Through recent amendments of its Commercial Bank Law and Securities Law, China has gradually softened its previous position mandating the segregation of financial business and supervision, as well as explored the financial conglomerate operation. Two models are considered in particular, namely the “universal bank” model, prevailing in Europe, and the “financial holding company” (FHC) model in t...

We apply methods of quantum mechanics for mathematical modeling of price dynamics at the financial market. We propose to describe behavioral financial factors by using the pilot wave (Bohmian) model of quantum mechanics. The theory of financial behavioral waves takes into account the market psychology. The real trajectories of prices are determined (through the financial analogue of the second ...

Based on empirical financial time-series, we show that the ”silence-breaking” probability follows a super-universal power law: the probability of observing a large movement is inversely proportional to the length of the ongoing low-variability period. Such a scaling law has been previously predicted theoretically [1], assuming that the length-distribution of the low-variability periods follows ...

This article describes the individualisation of advisories in the financial services sector, especially the consideration of situations and roles. An important aspect in this context is the connection between the requirements imposed by the law (consumer protection and data protection) and the individualisation. Discussing this topic the article concludes that the individualisation benefits fro...

Muslim-majority countries do not use formal financial services (Honohon 2007).1 Even when financial services are available, some people view conventional products as incompatible with the financial principles set forth in Islamic law. In recent years, some microfinance institutions (MFIs) have stepped in to service low-income Muslim clients who demand products consistent with Islamic financial ...

Technological Innovation, Financial Fragility and Complex Dynamics In this paper we suggest a scaling approach to business cycles. We develop a heterogeneous interacting agents (HIAs) model that replicates well known industrial dynamics stylized facts, as the power law distribution of firms’ size and the Laplace distribution of firms’ growth rates. In particular, the power law is a persistent b...