Search results for: queering economies

Authors: Terence Maisah Seka

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This paper examines democratic governance within the private and public sectors in economies in transition (Cameroon) by exploring how they influence development in terms of resource allocation to priorities that are locally conceptualized. The benefit of this is an improvement in indigenous and the quality of life for the local population. Using an ethnographic approach, this paper suggests that institutional corruption and state bureaucracy has limited the impact of democratic governance in influencing development. This has seen funds for developments being embezzled; local projects are not being done to satisfaction among others. The paper contributes by proposing measures to eliminate corruption to improve democratic governance, which will improve resource allocation and utilization.

Keywords: democratic governance, resource allocation, utilisation, Cameroon

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Authors: Thinh Huu Nguyen, Shahab Sharfaei, Jindřich Soukup

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In the pursuit of reducing production costs, offshoring has been a major trend throughout global value chains for many decades. However, with the rise of advanced technologies, new opportunities to automate their production are changing the motivation of multinational firms to go offshore. Instead, many firms are working to relocate their offshored activities from developing economies back to their home countries. This phenomenon, known as reshoring, has recently garnered much attention as it becomes clear that automation in advanced countries might have major implications not only on their own economies but also through international trade on the economy of low-income countries, including their labor market outcomes and their comparative advantages. Thus, while using robots to substitute human labor may lower the relative costs of producing at home, it has the potential to decrease employment and demand for exports from developing economies through reshoring. In this paper, we investigate the recent literature to provide a further understanding of the relationships between robotization and the reshoring of production. Moreover, we analyze the impact of robot adoption on international trade in both developed and emerging markets. Finally, we identify the research gaps and provide avenues for future research in international economics. This study is a part of the project funded by the Internal Grant Agency (IGA) of the Faculty of Business Administration, Prague University of Economics and Business.

Keywords: automation, robotization, reshoring, international trade

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Authors: Richard W. Jelier

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This research examines the emergence of the knowledge-based economies in three world cities in a comparative context. The Australian, American and British approaches to (KBE) are analyzed through the study of three premier world cities of Sydney, New York and London. Long considered leaders in the KBE, London and New York’s pre-imminence in this race to the top is not surprising. Sydney, Australia however has seen a remarkable transformation from an old economy to an emerging success in the new economy. After an examination of national KBE indicators (GDP comparisons and Knowledge Economy indexes) the research turns to a detailed investigation of specific strategies advanced in greater Sydney, New York City and London to advance the creative sector and compete for a spot among the world leaders in the knowledge age. These intense efforts at restructuring national and local economies have led to increasingly intense competition between cities and nations and there are clear winners and losers. Overall the conclusion of this research suggests that as Australia is rising, America is struggling to keep its position as a global world leader in the new economy. London’s urban primacy has helped elevate it role in the UK new economy and recent transformations have led London to compete successfully with New York City for the top position as the premier global city.

Keywords: knowledge-based economy, knowledge economy indexes, sustainable transformation, creative economies, New York, London and Sydney

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Authors: Abdo Shabah

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Mass customization aims to produce customized goods (allowing economies of scope) at lower cost (to achieve economies of scale) using multiple strategies (modularization and postponement). Through a simulation experiment of organizations under turbulent environment, we aim to compare standardization and mass customization of services and assess the impact of different forms of mass customization (early and late postponement) on performance, quality and consumer satisfaction, on the use of modular dynamic 3D Geographic Information System. Our hypothesis is that mass customization performs better and achieves better quality in turbulent environment than standardization, but only when using early postponement strategies. Using mixed methods study, we try to confirm our hypothesis.

Keywords: mass customization, postponement, experiment, performance, quality, satisfaction, 3D GIS

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Authors: A. K. O'Loughlin

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In Simone de Beauvoir’s climatic 1959 meditation, The Second Sex, she avows that 'On ne naît pas femme; on le devient,' translated most recently in the unabridged text (2010) as 'One is not born, but rather becomes, woman.' The signifier ‘woman’ in this context, signifies Beauvoir’s contemplation of the institution, the concept of woman(ness) defined in relation to the binary and hegemonic man(ness.) She is 'the other.' This paper is a theoretical contemplation of (1) how we actively teach 'othering' in the institution of schooling and (2) new considerations of pluralism for self-reflection and subversion that teachers, in particular, are faced with. How, in schooling, do we learn one’s options for racialized, classed and sexualized gender identification and the hierarchical signification that define these signifiers? Just like the myth of apolitical schooling, we cannot escape teaching social organization in the classroom. Yet, we do have a choice. How do we as educators learn about our own embodied intersectionalities? How do we unlearn our own binaries? How do we teach about intersectional gender? How do we teach 'the other'? We posit the processes of these reflections by educators may move our classrooms beyond binaries, engage pluralism and queer alterity itself.

Keywords: othering, alterity, education, schooling, identity, racialization, gender, intersectionality, pluralism

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Authors: Boopen Seetanah, R. V. Sannassee, Sheereen Fauzel, Robin Nunkoo

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The bulk of research on the impact of research and development (R&D) has been carried out in developed economies where the intensity of R&D expenditure has been relatively high and stable for many years. However, there is a paucity of similar studies in developing countries. In this paper, we provide empirical estimates of the impact of R&D investment on economic growth in a developing African economy (Mauritius) where R&D expenditure intensity has been low initially, but rising, albeit moderately in recent years. Using a dynamic time series analysis over the period 1980 to 2014 in a Vector Autoregressive framework, R & D is shown to have a positive and significant effect on the economic progress of the island, although the impact is considerably less when compared to both other ingredients of growth and also to reported elasticities fromdeveloped economies . Interestingly, there is evidence of bicausality between R & D and growth. furthermore, R & D positively impacts on both domestic and foreign investment, suggesting the possibilities of indirect effects.

Keywords: R & D, VECM, Africa, Mauritius

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Authors: Li Sheng

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Based on an extended post-Keynesian model, we find that the association between the savings rate and income inequality is negative if savers’ funds are borrowed by spending households for consumption but positive if savings are channeled to investing firms for production. A negative association, such as the one that exists in the U.S., hinges on an income illusion created by an asset bubble and cheap credit. Thus, financial globalization leads consumption and income inequality to diverge, and the divergence is more extreme if lower-income groups have higher debt ratios. A positive association, such as the one that exists in China, relates to liquidity constraints faced by consumers such that consumption inequality closely follows income inequality. Our results imply that income inequality must be reduced in both types of countries to increase savings in deficit economies with negative associations and to reduce savings in surplus economies with positive associations.

Keywords: savings rate, income inequality, financial globalization, global imbalances

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Authors: Innocent Felix Idoko

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The development of indigenous entrepreneurship is critical to the achievement of sustainable development in the internationalized economy. Sustainable development implies a continuous stimulus of growth and improvement of an economy in a fairly stable manner. The paradigms of a globalization are numerous to mention. However, to a great extent, these are trade-offs and dilemmas for indigenous entrepreneurship, particularly in the developing economies with infant industries that are essentially crucial to development. This paper analyses the pros and cons of globalization as relates to the complementary role of both foreign and indigenous entrepreneurs, the conflict of values between globalization and protectionism for local entrepreneurship. Using analytical and descriptive approach, the views of academicians, research fellows, literature reviews and both the theories of the mercantilists and those of free trade mainstream economists, and the G20, the paper concludes that there is a legitimate need for protectionism for domestic entrepreneurship in the developing economies as doing otherwise amount to stifling them.

Keywords: developing countries, entrepreneurship, globalization, infant-industries, protectionism, sustainable development

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Authors: Adelakun O. Johnson

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The quest to mitigate the probable adverse effects of geopolitical risk on FDI inflows tends to result in more frequent changes in economic policies and, as a result, heightened policy uncertainty. In this regard, we extend the literature on the dynamics of FDI inflows to include the hypothesis of the possibility of geopolitical risk escalating the adverse effects of economic policy uncertainty on FDI inflows. To test the robustness of this hypothesis, we use the cases of different economic groups characterized by different levels of economic development and varying degrees of FDI confidence. Employing an ARDL-based dynamic panel data model that accounts for both non-stationarity and heterogeneity effects, we show result that suggests GPR and EPU retard the inflows of FDI in both economies but mainly in the short-run situation. In the long run, however, higher EPU not attributed to GPR is likely to boost the inflows of FDI rather than retarding, at least in the case of the G7 economy.

Keywords: FDI inflows, geopolitical risk, economic policy uncertainty, panel ARDL model

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Authors: R. Bhattu Babajee, Marie Sandrine Estelle Benoit

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The past decades have witnessed a considerable institutional shift towards Central Bank Independence across economies of the world. The motivation behind such a change is the acceptance that increased central bank autonomy has the power of alleviating inflation bias. Hence, studying whether Central Bank Independence acts as a significant factor behind the price stability in the African economies or whether this macroeconomic aim in these countries result from other economic, political or social factors is a pertinent issue. The main research objective of this paper is to assess the relationship between central bank autonomy and inflation in African economies where inflation has proved to be a serious problem. In this optic, we shall measure the degree of CBI in Africa by computing the turnover rates of central banks governors thereby studying whether decisions made by African central banks are affected by external forces. The purpose of this study is to investigate empirically the association between Central Bank Independence (CBI) and inflation for 10 African economies over a period of 17 years, from 1995 to 2012. The sample includes Botswana, Egypt, Ghana, Kenya, Madagascar, Mauritius, Mozambique, Nigeria, South Africa, and Uganda. In contrast to empirical research, we have not been using the usual static panel model for it is associated with potential mis specification arising from the absence of dynamics. To this issue a dynamic panel data model which integrates several control variables has been used. Firstly, the analysis includes dynamic terms to explain the tenacity of inflation. Given the confirmation of inflation inertia, that is very likely in African countries there exists the need for including lagged inflation in the empirical model. Secondly, due to known reverse causality between Central Bank Independence and inflation, the system generalized method of moments (GMM) is employed. With GMM estimators, the presence of unknown forms of heteroskedasticity is admissible as well as auto correlation in the error term. Thirdly, control variables have been used to enhance the efficiency of the model. The main finding of this paper is that central bank independence is negatively associated with inflation even after including control variables.

Keywords: central bank independence, inflation, macroeconomic variables, price stability

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Authors: Andrey Makarov

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This article will focus on the development of antitrust policy in transition economies in the context of preventing explicit and tacit collusion. Experience of BRICS, CIS (Ukraine, Kazakhstan) and CEE countries (Bulgaria, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, Slovenia, Czech Republic, Estonia) in the creation of antitrust institutions was analyzed, including both legislation and enforcement practice. Most of these countries in the early 90th were forced to develop completely new legislation in the field of protection of competition and it is important to compare different ways of building antitrust institutions and policy results. The article proposes a special approach to evaluation of preventing collusion mechanisms. This approach takes into account such enforcement problems as: classification problems (tacit vs explicit collusion, vertical vs horizontal agreements), flexibility of prohibitions (the balance between “per se” vs “rule of reason” approaches de jure and in practice), design of sanctions, private enforcement challenge, leniency program mechanisms, the role of antitrust authorities etc. The analysis is conducted using both official data, published by competition authorities, and expert assessments. The paper will show how the integration process within the EU predetermined some aspects of the development of antitrust policy in CEE countries, including the trend of the use of "rule of reason" approach. Simultaneously was analyzed the experience of CEE countries in special mechanisms of government intervention. CIS countries in the development of antitrust policy followed more or less original ways, without such a great impact from the European Union, more attention will be given to Russian experience in this field, including the analysis of judicial decisions in antitrust cases. Main problems and challenges for transition economies in this field will be shown, including: Legal uncertainty problem; Problem of rigidity of prohibitions; Enforcement priorities of the regulator; Interaction of administrative and criminal law, limited effectiveness of criminal sanctions in the antitrust field; The effectiveness of leniency program design; Private enforcement challenge.

Keywords: collusion, antitrust policy, leniency program, transition economies, Russia, CEE

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Authors: Indira Sinha

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According to the Oxford Advanced Learner's English Dictionary of Current English, environment is the complex of physical, chemical and biotic factors that act upon an organism or an ecological community and ultimately determines its form and survival. It is defined as conditions and circumstances which are affecting people's lives. The meaning of environmental degradation is the degradation of the environment through depletion of resources such as air, water and soil and the destruction of ecosystems and extinction of wildlife. Globalization is a significant feature of recent world history. The aim of this phenomenon is to integrate societies, economies and cultures through a common link of trading policies, technology and communication. Undoubtedly it has opened up the world economy at a very high speed but at the same time it has an adverse impact on the environment. The purpose of the present study is to investigate the impact of globalization on the environmental conditions. An overview of what the forces of globalization have in store for the environment with constructing large number of industries and destroying large forests lands will be given in this paper. The forces of globalization have created many serious environmental problems like high temperature, extinction of many species of plant and animal and outlet of poisonous chemicals from industries. The revelation of this study is that in case of developing economics these problems are more critical. In developing countries like India many factories are built with less environmental regulations, while developed economies maintain positive environmental practices. The present study is a micro level study which aims to employ a combination of theoretical, descriptive, empirical and analytical approach in addition to the time tested case method.

Keywords: globalization, trade policies, environmental degradation, developing economies, large industries

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Authors: Sy, Melecio Jr

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The decision to adopt vertical integration (VI) is firm-specific, but there is a common practice among businesses in an industry to maximize the massive potential benefits of VI. This study aims to determine VI adoption in the restaurant industry in Davao City. Using a two-step sampling process, the study used a validated survey questionnaire among 264 restaurant owners and managers randomly selected and geographically classified. It is a quantitative study where the data were subjected to a structural equation model (SEM). The results revealed that VI is present but limited to procurement, production, restaurant services, and online marketing. Raw materials were outsourced while delivery to customers through third-party delivery services. VI slowly increased over ten years except for online marketing, which has grown significantly in a few years. The endogenous and exogenous variables were correlated and established the linear regression model. The SEM's best fit model revealed that strategic motives (SMOT) and market factors (MFAC) influenced VI adoption while MFAC is the best predictor. Favorable market factors may lead restaurants to adopt VI. It is, thus, recommended for restaurants to institutionalize strategic management, quantify the impact of double marginalization in future studies as a reason for VI and conduct this study during the new normal to see the influence of business efficiencies and firm economies on VI adoption.

Keywords: business efficiencies, business management, davao city, firm economies, market factors, philippines, strategic motives, structural equation model, supply chain, vertical integration adoption

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Authors: Luis A. Paipa-Galeano, Yavar Jarrah-Nezhad, César A. Bernal-Torres

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This paper presents a case study of four companies in an emerging economy to identify the key success factors and barriers to sustaining continuous improvement practices. The study analyzes the empirical evidence and compares it to the literature review to provide insights for companies looking to increase their maturity level in this area. The five success factors identified are the availability of resources, commitment and support from management, participation of employees in identifying tasks to improve, clear and realistic objectives for continuous improvement, and the existence of a leader or responsible for continuous improvement. The major barriers to success are a lack of alignment between the organization’s strategic objectives and continuous improvement objectives, a lack of motivation in the team, and resistance to change. The paper concludes with recommendations for companies to reduce the risk of improvement failure and increase their maturity level in continuous improvement.

Keywords: emerging economies, Kaizen, continuous improvement sustainability, maturity model

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Authors: Muhammad Siddique, Volodymyr Lugovskyy

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This paper explores how nations might mitigate the unfavorable impacts of oil price volatility on economic growth by switching to renewable energy sources. The impacts of uncertain factor prices on economic activity are examined by looking at the Realized Volatility (RV) of oil prices rather than the more traditional method of looking at oil price shocks. The United States of America (USA), China (C), India (I), United Kingdom (UK), Germany (G), Malaysia (M), and Pakistan (P) are all included to round out the traditional literature's examination of selected nations, which focuses on oil-importing and exporting economies. Granger Causality Tests (GCT), Impulse Response Functions (IRF), and Variance Decompositions (VD) demonstrate that in a Vector Auto-Regressive (VAR) scenario, the negative impacts of oil price volatility extend beyond what can be explained by oil price shocks alone for all of the nations in the sample. Different nations have different levels of vulnerability to changes in oil prices and other factors that may play a role in a sectoral composition and the energy mix. The conventional method, which only takes into account whether a country is a net oil importer or exporter, is inadequate. The potential economic advantages of initiatives to decouple the macroeconomy from volatile commodities markets are shown through simulations of volatility shocks in alternative energy mixes (with greater proportions of renewables). It is determined that in developing countries like Pakistan, increasing the use of renewable energy sources might lessen an economy's sensitivity to changes in oil prices; nonetheless, a country-specific study is required to identify particular policy actions. In sum, the research provides an innovative justification for mitigating economic growth's dependence on stable oil prices in our sample countries.

Keywords: oil price volatility, renewable energy, economic growth, developed and developing economies

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Authors: Tan Swee Liang

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This paper estimates bank and stock market efficiency associations with real per capita GDP growth by examining panel-data across three different regions using Panel-Corrected Standard Errors (PCSE) regression developed by Beck and Katz (1995). Data from five economies in ASEAN (Singapore, Malaysia, Thailand, Philippines, and Indonesia), five economies in Asia (Japan, China, Hong Kong SAR, South Korea, and India) and seven economies in OECD (Australia, Canada, Denmark, Norway, Sweden, United Kingdom U.K., and United States U.S.), between 1990 and 2017 are used. Empirical findings suggest one, for Asia-5 high bank net interest margin means greater bank profitability, hence spurring economic growth. Two, for OECD-7 low bank overhead costs (as a share of total assets) may reflect weak competition and weak investment in providing superior banking services, hence dampening economic growth. Three, stock market turnover ratio has negative association with OECD-7 economic growth, but a positive association with Asia-5, which suggest the relationship between liquidity and growth is ambiguous. Lastly, for ASEAN-5 high bank overhead costs (as a share of total assets) may suggest expenses have not been channelled efficiently to income generating activities. One practical implication of the findings is that policy makers should take necessary measures toward financial liberalisation policies that boost growth through the efficiency channel, so that funds are efficiently allocated through the financial system between financial and real sectors.

Keywords: financial development, banking system, capital markets, economic growth

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Authors: Aysha Zamir

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This study examines to what extent foreign private investment (FPI) affects the clean industrial environment and sustainable economic growth through developed countries investment in China. Moreover, this study investiage an association among FPI, CO2 emission, energy consumption, and sustainable economic growth. This study uses random effects and generalized least squares (GLS) and panel VAR estimators for data analysis. The results indicate that the Chinese economy has a vastly positive influenced regarding the location and choice of emerging and developed countries’ investment in the domestic market. Furthermore, emerging and developed economies investment increases the contribution among domestic firms, environment sustainability toward the national economy. The further results show that foreign private investment and gross domestic investment have a positive impact on sustainable economic growth.

Keywords: clean industrial environment, energy consumption, CO2 emmission, foreign private investment, developed and emerging economies

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Authors: Hiba Mezaache

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The study aims to assess the financial and social efficiency of microfinance institutions in india for the period 2015-2019 by using two models of economies of scale and choosing the output direction of the data envelope analysis (DEA) method and using the MIX MARKET database. The study concluded that microfinance institutions focus on achieving financial efficiency beyond their focus on achieving social efficiency to ensure their continuity in the market. Convergence in the efficiency ratios that have been achieved, but the optimum ratios have been achieved under the changing economies of scale; Efficiency is affected by the depth of reaching low-income groups, as serving this group raises costs and risks. The importance of lending to women in rural areas and raising their awareness to ensure their financial and social empowerment; Make improvements in operating expenses, asset management, and loan personnel control in order to maximize output.

Keywords: microfinance, financial efficiency, social efficiency, mix market, microfinance institutions

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Authors: F. Demir

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Innovation is highly critical for every company, especially for technology-based organizations looking to sustain their competitive advantage. However, this is not an easy task. Regardless of the size of the enterprise, market and location, all organizations face numerous challenges. Even though huge barriers to innovation exist in different countries, firm- and industry-specific challenges can be distinguished. This paper examines innovation strategies and obstacles to innovation in research and technology organizations (RTO) of Turkey. From the most important to the least, nine different challenges are ranked according the results of this survey. The findings reveal that to take the lead in innovation, financial constraint is the biggest challenge, which is consistent with the related literature. It ranked number one in this study. Beyond that, based on a sample of 40 RTOs, regional challenges such as underdeveloped regional innovation ecosystem plays a significant role in hampering innovation. Most of the organizations (55%) embrace an incremental approach to innovation, while only few pursue radical shifts. About 40% of the RTOs focus on product innovation, and 27.5% of them concentrate on technological innovation, while a very limited number aim for operational excellence and customer engagement as the focus of their strategic innovation efforts.

Keywords: innovation strategies, innovation challenges, emerging economies, research and technology organizations

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Authors: Kazi Rafikoddin

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Conditionality refers to a precondition for getting external funds from IMF or WB by giving consent for implementation of the program of economic or political reforms especially relating to open economies. These are put forth under the label of structural adjustment. It is a kind of challenge on the part of borrowing government to exercise balance between the domestic obligations and the expectations of external funding agencies. Countries have to take loans under certain criteria and regulations because better loans are often not readily available. Therefore taking loans and renewing them to pay the same with new interest rates and conditions makes the governments entangled in the circle of debt. They are forced to compete with well-established multinational companies. If their access to industrialized countries' markets is impaired through protectionism, the developed world will be condemning the indebted nations to perpetual financial crisis. On the other hand, the ability to sell their goods free in the world market is reduced through the introduction of Structural Adjustment Programmes. Although there are examples of positive effects on certain economies like India, some Third World, and poor countries have experienced the ire of these remedies. This paper tries to find out the effects of SAPs on some borrowing countries.

Keywords: IMF, world bank, conditionalities, SAPs, Third World Countries

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Authors: Bikash Ranjan Mishra, Lopamudra D. Satpathy

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In the wake of the phenomenal surge in international business in the last decades or more, both the developed and developing economies around the world are in massive competition to attract more and more FDI flows. While the developed countries have marched ahead in the race, the developing countries, especially those of Asian economies, have followed them at a rapid pace. While most of the previous studies have analysed the role of institutional quality in the promotion of FDI flows in developing countries, very few studies have taken an integrated approach of examining the comprehensive impact of institutional quality, globalization pattern and domestic financial development on FDI flows. In this context, the paper contributes to the literature in two important ways. Firstly, two composite indices of institutional quality and domestic financial development for the Asian countries are constructed in comparison to earlier studies that resort to a single variable for indicating the institutional quality and domestic financial development. Secondly, the impact of these variables on FDI flows through their interaction with geographical region is investigated. The study uses panel data covering the time period of 1996 to 2012 by selecting twenty Asian developing countries by emphasizing the quality of institutions from the geographical regions of eastern, south-eastern, southern and western Asia. Control of corruption, better rule of law, regulatory quality, effectiveness of the government, political stability and voice and accountability are used as indicators of institutional quality. Besides these, the study takes into account the domestic credits in the hands of public, private sectors and in stock markets as domestic financial indicators. First in the specification of model, a factor analysis is performed to reduce the vast determinants, which are highly correlated with each other, to a manageable size. Afterwards, a reduced version of the model is estimated with the extracted factors in the form of index as independent variables along with a set of control variables. It is found that the institutional quality index and index of globalization exert a significant effect on FDI inflows of the host countries; in contrast, the domestic financial index does not seem to play much worthy role. Finally, some robustness tests are performed to make sure that the results are not sensitive to temporal and spatial unobserved heterogeneity. On the basis of the above study, one general inference can be drawn from the policy prescription point of view that the government of these developing countries should strengthen their domestic institution, both financial and non-financial. In addition to these, welfare policies should also target for rapid globalization. If the financial and non-financial institutions of these developing countries become sound and grow more globalized in the economic, social and political domain, then they can appeal to more amounts of FDI inflows that will subsequently result in advancement of these economies.

Keywords: Asian developing economies, FDI, institutional quality, panel data

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Authors: E. A. Tkachenko, E. M. Rogova, A. S. Osipenko

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The problems of technological development for the Russian Federation take on special significance in the context of modernization of the production base. The complexity of the position of the Russian economy is that it cannot be attributed fully to developing ones. Russia is a strong industrial power that has gone through the processes of destructive de-industrialization in the conditions of changing its economic and political structure. The need to find ways for re-industrialization is not a unique task for the economies of industrially developed countries. Under the influence of production outsourcing for 20 years, the industrial potential of leading economies of the world was regressed against the backdrop of the ascent of China, a new industrial giant. Therefore, methods, tools, and techniques utilized for industrial renaissance in EU may be used to achieve a technological leap in the Russian Federation, especially since the temporary gap of 5-7 years makes it possible to analyze best practices and use those technological transfer tools that have shown the greatest efficiency. In this article, methods of technological transfer are analyzed, the role of technological audit is justified, and factors are analyzed that influence the successful process of commercialization of technologies.

Keywords: technological transfer, productivity, technological audit, commercialization of technologies

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Authors: Bashir Tijjani Abubakar

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Capital markets play a very important role in financing of private and public institutions in both developing and developed economies. Unfortunately, small and medium enterprises (SMEs) in those economies are yet to fully utilize the markets to finance their long financial needs. This study assesses the factors that influence the decisions of the Muslim Owners/Managers of SMEs in Nigeria and specifically in Kano to seek capital market financing. Logit regression model was used to assess the factors such as control of ownership, perception of the owners/managers on the interest rate charged by commercial banks, educational qualification, size, and age of the SMEs. The study reveals that all the factors have significant positive influence on the willingness of the SMEs Owners/Managers to seek capital market financing. The study recommends educating the Owners/Managers on the operations and products of the markets.

Keywords: capital markets, capital market financing, small and medium enterprise and willingness, size of an enterprise, age of an enterprise and control of ownership

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Authors: Timothy Akinwande, Eddie C. M. Hui

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Housing the urban poor has remained a challenge for many years across the world, especially in developing economies, despite the apparent research attention and policy interventions. It is apt to investigate the prevalent affordable housing (AH) provision challenges using unconventional approaches. It is pragmatic to thoroughly examine housing experts to provide supply-side solutions to AH challenges and investigate informal settlers to deduce solutions from AH demand viewpoints. This study being the supply-side investigation of an ongoing research, interrogated housing experts to determine significant expert solutions. Focus group discussions and in-depth interviews were conducted with housing experts in Nigeria. Through descriptive, content, and systematic thematic analyses of data, major findings are that deliberate finance models designed for the urban poor are the most significant housing finance solution in developing economies. Other findings are that adequately implemented rent control policies, deliberate PPP approaches like inclusionary housing and land-value capture, and urban renewal programmes to enlighten and tutor the urban poor on how to earn more, spend wisely, and invest in their own better housing will effectively solve AH finance challenges. Study findings are informative for the best approaches to achieve effective, affordable housing finance for the urban poor in Nigeria, which is indispensable for the achievement of sustainable development goals. This research’s originality lies in the exploration of experts’ opinions in relation to AH finance to produce an equation model of critical solutions to AH finance challenges. Study data are useful resources for future pro-poor housing studies. This study makes housing policy-oriented recommendations toward effective, affordable housing for the urban poor in developing countries.

Keywords: affordable housing, effective affordable housing, housing policy, housing research, sustainable development, urban poor

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Authors: Alimshan Faizulayev, Eralp Bektas, Abdul Ghafar Ismail, Bezhan Rustamov

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This paper performs empirical analysis on determinants of profitability in Islamic and Conventional Banks. The main focus of this study is to evaluate and measure of financial performance of Islamic banking firms operating in Egypt, Iran, Malaysia, Pakistan, Turkey, UAE in contrast to Conventional ones in those countries. To evaluate empirically performance of the banks, various financial ratios are employed. We measure performance in terms of liquidity, profitability, solvency, and efficiency. In this work, t-test, F-test, and OLS analysis are used to make hypothesis tests. Our findings reveal that there are similarities and differences in profitability determinants of Islamic and Conventional banking firms. The cost to revenue ratio has inverse relationship with profitability indicators in both banking systems. However, there are differences in financial performances between Conventional Banks and Islamic banks which are found in overall picture of all banks in terms of net income margin.

Keywords: Islamic banking, conventional banking, GDP growth, emerging market economies

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Authors: Joanna Konstantinou

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The study is about the challenges faced by entrepreneurs in a crisis context and in turbulent economies. The scope is to determine which factors, if any, are related to the success of a new business venture, such as innovation, access to funding and capital, enhanced digital skills, employment relations and organizational culture as well as a company’s strategic orientation towards international markets. The crisis context has been recorded to have affected the number of SMEs in the Greek economy, the number of people employed as well as the volume of the output produced. Although not all SMEs have been equally impacted by the crisis, which has been identified to affect certain sectors more than others, and although research is not exhaustive in that end, employment relations and patterns, firm’s age, and innovation practices in relation to employees’ learning curve seem to have a positive correlation with the successful survival and resilience of the firm. The aim is to identify important factors that can contribute positively to the success of a startup business, and that will allow businesses to acquire resilience and survive economic adversities, and it will focus on businesses of the Greek economy, the country with the longer lasting economic crisis and the findings will be lessons to learn for other economies.

Keywords: entrepreneurship, innovation, crisis, challenges

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Authors: Jeeban Amgain

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This paper investigates the impact of the size and composition of government expenditure and tax on GDP per capita growth in 36 Asian economies over the period of 1991-2012. The research employs the technique of panel regression; Fixed Effects and Generalized Method of Moments (GMM) as well as other statistical and descriptive approaches. The finding concludes that the size of government expenditure and tax revenue are generally low in this region. GDP per capita growth is strongly negative in response to Government expenditure, however, no significant relationship can be measured in case of size of taxation although it is positively correlated with economic growth. Panel regression of decomposed fiscal components also shows that the pattern of allocation of expenditure and taxation really matters on growth. Taxes on international trade and property have a significant positive impact on growth. In contrast, a major portion of expenditure, i.e. expenditure on general public services, health and education are found to have significant negative impact on growth, implying that government expenditures are not being productive in the Asian region for some reasons. Comparatively smaller and efficient government size would enhance the growth.

Keywords: government expenditure, tax, GDP per capita growth, composition

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Authors: Fredrick Etyang

Abstract:

This paper presents a Rapid Industrialization Model (RIM) designed to support existing industrialization policies, strategies and industrial development plans at National, Regional and Constituent level in Africa. The model will reinforce efforts to attainment of inclusive and sustainable industrialization of Africa by state and non-state actors. The overall objective of this model is to serve as a framework for rapid industrialization in developing economies and the specific objectives range from supporting rapid industrialization development to promoting a structural change in the economy, a balanced regional industrial growth, achievement of local, regional and international competitiveness in areas of clear comparative advantage in industrial exports and ultimately, the RIM will serve as a step-by-step guideline for the industrialization of African Economies. This model is a product of a scientific research process underpinned by desk research through the review of African countries development plans, strategies, datasets, industrialization efforts and consultation with key informants. The rigorous research process unearthed multi-directional and renewed efforts towards industrialization of Africa premised on collective commitment of individual states, regional economic communities and the African union commission among other strategic stakeholders. It was further, established that the inputs into industrialization of Africa outshine the levels of industrial development on the continent. The RIM comes in handy to serve as step-by-step framework for African countries to follow in their industrial development efforts of transforming inputs into tangible outputs and outcomes in the short, intermediate and long-run. This model postulates three stages of industrialization and three phases toward rapid industrialization of African economies, the model is simple to understand, easily implementable and contextualizable with high return on investment for each unit invested into industrialization supported by the model. Therefore, effective implementation of the model will result into inclusive and sustainable rapid industrialization of Africa.

Keywords: economic development, industrialization, economic efficiency, exports and imports

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Authors: Mohammad Maruf Hasan

Abstract:

Foreign Direct Investment (FDI) has been increased at a remarkable position around the globe in which emerging economies are getting more FDI compared to industrialized economies. This study aims to examine the determinants of inward FDI flows in Bangladesh. To estimate the long and short-run impact of the FDI determinants for 1996-2020, we employed the Autoregressive-Distributed Lag (ARDL) model. Results show that: (1) macroeconomic determinants, such as economic growth, infrastructure, and market size, have a significant and strong positive effect.(2) Inflation exchange rate shows insignificant effects, while trade openness has mixed (short-run negative, long-run positive) effects on FDI inflows in both the long and short run. (3) Current institutional determinants rule of law has a positive effect on FDI inflows but is statistically insignificant, political stability has a negative, and the rule of law has a considerable beneficial impact on inflows of FDI. (4) The macroeconomic factors have been determined to impact Bangladesh's FDI inflows. Finally, a stable macroeconomic climate is more effective at luring FDI, as this study confirms. From a policy perspective, this study will help the government and policymakers to make a new investment policy.

Keywords: determinants, FDI, ARDL, Bangladesh

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Authors: Rusudan Kinkladze, Guguli Kurashvili, Ketevan Chitaladze

Abstract:

Foreign direct investment is a driving force in the development of the interdependent national economies, and the study and analysis of investments is an urgent problem. It is particularly important for transitional economies, such as Georgia, and the study and analysis of investments is an urgent problem. Consequently, the goal of the research is the study and analysis of direct foreign investments in Georgia, and identification and forecasting of modern trends, and covers the period of 2006-2015. The study uses the methods of statistical observation, grouping and analysis, the methods of analytical indicators of time series, trend identification and the predicted values are calculated, as well as various literary and Internet sources relevant to the research. The findings showed that modern investment policy In Georgia is favorable for domestic as well as foreign investors. Georgia is still a net importer of investments. In 2015, the top 10 investing countries was led by Azerbaijan, United Kingdom and Netherlands, and the largest share of FDIs were allocated in the transport and communication sector; the financial sector was the second, followed by the health and social work sector, and the same trend will continue in the future. 

Keywords: foreign direct investments, methods, statistics, analysis

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