Finace Research Papers - Academia.edu (original) (raw)

This study presents an empirical analysis of capital structure of Land and Property sector of Sri Lankan firms in order to understand the behavior of corporate leverage and its dynamics in the said sector. The dynamic adjustment model and... more

This study presents an empirical analysis of capital structure of Land and Property sector of Sri Lankan firms in order to understand the behavior of corporate leverage and its dynamics in the said sector. The dynamic adjustment model and panel methodology are applied on a sample of 14 Sri Lankan listed real estate companies, over a nine year period from 1996 to 2004. The study finds that the firms with relatively higher total assets and younger firms in the sector target more debt to their capital structures. The results further reveal that more liquid firms adjust readily towards the target capital structure. The findings also reveal interesting interrelations between the adjustment speed macro economic variables among Land and Property sector firm in Sri Lanka. For example, the speed of adjustment is higher when the inflation rate is lower.

The objective of this paper is to study the validity of the hypothesis of the rationality of the decisions of granting micro-credits to the micro-borrowers in MFIs through a behavioral approach as long as the latter attempts to provide... more

The objective of this paper is to study the validity of the hypothesis of the rationality of the decisions of granting micro-credits to the micro-borrowers in MFIs through a behavioral approach as long as the latter attempts to provide new behavioral assumptions of microfinance by introducing behavioral and psychological biases of the micro-borrowers. We tried to explore the main theoretical studies dealing with the hypothesis of rationality of the micro-borrowers within the MFIs and the factors that affect it. At the empirical level, and using a survey, we are interested in studying the psychological variables which affect the micro-borrowers' rationality of the Tunisian AMCs. This study is based on an analysis of a survey, as well as a logistic regression of an econometric model containing the behavioral and psychological variables. In fact, these techniques enabled us to support the limited decision rationality of granting micro-credits to the micro-borrowers within the AMCs.

: Money serve significant economic functions which loses its real value when affected by the lethal disease of inflation. More often governments and policy makers are blinded with a false dichotomy: inflation or unemployment which is an... more

: Money serve significant economic functions which loses its real value when affected by the lethal disease of inflation. More often governments and policy makers are blinded with a false dichotomy: inflation or unemployment which is an illusion. The major dilemma is whether we have higher unemployment as a result of higher inflation or is it an impermanent side effect of rectifying inflation? In this paper, the central origin of inflation have been identified as a monetary phenomenon. The paper also extends to expand on why citizens of Ghana rationally switched to the dollar, including inflation trends in Ghana. More pertinently in this contextual analysis is the explanation on how the supply of money determines the price level. As John Stuart Mill wrote a century ago: “There cannot, in short, be intrinsically a more significant thing in the economy of society, than money; except in the character of a contrivance for sparing time and labour. It is a machine for doing things quickly and commodiously, without it: and like many other kinds of machinery, it only exerts a distinct and independent influence of its own when it gets out of order”, the currency of a nation plays vital roles to its economic prosperity and this is why it seems reasonable to analyze inflation (a fatal disease to the value of money) to present concrete remedies.

This paper traces the origin and development of the complex systems theory over the course of history, up to its latest advancement in the study of stock market crashes. The trail of the theory's fuzzy evolution is expansive that covers... more

This paper traces the origin and development of the complex systems theory over the course of history, up to its latest advancement in the study of stock market crashes. The trail of the theory's fuzzy evolution is expansive that covers the ground of the complexity epistemology, natural science and computer science. A meticulous review is undertaken to distinguish the complex systems theory from another seemingly overlapping theory of the chaos systems. The paper recounts how researchers from cross-disciplines, particularly from the econophysics have banded together to consolidate and diffuse the application of the complex systems theory in the economics and further discusses the methodological contribution of the econophysics in the area of stock market. To date, the complex systems theory and the methodologies from the econophysics are well-established as the frontier for studies in stock market bubbles and crashes.

Purpose: This study conduct on University Students during 2013 and sample chose from Federal Urdu University Islamabad. This study examine that which factors are reason of stress among University students, and how these factors affecting... more

Purpose: This study conduct on University Students during 2013 and sample chose from Federal Urdu University Islamabad. This study examine that which factors are reason of stress among University students, and how these factors affecting the study and behavior of students towards study. Which are most important to examine and how to minimize the stress.
Design/ Methodology: Questionnaires were designed and distributed to all the students of Federal Urdu University students. This measures perceived levels of stress amongst the students of Federal Urdu University and potential effects of stress on the performance of students.
Research limitations: Reliance on self-reported measures is one of the limitations of this study. More objective measures of performance such as grades, test scores, or teachers’ ratings of performance, observed stress reactions, and problem-solving ability, can be used in future research.
Value: This research paper highlights the causes of stress and their negative impacts on students’ performance.
Key words: Stress, Examination, Financial Problems, Lack of interest in study.

This volume assesses the European Union (EU) as a 'Diplomatic Actor' in key foreign policy fields in the post-Lisbon era. It brings together leading scholars and practitioners in order to examine the main players, processes and outcomes... more

This volume assesses the European Union (EU) as a 'Diplomatic Actor' in key foreign policy fields in the post-Lisbon era. It brings together leading scholars and practitioners in order to examine the main players, processes and outcomes of the EU's collective diplomatic engagement in the fields of security, human rights, trade and finance and environmental politics. In addition, the collection also analyses institutional developments and the EU's responses to major internal and external challenges in the context of international politics and global diplomacy. It provides the first comprehensive overview of the scope, nature and impact of the EU's growing role as a diplomatic actor and offers a comparative analysis of EU diplomacy in bilateral, multilateral and international fora. By taking stock of the successes and failures of EU diplomacy, this volume identifies the main internal and external conditions that shape the EU's influence in global affairs.

This study sought to establish how various credit risk management practices affect performance of commercial banks in Nyeri County in Kenya. Even though commercial banks face several types of risks, credit risk stands out as the most... more

This study sought to establish how various credit risk management practices affect performance of commercial banks in Nyeri County in Kenya. Even though commercial banks face several types of risks, credit risk stands out as the most severe. Credit risk is the possibility of loss to the lender on non-performing loans. Financial practice as well as theory provides a scientific process of credit risk management in financial institutions. However, lenders still face loan default and consequently this study sought to find out how those practices affect the performance of commercial banks in Nyeri County, Kenya. A census study was conducted where a population of 86 respondents was targeted comprising of branch managers, credit managers and credit officers. The findings of the study were that all commercial banks had a well written credit policy which is strictly and consistently followed. Only few commercial banks conduct a quantitative credit scoring model. In all banks, initial screening is done by credit officer and approval done at different levels depending on the amount. Majority of the banks check post borrowing activities of the borrower. In conclusion, credit risk management has an effect on loan performance amongst commercial banks. Thus, managers should evaluate more accurately the ability to pay back of a customer since the better the screening the better the performance of commercial banks.

The Enlightenment and the colonization had far-reaching impacts on the education systems of the entire world. The African continent is no exception to this dramatic influence, although Africa received the benefits of the Enlightenment... more

When spin water containers result a vortex physical phenomenon, ocean dynamics include it as part of 40,000km earth circumference 24hours running. Panama is immersed between two oceans whith 450m/s absolute velocity. A mass of tropical... more

When spin water containers result a vortex physical phenomenon, ocean dynamics include it as part of 40,000km earth circumference 24hours running. Panama is immersed between two oceans whith 450m/s absolute velocity. A mass of tropical ocean moving in the direction of the Earth's rotation would create a pressure gradient against a corresponding hydroelectric dam parallel to the same rotation.

Allstate Insurance Overview One of the most recognizable names in the insurance company was born from another well-known; Allstate originally part of Sears, Roebuck & Co., and has existed since 1931. In fact, the company was named after... more

Allstate Insurance Overview
One of the most recognizable names in the insurance company was born from another well-known; Allstate originally part of Sears, Roebuck & Co., and has existed since 1931. In fact, the company was named after the brand of Sears' own tire.
Dennis Haysbert day asked "Are you in good hands?" At the end of Allstate commercials, but "You're in Good Hands" promises to go all the way back to 1950.
With a market share of 9.93% of auto insurance, Allstate stands in third position behind only State Farm and Geico (listed in the ranking under their parent group, Berkshire Hathaway). GEICO very recently pushed Allstate dropped to third place, but they are still very close to the figures.
Allstate policies are mainly sold through captive agents - which means that most of Allstate agents only sell products from Allstate and the child. Which usually results in a higher premium because of their agents take a commission, which is why you will see companies like Allstate use better customer service than direct sales to convince customers a higher level of insurance that is worth paying.
Allstate has a long list of subsidiary companies, which even includes insurance online pioneer Esurance. Allstate purchased Esurance in 2011, giving them a strong foothold in the market and purchase directly.

Pangsa pasar Bank syariah di Indonesia tahun 2013 dibandingkan dengan tahun 2012 dilihat dari pengauasaan aset, perolehan dana pihak ke tiga dan pemberian pinjaman tumbuh mencapai 25%, namun pangsa pasar bank syariah terhadap bank umum... more

Pangsa pasar Bank syariah di Indonesia tahun 2013 dibandingkan dengan tahun 2012 dilihat dari pengauasaan aset, perolehan dana pihak ke tiga dan pemberian pinjaman tumbuh mencapai 25%, namun pangsa pasar bank syariah terhadap bank umum masih di bawah 5%, jauh lebih kecil bila dibandingkan bank syariah di Malaysia yang telah mencapai 25%. Struktur bank syariah Indonesia adalah oligopoly ketat karena dikuasi oleh 4 bank syariah besar dengan rasio konsentrasi dalam tahun 2013 yang mencapai 62,33 dan HHI mencapai 1.988%. Kinerja Bank syariah dilihat dari CAR, NPF, ROA, ROE, NIM masih dibawah Bank Umum dan standar BI, sementara itu BOP dan LDRnya di atas Bank Umum dan standar BI, artinya oeprasi Bank syariah cenderung kurang efisien

China BRI project - One Belt One Road

The aim of this paper is to illustrate the determination of the Economic Order Quantity (EOQ) or Economic Number of Orders (ENO) when the Total Ordering Cost (TOC) and Total Handling Cost (THC) are not equally the same. For this purpose,... more

The aim of this paper is to illustrate the determination of the Economic Order Quantity (EOQ) or Economic Number of Orders (ENO) when the Total Ordering Cost (TOC) and Total Handling Cost (THC) are not equally the same. For this purpose, two assumptions of the basic EOQ model - (a) the constant unit handling cost, and (b) the constant per order cost - are relaxed; and instead, their varying conditions are considered. Hence, this paper presents two exhibits to make the readers understand the EOQ at the condition where the Total Handling Cost is not equal to the Total Ordering Cost (THC ≠ TOC). Accordingly, Exhibit 1 relaxes the assumption of 'constant per order cost' and considers the concepts of fixed cost and variable cost for placing an order. Also, Exhibit 2 relaxes the assumption of 'constant unit handling cost' and illustrates with the varying handling cost per unit for the ordering quantity (Q) in an order. These exhibits support the situations where the EOQ (or ENO) can be determined at the condition where THC ≠ TOC. Notably, for both exhibits, appropriate tables and figures are also presented for the readers’ convenience to understand the presentation of the paper.

Bu çalışmanın amacı, MYO öğrencilerinin finansal iyilik hali ile finansal okuryazarlık ve kredi kartı tutumları arasındaki ilişkiyi incelemektir. Araştırma Harran Üniversitesi Hilvan MYO öğrencilerini kapsamaktır. Örneklem büyüklüğü... more

Bu çalışmanın amacı, MYO öğrencilerinin finansal iyilik hali ile finansal okuryazarlık ve kredi kartı tutumları arasındaki ilişkiyi incelemektir. Araştırma Harran Üniversitesi Hilvan MYO öğrencilerini kapsamaktır. Örneklem büyüklüğü belirlenirken, 400 olarak bilinen evren büyüklüğü için, %5 hata oranı ile evreni temsil edebilecek 144 deneğe ulaşılmıştır. Çalışmada, Independent-Samples t-Test, Oneway Anova, Faktör ve Korelasyon Analizleri kullanılmıştır. Analiz sonuçlarına göre, öğrencilerin cinsiyetleriyle ve bölümleriyle finansal okuryazarlıkları arasında anlamlı bir farklılık gözlenmemiştir. Dahası Faktör analizinde, temelde finansal okuryazarlık, kredi kartı tutumu ve finansal kaygı/memnuniyet değişkenleri esas alınmıştır. Finansal iyilik hali temel değişkeni, mali sıkıntı ve finansal memnuniyet alt değişkenlerine ayrılmıştır. Nihayet, kredi kartı tutumu değişkeni de, kredi kartına duyulan güven ve kredi kartını rasyonel kullanma alt değişkenlerine ayrılmıştır. Korelasyon analizi ile, temel değişkenlerden finansal okuryazarlık ile kredi kartı tutumu arasında anlamlı ve pozitif yönlü bir ilişki bulunmuştur. Finansal iyilik hali/mali sıkıntı ile kredi kartı tutumu ve finansal okuryazarlık arasında anlamlı ve pozitif yönlü bir ilişki teyit edilmiştir.

Créditos y minicréditos en ASNEF ¿Tu nombre aparece en un listado de morosos como ASNEF? ¿Estás cansado de escuchar negativas tras negativa cada vez que vas a pedir un préstamo o tarjeta de crédito? Si este es tu caso, no te preocupes,... more

Créditos y minicréditos en ASNEF ¿Tu nombre aparece en un listado de morosos como ASNEF? ¿Estás cansado de escuchar negativas tras negativa cada vez que vas a pedir un préstamo o tarjeta de crédito? Si este es tu caso, no te preocupes, porque esto no significa que tengas un estigma de moroso para el resto de tu vida y sí que existen entidades que conceden microcréditos y préstamos aunque aparezcas en ASNEF o cualquier otro listado similar. No todos los productos financieros son iguales, y si bien es cierto que los bancos tienen requisitos más estrictos, existen nuevas líneas de crédito que sí darán respuesta a tu solicitud. Lo ideal es no tener deudas pendientes, pero el hecho de tenerlas tampoco es un motivo para no poder solventar un bache económico puntual. Esto es lo que valoran ciertas empresas de concesión de crédito, así que no estás solo si te encuentras en este tipo de situación. De hecho, estar en listado de morosidad es más común de lo que parece y no implica tener grandes deudas. En ocasiones puede que ni tú mismo sepas que tu nombre está incluido en este tipo de listas. Un recibo impagado de telefonía de 20,00€ con el que no estás de acuerdo puede ser motivo suficiente para que seas incluido en estos registros de morosos.

This paper test the application of Fama-French three factors model one specific sector of the security market, the target of this research is the marine products market in Vietnam. OLS regression is used to test the model, 6 models are... more

This paper test the application of Fama-French three factors model one specific sector of the security market, the target of this research is the marine products market in Vietnam. OLS regression is used to test the model, 6 models are tested, with each model have different dependent variables represent the return of 6 portfolios that construct based on 2 groups of stock size and 3 groups of stock value from 12 companies with overall of 257 observations of the dependent variable. The test is contrast with the findings of Fama and French (1992), that in this study, there is a big firm effect and no value premium effect. Additionally, the result also shown that size and market factor have high relationship with the excess return, while value factor failed to explain in mid-value portfolio. Fama-French model might not suitable for explaining the returns of fishery sector for the adjusted R squared is small.

Agriculture has already started to become a primary global concern. Prices of agricultural goods are characterized by a high degree of volatility. Food security is no longer guaranteed and high food prices are a short-term problem for the... more

Agriculture has already started to become a primary global concern. Prices of agricultural goods are characterized by a high degree of volatility. Food security is no longer guaranteed and high food prices are a short-term problem for the poor in many countries. This situation gives peasants who are struggling to survive in Southern countries a chance to earn a decent living. Thus farmers still need to invest and increase production; access to finance is therefore decisive. The new rural finance paradigm has redefined the roles of the various factors involved in providing financial services, especially governments. Public subsidies have been redirected towards creating new microfinance institutions (MFIs) to enhance financial inclusion. The focus is now towards financial inclusion and depth of outreach while achieving financial sustainability thanks to cost-covering interest rates. This emphasis on financial inclusion instead of financing a specific economic sector has led to a low interest of microfinance towards agriculture and in rural areas, a low adaptation of financial services to small farmers' financial needs. Yet despite a renewed and more promising approach based on financial markets construction in comparison to the ―old rural finance paradigm‖ based on public intervention in credit markets, the majority of peasants in developing countries are still excluded from access to financial services.

This study looked at the impact of capital flight on economic growth and Financial Stability in Palestine from the period (2000-2020). The study made use of time-series data on capital flight, foreign exchange reserves, foreign debt, and... more

This study looked at the impact of capital flight on economic growth and Financial Stability in Palestine from the period (2000-2020). The study made use of time-series data on capital flight, foreign exchange reserves, foreign debt, and real GDP, as well as ordinary least squares estimation technology to analyse the research data. Johansen co-integration and error correction mechanism was used. The research findings indicate that there is a co-integration relationship between the research variables, and capital flight has harmed the Palestinian case's economic growth. Based on the results, the study suggests that the government create a favourable investment environment in order to encourage investment and prevent capital flight from Palestine. Furthermore, because these infrastructure projects/programs will lower the country's production costs, the Palestinian government should prevent capital flight. The government should create an appropriate investment environment for foreign investment and encourage entrepreneurs and equity owners to invest these funds in the domestic market. Furthermore, the government should direct all foreign aid funds to appropriate areas in order to boost economic growth and create job opportunities for the unemployed, thereby raising the national economic growth rate.

Quali sono stati gli effetti sui CDA italiani? Presentiamo un'analisi puntuale a 9 anni dal varo della legge Golfo-Mosca, che ha introdotto l'obbligo di una componente femminile nei consigli di amministrazione di società partecipate dallo... more

Asia-Pacific Management Accounting Association (APMAA) の2016年度大会(APMAA 2016)は、台湾の首都、台北に立地する国立台北大学が主催し、The Hotel Sherwood Taipeiをメイン会場に、10月4日 (月曜日) から7日（金曜日）までの4日間、開催された。大会テーマを「管理会計の機会と新潮流(Opportunities and New Trends in Management... more

Asia-Pacific Management Accounting Association (APMAA) の2016年度大会(APMAA 2016)は、台湾の首都、台北に立地する国立台北大学が主催し、The Hotel Sherwood Taipeiをメイン会場に、10月4日 (月曜日) から7日（金曜日）までの4日間、開催された。大会テーマを「管理会計の機会と新潮流(Opportunities and New Trends in Management Accounting)」と設定した本大会には、海外17ケ国から80名余り、主催国である台湾から70名余りの参加があり、インドネシアのバリ島で開催されたAPMAA 2015とほぼ同規模であった。

Present value and Future Value calculator can be used to calculate PV or FV of annuities or single payment streams. Just key in the numbers and you will be able to see all the calculations.

Capital Financial Advisory Group is a financial services firm offering customized strategies, retirement income planning, 401(k)s, annuities and more. We pride ourselves in the ability to help you reach your financial goals and plan for... more

The Asia-Pacific Management Accounting Association (APMAA) holds its 15th Annual Conference (APMAA 2019) at Qatar University in Doha from November 2nd (Saturday) to 5th (Tuesday), 2019. This is the first time for APMAA to hold its annual... more

The Asia-Pacific Management Accounting Association (APMAA) holds its 15th Annual Conference (APMAA 2019) at Qatar University in Doha from November 2nd (Saturday) to 5th (Tuesday), 2019. This is the first time for APMAA to hold its annual conference in the Gulf
Cooperation Council (GCC). We are pleased to share Call for Papers information with you.

A B S T R A C T This paper applies property rights theory to explain changes in foreign affiliates' ownership. Post-entry ownership change is driven by both firm-level characteristics and by the differences in the institutional... more

A B S T R A C T This paper applies property rights theory to explain changes in foreign affiliates' ownership. Post-entry ownership change is driven by both firm-level characteristics and by the differences in the institutional environments in host countries. We distinguish between financial market development and the level of corruption as two different institutional dimensions, such that changes along these dimensions impact upon ownership change in different ways. Furthermore, we argue that changes in ownership are affected by the foreign affiliate's relatedness with its parent's sector, as well as by the affiliate's maturity. We use firm level data across 125 host countries to test our hypotheses. ã 2016 Published by Elsevier Inc.

Today I’m going to encourage you to not just dream for yourselves, but to also have a dream, a bigger dream for our society. I’ll be sharing: a) How I found a career that satisfies my passion?; b) How that career has lead me to an... more

Today I’m going to encourage you to not just dream for yourselves, but to also have a dream, a bigger dream for our society. I’ll be sharing:
a) How I found a career that satisfies my passion?;
b) How that career has lead me to an advocacy?; and
c) How that advocacy has opened me to an idealism for our society, particularly for
the financial industry?
This talk has 4 keywords: passion, career, advocacy and idealism.

This paper presents an experimental study of vertically traveling droplet packets, where the droplets in each packet are aligned linearly, one behind another. The paper describes in detail, an experimental apparatus that produces... more

This paper presents an experimental study of vertically traveling droplet packets, where the droplets in each packet are aligned linearly, one behind another. The paper describes in detail, an experimental apparatus that produces repeatable, linearly aligned, and isolated droplet packets containing 1–6 droplets per packet. The apparatus is suitable for examining aerodynamic interactions between droplets within each packet. This paper demonstrates the performance of the apparatus by examining the drag reduction and collision of droplets traveling in the wake of a lead droplet. Comparison of a calculated single droplet trajectory with the detailed droplet position versus time data for a droplet packet provides the average drag reduction experienced by the trailing droplets due to the aerodynamic wake of the lead droplet. For the conditions of our experiment (4 droplet packet, 145 μm methanol droplets, 10 m/s initial velocity, initial droplet spacing of 5.2 droplet diameters, Reynolds number approx. 80) the average drag on the first trailing droplet was found to be 75% of the drag on the lead droplet.

Estimado lector, tiene en sus manos la primera version de unos apuntes teoricos que sobre formulacion y evaluacion de proyectos de inversion privada he estado preparando en los meses de agosto y septiembre de 2010, se trata de una version... more

Estimado lector, tiene en sus manos la primera version de unos apuntes teoricos que sobre formulacion y evaluacion de proyectos de inversion privada he estado preparando en los meses de agosto y septiembre de 2010, se trata de una version preliminar, un borrador, pero con el objetivo explicito de que sirva de base teorica y practica en este importante campo del aprendizaje sobre toma de decisiones economicas y financieras, a la que se enfrentan tanto los estudiantes de las carreras relacionadas con la economia, la administracion, la contaduria y la ingenieria, asi como los profesionales que, desempenandose en el sector privado o publico, deben formular, evaluar y ejecutar proyectos de inversion.

In this paper, we propose an effective Particle Swarm Optimization (PSO) algorithm to solving the capacitated minimum spanning tree (cMTS) problem to improve Quality of Service (QoS) in Next Generation Network (NGN). To improving QoS of... more

In this paper, we propose an effective Particle Swarm Optimization (PSO) algorithm to solving the capacitated minimum spanning tree (cMTS) problem to improve Quality of Service (QoS) in Next Generation Network (NGN). To improving QoS of communication network with considering the network provisioning capability and dynamic environment, we formulate thisproblem with minimizing the communication cost (as a kind of performance measures for network’s QoS). We calculate the fitness value of each scheme and update them step by step with the best method to quickly find good approximate solutions of cMST problems. Numerical experiments show that our algorithm proposed have achieved much better than recent researches.

We are living in a society where the combination of fractional-reserve banking (lending out multiples of deposits) helped along by quantitative easing (printing almost unlimited quantities of money) based on fiat currencies (money without... more

We are living in a society where the combination of fractional-reserve banking (lending out multiples of deposits) helped along by quantitative easing (printing almost unlimited quantities of money) based on fiat currencies (money without intrinsic value) has created exponential growth for the world’s financial elites. This led to unprecedented bubbles in the property market as banks made it easy for people to borrow more money than they would have been allowed in the past when a conservative banker guideline for a home buyer was to have a two to two and a half times mortgage-to-salary ratio.

This research establishes the predictability and safe harbor properties of two scarce precious metals, namely, platinum and palladium. Utilizing their spot prices, the study concludes intermediate memory in the return structures of both... more

Asia-Pacific Management Accounting Association will hold the 2022 Spring Webinar on May 24 (Tuesday) and 25 (Wednesday). In the webinar, we will discuss the strategic value of management accountants in the era of COVID-19, emphasizing the... more

Asia-Pacific Management Accounting Association will hold the 2022 Spring Webinar on May 24 (Tuesday) and 25 (Wednesday). In the webinar, we will discuss the strategic value of management accountants in the era of COVID-19, emphasizing the anticipated challenges and opportunities for both practitioners and academics. This is the flyer of the webinar. The online seminar is free of charge, and you can join it via the link shown in the flyer.

For decades, it has become a tradition for the Nigerian economy to be exclusively dependent on crude oil and has as well become a yardstick for determining the national budget and planning, revenue sharing and the allocation of capital.... more

For decades, it has become a tradition for the Nigerian economy to be exclusively dependent on crude oil and has as well become a yardstick for determining the national budget and planning, revenue sharing and the allocation of capital. Oil price shock is viewed as the unstable movement of global prices of oil. It is quite significant to assert that the determinant factors of oil price are exogenous in nature and are beyond the control of Nigeria, it thus causes stagnation in the Naira value and that Nigeria as a country does not have the potential to independently control the causes of the upward and downward movement in the oil price. Due to the significant role crude oil plays in revamping and resuscitating the country’s economy as well as its political fate, it has become the main source of generating revenue for the Nigeria economy.
The fluctuations in the oil price have had a resultant multiplier effect on the activities of a country economy. Crude oil’s influence on the economic activities of Nigeria has been ascertained to be positive and negative. Its influence is positive in the sense that it presents a lot of benefits to the country in diverse means, and has negatively ended up to be a curse (Ogwumike and Ogunleye, 2008).
In comparison with other African nations’ economy, the economy of Nigerian has maintained a substantial track record of growth via extensive free trade as well as privatization. The consumption of petroleum as well as total energy within the West African sub-region are continually influenced and dominated by the Nigerian economy. Notwithstanding, being a net exporter of crude oil, Nigeria keeps on relying exclusively on the returns from crude oil and as a matter of fact, it is anticipated to be affected or influence by the shock in the global price of oil. Based on the stand point of the consumer, any increase in the price of oil would in return breed inflation on the ground that if the prices of commodities manufactured by petroleum products increased. Furthermore, there will be general increase in the cost of production as well as transportation among others. In view of the perspective of the producer, most firms are faced with increased cost production/operation which has affected their profitability level adversely and has resulted in a decrease in firms’ productivity which by implication has posed adverse effects on investment and employment and as well breed inflation.
Several empirical studies have adopted volatility to measure uncertainty in the price of oil Elder and Serletis (2010) and recently in the studies of Baumeister and Kilian (2016) and Demirbas et al. (2017) oil prices volatility was evidently documented. Furthermore, it has been revealed in the work of Junior and Goodness (2018) and Alley et al. (2014) that the uncertainty in the price of oil significantly influences economic activity and it is anticipated that these significance fluctuate between oil exporting and importing nations. The problem of this study takes into cognizance the essence of understanding the oil price’s influence on four basic economic components (life expectancy, education, physical quality of life, and consumption per capital) in Nigeria. Therefore, the researcher attempts to appraise the existent of association between oil price and index of economic development. The focal point of this work is to appraise the uncertainty of oil price influence on the activities of Nigerian economy with regard to human development in Nigeria. However, the specific objectives are to: ascertain how oil price uncertainty influences life expectancy in Nigeria; investigate the effect of the uncertainty of oil price on education index in Nigeria; appraise the oil price uncertainty’s influence on consumption per capital in Nigeria and assess how oil price uncertainty impacts on physical quality of life indexing Nigeria.

Ֆինանսական կայունությունն ինչպես գլոբալ տնտնտեսության, այնպես էլ առանձին երկրների համար արդյունավետ տնտեսական քաղաքականության կարևոր նախապայման է: 2018 թվականից ՀՀ կենտրոնական բանկը, գների կայունության հետ մեկտեղ, ֆինանսական համակարգի... more

Ֆինանսական կայունությունն ինչպես գլոբալ տնտնտեսության, այնպես էլ առանձին երկրների համար արդյունավետ տնտեսական քաղաքականության կարևոր նախապայման է: 2018 թվականից ՀՀ կենտրոնական բանկը, գների կայունության հետ մեկտեղ, ֆինանսական համակարգի կայունության ապահովումը սահմանեց որպես իր հիմնական նպատակ: ՀՀ-ում ֆինասական համակարգի ճնշող մասն առևտրային բանկերն են, հետևաբար այս համատեքստում անհրաժեշտ է հատկապես կարևորել բանկային համակարգի կայունության խնդիրը: Ինչպես աշխարհում, այնպես էլ Հայաստանում, յուրաքանչյուր ֆինասատնտեսական ցնուցումից հետո վերստին արդիական է դառնում անդրադառնալ երկրի տնտեսական քաղաքականության՝ դրամավարկային և ֆինանսական հատվածի բացթողումներին, ինչու չէ նաև ձեռքբերումներին: Կայուն ֆինասական համակարգի առկայությունն ինքնին անդրադառնում է ոչ միայն գների կայունության, այլև երկրի ամբողջ տնտեւության վրա:
Հոդվածում քննարկվել են դրամավարկային և մակրոպրուդենցիալ քաղաքականությունների հիմնական ցուցանիշների փոփոխությունները, վերլուծվել են ֆինանսական կայունության ցուցանիշները: Քննարկվել են դրամավարկային քաղաքականության փոխանցումային մեխանիզմին առնչվող մի շարք հարցեր: Հոդվածում քննարկվել է նաև ֆինասական և գների կայունության դրական փոխկապվածության և դրանք զուգորդելու հիմնավորվածության հարցը:
Financial stability is a key precondition for an effective economic policy for both global economies and individual countries. Most of the financial system in Armenia is made up of commercial banks, so it is necessary to consider the stability of the banking system in this context. Since 2018, the Central Bank of Armenia has defined financial stability as its main goal, along with price stability. The article discusses the changes in the main indicators of monetary and macroprudential policies, analyzes the indicators of financial stability. The article discusses issues related to the transfer mechanism of monetary policy, the positive correlation between the financial and price stabilities.