Download or read book Regulating Financial Innovation written by Christopher Ruof and published by Springer Nature. This book was released on 2023-10-01 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the impact of 'Fintech' on the information asymmetry between the financial regulator and the markets. It details the growing regulatory mismatch and how Fintech exacerbates the “pacing problem”, where the regulator struggles to keep up with innovation. With information as a point of reference, the book adds a new perspective on the latest phenomenon in financial innovation and presents a novel framework for navigating structural changes in the financial sector. Based on this analysis, a number of proposals to reduce the information gap and avoid regulatory mismatch are discussed. Thereby, new and promising regulatory concepts, such as regulatory sandboxes and SupTech applications are also covered. This book provides a practical framework for regulatory responses to financial innovation. It will be relevant to researchers and practitioners interested in financial technology and regulation.
Download or read book The Oxford Handbook of Financial Regulation written by Niamh Moloney and published by OUP Oxford. This book was released on 2015-08-27 with total page 900 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial system and its regulation have undergone exponential growth and dramatic reform over the last thirty years. This period has witnessed major developments in the nature and intensity of financial markets, as well as repeated cycles of regulatory reform and development, often linked to crisis conditions. The recent financial crisis has led to unparalleled interest in financial regulation from policymakers, economists, legal practitioners, and the academic community, and has prompted large-scale regulatory reform. The Oxford Handbook of Financial Regulation is the first comprehensive, authoritative, and state of the art account of the nature of financial regulation. Written by an international team of leading scholars in the field, it takes a contextual and comparative approach to examine scholarly, policy, and regulatory developments in the past three decades. The first three parts of the Handbook address the underpinning horizontal themes which arise in financial regulation: financial systems and regulation; the organization of financial system regulation, including regional examples from the EU and the US; and the delivery of outcomes and regulatory techniques. The final three Parts address the perennial objectives of financial regulation, widely regarded as the anchors of financial regulation internationally: financial stability, market efficiency, integrity, and transparency; and consumer protection. The Oxford Handbook of Financial Regulation is an invaluable resource for scholars and students of financial regulation, economists, policy-makers and regulators.
Download or read book Financial Innovation Regulation and Crises in History written by Harold James and published by Routledge. This book was released on 2015-10-06 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: With contributions from world-renowned figures such as Niall Ferguson and Adair Turner, this volume investigates how financial institutions and markets have undergone or reacted to past pressures, and the regulatory responses that emerged as a result.
Download or read book Regulating Financial Innovation written by Dan Awrey and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis has exposed the complexity of modern financial markets. One of the primary drivers of this complexity has been financial innovation. From sub-prime mortgages, securitization and credit default swaps to sophisticated quantitative models for measuring and managing risk, the footprints of financial innovation can be found at almost every step along the road to the Great Recession. More broadly, complexity and innovation have combined to generate significant asymmetries of information and expertise between public regulators and private actors, thereby exacerbating the agency problems which pervade financial markets. At the same time, the pace of innovation has left regulators and regulation chronically behind the curve. This paper examines the desirability of 'more principles-based' regulation (MPBR) as a response to the challenges stemming from the complexity and innovativeness of modern financial markets. This paper advances the scholarly and public policy debates surrounding the optimal approach toward financial regulation in three ways. First, it re-conceptualizes the theoretical core of MPBR and demonstrates how this core transcends the now stale 'rules versus principles' debate within which the debate over MPBR has been historically mired. Second, using over-the-counter derivatives markets as a case study, it illuminates the pervasiveness and significance of asymmetries of information and expertise and agency problems within complex, innovative financial markets and how MPBR manifests the potential to address many of the attendant regulatory challenges. Finally, it moves the debate beyond the structure, perimeter and even substance of regulation and toward the examination of the optimal philosophy of regulation given the complexity and innovation exhibited within modern financial markets.
Download or read book Financial Innovation Theories Models and Regulation written by G. V. Satya Sekhar and published by Vernon Press. This book was released on 2018-04-10 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial innovation is a regular feature of the global financial system. Financial innovation results in greater economic efficiency over time. In the process of creating a new financial product, besides basic theory of financial management, a financial engineer needs to acquire knowledge of optimization and financial modeling techniques. Modern financial innovation is underpinned by a rich literature including the seminal studies by Levich (1985), Smith, Smithson, and Wilford (1990), Verghese (1990), Merton (1992), Levine (1997), John D Finnerty (2002), Tufano (2003) and Draghi (2008), among many others. This book corresponds to the need to provide an integrated study on financial innovation and the economic regulatory mechanism. A key part of financial innovation covered in the book is the process of creating innovative financial securities and derivative pricing that offers new pay-offs to investors. The book also covers a selection of empirical studies corroborating financial innovation theories. It also exposes myths surrounding performance evaluation models. This book is presented in six chapters. The first chapter outlines important considerations on the application of financial innovation theories. The second chapter presents the theories that underpin financial innovation practice. The third chapter focuses on use of technology for financial modeling. The fourth chapter identifies the relationship between financial innovation and the wider economic system. The fifth chapter discusses the place of financial innovation in the global financial system. The sixth and final chapter presents a comparative analysis of India and the United States.
Download or read book Innovation and the State written by Cristie Ford and published by Cambridge University Press. This book was released on 2017-12-07 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: From social media to mortgage-backed securities, innovation carries both risk and opportunity. Groups of people win, and lose, when innovation changes the ground rules. Looking beyond formal politics, this new book by Cristie Ford argues that we need to recognize innovation, and financial innovation in particular, as a central challenge for regulation. Regulation is at the leading edge of politics and policy in ways that we have not yet fully grasped. Seemingly innocuous regulatory design choices have clear and profound practical ramifications for many of our most cherished social commitments. Innovation is a complex phenomenon that needs to be understood not only in technical terms, but also in human ones. Using financial regulation as her primary example, Ford argues for a fresh approach to regulation, which recognizes innovation for the regulatory challenge that it is, and which binds our cherished social values and our regulatory tools ever more tightly together.
Download or read book Financial Innovation Regulation and Crises in History written by Piet Clement and published by . This book was released on 2014 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Digital Innovation in Financial Services written by Phoebus Athanassiou and published by International Banking and Fina. This book was released on 2018-02-08 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Digital Innovation in Financial Services' is a comprehensive legal assessment of FinTech or digital financial innovation covering its potential applications to payments, securities clearing and settlement, crowd-funding, and central banking. It is the first systematic attempt at proposing a conceptual framework against which to consider the most advisable regulatory policy approach vis-à-vis this incipient phenomenon. Consumer behaviour is rapidly trending towards the use of digital devices as instruments through which to transact day-to-day business. This book shows how the global digitisation trend and the steadily rising consumer demand for innovation in the field of financial services create new opportunities not only for retail consumers but also for financial service providers, regulators, and central banks. The author offers a comprehensive overview of these opportunities and their countervailing legal and regulatory challenges.
Download or read book Regulating Financial Innovation written by Emilios Avgouleas and published by . This book was released on 2019 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The chapter reconceptualizes financial innovation. In this context, it discusses the risks of financial innovation and contemporary regulatory reforms addressing those risks. It provides a critique of contemporary reforms. Finally, it stresses the need for a new framework to regulate financial innovation to foster long-term growth and curb speculation. Regulation ought to focus on altering innovators' incentives through a properly balanced mix of incentives and sanctions.
Download or read book Financial Innovation and the Management and Regulation of Financial Institutions written by Robert C. Merton and published by Cambridge, Mass. : National Bureau of Economic Research. This book was released on 1995 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: New security designs, improvements in computer telecommunications technology and advances in the theory of finance have led to revolutionary changes in the structure of financial markets and institutions. This paper provides a functional perspective on the dynamics of institutional change and uses a series of examples to illustrate the breadth and depth of institutional change that is likely to occur. These examples emphasize the role of hedging versus equity capital in managing risk, the need for risk accounting and changes in methods for implementing both regulatory and stabilization public policy.
Download or read book Financial Market Regulation and Reforms in Emerging Markets written by Masahiro Kawai and published by Brookings Institution Press. This book was released on 2011 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.
Download or read book Routledge Handbook of Financial Technology and Law written by Iris H-Y Chiu and published by Routledge. This book was released on 2021-04-29 with total page 573 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial technology is rapidly changing and shaping financial services and markets. These changes are considered making the future of finance a digital one.This Handbook analyses developments in the financial services, products and markets that are being reshaped by technologically driven changes with a view to their policy, regulatory, supervisory and other legal implications. The Handbook aims to illustrate the crucial role the law has to play in tackling the revolutionary developments in the financial sector by offering a framework of legally enforceable principles and values in which such innovations might take place without threatening the acquis of financial markets law and more generally the rule of law and basic human rights. With contributions from international leading experts, topics will include: Policy, High-level Principles, Trends and Perspectives Fintech and Lending Fintech and Payment Services Fintech, Investment and Insurance Services Fintech, Financial Inclusion and Sustainable Finance Cryptocurrencies and Cryptoassets Markets and Trading Regtech and Suptech This Handbook will be of great relevance for practitioners and students alike, and a first reference point for academics researching in the fields of banking and financial markets law.
Download or read book Regulatory Innovation written by Julia Black and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book is a good read due to its well-integrated form, its comparative approach, its empirical case descriptions and its ability to encourage readers to approach the field of regulatory innovation. Estrid Sørensen, Science Studies Much hype has been generated about the importance of innovation for public and private sector organisations. Regulatory Innovation offers the first detailed study of regulatory innovation in a multiplicity of countries and domains. This book draws on in-depth studies of innovation in regulatory instruments and practices across high- and low-technology sectors, across different countries and from the early to the late 20th century. Highlighting different worlds of regulatory innovation those of the individual, the organization, the state, the global polity, and innovation itself, this book offers a fresh perspective and valuable insights for the practice and study of regulatory innovation. The explicit comparative focus of the case studies and the worlds of regulatory innovation approach make this book essential reading for academic researchers and students interested in regulation.
Download or read book Performance of Financial Institutions written by Patrick T. Harker and published by Cambridge University Press. This book was released on 2000-05-18 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: The efficient operation of financial intermediaries--banks, insurance and pension fund firms, government agencies and so on--is instrumental for the efficient functioning of the financial system and the fueling of the economies of the twenty-first century. But what drives the performance of these institutions in today's global environment? In this volume, world-renowned scholars bring their expertise to bear on the issues. Primary among them are the definition and measurement of efficiency of a financial institution, benchmarks of efficiency, identification of the drivers of performance and measurement of their effects on efficiency, the impact of financial innovation and information technologies on performance, the effects of process design, human resource management policies, as well as others.
Download or read book Financial Innovation and Regulation written by Dr Ramakrishnan and published by . This book was released on 2015 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial innovations have changed the world from the time man invented the concept of interest in Mesopotamia, paper money in china to the modern Debt or Equity based mutual funds. Financial innovations occur because market participants are constantly searching for new ways to make greater profits. Profit making is the fundamental dimension for an enterprise to sustain, perform and grow. The aim of financial innovation is to make different services offered by financial system cheaper and more available. With financial innovations market participants attempt to minimize risk and to maximize return. Financial innovation will lead to decrease the effectiveness of the monetary control. Financial innovation also makes it is much harder to interpret financial data as sensitivity of the data is likely to change as a result of financial innovation. The effects of the financial innovation on the structure and operation of the financial system are thus profound. Regulation and competition are the two basic drivers of financial innovation. Most financial innovation exploits inefficiencies created by regulation and governance mechanisms. Regulation should directly aim at the systemic containment of risks. Financial innovation may provide a short-term safety valve when politics and regulation become stalled or dysfunctional. The task of regulation should be to design a robust system while reintroducing the freedom to go bankrupt. Therefore, a radical change in the approach to financial regulation is needed.
Download or read book Economic Regulation and Its Reform written by Nancy L. Rose and published by University of Chicago Press. This book was released on 2014-08-29 with total page 619 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past thirty years have witnessed a transformation of government economic intervention in broad segments of industry throughout the world. Many industries historically subject to economic price and entry controls have been largely deregulated, including natural gas, trucking, airlines, and commercial banking. However, recent concerns about market power in restructured electricity markets, airline industry instability amid chronic financial stress, and the challenges created by the repeal of the Glass-Steagall Act, which allowed commercial banks to participate in investment banking, have led to calls for renewed market intervention. Economic Regulation and Its Reform collects research by a group of distinguished scholars who explore these and other issues surrounding government economic intervention. Determining the consequences of such intervention requires a careful assessment of the costs and benefits of imperfect regulation. Moreover, government interventions may take a variety of forms, from relatively nonintrusive performance-based regulations to more aggressive antitrust and competition policies and barriers to entry. This volume introduces the key issues surrounding economic regulation, provides an assessment of the economic effects of regulatory reforms over the past three decades, and examines how these insights bear on some of today’s most significant concerns in regulatory policy.
Download or read book Technological Change Financial Innovation and Financial Regulation in the U S written by Lawrence J. White and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial services sector in the United States is experiencing an era of rapid innovation. These changes are fueled by the rapid improvements in the two technologies - data processing and telecommunications - that are at the heart of financial services. The financial services sector is also one of the most heavily regulated sectors in the U.S. Economy - despite two decades of widespread deregulation. Though technological improvements and innovations are almost always healthy and beneficial for an economy, they can place serious strains on the incumbents in a particular industry or sector on which they are focused, and they may create challenges for public policy, especially in a heavily regulated industry. This has certainly been true for financial services. Further, the heavy overlay of government regulation on the financial services sector has certainly influenced the course of financial innovation and, in turn, been influenced by it. This paper will provide an overview of these interactions between financial innovation and financial regulation. Regulation clearly can be a hindrance to innovation; sometimes it may be a spur to innovation. And actual or prospective innovation may, in turn, be an important precursor to subsequent regulation. The social welfare consequence of these complex interactions, and the implications for the development of public policy, are themselves a challenge to disentangle; but an understanding of the processes of innovation and of regulation can clarify the interactions and thus help to structure the public policy debate.
