Does strict environmental regulation enhance the global value chains position of China's industrial sector?

Given the vital importance of global value chains(GVCs)position for a country's international competitiveness,this paper tries to investigate the impacts of environmental regulation on the GVCs position of China's industrial sector.Using the latest value-added decomposition method,we first measure the GVCs position of China's industrial sector from 2003 to 2014.Subsequently,both two-stage least squares(2 SLS)method with panel data and mediating effect model are employed to empirically examine the effects of environmental regulation on China's position in GVCs.The results indicate that environmental regulation has significantly upgraded the GVCs position of China's industrial sector,and the effect is more evident for the sub-sectors with originally lower GVCs position.The mediation effect test shows that increasing R&D investment is an important channel through which environmental regulation affects the GVCs position of China's industrial sector,which verifies the existence of the Porter hypothesis.Further analysis finds that the enhancement of GVCs position of China's industrial sector caused by environmental regulation is mainly achieved through reducing the backward GVCs position.

The Efficiency and Productivity Analyses of the Turkish Banking Sector After the Restructuring Program

After the 2001 economic crisis, the banking sector restructuring program （BSRP） has been designed for the establishment of a stronger financial framework and the improvement of competition in the Turkish banking sector. The program constitutes the policies for solving specific problems such as the mismanaged assets of some banks and the recovery of regulating and supervising of the sector. This study aims to analyze the efficiency and productivity changes in the Turkish banking sector during 2002-2009. During this period the Banking Sector Restructuring Program has been applied. The data envolepment analysis （DEA） is conducted for the efficiency measurement under the production and intermediation approaches and it is observed that the efficiency of banks increased for both approaches. The mean efficiency values for the intermediation approach are higher than the values for the production approach, indicating a better functioning in financial intermediation as compared to their operational performance. The Malmquist index based on the intermediation approach is calculated to determine the productivity of the banking sector. It is observed that the productivity of banks increased during the period and the increase resulted mainly from investments in technology.

Impact of the Jews and Polish-Jewish Relations on the Development of the Banking Sector in Poland

The development of the Polish banking sector cannot be separated from the historical, cultural, and religious background. A key role in this area was played by the Jewish minority. Although the discussed subject matter relates to very remote times, due to the durability of cultural determinants, it has a large impact on the present shape of the Polish banking sector. The paper is dedicated mainly to the presentation of interrelations between Christianity and Judaism, the development of the historical Polish-Jewish relations and the role of the Jews in the development of the banking sector on Polish territory. In the light of the deliberations, the author refers to a deeply ingrained distance between a wide group of users of financial services and banks themselves, and to the relations resulting from the domination of foreign capital on the Polish banking market.

Investigating the Financial Crisis in 2008 from the Perspective of Banking Systems

The financial crisis of 2008 precipitated by credit issues in the US housing market is probably one of the most profound financial events in recorded history.Its shockwaves have significantly affected almost every market centre as well as country in the world.The aim of this report is accordingly to investigate major reasons behind the crisis from a special angle of banking systems.In particular,problems hidden in regulations,mechanisms and systems in the wake of the financial crisis are focused specifically in this report.

Does country risk impact the banking sectors’non‑performing loans?Evidence from BRICS emerging economies

This study aims to fill the gap in the literature by specifically investigating the impact of country risk on the credit risk of the banking sectors operating in Brazil,Russia,India,China,and South Africa(BRICS),emerging countries.More specifically,we explore whether the country-specific risks,namely financial,economic,and political risks significantly impact the BRICS banking sectors’non-performing loans and also probe which risk has the most outstanding effect on credit risk.To do so,we perform panel data analysis using the quantile estimation approach covering the period 2004–2020.The empirical results reveal that the country risk significantly leads to increasing the banking sector’s credit risk and this effect is prominent in the banking sector of countries with a higher degree of non-performing loans(Q.25=−0.105,Q.50=−0.131,Q.75=−0.153,Q.95=−0.175).Furthermore,the results underscore that an emerging country’s political,economic,and financial instabilities are strongly associated with increasing the banking sector’s credit risk and a rise in political risk in particular has the most positive prominent impact on the banking sector of countries with a higher degree of non-performing loans(Q.25=−0.122,Q.50=−0.141,Q.75=−0.163,Q.95=−0.172).Moreover,the results suggest that,in addition to the banking sectorspecific determinants,credit risk is significantly impacted by the financial market development,lending interest rate,and global risk.The results are robust and have significant policy suggestions for many policymakers,bank executives,researchers,and analysts.

IT Project Environment Factors Affecting Requirements Analysis in Service Provisioning for the Greek Banking Sector

The research undertaken within a Greek IT organisation specialising in service provisioning to the Greek banking sector discusses the various aspects of a number of identified environment factors within five distinct IT projects which affect the requirements analysis phase. Project Management (PMBOK? Guide 4th ed.), IT Service Management (ITIL? v3) and Business Analysis (BABOK? Guide 2.0) framework practices applied to the various IT projects are highlighted in regard to improved activity execution. Project issue management, stakeholder management, time management, resources management, communication management and risk management aspects are presented. These are then linked to the identified environment factors so as to indicate the adaptability of an IT support team to changing environment factors in IT project environments and how the fulfilment of these factors can significantly contribute to effective requirements analysis and enhance the requirements management cycle.

The Application of Artificial Intelligence and the Interactive Voice Recognition in the Banking Industry in Sri Lanka

This research was conducted in qualitative approach.The researcher has worked with developing a framework based on the concept of artificial intelligence(AI)to introduce a new model.On that purpose,primary data were collected from hundred customers who enjoyed in services of interactive voice recognition(IVR)in the Banking Industry in Sri Lanka based on interviews with an open-ended question.The researcher has coded the collected data to spot the patterns to identify and analyze the core relationship in between AI and IVR;to discuss and to revise the developed model.The samples are selected in accordance with the intention to extract relevant information,and thus,the researcher has used non-probability sampling aimed to find respondents that had some experiences with any types of services in IVR.Data were analyzed by labeling them as“codes”and the researcher went through all the labels that were constructed in the previous stage;these were then categorized once more into themes.These themes and labels were then used to spot indications and patterns in the data that the researchers used when analyzing their primary data.The findings of this study suggest that customers are skeptical towards in interactive voice recognition in telephone customer services and believe that the service quality would be lower than regular telephone service.The findings did however reflect that customers are willing to cope or adjust to new technology as long as there are alternatives them to be satisfied.

New Regulations on the Supervision of Foreign-funded Banks in China

Foreign banks have achievedremarkable development in China since theintroduction in 1980, and so far there are 135institutions doing business in our country.With the increasing number of foreign-fundedfinancial institutions and the developmentof their businesses, China has made someadjustments to its policies and laws governingforeign banks in recent years, which aredemonstrated in the following aspects.Ⅰ Regions: In August, 1994, 11 cities wereapproved to set up business institutions offoreign banks. So far, the number of suchcities has increased to 24, as follows: Beijing,

A Comprehensive Analysis of the Effects of Capital Regulation and Heterogeneity on Bank Efficiency

This article analyzes the impact of capital regulation on bank efficiency using panel data from 165 commercial banks in China from 2013 to 2019.The results indicate that cost efficiency changes slightly and profit efficiency fluctuates greatly.Under the pressure of capital regulation,the profit efficiency of commercial banks with sufficient capital improves,while profit efficiency of banks with insufficient capital decreases slightly,and the cost efficiency of all commercial banks increases.Based on the heterogeneity analysis of banks,it is found that the cost efficiency and profit efficiency of different types of commercial banks differ significantly in response to capital regulation.

NEW REGULATION BY THE PEOPLE'S BANK OF CHINA-TRADING B STOCKS ABROAD,OPENING ACCOUNTS IN CHINA

The People’s Bank of China promulgated andput in force days ago Regulation on Foreign Ex-change Accounts in China, according to which for-eign individuals or legal persons can open foreignexchange accounts to keep foreign exchange fortrading B stock in China.As stipulated by the regulation, as to foreigncurrency stock accounts opened bydomestic insti-tutions with the income from issuing stocks, theirreceipt shall be income from issuing stocks anddisbursement shall be used for the purposes pro-vided for in the prospectus approved by securitiessupervising organs; as to foreign exchange ac-counts opened by foreign individuals or legal per-sons for trading B stocks in China.their receipt shallbe the income of trading stocks and foreign ex-change remitted or brought in from abroad, andtheir disbursement shall be used for buying andselling stocks.As provided in the regulation, for the purposeof opening B stock account to trade B stocks

Rationale for Banking Regulation

Banking is one of the most heavily regulated sectors across the world. Generally,the public suggests that banks are vital to economic stability. In addition, the development and efficiency of the banking system are significant contributors to overall economic growth. In addition, the article will provide an analysis of the key underlying reasons for the range of regulations that face the banking sector. Last but not the least, the article will concentrate on the four main considerations of the traditional rationale for banking regulation and supervision.

Localization of Voltage Regulators in Distribution Systems by a Mixed Genetic–Tabu Search Algorithm

The optimal allocation of regulators banks in distribution systems is a merely combinatorial problem in which the best points of installation correspond to the best benefit, considering the admitted objective function, without violating and operating limits. The objective function must be chosen so that its value represents the operation state of the system. As the problem possesses combinatorial nature, its complexity will increase exponentially with the number of possibilities. Systems with large numbers of nodes and / or with the possibility of installing more than one bank require a large number of calculations to find the solution. An additional issue is the fact that the problem does not have a continuous nature, presenting discontinuity points in the objective function, limiting the application of optimization methods based on gradients. Based on the nature of the problem two optimization methods were used to solve the problem: Genetic Algorithm (GA) and modified Tabu Search (TS). The GA function will scour the search space and find regions with local minima that are candidates to be the solution. On the other hand the TS provides local search in the regions defined by GA so that the overall optimum is achieved.

Effective use of scientific cum technologically achievements and financing innovative projects in the agricultural sphere

Justified the urgency of modernization and re-tooling of production in agriculture, which is an important sector in the economy of the Republic of Uzbekistan. The author describes the prob-lems of extending the research in agriculture, the implementation of its results into production and increasing innovation activity. Also has considered the possibility of extra-budgetary funding of research in agrarian sector, and given a recommendation on the use of bank loans by (dehkan) private households, farmers and other stakeholders in the financing of sci-entific research. The findings based on socio-logical survey, among the different farms on the use of innovative ideas for development of production. Offered mechanism of funding, the implementation of scientific production, as well as providing market participants of the scientific and technical products allows removing the shortage of financial resources. The main direc-tions of investment mobilization has been iden-tified in the research process from extra-budgetary funds. Statistical data reflecting the amount of agricultural land use in Uzbekistan has adduced and its structure in key areas. Here is given the number of farms operating as a major agricultural producer of the leased land area and the state long-term basis. Also, de-scribes the main problems of agricultural pro-ducers, hindering the development of produc-tion of marketable products. In this paper, the main attention is shown the importance of in-novative ideas for further development of the agricultural sector as a basis for providing peo-ple with food today and in the future.

Interpretation of Economic Hot Issues——The Chapter of Officials

Q:Is China’s banking sector really profiteering?Zhou Xiaochuan,Governor of the People’s Bank of China:Regarding the socalled "banks’ profiteering",I think the diction "profiteering" is exaggerating.From my observation,this issue has sparked off heated discussions in the economic and

Banking Sector Development and Agricultural Productivity in Central African Economic and Monetary Community (CEMAC)

There is high pressure for investment capital and financial services for agricultural activities necessary for poverty reduction,economic growth,sustainable development and food security.This study investigated the long-term causation between banking sector development and agricultural productivity in the six Central African Economic and Monetary Community(CEMAC)states from 1990 to 2018,hypothesizing no causation between banking sector and agriculture output.With the autoregressive distributed lag(ARDL)model and vector error correction model(VECM),the study demonstrates that banking sector and agricultural productivity in the CEMAC region are related.It implies long-run relationship exists between banking sector and agricultural productivity in the CEMAC zone.The results reveal that bidirectional causality exists between banking sector and agricultural productivity in the CEMAC region.This is insinuating that in the CEMAC region,agricultural productivity and banking sector development are operating in mutualism.The findings indicate the reason to establish the banking sector using proper macroeconomic,legal and regulatory policies to boost agricultural productivity by creating incentive systems that channel more credit to agricultural investment and promoting the banking system.

Finance Sector in Eurasian Economies During and After the Global Crisis in 2008

As in the other countries around the world, banking systems in Eurasian economies, comprised of Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan, were adversely affected by the 2008 global crisis. A common challenge across most economies is to revive private-sector credit growth. Compared with the high increases of 80 percent in the period immediately prior to the crisis, credit growth has slowed sharply and even turned negative in real terms in a number of economies. Governments in many countries have taken measures to address banking sector stress. The measures for restoring credit growth and thus a high economic growth will be discussed in a part of our work. In the short run, such measures include aiding banks to repair balance sheets and also providing liquidity. In the medium term, measures should promote de-dollarization and the development of local debt markets.

The accounting valuation of bank stocks in Europe

In this study we examine the validity of the earnings-book value capitalization model in the pricing of bank stocks in Europe. We perform cross-sectional tests using a sample of banks operating in 21 European Union countries. We split our sample into code and common law countries to control for the influence of the financial reporting system upon the pricing of earnings and book value. Our empirical findings suggest that disaggregating total reported clean surplus income into reported gains and losses from securities and other income increases the explanatory power of the accounting valuation model. Indeed, reported gains and losses from securities are priced lower than other income, irrespective of whether the financial reporting system is classified as a code or a common law system, probably because the market considers the former as a less stable source of income. Additionally, we observe that the pricing of both earnings and book value is influenced by the financial reporting system. We conclude that earnings announced under a common law financial reporting system are priced differently from those reported under the respective code law system. Finally, we provide evidence that comprehensive and dirty surplus income are two value relevant variables for banks reporting earnings under the code law system, although dirty surplus income is priced lower than clean surplus income.

Non-performing Loans in Turkish Banking Sector and Balance Sheets Effects

In the 21st century, while the scope of banking activities has been expanding every day, collecting deposits and providing credit remain as their main and most important functions. They transfer the collected funds thanks to the market confidence they create back to the market in terms of the credits they give. For the organizations operating in the banking sector, crediting is the highest revenue earning source. However, uncollected loans may disrupt the activities of banks and may reduce their effectiveness. Therefore, the control of bank credits has a particular importance in the bank balance sheets. In this study, the relationship between bank balance sheets and non-performing loans （NPL） will be analyzed using Granger causality test and vector autoregressive （VAR） method. This study aims to discuss the impact of NPL on balance sheets and contribute to making correct credit decisions. It also intends to assist to reduce the NPL ratios of banks and minimize the level of negativity in their financial statements.

Central Bank Interest Rate Policy as a Pro-Crisis Instrument of Macroeconomic Regulation

Why does interest rate policy not work in the economy as economic theory suggests?To understand why,you need to look at the economy from a higher level of abstraction.With this approach,only two states of the economy can be distinguished.The first is a“normal”state;the second is crisis and recession.The“normal”state is the period after the recession and before the next crisis.During this period,the basic laws of the market economy work.During a crisis,the relationship between the level of interest rates and borrowing by households and businesses is broken.This explains the ineffectiveness of the policy of lowering interest rates.Different states of the economy have their own laws,and you cannot extrapolate tools that are successful under“normal”market conditions linearly to the crisis state of the economy.Why does the interest rate policy during the period of the“normal”state of the economy not adjust its development in order to prevent the onset of the crisis?Firstly,the conditions for the emergence of crisis phenomena are created by the interest rate policy at the very beginning of the business cycle,when central banks set and maintain low interest rates for a relatively long period.Secondly,by the end of the business cycle,the credit burden in economy reaches its maximum,so there is no further possibility of expanding effective demand by decreasing interest rates.Thirdly,interest rate policy is an instrument for rough adjustment of the economy,indiscriminately affecting all participants in economic relations.In an attempt to stimulate the economy,the central bank creates the conditions for increasing its imbalance.Fourth,at the end of the business cycle,the interest rate policy does not actually support the real economy,but only the stock market.Fifth,the Fed’s policy has formed a pro-crisis conditioned reflex among market participants.Thus,central banks should leave the determination of the level of interest rates to the free market.