scholarly journals What Determines Bond Market Development? New Theoretical Insights

2019 ◽  
Vol 2 (1) ◽  
pp. 99-106 ◽  
Author(s):  
Ameenullah Aman ◽  
Asmadi Mohamed Naim ◽  
Mohamad Yazid Isa
Keyword(s):  
Foreign Capital ◽  
Developing Economies ◽  
Relevant Literature ◽  
Banking System ◽  
Bond Market ◽  
Policy Implications ◽  
Market Development ◽  
Future Research ◽  
Secondary Markets ◽  
Financial Factors

Purpose- To diversify financing portfolio and reduce the reliance on the banking system, developing economies have realized the importance of bond market development. Bond markets facilitate economies to be more resilient towards the events of financial crises. Therefore, the share of the bond market in the financial system of the Asian economies has remarkably increased in the last decade. However, the academic literature on the bond market is very limited as compared to bank and equity markets. This was mainly because of the unavailability of vast data due to the absence of secondary markets for bonds in most of the economies. To fill this gap, this conceptual study postulates the theoretical relationships of bond market with various macroeconomic and financial factors. The study also assumes some new dimensions for bond financing and opens discussion for scholarly literature and empirical justifications.  Design/Methodology- Content analysis approach is used to review relevant literature for the possible associations of the bond market with macroeconomic and financial factors.  Practical Implications- The theoretical relationships discussed in the paper need empirical testing in future research to conclude policy implications. If the relationship between foreign capital and bond securities is established with empirical justification, we draw the policy that concerned authorities need to create a suitable environment for the attraction of foreign capital to provide support to the development of domestic debt market.

The Role of Macroeconomic and Financial Factors in Bond Market Development in Selected Countries

2020 ◽  
pp. 097215092090720
Author(s):  
Ameenullah Aman ◽  
Mohamad Yazid Isa ◽  
Asmadi Mohamed Naim
Keyword(s):  
Recurrent Events ◽  
Developing Economies ◽  
Panel Data Analysis ◽  
Banking System ◽  
Financial System ◽  
Bond Market ◽  
Market Development ◽  
Bond Markets ◽  
Primary Role ◽  
Macroeconomic Factors

Both developed and developing economies have showed serious interest in the development of domestic and regional bond markets. This interest was motivated by the recurrent events of economic crises, due to the over-reliance on the banking system. Therefore, this study investigates the macroeconomic and financial determinants of a bond market development, since the economic and financial environments play a primary role in the development of any financial market. Panel data analysis is employed to investigate the potential relationships. Results identify that financial system and most of the macroeconomic factors are positively associated with a bond market development. However, the stage of economic development is negatively related to bonds. Hence, policymakers need to strengthen and use existing financial system and economic variables to provide reasonable support to the development of bond markets. This study empirically analyses some unexplored theoretical relationships with respect to a bond market.

ENTREPRENEURIAL DRIVE AND THE INFORMAL ECONOMY IN CAMEROON

2014 ◽  
Vol 19 (04) ◽  
pp. 1450024 ◽  
Author(s):  
CHRISTOPHER F. ACHUA ◽  
ROBERT N. LUSSIER
Keyword(s):  
Informal Economy ◽  
Developing Economies ◽  
Policy Implications ◽  
Future Research ◽  
Structured Interviews ◽  
Face To Face ◽  
Formal Economy ◽  
Curve Effect ◽  
Street Corner ◽  
Do So

There is a growing appreciation for the value and impact of the informal economy on the lives and livelihood of many in developing economies. A key question for researchers has been whether those operating in it do so out of necessity or voluntarily as opportunity seekers? Unlike previous studies that have examined the informal economy as one large block, this paper took a slightly different tangent. First, we analyzed and identified three distinct sub-groups within the informal entrepreneurial sector — the street walker (st. walker), the street corner (st. corner) and store owner (st. owner) — and then examined each group's motives. Reporting the results of face-to-face structured interviews with 200 informal entrepreneurs in Cameroon (West Africa), the finding is that the majority, especially st. walker and st. corner informal entrepreneurs, are predominantly necessity-driven while st. owner entrepreneurs are predominantly opportunity-driven. Our study also revealed a progression pattern whereby st. walkers do progress to st. corner and ultimately to st. owner entrepreneurs. The assumption is that this does create a learning curve effect in the entrepreneurial abilities and effectiveness of store owners. This is an area for future research. There are policy implications for institutional support that can grow the informal economy into the formal economy.

scholarly journals Social Co-Governance for Food Safety Risks

2018 ◽  
Vol 10 (11) ◽  
pp. 4246 ◽  
Author(s):  
Linhai Wu ◽  
Pingping Liu ◽  
Yuxin Lv ◽  
Xiujuan Chen ◽  
Fu-Sheng Tsai
Keyword(s):  
Food Safety ◽  
Social Innovation ◽  
Relevant Literature ◽  
Policy Implications ◽  
Future Research ◽  
Social Forces ◽  
Multiple Stakeholders ◽  
Safety Risks ◽  
Government Enterprise ◽  
Food Safety Risk

We review relevant literature to propose the connotation and operation logic of food safety co-governance, systematically constitute by roles, functions, as well as the boundaries of public government, enterprise, and social forces. The major thesis is that social co-governance is a kind of societal-wide innovation (i.e., social innovation) that integrates diverse resources and efforts from multiple stakeholders for better and sustainable development of an economy’s food institution and system. We then put forward a prospect of the future research on food safety risk co-governance. Theoretical, practical, and policy implications are discussed.

Microinsurance performance – a systematic narrative literature review

2015 ◽  
Vol 15 (1) ◽  
pp. 146-170 ◽  
Author(s):  
George Apostolakis ◽  
Gert van Dijk ◽  
Periklis Drakos
Keyword(s):  
Literature Review ◽  
Financial Performance ◽  
Social Impact ◽  
Relevant Literature ◽  
Well Being ◽  
Policy Implications ◽  
Future Research ◽  
Published Data ◽  
Content Type ◽  
The Impact

Purpose – This study aims to offer a literature review on microinsurance, focusing on its financial performance and social impact. The aim is to review current research in microinsurance performance. Over the past decade, microinsurance has aroused the interest of the scientific community. Scholars have monitored its development and have examined its impact on the poor’s ability of breaking out of the poverty trap. Design/methodology/approach – A systematic-narrative method was used to review the relevant literature. In total, 64 relevant articles on investigating the financial performance and the effects of microinsurance programs on the poor’s well-being were reviewed, coded and followed by a narrative synthesis. Findings – This review synthesizes current published data on microinsurance to provide practitioners and researchers with a better understanding of this important area. Microinsurance benefits the poor, as it reduces their vulnerability to poverty. Microinsurance has a twofold impact on an individual’s ability to overcome poverty. First, it has a direct impact on access to healthcare services and, second, it has an indirect effect on an individual’s economic status, by moderating risk vulnerability and improving income stability. Further research is necessary to reach concrete conclusions about the financial performance of microinsurance programs. Finally, the analysis of the literature revealed an absence of research regarding the impact of microinsurance on society and sustainable development. Research limitations/implications – An understanding of the performance of microinsurance services is important. Therefore, the findings can be used by microinsurance practitioners to assess and improve their performance. Further, policy implications such as improvement of financial knowledge and social marketing via education polices to increase microinsurance awareness of its benefits are recommended. Originality/value – This review provides a synthesis of the literature in microinsurance concerning its financial and social performance, and raises suggestions for future research.

scholarly journals Are Working Children in Developing Countries Hidden Victims of Pandemics?

2021 ◽  
Vol 10 (9) ◽  
pp. 321
Author(s):  
Polyxeni Kechagia ◽  
Theodore Metaxas
Keyword(s):  
Developing Countries ◽  
Developing Economies ◽  
Empirical Studies ◽  
Policy Implications ◽  
Future Research ◽  
Working Children ◽  
Economic Exploitation ◽  
Methodological Approaches ◽  
Shed Light ◽  
Research And Policy

The consequences of the recent pandemic have been disproportionately disruptive to several social groups, including children. As developing economies have been firefighting the recent pandemic, the welfare of minors could be affected and children’s economic exploitation and abuse could increase. Therefore, the present research aims to shed light on and to investigate the association between child labour in developing countries and pandemics, including the coronavirus, through conducting a systematic literature review on previous empirical studies. The present research concludes that previous studies on non-COVID-19 pandemics have mainly focused on the African economies, while studies on the recent pandemic have focused on Asian countries. In addition, differences were observed in relation to the methodological approaches and the characteristics of minor employees and the protection services in certain countries have proven to be insufficient. Suggestions for future research and policy implications are presented.

scholarly journals What drives local currency bond market development in Saudi Arabia: do macroeconomic and institutional factors matter?

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Jamel Boukhatem
Keyword(s):  
Saudi Arabia ◽  
Banking System ◽  
Bond Market ◽  
Policy Implications ◽  
Institutional Factors ◽  
Local Currency ◽  
Long Run ◽  
Short Run ◽  
Governance Institutions

AbstractThe main objective of this study is to empirically determine which factors are related to the development of local-currency bond market (LCBM) in Saudi Arabia over the period 1990–2019. Using ARDL modeling, the results reveal long-run cointegrating relationships between LCBM capitalization and macroeconomic, financial, and institutional factors. Unlike institutional ones, macroeconomic and financial factors seem to matter more in developing LCBM in the short run. However, in the long run, larger economic size more government spending, low inflation levels, broader and deeper banking system, higher bureaucratic quality, and better investment profile, all play a crucial role in the determination of Saudi LCBM. Policy implications include measures toward sound macroeconomic fundamentals, broad and deep banking system, efficient stock market, and high-quality governance institutions.

scholarly journals Chinese consumers’ willingness to pay for organic foods: a conceptual review

2020 ◽  
Vol 23 (2) ◽  
pp. 173-188
Author(s):  
Rui Li ◽  
Chien-Hsing Lee ◽  
Yu-Ting Lin ◽  
Chi-Wei Liu
Keyword(s):  
Willingness To Pay ◽  
Environmental Concern ◽  
Relevant Literature ◽  
Policy Implications ◽  
Future Research ◽  
Chinese Consumers ◽  
Food Markets ◽  
Organic Foods ◽  
Health Consciousness ◽  
Attitudinal Factors

China has become one of the largest food markets in the world. Alone with its rising market power, we conceptually review relevant literature to discuss important issues on Chinese consumers’ willingness to pay for organic foods. Important factors that might determine consumer willingness to pay were discussed (i.e. culture, demography, attitudinal factors, health consciousness, individual norms, consumer knowledge, food safety, environmental concern, animal welfare, purchasing power, nutritional value). We then put forward a prospect of the future research on consumers’ willingness to pay for organic foods in China and other developing countries. Practical and policy implications are also elaborated.

scholarly journals Good management or good finances? An agent-based study on the causes of bank failure

2018 ◽  
Vol 13 (3) ◽  
pp. 95-105 ◽  
Author(s):  
Stathis Polyzos ◽  
Khadija Abdulrahman ◽  
Apostolos Christopoulos
Keyword(s):  
Structural Characteristics ◽  
Risk Estimation ◽  
Relevant Literature ◽  
Banking System ◽  
The United States ◽  
Policy Implications ◽  
Banking Union ◽  
Bank Failures ◽  
Estimation Model ◽  
Agent Based

The recent series of banking crises in the United States and in the Eurozone has resulted in numerous bank failures. In this paper, an agent-based model is employed to test for factors that determine bank viability in times of distress, focusing mainly on the endogenous risk of financial institutions. The authors test for the effects of both management and financial factors on the institutions’ ability to weather the storm during times when the banking system experiences distress. The agent-based simulation process is split into a setup period, when the simulation builds the structural characteristics of each bank, and a testing period, where these characteristics are tested against the final result, which is the bank’s viability. A risk estimation model is built and it is found that the proposed model is successful in predicting whether a particular bank can endure a stress testing situation. The empirical results confirm the relevant literature and put further emphasis on the policy implications regarding banking supervision and regulation, particularly in context of the Eurozone banking union.

Modeling the green bond yield on bond offering

2020 ◽  
Vol 26 (12) ◽  
pp. 2858-2878
Author(s):  
M.I. Emets
Keyword(s):  
Linear Regression ◽  
Yield Curve ◽  
Bond Market ◽  
Third Party ◽  
Bond Pricing ◽  
Market Development ◽  
Fair Price ◽  
Lower Yield ◽  
Yield Curves ◽  
Bond Yield

Subject. The article addresses the green bond pricing as compared to bonds other than green ones. Objectives. The aims are to determine how the fact that a bond is identified as a green one, the issue amount, and the availability of third-party verification, influence the yield to maturity; to make recommendations on effective green bond pricing. Methods. The study employs econometric testing of hypotheses, using the multiple linear regression. The sample includes 318 green and 1695 conventional bonds. Results. Green bonds have a lower yield to maturity in comparison with conventional bonds. The yield to maturity of green bonds with third-party verification is lower, as contrasted with green bonds without verification. Conclusions. The next step in the green bond market development is creating a benchmark yield curve for sovereign green bonds, with parallel issuance of conventional, non-green bonds. The yield curve is crucial for effective bond pricing. Two yield curves, i.e. for green and non-green bonds, will enable investors to estimate the fair price on issuance, as well as to define, if there is a difference in pricing.

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