Information as a market product and information markets
In: Czech Journal of Social Sciences, Business and Economics, Band 5, Heft 4, S. 31-38
ISSN: 1805-6830
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In: Czech Journal of Social Sciences, Business and Economics, Band 5, Heft 4, S. 31-38
ISSN: 1805-6830
In: Journal of Finance, Forthcoming
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Working paper
In: Scottish journal of political economy: the journal of the Scottish Economic Society, Band 55, Heft 5, S. 591-617
ISSN: 1467-9485
ABSTRACTDeregulation typically comes with redistribution of rents and thus with opposition from the losing interest groups. We show that, by exploiting complementarities, synchronising deregulation across markets makes this opposition lower. Indeed, a particular deregulation may reduce rents for one interest group, but may result in gains for another interest group. Synchronising reforms can therefore offer a way out of the 'sclerosis' of especially European markets. For this effect, we build a microeconomic model based on two assumptions: Cournot competition à la Vives in the product markets and firms hiring workers in accordance with an efficiency wage in the labour markets. As being particularly relevant for European economies, we focus on product market regulation that determines the degree of market integration and labour market regulation that determines the degree of employment protection.
Product market regulation and employment protection are highly correlated across OECD countries. Using an augmented model of monopolistic competition we show why in countries with more regulated product markets, incumbent workers prefer to protect jobs relatively more. Product market regulation increases the scope for employment protection because firms can bear the cost of employment protection more easily and still break even. Moreover, product market regulation decreases employment so that the workers' outside option becomes relatively worse. This increases the incentive to protect the job.
BASE
In: Ekonomika APK: naukovo-vyrobnyčyj žurnal, Band 312, Heft 10, S. 29-37
ISSN: 2413-2322
The purpose of the article is to study the market of oil and oil products in Ukraine, its role in the functioning of agriculture and identify ways to improve. Research methods. Methods used: system analysis and generalization (to study and generalize the energy dependence of Ukraine); statistical (to display the situation on the oil and oil products market in quantitative terms through a system of absolute and relative indicators); analysis of the series of dynamics, structural shifts (to analyze and identify trends in the indicators of the oil and oil products market); comparison (comparison of economic indicators); graphic (visual display of research results in the form of graphs). Research results. The essence and features of the Ukrainian market are revealed, a statistical analysis of trends in the development of the oil and oil products market is carried out, factors influencing the trend of the domestic market are identified and the mechanism of their interaction is clarified. The assessment of the current level of oil independence of Ukraine is carried out. Scientific novelty. The necessity of state support in terms of restoring the competitiveness of the domestic oil refining industry, diversifying the supply of petroleum products to the Ukrainian market and maintaining the share of domestically produced petroleum products at the level of 50% of the consumption volume, as well as reducing the share of other suppliers (importers) to 30% in the total balance has been substantiated. Practical significance. The analysis made it possible to identify destabilizing factors in the oil and oil products market, determine the need for systemic changes in the market functioning model and create conditions for increasing the competitiveness of domestic oil products in the Ukrainian market, create conditions for promoting and stimulating the development of the oil refining industry to weaken the reliability of imports of oil products. Tabl.: 2. Figs.: 1. Refs.: 18.
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Working paper
In: Journal of international trade & economic development: an international and comparative review, Band 21, Heft 2, S. 271-286
ISSN: 1469-9559
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In: The Wiley finance series
"The standardization of Islamic financial products is currently evolving, both for Islamic derivatives & hedging methods and for Islamic bonds (Sukuk) and the process of standardization is expected to start soon also for other Islamic instruments. Islamic capital markets, and Islamic finance in general, is experiencing global rapid growth and is currently receiving more consideration also by non-Islamic investors. Islamic Finance is based on the prohibition of interest ("Riba"), excessive uncertaintly ("Gharar") and gambling ("Maysir" or "Qimar"). From these foundations, conventional financial products, such as interest-bearing instruments, options, forwards, futures, and insurances, as well as conventional practices like short-selling and leveraging, are not compliant with Islamic law ("Shariah"). Nevertheless, the Islamic finance industry has undertaken considerable efforts to create products and solutions of the same value, in many instances by replicating conventional structures in a Shariah-compliant manner. This has led to discussions between scholars and practitioners, as some scholars regard specific replication techniques merely as ploys and ruses. While no definite answer can be given yet concerning the question of Shariah-compliance for every single instrument, some trends are emerging in this dynamic market. Islamic derivative products are essential for asset management and risk management in any Islamic context, and provide answers to many of the investors' needs. This book covers all Islamic derivatives and structured products including state of the art Islamic short-selling methods used by hedge funds and gives a comprehensive overview of current Islamic capital markets. It takes a practical approach addressing practical issues in risk management and investing for both Islamic and non-Islamic readers. .Contents A. Introduction B. Islamic capital market instruments 1. Hedging and Islamic derivatives (explaining many de facto practices used by Islamic financial institutions, and potential future applications not yet broadly applied; standardization and financial engineering) 2. Sukuk (Islamic bonds, current trends and issues in the market, standardization etc.) 3. Islamic funds (incl. specific hedge-fund practices, Islamic REITs, Islamic Private Equity funds, brief overview on market indices) 4. Islamic structured products (all currently existing types of Shariah-compliant structuring principles, example products, etc.) C. Islamic risk management 1. Risk management issues in Islamic contracts (overview, main types of risk, differences to risk management in conventional finance, etc.) 2. Basel II for Islamic financial instruments (brief overview on IFSB rules, etc.) 3. Risk management of basic financing modes (analysing all basic Islamic financing modes, e.g. Murabaha, PLS modes, with regards to their intrinsic risk and their management, as well as their Basel II risk weights etc.) 4. Risk management of Islamic funds (market risk, credit risk, ...) 5. Risk management of Sukuk (market risk, credit risk, operational risks, ...) 6. Risk management of Islamic structured products D. Outlook E. Annex 1. Bibliography 2. Index"--
In: The economic journal: the journal of the Royal Economic Society, Band 117, Heft 519, S. C142-C166
ISSN: 1468-0297
In: Business economics and finance 6
In: Performance and Progress, S. 203-215
In: Journal of political economy, Band 69, Heft 4, S. 319-340
ISSN: 1537-534X
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