Currency Board Arrangement Capital Structure Macrofinancial Diagnostics

Thalassinos, Eleftherios; Thalassinos, Pantelis E.; Yordanov, Vilimir

doi:10.2139/ssrn.2624333

Cited by 17 publications

(17 citation statements)

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“…This is the period during which the developed world markets were associated with highly liquid stock markets as the supply of credit was unlimited. However, the 2007/2009 global financial crisis led to a drying up of markets (Thalassinos et al, 2015a;2015b). The potential impairment on assets caused by the lack of liquidity during this period heightened the importance of understanding liquidity and its macroeconomic determinants.…”

Section: Introductionmentioning

confidence: 99%

Stock Market Liquidity and Monetary Policy

Marozva¹

2020

IJEBA

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Purpose: This article investigates the deterministic relationship between monetary policy and stock market liquidity in South Africa. Design/Methodology/Approach: The Ordinary Least Square Method was used to capture the nexus between the Johannesburg Stock Exchange indices and selected liquidity measures over the period of 2002 to 2019. The liquidity measures chosen were multi-dimensional in nature, exhibiting characteristics such as tightness, immediacy, depth, breadth and resiliency. Findings: Empirical evidence shows that liquidity depend on monetary policy adjustments as the results reveal that liquidity is dependent on changes in South African Benchmark overnight rate (SABOR). The strength and significance of the relationship depended on the indices and period of analysis. The liquidity measure used was also influential as the results showed a negative relationship between SABOR and adjusted illiquidity measure in line with theory. Also, in line with theory effective spread was found to be positively related with SABOR. The relationship conflicted the theory on the trading volume as it was positively related to SABOR. However, the analysis could not confirm that the relationship between liquidity and monetary policy is asymmetric. Practical Implications: The article highlights the fact that stock market investment professionals, traders and regulators should account for the effects of changes in interest rates when modeling market frictions like liquidity. Originality/Value: An investigation was done in an emerging equity market which is different from the dynamics and mechanics of the developed equity markets because the emerging stock markets are illiquid and constitute a lot of market imperfections. Furthermore, developing countries' financial markets are extremely segmented and less efficient. The results revealed important insights that stock liquidity is time variant and index dependent and contrary to many studies the relationship between stock liquidity and monetary policy is not asymmetry.

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Section: Introductionmentioning

confidence: 99%

Stock Market Liquidity and Monetary Policy

Marozva¹

2020

IJEBA

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“…Several valuable proposals have been concluded while analyzing an innovative policy that takes into account smart specializations for emerging regions in Poland (Kamrowska-Zaluska and Soltys, 2016). Similar studies, in Europe (Thalassinos et al, 2015) and in other countries, were presented the process of identifying smart specializations for Romania (Sandu, 2012;Dodescu and Chirilă, 2012), for Lithuania (Paliokaitė, Martinaitis and Sarpong, 2016) and for Slovakia (Borseková, Vaňová and Vitálišová, 2017). It should also be noted the interesting studies conducted on the role of smart specialization in less-developed countries (Krammer, 2017), as well as the research on smart specialization policies as a support for the sustainable development policy in the face of new global challenges (Rusu, 2013).…”

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confidence: 81%

Specialization Integrated Strategy of Innovations: Effective Model for Emerging Regional Economy Development?

Malik¹,

Mach²,

Szewczuk-Stępień³

et al. 2020

ERSJ

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Purpose: The purpose of our work is to propose a strategic model of smart specialization identification around the concept of regional knowledge and cognitive transfer (Double Helix Matrix, DHM). Design/Methodology/Approach: While operationalization of smart specialization-oriented policy is still rather limited because of the lack of agreed development policy tools, we proposed the DHM model developed in order to provide the implementation of regional smart specialization oriented strategy. The model has been statistically verified by multidimensional comparative analysis on the example of a chosen weak innovative emerging region in Poland (Opolskie). Findings: The proposed methodology let us to find the need of redefining the smart specialization concept as a part of regional innovation strategy. Practical Implications: The new approach to the regional innovation policy has been proposed.. The findings have been used to construct the regional policy directives for potential smart specializations development within 2027 perspective. Originality/Value: The new model to conduct regional innovation strategy for smart specialization has been proposed and verified on the example of the weak innovation region.

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“…Countries that did not have potential to be traditional centers see an opportunity to boost their economies in this new, only in the process of formation, FinTech market. This fast-developing market structure may boost efficiency and competition, at the same time challenging financial stability and integrity (Grima and Thalassinos, 2020;Thalassinos et al, 2015;Rupeika-Apoga et al, 2018).…”

Section: Introductionmentioning

confidence: 99%

Ideas for a Regulatory Definition of FinTech

Rupeika-Apoga¹,

Thalassinos²

2020

IJEBA

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In this paper we evolve possible approaches of FinTech legal definition, investigate existing approaches at the international level and examine the policies applied at the national levels. Document analysis, as a form of qualitative research, was used in this study. Findings: We found that in most countries the legislation does not specifically address fintech companies, and the legal framework equally regulates the activities of traditional service providers and fintech operators. In our opinion, no specific legislation for FinTech companies needed, each type of activity provided by a financial or technology company is subject to a specific legislation/regulation with primary focus on services and products provided as payments, insurance, investments etc. Practical Implications: The term FinTech is freely used by policy makers, regulators, companies, researchers, academics and the public, both nationally and internationally. According to international organizations such as the IMF, the World Bank and the OECD, FinTech offers the opportunity to accelerate economic growth and expand financial affordability/inclusion in all countries. Some countries are increasingly striving to become global or international regional hubs for FinTech and are working hard to develop interagency government strategies with a supportive legal environment. Originality/Value: There is still confusion about the nature and dynamics of FinTech among politicians, scientists and practitioners, as well as about the legal framework of this area. The value of this article is to clarify and propose an apprach to definition of FinTech by combining different approaches in a very original and innovative way.

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Currency Board Arrangement Capital Structure Macrofinancial Diagnostics

Cited by 17 publications

References 0 publications

Stock Market Liquidity and Monetary Policy

Stock Market Liquidity and Monetary Policy

Specialization Integrated Strategy of Innovations: Effective Model for Emerging Regional Economy Development?

Ideas for a Regulatory Definition of FinTech

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