Payments systems typically involve a number of interconnected systems. These typically have at the center a large-value payment system (in many cases operated by a central bank) through which banks send funds to each other for various purposes. Some of these purposes include providing liquidity to complete transactions in any number of ancillary systems, such as other large value funds transfer...

The paper describes the project for digital transformation of domestic investment market. Chamber Commerce and Industry Russian Federation, Center Study Monitoring Effectiveness Measures Socio-Economic Support Entrepreneurship “Locomotives Growth” Financial University under Government Federation have launched a on market, which will allow unprecedented scale involvement funds owners private, st...

Transition of the former communist countries of Central and Eastern Europe (CEE) to functioning market economies creates new investment opportunities. A decade ago capital markets were almost absent in all CEE countries but they are developing rapidly. At the end of the 1990s institutional investors from Western countries are present in the equity and bond markets of the largest CEE economies. ...

This paper uses a numerical general equilibrium model to evaluate the welfare impacts of alternative agri-environmental policies in an open economy while recognizing the presence of distortionary agricultural support subsidies and factor income taxes. In this context, the paper indicates that a revenue-neutral budget reform, which cuts all distortionary agricultural support subsidies and pays r...

ing from the likely increase in saving and wealth, the implications of growth in institutions, notably life insurers and pension funds, for financing patterns arise from differences in behaviour from the personal sector, which would otherwise hold assets directly. As we showed in Tables 7-9, portfolios of long-term institutions vary widely, but in most cases, they hold a greater proportion of c...

Results in behavioral economics suggest that material incentives can crowd out motivation, if agents are mission-oriented rather than self-interested. We test this prediction on a sample of nonprofit organizations in Sweden. Swedish nonprofit organizations receive tax funds annually to promote human development issues through information campaigns. Traditionally, the contract with the main prin...

Agrifood supply networks are dynamic structures where firms regularly face the need to search for new market partners. A decision for a transaction with a new partner requires appropriate control and safeguard mechanisms as well as trust to overcome perceived risk and uncertainties. Electronic transaction environments offer new potentials for the identification of new transaction partners. Howe...

Micropayments are electronic payments of small amount. Given their low value, the cost of the corresponding electronic transactions should also be kept low. Current micropayment schemes allow a regular amount of money withdrawn from a bank to be split into fixedvalue coupons, each of which is used for one micropayment. A more flexible mechanism is proposed in this paper, whereby coupons of vari...