ILIRIA International Review
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Problems of asymmetric information and their impact in the economy
No full textinformation is characteristic of many situations in business. As a rule, the seller of a product knows more about its quality than the buyer. Workers know their skills and better skills than employers. And managers know them better skills than the owners of enterprises. Asymmetric information explains many institutional rules in our society. This concept makes it clear why the car companies offer warranties and services for new models; although firms and employees connect and reward incentive contracts; although corporate shareholders should monitor the behavior of managers. Asymmetric information is the uneven distribution of information about the product between the parties to the transaction. The situation of asymmetric information arises in the process of entering contracts or transactions, where individual participants important information that have direct connection with the subject of the contract, transaction, which the other participants do not possess. There are some major problems that appear in the financial markets due to information asymmetries:- the problem of adverse selection;- the problem of dishonesty risk;- the problem of costly state verification.For example, in the case of securities based on mortgage, the problem of information asymmetry is manifested in the fact that their issuer has more information than the investor about the quality of the securities offered and mortgage loans behind them. Lack of enough information on securities based on mortgage between investors may make them reluctant to buy securities or require an increase in the securities yield as compensation for risk
Livestock Banking as Innovative Response to Effects of Recurrent Drought in Pastoralist Communities: the case of Borana, Ethiopia
No full textThis article intends to introduce Livestock Banking as an innovative idea that aims at addressing problems pertinent to recurrent drought among the Borana pastoralists in Southern Ethiopia. Borana are pastoralists whose livelihood is dependent on cattle economy. However, pastoralism among the Borana have been under serious pressure from both manmade and natural factors. Some of these factors are recurrent drought and ever degradation of rangeland, the introduction and expansion of farming at the expense of pastoralism, inter-ethnic conflict, neighbours’ annexation over Borana rangeland, government induced development interventions with unforeseen negative effects. The idea of Livestock Banking is, thus, designed to build resilience of the communities against the effect of recurrent drought. This innovative idea is initiated based on the Resilient Africa Network (RAN) call for proposals. In the context of this innovative idea, Livestock Banking refers to a community oriented business organization that keeps, exchanges and produces livestock, invests in improving livestock productivity and marketability, loans live animals and gives it back with profit in cash or in kind when the depositor requests. The bank will also serve as local insurance agent against effects of the re-current drought based on climate forecast. It will participate in preserving best livestock breed and distribute to individual herders up on requests; participate in livestock feed and fodder production; provide veterinary services and trainings to produce professionals in livestock production; have animal product processing factories, invest in livestock fattening, sell quality animal products to international and national markets. Currently, the piloting project of this innovative idea is ongoing
The role and function of the dispute adjudication board (dab) in the fidic forms of contracts
No full textDispute Adjudication Boards (DABs) can be categorized as form of alternative dispute resolution methods, or more specifically they can fall under the generic category of adjudication. They originate from the USA, presented for the large civil engineering projects in 1960s. At a later stage they were introduced as mandatory under the International Organization of Consulting Engineers (FIDIC) 1999 edition. Currently, the FIDIC forms of contracts provide for standing and ad hoc DABs, slowly shifting to standing by default, comprised of one or three members. The DAB member(s) have broad authorities, including the inquisitorial powers, the possibility to inspect and make insight of the construction site. The procedure in front of the DAB has many similarities with the arbitration procedure, especially in the preparation and filing of the written submissions. The same can be said for conducting the hearings, the order of presenting the arguments at the hearings, the proposal and questioning of witnesses. However, the DABs timeline is denser, and the DAB is free to determine its procedural rules and the parties are free to agree on certain procedural aspects. The benefit of the DABs can be described as a means of resolving disputes by avoiding cost, time and inflexibility. The main dilemma which will be addressed in this Article is whether the DABs are suitable for solving more complex construction disputes. In that respect the DAB in more complex disputes is a “preface” of the arbitration to come, or as the new 2017 FIDIC edition states “condition precedent to arbitration
Tourists’ Perceptions toward Problems of Tourism Destinations: Evidence from Sylhet, Bangladesh
Get PDFThe purpose of this research paper is to realize the perception of tourists of the selected tourist spots in Sylhet district to identify the problems of the tourism destinations. Data required for the research have been collected from primary data source taking into consideration total 573 tourists as respondents who traveled all the four selected prominent tourist spots of Sylhet. Factor analysis has been used for dimension reduction that covered 44 variables. This paper has found that selected tourism destinations have severe problems mainly in the areas of quality of food, accommodation and transportation services, conservation of natural beauty, promoting destination brand name together with ensuring security and adequate public services for tourist
Public Diplomacy of small states: case of Kosovo
No full textpaper aims to elaborate and analyse the public diplomacy of small states, the case of Kosovo. Today in the era of globalization and in a world with some powerful states the development of foreign policy and diplomacy is very important and difficult especially for small countries. Small countries with limited capacities should see the need to focus foreign policy and diplomacy in areas as specific and interest as possible. Public diplomacy is an effective tool that small states should use to benefit and promote their interests. The purpose of this paper is to provide information and guidance to the drafters and promoters of public diplomacy of small states with emphasis on the state of Kosovo. Goals and profits can be achieved by specifying areas where public diplomacy can be conducted, especially in Kosovo through cultural and sports diplomacy. The methodology used during the paper is based on the analysis of various materials and resources related to public diplomacy, which through discretionary, analytical, historical and observational methods we have tried to discuss the importance of public diplomacy of small countries, case of Kosovo. In order to have a clearer and more concrete result, we have elaborated on the case of Kosovo and its public diplomacy. Based on this study as a conclusion we can say that Kosovo still needs to focus on public diplomacy and its promotion especially in the areas of cultural and sports diplomac
Determining contributions of entrepreneurial marketing to the growth of small firms in Meru town, Kenya
No full text1982, emerged a paradigm shift from the old marketing approach to Entrepreneurial Marketing practice that focused on attracting and retaining profitable customers using creative and unsophisticated tactics with minimal resources. As a recent strategy for small firms, Entrepreneurial Marketing (EM) is characterized by pro-activeness; focus on opportunity, risk taking, innovativeness, customer intensity, resource leveraging and value creation. The extent to which innovativeness, risk taking and pro-activeness in marketing has been adopted by small firms in Meru Kenya to achieve higher returns on investment, growth in sales and satisfy customers is the focus of this study. The study is grounded on entrepreneurial marketing, theory. Explanatory research design was adopted to explain the direction and extent to which entrepreneurial marketing improved performance of small firms. Data was collected from 112 small firms sampled from Meru town and was analysed using descriptive and inferential techniques. The findings of the study revealed that innovative marketing practices had inverse effect (beta = -0.153). Risk taking and pro-activeness had a positive effect on the firms’ performance. However, none of the three dimensions of entrepreneurial marketing significantly affected the growth of the small enterprises. The study suggests that owners of small enterprises be trained in entrepreneurial marketing. Secondly the innovative marketing strategies should be made compatible with the customers’ values and beliefs. Further studies in entrepreneurial marketing should be done on large firms across the country. Also, other studies should focus on opportunity customer intensity, resource leveraging and value creation and their influence on small enterprise growt
The economic development and trade liberalization in the post-communist Albania
Get PDFAfter the installation of the Communist Regime and rejection of the democratic elections in Albania in 1945, the relations with the West worsened. The rulers of that time implemented the Stalinist economic system, which testifies to the friendly relations between the Soviet Union and Albania, and later with the People's Republic of China. Through this research, we aim to highlight the transformation of the economic system in Albania, the state that in 1967 was declared as the first atheist in the world. The communist system of government and protectionism led to the violation of fundamental human rights and values, the isolation of the inhabitants from the rest of the world, and a ruined and destroyed economy. Using the descriptive and statistical method, we will reveal how Albania has benefited immediately after the collapse of the communist system and the centralized economy, replacing it with the democratic system and free trade. We will see how the economic trend in post-communist Albania has substituted, starting with the transition from state to private property, to Albania's participation in the international trade arena
The growth of Political Islam in Egypt (The Islamic Brotherhood Movement – IBM as a model)
No full textAs a result of weakening of the Ottoman Empire, Egypt was weakened in both economic and political aspect, beginning from year 1801, when the English expelled the French from the country, Egypt was continuously a prey of imperialist objectives. As a result of deepening dependency from abroad, the Egyptian economy was in the hands of foreign companies, the army and few local cooperatives. The decreasing number of the middle class made most of the population to fall into extreme poverty. The imperialist invasion and unsuccessful result of the modernist and secular thought of the constitution in 1921 was a reason for the growth and development of political Islam. Jamaluddin Afghani and Mohammed Abduh are two thinkers who influenced for the birth of political Islam in Egypt and its’ positioning in an ideological frame. Political Islam, since the second half of the 19th century has begun to grow, as a result of the application of the European model of a nation-state and as a result of the depravity of the politics of the dynasty that used to rule the country (Zubaida, 2011:73). The despair that was felt by the population as a result of the fail of political and economic experiments, as well as the gap created in the governance, prepared the ground for development of Islamic movements, and one of them was the IBM. This situation is the first critical point that influenced the growth of political Islam in Egypt
Energy as a functional area for European integration
Get PDFpolicy has historically played an important role in the development of the European Union (EU). This study examines the reasons for the choice of coal and atomic energy as the bases for constructing community institutions of governance and analyzes their successes and failures as functional areas of integration.Functionalist theory has provided the ideological foundations for the European Coal and Steel Community and the European Atomic Energy Community. Functionalist theorists advocate technocracy as the means for overcoming the conflicts inherent in traditional political processes. Coal and atomic energy were chosen as regimes of integration because of their technocratic character and the importance attached to them, respectively, as the dominant energy source of the time and the perceived source of energy abundance in the proximate future. This vision of a process of technical integration paving the way for political union was predicated on the assumption that the political and technical functions of governance could and should be separated. In fact, energy regimes could not be removed from the political context of national governance. Hard energy regimes, which include coal and atomic energy, are technocratic polities which exclude ordinary citizens from the exercise of power and intensify international conflict. Their choice as regimes of integration bestowed on the institutions of the EC a technocratic character and made it difficult for them to claim political legitimac
International police cooperation in investigating cases of smuggling of migrants in Kosovo
Get PDFMigrant smuggling today has taken on the dimensions of the global phenomenon by being present almost in all countries and continents, regardless of whether they are countries of their origin, transit or a destination. Nevertheless, the presence of this form of crime is also present in Kosovo, hence this is the object of this paper. In this paper, the international police co-operation in the migrant smuggling investigation cases in Kosovo is concretely considered as a multidimensional and complex problem. However, the challenges, and problems that Kosovo faces in the realization of the international police cooperation is also examined, given the fact that it is the not yet part of some international regional and global mechanisms dealing with the prevention and combating of organized crime. Treating migrant smuggling cases from a scientific point of the view requires more in-depth study and an elaboration of the literature that exists nowadays on this issue. Thus, through this paper is presented the assessment and the analysis of 31 investigated cases of the migrant smuggling from the Kosovo police for the time period 2011-2015 with the emphasis on the manner of the realization of the international police cooperation during the investigation of these cases. At the very end of this paper, based on the findings of the research, and the analysis performed, recommendations are issued, the implementation of which in the practice would increase the efficiency of the police in detecting, and combating migrant smuggling in Kosov