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CONSIDERATIONS ON THE PROSPECTS OF THE INTEGRATION OF THE EUROPEAN FINANCIAL MARKETS IN THE CONTEXT OF THE GLOBAL CRISIS  [PDF]
Boghean Carmen,Boghean Florin,Nastase Carmen,Morosan Danila Lucia
Annals of the University of Oradea : Economic Science , 2010,
Abstract: In recent years, as the efforts linked to the elimination of the capital movements control between countries have intensified, the preoccupations concerning the explanation of the financial integration concept have multiplied, in their turn. An integrated financial market is necessary particularly to the distribution of liquidity between the institutions in the euro zone, and, implicitly, for the enforcement of a common monetary policy. Thus, the problem of the integration of the financial market, respectively of the monetary one, appears as a premise for a homogenous transmission of the financial policy impulses all throughout the euro zone. The financial integration is defined in conformity with the law of a single price. According to this definition, in case the markets are integrated, the financial assets bearing identical characteristics should have the same price, regardless of their geographic origin.
Conditional dynamics driving financial markets  [PDF]
M. Boguna,J. Masoliver
Physics , 2003, DOI: 10.1140/epjb/e2004-00269-7
Abstract: We report empirical evidences on the existence of a conditional dynamics driving the evolution of financial assets which is found in several markets around the world and for different historical periods. In particular, we have analyzed the DJIA database from 1900 to 2002 as well as more than 50 companies trading in the LIFFE market of futures and 12 of the major European and American treasury bonds. In all of the above cases, we find a double dynamics driving the financial evolution depending on whether the previous price went up or down. We conjecture that this effect is universal and intrinsic to all markets and, thus, it could be included as a new stylized fact of the market.
Do the Treasury Activities Function Well in Shari’ah-Compliant Financial Market?  [cached]
Mohd Nasir bin Mohd Yatim
International Business Research , 2009, DOI: 10.5539/ibr.v2n3p128
Abstract: This applied study was aimed at offering an insight into the understanding of the treasury activities of shari’ah compliant financial institutions in Islamic financial market. Archival studies on characteristics of the treasury instruments, observations and analysis on the mechanism of the instruments used in the markets were carried out in investigating any existence of shortcomings both in term of products as well as the dealing of transactions. Based on the findings of this study, contribution in term of suggestion for improvement as innovation was recommended. It was hoped to improve the current practices in handling the instruments and the mechanism in the market Qualitative methods of research and exploratory approach were used in this study. Observation to research method and interviews were also employed in this study. They were applicable in looking into the research issues understudied. Additionally, descriptive study approach was also applied in this study. Capitalizing on the explored and examined shortcomings became the basis in suggesting action to be taken to improve the policies and procedures by the relevant institutions.
Dynamical Stochastic Processes of Returns in Financial Markets  [PDF]
Gyuchang Lim,Soo Yong Kim,Junyuan Zhou,Seong-Min Yoon,Kyungsik Kim
Physics , 2005,
Abstract: We study the evolution of probability distribution functions of returns, from the tick data of the Korean treasury bond (KTB) futures and the S$&$P 500 stock index, which can be described by means of the Fokker-Planck equation. We show that the Fokker-Planck equation and the Langevin equation from the estimated Kramers-Moyal coefficients are estimated directly from the empirical data. By analyzing the statistics of the returns, we present quantitatively the deterministic and random influences on financial time series for both markets, for which we can give a simple physical interpretation. We particularly focus on the diffusion coefficient that may be significantly important for the creation of a portfolio.
Social Knowledge for Financial Markets
Gertraude Mikl-Horke
Journal of Social Science Education , 2010,
Abstract: Financial literacy is an important issue today, but it is directed/limited to improve the practical skills of people taking financial markets and their present working for granted. However, financial markets are social institutions and social processes involving network relations as well as rules and norms. Globalization has resulted in a dominating role of financial markets over the economy with importance for the transformation of capitalistic society. The sociological perspectives on financial markets have relevance also for the present crisis for which several explanations have been suggested. Most explanations overlook, however, the process of disembedding of the financial markets from the societal context, which is represented by the reliance on a specific kind of knowledge. To illustrate the need for reintegrating financial markets in the economy and making them more responsive to societal concerns, financial knowledge requires to be embedded into social knowledge about the function of financial markets for society, the importance of norms and the social character of markets.Finanzerziehung ist ein wichtiges Anliegen in der Gegenwart, aber die finanzielle Alphabetisierung“ beschr nkt sich auf die Vermittlung praktischen Wissens, ohne die Finanzm rkte und ihr Funktionieren zu hinterfragen. Aber Finanzm rkte sind soziale Institutionen und soziale Prozesse, die Netzwerkbeziehungen sowie Regeln und Normen umfassen. Die Globalisierung resultierte in einer dominierenden Rolle des Finanzsystems im Verh ltnis zur Wirtschaft und mit Implikationen für die Transformation der kapitalistischen Gesellschaft. Die soziologischen Perspektiven auf Finanzm rkte sind auch für die gegenw rtige Krise relevant, die verschieden zu erkl ren versucht wird. Diese Erkl rungen übersehen jedoch vielfach den Prozess der Entbettung der Finanzm rkte aus den gesellschaftlichen Kontexten, der sich auch durch die Betonung einer spezifischen Art von Wissen darstellt. Um die Notwendigkeit für die Reintegration der Finanzm rkte in die Wirtschaft und für ihre Verantwortlichkeit für gesellschaftliche Belange verst ndlich zu machen, bedarf es der Einbettung des finanztechnischen Wissens in soziales Wissen über die Funktion der Finanzm rkte in der Gesellschaft, die Bedeutung von Normen und den sozialen Charakter von M rkten.
The role of accounting in financial markets
André Taue Saito,José Roberto Ferreira Savoia
Gest?o Contemporanea , 2009,
Abstract: This paper discusses the relation between accounting and financial markets by showingthat the relevance of this relation is clearly stated by the different interests of managers,investors, shareholders, creditors, and the government, among other stakeholders due to thefact that it gives them updated and reliable information about the financial condition ofthe company. The study is supported by three pillars: relation between finance and theaccounting theory, evolution of the role played by professionals in this area; and theimportance of the impact of the accounting information for the economic agents. Theresults suggest that stakeholders demand different financial information in order to assesscompany performance. This work contributes by highlighting that accounting must considerthe different needs of stakeholders and not solely financial metrics of profitability.
Financial markets as adaptative ecosystems  [PDF]
Marc Potters,Rama Cont,Jean-Philippe Bouchaud
Physics , 1996,
Abstract: We show, by studying in detail the market prices of options on liquid markets, that the market has empirically corrected the simple, but inadequate Black-Scholes formula to account for two important statistical features of asset fluctuations: `fat tails' and correlations in the scale of fluctuations. These aspects, although not included in the pricing models, are very precisely reflected in the price fixed by the market as a whole. Financial markets thus behave as rather efficient adaptive systems.
Networks of equities in financial markets  [PDF]
G. Bonanno,G. Caldarelli,F. Lillo,S. Micciche`,N. Vandewalle,R. N. Mantegna
Quantitative Finance , 2004, DOI: 10.1140/epjb/e2004-00129-6
Abstract: We review the recent approach of correlation based networks of financial equities. We investigate portfolio of stocks at different time horizons, financial indices and volatility time series and we show that meaningful economic information can be extracted from noise dressed correlation matrices. We show that the method can be used to falsify widespread market models by directly comparing the topological properties of networks of real and artificial markets.
Reconfiguring the Financial Markets
Ion Bucur
Theoretical and Applied Economics , 2009,
Abstract: The debut of the new millennium is marked by the increased economic and social imbalances. An important task of economic science is to identify the causes and factors that contributed to the radical transformation of the unfolding conditions of economic activity. The existence of different perspectives to approach the new realities may offer greater opportunities for decrypting the conditions that generated so far unknown developments, as well as for shaping solutions to promote new paths of progress and civilization. The defining with profound implications on the economy and society is represented by the globalization. From this perspective, we have analysed the new dimensions of capital accumulation and economic growth in the context of deregulation and liberalization of the international capital movements. In this context, we have noticed the increasing influence of the financial markets on the economy, the tendency to remove the finances from the real economy requirements, the growing role of external financing using more volatile capital goods, increased competition regarding the access to financing, the significant increase of power of the international capital markets whose characteristic is represented by the increased instability, the implications of the investors’ obsession with an excessive profitableness of their own funds and the expansion of using sophisticated financial products. Realities of today’s financial markets, which are the subject of numerous studies and analysis, have contributed to the association of the arguments that are contesting the thesis on the virtues of self-regulation markets and promoting a new paradigm, within which finances should subordinate the requirements of a balanced and sustained economic growth.
International financial markets and development
Peter Wahl
HTS Theological Studies/Teologiese Studies , 2009, DOI: 10.4102/hts.v65i1.284
Abstract: The current financial crisis has not come about by chance. It is the result of a system that has emerged over the last 30 years and which Keynes may well have called the ‘casino economy’. The dominance of finance over real economy characterises the financial crisis, while finance itself is dominated by the all-encompassing target of maximum profit at all times. Other aims of economic activity such as job creation, social welfare and development have fallen by the wayside. In response, new actors are surfacing, e.g. the institutional investor (hedge funds, private equity funds, etc.), while new instruments are leading to highly leveraged and destabilising derivatives. The casino system has been promoted by governments and intergovernmental institutions to liberalise and deregulate financial markets. Although developing countries have not participated in the casino system, they have been suffering most from the spill-over into the real economy. The main lesson learnt is that the casino has to be closed. How to cite this article: Wahl, P., 2009, ‘International financial markets and development’, HTS Teologiese Studies/Theological Studies 65(1), Art. #284, 4 pages. DOI: 10.4102/hts.v65i1.284
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