69 research outputs found
Employer Related Determinants of Scheme Design in Occupational Defined Contribution Schemes in Kenya
Full text linkThis paper aims to provide an understanding of employer related determinants of scheme design in occupational defined contribution schemes (ODCS) in Kenya. ODCS involve no promises about the size of the benefits and no risk to the employer. The risk of ending up with low or no benefits falls entirely on the scheme members. It is necessary therefore, that determinants of scheme design are carefully considered in establishment and review of defined contribution schemes to deliver adequate benefits to members. Based on modern portfolio and the life cycle theories, the study investigated the key employer related determinants of scheme design in ODCS in Kenya. Primary data were collected using a questionnaire administered to scheme administrators in the sample. Descriptive statistics were used to profile respondents, describe sample characteristics and a logistic econometric model was applied to evaluate the employer related determinants of scheme design. The study showed that the key employer related determinants of scheme design were the employer’s budgetary constraint and recognition of the length of service of scheme members. From the findings, it was recommended that employers should in addition consider pensionable salary, retirement age and occupation in designing schemes. This would guarantee members a reasonable standard of living after retirement. Keywords: Scheme Design, Occupational Defined Contribution Schemes
Effects of Participation of Micro and Small Enterprises in Microfinance on Their Performance in Kenya
No full textThe development of the microfinance sub-sector in Kenya is seen as a favourable catalyst for increasing performance of Micro and Small Enterprises (MSEs). Despite the development, MSEs continue to suffer from high levels of financial exclusion and shortage of operating funds. This scenarios raise policy questions on whether participation in microfinance has effects on performance of MSEs. While past studies on this relationship have demonstrated that the effects are mixed, an understanding of the effects on participation of microfinance on different segments on MSEs - especially the youth and women owned businesses and age of businesses, is necessary in designing relevant policy changes in the MSE subsector. To address this, the study used the 2016 FinAccess Dataset and estimated these effects using the propensity score matching technique. This model was considered suitable since it accounted for potential endogeneity biases associated with self-selection into participation, unobserved entrepreneurial abilities and risk taking behaviour of MSEs. Apart from showing that participation in microfinance has positive effects on performance of MSEs, the study has demonstrated that there is presence of constraints limiting the impact of microfinance especially in firms owned by the youth and women. As such, there is need for policy and product designs to address these hindrances even as participation in microfinance is encouraged. Based on the results, it is recommended that government and microfinance providers should design policies and products that increase firm participation in microfinance. This may be through scaling up financial literacy programmes and encouraging acquisition of permits. Finally, policy should address obstacles that hinder the youth and women owned MSEs from benefiting from microfinance.</jats:p
EFFECTS OF FISCAL DECENTRALIZATION ON POVERTY REDUCTION IN KENYA
Full text linkThe Kenya government has instituted fiscal decentralization over the years to promote social economic development, reduce poverty and income inequality and ensure balanced regional development. Despite these efforts, poverty levels have remained high in Kenya. The literature on the relationship between fiscal decentralization and poverty has been rather inconclusive about the effects of fiscal decentralization on poverty. The main objective of this paper was to analyse the effects of fiscal decentralization on poverty in Kenya. Using cross-county panel data from 2002 – 2014 and published data from government agencies, UNDP reports and World Bank reports, the paper estimated various empirical models to analyse the effects intergovernmental transfers, sub-national own-source revenue and county expenditure on poverty in Kenya. The study established that the effect of fiscal decentralization on poverty depends on the nature of decentralization and the extent of fiscal decentralization as well as the county specifics. The paper therefore, recommends the need for for county governments to have adequate own-source revenue to finance their expenditure as opposed to relying on intergovernmental transfers from national government
Milton Friedman and U.S. monetary history: 1961-2006
Full text linkThis paper, using extensive archival material from several countries, brings together scattered information about Milton Friedman's views and predictions regarding U.S. monetary policy developments after 1960 (i.e., the period beyond that covered by his and Anna Schwartz's Monetary History of the United States). The author evaluates these interpretations and predictions in light of subsequent events.Friedman, Milton ; Federal Reserve System - History ; Economic history
``ANOMALOUS'' RO-VIBRATIONAL INTENSITIES IN THE BANDS OF
No full text J.B. Burkholder, P.D. Hammer, C.J. Howard, A.G. Maki, G. Thompson, and C. Chackerian, Jr., J. Mol. Spectrosc. 124, 137 (1987). C. Chackerian, Jr., G. Guelachvili, A. Lopez-Pineiro. and R.H. Tipping, J. Chem. Phys. 90. 641 (1989). D.D. Nelson, Jr., A. Schiffman, D.J. Nesbitt and J.D. Yaron, J. Chem. Phys. (to be published).Author Institution: Laboratoire d'Infrarouge, Universite de Paris-Sud.; Laboratoire d'Infrarouge, NASA-Ames Research CenterRelative line Intensities of p- and r- branch transitions of diatomic radical molecules (ClO, NH, OH) have recently1-3 been used along with the theory of the Herman-Wallis effect to obtain estimates of electric dipole vibrational transition moments. Of the first and second row diatomic hydrides, ab initio calculations predict SH to exhibit the largest H.W. effect. Indeed, our spectra confirm a very large effect, and we present here an attempt at a quantitative analysis of the Herman-Wallis intensity perturbation in SH
Spring Convocation for Honors, George H.W. Bush (2001)
No full textThis video titled, “Convocation for Honors, George H.W. Bush,” occurred in Alumni Gym on April 10, 2001. Elon College Convocation for Honors began in 1995 with the Elon Community gathering for Honors to recognize academic achievement, community service, and philanthropy. These ideals reflected the generosity of spirit and a commitment to excellence that are at the heart of a liberal education. The Elon College mission statement declared that “Elon embraces its founders’ vision of an academic community that transforms mind, body, and spirit” and nurtures “active student engagement with a faculty dedicated to excellent teaching and scholarly accomplishment.” Elon is committed to fostering a rich intellectual community. The program for Convocation for Honors included: The Processional, Triumphal March from Aida, Giuseppe Verdi; The Academic Procession, The College Mace, The Flags, The Class of 2001, The Academic Honors Students, The College Trustees, The College Faculty, and The Platform Participants; 00:13:15 The Invocation, Don A. Grady, Chair, Faculty-Staff Committee, Campaign for the Elon Vision; 00:16:30 The National Anthem, Laurie M. Saylor, Class of 2001; 00:17:49 The Welcome, Leo M. Lambert, President of Elon University; 00:23:49 The Celebration of the Elon Vision Strategic Plan; 00:34:08 The Honorary Degrees, Ernest A. Koury, Sr., Presented by J. Harold Smith, Trustee Emeritus, Maurice J. Koury presented by Dean E. Smith, Head Coach Emeritus, Men’s Basketball, University of North Carolina at Chapel Hill, North Carolina, The Honorable George H.W. Bush, Presented by Gail M. Drew, Chair, Board of Trustees, and conferred by Leo M. Lambert (each person spoke for the Honorary Degree); 00:46:31 The Special Music, America the Beautiful, Katharine Lee Bates and Samuel A. Ward, Elon College Camerata and Chorale; 00:48:03 The Presentation of the Speaker, Joshua J. Phoebus, Class of 2002; 00:49:19 The Convocation Address, The Honorable George H.W. Bush, President of the United States, 1989 – 1993; and The Recessional, Kronungsmarsch from Der Prophet, Giacomo Meyerbeer. During the convocation, Lambert introduced a video celebration of the Elon Vision. Four unknown named students stood on the Elon Alumni Gym balcony with an introduction to the Elon Vision video. The video included: the Elon clock (outside) Belk Library; a student reading outside of Alumni Gym; a student in a chemistry class in McMichael; a shot of the McMichael building; a student smiling; a sign reading ‘School of Communications’ outside Dean Paul Parson’s office (in 2016 – renovated); School of Communications television studio ‘On Air’ light; close shot of clay throwing on a ceramic wheel; faculty teaching; a student video shooting; a student in Belk Library book shelf; Thomas (Tom) Nelson teaching; wide shoot of the Moseley Center; a student pencil drawing; exterior of Koury Center; a student working with a Human Skeleton; a student sitting on the edge of Fonville Fountain on Scott Plaza; O’Kelly monument; Studio A in the School of Communication with a Fox 8 donated television set (in 2016, this space was renovated into a virtual studio); basketball playing; a chemistry faculty with a student in white robes; Elon cheerleaders on the football sidelines; piano playing; Spanish lecture; Stephen A. Futrell working with students in Yeager Hall; close up of a television switcher; the glass atrium in Belk Library; exterior of Alamance; a graphic that read “The Elon Vision”; Gail Drew sound bite, “how are we going to get this to happen?;” wide shot of the first floor of the School of Communications (2016, renovated); Noel Allen, Class of 1969, sound bite “Elon is a better institution”; Rhodes Stadium football plans (Ellerbe Beers, Architect/Engineers); Dusty Rhodes, Trustee sound bite, talked about new facilities in regards to academics and professorships; Ashton Newhall, Class of 1998, sound bite, George (Smith) Jackson in London on a double decker tour bus; students on a study aboard trip; Isabella Cannon, Class of 1924, sound-bite; El Centro office in Carlton; Pranab Das, Associate Professor sound-bite; student in the School of Communications engineer room; Kelli Palmer, Class of 1998, sound-bite, Das teaching in his class; wide shot inside Moseley Center with students discussing a topic around the fireplace – with a fire roaring; student at a 2001 computer; Scott Hildebrand teaching a computer class; Jane Wellford teaching a dance class in The Center of the Arts lobby; the School of Communications editing labs (in 2016, the editing suites renovated); exterior of the entrance of Belk Library; exterior of students walking to and from McMichael building; Isabella Cannon said, “Long Live Elon”; the basement of the School of Communications classroom (2016, the School of Communications was renovated); exterior of the Iris Holt McEwen sign; and the video closed with a graphic, “Long Live Elon.” 00:49:45 Bush began his address for the Convocation for Honors, which included: saying they (Barbara and George) may not leave Maynard House; thanked Don Grady, Josh, Gail Drew, and Laurie for singing the most difficult National Anthem, a pleasure being with Coach Smith; thanked the teachers of Elon; told a story of when he was an adjunct professor (between being the Director of the CIA and Vice President) at Rice University; singled out Mrs. Isabella Cannon, Class of 1924 and told her, “I was born in 1924, I asked her if she remembered me?” she said, “no, I do not”; Cannon was a true Point of Light; paid respect to all parents; parents never stop weighing in on giving advice to children; and advice from his own parents kept on going for President George H.W. Bush from his mother (Dorothy Wear Walker Bush)– as he was serving as Vice President. For example, Bush informed the audience of one of the stories in which during one of the State of the Union addresses (President Ronald Reagan) — Bush was sitting next to U.S. House Speaker Thomas Phillip (Tip) O'Neill Jr. (D-MA) and when I got back to the house and his mother was on the phone saying, “George, I was watching you and you were wonderful seeing my own son in front of the whole nation.” I said, “Mother you have seen the State of the Union message before.” His mother said, “Never with my son sitting as the Vice President and I did notice something.” “What was it,” George asked? “When President Reagan was talking to the nation, I noticed that you were talking with O’Neill (laughter). I said, “Mother he started it.” (Applause). George continued the story, she said, “George you should be smiling more.” I said, “Mother, Reagan was speaking about nuclear things and you want me to smile?” Bush continued with acknowledgment of the Kourys for their generous contributions to Elon University. 00:55:01 Bush asked President Lambert, what should I speak about and he (Lambert) responded, talk about 20 minutes. 00:54:44 Bush described how Billy Graham was big influence on 43 (43rd President of the United States, George Walker Bush) that would be my son, George Walker Bush. Bush continued on with a Graham story about a guy who was preaching too long (while speaking) - finally someone on the platform tossed the shoe at the speaker and hit a woman in the front row — she said, “Hit me again, I can still hear him.” Bush provided advice to the students that included; wear sun-screen, do one thing every day that scares you, floss your teeth, be imitated by someone like I was – Dana Thomas Carvey (stand-up comedian) “Not Goin Do It and it would not be prudent” (laugher). Bush said, “A lot of guys in Washington D.C. do not miss me, but there is one guy that does – Dana Carvey.” Bush read a quote: “Life is a game that must be played.” Bush continued to advise the Elon Class of 2001 with playing the game of life, and he had hope for the students – challenges and successes, but most of all I hope you find in the depth and meaning of life that comes to service of others. He informed the audience, 53 years ago I was sitting where you are today (2001) having been in the Navy and graduating from Yale University – bursting to get out there; claiming his stake in the world. Bush said, don’t be afraid of trying or dreaming – failure or tears. He continued informing the Class of 2001, “we all stumble and we all fear and this is what makes us human and with no regrets in life,” touching lives was the most important message that he wanted to mention at Elon Convocation. He said, “Lives are enriched by service and when I was president, spoke of a concept ‘One of Thousand Points of Light’ which are caring citizens who volunteer their time and effort to help make the world a better place than they found it.” Bush learned from Lambert, Elon students in the last year (2000) contributed more than 50 thousand hours of service, selfless service embodied by the Elon program, and in Bush’s eyes are ten of thousand ‘Points of Lights.’ Bush told a story of his wife, Barbara Bush giving a speech at Wellesley College (Wellesley College – 1870 – is a private women's liberal arts college located west of Boston in the town of Wellesley, Massachusetts, United States) there were females rioting, but Barbara was smart and invited Mrs. Raisa Maximovna Gorbacheva (wife of Russia’s President M. Gorbachev). The signs came down because they did not want to offend Raisa, and Barbara informed the Wellesley College students, “What happens in your house is more important than what happens in the White House.” Bush had one regret in not having a way to strengthening the American family. Bush applauded Chaplain Richard McBride in creating a way for Elon striving in the development of the whole student through mind and spirit. Bush quoted Theodore Roosevelt Jr (An American statesman, author, explorer, soldier, naturalist, and reformer who served as the 26th President of the United States from 1901 to 1909). Bush stated, “I have no fear that you students will not have to face the fear as your parents did with a nuclear holocaust by one or two superpowers, never have to be taught to hide under your desk to avoid nuclear fallout.” He mentioned to be aware of the Soviet Union bear. In closing, Bush advised the students to keep moving forward and reaching higher, dreaming, caring, and lifting; and always do your best for yourself, family, and for your country; and informing the audience that they just heard words from the proudest father in the United States. Lambert stated, “Thank you Mr. President.” The platform existed the stage. Danieley holding the Elon Mace shook former George H.W. Bush’s hand. Nancy Midgette led the recessional. Some names included: Stephen A. Futrell, Mary Alice Bragg, Steven Dube, Don Eagle, Timothy Hudson, Karl Kassner, Paul Neebe, Michael Kris, James Miller, Tony Granadas, Wallace Chandler, J. Fred Young, Gerald (Gerry) Francis, and Theodore Roosevelt Jr
The caves of Cunday (Colombia, South America)
No full textA short time ago rumors reached Bogota that a big cavesystem had been discovered by some farmers in the southwest of the department of Tolima, between the villages of Cunday and Purificación. This region belongs morphologically and geologically to the Eastern Cordillera, and forms the westernmost spurs of this mountain chain. As the existence of these caves was completely unknown up to that time, and as no limestones were known from that region, a scientific expedition was organized for a first exploration. The geological party of this expedition was formed by Dr. J. A. Bueno, the author and his wife. We went by car from Bogota to Girardot and from there to Cunday. The next day we had a whole day’s walk to the entrance of the eaves. After two days and two nights passed underground, we left the caves some kilometers to the southwest, at the other side of the mountains. From there we had a two-days walk to the nearest-by village on the Magdalena-river, Suarez. From there we returned to Bogota by car.
We only could explore some kilometers of the cave-system, but the guide told us that, entering south of Cunday, one can go on to the south and leave east of Purificación, at least ten kilometers southwest of the Cunday entrance. Knowing that there are several levels, these dimensions would place the Cunday-caves among the larger ones of the world
Analysis of the relationship between expenditure on oil imports and public spending on selected social services in Kenya
Full text linkAbctract. Since independence, oil imports in Kenya have been rising mainly to sustain the nascent transport, manufacturing, energy, agriculture and maritime sectors among other uses in the country. The growth in the country’s oil import bill has however been closely related to public spending in the health and education sectors which experienced shocks owing to the growth in expenditures apportioned to the rising volume of oil imports. Given the significance of the social pillar of the Kenya Vision 2030 and the inconsistency in the progress towards achieving the Sustainable Development Goals, which is inherent in the Kenya Vision 2030, understanding the linkages between the aforementioned trends in expenditures can help in explaining the progress towards attaining the education and health facets of the social pillar. The purpose of this study was to analyze the relationship between aggregate expenditure on oil imports and public spending on health and education. The data used was time series data sourced from Kenya National Bureau of Statistics, Central Bank of Kenya and World Bank. The study employed granger causality and correlation analysis. Based on standard Chi-square tests and F-tests, the findings of the study revealed that there exists bi-directional causality between government expenditure on health and aggregate expenditure on oil imports on one hand; and a unidirectional causality running from government spending on education to aggregate expenditure on oil imports on the other hand, both in the long-run and short-run. It is therefore recommended that the government should define what is deemed economically sustainable in regard to government expenditure on health as a proportion of the exchequer budget. It should also put in place policies that will institute reasonable margins for government expenditures on health and education to adjust as a measure to keep the rising oil import bill in check.Keywords. Public spending, Causality, Oil price shock.JEL. D61, H12, H51, H52, Q48
Guide to the nature and methods of analysis of the clay fraction of tephras from the South Auckland region, New Zealand.
No full textThe manual outlines some of the more common laboratory procedures available for qualitatively and quantitatively analysing the composition of the tephric clays, many of which are difficult to determine because of their short range order or 'amorphous' nature. Techniques described and assessed in terms of their rapidity and quantitativeness include XRD, IR, DTA, TEM and SEM, sodium fluoride reactivity, chemical dissolution analyses, and surface area measurements. No one technique alone produces a definitive clay fraction analysis of tephric deposits. -from Author
Emergence of alternative capital markets in developing countries as a process of institutional change
Full text linkThe present paper attempts to assess whether at all and in what ways the development of alternative capital markets may help an additional mobilisation of the given economy's domestic financial resources, and, consequently, contribute significantly to economic development. Against the theoretical background of both the old and the new institutional schools, a model of institutional change, leading to the emergence of alternative capital markets, is introduced. Using the theory of games as the theoretical tool to formalize, the model leads to conclude that the institutional change in question is only partial and incremental. In the same time, it demonstrates that if developing countries already have or can create strong technological hubs in their territories, alternative capital markets can spur technological progress and economic growth, even if the main capital markets, being the benchmark for those, are in other countries.institutional economics, strategy, emerging markets
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