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Economic Modernisation in Bulgaria under the Ottoman Empire – Between Liberalism and Economic Nationalism. Ivan Bogorov (1818/1820-1874) and Georgi Rakovski (1821-1867)
Get PDFWe focus on two of the leading representatives of the Bulgarian intelligentsia during the late Ottoman Empire, Ivan Bogorov and Georgi Sava Rakovski, who engaged in discussions on economic issues. Each of them believed that the collective national and economic goal of the Bulgarians could be solved within the framework of a certain economic worldview, which seems eclectic and contradictory to the contemporary economist, but consistent and logical when taking into account the era in which the two authors lived and wrote
Fintechs et inclusion financière en Afrique : quelles implications pour la transformation structurelle ?
Get PDFThe rapid rise of financial technologies (fintechs) in Africa has significantly expanded access to financial services, especially through mobile money. While this growth has improved financial inclusion and household resilience, its impact on structural transformation remains limited. This paper examines whether and how fintechs can serve as a driver of productive modernization, drawing on a literature review, case studies (Kenya, Nigeria, Francophone Africa), and a stylized analytical framework. Findings show that digital finance enhances transaction efficiency and access to basic services, but generates lasting macroeconomic effects only when integrated with industrial policy, productive financing, human-capital development, and stronger links between firms and modern value chains
Better Merger Outcomes Due to Increased Scrutiny by Ireland’s NCA? the Q-Park/Tazbell Transaction
Get PDFIreland’s national competition authority has recently increased scrutiny of mergers using Assessments (aka Statement of Objections). Despite using this approach, the authority’s 2023 determination of the proposed acquisition by Q-Park of Tazbell is fatally flawed. The authority had competition concerns in three local markets for the supply of off-street car parking spaces to the public. The transaction was cleared with remedies. The paper argues that there was no substantial lessening of competition. The remedies were inadequate. Why? Contributing factors include lack of coherence reflecting confirmation bias. Merger control can be improved by, inter alia: increasing the number of CCPC executive board members to reduce governance overload; and encouraging diverse internal views and peer review through the appointment of a chief economist. The paper forms part of a broader critical narrative of merger control in Ireland
Impact of Inflation on Financial Inclusion: A Global and Regional Analysis
No full textThis study investigates the effect of inflation on the accessibility dimension of financial inclusion across 61 countries. The consumer price index and the GDP implicit price deflator are used as measures of inflation. Four accessibility indicators of financial inclusion are used which are the composite financial inclusion index, the number of bank depositors, ATM penetration and the number of bank branches. Using the median quantile regression and the two-stage least squares regression methods, the findings reveal that inflation has a positive effect on financial inclusion in European countriaes. A one percent increase in inflation leads to at least a 0.05 percent increase in financial inclusion in Europe. A negative but insignificant effect was found in African, Asian and the Americas countries. The moderation analysis shows that banking sector stability does not weaken the adverse effect of inflation on financial inclusion in African countries, but a high loan-to-deposit ratio in the banking sector weakens the adverse effect of inflation on financial inclusion and accelerates financial inclusion in a high inflation environment in African countries. In the individual mechanism analysis, we find that inflation decreases the number of bank depositors in the Americas and increases the number of bank depositors in European countries. High inflation decreases financial inclusion through a decrease in the number of bank branches in African and European countries. The implication of the findings is that inflation adversely affect financial inclusion, and the effect depend on the financial access indicator being examined. Policymakers need to identify the financial access indicators that are worst hit by rising inflation, and they should explore how monetary policy tools can reduce inflation persistence without decreasing the level of financial inclusion
Issue of Bai‘ Wa Salaf (Combination of Sale and Loan Contract) in Tawarruq Based Deposit Product: A Practitioner’s Perspective
Get PDFThe Malaysia Islamic banking market has expanded rapidly and it continues to embrace innovative structure, as underlined by the launch of Islamic banking products using various Shariah concepts. One of the most popular Shariah concept used by Islamic Banks across all market segment in Malaysia is Tawarruq (Commodity Murabahah). In recent years, Centre Bank of Malaysia has been issuing various Shariah resolutions and Shariah related policies to be complied by Islamic banks. Whilst this initiative is praiseworthy in strengthening and standardising the Shariah compliance culture, there are several issues which may impact the operational aspect of a bank. This paper will focus to discuss on the Shariah and operational concerns in Tawarruq based deposit product where the analysis will focus on the issue of prohibition of Bai` Wa Salaf. In addition, this paper will also provide some example of financial structures which already in Malaysia market as case study and reference. This article is based on qualitative research approach which is purely based on primary data gathered through library research and interview
Financial inclusion and bank stability: evidence from capital buffer and capital adequacy ratio
Get PDFThe study examines the effect of financial inclusion on bank stability, and the effect of bank stability on financial inclusion from 2011 to 2020. The study analyses 33 countries which are divided into Asian countries, African countries, European countries, and countries in the region of the Americas and using the panel regression method. It was found that high levels of financial inclusion have a significant positive impact on bank stability. The regional results show that financial inclusion improves bank stability in African countries and in countries in the region of the Americas while financial inclusion impairs bank stability in European countries. The analysis for the impact of bank stability on financial inclusion shows that bank stability has a significant effect on financial inclusion. The regional analysis shows that greater bank stability decreases financial inclusion in European and African countries while greater bank stability increases financial inclusion in countries in the Americas region. The results suggest that the effect of financial inclusion on bank stability, and the effect of bank stability on financial inclusion, depends on how financial inclusion and bank stability are measured and the region examined
Extraordinary Economic and Social Events Associated with the Solar Cycle Maximum
Get PDFThe currently unfolding solar cycle 25 reached its maximum on or about October 2024. According to long-standing theoretical claims, cyclical maximums of solar activity could be associated with economic recessions (W.S.Jevons), revolutions and migration (A.L.Chizhevsky). And indeed, several of such extraordinary events have already occurred recently. These include revolutions in Bangladesh (2024), government collapse in Syria (2024), Hamas terrorist attack on Israel (2023), and student protests in the US and Europe against the war in Palestine (2024). Meanwhile, migrant influx overwhelmed the US and Western Europe. Are we going to see more of the extraordinary events typically associated with the solar maximums, such as revolutions in a few more countries colliding in a revolutionary wave like the Arab Spring of 2010-12 or collapse of Communism in 1989-91? Or economic recessions in the US and other advanced economies leading to a global economic slowdown
Natural selection and innovation-driven growth
Get PDFThis paper examines how the interaction between natural selection, household education choices and R&D activities influences macroeconomic growth. We develop an innovation-driven growth model that integrates household heterogeneity in educational ability with endogenous fertility and the activation of innovation. Our findings reveal that households with lower educational abilities accumulate less human capital but have more offspring and initially gain a temporary evolutionary advantage. This demographic shift enhances the likelihood of innovation taking off; however, the resulting reduction in the share of high-ability households ultimately constrains R&D efforts and slows long-term economic growth. We empirically validate our theoretical model using cross-country data and instrumental variables, demonstrating that disparities in educational ability negatively impact education, innovation and growth over the long run. This study provides new insights into the complex dynamics between natural selection, endogenous fertility and economic development, with significant implications for both policy and theory
Creating and Stabilizing an Enormous Bubble Economy Similar to the Great Depression
Get PDFFirst, with volatile income adjustment and the E-V rule of Markowitz (1952), a bond is embedded into the RBC economy under symmetric information conditions. Second, equipped with this way of involving credit, commercial bank and central bank are embedded into the flexible price economy with the monetary effectiveness of Huang (2021). Based on this monetary economy with banks, an enormous asset price bubble economy similar to the Great Depression was created and stabilized. Credit is a Pareto improvement to the original economies. The resource allocation in the unique equilibrium of the multiagent economy with taxes, money, and credit in this paper is Pareto optimal
Investment response to business environment and governance: evidence from select quoted companies in Nigeria
Get PDFThis study examined the response of investment to business environment and governance of select quoted companies in Nigeria from the year 2020 to the year 2024. Using the Random effect panel data regression model, the study utilized various proxies of governance and business environment. The study employed control of corruption, voice and. accountability, political stability, crime rate, interest rate, exchange rate, total kilometer of rail and roads, financial development, exchange rate and interest rate as measures for governance and business environment, while share capital was used as proxy for investment. The study discovered that interest rate, total kilometer of rail lines, political stability, exchange rate and government effectiveness were found to have negative impact on investment. Moreover, total electricity generation, rule of law, total kilometer of roads, voice and accountability, Regulatory quality and financial development were found to have positive impact on investment. Crime rate had a negative and insignificant relationship with investment