Search results

1 – 10 of over 3000
Click here to view access options
Article
Publication date: 12 February 2018

Ashish Lall

The purpose of this paper is to provide a comprehensive historical review of the role of the Federal Reserve in retail payments in the USA.

Abstract

Purpose

The purpose of this paper is to provide a comprehensive historical review of the role of the Federal Reserve in retail payments in the USA.

Design/methodology/approach

It reviews the literature on the role of the Federal Reserve and assessments of its involvement.

Findings

In addition to its oversight and operational role, the Federal Reserve has conducted R&D and facilitated technology adoption. It has provided effective competition to the private sector without subsidies.

Research limitations/implications

The Federal Reserve has served the public interest and private networks have benefited from the “visible hand” of government.

Practical implications

Migration to electronic payments will likely change its role from an operator to setting standards for safety and security.

Originality/value

The historical review provides context against which the future strategy of the Federal Reserve may be assessed.

Details

Journal of Financial Regulation and Compliance, vol. 26 no. 1
Type: Research Article
ISSN: 1358-1988

Keywords

Click here to view access options
Article
Publication date: 12 September 2008

Brandon Becker, Elizabeth K. Derbes, Russell J. Bruemmer, Franca Harris Gutierrez and Martin E. Lybecker

The purpose of this paper is to summarize and provide commentary on the US Department of Treasury's Blueprint for a Modernized Financial Regulatory Structure, issued on…

Downloads
570

Abstract

Purpose

The purpose of this paper is to summarize and provide commentary on the US Department of Treasury's Blueprint for a Modernized Financial Regulatory Structure, issued on March 31, 2008.

Design/methodology/approach

The paper summarizes and comments on the short‐, intermediate‐, and long‐term recommendations laid out in the Blueprint. The short‐term recommendations are to modernize the President's Working Group on Financial Markets, principally by broadening its focus to include the entire financial sector; to address gaps in mortgage origination oversight, principally though creating a federal Mortgage Origination Commission; and to enhance the Federal Reserve Board's current temporary liquidity provisioning process. The Treasury's intermediate‐term recommendations are intended to modernize the regulatory structure and to eliminate duplication. They are to phase out and transition the thrift charter to the national banking charter; to merge the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC); to establish a uniform, comprehensive regulatory system for, and create a federal charter for, “systemically important” payment and settlement systems; and to create an optional federal charter for insurers. The Blueprint's long‐term optimal regulatory structure envisions an “objectives‐based” regulatory approach in which three primary regulators would be established to focus individually on market stability regulation, prudential financial regulation and business conduct; three types of charters for financial institutions: federal insured depository institutions, federal insurance institutions, and federal financial services providers; the Federal Reserve Board assuming the role of market stability regulator; a prudential federal regulatory agency to regulate financial institutions with some type of explicit government guarantee associated with their business operations; and a conduct‐of‐business regulatory agency to regulate the business conduct of all financial institutions. In addition to the three objectives‐based regulators, the Blueprint recommends establishing two other regulatory entities: a federal insurance guarantee corporation and a corporate finance regulator.

Findings

The Blueprint finds that substantial regulatory reform is necessary to respond to significant developments including globalization of the capital markets, innovative and sophisticated new financial products and trading strategies, growing institutionalization of the capital markets, and convergence of financial service providers and financial products. Among the areas where one may see action and debate in the near future are: broadening the scope and membership of the President's Working Group on Capital Markets, adoption of uniform minimum licensing standards and the creation of a mortgage origination commission, further discussion of the terms and conditions attached to non‐depository institutions' access to the Federal Reserve discount window, continuing debate around the possible merger of the SEC and the CFTC, and updating by the SEC of the self‐regulatory organization (SRO) rule‐making process.

Originality/value

The paper is a clear and concise summary with commentary from expert securities lawyers.

Details

Journal of Investment Compliance, vol. 9 no. 3
Type: Research Article
ISSN: 1528-5812

Keywords

Click here to view access options
Book part
Publication date: 25 November 2003

Denise Anthony and Jane Banaszak-Holl

Despite continuing debate about costs and benefits, managed care became an integral part of the health care sector during the 1990s. In this paper, we examine the…

Abstract

Despite continuing debate about costs and benefits, managed care became an integral part of the health care sector during the 1990s. In this paper, we examine the organizational and practice variation in the managed care industry at two points in the 1990s using a national census of organizations operating in those years. We use a definition of managed care that captures the increased diversity within the industry while still distinguishing it from traditional indemnity, fee-for-service care. We draw on institutional theory to begin to formulate a framework for understanding why certain organizational forms and practices emerged when and where they did.

Details

Reorganizing Health Care Delivery Systems: Problems of Managed
Type: Book
ISBN: 978-1-84950-247-4

Click here to view access options
Article
Publication date: 20 July 2010

Giorgio Merlonghi

The purpose of this paper is to stimulate some reflections on the potentially contradictory relationship between the adoption of innovative payment instruments and the…

Downloads
2321

Abstract

Purpose

The purpose of this paper is to stimulate some reflections on the potentially contradictory relationship between the adoption of innovative payment instruments and the prevention and fight against financial crime. The ideal addresses of the paper are regulators in these two fields (Central Banks; Financial Intelligence Units).

Design/methodology/approach

The paper is largely based on reflections coming from the author's background as a central banker with a long experience in the statistical analysis of financial data with an anti‐money laundering (AML) focus.

Findings

The paper takes the move from the present and prospective characteristics of the payment means and moves on to analyse briefly the possible implications of their evolution in the fight against money laundering and the financing of terrorism. The analysis shows how some factors that make innovative payment instruments desirable may, at the same time, represent elements of weakness in the prevention of financial crime.

Research limitations/implications

The paper addresses a number of theoretical and systemic issues but no specific data or calculations are provided to evaluate alternative regulatory scenarios. Further studies could offer a more quantitative approach, in an attempt, for instance, to estimate the costs and benefits of the evolution of the praxis and legislation in the field of payment system and AML.

Practical implications

The paper openly tackles the cross effects of regulation in the financial sector, specifically addressing the potential risk factor represented by loosely regulated innovations of the payment instruments. The argument is intended to highlight both the importance of technological evolution and the necessity of a proper supervision over potential loopholes and unguarded passages that could be exploited by financial criminals.

Originality/value

The paper addresses questions of particular relevance in the present, fast developing world of advanced technological payments and global financial crime. The author underlines explicitly how these two fields share some common features; an original argument is developed with reference to the possible risk of unwanted spillovers between these two areas of public interest.

Details

Journal of Money Laundering Control, vol. 13 no. 3
Type: Research Article
ISSN: 1368-5201

Keywords

Click here to view access options
Book part
Publication date: 29 August 2017

Antonio Argandoña

Facilitation payments (petty corruption) are small payments to an officer or employee, public or private, who is responsible for a nondiscretionary service, in order to…

Abstract

Facilitation payments (petty corruption) are small payments to an officer or employee, public or private, who is responsible for a nondiscretionary service, in order to facilitate, accelerate, or cheapen a procedure, for example, issuing a passport or connecting a house to a power distribution network. They are widespread in some countries, and are often considered irrelevant, but they have very large negative impacts in generating a culture of corruption, affecting the functioning of public offices or private companies and on costs for citizens. This chapter explains what facilitation payments are, why they are an ethical problem for people who pay and receive them, for companies and for society, and the positioning of the fight against those payments within the overall strategy against corruption.

Details

The Handbook of Business and Corruption
Type: Book
ISBN: 978-1-78635-445-7

Keywords

Click here to view access options
Article
Publication date: 13 November 2009

Maximilian J.B. Hall

The purpose of the paper is to explain how UK bank failure resolution policy has evolved since the nationalisation of Northern Rock in February 2008 in the light of the…

Downloads
4536

Abstract

Purpose

The purpose of the paper is to explain how UK bank failure resolution policy has evolved since the nationalisation of Northern Rock in February 2008 in the light of the fallout from the sub‐prime crisis and the subsequent credit crunch.

Design/methodology/approach

The evolution of the UK authorities' approach, from a piecemeal approach to a comprehensive, system‐wide approach, is traced through analysis of the treatment accorded the troubled entities Alliance and Leicester, HBOS (both the subject of separate officially brokered takeover‐rescues) and Bradford and Bingley (eventually nationalised, like Northern Rock) prior to consideration of the two industry‐wide bailout schemes introduced in October 2008 and January 2009.

Findings

Confounding initial hopes, Northern Rock proves to be just the first of a series of major institutional casualties of the fallout from the sub‐prime crisis, eventually necessitating a comprehensive and system‐wide solution. While this successfully prevents the system from literally collapsing in the Autumn of 2008, in the wake of the decision not to rescue Lehman Brothers in the USA, it fails to stimulate lending, as intended. Accordingly, a second industry bailout package was introduced in January 2009, but even this may fail to secure the main goals of intervention‐financial stability and a resuscitation of bank lending to support the ailing economy‐heralding possible further state inroads into domestic bank ownership.

Originality/value

The paper clearly identifies the need for, and nature of, both the ad hoc and system‐wide solutions adopts to deal with individual cases of institutional “failure” and the wider stability concerns, respectively. The authorities' actions are subject to critical analysis, while a personal assessment of both the House of Commons Treasury Committee's report on Northern Rock and the tripartite authorities' reform proposals, which culminate in the Banking Act of 2009, is also provided.

Details

Journal of Financial Regulation and Compliance, vol. 17 no. 4
Type: Research Article
ISSN: 1358-1988

Keywords

Click here to view access options
Book part
Publication date: 26 August 2019

Rusni Hassan and Ilyana Ilias

Hisbah is one of the distinguished institutions that had emerged since the early days of the Islamic empire. Based on its cardinal duty to enjoin good and prohibit evil…

Abstract

Hisbah is one of the distinguished institutions that had emerged since the early days of the Islamic empire. Based on its cardinal duty to enjoin good and prohibit evil, over time, its functions gradually expanded, and its responsibilities increasingly grew. In light of the contemporary trend in establishing institutional framework for consumer protection, entrusting an agency with multifarious tasks may not be the best and effective way in handling consumer protection issues. Thus, this chapter attempts to explore the new paradigm of hisbah as a consumer protection institution in Malaysia with a special reference to the Islamic consumer credit industry. While utilising the doctrinal legal research methodology, relevant sources of law have been examined and analysed. This research finds that the classical hisbah institution provides a good reference point in establishing regulatory agency and dispute management body. Nevertheless, some modifications are required to remain relevant especially in terms of specialisation of role and function. Likewise, it is viewed that adjustment of the hisbah institution is also necessary regarding the characteristic of the muhtasib (ombudsman).

Details

Emerging Issues in Islamic Finance Law and Practice in Malaysia
Type: Book
ISBN: 978-1-78973-546-8

Keywords

Click here to view access options
Article
Publication date: 1 April 2004

Georgios I. Zekos

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and…

Downloads
2836

Abstract

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

Details

Managerial Law, vol. 46 no. 2/3
Type: Research Article
ISSN: 0309-0558

Keywords

Click here to view access options
Article
Publication date: 23 February 2010

Elijah Brewer and Ann Marie Klingenhagen

The purpose of this paper is to examine the implicit subsidies received, in the form of stock market returns, from the perception that large banking organizations are too…

Downloads
1041

Abstract

Purpose

The purpose of this paper is to examine the implicit subsidies received, in the form of stock market returns, from the perception that large banking organizations are too big to fail, and implications for financial regulation.

Design/methodology/approach

The empirical analysis focuses on the responses of stock prices of various size groups of banking organizations to announcement of government capital injections to banks (troubled assets relief program) during the 2008 financial crisis, and summarizes responses of regulatory authorities to the crisis.

Findings

The paper finds positive and statistically significant stock return reactions both for a portfolio of the large banking organizations that are part of the initial capital injection plan and a portfolio of the large banking organizations that are not part of the initial capital injection plan, implying a too‐big‐to‐fail (TBTF) effect, especially for the latter group of institutions.

Research limitations/implications

The paper focuses on a short time frame of stock price reactions to specific events, for the largest US banks. Further examination of longer‐term stock price effects on US as well as foreign banks may be of interest.

Practical implications

The results have implications for the manner and scope of financial regulatory actions and changes in regulators' approaches to systemic risk and individual bank regulation.

Originality/value

The paper examines TBTF bank subsidy effects in response to a rapidly unfolding financial crisis. These have implications for longer term responses, particularly in the regulatory sphere.

Details

Journal of Financial Regulation and Compliance, vol. 18 no. 1
Type: Research Article
ISSN: 1358-1988

Keywords

Click here to view access options
Article
Publication date: 27 November 2020

Muftawu Dzang Alhassan, Emmanuel Awuni Kolog and Richard Boateng

This study aims to investigate the gratifications driving the attitude and continuance use of mobile payment services in developing country context, such as Ghana. Also…

Abstract

Purpose

This study aims to investigate the gratifications driving the attitude and continuance use of mobile payment services in developing country context, such as Ghana. Also, the moderating effect of income and education on gratifications and attitude of users is explored.

Design/methodology/approach

Data was collected from conveniently sampled 361 users of mobile payment services in Ghana. A questionnaire, which mainly contains five-point Likert scale questions, was used to collect the data. The study adopted the Uses and Gratification (U&G) theory, where income and education were used as moderating factors. The data was analysed with SmartPLS for Structural Equation Modelling.

Findings

Among the other factors from the U&G theory, integrative, ease of use and usefulness gratifications were found to significantly influence attitude towards the use of mobile payment services in Ghana. In addition to this finding, user attitude significantly influences the continuance use intention of mobile payment services. Furthermore, the study revealed various effects of the moderating factors. These findings suggest that promoting mobile payment technology inclusiveness by creating a favourable environment would enhance the use of mobile payment services in Ghana.

Research limitations/implications

Given that this study was conducted in Ghana, a developing country, it is difficult to generalize the results to encompass the developed economies. In future, similar research should compare the developed and developing economies by considering culture as a moderating effect.

Practical implications

This study intends to provide information on the gratifications that drive the attitude and continuance use of mobile payment services in Ghana. The findings seek to augment mobile money service providers’ capabilities by providing them with an understanding of user gratification experience on mobile payment services. Additionally, the study will serve as a guide to policymakers in the government, telecommunication companies and mobile banking providers, to improve customer intimacy and gratification through their user behaviour.

Originality/value

Previous studies on user gratification have primarily focussed on the functional benefits derived from mobile payments and how they influence the service’s adoption. This study has contributed to literature by considering both the functional and non-functional benefits of mobile payment in developing country context. To the best of the authors’ knowledge, this study is the first to consider income and education as moderating variables to study the gratification levels of mobile payment users in Ghana and among few in Africa.

Details

Journal of Systems and Information Technology, vol. 22 no. 4
Type: Research Article
ISSN: 1328-7265

Keywords

1 – 10 of over 3000