scholarly journals Insurance Market Development in Comparison With Other Financial Markets Segments in Poland in the Prosperity and Recession

2014 ◽  
Vol 5 (3) ◽  
pp. 153-170
Author(s):  
Dorota Ostrowska
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Market Research ◽  
Insurance Market ◽  
Market Development ◽  
Research Period

The problem undertaken in this article is to reduce the dynamics of the financial market in Poland in the period of crisis. The aim of this paper is to analyze the pace of the market development, taking into account the changes that have taken place in the insurance market. Research period covers the years of prosperity and the recession.

scholarly journals Insurance Market Development in Comparison With Other Financial Markets Segments in Poland in the Prosperity and Recession

2014 ◽  
Vol 5 (3) ◽  
pp. 153-170
Author(s):  
Dorota Ostrowska
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Market Research ◽  
Insurance Market ◽  
Market Development ◽  
Research Period

The problem undertaken in this article is to reduce the dynamics of the financial market in Poland in the period of crisis. The aim of this paper is to analyze the pace of the market development, taking into account the changes that have taken place in the insurance market. Research period covers the years of prosperity and the recession.

scholarly journals The Role of Political Risk and Financial Development Factors on Sukuk Market Development of Gulf Cooperation Council (GCC) Countries

2018 ◽  
Vol 10 (1) ◽  
pp. 242
Author(s):  
Arafat Mansoor Al-raeai ◽  
Zairy Zainol ◽  
Ahmad Khilmy Abdul Rahim
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Financial Management ◽  
Political Risk ◽  
Gulf Cooperation Council ◽  
Market Development ◽  
Model Framework ◽  
Alternative Source ◽  
Gcc Countries

The literature related to the financial management acknowledges the significant role that political risk play to determine the financial market development. Further, financial system development (banking and financial markets) competes to provide long-term financing, and this competition might be positive or negative for each other. The aim of this paper is to propose a conceptual model/framework for investigating the role of political risk and financial market on Sukuk market development in Gulf Cooperation Council (GCC). GCC economies depend heavily on oil revenues which makes them subject to oil prices fluctuations. Therefore, GCC’s governments should diversify their economies by looking for Sukuk as an alternative source of financing, to cover their budget deficit, when the price of oil decreases, and reduce their reliance on oil, because Sukuk has advantages compared to the conventional bond particularly in terms of less information asymmetry. The prior studies have mostly focused on firms' characteristics determinants of Sukuk issuances but gave a little consideration to the role of country' characteristics on Sukuk market development. This paper proposes a framework to explain the political risk and financial markets determinants of Sukuk market development with a focus on the GCC countries that have the largest region in terms of the Islamic financial assets. It is anticipated that the outcome will support policymakers to improve the current state of Sukuk market.

scholarly journals On the Asymmetries of Sovereign Credit Rating Announcements and Financial Market Development in the European Region

2019 ◽  
Vol 11 (23) ◽  
pp. 6636 ◽  
Author(s):  
Chunling Li ◽  
Khansa Pervaiz ◽  
Muhammad Asif Khan ◽  
Faheem Ur Rehman ◽  
Judit Oláh
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Credit Rating ◽  
Market Development ◽  
European Region ◽  
Short Term ◽  
Sovereign Credit ◽  
Financial Market Development ◽  
The Impact ◽  
Sovereign Credit Rating

In modeling the impact of sovereign credit rating (CR) on financial markets, a considerable amount of the literature to date has been devoted to examining the short-term impact of CR on financial markets via an event-study methodology. The argument has been established that financial markets are sensitive to CR announcements, and market reactions to such announcements (both upgrading and degrading) are not the same. Using the framework of an autoregressive distributed lag setting, the present study attempted to empirically test the linear and non-linear impacts of CR on financial market development (FMD) in the European region. Nonlinear specification is capable to capture asymmetries (upgrades and downgrades) in the estimation process, which have not been considered to date in financial market literature. Overall findings identified long-term asymmetries, while there was little evidence supporting the existence of short-term asymmetries. Thus, the present study has extended the financial market literature on the subject of the asymmetrical impact of a sovereign CR on European FMD and provides useful input for policy formation taking into account these nonlinearities. Policies solely based upon linear models may be misleading and detrimental.

scholarly journals PROBLEMS AND PROSPECTS OF THE SECURITIES MARKET DEVELOPMENT: DOMESTIC AND INTERNATIONAL EXPERIENCE

2021 ◽  
Vol 80 (1) ◽  
pp. 216-221
Author(s):  
N.E. Dabyltaeva ◽  
◽  
D.E. Galymzhan ◽  
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Main Tool ◽  
Developed Countries ◽  
International Experience ◽  
Securities Market ◽  
Market Development ◽  
Foreign Experience ◽  
Modern Process ◽  
The Republic

The securities market is considered as a part of the financial market. Today, the securities market has become the main object of research for many economists and scientists. One of the main reasons for this trend is that in the context of globalization of the world's economies, the main tool for the development of the financial sector of the state's economy is the development of the securities market. As a result of the modern process of globalization, the financial markets of States are becoming closer and more dependent on each other. The formation and organization of the securities market of the Republic of Kazakhstan began after the country gained its sovereignty. One of the main features of the formation of the domestic securities market during this period is the use of foreign experience of developed countries by the state

scholarly journals Improvement of the Adaptive Properties of the National Financial Market to Respond the Globalization Risks

2021 ◽  
Vol 12 (4) ◽  
Author(s):  
Vadim Loktionov ◽  
Elena Loktionova
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Institutional Environment ◽  
Driving Forces ◽  
Stressful Events ◽  
Market Development ◽  
Financial Security ◽  
Adverse Conditions ◽  
Complex Adaptive ◽  
Financial Market Development

In the era of globalization the issues of ensuring economic and national security are still relevant for discussion. Financial markets, being one of the driving forces for the global economic development, are sensitive to changes in the socio-economic and political situations. In the rapidly changing world, the security of the national financial market can be ensured by increasing its adaptability, which is, in the general case, the market ability to adapt to stressful events, while working in adverse conditions. The article discusses the features of the national financial market in the context of financial globalization. Using the complex adaptive theory, the main ways of the national financial market development to enhance its adaptability are presented. Keywords. Globalization, financial market, financial security, financial market adaptability, institutional environment.

scholarly journals Sovereign Credit Ratings and Asian Financial Markets

2021 ◽  
Vol 24 (1) ◽  
pp. 165-181
Author(s):  
Khansa Pervaiz ◽  
Zuzana Virglerová ◽  
Muhammad Asif Khan ◽  
Usman Akbar ◽  
József Popp
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Credit Rating ◽  
Credit Ratings ◽  
Market Development ◽  
Sovereign Credit ◽  
Sovereign Credit Ratings ◽  
Financial Market Development ◽  
Sovereign Credit Rating

Each region/country seeks to become more efficient to gain the confidence of potential investors. Most of the Asian economies are categorized as emerging markets, where the role of financial markets has even become more intensified to provide financial services to increasing economic and financial activities. Asian financial market has momentously suffered during the Asian, and global financial crisis. The mass destruction was mainly caused due to the mounting uncertainty, which spillover throughout the region, where investors lost their confidence. Considering the pivotal economic role of financial markets, and implications evolve due to sovereign credit rating announcements, this study aims to model the role of sovereign credit rating announcements by Standard and Poor’s, and Moody’s on financial market development of the Asian region. For 24 Asian countries/regions, we perform a regression analysis on sovereign credit rating changes based on financial market development index and its factors. The findings of Driscoll Kraay’s robust estimator reveals that improvement in sovereign credit rating score enhances the financial market development in the region. Moreover, we applied several robustness checks, such as alternative estimators, alternative measures, and three sub-dimensions of financial market development. According to the findings from these robustness checks, the positive impact of sovereign credit ratings on financial market development in the region is robust. Unlike prior literature (which is confined to the event study approach), this study utilizes the historical grades to establish the relationship under the standard error clustering approach. Due to the diversity of investors’ speculations, we propose a micro-level extension of the present model to overcome a difference in country policy.

scholarly journals A Theoretical Conceptualization of Institutional Provision of the Financial Market

2020 ◽  
Vol 9 (512) ◽  
pp. 219-228
Author(s):  
S. V. Onyshko ◽  
◽  
D. O. Savenko ◽  
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Legal Framework ◽  
Financial Resources ◽  
Market Development ◽  
Market Participants ◽  
Financial Market Development ◽  
Relationship Of ◽  
The Relationship ◽  
Theoretical Conceptualization

The article is concerned with the problems of formation and development of institutional provision of the financial market. The relevance of the problem is caused by the relationship of formal and informal norms of economic processes and phenomena, the understanding of which provides the key to achieving the effectiveness of the financial market development. Understanding the essence of institutional provision of the financial market and the factors of its formation and development makes it possible to make more informed and effective decisions in the sphere of financial market development. The article is aimed at substantiating the conceptual approaches to the structuring of institutional provision of the financial market. It is substantiated that institutional provision of the financial market includes both formal and informal institutions. The formal institutions, in turn, consist of institutions-organizations and institutions-norms. The factors of occurrence of institutional deformations in the financial market are systematized. The institutions of the financial market are structured, in particular, in the composition of the institutions-norms the authors allocate the formal (international legal framework for concluding and implementing agreements in financial markets, national regulatory framework for concluding and implementing agreements in financial markets, norms of related national and international law, ensuring the conclusion and implementation of agreements in financial markets) and the informal norms (norms stipulated by religion, informal agreements and conspiracies between the financial market participants, unofficial (shadow) markets for the conclusion and implementation of financial agreements). In the composition of institutions-organizations the authors allocate the institutions-buyers of financial resources; institutions – sellers of financial resources; institutions that serve the functioning of institutions-sellers and institutions – buyers of financial resources; institutions-regulators. The institutional provision of the financial market is structured and the relationship between institutions-norms, institutions-rules and the State is defined. The principles of institutional provision of the financial market are substantiated and its functions are defined.

scholarly journals Analysis of the Role of Macroeconomic Policies in the Financial Market Development

2020 ◽  
Vol 9 (3) ◽  
pp. 149
Author(s):  
Haisheng Hu
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Market Development ◽  
Macroeconomic Policies ◽  
The Status ◽  
Financial Market Development

<p>Macroeconomics and microeconomics are two different categories of national economics, and both play vital roles in stimulating the economy. Especially in financial market development, they are interdependent and complement one another. Therefore, by starting with the status of national macroeconomic policies, this article analyzes the role of macroeconomic policies in the development of financial markets, and analyzes the practical cases, which can provide reference for the applied policies in the current financial market.</p>

Coalitional Dynamics, Power Structure and Financial Markets in East Asia

2014 ◽  
Vol 49 (3) ◽  
pp. 511-541 ◽  
Author(s):  
Xiaoke Zhang
Keyword(s):  
Financial Markets ◽  
East Asia ◽  
Financial Market ◽  
Market Development ◽  
Political Elites ◽  
Power Structures ◽  
Financial Market Development ◽  
Market Practices ◽  
East Asian Economies ◽  
Dominant Coalitions

The main argument to be developed in this article posits that fundamental changes and variations in the financial market structure of East Asian economies have been predicated on the emergence and configuration of the dominant coalitions. The coalitions have been forged by private market agents, economic policymakers and political elites who have developed particular interests in financial market changes as a response to economic and political imperatives both at home and abroad. In East Asia, the dominant coalitions that have borne crucially on regulatory rules and market practices have differed in the policy preferences of key actors in the coalitions and the power structures of these coalitions. It is these differences that have exerted divergent shaping influences on financial market development.

scholarly journals Effectiveness of financial market as Economic Development Agents in Africa (2008-2017).

2019 ◽  
Vol 6 (10) ◽  
pp. 307-320
Author(s):  
Akinyele Akinwumi Idowu ◽  
Bosede Comfort Olopade ◽  
Yemisi Akinkuotu Adeleke ◽  
Nureni Adekunle Lawal
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Stock Market ◽  
Financial Markets ◽  
Financial Market ◽  
Banking Sector ◽  
Market Development ◽  
Financial Intermediaries ◽  
African Countries ◽  
Stock Market Development

The development in Africa’s financial sector in recent years has been remarkable. Though relatively underexplored and underinvested sector a mere decade ago, today, this sector is considered to be one of the continent’s brightest prospects. This is due to the fact that for some time now, financial sector development has been on front burners in the economic agenda of most African countries. This sector has the potential to transform the lives of millions of people across the continent. Low rate of economic development has created a lot of social stress in Africa, which is responsible for incidence and prevalence of poverty, and consequent social uprisings on a number of occasions. Various studies have examined the role of African financial market development on economic growth, but none have strictly generated a combined focus on the three major African groupings – the Southern, the Western and the Eastern African regions. This paper specifically address this void and it examines the determinant and impact of banking sector and stock market development on Africa’s economic growth and development. Various econometric techniques that include descriptive statistics, unit root tests and OLS were used to analyse data. The study finds out that local financial markets play crucial roles in economic development of Africa, albeit in varying magnitude. The study also observes that banking sector development and economic growth promote stock market development. In addition, this paper finds an interesting result in the fact that trade openness has a negative impact on stock market development, which is different from the findings of many other studies. Financial market size is also strongly related to the size of the economy. This paper has some policy implications. In order to promote banking and stock market development in the region, it is important to encourage savings by appropriate incentives, consider the possibility of one single currency for African countries in order to improve stock market liquidity and develop financial intermediaries. This paper shows an in‐depth analysis of Africa financial markets in order to assess how they can improve and benefit the global investor. In addition, it is found that financial intermediaries and stock markets are complements rather than substitutes in the growth process.

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