The Regulation of Informal Trade Credit (Ograyi) in Afghanistan

2021 ◽  
pp. 1-29
Author(s):  
Nafay Choudhury
Keyword(s):  
Legal System ◽  
Trade Credit ◽  
Third Parties ◽  
Bank Credit ◽  
Short Term ◽  
General Behaviour ◽  
Informal Trade ◽  
Legal Coercion ◽  
The Creation

Abstract This article explores the creation, circulation, and regulation of informal trade credit or “ograyi” in Afghanistan. The practice of ograyi allows businesses to access short-term credit, from either their suppliers or third parties, to acquire specified goods. This paper provides an account of the non-legal practices that regulate ograyi transactions. Ograyi vitally depends on the development of trust between parties. Clientelism helps to maintain stable relationships that can offset market unpredictability. Widespread market norms and practices establish the general behaviour of participants. Parties also renegotiate the terms of the contract if circumstances make it impossible for the creditor to repay the loan in the agreed timeframe. Furthermore, bank credit remains largely unavailable or unappealing to many businesses, and the legal system provides limited recourse in the case of contractual breach. Thus, the non-legal practices regulating ograyi serve as a substitute for legal coercion.

scholarly journals Merger and division nullity in the Romanian legal system

2013 ◽  
Vol 7 (2) ◽  
Author(s):  
Bejan Felicia
Keyword(s):  
Legal System ◽  
Subject Matter ◽  
Legal Framework ◽  
Third Parties ◽  
European Directives ◽  
Legal Norms ◽  
Cross Border ◽  
The Subject ◽  
The Creation ◽  
Juridical Acts

As a consequence of the transposition of european Directives regarding the merger, division, and cross-border mergers, the Romanian legal system established a special legal framework with regard to the sanction of nullity for such juridical acts. The peculiarities of internal and cross-border reorganisation operations, and the imperative of protecting the interests of third parties, associates, and the companies involved led to the creation of a derogatory legal system on the matter. An analysis of both theoretical and practical perspectives of the subject matter may result in a useful instrument for the application of incidental legal norms, or every time restructuring juridical acts contravene the legal norms. 

scholarly journals Research on Trade Credit and Bank Credit Based on Dynamic Inventory

2019 ◽  
Vol 11 (13) ◽  
pp. 3608 ◽  
Author(s):  
Lei ◽  
Xu ◽  
Yang
Keyword(s):  
Trade Credit ◽  
Stackelberg Game ◽  
Wholesale Price ◽  
Optimal Strategies ◽  
Bank Credit ◽  
Order Quantity ◽  
Short Term ◽  
Initial Capital ◽  
Stock Status ◽  
Business Financing

Trade credit is a short-term business financing based on purchases between the retailer and the supplier. This paper considers a supply chain consisting of a well-funded supplier and a capital-constrained retailer. At the beginning of each sales season, the retailer need to place an order from the supplier to meet the stochastic demand. The capital-constrained retailer determines the order quantity and whether to borrow loans from a bank or the supplier or just use its initial capital, according to its finance and stock status with the wholesale price provided by the supplier. We build the Stackelberg game with the supplier as the leader and divide the retailer’s initial inventory and capital into different wealth regions to discuss the optimal strategies of different wealth regions. We extend to the two-period dynamic financing model based on dynamic inventory and capital flow so as to obtain the optimal strategy matrix of the retailer and the supplier under bank and trade credit. Numerical results validate our theoretical analysis of bank credit and supplier credit with dynamic inventory under different period setting.

scholarly journals Bank Credit, Trade Credit, and Profit: Evidence from Agricultural Firms in Vietnam

2019 ◽  
Vol 4 (4) ◽  
pp. p183
Author(s):  
Le Khuong Ninh ◽  
Bui Tuan Anh ◽  
Phan Anh Tu
Keyword(s):  
Trade Credit ◽  
Bank Credit ◽  
Optimal Threshold ◽  
Stock Exchanges ◽  
Short Term ◽  
Suitable Amount ◽  
Do So

This paper investigates the relationships between bank credit and trade credit with profit of 130 agricultural firms listed on Vietnam’s stock exchanges in the period of 2008-2014. Using the GMM approach, the paper reveals inverted-U shaped (?) relationships between bank credit and trade credit with profit. Specifically, the optimal threshold of bank credit and trade credit to total assets of the firms are 0.4173 and 0.2425, respectively. The findings mean that if the ratio of bank credit to total assets exceeds the benchmark of 0.4173, firms should consider restructuring debts to get them back to the benchmark. To do so, firms should withdraw from those business fields that are not of profession, in addition to liquiditizing unused assets to repay debts and not using short-term credit to invest in long-term projects. Firms may use of trade credit wisely when other sources of finance are lacking. In concrete, firms can increase trade credit use if the ratio of trade credit to total assets is below 0.2425. Yet, if this ratio goes beyond this benchmark, firms should get its back to this benchmark, e.g., keeping a suitable amount of inventory.

scholarly journals Behavioral brittleness: the case for strategic behavioral public policy

2021 ◽  
pp. 1-26
Author(s):  
Ruth Schmidt ◽  
Katelyn Stenger
Keyword(s):  
Public Policy ◽  
Problem Solving ◽  
Methodological Approach ◽  
Contextual Cues ◽  
Short Term ◽  
Strategic Approach ◽  
The Face ◽  
The Creation ◽  
Impact Problem

Abstract Despite widespread recognition that behavioral public policy (BPP) needs to move beyond nudging if the field is to achieve more significant impact, problem-solving approaches remain optimized to achieve tactical success and are evaluated by short-term metrics with the assumption of stable systems. As a result, current methodologies may contribute to the development of solutions that appear well formed but become ‘brittle’ in the face of more complex contexts if they fail to consider important contextual cues, broader system forces, and emergent conditions, which can take three distinct forms: contextual, systemic, and anticipatory brittleness. The Covid-19 pandemic and vaccination rollout present an opportunity to identify and correct interventional brittleness with a new methodological approach – strategic BPP (SBPP) – that can inform the creation of more resilient solutions by embracing more diverse forms of evidence and applied foresight, designing interventions within ecosystems, and iteratively developing solutions. To advance the case for adopting a SBPP and ‘roughly right’ modes of inquiry, we use the Covid-19 vaccination rollout to define a new methodological roadmap, while also acknowledging that taking a more strategic approach may challenge current BPP norms.

(Dis)solving the Chronological Paradox in Customary International Law: A Hartian Approach

2008 ◽  
Vol 21 (1) ◽  
pp. 129-148 ◽  
Author(s):  
David Lefkowitz
Keyword(s):  
International Law ◽  
Legal System ◽  
Resolution Function ◽  
Customary International Law ◽  
International Legal System ◽  
The Creation ◽  
The Law ◽  
Normative Standard

As traditionally conceived, the creation of a new rule of customary international law requires that states believe the law to already require the conduct specified in the rule. Distinguishing the process whereby a customary rule comes to exist from the process whereby that customary rule becomes law dissolves this chronological paradox. Creation of a customary rule requires only that states come to believe that there exists a normative standard to which they ought to adhere, not that this standard is law. What makes the customary rule law is adherence by officials in the international legal system to a rule of recognition that treats custom as a source of valid law. Confusion over this distinction arises because in the international legal system the same agents whose beliefs give rise to a customary rule are the legal officials whose adherence to the rule of recognition leads them to deem that rule legally valid. The proposed solution to the chronological paradox employs H.L.A. Hart’s analysis of the concepts of law and a legal system, and in particular, the idea of a rule of recognition. Yet Hart famously denies the existence of a rule of recognition for international law. Hart’s denial rests on a failure to distinguish between the ontological and authoritative resolution functions of a rule of recognition, however. Once such a distinction is drawn, it can be argued that customary international law rests on a rule of recognition that serves the ontological function of making customary norms legal, though not the authoritative resolution function of settling disputes over the alleged legality of particular norms.

Pandora's Box: Reviewing the Composition of the UN Security Council in the Light of British and French Experience 1945–1963

1997 ◽  
Vol 66 (2-3) ◽  
pp. 273-300 ◽  
Author(s):  
Keyword(s):  
Security Council ◽  
Status Quo ◽  
Short Term ◽  
French Experience ◽  
Un Security Council ◽  
The Status ◽  
The Creation ◽  
Foreign Ministries

AbstractThis article aims to throw a light on the problems relating to the proposed enlargement of the composition of the UN Security Council at present by studying the creation of four non-permanent seats in the Security Council in 1963 from the British and the French perspectives. The examination is based on the author's research of original documents in the archives of the British and French foreign ministries and upon information provided to the author by British, French and Finnish diplomats. The author concludes that, as between 1946 and 1963, British and French short term interests are still best served by maintaining the status quo in the Security Council. However, in a long term perspective it is not clear where the interests of these two States lie.

The Mobile Thriving Respite With and for the Street Community

2021 ◽  
pp. 002216782110467
Author(s):  
Robert McInerney ◽  
Kelsey Long ◽  
Rachel Stough
Keyword(s):  
Lived Experiences ◽  
Institutional Review Board ◽  
Short Term ◽  
Community Based ◽  
Bearing Witness ◽  
Institutional Review Board Approval ◽  
Institutional Review ◽  
Emergent Strategy ◽  
The Creation ◽  
Theoretical Foundations

We report on our work with the street community of Pittsburgh, specifically, a community-based action initiative we call the Mobile Thriving Respite (Institutional Review Board approval was obtained from our university). For 5 years, student advocate ethnographers from Point Park University have gathered data (e.g., long- and short-term interviews, participant-observations generating fieldnotes). The data revealed and supported the need for thriving beyond surviving homelessness. The data endorsed the creation of the mobile thriving respite. In the first part of this work, we will discuss some critical concepts regarding homelessness as a phenomenon and then argue that while surviving as enduring is necessary, there are some for whom survival is a perpetual, lethal state of being. We will discuss the theoretical foundations to the respite and offer researchers’ ethnographic accounts of the respite’s process and progress (We had to temporarily end the respite during the Covid-19 pandemic. To date, the respite has returned with “pop up” events outside at various locations). We will outline how the mobile thriving respite is a praxis as site of resistance as well as an emergent strategy, and an instantiation of communitas. We will then revisit surviving as collectively bearing witness and testifying to the lived experiences of those living outside.

scholarly journals The Expectation Gap In The Legal System: Perception Differences Between Auditors And Judges

2011 ◽  
Vol 10 (3) ◽  
pp. 39 ◽  
Author(s):  
Jordan Lowe
Keyword(s):  
Legal System ◽  
Legal Liability ◽  
Business Owners ◽  
Third Parties ◽  
Third Party ◽  
Bank Loan ◽  
Small Business Owners ◽  
Expectation Gap ◽  
Role Responsibilities ◽  
Loan Officers

<span>The expectation gap, and its related effects on auditor legal liability, has been presumed to be caused by diverging perceptions by the auditing profession and third party litigants regarding the professions role, responsibilities, and related performance. Prior research regarding the expectation gap has focused on diverging perceptions of different groups (i.e. financial analysts, bank loan officers, small business owners, and auditors). While this research has identified an expectation gap between auditors and certain third-parties, it has neglected examining the perceptions of judicial litigants. This absence is somewhat ironic given the current auditor legal liability situation. This study fills this void by comparing judges and auditors attitudes toward the auditing profession. Results revealed a large divergence in perceptions of auditors and judges regarding their expectations of the auditing profession.</span>

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