Search results for: foreign bank entry

Authors: Bárbara Magalhães Bravo, Cláudia Figueiras

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The economical globalization through the liberalization of the markets and capitals boosted the economical development of the nations and the needs for sorting out the disputes arising from the foreign investment. The arbitration, for all the inherent advantages, such as swiftness, arbitrators’ specialise skills and impartiality sets a pacifier tool for the interest in account. Safeguarded the public interest, we face the problem of the confidentiality in the arbitration. The urgent development of impelling mechanisms concerning transparency, guaranty and protection of the interest in account, reveals itself urgent. Through a bibliography review, we will dense the state of art, by going through the several solutions concerning, and pointing out the most suitable. Through the jurisprudential analysis we will point out the solution for the conflict confidentiality/public interest. The transparency, inextricable from the public interest, imposes the arbitration process can be open to all citizens. Transparency rules have been considered at the UNCITRAL in attempting to conciliate the necessity of publicity and the public interest, however still insufficient. The arbitration of foreign investment carries consequences to the citizens of the State. Articulating mechanisms between the arbitral procedures secrecy and the public interest should be adopted. The arbitration of foreign investment, being a tertius genius between the international arbitration and the administrative arbitration would claim its own regulation in each and every States where the confidentiality rules and its exceptions could be identified. One should enquiry where the limit of the citizens’ individual rights protection and the public interest should give way to the principle of transparency

Keywords: arbitration, foreign investment, transparency, confidenciality, International Centre for Settlement of Investment Disputes UNCITRAL

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Authors: Ismatilla Mardanov

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There are three types of countries, the first of which is willing to attract foreign direct investment (FDI) in enormous amounts and do whatever it takes to make this happen. Therefore, FDI pours into such countries. In the second cluster of countries, even if the country is suffering tremendously from the shortage of investments, the governments are hesitant to attract investments because they are at the hands of local oligarchs/cartels. Therefore, FDI inflows are moderate to low in such countries. The third type is countries whose companies prefer investing in the most efficient locations globally and are hesitant to invest in the homeland. Sorting countries into such clusters, the present study examines the essential institutions and economic factors that make these countries different. Past literature has discussed various determinants of FDI in all kinds of countries. However, it did not classify countries based on government motivation, institutional setup, and economic factors. A specific approach to each target country is vital for corporate foreign direct investment risk analysis and decisions. The research questions are 1. What specific institutional and economic factors paint the pictures of the three clusters; 2. What specific institutional and economic factors are determinants of FDI; 3. Which of the determinants are endogenous and exogenous variables? 4. How can institutions and economic and political variables impact corporate investment decisions Hypothesis 1: In the first type, country institutions and economic factors will be favorable for FDI. Hypothesis 2: In the second type, even if country economic factors favor FDI, institutions will not. Hypothesis 3: In the third type, even if country institutions favorFDI, economic factors will not favor domestic investments. Therefore, FDI outflows occur in large amounts. Methods: Data come from open sources of the World Bank, the Fraser Institute, the Heritage Foundation, and other reliable sources. The dependent variable is FDI inflows. The independent variables are institutions (economic and political freedom indices) and economic factors (natural, material, and labor resources, government consumption, infrastructure, minimum wage, education, unemployment, tax rates, consumer price index, inflation, and others), the endogeneity or exogeneity of which are tested in the instrumental variable estimation. Political rights and civil liberties are used as instrumental variables. Results indicate that in the first type, both country institutions and economic factors, specifically labor and logistics/infrastructure/energy intensity, are favorable for potential investors. In the second category of countries, the risk of loss of assets is very high due to governmentshijacked by local oligarchs/cartels/special interest groups. In the third category of countries, the local economic factors are unfavorable for domestic investment even if the institutions are well acceptable. Cluster analysis and instrumental variable estimation were used to reveal cause-effect patterns in each of the clusters.

Keywords: foreign direct investment, economy, institutions, instrumental variable estimation

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Authors: Amir Ikram, Faisal Ijaz, Qin Su

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The empirical study was undertaken to explore the determinants of non-performing loans (NPLs) of small and medium enterprises (SMEs) sector held by the commercial banks. Primary data was collected through well-structured survey questionnaire from credit analysts/bankers of 42 branches of 9 commercial banks, operating in the district of Lahore (Pakistan), for 2014-2015. Selective descriptive analysis and Pearson chi-square technique were used to illustrate and evaluate the significance of different variables affecting NPLs. Branch age, duration of the loan, and credit policy were found to be significant determinants of NPLs. The study proposes that bank-specific and SME-specific microeconomic variables directly influence NPLs, while macroeconomic factors act as intermediary variables. Framework exhibiting causal nexus of NPLs was also drawn on the basis of empirical findings. The results elaborate various origins of NPLs and suggest that they are primarily instigated by the loan sanctioning procedure of the financial institution. The paper also underlines the risk management practices adopted by the bank at branch level to averse the risk of loan default. Empirical investigation of bank-specific microeconomic factors of NPLs with respect to Pakistan’s economy is the novelty of the study. Broader strategic policy implications are provided for credit analysts and entrepreneurs.

Keywords: commercial banks, microeconomic factors, non-performing loans, small and medium enterprises

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Authors: Siti Nor Amira Bt. Mohamad, Mohamad Yazis B. Ali Basah, Muhammad Ridhwan B. Ab. Aziz, Khairil Faizal B. Khairi, Mazlynda Bt. Md. Yusuf, Hisham B. Sabri

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The understanding of risk and the concept of it occurs associated in Islamic financing was well-known in the financial industry by the using of Profit-and-Loss Sharing (PLS). It was presently in any Islamic financial transactions in order to comply with shariah rules. However, the existence of risk in Murabahah contract of financing is an ability that the counterparty is unable to complete its obligations within the agreed terms. Therefore, it is called as credit or default risk. Credit risk occurs when the client fails to make timely payment after the bank makes complete delivery of assets. Thus, it affects the growth of the bank as the banking business is in no position to have appropriate measures to cover the risk. Therefore, the bank may impose penalty on the outstanding balance. This paper aims to highlight the credit risk determinant and issues surrounding in Islamic bank in Malaysia in terms of Murabahah financing and how to manage it by using the proper techniques. Finally, it explores the credit risk management concept that might solve the problems arise. The study found that the credit risk can be managed properly by improving the use of comprehensive reference checklist of business partners on their character and past performance as well as their comprehensive database. Besides that, prevention of credit risk can be done by using collateral as security against the risk and we also argue on the Shariah guidelines and procedures should be implement coherently by the banking business because so that the risk would be control by having an effective instrument for Islamic modes of financing.

Keywords: Islamic banking, credit risk, Murabahah financing, risk mitigation

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Authors: Ying Zhu

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Recent years have witnessed a boom of foreign investments in the field of artificial intelligence (AI). Foreign investments provide critical capital for AI development but also trigger national security concerns of host states. A notable example is an increasing number of cases in which the Committee on Foreign Investment in the United States (CFIUS) has denied Chinese acquisitions of US technology companies on national security grounds. On July 19, 2018, the Congress has reached a deal on the final draft of a new provision to strengthen CFIUS’s authority to review overseas transactions involving sensitive US technology. The question is: how to reconcile the emerging tension between, on the one hand, foreign AI investors’ expectations of a predictable investment environment, and on the other hand, host states’ regulatory power on national security? This paper provides a methodology to reconcile this tension under international investment law. Based on an examination, the national security exception clauses in international investment treaties and the application of national security justification in investor-state arbitration jurisprudence, the paper argues that a traditional interpretation of the national security exception, based on the necessity concept in customary international law, fails to take into account new risks faced by countries, including security concerns over strategic industries such as AI. To overcome this shortage, the paper proposes to incorporate an integrated national security clause in international investment treaties, which includes a two-tier test: a ‘self-judging’ test in the pre-establishment period and a ‘proportionality’ test in the post-establishment period. At the end, the paper drafts a model national security clause for future treaty-drafting practice.

Keywords: foreign investment, artificial intelligence, international investment law, national security exception

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Authors: Elizabeth Mahenge

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Unemployment is a problem that face many graduates all over the world. Every year universities in many parts of the world produce graduates who are looking for an employment. Swahili, a Bantu language originated in East African coast, can be used as an avenue for youth’s employment in South Africa. This paper helps youth to know about job opportunities available through teaching Swahili language. The objective of this paper is capacity building to youths to be teachers of Swahili and be ready to compete in the marketplace. The methodology was through two weeks online training on how to teach Swahili as a foreign language. The communicative approach and task-based approach were used.  Participants to this training were collected through a WhatsApp group advertisement about “short training for Swahili teachers for foreigners”. A total number of 30 participants registered but only 11 attended the training. Training was online via zoom. The contribution of this paper is that by being fluent in Swahili one would benefit with teaching job opportunities anywhere in the world. Hence the problem of unemployment among the youths would be reduced as they can employ themselves or being employed in academic institutions anywhere in the world. The paper calls for youths in South Africa to opt for Swahili language courses to be trained and become experts in the teaching Swahili as a foreign language.

Keywords: foreign language, linguistic market, Swahili, employment

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Authors: Paramet Damchoo

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The purpose of this study is to study the factors that influence the decision making of foreign volunteer tourists in Thailand. A sample size was 400 drawn from 10 provinces of Thailand using cluster sampling method. The factor analysis was used to analysis the data. The findings indicate that volunteer tourism which was based in Thailand contained a total of 45 activities which could be divided into 4 categories. The most of these tourists were from Europe including UK and Scandinavia which was 54.50 percent. Moreover, the tourists were male rather than female and 63.50 Percent of them ware younger than 20 years old. It is also found that there are 67.00 percent of the tourists used website to find where the volunteer tourism was based. Finally, the factors that influence the decision making of foreign volunteer tourists in Thailand consist of a wide variety of activities together with a flexibility in their activities and also low prices.

Keywords: decision making, volunteer tourism, special interest tourism, GAP year

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Authors: Yosef Ferede Bogale

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The purpose of this study was to evaluate the degree of customer satisfaction and the variables influencing it in the instance of the Bank of Abyssinia branches in the districts of Arada and Bole in Addis Ababa. The study was carried out utilizing a mixed research approach and a descriptive and explanatory research design in Addis Ababa, the capital city of Ethiopia. Both primary and secondary data were employed in this investigation. The study's target population consisted of 1000 of the bank's most prestigious clients. With a 93% response rate, 265 respondents from both genders in the active age group had higher levels of education and work experience and were in the active age group. Customers of the case bank under consideration comprised the study's target audience. The respondents, who belonged to both gender groups, were in the active age bracket with superior levels of education and work experience. As a result, this investigation discovered that the degree of client satisfaction was assigned a medium rating. Additionally given a middling rating were the company's image practices, employee competency, technology, and service quality. Further, the results also demonstrate that corporate image, employees’ competency, technology, and service quality all positively and significantly affect customer happiness. This study found that, to varying degrees, company image, technology, competence, and high-quality financial services will all improve consumer happiness. According to this report, banks should monitor customer satisfaction and service quality at least twice a year. This is because there is a growing movement among bank service providers for accountability, and measuring these factors is crucial. This study also recommends that banks make every effort to satisfy consumers' expectations to the highest level.

Keywords: customer satisfaction, corporate image, quality service risk, banks

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Authors: Shilpi Tripathi

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After independence, Bangladesh had to learn to survive on its own without any economic crutches (aid). Foreign direct investment (FDI) became a crucial economic tool for the country to become economically independent. The government started removing restrictions to encourage foreign investment, economic growth, international trade, and the environment. FDI is considered as a way to bridge the saving-investment gap, reduce poverty, balance trade, create jobs for its vast labour force, increase foreign exchange earnings and acquire new modern technology and management skills in the country. At the same time, spillovers of foreign investments in Bangladesh, such as low wages (compared to laborers of developed countries), poor working conditions and unbridled exploitation of the domestic resources, environmental externalities, etc., cannot be ignored. The most important adverse implications of FDI inflows noticed are the environmental problems, which are further impacting the health and society of the country. This paper empirically studies the relationship between FDI, economic growth, international trade (exports and Imports), and the environment since 1996. The first part of the paper focuses on the background and trends of FDI, GDP, trade, and environment (CO₂). The second part focuses on the literature review on the relationship between all the variables. The last part of the paper examines the results of empirical analysis like co-integration and Granger causality. The findings of the paper reveal that a uni-directional relationship exists between FDI, CO₂, and international trade (exports and imports). The direction of the causality reveals that FDI inflow is one of the major contributors to high-volume international trade. At the same time, FDI and international trade both are contributing to carbon emissions in Bangladesh. The paper concludes with the policy recommendations that will ensure environmentally friendly trade, investment, and growth in Bangladesh for the future.

Keywords: foreign direct investment, GDP, international trade, CO₂, Granger causality, environment

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Authors: Sabitha Rahim

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In the context of teaching vocabulary of English as Foreign Language (EFL), the confluence of memory and retention is one of the most significant factors in students' language acquisition. The progress of students engaged in foreign language acquisition is often stymied by vocabulary attrition, which leads to learners' lack of confidence and motivation. However, among other factors, little research has investigated the importance of neuroplasticity in Foreign Language acquisition and how underused neural pathways lead to the loss of plasticity, thereby affecting the learners’ vocabulary retention and motivation. This research explored the effect of enhancing vocabulary acquisition of EFL students in the Foundation Year at King Abdulaziz University through various methods and neuroplasticity exercises that reinforced their attention, motivation, and engagement. It analyzed the results to determine if stimulating the brain of EFL learners by various physical and mental activities led to the improvement in short and long term memory in vocabulary retention. The main data collection methods were student surveys, assessment records of teachers, student achievement test results, and students' follow-up interviews. A key implication of this research is for the institutions to consider having multiple varieties of student activities promoting brain plasticity within the classrooms as an effective tool for foreign language acquisition. Building awareness among the faculty and adapting the curriculum to include activities that promote brain plasticity ensures an enhanced learning environment and effective language acquisition in EFL classrooms.

Keywords: language acquisition, neural paths, neuroplasticity, vocabulary attrition

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Authors: Zhepeng Rui, Zhenyu Gu, Caitilin de Bérigny

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In the current study, we designed an interactive meditation and brain painting application to cultivate users’ creativity, promote meditation, reduce stress, and improve cognition while attempting to learn a foreign language. User tests and data analyses were conducted on 42 male and 42 female participants to better understand sex-associated psychological and aesthetic differences. Our method utilized brain-computer interfaces to import meditation and attention data to create artwork in meditation-based applications. Female participants showed statistically significantly different language learning outcomes following three meditation paradigms. The art style of brain painting helped females with language memory. Our results suggest that the most ideal methods for promoting memory attention were meditation methods and brain painting exercises contributing to language learning, memory concentration promotion, and foreign word memorization. We conclude that a short period of meditation practice can help in learning a foreign language. These findings provide new insights into meditation, creative language education, brain-computer interface, and human-computer interactions.

Keywords: brain-computer interface, creative thinking, meditation, mental health

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Authors: D. Muley, H. S. Al-Mandhari

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This paper evaluates the performance of a multi-lane four-legged modern roundabout operating in Muscat using SIDRA model. The performance measures include Degree of Saturation (DOS), average delay, and queue lengths. The geometric and traffic data were used for model preparation. Gap acceptance parameters, critical gap, and follow-up headway were used for calibration of SIDRA model. The results from the analysis showed that currently the roundabout is experiencing delays up to 610 seconds with DOS 1.67 during peak hour. Further, sensitivity analysis for general and roundabout parameters was performed, amongst lane width, cruise speed, inscribed diameter, entry radius, and entry angle showed that inscribed diameter is the most crucial factor affecting delay and DOS. Upgradation of the roundabout to the fully signalized junction was found as the suitable solution which will serve for future years with LOS C for design year having DOS of 0.9 with average control delay of 51.9 seconds per vehicle.

Keywords: performance analysis, roundabout, sensitivity analysis, SIDRA

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Authors: Lokman Gozcu, Sule Deniz Gozcu

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This study aims to analyze the skills of speaking in the acquisition of Turkish as a foreign language. One of the most important things for the individual who learns a foreign language is to be successful in the oral communication (speaking) skills and to interact in an understandable way. Speech skill requires much more time and effort than other language skills. In this direction, it is necessary to make an analysis of these oral communication skills, which is important in Turkish language acquisition as a foreign language and to draw out a road map according to the result. The aim of this study is to determine the competence and attitudes of speaking competence according to the individuals who learn Turkish as a foreign language and to be considered as speaking skill elements; Grammar, emphasis, intonation, body language, speed, ranking, accuracy, fluency, pronunciation, etc. and the results and suggestions based on these determinations. A mixed method has been chosen for data collection and analysis. A Likert scale (for competence and attitude) was applied to 190 individuals who were interviewed face-to-face (for speech skills) with a semi-structured interview form about 22 participants randomly selected. In addition, the observation form related to the 22 participants interviewed were completed by the researcher during the interview, and after the completion of the collection of all the voice recordings, analyses of voice recordings with the speech skills evaluation scale was made. The results of the research revealed that the speech skills of the individuals who learned Turkish as a foreign language have various perspectives. According to the results, the most inadequate aspects of the participants' ability to speak in Turkish include vocabulary, using humorous elements while speaking Turkish, being able to include items such as idioms and proverbs while speaking Turkish, Turkish fluency respectively. In addition, the participants were found not to feel comfortable while speaking Turkish, to feel ridiculous and to be nervous while speaking in formal settings. There are conclusions and suggestions for the situations that arise after the have been analyses made.

Keywords: learning Turkish as a foreign language, proficiency criteria, phonetic (modalities), speaking skills

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Authors: Sheraz Ahmad Choudhary

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Health plays a vital role in the growth. The study examined the effect of health indicator on the growth of Pakistan. ARDL model is used to check the growth rate which is affected by the health by using the time series date of Pakistan from 1990 to 2017. Health indicator, fertility rate, life expectancy, foreign direct investment, and infant mortality rate are variables Where the unit root is applied to check the stationarity of the model. consequences find a significant relationship between GDP, foreign direct investment, fertility rate, and life expectancy in the short run, whereas mortality rate effected negatively to economic growth but have significant values. In the long run, foreign direct investment (FDI) and fertility rate(FR) have significantly influenced the GDP. The results show thateconomic growth is positively stimulated by most of the health indicators. The study accomplishes that nations can achieve a high level of economic growth by increasing wellbeing human capital.

Keywords: economic growth, health expenditures, fertility rate, human capital, life expectancy, foreign direct investment, and infant mortality rate

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Authors: Ethan Shafer, Timothy Graziano

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This research seeks to answer whether first-year courses at institutions of higher learning can impact STEM major selection. Unlike many universities, an entry-level technology course (often referred to as CS0) is required for all United States Military Academy (USMA) students–regardless of major–in their first year of attendance. Students at the academy choose their major at the end of their first year of studies. Through student responses to a multi-semester survey, this paper identifies a number of factors that potentially influence STEM major selection. Student demographic data, pre-existing exposure and access to technology, perceptions of STEM subjects, and initial desire for a STEM major are captured before and after taking a CS0 course. An analysis of factors that contribute to student perception of STEM and major selection are presented. This work provides recommendations and suggestions for institutions currently providing or looking to provide CS0-like courses to their students.

Keywords: education, STEM, pedagogy, digital literacy

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Authors: Husnain Mushtaq, Mary Anjum, Muhammad Aleem

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The main objective of this paper is used to develop a high security in Automatic Teller Machine (ATM). In these system bankers will collect the mobile numbers from the customers and then provide a code on their mobile number. In most country existing ATM machine use the magnetic card reader. The customer is identifying by inserting an ATM card with magnetic card that hold unique information such as card number and some security limitations. By entering a personal identification number, first the customer is authenticated then will access bank account in order to make cash withdraw or other services provided by the bank. Cases of card fraud are another problem once the user’s bank card is missing and the password is stolen, or simply steal a customer’s card & PIN the criminal will draw all cash in very short time, which will being great financial losses in customer, this type of fraud has increase worldwide. So to resolve this problem we are going to provide the solution using “Mobile SMS code” and ATM “PIN code” in order to improve the verify the security of customers using ATM system and confidence in the banking area.

Keywords: PIN, inquiry, biometric, magnetic strip, iris recognition, face recognition

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Authors: Siti Ayu Ningsih

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This study aims to find the differences outcomes in learning reading comprehension with text and film as media on Indonesian Language for foreign speaker (BIPA) learning at intermediate level. By using quantitative and qualitative research methods, the respondent of this study is a single respondent from D'Royal Morocco Integrative Islamic School in grade nine from secondary level. Quantitative method used to calculate the learning outcomes that have been given the appropriate action cycle, whereas qualitative method used to translate the findings derived from quantitative methods to be described. The technique used in this study is the observation techniques and testing work. Based on the research, it is known that the use of the text media is more effective than the film for intermediate level of Indonesian Language for foreign speaker learner. This is because, when using film the learner does not have enough time to take note the difficult vocabulary and don't have enough time to look for the meaning of the vocabulary from the dictionary. While the use of media texts shows the better effectiveness because it does not require additional time to take note the difficult words. For the words that are difficult or strange, the learner can immediately find its meaning from the dictionary. The presence of the text is also very helpful for Indonesian Language for foreign speaker learner to find the answers according to the questions more easily. By matching the vocabulary of the question into the text references.

Keywords: Indonesian language for foreign speaker, learning outcome, media, reading comprehension

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Authors: Shelly-Ann Gajadhar

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Over the last twenty years, the traditional economic motivations of foreign direct investment have been amalgamated with geopolitical motivations. This is evidenced by the extensive ratification of bilateral investment treaties (BIT) globally and the emergence of state-owned multinational companies (SOMNCs) that directly compete with local domestic enterprises (LDE). This paper investigates the impact that Chinese SOMNCs have on LDEs within Trinidad and Tobago’s construction sector and, determines whether knowledge transfer occurs. The paper employed semi-structured interviews of industry experts and concluded that LDEs predominantly experience adverse spillovers, inclusive of a long-term competition effect, with no technology transfer occurring.

Keywords: foreign direct investment, bilateral investment treaties, knowledge transfer, international business, Caribbean

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Authors: Ilham Benali, Nasser Hajji, Nawfal Acha

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Given the fact that the pharmaceutical industry is a commonly studied sector in the context of innovation, the majority of innovation research is devoted to the developed markets known by high research and development (R&D) assets and intensive innovation. In contrast, in developing countries where R&D assets are very low, there is relatively little research to mention in the area of pharmaceutical sector innovation, characterized mainly by two principal elements which are the presence of foreign-owned firms and licensed manufacturing agreements between local firms and multinationals. With the scarcity of research in this field, this paper attempts to study the effect of these two elements on the firms’ innovation tendencies. Other traditional factors that influence innovation, which are the age and the size of the firm, the R&D activities and the market structure, revealed in the literature review, will be included in the study in order to try to make this work more exhaustive. The study starts by examining innovation tendency in pharmaceutical firms located in developing countries before analyzing the effect of foreign-owned firms and licensed manufacturing agreements between local firms and multinationals on technological, organizational and marketing innovation. Based on the related work and on the theoretical framework developed, there is a probability that foreign-owned firms and licensed manufacturing agreements between local firms and multinationals have a negative influence on technological innovation. The opposite effect is possible in the case of organizational and marketing innovation.

Keywords: developing countries, foreign owned firms, innovation, licensed manufacturing agreements, pharmaceutical industry

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Authors: Maria Sheila S. Garcia

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A good number of researches indicate that living in another country may create different and unexpected adjustment problems, and foreign students are not exempted from this. To provide an understanding of this process, 30 foreign college students studying English in Tarlac City were asked to answer questionnaires. This is to determine their sociocultural adaptation, openness to the host culture and success of sojourn. Through statistical analysis, it was found that the students experience greater difficulty in the academic area. Moderate difficulty was attributed to everyday life and social interactions. Albeit difficult, what they like best is the school’s methods of teaching English while the areas that need improvement are the libraries and internet connection. The only significant relationship was found between sociocultural adaptation and success of sojourn. Negatively correlated, if students experience greater difficulties in their host country, they are likely to regret their stay and will not recommend it to anyone. Openness to the host culture did not have an effect on the adaptation and success of sojourn. The short period of time that the students have are spent in studying rather than making friends. Nonetheless, this indicates the need to look deeper into the academic, extra-curricular activities and facilities provided by learning institutions.

Keywords: foreign students, sociocultural adaptation, success of sojourn, Tarlac Philippines

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Authors: Lidia Sanchis-Marco, Antonio Rubia

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In this paper we analyze the state-dependent risk-spillover in different economic areas. To this end, we apply the quantile regression-based methodology developed in Adams, Füss and Gropp approach to examine the spillover in conditional tails of daily returns of indices of the banking industry in the US, BRICs, Peripheral EMU, Core EMU, Scandinavia, the UK and Emerging Markets. This methodology allow us to characterize size, direction and strength of financial contagion in a network of bilateral exposures to address cross-border vulnerabilities under different states of the economy. The general evidence shows as the spillover effects are higher and more significant in volatile periods than in tranquil ones. There is evidence of tail spillovers of which much is attributable to a spillover from the US on the rest of the analyzed regions, specially on European countries. In sharp contrast, the US banking system show more financial resilience against foreign shocks.

Keywords: spillover effects, Bank Contagion, SDSVaR, expected shortfall, VaR, expectiles

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Authors: Amir Hossein Ghaffari Nejad, Forouhar Ferdowsi, Reza Mashhadi

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In the interest-free banking system of Iran, the savings of society are in the form of bank deposits, and banks using the Islamic contracts, allocate the resources to applicants for obtaining facilities and credit. In the meantime, the central bank, with the aim of introducing monetary policy, determines the maximum interest rate on bank deposits in terms of macroeconomic requirements. But in recent years, the country's economic constraints with the stagflation and the consequence of the institutional weaknesses of the financial market of Iran have resulted in massive disturbances in the balance sheet of the banking system, resulting in a period of mismatch maturity in the banks' assets and liabilities and the implementation of a Ponzi game. This issue caused determination of the interest rate in long-term bank deposit contracts to be associated with non-observance of the maximum rate set by the central bank. The result of this condition was in the allocation of new sources of equipment to meet past commitments towards the old depositors and, as a result, a significant part of the supply of equipment was leaked out of the facilitating cycle and credit crunch emerged. The purpose of this study is to identify the most important factors affecting the occurrence of non-confirmatory financial banking behavior using data from 19 public and private banks of Iran. For this purpose, the causes of this non-confirmatory behavior of banks have been investigated using the panel vector autoregression method (PVAR) for the period of 2007-2015. Granger's causality test results suggest that the return of parallel markets for bank deposits, non-performing loans and the high share of the ratio of facilities to banks' deposits are all a cause of the formation of non-confirmatory behavior. Also, according to the results of impulse response functions and variance decomposition, NPL and the ratio of facilities to deposits have the highest long-term effect and also have a high contribution to explaining the changes in banks' non-confirmatory behavior in determining the interest rate on deposits.

Keywords: non-conformity behavior, Ponzi Game, panel vector autoregression, nonperforming loans

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Authors: Anuj Kumar Vaksha

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In the post cold war era the foreign direct investments have come to be considered as one of the most critical factors for economic development of a country particularly for the capital scarce countries like the developing and the under developed countries. The rush for foreign direct investments have led to intense competition between the countries treaties to attract foreign investments by entering into alluring Bilateral Investment Treaties (BITs). The Bilateral Investment Treaties are the intergovernmental legal framework for the promotion of private investments from one country to other. With more than 3000 BITs, the web of such BITs are the most dominant development of International Law in the post cold war era. The essence of all these BITs are bilateral cooperation for economic development and thus it is actually the theme of economic development around which the International Law had developed most dominantly in the post cold war era. Within the framework of two generally accepted premises that foreign direct investments are critical for economic development and the bilateral investment treaties are critical for promotion of foreign direct investments, the research paper seeks to explore the perspectives and paradigms on economic development as embodied in various Bilateral Investment Treaties. It seeks to address how and in what manners the perspectives on economic development as embodied in bilateral investment varies between the developed, developing and underdeveloped countries. It goes without saying that economic development is a very broad, complex and operationally intricate concept. In the paradigm of International Law it becomes much more complex and intricate. Understanding the concept of economic development from the perspectives of Bilateral Investment Treaties is a novel idea with far reaching significance. Such a perspective on economic development would help in enriching the contemporary International Law perspectives and paradigms on economic development.

Keywords: bilateral investment treaties, economic development, international Law, perspectives

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Authors: Mohammed Yagoub

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The new orientation to the market economy sponsored by the Algeria government in the early Nineties of the last century, and its desire to develop investment mechanisms and the promotion of development recently, the access into a partnership with the European Union, and the forthcoming accession to the World Trade Organization, foreign direct investment makes one of the most important means of opening up to foreign markets and bring technology and interact with globalization, this article we will discuss the impact of FDI on economic growth in the Algerian.

Keywords: economic, development, markets, FDI, displacement, globalization

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Authors: Angela Yicely Castro Garces

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Aware of the relevance that intercultural education has gained in foreign language learning and teaching, and acknowledging the need to make it part of our classroom practices, this literature review explores studies that have been published in the Colombian context from the years 2012 to 2019. The inquiry was done in six national peer-reviewed journals, in order to examine the population benefited, types of studies and most recurrent topics of concern for educators. The findings present a promising panorama as teacher educators from public universities are leading the way in conducting research projects aimed at fostering intercultural awareness and building a critical intercultural discourse. Nonetheless, more studies that involve the different stakeholders and contexts need to be developed, in order to make intercultural education more visible in Colombian elementary and high school classrooms.

Keywords: Colombian scholarship, foreign language learning, foreign language teaching, intercultural awareness

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Authors: Putri Mentari Racharjo

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The development of current technology is simplifying globalization process. An easier globalization process and mobilization are increasing interactions among individuals and societies in different countries. It is also easier for foreign culture to enter a country and create changes to the society. Differences brought by foreign culture will most likely affect any society. It will be easier for heterogeneous society to accept new culture, considering that they have various cultures, and they are used to differences. So it will be easier for a heterogeneous society to accept new culture as long as the culture is not contrary to their essential values. However for a homogenous society, where they have only one language and culture, it will take a longer adjustment time to fully accept the new culture. There will be a tendency for homogenous societies to react in a more negative way to new culture. Greece and South Korea are the examples for homogeneous societies. Greece, a destination country for immigrants, is having a hard time adjusting themselves to accept many immigrants with many cultures. There are various discrimination cases of immigrants in Greece, when the Greek society cannot fully accept the new culture brought by immigrants. South Korea, a newly popular country with K-pop and K-dramas, is attracting people from all over the world to come to South Korea. However a homogenous South Korean society is also having a hard time to fully accept foreign cultures, resulting in many discrimination cases based on race and culture in South Korea. With a qualitative method through a case study and literature review, this article will discuss about Greek and South Korean societies reaction to new cultures as an effect of globalization.

Keywords: foreign culture, globalization, greece, homogenous society, South Korea

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Authors: Chaiwat Wuthinitikornkit

Abstract:

Foreign Direct Investment (FDI) inevitably affects the landscape of the political economy of the host country. It is, therefore, significant to review and uncover how and in what way(s) FDI shapes the preferences of the interest groups within the host country, as such preferences may, in turn, influence the policies of the host country. By conducting a review of relevant literature, this paper attempts to outline the key forces behind such preferences and identify potential gaps for future studies. This paper argues that while existing theories have specified endowment and political and institutional factors as key explanations behind the preferences of domestic interest groups, other qualitative attributes of the foreign investors' side, such as their nationalities, have yet to be adequately investigated empirically and may potentially also possess explanatory power. This is particularly important in the current global economic landscape, where key global investors hail from origins from both developed and developing countries with diverse political systems and business practices. This paper aims to provide the groundwork for future studies on these potential gaps, which may provide not only contributions to the academic sphere but also practical insight into policymaking and business communities.

Keywords: foreign direct investment, interest groups, international political economy, political economy

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Authors: Ju-Hong Lee, Yi-Lin Shieh

Abstract:

Two-dimensional (2-D) quadrature mirror filter (QMF) banks have been widely considered for high-quality coding of image and video data at low bit rates. Without implementing subband coding, a 2-D QMF bank is required to have an exactly linear-phase response without magnitude distortion, i.e., the perfect reconstruction (PR) characteristics. The design problem of 2-D QMF banks with the PR characteristics has been considered in the literature for many years. This paper presents a transformation approach for designing 2-D two-channel QMF banks. Under a suitable one-dimensional (1-D) to two-dimensional (2-D) transformation with a specified decimation/interpolation matrix, the analysis and synthesis filters of the QMF bank are composed of 1-D causal and stable digital allpass filters (DAFs) and possess the 2-D doubly complementary half-band (DC-HB) property. This facilitates the design problem of the two-channel QMF banks by finding the real coefficients of the 1-D recursive DAFs. The design problem is formulated based on the minimax phase approximation for the 1-D DAFs. A novel objective function is then derived to obtain an optimization for 1-D minimax phase approximation. As a result, the problem of minimizing the objective function can be simply solved by using the well-known weighted least-squares (WLS) algorithm in the minimax (L∞) optimal sense. The novelty of the proposed design method is that the design procedure is very simple and the designed 2-D QMF bank achieves perfect magnitude response and possesses satisfactory phase response. Simulation results show that the proposed design method provides much better design performance and much less design complexity as compared with the existing techniques.

Keywords: Quincunx QMF bank, doubly complementary filter, digital allpass filter, WLS algorithm

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Authors: Asanga Gunawansa, Shenella Fonseka

Abstract:

On-demand bonds, also known as unconditional bonds, are commonplace in the construction industry as a means of safeguarding the employer from any potential non-performance by a contractor. On-demand bonds may be obtained from commercial banks, and they serve as an undertaking by the issuing bank to honour payment on demand without questioning and/or considering any dispute between the employer and the contractor in relation to the underlying contract. Thus, whether or not a breach had occurred under the underlying contract, which triggers the demand for encashment by the employer, is not a question the bank needs to be concerned with. As a result, an unconditional bond allows the beneficiary to claim the money almost without any condition. Thus, an unconditional bond is as good as cash-in-hand. In the past, establishing fraud on the part of the employer, of which the bank had knowledge, was the only ground on which a bank could dishonour a claim made under an on-demand bond. However, recent jurisprudence in common law countries shows that courts are beginning to consider unconscionable conduct on the part of the employer in claiming under an on-demand bond as a ground that contractors could rely on the prevent the banks from honouring such claims. This has created uncertainty in connection with on-demand bonds and their liquidity. This paper analyzes recent judicial decisions in four common law jurisdictions, namely, England, Singapore, Hong Kong, and Sri Lanka, to identify the scope of using the concept of “unconscionability” as a ground for preventing unreasonable claims for encashment of on-demand bonds. The objective of this paper is to argue that on-demand bonds have lost their effectiveness as “cash-in-hand” and that this is, in fact, an advantage and not an impediment to international commerce, as the purpose of such bonds should not be to provide for illegal and unconscionable conduct by the beneficiaries.

Keywords: fraud, performance guarantees, on-demand bonds, unconscionability

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Authors: Layal Mansour

Abstract:

This paper breaks down Egypt’s financial crisis by constructing a customized financial stress index by including the vulnerable economic indicator “dollarization” as a vulnerable indicator in the credit and exchange sector. The Financial Stress Index for Egypt (FSIE) includes informative vulnerable indicators of the main financial sectors: the banking sector, the equities market, and the foreign exchange market. It is calculated on a monthly basis from 2010 to December 2022, so to report the two recent world’s most devastating financial crises: Covid 19 crisis and Ukraine-Russia War, in addition to the local 2016 and 2022 financial crises. We proceed first by a graphical analysis then by empirical analysis in running under Vector Autoregression (VAR) Model, dynamic causality tests between foreign reserves, dollarization rate, and FSIE. The graphical analysis shows that unexpectedly, Egypt’s economy seems to be immune to internal economic/political instabilities, however it is highly exposed to the foreign and exchange market. Empirical analysis confirms the graphical observations and proves that dollarization, or more precisely debt in foreign currency seems to be the main trigger of Egypt’s current financial crisis.

Keywords: egypt, financial crisis, financial stress index, dollarization, VAR model, causality tests

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