The Dynamics of Currency,Savings, and Investment Rates

This paper examines the dynamic relations among foreign exchange rates, savings, and investment ratio for a sample of 25 countries from the Organization for Economic Cooperation and Development. We find that the savings rate and the investment rate are cointegrated of order (1, −1). This result is consistent with the literature on the savings–investment relations and therefore confirms the validity of the Feldstein–Horioka puzzle. Using country‐specific and longitudinal panel vector autoregressive models, we show that historical savings–investment differentials do not help explain foreign exchange rates. We demonstrate, however, that foreign exchange rates and trade balance ratio impact the difference between savings and investments. Specifically, depreciation in the domestic currency would cause the savings–investment difference to widen.     

Evaluating Financial Capability Services Provided in a Workforce Development Program

This field study explores the effects of an offer of financial counseling provided to low‐income people exiting welfare assistance in a workforce development program. While only about one‐third of workers actually took part in counseling, those who did were able to reduce the amount of debt they had in collections. We did not find other statistically significant effects on financial behavior or well‐being, however. People living at or below poverty levels of income may need more intensive financial support services than counseling can provide. This study illustrates the challenge of engaging participants in financial capability services, as well as the limitation of interventions like counseling for people who have very low incomes.     

The Effect of Marginal Tax Rates on the Advantage of Tax-Sheltered Savings Plans

Tax-sheltered savings plans such as the Individual Retirement Account are increasingly popular as a means of saving for future needs. The notion that these plans favor the highest tax bracket individual is investigated. The results demonstrate that in the early years of a single investment the advantage is to the higher tax bracket individual in terms of additional income generated by the tax deferral over that which would have been generated without such a deferral. However, the advantage shifts to lower tax bracket investors as the number of years invested increases, and further, the highest bracket investors generate no more additional income due to the tax shelter than investors in much lower tax brackets.     

The Antecedents of Trust in Business-to-Business Financial Services

Purpose: To explore how satisfaction, communication, customization, competence, and shared values (as antecedents) influence trust in B2B financial services relationships, and to assist decision makers in this industry to manage long-term relationships with their clients.

Methodology/approach: Based on a literature review, five hypotheses were developed. The hypotheses were addressed by empirically evaluating a theoretical model based on data from both relationship managers and the clients of a leading South African B2B financial services provider. Regression analysis was used to assess the relationships in the relationship-manager sample, while structural equation modeling (SEM) was used to assess the relationships in the client sample.

Findings: In the relationship-manager sample, satisfaction, competence, and shared values were found to be significant predictors of trust. However, in the client sample, all five of the hypothesized antecedents were found to contribute significantly to trust.

Originality/value/contribution: The major contribution of this study, for both marketing academics and practitioners, lies in the simultaneous consideration of the perceptions of both financial services providers as well as their clients. As far as it could be ascertained, this combination of both exchange partners (service providers and clients) in a single study has not been reported in a financial services context.     

The Poor in the Financial Market: Changes in the Use of Financial Products,Institutions, and Services from 1995 to 1998

The poor are in a disadvantaged position in the financial market. In this article, a review is given of public policy initiatives that are implemented to help the poor as well as an examination of how the poor are served in the financial market, using data from the 1995 and 1998 Survey of Consumer Finances provided by the Federal Reserve Board. Specifically, poor households' use of depository and credit products, the financial institutions that provide these products to the poor, and the way in which the poor conduct their financial business (e.g., visit to branch offices, ATMs, etc.) are compared to that of non-poor households. Marketing and public policy implications are drawn from the findings.     

High School Economic Education and Access to Financial Services

This study provides a long-term assessment of economic education by examining an individual's decision to have a bank account. Using the results of a nationwide telephone survey, high school courses in economics and business reduced the probability that an adult was unbanked, ceteris paribus. In addition, adults who demonstrated a higher level of understanding of basic economic concepts were less likely to be unbanked. The results indicated that an individual's understanding of the economic system was as important as formal coursework in explaining access to basic financial services.     

上海陆家嘴CBD金融服务业发展评述

<正>一、发展现状扫描作为我国唯一以"贸易中心"命名的国家级开发区和上海国际金融中心的核心功能区,近年来,陆家嘴CBD的金融服务业发展迅猛,基本形成了以中外银行、保险公司、信托投资公司、证券公司、财务公司、基金公司、金融租赁公司为主体的金融机构体系。     

高收入阶层个人理财服务需求呈现四大新变化

<正>继2007年11月国内上证指数创下6000点以上的最高点后,国内股市一跌再跌,截至2008年6月30日,上证指数下跌至2693.40点,在这短短6个月中,上证指数下跌五成,创历史上半年跌幅之最。金融市场剧烈的震荡,不仅导致金融市场到处弥漫着恐慌情绪,而且给投资者带来了众多新问题,     

The Cultural Impact of Workflow Management Systems in the Financial Services Sector

The implementation of information systems is increasingly resulting in significant changes to the host organisation's culture. In particular, the workflow management system (WFMS) is one new technology that, because of its tendency to have a direct impact on the organisation and execution of work, has the potential to significantly modify an organisation's culture. This qualitative research investigates the nature of the relationship between WFMS and organisational culture, in the UK financial services sector. The research concludes that WFMS have the potential to modify culture in a positive way by improving the organisations' customer orientation, flexibility and quality focus.     

The Effects of Financial Education on Financial Literacy and Savings Behavior: Evidence from a Controlled Field Experiment in Dutch Primary Schools

This article reports the results of a controlled field experiment designed to estimate the short‐term effects of a 45‐minute financial education program on the financial literacy and savings behavior of children in Dutch primary schools. Among fifth and sixth graders, the program led to a pre‐ to posttest improvement in financial literacy on almost one of eight questions, with about one‐third of the increase in correctness attributable to the program. It also raised the probability of willingness to save by 4 percentage points. Nonetheless, whereas the program appears effective in respect to questions that explicitly address program content, its significant effects on financial literacy seem primarily driven by the results for girls, although we cannot reject homogeneous treatment effects with respect to gender.     

The Contributions of Professors Fischer Black,Robert Merton and Myron Scholes to the Financial Services Industry

This paper is written as a tribute to Professors Robert Merton and Myron Scholes, winners of the 1997 Nobel Prize in economics, as well as to their collaborator, the late Professor Fischer Black. We first provide a brief and very selective review of their seminal work in contingent claims pricing. We then provide an overview of some of the recent research on stock price dynamics as it relates to contingent claim pricing. The continuing intensity of this research, some 25 years after the publication of the original Black–Scholes paper, must surely be regarded as the ultimate tribute to their work. We discuss jump‐diffusion and stochastic volatility models, subordinated models, fractal models and generalized binomial tree models for stock price dynamics and option pricing. We also address questions as to whether derivatives trading poses a systemic risk in the context of models in which stock price movements are endogenized, and give our views on the ‘LTCM crisis’ and liquidity risk.     

WTO金融服务法中的承认制度及其实践

为了鼓励有关成员方建立更高水平的金融服务自由化安排,从而消除非歧视性贸易壁垒,WTO金融服务法确立了承认制度,并将其作为最惠国待遇原则的一项例外。然而,受多边贸易体制现有一体化水平和组织基础的制约,该制度的实体规则尚不完备并缺乏有效的实施保障机制。除了欧盟成功推行了相互承认原则之外,承认制度的总体实施状况不尽人意。WTO金融服务法应当借鉴欧盟金融服务法的成功经验,通过专项复边协议,为成员方建立相互承认安排提供一个基础性的法律框架,引导和推动特定领域金融服务相互承认实践的发展。     

5G环境下区块链技术对财务共享的影响

区块链技术是近些年才被提出的一项算法式技术,应用于财务方面被称之为分布式账本技术,该种记账方式有其授权管理成本低、防篡改安全机制、公开化、去中心化的自有特点。5G技术的出现将会对网络速度产生极大的提升。财务共享中心虽然提供数据全面,成本低且效率高,但是将所有业务处理集中在财务共享中心便出现了过于集权的管理模式,且存在业务联系不紧密,记账内容脱离实际及数据安全问题。5G技术环境下区块链在财务共享中心的应用,既保证了数据的传输速度和传输结果的真实有效,又将共享使用到实际工作当中,二者共同推动管控前移,提升企业的管理效率与管理水平。实现财务的实时共享,有效地推动财务领域的发展。     

The Transition from a Major Commercial Bank to a Privately Held Financial Services Firm

After 19 years in a major commercial bank, complete with mergers and restructuring, the move to a much smaller financial services company was a culture shock—in a good way. This paper describes the transition and how the author addressed the challenges that followed, especially the 2007–09 financial crisis and how she functioned to add value to the services offered to clients by Mesirow Financial. It emphasizes the importance of becoming known, establishing professional networks, and reacting quickly in a fast-changing economic environment.