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The research deals with the issue of reflection in accounting cryptocurrencies and the ways of solving it through determining the economic essence of such currencies. The purpose of the research is the analysis such economic phenomenon as cryptocurrency and formation of appropriate methodological approaches to its accounting reflection, that requires the identification of the object, the study of the methods of its assessment, the clarification of reflection on the appropriate accounts, the determination of place in reporting. The author generalizes the existed achievements of domestic and foreign researchers about the issues of accounting cryptocurrencies, differentiates between the concept of «cryptocurrency» and «electronic money», and proves that according to a set of features cryptocurrencies do not meet the requirements of the definition of «money», that is why, cryptocurrencies cannot be reflected into the enterprise balance sheet under article «Funds and their equivalents». Using the functional approach to the definition of cryptocurrency as the accounting object and the methods of comparison and analogy, the paper substantiates the order of its reflection as a variety of financial investments applying the special methods of accounting, such as assessment, accounts, and reporting.

In recent years crowdfunding has become an important instrument of capital raising. Its importance, popularity and impact are still growing thanks to the development of ICT technologies and new ways of thinking about investments. Both individuals as well as small and middle size enterprises see crowdfunding as a new way of collecting capital by benefiting from free financial assets of Internet users. Therefore, more and more investors are noticing the clear-cut advantages offered by this kind of financial instrument. Crowdfunding is rearranging the way that entrepreneurs finance their endeavors, launch new products and services onto the market and open start-up companies. Crowdfunding’s social impact appears to be undisputed when it comes to start-ups, it also seems to be a key factor contributing to the increase in their number and socio-economic success. The paper presents the basics of crowdfunding i.e. its models, associated risks and growth on Polish and European market. The world reports on crowdfunding and the author’s own research in this field were the main sources of material for this paper.

The aim of the article is to clarify the methodological basis for further research concerning analysis of the existing practices and development of proposals on using financial instruments for the modernization of the Ukrainian electric power sector, in particular, to clarify the definition of “financial instruments” and justify their classification, taking into account the defining characteristics. Based on the critical evaluation of various scientific approaches to interpretation of the essence of financial instruments, the author’s definition is proposed. Thus, it is advisable to consider them as means, techniques and methods of attracting financial resources (capital) from other entities and as absolutely liquid assets. The generalization and rethinking of the criteria for classification of financial instruments allowed the authors to divide them into financial assets (cash, bank metals, currency), financial obligations (equity and debt instruments), and instruments of irrevocable financial aid (charitable contributions, grants, crowdfunding, fundraising). The received methodological conclusions quite fully characterize the essence and variety of types of financial instruments, taking into account their principal properties, which will allow to make a well-considered justification for choosing the optimal instruments for the modernization of the electric power sector.

The purpose of this paper was to model, with the help of neutrosophic fuzzy numbers, the optimal financial asset portfolios, offering additional information to those investing in the capital market. The optimal neutrosophic portfolios are those categories of portfolios consisting of two or more financial assets, modeled using neutrosophic triangular numbers, that allow for the determination of financial performance indicators, respectively the neutrosophic average, the neutrosophic risk, for each financial asset, and the neutrosophic covariance as well as the determination of the portfolio return, respectively of the portfolio risk. There are two essential conditions established by rational investors on the capital market to obtain an optimal financial assets portfolio, respectively by fixing the financial return at the estimated level as well as minimizing the risk of the financial assets neutrosophic portfolio. These conditions allowed us to compute the financial assets’ share in the total value of the neutrosophic portfolios, for which the financial return reaches the level set by investors and the financial risk has the minimum value. In financial terms, the financial assets’ share answers the legitimate question of rational investors in the capital market regarding the amount of money they must invest in compliance with the optimal conditions regarding the neutrosophic return and risk.

Background and Objectives Guided by cumulative inequality theory, this study poses two main questions: (a) Does women's poor health compromise household financial assets? (b) If yes, is wealth sensitive to the timing of women's health limitations? In addressing these questions, we consider the effect of health limitations on wealth at older ages, as well as examine how health limitations influence wealth over particular segments of the life course, giving attention to both the onset and duration of health limitations. Research Design and Methods Using 36 years of data from the National Longitudinal Survey of Mature Women, piecewise growth curve and linear regression models were used to estimate the effects of life course timing and duration of health limitations on household wealth. Results The findings reveal that women who experienced health limitations accumulated substantially less wealth over time, especially if the health limitations were manifest during childhood or early adulthood. Discussion and Implications This study identifies how early-life health problems lead to less wealth in later life. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to evaluate the peculiarities of the financial behavior of households as one of the main factors of country competitiveness. The authors undertook to fulfill this aim by dividing household expenditures into fixed and variable elements, and investigating each element separately. The analysis is based on data from the State Statistics Service of Ukraine and encompasses the period of 2001-2017. A chi-square test was used to test the selected data. A high propensity of households to consume stimulates a greater internal market size within a country, a correlation which is also an important indicator of competitiveness in Ukraine, where a high proportion of savings of household income is typical. The situation in Ukraine shows a great positive impact of savings to the development of the local financial market. Ukrainian households tend to accumulate savings with the intent of creating a financial safety net for themselves in anticipation of future economic downturns. As is the case in many Central and Eastern European countries, Ukrainian households hold most of their savings in foreign currency and bank deposits. This allocation has proven itself to be resilient to changes in the expected returns of the assets in question. The marginal propensity of Ukrainian households to purchase non-financial assets is small, but relatively stable. The internal crisis in 2014-2016 triggered substantial changes in the financial behavior of Ukrainian households. The post crisis period of 2017 has not yet significantly changed the financial behavior of Ukrainian households. As in the past, today households keep a great deal of cash outside the banking system, with the largest share of the non-financial assets of households held in foreign currency. [ABSTRACT FROM AUTHOR]

This research develops an original algorithm for rich portfolio optimization (ARPO), considering more realistic constraints than those usually analyzed in the literature. Using a matheuristic framework that combines an iterated local search metaheuristic with quadratic programming, ARPO efficiently deals with complex variants of the mean-variance portfolio optimization problem, including the well-known cardinality and quantity constraints. ARPO proceeds in two steps. First, a feasible initial solution is constructed by allocating portfolio weights according to the individual return rate. Secondly, an iterated local search framework, which makes use of quadratic programming, gradually improves the initial solution throughout an iterative combination of a perturbation stage and a local search stage. According to the experimental results obtained, ARPO is very competitive when compared against existing state-of-the-art approaches, both in terms of the quality of the best solution generated as well as in terms of the computational times required to obtain it. Furthermore, we also show that our algorithm can be used to solve variants of the portfolio optimization problem, in which inputs (individual asset returns, variances and covariances) feature a random component. Notably, the results are similar to the benchmark constrained efficient frontier with deterministic inputs, if variances and covariances of individual asset returns comprise a random component. Finally, a sensitivity analysis has been carried out to test the stability of our algorithm against small variations in the input data. [ABSTRACT FROM AUTHOR]

This study investigated the association between financial assets and bequests expectation, specifically whether having depression moderated the association. Our sample included 10,340 middle-aged and older Americans from the 2014 Health and Retirement Study. Results from ordinary least squares regression models showed a positive association between financial assets and bequests expectation, whereas a negative association between depression and bequests expectation. Furthermore, a moderating role of depression was revealed. Specifically, the relationship between financial assets and bequests expectation was stronger for individuals with depression than for individuals without depression. Future research and practice should incorporate perspectives of both financial assets and depressvie symptoms to more effectively help individuals and families deal their current financial situation as well as identify their estate planning needs. We also discuss public policy implications of the findings. [ABSTRACT FROM AUTHOR]

This study aims to examine the tendency of prioritizing management companies listed on Indonesia Stock Exchange (IDX) allocate free cash flow. Respondents there were 23 companies listed on IDX who has a wealth of at least the IDR 1.2 trillions. Questionnaires were sent based on four economic situation, namely: the situation is stable or normal, getting better, getting worse, and the uncertain economic situation. The fourth economic situation is faced with five options for allocating free cash flow, namely: payment of cash dividends, buy back stock, make acquisitions, purchase of financial assets, and distribute it to other areas of investment, such as option's Mutual Funds. Incidentally Indonesia's economic situation was observed 2015 - 2016 is the worsening situation in which the rupiah exchange rate against the USD around IDR 14,500. Similar to the economic situation in 1997/ 1998. The results show that the worsening economic situation the management of companies listed on IDX prefers: the purchase of shares and investments in other business fields, followed by The purchase of financial assets and acquisitions, and payment of cash dividends in the final choice. [ABSTRACT FROM AUTHOR]

The relevance of this article stems from the need for improvement of legal regulation of economic-law relations on the markets of non-banking financial services (NFS), and from a small number of theoretical studies and insufficient elaboration of the issues relating to this legal category. The purpose of the article is to formulate a definition of economic-law relations on the NFS markets, and to highlight their main features and types. Based on the identified main features, to propose a definition of economic-law relations on the NFS markets. To classify these legal relations by different criteria. With the aim of elucidating comprehensively economic-law relations on the NFS markets, the author analyzed the basic views on the definition of the legal relations category in the theory of law and in the studies in the theory of economic law. Following the analysis of the main features inherent in economic-law relations on the NFS markets, the author proposes to define economic-law relations on the NFS markets as social relations regulated by economic-law provisions of the financial service markets legislation which arise in the domain of economy between special economic activity entities and other participants to relations on the NFS markets in the context of organization and conduct of professional financial activities. It is also proposed to single out the common object of economic-law relations on the NFS markets -- the actual economic relation pertaining to the provision of non-banking financial services, and the special object -- a financial product, including financial assets. The author makes a conclusion that economic-law relations on the NFS markets are a separate type of economic-law relations characterized by their inherent qualifying circumstances: area in which they occur; special (restricted) subjects; special object, content and economic nature of legal relations; a focus on satisfying the interests of participants to such relations; a significant extent of regulation by the State and self-regulation; conscious will-based character; combination of property-based and organizational elements. It is proposed to classify economic-law relations in the NFS markets by the following criteria: nature of legal relations; mutual position of the parties; area of occurrence and effect; areas of professional financial activity. [ABSTRACT FROM AUTHOR]

The finance of local government units is among the greatest significant factors which local government cannot function and be organized without it. The lack of information and papers writen for finance of local government in Kosovo, has sparked curiosity to research this topic and publish our foundings. Kosovo is one of the newest country in the world and as so it has followed mostly european countries politics. Moreover, our research is important to know how a new country is adopting politics from developed countries in order to better finance their local governments and manage their finances on municipality activities. The subject of this paper aims to present to the reader how finances on local government are allocated, who are the main determinants that decide on the distribution of municipal funds, from whom they are funded, etc. Furthermore, our resarch paper present how citizens in diferent municipalities think about finances of local government, how satisfied are them with the financing of local government. In this paper are used historical, sociological, statistical and comparative methods. Further,this research was conducted by consulting the necessary academic materials, field findings, the collection of data from the questionnaire, which was distributed in different cities of Kosovo and the data obtained from interviews with municipal mayors. Moreover, in this paper we will compare the data extracted from the questionnaire and interviews data in order to better analyze the financing of local government. The results derived from this study show that many citizens do not know the local government tasks, as well, they have no knowledge of the hierarchical level of local government, resulting in a high level of dissatisfaction with local government finance management. Additionally, from this study we have found the financial management challenges found through interviewing mayors and found that citizens are not informed and engaged in municipal activities due to low citizen participation in municipal decision-making. The results from this paper contribute to state institutions that deal with drafting and implementing economic policies, to municipal mayors and academic scholars which will have the opportunity to notice and consult on improving current activities and practices of financing of local governments. In fact, they can use this research on the needs of the state administration also. [ABSTRACT FROM AUTHOR]

With China's adoption of principles‐based international accounting standards and its convergence with International Accounting Standard 39 (IAS 39), Chinese companies have discretion under the original Accounting Standards for Enterprises 22 (CAS 22) as to how they account for the initial measurement, sale, and subsequent reclassification of financial assets. We use a Chinese company ('Company A') as a case study to illustrate how earnings are managed to exploit this discretion. We document that the company re‐classifies its available for sale equity investments as long‐term equity investments to decrease the volatility of the company's apparent profits. We also make some predictions regarding how the company will handle its financial assets under the new standard, which is the same as IFRS 9. Our research contributes to the continuous improvement of China's accounting standards and has implications for regulators of the capital market. [ABSTRACT FROM AUTHOR]

The two parts of macroeconomic uncertainty are real economic uncertainty and economic policy uncertainty. Besides economic policy uncertainty in the proportion of the uncertainty of the economy is more and more higher, especially in China. This paper describes the real economic uncertainty and economic policy uncertainty faced by companies by using compound stochastic processes including Wiener process and Poisson process. This paper establishes a stochastic optimal control model which can describe macroeconomic uncertainty to analyze the nature of the optimal assets structure. Based on this, the optimal assets structure strategies under different expectations are put forward. This paper provides a theoretical basis for a large number of empirical studies on how macro-economy affects corporate decision-making. [ABSTRACT FROM AUTHOR]

This article analyses areas where there are differences in household behaviour in selected countries in terms of financial assets and debt held. The author hypothesizes that although the Euro Area countries share a common monetary policy -- which defines some of the financial market conditions and activity of financial institutions -- the behaviour of households on financial markets differs considerably. The subject of analysis is the structure of financial instruments held by households and the activity of households on financial markets by age and income. The author also analyses the heterogeneity of households using hierarchical cluster analysis, which shows significant diversity in the percentage of households holding financial assets together with debt as well as diversity in the value of the financial products held by them. [ABSTRACT FROM AUTHOR]

Copyright of Revista Ciencia Administrativa is the property of Universidad Veracruzana and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Beyond income, wealth is one of most relevant components among national and international indicators of household finances. Three surveys that include Switzerland have recently integrated questions about wealth and its components. These surveys are the Swiss Household Panel -SHP- (2016), the Statistics on Income and Living Conditions -CH-SILC- (2015), and the Survey on Health, Ageing and Retirement in Europe -SHARE- (2015). Following three important criteria suggested by the Organisation for Economic Co-operation and Development (OECD), namely relevance, coherence and accuracy, this study systematically compares data on housing and financial wealth. The analysis addresses question wording, the comparison with national accounts and accuracy. Results suggest that SHARE is the most relevant survey in terms of financial wealth and total net worth. CH-SILC is a coherent survey that allows for additional analysis on subjective living conditions, while the SHP is an ecological survey in terms of the number of questions on wealth. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Finance Letters / Maliye Finans Yazıları Dergisi is the property of Maliye Finans Yazilari Yayimcilik Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Central Asian Economic Review is the property of Narxoz University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article is devoted to methodological problems of statistical estimation of economic assets of financial corporations sector on the basis of the system of national accounts, in particular to the methodological support of the research. Features of economical assets of financial corporations are considered as an object of research, problems of formation and development of current data base of investigation of economical assets of this sector of economy. The main role plays issues of formation of a system of statistical indicators of assets including results of financial corporations’ activity.

The possibility of appearance of temporarily available capital determines a number of economic operations of placing them, operations that give content in business operations. The financial result, used as a measure of performance or as a reference for other indicators is presented using two types of structures: expenditure and revenues. The definitions of revenues and expenditure capture their essential characteristics, but they must complete by the criteria that must be met in order to be recognized in the profit or loss account. Revenues constitutes increases in economic benefits during the accounting period in the form of inflows or increases in assets or decreases in liabilities, which is reflected in increases in equity other than those resulting from contributions by investors. Financial expenses comprise in their structure the receivables related to equity losses, expenses on disposal of financial investments, unfavorable foreign exchange differences, interest on the current financial year, discounts to customers, receivables from financial losses

This article discusses the concept of the financial assets of the organization, given their grouping in accordance with international financial reporting standards are considered types of financial assets and determine their role in the financial - economic activities of the organization. Also, the author of the functions of financial assets, which they perform in the mechanism of regulation of the economy, as well as the main directions of financial asset management in the organization.

The main functions of financial science are to describe the processes and facts of cash flows, to explain them and to predict new results with the help of laws and the laws of the finance theory. The implementation of these functions is impossible without the use of correct terminology, which requires a formal methodology of the study. The task of the author of the article included an analysis of some of the facts with sufficient precision and therefore controversial terminology that is used in some dictionaries, regulations, as well as by individual scientists in the study of their financial assets and reserves in the academic literature on the theory of finance and other financial sciences. In this article, the following results are obtained: 1) the fact of subordination of the concepts “fund” and “reserve” is proven. It testifies to the primacy of the fund in relation to the reserve; 2) an analysis of the concept of the fund is carried out. As a result, the main (purpose, relative isolation) and additional (structure - the ratio of individual funds and reserves, time, volume) properties inherent in the fund during the financial flows in the economic environment are highlighted.

Throughout this study, I have underlined the need for implementing financialaccounting rules and the general features related to the described fair value, while alsopresenting the development of the relevant standards and the definition of IASB perceptionin relation to financial assets, financial liabilities and capital instruments. A slow progress and repeated delays have helped IAS 39 remain relevant for a periodlonger than initially foreseen and this trend shall remain in place until IFRS 9 isimplemented. This shows the ever growing importance of the topics and approachesdiscussed in this study.

The subject of this paper is financialization and its effects presented in the financial statements. The purpose of the paper is to analyze the effects of financialization on the activity of the fuel companies quoted on the Warsaw Stock Exchange. The author sets out to investigate how financialization affects the financial activity items presented in the balance sheets of the companies in question. The first part presents the essence and features of financialization in terms of macro- and microeconomic. Subsequently, the paper discusses the effects of financialization, i.e. the financial assets presented in the financial statements. The last part concerns the empirical study, the aim of which is to identify the effects of financialization in Polish companies. The author analyzes the financial assets presented in the statement of financial position of the surveyed companies. Achieving the paper’s objective requires the use of adequate research methods including the analysis of literature and legal regulations as well as financial analysis methods.

The Agreement on Succession Issues was concluded only ten years after the break-up of Yugoslavia and was at the time considered a great political success as it was the first treaty concluded between all of the successor states to the former SFRY. The international community has affirmed its contribution to peace and stability in the region. It regulates almost all succession issues, namely movable and immovable state property, including diplomatic and consular properties, financial assets and liabilities, state archives, other rights and interests, pensions and acquired rights. This article analyses the Agreement in the light of its implementation and highlights important issues that are still to be settled among the successor states in order to bring this process to an end, bearing in mind the consequences for bilateral relations among states and regional cooperation if its full implementation fails. Legal issues are discussed, as well as the political environment, which affects the implementation.

Przedmiotem niniejszego opracowania jest zjawisko finansyzacji oraz jego skutki prezentowane w sprawozdaniu finansowym. W pierwszej części przedstawiono istotę i cechy charakterystyczne finansyzacji w ujęciu makro- i mikroekonomicznym. W dalszej kolejności omówiono skutki finansyzacji, tj. aktywa finansowe ujęte w sprawozdaniu finansowym. Ostatnia część opracowania została poświęcona badaniu empirycznemu, którego celem było zidentyfikowanie skutków finansyzacji w działalności gospodarczej polskich przedsiębiorstw. Analizie poddano aktywa finansowe zaprezentowane w sprawozdaniu z sytuacji finansowej badanych spółek. Osiągnięcie celu opracowania wymagało zastosowania adekwatnych metod badawczych. Posłużono się metodą analizy literatury i regulacji prawnych oraz metodami z zakresu analizy finansowej.

Against the backdrop of the recent crisis, many European countries have been confronted to high and unsustainable public debts, the issue of conceiving and implementing debt reduction strategies becoming one of great interest to both the scientific community and public policy-makers. Several options have been put forward, some of them (like fiscal consolidation) explored in depth by researchers and already applied in many countries, while others have benefited of less, even minor attention. Thus, our paper aims to evaluate the sale of public (financial and non-financial) assets as possible alternative for restoring public debt sustainability in European countries, contributes to existing literature by providing a more thorough analysis of a usually overlooked alternative. The paper is designed as a case study, mixing qualitative and quantitative evidence on the topics of interest with regard to the situation of 20 European countries, selected on criteria of data availability. The general conclusion is that the sale of public assets should, at least in the most indebted countries, be incorporated into public debt reduction strategies, but in addition to other measures (mainly fiscal consolidation ones) and always on the basis of realistic and extensive cost-benefit analysis.

This study analyzes the performance of the Shanghai Composite Index, S&P 500 index, WTI oil price, and LBMA gold price when wars took place, especially the Russia-Ukraine conflict. We employ empirical methods to explore the stability, instantaneous shock, and short-term shock regarding the abovementioned financial assets. We first adopt the event study method to ascertain whether the cumulative abnormal returns of the selected assets are significant when wars break out. Then, we use the permutation test to examine the significance of price level changes. Results show that only the Shanghai Composite Index is relatively stable. Second, the difference-in-differences model indicates that the 3 unstable assets all suffered positive shocks in their price levels within several days after the Russia-Ukraine conflict broke out. The parallel trend test confirms the validity of establishing the difference-in-differences model. Third, regression discontinuity is designed to measure the impact in a longer event window, suggesting the robustness of conclusions of the difference-in-differences model and revealing an upward trend before the conflict and a downward trend after the conflict of the financial assets. The study suggests that investors consider adjustments to investment strategies and governments take precautions to diminish the risk of the outbreak of wars., Competing Interests: The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (© 2023 The Authors.)

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It is well established that socioeconomic position (SEP) and social relations impact physical function and mortality in old age. Due to differential vulnerability, few social relations may lead to greater decline in physical function and mortality among older people with low compared to high SEP. The aim was to investigate whether older people with few social relations experience greater decline in physical function and mortality when also subject to low financial assets? The study population included 4060 older people aged 75 or 80 years at baseline in 1998-1999. Social relations at baseline and physical function at baseline and after 1.5, 3.0 and 4.5 years were obtained from questionnaires. Financial assets at baseline and mortality during 10 years of follow-up were obtained from registers. Analyses of the associations between financial assets combined with social relations and decline in physical function and mortality, respectively, were conducted. Among males, but not females, low financial assets and few social relations were associated with the greatest decline in physical function. Yet, interaction only reached significance between financial assets and visits. Among males and females, low financial assets and few social relations were associated with the highest mortality. Interactions only reached significance between financial assets and visits for females and social activity for males. In conclusion, few social relations implied greater decline in physical function among older males and higher mortality among older males and females with low financial assets; however, the study only supports the presence of differential vulnerability for visits and social activity. [ABSTRACT FROM AUTHOR]

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Current studyaims to determine the current situtation of financial assets and liabilities of household sector in India. Researchers have also measured the relationship between household sector savings and the changes in financial assets or financial liabilities of the household sector. Study was based on the secondary data derived from the annual publication of Reserve Bank of India tittles 'Statistics of Indian Economy'. Study covered the period from 2011-12 to 2016-17. In order to determine the current situtaion of the financial assets and liabilities of household sector in India, researchers have used graphical and tabular form of data representation while for measuring the impact of changes in financial assets or financial libaiities of the household sector on the savings of houshold sector, linear regression analysis has been used. It was found that the changes in financial assets of the household sector has a positive and significant impact on the savings of household sector while changes in financial liabilities has a negative and insignificant impact on the savings of household sector. [ABSTRACT FROM AUTHOR]

Our article ensues from the need for enhancement of the role played by non-bank financial services markets as an integral part of our country's financial system. The markets of non-bank financial services are functioning and constantly developing, and this necessitates a research into this economic and legal category and its instruments. The purpose of the article is to analyze the definitions such concepts as "financial market", "financial services market" and "non-bank financial services market" existing in the economic and legal doctrine, as well as to study the correlation of such categories as "financial instruments", "financial resources" and "financial assets". The author proposes own definition and classification of non-bank financial services markets. Given that currently no unified approach exists regarding the correlation of the financial market with the financial services markets, it is established that the financial services market is a part, a segment or a standalone subsystem of the financial market; the financial market and the financial services market are interrelated in a complex manner, but are not included into each other; the concept of "financial services market" is broader than the concept of "financial market"; these concepts are synonymous. As a result of the analysis of doctrinal and legislative concepts made by the author, it is proposed to define the markets of non-bank financial services as a segment of the financial market consisting of a system of economic and legal relations which arise between nonbank organizations and other participants of the non-bank financial services market in the context of financial services rendered (except banking services), and which are aimed at forming and using of own and/or raised financial assets in the social production domain and which are subject to regulation by the State. It is also proposed to divide the markets of non-bank financial services into the market of services for raising financial assets under an obligation of their subsequent repayment; the market of financial leasing services; the market of money lending services, including under the terms of a financial loan; the market of services of providing guarantees and sureties; the market of insurance services; the market of non-state pension funds administration; the stock market; the market of factoring services; the market of financial assets administration for purchase of goods by groups; the market of property management services for financing of construction projects and/or real estate transactions; the market of financial assets trust management. The author came to the conclusion that financial assets are a special type of business entity's property (money, securities, debt obligations and the right of debt claim which are not classified as securities) which is the object of a financial service. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Finance Letters / Maliye Finans Yazıları Dergisi is the property of Maliye Finans Yazilari Yayimcilik Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Procesos de Mercado is the property of Procesos de Mercado. Revista Europea de Economia Politica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)