The purpose of the paper is to determine the state of automotive corporations financial stability and to generalize the consequences of its violation for their activity and the global economy as a whole. Methods. The theoretical and methodological basis of the research is the scientific works in the field of corporate finance management and strategic development that studied analyzing and evaluating the financial stability of corporate companies, maintaining their financial stability in the medium and (...) long term, official statistics data of United Nations Conference on Trade and Development, financial statements of corporations Toyota Motor Corporation (Japan), Mercedes-Benz (Germany) and Tesla Motors (USA), own research results. The methodological basis of the study is a set of general scientific and special methods used to achieve the research goal: theoretical generalization, analysis and synthesis – in studying the content of scientific works on the research of financial stability of corporate companies and maintaining their financial stability; observation – to obtain primary information about the state of the world automotive market; the method of coefficient analysis and typing the situations – to assess the financial stability of automotive corporations; analytical – in determining the economic consequences of financial stability violation of automotive corporations; causation – to obtain final conclusions. Results. This article deals with the development of automotive industry in the world. The financial stability of leading automotive corporations is evaluated. The economic consequences of financial stability violation of automotive corporations are summarized. Financial strategies to improve the financial stability of automotive corporations are proposed. Practical value. The results of the study may be useful to the United Nations Conference on Trade and Development, the financial management of Toyota Motor Corporation, Mercedes-Benz and Tesla Motors. Value / originality – the state of financial stability of automotive corporations is determined and the consequences of its violation for their activity and the world economy as a whole are generalized. Further research should be directed towards the development of project measures to improve the financial stability of automotive corporations in the world. (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)

We know that technological developments will affect economic development which will have an impact on the level of public consumption. Law Diminishing Marginal Utility cause boredom which will comprehensively reduce one's purchasing power and interest in the commodities on the market. Capitalism and its development always try to encourage people's consumption continuously to the maximum point. Hedonism and consumerism cause financial imbalances which are a real threat to our society today. Law Diminishing Marginal Utility and followed by the application (...) of Economic Materialism Asymmetry to reduce unnecessary or philosophically form a normative framework so as not to get trapped in a destructive hedonistic cycle. These measurements are not carried out quantitatively or in a stricter context, this is intended to make it easier for the public to apply theoretical concepts from analysis to create a balance of consumption which has implications for alleviating poverty. (shrink)

This study thoroughly investigates the financial behaviors of financially independent, young, single professionals aged 24 to 35 in Balayan, Batangas, amidst a period of global inflation. Focusing on five industries—education, finance, government, healthcare, and retail—the research employs a mixed-methods approach. Quantitative analysis, involving 75 respondents through a 4-point Likert scale survey, is complemented by qualitative insights from in-depth interviews with 5 participants from each industry. The findings from numerical values revealed that demographics did not impact working professionals' saving habits (...) and buying behaviors during the global inflation surge. This suggests that despite differences in age, gender, industry, employment status, and monthly income or salary, all professionals prioritized robust, strong savings and reduced spending to ensure financial stability. The research underscores the significance for professionals in various industries to prioritize specific aspects of personal financial management during the prevailing global inflation surge. The study suggests that, irrespective of industry, working professionals should prioritize specific aspects of personal financial management during the global inflation surge. (shrink)

Islamic Banking and Financial Crisis, edited by Habib Ahmed, Mehmet Asutay, and Rodney Wilson, definitely has merit. The book comes at a time when conventional financial institutions face stress and, in many instances, utter failure as a result of the 2008 global financial crisis. While the book is not designed primarily as a retrospective, it does offer an opportunity for reflection.

The paper is devoted to the study of determinants determined the level of financial security of economic systems. It is shown that the financial security of an economic system implies the achievement of a level of financial stability that will contribute to simultaneously maintaining financial equilibrium and ensuring targeted growth in line with the development strategy. The level of financial security of rail transport in Ukraine was analyzed and it was determined that the decline (...) in its security was the result of a complex interaction of external and internal factors, the main of which were tight government regulation, shifting the financial burden of social responsibilities to Ukrzaliznytsya, PJSC, lack of competition in the transportation of the main nomenclature of cargo and the unsatisfactory state of non-current assets. Based on the Argenti’s method, it is shown that the consequence of the inefficient financial management of Ukrzaliznytsia, PJSC are the reduction of its insolvency. Three main determinants of the financial security of rail enterprises were identified: a reduction in traffic volumes, an unstable capital structure and the impossibility of timely repayment of current liabilities. An additive model for assessing the impact of selected determinants on the level of financial security of Ukrzaliznytsia, PJSC is proposed. The analysis of the model parameters showed that the greatest impact has the index of industrial production, which is due to the predominant formation of its own financial resources of rail transport due to income from freight traffic. A complex of measures designed to improve the financial condition of rail enterprises was proposed. It is substantiated that in order to equalize existing threats, it is necessary to take political decisions aimed at improving the financial condition of Ukrzaliznytsia, PJSC by reducing the intensity of leaching of its financial resources, as well as implementing an anti-crisis financial strategy aimed at optimizing the capital structure and financial rehabilitation of rail enterprises. (shrink)

This article is devoted to the study of directions of financial safety of Ukrainian agricultural enterprises through the assessment of indicators economic activity and analysis of the export potential of agricultural products. The financial indicators of economic activity of Ukrainian agricultural enterprises, which affect the ensuring of financial safety, are determined. The activity of large Ukrainian agricultural enterprises in terms of their capitalization and formation of own capital are studied. Analyzed the commodity structure of exports agricultural products (...) of Ukrainian agricultural enterprises and determined the amount of foreign exchange earnings from EU countries. Due to economic-statistical and mathematical tools, a study of the dependence of GDP and the euro on foreign exchange earnings from exports of agricultural products of Ukrainian agricultural enterprises to the EU countries. Offered the scheme of directions of maintenance of financial safety of the agricultural enterprises of Ukraine in the context of internal environment of activity of economic entities and stabilization of macroeconomic indicators of the country. (shrink)

In the article the effect of disbalances in the movement of financial resources on the national financial systems is formalized. For ensuring the corresponding monitoring objectives the financial sustainability indicators developed by the IMF and the World Bank have been used, as well as the integral indicator of financial resource disbalances, which serve as statistical units for measuring the financial situation and sustainability of the financial sector of the country. For the overwhelming majority of (...) the studied countries, the hypothesis about the negative impact of disbalances in the flow of financial resources on the stability of their financial sectors, regardless of the general economic conditions of these countries' development, was confirmed. At the same time, such a hypothesis was denied for a group of developing countries. Conditions-destabilizers of financial sectors’ stability of the countries under the influence of financialization of their economies, which should be considered the object of regulatory measures in financial markets, are defined. These include the level of market integration into the global financial space, which determines the tendency to systemic risks transmission and the degree of markets’ development that affects their volatility. (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)

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)

Cloud computing has become an essential component of enterprises and organizations globally in the current era of digital technology. The cloud has a multitude of advantages, including scalability, flexibility, and cost-effectiveness, rendering it an appealing choice for data storage and processing. The increasing storage of sensitive information in cloud environments has raised significant concerns over the security of such systems. The frequency of cyber threats and attacks specifically aimed at cloud infrastructure has been increasing, presenting substantial dangers to the data, (...) reputation, and financial stability of enterprises. Conventional security methods can become inadequate when confronted with ever intricate and dynamic threats. Artificial Intelligence (AI) technologies possess the capacity to significantly transform cloud security through their ability to promptly identify and thwart assaults, adjust to emerging risks, and offer intelligent perspectives for proactive security actions. The objective of this research study is to investigate the utilization of AI technologies in augmenting the security measures within cloud computing systems. This paper aims to offer significant insights and recommendations for businesses seeking to protect their cloud-based assets by analyzing the present state of cloud security, the capabilities of AI, and the possible advantages and obstacles associated with using AI into cloud security policies. (shrink)

The article examines key indicators of the demographic crisis in Ukraine, highlighting manifestations of the nation’s aging and natural population decline. It’s determined that understanding and analyzing the demographic situation allows for predicting changes in the size and structure of the student population, which is crucial for the effective development of higher education in Ukraine. Considering the trends of declining birth rates and an aging population, it is important to adapt admission strategies for students and educational programs accordingly. The examination (...) of the demographic crisis helps identify key challenges, such as a decrease in the number of high school graduates, which can impact competition within the higher education environment. The trends examined in the article, including the decline in the birth rate of the Ukrainian population, the aging of the nation, the level of migration, and the loss of the civilian population due to the war, enable us to characterize the situation in Ukraine as depopulation. Notable changes in the demographic landscape and shifts in the population structure occurred after February 24, 2022, including irreversible human losses, population emigration (over 10 million people), and a decline in the average birth rate. A correlation was identified between the number of births each year and the dynamics of educational services’ capacity. It was observed that higher education in Ukraine will confront significant demographic challenges in the next 17 years. In the context of the strategic goal to restore Ukraine’s human capital, the article suggests viewing higher education as an effective instrument of state policy in a cyclical process: attaining higher education, integrating graduates into the national economy, ensuring financial stability, fostering active citizenship, and promoting loyalty to the state—all contributing to an improvement in the demographic situation. (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)

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 notion of “worth” and “value” throughout human history was only partly dependent on economic reasons. Arrangements about what is considered an equivalent value/measure of wealth are the result of complex interdependencies of economic, social and cultural factors. For thousands of years people have used precious metals as universal equivalent and main measure of wealth; full-value metal money was, in fact, only reinforced by the authority of state (ruler) evidence of presence certain amount of precious metal. The rejection of valuable (...) coins and the provision of banknotes with precious metals (that is, the rejection of the gold and the silver standard) led to the fact that the circulating money signs in the society ceased to denote a concrete value, becoming an abstraction, putting the population in dependence on state’s monetary policy and financial stability of national economy. Bitcoin and its numerous alternatives arose as a response to the challenge of informatization, globalization and individualization of economic activity. This is an attempt to escape from control of state structures that are inclined to abuse their right to issue banknotes and to voluntaristic methods of managing the economy. To some extent, the cryptocurrencies reflect the nostalgia of market participants on the gold standard, which is surprisingly transformed into a complete denial of the materiality (including the metal substance) of money. This situation stimulates the search for new models for designation the equivalent value in the information society. (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 financial turmoil of the past several years has caused many to question the integrity, stability, and very purpose of financial systems which, in today’s world, represent a unique blend of primarily capitalism but also aspects of socialism and collectivism as well. A key factor contributing to this sustained period of economic upheaval has been the uncertainty surrounding capital markets – the fuel that powers all modern economies. Capital markets have, in the minds of many, come to (...) represent the embodiment of greed, unrestrained egoism, and exploitation of the vulnerable – conceptions at complete odds with the central values of social justice as set forth in both Christian and Jewish primary sources: caring for the poor, protecting the weak, and the promotion of justice. -/- In this paper I argue that capital markets, rather than being a means for the powerful to exploit the weak, have in fact become a force for social good in the aggregate. Indeed capital markets are, in fact, a social contract and as such must be governed by a set of normative ethical principles – both self imposed, and imposed by government regulation. I explore the ethical difficulties that have led to the systemic problems and market failures that lead to not only this current financial crisis, but literally all financial crises over the past eight hundred years. Capital markets, left to their own devices and without both self and governmental oversight, quickly become hotbeds of manipulation and exploitation. In order for markets to function properly, principles of basic fairness must become normative. It is when capital markets become unfair and unjust, that they fail. Thus, these markets must be structured in such a way as to 1) promote Rawl’s “Justice as Fairness” principle and 2) align the interests of market participants to produce universally beneficial market efficiency and stability. -/- Finally, I propose concrete ways in which the power of capital markets may be harnessed to promote the central moral values of Christian tradition and be used by people of faith to promote the ideals of social justice. (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)

Private funding of life sciences has been extensively criticized as lacking objectivity (e.g., Bekelman et al. 2003). However, it is also important to point out that public funding of life sciences faces many objections. In order to improve the system of publicly funded life sciences and its ability to respond to global health challenges such as the COVID-19 pandemic, we should focus on several aspects. First of all, providing existential stability for researchers, in turn, could result in the decrease (...) of academic misconduct. Secondly, COVID-19 vaccines come from all parts of the world and have to be distributed throughout the world, which is a strong argument in favor of the positive stimulation of global science conducted at less-known research institutions and throughout all countries. This brings us to the quest of working on epistemic decolonization and inclusion in contrast to the current elitist paradigm in science. Finally, publicly funded research, which is at the moment mainly focused on foundational questions, should also be extended to applied ones. Public funding of applied research would lead to its development independently of private financial interests. (shrink)

This thesis explores the party system and political parties in the post-communist Albania. The overarching question of the thesis is what kind of party system has developed and what is the structure and organization of the Albanian political parties. The study analyses the period 1991-2013, that is the period between the first and the last general elections. I argue and test that the Albanian party system is stable and that the Albanian political parties are mass clientelist parties with deep territorial (...) penetration. The members of the parties have ceased to paly their traditional roles of the era of mass party and their attachment tot he party is not ideological but aims to ensure material benefits in return for the support provided to the party in elections times. As parties don't have many tools at hand they use their organizational structure to stabilize electorate, which explains the low level of electoral volatility in Albania and as consequence the stability of the party system. The thesis ahs an institutional embedded and a historically structured framework according to which party strategies are shaped by both the institutional context and the historical setting in which parties are created and operate. Following this line of reasoning, the weak societal roots of parties do not allow for party identification or voter alignment; the early access to public funding reduces the incentives of parties to create strong links with the members and society to collect financial resources and; in line with the features of the patrimonial communism which is characterized by clientelism and nepotism, the Albanian political parties develop the same relationships between the higher echelons of the party and the lower strata of the party structure. On the other hand the lack of media access in the early phase of organization and the need to stabilize the electorate, encourage the Albanian political parties to seek a deep territorial penetration which results in the creation of mass clientelist parties. In order to test the hypothesis I have undertaken three steps: a) the analyses of the Effective Number of Parties and Electoral Volatility; b) the internal distribution of power, the role of the membership and the relationship of the organization with society and; c) the identification of financial resources of the political parties. (shrink)

POLICE ETHICS – Abstract Mark Lauchs -/- Police are an essential part of the justice system. They are the frontline actors in keeping the peace, social stability and cohesion. Thus good governance relies on honest policing. However, there will always be at least a small group of corrupt police officers, even though Australians are culturally averse to corruption (Khatri, Tsang, & Begley, 2006). There have been many cases where the allegations of police corruption have reached to the highest levels (...) of a state police force (Blanch, 1982) and, in the case of the Fitzgerald Inquiry (Fitzgerald, 1989), ended in a commissioner being convicted of corruption. -/- Any public official who places their own interests before those of the public have corrupted a system in which they are supposed to act as agents of the public, will undermine the good governance of a society (Lauchs, 2007). Police officers attract offers of corruption because of their ability to enforce or ignore the law. Police who are unethical or in financial stress are vulnerable to offers of illicit payments. Longstanding arrangements of corruption within a police branch can lead to a corruption network between police and criminals. Organised police corruption constitutes “social behaviour, conducted in groups within organisations, that is powerful enough to override the officer’s oath of office, personal conscience, departmental regulations and criminal laws.” (Punch, 2000) it is an even greater threat to the community because the damage done has more impact than the sum of the individual acts of corruption. This chapter will discuss the types of police corruption and focus on the organisation as the source of core police culture. -/- . (shrink)

Psychological well-being is a major global concern receiving more scholarly attention following the 2008 Great Recession, and it becomes even more relevant in the context of COVID-19 outbreak. In this study, we investigated the impact of economic uncertainty resulting from natural disasters, epidemics, and financial crisis on individuals' mental health. As unemployment rate exponentially increases, individuals are faced with health and economic concerns. Not all society members are affected to the same extent, and marginalized groups, such as those suffering (...) from chronic mental illnesses or low-income families cannot afford the downsizing, mass lay-offs and lack of access to public health services. Psychiatric profession is familiarized with the phenomenon of intolerance of uncertainty (IU), and we examine how this concept is associated with job uncertainty and social identity disturbance. Several studies have formally investigated the effects of IU, but to our knowledge, this is the first research integrating the psychological well-being, job uncertainty and identity disturbance caused by economic breakdown. Literature points to many reported cases of PTSD, anxiety, depression and suicidal tendencies following major social disasters. Yet, we have undertaken to analyze the subjective experiences underlying the self-harming behaviors in an attempt to fill the methodological gap by drawing insights from prominent psychological, sociological and economic theories. We find economic uncertainty to have a positive relation to job uncertainty and identity disturbance, and a negative relationship with psychological well-being. Psychological well-being depends on coherency between both abstract subjective and concrete objective identity, and when these perceptions are inconsistent, cognitive dissonance arises resulting in identity disturbance. We argue that stability is not associated with monetary advantage only, but also with a wide range of other benefits that are crucial for individuals' growth, satisfaction and sense of identity. Therefore, we propose the implementation of social support and public welfare policies to mitigate health risks during the turbulent socio-economic changes. (shrink)

Purpose – to differency in the franchise model implementation by tour operators in the European and Ukrainian markets. Design/Method/Approach. A theoretical approach is based on generalization, system and comparative analysis, content analysis, statistical, and graphical and tabular methods. Findings. The research characterized business franchising models of the largest multidisciplinary tour operators of mass tourism in Ukraine. The general conditions of performing tourist activity on the principles of business franchising for travel agencies are determined. The authors clarified the differences between business (...) franchising models in the European and Ukrainian markets. The mechanism of business multiplication and cooperation of opportunities aimed at promoting a tourist product on the target market defines the franchising. Originality/Value. The scientific novelty is to clarify the tourism activities conditions on a franchise basis in Europe and, in particular, in Ukraine, highlighting the franchise model features of the European business that are in a clearly defined vertically integrated management structure, strong national marketing management, corporate business support, longterm franchise agreements, and effective franchise system. Practical implications. The research practical results significance lies in travel agencies' possible application in deciding to join the franchise network and tour operators in addressing projected business risks diversification. Research limitattions / Future research. Due to the economic crisis in the tourism business, further research promising area is to find ways to stabilize the network business in tourism. The change in the financial condition of travel agencies after franchisee status obtain or termination is of interest. Paper type – theoretical. (shrink)

There is currently no generally agreed-upon definition of the mechanism of action of psychedelic therapy. Existing proposals have approached the issue from various perspectives, utilizing concepts on many layers of abstraction. Most commonly, mechanisms based on neurotransmitters have been proposed. From a clinical perspective, explanations on the psychological level would be more useful. This study provides one such explanation, focusing on the destabilization of trauma-related memories and their replacement with memories that allow for more adaptive behaviors. This mechanism is not (...) specific to psychedelics, and the study therefore illustrates a non-pharmacological process involving it. -/- The study features a male entrepreneur in his early fifties who suffered from chronic but non-debilitating anxiety and depression since his teenage years. In his mid-30s, he suffered from severe burnout but partially recovered. The amount of alcohol consumed was constantly relatively high. More recently, due to simultaneous relationship and workplace stress, he experienced a more severe episode of burnout, depression, anxiety, and insomnia. He felt completely exhausted when trying to get something done and became fearful of the workplace. Psychotherapy and various pharmaceutical medications provided little benefit. -/- After three months on sick leave, a trip to the mountains triggered severe insomnia. Sleep deprivation likely contributed to a spontaneous experience of altered states of mind, including a two-day period of hallucinatory visions. There was the feeling of being a complete failure, but through a new relationship initiated just before the trip, he received love and validation from his new partner, which contradicted the feeling of worthlessness. The combination of an altered state of mind and love induced an alteration of identity that resolved his depression, burnout, and sleep disorders. After three more months of self-organized rehabilitation, he successfully returned to work. -/- Six months after the trip, financial decline caused by his absence and unchanged stressful conditions at the workplace led to disappointment, motivational issues, and stress, but his work performance remained good regardless. One year after the trip, although his work-related stress had increased rather than decreased due to the financial situation of his company being more demanding than before his burnout, the positive outcome prevailed, proving its long-term stability. (shrink)

The stronger the level of economic integration between countries, the greater the need to study the formation patterns of the stock market reaction to the financial information signals. This concerns the Ukrainian stock market, which is now in its infancy, and which reaction to financial information signals is sometimes ambiguous. The research aims to identify the formation patterns of return and volatility indicators of the Ukrainian stock market reaction to the US financial information signals. To assess the (...) direct nature of US financial information signals effect on the PFTS stock index, the GARCH econometric modeling toolkit was applied. The research information base is the PFTS stock index and the Federal Reserve System financial information signals at the discount rate for 2000–2019. The fetch is divided into intervals corresponded to the ascent and decline phases of the financial cycle. It was found that an unforeseen increase in the discount rate at the financial cycle decline phase by 25 basis points decreases the PFTS stock index return, on average by 2.9%. Besides, the hypothesis about the general change stabilizing effect in the discount rate on the Ukrainian stock market volatility at the financial cycle growth phase was confirmed. Nevertheless, for investors, the most essential is the regulator’s monetary signals in the discount rate at the financial cycle decline phases rather than at the ascent phases because there is a more significant increase in the volatility level. (shrink)

Abstract: As Nigeria’s Central Bank marks its 60th anniversary, it has become necessary to assess its performance. Consequently in this paper, we provide a comprehensive, unbiased review of the Central bank of Nigeria (CBN). The paper starts with a discussion on the role and activities of the West African Currency Board, which was the precursor of the CBN and subsequently analyzes how the Board led to the emergence of the CBN. We look at the functions, mandate and organizational structure of (...) the CBN. Second, we assess how the CBN has responded to the changing financial landscape over the years. Third, noting that the CBN has over time promoted financial reforms and played a key regulatory role, we discuss the sufficiency of the financial reforms it has promoted as well as the regulatory tools that it has deployed over the years. In this regard, we specifically highlight the role of the CBN in the global financial crises of 2007-2009 as well as the European debt crises of 2010 to 2013. Fourth, given that the primary mandate of the CBN revolves around price and exchange rate stability, we analyze its performance thus far noting the numerous challenges it has faced. Summarily, we find that the CBN has operated a multi-pronged approach by utilizing a combination of policy instruments including price-based, quantity-based and administrative policy measures. Going forward, we recommend that the CBN needs to continue to adopt avant garde mechanisms to further strengthen the Nigerian banking industry with a view to maintaining the stability and health of the economy. (shrink)

On September 7, 2008 the executive administration of American President George W. Bush announced that his government would take over the giant mortgage finance companies Fannie Mae and Freddie Mac, costing the citizens $200 billion. One week later, the 160 year-old American investment bank Lehman Brothers filed for the largest bankruptcy in U.S. history. What would soon be known worldwide as “the financial crisis” had begun. In response to that crisis, less than a month later, on October 3, 2008, (...) the United States Congress passed the Emergency Economic Stabilization Act of 2008, which established the Troubled Asset Relief Program and authorized the use of $700 billion in taxpayer funds to bail out the banking and finance industry. As a result, the U.S. Treasury reports that the total bailout gave Bank of America $45 billion, Citigroup Bank $45 billion, AIG Bank $40 billion, J. P Morgan $25 billion, Wells Fargo $25 billion, General Motors $10.4 billion, Goldman Sachs $10 billion, Morgan Stanley $10 billion, GMAC $5 billion, and Chrysler corporation, a mere $4 billion. This response to a perceived crisis was not limited to the United States. On October 12, 2008—in one day alone—the United Kingdom coughed up the equivalent of €679 billion in bank relief. And in Germany, Der Spiegel reported on December 23, 2008 “The German government whipped its €480 billion bank bailout package through parliament in record time.". (shrink)

In this study, we examine the own- and cross-effects of the return and volatility spillover between the equity markets of Vietnam and the two ASEAN countries, namely, Singapore and Thailand using monthly stock returns. In attempt to explore the level and magnitude of the spillover effects of the other markets on the Vietnamese stock market, we apply the multivariate generalized autoregressive conditional heteroskedasticity (MGARCH) framework. By utilizing the time-varying conditional volatility and conditional correlations between the stock markets which are resulted (...) from estimation of the GARCH-BEKK model, the study also further shed light on the issues of portfolio diversification. In general, the study found the weak return linkages among the markets. Specifically, the study found no return linkages between Vietnam and Thailand and the unidirectional relationship between Vietnam and Singapore. However, the volatility linkages are highly significant for the three stock markets. It is found that the shock transmission relationship between emerging markets (i.e. Vietnam, Thailand) and developed market (i.e. Singapore) is unidirectional in direction to the emerging markets and the volatility transmission relationships between those are bidirectional. Besides, the variation in Vietnamese stock volatility is found to be more strongly influenced by the past own-shock effects than the past cross-shock effects. This indicates the low level of financial integration of Vietnam into the regional markets and implies the potential rooms for the international portfolio diversification gains. The findings on the return and volatility linkages have several important implications for both investors and policy makers. Firstly, because of the low correlations between the stock markets found, the investors can earn the gains from the portfolio diversification in the three markets. Secondly, the Vietnamese policy makers should be concerned with the harmful volatility spillover originating in the Thailand market that can affect the stability of the stock market. Thirdly, the implication is related to the monetary policy. The finding that the own shock transmissions have the strongest impact on the Vietnamese market’s volatility suggest that the policy makers should pay more attention to the domestic shocks so that the adequate and timely policy can be made. (shrink)

It is crucial to actively detect the risks of transactions in a financial company to improve customer experience and minimize financial loss. In this study, we compare different machine learning algorithms to effectively and efficiently predict the legitimacy of financial transactions. The algorithms used in this study were: MLP Repressor, Random Forest Classifier, Complement NB, MLP Classifier, Gaussian NB, Bernoulli NB, LGBM Classifier, Ada Boost Classifier, K Neighbors Classifier, Logistic Regression, Bagging Classifier, Decision Tree Classifier and Deep (...) Learning. The dataset was collected from Kaggle depository. It consists of 6362620 rows and 10 columns. The best classifier with unbalanced dataset was the Random Forest Classifier. The Accuracy 99.97%, precession 99.96%, Recall 99.97% and the F1-score 99.96%. However, the best classifier with balanced dataset was the Bagging Classifier. The Accuracy 99.96%, precession 99.95%, Recall 99.98% and the F1-score 99.96%. (shrink)

Much recent work on explanation in the interventionist tradition emphasizes the explanatory value of stable causal generalizations—i.e., causal generalizations that remain true in a wide range of background circumstances. We argue that two separate explanatory virtues are lumped together under the heading of `stability’. We call these two virtues breadth and guidance respectively. In our view, these two virtues are importantly distinct, but this fact is neglected or at least under-appreciated in the literature on stability. We argue that (...) an adequate theory of explanatory goodness should recognize breadth and guidance as distinct virtues, as breadth and guidance track different ideals of explanation, satisfy different cognitive and pragmatic ends, and play different theoretical roles in helping us understand the explanatory value of mechanisms. Thus keeping track of the distinction between these two forms of stability yields a more accurate and perspicuous picture of the role that stability considerations play in explanation. (shrink)

We address the question whether there is an explanation for the fact that as Fodor put it the micro-level “converges on stable macro-level properties”, and whether there are lessons from this explanation for other issues in the vicinity. We argue that stability in large systems can be understood in terms of statistical limit theorems. In the thermodynamic limit of infinite system size N → ∞ systems will have strictly stable macroscopic properties in the sense that transitions between different macroscopic (...) phases of matter (if there are any) will not occur in finite time. Indeed stability in this sense is a consequence of the absence of fluctuations, as (large) fluctuations would be required to induce such macroscopic transformations. These properties can be understood in terms of coarse-grained descriptions, and the statistical limit theorems for independent or weakly dependent random variable describing the behaviour averages and the statistics of fluctuations in the large system limit. We argue that RNG analyses applied to off-critical systems can provide a rationalization for the applicability of these limit theorems. Furthermore we discuss some related issues as, for example, the role of the infinite-system idealization. (shrink)

Financial gerontology can be defined as investigating relations between finances and aging. Authors such as Neal E. Cutler, Kouhei Komamura, Davis W. Gregg, Shinya Kajitani, Kei Sakata, and Colin McKenzie affirm that financial literacy is an effect of aging with concern about the issue of finances, as well as stating that it is the effect of longevity and aging on economies or the financial resilience of older people.

I investigate the role of stability in cosmology through two episodes from the recent history of cosmology: Einstein’s static universe and Eddington’s demonstration of its instability, and the flatness problem of the hot big bang model and its claimed solution by inflationary theory. These episodes illustrate differing reactions to instability in cosmological models, both positive ones and negative ones. To provide some context to these reactions, I also situate them in relation to perspectives on stability from dynamical systems (...) theory and its epistemology. This reveals, for example, an insistence on stability as an extreme position in relation to the spectrum of physical systems which exhibit degrees of stability and fragility, one which has a pragmatic rationale, but not any deeper one. (shrink)

In this article, I explain why stabilizing constructs is important to the success of the Research Domain Criteria Project and identify one measure for facilitating such stability.

In this article, I argue that stability is one of the enabling conditions for epistocratic arrangements to function well and justify their claim right to rule. Against this backdrop, I demonstrate that advocates of strategies to allocate exclusive decision-making power to knowledgeable citizens fail to demonstrate that in a context marked by the fact of pluralism, liberal epistocracies will be stable. They could argue that liberal epistocracies will be stable because epistocratic arrangements are better equipped than democratic decision-making bodies (...) to produce outcomes that approximate the common good. They could argue that liberal epistocracies will be stable because there is a shared meritocratic set of values and ideas. Furthermore, they could opt for two standard liberal strategies, such as overlapping consensus and modus vivendi. Yet, in all cases, the argument for the stability of liberal epistocracies is not persuasive. (shrink)

An attractive form of social stability is realized when the members of a well-ordered society give that society’s organizing principles their free and reflective endorsement. However, many political philosophers are skeptical that there is any requirement to show that their principles would engender this kind of stability. This skepticism is at the root of a number of objections to political liberalism, since arguments for political liberalism often appeal to its ability to be stable in this way. The aim (...) of this paper is to address skepticism about the stability condition by putting forward a novel defense of it. My defense builds on the claim that stable principles are necessary to secure the full autonomy of those who live under them. (shrink)

Most business in the Philippines is mostly in the microenterprise. Hence, this research was accomplished in order to assess the effectiveness of financial management practices of microenterprises in Quezon City. The city was selected as the locale of the research since there were various microenterprises built in this location. The respondents were classified according to the number of years in operation of their business, the number of employees, capitalization, and their source of funds. Additionally, the individual profile was also (...) classified into their age, highest educational attainment, and the number of seminars or trainings related to their business that they had attended. The assessment was specified into aspects of financial planning, financial control, and cash management. The result shows that most businesses were newly established and only operating for zero (0) to two (2) years. The result also showed that most of the respondents only had a capitalization of PHP 100,000.00 and they were utilizing their personal savings as a source of funds. Most of them are aged from twenty-one (21) to thirty (30) years with no bachelor’s degrees. They only attended seminars and training less than three (3) times. The result of this study was beneficial to business owners, local government units, government, government agencies, banks, and other financial institutions, academe, and future researchers. (shrink)

This paper offers a critique of an account of explanatory integration that claims that explanations of cognitive capacities by functional analyses and mechanistic explanations can be seamlessly integrated. It is shown that achieving such explanatory integration requires that the terms designating cognitive capacities in the two forms of explanation are stable but that experimental practice in the mind-brain sciences currently is not directed at achieving such stability. A positive proposal for changing experimental practice so as to promote such (...) class='Hi'>stability is put forward and its implications for explanatory integration are briefly considered. (shrink)

Bourrat and Griffiths :33, 2018) have recently argued that most of the evidence presented by holobiont defenders to support the thesis that holobionts are evolutionary individuals is not to the point and is not even adequate to discriminate multispecies evolutionary individuals from other multispecies assemblages that would not be considered evolutionary individuals by most holobiont defenders. They further argue that an adequate criterion to distinguish the two categories is fitness alignment, presenting the notion of fitness boundedness as a criterion that (...) allows divorcing true multispecies evolutionary individuals from other multispecies assemblages and provides an adequate criterion to single out genuine evolutionary multispecies assemblages. A consequence of their criterion is that holobionts, as conventionally defined by hologenome defenders, are not evolutionary individuals except in very rare cases, and for very specific host-symbiont associations. This paper is a critical response to Bourrat and Griffiths’ arguments and a defence of the arguments presented by holobiont defenders. Drawing upon the case of the hologenomic basis of the evolution of sanguivory in vampire bats, I argue that Bourrat and Griffiths overlook some aspects of the biological nature of the microbiome that justifies the thesis that holobionts are evolutionarily different to other multispecies assemblages. I argue that the hologenome theory of evolution should not define the hologenome as a collection of genomes, but as the sum of the host genome plus some traits of the microbiome which together constitute an evolutionary individual, a conception I refer to as the stability of traits conception of the hologenome. Based on that conception I argue that the evidence presented by holobiont defenders is to the point, and supports the thesis that holobionts are evolutionary individuals. In this sense, the paper offers an account of the holobiont that aims to foster a dialogue between hologenome advocates and hologenome critics. (shrink)

The study aimed to determine the personal financial management practices among selected personnel of the Bureau of the Treasury – Central Office. It used the descriptive method of gathering data. The respondents of the study consisted of 183 personnel from 35 divisions of the Bureau and selected through simple random probability sampling technique. The study shown that most of the respondents aged 26 to 35 years old, female, single, bachelor’s degree holder, rank and file workers, permanent employees, have been (...) in the agency for 5 years and below and with monthly compensation ranging from P15,001 – P30,000. In terms of financial planning, most of the respondents set their short and long-term financial goals. In terms of money management, most of the respondents saved so that they do not need to borrow from others. In terms of income and asset protection, most of the respondents considered uncertainties for their future. And in terms of investments, most of the respondents purchased government securities. The researcher recommended to utilize various social media platforms as an avenue for financial planning, start considering the use of credit management in the acquisition of their needs, understand the need of acquiring non-life insurance and start familiarizing themselves in the concept of the derivatives market. Also, the Bureau of the Treasury should initiate seminars/webinars about how to start writing a financial plan, effective ways in managing finances, the vital role of insurance and estate planning, and possible ways in earning money when investing on securities and derivatives. (shrink)

In this chapter, my main aim is to explore some of the central moral critiques of international financial institutions as well as proposals to overcome the moral problems that they face.

Financial gerontology can be defined as investigating relations between finances and aging. Authors such as Neal E. Cutler, Kouhei Komamura, Davis W. Gregg, Shinya Kajitani, Kei Sakata, and Colin McKenzie affirm that financial literacy is an effect of aging with concern about the issue of finances, as well as stating that it is the effect of longevity and aging on economies or the financial resilience of older people.

The problem of identity is central to epistemic transference. However, relative identity appears to be the only way to work out an epistemic useful notion of identity. Relative identity, on its part, is either parasitic on strict identity or not identity at all. If, on the contrary, we ought for a strict concept of identity capable of satisfying its requirements, we end up with a tautologic and epistemic worthless category. The paper provides an answer to this problem, which, while working (...) with a strict notion, shows how it might still serve epistemic purposes. In doing so, it shows how a formal reconstruction of our objectual world and the identities we refer to poses a workable model upon which our messy epistemic one acquires stability. The paper focuses primarily on the Geach-Quine discussion on identity. (shrink)

The last two decades have seen a rising interest in (a) the notion of a scientific phenomenon as distinct from theories and data, and (b) the intricacies of experimentally producing and stabilizing phenomena. This paper develops an analysis of the stabilization of phenomena that integrates two aspects that have largely been treated separately in the literature: one concerns the skills required for empirical work; the other concerns the strategies by which claims about phenomena are validated. I argue that in order (...) to make sense of the process of stabilization, we need to distinguish between two types of phenomena: phenomena as patterns in the data ( surface regularities ) and phenomena as underlying (or hidden ) regularities. I show that the epistemic relationships that data bear to each of these types of phenomena are different: Data patterns are instantiated by individual data, whereas underlying regularities are indicated by individual data, insofar as they instantiate a data pattern. Drawing on an example from memory research, I argue that neither of these two kinds of phenomenon can be stabilized in isolation. I conclude that what is stabilized when phenomena are stabilized is the fit between surface regularities and hidden regularities. (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)

Before the Doi Moi reforms in 1986, Viet Nam’s economy was devastated by 30 years of warfare with two major military powers, France and the US, ending in 1975. In the subsequent 10 years, Viet Nam suffered from failing economic experiments, including agricultural cooperatization, “industry-commerce rehabilitation,” price-wage-currency reform, among others, under the centrally planned mechanism (Wood 1989), as well as the international isolation and a US trade embargo when its troops entered Cambodia to overthrow the Khmer Rouge (Riedel and Turley (...) 1999). Its per-capita gross domestic product (GDP) declined to USD 97 in 1989 whereas the ratio of external debt to GDP reached 330%. 1 The economy languished and became one of the poorest in the world (VGP 2016). (shrink)

Ian Hacking instigated a revolution in 20th century philosophy of science by putting experiments (“interventions”) at the top of a philosophical agenda that historically had focused nearly exclusively on representations (“theories”). In this paper, I focus on a set of conceptual tools Hacking (1992) put forward to understand how laboratory sciences become stable and to explain what such stability meant for the prospects of unity of science and kind discovery in experimental science. I first use Hacking’s tools to understand (...) sources of instability and disunity in rodent behavioral neuroscience. I then use them to understand recent grass-roots collaborative open science initiatives aimed at establishing stability in this research area and tease out some implications for unity of science and kind creation and discovery in cognitive neuroscience. -/- . (shrink)

Issues of sociopolitical systems’ stability and risks of their destabi-lization in process of political transformations belong to the most important ones as regards the social development perspectives, as has been shown again by the recent events in Ukraine. In this re-spect it appears necessary to note that the transition to democracy may pose a serious threat to the stability of respective sociopolitical systems. This article studies the issue of democratization of countries within globalization context, it points to the (...) unreasonably high economic and social costs of a rapid transition to democracy as a result of revolutions or of similar large-scale events for the countries unprepared for it. The authors believe that in a number of cases the authoritarian regimes turn out to be more effective in economic and social terms in comparison with emerging democracies especially of the revolutionary type, which are often incapable to insure social order and may have a swing to authoritarianism. Effective authoritarian regimes can also be a suitable form of a transition to efficient and stable democracy. The article investigates various correlations between revolutionary events and possibilities of establishing democracy in a society on the basis of the historical and contemporary examples as well as the recent events in Egypt. The authors demonstrate that one should take into account a country’s degree of sociopolitical and cultural preparedness for democratic institutions. In case of favorable background, revolutions can proceed smoothly (“velvet revolutions”) with efficient outcomes. On the contrary, democracy is established with much difficulty, throwbacks, return to totalitarianism, and with outbreaks of violence and military takeovers in the countries with high illiteracy rate and rural population share, with low female status, with widespread religious fundamental ideology, where a substantial part of the population hardly ever hears of democracy while the liberal intellectuals idealize this form, where the opposing parties are not willing to respect the rules of democratic game when defeated at elections. (shrink)

One important thesis Ásta defends in Categories We Live By is that social properties and categories are somehow dependent on our thoughts, attitudes, or practices—that they are inventions of the mind, projected onto the world. Another important aspect of her view is that the social properties are related to certain base properties; an individual is placed in a category when the relevant base properties are thought to hold of them. I see the relationship between the social and the base as (...) connected to the problem of explaining how the social properties are sufficiently stable so as to be taken seriously, both in theoretical endeavors as well as in practical matters of how we relate to each other. In this light, I identify stability constraints for an adequate account of social categories. I argue that certain distinctive aspects of Ásta's conferralist view of social categories, such as the radical contextualism in her account of gender, undermine the stability of categories and are at odds with taking social categories seriously. I end with the suggestion that a distinctive “sheltered” form of normativity might help us do justice to Ásta's insights while avoiding some of the destabilizing elements of conferralism. (shrink)