Search results for: foreign currency debt

Authors: Lina Martinez, Juan David Rivera Acevedo, Isabella Franco

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The informal economy plays a significant role in the job market in Colombia. Cali, the third largest city in the country, is characterized by a high percentage of socially and economically vulnerable population groups who take part in the urban informal economy, with street vending as their primary source of income. This paper studies the socio-economic dimensions of street vendors in Cali. In particular, it examines why they are unable to capitalize on their comparatively high earnings and are not likely to escape poverty even though they usually profit from government welfare and tax evasion due to the non-regulated character of informality. The analysis of an observational study and two surveys with 637 and 300 participants show that street vending is a cash-based day-to-day activity. Since most of the street vendors do not have access to formal banking systems, they depend on payday loans with incomparably high interest rates which absorb a large share of their income and maintain a continuous indebtedness. This is one of the main reasons why they are unable to improve their living conditions. However, the daily cash flow masks the high opportunity cost of loans and long-term deficits.

Keywords: Colombia, informal economy, payday loans, street vendors

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Authors: Faruk Inaltekin, Imran Gurakan

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This paper will aim to discuss the importance of value-added services provided by Science and Technology Parks for entrepreneurship development in Turkey. Entrepreneurship is vital subject for all countries. It has not only fostered economic development but also promoted innovation at local and international levels. To foster high tech entrepreneurship ecosystem, Technopark (Science and Technology Park/STP) concept was initiated with the establishment of Silicon Valley in the 1950s. The success and rise of Silicon Valley led to the spread of technopark activities. Developed economies have been setting up projects to plan and build STPs since the 1960s and 1970s. To promote the establishment of STPs, necessary legislations were made by Ministry of Science, Industry, and Technology in 2001, Technology Development Zones Law (No. 4691) and it has been revised in 2016 to provide more supports. STPs’ basic aim is to provide customers high-quality office spaces with various 'value added services' such as business development, network connections, cooperation programs, investor/customers meetings and internationalization services. For this aim, STPs should help startups deal with difficulties in the early stages and to support mature companies’ export activities in the foreign market. STPs should support the production, commercialization and more significantly internationalization of technology-intensive business and foster growth of companies. Nowadays within this value-added services, internationalization is very popular subject in the world. Most of STPs design clusters or accelerator programs in order to support their companies in the foreign market penetration. If startups are not ready for international competition, STPs should help them to get ready for foreign market with training and mentoring sessions. These training and mentoring sessions should take a goal based approach to working with companies. Each company has different needs and goals. Therefore the definition of ‘success' varies for each company. For this reason, it is very important to create customized value added services to meet the needs of startups. After local supports, STPs should also be able to support their startups in foreign market. Organizing well defined international accelerator program plays an important role in this mission. Turkey is strategically placed between key markets in Europe, Russia, Central Asia and the Middle East. Its population is young and well educated. So both government agencies and the private sectors endeavor to foster and encourage entrepreneurship ecosystem with many supports. In sum, the task of technoparks with these and similar value added services is very important for developing entrepreneurship ecosystem. The priorities of all value added services are to identify the commercialization and growth obstacles faced by entrepreneurs and get rid of them with the one-to-one customized services. Also, in order to have a healthy startup ecosystem and create sustainable entrepreneurship, stakeholders (technoparks, incubators, accelerators, investors, universities, governmental organizations etc.) should fulfill their roles and/or duties and collaborate with each other. STPs play an important role as bridge for these stakeholders & entrepreneurs. STPs always should benchmark and renew services offered to how to help the start-ups to survive, develop their business and benefit from these stakeholders.

Keywords: accelerator, cluster, entrepreneurship, startup, technopark, value added services

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Authors: Ekaterina G. Lipatova

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The developing potential of a video task in teaching foreign languages involves the opportunities to improve four aspects of speech production process: listening, reading, speaking and writing. A video represents the sequence of actions, realized in the pictures logically connected and verbalized speech flow that simplifies and stimulates the process of perception. In this connection listening skills of students are developed effectively as well as their intellectual properties such as synthesizing, analyzing and generalizing the information. In terms of teaching capacity, a video task, in our opinion, is more stimulating than a traditional listening, since it involves the student into the plot of the communicative situation, emotional background and potentially makes them react to the gist in the cognitive and communicative ways. To be an effective method of teaching the video task should be structured in the way of psycho-linguistic characteristics of speech production process, in other words, should include three phases: before-watching, while-watching and after-watching. The system of tasks provided to each phase might involve the situations on reflecting to the video content in the forms of filling-the-gap tasks, multiple choice, True-or-False tasks (reading skills), exercises on expressing the opinion, project fulfilling (writing and speaking skills). In the before-watching phase we offer the students to adjust their perception mechanism to the topic and the problem of the chosen video by such task as “what do you know about such a problem?”, “is it new for you?”, “have you ever faced the situation of…?”. Then we proceed with the lexical and grammatical analysis of language units that form the body of a speech sample to lessen the perception and develop the student’s lexicon. The goal of while-watching phase is to build the student’s awareness about the problem presented in the video and challenge their inner attitude towards what they have seen by identifying the mistakes in the statements about the video content or making the summary, justifying their understanding. Finally, we move on to development of their speech skills within the communicative situation they observed and learnt by stimulating them to search the similar ideas in their backgrounds and represent them orally or in the written form or express their own opinion on the problem. It is compulsory to highlight, that a video task should contain the urgent, valid and interesting event related to the future profession of the student, since it will help to activate cognitive, emotional, verbal and ethic capacity of students. Also, logically structured video tasks are easily integrated into the system of e-learning and can provide the opportunity for the students to work with the foreign language on their own.

Keywords: communicative situation, perception mechanism, speech production process, speech skills

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Authors: Sonali Agarwal

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The investor perception about investment avenues is affected to a great degree by the current happenings, within the country, and on the global stage. The influencing events can range from government policies, bilateral trade agreements, election agendas, to changing exchange rates, appreciation and depreciation of currency, recessions, meltdowns, bankruptcies etc. The current research attempts to discover and unravel the effect of various macroeconomic variables (crude oil price, gold price, silver price and USD exchange rate) on the Indian mutual fund industry in general and the chosen funds (Axis Gold Fund, BSL Gold Fund, Kotak Gold Fund & SBI gold fund) in particular. Cointegration tests and Vector error correction equations prove that the chosen variables have strong effect on the NAVs (net asset values) of the mutual funds. However, the greatest influence is felt from the fund’s own past and current information and it is found that when an innovation of fund’s own lagged NAVs is given, variance caused is high that changes the current NAVs markedly. The study helps to highlight the interplay of macroeconomic variables and their repercussion on mutual fund industry.

Keywords: cointegration, Granger causality, impulse response, macroeconomic variables, mutual funds, stationarity, unit root test, variance decomposition, VECM

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Authors: Emin Avcı, Çiydem Çatak

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The recent economic crisis have shown that procyclicality, which could threaten the stability and growth of the economy, is a major problem of financial and real sector. The term procyclicality refers here the cyclical behavior of banks that lead them to follow the same patterns as the real economy. In this study, leverage which demonstrate how a bank manage its debt, is chosen as bank specific variable to see the effect of changes in it over the economic cycle. The procyclical behavior of Turkish banking sector (commercial, participation, development-investment banks) is tried to explain with analyzing the relationship between leverage and asset growth. On the basis of theoretical explanations, eight different leverage ratios are utilized in eight different panel data models to demonstrate the procyclicality effect of Turkish banks leverage using monthly data covering the 2005-2014 period. It is tested whether there is an increasing (decreasing) trend in the leverage ratio of Turkish banks when there is an enlargement (contraction) in their balance sheet. The major finding of the study indicates that asset growth has a significant effect on all eight leverage ratios. In other words, the leverage of Turkish banks follow a cyclical pattern, which is in line with those of earlier literature.

Keywords: banking, economic cycles, leverage, procyclicality

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Authors: Shagufta Gulraiz, Abu Saeed Hashmi, Muhammad Mohsin Javed

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Lysine required for poultry feed is imported in Pakistan to fulfil the desired dietary needs. Present study was designed to produce maximum lysine by utilizing cheap sources to save the foreign exchange. To achieve the goal of lysine production through fermentation, large scale production of lysine was carried out in 7.5 L stirred glass vessel fermenter with wild and mutant Brevibacterium flavum (B. flavum) using all pre-optimized conditions. The identification of produced lysine was carried out by TLC and amino acid analyzer. Toxicity evaluation of produced lysine was performed before feeding to broiler chicks. During biological trial concentrated fermented broth having 8% lysine was used in poultry rations as a source of Lysine for test birds. Fermenter scale studies showed that the maximum lysine (20.8 g/L) was produced at 250 rpm, 1.5 vvm aeration, 6.0% inoculum under controlled pH conditions after 56 h of fermentation with wild culture but mutant (BFENU2) gave maximum yield of lysine 36.3 g/L under optimized condition after 48 h. Amino acid profiling showed 1.826% Lysine in fermented broth by wild B. flavum and 2.644% by mutant strain (BFENU2). Toxicity evaluation report showed that the produced lysine is safe for consumption by broilers. Biological evaluation results showed that produced lysine was equally good as commercial lysine in terms of weight gain, feed intake and feed conversion ratio. A cheap and practical bioprocess of Lysine production was concluded, that can be exploited commercially in Pakistan to save foreign exchange.

Keywords: lysine, fermentation, broiler chicks, biological evaluation

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Authors: Inmaculada Yuste Martinez

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Since July 5, 2014, Abubaker al Bagdadi, leader of the Islamic State since 2010 climbed the pulpit of the Great Mosque of Al Nuri of Mosul and proclaimed the Caliphate, the number of fighters who have travelled to Syria to join the Caliphate has increased as never before. Although it is true that the phenomenon of foreign fighters is not a new phenomenon, as it occurred after the Spanish Civil War, Republicans from Ireland and the conflict of the Balkans among others, it is highly relevant the fact that in this case, it has reached figures unknown in Europe until now. The approval of the resolution 2178 (2014) of the Security Council, foreign terrorist fighters placed the subject a priority position on the International agenda. The available data allow us to affirm that women have increasingly assumed operative functions in jihadist terrorism and in the activities linked to it in the development of attacks in the European Union, including minors and young adults. In the case of Spain, one in four of the detainees in 2016 were women, a significant increase compared to 2015. This contrasts with the fact that until 2014 no woman had been prosecuted in Spain for terrorist activities of a jihadist nature. It is fundamental when we talk about the prevention of radicalization and counterterrorism that we do not underestimate the potential threat to the security of countries like Spain that women from the West can assume to the global jihadist movement. This work aims to deepen the radicalization processes of these women and their profiles influencing the female inmate population. It also wants to focus on the importance of creating de-radicalization programs for these inmates since women are a crucial element in radicalization processes. A special focus it is made on young radicalized female inmate population as this target group is the most recoverable and on which it would result more fruitful to intervene. De-radicalization programs must also be designed to fit their profiles and circumstances; a sensitive environment will be prisons and juvenile centers, areas that until now had been unrelated to this problem and which are already hosting the first convicted in judicial offices in Spanish territory. A qualitative research and an empirical and analytical method has been implemented in this work, focused on the cases that took place in Spain of young women and the imaginary that the Islamic State uses for the processes of radicalization for this target group and how it does not fit with their real role in the Jihad, as opposed to other movements in which women do have a real and active role in the armed conflict as YPJ do it as a part of the armed wing of the Democratic Union Party of Syria.

Keywords: caliphate, de-radicalization, foreign fighter, gender perspective, ISIS, jihadism, recruitment

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Authors: Aisha Siddiqa

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The knowledge of pragmatic practices in a particular language is considered key to effective communication. Unlike one’s native language where this knowledge is acquired spontaneously, more conscious attention is required to learn second language pragmatics. Traditional foreign language (FL) classrooms generally focus on the acquisition of vocabulary and lexico-grammatical structures, neglecting pragmatic functions that are essential for effective communication in the multilingual networks of the modern world. In terms of effective communication, of particular importance is knowledge of what is perceived as polite or impolite in a certain language, an aspect of pragmatics which is not perceived as obligatory but is nonetheless indispensable for successful intercultural communication and integration. While learning a second language, the acquisition of politeness assumes more prominence as the politeness norms and practices vary according to language and culture. Therefore, along with focusing on the ‘use’ of politeness strategies, it is crucial to examine the ‘acquisition’ and the ‘acquisitional development’ of politeness strategies by second language learners, particularly, by lower proficiency leaners as the norms of politeness are usually focused in lower levels. Hence, there is an obvious need for a study that not only investigates the acquisition of pragmatics by young FL learners using innovative multiple methods; but also identifies the potential causes of the gaps in their development. The present research employs a cross sectional design to explore the acquisition of politeness by young English as a foreign language learners (EFL) in France; at three levels of secondary school learning. The methodology involves two phases. In the first phase a cartoon oral production task (COPT) is used to elicit samples of requests from young EFL learners in French schools. These data are then supplemented by a) role plays, b) an analysis of textbooks, and c) video recordings of classroom activities. This mixed method approach allows us to explore the repertoire of politeness strategies the learners possess and delve deeper into the opportunities available to learners in classrooms to learn politeness strategies in requests. The paper will provide the results of the analysis of COPT data for 250 learners at three different stages of English as foreign language development. Data analysis is based on categorization of requests developed in CCSARP project. The preliminary analysis of the COPT data shows that there is substantial evidence of pragmalinguistic development across all levels but the developmental process seems to gain momentum in the second half of the secondary school period as compared to the early period at school. However, there is very little evidence of sociopragmatic development. The study aims to document the current classroom practices in France by looking at the development of young EFL learner’s politeness strategies across three levels of secondary schools.

Keywords: acquisition, English, France, interlanguage pragmatics, politeness

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Authors: Mónica Arroyo

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South America shows increasing decline in regional export values in the last years, after a strong growth of trade flows especially with China up to 2013. This change is due to the end of the commodity price boom, the slowing of the Chinese economy and the effects of the 2008 economic crisis. This paper examines the integration of regional economies in this context, particularly the situation in Brazil and Argentina. Based on transformations over the last two decades, the analysis is focused on the spatial circuits of production linked to foreign markets, contributing to the understanding of the different uses of territory and the within-country inequality. The South American regional exports, consisting basically of raw materials, are concentrated in a few companies. Large areas are intended for the production of agriculture and mining commodities, under the command of major economic groups, both domestic and foreign, relegating the local population to less productive places or, in most cases, forcing them to change their activity and to migrate to other regions in search of some source of income. On the other hand, the dynamics of these commodities’ spatial circuits of production print requirements in territories in terms of infrastructure and regulation. Capturing this movement requires understanding businesses and government’s role in territorial regulation, and consequently how regional systems are changing – for instance, economic specialisation, growing role of services, investment in roads, railways, ports, and airports. This paper aims to highlight topics for discussion on regional economic dynamics and their different degrees of internationalisation. The intention is to contribute to the debate about the relations between trade, globalization, and development.

Keywords: regional inequality, international trade, developing world, South America

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Authors: Tiffany Yung Hsuan Ma

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The Whole Language Approach, which gained prominence in the 1980s, and the increasing emphasis on multimodal resources in educational research have elevated the utilization of picture books in English as a foreign language (EFL) instruction. This approach underscores real-world language application, providing EFL learners with a range of sensory stimuli, including visual elements. Additionally, the substantial impact of picture books on fostering prosocial behaviors in children has garnered recognition. These narratives offer opportunities to impart essential values such as kindness, fairness, and respect. Examining how picture books enhance vocabulary acquisition can offer valuable insights for educators in devising engaging language activities conducive to a positive learning environment. This research entails a case study involving two kindergarten-aged EFL learners and employs qualitative methods, including worksheets, observations, and interviews with parents. It centers on three pivotal inquiries: (1) The extent of young learners' acquisition of essential vocabulary, (2) The influence of these books on their behavior at home, and (3) Effective teaching strategies for the seamless integration of picture storybooks into EFL instruction for young learners. The findings can provide guidance to parents, educators, curriculum developers, and policymakers regarding the advantages and optimal approaches to incorporating picture books into language instruction. Ultimately, this research has the potential to enhance English language learning outcomes and promote moral education within the Taiwanese EFL context.

Keywords: EFL, vocabulary acquisition, young learners, picture book, moral education

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Authors: H. Hanine, H. H'ssaini, M. Ibno Alaoui, A. Nablousi, H. Zahir, S. Ennahli, H. Latrache, H. Zine Abidine

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Biochemical and pomological variability among 14 cultivars of Prunus dulcis planted in a germoplasm collection site in Morocco were evaluated. Almond samples from six local and eight foreign cultivars (France, Italy, Spain, and USA) were characterized. Biochemical and pomological data revealed significant genetic variability among the 14 cultivars; local cultivars exhibited higher total polyphenol content. Oil content ranged from 35 to 57% among cultivars; both Texas and Toundout genotypes recorded the highest oil content. Total protein concentration from select cultivars ranged from 50 mg/g in Ferraduel to 105 mg/g in Rizlane1 cultivars. Antioxidant activity of almond samples was examined by a DPPH (1,1-diphenyl-2-picrylhydrazyl) radical-scavenging assay; the antioxidant activity varied significantly within the cultivars, with IC50 (the half-maximal inhibitory concentration) values ranging from 2.25 to 20 mg/ml. Autochthonous cultivars originated from the Oujda region exhibited higher tegument total polyphenol and amino acid content compared to others. The genotype Rizlane2 recorded the highest flavonoid content. Pomological traits revealed a large variability within the almond germplasms. The hierarchical clustering analysis of all the data regarding pomological traits distinguished two groups with some particular genotypes as distinct cultivars, and groups of cultivars as polyclone varieties. These results strongly exhibit a potential use of Moroccan-originated almonds as potential clones for future selection due to their nutritional values and pomological traits compared to well-established cultivars.

Keywords: antioxidant activity, DDPH, Moroccan almonds, Prunus dulcis

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Authors: Tina Beyene

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In this paper examines the state of grassroots feminist activism in the backdrop of state feminism in Ethiopia. Specifically, I examine the impact of the Charities and Societies Proclamation (aka CSO law), a 2009 law that banned so-called foreign NGOs—i.e., those receiving more than 10% of its operating budget from non-local sources— from working in the areas of human rights, democracy, governance, and gender equality. Viewed as government retribution for the NGO opposition to the government in the 2005 elections, the law aimed to halt the work groups such as the Ethiopian Women Lawyers Association (EWLA), who were defined as a “foreign” NGO. Based on interviews with prominent Ethiopian women’s rights leaders in Addis Ababa, Ethiopia, I assess how grassroots feminist organizing adapts to state suppression on the one hand, and the aggressive entry of the state into women’s rights work on the other hand. While the 2009 law has slowed down the work of women’s rights activism, displaced feminists view feminist advocacy as cyclical and the state as neither fully adversarial nor an ally but rather as an instable entity that at times provides political openings to push ambitious feminist agendas. Grassroots activists are regrouping and developing new political responses strategies such as coding rights issues to fit state mandate; dissembling rights work in permissible social provision language; rechanneling political work into informal spaces and unregistered social clubs; innovating new funding partnerships, and reassembling as privately held research and advocacy companies. my study reveals how grassroots feminist politics operates in the shadow of a hostile state and within the confines of local politics.

Keywords: grassroots feminism, ethiopian feminism, civil society and gender, state feminism

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Authors: Mustofa Mahmud Al Mamun

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Government spending, one of the major components of gross domestic product (GDP), is composed of government consumption, investment, and transfer payments. A change in government spending during recessionary periods can generate an increase in GDP greater than the increase in spending. This is called the "multiplier effect". Accurate estimation of government spending multiplier is important because fiscal policy has been used to stimulate a flagging economy. Many recent studies have focused on identifying parts of the economy that responds more to a stimulus under a variety of circumstances. This paper used the US dataset from 1966 to 2020 and local projection method assuming standard identification strategy to estimate the multipliers. The model includes important macroaggregates and controls for forecasted government spending, interest rate, consumer price index (CPI), export, import, and level of public debt. Investment multipliers are found to be positive and larger than the consumption multipliers. Consumption multipliers are either negative or not significantly different than zero. Results do not vary across the business cycle. However, the consumption multiplier estimated from pre-1980 data is positive.

Keywords: business cycle, consumption multipliers, forecasted government spending, investment multipliers, local projection method, zero lower bound

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Authors: Osatuyi Kehinde Micheal

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There is much research that has contributed to an improved understanding of the future of food security, especially during the COVID-19 pandemic. A pathway was developed by using a local community kitchen in Muizenberg in western cape province, cape town, south Africa, a case study to map out the future of food security in times of crisis. This kitchen aims to provide nutritious, affordable, plant-based meals to our community. It is also a place of diverse learning, sharing, empowering the volunteers, and growth to support the local economy and future resilience by sustaining our community kitchen for the community. This document contains an overview of the story of the community kitchen on how we create self-sustainability as a new pathway development to sustain the community and reduce Zero hunger in the regional food system. This paper describes the key elements of how we respond to covid-19 pandemic by sharing food parcels and creating 13 soup kitchens across the community to tackle the immediate response to covid-19 pandemic and agricultural systems by growing home food gardening in different homes, also having a consciousness Dry goods store to reduce Zero waste and a local currency as an innovation to reduce food crisis. Insights gained from our article and outreach and their value in how we create adaptation, transformation, and sustainability as a new development pathway to solve any future problem crisis in the food security system in our society.

Keywords: sustainability, food security, community development, adapatation, transformation

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Authors: Jianwei Qian, Rob Law

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With the expansion of globalization and the increment of market competition, the festival, especially the traditional one, has demonstrated its vitality under the new context. As a new tourist attraction, festivals play a critically important role in promoting the tourism economy, because the organization of a festival can engage more tourists, generate more revenues and win a wider media concern. However, in the current stage of China, traditional festivals as a way to disseminate national culture are undergoing the challenge of foreign festivals and the related culture. Different from those special events created solely for developing economy, traditional festivals have their own culture and connotation. Therefore, it is necessary to conduct a study on not only protecting the tradition, but promoting its development as well. This study conducts a comparative study of the development of China’s Valentine’s Day and Western Valentine’s Day under the Chinese context and centers on newspaper reports in China from 2000 to 2016. Based on the literature, two main research focuses can be established: one is concerned about the festival’s impact and the other is about tourists’ motivation to engage in a festival. Newspaper reports serve as the research discourse and can help cover the two focal points. With the assistance of content mining techniques, semantic networks for both Days are constructed separately to help depict the status quo of these two festivals in China. Based on the networks, two models are established to show the key component system of traditional festivals in the hope of perfecting the positive role festival tourism plays in the promotion of economy and culture. According to the semantic networks, newspaper reports on both festivals have similarities and differences. The difference is mainly reflected in its cultural connotation, because westerners and Chinese may show their love in different ways. Nevertheless, they share more common points in terms of economy, tourism, and society. They also have a similar living environment and stakeholders. Thus, they can be promoted together to revitalize some traditions in China. Three strategies are proposed to realize the aforementioned aim. Firstly, localize international festivals to suit the Chinese context to make it function better. Secondly, facilitate the internationalization process of traditional Chinese festivals to receive more recognition worldwide. Finally, allow traditional festivals to compete with foreign ones to help them learn from each other and elucidate the development of other festivals. It is believed that if all these can be realized, not only the traditional Chinese festivals can obtain a more promising future, but foreign ones are the same as well. Accordingly, the paper can contribute to the theoretical construction of festival images by the presentation of the semantic network. Meanwhile, the identified features and issues of festivals from two different cultures can enlighten the organization and marketing of festivals as a vital tourism activity. In the long run, the study can enhance the festival as a key attraction to keep the sustainable development of both the economy and the society.

Keywords: Chinese context, comparative study, festival tourism, semantic network analysis, valentine’s day

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Authors: Jonghae Park, Daesung Kim

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The impact of aggressive and conservative working capital‘s strategies on the value and profitability of the firms has been evaluated by applying the panel data regression analysis. The control variables used in the regression models are natural log of firm size, sales growth, and debt. We collected a panel of 13,988 companies listed on the Korea stock market covering the period 2000-2016. The major findings of this study are as follow: 1) We find a significant negative correlation between firm profitability and the number of days inventory (INV) and days accounts payable (AP). The firm’s profitability can also be improved by reducing the number of days of inventory and days accounts payable. 2) We also find a significant positive correlation between firm profitability and the number of days accounts receivable (AR) and cash ratios (CR). In other words, the cash is associated with high corporate profitability. 3) Tobin's analysis showed that only the number of days accounts receivable (AR) and cash ratios (CR) had a significant relationship. In conclusion, companies can increase profitability by reducing INV and increasing AP, but INV and AP did not affect corporate value. In particular, it is necessary to increase CA and decrease AR in order to increase Firm’s profitability and value.

Keywords: working capital, working capital management, firm value, profitability

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Authors: Yulia Kasperskaya, Ramon Xifré

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Budgetary procedures are considered to be important for countries’ fiscal performance. The objective of this paper is to analyze this relationship for the OECD countries in the wake of global economic crisis taking into consideration countries’ fiscal conditions and institutional arrangements. We test whether groups of countries that are fiscally different after the crisis differ in their use of budgetary procedures including performance budgeting, transparency mechanisms and medium-term expenditure framework. For this purpose, we classify OECD countries in two groups according to the variations, in debt to GDP ratio between 2008 and 2014. We then analyze the intensity of use of budget procedures taking into account countries’ economic conditions during the crisis. Our first finding is that there is no monotonic relationship between the intensity of use of these three budgetary procedures and enhanced fiscal performance. Countries showing similar fiscal performance scored differently in terms of on budgetary procedures. We, therefore, review the budgetary frameworks and trajectories of several countries that are fiscally sound. From this qualitative analysis, we derive a set of factors that may enhance the efficiency of budgetary procedures. This suggests that a given budgetary procedure may have different effects in different countries depending on their economic and administrative settings. Our results are thus in line with those studies that reject one-size-fits-all approaches.

Keywords: budget procedures, fiscal performance, OECD, performance budgeting

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Authors: Hsiao-Tien Pao, Yi-Ying Li, Hsin-Chia Fu

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This paper addressed the impacts of energy consumption, economic growth, financial development, and population size on environmental degradation using grey relational analysis (GRA) for China, where foreign direct investment (FDI) inflows is the proxy variable for financial development. The more recent historical data during the period 2004–2011 are used, because the use of very old data for data analysis may not be suitable for rapidly developing countries. The results of the GRA indicate that the linkage effects of energy consumption–emissions and GDP–emissions are ranked first and second, respectively. These reveal that energy consumption and economic growth are strongly correlated with emissions. Higher economic growth requires more energy consumption and increasing environmental pollution. Likewise, more efficient energy use needs a higher level of economic development. Therefore, policies to improve energy efficiency and create a low-carbon economy can reduce emissions without hurting economic growth. The finding of FDI–emissions linkage is ranked third. This indicates that China do not apply weak environmental regulations to attract inward FDI. Furthermore, China’s government in attracting inward FDI should strengthen environmental policy. The finding of population–emissions linkage effect is ranked fourth, implying that population size does not directly affect CO₂ emissions, even though China has the world’s largest population, and Chinese people are very economical use of energy-related products. Overall, the energy conservation, improving efficiency, managing demand, and financial development, which aim at curtailing waste of energy, reducing both energy consumption and emissions, and without loss of the country’s competitiveness, can be adopted for developing economies. The GRA is one of the best way to use a lower data to build a dynamic analysis model.

Keywords: China, CO₂ emissions, foreign direct investment, grey relational analysis

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Authors: Leila Zarei

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The primary objective of the 2014 Survey of The Capacity Assessment of Kish Island in Visa Exchange and its Effect of Tourism Development was to obtain more comprehensive statistical information relating to foreign tourists who aimed to renew their visa in Kish Island. Kish Island the pearl of Persian Gulf is well known as a destination for visa exchange to many alien who work and live in the country located around Persian Gulf. Foreign visitors fly to Kish with aim of visa exchange and after passing through official procedures they return back to their country of resident. The present thesis studied the subject of capacity and potential of Kish Island in visa exchange. In accordance with it a survey had been conducted in English written form of a questionnaire which was researcher's made composed of 120 questions which covers diverse aspects of the field of this study (airport, public transportation, accommodate and medical centers and travel agencies). The data collected were obtained at the airport, hotels and other places from the international tourists and covered the following items: a) the profile of the tourists (sex, age, occupation, purpose of visit, etc.) b) The Rating of services and Prices. The target population was all international tourists who master English and non Iranian. Main findings: 56% of tourists interviewed were males and 44% were females. The age of arrived tourist was 30 – 39 years with the highest percentage of 47%. The highest percentage frequencies of income belong to the 1000- 2500 Dhrs. (26%). In addition, that 50 percentage of the population was married and rest was single. Concerning the religion, 26 percent of the travelers were Muslim and 65% Christian and the rest from the other branches which all these populations reach Kish via air. The majority (56%) of visa exchangers hold diploma.

Keywords: Kish Island, tourism development, visa exchange, Iran

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Authors: Dina H. Gabr, Mona A. El Bannan

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With growing worldwide concern for global warming, green finance has become the fuel that pushes the world to act in combating and mitigating climate change. Coupled with adopting the Paris Agreement and the United Nations Sustainable Development Goals, Green finance became a vital tool in creating a pathway to sustainable development, as it connects the financial world with environmental and societal benefits. This paper provides a comprehensive review of the concepts and definitions of green finance and the importance of 'green' impact investments today. The core challenge in combating climate change is reducing and controlling Greenhouse gas emissions; therefore, this study explores the solutions green finance provides putting emphasis on the use of renewable energy, which is necessary for enhancing the transition to the green economy. With increasing attention to the concept of green finance, multiple forms of green investments and financial tools have come to fruition; the most prominent are green bonds. The rise of green bonds, a debt market to finance climate solutions, provide a promising mechanism for sustainable finance. Following the review, this paper compiles a comprehensive green bond dataset, presenting a statistical study of the evolution of the green bonds market from its first appearance in 2006 until 2021.

Keywords: climate change, GHG emissions, green bonds, green finance, sustainable finance

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Authors: Reiko Yamamoto

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This paper reports on how synchrony occurs between children and their teacher, and what prevents or facilitates synchrony. The aim of the experiment conducted in this study was to precisely analyze their movements and synchrony and reveal the process of synchrony in a real-world classroom. Specifically, the experiment was conducted for around 20 minutes during an English as a foreign language (EFL) lesson. The participants were 11 fourth-grade school children and their classroom teacher in a public elementary school in Japan. Previous researchers assert that synchrony causes the state of flow in a class. For checking the level of flow, Short Flow State Scale (SFSS) was adopted. The experimental procedure had four steps: 1) The teacher read aloud the first half of an English storybook to the children. Both the teacher and the children were at their own desks. 2) The children were subjected to an SFSS check. 3) The teacher read aloud the remaining half of the storybook to the children. She made the children remove their desks before reading. 4) The children were again subjected to an SFSS check. The movements of all participants were recorded with a video camera. From the movement analysis, it was found that the children synchronized better with the teacher in Step 3 than in Step 1, and that the teacher’s movement became free and outstanding without a desk. This implies that the desk acted as a barrier between the children and the teacher. Removal of this barrier resulted in the children’s reactions becoming synchronized with those of the teacher. The SFSS results proved that the children experienced more flow without a barrier than with a barrier. Apparently, synchrony is what caused flow or social emotions in the classroom. The main conclusion is that synchrony leads to cognitive outcomes such as children’s academic performance in EFL learning.

Keywords: engagement in a class, English as a foreign language (EFL) learning, interactional synchrony, social emotions

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Authors: Andrea Fiorista

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The learning of prepositions is a quite problematic aspect in foreign language instruction, and Italian is certainly not an exception. In their prototypical function, prepositions express schematic relations of two entities in a highly abstract, typically image-schematic way. In other terms, prepositions assume concepts such as directionality, collocation of objects in space and time and, in Cognitive Linguistics’ terms, the position of a trajector with respect to a landmark. Learners of different native languages may conceptualize them differently, implying that they are supposed to operate a recategorization (or create new categories) fitting with the target language. However, most current Italian Foreign/Second Language handbooks and didactic grammars do not facilitate learners in carrying out the task, as they tend to provide partial and idiosyncratic descriptions, with the consequent learner’s effort to memorize them, most of the time without success. In their prototypical meaning, prepositions are used to specify precise topographical positions in the physical environment which become less and less accurate as they radiate out from what might be termed a concrete prototype. According to that, the present study aims to elaborate a cognitive and conceptually well-grounded analysis of some extensive uses of the Italian preposition a, in order to propose effective pedagogical solutions in the Teaching/Learning process. Image schemas, cognitive metaphors and embodiment represent efficient cognitive tools in a task like this. Actually, while learning the merely spatial use of the preposition a (e.g. Sono a Roma = I am in Rome; vado a Roma = I am going to Rome,…) is quite straightforward, it is more complex when a appears in constructions such as verbs of motion +a + infinitive (e.g. Vado a studiare = I am going to study), inchoative periphrasis (e.g. Tra poco mi metto a leggere = In a moment I will read), causative construction (e.g. Lui mi ha mandato a lavorare = He sent me to work). The study reports data from a teaching intervention of Focus on Form, in which a basic cognitive schema is used to facilitate both teachers and students to respectively explain/understand the extensive uses of a. The educational material employed translates Cognitive Linguistics’ theoretical assumptions, such as image schemas and cognitive metaphors, into simple images or proto-scenes easily comprehensible for learners. Illustrative material, indeed, is supposed to make metalinguistic contents more accessible. Moreover, the concept of embodiment is pedagogically applied through activities including motion and learners’ bodily involvement. It is expected that replacing rote learning with a methodology that gives grammatical elements a proper meaning, makes learning process more effective both in the short and long term.

Keywords: cognitive approaches to language teaching, image schemas, embodiment, Italian as FL/SL

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Authors: Ivana Bulog, Ana Rimac Smiljanić, Sandra Pepur

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The financial fragility of households has received increased attention following the recent health crisis, which has created uncertainty and caused increased levels of stress and consequently impaired individual and family well-being. Job losses and/or reduced wages and insecurity increased the number of people that were unable to meet unexpected expenses, which, in many cases, led to increased household debt levels. This presents a threat to the stability of the financial system and the whole economy; therefore, reducing financial fragility and improving financial literacy present challenges for academicians, practitioners, and policymakers. Concerning financial fragility, significant research attention has been devoted to financial knowledge and financial literacy. However, apart from specific knowledge, personal characteristics are of great importance in making financial decisions in the household. Self-efficacy is one of the personal non-cognitive attributes that is a valuable framework for understanding how household financial decisions are made. Thus, this research proposes that individual levels of financial literacy and self-efficacy are related to the indebtedness and financial instability of the household. The primary data were collected using a structured, self-administered online questionnaire, and a snowball sampling method was applied to reach the participants. Preliminary results confirm our assumptions on the influence of financial literacy and self-efficacy on household financial stability.

Keywords: financial literacy, self-efficacy, household financial fragility, well-being

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Authors: Abdul Aziz Abdullah, Anuar Alias, Khor Hooi Ting, Guan Ngah Mei

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One of the major sectors which contribute significant growth to socio-economic development is the construction and development industry. This industry is most badly hurt during the 1997 and 2008 economic crisis thus causing many government and private projects to be deferred and abandoned. The purpose of this study is to examine the causes and effects of housing project abandonment in Malaysia. This objective is achieved through rigorous review of literatures and documents related to housing and abandoned housing project. The finding revealed there are several causes of housing project abandonment. The significant causes are: economic recession, inadequacy of finance, poor marketing and sales strategies, technical problems faced during construction, problems caused by compensations demanded by squatters for resettlement, insolvency of contractor, cost overrun and currency fluctuation amongst others. However the alarming effect of housing project is: house buyers of abandoned project have the monthly payment although the house is delivered to house buy. In other case house buyers have to entangle in many legal action with the financial institution. This finding provides the various ministries in the Government some insights on real causes and effects of abandoned project. Perhaps this finding can enhance the current solution the Ministry of Housing Local Government on addressing the prevailing issue of reviving existing abandoned project in the country.

Keywords: abandoned project, abandonment, housing project, ministry of housing and local government, causes and effect

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Authors: Hung Tran

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This interpretive qualitative study employed three theoretical lenses: Bronfenbrenner’s (1979) Ecological System of Human Development, Vygotsky’s (1978) Sociocultural Theory of Development, and Knowles’s (1970) Adult Learning Theory as the theoretical framework in connection with the constructivist research paradigm to investigate into positive and negative aspects of the extant English as a Foreign Language (EFL) faculty mentoring programs at four higher education institutions (HEIs) in the Mekong River Delta (MRD) of Vietnam. Four apprentice faculty members (mentees), four experienced faculty members (mentors), and two associate deans (administrators) from these HEIs participated in two tape-recorded individual interviews in the Vietnamese language. Twenty interviews were transcribed verbatim and translated into English with verification. The initial analysis of data reveals that the mentoring program, which is mandated by Vietnam’s Ministry of Education and Training, has been implemented differently at these HEIs due to a lack of officially-documented mentoring guidance. Other general themes emerging from the data include essentials of the mentoring program, approaches of the mentoring practice, the mentee – mentor relationship, and lifelong learning beyond the mentoring program. Practically, this study offers stakeholders in the mentoring cycle description of benefits and best practices of tertiary EFL mentorship and a suggested mentoring program that is metaphorically depicted as “a lifebuoy” for its current and potential administrators and mentors to help their mentees survive in the first years of teaching. Theoretically, this study contributes to the world’s growing knowledge of post-secondary mentorship by enriching the modest literature on Asian tertiary EFL mentorship.

Keywords: faculty mentorship, mentees, mentors, administrator, the MRD, Vietnam

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Authors: Houda Zouar, Hanane Sarnou

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In the 21st, century the concept of learners' autonomy is crucial. The concept of self-regulated learning has come forward as a result of enabling learners to direct their learning with autonomy towards academic goals achievement. Academic self-regulation is defined as the process by which learners systematically plan, monitor and asses their learning to achieve their academic established goals. In the field of English as a foreign language, teachers emphasise the role of learners’ autonomy to foster the process of English language learning. Consequently, academic self-regulation is considered as a vehicle to enhance autonomy among English language learners. However, not all learners can be equally self-regulators if not well assisted, mainly those novice pupils of basic education. For this matter, understanding the role of teachers in fostering academic self- regulation must be among the preliminary objectives in searching and developing this area. The present research work targets the role of the Algerian middle school teachers in enhancing academic self-regulation and teaching pupils how to learn, besides their role as models in the trajectory of teaching their pupils to become self-regulators. Despite the considerable endeavours in the field of educational setting on Self-Regulated Learning, the literature of the Algerian context indicates confined endeavours to undertake and divulge this notion. To go deeper into this study, a mixed method approach was employed to confirm our hypothesis. For data collection, teachers were observed and addressed by a questionnaire on their role in enhancing academic self- regulation among their pupils. The result of the research indicates that the attempts of middle school Algerian teachers are implicit and limited. This study emphasises the need to prepare English language teachers with the necessary skills to promote autonomous and self-regulator English learners.

Keywords: Algeria, English as a foreign language, middle school, self-regulation, Teachers' role

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Authors: Albert Maake, Ifunanya Isama

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International remittances to developing countries reached US$ 485 billion in 2018. By 2015, the East African region had surpassed US$3.5 mark. Considering this, there is no argument as to the contribution of Diaspora remittances as an alternative source of funds in the development process of the developing countries. Nevertheless, this paper seeks to argue that good governance in areas such as policy design, implementation and monitoring play a critical role in the sustainable development process of a nation as opposed to Diaspora remittances in general. Therefore this study intends at analyzing the contribution of Governance as opposed to that of Diaspora remittances for nation development. Employing documentary analysis technique, the secondary data with respect to the countries under study on Diaspora remittances will be collected. Selected indicators for Governance-HDI, Debt-to-GDP Ratio and Corruption Index, will be sourced from the World Bank Data for the purpose of consistency and where applicable the Central Statistical Agencies of the Nations under study. By means of descriptive statistics and content analysis the data will be comparatively analyzed to highlight the unique experiences in Rwanda and Kenya. The findings and interpretations from the study will affirm and promote capacity building for best practices in good governance for the countries under study.

Keywords: diaspora remittance, governance, Kenya, Rwanda, sustainable development

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Authors: Heba Abdelmotaal

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This paper explores the impact of the extent of a company's environmental, social, and governance (ESG) disclosure on credit rating and capital structure. The analysis is based on a sample of 202 firms from the 350 FTSE firms over the period of 2008-2013. ESG disclosure score is measured using Proprietary Bloomberg score based on the extent of a company's Environmental, Social, and Governance (ESG) disclosure. The credit rating is measured by The QuiScore, which is a measure of the likelihood that a company will become bankrupt in the twelve months following the date of calculation. The Capital Structure is measured by long term debt ratio. Two hypotheses are test using panel data regression. The results suggested that the higher degree of ESG disclosure leads to better credit rating. There is significant negative relationship between ESG disclosure and the long term debit percentage. The paper includes implications for the transparency which is resulting of the ESG disclosure could support the Monitoring Function. The monitoring role of disclosure is the increasing in the transparency of the credit rating agencies, also it could affect on managers’ actions. This study provides empirical evidence on the material of ESG disclosure on credit ratings changes and the firms’ capital decision making.

Keywords: capital structure, credit rating agencies, ESG disclosure, panel data regression

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Authors: Azaz Zaman, Mirazur Rahman

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Capital market is a crucial financial market place where companies and the government can raise long-term funds and, at the same time, investors get the opportunity to invest in the listed companies. Capital markets play a vital role not only in shifting the funds from surplus entity to deficit for investment, but also in the overall economic development of any developing country like Bangladesh. Being the first and biggest capital market of Bangladesh, Dhaka Stock Exchange (DSE) is the prime bourse of the country. The differences in the investment preference— among three broad categories of investors in DSE including individual investors, institutional investors, and government— are easily observed. Authors of this article have used five categories of investors such as sponsors or directors of the company, institutional investors, foreign investors, government, and the general public in order to present a comparative analysis of their investment patterns. Obtaining data on the percentage of investment by these five types of investors in different sectors from the DSE website, this study aims to analyze the sector-wise investment preference of these investors using August 2018 data. The study has found that the sponsors or directors of the company have the highest percentage of investment in the textile industry which is close to 16%. The Bangladesh government, as an investor, has the highest percentage of investment in the fuel & power sector, approximately 32%. It has also found that the mutual funds' sector is mostly financed by institutional investors, nearly 28%. Foreign investors have their most investments in the banking sector, which is close to 22%. It has also revealed that the textile sector is mostly financed by the general public, close to 17%. Nevertheless, general public, surprisingly, has the lowest percentage of investment in the telecommunication sector, which is 0.10%.

Keywords: stock market investment, Dhaka stock exchange, capital market, Bangladesh

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Authors: Michael Amale Kirko, Abebe Gebretsadik

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In the 21st century, developing students’ critical thinking skills has become a prime concern in higher education institutions. Cognizant of this fact, the Ethiopian higher education policy document used critical thinking as one of the guiding principles. The study aims to explore how English as a foreign language (EFL) teachers perceive and practice critical thinking skills (CTS) in teaching reading to improve reading comprehension at Wolaita Sodo University, Ethiopia. A descriptive survey study used an exploratory mixed-methods approach. The study involved 20 EFL instructors and 40 2nd-year English majoring students. The numerical data were collected using teacher and student surveys and classroom observations; the qualitative data were obtained through content analysis and interviews. Teacher survey results indicated that teachers' perceptions are above average (mean = 3.41). And the result of classroom observations showed the practice CTS in class was below average (mean=2.61). The content analysis result revealed instructors utilized fewer higher-order thinking questions during class activities, quizzes, midterm, and final exams. The teachers perceived that teacher, student, and material-related challenges were hindering the practice of CT to improve students’ reading comprehension. Finally, spearman’s rho output showed r=0.97 and p<0.05. Therefore, the results showed that the EFL teachers’ practices of CTS to improve students’ reading comprehension were less frequent; there was a strong, positive, and statistically significant relationship between the teachers’ perceptions and practices of CTS in reading class.

Keywords: perceptions, critical thinking skills, practices, infusing thinking skills, reading comprehension

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