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Personal economic stability is one of the core social determinants of health and longevity, and managing one's finances is an instrumental activity of daily living. Impaired financial decision-making can lead to poor health, emotional distress, and loss of independence and safety. Older adults in the United States lose billions of dollars annually to elder financial abuse (EFA), which may be preceded by a decline of capacity to make financial decisions. A literature review regarding EFA, electronic financial instruments (EFI), medical and financial decision-making capacity evaluations, and biomedical ethics was performed. Currently, there is no gold standard clinical assessment tool for evaluating financial capacity. The instruments in use have yet to formally integrate modern EFI that present novel mechanisms through which EFA can occur. This article summarizes the current state of EFA in the United States, risk factors and strategies for prevention, and offers a clinician administered screening questionnaire for addressing EFI use along with a semi-structured approach to clinical financial capacity assessments.

The article examines Chinas foreign economic policy in the developing countries of Sub-Saharan Africa. The purpose of the study is to determine what financial and nonfinancial instruments the PRC uses to implement its economic interests in the region. The relevance of the study is due to the increased role of China in the economies of the region, its active investment and lending policy, which in theory can lead to the emergence of debt traps, and the spread of soft power. To determine the scale of interaction, a general statistical analysis of trade and economic cooperation between the PRC and the countries of the region is provided, and its structure is determined. The institutional framework is studied, for example, the China - Africa Cooperation Forum, and the main instruments which are used to implement the economic interests of the PRC are given, such as the Belt and Road Initiative and investments within its framework, credit policy, assistance in the creation of SEZ, individual elements of soft power. The systematization of such instruments makes it possible to assess Chinas place in the region in more detail and identify potential risks for developing countries. The implications of the utilization of such instruments in the context of the economic development and economic security of African countries are determined based on the results of the study.

The article is devoted to the analysis of VEB.RF's Methodological Recommendations for Green Finance published on July 13, 2020, named by many Russian experts as the National Green Finance Standard of Russia. This document was in-tended to define the criteria for green projects and financial instruments for enterprises and banks and, ultimately, describe the architecture of the national sys-tem of such financing. A similar document - Taxonomy Regulation - was adopted in the European Union on June 18, 2020. In this regard, a comparative analysis of the above issues is of particular importance. The purpose of the article is to form the idea of the national standard of green finance in Russia based on the analysis of regulations and scientific sources. The applied methods are empirical methods of comparison, description, interpretation, and theoretical methods of formal and dialectical logic. The following private scientific methods were used: legal-dogmatic and the method of interpretation of legal norms. The study showed that the main financial regulator in Russia is the Central Bank, and it is the regulatory documents of the Central Bank of the Russian Federation that should create a national standard for green financing. Without the approval of the Central Bank, VEB.RFs guidelines are turning into just another methodology of the rating agency.

Public development banks and development financing institutions are experiencing renaissance worldwide, but systematic academic research is patchy. The bottleneck mainly boils down to the lack of data, which has constrained the meaningful research on the rationales of establishing PDBs and DFIs and reasons for their successes and failures. To fill the gap, we aim to answer the fundamental question of “what PDBs and DFIs are” by proposing five qualification criteria, i.e., being a stand-alone entity, using the fund-reflow-seeking financial instruments as main products and services; funding sources going beyond the periodic budgetary transfers; the proactive public policy orientation, and government steering of their corporate strategy. Furthermore, we have systematically identified over 500 PDBs and DFIs that meet the five qualification criteria worldwide. Based on the first-hand data collection, we present the stylized facts (including ownership structure, official mandate, geographical scope of operation, asset size, and income groups) and development trends of worldwide PDBs and DFIs. We hope that this first global database on PDBs and DFIs can lay the foundation for the original academic and policy research.

Sukuk Negara is one of the sharia-based financing instruments issued by the government to meet the budget deficit. This study aims to identify priority issues in the development of Sukuk Negara to enhance the role of Sukuk Negara in supporting government infrastructure financing. From the results of data management using the Analytic Network Process (ANP) method, it is known that several priority problems include the issuance of Sukuk Negara financing limited to central government projects, the lack of quality and quantity of Islamic finance human resources compared to conventional finance, and the low interest in public investment in Islamic financial instruments. The priority of the solution is the need to make regulations that allow Sukuk Negara to finance PPP project financing schemes, increase innovation and quality of sukuk products so that they are able to achieve the set targets, and foster public investment interest. Thus, the strategy in supporting the government's infrastructure development is to increase the proportion of SBSN issuance, increase socialization and communication to the public, and diversify underlying assets.

On March 31, 2017, the Ministry of Finance revised and issued three new financial instrument accounting standards including Accounting Standards for Enterprises No.22- Recognition and Measurement of Financial Instruments. The banks of China’s A and H stocks have implemented the new standards since January 1, 2018. From January 1, 2021, the scope of implementation of the standards covers all non-listed commercial banks. The new financial instrument standards have undergone great changes in the classification and impairment treatment of financial assets, which is bound to have a profound impact on Chinese commercial banks. This article analyzes the impacts of new standards on Chinese commercial banks from the aspects of financial asset classification and measurement, impairment, credit risk management, profit and earnings management. Finally, the paper puts forward several suggestions and measures on the system and model construction, credit policy and post-loan risk management and talent training, in order to facilitate banks smooth the transition to the new standards.

The high cost of capital for firms conducting medical research and development (R&D) has been partly attributed to the government risk facing investors in medical innovation. This risk slows down medical innovation because investors must be compensated for it. We analyze new and simple financial instruments, Food and Drug Administration (FDA) hedges, to allow medical R&D investors to better share the pipeline risk associated with FDA approval with broader capital markets. Using historical FDA approval data, we discuss the pricing of FDA hedges and mechanisms under which they can be traded and estimate issuer returns from offering them. Using various unique data sources, we find that FDA approval risk has a low correlation across drug classes as well as with other assets and the overall market. We argue that this zero-beta property of scientific FDA risk could be a main source of gains from trade between issuers of FDA hedges looking for diversified investments and developers looking to offload the FDA approval risk. We offer proof of concept of the feasibility of trading this type of pipeline risk by examining related securities issued around mergers and acquisitions activity in the drug industry. Overall, our argument is that, by allowing better risk sharing between those investing in medical innovation and capital markets more generally, FDA hedges could ultimately spur medical innovation and improve the health of patients.

This paper explores how development banks should deploy appropriate financial instruments to encourage real economic risk-taking while minimizing financial engineering risks. We distinguish real ec...

Amidst growing concern about the displacement of rural populations exposed to climate change, new financial instruments are increasingly being presented as key tools for the management of climate risks. Index-based agricultural insurance (IBAI) is a particularly key example. Recent critical work has pointed to the deeply neoliberal character of IBAI and like interventions. However, the promotion of new financial instruments in response to crises of agrarian production has a much longer history in Africa and elsewhere. This article draws on Marx’s concept of ‘latent’ surplus populations to trace out and explain parallels between IBAI and colonial interventions in Senegal’s groundnut basin. Approaching the question in this way, the article highlights the long-run historical co-production and interdependence of the Senegalese state and a political ecology of groundnut production in which relations of indebtedness and the exposure to variable rainfall of a fragile relative surplus population has often been crucial to the mobilization of cheap labour for groundnut production. IBAI is thus positioned as part of a recurrent trajectory of emergency financial interventions aimed at smoothing out the contradictions implicit in this socio-ecological configuration.

This paper focuses on the investor-advisor relation, looking at financial advisory as a fiduciary service. Consistently with the economic literature on the Trust Game, we formalize trust between financial advisors and clients as driven by a combination of two traditional motives – a norm to trust and anticipated reciprocation. We use related literature and insights from the recently introduced European Markets in Financial Instruments Directive 2 (MiFID 2) to define an original survey to estimate a structural equation model of trust formation, where trust and its two main motives are described as latent variables. Besides this methodological contribution, we test the validity of the hypothesized structural relation and explore whether specific features of financial advisors are likely to lead to different trust-formation processes. We find that the professional framing (tied versus bank advisors) and the maturity (new entrants versus incumbents) of financial advisors do indeed support different trust-formation processes. We conclude by exploring how these processes may be differently affected by the new regulation and discussing implications for the financial advisory industry.

Due to the development of cyber-physical systems for modernizing power grids, vulnerability assessment has become an emerging focus in power system security studies. With the increasing deployment of cyber-enabled technologies in power systems, modern power system is prevalently exposed to a wide gamut of cybersecurity threats. Thus, there is an urgent need to develop effective cyber risk management mechanisms to mitigate the growing cyberthreats. Recently cyber insurance is emerging as a promising financial instrument for cyber risk management of critical infrastructures such as power grids. In this paper, a new cyber-insurance design framework is proposed to hedge against the risk of massive monetary losses due to potential cyberthreats. Traditionally, insurance companies serve as third-party risk-bearers offering aggregate design of the insurance policy which may stipulate high premiums. However, unusual loss patterns may still lead to excess financial risk for insurance companies. In this paper, coalitional insurance is introduced as a promising alternative or supplement to the traditional insurance plans provided by insurance companies. Under the proposed cyber-insurance model, several transmission operators form an insurance coalition, where the coalitional premiums are derived considering system vulnerabilities and loss distributions. The indemnity which covers the loss of TOs complies with the budget sufficiency. Overall, this study proposes a novel coalitional platform based cyber-insurance design that estimates the insurance premiums via cybersecurity modeling and reliability implication analysis.

Purpose COVID-19 has disrupted the economic development of both advanced and emerging markets. In addition to the stimulus packages to adjust the economic shock from COVID-19, regulators around the world are searching for innovative mechanisms to rebuild the economy. The purpose of this paper is to explore the potential of SRI Sukuk to serve as an Islamic social finance solution for development projects to mitigate the adverse economic effects of COVID-19. Design/methodology/approach This study uses a mixed-method research framework. The authors use a systematic literature review following the recommendations of Bowen (2009) to identify critical challenges financing PPP projects using SRI Sukuk. In the next phase, the authors interview participants involved in an SRI Sukuk financed PPP project to get more significant insights on the challenges identified through the literature review process. Findings The authors identify the need for greater transparency for SRI financed PPP projects. Also, organisational and legislative challenges are limiting the attractiveness of SRI Sukuk as a financing mechanisms for post-COVID development projects. Practical implications SRI Sukuk is an emerging financing concept, and the use of such an Islamic financial instrument in financing development projects can serve as a viable alternative for policymakers in a post-COVID economic environment. Social implications The successful completion of the development projects integrating the concept of Social Maslahah through SRI Sukuk in Malaysia could encourage other emerging economies to use such innovative Islamic financial instrument for economic development in post-COVID environment. Originality/value This paper is unique, as it provides evidence on the potential of SRI Sukuk to finance large scale public-private partnership projects.

Whether a private bidder can win a concession depends largely on advanced financial engineering techniques, numerous methods were developed. Meeting large infrastructure needs including its proper maintenance and operation is and will remain a major challenge for the all-around the in the coming years requiring targeted innovative financing mechanisms. Even though it is recognized that there are three types of financial instruments, equity, mezzanine finance and debt in funding an infrastructure project, the status quo is that previous capital optimization methods did not consider mezzanine finance or simply categorized it into debt-like or equity-like instruments. The global infrastructure sector is witnessing a steady growth of private equity investment in mezzanine instruments. The frequent usage of the contingent claim embedded in mezzanine financing makes the traditional model for capital structure optimization invalid. This study presents a more advanced method to optimize capital structure in infrastructure financing. This easily implemented method is based on a two-stage procedure: I) identification of optimal stopping time for convertible securities, and II) capital structure optimization by a conventional model. The quantitative optimization model can be easily generalized. The global infrastructure sector is witnessing the continued growth of a private equity fund of mezzanine tools. Repeated use of potential claims embedded in mezzanine financing has invalidated the traditional model for optimizing capital structure.

The Greensill Capital bankruptcy has impacted a large number of actors: Credit Suisse, SoftBank Group, General Atlantic, and GFG Alliance. The case study is interesting because the rise of Greensill shows the importance of supply chain finance as well as the dangers of misusing this financial instrument.

The purpose of the study. Currently, much attention is paid to the collection, presentation and analysis of data on the volume, structure and dynamics of economic assets. The value of economic assets, their composition, and effective asset management determine the trajectory of the development of the national economy and its individual sectors. Financial assets are an integral part of economic assets, their importance in the activities of economic entities is steadily increasing. The purpose of the work is to systematize theoretical and practical developments on the presentation of data on financial assets in modern macroeconomic statistics of Russia, to determine the directions for improving the methods of evaluating financial assets, the system of indicators characterizing their condition and movement.Materials and methods. The authors considered the classification of financial assets, applied structural and dynamic data analysis, as well as methods of theoretical research in the form of generalization, comparison and special analytical procedures.Results. The paper defines the main directions of studying financial assets based on existing international standards, taking into account national statistical practice. The current issues of the theory and practice of statistical observation and presentation of data on financial assets, the adaptation of concepts and classifications of international standards to the Russian system of statistical accounting are considered. The features of the presentation of data on financial assets at the macro level are formulated, which are reflected in the national accounts, the system of indicators of monetary statistics and statistics of foreign economic relations, statistical indicators of the Bank of Russia. The authors conducted a quantitative assessment of the structure and dynamics of indicators characterizing the state and movement of financial assets.Conclusion. Statistical analysis of economic transactions with financial assets at the level of institutional units and sectors of the economy allows us to identify not only the main trends in the development of the financial sector of the economy, but also makes it possible to comprehensively consider changes in the value and composition of financial assets at the macro level. The change in the value of financial assets is determined on a balance basis, that is, as the difference between the value of acquired and disposed financial assets.The authors examined in detail the methodological basis for forming a financial account in the context of financial instruments and sectors of the national economy. The financial account provides comprehensive information in the sectoral context on transactions with financial assets and liabilities for the reporting period, allows you to reflect the change in their value as a result of economic operations performed by institutional units, as well as to identify sectors of the economy that did not perform transactions with financial assets. The analysis of the financial account data makes it possible to analyze in detail the change in the value of financial assets at the macro level, to assess the share of the impact of each sector of the economy and the type of asset. A similar approach is applied in analytical procedures with respect to the net obligations assumed.Macroeconomic statistics reflect the movement of financial assets and liabilities by sectors of the national economy and characterize Russia’s relations with the “rest of the world” by determining the volume of net lending by Russia to other countries or determining its status as a net borrower.The issues of the theory and practice of presenting data on financial assets and their use are relevant and promising areas for improving national statistical accounting. Work in this direction continues, although the process of active implementation of international standards in statistical practice has been going on for quite a long time. The quality of primary accounting data on financial sector operations has improved significantly recently, but there are still problems with obtaining data in terms of the full coverage of the statistical aggregate under study, as well as the timing of obtaining reporting data. In addition, the appearance of a large number of new financial instruments and transactions, including modified ones, in the business turnover of institutional units makes it difficult to identify and classify them.The authors of the article have repeatedly addressed the issues of macroeconomic calculations in their publications, which allowed them to consider in more detail topical issues related to the processes of reflecting financial assets.

This paper explores the relationships among micro- and small-sized enterprises’ (MSEs) willingness to borrow from internet financial services (IFS) and the related impacts of coronavirus disease 2019 (COVID-19) and then analyses the mediating effects of their beliefs on the advantages and disadvantages of IFS. We further analyse the differences produced by the moderator effects of MSEs’ enterprise variables (sector, operating years, entrepreneur's education, profit margin, and employee number) on the above relationships. We collected 632 valid reports by developing an online questionnaire in China and employing judgement sampling of MSEs with fewer than 50 employees and annual operating income less than RMB 5 million. Then, we analysed the findings with partial least squares structural equation modelling. The results show that COVID-19 significantly impacted most Chinese MSEs and that most Chinese MSEs tend to borrow via IFS, but the amount and period of MSEs’ willingness to borrow should not be affected by the impacts of COVID-19 on MSEs. Rather, the explanation concerns the greater unfamiliarity or uncertainty concerning IFSs relative to traditional financial instruments. Moreover, MSEs' understanding of IFS's advantages and disadvantages has significant adverse mediating effects on the relationship between MSEs' willingness to borrow via IFS and the impacts of COVID-19. Furthermore, the enterprise variables of MSEs, namely, their industry type, entrepreneur’s education, number of employees, profit margin, and operating years, have significant moderating effects on these relationships. The results have implications for the government’s comprehensive supervision system for IFS risks, IFS firms’ enterprise performance, risk survey, and information disclosure systems, and the development of customer-specific and easy-to-use marketing strategies for IFS firms.

The negative tendencies in the development of the financial market of Ukraine are stated, including the limitedness of the applied financial instruments. Despite the extensive list of types of securities and derivatives already available to market participants, investors' interest is concentrated almost exclusively on government securities, while transactions with corporate financial instruments are sporadic. In the course of the study of the updated Ukrainian legislation in the field of capital markets it is substantiated that the declared purpose of introduction of new financial instruments does not correspond to the real content of legislative changes. It is, first of all, a cosmetic change of classification features or names and regulation at the legislative level of requirements for certain types of securities, which already existed before at the level of bylaws. Formally, the number of groups and types of securities available for circulation will even decrease after the legislation is updated. Perhaps the only noticeable expansion of the list of tools concerns the legislative design of certain categories of debt securities, the issue and circulation of which, however, did not contradict previous legislation. It was found that a significant expansion of the classification features of derivatives is provided by atypical instruments, the use of which has not previously been prohibited by law, but it is not accompanied by changes in tax legislation; restricts the current freedom of contract for the parties to derivative contracts, even if they are concluded outside the regulated market, and leads to significant legal uncertainty due to the inclusion of a wide range of issues regarding the specifics of the use of derivatives in the scope of the regulator's powers to regulate them at the level of its own regulations, which obviously will not be developed in time, until the amendments come into force. It is substantiated that sporadic changes in the legislation related to the contradictory implementation of the European legal framework are insufficient to solve the real problems of financial market infrastructure development and expansion of its tools.

The research deals with the state of the tourism sector of Ukraine under current conditions. The main funding sources for tourism entities have been considered. The financial measures taken by Ukraine and neighboring countries for overcoming the consequences of the pandemic in the tourism sector have been summarized. The importance of effective financial initiative support in the above-mentioned area has been substantiated. Several financial tools that should be used for the development of the tourism sector in terms of the pandemic are presented. The financial instruments of tourist activity stimulation are singled out: direct financing (public funding instruments) and indirect financing (fiscal incentives, state property rent relief, rate of tourist tax, etc.). The main destructive factors of the tourism sector development have been determined, which include: the lack of systematic state support for the tourism entities development under current conditions; a significant level of the tourism sector shadowing; misuse of funds from the land tourist tax; unsatisfactory condition of tourist facilities; worn-out infrastructure in most regions, etc. The following measures are needed to be implemented to improve the effectiveness of financial instruments for tourism development: the creation of an attractive investment climate in tourism; development of tourist infrastructure; intensification of public funding for tourism and the efforts of local governments to identify internal reserves for funding; intended use of funds from the land tourist tax; use of the potential of the public-private partnership mechanism at the local level; intensification of cooperation with non-governmental institutions, including foreign ones, which are interested in the implementation of tourism development programs, etc. The introduction of anti-crisis key factors, systematization, and consistency in the implementation of the above-mentioned measures will help to stabilize the development of tourism entities in the shortest possible time and achieve a level of economic efficiency and balance between security, public health, and economic interests. Keywords: pandemic, tourist activity, financial instruments, tourist tax, incentives. JEL Classification L83, G19 Formulas: 0; fig.: 1; tabl.: 0; bibl.: 14.

The purpose of this paper is to highlight some issues and proffer solutions that can make sustainable finance become sustainable. I present some solutions that can help to make sustainable finance become sustainable. One, there should be greater focus on how some aspect of finance can contribute to sustainability. Two, light-touch regulation may be needed to grow the relatively small sustainable finance sector. Three, there is need to adopt a bottom-up approach to grow the sustainable finance sector. Four, voluntary ESG disclosures and related sustainability reporting should be encouraged. Five, short-term financial instruments can complement long term instruments in sustainable financing.

The value-at-risk (Va) method in market risk management is becoming a benchmark for measuring “market risk” for any financial instrument. The present study aims at examining which VaR model best describes the risk arising out of the Indian equity market (Bombay Stock Exchange (BSE) Sensex). Using data from 2006 to 2015, the VaR figures associated with parametric (variance–covariance, Exponentially Weighted Moving Average, Generalized Autoregressive Conditional Heteroskedasticity) and non-parametric (historical simulation and Monte Carlo simulation) methods have been calculated. The study concludes that VaR models based on the assumption of normality underestimate the risk when returns are non-normally distributed. Models that capture fat-tailed behaviour of financial returns (historical simulation) are better able to capture the risk arising out of the financial instrument.

Natural disasters, such as tornadoes, floods, and wildfire pose risks to life and property, requiring the intervention of insurance corporations. One of the most visible consequences of changing climate is an increase in the intensity and frequency of extreme weather events. The relative strengths of these disasters are far beyond the habitual seasonal maxima, often resulting in subsequent increases in property losses. Thus, insurance policies should be modified to endure increasingly volatile catastrophic weather events. We propose a Natural Disasters Index (NDI) for the property losses caused by natural disasters in the United States based on the “Storm Data” published by the National Oceanic and Atmospheric Administration. The proposed NDI is an attempt to construct a financial instrument for hedging the intrinsic risk. The NDI is intended to forecast the degree of future risk that could forewarn the insurers and corporations allowing them to transfer insurance risk to capital market investors. This index could also be modified to other regions and countries.

The relevance of the study is due to the necessity to solve the problems of agricultural lending in the Kyrgyz Republic. The problems of financing and lending to agriculture are still urgent in the Kyrgyz Republic, therefore, specific financial instruments of Islamic banking, which are highly appreciated in the practise of other countries, are well suited for project financing, work in conditions of high uncertainty characteristic of agriculture in the Kyrgyz Republic. The purpose of the study was to identify alternative loan products for agricultural economic entities based on Islamic principles of financing in the Kyrgyz Republic. Research objectives: to provide brief information on the current state in the field of agricultural lending; give brief information on the development of Islamic principles of lending in the Kyrgyz Republic; define the concept and classification of Islamic banking instruments in agriculture; define the financial instrument “Ijara” and identify its advantages. Research methods: methods of the empirical level (studying of literature and other sources of information, observation, comparison), methods of the theoretical level (study and generalisation, analysis and synthesis). In the process of writing this article, Islamic banking instruments have been reviewed and classified. The concept of Ijara contract was considered, new modern technologies in the field of Islamic banking were investigated. The main distinctive principles of Islamic banking from the Western model of financial leasing were analysed. The credit history of agriculture and forestry of the Kyrgyz Republic was analysed.

This paper investigates empirically the competition effects on procurement costs for Europe Aid funded supply tenders in countries benefiting from the EU Pre-accession (IPA) and Neighbourhood (ENI) financial instruments. We use a dataset created and curated by us from supply tender dossiers published by Europe Aid. We determine a reference price for each procured lot based on the contracting authority’s requirement to establish a participation tender guarantee. We estimate controlling for potential endogeneity how the entry of new bidders in the tendering procedure affects procurement cost savings regarding this reference price. Finally, we discuss the expected additional savings in the management of these funds that may be obtained by further promoting competition.

The article discusses the features of the development of the trust management services market. The purpose of the article is to determine the regional features of the development of the trust management services market. The article uses the methods of quantitative empirical research, statistical analysis and visualization, analysis and assessment of the regional dynamics of the main instruments of trust management. The formation of the trust management market takes into account the peculiarities of the development and economies of individual countries, regional regulatory characteristics. Trust management is widespread in advanced countries, while in other countries this market is just emerging. In general, the trust management market in the countries of Eastern Europe and Russia in particular is only in the process of formation, although the services themselves have a long history of development. They are most often viewed as part of the overall market for banking or insurance services. At the present stage, there is a selection of a separate market segment, determination of the place of trust services in the structure of banking services, identification of regional characteristics in the structure of the global market. The peculiarities of the Russian securities market are: active participation of the state in the processes of market trading, a large number of government securities on the market and a relatively low level of involvement in global processes. The market is relatively small, but its development is quite dynamic. The key prerequisites for the development of the market are: the relative closeness of the market, government regulation, a decrease in the attractiveness of other banking or financial instruments, and an increase in the general welfare of investors.

The improvement in the standard of living of citizenry is beyond lack of money but the poverty to access financial instruments and means to financial platforms. Such that lack of access to financial instruments and services is a major veritable channel for poverty amplification in the society. This paper examines the relationship between Mobile Money Operations (MMOs) and Financial Inclusion in the Niger Delta region of Nigeria. The paper also analysis the trends of the instruments of financial inclusion and MMOs in Nigeria from 2012 to 2019. The primary and secondary were data sourced and analyzed with the Net Balance Methods, Instruments of inferential and descriptive statistics. The survey results show a visual cycle of higher number of respondents with secondary school qualifications and less which have led to low income and an ineffective participation to mobile money and financial inclusions in the rural areas. We equally observed that poor internet and mobile networks, epileptic power supply, unclear economic policies among others are major setback for the insignificant relationship between MMOs and financial inclusion in the Niger Delta region. This implies that the growth of mobile banking and financial inclusions to facilitate financial system soundness and enhances economic growth and development required more motivations from institutions other than the financial institutions; as a ways of encouraging increased Nigerians participation. Base on the result the paper can assumes that the financial system has provided the needed instrument for citizen participation but the social and economic conditions of the country is the bottleneck for financial inclusions.

Purpose This study aims to investigate the impact of financial instrument disclosures under the International Financial Reporting Standard (IFRS) 7 on the cost of equity capital (COEC). Design/methodology/approach The sample consists of 56 banks listed in the Gulf cooperation council (GCC) stock markets over 7 years from 2011 to 2017. A self-constructed index is used to measure the compliance level in addition to quantitative methods and panel data regression adopted to test the research hypotheses. Findings The authors find that the compliance level with IFRS 7 does not improve from 2011 until 2017 in the GCC banks. The authors also find that compliance with IFRS 7 disclosures reduces the COEC. Originality/value The authors also provide new empirical evidence that the level of mandatory financial instruments disclosures under IFRS 7 reduces the COEC. The findings offer policy implications. It shows that compliance with IFRS 7 disclosure requirements leads to desirable economic consequences.

This paper is devoted to developing an optimal model for assessing the default requirement (EAD) of assets over the entire life of a financial instrument in accordance with the requirements of IFRS 9 “Financial instruments”. The EAD for the whole life of a financial instrument is a set of estimates of EAD values from the first to the last year during the life of the asset. Two models are used for evaluating EAD under agreements with a set limit (for example, a credit line, overdraft) and under guarantees and letters of credit: the EAD model for balance sheet financial instruments (applied to the balance sheet part) and the credit conversion factor (CCF) model (applied to the off-balance sheet part). The approach to CCF modeling is described in the second part of the study. This model was developed based on a real bank portfolio of assets, using data which were collected at the beginning of the 2017. These days the topic of the paper is highly acute for both commercial banks that has experienced the problem of improving credit risk assessment models due to the requirements that have appeared to them owing to the introduction of IFRS 9 since January 1, 2018, and regulatory authorities as well, etc.

Economic sanctions, including financial ones, will be increasingly used in the practice of international relations in the foreseeable future as an instrument of pressure of some states or interstate associations on others. This creates incentives for the search and implementation of financial innovations aimed at reducing sanctions risks for businesses. The article demonstrates that the impetus for the creation of some important modern financial instruments and infrastructures was the attempts of states to legislatively or administratively regulate the market. The case of sanctions is likely to be no exception. One of the possible models for minimizing sanctions pressure on businesses can be the legal form of a protected cell company. It have been a financial innovation that originally emerged in the captive insurance industry and its objective was, among other things, to reduce the regulatory burden. Structures similar to protected cellular companies can potentially create the possibility to make the operations of national businesses of target countries opaque for external actors (financial regulators and monitoring agencies) that enforce sanctions. In the same time this model preserves the control of the target country’s own jurisdiction and transparency of business for its regulators. In essence, it creates a kind quasi-offshore legal regime, which, unlike traditional internal offshore zones, is designed to mitigate not internal, but external regulatory pressure.

Purpose: The aim of the article is to analyse the activity of two types of microfinance institutions in Poland, loan funds and loan guarantee funds and to indicate the relations between their activity and the condition of the regions. Design/Methodology/Approach: To analyse funds activity we have employed a methodological approach of comparative analysis based on data from Eurostat, Local Data Bank, European Microfinanse Network, Polish Association of Loan Funds and Polish Association of Guarantee Funds. Data used in the study included 2012- 2018 years. In order to evaluate the impact of the funds on the region’s development, the study applied Pearson's correlation analysis, linear regression analysis, and single-factor variance analysis. Findings: The results indicate that the collective analysis of operations run by both types of institutions has shown numerous negative correlations, whereas the analysis of the impacts of the funds in the individual voivodeships has shown positive outcomes. It can therefore be stated that the activity of loan funds and guarantee funds on the regional scale displays positive effects and relationships, which differ depending on the region. Practical Implications: Both funds and their owners have to search for new solutions and ways of development. This regards especially the guarantee funds which must compete with national guarantee programmes, which decreases their role from the point of view of commercial banks. Originality/Value: The research study is an original analysis of the impact of regional financial institutions on regional development. It indicated a need for the institutions to change their strategies. In order to increase their impact on the region, the owners (which are mainly self-governmental bodies) should consider recapitalisation while retaining their regional character., peer-reviewed

Accounting disclosure for financial instruments through analyzing the actual accounting data are used as a vital market measures for financial leveragerisk (debt and fixed costs) and assist in decision making as adding financial leverage always adds risk to both the levered company and investor. Degree of financial leverage is an important factor in determining financial risk level and it has direct effect on dividends policy, as it causes intensification of the change in earnings per share percentage because if degree of financial leverage is larger, it may be negative by slight decrease in profit before interest and taxes. The main objectives of this research are to examine the association between financial leverage and liquidity and their impact on earnings per share and dividends yield respectively. The sample taken is 114 listed companies across different industries in Egyptian Stock Exchange for the period from year 2014 to 2019. The Ordinary Least Square regression analysis is used to find the relations betweenThe Financial Leverage Risk (FLR) and Liquidity (LQ) as independent variables and Earnings per Share (EPS) and Dividends Yield (DY) as dependent variables for this research, using Profitability (ROE) and Industry type (IND) as control variables. Financial leverage is fundamental as it affects a firm that needs to increase its growth opportunity, because of the need to maximize stakeholders rate of return and also because such decisions impact greatly the ability of firms to deal with the surrounding competitive financial environment. Findings indicate that according to the correlation coefficients among the research variables, both earnings per share and dividends yield are negatively strong correlated with leverage and strong positively correlated with profitability, and has insignificant negative correlated with liquidity level, at 0.05 significant level. This reveals that financial leverage and financial performance influences the dividends policy.

At the international level, the pandemic is escalating, and the deepening economic crisis is affecting all sectors of the economy. In such a situation, such issues as steady population growth, achieving sustainable economic development, ensuring the well-being of the population, and creating permanent jobs are on the agenda. In turn, one of the key factors in the development of the economy is the adaptation of accounting and reporting systems in the country to the requirements of international financial reporting standards. In accordance with the above requirements, in this article we examined the differences in accounting for financial instruments in accordance with national and international financial reporting standards.

The growing investment activity of banking sector organisations is an important condition for securing diversification of assets and obtaining additional sources of income, as well as maintaining the required level of liquidity. Economic crises and instability of stock markets affect the investment policy of a bank, the quality of its investment portfolio, and the scope of investment transactions with securities. The purpose of the research is to carry out a comprehensive analysis of the investment mechanism of the Russian banking sector and its organisation, to characterise the investment policy and risks connected with investment activities, to determine the criteria for financial instruments included in the structure of investment portfolios of Russian credit institutions. The authors used the analytical, regulatory, comparative, and statistical methods of research to define the dynamics, composition, and structure of investment portfolios and risks involved in the business of financial and credit institutions, in the course of the formation of investment policy. It was concluded, as a result of the research, that enhanced performance, stability, and liquidity of credit institutions were conditioned by the structure and quality of portfolio investments. Improving the efficiency of the banking investment mechanism is a priority area of development, for strengthening the competitive positions of credit institutions in the national banking system. The article presents conclusions regarding the quality of investment operations and transactions with securities effectuated by banks at the present stage. The authors undertook a comparative analysis of indicators characterising the structure of investment assets of the banking sector, grouped by types of investment portfolio. Proceeding from the above, particular directions were developed for practical use, that allow for efficient selection of stock market instruments for inclusion in the investment portfolio of credit institutions in the conditions of high volatility and uncertainty of the financial market.

The paper is devoted to the study of the essence of crowdfunding as an innovative mechanism of investment activity. The author studies the peculiarities of collective investing, analyzes the process of the formation of crowdfunding as a particular case of a broader phenomenon – crowdsourcing, examines the types of crowdfunding (crowdrewarding, crowdinvesting, crowdlending), examines statistical data characterizing the development of crowdfunding relations in Russia and abroad, highlights the risks associated with crowdfunding. According to the author, the peculiarities of crowdfunding are related to the fact that it is, on the one hand, a form of collective investment activity, and on the other hand, a form of crowdsourcing. It involves the investment of insignificant (as compared with the total required amount) funds, aimed at financing projects at the early stages of implementation (start-ups). One of the participants in the crowdfunding relationship is an intermediary between the investor and the recipient of investments – an investment platform. The purpose of investment may be togenerate income, as well as other benefits, in particular goods, priority access to an innovative product, discounts, or the achievement of a socially useful result.

This research aims to analyze the impact of Coronavirus Disease (Covid-19) on the accounting practices in banks associated with Indonesian Financial Accounting Standards (PSAK) 71 – Financial Instrument, particularly the allowance for impairment losses (CKPN) to respond to the Indonesian Financial Service Authority's Regulation (POJK) Number: 11/POJK.03/2020 concerning credit restructuring program and quality assets assessment. The research methodology is triangulation. This study reveals that the restructuring program helps banks from a significant jump of weak quality credits. Banks need to analyze the recovery rate of debtors as a basis for the stage of PSAK 71 with the Expected Credit Loss approach. The higher the CKPN, the smaller the net income. Besides, a tremendous amount of CKPN will pressure the Capital Adequacy Ratio (CAR). Therefore, shareholders should increase the capital, or the Indonesian Financial Service Authority (OJK) forces the bank(s) into a merger or acquisition.

Solar Renewable Energy Credits (SRECs) are financial instruments created by state policies to offer incentives for generating solar energy. In an effort to support in-state solar energy sectors and boost local employment opportunities, some states have closed off their SREC markets to out-of-state solar facilities. We examine the merits of such protectionist policy from the protectionist states perspective. We find that SREC market closure leads to higher in-state SREC prices, greater solar installation, and lower electricity prices. The study illustrates the economic incentives for protecting in-state SREC markets from out-of-state solar energy producers.

O objetivo central deste artigo é avaliar potenciais implicações tributárias do registro contábil de instrumentos financeiros com características de patrimônio. Foram analisados, mais especificamente, os híbridos de capital e dívida em razão da ausência de tratamentos contábeis específicos para esses títulos, bem como das alegações de que essa categoria vem sendo utilizada como um potencial instrumento para arrojados planejamentos tributários. Por meio de uma abordagem lógico-dedutiva, verificou-se que os híbridos de capital e dívida podem ser empregados em contextos em que há investimentos internacionais, com a intenção de que investidas em uma jurisdição se valham da dedutibilidade fiscal dos juros, enquanto investidoras localizadas em outro domicilio fiscal possam reconhecer os mesmos proventos como dividendos recebidos e, por conseguinte, não os tributar ou tributá-los a taxas reduzidas. Nesse cenário, os híbridos funcionariam à espécie de conversores financeiros com a finalidade de reduzir a carga tributária do grupo. Do mesmo modo, verificou-se que os referidos instrumentos financeiros podem ser aplicados como forma de reduzir os índices de subcapitalização, potencialmente afastando o risco de glosa fiscal por descumprimento das regras dessa natureza. Em linhas gerais, conclui-se que, sob o enfoque fiscal, os instrumentos híbridos devem ser estudados por meio de grupos interjurisdicionais (e.g. BEPS), visando impedir sua emissão com o propósito de redução da carga tributária por meio de artifícios criados sobre assimetrias de ordenamentos jurídicos.

The practice of Waqf-Al-Nuqud in Bangladesh is interesting to discuss. The construction of waqf in Bangladesh is in the spotlight, considering that waqf has played a role in improving the economy and reducing poverty. Bangladesh waqf management has succeeded in providing a positive response for the benefit of the community, so it is certainly interesting to explore waqf construction information. This study is classified as a literature review which is carried out by collecting information and data with the help of various literature references such as reference books, journal articles and research results. The findings of this study indicate that the waqf practice carried out by the state of Bangladesh has been managed by the Social Investment Bank Ltd (SIBL). This bank has developed a social capital market (The Volutary Capital Market). One of the Islamic financial instruments that have been developed is in the management of cash waqf , namely the Mudarabah Cash Waqf Deposit with the option of a specific purpose. This list of destinations is available to the wāqif who will have the right to choose the destinations to be served from the list or other purposes permitted by the Shariah. Regulations in Bangladesh are contained in the 2013 Waqf Special Law which regulates the method of handing over and developing waqf . The implication of this finding is that waqf management in Bangladesh is managed by developing Islamic financial instruments with the deposit model, it can be adopted by other countries in improving waqf management.

This research aims to analyze Cash Waqf Linked Sukuk (CWLS) potential as a financing instrument for recovering the Covid-19 pandemic impact in Indonesia. This research uses a descriptive qualitative approach by examining and analyzing facts, expert opinions, theories, and previous researches related to Cash Waqf Linked Sukuk (CWLS) and their potential development. This research finds that Cash Waqf Linked Sukuk can be an alternative sustainable Islamic financial instrument in Indonesia and it can be a source of funds for financing the economic impact due to Covid-19 pandemic. This instrument is very suitable because it has high flexibility, and it is attractive to the Muslim philanthropic middle class. Cash Waqf linked Sukuk also fulfills the conditions for financing the recovery of the Covid-19 pandemic, which requires short and medium-term financing. The Cash Waqf Linked Sukuk model as a source of financing for the recovery of the economic impact due to Covid-19 requires coordination between the Indonesian Waqf Board, the Ministry of Finance, the Implementer of the PEN Program, and organizations or institutions managing community funds to manage cash waqf funds.

In the context of the increasing competitiveness of the scientific and educational environment, the emergence of parallel educational systems, and the instability of budgetary spending on education and science, university administrators are faced with the task of finding a balance between the commercial and academic needs of universities. For Russian universities, the issues of diversifying financing and increasing investment activity are of particular relevance. This issue is crucial for entrepreneurial universities, which face the acute problem of resource provision for scientific and engineering problems. This encourages universities focused on applied problem-oriented research and commercialization of results to expand and diversify their funding sources, including through the implementation of new investment strategies.This study aimed to analyze the volumes and models of foreign universities’ investment activities and assess the prospects for reproducing such investment practices in Russian universities.It is shown that leading foreign universities successfully combines scientific, educational, and innovative activities with investment while using a wide range of tools and professional management companies. In the last decade (2011–2020), they have been seen as participants in mergers and acquisitions, the objects of which are most often university startups. As a result, universities have high incomes, new strategic partners, and the geography of investors is expanding. It is noted that most domestic university endowment funds have insufficient funds for investment activities, which makes it expedient to create a University Fund Fund as a new financial instrument for the development of academic entrepreneurship in the country’s regions.