The study examined constraints to accessing micro credit loan scheme of Bank of Agriculture BOA among farmers in Enugu State, Nigeria Implications for extension service delivery. Purposive and simple random sampling techniques were used in selecting one hundred 100 respondents for the study. Data were collected using structured interview schedule questionnaire and analyzed using frequency, percentage, mean scores and standard deviation. The study revealed that micro credit loan scheme 88.6 were the most patronized among the rural farmers. (...) Others such as ECOWAS, IFAD project and ATHP programme were not patronized at all, probably because the type of projects sponsored by these credit loan scheme are not important to the respondents. The respondents farmers were highly constrained by late release of funds M= 1.27 , grace period too short M= 1. 17 , excessive bureaucracy M= 1. 14 , too short payback period M= 1. 13 , services not regular M= 1. 13 , among others. The Bank of Agriculture staff also noted that they were constrained by late release of approved funds by head quarters of the Bank of Agriculture M= 1.43 , loan diversion M= 1.27 , poor funding of field officers M= 1.20 , lack of awareness by borrowers M= 1.10 and insufficient staff M= 0.93 . The study recommends that adequate awareness campaign on the availability of micro credit loan scheme by Bank of Agriculture should be created in order for the beneficiaries to be knowledgeable about it. It highlights the need for approval of more funds under the scheme and timely release of funds when needed especially during planting season in order to enable the farmers to make judicious use of it for optimum productivity. Mbah Evangeline N | Jiriko, R | Agada, M.O. "Constraints to Accessing Micro-Credit and Loan Scheme of Bank of Agriculture among Farmers in Enugu State, Nigeria: Implications for Extension Service Delivery" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-4 , June 2017 . (shrink)

The credit crises experienced in the US in year 2008 is labeled as perhaps the most significant crises since the great depression. The roots of the crises were found in the default of the sub-prime mortgages and the failure occurred in both the US and the UK. Due to the integrated nature of international financial systems the spillover impacted many countries as the economies in Asia and Europe were purchasers of the sub-prime mortgages that originated in both UK and (...) US. The impact of the credit crises in Canada is of unique importance due to the close proximity to US, and both the US and Canada being of great strategic importance to each other as well as one of the largest trading partners.Even though the international financial credit crises adversely impacted many countries, the evidence that has come across recent years point towards the conclusion that Canada was able to weather the crises much better than many other countries. (shrink)

The objective of this paper is to examine the role of the banking system in the growth of the Vietnamese economy in the process of the transition that started in the early 1990s. An ARDL approach-based multivariate regression technique is applied to shed light on the impact on the growth of banking development, which is measured by broad money and bank credit. The empirical findings confirm a positive long-term effect of banking development on growth, reflecting the important role (...) of the banking system in a typical bank-based financial system in mobilizing and supplying capital to the economy, thus contributing to growth throughout the process of economic transition. The empirical findings also indicate a nonlinear effect and a diminishing marginal effect of banking development in the sub-period 2007–2020. The thresholds for the two measures of banking development are estimated to be around 107% and 101% of the GDP, respectively. This finding suggests that bank credit expansion needs to be closely controlled to be adaptive to the capital-absorptive capacity of the economy. To a certain extent, this finding is also an indicator of the ongoing extensive growth model adopted in Vietnam, which relies heavily on the quantity of invested capital. (shrink)

This study contributes to the micro-credit literature by addressing the lack of philosophical dialogue concerning the issue of trust between micro-credit NGOs and rural poor women. The study demonstrates that one of the root causes of NGOs’ contested roles in Bangladesh is the norm that they use (i.e., trust) to rationalize their micro-credit activities. I argue that Bangladeshi micro-credit NGOs’ trust in poor village women is not genuine because they resort to group responsibility sustained through aggressive (...) surveillance. I maintain so by drawing on a trust-based theoretical framework that uses various philosophical insights. Drawing on the same conceptual framework, I also contend, somewhat softening the previous claim, that if micro-credit trust is trust at all, it is at most strategic, not generalized. For being strategic, it has many undermining effects on local social solidarity norms, rendering Bangladeshi micro-credit NGOs and strategic trust an odd couple with no moral compass. To bring forth the moral impetus in micro-credit activities, I lay out some recommendations intended for organizations, managers, and policymakers, consistent with normative corporate social responsibility initiatives. However, further studies can be initiated based on this paper, suggesting its importance for future research. (shrink)

The article provides a critical assessment of The Central Bank of the Russian Federation policy in response to the sanctions of the US, the EU, the UK, Switzerland, Japan, South Korea and a number of other countries. The effect of sanctions on the Russian economy and its financial market is viewed through the prism of credit, interest rate, and currency risk, and the risk of a decline in business activity. Special attention is paid to the inflationary component and (...) inflationary expectations of the Russian Federation, as well as to the forecasts for a decline in business activity in Russia. A critical assessment is given to the actions of the Central Bank of the Russian Federation and the economic bloc of the government of the Russian Federation as a whole in response to the sanctions of the civilized world, which disable the normal existence of the economy and the main purpose of which is not to destroy the economy of the Russian Federation but to ensure the end of hostilities on the European continent. The results of our study will be useful to everyone who studies the problems of the effect of economic sanctions on the resource-based economy and the processes of stimulating political decisions by economic methods. (shrink)

Drèze and Sen are not entirely right in their apparent glorification of the roles of nongovernmental organizations in Bangladesh in An Uncertain Glory: India and Its Contradictions because they leave out and/or de-emphasize some important issues, especially those that are related to the problematic trusting relationship between nongovernmental organizations in Bangladesh and rural poor women. Nongovernmental organizations’ use of trust disturbs social solidarity in rural Bangladesh mainly because of their massive supervision mechanism that they undertake to sustain the so-called trusting (...) relationship between them and their debtors. The massive supervision mechanism damages social solidarity also because it creates a tension between local norms and nongovernmental organizations’ neoliberalist values of “discipline, efficiency and competitiveness,” which nongovernmental organizations try to inject into villagers by their numerous social engineering programs, which are state’s responsibility. Nongovernmental organization monitoring has some psychological impacts on their clients that also contribute to shaking social solidarity. The absence of a proper trusting relationship between nongovernmental organizations and rural poor women reduces the capabilities of the latter as a result of which Drèze and Sen’s glorification of Bangladeshi nongovernmental organizations and Sen’s capabilities approach are in tension. However, there are strategies that Bangladeshi nongovernmental organizations should employ to address the issues raised due to their massive supervision mechanism. (shrink)

The objective of this study is to Analyze the Financial Position and Performance of the Axis and Kotak Mahindra Bank in India based on their financial characteristics. We have chosen the CAMEL model and t-test which measures the performance of bank from each of the important parameter like capital adequacy, asset quality, management efficiency, earning quality, liquidity and Sensitivity. The present study is conducted analyze the consistency of the profitability of the Axis and Kotak Mahindra bank’s. It (...) is analyses that the ratio of credit deposit is maximum of Kotak Mahindra Bank Ltd and it shows efficient management of the bank. The ratio of earning per share is maximum for Axis Bank Ltd i.e. 50.28 and the ratio of return on Assets is minimum for Axis Bank Ltd. The CAMELS’ analysis and t-test concludes that there is no significance difference between the Axis and Kotak Mahindra bank’s financial performance but the Kotak Mahindra bank performance is slightly less compared with Axis Bank. (shrink)

A method of identifying banks’ business models and studying the features of their risk profile, considering the system of indicators featuring the structure of assets, liabilities, income, expenses, and other qualitative indicators based on monthly statistical reporting. Kohonen's self-organizing maps (SOM) are used to process large data sets, revealing objects’ hidden features by forming homogeneous groups according to similar values of a large system of indicators. The choice of the system of indicators that play the most significant role in describing (...) the business models of modern banks is substantiated. The proposed method makes it possible to group banks with homogeneous characteristics into so-called structural-functional groups and studies the change in the characteristics of groups of banks over time to compare their behavior during periods of active development of the system and during a crisis. That approach is useful for studying the banking system at the macro level, as it provides a quantitative measure of its financial stability. The more banks are in groups with negative values of parameters, increased risks, and unprofitable performance, the worse the general state of the system. The method also allows studying the features of each structural and functional group and the business models’ features at the meso-level. The number and composition of banks inherent in any group change dynamically, which characterizes the features of the relevant business model in a particular period. The averages of each group reflect the objective changes in the banking system structure. In addition, the SOM trajectory can be built for each individual bank determining the development of its strategy, features of a particular business model, and risk profile. At the micro-level, it allows comparing the features of individual banks within the SFGB and models ways to improve efficiency and financial stability by forecast values for SOM. An extensive system of indicators used to form structural and functional groups of banks allows to quickly respond to changes in the banking system, identify areas of increased risk and explore the adequacy and effectiveness of banks’ business models. (shrink)

The necessity for a government “lender of last resort” has been advanced as a justification for central banking. In this paper, I compare lending practices under central banking with those that would be likely to exist under a system of fractional-reserve free banking (FRFB). To do this I examine the underlying nature of banks as warehousing and credit-granting institutions and consider how redemption runs can arise as a consequence of fractional reserves in this system. Following the work of Thornton (...) and Bagehot, I describe principles of prudent lending that can be used to stem a redemption run when it arises. I examine the market incentives that apply under FRFB and how these incentives are perverted under a system of central banking. I find that a government central bank is not well-placed to lend according to prudent standards, and in fact is likely to use its power to pursue political goals that are at odds with prudent lending. I examine the US financial crisis and the actions of the Federal Reserve System to illustrate this view. (shrink)

Currently, under the conditions of permanent financial risks that hamper the sustainable economic growth in the financial sector, the development of evaluation and risk management methods both regulated by Basel II and III and others seem to be of special importance. The reputation risk is one of significant risks affecting reliability and credibility of commercial banks. The importance of reputation risk management and the quality of their assessment remain relevant as the probability of decrease in or loss of business reputation (...) influences the financial results and the degree of customers’, partners’ and stakeholders’ confidence. By means of imitating modeling based on Bayesian Networks and the fuzzy data analysis, the article characterizes the mechanism of reputation risk assessment and possible losses evaluation in banks by plotting normal and lognormal distribution functions. Monte-Carlo simulation is used to calculate the probability of losses caused by reputation risks. The degree of standardized histogram similarity is determined on the basis of the fuzzy data analysis applying Hamming distance method. The tree-like hierarchy based on the OWA-operator is used to aggregate the data with Fishburne's coefficients as the convolution scales. The mechanism takes into account the impact of criteria, such as return on equity, goodwill value, the risk assets ratio, the share of the productive assets in net assets, the efficiency ratio of interest bearing liabilities, the risk ratio of credit operations, the funding ratio and reliability index on the business reputation of the bank. The suggested methods and recommendations might be applied to develop the decision-making mechanism targeted at the implementation of reputation risk management system in commercial banks as well as to optimize risk management technologies. (shrink)

The article investigates the main characteristics of the financial stability of Ukrainian banks, their risk profile, structure of assets, liabilities, income, expenses based on the monthly reporting data for 2004-2020 (number of observations – 3 813). The Kohonen self-organizing map (SOM) toolkit is used to form homogeneous groups of banks based on a large number of financial indicators. The selected toolkit provides a convenient visualization of the results. Each bank occupies a specific place on the SOM. The close location (...) of banks on the map indicates that these banks have many common characteristics. This study is called the method of structural and functional groups of banks. The study formed stable groups of banks with the same characteristics of business models and risk profile. The formation of consecutive maps for each reporting period allows to obtain the characteristics of each bank separately and the banking system as a whole. The trajectory of an individual bank’s activity during the observation period characterizes the development of its business strategy. The migration of a large number of banks between groups reflects the objective changes in the conditions of banking. Increasing groups of high-risk banks indicate systemic problems. The results show that after a significant reduction in the banking system of Ukraine in 2014-2016, the business models of banks have changed significantly. The resource base relies on unstable sources of current funds with no set term of use. In the assets of banks, a significant portion is invested in government securities – government bonds. Bank loan portfolios have declined and have a higher proportion of non-performing assets (NPL). Many banks have increased currency risk. Concerns are raised about the state of large state-owned banks that hold a separate high-risk group. Thus, the conducted research allows to distinguish groups of banks with specific characteristics of business models and to observe changes of risk profile inherent to these groups. For each structural-functional group, changes in the values of financial indicators are investigated and migration between groups is studied. The proposed methodology is useful for studying both macro and macro levels. (shrink)

Neutral monism is a position in metaphysics defended by Mach, James, and Russell in the early twentieth century. It holds that minds and physical objects are essentially two different orderings of the same underlying neutral elements of nature. This paper sets out some of the central concepts, theses and the historical background of ideas that inform this doctrine of elements. The discussion begins with the classic neutral monism of Mach, James, and Russell in the first part of the paper, then (...) considers recent neo-Russellian versions in the second half. The chances for a revival of neutral monism are probably slight; its key ideas and starting points lie far from those in contemporary philosophy of mind. A better route might be through the philosophy of science and a deeper understanding of causation. (shrink)

A look at the dynamical concept of space and space-generating processes to be found in Kant, J.F. Herbart and the mathematician Bernhard Riemann's philosophical writings.

Grete Hermann’s essay “Die naturphilosophischen Grundlagen der Quantenmechanik” has received much deserved scholarly attention in recent years. In this paper, I follow the lead of Elise Crull who sees in Hermann’s work the general outlines of a neo-Kantian interpretation of quantum theory. In full support of this view, I focus on Hermann’s central claim that limited spatio-temporal, and even analogically causal, representations of events exist within an overall relational structure of entangled quantum mechanical states that defy any unified spatio-temporal description. (...) In my view, Hermann also advances an important transcendental argument that perspectival spatio-temporal representations of nature have their foundations in general relational networks that are not spatio-temporal. The key point is that the adoption of a perspectival system within the general network induces the representation but only for that context. These ideas are consistent with a perspectival subject–object principle in Kant and also with Weyl’s work on Lie groups and their representations. (shrink)

Extension is probably the most general natural property. Is it a fundamental property? Leibniz claimed the answer was no, and that the structureless intuition of extension concealed more fundamental properties and relations. This paper follows Leibniz's program through Herbart and Riemann to Grassmann and uses Grassmann's algebra of points to build up levels of extensions algebraically. Finally, the connection between extension and measurement is considered.

This project is an investigation into the prospects for an antirealist theory of essence. Essentialism is the claim that at least some things have some of their properties essentially. Essentialist discourse includes claims such as “Socrates is essentially human”, and “Socrates is accidentally bearded”. Historically, there are two ways of interpreting essentialist discourse. I call these positions ‘modal essentialism’ and ‘neo-Aristotelian essentialism’. According to modal essentialism, for Socrates to be essentially human is for it to be necessary that he be (...) a human if he exists, and for Socrates to accidentally have a beard is for it to be contingent that Socrates has a beard if he exists. According to neo-Aristotelian essentialism, objects have definitions in something like the way words do. For Socrates to be essentially human but accidentally bearded is for it to be part of the definition of Socrates that he is human, but not part of that definition that he is bearded. I argue that both are susceptible to antirealist interpretation. This thesis sets about showing that this is the case. In Chapters One and Two I investigate neo-conventionalist theories of modality, in the hope of using such a position to develop an antirealist modal essentialism. In Chapter Three I discuss the debate between modal and neo-Aristotelian essentialism and conclude that it is by no means settled. In Chapter Four I develop an antirealist neo-Aristotelian essentialism based on the mechanism of one of the neo-conventionalist accounts of modality. In Chapter Five I argue that this account is in a better position to give an essentialist theory of necessity than its realist counterparts. I conclude that, regardless of whether one is a modal or neo-Aristotelian essentialist, antirealist essentialism is a viable theory of essence that is worthy of consideration in contemporary debate. (shrink)

An overview of the problem of constructing extension combinatorially from qualities cum dispositional powers. In the model recommended here, Grassmann's algebra provides the combinatorial structure while Machian elements give the content.

This article distinguishes between Machian empiricism and the logical positivism of the Vienna Circle and associated philosophers. Mach's natural philosophy was a first order attempt to reform and reorganize physics, not a second order reconstruction of the "language" of physics. Mach's elements were not sense data but realistic events in the natural world and in minds, and Mach admitted unobserved elements as part of his world view. Mach's critique of metaphysics was far more subtle and concerned the elimination of sensory (...) visual imagery from natural science, leaving only concrete elements and functions, very much an inspiration to the young Einstein and Heisenberg and a useful engine of theory construction in physics. (shrink)

William James' Radical Empiricist essays offer a unique and powerful argument for direct realism about our perceptions of objects. This theory can be completed with some observations by Kant on the intellectual preconditions for a perceptual judgment. Finally James and Kant deliver a powerful blow to the representational theory of perception and knowledge, which applies quite broadly to theories of representation generally.

This paper, for two upcoming volumes, makes what I consider to be the definitive textual case for finally rejecting the phenomenalist interpretation of Ernst Mach's works, and his customary association with the Vienna Circle, in favor of a stronger realistic neutral monist reading connecting him to James, Russell and the American realist movement and today's neutral monism (for example my 2014). I hope that this reading will eventually supplant the previously mistaken view of Mach's work and that his views of (...) science and philosophy of space and time can be revised as well. (shrink)

A look at Mach's work on monocular stereoscopy with relation to Mach Bands and the sensation of space.

This paper for an upcoming journal volume examines Grete Hermann's Naturphilosophischen Grundlagen der Quantenmechanik (1935) and the relative context, or perspectival, interpretation of standard quantum mechanics found therein. I find an argument for the emergence of limited spatio-temporal and retrocausal stories, from a chosen experimental perspective, within a larger set of entangled systems not subject to a spatio-temporal interpretation. This argument can be read in reverse as giving some of the necessary preconditions of spatio-temporal representations as based upon perspectival relations, (...) carrying on a Kantian transcendental argument on one hand, and on the other hand, looking forward to Weyl's use of symmetry groups, Lie algebras and their representations in quantum mechanics. (shrink)

I examine Mach's influence on American philosophy from 1890-1910, on Carus, James, Peirce, the American Realists and J.B. Stallo. I also consider the question of whether Mach was a pragmatist in the sense of Peirce and James. I conclude that early pragmatism was a method-centric theory whereas Mach's empiricism prized agreement with experience and downplayed the significance of inductive-scientific methods in general as a guide to discovery.

This paper offers a "tu quoque" defense of strong AI, based on the argument that phenomena of self-consciousness and intentionality are nothing but the "negative space" drawn around the concrete phenomena of brain states and causally connected utterances and objects. Any machine that was capable of concretely implementing the positive phenomena would automatically inherit the negative space around these that we call self-consciousness and intention. Because this paper was written for a literary audience, some examples from Greek tragedy, noir fiction, (...) science fiction and Dada are deployed to illustrate the view. (shrink)

Bertrand Russell in "My Philosophical Development" claimed he converted to neutral monism in 1919, in the essay "On Propositions." I question whether Russell was really a complete neutral monist in the style of Mach and James and conclude that he was not. Russell's lingering commitment to image propositions and a linguistic theory of meaning and truth and falsity separate him from the more naturalistic causal theory of knowledge and error one finds in James and Mach.

This article argues that we can construct a complex interpretation of the nature of time by linking Aciman’s gnostic thread to aspects of twentieth century theory, from philosophy and psychoanalysis. In brief, it attempts to demonstrate the roles of dislocation, deferral, and Otherness in constituting human temporality. The essay begins by surmising the conceptual history of time, touching on key ideas put forward by Augustine and Bergson. The second section takes a psychoanalytic turn after exploring Homo Irrealis to describe the (...) significance of desire and fantasy. Thirdly, we develop a unique and temporal application of difference and deferral, building off of Deleuze and Derrida. The fourth section will consider how the psychoanalytic concept of the Other is inhered within time. We conclude that an Acimanic analysis of time is the means by which we can understand existence not as a series of moments, but a rich progression of dissimilitude and Otherness defined moreso by its lack of cohesion and directness of being than by a unified and self-identifying subject. (shrink)

A 2012 review article for Metascience which explains Mach's realistic brand of empiricism, contrasting it with the common phenomenalist reading of Mach by John Blackmore in two recent books.

This paper examines the influence of cultural and socioeconomic factors on the growth of enterpreneurship in Vietnam. Traditional cultural values continue to have a strong impact on the Vietnamese society, and to a large extent adversely affect the entrepreneurial spirit of the community. Typical constraints private entrepreneurs face may have roots in the cultural facet as legacy of the Confucian society like relationship-based bank credit. Low quality business education is both a victim and culprit of the long-standing tradition (...) that looks down on the role of private entrepreneurship in the country. (shrink)

This paper examines the influence of cultural and socioeconomic factors on the growth of enterpreneurship in Vietnam. Traditional cultural values continue to have a strong impact on the Vietnamese society, and to a large extent adversely affect the entrepreneurial spirit of the community. Typical constraints private entrepreneurs face may have roots in the cultural facet as legacy of the Confucian society like relationship-based bank credit. Low quality business education is both a victim and culprit of the long-standing tradition (...) that looks down on the role of private entrepreneurship in the country. (shrink)

In the given article the problems of choice as for the types and forms of debt and share financing on the developing and “frontier markets” with high interest rates have been considered, the definition of what kind of interest rates can be viewed as high and under which circumstances nominal interest rate and in which ones – the real interest rate is important for business. Also, the classification of debt and sharing financing is given and the comparative analysis of such (...) financing is made. Some close attention has been paid to the calculation of the real interest rate according to the inflation forecast. Recommendations concerning attracting of relatively cheap trade financing including international financial and credit organizations, development of operation factoring, financing from captive financial institutions of the exporters of the materials and equipment from the EU and the US have been grounded. The opportunity of relatively free of charge share financing through the mechanism of placing shares IPO/SPO is emphasized, exemplified by the results of placing shares on stock exchanges and their alternative platforms of issuing banks with businesses in Ukraine in 2005 – 2013. As a result, the conclusion concerning the necessity of thorough analysis of financial conditions on the developing and frontier markets before gaining such financing has been made. High interest rates within the average indicators even on the basis of prime rates do not necessarily mean absence of attractive conditions of financing. (shrink)

Web page phishing is a type of phishing attack that targets websites. In a web page phishing attack, the attacker creates a fake website that looks like a legitimate website, such as a bank or credit card company website. The attacker then sends a fraudulent message to the victim, which contains a link to the fake website. When the victim clicks on the link, they are taken to the fake website and tricked into entering their personal information.Web page (...) phishing attacks are a serious threat to online security. They can be very effective, as they often look very convincing. To protect yourself from web page phishing attacks, you should be suspicious of any emails or messages that ask for your personal information. Do not click on links in emails or messages from unknown senders. If you are unsure whether a website is legitimate, do not enter your personal information. Therefore, in this study, we present a novel approach to detect whether a web page is phishing or legitimate using a neural network model. (shrink)

I argue that epistemic failings are a significant and underappreciated moral hazard in the financial services industry. I argue further that an analysis of these epistemic failings and their means of redress is best developed by identifying policies and procedures that are likely to facilitate good judgment. These policies and procedures are “best epistemic practices.” I explain how best epistemic practices support good reasoning, thereby facilitating accurate judgments about risk and reward. Failures to promote and adhere to best epistemic practices (...) contributed to the 2008 financial crisis. I identify and discuss some of the ways in which best epistemic practices were violated in the events that led to the crisis, with a focus on the role of the credit rating agencies. I go on to discuss some of the ways in which these failings have been redressed. I conclude by observing how proactive regulation for best epistemic practices might help us to anticipate and avoid future crises. (shrink)

Abstract : This research work examined how major macro economic variables in Nigeria such as Gross Domestic Product (GDP), Gross Fixed Capital Formation (GFCF) and National Savings (NS) reacted to International Monetary Fund (IMF) conditionality from 1986 to 2016. Many policy makers and researchers have questioned the benefits of IMF credit facilities to developing nations. This work therefore seeks to evaluate the impact of IMF conditionality like Reduction in Government Expenditure (TGE), Devaluation of Local Currencies (RER), and Trade openness (...) (TO) on the Identified Macro Economic Variable in Nigeria. The data for the analysis were sourced from the data bank of World Bank. Granger causality test and ordinary Least Square (OLS) method were used to test the formulated hypotheses. The result revealed that IMF conditionality has significant effect on GDP, GFCF and NS of Nigeria. Devaluation of local currency is the greatest IMF conditionality that exerts great negative influence on economic growth of Nigeria. The work recommends among others that: instead of currency devaluation, protectionist policies via guided liberalization should be promoted combined with the use of fiscal policy in order to encourage local production and usage of locally produced goods. TGE that showed significant positive effect on GDP, GFCF and NS is an indication that government can positively influence the economic positions of Nigeria with the use of fiscal policy. (shrink)

Abstract: This study tries to establish the microfinance and financial inclusion nexus in Nigeria from 1981 to 2017. The Augmented Dickey-Fuller (ADF) test, co-integration test and Error Correction Model (ECM), as well as diagnostics and stability test were employed in the analysis. The research findings revealed that microfinance has positive significant effect on financial inclusion in Nigeria in the short–run and long–run. This finding is in line CBN objectives for the establishment of microfinance banks. The effect of lending interest rate (...) has a positive but has no significant with financial inclusion in the model one while it is statistically significant with poverty in Nigeria in the mode two. The positive lending interest rate has a statistically significant effect on the level of financial inclusion and national poverty index used as a proxy for poverty rate in the long run in the models. Also, the research also found that microfinance has really a tool to fight against poverty in Nigeria in the short-run, while it’s not really a tool to fight against poverty in the long-run in Nigeria. It was therefore recommended that Government agency and regulatory authority policies and practices need to play a key role in making micro-credit available to the economically-active poor people who are not being served by the formal financial sector. Also, apart from monitoring lending interest rates, the government needs to establish frameworks to prevent undercapitalization, fraudulent practices, and unwarranted interference from bank board members in Nigeria. (shrink)

The article presents an analysis of global trends in setting the inflation target and the acceptable corridor of inflation target fluctuations. Inflation targeting is an important attribute of the monetary regime of inflation targeting, its main quantitative parameter. The tendency of the inflation targeting regime in 70 countries all over the world are considered, of which 41 countries have official recognition by the International Monetary Fund (IMF) regarding the inflation targeting regime. It was found that most countries set the inflation (...) target at 5% or below, and the level of the corridor of fluctuations in relative terms hovers around 20-50% of the target value. The latest trends related to changes in the monetary policy of the European Central Bank have been studied, recommendations for determining the acceptable corridor of fluctuations of the inflation target in small and open economies on the example of Ukraine are provided. (shrink)

With the threats from Fintech firms and regulators, would banks ever be dethroned from the crown? The answer to this question yet remains to be examined.

There is a commonly made distinction between two types of scientists: risk-taking, trailblazing mavericks and detail-oriented followers. A number of recent papers have discussed the question what a desirable mixture of mavericks and followers looks like. Answering this question is most useful if a scientific community can be steered toward such a desirable mixture. One attractive route is through credit incentives: manipulating rewards so that reward-seeking scientists are likely to form the desired mixture of their own accord. Here I (...) argue that this idea is less straightforward than it may seem. Interpreting mavericks as scientists who prioritize rewards over speed and risk, I show in a deliberatively simple model that there is a fixed mixture which is not particularly likely to be desirable and which credit incentives cannot alter. I consider a way around this result, but this has some major drawbacks. I conclude that credit incentives are not as promising a way to create a desirable mixture of mavericks and followers as one might have thought. (shrink)

Vietnam continuously liberalizes the financial market as a requirement for its accession to the World Trade Organization in 2007. This paper discusses the foreign investors’ expectation and their experience when penetrating into Vietnam’s market. The role of the foreign entrants is also assessed. By synthesizing and analyzing relevant research and reports, several important insights are discovered. Firstly, the presence of foreign investors and banks improves market competition, efficiency, and stability. Wholly and partly foreign-owned banks provide the spillover effects in management (...) quality, in the introduction of world standard banking products and services, and in the application of information technology. Secondly, by looking into the foreign owned banks, it is found that the banks’ foreign investors are not likely to play an influential role in managing the banks they invested in. The motive of the investors to control the invested companies leads to their decision of holdings withdrawing. (shrink)

For the modern model of the market there are inherent existence of both a set of possibilities and a large number of hazards that are waiting for economic agents and which are generated by the need to make decisions in the conditions of considerable uncertainty about the future. Liquidity risk is one of the central places in the system of bank risks, is closely related to solvency and financial stability, and therefore its management is an extremely important element of (...) financial management of the bank. This paper is devoted to the consideration of theoretical approaches to the management of bank liquidity risks, as well as understanding the risk of unbalanced liquidity and its place in the system of bank risks. In the course of the study, the essence of the concepts of uncertainty, risk as such, economic risk and its varieties, including banking is gradually clarified. We offer our own definition of "bank risk" and describe its essence. Based on the understanding of the concepts of bank risks, liquidity balance, bank liq uidity, the essence of the risk of unbalanced liquidity is disclosed, its characteristics and main aspects of management are determined. In determining the risk of liquidity as a probability of a future state, when the bank may suffer losses due to the imbalance of demand for liquidity and availability at a certain point in time, we believe that the essence of liquidity management is reduced to the maximum balance of demand for liquid assets and their actual availability in a certain moment of time using special tools. Our paper also reveals the mechanism of information influence on bank liquidity and its leading role in liquidity risk management processes. Moreover, the paper discloses the conceptual constituents of organizational support for bank liquidity risk management. (shrink)

The paper deals with the basic concepts and key problems of creating financial stability, as well as the role of central banks in its provision. The role of central banks in providing financial stability is extremely important and has a double manifestation - is the maintenance of the stability of the national currency and the responsibility for the stability of commercial banks and the banking system. The central element of any financial system is always banks, so the emergence of systemic (...) instability in the banking sector always has a negative impact on financial stability in general and has extremely negative socio - economic implications for the country as a whole. The present study provides a thorough analysis of the essence of financial stability, the main challenges faced by central banks in monitoring financial sector and examines the global experience of central banks of different countries to ensure financial stability and their role in these processes. This paper highlights the common and distinctive features of the activities of the central banks of the most developed and developing countries towards the achievement of financial stability. Our paper focuses on the activities of the National Bank of Ukraine. In particular, its role in ensuring financial stability of the country is described and directions of its consolidation are indicated. The major task of the National Bank of Ukraine on the way to financial stability in the post -crisis period selected, the maximum possible mitigation Ukrainian banks consequences of the global financial crisis; increase of financial stability of banking institutions; strengthening of public confidence in banks and the banking system. As a result of the conducted, the key factors of achievement of the set tasks, as well as the main directions of application of monetary instruments of the National Bank of Ukraine in the activities aimed at increasing the stability of banks and ensuring financial stability, were determined. (shrink)

This paper presents a Least Square Monte Carlo approach for accurately calculating credit value adjustment (CVA). In contrast to previous studies, the model relies on the probability distribution of a default time/jump rather than the default time itself, as the default time is usually inaccessible. As such, the model can achieve a high order of accuracy with a relatively easy implementation. We find that the valuation of a defaultable derivative is normally determined via backward induction when their payoffs could (...) be positive or negative. Moreover, the model can naturally capture wrong or right way risk. (shrink)

Before the 2007–2008 global financial crisis, the vast majority of social scientists were not paying much attention to the politics of central banking, despite the fact that, since their creation, central banks have been pivotal institutions between private financial institutions and public authorities (Singleton, 2010). During the past decades, central banks acquired considerable independence from public officials under the Central Bank Independence (CBI) template (McNamara, 2002). Governments justified their decisions to delegate monetary competences by relying on a narrow conception (...) of monetary policy, in which central bankers should only seek to control inflation and ignore the implications of their policies on other economic issues such as financial stability or wealth inequalities (Issing et al., 2001; Marcussen, 2009). Heterodox economists and critical political economists opposed this view by declaring that monetary policy is fundamentally political as it deals with complicated policy trade-offs, which generates winners and losers (Epstein & Gintis, 1995; Forder, 2005). However, until 2007, their concerns were very marginal and remained at the fringes of the political debate. The vast majority of policy-makers, economists, and central bankers themselves agreed on the fact that the CBI template was the optimal institutional arrangement between fiscal and monetary authorities. (shrink)

This study aims to identify the electronic banking services in Palestine from the point of view of the customers of the banks, where researchers used the descriptive analytical method, through a questionnaire distributed electronically to the sample of beneficiaries of the electronic banking services provided by banks operating in Palestine. The study reached a number of results, the most important of which are: There is a moderate degree of efficiency of electronic banking services provided in banks operating in Palestine from (...) the point of view of bank customers. Where the total score of electronic banking services received a relative weight of (64.37%), the results of the study confirmed that the ranking of electronic banking services as follows: Internet banking services ranked first with a relative weight (66.68%), a medium percentage, while ATM services came in Second place with a relative weight (64.30%), and mobile application services got the third and last place with a relative weight (62.12%). The results also showed that there are statistically significant differences between banks operating in Palestine according to the bank variable from the beneficiaries' point of view in favor of Bank of Palestine. The results showed that there were no statistically significant differences between banks operating in Palestine according to the variable number of years of dealing with the bank from the point of view of beneficiaries. The study made a number of recommendations, the most important of which are: The need for banks to enhance the use of electronic banking services and upgrade them. Conduct awareness campaigns on the importance of electronic banking services and give appropriate incentives to beneficiaries who deal with them. Direct customers use electronic banking services instead of traditional methods. Attention to quickly respond to customer problems sent via the website. (shrink)

This paper is aimed at analyzing the effects of banking relationship on performance of Vietnamese firms in Food and Beverage (F&B), one of the highest potential sectors. Panel data of 170 observations covers 34 F&B firms listed in the Vietnam stock exchanges in the period 2014-2018. The fixed effect model (FEM) is applied. The key findings are: First, short-term loan financing, leverage, and fixed asset ratios all negatively impacted on F&B firm performance, while firm size and net profit margin had (...) positive impacts. These findings were consistent with previous studies. Second, the opposite results with previous studies were: (i) negative corelation of ROE and number of banks firms working with, as F&B firms were inefficient in selecting bank partners; (ii) positive relation of short-term liabilities ratio and ROA/ROE, as F&B firms utilize other non-bank liabilities shortly; (iii) foreign ownership had negative relationship with ROA& ROE. Foreign investors did not have significant roles in most F&B firms. Third, long-term borrowing from banks, state ownership and ages all insignificantly correlated with firm performance. Recommendations to F&B firms include: (1) Reduce the short- term loans and fixed assets investment, while increase the cheap equity funding sources via shareholders (2) Be selective in working with banks to have better fees and interest saved with banks. (3) Utilize other short-term liabilities, including payables and advances – the low-cost funding sources. F&B firms have good bargaining powers in requesting advances from their clients. (4) Have smart buy-in strategies on foreign ownership. (shrink)

In this paper, I show that Polleit and Mariano (2011) are right in concluding that Credit Default Swaps (CDS) are per se unobjectionable from Rothbard’s libertarian perspective on property rights and contract theory, but that they fail to derive this conclusion properly. I therefore outline the proper explanation. In addition, though Polleit and Mariano are correct in pointing out that speculation with CDS can conceivably hurt the borrowers’ interests, they fail to grasp that this can be the case only (...) in some peculiar circumstances that I identify. In other words, they miss the bigger picture, the one outside special circumstances, in which CDS trading has the opposite effect. That is, CDS facilitate debt accumulation, including government debt accumulation. Finally, I point out how this can precipitate the collapse of fiat money regimes. An incidental goal of the analysis is to provide a better account than Polleit and Mariano of recent government interventions in and around CDS markets. (shrink)

Credit risk, also known as default risk, is the likelihood of a corporation losing money if a business partner defaults. If the liabilities are not met under the terms of the contract, the firm may default, resulting in the loss of the company. There is no clear way to distinguish between organizations that will default and those that will not prior to default. We can only make probabilistic estimations of the risk of default at best. There are two types (...) of credit risk default models in this regard: structural and reduced-form models. Structural models are used to calculate the likelihood of a company defaulting based on its assets and liabilities. If the market worth of a company's assets is less than the debt it owes, it will default. Reduced form models often assume an external cause of default, such as a Poisson jump process, which is driven by a stochastic process. They model default as a random event with no regard for the balance sheet of the company. This paper provides a Review of credit risk default models. (shrink)

The paper begins by reviewing two problems for fallibilism: the lottery problem, or the problem of explaining why fallible evidence, though otherwise excellent, is not enough to know that one will lose the lottery, and Gettier problems. It is then argued that both problems can be resolved if we note an important illocutionary force of knowledge attributions: namely, that when we attribute knowledge to someone we mean to give the person credit for getting things right. Alternatively, to say that (...) a person knows is to say that she got things right due to her own abilities, efforts and actions, rather than due to dumb luck, or blind chance, or something else. (shrink)