An Empirical Study on the Influence of Asset-backed Securitization on the Profitability and Liquidity of Commercial Banks of China

This paper uses the panel data of Chinese commercial banks to analyze the impact of credit asset-backed securitization on the profitability and liquidity of Chinese commercial banks. The results show that there is a significant negative correlation between asset-backed securitization and the profitability of commercial banks in China. The main reason for this phenomenon is that China’s credit asset-backed securitization is still in the pilot stage. The main purpose of asset-backed securitization is not to improve the level of profitability, but to broaden the financing channels, in addition, the high transaction cost of asset-backed securitization is also an important reason. However, there is no significant correlation between asset-backed securitization and the liquidity of commercial banks in China. The reason is that although asset-backed securitization can make the future income of banks cash in advance, considering the efficiency of capital use and the rationality of assets and liabilities, banks will use these funds to make new loans, which reduces the liquidity of banks.

DMC: Decentralized Mixer with Channel for Transaction Privacy Protection on Ethereum

Ethereum is a public blockchain platform with smart contract. However, it has transaction privacy issues due to the openness of the underlying ledger. Decentralized mixing schemes are presented to hide transaction relationship and transferred amount, but suffer from high transaction cost and long transaction latency. To overcome the two challenges, we propose the idea of batch accounting, adopting batch processing at the time of accounting. For further realization, we introduce payment channel technology into decentralized mixer. Since intermediate transactions between two parties do not need network consensus, our scheme can reduce both transaction cost and transaction latency. Moreover, we provide informal definitions and proofs of our scheme's security. Finally, our scheme is implemented based on zk-SNARKs and Ganache, and experimental results show that the higher number of transactions in batch, the better our scheme performs.

An Empirical Research of Futures Program Trading Based on RSI And CCI Indicators

Over the years, many scholars have conducted a wealth of empirical research on the effectiveness of technical indicator analysis in the financial market, and the conclusions are obviously different. Among them, two program trading models based on RSI and CCI indicators achieve an annual return rate of more than 180% in the empirical research of palm oil futures program trading, but the amount of data used in this study is too small, and the transaction cost is not considered. As the actual trading process has the characteristics that investors pay more attention to the sustainability of the model's profitability, and that investors’ trading varieties are diverse and with high transaction cost, this paper further verifies the sustainability and general applicability of these two models: using the closing price of 1-day and 30-minute K-line of 18 kinds of commodity futures in recent 10 years to investigate the changes of annual return rate, maximum withdrawal ratio etc. under different transaction costs and K-line cycles. The results show that the model’s profitability is time-varying, and the transaction cost has a greater influence on the rate of return of 30-minute K-lines than that of 1-day K-lines.

Micro-finance as a Tool for Financial Access, Poverty Alleviation and Women Empowerment in Bindura District, Zimbabwe

The purpose of this study was to understand the role of micro-finance as a tool for women empowerment in Bindura Rural District of Zimbabwe. Qualitative methodology was used. Data collection methods used included semi-structured interviews, documentary search. The respondents for the study were drawn from rural women who had accessed loans from MFI, managers of MFI and the Zimbabwe Association of Micro Finance Institutions. The study found out that access to credit has positive outcomes on production, income, and consumption at household and macro-economic levels. Rural women in Zimbabwe lack adequate access to formal credit. The study found that that lack of adequate access to credit have significant negative effect on technology adoption, agricultural productivity, food security, nutrition, health, and overall welfare. The study concludes that the lack of collateral of the poor, their demand for smaller loans, and high transaction cost associated with small loans are the main factors that the poor are excluded from formal credit services.

SALES CHANNELS FROM ORGANIC FOOD PROCESSING COMPANIES

The objective of the paper is identifying the main organic food sales channels from processing companies and attempting to determine their influence on organic food processing. Recently, the dynamic development of organic farming and its market has been observed. Nevertheless, the elements of this market show a number of weaknesses. One of the weakest links of the studied market is the processing of organic food, which bears a high transaction cost resulting from, among others, low distribution development. The paper presents the results of an inquiry research carried out in the first half of 2019 on 55 organic food processors. Conducted research shows that the production structure of the examined companies, mainly focused on fruit, vegetable and cereal products, is only partly adjusted to consumer expectations, who increasingly prefer organic dairy and meat. The main distribution channel is sales to small retail outlets. Wholesale trade came second, although still too underdeveloped, to assure effective products flow from processors to retail. More than half of the studied processors sell their products abroad, mainly to EU countries, North America and Asia. However, it is low-processed products, which are mostly exported. This is an unfavourable phenomenon from a value-added generating perspective.

The Effectiveness of Policy Implementation on Forest Rehabilitation and Reclamation EFEKTIVITAS IMPLEMENTASI KEBIJAKAN REHABILITASI DAN REKLAMASI HUTAN

The policy on forest rehabilitation and reclamation have been implemented since 1950, but not effective decrease the extend of the critical forest and land yet. The objective of this research was to formulate option of effectiveness enhancement of forest rehabilitation and reclamation policy implementation. This research applied the theory that developed by Edward III and IDS’s policy process. The policy text (rule in form) of forest rehabilitation and reclamation has not been used effectively to solve the solve the problem on the ground because the lack of sufficient regulation on the pre-condition, maintenance and responsibility in regards to the asset lost, participation, empowerment and transparency. There is divergent in the implementation of forest rehabilitation and reclamation policy. The implementation of policy requires high transaction cost with limited participation and did not legitimate due to ineffective communication, structure of birocracy, disposition/attitude and resources. To increase the effectiveness implementation of policy and institution on forest rehabilitation and reclamation, the goverment have to improve the effectiveness of communication, structure of birocracy, disposition/attitude, and resources. Furthermore, the result of this research also recommends the importance of network development through social movement by using mass-media and social media, which will be usefull to provide pressure on the policy development process by addressing the counter policy narative.Key words: efectiveness, implementation, policy, rehabilitation, reclamation

Marketing of Microfinance for Rural Women

Microfinance, the provision of financial services to poor and under-served societies, has emerged as one of the most promising possibilities for stimulating rural economic development through local enterprise. Banking sector in India has proved to be one of the largest sectors in the Indian financial system. Earlier banks restrained from lending to the poor due to high transaction cost and high credit risk involved in dealing with such kind of population. Microfinance programme aims at reaching out to the poor population especially women thus fulfilling the objectives under the financial inclusion.

Tinjauan Konseptual Mikro-Makro Daya Saing dan Strategi Pembangunan Pertanian

<strong>English</strong><br />Policy makers and economists are interested in competitiveness concept and try to implement in the economic development. Competitiveness has several perspectives, i.e. economic perspective, business, and politic. Competitivess could also be reviewed in a micro perspective (company level) and macro perspective (national level). This paper examines the competitiveness concept in terms of micro and macro perspectives. The micro perspective would be useful in agricultural development, especially in crop selection and in endeavor to change comparative to competitive advantages. The macro perspective should be useful to improve national competitiveness trough various fiscal policies of real sector. The study revealed that several agricultural commodities have competitive and comparative advantages, but the competitiveness susceptible to external fluctuation. The changes from comparative to competitive advantage require government intervention to control market distortion and to reduce the high transaction cost economy. Meanwhile, the changes from competitiveness at company level to competitiveness at national level need an integrated macro economic policies and micro economic activities. <br /><br /><br /><strong>Indonesian</strong><br />Pakar ekonomi dan pengambil kebijakan telah memberikan perhatian besar terhadap konsep daya saing dan mencoba mengoperasionalkan dalam pembangunan ekonomi. Konsep daya saing dimaknai dari berbagai perspektif, antara lain perspektif ekonomi, bisnis, dan politik (kebijakan). Di samping itu, ada yang memaknai dalam perspektif mikro (perusahaan) dan perspektif makro (nasional). Tulisan ini berusaha mengkaji konsep daya saing dalam perspektif ekonomi baik mikro maupun makro. Kajian dari perspektif mikro diharapkan berguna dalam pembangunan pertanian terutama untuk menentukan pilihan komoditas dan upaya mewujudkan keunggulan komperatif menjadi keunggulan kompetitif. Sementara itu, dari kajian dalam perspektif makro diharapkan berguna membangun daya saing nasional melalui berbagai kebijakan makro terutama melalui kebijakan fiskal di sektor riil. Secara mikro beberapa komoditas pertanian Indonesia mempunyai keunggulan komparatif dan kompetitif, namun keunggulan yang dimiliki rentan terhadap gejolak eksternal. Untuk mewujudkan keunggulan komparatif menjadi keunggulan kompetitif diperlukan adanya kebijakan pemerintah yang ditujukan untuk menghilangkan adanya distorsi pasar dan menekan tingginya biaya transaksi. Sementara itu, untuk mewujudkan daya saing di tingkat mikro (perusahaan) menjadi daya saing di tingkat makro (nasional) diperlukan adanya keterpaduan antara kebijakan makro dan kegiatan ekonomi mikro.

Tinjauan Konseptual Makro-Mikro Pemasaran dan Implikasinya bagi Pembangunan Pertanian

<p><strong>English</strong><br />Economists are interested in the marketing concept try to apply it in agricultural development. Marketing concept has several aspects, i.e. economy, business, and policy. Some people interpret marketing concept in terms of macro aspect (national level) and micro aspect (firm level). This paper proposes to examine marketing concept in term of macro and micro levels. Examining the marketing aspect at macro level will be useful to increase the marketing efficiency of agricultural commodity at regional or national level. It will also improve marketing efficiency in supply chain of agricultural commodity. Reviews on empirical studies indicate that some agricultural commodities have low marketing efficiency causing low competitiveness in the domestic and global markets. Enhancing marketing efficiency requires government intervention intended to reduce market distortion and high transaction cost in the supply chain of agricultural commodity. To achieve marketing efficiency of agricultural commodity, it is necessary to integrate macro-economic policy and micro-economic activities in the supply chain of agricultural commodity. </p><p> </p><p><strong>Indonesian</strong><br />Pakar ekonomi dan pemasaran telah memberikan perhatian besar terhadap konsep pemasaran dan mencoba menerapkannya dalam pembangunan pertanian. Konsep pemasaran dimaknai dari berbagai perspektif, antara lain perspektif ekonomi, bisnis, dan kebijakan. Di samping itu, ada yang memaknai pemasaran dari perspektif makro dan perspektif mikro. Tulisan ini berusaha mengkaji konsep pemasaran dalam perspektif ekonomi baik makro maupun mikro. Kajian dari perspektif makro diharapkan berguna meningkatkan efisiensi pemasaran suatu komoditas pertanian dalam suatu wilayah atau nasional. Sementara itu, dari kajian dalam perspektif mikro diharapkan berguna dalam upaya meningkatkan efisiensi dalam rantai pasok dan pengelolaan rantai nilai suatu komoditas. Secara mikro beberapa pelaku usaha rantai pasok komoditas pertanian Indonesia mempunyai efisiensi yang rendah, sehingga kalah bersaing di pasar domestik dan global. Untuk mewujudkan sistem pemasaran yang efisien diperlukan adanya kebijakan pemerintah yang ditujukan untuk menghilangkan adanya distorsi pasar dan menekan tingginya biaya transaksi pada sistem pemasaran komoditas pertanian. Sementara itu, untuk mewujudkan efisiensi pemasaran di tingkat mikro (pelaku usaha) menjadi efisiensi di tingkat makro (nasional) diperlukan adanya keterpaduan antara kebijakan makro terkait sistem distribusi dan pemasaran komoditas pertanian dan kegiatan usaha ekonomi mikro dalam rantai pasok komoditas pertanian.</p>

The tragedy of the private: transaction cost considerations

Purpose – The purpose of this paper is to weigh the benefits and costs of public property, as opposed to private, from the transaction cost perspective. In the absence of transaction costs, private property has clear advantages over public. However, when the true costs of running an economic system are taken into account, the advantages of private property are not so evident and public property may turn out to be the preferred form of ownership. The paper shows that in high-transaction cost sectors and economies such as the newly emerging markets in Eastern Europe, public property is a cheaper way of organizing economic activities, as it can save on transaction costs. The paper demonstrates these virtues of public ownership in relation to market failure, the provision of public goods, natural monopolies and competitive industries with a high degree of market uncertainty, opportunism and asset specificity. Design/methodology/approach – A qualitative paper discussing the advantages of public over private property in the presence of high-transaction costs. Findings – Studying different types of market failure the paper finds that public property is advantageous to private in high-transaction cost systems. Originality/value – Since most of the standard literature emphasizes the advantages of private property, the paper gives an economic explanation to those of public property taking on a new institutional approach and conducting a transaction cost analysis.