In this chapter, Iris Vanaelst, Jonas Van Hove and Mike Wright, after a brief review of US policy towards accelerators, focus on how EU policy engages with different stakeholders in order to support accelerator activity within the EU area. The EU interactions with accelerators are threefold: (1) the EU supports the setup of accelerator networks to create momentum for accelerators to meet and exchange experiences, expertise and knowledge (e.g. Accelerator Assembly); (2) the EU supports and funds accelerator programs (e.g. EU-XCEL-European Virtual Accelerator, IoT Accelerator Programme, Copernicus Accelerator Programme); and (3) accelerators serve as intermediaries between the EU and start-ups looking for funding (e.g. EuropeanPioneers) in addition to the small and medium-sized enterprise (SME) funding instruments of the EU (e.g. SME Instrument). Interesting examples of each of these initiatives are discussed in more detail.
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Iris Vanaelst, Jonas Van Hove and Mike Wright
Where the return of gift exchange models takes centre stage. Today, gift economics are regaining momentum in the networked information economy – as are collaboration, decentralization and openness. Communities of social trust, such as Wikipedia, YouTube and fanfiction circles, spread virally online through gift exchange models. User-based creativity thrives on the idea of ‘playful enjoyment’ rather than economic incentives. Anthropologists place societies on an economic evolutionary scale from gift to commodity exchange; at either end of that continuum are the clan system and the capitalist system of organization. This spectrum should now extend to the ‘crowd’ or ‘community-based society’, which features new modes of social interaction in online communities. The networked, mass-collaborative, crowd society enhances the prolificacy of the gift exchange model that lies in what social scientists describe as a debt economy. It is possible that we will transition to a consumer gift system or user patronage, promoting an unrestrained, diffuse and networked discourse between authors and the public through digital crowd-funding. Ultimately, the return of the gift economy in the networked society may answer Jean Baudrillard’s question: ‘will we return, one day, beyond the market economy, to prodigality?’
In the post-British Raj Era, financial liberalization is a hallmark of Indian banking regulation. The RBI is a focal point for change. The pace of change, however, is measured thanks to the legacy of Nehruvian Socialist-style controls, and to the complexity of Indian bank structure. Both payments and FX regulation exemplify this cautious approach to legal and policy reform. Underlying financial liberalization are long-held suspicions in India about freewheeling western-style banking markets. The RBI seeks to develop a modern banking system while ensuring the poor and emerging middle class are not financially excluded from that system. That means the cautionary approach to reform that has characterized the RBI will endure.
Legal and Regulatory Aspects
Edited by Iris H.-Y. Chiu and Iain G. MacNeil
Edited by Gareth Davies and Matej Avbelj
Edited by D. G. Smith and Andrew S. Gold
Edited by Peter Conti-Brown and Rosa M. Lastra
Edited by Adelina M. Broadbridge and Sandra L. Fielden
Se Hyun Ahn
This chapter explores Republic of Korea (ROK)’s energy security priorities and problems. During President Park’s administration, ROK has faced a wide range of energy security problems. The nation’s energy diplomacy has virtually ceased to function for mostly domestic political reasons. Furthermore, the nation’s energy security has been endangered because ROK’s energy security policy has been poorly implemented with no concrete goals and no rational choice of energy mix plan. This chapter seeks to examine ROK’s most urgent energy security agenda and how the country should respond to these specific issues. Moreover, this study will investigate ROK’s energy mix policy in detail according to various energy resources. This chapter contends that the current problems of ROK’s energy security and the deadlock of ROK’s energy diplomacy stemmed from the ignorance of the exact definition of energy security at the national level among policymakers, academia, and various political groups including top leadership. ROK’s energy security is highly likely to experience significant disarray in the upcoming decades since the nation’s energy security clock has been reset to five years earlier during Park’s administration.
Two of the central features of the money markets and the wider shadow banking system are securitisation – the packaging up of loans and other assets into tradable securities – and maturity transformation – the financing of longer-term assets through short-term liabilities. Traders and investors use a number of investment vehicles and financial market instruments as techniques to structure these activities. Secured financing transactions (SFTs) are one of these techniques. Repurchase agreements – or ‘repos’ as they are commonly known – are the most widely used form of SFT, and have become a key source of money market liquidity. As financial innovation has proceeded apace, repos have evolved from what was essentially a ‘back-office activity in the 1990s, [to become] integral components of the banking industry’s treasury, liquidity and assets/liabilities management disciplines [as well as] an essential transaction used by central banks for the management of open market operations’ The rapid growth of repos may be understood as one consequence of evolving legal and regulatory structures which advantaged non-bank and off-balance-sheet credit intermediation; indeed, the switch in bank business models from asset to liability balance sheet management has been heralded as ‘one raison d’être for the shadow banking system’. Higher repo volumes are a symptom of this emergence, providing liquidity for risk-averse institutions which do not have access to central bank funding or insurance, and as a source of finance for leveraged intermediaries – particularly banks and brokerdealers – in wholesale funding markets. Today, inter-dealer repo markets have largely replaced unsecured money markets as the source and use of overnight funds.