Editura Universitara Finance. Challenges of Digital Era

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82,00 Lei 59,86 Lei

Editura: Universitară

Autor: Narcisa Roxana Mosteanu, Carla AlGhaddaf, Monica Marieta Butoianu, Tatiana Mosteanu

ISBN: 978-606-28-0927-0

DOI: 10.5682/9786062809270

Anul publicării: 2019

Editia: I

Pagini: 276

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Finance is part of our daily life, and it can be seen as art or science to manage the money, using basic principles combined with modern technologies. Finance is usually studied at the university or specialized highschools. However, the present book is dedicated to both students and practitioners, to those who want to understand the public and private financial principles and their importance in any kind of economic activity, and at any level, from individual to global.
The present book addresses aspects of public and private finance, as well as interference with the latest financial technologies and instruments, digital finance and artificial intelligence. It is structured in twelve chapters and started from public finance to corporate finance.
  • FINANCE. CHALLENGES OF DIGITAL ERA

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NARCISA ROXANA MOSTEANU -
Supervisor
Professor Univ.PhD. of Finance

Narcisa Roxana Mosteanu has a Ph.D in Finance and Economics, with more than 21 years of academic experience. Her field of specialization is public finance, international finance, economic policies of regional development, taxation, programming financial policies, and international business. Prof. Narcisa is a practice-oriented with a wide-ranging industry experience, from EU, USA, GCC and Asia. Parallel with academia, she has been worked more than 17 years in private and public sector – as manager/director/ counselor/mentor – being involved in many public and private, domestic and international projects with leading and world-renowned organizations, forums and commissions (CE, World Bank, IMF). As a polyglot, the cross- cultural experience she brings to the institution has positively influence to any university/institution’s social capital in the community. Prof. Narcisa has written 20 books (out of which 17 by singe author) on different topics of economics and finance and more than 40 dedicated articles, published in international scientific indexed journals. Prof. Narcisa disseminated her scientific research by participated in many international scientific conferences, training courses, specialized workshops and forums in the field of finance and economics, as well being counterpart in many research projects (grants), which involved EU structural funds.


 

TATIANA MOSTEANU
Professor Univ.PhD of Finance

Professor Univ. PhD Tatiana Mosteanu is one of those rare professors with more than 50 years of academic and industry experience which is recomended for sharing knowledge and experience for any university and public institution. Her field of specialization is Finance, public budget and treasury, fiscal competition, and economics. Prof. Tatiana is a practice- oriented academic with an wide-ranging experience, both from public administration and in private industry. Parallel with academia, she has been worked more than 24 years in private and public sector – as dean of College of Finance, Insurance, Banks and Stock Exchange, ASE/ Secretary of State at Competition Council/ Prime Vice-president at National Council for Financing the Higher Education/ member of Fiscal Council. She was been involved in many public and private, domestic and international projects with leading and world-renowned organizations, forums and commissions. During her entire activity, Prof. Tatiana has awarded with more than 15 diplomas, more from Ministry of Education of Romania, and she is included in the book Who is Who, by International Business. Prof. Tatiana is one of the most significant researchers, which changes the view of financial competition, budget and treasury approach in Romania. She was written more than 50 books on different topics of finance economics and economics, and more than 250 dedicated articles, published in international scientific indexed journals. Her scientific research is used as a base for higher education in Finance and Economics specialization. Prof. Tatiana disseminated her scientific research by participated in many international scientific conferences, training courses, specialized workshops and forums in the field of finance and economics, in Europe, USA and Asia. Prof. Tatiana has contributed to the development of the Romanian society through the numerous scientific research projects it has coordinated (many under international public organizations like European Comision or World Bank), and which have been a solid foundation for understanding and developing economic processes. 




CARLA ALGHADDAF

Assistant Manager

Once Warren Buffet said Someone's sitting in the shade today because someone planted a tree a long time ago, and my contribution in this book will be my first tree, to provide financial shade for the coming generations.
As a Lebanese expatriate who spent 20 years of her life studying and working in the United Arab Emirates, I am proud to say that every stage in my life has contributed to develop the professional I am now, which leaves me responsible to contribute back for the community I am part of. My passion for finance has grew day by day, through my career in Insurance industry. Nevertheless, a big part of this is from the support of people who have nourished my abilities, developed my skills and most importantly believed in what I can deliver in life, today and in future. The Financial world is changing rapidly, technology is getting into all our aspects of life. The book has analyzed the effects, the challenges, and the development that technology has added to the financial industry. The beauty of the topics discussed in the book will be the modernity of its ideas discussing finance and technology. Financial freedom is one of the ultimate goals the new generation should consider, chapters about direct investment, indirect investment and diversification, have discussed in a modern way how starting young will protect the future. Investment is about growth, it can be obtained depending on the individual’s willingness and ability to achieve it. The book included chapters that will fit the needs of people from different social classes and financial capabilities. Later, it will be seen how technology has given new ways of investment and accesses to local and international markets.




MONICA MARIETA BUTOIANU

Web content editor, Financial Supervisory Authority of Romania

With an experience of almost 15 years in the field of financial supervisory activity, Mrs. Monica Marieta Butoianu is web content editor at Financial Supervisory Authority of Romania. Considered to have an exceptional analytical thinking and a recognized practice experience, she manage daily the whole information of website www.asfromania.ro, all news about European legislation and also international news in this field, along with all news about the activity of the Financial Supervisory Authority. Prior to this position she was Head of Service for Studies and Publications within Insurance supervisory Commission, and Secretary General of the Newsletter of the Insurance Supervisory Commission, where was responsible for writing editorials and editing the Newsletters of the Authority during 4 years. This is the first co-author participation for a book.

Preface / 27

Chapter 1: Public Finance / 29

1.1. Principles of public finance / 30
1.2. Role of public sector / 32
1.3. Public finance functions and mechanism / 35
1.3.1. The functions of public finance / 35
1.3.2. The mechanism of public finance / 39
1.4. Public finance policy versus fiscal policy / 41
1.4.1. Public finance policy / 41
1.4.2. Fiscal Policy / 44
1.5. Public finance’s interaction with digital era / 48

Chapter 2: Public Budget / 53

2.1. Features of public budget / 54
2.2. Public budgetary principles / 56
2.3. Budgeting methods     / 58
2.4. Public budgetary process / 60
2.5. Budget equilibrium and fiscal consolidation / 64
2.5.1. Governmental Loan / 64
2.5.2. Fiscal consolidation / 66

Chapter 3: Taxation – a smart financial tool / 69

3.1. Principles of taxation / 70
3.2. Features of direct and indirect taxation / 73
3.2.1. General features of taxation – tax liability / 73
3.2.2. Direct taxation / 75
3.2.3. Indirect taxation / 77
3.3. Taxation as a Smart financial tool / 78
3.3.1. Using direct taxation to increase the employment rate / 78
3.3.2. Using indirect taxation to increase the employment rate / 79
3.4. International impact of taxation / 80
3.4.1. Direct taxation and international agreements / 81
3.4.2. Indirect taxation and international agreements / 82
3.5. Tax pressure and tax evasion / 83
3.5.1. Tax pressure / 83
3.5.2. Tax evasion / 85
 
Chapter 4: Finance globalization / 91

4.1. Financial system / 92
4.1.1. Finance and commercial revolution / 93
4.1.2. Finance and industrial revolution / 97
4.2. Appearance of globalization / 98
4.3. Globalization: The impact of contemporaneous financial system / 101
4.4. International finance management and digital era / 104

Chapter 5: Fiscal Competition / 109

5.1. Characteristics of fiscal competition / 110
5.2. The concept of fiscal competition / 111
5.3. The negative effects of fiscal competition / 113
5.3.1. Asymmetric fiscal competition / 113
5.3.2. Impact on revenues’ allocation / 113
5.3.3. Impact on inter-regional trade efficiency / 113
5.3.4. Quantification of the negative effects of tax competition / 114
5.4. The positive effects of fiscal competition / 115
5.4.1. Repercussions of taxes / 115
5.4.2. Concentration of production / 115
5.4.3. The influence of fiscal competition on economic growth / 116
5.5. The advantages and disadvantages of fiscal havens in the context of the economic growth approach / 116
5.5.1. The phenomenon of fiscal havens / 116
5.5.2. Characteristics of tax heavens / 117
5.5.3. The advantages of using tax haven / 119

Chapter 6: Finance of Regional Development / 121

6.1. Regional development policy and objectives / 122
6.1.1. Regional development policy / 122
6.1.2. Principles of regional development policy / 122
6.1.3. Objectives of regional development policy / 124
6.2. Regional development in Europe / 125
6.2.1. Least developed countries / 128
6.2.2. Countries with dualist economies / 131
6.2.3. Nordic and continental countries / 133
6.2.4. Nordic economies / 136
6.2.5. Economies of ex-socialist countries / 137
6.3. Financing the regional development in Europe / 139
6.4. Regional development in Middle East / 140
6.4.1. Regional development approach in Middle East / 140
6.4.2. Financing the regional development in Middle East / 142
 
Chapter 7: Intelligent regional development, Entrepreneurship and Smart Cities / 145

7.1. Global Regional Development / 146
7.1.1. Economic development and global approach / 146
7.1.2. Financial and political turmoil effect on regional economic developments     / 148
7.1.3. Artificial Intelligent and reducing regional economic disparities / 152
7.1.4. International or Regional Agreements and their impact on economic sustainable growth / 153
7.2. Financing the regional development / 154
7.2.1. Local funds for regional development / 155
7.2.2. Regional financing through European Regional Funds / 155
7.2.3. Financing Start-ups, Innovation and Entrepreneurship / 157
7.3. Intelligent regional development / 158
7.3.1. Smart cities / 158
7.3.2. Blending facilities – the innovative financial instrument – an EU example / 160

Chapter 8: International Financial Markets / 163

8.1. Financial Market’s characteristics / 164
8.1.1. Financial market history / 164
8.1.2. Financial intermediaries / 164
8.1.3. Financial instruments / 166
8.1.4. Types of financial markets / 167
8.2. Internationalization of Financial Markets / 168
8.2.1. International financial markets process / 168
8.2.2. The impact of international financial markets on local economies / 168
8.3. Financial Markets and Digital Era / 170
8.3.1. Digital-Financial Markets; FinTech / 170
8.3.2. Artificial Intelligence / 171
8.3.3. XBRL / 172
8.3.4. Blockchain / 173
8.3.5. Cryptocurrencies / 174
8.4. Supervision of Financial Markets / 175

Chapter 9: Global Financial Supervision / 179

9.1. Why do financial markets need to work under supervision rules? / 180
9.2. The financial supervisors at world level and core principles of supervision     / 180
9.2.1. The Principles of non-banking financial supervision / 184
9.3. Local authority supervision of non-banking financial markets / 194
9.4. The impact of cyber attacks on financial institutions / 196

Chapter 10: Investments Diversifications / 199

10.1. History of investment diversification / 200
10.1.1. The Beginning of Portfolio Theory / 201
10.1.2. Risk and Your Portfolio / 201
10.2. Portfolio diversification / 202
10.2.1. Purpose of Portfolio Diversification / 202
10.2.2. The four primary components of a diversified portfolio / 203
10.2.3. How diversification can help reduce the impact of market volatility / 204
10.3. Risk Management for portfolio diversification / 205
10.3.1. Types of Risk / 205
10.3.2. Keys to Minimize Risk through Diversification / 206
10.3.3. Relationship between Risk & Diversification. Huge to fail / 207
10.4. Smart methods for a successful investment / 208
10.4.1. Capital appreciation is the increase of value of the investment, it is related to the type of investors and how different methods and strategies used in investing / 208
10.4.2. Investing Strategy of Rule #1 Investing     / 209
10.5. 5Ws & H to start an investment project /  210
10.5.1. WHAT does the investor want? / 210
10.5.2. WHERE to invest? / 211
10.5.3. WHY to invest? / 212
10.5.4. WHEN to buy? / 214
10.5.5. WHO you should ask? / 216
10.5.6. HOW to finally do it? / 217

Chapter 11: Foreign direct investments / 221

11.1. Appearance of foreign direct investment / 222
11.1.1. Examples of Foreign Direct Investment / 223
11.1.2. International trade History / 223
11.1.3. The rise of foreign direct investment / 224
11.2. Economic factors which affect investments / 225
11.3. Strategies for attracting quality investments / 229
11.4. Foreign direct investments and its beneficial effect for all economic actors / 231
11.4.1. Investments as a smart method to increase the personal wealth / 231
11.4.2. Investments as a Development Process for the Business / 232
11.4.3. Investments as a Tool for Boosting the Economic Development / 233
11.5. Relation between personal wealth, development process for the business and boosting the economic / 236
11.5.1. Pros / 236
11.5.2. Cons / 238
11.6. Foreign direct investment and intelligent technology era / 238
11.6.1. Buying and selling securities / 238
11.6.2. Robo-advisors / 238

Chapter 12: Foreign indirect investments / 241

12.1. Main features of indirect investment / 242
12.1.1. Investment control problems / 244
12.1.2. Composition of indirect investment fund / 245
12.1.3. Indirect investing provide better liquidity / 247
12.1.4. Indirect invetsing provides better diversification     / 247
12.1.5. Indirect investing is easier to start / 248
12.1.6. Direct invetsing gives greater sense of control / 248
12.2. Institutions involved in indirect investment process / 249
12.2.1. Unit Investment Trusts / 249
12.2.2. Closed End companies / 249
12.2.3. Open End companies / 249
12.3. Financial Intermediaries involved in indirect investment / 250
12.3.1. Investment trust / 250
12.3.2. Commercial banks / 250
12.3.3. Insurance companies / 250
12.3.4. Hedge funds / 251
12.3.5. Pension funds / 252
12.4. Benefits and Challnges of financial intermediaries / 252
12.4.1. Benefits / 252
12.4.2. Challenges / 253
12.5. Sectors which attract foreign indirect investments / 253
12.5.1. Money Market Funds / 253
12.5.2. Stock Funds and Bond & 

Finance is part of our daily life, and it can be seen as art or science to manage the money, using basic principles combined with modern technologies. Finance is usually studied at the university or specialized highschools. However, the present book is dedicated to both students and practitioners, to those who want to understand the public and private financial principles and their importance in any kind of economic activity, and at any level, from individual to global.
The present book addresses aspects of public and private finance, as well as interference with the latest financial technologies and instruments, digital finance and artificial intelligence. It is structured in twelve chapters and started from public finance to corporate finance.
Chapter 1 – Public Finance, presents the principles of public finances and the role of the public sector in the economy. The chapter explains the public finance mechanism in the process of formation of public revenues and their allocation to the economy; it comes to clarify the importance of financial and fiscal policy to ensure a balanced and lasting economic growth; and explains the use of modern and intelligent public-private financial communication methods.
Chapter 2 – Public Budget, presents the principles of the public budget, methods of budgeting and public budgetary process. The chapter underlines the main key indicators to ensure the efficiency and effectiveness of using public money; and, explain the benefits of budget balancing and the need for fiscal consolidation to ensure sustainable economic growth.
Chapter 3 – Taxation – a Smart financial tool deals with tax issues, principles, and characteristics. The chapter focuses on the intelligent use of tax to increase employment rates, and on the international impact, which a tax may have on capital and the labor market. A particular point is the tax pressure and tax evasion, its effects in the economy, as well as new technologies for diminishing the evasion phenomenon.
Chapter 4 – Finance Globalization, discusses finance from local to international, giving a special place to globalization and its effect. The chapter explains the implications of the financial system, international economic agreements, and regional economic organizations; and underlines the implications of digital era within financial systems.
Chapter 5 – Fiscal Competition, underlines the characteristics of fiscal competition, presents the negative and positive effects of fiscal competition on the country economic level; giving an accurate explanation the fiscal haven concept and its habit to avoid high taxation levels.
Chapter 6 – Finance of Regional Development, presents the importance of economic development form local to national, and from national to regional. There is a special place allocated to methods of financing the regional development in Europe and the Middle East.
Chapter 7 – Intelligent Regional development, Entrepreneurship, and Smart Cities discuss economic development under the global loop. The chapter presents the turmoil effect on regional developments and how we can use new financial technologies and services to reduce economic disparities, at local and international level. Types of financial funds and projects are presented on categories of investments: from start-ups to smart cities. The chapter underlines innovative financial instruments are presented as an example of modern practices.
Chapter 8 – International Financial Markets started from financial markets’ features and highlights the impact of finance internationalization. The chapter gives special attention to the financial crisis and the role of financial markets, to learn from these experiences. New technologies and the expertize of the digitalization of financial markets is presented through artificial intelligence, Blockchain, and cryptocurrencies. In the end, the chapter emphasizes the importance of financial markets’ supervision.
Chapter 9 – Global Financial Supervision underlines the need and rules of financial supervision, given special attention on non-banking markets. The chapter presents also the impact of the cyber attack on financial institutions.
Chapter 10 – Investment Diversification underlines the principle and the importance of diversification. Risks in investments and ways to manage are treated under smart methods for successful investments. The chapter presents in detail steps, which should be followed when you start an investment project.
Having in the view the importance of foreign investments, the last two chapters 11 and 12 present Foreign Direct Investment and Foreign Indirect Investments. Chapter 11 started from the appearance of foreign investments and highlights the factors, which have a signification impact on foreign investments. The chapter presents the benefits of foreign investments and the relation between personal wealth, business and economic growth. Chapter 12 underlines the difference between direct and indirect investments and the benefits of investments.

Looking at the content, the present book can be considered as a working instrument for both economics as well for students who wish to discover more closely the mechanism of finance.

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