• Title/Summary/Keyword: regulatory framework

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The Impact of Financial Inclusion on Financial Stability in Asian Countries

  • PHAM, Manh Hung;DOAN, Thi Phuong Linh
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.6
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    • pp.47-59
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    • 2020
  • This paper intends to explore the relationship between financial inclusion and financial stability under the scope of Asian economies. The linkage will be thoroughly investigated with country-level and bank-level data of 42 countries in three separate years: 2011, 2014, and 2017. In this study, an inclusive financial system is assessed by two dimensions: usage of financial services and access to the financial system. Usage of financial services ranges from account to credit, savings and payment services. Access to financial system measures the financial outreach where individuals can use financial services. Meanwhile, financial stability, which proxied by Bank Z-score is regarded as the dependent variable. We apply fixed effects regression and random effects regression to capture the impacts of financial inclusion upon financial stability. To enhance the robustness of the model, the Feasible Generalized Least Squares (FGLS) regression is therefore adopted as the solution for the random effects regression. The empirical findings exhibit an overall weak positive influence of financial inclusion on financial stability. The research results also provide both financial institutions and governments with insightful information, which helps them to have an appropriate financial development strategy, improve the regulatory framework and consequently enhance financial stability for the whole system.

Promotion of Fintech Application for the Modernization of Banking-Finance System in Vietnam

  • NGUYEN, Dat Dinh;DINH, Hoang Cong;NGUYEN, Duy Van
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.6
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    • pp.127-131
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    • 2020
  • In today's financial industry, Fintech (financial technology) has showed its role of an innovation-driving area, which can bring outstanding changes to the traditional financial market. This article will briefly introduce Fintech as well as its development in Vietnam. Besides, the research also provided a survey on experts' opinions on the challenges to the promotion of Fintech application for the modernization of the banking-finance system in Vietnam. The survey results of 40 experts in banking with knowledge of Fintech identify five challenges faced by Fintech companies in Vietnam: (1) legal corridor; (2) infrastructure; (3) Fintech companies; (4) customers; and (5) human resources. From these five challenges/barriers, there are 14 detailed aspects. The results of the expert survey using descriptive statistics show that all five factors are assessed to be low and need to be better addressed in the future. The authors suggest several solutions for further development of Fintech to support the modernization of the banking-finance system in Vietnam: (1) quickly complete the regulatory framework; (2) introduce policies on tax exemption; (3) promote research and application of the benefits of block-chain technology; (4) utilize the abilities of the human resources; and (5) actively promote and popularize knowledge about Fintech.

Critical Factors Influencing Adoption of Cloud Computing for Government Organizations in Yemen

  • Salem, Mubarkoot Mohammed;Hwang, Gee-Hyun
    • Journal of Distribution Science
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    • v.14 no.11
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    • pp.37-47
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    • 2016
  • Purpose - Many countries nowadays look at cloud computing as an opportunity because it holds great advantages for governments. Public sector in Yemen still uses traditional computing. This study tends to explore the factors that would affect cloud computing adoption in government organizations in Yemen. Research design, data and methodology - We used a combination of DOI theory and TOE framework with some changes to suit the context of government organizations. Eight hypotheses were proposed with a questionnaire developed and sent to people in Yemen. 118 responses were collected to assess the hypotheses. Results - Results indicate that Yemen lacks some prerequisites of cloud technology in terms of technological readiness and regulations. The factors: relative advantage, compatibility, security concern, perception of benefits and government support were accepted. Perception of benefits, in particular, is found to affect the decision of adoption. Security concern also showed a direct and indirect influence on cloud adoption in the government. Respondents consider security a key issues of the technology. The factors: complexity, technology readiness and regulatory support were rejected. Conclusions - Based on all analysis results, this study proposed some steps toward adopting cloud computing in Yemen.

The Role of High-throughput Transcriptome Analysis in Metabolic Engineering

  • Jewett, Michael C.;Oliveira, Ana Paula;Patil, Kiran Raosaheb;Nielsen, Jens
    • Biotechnology and Bioprocess Engineering:BBE
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    • v.10 no.5
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    • pp.385-399
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    • 2005
  • The phenotypic response of a cell results from a well orchestrated web of complex interactions which propagate from the genetic architecture through the metabolic flux network. To rationally design cell factories which carry out specific functional objectives by controlling this hierarchical system is a challenge. Transcriptome analysis, the most mature high-throughput measurement technology, has been readily applied In strain improvement programs in an attempt to Identify genes involved in expressing a given phenotype. Unfortunately, while differentially expressed genes may provide targets for metabolic engineering, phenotypic responses are often not directly linked to transcriptional patterns, This limits the application of genome-wide transcriptional analysis for the design of cell factories. However, improved tools for integrating transcriptional data with other high-throughput measurements and known biological interactions are emerging. These tools hold significant promise for providing the framework to comprehensively dissect the regulatory mechanisms that identify the cellular control mechanisms and lead to more effective strategies to rewire the cellular control elements for metabolic engineering.

Who is responsible for the onus of proof on online fraud transactions? In perspectives of the eCommerce Law and Privacy Investment (온라인 거래에서 사고 발생시 누가 이의 입증책임을 질 것인가?)

  • Chun, Se-Hak;Cho, Woo-Je;Kim, Jae-Cheol
    • 한국경영정보학회:학술대회논문집
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    • 2007.06a
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    • pp.699-704
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    • 2007
  • In this study, we examine why there exist different legal systems in electronic commerce or online financial trading. When a fraud online transaction occurs and the online customer disputes the transaction, the online customer takes responsibility for the proof of her/his argument in many European countries while in the U.S., the burden of proof lays on the firm. This paper analyzes how these two different legal systems exist and how these can be applied to electronic commerce law. In particular, this paper intends to find the optimal level of e-commerce firms' investment on security and analyzes how security investments can be related to firm's profits and consumer's welfare depending on IT infrastructure and social trust environment. More on, this paper can be contributed to provide guidelines for regulatory framework on ecommerce online transactions and discuss social welfare implications.

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A Comparative Study on the Regulatory Framework of Crowdfunding (크라우드펀딩 법제에 관한 비교연구)

  • De Moor, Lieven;Kim, Hyonsu
    • The Journal of Small Business Innovation
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    • v.19 no.1
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    • pp.1-16
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    • 2016
  • The whole world enters into the financial revolution called crowdfunding. The United States, Italy, the United Kingdom and Japan have already legally allowed equity crowdfunding. South Korea also enacted equity crowdfunding in July 2015 for the purpose of efficient financing for startups and SMEs. This study reviews their crowdfunding regulations in terms of offering and investment limitations, requirements for intermediaries and requirements for issuers. And then, we raise several points about Korean crowdfunding and suggest amendment of regulations to promote fund raising through crowdfunding.

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Determinants of Micro-, Small- and Medium-Sized Enterprise Loans by Commercial Banks in Indonesia

  • YUDARUDDIN, Rizky
    • The Journal of Asian Finance, Economics and Business
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    • v.7 no.9
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    • pp.19-30
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    • 2020
  • This paper investigates, in a single equation framework, the effect of bank-specific and macroeconomic determinants on micro-, small- and medium-sized loans by commercial banks in Indonesia. This study uses a sample of 790 observations from 79 commercial banks in Indonesia over the years 2006-2015. This study uses two estimation methods for our panel regressions: static and dynamic generalized method of moments (GMM) panel estimator. In static relationships, the literature usually uses the least square methods on fixed effects (FE) or random effects (RE). I found evidence that all banks, bank profitability and size are positively and significantly related to micro-, small- and medium-sized loans, while the coefficients of liquidity are significantly positive in all specifications, except government banks which is significantly negative. The relationship between risk and credit growth is negative for non-government banks. All estimated equations show that the effect of the capital variable on lending banks to MSMEs is not important in government banks and non-government banks. Finally, macroeconomic variables, such as inflation and gross domestic product, clearly affect the lending of the banking sector particularly non-state banks. The findings have several policy implications to Indonesia government, regulatory authority and bank managers in order to improve bank profitability through bank lending.

Quality of Corporate Governance: A Review from the Literature

  • Rahman, Md. Musfiqur;Khatun, Naima
    • The Journal of Asian Finance, Economics and Business
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    • v.4 no.1
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    • pp.59-66
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    • 2017
  • The purpose of this paper is to review the quality of corporate governance from the prior empirical literature. This study finds that most of the researchers developed the self structured corporate governance index and few researchers used the corporate governance index provided by rating agencies. This study also finds that there is no uniform basis to measure the corporate governance quality and observed the variation in terms of overall and individual attributes of corporate governance; sub-indices of corporate governance; scoring system; weighted and un-weighted method; statistical method; time period; financial and non financial companies; code of corporate governance; listing requirement; disclosure practices; legal environment; firms characteristics; and country perspective. This study also observed that overall corporate governance quality is very low in most of the studies and even quality of corporate governance varies in the firms within the same country. This study recommends that the boundary of corporate governance quality should be defined based on the agreed set of rules and regulation, code of governance and practices. This study also suggests that the regulator and policy makers should more emphasize on code of corporate governance and regulatory framework and monitoring to improve the quality of corporate governance.

Study on Comparison of Nenewable Fuel Standard Policy on Global (해외 신재생연료 의무혼합제도 비교분석 연구)

  • Lim, Eui Soon;Kim, Jae-Kon;Jung, Choong-Sub
    • 한국신재생에너지학회:학술대회논문집
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    • 2011.11a
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    • pp.150.1-150.1
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    • 2011
  • The global rise of greenhouse gas(GHG) emissions and its potentially devastating consequences require a comprehensive regulatory framework for reducing emissions, including those from the transport sector. alternative fuels and technologies have been promoted as a means for reducing the carbon intensity of the transport sector. Renewable fuel policies were historically motivated by energy security concerns, and to promoted agricultural industries. In the last decade, biofuels have also been discussed as low or net-zero carbon soures of energy for transportation. Hence, the development of biofuels has been supported by a range of policy instruments, including volumetric targets or blending mandates, tax incentives or penalties, preferential government purchasing, government funded research, development in world-wide. As one of the most powerfuel instruments, renewable fuel mandates require fuel producers to produce a pre-defined amount(or share) of biofuels and blend them with petroleum fuel. In this study, we reviewed Renewable Fuel Standard(RFS, USA), Renewable Transport Fules Obligation (RTFO, UK) as a renewable fuel mandate policy to reduce GHG. This includes not only mandate system for blending of biofuels in transport fuels, but also sustainability to use biofuels in this system.

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Psychosocial Risks: Is Risk Management Strategic Enough in Business and Policy Making?

  • Langenhan, Melissa K.;Leka, Stavroula;Jain, Aditya
    • Safety and Health at Work
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    • v.4 no.2
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    • pp.87-94
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    • 2013
  • Background: In times of continuous change and volatile markets, organizations are increasingly characterized by downsizing, work intensification, and resource rationalization. This has resulted in diversification, and the emergence of newrisks within the field of occupational health and safety, with an important impact. This paper focuses on one such type of risk in the modern workplace-psychosocial risks. The current study aimed to explore stakeholder perspectives, regarding the extent to which psychosocial risks are incorporated into strategic risk management practices, at both the business and policy level. Methods: Semi-structured interviews were conducted with 14 professionals, representing employer, expert, policy maker, and trade union stakeholder perspectives. Results: It was found that the majority of organizations do not sufficiently, if at all, understand and incorporate psychosocial risks into strategic decision making, whereby the key barrier related to practical difficulties of not knowing how to manage psychosocial risks adequately. Conclusion: The study found that there is a need to close the gap between policy and practice on a number of levels. Future recommendations comprise a policy framework and infrastructure underpinned by educational initiatives, partnerships, and networks to drive a shift in attitudes toward recognizing the duality of the concept of risk (including both potential negative and positive outcomes) and moving beyond simple regulatory compliance.