The external sector shocks and macroeconomics in Nigeria

The study examines the relationship between some key macroeconomic indicators in Nigeria and the external sector. During the period under review, it was discovered that crude oil had a lion’s share of Nigeria’s export earnings and the international demand for the country’s non-oil exports was unimpressive due to the development of synthetic alternatives, discriminative tariffs and new entrants in the global market (Central Bank of Nigeria, 2008). Consequently, most of the research on this topic hinged their framework on shocks from the oil sector (see Lukman and Olomola, 2016). In contemporary times, however, the contribution of crude oil to Nigeria’s gross domestic product has been dwindling. As at 2019, the entire oil and gas industry contributed less than 10% of Nigeria’s gross domestic product (Central Bank of Nigeria (CBN), 2019). There was the need to examine the external sector from a more comprehensive approach and framework. Therefore, this study evaluated the impact of shocks from Nigeria’s terms of trade and major foreign stock market index on macroeconomics in Nigeria. The methodology adopted for this study is the vector autoregressive technique, impulse response function and the error variance decomposition method. The findings show that the gross domestic product, price level and interest rate respond strongly in the short run (1-2 years), gradually fluctuates in the medium term (3-5 years) and become stable in the long run (6-10 years) due to shocks from the Dow Jones index and Nigeria’s terms of trade. Thus, intervention policies should focus on mitigating the impact of external sector shocks on macroeconomics in the short and medium terms when the impact is enormous.

A theoretical and analytical framework to the inquiry of sustainable land management practices

The purpose of this paper is to provide a theoretical and analytical framework by explaining the sustainable livelihoods framework and farming system model from a sustainable point of view. The author studied over 200 publications downloaded using the electronic database search of EBSCO through UNISA online library in June 2018. Keyword combinations of ‘land’, ‘tenure’ and ‘sustainable use’ were used to search for peer-reviewed journal articles published in English from January 1980 to May 2018. The article examines most relevant literature to consolidate the necessary theoretical and analytical foundation in analysing individual and group motivations towards sustainable land management practices. The literature review affirmed that a comprehensive theoretical and analytical framework is scant to empirically analyze the determinants of sustainable land management practices. To partially fill this knowledge gap, the paper provided a generic analytical framework that gives insight not only on pre-decisional processes, but also on post-decisional processes of continued and sustained use of conservation technologies. The analytical framework is developed by combining the sustainable livelihoods framework with the farming system model. It is concluded that the economic theory of property rights may not be adequate as a model to guide land tenure studies and policy. It is recommended that a holistic approach and comprehensive analytical framework is vital for research and development endeavours to ensure sustainable land management practices.

Determinants of household over-indebtedness in South Africa

The proportion of household debt to disposable income is high in South Africa, signifying over-indebtedness which reduces the welfare of households. High debt leads to low savings, negatively impacting economic growth. This paper presents the determinants of household debt distress in South Africa and comes up with recommendations on how to manage household debt. The objectives are achieved through systematic literature review. Findings suggest that households are over-indebted because of several reasons. They lack necessary finance management skills and proper protection from predatory practices by lenders. Household indebtedness is also caused by the rising cost of living which leads to low household disposable income and savings, high interest rates, misfortunes and adverse trigger events and income inequalities. Education, age and being a recipient of a social grant all have positive and negative impacts on household indebtedness. Findings also suggest that female-headed households, renting households, large households, urban based households, households with a mortgage and households where the head is not working, is sick or disabled are more likely to be over-indebted. A framework is presented with recommendations on how household debt can be effectively managed in South Africa. Upskilling in finance management can help improve the way households manage their finances. Moneylending institutions should avoid predatory lending and disclose vital information affecting household borrowing decisions. A downward review of interest rates on debt is necessary with a balance between profitability and sustainability of loan repayments. Consumption insurance on loans is recommended to cushion debt distressed households.

Addressing the detrimental impacts of COVID-19 on women in the workforce: Where do we go from here?

This paper analyzes national and global statistical data and reports to investigate the status of women in the workforce subsequent to the 2020-2021 COVID-19 pandemic in the United States, identify issues, and propose a path forward. The disproportionate adverse effects of the pandemic included higher unemployment rates among women and greater job losses within female dominated industries and women owned businesses as compared with men, and health challenges heightened by pandemic-related stresses. Further, the responsibility for compensating for the sudden removal of accessible childcare services which followed school and daycare disruptions and closings nationwide, overwhelmingly fell to women—whether they were single or married. Some analysts report that the pandemic served to reassert the unequal division of labor in the household between men and women. Researchers have posited that the pandemic’s impact will retard women’s progress in the workforce for decades if not generations. Strategies for counteracting these effects must entail targeted measures focused on promoting women’s re-entry in the workforce including: the normalization of flexible work schedules to foster a more balanced home and work-life for women, increased family leave for mothers and fathers, more quality and affordable childcare as well as more onsite childcare facilities to meet employees’ needs.

Financial impact of using EUR call options to hedge accounts receivables

International business has grown rapidly in recent years as companies seek to take advantage of expanding supply chain opportunities. As companies enter into contracts to take advantage of engineering, production, and cost reduction capabilities of the global supply chain, they may be creating a foreign currency exchange rate risk. The purpose of this research was to determine the EUR/USD exchange rate risk within a relatively short time frame such as in 60-day accounts receivable and if using currency options to hedge this risk would be financially beneficial on a transactional basis. The quantitative study examined the 60-day EUR/USD exchange rate fluctuation and the use of currency call options to hedge the risk associated with EUR/USD currency fluctuations. The researcher analyzed 13 years of historical EUR/USD currency data and 10 years of actual EUR call options premiums for this research paper. The researcher concluded that the variability of the EUR/USD over 60-days does pose financial risk to a company. The study also found that using currency call options to hedge this 60-day exchange rate risk resulted in an overall transactional financial loss as compared to no hedging. However, research studies have shown that the use of hedging instruments to smooth financial results may result in lower overall financing costs which could offset the hedging transactional costs. This study did not address the benefits of the use of hedging to smooth financial results or obtain other related financial benefits. The researcher recommends that a firm should recognize the exchange rate risks it may be establishing within 60-day EUR or USD payable contracts and develop an appropriate hedging strategy.

Just in time: Will Putin's revitalized Northern Sea Route reorder global shipping?

This paper examines Russia's Arctic Strategy, in general, and the development of the Northern Sea Route, in particular. The current Russian regime regards the successful development of the Northern Sea Route (NSR) as the linchpin of its Arctic endeavors and the harbinger of Russia's economic future, focusing upon not only creating a faster and cheaper shipping route from Asia to Europe, but also spiriting out to world markets the vast fossil fuel and mineral deposits that lie in Russia's frozen north. After discussing recent factors causing Russia's leaders to invest significant resources in its Arctic region and the novel transportation artery, we then focus upon recent steps made toward building out the NSR. The article concludes with an examination of significant problems plaguing the route's development and provides a tentative assessment of the project's overall soundness.

Insights from behavioural economics to enhance the environmental dimension of sustainable development

Individuals everywhere and every day take decisions and make choices that affect the environment either positively or negatively. By understanding and analysing the determinants and incentives of humans' decision-making process, behavioural economics helps change behaviours toward more sustainable practices using efficient and well- designed policies. Using a survey targeting 4000 households' participants from 11 Egyptian governorates in 2019, the paper explores attitudes' determinants and behaviour's motivations concerning environmental concerns, which- in turn- help policymakers to design effective policies considering households' attitudes. Using a structural equation model, the paper examines the critical links among attitudes, values, and behaviours related to sustainability. It provides empirical evidence from a data set collected from the surveyed sample. The paper also indicates how insights and tools from behavioural economics could help understand attitudes, values, and behaviours. The current study builds on contemporary literature and develops last research to explore how behaviour economics helps policymakers design cost-effective policies to change behaviours toward sustainable environmental practices. The results indicated that behavioural economics has a minimal role in designing sustainable development policies and environmental interventions in Egypt- as a developing country- and showed that there is an overall willingness to change the way of thinking toward more environmentally friendly choices, specifically if policy interventions derive the behaviours in that direction. Finally, many essential recommendations and policy implications were concluded to develop public policies according to environmental sustainability considerations.

How supply chain management impacts governance and development in context with COVID-19: Implications for poverty in developing countries

COVID-19 impacts both direct and indirect and at various levels, are currently ominous, and significantly challenge systems in society, economy and environment, influencing governance (GVRN), development (DVMT) and related poverty (PVTY) elements. This research explores relationships between GVRN and DVMT effects in developing countries (DCs), proposing that transport, supply chain and logistics management (TSCLM) incorporating agility, can enable GVRN more supportive and responsive. In so doing, efforts for DVMT and PVTY eradication can improve, alleviating problems for individuals and systems left unprepared, bereft and vulnerable. It is vital to pursue this area of research for theoretical and managerial features in the underexplored contexts are generally still novel. To heighten research and practical consciousness of interactions between GVRN, TSCLM and DVMT, especially PVTY effects, this paper engages literature review and associated conceptual model with propositions. The conceptual model focuses on relationships and interactions, combining institutional theory and organisational learning theory incorporating networking or collaboration, presenting four propositions to sustain further exploration, management and practice. In concluding, this researcher presents implications, and suggests future research avenues with respect to interrelationships of GVRN, TSCLM and DVMT. The incorporation of elements to better enable GVRN relationship with DVMT beneficial to PVTY eradication in business context with COVID-19 hindrances, can assist individuals and firms to be more agile and effective in planning, implementation and output systems and to sustain advantageous outcomes. This research contributes to augmenting theory and practice in supply-chain management, GVRN and DVMT, so researchers, managers and others can benefit from value added in improving processes and practices including success with eradicating COVID-19 hindrances to significant attainments.

Placemaking and Revitalization through Business and Tourism Improvement Districts in Albania

As a form of a public-private partnership with local authorities, the business improvement district (BID) is created when most businesses or business property owners agree through balloting to manage a delimited commercial area with prior authorization by the local authority. The district is managed through a non-profit organization that provides additional public services such as security, maintenance, infrastructure improvement, and marketing, to improve decaying commercial and residential areas. BIDs have been praised as engines for urban development, filling the need gap between the public and private sector by providing entrepreneurial local public management and augmented public services for socioeconomic revitalization. The business improvement districts (BIDs) and similar forms of a public-private partnership, as a new mechanism for urban renewal and economic development, have emerged in North America five decades ago and quickly adopted in many cities worldwide. Since 2011, the model has been applied in 8 districts in Albania, contributing to improved business life, infrastructure improvements, and enhanced general public services. This time is considered long enough to offer insights regarding their evolution and transformative effects. This study aims at exploring the adaptation of the business improvement district (BID) model in urban areas in Albania and, at the same time, point out its characteristics, operational and functional activities, accountability, and contribution to business development and area revitalization. The methodology used in this study adopts a qualitative method, including a case study approach to data gathering Primary data sources include semi-structured interviews with BID association members, administrators, and consultants in Albania, businesses, local government officials, and lawyers. This study will contribute to a more robust contextual understanding of the establishment and effectiveness of BIDs in developing economies The findings presented demonstrate BID’s transformative role for area regeneration, economic and social development. Furthermore, this study provides additional insights regarding the effects of development organizations’ involvement in this public-private partnership model for area regeneration. The results have important implications for Albania’s public and development policies and provide practical lessons for practitioners in these fields. Furthermore, it contributes to the international literature on BIDs, including evidence of this model applied in a developing economy.

An overview of the Belt and Road Initiative (BRI): Implications in geo-strategy and geo-politics

China is a very interesting country, and the entire world is looking at it. This is not only because of its spectacular rise in the world stage and the fact that it has become one of the largest markets in the world. China has become a superpower economically as well as militarily. Simultaneously it has a penchant for doing things differently – from the established norms and practices, as followed primarily by the West. It is likely that China will be in a position to challenge USA shortly as the number one power in the world. It is also likely that China will soon be influencing world events in a major way. These are the primary reasons for undergoing this study. The specific objective is to understand in detail one of the grandest and most ambitious schemes floated by any country in modern times - that of the Belt and Road Initiative by China. The author is sure that this project will have a very substantial impact on the strategies and politics of the entire world. The originality of this study is that it takes a macro-view of the entire initiative and dissects the implications for each major region of the entire world - in terms of strategy as well as politics. It wishes to connect Asia and Europe and also bring Africa into the project and thus form a unified market known as Afro-Eurasia. China, also known as PRC (People’s Republic of China), has developed tremendously in the past few decades and has now spare capacities as well as resources. So, it has initiated the project BRI wherein they are giving loans to underdeveloped countries to build infrastructure of these nations. There are two primary routes which PRC aims to develop. One of them is the land route called the BELT, which connects Europe to China over land. The other is the maritime route through the oceans which again connects the Eastern parts of China right up to Europe – and including Africa in between. The countries along these routes are being helped by China to develop their infrastructure like railways or seaports so that they may also emerge as modern logistics and distribution hubs for transporting goods between China and Europe. PRC thus ensures that it receives its continuous supply of energy requirements and other commodities for consumption. It will also be able to increase its exports right up to Western Europe through these routes which will save them a lot of time and costs also. Some nations are however skeptical about the real intentions of China. These countries think that China is emerging as a major superpower of the world and one day, it might want to dominate this part of the world entirely. Whether China has military intentions or not will be clear sometime later. As of today, China claims that its intentions are completely peaceful.