Papers by Alexandr Akimov
Journal of Emerging Market Finance, Apr 1, 2010
This article examines financial liberalisation in Indonesia and South Korea during the 1980s and ... more This article examines financial liberalisation in Indonesia and South Korea during the 1980s and the early 1990s. It provides a brief discussion of the pre-reform political and economic environment in the two countries, followed by a description of the state of the pre-reform financial sectors in both the countries. The article then focuses on the respective financial development policies and
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Problems of Economic Transition, Dec 8, 2014
ABSTRACT This article examines the major challenges faced by Uzbekistan in restructuring its fina... more ABSTRACT This article examines the major challenges faced by Uzbekistan in restructuring its financial system to integrate with world financial markets. The article provides a brief discussion of Uzbekistan's financial system prior to the collapse of the former Soviet Union. It reviews the reforms made by the Uzbek government since independence, covering the banking sector, nonbank financial institutions, and the securities market of Uzbekistan. The article then focuses on the evolution of Uzbekistan's banking sector structure, policies of the central bank, and the approach taken to the privatization of state banks, as well as the steps taken to improve bank accounting standards and banking supervision. The development of nonbanking financial institutions is reviewed, the structure and problems of the current insurance market are discussed, and the approach taken to reform of the pension system is presented. A section on the securities market examines the evolution of this sector; state debt securities, corporate equities, and bonds are considered in this evaluation, together with stock exchange trading and "over the counter" markets. The article concludes with an evaluation of recent policies in light of the unified multiple exchange rates and liberalized access to foreign exchange for current account transactions.
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ABSTRACT
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ABSTRACT
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The electricity sector is one of the most important participants in the European Union Emissions ... more The electricity sector is one of the most important participants in the European Union Emissions Trading Scheme (EU-ETS). This study provides further evidence on the effect of the carbon pricing on the stock returns of electricity companies in the EU-ETS. The investigation is undertaken in both phases I and II of the EU-ETS using multivariate M-GARCH approaches which include a multivariate CCC-GARCH and DCC-M-GARCH methods. The results show that the carbon market significantly affected the returns of electricity companies in Phase 1, but not in phase II of the EU-ETS. The relationship between carbon prices and electricity prices was found to be positive and symmetric. However, no volatility spillover effect between the carbon market and electricity returns was found in Phase I, whereas such effect existed in Phase II and one which was positive. These results imply that in the short run, electricity companies are significantly affected by the carbon market but this effect diminishes ...
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Journal of Cleaner Production, 2015
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Journal of International Education in Business, 2014
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International Finance Review, 2015
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Disappointment with the results of forced amalgamation programs across almost all Australian loca... more Disappointment with the results of forced amalgamation programs across almost all Australian local government jurisdictions has created great interest in shared service models as an alternative method of improving the operational efficiency of local councils. While an embryonic literature on shared service provision in the Australian municipal milieu does exist, much remains to be done, including the development of a
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SSRN Electronic Journal, 2000
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This paper examines financial liberalisation in Indonesia and South Korea during the 1980s and ea... more This paper examines financial liberalisation in Indonesia and South Korea during the 1980s and early 1990s. The paper provides a brief discussion of a pre- reform political and economic environment in two countries, followed by a description of the state of the pre-reform financial sectors in both countries. The paper then focuses on the respective financial development policies and their pace, sequencing and outcomes in the two nations. The socio-economic impact of financial sector reforms is also carefully considered. The paper concludes by summarising its main findings and drawing out some major policy implications.
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Papers by Alexandr Akimov