Which International Financial Regulations to Prioritise

Yongseok Shin esszéjében Goetzmann Money Changes Everything: How Finance Made Civilizations Possible című könyvéről ír bemutatót, majd a könyv hipotézisét továbbgondolva vizsgálja, vajon az egyes pénzügyi találmányok hatást gyakorolnak-e a hosszú távú gazdasági fejlődésre. Shin Goetzmann művét további gazdaságtörténelmi elemzésekkel is összeveti. Arra a következtetésre jut, hogy a pénzügyek jelenléte fontos összetevő egy jól működő gazdaságban, azonban nem lehet az egyetlen fejlődést előidéző tényező. Shin a pénzügyi történelem további alapos tanulmányozását javasolja, és azt a jelenlegi pénzügyi szektor szabályozásainak kialakítása során is hasznosnak véli. Yongseok Shin reviews Goetzmann’s book, titled Money Changes Everything: How Finance Made Civilizations Possible. He reinterprets its main hypothesis, and analyses how the presence of financial tools affect economic development in the very long run. He also compares Goetzmann’s viewpoint to other economic historians’ results. He concludes that financial advancement is certainly one of the key factors leading to a prosperous economy, but cannot be the single one. Shin argues that financial history lessons might enable us to create more adequate financial regulations.

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UNWTO Basic Documents, Volume II – Staff Regulations and Staff Rules, 3rd edition

10.18111/9789284419241 ◽

2021 ◽

Keyword(s):

Legal Framework ◽

General Introduction ◽

Financial Regulations ◽

The World ◽

Rules Of Procedure ◽

World Tourism Organization ◽

Tourism Organization ◽

Financial Transactions

The UNWTO Basic Documents bring together three volumes which constitute the main legal framework of the World Tourism Organization (UNWTO) : Volume I – Statutes, Rules of Procedure, Agreements, provides a general introduction into the Organization’s legal framework, role and functions. It includes the Statutes and the Financing Rules in its Annex. These outline the Organization’s budget and contributions of Members. Volume II – Staff Rules and Staff Regulations, contains the framework for duties, rights and benefits of employees. Volume III – Financial Regulations and Rules, constitutes the framework governing the budgetary and financial transactions of the Organization. It comprises the Financial Regulations and the Detailed Financial Rules whereupon each chapter of the Financial Regulations has its corresponding chapter in the Detailed Financial Rules.

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Judicial Challenges Facing the Islamic Finance Industry of Nigeria

African Journal of International and Comparative Law ◽

10.3366/ajicl.2021.0362 ◽

2021 ◽

Vol 29 (2) ◽

pp. 244-262

Author(s):

Zakariya Mustapha ◽

Sherin Kunhibava ◽

Aishath Muneeza

Keyword(s):

Dispute Resolution ◽

Judicial System ◽

Islamic Finance ◽

Curricular Reform ◽

Legislative Reform ◽

Finance Industry ◽

Financial Regulations ◽

Contractual Agreements ◽

Civil Courts ◽

Fundamental Requirement

A fundamental requirement of Islamic financial practice, Shariah-compliance covers all aspects of the transaction from contractual agreements to execution to dispute resolution. Thus a sound judicial system with in-built Shariah-compliance mechanisms is indispensable to facilitate the execution of such contracts and to ensure the sustainability of the practice. In Nigeria, this system is still under development with the judiciary the most readily available option for dispute resolution. However, comprised merely of civil courts with jurisdiction to hear Islamic finance cases, these mechanisms subject the industry to possible legal and Shariah-compliance risks. Having conducted a series of interviews with experts, this study recommends: constitutional and legislative reform to grant jurisdiction to existing civil courts; the Financial Regulations Advisory Committee of Experts (FRACE) should be statutorily entitled to offer binding advice to courts; the practice itself should be enshrined in appropriate legislation; and there should be curricular reform to ensure judges and lawyers are adequately trained/educated in the particulars of Islamic finance.

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Financial Scams Through Ponzi Schemes

Handbook of Research on Theory and Practice of Financial Crimes - Advances in Finance, Accounting, and Economics ◽

10.4018/978-1-7998-5567-5.ch015 ◽

2021 ◽

pp. 271-292

Author(s):

Alam I. Asadov

Keyword(s):

Financial Literacy ◽

Financial Sector ◽

Policy Recommendations ◽

Commonwealth Of Independent States ◽

Financial Regulations ◽

Financial Sector Development ◽

Fertile Ground ◽

Independent States ◽

Cis Countries ◽

The Relationship

This chapter investigates the relationship between financial literacy, financial sector development, and Ponzi schemes in the commonwealth of independent states (CIS) countries. It begins with an overview of the early cases of Ponzi schemes in the CIS countries by examining circumstances which formed fertile ground for the schemes to develop during initial years of independence. The study then scrutinised the situation in the member states during the later years which revealed no improvements. A closer examination of the problem discovered that the main triggers are low level of financial literacy and scarce investment alternatives. The chapter suggests that unless the level of financial literacy is raised and the financial sector is developed, Ponzi schemes will continue to thrive in the region. It concludes by providing some policy recommendations to enhance financial literacy and financial sector development, as well as necessary steps to improve financial regulations.

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Preparation of the budget

Unified Patent Protection in Europe: A Commentary ◽

10.1093/oso/9780198755463.003.0178 ◽

2018 ◽

Author(s):

Peter Tochtermann

Keyword(s):

Financial Regulations ◽

Budget Committee ◽

Accounting Period

The draft budget and possible amendments must be submitted to the Budget Committee by the Presidium no later than 31 October of the year preceding the accounting period and the Administrative Committee as well as the auditors appointed in accordance with Art 32 UPC Statute have to be informed (Art 25 Draft Financial Regulations). The budget must be adopted by the Budget Committee before the commencement of the next accounting period. If the Budget Committee has not adopted the budget at the time, a provisional budget must be drawn up (→ Art 31 UPC Statute).

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The European Union

Democratic Federalism ◽

10.23943/princeton/9780691202129.003.0009 ◽

2020 ◽

pp. 299-339

Author(s):

Robert P. Inman ◽

Daniel L. Rubinfeld

Keyword(s):

Member State ◽

Democratic Deficit ◽

The European Union ◽

Agricultural Policies ◽

Member States ◽

Monetary Policies ◽

Financial Regulations ◽

Eu Policies ◽

European Policies ◽

Collective Production

This chapter traces the evolution of EU institutions from a simple six-nation pact to jointly manage the collective production of coal and steel to a 2020 union of twenty-eight members setting common agricultural policies, economic development investments, competition and trade policies, and for nineteen member states, monetary policies and financial regulations. As an economic union regulating market policies, there is little doubt that the union has been a success, particularly for the residents of the originally less economically developed member states. As a monetary union and as a political union, perhaps less so. Politically, the union suffers from a “democratic deficit,” with citizens lacking a direct means to debate and collectively decide the direction of EU policies, and a “rights deficit,” with the union lacking a means to discipline member states that threaten the union's foundational commitment to individual rights and the rule of law. The EU is at a crossroads. One path involves modest reforms within the structure of current institutions. The other would entail a full commitment to Democratic Federalism. To be successful, such a commitment must begin with a union polity willing to view EU policies as European policies, not member state policies for the benefit of each member state alone.

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