Search results for "Intermediary"
showing 10 items of 48 documents
Enabling policy innovations promoting multiple ecosystem benefits: lessons learnt from case studies in the Baltic Sea Region
2019
Abstract This paper analyses how specific institutional barriers and drivers affect the success of agri-environmental governance and policy innovations in four case study catchments in Germany, Latvia, Poland and Sweden. Possible adaptations of institutional settings are explored, aiming at increased effectiveness of policies and governance in delivering multiple ecosystem benefits along with reduced nutrient emissions and flood management. Factors of success synthesized from existing examples of innovative policy instruments in the EU and further afield are used to identify barriers and opportunities for the implementation of policy innovations in different institutional settings across th…
Financial Intermediation in Modern Europe Time: Evidence from Romania
2018
In a world governed by complex financial and economic systems, knowing the process of financial intermediation becomes a must. We face times when the process of financial intermediation seems to change nearly as a natural phenomenon. Financial intermediation stakeholders find constantly new ways to interact on behalf of obtaining funds they need and returns they expect and manage risks they try to avoid. The article’s aim is to take a snapshot of a financial intermediation process that manifests in Europe Modern Era, specifically in one EU member like Romania, in contrast with other two EU member – Bulgaria and Croatia. In the same time, we also outline the relation between financial develo…
Blockchain Securities, Insolvency Law and the Sandbox Approach
2018
Blockchain is a new technology that is based on an algorithm which allows participants of an IT network to process, store and share data across multiple points without the need for any intermediary, at least in order to ensure the integrity of the data dealt with. This technology is simplifying financial markets—many organizations are launching initial coin offerings to facilitate the financing of new business ventures; moreover, ‘securities’ that are issued in such a digital form can be bought and sold in the secondary market without the intervention of the traditional intermediaries. However, this use of blockchain could give rise to many problems which, in this article, will be analysed …
Law of Finance: Evidence from Finland
2003
Although it is widely acknowledged that the benefits of corporate governance reform could be substantial, systematic evidence on such reforms is scant. We both document and evaluate a contemporary corporate governance reform by constructing 18 measures of shareholder and creditor protection for Finland for the period 1980-2000. The measures reveal that shareholder protection has been strengthened whereas creditor protection has been weakened. We also demonstrate how the reform is consistent with a reorganisation of the Finnish financial market in which a bank-centred financial system shifted from relationship-based debt finance towards increasing dominance by the stock market. We find evide…
Assessing Music Streaming and Industry Disruptions
2017
Digital change has profoundly affected the cultural and creative industries, yet there seems to be different accounts on how to best interpret these changes. In such a context, the music industries may provide valuable insights on digital change that may prove important and transferable to other content industries. Based on two recent studies on the Norwegian music market, this chapter explores the extent to which music streaming has disrupted the structures and interrelationships of traditional and new intermediaries in the music economy. It will be argued that music streaming in many ways represents a continuation of past models which seem to amplify incumbents’ position instead of challe…
Contribución al análisis sociológico de la creatividad y la digitalización del campo cultural: creación, intermediación y crisis
2019
The so-called transition to the digital paradigm is eroding the autonomy of the cultural field achieved during the XIX and XX Centuries, subjugating them to economic and technological dynamics. However, the hegemonic discourse tends to interpret this as an overall positive process for the creative domain, focusing on the increase in information resource and creativity tool availability. However, an analysis of the theories and concepts of the sociology of culture reveals a more ambivalent balance. While the notion of authorship and creation can be interpreted from a more cooperative and relativistic view it is arguable whether this concept can be eliminated altogether. Also, although cultur…
Saving banks and society: a model of commitment to society
2012
Savings banks are increasingly interested in social issues, reflecting a corporate commitment to meet the demands of society. Our goal is to understand the importance of CSR (Corporate Social Responsibility) for savings banks and the actions carried out to promote it. To do this we assume that these entities are more resources devoted to society. The field work was conducted through a questionnaire answered by 57 Spanish institutions. We note that CSR is a growing movement with enormous potential, because of the role of financial intermediation and lending banks to develop. Finally, it is curious to see how social contributions materialize so correlated. Las Cajas de Ahorros tienen cada vez…
Who Uses Intermediaries in International Trade? Evidence from Firm-level Survey Data
2013
The present paper uses data from the World Bank Enterprise Survey conducted in Turkey in 2005 to shed light on the firms that use intermediaries in international trade. It lends robust empirical support to recent theories which suggest that indirect exporters are mostly small firms that are not profitable enough to cover the high fixed costs of building an own distribution network abroad. Manufacturers who develop new products are more likely to use trade intermediaries, as are firms that produce low-quality goods. In contrast, neither foreign ownership nor credit constraints are correlated with the choice of export mode. Moreover, firms that rely on trade intermediaries to sell their goods…
Integration and competition in the European financial markets
2007
Financial integration in Europe should affect the competition between markets and intermediaries and generate a convergence of both interest rates and margins among the different countries. This paper analyses the evolution of the convergence in interest rates and the level of competition and its inequalities among the European banking systems for the period 1993 to 2001. The inequality index used ?the Theil index- allows us to break down the inequalities so that the importance of either a country effect or a specialization effect is quantified. If the former effect dominates it would mean that the national banking markets are segmented as a consequence of the existence of obstacles or barr…
Life-cycle effects in small business finance
2017
This paper studies the life-cycle profiles of small firms’ cost and use of credit using a panel of Finnish firms. The choice of method matters for the conclusions drawn about the relationship between firm age and financing costs; the cross-sectional age profiles of financing costs are hump-shaped and consistent with hold-up theories, whereas methods that control for cohort fixed effects demonstrate that the financing costs decrease monotonically as the firms mature. The life-cycle profiles of the use of credit also indicate that firms are more dependent on financial intermediaries in the early periods of their lives. Furthermore, the cohorts born during recessions pay higher financing costs…