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Pensions Manual - Chapter 13
Tax and Duty Manual Pensions Manual - Chapter 13 Transfer Payments Chapter 13 This Manual should be read in conjunction with Part 30, Chapter 1, Taxes Consolidation Act 1997. Document last reviewed August 2021 The information in this document is provided as a guide only and is not professional advice, including legal advice. It should not be assumed that the guidance is comprehensive or that it provides a definitive answer in every case. 1 Tax and Duty Manual Pensions Manual - Chapter 13 Table of Contents 1 Introduction.......................................................................................................................3 2 Transfer payments.............................................................................................................3 3 Overseas schemes..............................................................................................................3 3.1 Transfers to overseas arrangements ..........................................................................3 3.2 Transfers to and from United Kingdom schemes .......................................................4 4 Buy-out bonds....................................................................................................................4 5 New employer ...................................................................................................................5 6 Company re-organisations.................................................................................................5 6.1 Restrictions for 20% directors ....................................................................................5 -
The Impact of Transfer Payments on Urban-Rural Income Gap: Based On
Lei et al. China Finance and Economic Review (2016) 4:20 China Finance an d DOI 10.1186/s40589-016-0042-y Economic Review RESEARCH Open Access The impact of transfer payments on urban- rural income gap: based on fuzzy RD analysis of China’s midwestern county data Genqiang Lei, Xiaohong Huang* and Penghui Xi * Correspondence: [email protected] Abstract School of Economics, Xiamen ’ University, Xiamen, China Background: China s long term Gini coefficient is higher than the international warning line and the urban-rural income gap is still serious, meanwhile the transfer payments targeted adjusting the income distribution are increasing in recent years, which indicate that we should examine the impact of current transfer payment system on income gap. Methods: By choosing Develop-the-west Strategy that is a quasi-natural experiment and applying regression of discontinuity of location, using 1054 counties data of 15 provinces in Midwestern China from 2000 to 2007, we analyze the impact of transfer payments on urban-rural income gap in this paper. Results: The results show that local government in western China paid more transfer payments than in the central region, however, the income gap between urban-rural residents in the western region increased by 20%. The widening effects are robust in different bandwidth situation such as distance or latitude and longitude. Meanwhile, the mechanism analyses find that urban residents benefit more than rural residents from transfer payments. Conclusions: Therefore, we believe that transfer payments should be more targeted to invest in rural areas, at the same time, the central government should rationalize the structure of transfer payments as soon as possible, and correct the urban bias and structure bias of local fiscal expenditure. -
Country Profile, Russia
Update November 2008 COUNTRY PROFILE, RUSSIA Introduction and Country Background 2 Banking Environment 4 Financial Authorities 7 Legal & Regulatory Issues 8 Market Dominant Banks 11 Clearing Systems 14 Payments & Collections Methods & Instruments 17 Electronic Banking 20 Cash Pooling Solutions 21 Tax Issues 22 Source and Contacts 27 Page 1 of 27 Country profile, Russia Introduction and Country Background Russia has the larg- Key Facts est population in Europe Moscow (Moskva)⎯ St Petersburg, Novosibirsk, Yekater- Capital - Major Cities inburg, Nizhniy Novgorod, Omsk, Samara, Kazan, Chely- abinsk, Rostov-on-Don, Ufa, Volgograd, Perm Area 17,075,200 km2 Population 141.9m (2008 estimate) Languages Russian, many minority languages Currency RUB (Russian Rouble) Telephone Code +7 National / Religious / 2009: 1-5 Jan, 6, 7, 8, 9 Jan; 23 Feb; 8,9 Mar; 1,9,11 Bank Holidays May; 12 Jun; 4 Nov. Extra bank day 11 Jan (Sun) Bank Hours 09:0018:00 (MonFri) Business Hours 10:00 (Mon-Sat) RTS Stock Exchange, Moscow Interbank Currency Ex- Stock Exchange change (MICEX) Moscow Stock Exchange (MSE) Leading Share Index RTS Index, S&P/RUX Composite Index, MICEX Index Strong economic Economic Performance growth, helped along by high oil prices, has 2004 2005 2006 2007 been the norm in re- Exchange Rate RUB/EUR1 35.7639 35.1897 34.1886 35.0297 cent years Exchange Rate RUB/USD1 28.8042 28.2960 27.2578 25.5515 Money Market Rate (%)1 3.3 2.7 3.4 6.03 Consumer Inflation (%)2 10.9 12.6 9.7 12.0 Unemployment Rate (%)3 8.5 8.3 7.6 5.9 GDP (RUB billions) 16,966 21,598 -
“Current Trends in the Russian Financial System”
“CURRENT TRENDS IN THE RUSSIAN FINANCIAL SYSTEM” Edited by Morten Balling Chapters by: Stephan Barisitz Zeljko Bogetic Zuzana Fungačova and Laura Solanko Peter Havlik Valery Invushin, Vladimir V. Osakovsky and Debora Revoltella Alexander Lehmann Ewald Nowotny Cyril Pineau-Valencienne Pekka Sutela A joint publication with the Austrian Society for Bank Research SUERF – The European Money and Finance Forum Vienna 2009 CIP CURRENT TRENDS IN THE RUSSIAN FINANCIAL SYSTEM Editor: Morten Balling; Authors: Stephan Barisitz; Zeljko Bogetic; Zuzana Fungačova and Laura Solanko; Peter Havlik; Valery Invushin, Vladimir V. Osakovsky and Debora Revoltella; Alexander Lehmann; Ewald Nowotny; Cyril Pineau-Valencienne; Pekka Sutela Vienna: SUERF (SUERF Studies: 2009/2) ISBN-13: 978-3-902109-47-7 Keywords: Russia, rouble, oil price, banking, transition economics, global financial crisis, Central Bank of Russia JEL Classification Numbers: E5, O5, P2, Q43 © 2009 SUERF, Vienna Copyright reserved. Subject to the exception provided for by law, no part of this publication may be reproduced and/or published in print, by photocopying, on microfilm or in any other way without the written consent of the copyright holder(s); the same applies to whole or partial adaptations. The publisher retains the sole right to collect from third parties fees payable in respect of copying and/or take legal or other action for this purpose. TABLE OF CONTENTS Table of Contents 3 1. Introduction 7 2. Opening Remarks 13 3. Russian Finance: Drag or Booster for Future Growth? 23 1. References 39 4. Russian Banking in Recent Years: Gaining Depth in a Fragile Environment 43 1. Abstract 43 2. Introduction 44 3. -
The Coronavirus Stimulus Package: How Large Is the Transfer Multiplier?∗
The Coronavirus Stimulus Package: How large is the transfer multiplier?∗ Christian Bayer, Benjamin Born, Ralph Luetticke, and Gernot J. Müller June 2020 Abstract In response to the COVID-19 pandemic, large parts of the economy have been locked down and, as a result, households’ income risk has risen sharply. At the same time, policy makers have put forward the largest stimulus package in history. In the U.S., it amounts to $2 trillion, a quarter of which is earmarked for transfer payments to households. To the extent that such transfers are conditional on recipients being unemployed, they mitigate income risk and the adverse impact of the lockdown ex ante. Unconditional transfers, in contrast, stabilize income ex post. We simulate the effects of a lockdown in a medium-scale HANK model and quantify the impact of transfers. For the short run, we find large differences in the transfer multiplier: it is 0.25 for unconditional transfers and 1.5 for conditional transfers. Overall, we find that the transfers reduce the output loss due to the pandemic by up to 5 percentage points. Keywords: COVID-19, Coronavirus, CARES Act, fiscal policy, stimulus, targeted transfer, transfer multiplier, lockdown, quarantine JEL-Codes: D31, E32, E62 ∗Bayer: University of Bonn, CEPR, CESifo, and IZA, [email protected], Born: Frank- furt School of Finance & Management, CEPR, and CESifo, [email protected], Luetticke: University Col- lege London, CEPR, and CFM, [email protected], Müller: University of Tübingen, CEPR, CESifo, [email protected]. We thank (virtual) seminar audiences at the Atlanta Fed, Banque de France, University of Hamburg, Macroeconomic Policy Institute (IMK), MMCN Webinar Series on Macroe- conomic Modelling and Pandemics, Virtual Macro Seminars (VMACS), and the 2020 meeting of the VfS Committee on Macroeconomics. -
Digital Financial Services (Dfs) Working Group
DIGITAL FINANCIAL SERVICES (DFS) WORKING GROUP Bringing policymakers together to discuss regulatory issues related to digital financial services (DFS), and promote DFS as a major driver of financial inclusion in emerging and developing countries. The DFS Working Group develops policy guidelines, conducts peer reviews, and actively engages the DFS and FinTech industry and global Standard-Setting Bodies (SSBs). WWW.AFI-GLOBAL.ORG #DFS #AFIWG AT A GLANCE KEY OBJECTIVES > Create an enabling policy and regulatory environment for transformational DFS at national levels; > Develop a shared understanding of the risk profiles of emerging digital financial services business models, which is essential in designing appropriate regulatory frameworks; > Stimulate discussion and learning on new approaches and good practices in DFS regulation by encouraging policymakers to exchange experiences; > Provide a platform for capturing, tracking and sharing information on innovative DFS, products, business models and appropriate new policy responses; > Establish linkages and provide inputs, where appropriate, to global Standard-Setting bodies (SSBs) and other stakeholders seeking to establish proportionate supervisory practices for DFS. PLANNED ACTIVITIES > DFS and Consumer Protection Policy Model Subgroup (jointly with CEMCWG): Policy model on DFS and Consumer protection. > Data Protection & Privacy Subgroup: White paper - Data Protection & Privacy in the Age of Data Driven Financial Services. > QR Code Standardization Subgroup: Guideline Note on QR code standardization including case studies to understand different models and issues related to QR codes payments and standardization. > Digital Financial Literacy and Capability subgroup (jointly with CEMCWG): Guideline Note on Digital Financial Literacy and Capability. > Regulatory Sandboxes Subgroup: Toolkit on Regulatory Sandboxes. > Regtech Technical Taskforce (DFSWG Focal Points): Special Report: Regtech for Financial Inclusion. -
List of Certain Foreign Institutions Classified As Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms
NOT FOR PUBLICATION DEPARTMENT OF THE TREASURY JANUARY 2001 Revised Aug. 2002, May 2004, May 2005, May/July 2006, June 2007 List of Certain Foreign Institutions classified as Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms The attached list of foreign institutions, which conform to the definition of foreign official institutions on the Treasury International Capital (TIC) Forms, supersedes all previous lists. The definition of foreign official institutions is: "FOREIGN OFFICIAL INSTITUTIONS (FOI) include the following: 1. Treasuries, including ministries of finance, or corresponding departments of national governments; central banks, including all departments thereof; stabilization funds, including official exchange control offices or other government exchange authorities; and diplomatic and consular establishments and other departments and agencies of national governments. 2. International and regional organizations. 3. Banks, corporations, or other agencies (including development banks and other institutions that are majority-owned by central governments) that are fiscal agents of national governments and perform activities similar to those of a treasury, central bank, stabilization fund, or exchange control authority." Although the attached list includes the major foreign official institutions which have come to the attention of the Federal Reserve Banks and the Department of the Treasury, it does not purport to be exhaustive. Whenever a question arises whether or not an institution should, in accordance with the instructions on the TIC forms, be classified as official, the Federal Reserve Bank with which you file reports should be consulted. It should be noted that the list does not in every case include all alternative names applying to the same institution. -
Governmental Transfer Payments for Individuals: Ground and After-Effect Analysis
ISSN 1822-6515 ISSN 1822-6515 EKONOMIKA IR VADYBA: 2009. 14 ECONOMICS & MANAGEMENT: 2009. 14 GOVERNMENTAL TRANSFER PAYMENTS FOR INDIVIDUALS: GROUND AND AFTER-EFFECT ANALYSIS Henrika Sakiene Kaunas University of Technology, Lithuania, [email protected] Abstract The article was prepared to analyze different foreign author’s opinions and researches about government transfer payments allocated for social security of people that can be classed as poor. There are analyzed issues of transfer payments implementation and the influence on to the residents consuming and country economics when transfer payments are diminished either grow. Government transfer payments system planning should involve researches of the situation and ensure that necessary relief from government’s side will be delivered for the socially touched people and those who are making efforts to adapt in the changed situation. Analyzing the various authors articles noticed that the need of government transfer payments depend on the country, its background and the existing system. There can be separated positive and negative issues cause by transfer payments growth. The main goal of imposed transfer payments is to smooth the consumption for people temporary lost the income either possibility to earn money also to pass good experience and values for offspring showing good examples. Most of the discussions and researches are addressed towards negative results caused by transfer payments. Welfare payments, social insurance, handicap transfers, unemployment grants and other governmental transfers given to certain groups of people can cause tendentious work losses, income reduction, dropping school and other, seeking to receive transfer payments. Keywords: transfer payment, unemployment, welfare, government spending. Introduction State government formulating the annual budget makes projects of future income and expenses. -
Drone Money” to Put Monetary Policy Back to the People
“Drone money” to put monetary policy back to the people Edited by Jézabel Couppey-Soubeyran* With Emmanuel Carré**, Thomas Lebrun*** and Thomas Renault **** JANUARY 2020 ABSTRACT For more than ten years, monetary policy has been extraordinarily accommodating without achieving its objectives. Faced with this reality, central banks must innovate radically, using the potential offered by new technologies. This note proposes a new instrument inspired by ‘helicopter money’ and recent experiments in digital central bank currency: to pay each resident of the Eurozone between 120 to 140 euros of digital central bank currency, on an account opened for everyone at the European Central Bank. * Jézabel Couppey-Soubeyran is associate professor at Université Paris 1 Panthéon-Sorbonne and the Paris School of Economics. Her research focuses on banking, financial economics, monetary and prudential policies. (Corresponding author: [email protected]) ** Emmanuel Carré is associate professor at Université de Bretagne Sud. His research focuses on central banking, monetary policy and monetary and financial macroeconomics. *** Thomas Renault is associate professor at Université Paris 1 Panthéon-Sorbonne. His research focuses on “new data” (Big Data, alternative data …) and methods (machine learning, text analysis, network analysis…) economic and financial forecasts are based on. He created the popular economics blog Captain Economics. **** Thomas Lebrun is the head the operational risk division at a French banking group. His field of expertise includes -
The Monetary Legacy of the Soviet Union / Patrick Conway
ESSAYS IN INTERNATIONAL FINANCE ESSAYS IN INTERNATIONAL FINANCE are published by the International Finance Section of the Department of Economics of Princeton University. The Section sponsors this series of publications, but the opinions expressed are those of the authors. The Section welcomes the submission of manuscripts for publication in this and its other series. Please see the Notice to Contributors at the back of this Essay. The author of this Essay, Patrick Conway, is Professor of Economics at the University of North Carolina at Chapel Hill. He has written extensively on the subject of structural adjustment in developing and transitional economies, beginning with Economic Shocks and Structural Adjustment: Turkey after 1973 (1987) and continuing, most recently, with “An Atheoretic Evaluation of Success in Structural Adjustment” (1994a). Professor Conway has considerable experience with the economies of the former Soviet Union and has made research visits to each of the republics discussed in this Essay. PETER B. KENEN, Director International Finance Section INTERNATIONAL FINANCE SECTION EDITORIAL STAFF Peter B. Kenen, Director Margaret B. Riccardi, Editor Lillian Spais, Editorial Aide Lalitha H. Chandra, Subscriptions and Orders Library of Congress Cataloging-in-Publication Data Conway, Patrick J. Currency proliferation: the monetary legacy of the Soviet Union / Patrick Conway. p. cm. — (Essays in international finance, ISSN 0071-142X ; no. 197) Includes bibliographical references. ISBN 0-88165-104-4 (pbk.) : $8.00 1. Currency question—Former Soviet republics. 2. Monetary policy—Former Soviet republics. 3. Finance—Former Soviet republics. I. Title. II. Series. HG136.P7 no. 197 [HG1075] 332′.042 s—dc20 [332.4′947] 95-18713 CIP Copyright © 1995 by International Finance Section, Department of Economics, Princeton University. -
Transfers and Loan Payment Transfers Bankoh Business Connections (BBC) 3.0
BANKOH BUSINESS CONNECTIONS 3.0 QUICK REFERENCE GUIDE Transfers and Loan Payment Transfers Bankoh Business Connections (BBC) 3.0 Transfers A Transfer is a simple transfer of money between accounts. You have the option to create a single transfer or multiple transfers by selecting the Many to One or One to Many option. • A Many to One Transfer lets you transfer money from several different accounts to one account • A One to Many Transfer lets you transfer money from one account to several different accounts Creating a Single Transfer A Single Transfer can be initiated through Quick Transfer or Payments/Transfers Quick Transfer 1. Quick Transfer is a default widget on your Home page, usually located at the bottom of the page. 2. Enter the Amount. 3. The earliest possible value date will automatically be selected. You can enter a different value date (MM/DD/YYYY) or select a date using the calendar icon. 4. Select an Account in the Transfer From field and in the Transfer To field. 5. Click Queue Transfer . 2 3 4 4 5 6. A message in greenbar will appear. A payment must be approved before it is sent to the beneficiary. 7. Based on the User’s permissions, if the Transfer requires additional approval, the payment will move into Entered status. 8. From Payments/Transfers , select Payment Management. 8 1 Transfers Bankoh Business Connections (BBC) 3.0 Transfers Creating a Single Transfer > Quick Transfer (continued) 9. For payments in Entered status, go to Payments List View and select Approve, Delete, Modify or Reject in the Actions column. -
National Payment System Development Strategy for 2021 – 2023
NATIONAL PAYMENT SYSTEM DEVELOPMENT STRATEGY FOR 2021 – 2023 Moscow 2021 CONTENTS Introduction .......................................................................................................................... 2 1. Current status of the NPS ............................................................................................... 4 1.1. Regulation ..................................................................................................................................................................................4 1.2. NPS infrastructure .................................................................................................................................................................5 1.3. Payment service providers ................................................................................................................................................9 1.4. Payment service consumers ..........................................................................................................................................10 2. Global and domestic trends and challenges of the payment market ......................13 2.1. Transformation of client experience and consumption models .....................................................................13 2.2. New payment technologies ...........................................................................................................................................13 2.3. New payment market participants .............................................................................................................................14