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The interesting properties of scale-free and small-world networks recently observed have triggered the attention of the research community to the study of real growing complex networks. In scale-free networks, most vertices are sparsely connected, while a few vertices are intensively connected to many others, indicating a “preferential linking” during growing. In small-world networks, the average length of the shortest path between two randomly chosen nodes is small. In this paper, we study the topological and dynamical properties of the network of shareholders (NOS) in 11593 different companies. Based on Graph Databases, we calculate all the well-known in the literature topological and dynamical properties of a network along with centrality measures of nodes of NOS, which quantify the role that a node plays in the overall structure of NOS. We prove that NOS is both a scale-free and smallworld network. An understanding of NOS helps in predicting the emergence of important new phenomena affecting portfolio management in general. Also, this work reveals the fact that graph databases could serve as an efficient tool for analyzing such network models for stock markets. To the best of the authors’ knowledge, this is the first study calculating all the well-known in the literature topological and dynamical properties for Market Investments Networks, that is based on graph databases.

JEL classification codes: C63, D83, G11

The ineffectiveness of economic development policies over the past few years has been largely due to the exclusion of the population from participating in wealth creation. This is probably the main source of income inequality. To remedy this problem and bridge the gap, technological innovation and financial digitalization are effective tools for development actors. This paper aims to assess the impact of the digitalization of financial services on financial inclusion using panel data from 48 African countries over the 2011- 2017 period. Our results show that mobile money and digital payments have a positive and significant impact on bank account penetration, access to credit and savings mobilization. However, the digital inclusion process is hampered in many countries by the dearth of Internet servers, the lack of infrastructure and lengthy administrative procedures.

Keywords: Economic development, financial digitalization, financial services, financial inclusion.

JEL Classification: G18, G20, O10, R11

The pandemic COVID-19 exposes a number of health care problems common for developed and developing countries, creates unprecedented threats and risks and cast doubt on the rightness of widespread approaches to the development of health care and especially primary health care (PHC). The pandemic has shown that even in developed countries the lack of access to first aid for vulnerable groups of the population (pensions, poor, migrants,etc.) can lead to catastrophic consequences for the society. Thus, PHC has indisputable characteristic of a public goods and services - non-excludability. This means that access to PHC must be free and equal to all persons in any region, whether such persons are temporary or permanent residents without exemptions caused by citizenship and social status. Insurance medicine, the source of financing of which is the contributions of insured persons and employers, is not able to provide such access. Thus, the social institutions combining market and non-market principles of financing and providing PHC services must support health care system workable. Budget is a main source of funding PHC service. Also, additional funding of open and equal access to PHC needed. Such funding can support: by earmarked deductions from income of insurance funds; by restrictions of tax evasion by “free-riders” entrepreneurs using unfair low wages of migrants and minorities for rising profits; by the issuing special “green bonds” for finance PHC equipment; and by expansion of activities local charity funds.

Keywords: pandemic, insurance, primary health care, public goods and services, equal and free access.

JEL codes: H51; I18; J15; P36

Central government financial transfers and states’ own tax revenue is interlinked as the transfer policies may encourage or discourage the own tax effort of the states. This paper analyses the effects of central transfers on states’ own own tax revenue, using panel data for l5 major states from 1980-81 to 2019-20 applying panel fixed effects and random effects regression methods. The estimated results show a negative relationship between central transfers and grants and the own tax efforts of the states, indicating revenue substitution by states. More central government assistance means less dependence on own tax revenue dampening the states’ revenue mobilisation efforts. The existence of a strong positive relationship between NSDP per capita and state tax revenue shows the high tax potential of the states. The incentive criterion for tax effort as used both in the finance commissions devolutions and in the Gadgil formula used by the planning commission is not reflected in the federal system of India. The central transfers adversely affect the incentives to states to mobilise their own resources and fail to induce a desired positive revenue generation in states.

Using NASDAQ high frequency trading and limit order book data over 120 stocks between 2008 and 2010, we document that HFTs are active in order placement along the book with an average placement at the 5th step, slightly ahead of NHFTs. HFT orders are further ahead during market crisis, though price-wise they retreat. Liquidity provider in trades, not consumer, matters in order placement along the book. Traders becomes more (less) aggressive placing orders when their own (the other) kind provides liquidity in trading. Trades between HFTs (NHFTs) are significantly related with less aggressive orders from NHFTs (HFTs) along the book.

Keywords: High Frequency Trading, Order Placement, Limit Order Book.

JEL codes: G12, G19, G23