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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 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.

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.

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 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.

One session options (OSO) are unique financial instruments that perfectly fit the criteria for a lottery-type asset; a low-price (average premium of 1 b.p.) coupled with a relatively small probability of a large payoff. Using intra-day data for over 12.8 million intra-day option contracts on the 3-Year Treasury Bond, we examine trading behaviour in the OSO market over the period 2002-2019. We find that trading volume is higher on days with a major macroeconomic announcement, and concentrated earlier in the trading session, prior to the data release. Trading volume tends to be higher when there is a difference of opinion surrounding the announcement outcome or when the level of economic policy uncertainty is higher. Trading in OSO has some predictive value for the surprise component of the macroeconomic announcement, but this does not translate into economic profits. While there is a positive option payoff on average, the average net profit is negative once premiums are accounted for. Our results are robust to different measures of uncertainty, market activity, and model form. It seems likely that OSO trading behaviour is best explained by ‘differences of opinion’.

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.

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

The article discusses empirical calculations of sustainable development and volatility of derivative financial instruments in the banking system. The methodical approach to forecasting the index of the first stock trading system (FSTS) for sustainable market development is presented, considering the lack of normal distribution of financial resources in the banking system. It is substantiated that when choosing the volatility model and setting the option price, it is important to consider the theoretical generality and composition of the volatility structure, which is able to effectively and accurately estimate the parameters. It is proved that the rate of average volatility variable for modeling, analysis and stable assessment of important market parameters (i.e., local volatility) is determined using the moments of past periods. The real and forecast value of FSTS volatility at different values of the model parameter is developed. A model of implied volatility for the FSTS index is built. It is substantiated that the formulation of stable market development of derivative financial instruments takes into account all its semantic and financial features of resisting the influence of external and internal factors (shocks, imbalances) and maintaining dynamic equilibrium to ensure parameters of the entire financial system needed to form positive feedback between financial and real sector of the economy. The ratio of world GDP and the nominal value of derivative financial instruments were estimated. Maps of the market value of over-the-counter DFI, gross risk exposure in the over-the-counter DFI market and the nominal value of exchange-traded PFI are presented. The factor models of influence on the development of the exchange-traded and over-the-counter PFI market of world and national levels are constructed.

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.

REITs are frequently considered as an investment opportunity for Institutional investors due to the above the average returns offered with respect to other financial instruments. Due to the specific characteristic of the real estate market normally geographically specialized REITs (home biased) can benefit from an higher quality of the information available for selecting among investment opportunities and from a reduction of the cost of monitoring and servicing of assets owner. Home Biased REITs could be particularly appealing for such type of investors because the opportunity to add this type of asset to an investment portfolio already diversified can allow to optimize the risk-return of their investment strategy. The paper considers all the REITs included in the Standard and Poor’s Global REIT Index and evaluates the percentage of investment released by institutional investors and their change over time. Focusing the attention on REITs’ international real estate exposure, the paper shows that the geographical diversification matters for the investment decisions made by international investors and results are robust with respect to the time horizon considered and the proxy used for the concentration of the ownership.

In the last decade, strange as it may seem, the perception of ordinary people about well-being and comfort is less related to the economic-progressive, technological and industrial aspect which continuously causes side effects that result in the suppression of other values. necessary for human beings, including the right to a healthy and environmentally friendly environment, harmless products and food safety. However, in today’s reality, economic theories are still supported, according to which any process evolves between two poles - production and consumption - in a relationship of interdependence, so of recognizing the active role of each of them. In this context, in the fight against the degradation of environmental factors, the first and foremost action should be directed towards the precise identification of the pollutant, followed by a detailed study of the methods and the intensity of the impact with which it acts on it. Although, initially the doctrine, but also the legislator considered economic activity as the main source of pollution, in the last decade, the eyes are also on the consumer, by whom depends on the amount of waste, technical condition and functionality of impacted products, control and possibility of reducing negative influences on the environment. This reality determines the need to change the consumer’s attitude towards the environment by linking his responsibility to that of the producer, both being treated from the position of potential aggressors, but at the same time, promoters of environmental values suggested by the legislator to take into account. production and consumption.

Motivation: The interest in sustainable, socially, environmentally and climatically stable development of the economy is growing. At the same time, issuers and investors are looking for financial instruments with which they can achieve their investment goals. The idea of the green bond market is to develop debt instruments in financing projects contributing to ecologically sustainable development, which should have a direct impact on the development of technologies and practices in the area of resource use that contribute to limiting adverse climate change. Bonds for financing or refinancing renewable energy sources and increasing energy efficiency are seen as a natural part of the transformation of the global economy. Aim: The purpose of the article is to present an analysis and goals of green bond market in Europe based on currency of issue, geographic structure, issue period, sectors and issue targets as well as major stock exchanges on which green bonds are listed. Results: Relevant data on the green bond market in Europe was analyzed and the objectives of issuing green debt finance in particular sectors by number of emission were identified. It was verified that green bonds, which are listed only on one stock exchange, mainly the Scandinavian one, have a lower average value of the issue.

Commonly used in monetary VARs identification schemes yield to a highfrequency approach as they tend to raise different empirical puzzles reported in the literature. However, financial markets in some open economies are not sufficiently liquid to provide minute bars data on interest rate financial instruments. This paper fills this gap employing a new series of high-frequency monetary policy surprises with USD/RUB currency futures and spot instruments. We find that a monetary tightening is contractionary without price puzzle and other paradoxes about financial variables. This result is robust for the period 2010—2019 apart from the crisis of 2014—2015 when the free floated ruble was devalued due to the sharp decline in oil prices. We also decompose surprises on monetary policy shocks — changes in the expected interest rate, and an information component — the information simultaneously conveyed by the central bank like an assessment of the economic outlook. We find that the former one significantly affects monetary policy surprises that does not confirm a hypothesis about substantial impact of non-monetary news on the external instrument.

Prior studies revealed that most researchers tend to employ the Black Scholes model to price equity warrants. However, the Black Scholes model was found deficient by contributing to large estimation errors and mispricing of equity warrants. Therefore, issues involving equity warrants are discussed in this paper, by focusing on specific topics and respective stochastic models to provide a basis for improvements in future research. In recent years, stochastic approaches have been used to a great extent among researchers due to the expansive applications in both theoretical and practical sense. Subsequently, this paper provides the results of a comprehensive literature review on various stochastic modelling methods and its applications for pricing financial derivatives in terms of applications, modifications of methods, comparisons with other methods, and general related researches. Focus is given on two types of stochastic models namely stochastic volatility and stochastic interest rate models, along with the discussions associating these two types of models. This paper acts as a valuable source of information for academic researchers and practitioners not only for pricing financial instruments, but also in various other fields involving stochastic techniques.

PE/VC investment as a financial instrument plays a pivotal role in nurturing newly setup and growth-oriented firms. In this article, we attempted to visualize the most vibrant work done in the field of PE/VC and to put both private equity and venture into a single frame. Using bibliometric analysis techniques, we conducted a deep analysis of articles published in the past two decades in the Web of Science database. Most of the articles were exclusively published in top journals in the United States, United Kingdom, Germany, Canada, Italy, and France. Our study reveals that academic research on the venture capital segment is more frequent than research on private equity investment. More than half of the articles were published on topics related to venture capital investment. TOPICS:Real assets/alternative investments/private equity, information providers/credit ratings, financial crises and financial market history Key Findings ▪ Bibliometric visualization reveals that York University, Harvard University, Polytechnic University of Milan, Stanford University, and Nottingham University are among the premier institutions continuously contributing in the field of PE/VC. ▪ Most of the articles were shared by the developed countries, including the United States, United Kingdom, Germany, Canada, Italy, and France. Emerging markets (especially Asian markets) were less targeted in the fields of both private equity and venture capital. ▪ Academic research in the venture capital segment is more frequent than in private equity investment; more than half of the research was on topics related to venture capital investment. Private equity, while a larger tool for financing, was discussed in the literature less often. ▪ Research in the venture capital segment tended to discuss innovations, the experience of venture capitalists, and corporate governance mechanism; it rarely touched the fundamentals of venture capital, such as the rigorous methodology for performance measurement, venture capital as a value investment, financing rounds, strategic investment, or early exit by venture capital firms.

The development and application of digital technologies in the areas of governance, economy, society, etc., along with the digitalization of public life, have all led to changes in the legal sphere. The creation of legal rules governing relations connected with the digitalization and transformation of law and legal phenomena and categories are also influenced by the digitization process. The most active development is in the sphere of digital finance. Such concepts as cryptocurrency, tokens, digital financial assets, and virtual money are increasingly taking on their own legal forms. Such new technologies carry risks, because they can be used for both legal and illegal purposes. Since digital technologies are used on the Internet, a completely new, virtual environment of relations has been formed, which is unaffected by the traditional tools of industry legislation. For this reason, at the international level, a regulatory framework is beginning to form for interaction in criminal proceedings that are the subjects or means of digital financial instruments. The difficulty lies in the fact that digital technologies, although essentially based on the same software solutions, face different legal regulations and conceptual contents in different states. The purpose of this article is to analyze the current criminal procedural aspects related to international cooperation in digital finance cases.

The economic transition from a market to a social model requires a review of the role of the state and representatives of business structures in the economic system. Various forms of their interaction are becoming increasingly important, the main of which are public-private partnerships aimed at financing, formation, and implementing socially important projects. The purpose of the study is to analyze and evaluate the parameters of interaction between the state and the private sector in terms of improving the socio-economic partnership based on the provisions of the concept of public-private partnership (PPP). To achieve the goal were used such methods: analysis and synthesis; formalization and grouping; systematization and logical abstraction. The practice of the Public-Private Partnership Center of the Republic of the Philippines shows that the rational use of social partnership financial instruments will allow the state to reduce the budget burden, ensure infrastructure development, increase employment, develop private enterprises and improve the quality of goods and services. It is noted that the level of public-private partnership use in the world differs significantly, and therefore requires further intensification of efforts to stimulate its use, including due to the wide range of significant benefits of its use for the economy and the population in particular. Public-private partnerships are becoming increasingly popular as they provide many important benefits. In particular, the opportunity to obtain additional financial resources, including through additional investments, quality projects involving professional companies, open access to innovative technologies, and priority opportunities for the state to direct funds to specific areas. Thus, the direction of further research may be to determine the details of the functioning of projects in the framework of public-private partnerships. It is also important to conduct a pre-investment analysis, check the effectiveness of financing, prepare appropriate recommendations for each project stage.

Using a new dataset of all NYC trust company stocks, we study the impact of the Panic of 1907 and the ensuing cash infusion by JP Morgan and the Treasury. Using synthetic controls, we find that three “troubled” trusts performed far worse than the other trusts, whose valuations rebounded within a year. Moreover, trust companies connected to “money trust” banks maintained higher valuation than independents and rebounded much faster. The desire to prevent panic from spreading from infected trusts to financial institutions in his purview could explain Morgan's rapid intervention to stem the contagion.

Globalization and IT progress are expanding the possibilities of using various financial instruments to create a personal investment portfolio. The purpose of the study is to differentiate the investment portfolio by the level of income of Ukrainian citizens and its impact on the effectiveness of personal finance management. Analysis of indicators of state and current investment trends allowed identifying the optimal ratio of profitability and risk in financial decisions of individuals by diversifying the investment portfolio, creating personal reserves, localizing investment instruments and minimizing the use of credit resources.The result of the study is the development and justification of criteria that an investor should meet during the investing. In particular, the formation of an individual investment portfolio depending on personal income allows everyone to justify an effective personal investment policy, taking into account the available investment tools. The paper covers the approaches to the formation of a person’s investment portfolio, depending on the level of his or her income. The paper also examines the need to form an optimal investment portfolio, depending on the real financial opportunities of a person.

Covid-19 has affected the global economy, influencing firm and household financial decisions worldwide. The Central Bank of the United Arab Emirates (CBUAE) released an AED 256 billion stimulus package to provide banks with sufficient capital to support economic activities and development by providing temporary relief to large corporations, small- and medium-sized enterprises, and households. New financial products have rapidly appeared, including relief packages for rent, mortgages, personal loans, credit cards, SMEs, and corporate entities. Regression analysis explores the effect of such relief packages on UAE firm and household finances. Using online survey data gathered via convenience sampling of UAE households, econometric analysis confirms that select demographic factors and financial instruments positively relate to effective financial decision-making. Our results guide policymakers on which relief packages effectively manage firm-level and household financial distress during a health pandemic. Supplementary Information The online version contains supplementary material available at 10.1057/s41264-021-00098-w.

Achieving the goals of sustainable development and the transition to a green economy requires significant financial resources. Banks are active participants in the financing of projects and industries with a positive environmental and social impact. In this regard, the emerging responsible banking and its regulation are of scientific and practical interest, which ensures the relevance of the study. The aim of the study is to generalize and systematize the results of scientific research on the participation of banks in financing the green economy. In the context of the historical approach, the authors apply the methods of critical analysis, logical generalization, systematization, and grouping. The research is based on scientific publications by Russian and foreign authors. As a result, the authors substantiated the correlation of the concepts “green”,“sustainable”,“responsible” bank, and identified that such green financial instruments as green bonds, in some countries — green loans, green deposits, green leasing, and green insurance are being introduced into banking practices. Responsible banking is regulated using monetary and macroprudential policy instruments; in some countries, incentive-based regulation of responsible banking is mandatory. The authors concluded that responsible banking is moving towards the transformation of classic products and services into environmentally and socially oriented ones, accompanied by the transformation of business processes, management culture, and the content of banking policy. Responsible banking contributes to ensuring financial stability, but the regulator needs to use macroprudential tools to timely identify a green credit bubble, including through climate and environmental stress testing. Prospects for further research are aimed at assessing the impact of green financial instruments on the bank’s performance, the role of responsible banking in achieving sustainable development goals, at finding the most effective monetary and macroprudential tools to stimulate responsible banking and ensure financial stability.

Active transformation processes of globalizing world finance, new goals and objectives of moder-nization of the national financial system determine the need to form an effective financial system in Kazakhstan that can withstand external challenges and ensure the stable development of the country and its internal market in the context of globalization. The modern financial system is a complex set of interrelated and interacting institutions, financial instruments, mechanisms and procedures aimed at ensuring the financial activities of economic entities and other entities (in particular, public law, etc.) that create conditions for ensuring reproduction processes. In practice, the process of globalization associated with global financial and economic integration is becoming more active with the strengthening of supranational regulation of the world economic space. The study of problems of financial and credit aspects of economic modernization in the conditions of globali-zation as a scientific direction is under development and scientific discuss, this is due to the fact that it is an unfol-ding process, but not yet a fait accompli, and the problems that confronted the state in the age of globalism, extre-mely important and require a constant updating of strategy of development with a predominance of the innovative aspect as the most effective in new economic conditions. The purpose of the study. The aim of the study is to clearly identify the problems of financial and credit aspects of economic modernization in the context of globalization and ways to solve them. Methods of analysis of the scientific and information base, synthesis of the obtained data into theoretical conclusions and practical recommendations, methods of economic analysis were used as tools. The scientific novelty of the research consists in the development of provisions that form the theoretical and methodological basis for determining the financial and credit aspects of economic modernization in the context of globalization.

The circular economy agenda is widely seen as a response to climate change and is forcing societies to re-evaluate how resources are used towards creating a sustainable economy that is free of waste. Financial institutions are being pressured to finance circular projects and investment. But for financial institutions to participate in the circular economy, there must be a clear benefit to financial institutions. In this paper, I highlight the benefit of the circular economy to banks and other financial institutions. The paper uses discourse analysis methodology to present an overview of the circular economy concept and the benefit of the circular economy to banks and other financial institutions. The findings show that some benefits of the circular economy to banks include the following: (i) greater loan diversification opportunities, (ii) promotes responsible and sustainable banking, (iii) increased lending to circular clients and the recycling sector which means more profit for banks, and (iv) correcting the bad perception about banks in society. Some benefits of the circular economy to other financial institutions include the following: (i) issuance of special insurance policies for reused products; (ii) greater sustainability-adjusted return on investment; (iii) greater funding to microfinance institutions; and (iv) more opportunities for collaborative funding to circular businesses. This study contributes to the scant literature that examines the role of the finance industry in the circular economy.

In this article the author considers the key financial instruments used by fuel multinational corporations, which are necessary for financing corporate needs. The structure and dynamics of the share capital of the main players in the domestic oil business market are analyzed. Derivatives are characterized as an essential part of oil trading.

Gold and silver prices have surged since the 1980s, and they have been used as a store of value for fear of a financial meltdown. However, gold and silver in the form of bullion are still not so popular compared with other gold and silver products (jewellery) and other financial instruments in Malaysia. Limited study has actually verified the factors that affect the investors’ intention to purchase bullion. Thus, this study explores factors affecting investors’ behaviour and their intention to purchase bullion based on the Theory of Planned Behaviour. This study also examines the moderating effect of scepticism between investors’ behaviour and their intention to purchase bullion. A total of 208 sets of data collected in a self-administered online structured survey was analysed using PLS-SEM. This study finds that investors’ behavioural belief and control belief significantly and positively affect their respective attitude towards behaviour and perceived behavioural control and, thus, intention to purchase bullion. Results are found insignificant for normative belief, normative attitude and intention to purchase bullion and the moderating effect of scepticism in affecting investors’ intention to purchase bullion. The findings of this study hope to provide insight and deeper understanding to bullion traders and financial advisors in improving their marketing strategies in growing interest in the bullion market.

Purpose – The aim of this study is to examine the financial policies implemented by EU countries in the tourism industry during the COVID-19 process. Design/methodology/approach – The tourism industry has been studied for two reasons. First, the pandemic has significantly affected the tourism industry due to its dynamic structure, which is very quickly affected by crises. The rapid spread of the pandemic through international travel operations has deepened this situation. Second, there are a large number of new entrepreneurs and SME-level enterprises in the tourism industry mostly in need of financial support. In the study, qualitative research methods were used and document analysis was used as a data collection tool. Data on the fiscal and monetary policies implemented by EU countries for the tourism industry during the COVID-19 process were obtained from the United Nations World Tourism Organization (UNWTO). Content analysis was used in the study. The data obtained were analyzed with the help of MAXQDA Qualitative Analysis Program. Findings – According to the results of the study, the financial and monetary policies developed by European Union countries to reduce the impact of COVID-19 on the tourism industry have strong relations with each other. Countries provide support for tourism enterprises to continue their activities. The support given is mainly focused on SMEs. In addition, support is provided to make employment sustainable, liquidity assistance is provided to eliminate cash shortages, especially in credit and employment support Discussion – In fiscal policy, it functions as important in banks as it does in public authorities. Credit, liquidity and tax are the financial instruments most involved in financial policies.

This study examines the current status of accounting standards among Jordanian firms. In particular, it examines the adoption level of IAS/IFRS. In addition, it examines the implementation process in terms of difficulties and challenges. Further, the study tests empirically the effect of international institutional pressures, local legal enforcement bodies and accounting education level on accounting standards adoption level. The results of the study are based on the descriptive and multiple regression analysis technique. Based on 62 usable responses, the study reveals that the adoption level of IAS/IFRS among Jordanian firms is moderate. For example, IFRS 7 (Financial Instruments: Disclosure) is the most adopted standard. This is followed by IAS 32 (Financial Instruments: Presentation) and IFRS 15 (Revenue from Contracts with Customers) respectively, while IFRS 2 (Share-based Payment) is the least adopted standard. In general, the study reveals that the implementation process of some standards is easy such as IFRS 7 (Financial Instruments: Disclosure), while others such as IAS 36 (Impairment of Assets) and IFRS 13 (Fair Value Measurement) need additional efforts to properly implement. In addition, several challenges were detected, which could prevent the proper implementation of some accounting standards such as the shortage in the governmental and IT supports. Further, the study shows that international institutional pressure and local legal enforcement bodies have a positive and significant relationship with the adoption level of accounting standards, while the effect of accounting education level is insignificant. JACPA should coordinate and collaborate with IASB and the government to offer all the necessary financial, technical and legal support for Jordanian firms to fully adopt and apply accounting standards. Several recommendations were offered for future research to enrich this vital topic in Jordan and other developing countries.

Subject. The article considers the process of effective operation of structured financial instruments in the ecosystem of a commercial bank. Objectives. The main purpose is to evaluate the economic viability of structured financial instruments in the commercial bank’s ecosystem. The primary targets include defining the position of structured financial instruments in the bank’s ecosystem, revealing their performance criteria, and evaluating their cost parameters for the profitability of the bank and its customers. Methods. We employ the systems analysis, which enables to provide the integrity of the study, the comparative and statistical analysis of the data that determine the rate of return and efficiency of structured financial instruments in commercial bank’s ecosystem, and unveil the interrelation and interdependence of analyzed parameters. Results. We define the position of structured financial products in the ecosystem of the bank, analyze their efficiency, and formulate proposals to improve their performance. Conclusions. The evaluation of economic effectiveness of structured financial instruments in commercial banks’ ecosystem demonstrates that raising funds from customers in structured products is always profitable for any bank. Therefore, it is important to improve the process of structured financial instruments’ development and operation in the bank’s ecosystem, and to aim at enhancing the product quality for customers.

As one of the most popular financial instruments under Islamic finance, Sukuk can easily create and ensure economic empowerment if properly mobilized and structured. That is what the Islamic finance theory has shown; Sukuk has a considerable ability to playing a notable role in curbing poverty and creating a proper environment for vulnerable populations, thus, enabling them to shift from being a social burden to a development booster. Sukuk offers viable alternative funding sources to deliver and provide critical infrastructures. Concretely, governments cannot fully fulfill their socio-economic role and create the appropriate necessary environment for economic activity. This situation implies, theoretically, that Sukuk can be used to fulfill governments‘ needs and supply the needed funds to create a good environment and a better livelihood. However, their use as an effective means of economic empowerment is still shyly expanding and widening. This paper studies to what extent does Sukuk issuance serve the objectives of Islamic finance and insures its empowering and financial equality and support goals, through a theoretical overview regarding the scope of their use as an economic empowerment tool and an overview of the multiple experiences of Southeast Asian countries (Malaysia and Indonesia) and international financial institutions in using Sukuk for this role. We will present an overview of actual international cases in which Sukuk has been successfully mobilized to accomplish economic empowerment. Then we will face the impact of these experiences on the effect in combing poverty and empowering vulnerable populations that are awaited from Sukuk issuances. Our study will be completed by an investigation of the various barriers and key challenges impeding and obstructing a larger issuance, capable of bringing more enhanced empowering effect and of setting Sukuk and Islamic finance in general in its natural position: leading the economy for better achievements and bettering the livelihoods of the population.

Insurance is one of the financial instruments which is an important part in smoothing the nets of a nation's development. Currently, insurance has entered a global scale competition. PT. ASABRI (Persero) is a state-owned company engaged in special insurance for the TNI, members of POLRI and PNS DEPHAN / POLRI whose task is to improve the welfare of state apparatus through insurance and pension payments. The existence of ASABRI stems from the problem of differences in military characteristics for the participation of TNI Soldiers, Polri Members, and the Ministry of Defense / Polri PNS (there is no PPPK) which was originally a participant in Taspen (Savings Fund and Civil Servant Insurance) which was formed on April 17, 1963 based on a Government Regulation Number 15 of 1963. To facilitate insurance management for military participants, based on the idea of the Indonesian Armed Forces (APRI) in this case the Army and the approval of the Minister of Revenue, Financing and Supervision Affairs and the General Governing Body of PN Taspen.