Search results for: banking union

Authors: I. L. Yakushev

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Economic sanctions are an integral part of the foreign policy repertoire of States. Increasingly, States and international organizations are resorting to sanctions to address a variety of issues -from fighting corruption to preventing the use of nuclear weapons. Over time, the ways in which economic sanctions have been used have changed, especially over the past two decades. In the late 1990s, the recognition of the humanitarian harm of economic sanctions and the "War on Terrorism" after the events of September 11, 2001, led to serious changes in the structure and mechanisms of their application. Questions about how these coercive tools work, when they are applied, what consequences they have, and when they are successful are still being determined by research conducted in the second half of the 20th century. The conclusions drawn from past cases of sanctions may not be fully applicable to the current sanctions policy. In the second half of the 20th century, most cases of sanctions were related to the United States, and it covered restrictions on international trade. However, over the past two decades, the European Union, the United Nations, and China have also been the main initiators of sanctions. Modern sanctions include targeted and financial restrictions and are applied against individuals, organizations, and companies. Changing the senders, targets, stakeholders, and economic instruments used in the sanctions policy has serious implications for effectiveness and results. The regulatory and bureaucratic infrastructure necessary to implement and comply with modern economic sanctions has become more reliable. This evolution of sanctions has provided the scientific community with an opportunity to study new issues of coercion and return to the old ones. The economic sanctions research program should be developed to be relevant for understanding the application of modern sanctions and their consequences.

Keywords: global analysis, economic sanctions, targeted sanctions, foreign policy, domestic policy, United Nations, European Union, USA, economic pressure

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Authors: Jakob Krause

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Past Financial Crisis has shown that contemporary risk management models provide an unjustified sense of security and fail miserably in situations in which they are needed the most. In this paper, we start from the assumption that risk is a notion that changes over time and therefore past data points only have limited explanatory power for the current situation. Our objective is to derive the optimal amount of representative information by optimizing between the two adverse forces of estimator convergence, incentivizing us to use as much data as possible, and the aforementioned non-representativeness doing the opposite. In this endeavor, the cornerstone assumption of having access to identically distributed random variables is weakened and substituted by the assumption that the law of the data generating process changes over time. Hence, in this paper, we give a quantitative theory on how to perform statistical analysis in non-ergodic systems. As an application, we discuss the impact of a paragraph in the last iteration of proposals by the Basel Committee on Banking Regulation. We start from the premise that the severity of assumptions should correspond to the robustness of the system they describe. Hence, in the formal description of physical systems, the level of assumptions can be much higher. It follows that every concept that is carried over from the natural sciences to economics must be checked for its plausibility in the new surroundings. Most of the probability theory has been developed for the analysis of physical systems and is based on the independent and identically distributed (i.i.d.) assumption. In Economics both parts of the i.i.d. assumption are inappropriate. However, only dependence has, so far, been weakened to a sufficient degree. In this paper, an appropriate class of non-stationary processes is used, and their law is tied to a formal object measuring representativeness. Subsequently, that data set is identified that on average minimizes the estimation error stemming from both, insufficient and non-representative, data. Applications are far reaching in a variety of fields. In the paper itself, we apply the results in order to analyze a paragraph in the Basel 3 framework on banking regulation with severe implications on financial stability. Beyond the realm of finance, other potential applications include the reproducibility crisis in the social sciences (but not in the natural sciences) and modeling limited understanding and learning behavior in economics.

Keywords: banking regulation, non-ergodicity, risk management, semimartingale modeling

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Authors: Rahasanica Nariswari Pratiwi, Maulana Syaiful Haq

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The role of accounting in Islamic Banking is not only as economic reality but also as religious reality. Religious reality constructed by religious value in annual report of Islamic Bank. Thus, the purpose of this paper is to understand and analyze the existence of religious values by form of photographs in annual report, and to analyze the reason of religious values disclosure in annual report. Ontologically, this study is build on a belief that annual report is a communication media to show the ways Islamic Banks express adherence to sharia principle. The research has done by analyzing the photographs in annual report of Bank Syariah Mandiri (BSM), Bank Muamalat Indonesia (BMI), Bank Nasional Indonesia (BNI) Syariah, Bank Rakyat Indonesia (BRI) Syariah, and Bank Central Asia (BCA) Syariah in Indonesia. This study is qualitative research, was carried out within interpretive paradigm using semiotic approach. By employing semiotic analysis, this research showed that annual report of Islamic Bank in Indonesia contained religious value by the form of its photographs. The results of this study also show that photographs in annual report of Islamic Banks in this research contained religious values. Furthermore, this study concludes that Islamic banks actually expressed religious reality and make them different from the other bank’s annual report which focuses only on economic reality. This indicates Islamic Banks obidience existence about responsibility, not only to the stakeholders but also to the society and Allah.

Keywords: Islamic banking, semiotics, accounting, annual report

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Authors: Baoubadi Atozou, Koffi Akakpo

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Since the decade 2000, the use of foodstuffs such as corn, wheat, and soybeans in biofuel production has been growing sharply in the United States, Canada, and Europe. Thus, prices for these agricultural products are rising in the world market. These cereals are the most important source of calorific energy for West African Economic and Monetary Union (WAEMU) countries members’ population. These countries are highly dependent on imports of most of these products. Thereby, rising prices can have an important impact on import levels and consequently on food security in these countries. This study aims to analyze the interrelationship between the prices of these commodities and their volatilities, and their effects on imports of these agricultural products by each WAEMU ’country member. The Autoregressive Distributed Lag (ARDL) model, the GARCH Multivariate model, and the Granger Causality Test are used in this investigation. The results show that import levels are highly and significantly sensitive to price changes as well as their volatility. In the short term as well as in the long term, there is a significant relationship between the prices of these products. There is a positive relationship in general between price volatility. And these volatilities have negative effects on the level of imports. The market characteristics affect food security in these countries, especially access to food for vulnerable and low-income populations. The policies makers must adopt viable strategies to increase agricultural production and limit their dependence on imports.

Keywords: price volatility, import of agricultural products, food safety, WAEMU

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Authors: Nwobu Obiamaka, Owolabi Akintola

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This study examined the extent of statistical significant difference between the economic, environmental, governance and social aspects of sustainability reporting as a result of board committee on sustainability and time (year) of reporting for business organizations in the Nigerian banking sector. The years of reporting under consideration were 2010, 2011, 2012 and 2013. Content analysis methodology was employed through a reporting index used to score the amount of economic, environmental, governance and social indicators of sustainability reporting. The results of this study indicated that business organizations with board committee on sustainability had more indicators of sustainability reporting than those without board committees on sustainability issues. Also, sustainability reporting in 2013 was higher than that of prior years (2012, 2011 and 2010) for the economic, environmental and social indicators. The governance indicators of 2012 was highest compared to the other years (2013, 2011 and 2010) under consideration in this study. The implication of this finding is that business organizations that have board committees on sustainability are monitored by such boards to report more to their stakeholders. On the other hand, business organizations are appreciating the need to engage in sustainability reporting with each passing year. This could be due to the Central Bank of Nigeria (CBN) Sustainability Reporting framework that business organizations in the banking sector have to adhere to. When sustainability issues are monitored from the board of directors, business organizations are likely to increase and improve on their sustainability reporting.

Keywords: governance, organizations, reporting, sustainability

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Authors: Milda A. Cruz-Huaranga, Natalí Carbo-Bustinza, Javier Linkolk López-Gonzales, K. Depaz, Gina M. Tito T., Soledad Torres-Calderón

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The objective of this study was to improve water quality in the “La Mansión” pond in order to irrigate green spaces on the Peruvian Union University campus (Lima, Peru) using the aquatic species Eichhornia Crassipes. Furthermore, tree trimming and cleaning activities were performed that reduced water pollution caused by organic deposits and feathers from wild birds. The impaired waterbody is located on the campus of the Peruvian Union University, 580 meters above sea level, with a volume of 6,405.336 m3, an area of 3,050.16 m2, 256.81 m perimeter, and 0.12 m3/s input flow. Seven 1.8 m2 floating systems were implemented, with 12 common water hyacinth plants in each system. Before implementing this system, a water quality analysis was performed to analyse the physical-chemical, microbiological, and organoleptic parameters. The pre-analysis revealed the pond’s critical condition, with electrical conductivity: 556 mg/l; phosphate: < 0.5; pH: 7.06; total solids: 412 mg/l; arsenic: <0.01; lead: 0.115; BOD5: 14; COD: 16.94; dissolved oxygen: 13; total coliforms: 24000 MCL/100 ml; and thermo-tolerant coliforms: 11000 MCL/100 ml. After implementing the system, the following results were obtained: EC: 495 mg/l; DO:9.2 mg/l; TS: 235 mg/l; BOD5: 7.7; COD: 8.47; Pb: 0.001 mg/l; TC: 460 MCL/100 ml; FC: 240 MCL/100 ml. Thus, we confirmed that the system is 78.79% efficient regarding the Peruvian ECA (Environmental Quality Standards) established for water according to DS #015-2015-MINAM. Therefore, the water is suitable for plant irrigation. Finally, we concluded that treating wastewater with the species Eichhornia Crassipes is efficient since an improvement was achieved in the impaired waterbody.

Keywords: Eichhornia crassipes, plantlets, cleaning, impaired waterbody, pond

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Authors: Mahdi Karazmodeh, Pooyan Jafari

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One of the most interesting topics in finance is the relation between stock prices and exchange rates. During the past decades different stock markets in different countries have been the subject of study for researches. The volatilities of exchange rates and its effect on stock prices during the past 10 years have continued to be an attractive research topic. The subject of this study is one of the most important indices, FTSE 100. 20 firms with the highest market capitalization in 5 different industries are chosen. Firms are included in oil and gas, mining, pharmaceuticals, banking and food related industries. 5 different criteria have been introduced to evaluate the relationship between stock markets and exchange rates. Return of market portfolio, returns on broad index of Sterling are also introduced. The results state that not all firms are sensitive to changes in exchange rates. Furthermore, a Granger Causality test has been run to observe the route of changes between stock prices and foreign exchange rates. The results are consistent, to some level, with the previous studies. However, since the number of firms is not large, it is suggested that a larger number of firms being used to achieve the best results. However results showed that not all firms are affected by foreign exchange rates changes. After testing Granger Causality, this study found out that in some industries (oil and gas, pharmaceuticals), changes in foreign exchange rate will not cause any changes in stock prices (or vice versa), however, in banking sector the situation was different. This industry showed more reaction to these changes. The results are similar to the ones with Richards and Noel, where a variety of firms in different industries were evaluated.

Keywords: stock prices, foreign exchange rate, exchange rate exposure, Granger Causality

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Authors: Vartan Ahrens Kayayan, Mattias Gustafsson, Erik Dotzauer

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The European Union is introducing the positive energy district concept, which has the goal to reduce overall carbon dioxide emissions. Other studies have already mapped the make-up of such districts, and reviewed their definitions and where they are positioned. The Swedish energy system is unique compared to others in Europe, due to the implementation of low-carbon electricity and heat energy sources and high uptake of district heating. The goal for this paper is to start the discussion about how the concept of positive energy districts can best be applied to the Swedish context and meet their mitigation goals. To explore how these differences impact the formation of positive energy districts, two cases were analyzed for their methods and how these integrate into the Swedish energy system: a district in Uppsala with a focus on energy and another in Helsingborg with a focus on climate. The case in Uppsala uses primary energy calculations which can be critisied but take a virtual border that allows for its surrounding system to be considered. The district in Helsingborg has a complex methodology for considering the life cycle emissions of the neighborhood. It is successful in considering the energy balance on a monthly basis, but it can be problematized in terms of creating sub-optimized systems due to setting tight geographical constraints. The discussion of shaping the definitions and methodologies for positive energy districts is taking place in Europe and Sweden. We identify three pitfalls that must be avoided so that positive energy districts meet their mitigation goals in the Swedish context. The goal of pushing out fossil fuels is not relevant in the current energy system, the mismatch between summer electricity production and winter energy demands should be addressed, and further implementations should consider collaboration with the established district heating grid.

Keywords: positive energy districts, energy system, renewable energy, European Union

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Authors: Nguyen Ngoc Que Tran

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Purpose: The purpose of this paper is to investigate the relationship between internal market orientation, external market orientation, employee commitment and job satisfaction. Design/methodology/approach: This study collected data through a survey and utilized simple linear regression and multiple regression analysis to determine if there was any support for the research hypotheses as presented in the previous chapter. Findings: Using data from 256 employees of four leading joint stock banks in Vietnam, the empirical results indicates that employee commitment is positively related with external market orientation, job satisfaction is positively related to employee commitment, and employee commitment and job satisfaction are positively related to external market orientation. However, job satisfaction has no significant positive effect on external market orientation. Theoretical contribution: The primary contribution to marketing theory arising from this study is the integration of job satisfaction, employee commitment, and external market orientation in a single research model. Practical implications: The major contribution to practice is an external market oriented bank has to respond rapidly to the future needs and preferences of its customers. This could result in high levels of commitment to the service process and in doing so provide Vietnamese joint-stock commercial banks with a competitive advantage. The finding is important for the banking service sector in general and the Vietnamese banking industry in particular.

Keywords: employee commitment, job satisfaction and external market orientation, vietnam, bank

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Authors: Laura Angulo, Petra Salamon, Martin Banse, Frederic Storkamp

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Fisheries subsidies are focus on reduce management costs or deliver income benefits to fishers. In 2015, total fishery budgetary transfers in 31 OECD countries represented 35% of their total landing value. However, subsidies to fishing have adverse effects on trade and it has been claimed that they may contribute directly to overfishing. Therefore, this paper analyses to what extend fisheries subsidies may 1) influence capture production facing quotas and 2) affect price dynamics. The study uses the fish module in AGMEMOD (Agriculture Member States Modelling, details see Chantreuil et al. (2012)) which covers eight fish categories (cephalopods; crustaceans; demersal marine fish; pelagic marine fish; molluscs excl. cephalopods; other marine finfish species; freshwater and diadromous fish) for EU member states and other selected countries developed under the SUCCESS project. This model incorporates transfer payments directly linked to fisheries operational costs. As aquaculture and wild fishery are not included within the WTO Agreement on Agriculture, data on fisheries subsidies is obtained from the OECD Fisheries Support Estimates (FSE) database, which provides statistics on budgetary transfers to the fisheries sector. Since support has been moving from budgetary transfers to General Service Support Estimate the last years, subsidies in capture production may not present substantial effects. Nevertheless, they would still show the impact across countries and fish categories within the European Union.

Keywords: AGMEMOD, budgetary transfers, EU Member States, fish model, fisheries support estimate

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Authors: Vishwa Nath Maurya, Rama Shanker Sharma, Saad Talib Hasson Aljebori, Avadhesh Kumar Maurya, Diwinder Kaur Arora

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Present paper deals with problems of determining the relationship between the variables of corporate governance and financial performance of Islamic banks. Here, we dealt with the corporate governance in the banking sector, where increasing the importance of corporate governance, due to their special nature, as the bankruptcy of banks affects not only the relevant parties from customers, depositors and lenders, but also affect financial stability and then the economy as a whole. Through this paper we dealt to the specificity of governance in Islamic banks, which face double governance: Anglo-Saxon governance system and Islamic governance system. In addition, we focused our attention to measure the impact of corporate governance variables on financial performance through an empirical study on a sample of Islamic banks during the period 2005-2012 in the GCC region. Our present study implies that there is a very strong relationship between the variables of governance and financial performance of Islamic banks, where there is a positive relationship between return on assets and the composition of the Board of Directors, the size of the Board of Directors, the number of committees in the Council, as well as the number of members of the Sharia Supervisory Board, while it is clear that there is a negative relationship between return on assets and concentration ownership.

Keywords: correlation analysis, parametric estimation, corporate governance, financial performance, financial stability, conventional banks, bankruptcy, Islamic governance system

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Authors: Sandra Rigot, Samira Demaria, Frederic Lemaire

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The starting point of this research is the contemporary capitalist paradox: there is a real scarcity of long term investment despite the boom of potential long term investors. This gap represents a major challenge: there are important needs for long term financing in developed and emerging countries in strategic sectors such as energy, transport infrastructure, information and communication networks. Moreover, the recent financial and sovereign debt crises, which have respectively reduced the ability of financial banking intermediaries and governments to provide long term financing, questions the identity of the actors able to provide long term financing, their methods of financing and the most appropriate forms of intermediation. The issue of long term financing is deemed to be very important by the EU Commission, as it issued a 2013 Green Paper (GP) on long-term financing of the EU economy. Among other topics, the paper discusses the impact of the recent regulatory reforms on long-term investment, both in terms of accounting (in particular fair value) and prudential standards for banks. For banks, prudential and accounting standards are also crucial. Fair value is indeed well adapted to the trading book in a short term view, but this method hardly suits for a medium and long term portfolio. Banks’ ability to finance the economy and long term projects depends on their ability to distribute credit and the way credit is valued (fair value or amortised cost) leads to different banking strategies. Furthermore, in the banking industry, accounting standards are directly connected to the prudential standards, as the regulatory requirements of Basel III use accounting figures with prudential filter to define the needs for capital and to compute regulatory ratios. The objective of these regulatory requirements is to prevent insolvency and financial instability. In the same time, they can represent regulatory constraints to long term investing. The balance between financial stability and the need to stimulate long term financing is a key question raised by the EU GP. Does fair value accounting contributes to short-termism in the investment behaviour? Should prudential rules be “appropriately calibrated” and “progressively implemented” not to prevent banks from providing long-term financing? These issues raised by the EU GP lead us to question to what extent the main regulatory requirements incite or constrain banks to finance long term projects. To that purpose, we study the 292 responses received by the EU Commission during the public consultation. We analyze these contributions focusing on particular questions related to fair value accounting and prudential norms. We conduct a two stage content analysis of the responses. First, we proceed to a qualitative coding to identify arguments of respondents and subsequently we run a quantitative coding in order to conduct statistical analyses. This paper provides a better understanding of the position that a large panel of European stakeholders have on these issues. Moreover, it adds to the debate on fair value accounting and its effects on prudential requirements for banks. This analysis allows us to identify some short term bias in banking regulation.

Keywords: basel 3, fair value, securitization, long term investment, banks, insurers

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Authors: Steven D. P Moore

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A novel method referred to asKýklos(Ky) dimensional geometry is proposed as an entity specific core geometric dimensional measurement system. Ky geometric measures can constructscaled multi-dimensionalmodels using regular and irregular sets in IRn. This entity specific-derived geometric measurement system shares similar fractal methods in which a ‘fractal transformation operator’ is applied to a set S to produce a union of N copies. The Kýklos’ inputs use 1D geometry as a core measure. One-dimensional inputs include the radius interval of a circle/sphere or the semiminor/semimajor axes intervals of an ellipse or spheroid. These geometric inputs have finite values that can be measured by SI distance units. The outputs for each interval are divided and subdivided 1D subcomponents with a union equal to the interval geometry/length. Setting a limit of subdivision iterations creates a finite value for each 1Dsubcomponent. The uniqueness of this method is captured by allowing the simplest 1D inputs to define entity specific subclass geometric core measurements that can also be used to derive length measures. Current methodologies for celestial based measurement of time, as defined within SI units, fits within this methodology, thus combining spatial and temporal features into geometric core measures. The novel Ky method discussed here offers geometric measures to construct scaled multi-dimensional structures, even models. Ky classes proposed for consideration include celestial even subatomic. The application of this offers incredible possibilities, for example, geometric architecture that can represent scaled celestial models that incorporates planets (spheroids) and celestial motion (elliptical orbits).

Keywords: Kyklos, geometry, measurement, celestial, dimension

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Authors: Badoiu Mihaela Catalina

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Main focus of COHESION policy was reducing social and economic disparities between member states and regions, sustainable development and equal opportunities. In this perspective, the present study intend to analyze the evolution of the European architecture and its direct impact over the real convergence in the member states.

Keywords: cooperation, European union, member states, cohesion policy

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Authors: Balaji Devanathan, Gokul G, Raveena Divya, Abhishek Yadav, Sudhir K.Gupta

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Background: Age estimation is a common problem in administrative settings, medico legal cases, and among athletes competing in different sports. Age estimation is a problem in medico legal problems that arise in hospitals when there has been a criminal abortion, when consenting to surgery or a general physical examination, when there has been infanticide, impotence, sterility, etc. Medical imaging progress has benefited forensic anthropology in various ways, most notably in the area of determining bone age. An efficient method for researching the epiphyseal union and other differences in the body's bones and joints is multi-slice computed tomography. There isn't a significant database on Indians available. So to obtain an Indian based database author has performed this original study. Methodologies: The appearance and fusion of ossification centre of sternoclavicular joint is evaluated, and grades were assigned accordingly. Using MSCT scans, we examined the relationship between the age of the deceased and alterations in the sternoclavicular joint during the appearance and union in 500 instances, 327 men and 173 females, in the age range of 0 to 25 years. Results: According to our research in both the male and female groups, the ossification centre for the medial end of the clavicle first appeared between the ages of 18.5 and 17.1 respectively. The age range of the partial union was 20.4 and 20.2 years old. The earliest age of complete fusion was 23 years for males and 22 years for females. For fusion of their sternebrae into one, age range is 11–24 years for females and 17–24 years. The fusion of the third and fourth sternebrae was completed by 11 years. The fusions of the first and second and second and third sternebrae occur by the age of 17 years. Furthermore, correlation and reliability were carried out which yielded significant results. Conclusion: With numerous exceptions, the projected values are consistent with a large number of the previously developed age charts. These variations may be caused by the ethnic or regional heterogeneity in the ossification pattern among the population under study. The pattern of bone maturation did not significantly differ between the sexes, according to the study. The study's age range was 0 to 25 years, and for obvious reasons, the majority of the occurrences occurred in the last five years, or between 20 and 25 years of age. This resulted in a comparatively smaller study population for the 12–18 age group, where age estimate is crucial because of current legal requirements. It will require specialized PMCT research in this age range to produce population standard charts for age estimate. The medial end of the clavicle is one of several ossification foci that are being thoroughly investigated since they are challenging to assess with a traditional X-ray examination. Combining the two has been shown to be a valid result when it comes to raising the age beyond eighteen.

Keywords: age estimation, sternoclavicular joint, medial clavicle, computed tomography

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Authors: M. Chobotová, Ž. Rylková

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Time full of changes which is associated with globalization, tougher competition, changes in the structures of markets and economic downturn, that all force companies to think about their competitive advantages. These changes can bring the company a competitive advantage and that can help improve competitive position in the market. Policy of the European Union is focused on the fast growing innovative companies which quickly respond to market demands and consequently increase its competitiveness. To meet those objectives companies need the right conditions and support of their state.

Keywords: innovation, performance, measurements metrics, indices

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Authors: Tomasz Komornicki

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The possibilities of cross-border traffic depend on the degree of permeability of a given border as well as the state of the existing transport infrastructure. The aim of this paper is to identify the impact of economic transformation, EU accession, and infrastructure development on modal shifts in border traffic through the Polish eastern boundary. In the 1980s railway was still the main mode of cross-border transport in Poland. At the beginning of the 1990s, the role of the road and rail transborder passenger traffic was similar, but since 1993, the role of rail was decreasing. The general decline in rail infrastructure in Poland continued uninterruptedly until accession to the European Union. The slow opposite trend can be observed later as a result of the inflow of European funds. In the countries neighbouring Poland from the east, these processes took place with some delay, and the loss of railway position was not so drastic. Therefore, cross-border railway connections have been maintained for quite a long time since the break-up of the USSR. However, finally, cross-border rail transport proved to be completely inflexible in relation to both economic, geopolitical, and transport transformations. It has been shown that the current modal split of the passenger border traffic was shaped by the following factors: a) closure of many transborder railway lines, especially local ones; b) the signing of an agreement on minor border traffic with Ukraine; c) rapidly growing number of citizens of Ukraine working in Poland (unofficial transportation of workers by car directly to their workplaces in Poland); d) the emergence of low-cost air connections between Ukraine and Poland and the growing role of air transport in the Russia-Poland relationship. The summary points to the possibility of a renewed increase in the importance of rail transport on the eastern border of the European Union.

Keywords: modal change, border, rail transport, Poland

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Authors: Farida Buniatova

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Testamentary succession rules in the Russian Federation have been developing intensively since the collapse of the Soviet Union. The article analyses specific aspects of the closed will in Russian civil law. It discusses advantages and drawbacks of the closed will. In addition to that, the paper focuses on the will drafting and attestation procedures. The research provides ways to improve and enhance Russian legislation governing the closed will.

Keywords: closed will, testamentary succession, testator, will

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Authors: Ibrahima Farikou, Kolontchang Gatchou Alberic Lionel, Tsiagadgui Jean Gustave, Ngo Yamben Marie-Ange, Handy Eone Daniel

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Introduction: It was in 1956 that Ilizarov pioneered the concept of osteogenesis in distraction by the device that bears his name to help produce bone and soft tissue regeneration and bone consolidation. This technique is not widely used in Africa where, however, its applications are numerous (loss of bone substances, congenital or acquired malformations). Our goal is to bring the indications of Ilizarov's device back to our practice conditions. Methods: Our study was conducted in 2 hospitals over a period of 20 years. For the retrospective phase, this study included all complete usable records of patients operated on in the Ilizarov external fixator department, and for the prospective phase, all patients operated on in the departments with complete usable records. Our sample was consecutive and not exhaustive. Data were analyzed by SPSS software version 23.0. Results: A total of 52 patients were reviewed. The average age of our patients was 14.7 years. The sex ratio was 1.6 in favor of men. The lower limb was the most affected (49), with a predominance of the tibia (62.4%). The average elongation was 6.4 cm. Traumatic acquired pathologies (delayed union, malunion) represented 60.6%. The mean time to union was seven months. Correction of the limb length discrepancy or filling of loss of bone substance was obtained in 75% of cases. Functionally, 80.8% of the patients treated had regained autonomy at the end of treatment, but in 17.3% of the patients, pain and limping persisted. Conclusion: This technique should be popularized in Africa because the benefit that would accrue to patients is invaluable and would be an attractive alternative to many amputations sometimes carried out in Africa by despair.

Keywords: ilizarov, external fixator, limb lengthening, bone regeneration, africa

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Authors: Mohd Iqbal Malik

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Ethical philosophy of Quran pinnacled virtue and economics as the part and parcel of human life. Human beings are to be imagined by the sign of morals. Soul and morality are both among the essences of human personality. Islam lays the foundation of ethics by installation of making a momentous variance between virtue and vice. It suggests for the distribution of wealth in-order to terminate accumulation of economic resources. Quran claims for the ambiguous pavement to attain virtue by saying, ‘Never will you attain the good (reward) until you spend (in the way of Allah) from that which you love. And whatever you spend indeed, Allah knows of it.’ The essence of Quran is to eliminate all the deep-seated approaches through which the wealth of nations is being accumulated within few hands. The paper will study the Quranic Philosophy Of Islamic Economic System. In recent times, to get out of the human resource development mystery of Muslims, Ismail Al-Raji Faruqi led the way in the so-called ‘Islamization’ of knowledge. Rahman and Faruqi formed opposite opinions on this project. Al-Faruqi thought of the Islamization of knowledge in terms of introducing Western learning into received Islamic values and vice versa. This proved to be a mere peripheral treatment of Islamic values in relation to Western knowledge. It is true that out of the programme of Islamization of knowledge arose Islamic universities in many Muslim countries. Yet the academic programmes of these universities were not founded upon a substantive understanding and application of the tawhidi epistemology.

Keywords: ethical philosophy, modern Islamic finance, knowledge of finance, Islamic banking

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Authors: Pagadaplly Girish, P. V. Manohar

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Introduction: Management of distal femur fractures is challenging. Recently, treatment has evolved towards indirect reduction and minimally invasive techniques. Objectives: To assess the fracture union and functional outcome following open reduction and internal fixation of distal femur fractures with locking compression plate and to achieve restoration of the anatomical alignment of fracture fragments and stable internal fixation. Methodology: Patients with distal femur fracture treated by locking compression during Oct 2011 to April 2013 were assessed prospectively. Patients below 18 years and those with neuro-vascular deficits were excluded. Age, sex of the patient, type of fracture, mechanism of injury, type of implant used, operative time and postoperative complications were analysed. The Neer’s scale was used to assess the outcome of the patients. Results: The total number of patients was 30; 28 males and 2 females; mean age was 41.53 years. Road traffic accidents were the major causes of injury followed by falls. The average duration of hospital stay was 21.3 days. The overall complication rate note was 23.33%. The mean range of movement around the knee joint after 6 months of follow-up was 114.330. The average time for the radiological union was 14 weeks. Excellent to good results were noted in 26 patients (86.6%) and average to poor results were observed in 4 (13.33%) patients. Conclusions: The locking compression plate gives a rigid fixation for the fracture. It also provides a good purchase in osteoporotic bones. LCP is simple and a reliable implant appropriate for fixation of femoral fractures with promising results.

Keywords: distal femur fractures, locking compression plate, Neer’s criteria, neuro-vascular deficits

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Authors: Udeh Nneka Evelyn

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The shortcoming of traditional costing system in terms of validity, accuracy, consistency, and Relevance increased the need for modern management accounting system. Activity –Based Costing (ABC) can be used as a modern tool for planning, Control and decision making for management. Past studies on ABC system have focused on manufacturing firms thereby making the studies on service firms scanty to some extent. This paper reviewed the application and relevance of activity-based costing technique in service oriented business organizations by employing a qualitative research method which relied heavily on literature review of past and current relevant articles focusing on ABC. Findings suggest that ABC is not only appropriate for use in a manufacturing environment; it is also most appropriate for service organizations such as financial institutions, the healthcare industry and government organization. In fact, some banking and financial institutions have been applying the concept for years under other names. One of them is unit costing, which is used to calculate the cost of banking services by determining the cost and consumption of each unit of output of functions required to deliver the service. ABC in very basic terms may provide very good payback for businesses. Some of the benefits that relate directly to the financial services industry are: identification the most profitable customers: more accurate product and service pricing: increase product profitability: Well organized process costs.

Keywords: business, costing, organizations, planning, techniques

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Authors: Pia Moschall, Kathrin Sackmann

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Considering a purchasing volume of around two trillion Euros per year, which equals about 14% of the European Union’s gross domestic product, European public authorities have significant market power. Making use of this market power by prioritizing the procurement of green products and services offers a great potential to contribute to the Green New Deal. The market demand that is created by Green Public Procurement (GPP) sets incentives for European producers to design and develop Green Products and Eco-Innovations. However, most procurement still does not consider environmental criteria. The goal of the work is to encourage the adaptation of GPP in the European Union. To this end, the drivers for the adaptation were investigated over different case studies. The paper analyzes good-practice cases from European authorities from 2010 to 2020 that were provided by the European Commission. This analysis was guided by Philipp Mayring’s method of qualitative content analysis, whereby the inductively formed categories led to the identification of nine major drivers. The most important ones are ‘use of official guidelines and standards, ‘political support and requirements as well as ‘market research and involvement.’ Further, the paper discusses mutual dependencies between several drivers and how to exploit them. A supporting infrastructure was identified as a crucial factor for the successful adaption of green public procurement. In the next step, the work aims to examine on which administrative level the single drivers can be implemented most effectively. Practical implications of this research are recommendations on how to create a supporting structure on a municipal, federal and national level, including training for the responsible staff, support tools, as well as guidelines and standards for involved stakeholders.

Keywords: content analysis, green public procurement, public authorities, sustainable procurement

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Authors: Marianna Iaroslavska

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ChatGPT is becoming commonplace. However, only a few people think about the legal risks of using Large Language Model in their daily work. The main dilemmas concern the following areas: who owns the copyright to what somebody creates through ChatGPT; what can OpenAI do with the prompt you enter; can you accidentally infringe on another creator's rights through ChatGPT; what about the protection of the data somebody enters into the chat. This paper will present these and other legal risks of using large language models at work using dogmatic methods and case studies. The paper will present a legal analysis of AI risks against the background of European Union law and Polish law. This analysis will answer questions about how to protect data, how to make sure you do not violate copyright, and what is at stake with the AI Act, which recently came into force in the EU. If your work is related to the EU area, and you use AI in your work, this paper will be a real goldmine for you. The copyright law in force in Poland does not protect your rights to a work that is created with the help of AI. So if you start selling such a work, you may face two main problems. First, someone may steal your work, and you will not be entitled to any protection because work created with AI does not have any legal protection. Second, the AI may have created the work by infringing on another person's copyright, so they will be able to claim damages from you. In addition, the EU's current AI Act imposes a number of additional obligations related to the use of large language models. The AI Act divides artificial intelligence into four risk levels and imposes different requirements depending on the level of risk. The EU regulation is aimed primarily at those developing and marketing artificial intelligence systems in the EU market. In addition to the above obstacles, personal data protection comes into play, which is very strictly regulated in the EU. If you violate personal data by entering information into ChatGPT, you will be liable for violations. When using AI within the EU or in cooperation with entities located in the EU, you have to take into account a lot of risks. This paper will highlight such risks and explain how they can be avoided.

Keywords: EU, AI act, copyright, polish law, LLM

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Authors: Udeh Nneka Evelyn

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The shortcomings of traditional costing system, in terms of validity, accuracy, consistency and relevance increased the need for modern management accounting system. ABC (Activity-Based Costing) can be used as a modern tool for planning, control and decision making for management. Past studies on activity-based costing (ABC) system have focused on manufacturing firms thereby making the studies on service firms scanty to some extent. This paper reviewed the application and relevance of activity-based costing techniques in service oriented business organisations by employing a qualitative research method which relied heavily on literature review of past and current relevant articles focusing on activity-based costing (ABC). Findings suggest that ABC is not only appropriate for use in a manufacturing environment; it is also most appropriate for service organizations such as financial institutions, the healthcare industry, and government organizations. In fact, some banking and financial institutions have been applying the concept for years under other names. One of them is unit costing, which is used to calculate the cost of banking services by determining the cost and consumption of each unit of output of functions required to deliver the service. ABC in very basic terms may provide very good payback for businesses. Some of the benefits that relate directly to the financial services industry are: Identification of the most profitable customers; more accurate product and service pricing; increase product profitability; well-organized process costs.

Keywords: profitability, activity-based costing (ABC), management accounting, manufacture

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Authors: Elza Jurun, Damir Piplica, Tea Poklepović

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Numerous studies carried out in the developed western democratic countries have shown that the ideological framework of the governing party has a significant influence on the monetary policy. The executive authority consisting of a left-wing party gives a higher weight to unemployment suppression and central bank implements a more expansionary monetary policy. On the other hand, right-wing governing party considers the monetary stability to be more important than unemployment suppression and in such a political framework the main macroeconomic objective becomes the inflation rate reduction. The political framework conditions in the transition countries which are new European Union (EU) members are still highly specific in relation to the other EU member countries. In the focus of this paper is the question whether the same monetary policy principles are valid in these transitional countries as well as they apply in developed western democratic EU member countries. The data base consists of inflation rate and unemployment rate for 11 transitional EU member countries covering the period from 2001 to 2012. The essential information for each of these 11 countries and for each year of the observed period is right or left political orientation of the ruling party. In this paper we use t-statistics to test our hypothesis that there are differences in inflation and unemployment between right and left political orientation of the governing party. To explore the influence of different countries, through years and different political orientations descriptive statistics is used. Inflation and unemployment should be strongly negatively correlated through time, which is tested using Pearson correlation coefficient. Regarding the fact whether the governing authority is consisted from left or right politically oriented parties, monetary authorities will adjust its policy setting the higher priority on lower inflation or unemployment reduction.

Keywords: inflation rate, monetary policy orientation, transition EU countries, unemployment rate

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Authors: Muhammad Umar Kibiya

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The study aims to examine whether regulatory changes have an impact on the financial reporting quality of Microfinance Banks in Nigeria. The research employed a panel data analysis technique, using data from 2018 to 2022. The sample includes 72 microfinance banks, using regression analyses to examine the relationship between variables. The findings indicate that Board Chairmanship has a positive and significant effect on financial reporting quality. It also reveals that share ownership has a negative and significant impact on financial reporting quality. The results suggest that regulatory changes have a positive and significant influence on financial reporting quality. Thus, findings have important implications for microfinance banks in Nigeria. It suggests that having a strong and competent board chairperson can enhance financial reporting quality, leading to more transparent and reliable information for stakeholders. Furthermore, the study highlights the importance of regulatory changes in improving financial reporting practices in the microfinance banking sector. The study contributes to the extant literature by providing empirical evidence on the relationship between board chairmanship, share ownership, financial reporting quality, and regulatory changes in microfinance banks. It further supports the concept that governance mechanisms and regulatory reforms play a crucial role in ensuring transparency and accountability within the microfinance banking sector. It recommends that microfinance banks should appoint experienced and qualified individuals as board chairpersons to enhance financial reporting quality. Furthermore, policymakers and regulatory authorities should continue to implement and enforce regulations that promote transparent financial reporting practices in microfinance banks.

Keywords: board chairman, share ownership, financial reporting quality, microfinance, regulatory changes

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Authors: Armenio Lopes, Carlos Ferreira

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In the specific context of the Iberian Union between 1580 and 1640, characteristics emerged in Portuguese architecture that stood out from the main architectural production of the period. Recognised and identified aspects that had begun making their appearance decades before (1521) became significantly more marked during the Hapsburg-Spanish occupation. Distinctive even from the imperialist language of Spain, this trend would endure even after the restoration of independence (1706), continuing through to the start of the age of absolutism. Or perhaps not. This trend, recognised as Plain Style (Kubler), associated with a certain scarcity of resources, involved a certain formal and decorative simplification, as well as a particular set of conventions that would subsequently mark the landscape. This expression could also be seen as a means of asserting a certain spirit of independence as the Iberian Union breathed its last. The image of a simple, bare-bones architecture with purer design lines is associated by various authors –most notably Kubler– with the narratives of modernism, to whose principles it is similar, in a context-specific to the period. There is a contrast with some of the exuberance of the baroque or its expression in the Manueline period, in a similar fashion to modernism's responses to nineteenth-century eclecticism. This assertion and practice of simple architecture, drafted from the interpretation of the treaties, and highlighting a certain classical inspiration, was to become a benchmark in the theory of architecture, spanning the Baroque and Mannerism, until achieving contemporary recognition within certain originality and modernity. At a time when the baroque and its scenography became generally very widespread, it is important also to recognise the role played by plain style architecture in the construction of a rather complex and contradictory waterfront landscape, featuring promises of exuberance and more discrete practices.

Keywords: Carlos Mardel, Lisbon's waterfront, plain style, urban image on the waterfront

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Authors: Norbert Tribl

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European contemporary scientific public opinion considers the concept of constitutional identity as a highlighted issue. Some scholars interpret the matter as the manifestation of a conflict of Europe. Nevertheless, constitutional identity is a bridge between the Member States and the EU rather than a river that will wash away the achievements of the integration. In accordance with the opinion of the author, the main problem of constitutional identity in Europe is the undetermined nature: the exact concept of constitutional identity has not been defined until now. However, this should be the first step to understand and use identity as a legal institution. Having regard to this undetermined nature, the legal-theoretical examination of constitutional identity is the main purpose of this study. The concept of constitutional identity appears in the Anglo-Saxon legal systems by a different approach than in the supranational system of European Integration. While the interpretation of legal institutions in conformity with the constitution is understood under it, the European concept is applied when possible conflicts arise between the legal system of the European supranational space and certain provisions of the national constitutions of the member states. The European concept of constitutional identity intends to offer input in determining the nature of the relationship between the constitutional provisions of the member states and the legal acts of the EU integration. In the EU system of multilevel constitutionalism, a long-standing central debate on integration surrounds the conflict between EU legal acts and the constitutional provisions of the member states. In spite of the fact that the Court of Justice of the European Union stated in Costa v. E.N.E.L. that the member states cannot refer to the provisions of their respective national constitutions against the integration. Based on the experience of more than 50 years since the above decision, and also in light of the Treaty of Lisbon, we now can clearly see that EU law has itself identified an obligation for the EU to protect the fundamental constitutional features of the Member States under Article 4 (2) of Treaty on European Union, by respecting the national identities of member states. In other words, the European concept intends to offer input for the determination of the nature of the relationship between the constitutional provisions of the member states and the legal acts of the EU integration.

Keywords: constitutional identity, EU law, European Integration, supranationalism

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Authors: Alina Murtishcheva

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The tendency of globalization, challenges to democracy and peace caused by the Russian invasion of Ukraine, and other global conflicts require searching general orientations of governmental development, including local government. The formation of a common theoretical framework for local government guarantees not only of harmonisation of European legislation but also creates prerequisites for the integration of new members into the European Union. One of the most important milestones of such a theoretical framework is the concept of decentralization. Decentralization as a phenomenon is characteristic of most European Union countries at different historical stages. For Ukraine, as a country that has clearly defined a European integration vector of development, understanding not only the legal but also the theoretical basis of decentralisation processes in European countries is an important prerequisite for further reforms. Decentralisation takes different forms, which leads to a variety of understandings in doctrine and, consequently, different interpretations in national legislation. Despite of this, decentralisation is based on common ideas and values such as democracy, participation, the rule of law, and proximity government that are shared by all EU member states. Nevertheless, not all EU countries are currently implementing broad decentralization in their political and legal practices. Some countries are gradually moving in this direction, while others remain quite centralised. There is also a new, insufficiently studied trend today – recentralisation, which can be broadly defined as the strengthening of centralization tendencies in countries that were considered to be decentralized. Consequently, an exploratory theoretical study is needed to identify how the concept of decentralization is combined with the recentralization tendency in EU member states. The purpose of this study is to empirically analyse scientific approaches to the concept of “decentralisation”, to highlight the tendency of recentralisation and its consequences, to analyse Ukraine's experience in the field of decentralisation of public power, and to outline the prospects for further development of Ukrainian legislation in this area.

Keywords: centralization, decentralization, local government, recentralization, reforms

Procedia PDF Downloads 67