У статті визначено поняття "контроль фінансового ринку". Розглянуто особливості зародження контролю фінансової сфери в інших державах та визначено напрями розвитку контролю фінансової сфери в Україні, які полягають у розробці нормативно-правової бази для втілення в життя системи недержавного пенсійного забезпечення, впровадженні обов'язкового страхування цивільно-правової відповідальності власників наземних транспортних засобів, формуванні Державного реєстру фінансових установ України, створенні перешкод на шляху використання страхового ринку з метою виведення коштів за кордон через операції перестрахування та відмивання "брудних" коштів.

The article aims at studying the economic processes of developing national market of resort services in a historical perspective. The theoretical conceptualization of the market of resort services has been conducted, the basic economic backgrounds of its formation has been defined basing on a comprehensive assessment of researches of Ukrainian and foreign scientists. The article has analyzed the institutional framework of a resort services market in the realities of a mixed model of the national economy. The issues (...) of financial security of resort treatment and rehabilitation in the conditions of a market and anti-market of Ukrainehave been studied. The problem of economic inefficiency of planning and distribution system to ensure the proper level of reproduction of human capital has been outlined. It has been established that the spa and resort sector of Ukraine is characterized by the transformation of the economy reflecting the changes of public vectors of a state-formationthat affect differently entrepreneurship, private and state property, principles and ways of funding spa treatment and rehabilitation of the population. The results of the study enable to formulate the basic economic conditions of formation of the national market of spa and resort services: a significant level of economic utilization of natural recreational resources, development of infrastructure for spa treatment and rehabilitation of people; revival of institutional norms of sanatorium and resort business on the principles of private property, entrepreneurship and competition. Further research should be conducted as to develop anti-crisis trends in a governmental regulation of the national market of resort services in Ukraine, transformation of quasi-marketsystem of spa and resort services into a socially oriented system of market relations that meet the demands of a modern Ukrainian society. (shrink)

Financial services have a very significant impact on and meaning to the daily life and welfare of consumers. The spectrum of these types of services is very broad, and their regulation is also changing both at EU and national (Member State) level. In order to implement the main or the most relevant EU level goals, such as high level consumer rights protection, consumer trust in business sector, proper and effective functioning of the EU internal market (...) it is essential to ensure clear and sufficient legal regulation, establish responsibility of the services providers, consumer rights and duties as well as promote, seek for the more effective, faster and cheaper ways of solving consumer and business sector disputes. The authors of this article support the idea that the abovementioned goals can be achieved by close and more fruitful cooperation between the EU and national competent authorities, participation in various ad hoc expert working groups, committees or EUwide networks, such as FIN-NET. This article reflects general ideas about the problems arising in the financial consumer services sector, the activity of the EU and national institutions, seeking to ensure fair and transparent provision of such services to consumers, analysis of alternative dispute resolution (hereinafter – the ADR) methods and the good practice of their application in the EU Member States. This article highly supports the application of alternative, nonjudicial procedures and broader application of the means of selfregulation, such as codes of conduct. (shrink)

The collective monograph «Determinants of Innovation and Investment Development of Multisectoral Entrepreneurship, Tourism and Hospitality Industry» is devoted to the 20th anniversary of the Educational and Scientific Institute of Economics and Law of Cherkasy Bohdan Khmelnytsky National University and is a continuation of the research tradition on the development of entrepreneurship, innovation, finance, competition, accounting and auditing problems, tourism, hotel and restaurant business. The results of the scientific research presented in the collective monograph show the achievements of the representatives of (...) various scientific schools, allow analyzing the experience gained and, considering current economic and political realities, contribute to the scientific substantiation of the prospects for the development of entrepreneurship, tourism industry, hotel and restaurant economy, enrich the intellectual potential of higher schools. The topics of sections and subsections identify the problem issues of innovation, investment and information technology in entrepreneurship, consider the competitive environment in the field of entrepreneurship, investigate the financial-economic and social problems, various directions of tourism industry development, declared by the World Economic Forum jointly with the World Tourism Organization (UN WTO). Particular attention is paid to the development of new trends in the hotel and restaurant business. A common task for scientists, educators, and employers in the conditions of international environmental instability is the formation and dissemination of new knowledge to achieve ambitious goals concerning the entrepreneurship development of tourism, hotel and restaurant business. The proposed discussion of current issues, experience and recommendation exchange will contribute to problem solving, research intensifying in the specified areas of activity. An important component of the modern economics is entrepreneurship; and the intensification of entrepreneurial activity should ensure overcoming of economic crises and their social and economic consequences, and determine the dynamic progress of a society and future welfare of people. It is entrepreneurship that is considered in many economically developed countries as a defining condition for a social and economic prosperity. Entrepreneurial activity involves all branches of economy including industrial, humanitarian and service areas. Therefore, it is necessary to study the key factors for the development of entrepreneurial activity in Ukraine. The current problems of entrepreneurship, tourism, hotel and restaurant business are extensively investigated by both domestic and foreign scholars. A number of researches focuses on these problems. Without diminishing the importance of their contribution to science, the need for further research and improvement should be noted. Therefore, in the monograph, special attention is paid to the state support of business structures, the regulation mechanisms of entrepreneurship, tourism, hotel and restaurant business, social sphere and interaction of market and state institutions, etc. The research was carried out using the developed scientifically substantiated methodological approaches based on the scientific developments of leading foreign and domestic scientists, which allowed proposing the specific directions of entrepreneurship development in the fields of economy, tourism, hotel and restaurant business. The unique nature of the monograph is not only its scientific significance, but also its practical application; since the substantiated positions, measures, proposals for the further transformation of economic processes in Ukraine and in the world have practical value. (shrink)

This article investigates particular issues that remain unexplored or unsettled in the state-controlled banking services sector in Byzantium , comprising the guilds of dealers in bullion and the bankers . It establishes that money-changing remained the exclusive prerogative of the trapezitai and was safeguarded by guild regulations aiming to secure the soundness of the monetary system, while money-lending was governed by statute law and was carried on by trapezitai in competition with other guild members making loans as a (...) sideline activity and private money-lenders operating outside the guild system. The argyropratai dealt in precious metals and stones, undertook appraisals of valuables for a fee, and made, sold or repaired jewelry. The guilds' occupational exclusivity in money-changing and trading and precious metals did not establish a market monopoly, as the guild system did not aim to advance the members' economic interests, thwart intra-guild competition, or achieve equality of financial results for the membership. Neither the state nor the guilds set commissions on currency transactions, prices of precious metals, or fees for services, such determination being left to market forces. (shrink)

The financial crisis of 2008 raised the politics of regulation to a new level of practical and scholarly attention. We find that recent reforms in U.S. financial markets hinge on intellectual resources and new organizational actors that are missing from existing concepts of regulatory capture or business power. In particular, small advocacy groups have proven significantly more successful in opposing the financial services industry than existing theories predict. By maintaining the salience of reform goals, (...) elaborating new analytic frameworks, and deploying specialized expertise in post-enactment debates, smaller organizations have contributed to a diffuse but often decisive network of pro-reform actors. Through the rule-writing process for macroprudential supervision and derivatives trading, these small organizations coalesced with other groups to form a new stability alliance that has so far prevented industry groups from dominating financial regulation to the degree that occurred in earlier cases of regulatory reform. (shrink)

In the aftermath of allegations of the misuse of human eggs in the United States, questions are being raised about whether profitable reproductive services should continue to function in a free market under the aegis of physicians or should be regulated. Other countries in which reproductive technologies are employed to a significant degree have developed regulations governing their use, many as a result of recommendations made by inter‐disciplinary commissions that solicited public input. Policy makers in the United States have (...) been reluctant to regulate reproductive technologies, however, because their use is politically controversial, they want to whittle down government, some do not consider infertility an illness, and some believe regulation would interfere with the right to reproduce. Yet the unfettered use of reproductive technologies can create such harms as lack of informed consent, providing procedures not medically indicated for financial gain, practice by unqualified personnel, injury to patients and donors, failure to screen donated gametes, and inadequate medical record keeping. Americans place special value on the welfare of children and those who bring them into the world. Such values can outweigh individual procreative liberty when new reproductive technologies are at issue. Although the optimal course would be to establish a regulatory body to govern reproductive technologies, this is not politically feasible now. The newly established National Bioethics Advisory Commission provides a forum in which issues surrounding reproductive technologies should be addressed at this time in the United States. (shrink)

Outsourcing of Public-Services - Forms and Limitations Purpose of the article is to show how public services can be outsourced from communities and what legal, organizational or other limitations may have to be taken into account.Methodology used for this article is literature research, analysis and comparison. An in-depth look into the present status of research and literature will be interconnected to the basic research in this matter that has been done from the 1970's to the 1990's.Scientific aim is (...) to show the potential of the process as being important and helpful in creating better community-service and meanwhile relieve the communities from organizational and financial burdens that are more difficult to carry than ever before.Findings are that we have to determine between the different municipal economic activities and the legal basis of these activities. The intervening public-service is a prominent example for the restrictive regulatory system it is set in but also is seen as having a big potential for cooperation and outsourcing by contracting-out. Contrary to that the service-rendering public-service is less regulated and more open to a market approach.There are different spheres for these economic activities to take place. Different reasons for outsourcing depend on the specific sphere a certain task belongs to and can include economic, fiscal and political aspects. Two big groups of tasks are annex-tasks from within the public-service and characteristic public-services. There can be outsourcing by commissioning or by using submissions.With different legal forms of the outsourced entities and the legal limits that are set for every different kind of structure, it is clear that there is no solution that always fits all the needs and that this has to be carefully taken into account.Conclusions are that there is a high potential and big successes when outsourcing is done well planned and as a strategic activity. A number of legal issues and other limitations always has to be respected. (shrink)

This article examines regulation’s understanding of technology in American financial markets as means for rethinking the contours and institutional limits of governance in the age of financialization. The article identifies how the Securities and Exchange Commission perceived markets and their conceptual relation to technology throughout much of the long twentieth century by distilling the “ontologies” expressed by the agency’s leadership. Despite the fact that SEC’s commissioners recognized technologies as playing a central role in the market’s (...) current and future operations, these were never effectively brought under regulatory scrutiny even when such action fell under the commission's jurisdictional remit. Rather than regulating technologies as constitutive of markets, the governance of the material devices of finance was discursively kept at arm's-length by presenting them as intractable objects that were external to financial innovation. Triangulating across several techniques of computational text analysis, this article shows how this interpretation of technology mirrored distinct shifts in how regulators understood markets, from being physical trading sites populated by agents that required vetting and certification to a distributed, multi-sited system surveilled through transparency and disclosure. Throughout these ontological transitions, technology’s inscrutability remained, limiting the capacity of the state and its regulatory agencies to shape the evolution of finance and its underlying infrastructures. (shrink)

The market capitalization of an enterprise is one of the key indicators characterizing the degree of influence of financial and non-financial instruments on its volumes and dynamics. Establishing the relationship between such instruments and metrics of equity and cash flows best delineates the plane of their direct impact on stimulating market capitalization. This is aimed at ensuring the implementation of effective management measures in the context of optimizing the use of equity and cash flows. The aim of the (...) study was to establish how the influence of indicators of financial and non-financial instruments on equity and cash flows forms a relevant basis for making management decisions to increase enterprise market capitalization. During the research, the following methods were used: summarization and grouping, multiple linear regression, direct ranking method, establishment of cause-and-effect relationships, logical generalization, and analytical method. As a result of the study, the toolkit for increasing the market capitalization of the enterprise from the standpoint of its grouping in terms of financial and non-financial plane was clarified. It was found that among the 36 analyzed indicators of the impact on equity and cash flows of the studied machine-building enterprises in Ukraine during the period 2010-2021, the most significant are bank lending, investment and technical metals, research and development costs, foreign scientific and technical services received, production investments, work-in-progress, and accounts payable for products, goods, and services. The results were transformed into a model of ranked instruments for stimulating the market capitalization of machine-building enterprises, which demonstrates the degree and directions of the influence of indicators of financial and non-financial instruments on the dynamics of equity and cash flows, which ensures the formation of an information database for making decisions on the further use of such instruments. The structuring of the toolkit serves as the basis for forming a system of management decisions containing practical recommendations within each group of instruments aimed at optimizing market capitalization through increased equity and cash flows of the enterprise. The obtained results will be beneficial to financial analysts of enterprises in preparing databases for making financial and non-financial decisions. (shrink)

As countries around the world work to restrict unhealthy food and beverage marketing to children, the U.S. remains reliant on industry-self regulation. The First Amendment’s protection for commercial speech and previous gutting of the Federal Trade Commission’s authority pose barriers to restricting food marketing to children. However, false, unfair, and deceptive acts and practices remain subject to regulation and provide an avenue to address marketing to young children, modern practices that have evaded regulation, and gaps in (...) the food and beverage industry’s self-regulatory approach. (shrink)

This paper discusses the normative credentials of the “commodification of security,” i.e. subjecting protection against (criminal) threats to the market. It distinguishes between a “pure security market,” in the absence of public protection by the police, and an “additional security market,” co-existing with public provision. It argues that a pure security market is not so much unstable (as Nozick’s invisible hand argument for the minimal state implied) but undesirable, because of persisting levels of unjustifiable violence. This does not however, (...) mean that an additional security market is equally problematic. I discuss two main arguments in favor of state provision and how both lead to the same conclusion, that additional security efforts by commercial providers should be considered permissible. This shifts the question to the conditions which make the resulting mix of market and state legitimate. I will close by discussing three of these conditions: adequate regulation, cooperation between market and state providers, and a balance between both so that commercial security efforts do not undermine the minimum level provided by the state. (shrink)

This article examines the impact of the prevailing state ownership in the Chinese stock market on corporate governance and the financial regulatory system, respectively, as the internal and external monitoring mechanisms to deter corporate fraud and protect investors. In line with the literature that state ownership exaggerates the agency problem, we find that the retained state ownership in privatised firms increases the incidence of regulatory enforcements against fraud. For the state-owned enterprises (SOEs), however, larger (...) class='Hi'>state ownership is associated with a lower incidence of enforcement actions. This is attributed to the mutual political affiliation of the fraudulent SOEs and the regulatory commission. A new regulation "Solutions for Listed Firm Checks" promulgated in March 2001 has mitigated this effect by empowering the regulatory commission to increase the severity of regulatory conditions. Our evidence confirms the improvement in the regulatory environment and investor protection in the Chinese stock market brought about by the regulatory reform and development. (shrink)

The purpose of the study is to develop proposals for the liberalization of the financial services sector of the economy of Turkmenistan in the context of the country's potential accession to the World Trade Organization. The article considers the problems and challenges that Turkmenistan may face in the process of negotiations on the terms of accession to the WTO. The scientific novelty lies in the theoretical justification of the expediency of maintaining the status quo in trade in (...) class='Hi'>financial services in the short and medium term within the initial list of specific obligations of the country provided for by the GATS. As a result, in the conditions of macroeconomy and its transitional nature, taking into account the unpredictable volatility of hydrocarbon prices, it is recommended to leave the existing restrictions on access to the financial services market and on the national regime unchanged in the context of a gradual process of lifting restrictions on the movement of capital and its complete liberalization. (shrink)

A main identifying factor of professions is professionals' willingness to comply with ethical and professional standards, often defined in a code of ethics and conduct. In a period of intense nursing mobility, if the public are aware that health professionals have committed themselves to the drawing up of a code of ethics and conduct, they will have more trust in the health professional they choose, especially if this person comes from another European Member State. The Code of Ethics and (...) Conduct for European Nursing is a programmatic document for the nursing profession constructed by the FEPI (European Federation of Nursing Regulators) according to Directive 2005/36/EC On recognition of professional qualifications , and Directive 2006/123/EC On services in the internal market, set out by the European Commission. This article describes the construction of the Code and gives an overview of some specific areas of importance. The main text of the Code is reproduced in Appendix 1. (shrink)

Policyholders and other claimants in insurance companies are interested in solidity, i.e., the ability of insurers to meet their claims obligations in both the short run and the long run. Insurance regulators exist in order to represent the interests of consumers. Great emphasis is placed by the regulators of the market on the mandatory and uniform disclosure of relevant financial and operating aspects of insurers. This paper employs simple gametheoretic techniques to address two aspects of the general issue of (...) the desirability of establishing a regulator to assess the solidity of insurers. First, why would uniform information about insurers be desirable? Given that uniformity is desirable, it could be achieved by voluntary agreement of insurers or via regulation. The second issue is how that uniformity is to be achieved; that is, what is the value of a regulator in achieving uniformity? Insurance provides an interesting instance of the general problem. A key determinant is the structure of costs and benefits of securing voluntary agreements across firms. (shrink)

Over the last decade, scandals within the UK Financial Service sector have impacted their legitimacy and raised questions whether a compliance culture exists or not. Several institutional changes at the regulatory and normative levels have targeted stakeholders’ concerns regarding compliance culture and led to changes in the legitimation process. This paper attempts to address a gap in the literature by asking the following question: How is the UK financial institutions’ compliance culture shaped by the institutional environment and changing (...) legitimacy claims? Towards achieving this objective, the paper draws on the institutional theory and pays attention to the various configurations of the legitimacy notion :451–478; 2017). The paper utilises a longitudinal interpretive design and undertakes a qualitative content analysis of fines issued by the UK regulator and the communicated response of violating firms as well as non-sanctioned firms. Our findings indicate that there is a cyclical ‘evolutionary compliance’ rather than the more widely recognised state of ‘compliance culture’. This culture is fuelled by interchangeable isomorphic forces where the majority of violating firms are seen to issue similar responses to the regulators sanction to maintain their reputation and legitimacy in the market. Notably, legitimacy is now defined within an interactive process between the regulator and firms rather than being static and achieved by ticking the box. (shrink)

The history of Credit Rating Agencies [CRAs], commonly called Rating Agencies, has a long and distinguished trajectory marked by influence, reputation and power. Due to the ability of this field to instigate significant changes in market regulations and actions of economic actors, this subject is extensively debated within the literature. In economic sociology, while some studies have focused on perceptions of performativity and market devices to understand how the calculability of its methods influences the economy, others, along relational lines of (...) sociology, aim to understand them through a more complex constructive process. In this study, we attempt to fill a gap by exploring the complementarity between two theoretical approaches to sociology: theory of fields and performativity. Thus, we mobilize theory of fields to understand the inter-field relationship between the State and CRAs. Specifically, this paper sets out to i) analyze the co-constitution of the state and market fields with the field of CRAs; ii) describe the existing regulation and situate the CRAs and their classification devices in the broader history of the State and the market; iii) analyze how the legitimation of the CRAs by the State generates broader social contexts that assist in the performative work of the CRAs. Based on historical documentary research, we analyze some of the main milestones and regulatory events in the field of CRAs. This research reaffirms the assumption that even after credibility crises, the State is the most significant predictor of legitimacy, power, and influence that CRAs hold to date. The legitimacy of this power and influence has yet to be exhausted because the reputation of CRAs is rooted in the reputation of the State itself. This happens because the State provides essential actions (such as regulations) for the existence of the financial market. Thus, results suggest that the State, through regulatory measures, can engage several other fields to promote the legitimacy of performative work of the CRAs, whose purpose is to provide calculation tools to shape markets. (shrink)

In the context of Ukraine’s membership in the WTO, the functioning of a free trade area with the EU, the opportunity for agricultural producers to obtain a larger share of the value added is primarily linked to the intensification of trade in domestic livestock products and their processing products. However, their production is one of the high-risk areas and requires a set of measures aimed at ensuring proper quality. Without effective solution of the problem of quality of livestock products (...) it is impossible to ensure its competitiveness in the world market, to guarantee the rational nutrition of the population of the country, the availability of the necessary components for the vital activity of the human body. The aim of the research is to determine the socio-economic factors for ensuring the quality of livestock products in Ukraine. The scientific and specific research methods were used to solve the tasks set in the work: the historical method; abstraction method; method of comparative analysis; system-structural method. The main producer of livestock products in Ukraine are households. They do not have the capabilities to implement technologies of keeping, feeding, veterinary services, programs prerequisites for guaranteeing the safety of products, adherence to the HACCP principles. In Ukraine, real technical, economic and organizational-economic prerequisites for ensuring the safety and quality of livestock products are created only in the poultry meat sector. During 2015-2017, the trends in production of almost all types of livestock products except poultry and honey were identified. One of the reasons for this situation was, firstly, decreasing in capital investment in the livestock sector, and secondly, the low profitability of production of livestock products in the context of accelerated growth in prices for resources. It is proved that insignificant market (price) incentives should be supplemented with instruments of state assistance to improve the quality parameters of products on the basis of specialized enterprises. The necessity of state support for the production of livestock products based on small and medium-sized enterprises is substantiated. This will effectively combine the processes of increasing the production of livestock products with the environmental friendliness of production and steady improvement of quality. It is shown that the low quality of certain livestock products in Ukraine is caused by insufficient living standards of the population and low incomes of the majority of households, which cause them to consume low quality products. It is determined that the problem of guaranteeing the quality of livestock products in Ukraine has deep roots cause due to the influence of socio-economic factors. Therefore, a comprehensive approach is needed to solve it, which is not limited to improving the efficiency of the state control system and successfully harmonizing of the Ukrainian technical regulation system with the European one. The problem of low quality and the danger of livestock production requires a systematic approach for its solution, which is not limited, in particular, by measures to improve the system of state control and ensure approximation of the domestic technical regulation system to the European one. In Ukraine, major high-quality animal products are economically inaccessible to a large part of households. The projected increase in safety parameters and a certain improvement in the quality of livestock products as a result of the implementation of regulations adopted in 2014-2017, will necessarily lead to an increase in its value, and therefore may lead to a decrease in market demand and even greater inaccessibility of these products to people. All this can only aggravate the situation with guaranteeing the food security of the country, forming the prerequisites for increasing the intellectual capacity of the nation. (shrink)

The article explores the problems of the legal status of the regulatory authorities in the energy sector of Ukraine in the context of the administrative reform currently taking place in the Ukraine and the fulfillment of the EU requirements in this sphere. Based on the analysis of the EU legislation, in particular Directive 2009/72/EC of the European Parliament and the Council of 13 July 2009 concerning common rules for the internal market in electricity and repealing Directive 2003/54/EC and (...) Directive 2009/73/EC of the European Parliament and the Council of 13 July 2009 concerning common rules for the internal market in natural gas and repealing Directive 2003/55/EC, and the experience of Ukraine in the field of energy regulation, the author of this article supports granting the special legal status to the national regulatory authorities in the energy sector of Ukraine and their separation from the system of state executive bodies, however, recommends to stipulate in the Constitution of Ukraine the provisions, regarding the organizational legal form and the establishment procedure of such bodies, the appointment and dismissal procedure for their management and members, the peculiarities of the relations of these bodies with the President of Ukraine, the Parliament of Ukraine and the Government of Ukraine. (shrink)

Africa is undergoing considerable political, economic and labor market reforms. In this context, education and training stands literally at a crossroads. In the past, it has been oriented toward mass production emphasizing numbers and quantities rather than skills and quality. The primary clientele of the universities were the state organs, local governments, state-controlled cooperatives, commissions and mass organizations. The universities, though frequently in conflict with the state, were very much part of the predominant bureaucratic command economies. As (...) part of the command system the market had to go to them; they did not have to reach out to the market. The current economic crisis and its subsequent reforms have turned the wheel of fortune against the state and the universities. Financial and employment cuts cannot sustain the traditional levels and practices of employment in the public sector. As the roles of the state and the private sector change, the mission, orientation and future of the universities, university staff and their graduates cannot afford to remain what they used to be. This raises the question of the extent to which the university education system of any country in the region is ready for change? The present study undertakes to identify the mechanisms for reducing state regulation of the university curricula and increasing the acceptability, relevance, reliability and dynamism of university education to the market and nonmarket, thereby increasing the capability of university graduates to be more readily employable in various sectors and, where not directly employable, to be able to employ themselves in profitable and sustainable activities. (shrink)

The article analyzes the mechanisms of attracting financial resources of international institutions, particularly the issues of legal security. Analyzed the provisions of the Budget Code of Ukraine and the directions of its improvement in the planning and forecasting and order to attract financial resources of international institutions. In particular, it is proved that legislative regulation requires the procedure of international financial organizations and loans for rebuilding out of the accounts of the State Treasury Service (...) of Ukraine as well as the provision that allows you to display the actual flow of credits from foreign states, banks and international financial organizations for investment programs, projects and more. At the stage of initiation, preparation and implementation of joint IFI projects under the mechanism of attracting financial resources of international institutions in the economy of Ukraine proposed to form procedures are the result of personalization responsibility for the project at any stage of its implementation, reducing the time and number documents for preparation of the project and beginning talks with the IFI transparent mechanism for justification of expenditures of the State budget for financing projects IFIs. Schematization this process appropriately reflected the author of the article. The role of the Ministry of Finance of Ukraine as agent in relations with international financial institutions and proved that an effective system of coordination of international technical assistance can be created by the concentration of management functions such assistance at the Ministry of Finance of Ukraine. (shrink)

This paper empirically investigates the impact of cognitive board diversity in education, expertise, and tenure facets on financial distress likelihood in the emerging economy of China. This study examines how this relationship varies across State-Owned Enterprises and Non-State-Owned Enterprises. Paper argues that the Chinese stock market, as a typical emerging market, is an excellent laboratory for studying the impact of board diversity on the probability of financial distress. Its underdeveloped financial system and inadequate investor protection (...) leave firms unprotected from financial hardship. A sample of 12,366 observations from 1,374 firms from 2010 to 2018 shows that cognitive diversity qualities are positively linked with Z-score, implying that directors with different educational backgrounds, financial skills, and tenures can assist in reducing the probability of financial distress. Cognitive board diversity reduces the likelihood of financial distress in SOEs and NSOEs. However, tenure diversity is insignificant in all cases. Furthermore, the robustness model “two-step system Generalized Methods of Moments ” demonstrated a positive association between educational diversity, financial expertise, and financial distress scores. The results have significant implications for researchers, managers, investors, regulators, and policymakers. (shrink)

Public disclosure of industry payments to physicians is one way to address financial conflicts of interest in medicine. As part of the Patient Protection and Affordable Care Act, the Physician Payment Sunshine Act requires pharmaceutical, medical device, and biologics manufacturers who have at least one product reimbursed by Medicare or Medicaid to disclose payments to physicians and teaching hospitals on a public website starting in 2014. The physician payment data will contain individual physician names, monetary values, and specific products (...) connected to payments.According to the Final Regulations issued by the Centers for Medicare and Medicaid Services in February 2013, the law will make transparent the extent and nature of relationships between physicians, teaching hospitals, and manufacturers. (shrink)

The article analyses the legal status of the natural gas market regulatory institutions in Lithuania and in the member states of the European Union. First, the authors assess the most important elements of the legal status of the natural gas market regulators in the EU member states, namely, the degree of autonomy (type of institution, appointment and dismissal procedures of management, duration of the terms of office, sources of funding) and the measures aimed at ensuring accountability, transparency, and prevention of (...) conflicts of interest. Second, the legal status of the National Control Commission for Prices and Energy, which carries out functions of regulation and control of the natural gas sector in Lithuania, is examined. Finally, the authors conclude that the imperfections in the regulation of the legal status of the Commission result in several negative effects and provide reasoned proposals regarding the improvement of the legal status of the Commission. (shrink)

The main indicators of assistance activity in the insurance market in Ukraine have been analyzed. Beneficial and negative trends of its development have been shown. The dynamics of the insurers' liquidation expenses structure and the payment of services expenses of the assistance establishments have been highlighted. Their structure has been shown due to the types of voluntary and compulsory insurance. The main problems hindering the effective development of the assistance services market have been characterized and the prospects (...) of its development have been offered. The aim of the research is to carry out comprehensive analysis of the current market of assistance services, to identify the main problems of their implementation and to point out the prospects of insurance market development. The dynamics of insurance bonuses and benefits including insurance compensation and services and the insurers' operating expenses concerning the payment of services of the assistance establishments has been analyzed on the basis of a sample survey of the main indicators of insurance market development due to the statistic data of National Committee of Financial Services. It has been revealed that majority of the insurance services provide settlement of insurance claims by offering assistance service. Alongside increasing of the share of insurance payment due to the contract providing the insurance service, allows the majority of insurance claims to be settled due to the payment of insurance compensation. Expenses on assistance services were the highest and the court expenses were the lowest in the structure of the insurer's liquidation expenses during 2011-2014. Expenses on services of the non-residential assistance establishments are low but they are increasing. It shows that emergency assistance to our citizens in the country and outside is being increased. Structure of assistance services in the voluntary and compulsory insurance market has been analyzed; main trends of assistance activity development according to the separate insurance services have been highlighted. In particular it was found out that the greatest amount of assistance services were provided due to the voluntary medical insurance, medical costs insurance, land transport insurance and compulsory insurance of civil liability of the owners of vehicles. On the basis of conducted analysis, we can draw a conclusion about the low level of assistance services market development. It is affected by negative trends of economic and political crisis, low solvency of insurers and the quality of insurance services, a lack of guaranties to provide emergency assistance in time, imperfect state regulation of assistance services provision, and a low level of institutional support. We offer to intensify the interaction between the insurers and assistance companies while providing insurance services including additional ones, insurance compensation, and settlement of insurance claims by ensuring emergency assistance in monetary and natural-material form. This will promote the increasing of quality of the insurance protection. (shrink)

The purpose of the study is to identify the contours of the potential of the financial services market in the Krasnodar Territory in the context of suppliers in order to determine the vector of further market development. The article examines the dynamics of organizations engaged in financial and insurance activities, assesses the institutional provision of the banking services market, represented by the number of insurance entities in dynamics in recent years, analyzes the volume of insurance fees (...) and payments, analyzes the number of organizations and the volume of the microfinance market. Scientific novelty lies in unlocking the potential of the financial services market in the Krasnodar Territory. As a result, the key problems and growth vectors of the studied market were identified as a strategic imperative for the socio-economic development of the territory. (shrink)

The formation of the chaplaincy movement in the context of the formation of independent Ukraine (after 1991) required the solution of a number of issues, primarily of a conceptual nature. The initiators of the restoration of chaplaincy faced the underestimation of the chaplaincy factor, the risks of transferring interfaith disputes to the military environment. In fact, it was a question of finding their own model of chaplaincy service, which would provide an optimal model for organizing the work of chaplains. (...) The authors propose to divide the development of the chaplaincy movement in independent Ukraine into three stages, which differ not only chronologically but also in their characteristics. The first stage (1991-2005) was characterized by a rethinking of the role and place of religion in the activities of the Armed Forces of Ukraine. The idea of a chaplaincy service was revived primarily on the basis of the volunteer movement. Volunteers also encouraged churches to form appropriate structures that would be responsible for chaplaincy work. At this stage, the driving force behind the formation of the chaplaincy movement was the unstable informal ties between church and security forces in Ukraine. With the advent of the first legal acts that regulated the search for optimal models for creating the chaplaincy institute, the second stage of development of the chaplaincy movement in Ukraine began. It lasted from 2006 to 2013. During this time, regulations were developed and implemented that institutionalized the relationship between the Ministry of Defense of Ukraine and the country's largest churches and religious organizations. The third stage began with the beginning of the Russian Federation's attack on Ukraine in 2014 and continues to this day. The annexation of Crimea and the outbreak of hostilities in eastern Ukraine created the need to sharply increase the number of chaplains and to legalize them in military institutions. Already in 2015-2016, the formation of the state regulatory framework of the chaplaincy institute began and staff positions of chaplains in military units were introduced. On the other hand, there has also been a qualitative growth in the theoretical and practical training of chaplains and their material support. These processes show that the establishment of the institute of military chaplaincy in Ukraine has actually taken place. In each period, the authors highlight the problematic issues that government agencies and religious organizations addressed in organizing the chaplaincy movement. Particular attention was paid to the attempts of activists to form their own model of chaplaincy ministry and the problematic issues of improving the quality of chaplains' training. In particular, it was pointed out that the best way for Ukraine is to organize separate chaplaincy faculties in the country's higher educational institutions to train specialists at the level of world standards. (shrink)

This article analyses the current state of empirical legal research in the law and the regulation of financial markets. It aims to provide a brief survey of the main work done either by lawyers or by others but which is pertinent to the operation of law and regulation. It focuses on six main areas of research and debates. These are the debates on the efficient markets hypothesis and mandatory disclosure rules in securities regulation; (...) studies on behavioralism and their impact on disclosure as a tool for protecting investors; studies on the impact of rules relating to market misconduct on market development; research into the relationship between legal rules and securities market development; evidence of the unintended impacts of regulation; and research into the dynamics of financial market regulatory regimes. Finally, this article mentions that understanding the general context in which law and regulation operates deepens our understanding of the nature, potential, and limits of law and regulation themselves. (shrink)

The paper reviews the basics of development and implementation of the debt policy of Ukraine, outlines its formation principles and establishes requirements to normative legal documents which specify administrative measures in the field of the public debt. The research conducted shows that the main normative legal documents which govern activities of state administration bodies responsible for the debt policy implementation are the State Budget and the Program for State Debt Management of the Ministry of Finance of (...) Ukraine. An analysis of the structure of the above documents and ensuing governmental regulations of Ukraine indicates that the national debt policy is not a separate link of the public financial administration, it is shaped subsequent to the results of managerial decisions in the field of monetary relations, changes in the taxation system, operation of the efficiency control system of national taxes, the government deficit level, impacts of foreign economic factors etc. It is proved that debt operations in Ukraine are becoming a factor of economic risk for the state budget whereas the debt budget itself is becoming a destabilization factor. The budgetary policy of Ukraine, which is primarily aimed at maximization of tax collection, results in distortion of the public finance system and aggravates the economic status of numerous industries. The public debt service expenses are however still increasing and require public borrowings which keep growing year by year. The author indicates that the most unsuccessful decisions of the national leadership, which brought about a higher public debt, are the issue of internal public bonds for capitalization of the Privatbank PJSC in 2017 and poor state control over quasi-fiscal operations which may result in default of national Compulsory Social Insurance Funds on their obligations, accumulation of debts on VAT refund, remission of dead tax debts, instalment payment and deferral of money liabilities or tax debts of taxpayers, attraction of sovereign credits by resident economic entities, debt restructuring of such entities with public guarantees, supply of natural gas to heat-and-power engineering companies for generation of thermal energy at preferential prices, accrued receivables of the National Joint-Stock Company 'Naftogaz Ukrainy' for sale of natural gas to the population and heat-and-power engineering companies. (shrink)

The article presents a verbal and mathematical model of medium-term business cycles (with a characteristic period of 7–11 years) known as Juglar cycles. The model takes into account a number of approaches to the analysis of such cycles; in the meantime it also takes into account some of the authors' own generalizations and additions that are important for understanding the internal logic of the cycle, its variability and its peculiarities in the present-time conditions. The authors argue that the most important (...) cause of cyclical crises stems from strong structural disproportions that develop during economic booms. These are not only disproportions between different economic sectors, but also disproportions between different societal subsystems; at present these are also disproportions within the World System as a whole. The proposed model of business cycle is based on its subdivision into four phases: – recovery phase (which could be subdivided into the start sub-phase and the acceleration sub-phase); – upswing/prosperity/expansion phase (which could be subdivided into the growth sub-phase and the boom/overheating sub-phase); – recession phase (within which one may single out the crash/bust/acute crisis subphase and the downswing sub-phase); – depression/stagnation phase (which we could subdivide into the stabilization subphase and the breakthrough sub-phase). The article provides a detailed qualitative description of macroeconomic dynamics at all the phases; it specifies driving forces of cyclical dynamics and the causes of transition from one phase to another (including psychological causes); a special attention is paid to the turning point from the peak of overheating to the acute crisis, as well as to the turning point from the downswing to recovery. The proposed mathematical model of Juglar cycle takes into account the following effects that are typical for the market economy: • positive feedbacks between various economic processes; • presence of a certain inertia, time lags in reactions of the economic subsystem to the change in conditions; • amplification by the financial subsystem of positive feedbacks and time lags in the economic subsystem; • excessive reaction to changing conditions during the acute crisis sub-phase. The authors suggest that the current crisis turns out to be rather similar to classical Juglar crises; however, there is also a significant difference, as the current crisis occurs at a truly global scale. Yet, due to this truly global scale of the current crisis, the possibilities of regulation with the national state's measures have turned out to be ineffective,whereas the suprastate regulation of financial processes hardly exists. It is shown that all these have led to the reproduction of the current crisis according to a classical Juglar scenario. (shrink)

To study hospital physicians’ awareness and perceptions of the legal and financial regulations, and their impact on professional discretion regarding equity in access to treatment and quality of care. A sample of 637 physicians in the Norwegian specialist healthcare services selected from a survey conducted by the Institute for Studies of the Medical Profession. The paper investigates how legal and financial policy instruments affect the application of professional discretion regarding the prioritisation of specialist health services. Descriptive (...) statistics and regressions were conducted for the analyses. Compared with financial incentives, legal regulations (laws, priority rules and guidelines) were assessed to be less negative external interventions in the exercise of medical and professional judgement. The empirical analyses revealed a positive tendency in physicians’ assessments of the impact of legal regulations on treatment equity and healthcare quality, but negative attitudes towards financial instruments. The variations revealed are attributable to various structural and epistemic features of the legal–bureaucratic and economic models of administration in this area of the welfare state. Legal and financial regulations are imposed to achieve certain social goals and values. The findings of this study can provide further insight for the health authorities in other countries concerning implementation of such regulations in the specialist healthcare services. (shrink)

Much of the human research conducted in the United States or by U.S. researchers is regulated by the Common Rule. The Common Rule reflects the decision of 17 federal agencies, including the Department of Health and Human Services, to require that investigators follow the same rules for conducting human research., though there is significant overlap with the Common Rule.) Many of the obligations delineated in the Common Rule can be traced back to the work of the National Commission (...) for the Protection of Human Subjects of Biomedical and Behavioral Research. The National Commission was appointed in 1974 as part of the National Research Act in response to revelations about serious abuses involving human subjects, most notably the Tuskegee/United States Public Health Service Syphilis Study. (shrink)

continent. 1.1 (2011): 22-25. The Author gratefully acknowledges the financial support of CAPES (Coordenação de Aperfeiçoamento do Ensino Superior), Brazil. From the multifarious subdivisions of semiotics, be they naturalistic or culturalistic, the realm of semiotics of value is a ?eld that is getting more and more attention these days. Our entire political and economic systems are based upon structures of symbolic representation that many times seem not only to embody monetary value but also to determine it. The connection between (...) monetary and linguistic exchanges is self-evident: the former requires the latter and develops in direct relation to it. Creative experimentation and design of digital systems of value exchange are blossoming on the web. Dr. Gilson Schwartz, an economist turned media theorist and professor at the University of São Paulo, adopted the concept of Iconomics, originally created by Michael Kaplan, an author concerned with the linguistics of economic value. Empowering local communities and unlocking new levels of value creation and representation via digital technologies are the main goals of Dr. Schwartz’s projects, aiming at the re-designing of our relationship to the economic value of imagination and the social control of property. Schwartz is Assistant Professor at the School of Communication and Arts of the University of São Paulo, a former Chief Economist at BankBoston, Brazil and Advisor to the President of the National Social and Economic Development Bank (BNDES). FURTHER READING: Kaplan, Michael. “Iconomics: The Rhetoric of Speculation.” Public Culture . 15.3 (2003): 477-493. Renata Lemos-Morais: You have recently produced and directed a short documentary about Creative Currencies in Latin America. Could you tell us a bit about its process and its findings? Gilson Schwartz: The “Creative Currencies” project is a work-in-progress platform which unfolds as an action research agenda connected both to the production of audiovisual content and the development of social currency software. The initiative dates back to 2003 when I led an experimental project supported by the Presidency of Brazil. At that time, we issued paper currency in a small, touristic village in the Northeast Region which stimulated local cultural projects. But it was only in 2009 that the Central Bank of Brazil acknowledged “social currencies” as a legitimate economic agenda, calling for more debate at the I Financial Inclusion Forum. This year, the monetary authorities organized a second forum that also opened the room to discussions on mobile payment systems and new perspectives on poverty alleviation via State subsidies. The Ministry of Culture funded the “Creative Currencies” project in 2009-2010 and our next stage in this discovery process is to be supported by the National Social and Economic Development Bank (BNDES). In short, there is genuine interest among public officials in different areas and public funding for social currencies is on the rise in Brazil. However, after all these years we are still at a very early stage of research and practice. Some of the most successful initiatives (such as Banco Palmas) actually evolved out of local monetary creation to become correspondent banking operations for commercial banks and other financial groups. After eight years of price stability and social inclusion, Brazil stands out as a major opportunity for social experimentation, even the Grameen Bank is now entering the Brazilian market and many NGOs are geared towards different forms of entrepreneurialism in the base of the pyramid, riding solidarity economic models, microfinance and microcredit for local development. It is yet to be seen, however, whether these developments are just one more stage of “bankarization”, that is to say, an extension of regular banking services or actually a new form of social and symbolic self-determination at the local level. So far, the Central Bank of Brazil is open to new forms of credit and local finance as long as they are strictly territorial and very close to barter among the poor. In other words, whether the process of monetary creation could be made to fit an open source paradigm is yet to be seen. Community banking and social currencies might as well end up as just another channel for access to and use of banking services. The “Creative Currencies” project aims at promoting the discussion of more fundamental issues, such as the limits of central banking, the prospects for local financial development and the possibility of creating and managing financial icons as cultural assets. The purpose of this project is to produce short documentaries that will bear testimony to this evolving regulatory framework while inducing more discussion about the fundamental iconomic issues concealed in the process of money and wealth creation. RLM: What new potential is there in applying digital technologies to currency creation? GS: Globalization is a result of the virtualization of money, that is, the overcoming of illusions such as the “gold standard”. Money is an icon created by institutions, not on supposedly natural or material foundations but out of political and financial interests. The “dollar standard” is an outstanding evidence of this phenomenon and Kaplan´s paper, the first to use the expression “iconomics”, insists on the rhetoric and semiotic effects associated to a supposedly scientific model of money creation and management. This is a fundamental change that was perceived and discussed much before the digitalization of the world by unorthodox economists such as John Maynard Keynes since the early 20th century. The digitalization of global financial flows accelerated this immateriality and the creation of the Euro was yet another evidence of the political foundations of currencies. The banking establishment, however, is keen on the idea that scientific formulae hold the key to sound money creation. Keynesianism has been repeatedly associated to “inflationism” while the supposedly sound monetary policies of the Orthodoxy serve well the political and financial interests of a technocratic elite. Corporate media also serve this fictitious depiction of the monetary process despite the cyclical bust of monetary rules and financial regulations. The internet, however, has created numerous opportunities for the disintermediation in industries such as film, music and commodities. There is no reason to doubt that the financial industry can also be transformed by Peer-to-Peer (P2P) infrastructures. Money is media as well. Credit is but confidence. Once people realize that the distributed computing power of networks can also be the platform to weave new monetary and credit operations, there is room for grassroots emancipation out of the established owners of monetary institutions. So far, however, there has been a privatization of monetary management and there is not a clear path or model for the emergent (P2P) property democratization that is inherent to the internet. Digital assets, however, clearly have an inherent potential to escape central control and proprietary regulatory frameworks. RLM: How are social networks transforming the ways in which we exchange value? Do you believe that online influence and reputation might be translated into a new kind of currency? GS: The foundation for social currencies as envisaged by solidarity economics is the territory. Authorities are willing to concede local monetary creation as long as it is restricted to poor neighborhoods, as a proxy to barter. In this relevant but limited context, reputation, personal knowledge and informal ties form the matrix of local or “proximity” finance which are expected to keep credit and leverage to a sustainable level. Anything beyond that should and would lead to an integration of local finance into the established banking system. However, inasmuch as the internet promotes virtual territories and reputation is now subject to all sorts of digital manipulation and stardom becomes an everyday cultural process among teenagers and elders alike, the territorial “foundation” is substituted for more complex patterns of solidarity, cooperation and exchange that reach beyond the physical territory and even the “human.” Digital assets embody knowledge, technology, cultural and educational values that are exchanged at a global scale beyond the control of democratic States (Chinese-like intervention is the exception, not the rule). Hacktivism is unstoppable and so is monetary hacktivism. Especially in the Third World, mobile communications fast became conveyors of money transfers and other appropriation strategies. Banking and telecom sectors already battle for the control of these emerging markets and, as a matter of fact, have so far contributed to the containment of these processes. Governments serve these moguls and have usually adopted a wait-and-see attitude. If open source hardware and grassroots social movements combine to challenge these proprietary battles, then social networks may evolve into new forms of social capital and thus form the ground on which to design and implement social currencies. The global financial crisis, as well as the dollar demise, are an event of such a proportion that social networks may open the path for emancipator subjects to seize the opportunity. RLM: What are some of the social experiments that you think are revolutionizing the way in which value is exchanged? GS: There is a broad evolution of economic systems towards the valuation of intangible assets such as knowledge, reputation and sustainability. There are many examples of local as well as global events that call the traditional systems of exchange into question, from carbon credits to educational bonuses, digital barter frameworks and locally based solidarity and fair trade networks. These emerging examples, no matter how different in nature or scale, represent a challenge to the traditional value creation schemes and theories which are based on use and exchange value, supply and demand. This is not to say that utility and labour or scarcity are to be totally dismissed, but there is now an emerging perception that value is also a function of behavioral codes, symbolic patterns and the energy of institutional frameworks. The plasticity of digital platforms is relevant insofar as intellectual property becomes the central source of value creation. But when you discuss the property rights of public goods such as the environment or basic social rights (of minorities or localities), then a new paradigm seems to emerge. RLM: Are gaming and online storytelling digital practices that might have an impact on the way new currencies are created and developed? GS: “Play money” has been one of the early and most intriguing phenomena associated to the diffusion of virtual worlds. These virtual currencies have also been prone to “boom and bust” dynamics, speculation and pure theft (Second Life scams were common and led to “intervention” by the owners of the game). Storytelling is a major source of value, that is, the value of attention and the markets for audience. There are plenty of private monies created and managed by corporate entertainment groups, telecom operators (via mobile virtual network operators) and marketing frameworks. The casino economy, as already depicted by Keynes and other unorthodox economists, is always storytelling about future states of the world, confidence building and leverage of animal spirits. The novelty of current events is not the fictitious nature of any form of capital, but the potential for digital democratization of controls over the imaginary nature of value creation. But this is just a potential, a possibility, a figment that more often than not is appropriated by centralized and opaque private powers. The game industry is a testbed for new connections between storytelling and money creation. RLM: Monetary value was originally connected to the scarcity of precious metals, such as gold. Our entire monetary system seems therefore to function according to a logic of scarcity. Do you believe it is possible to reverse this logic into a logic of abundance? GS: The gold standard was a fiction itself, the “scarcity” is always produced by institutions that regulate confidence and access to credit. The key issue is not to fabricate abundance, but to question the institutions which produce scarcity out of any standard, gold or whatever. Central banks are at the service of private banks in the creation and management of scarcity. RLM: The promise that nanotechnology holds for our future is one of radical abundance (or so say transhumanists). The possibility of creating any kind of material substance through nanoengineering seems each day more feasible. What would this possibility entail in terms of systems of value exchange? GS: Nanotechnology, environmental concerns and grassroots appropriation of distributed knowledge are the frontiers of a new horizon of energy creation and management. Social groups in charge of managing scarcity for the sake of wealth and power concentration must be held accountable for the destruction of our future. Once this key political conundrum is accounted for, new systems of value exchange and even a non-mercantile society will come into existence. Revolutionary theorists such as Marx envisaged transformation via the extreme clash of contradictions between capital and labour. This approach has never led to a change in the systemic logic of scarcity for the sake of social control. We are once again facing the threshold of large scale societal change, but the outcome of the current crisis should come from our imagination, not from yet another paradox of abundance and scarcity. As long as we remain attached to the materiality of value, the illusion of freedom will but reinforce the massive manipulation of necessity. RLM: What do you think is the role of crowdfunding in this context? GS: Crowdsourcing as well as crowdfunding are examples of the peer to peer opportunities that come along with distributed computer power. However, the power structure behind wealth and scarcity creation may or may not be changed by crowd management. But it should not be taken at face value, so to speak. The stock market of course is an early form of crowdfunding without calling into question the proprietary framework of the companies offering their investment projects to the market. Any market is a form of crowdsourcing, that is to say, of distributed forms of supply and demand matchmaking. The wealth of networks, however, depends on the contractual ecosystem, the institutional framework, the channeling of social imagination, not on the purely quantitative distribution of bids and offers. I see economics as supply, demand and code. Once you have access to the code, once openness becomes part of the game, then there is a chance of crowd behavior becoming collective intelligence and sustainable imagination. RLM: Is the development of digital currencies headed towards a pluralistic ecology in which many micro currency systems co-exist, or is it penetrating the mainstream monetary system? If it is affecting the mainstream financial system, what would be its effect in the long-term? GS: The same issue is at stake both at local and global levels. The global system is, as a matter of fact, an unstable ecosystem of “micro currencies” whereas the dollar has so far exerted an overwhelming influence. Local currencies and private monies coexist with national currencies only to the extent that the Central Bank admits, for instance, that grassroots monetary emissions remain territorial and strictly connected to poverty. However, the question of how new developments in digital technologies and nanotechnologies might alter not only our current monetary systems but also our understanding of value in itself, is still an open question. (shrink)

It is of practical significance to introduce the Internet of Things technology into the financial service industry and find the driving factors and mechanisms of financial innovation to accelerate the promotion of financial innovation. This article starts from the perspective of banks and other supply chain financial institutions, takes mainstream trading products in the commodity trading market as the research object, uses the LA-VAR model, and fully considers the market price fluctuations and liquidity factors of supply (...) chain financial inventory products. It analyzes the theoretical basis of the continuous innovation of rural financial products. On the basis of analyzing the basic characteristics and types of rural financial product innovation, we explore the connotation of sustainable innovation of rural financial products, clarify the evaluation criteria, and lay a theoretical foundation for continuous dynamic evaluation. Based on technical innovation evaluation theoretical models such as Schumpeter’s innovation model, technical specifications-technological track model, and NR relationship model market, we analyze the innovation elements of rural financial products from the external and internal aspects of innovation and discuss the relationship between the factors. The interaction mechanism of rural financial products has established a dynamic mechanism model for the continuous innovation of rural financial products. A fuzzy comprehensive evaluation was made on the continuous innovation power of financial service industry products in a certain area. Using a combination of remote surveys and on-site visits, a questionnaire survey was conducted on financial service industry institutions in a certain region’s financial system. Each survey object was required to conduct 120 × 1067 index comparisons and use the data after processing the arithmetic average Matlab carries out the objective processing of programming. The results show that the LA-VAR model with liquidity indicators can measure the liquidity risk well and more comprehensively evaluate the risk of the inventory pledge financing model. According to the index weights determined by AHP, the development of the financial service industry will be promoted in a targeted manner from the internal construction of financial institutions and the optimization of the external innovation environment. (shrink)

This article concerns the implementation of new EU Directives coordinating the procedures for awarding public contracts in European Union Member States. In a number of countries, including Poland, the process of their implementation (Directive 2014/24/eu of the European Parliament and of the Council of 26 February 2014 on public procurement; Directive 2014/25/eu of the European Parliament and of the Council of 26 February 2014 on procurement by entities operating in the water, energy, transport, and postal services sectors; Directive 2014/23/eu (...) of the European Parliament and of the Council of 26 February 2014 on the award of concession contracts) was delayed. In most cases, the modernization of EU regulations on public procurement required a thorough modification of national regulations in this respect. As a result of the introduction of the package of new Directives, the European Union public procurement market has undergone substantial changes. The need to adjust legal regulations to the changing political, social, and economic situations in a better way has resulted in the transposition of the modernized EU Directives concerning public procurement to the Polish legal system, affecting the final shape of the new Polish Public Procurement Law. The implementation of the package of new Directives has significantly affected the functioning of the Polish public procurement market. For the entities operating in this market, this means the necessity to expand their knowledge, so as to become familiar with the new legal solutions in this respect. (shrink)

Does anyone have a monopoly on God? Can religion be bought or sold? Why do we pay priests? How do we limit religious conflicts? And should states get involved in matters of faith? "Faithonomics" shows that religion should be analyzed as a market similar to those for other goods and services, like bottled water or haircuts. It is about religion today, but Brekke shows us that there have always been religious markets, all over the world, regulated to a (...) greater or lesser degree. He argues that state "control" over religious markets is often the cause of unforeseen and negative consequences. Many of today's problems like religious terrorism or rent-seeking by religious political parties, are easier to understand if we think like economists. Religious markets work best when they are relatively free, and religious organizations should be left to sell their products without unnecessary restrictions. We have no good reason to grant any one of them special privileges, political or financial."--book jacket front flap. (shrink)

Hospital ethics committees have become widespread over the last 25 years, stimulated by the Quinlan decision of the New Jersey Supreme Court, the report of a President's Commission, and most recently by the Joint Commission on Accreditation of Health Care Organizations , which now man dates that each hospital seeking accreditation have a functioning process for the consideration of ethical issues in patient care. Laws and regulations in several states require that hospitals establish ethics committees, and some states (...) stipulate that certain types of cases and disputes be taken to such committees. At least one state grants legal immunity to those who implement recommendations of an ethics committee. (shrink)

This article analyses the current state of empirical legal research in the law and the regulation of financial markets. It aims to provide a brief survey of the main work done either by lawyers or by others but which is pertinent to the operation of law and regulation. It focuses on six main areas of research and debates. These are the debates on the efficient markets hypothesis and mandatory disclosure rules in securities regulation; (...) studies on behavioralism and their impact on disclosure as a tool for protecting investors; studies on the impact of rules relating to market misconduct on market development; research into the relationship between legal rules and securities market development; evidence of the unintended impacts of regulation; and research into the dynamics of financial market regulatory regimes. Finally, this article mentions that understanding the general context in which law and regulation operates deepens our understanding of the nature, potential, and limits of law and regulation themselves. (shrink)

The UK's personal financial services sector has been the site of controversy over alleged professional malpractice. Financial advisers’ status as professionals is in question, and their claim to knowledge and expertise is apparently challenged by an extensive consumer literature on personal finance. This article analyses a corpus of seventeen consumer guides to personal finance and money management published in the UK, together with a range of financial material available on the internet. These guides urge readers to (...) give high priority to their finances, given the irreversible global retreat of the state from welfare provision. They argue that expert professional advice is indispensable. They prepare readers to play their part as clients in mutually profitable collaboration with professional advisers. They offer reassurance about the effectiveness of industry regulation and consumer protection. The guides are reflexively implicated in the promotional culture of personal financial services. They support financial advisers’ claim to professional standing, and contribute to the cultural work of creating a clientele for them. (shrink)

Publication date: 21 March 2019 Source: Author: Viktoriia Varenyk Budget safety, as a component of financial security, depends on the results of the implementation of an effective state financial and economic policy as the basis for the achievement of national interests. Effective using of the budget, namely, effective management of the state's cash flows, should ensure the regulation of economic and social processes in the interests of society, and create stable conditions for economic development of (...) the country. Budget policy is an integral part of the state's financial policy and as one of the driving forces of Ukraine's development implies further stabilization of public finances, ensuring economic growth and raising standards of living for the maintenance of balanced development of the state. In today's conditions of development, the state faces the task of ensuring the balance and stability of the state budget against adverse external influences, establishing effective management of the country's cash flows, establishing effective budget and monetary policy, as well as long-term fiscal sustainability and stability. In recent years, to overcome this task, control over the activities of financial institutions has intensified, as a result they guided by the principles of responsible management of public finances, aimed at introducing the principles of medium-term financial planning, the availability of a system of forecasting budget parameters, ensuring the feasibility of economic forecasts, and creating and maintaining necessary financial reserves. (shrink)

Kyrgyz people lived under the control of Soviet Union for about 70 years. During this time, they were forbidden to practice any kinds of religious duties. Their religious schools and mosques were closed or used for other aims rather than religious needs. In short, all kinds of religious freedom and practices were forbidden strictly. The aim was to bring up an atheistic people during the days of Soviet Union. However, when Kyrgyz people won their independence and established a new country, (...) all kinds of restrictions in terms of religion were abrogated and people began to establish their religious schools and mosques. While during the first years of independency of the country in 1991, there were only 39 mosques, as of 2018 there are nearly 3,000 mosques in the country. In addition to the increase of mosques, the number of people going to mosques also increases day by day. This article examines mainly the development of religious freedom in terms of legal aspect from the beginning of the establishment of the country to our time; the legal statues, functions, and duties of State Commission for Religious Affairs and Religious Office of Kyrgyzstan Muslims, and as common religious educational places mosques, religious activities done at mosques, the factors effecting these activities negatively.Summary: Kyrgyz Turks are one of the most ancient tribes in Central Asia. Although there are various views and knowledge about the religious life and the process of Islamization of them in various sources, there is no doubt that one of the most important elements which shapes Kyrgyz culture and social life is Islam. Even though they continued the activities of Islamic education and training under the rule of many nations thorough the history, all activities of religious education were tried to be forgotten and religion was removed from daily life under the Soviet communist regime. However, with the establishment of the Republic of Kyrgyz based on the secular and democratic bases on 31 August 1991, Muslim people showed a great effort and endeavor to open some institutions where they could live their religion, perform their religious duties, and teach religious and moral values for people. After the declaration of independence, with the enacting of “Freedom of Faith and Religious Institutions” on 16 December 1991 which was one of the first enacting laws, very important developments happened in terms of both formal and informal education. Some knowledge concerning Islam is given in some culture courses and “Religious Office of Kyrgyzstan Muslims” was created for meeting all kinds of religious needs of Muslims in the country in 1993. With the establishment of the “State Commission for Religious Affairs” in 1996, some new legal regulations were made. Thus the state’s policy about religious education and teaching gained a new dimension. During this process, the state faced some problems concerning developments in religious education. Although some of these problems have been solved legally, there are still many problems about religious education today. Since the independency until now, there have been many researches as articles, books, master theses and doctorate dissertations about various fields of religious education, religion-state relations, religious institutions, course books and their curriculums. However, a great majority of these studies belong to religion-state relations and the field of formal religious education. There aren’t any academic studies or research about mosques and imams that concern the great majority of the country population. In fact, from the point of religious education, common or informal religious education is as extremely important as formal religious education. For the mosques that are one of the most important institutions of common religious education are spread to the most remote corner of the country and serve for all people of different ages for the whole year. The effects of common religious education increase day by day. While there were just 33 mosques in 1933, there were 39 mosques in the independency year of 1991, as of 2018 this number has risen to 2830. Relating the imams who work at mosques, it is not possible to speak about a systematic structure. Since imams are generally graduated from madrasas, their educational levels are very low. As they have not enough financial support and highly educated teachers, they cannot give good education to their students and cannot adopt themselves to the modern educational levels in teaching religious issues. In order to solve this problem, Muftiyat either sends students to abroad or gives in service trainings for imams. Another important problem in relation to imams is the way of assignment. There is no criterion for assignment of imams. They are not designated by the Muftiyat, but it just legitimizes those imams who are chosen by congregation. Imams receive neither any salary from the Muftiyat, nor they have any social assurance. They work either voluntary or their incomes are paid by people. Although all of these negative conditions, mosques and imams have a great importance on Kyrgyz people’s education, culture, worship, and moral teaching. It can be said that there are two kinds of education at mosques and masjids. One of these is “moldos”, some men of religion who gather students and give some religious knowledge without following any curriculum. Although some of them take education from some Arabic countries or Pakistan, their educational level is very low and cannot recite even the Qur’an correctly. In addition, they have very little knowledge about pedagogy and religious themes, and they have not enough educational experience. The second type of education at mosques and masjids is carried out through Friday sermons and preaching. However, this is not an effective way in giving religious education. Because the way in which the Friday sermon is given is not appropriate as a good teaching method. As the sermons are done in Arabic, there is no effective communication between the imam and the congregation. However, Friday sermons and preaching are very important for people’s religious education and socialization. This article firstly deals with the developments in religion in the times of freedom of the country, secondly, it examines the institution of Muftiyat to which all mosques are adhered and “State Commission for Religious Affairs” that register the mosques which the Muftiyat approves, and lastly gives information about mosques and their congregations in the country. (shrink)

The problem of the concept of Ukraine’s state economic policy of regulation of human resources international movement in the context of global intellectualization remains topical throughout the existence of Ukraine as an independent state. It should be noted that the favorable geopolitical position of Ukraine provides potential opportunities for the development of both regions and the state as a whole, creates conditions that are associated with the involvement in international migration, tourism and transit (...) and professional processes. Their number increases in modern conditions of globalization development. The analysis of features of Ukraine's participation in the processes of intellectualization of the human resources international movement demonstrates the necessity of developing the state economic policy of the human resources international movement, which would become part of the global space and have certain benefits. (shrink)

Certainly and the theoretical and practical aspects of study of financial controlling are analyzed in a market economy. Methodical basis of this research is made by the scientific dialectical method of cognition, at which a research object is studied as a dynamic system in the process of the development. Forming of basic structural blocks, which make the certain stages of research of financial controlling in a market economy on the basis of dialectical, historical and system methods. In the (...) process of study and generalization of scientifically-practical developments the methods of comparison, analysis and synthesis, induction and deduction are applied. Research is based also on normatively legal and economic documents, developments of research establishments and scientists-economists. Economic essence of category is formed "financial controlling" in a market economy. Yes, it is interpreted as a system of financial management development of subjects of entrepreneurial activity in direction of prognostication and planning of mechanisms and instruments of achievement of the proof financial state. Except for it, it is set that directions of evolution of theory of financial controlling are based on the improvement of two his basic kinds, namely: strategic; operative. The scientific novelty of the got results consists in an exposure, ground and analysis of basic structural blocks which make the certain stages of research of forming and development of financial controlling in a market economy in the context of integration of Ukraine in outer economic space. The got results of research are subsoil for a study and practical decision of problem of forming of the effective controlling system of subjects of ménage all spheres of public activity on the whole. This approach foresees, above all things, effective and complex development of all forms and types of the resource providing of controlling services with their constituents. (shrink)

Energy services have a particularly significant impact on the daily life and welfare of consumers. The importance of such services is high, and their regulation is also changing both at the EU and Member States level, especially after the adoption of the Third Energy Package1, which is focused on improving the operation of retail markets to yield real benefits for both electricity and gas consumers. In order to implement the main or the most relevant goal of (...) the EU, such as high level of consumer rights protection, resulting in consumer trust in business sector, proper and effective functioning of the EU internal market etc., it is essential to ensure clear and sufficient legal regulation, establish responsibility of the services providers, consumer rights and duties as well as promote more effective, faster and cheaper ways of solving consumer and business disputes. The authors of this article feel the lack of scientific analysis on this issue. Despite its importance, discussions take place at political or practical level, but no recent analyses exist as to why energy services sector is so fragmented and how it affects different conditions or rights of consumers in various Member States. This article also clearly supports the idea that the above-mentioned goals can be achieved by close and more fruitful cooperation between the EU and national competent authorities, participation in various ad hoc expert working groups and committees, such as the Vulnerable Consumers Working Group. This article reflects general ideas about the problems arising in the energy consumer services sector, the activity of the EU and national institutions, seeking to ensure fair and transparent provision of such services to consumers, it also contains an analysis of alternative dispute resolution (hereinafter – the ADR) methods and good practice of their application in the EU Member States. This article highly supports the application of alternative procedures in the field of energy services and sees them as a possibility to minimise increasing consumer problems, e.g. a new phenomenon – consumer energy poverty in the EU, which is defined as the situation where a household is unable to access a socially and materially necessitated level of energy services at home and pay for the provided services. (shrink)

United States federal regulations for pediatric research with no prospect of direct benefit restrict institutional review board (IRB) approval to procedures presenting: 1) no more than "minimal risk" (§ 45CFR46.404); or 2) no more than a "minor increase over minimal risk" if the research is commensurate with the subjects' previous or expected experiences and intended to gain vitally important information about the child's disorder or condition (§ 45CFR46.406) (DHHS 2001). During the 25 years since their adoption, these regulations have helped (...) IRBs balance subject protections with the pursuit of scientific knowledge to advance children's welfare. At the same time, inconsistency in IRB application of these regulations to pediatric protocols has been widespread, in part because of the ambiguity of the regulatory language. During the past decade, three federally-charged committees have addressed these ambiguities: 1) the National Human Research Protections Advisory Committee (NHRPAC) (Washington, DC), 2) the Institute of Medicine (IOM) Committee on the Ethical Conduct of Clinical Research Involving Children (Washington, DC); and 3) the United States Department of Health and Human Services Secretary's Advisory Committee for Human Research Protections (SACHRP) (Washington, DC). The committees have reached similar conclusions on interpretation of language within regulations § § 45CFR46.404 and 406; these conclusions are remarkably consistent with recent international recommendations and those of the original National Commission for the Protection of Human Subjects of Biomedical and Behavioral Research (1977) report from which current regulations are based. Drawing on the committees' public reports, this article identifies the ethical issues posed by ambiguities in regulatory language, summarizes the committees' deliberations, and calls for a national consensus on recommended criteria. (shrink)

The U.S. health care system is ostensibly market based and therefore at least partially reliant on competition and consumer demand to regulate costs. Yet information about an essential feature of market transactions—costs—is typically obscure to patients until long after treatment. When discussing what must be disclosed for informed consent, the same list of required information is often mentioned regardless of the health care system in question, and information about costs rarely merits a place within this list. However, our assumptions about (...) what a moral principle requires need to be responsive to the realities of the health care system in which the principle is applied.This paper explores the moral foundations of disclosure and informed consent to argue that, in a market‐based system of the sort found in the United States, these same considerations support a requirement to disclose out‐of‐pocket costs before patients receive care. Next, I consider two objections to this view: first, that health care practitioners should focus solely on medical considerations in their encounters with patients and, second, that disclosing out‐of‐pocket costs would be too difficult to be mandated. I argue that medical and financial interests are inseparable within the U.S. health care system. If the difficulties in disclosing costs are deemed insurmountable, then the current system may prove unsustainable, both morally and financially, since we face the same practical impediments to implementing any meaningful consumer‐driven, market‐based health care reform. Finally, I explore some of the consequences of failing to disclose costs. The requirements of disclosing costs can be supported by the principle of respect for autonomy, regardless of the consequences, but in light of the consequences of the decision of whether to disclose, a concern about justice provides further support. (shrink)

The past two decades have witnessed the emergence of corporateassociation- and standards-based forms of environmental selfregulation. Private environmental governance is commonly presented as being a market-driven phenomenon. Firms seek to manage their environmental impacts as a means of achieving cost-based or differentiation-based advantages. Yet, these innovations are necessarily embedded in the regulatory policies and institutions of nation states and thus subject to the dynamics of regulatory change. Historically, economic crises have stimulated significant regulatory changes that have, more often than not, (...) resulted in an expansion of public regulation and a diminution of self-regulation. This Article considers the ramifications of the global financial crisis for the development of private environmental governance. (shrink)

Law is usually understood as an orderly, coherent system, but this volume shows that it is often better understood as an entangled web. Bringing together eminent contributors from law, political science, sociology, anthropology, history and political theory, it also suggests that entanglement has been characteristic of law for much of its history. The book shifts the focus to the ways in which actors create connections and distance between different legalities in domestic, transnational and international law. It examines a wide range (...) of issue areas, from the relationship of state and indigenous orders to the regulation of global financial markets, from corporate social responsibility to struggles over human rights. The book uses these empirical insights to inform new theoretical approaches to law, and by placing the entanglements between norms from different origins at the centre of the study of law, it opens up new avenues for future legal research. This title is also available as Open Access. (shrink)

The aim of this article is to address the regulatory framework as one of the key factors determining the success of creation of single market for renewable energy. No one could possibly argue that non-discriminative and consistent legal regulation plays a big role in the creation of a single market. Therefore, the question of legal capability to create the single market for renewable energy and the overall quality of present regulatory framework is at the centre of this article. Our (...) objective is to analyse whether the single market for energy produced from renewable sources can be created under current legal regulation of the European Union Therefore, the first part of the article analyses the competence of the European Union to regulate the renewable energy sector and division of legislative powers between the Member States and the European Union. The goal of the first part is to answer the question whether the European Union has the competence to regulate renewable energy market. The second part of the article analyses the legal framework of measures for the promotion of renewable energy production used in each Member State. The goal of the second part of this article is to answer the question – whether all renewable energy producers are in equal competitive position, notwithstanding different legal frameworks of the Member States. (shrink)