulation.…”

Section: A Perspective On Rules and Regulationsmentioning

confidence: 99%

Financial Market Manipulation, Whistleblowing, and the Common Good: Evidence from theLIBORScandal

Batten

Lončarski

Szilágyi

2021

Abacus

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The LIBOR (London Interbank Offered Rate) scandal, which led to the prosecution of both financial institutions and individuals for manipulating the primary interest rate benchmark in global financial markets, shows that the current top‐down approaches to regulatory rule enforcement cannot prevent or adequately detect financial market abuse. We argue that a bottom‐up approach, which relies on individuals acting in the interest of the common good, may be more effective in organizational environments that are duty‐ as well as incentive‐based. This approach encourages individuals to accept a degree of moral responsibility for their actions, and to some extent for the actions of others. We argue that properly motivated and instructed individuals can think and act better than they might otherwise do, despite behavioural biases. Nonetheless, there are circumstances under which the prevention of market manipulation may not ultimately serve the common good.

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“…Іншою методологічною підставою є дослідження С. В. Науменкової, яка здійснила свої наукові розвідки щодо фінансової інклюзивності (Науменкова, 2015; Науменкова & Павлюк, 2015 Найважливішою подією, що обумовила формування світової наукової думки, є комплексне дослідження щодо взаємодії регулювання, стійкості та зростання. Значний внесок було зроблено Ф. Алленом (Franklin Allen), І. Голдшимітом (Itay Goldstein) та Ю. Ягтяні (Julapa Jagtiani), науковці дійшли висновку, що в основі останньої фінансової кризи лежить подібність ризиків крупних фінансових інститутів, які мультиплікують загальний ризик на ринку (Allen, Goldstein & Jagtiani, 2018).…”

Section: N Karazin Kharkiv National Universityunclassified

Changing Institutional Design of the Financial Services Market in Ukraine in the Context of Post-Crisis Recovery

2019

Social Economics

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The article determines the changes having taken place in institutional design and identifies trends in the recovery of the financial services market as a complex systemic phenomenon. The essence of current tendencies on the market of financial services of Ukraine as well of those in the period of crisis is revealed. Their influence on the financial system of our country is also determined. The research conducted showed that the vast majority of subjects of the Ukrainian financial services market have experienced a significant decrease. This is especially true of banks and credit unions, though the number of financial companies is growing. The growth in the number and amount of the activities of financial companies suggests that the microcredit sector is also growing. Slowing down real salary increases indicates a loss of public confidence in banks and in the future may lead to a decline in effective demand of the population. This has led to the conclusion that the credit market of Ukraine is becoming non-institutionalized. These processes have led to a concentration of capital in the credit segment of the financial services market. The decline in the number of financial institutions is not critical to the market while the growing number of non-bank financial intermediaries is considered to be a negative trend. The deep socio-political crisis has caused capital outflows from the Ukrainian stock market and the reduction in the volume of contracts at the domestic stock exchanges. This is clearly a negative trend, since the decrease in the volume of contracts on the stock market is one of the factors that affect the investment climate and reflect investors’ interest in buying securities of domestic companies. State regulation of the financial services market needs to be reformed in two stages: the first is to reduce the number of regulators to two and move to a task-based patter with the division into licensing activities and macro-prudential supervision; the second is the transition to a single regulator. This is in line with current global trends and will make government regulation of the financial services market comprehensive and systematic in order to avoiding hyper-regulation and lack of regulatory influence in certain market segments.

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The Interplay among Financial Regulations, Resilience, and Growth

Cited by 14 publications

References 42 publications

Fintech Innovations in the Financial Service Industry

Fintech Innovations in the Financial Service Industry

Financial Market Manipulation, Whistleblowing, and the Common Good: Evidence from theLIBORScandal

Changing Institutional Design of the Financial Services Market in Ukraine in the Context of Post-Crisis Recovery

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