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MACROECONOMIC ENVIRONMENT FACTORS AND SMALL BUSINESSES CREDIT ACCESSIBILITY

Author(s): Olajide Idowu Okunbanjo,Joseph Olushola Ojenike,Segun Kamoru Fakunmoju / Language(s): English Issue: 1/2022

Research background: The importance of small businesses in developing economy like Nigeria cannot be over stressed. Small businesses need funds to actualize their objectives through operational activities. However, the conditions for accessibility of funds have been difficult. Purpose of the article: Therefore, the study examined macroeconomics environment factors and small business credit accessibility in Nigeria. Methods: The study adopted longitudinal research design and secondary source of data collection. The study employed robust least square as statistical analytical method. The findings showed that exchange rate does not have significant effect on credit to small businesses. Lending rate and liquidity ratio have significant effect on credit to small businesses. Findings & Value added: The study concluded that lending rate and liquidity ratio are the predictors and determinants for credit to small business in Nigeria. Thus, the study recommended that the controller of Nigerian economy should adopt measures to stabilise the country’s foreign exchange. Also, Central Bank of Nigeria should continue with the way and manner at lending rate and liquidity ratio are being maintained. Also, the government through the apex bank should establish a commission or set up a committee that will oversee and monitor the credit to small business operators if the credits are judiciously utilized. The study added that only liquidity ratio and interest rate affect the accessibility of funds by the small businesses. The findings of the study will be useful for controller of Nigerian economy and small business owners.

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Appraising The Fuel Price And Financial Risk Components Effects On Sales In The South African Automotive Industry

Author(s): Thomas Habanabakize,Zandri Dickason-Koekemoer / Language(s): English Issue: 4/2022

The automotive industry is one of the manufacturing sub-sectors that play a vital role in countries’ economies. However, this industry is not exempt from the effect of fuel price and financial risk components. This study investigates the effect of fuel price and financial risk components on the South African motor trade sales for the period 2008-2021. The research is built on previous work and research on the linkage between fuel price and country risks. Auto-regression Distributed Lag (ARDL)model was applied to monthly financial data (exchange rate, interest rate), fuel price and motor trade sales. Findings suggested the presence of a long-run relationship among these variables. Findings suggested the presence of a long-run relationship among these variables. It was found that both interest rate and exchange rate have negative impacts on long-run motor trade sales. Nonetheless, the fuel price was found to be statistically insignificant to influence motor-trade sales in the long run. The results also indicated that both interest rate and exchange rate cannot impact motor trade sales in the short run. Based on these results, the study stressed that policies that strengthen and stabilise the South African currency (exchange rate) are imperative to increase sales in the automotive industry and economy in general. Easing and lowering interest rates can also assist in boosting motor trade sales irrespective of the fuel price. The paper uniquely provides the interactions between fuel price, financial risk and sales within the South African automotive industry. It also suggests strategies that can be implemented to improve sales within the aforementioned industry.

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An Exploratory Study of Asset Liability Management in the Insurance Industry in Nigeria: A Panel Approach

Author(s): Folake Feyisayo Olowokudejo,Oluwaleke Ebenezer Akindipe / Language(s): English Issue: 4/2022

Asset Liability Management’s main goal is to manage risk, not eliminate it, in order to reduce net interest income volatility in the short term and safeguard the organization’s economic worth over the long term. This study looked at certain best practices in asset-liability management and how they affected the performance of the insurance business between 2011 and 2021 while taking into consideration the particular characteristics of the Nigerian economy. Data on total corporate assets, shareholder’s funds, and profit after tax for the time period were taken from the annual reports and digest of the Nigerian Insurers Association (NIA). The results of the data’s stationarity test showed that the data are stationary at the 1%, 5%, and 10% levels of significance. The determined probability (Fstatistic) value of 0.000922 from the ordinary least squares regression is less than the 0.05 significant value, indicating that the data are significantly significant. According to the calculated linear coefficient of determination (R2= 0.825737), the shareholder’s fund and total assets of the chosen enterprises account for 82.5737 percent of the profit after tax. According to the study’s findings, assetliability management and the financial success of insurance businesses in Nigeria are related.

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Global Income Inequality – A Case Study of OECD Countries and Kazakhstan

Author(s): Seisembay Jumambayev,Almazhan Dzhulaeva,Sariya Baimukhanova,Guliya Ilyashova,Aidana Dosmbek / Language(s): English Issue: 4/2022

This article presents the results of a study into the features of the formation of economic inequality in Kazakhstan in the context of global trends in the country’s development. The methodological basis of the study was a comparative analysis of the former Soviet Union (FSU) and OECD countries in terms of economic development and inequality in the context of global changes and trends, implemented with the help of econometric and economic‑statistical methods. The study revealed a direct statistically significant (p < 0.05) correlation between the level of income concentration of the 10% group and the economic growth of Iceland (r = 0.67) and the Republic of Belarus (r = 0.65). In the case of the Republic of Kazakhstan, no such correlation was found. However, in Kazakhstan, the link between the 10% group’s income concentration and gross domestic product per capita has been established. The dynamics of GDP growth and the values of Kazakhstan’s population’s real money incomes have a stable inverse relationship. The correlation coefficient between them is r = –0.46, and the determination coefficient is R = 0.215, based on data from 2008 to 2020. This suggests that economic growth is still the most important factor that influences the population’s real income. The results of the study will be put into practice by familiarizing government officials with the developed proposals for enhancing the state’s policy of overcoming economic inequality and setting the stage for sustainable economic growth. In addition, the results of this study will be of interest to academic science, actualizing new directions for further research.

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Funding Research Certification Programs in the Sphere of Tourism on the Example of Developed and Developing Countries

Author(s): Nurkhodzha Akbulaev / Language(s): English Issue: 1(57)/2022

Tourism is a dynamically developing branch of the national economy of both developed and developing countries, which, accordingly, have the necessary potential of recreational resources. The purpose of standardization in the field of tourist services is to increase the level of safety of a tourist product or a separate tourist service, to ensure the declared level of quality, as well as to protect the interests of consumers of tourist services from unfair competition in the market. Compliance of tourist services sold to the consumer with the requirements of legislative and regulatory documents, established standards is confirmed by a certificate issued by an authorized certification body. One of the effective methods of branding of the territory (region) is outsourcing of foreign services of certification, standardization and Metrology, including in the field of tourism. In this regard, the issues of financing of certification, standardization and Metrology processes in the field of tourism are particularly relevant. It is worth noting that in the situation of developing countries, where the national system of voluntary certification is not always trusted by foreign investors, the most relevant analysis of the best practices of developed countries and the outsourcing of relevant services from specialized transnational corporations. In this study, we analyzed the certification programs in the field of tourism and their financing models, as well as clarified the role of outsourcing of foreign certification services, standardization and Metrology in the field of branding of the territory and developed recommendations for optimizing financial flows. The results of the study will be useful to the General scientific community around the world.

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The Impact of Health Expenditures on Medical Product Exports: A Case of E7 Countries

Author(s): Elif Tuğçe Bozduman,Birol Erkan / Language(s): English Issue: 19/2022

It was aimed to analyze the impact of health expenditures on medical product exports in E7 countries (Turkey, China, India, Russia, Indonesia, Brazil and Mexico) in the developing countries group in the paper. In this context, it was first performed the MADF unit root test to test the stationarity of the series in the study covering the period 2000-2017. Then it was performed the Swamy S test to determine the homogeneity and heterogeneity of the series. Finally, it was applied the Dumitrescu-Hurlin Panel causality test to determine the causality relationship between the series. As a result of the findings, it was determined that the series were stationary and heterogeneous in the first difference and that there was a bidirectional causality relationship between the two variables. In other words, both health expenditures affected medical product exports and medical product exports affected health expenditures. In this perspective, when countries' health expenditures increase, medical product exports also increase, and when medical product exports increase, health expenditures also increase.

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INTEGRATION ET IMMIGRATION : UN ENJEU DU DYNAMISME SOCIAL ET CONSEQUENCES DES POLITIQUES D’AIDE PUBLIQUE AU DEVELOPPEMENT

Author(s): Junior Misi Mungala / Language(s): French Issue: 2/2022

Official development assistance has shown its limits in the face of persistent poverty on the African continent. Some think that the development aid policies adopted, better still, led by the West are incompatible with African culture. Others, on the other hand, believe that official development assistance fuels Africa's dependence on the West and therefore promotes its continued underdevelopment. Indeed, it is obvious that aid policies maintain an asymmetrical relationship between the two partners. However, although the Western model of development is opposed to the African socio-political archaeology, it is no less true that Africa is capable of experiencing cultural changes. This study proposes to explore two paths deemed to be able to make Africa flourish. It is first of all the integration of Africa into the West through the process of immigration in order to allow this continent to redefine its culture and thus forge a new way of perceiving Western science. Secondly, the highlighting of immigration issues in the equation between the North and the South of the Mediterranean is a game-changer in the cooperation relationship between the West and Africa. A relationship of symmetry, of equals, is possible for both Africa and Europe.

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ELECTIONS AS A MECHANISM OF PEACE. THE CASES OF LIBERIA AND THE CENTRAL AFRICAN REPUBLIC

Author(s): Claudiu-Bogdan Aldea / Language(s): English Issue: 2/2022

The paper analyses the normative and empirical capacity of elections to function as a peace mechanism in the early stages of the recovery period. Accordingly, the analysis is based on a theoretical framework that draws attention to the timing of elections in post-conflict societies. Moreover, in order to operationalize such theoretical aspects, the paper focuses on two relevant case studies: the 1997 elections in Liberia (perceived as post-conflict) and the 2020-2021 elections in The Central African Republic (early peace process – not void of conflict). Accordingly, the paper poses the following research questions: How was the prospect of organizing these rounds of election received by the parties involved in the conflict? How did these rounds of election relate to the peace process? Do elections represent an adequate mechanism to achieve positive peace in post-conflict societies?

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A CONCEPTUAL AND DESCRIPTIVE APPROACH TO CAPITAL MARKET PROGRESSION IN A DEVELOPING COUNTRY: THE NIGERIAN PERSPECTIVE

Author(s): Sunday Ogbeide,Adedipe Oluwaseyi,James Obadeyi,Franklyn Osawaru / Language(s): English Issue: 1/2022

This study undertook a conceptual and descriptive approach to capital market progression in Nigeria, beginning from 1985 to 2019 using number of listed securities (a proxy for market accessibility), market capitalization (a proxy for market size), All Share Index (a proxy of market efficiency) and market depth (a proxy of ratio of market capitalization to gross domestic product (GDP) in the reference period. The period analyzed was segmented into a five year period for effective descriptive reporting purposes. Findings from the study showed that the Nigerian capital market has progressed steadily in terms of market size, efficiency and depth but was retrogressive in terms of the number of listed firms in the reference period. From the analysis, the study recommends that capital market operators and regulators should do more in the areas of listing more securities by reducing the obstacle for listing, efficiency and especially the depth of the market (increase trading in the floor) for it to effectively and efficiently provide move fund from surplus sector to deficit sector.

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THE EFFECT OF KNOWLEDGE SHARING AND PROTECTION ON ORGANIZATIONAL PERFORMANCE IN SELECTED MONEY DEPOSIT BANK IN LAGOS, NIGERIA

Author(s): Temitayo Alice Onifade,Nancy Izegbuwa Tongo,Hezekiah Oluwafemi Adetayo / Language(s): English Issue: 1/2022

This study investigated the effect of knowledge sharing and knowledge protection on organizational performance in selected money deposit banks in Lagos, Nigeria. The objective was, to examine the extent to which knowledge sharing and protection influenced organizational performance. The study made use of primary and secondary data. Regression analysis and Analysis of variance (ANOVA) statistical tool were used to test the hypotheses at 0.05 level of significance. Result showed that there was a significant impact of knowledge sharing and protection on organizational performance. The study however recommended that organizations should enhance the basic understanding of knowledge sharing and protection. They should create opportunities for members to participate in dialogue to exchange ideas as this would ultimately make them respond to customers promptly. Management of organizations and businesses should ensure favourable working conditions for their members to reduce employee turnover since this could affect the protection of their gained knowledge.

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Dissecting political landscape of post-war Armenia

Author(s): Aram Terzyan / Language(s): English Issue: 2/2022

This paper explores the political landscape of post-war Armenia, focusing on both domestic and foreign policy implications of the devastating war of 2020. More specifically, it aims at explaining the aftermath of the 2020 war, with a special emphasis on Armenia’s growing dependence on Russia. Since September 2020, Armenia has plunged into a deep crisis. The Nagorno-Karabakh war had a series of implications, both for conflicting parties and a wider region. The ceasefire agreement which entailed huge territorial concessions took many by surprise and raised questions as to the transparency and accountability of the government. Although the Russian-brokered ceasefire ended the hostilities, yet it left many fundamental matters unanswered. Furthermore, the war has exacerbated the pre-existing divisions amongst the foremost political actors and the general public. Combined with the war and its aftermath, the COVID-19 pandemic has also invited challenges, which resulted in an increased human toll, slowdown of economy, and deepened public anger and mistrust of the authorities. The situation is compounded by Armenia’s deepening dependence on Russia, which has been largely treated as war-torn Armenia’s irreplaceable ally by the Armenian leadership.

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Демокрация, парадокси, цифрова епоха

Author(s): Ivan Popchev / Language(s): Bulgarian Issue: 1/2022

The democracy was born in the city-state of Athens in 507 BC, and existed for about two centuries (508-322 BC). Aristotle classified this form of government as erroneous. This is the beginning of the discussed topic. The purpose of the considered opinion is not to propose solutions, but to draw attention of scientists from various research directions and of the constructors of democracy from legislative institutions and competent decision-making organizations to the problems of democracy. Some complex problems of democracy, the paradoxes in the theory of multicriteria decision-making, the modern citizen in the digital epoch and the risks of democracy are presented sequentially. Finally, cautious optimism is expressed for the formation of a critical mass of young risk management professionals. The university education system is beyond education in risk management in digital epoch under the conditions of turbulence and multipolarity. The last sentence is the appeal „to make democracy more real and more human“.

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THE ROLE OF NGOS IN SUSTAINABLE DEVELOPMENT: A CASE STUDY OF ENGINEERS WITHOUT BORDERS INCREASING ENERGY CAPACITY IN A RURAL SCHOOL IN TANZANIA

Author(s): Andrew Otieno / Language(s): English Issue: 1-2/2020

Engineers without Borders (EWB), USA, is a non-profit organization that focuses on utilizing sustainable solutions to solve human problems. They work by partnering with local communities to identify needs and together find sustainable solutions . Through this model, Northern Illinois University’s (NIU) EWB chapter has been involved in working with a local grassroots NGO in Tanzania to provide sustainable energy solutions for a rural school. Specifically, NIU’s EWB chapter partnered with UMABU, a local NGO in Musoma area, and Tanzania Development Support, a non-profit based in USA, to design and implement solar lighting for Nyegina Secondary School and assess further sustainable energy needs for the school and the village. Nyegina Secondary School is home to about 560 students, and are all boarders. Since 2009, NIU EWB students, and professional mentors have designed and installed solar lighting in ten classrooms and a solar thermal water heating system for the kitchen. This has enabled the students to be able to study at night. Furthermore, the solar thermal system has enabled the school to save some money for heating costs in their kitchen This paper will describe unique collaborative effort between engineering students, professionals, faculty and the local community to create sustainable energy solutions.

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USA AND RNM, A PLAIDOYER FOR PARTNERSHIP PERMANENCE

Author(s): Ibish Kadriu / Language(s): English Issue: 1-2/2020

American efforts for state-building and national and individual rights date back to the beginning of the arousal of US as a global power. America's foreign policy primarily based on traditional American formula for intervention in countries with fragile democracy and in authoritarian countries has been the main occupation in the US Congress for decades, particularly in Macedonia in its Balkan context. American global status has had direct and indirect effects on the peoples of southeastern Europe. America has a constant interest in the Balkans, and in this context Macedonia constitutes the most vital geo-political and geostrategic point for its interests and for the regional stability also. My argument in this paper will deepen as the US commitment for the state-building and freedom in the Balkans continues, and in what direction the geopolitics and geostrategic imperative of USA in Macedonia within the Balkan context should be re-dimensioned and consolidated

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Innovative Policy Reforms for Sustainable Development: Empirical Evidence From PICs

Author(s): Ranasinghe M.W Amaradasa / Language(s): English Issue: 2/2018

The science and technology capabilities inculcate economic growth in a country through various processes engaged with absorption and utilization of existing knowledge, and creation of new knowledge. The Pacific Island Countries consisted of many small developing island nations naturally have limited S&T capabilities and narrow development agenda. The present study explores how different island nations in the Pacific configure themselves and design development initiatives in the global economy. Recent policy initiatives, S&T establishments and innovative approaches in PICs are visited to derive reasonable conclusive remarks. The analysis disclose existence of focussed but partially fragmented move towards sustainable development rather than driving the economy for generating a competitive edge in the business world. The fabric of the economic growth in small developing nations is naturally blended with the social and cultural interests and hence innovations across specific segments of economic sectors are chosen based on their capabilities and access to resources. Hence, the evidence reimpose that fact that the small developing nations, in particularly the PICs, select the path of development to generate the competitive advantage in the global market, while emphasizing sustainability as a priority.

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Does Financial Inclusion Reduce Poverty in Niger State? Evidence from Logistic Regression Technique

Author(s): Nurudeen Abu,Musa Abdullahi Sakanko,Joseph David,Awadh Ahmed Mohammed Gamal,Ben Obi / Language(s): English Issue: 2/2022

This study employs the logistic regression method to examine the effect of financial inclusion on the level of poverty in Niger State of Nigeria based on cross-sectional data randomly collected from 624 respondents across 224 towns and villages in 12 local government areas (LGAs) of the state. The estimation results illustrate that financial inclusion (proxied by bank account ownership, including access to bank, credit, and mobile phone) is significantly and negatively related to the level of poverty. This empirical outcome is further validated by the results of the Probit regression technique which show a significant negative relationship between financial inclusion and poverty in the state. Based on these empirical findings, the study recommends policies which include broadening bank coverage, softening credit requirements, and enhancement of people’s access to mobile phone and internet services in rural areas of Niger state.

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Trade Integration and Export Aspiration: Evidence from India’s Trade in Goods with BRICS Countries

Author(s): Mudaser Ahad Bhat,Aamir Jamal,Mirza Nazrana Beg / Language(s): English Issue: 2/2022

The purpose of this study was to examine the dynamics of trade between India and the BRICS countries as well as to gauge the relative strength of Indian exports to those nations. The trade integration patterns among BRICS countries were also analyzed. To quantify the extent to which India’s exports correspond to the needs of its BRICS counterparts, a novel export aspiration index was constructed. The index of trade integration patterns has also been employed to quantify India’s trade integration pattern with other BRICS members. Further, the gravity model of trade has been employed to analyze the fundamentals of India–BRICS trade. The export aspiration in individual BRICS countries shows a diverse pattern. However, India’s export aspiration in these countries has improved, although marginally in the long run. Such empirical evidence substantiates that the relative strength of India’s exports within its BRICS counterparts has marginally improved over time. Moreover, the trade integration index indicates a similar trade integration pattern among the BRICS countries and corroborates the presence of interindustry trade. Added to the conventional variables of the gravity model, India’s outward multilateral trade resistance and BRICS inward multilateral trade resistance significantly promote India–BRICS trade. Hence, the relative strength of Indian exports will increase substantially if India’s commodity composition is diversified by including more commodities in its export baskets that correspond to the needs and changing conditions of the BRICS economies.

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Conditioning the position of the President of the Republic of Poland in the country’s system of governance during its 1989–1997 transformation period

Author(s): Bożena Dziemidok-Olszewska / Language(s): English Issue: 61/2021

This article seeks to identify and detail the most important determinants that shaped the position of Poland’s President in the system of governance during the country’s period of transformation extending from 1989 through to 1997. The conditioning presented determined the position of the office of President by reference to four legal instruments, i.e. the new proposal of April 1989, the 1990 Act on universal suffrage in electing the President of the Republic of Poland (Ustawa o powszechnych wyborach prezydenta RP), the so-called “Small Constitution” of 1992, and the (still-binding) 1997 Constitution of the Republic of Poland. It is claimed here that this conditioning underpinning the establishment of the post of President within Poland’s system of governance, on the basis of these different instruments of law, remained similar (sometimes in fact identical), with the overriding, repeated determinant being the political situation at the given time.

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Influx of syrian refugees into Turkey and its influence on the Turkish identity

Author(s): Justyna Szałańska / Language(s): English Issue: 2/2021

According to the last updated UNHCR data (as of November 2021), approximately 4 million refugees fled to Turkey, out of which 3.7 million are from Syria. Such a huge influx of people ethnically, culturally and linguistically different from the Turkish citizens can be considered either as a threat or as a challenge to national identity. Although the former view is more popular nowadays, I will focus on the second one in order to present beneficial influence of immigration on building a multicultural society. In this article will I discuss the situation of Syrian refugees in Turkey and try to answer the question how the influx of Syrian refugees has influenced the Turkish national identity. Article consists of three parts. The first one presents the Turkish identity in traditional and theoretical understanding. The second one depicts influx of Syrian refugees as a factor that causes changes in social and state relations in Turkey. The third part discusses the already seen impact of Syrian immigration on Turkey’s identity and its possible developments. For the aim of outlining the possible developments the identity change category (Todd 1995; Friedman 1994) was used. In order to analyze the possibility of turning Turkey into a multicultural state, as the Ottoman Empire was considered in the past, the concept of multiculturalism (Kymlicka 1995; Taylor 1992) together with the comparative method were applied. The existing secondary data were analyzed for the purpose of presenting the situation of Syrian refugees in Turkey.

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PROSPECTS OF DEVELOPING COUNTRIES IN DIGITAL ECONOMY CASE STUDY OF MONTENEGRO

Author(s): Vujica Lazović / Language(s): English Issue: 20/2014

Information technology has influenced business activities change to such extent that today we speak about new kind of economy, so called digital economy. Digital economy enforces new standards for doing business both on micro and macro, i.e. on global level. In this context, answering seemingly simple question regarding prospects of developing countries competitiveness in digital economy in comparison to traditional economy appears to be exceptionally interesting and even controversial in relation to classical economic theory. Cheap technology and rapid internet expansion offer new opportunity for developing countries to enter easily in global digital trends. In this regard, deliberate policy is required to foster development of infrastructure, education and entrepreneurship along with increasing use of information and communications technology. Through example of national internet domain ME internationalization, thereinafter is illustration how in Montenegro we recognized and utilized that opportunity.

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