Is our financial system serving us well?

One of the major reasons explaining the inefficiency and underdevelopment of Iran’s financial system—as well as its limited effectiveness in influencing macroeconomic variables in recent decades—may lie in the type of financial regulatory system in place. This issue has received little attention from researchers and policymakers in Iran, even though many countries have shifted their financial regulatory systems from traditional frameworks to more modern approaches such as the Twin Peaks model. Accordingly, this study seeks to explore Iran’s current situation by drawing on the experiences of successful countries and aims to answer the key question: What type of financial regulatory system should Iran adopt? In other words, which regulatory approach is best suited to enhance the effectiveness of Iran’s financial system? Findings from a covariance analysis conducted on 23 countries over the period from 1981 to 2020 indicate that changes in the financial regulatory authority’s approach (traditional, functional, integrated, and Twin Peaks) interacting with macro-financial characteristics (financial structure, interest rate repression, and generalized public trust) have, in most cases, led to changes in the performance of both the real sector (economic growth and inflation) and the financial sector (financial development and financial efficiency). The statistical results revealed the suboptimality of traditional and functional models, and confirmed the superiority of transitioning first to an integrated financial regulatory system, followed by the adoption of the Twin Peaks model. Due to the complexity of such systemic changes, it is recommended that an integrated financial regulatory system be implemented on a trial basis for a limited number of years before transitioning to the Twin Peaks model. From a broader perspective, it appears that Iran's economy is in need of a complete redesign of its socio-economic architecture.

The article is devoted to the impact of artificial intelligence (AI) on financial management system, efficiency and feasibility of introducing mechanisms, technologies and programs based on artificial intelligence into the work of a financial structure. It describes the essence of artificial intelligence and its features. The article uses the following research methods: analysis, synthesis, observation, measurement, comparison, financial analysis, as well as data processing and interpretation. The relevance and scientific novelty of research consists in the analysis and determination of the relationship between the key performance indicators of financial management and the use of mechanisms, technologies and programs based on artificial intelligence; identification of the degree of influence of technologies based on artificial intelligence on the effectiveness of the financial management system of commercial organizations. A scientific research on the influence of AI on the financial management system in a commercial organization is conducted using the example of PJSC Magnit, the largest retail chain of stores founded in Krasnodar. The data for the study were taken from the official website of the organization and from the financial and non-financial reports and documents provided therein. The degree of digitalization of the company, the systems used based on artificial intelligence are studied, and the work of the company’s financial management system is analyzed. The efficiency of the financial system is studied, the indicators related to the company’s financial management system are analyzed. The relationship between investments in the creation of IT departments, AI systems and their use in the financial system with the company’s financial indicators is revealed. A conclusion is made about the positive impact of the implementation of mechanisms using artificial intelligence in the work of the financial management system to achieve its goals and maintain competitiveness. The measures are suggested for commercial organizations on the methods and forms of the use of artificial intelligence system.

It is determined that the formation of the financial system of Ukraine took place simultaneously with the development of its statehood. The components of the financial and credit system, which in total are two subsystems: financial and credit, are analyzed. Each of these subsystems is divided into spheres, and those in turn — on the links, subdivisions, etc. Although each element of the financial and credit system has its own organization, mechanism and functioning, they are all closely interconnected and have a great influence on the development of the national economy. It is noted that the banking system in Ukraine is under construction. It is built on the western type. Today in most countries of the world there is a two-tier banking system. In such a system, relations between banks are formed in two planes: vertically and horizontally.As the analysis shows, the market mechanism is not omnipotent. According to the goals of a democratic society, the market can not provide a noble redistribution of profits. In a crisis situation, the market has little effect on the stabilization of the economy and the effective functioning of the credit and financial system. Certain investment funds, insurance companies and credit and financial institutions are engaged in activities that are unusual for them, harming the public: attracting contributions from the population that perform the functions of savings and commercial banks on the principle of a pyramid, thus causing a wave of bankruptcies. It is substantiated that the public purpose of the financial and credit system characterizes the functions and gives a clear idea of its role, that is, the "work" that this system performs in society. The functions of the financial and credit system are an objective and dynamic phenomenon. Each of them is formed and developed with the development of financial and credit relations and the economic environment in which this system operates. It was concluded that financial and credit relations are one of the most important categories of a market economy, which reflects the real relations and interconnections of economic entities in the economic life of society. The financial and credit interaction of banks and enterprises has always been and remains an important lever for stimulating the development of production and reflects the economic relationship with the reverse movement of borrowed value.

PurposeIn 1974, the UN General Assembly adopted a landmark resolution proclaiming the establishment of a New International Economic Order. One of the basic aims of this declaration was to enhance the voice and participation of developing countries in the international economic decision-making process based on norms of equitable governance. More than four decades have passed since its adoption. This paper aims to reflect on the past 43 years of the global financial regulatory system in light of the notion of equitable governance as envisioned by the “New International Economic Order”.Design/methodology/approachThis paper surveys the global financial regulatory system from the vantage point of equitable economic governance. This discussion covers the period that comes after the 1974 UN landmark resolutions that declare the establishment of a “New International Economic Order”. The authors use qualitative and quantitative approach in this study. They use descriptive statistics and intuitive discussions of certain cases to carry the objective of the paper forward.FindingsFirst, part of the development in global financial regulation manifests the establishment of informal networks that embark on global regulatory issues, while being very exclusive in their membership policies. Second, the lack of full and effective participation of developing countries in the decision-making and norm setting remains unsolved in the global financial regulatory system. Third, the shadow role of the World Bank and International Monetary Fund was of great significance in assisting the implementation of non-binding regulatory rules of international finance in developing countries despite the concerns of legitimacy and equity in the making of international standards. In sum, the global financial regulatory system that emerged in the past four decades is quite different from that aspired by the NIEO.Originality/valueThe declaration of NIEO coincides with the collapse of the Bretton Wood’s fixed exchange rate which in turn leads to the emergence of a new financial system and regulatory development. This period marked the proliferation of informal networks that make policy recommendations or non-binding rules with global implications. As far as the literature review goes far, this paper is the first to survey the post Bretton Wood’s period of the global financial regulatory architecture based on the tenets of the “New International Economic Order”.

With the rapid development of Internet technology and wide use of computer, digitalization also gets large growth attributes to the surprisingly fast development of science and technology at college. The data sharing has become the bottleneck of digital campus development between the financial system and the use of digital campus data files. In this paper, we make the analysis financial data of the financial system and the digital campus network data sharing, automated processing strategies, and achieve the financial data subscription, automated data extraction. Combining financial system and informatization together with the purpose of realizing a complete sharing of financial information, we have designed the college financial management system, which includes the subsystems: account management, student fees management, compensation management and so on. This paper also makes firstly introduction of the technology adopted in the system and explain the function of each subsystem.

The article deals with the peculiarities of the activities of international financial institutions and their relationship with Ukraine in modern conditions. The main goals and directions of the activities of key international financial institutions, such as the International Monetary Fund, the World Bank, are specified. It is noted that in the context of globalization their role and significance grows, because they are supranational regulators that affect financial security of both the individual countries of the world and security of the world financial market as a whole. The main reasons for the emergence of international financial institutions and the basic goals of their activities are systematized. The International Monetary Fund is the main international financial institution, which is the institutional basis of the world monetary and financial system. The IMF assesses the sufficiency of the global financial protection system, provides economic supervision and control over the safe operation of the global monetary and financial system, and should respond to emerging problems and imbalances in a timely manner, providing the necessary funding and technical assistance to countries under the approved arrangements. The analysis of the statistics on loans provided by the IMF within various lending mechanisms, the analysis of the state of the world 's debts to the IMF in the context of its privileged and non – beneficial loans, the peculiarities of the IBRD' s relations with the member countries are analyzed and there are identified current trends in this direction. The key problems and challenges in the work of international financial institutions are formulated and prospective ways of their development are defined, the use of which will promote both optimization of their activities and strengthening the security of the world financial market.

In the intricate world of financial data replication, conflicts are inevitable, especially in distributed environments where data is constantly moving across multiple systems. This article delves into the various strategies employed to tackle these conflicts, ensuring data integrity and consistency. We begin by exploring the common sources of conflict in financial data replication, such as network latency, system failures, and concurrent updates. Recognizing these challenges, we discuss the importance of establishing robust conflict resolution mechanisms. The article highlights several key strategies, including timestamp-based conflict resolution, where the most recent update prevails, and versioning, which maintains multiple versions of data to handle discrepancies. We also examine the use of consensus algorithms, such as Paxos and Raft, to achieve agreement among distributed nodes. These techniques are essential for maintaining the accuracy and reliability of financial data, which is crucial for decision-making and compliance. Additionally, we look at real-world examples and case studies that illustrate the successful implementation of these strategies in financial institutions. By understanding the practical applications, readers can better appreciate the complexities and solutions involved in financial data replication. Ultimately, this article aims to provide a comprehensive overview of conflict resolution strategies, offering valuable insights for professionals involved in managing financial data systems. By adopting these strategies, organizations can enhance their data replication processes, ensuring seamless operations and fostering trust in their financial systems.

By analyzing the equilibrium points and eigenvalues of a financial chaotic system, finding the system has the coexistence characteristics under certain parameters and initial conditions. Numerical analysis shows that different parameters have different effects on the system, and the stability may be broken by the existence of coexisting characteristics and the parameter changes. In order to effectively control the chaotic behavior of a financial system, proposing a control method for the first time based on the Hamilton energy. Finally, controlling the chaotic financial system reaches a stable state by designing a generalized Hamilton energy feedback controller.

The article analyzes the supervision of areas of improvement of the Ministry of Finance of Ukraine. It is noted that the study of the development prospects of the Ministry of Finance of Ukraine lays the Foundation for the modernization of the financial authority in accordance with current trends in the development of society and the state. The attention is focused on the fact that the reform of the system of financial management in Ukraine is a nervous process, which continues today. It is investigated that the system of financial management bodies in Ukraine requires further improvement. It is noted that the creation of a unified financial management system will ensure the effectiveness of not only the financial policy of the state, but also will contribute to the effective development of the economy of the country and its regions. The main directions of improvement of activity of the Ministry of Finance in Ukraine are investigated and ways of their overcoming are entered. It is noted that the financial system is a complex mechanism, the effectiveness of which depends on the proper legal regulation and the existence of a coherent organizational framework for the management of the financial system of Ukraine. When opening up the prospects of development of the Ministry of Population of Ukraine, consider that the stationary location is effective, possibly its economic development and public well-being. There is no need to ever persuade. It has become clear both the overwhelming results for all, political and public figures, and the broader version. If you have a three-year duration, you do not have any strength, then continue the degradation of industrial relations, social consciousness, and the following is uncertain. Finding out the interesting part, we are, as a consequence, the black outbursts of crisis that are important to people's well-being. Key words: Ministry of Finance of Ukraine, directions of improvement of the Ministry of Finance of Ukraine, financial system, improvement of the financial system.

The complex chaotic dynamics and multistability of financial system are some important problems in micro- and macroeconomic fields. In this paper, we study the influence of two-delay feedback on the nonlinear dynamics behavior of financial system, considering the linear stability of equilibrium point under the condition of single delay and two delays. The system undergoes Hopf bifurcation near the equilibrium point. The stability and bifurcation directions of Hopf bifurcation are studied by using the normal form method and central manifold theory. The theoretical results are verified by numerical simulation. Furthermore, one feature of the proposed financial chaotic system is that its multistability depends extremely on the memristor initial condition and the system parameters. It is shown that the nonlinear dynamics of financial chaotic system can be significantly changed by changing the values of time delays.

In order to fully implement systematic, continuous and effective supervision of financial institutions and promote the safe, steady, and efficient operation of China’s financial system, this research needs to develop a fully intelligent financial supervision information system, so as to take measures to effectively prevent and resolve financial risks. In this paper, based on ML (machine learning), an LSTM (long short-term memory) model with good comprehensive performance is built. This model is different from the existing scorecard model which relies on statistical learning. It not only further reduces the dependence on financial experts, but also has the ability of rapid iteration. The post-loan risk early warning model based on RF (random forest) algorithm is designed. The model parameters are optimized, which makes the risk early warning model have higher accuracy. The results show that when the data amount is 10,000 to 50,000, the accuracy of the model is relatively high when it is input into the model. When the amount of data is low, the overall throughput of the model is still very high. It shows that the pre-warning model of post-lending risk constructed in this paper has a strong risk prediction ability.

Instability of the financial system is very bad impact is the loss of public confidence and declining economic growth and community. Besides the cost of economic recovery particularly the financial sector is very large due to the crisis. While the recovery process also runs less in line with expectations. Therefore, the stability of the financial system must be maintained to ensure the public interest. Research methods used is the method of content analysis by describing and analyzing the existing sources to record these data relate to each other the problem studied. Role of Bank Indonesia in maintaining the the stability of the financial system, among others maintain monetary stability, creating a healthy performance of financial institutions, organize and maintain smooth operation of payment systems, research and monitoring and financial system safety net. strategy of Bank Indonesia in maintaining the the stability of the financial system, among others coordination and cooperation, monitoring, crisis prevention and crisis management. There are three reasons for the importance of the stability of the financial system, namely: monetary stability can only be realized with the financial stability, a stable financial system will creating trust and supportive environment for depositors and investors, encourage efficient financial intermediation, encourage the operation of the market and improve the allocation of economic resources. Bank Indonesia and government has implemented its role and strategy in maintaining the stability of the financial system in Indonesia. Keywords : Role, Strategy, Stability of Financial System

I propose that Chaco Canyon was a chiefdom that emphasized a corporate political strategy (Blanton et al. 1996). Corporate groups define the relationship of people to resources, especially as the owners of productive land. Groups are materialized by public ceremonies and monuments, but leaders are typically faceless. Chaco's famous road system, the elaborate architecture of the great houses, and the regional procurement of specific resources support the proposal that Chaco was a corporate chiefdom. To create and sustain the regional institutions of a chiefdom requires not only leaders, but a system of finance. Chaco is argued to have had a system of staple finance, where surplus food and everyday technologies were mobilized from a broad supporting population. Mobilization was based on control of food production, but the method of control has not yet been defined for Chaco. The exchange of prestige goods, such as turquoise, shell, and copper bells, was not part of the system of finance for Chaco, but was part of an interpersonal and noncentralized reciprocal exchange network such as those found broadly in egalitarian societies.

İslami finans alanında dünyada lider ülkelerden olan Malezya’da İslami bankaların varlıkları yanı sıra sukuk ve diğer İslami fonlar İslami finansal sistemde önemli bir pay almaktadır. Ülkede, İslami finansal sistemin gelişimini sürekli kılmak adına Şeriat kuralları dikkate alınarak yeni İslami finansal enstrümanların geliştirilmesi konusunda önemli inovasyon çalışmaları yapılmaktadır. Ülkede İslami bankacılık uygulamalarının başlatıldığı 1983 yılından günümüze sektörde önemli ilerlemeler kaydedilmiştir. Günümüzde 65 milyar $’ı aşan sermayesi ile İslami bankacılık sektöründe Malezya, model bir ülke konumundadır. İslami bankacılık sisteminin ortaya çıkışında mudilerden gelen faizsiz hizmet alma talebi önemli bir motivasyon olmuştur. Bankacılıkta dual/ikili sistemin uygulandığı ülkede, yerli ve yabancı İslami bankaların yanı sıra konvansiyonel bankalar da faaliyette bulunmaktadır. Malezya’da Şeriat kurallarınca uygun görülen Mudaraba, Muşaraka, Murabaha, Selem, Vadîa gibi çok çeşitli İslami kontrat modelleri uygulanmaktadır. Öte yandan, 2002 yılında Şeriat hükümlerine uygun olarak Sukuk ihracına başlanmıştır. Malezya günümüzde sukuk ihracı konusunda dünyanın önde gelen ülkeleri arasında yer almaktadır. Ancak Malezya’da, İslami finans konusunda diğer ülkelere göre rekabetçi üstünlüğe karşın, uygulamada bazı güçlükler yaşanmaktadır. Bu çalışmanın amacı, Malezya’da İslami bankacılık ve İslami finans uygulamalarını incelemektir. Malezya’da İslami bankacılık ve İslami finans uygulamaları hakkında ayrıntılı bilgiler verildikten sonra bu ülkede İslami finansın geliştirilmesine yönelik öne çıkan politika önerileri üzerinde durulacaktır. Çalışma, Malezya’da finansal sistemin yapısı yanında İslami bankacılığın yapısı ve işleyişi, İslami finansal enstrümanlar, sukuk ve tekâfül uygulamaları ile İslami finans sistemin gelişmesine yönelik politika önerileri başlıklarından oluşmaktadır.

We have already noted various features of Arab banking and financial systems and also identified that a major objective of the various financial liberalization programmes undertaken aim to promote more competitive, stable and better-performing operating environments. Inextricably linked to these objectives is the improvement in the efficiency of banks and the financial system overall. This chapter examines the main issues concerning the study of financial system efficiency. Among many functions the financial system performs, there are two that are essential for any economy: one is the administration of the payments mechanism, and the other is intermediation between ultimate savers and borrowers. However, undertaking these functions may not be sufficient for the financial system to maintain its wellbeing and performance. The experience of many financial systems that have experienced financial crises suggests an essential element in the functioning of the financial system is the extent of its efficient operation. This is crucially linked to the soundness and safety of the financial system overall.