Vietnam’s money and capital markets continue to see dramatic stages in the remaining months of 2011 due to high bank rates and also increasing foreign-exchange exposure faced by domestic enterprises.

This paper endeavors to understand the research landscape of finance research in Vietnam during the period 2008 to 2020 and predict the key defining future research directions. Using the comprehensive database of Vietnam’s international publications in social sciences and humanities, we extract a dataset of 314 papers on finance topics in Vietnam from 2008 to 2020. Then, we apply a systematic approach to analyze four important themes: Structural issues, Banking system, Firm issues, and Financial psychology (...) and behavior. Overall, there have been three noticeable trends within finance research in Vietnam: (1) assessment of financial policies or financial regulation, (2) deciphering the correlates of firms’ financial performances, and (3) opportunities and challenges in adopting innovations and ideas from foreign financial market systems. Our analysis identifies several fertile areas for future research, including financial market analysis in the post-COVID-19 eras, fintech, and green finance. (shrink)

In 1997, the World Bank Group1 published in English one of its many country studies, entitled Vietnam: Education Financing. Its goal was to measure 'what changes in educational policies will ensure that students who pass through the system today will acquire the knowledge, skills and attitudes needed for Vietnam to complete the transition successfully from a planned to a market economy'(World Bank 1997: xiii). Skills, knowledge, and attitude designate the successfully 'educated' Vietnamese national subjects for the bank. (...) The educational 'system' performs, therefore, a disciplinary function by using the technologies of the nation state to cultivate productive humans—measured by technical expertise and computer and business skills—for transnational companies who do business in the region. (shrink)

The book revives the neutral monism of Mach, James, and Russell and applies the updated view to the problem of redefining physicalism, explaining the origins of sensation, and the problem of deriving extended physical objects and systems from an ontology of events.

Grete Hermann’s essay “Die naturphilosophischen Grundlagen der Quantenmechanik” has received much deserved scholarly attention in recent years. In this paper, I follow the lead of Elise Crull who sees in Hermann’s work the general outlines of a neo-Kantian interpretation of quantum theory. In full support of this view, I focus on Hermann’s central claim that limited spatio-temporal, and even analogically causal, representations of events exist within an overall relational structure of entangled quantum mechanical states that defy any unified spatio-temporal description. (...) In my view, Hermann also advances an important transcendental argument that perspectival spatio-temporal representations of nature have their foundations in general relational networks that are not spatio-temporal. The key point is that the adoption of a perspectival system within the general network induces the representation but only for that context. These ideas are consistent with a perspectival subject–object principle in Kant and also with Weyl’s work on Lie groups and their representations. (shrink)

The human conceptual system comprises simulated information of sensorimotor experience and linguistic distributional information of how words are used in language. Moreover, the linguistic shortcut hypothesis predicts that people will use computationally cheaper linguistic distributional information where it is sufficient to inform a task response. In a pre‐registered category production study, we asked participants to verbally name members of concrete and abstract categories and tested whether performance could be predicted by a novel measure of sensorimotor similarity (based on an (...) 11‐dimensional representation of sensorimotor strength) and linguistic proximity (based on word co‐occurrence derived from a large corpus). As predicted, both measures predicted the order and frequency of category production but, critically, linguistic proximity had an effect above and beyond sensorimotor similarity. A follow‐up study using typicality ratings as an additional predictor found that typicality was often the strongest predictor of category production variables, but it did not subsume sensorimotor and linguistic effects. Finally, we created a novel, fully grounded computational model of conceptual activation during category production, which best approximated typical human performance when conceptual activation was allowed to spread indirectly between concepts, and when candidate category members came from both sensorimotor and linguistic distributional representations. Critically, model performance was indistinguishable from typical human performance. Results support the linguistic shortcut hypothesis in semantic processing and provide strong evidence that both linguistic and grounded representations are inherent to the functioning of the conceptual system. All materials, data, and code are available at https://osf.io/vaq56/. (shrink)

This paper for an upcoming journal volume examines Grete Hermann's Naturphilosophischen Grundlagen der Quantenmechanik (1935) and the relative context, or perspectival, interpretation of standard quantum mechanics found therein. I find an argument for the emergence of limited spatio-temporal and retrocausal stories, from a chosen experimental perspective, within a larger set of entangled systems not subject to a spatio-temporal interpretation. This argument can be read in reverse as giving some of the necessary preconditions of spatio-temporal representations as based upon perspectival relations, (...) carrying on a Kantian transcendental argument on one hand, and on the other hand, looking forward to Weyl's use of symmetry groups, Lie algebras and their representations in quantum mechanics. (shrink)

Every educational system requires some kind of management and control. This is particularly true in the case of occupational education and dual apprenticeship. Nevertheless, the didactical value and the overall success of such kind of educational systems can vary considerably. Any educational system, any system of apprenticeship requires either some kind of coordination or some kind of co-operation. In Germany, despite the fact that there is a lot of rumors about the importance of cooperation for over a (...) decade by now, the well-known dual system of vocational education is firmly grounded on the management principle of co-ordination. The control of the system ‘by plans’ apparently has proved to be the most adequate approach to its organization and management structures. Starting from the idea of a duality which is characterized by its didactical dimension, the set of qualities needed for this purpose can be illustrated by following the logic of different didactical approaches in vocational education. (shrink)

The function of groups as information processors is increasingly being recognised in a number of theories of group cognition. A theme of many of these is an emphasis on sharing cognition. This paper extends current conceptualisations of groups by critiquing the focus on shared cognition and emphasising the distribution of cognition in groups. In particular, it develops an account of the distribution of one cognitive construct, mental models. Mental models have been chosen as a focus because they are used in (...) a number of theories of high level cognition from different areas of research such as cognitive science and human factors and so the implication of this development is wide reaching. This paper reviews the unconnected literatures on distributed cognition and mental models and integrates them in order to extend the theory of mental models to distributed cognitive systems such as groups. The distributed cognition literature is reviewed and the importance of considering the group as single cognitive system is adopted. A range of mental model theories are reviewed leading to the conclusion that they all have, in some form, the central feature of a mapping onto the cognitive system. Combining these two ideas, it is proposed that the model can be a mapping onto the whole group, if the information is distributed appropriately and the connections between parts of the model maintained through communication. This cognitive construct is referred to as a distributed mental model. Implications and applications of this theory are discussed. (shrink)

Abstract. The American dream of the “self-made man” is as central to the functioning of our capitalist society as Wall Street and as familiar as the Statue of Liberty. According to this dream, the tired masses have a shot at making it on their own if they have the will power, stamina, and intestinal fortitude to survive and compete. What do we do now that we are faced with scientific evidence that this very strategy is driving society into disconnection, despair, (...) and even poor health? Relational-cultural theory states that growth happens through and toward relationships not toward increased separation and autonomy. Relational-cultural theory describes empathy and mutuality as key components to healthy relationships. This essay will focus on the latest research in the neuroscience of relationships—the development of the capacity to connect within relationships, the systems that help us read and empathize with others, the adaptability and plasticity of the central nervous system, and the destructive nature of isolation. (shrink)

The healthcare systems of the United States and United Kingdom are vastly different. The former relies primarily on private sector incentives and market forces to allocate medical care services, while the latter is a centrally planned system funded almost entirely by the public sector. Therefore, each nation represents divergent views on the relative efficacy of the market or government in achieving social objectives in the area of medical care policy. Since its inception in 1948, the National Health Services of (...) the United Kingdom has consistently emphasized equity in the allocation of medical services. It has done so by creating a system whereby services are universally free of charge at the point of entry. Conversely, the United States has relied upon the evolution of a perplexing array of public and private sector insurance schemes centered more around consumer choice than equity in allocation. (shrink)

The prelude to successful human somatic gene therapy, i.e. the efficient transfer and expression of a variety of human genes into target cells, has already been accomplished in several systems. Safe methods have been devised to do this using non‐viral and viral vectors. Potentially therapeutic genes have been transferred into many accessible cell types, including hematopoietic cells, hepatocytes and cancer cells, in several different approaches to ex vivo gene therapy. Successful in vivo gene therapy requires improvements in tissuetargeting and new (...) vector design, which are already being sought. Gene‐transfer protocols have been approved for human use in inherited diseases, cancer and acquired disorders. Althouth the results of these trials to date have been somewhat disappointing, human somatic cell gene therapy promises to be an effective addition to the arsenal of approaches to the therapy of many human diseases in the 21st century if not sooner. (shrink)

Can the institutional systems that prepare Black nurse researchers question the ways their systemic pathways have impacted health equity knowledge development in nursing? We invite our readers to keep this question in mind and engage with our conversation as Black nurse researchers, scholars, educators, and clinicians. The purpose of our conversation, and this article, is to explore the transactional impact of knowledge development pathways and Black faculty retention pathways on the state of health equity knowledge in nursing today. Over a (...) series of conversations, we discuss the research exploitation of communities of color, deficit research funding, knowledge capitalization, the marginalization of diversity as a continuous process, a lack of sociocultural authority, and our thoughts on solutions. We conclude by using the wisdom of a generation to answer our initial question. (shrink)

Source: Author: Hamid Abrishami, Masoud Saboji Studying the function of banks is crucial because their vigorous role in the economy seems to be a subject of immense importance. In the present study, we analyze and study the role of whole banks, commercial banks and specialized banks between 2002 and 2012 in Isfahan, based on the growth of value added approach in the industrial sector. In order to investigate this matter, we have estimated three extinction panels for the whole banking (...) system, specialized banks and commercial banks in Eviews 9. Based on the results it can be argued that in the panels of whole banks and specialized banks, payment facilities have a positive and meaningful impact on the growth of value added in all three sectors of the economy, but in the panel of commercial banks, only banking facilities on a 10 percent level have a positive and meaningful impact on the growth of value added in the industrial sector. As a result, we can conclude that specializing the bank's activities can have a positive effect on the growth of value added in various sectors of the economy. ]]>. (shrink)

This paper argues that professionals who make boundary-related decisions should be guided by relationship-based practice. In our roles as service users and professionals, drawing from our lived experiences of professional relationships, we argue we need to move away from distance-based practice. This includes understanding the boundary stories and narratives that exist for all of us – including the people we support, other professionals, as well as the organisations and systems within which we work. When we are dealing with professional boundary (...) issues, we should centre relationship-building skills that are central to many other aspects of our work. Skills that foster relationships at all levels – between professionals, service users, and services – need to be revalued. Our final recommendation is to create, develop, and foster safer spaces within and outside of organisations, as well as inter-professionally, for the discussion and exploration of boundary-related issues and practice. We are interested in hearing from those with experiences of being marginalised by boundaries so that they can inform a reshaping of our collective ideas around boundary related practices. To foster relationship-based practices in organisations, we have outlined several recommendations here; however, we recognize that these do not go far enough, and that collective action is needed to inform systemic change. (shrink)

A recurring citation in systemic risk literature reviews offers a model where what they describe as a free banking system is vulnerable to contagious bank runs through clearinghouse loans. The paper ignores key contributions to both free banking and financial history literature, such that the paper is of little relevance to the understanding of the stability of both free banking systems and clearinghouse arrangements. Our criticism concentrates on the institutions of banking absent or misrepresented. It (...) is argued that their conclusions are inapplicable to free banking. (shrink)

Over the past few decades, large food banks that collect, warehouse, and redistribute food have become institutionalized across Europe. Although food banks gained increased visibility as important food relief mechanisms during the covid pandemic in 2020 and 2021, the crisis also highlighted their structural weaknesses and the fragility of the charity-based emergency food system. In particular, many European food banks faced higher costs, lower food stocks, uneven food donations, and lower numbers of volunteers and personnel as demand for food (...) relief increased sharply. Also, many food banks lacked personal health and safety equipment for front-line staff and volunteers, many of whom were vulnerable or aged, thus forcing the closure of some charities due to health concerns. Yet, the impact of the pandemic was uneven across the continent as the covid pandemic strengthened some food banks while others were weakened. To explore these dynamics in detail, this paper utilizes in-depth interviews and surveys of key food bank operators in the Netherlands, Norway, and Greece to analyze how and why European food bank systems fared so differently from the pandemic. In short, the findings in this paper reveal how the Norwegian food bank system leveraged its position to increase fundraising and visibility, while the Netherlands food bank system suffered from long-term structural weaknesses, and the Greek food bank system was further embroiled in government tensions that threatened its existence. The preexisting structure of food bank systems, broader political economy, and historical context significantly impacted how food relief networks fared during the pandemic. (shrink)

This study aims to identify the necessary strategies for the development of a sustainable financial system. For this purpose, a novel approach could be provided for soft computing with Gaussian-based fuzzy DEMATEL approach to understand the significant levels and impact-relation degrees of these criteria. For robustness check, this evaluation has also been performed for triangular and trapezoidal fuzzy sets. There are many novelties of this study. Firstly, computer science has a significant role in the decision-making process. Another specificity is (...) that the use of Gaussian numbers with fuzzy numbers is a new area. In addition, interval type-2 fuzzy sets also provide a significant advantage in decision-making under uncertainty. The results demonstrate that the size of the alternative financing, investment in efficient projects, and effective advertisement/promotions are the most important items to affect the performance of alternative banking system of emerging economies. Hence, it is recommended that the new banking applications should be applied by the state or the state can provide some incentives for foreign banks to invest in emerging economies, such as tax reduction. Another important point is that the financial intermediations should generate a component financial analysis team to examine the financial reports of the companies in detail so that the financial credibility of these companies can be evaluated more effectively. (shrink)

In this paper we extend an argument originally developed in Hülsmann to analyze changes to the structure of production that occur when the demand for money changes. In particular, we show that Hülsmann’s argument, which contrasted such changes under commodity and fiat systems, applies as well to the case of 100% reserve systems contrasted with fractional reserve free banking systems . Specifically, we argue that under a 100% reserve system, the structure of production will change in response to (...) a change in demand for money, and that it will not under FR/FB. In fact, such changes are beneficial. Since one of the central arguments in defense of FR/FB is precisely the fact that it avoids such changes to the structure of production , we conclude that this argument amounts to comparing different mechanisms for attaining different equilibrium states, and hence is invalid as a defense of that mechanism as such. (shrink)

The research purpose is to find out if signs of a real estate bubble are shown at the austrian real estate market right now. Lending rates are composed of different factors: the base rate is the price that the customer is willing to pay. The risk premium is given to compensate the lenders risk of full or partial failure of repayment. The inflation adjustment takes into account the impairment of money over the term of a loan. The liquidity premium increases (...) with extension of the term of the loan. The European Central Bank influences the interest rate policy by varying the interest for money saved there by the banks. At the moment there are used negative interest rates, i.e. penalty interest. The methodology used was that recently the ECB lowered the interest rates which might cause real estate bubbles and, subsequently, banks and economic crises may follow, if interest rates were to be increased again sooner or later. Therefor the author studied the amount of sales and the connection to the interest rates and the interest rate policy of the banks right now. Summarizing it can be seen that in Kittsee, an Austrian area with a lot of real estate sales, as an example, 565 real estate properties were sold in the years 2005 to 2015, the median prices increased in relation to the buyers residence in Austria or non- Austrians at about 375% to 490%, this might indicate signs of change on the market. (shrink)

The conventional view of banking crises sees them as an inherent problem of fractional‐reserve banking systems. According to this view, government regulation in the form of an alert central bank (acting as a “lender of last resort"), or deposit insurance, or both is needed to keep isolated bank failures from generating systemwide panic. But this view does not mesh with historical experience, which points to government regulation itself as the most likely cause of banking crises.

Exposure of the banking system to the Global Financial Crisis attracted attention to the study of riskiness and spillover. This paper studies the pattern of systemic risk and size effect in the Indian banking sector. Based on market capitalization, three public sector banks and three from the private sector were taken. Data are taken from the year 2007 to 2020. The analysis is done through quantile- CoVaR and TENET measure. State variables like Indian market volatility and global (...) risk measures negatively influence the Indian banks’ returns. Liquidity risk is a crucial aspect of private banks. Public banks experience public confidence even in the distress period. Large banks like HDFC and SBI bank offer the highest degree of systemic risk contribution. The role of private banks in transmitting systemic risk has been intensifying since 2015. Small-sized banks like PNB and BOB have become significant receivers and transmitters of risk. (shrink)

When Muslims thought of establishing milk banks, religious reservations were raised. These reservations were based on the concept that women's milk creates ‘milk kinship’ believed to impede marriage in Islamic Law. This type of kinship is, however, a distinctive phenomenon of Arab tradition and relatively unknown in Western cultures. This article is a pioneer study which fathoms out the contemporary discussions of Muslim scholars on this issue. The main focus here is a religious guideline (fatwa) issued in 1983, referred to (...) in this article as ‘one text’, by the Egyptian scholar Yūsuf al-Qaradāwī who saw no religious problem in establishing or using these banks. After a number of introductory remarks on the ‘Western’ phenomenon of milk banks and the ‘Islamic’ phenomenon of ‘milk kinship’, this article analyses the fatwa of al-Qaradāwī‘one text’ and investigates the ‘two contexts’ in which this fatwa was discussed, namely, the context of the Muslim world and that of Muslim minorities living in the West. The first context led to rejecting the fatwa and refusing to introduce the milk banking system in the Muslim world. The second context led to accepting this system and thus allowing Muslims living in the West to donate and receive milk from these banks. Besides its relevance to specialists in the fields of Islamic studies, anthropology and medical ethics, this article will also be helpful to physicians and nurses who deal with patients of Islamic background. (shrink)

One of the leading explanations for Canadian banking stability through the global financial crisis of 2007–08 is the Concentration-Stability Hypothesis (CSH), according to which the oligopoly of Canadian finance stabilised the credit system by cushioning it with above-average profits. These provided a buffer against fragility and incentives against excessive risk-taking. In this article, I critically examine CSH and show that classical Marxian analysis more effectively illuminates Canadian banking stability. I demonstrate that robust corporate profitability and capital accumulation (...) before the crisis strengthened the balance sheets of the banks and supported them through those turbulent years. Thus, financial stability is linked explicitly to broader economic stability, and the latter is linked to the profitability of business enterprise. (shrink)

This article examines multinational banks’ approaches to corporate social responsibility in developing countries’ subsidiaries, particularly in Latin America. Building on in-depth case studies of two MNBs that are based in Europe and market leaders in Latin America, we analyze their CSR motivations and outcomes in host countries. We examine institutional environments by applying the national business system framework, and we suggest missing categories in its financial and educational dimensions. We theorize how institutional necessity determines MNBs' CSR in developing countries. (...) Finally, we examine the CSR outcomes in Latin America, where banks’ responsible conduct has led to major improvements in educational levels and financial inclusion. These improvements alleviate poverty and enhance both country's social wellbeing and MNBs’ legitimacy, leading to mutual prosperity. (shrink)

The main aim of this study is to undertake a critical examination of the ethical and developmental performance of an Islamic bank as communicated in its annual reports over a period of 28 years. Islami Bank Bangladesh Limited’s ethical performance and disclosures are further analyzed through interviews conducted with the bank’s senior management. The key findings include an overall increase in ethical disclosures during the study period. However, the focus on various stakeholders’ needs has varied over time reflecting the evolving (...) nature of the Islamic finance industry over the last three decades. Based on a secular economy, IBBL focused in the first two decades on the “Particular” Shariah compliance disclosure as a way of establishing its reputation and differentiating itself from conventional banks in a dual banking system. Post 2005, the ethical performance and disclosure shifted to more “Universal” disclosures such as sustainability, charity, employees, and community related disclosures signaling responsible conduct and the bank’s adoption of a “wider stakeholder approach.” However the bank is still failing to provide full disclosure on certain significant categories such as sources and uses of disposable income, thereby contradicting the principles of full and comprehensive disclosure and accountability. In addition, the structure of IBBL’s investment portfolio reveals an overreliance on debt-based financial instruments and a shortcoming in fulfilling the developmental and social objectives of Islamic finance. This is evidenced by the “qualified” Shariah Supervisory Board reports that the bank consistently received. This research provides further evidence that Islamic banking and Finance in its current practices reflect the “global” and the “local” influences in an era dominated by global conventional finance. (shrink)

Cette réaction est suscitée par l’article de Laurent Le Maux, récemment publié dans ce Journal. Le Maux affirme que Ludwig von Mises était le défenseur d’un système de réserves fractionnaires et un précurseur des économistes contemporains partisans des réserves fractionnaires. Nous critiquons la manière dont Le Maux utilise la littérature ancienne dans ce domaine, et nous montrons qu’il n’est pas suffisamment au fait des travaux de Mises et des problèmes qui divisent les défenseurs et les opposants du système de réserves (...) fractionnaires. Les écrits de Ludwig von Mises fournissent la preuve accablante qu’il était, et il le disait lui-même, un économiste qui développait l’approche de la Currency School dans le domaine des problèmes bancaires.This paper takes issue with an article by Laurent Le Maux that recently appeared in this journal. Le Maux claims that Ludwig von Mises was an advocate of fractional-reserve banking and a precursor of presentday economists defending fractional reserves. We criticise Le Maux’s treatment of previous literature in the field, and show that he is insufficiently acquainted with Mises’ work and with the problems that divide advocates and opponents of fractional reserves. Ludwig von Mises’ writings provide overwhelming evidence that he was, and saw himself as, an economist who developed the approach of the Currency School toward problems of banking. (shrink)

Central banks have become the go-to institution of modern economies. In the wake of the 2007 financial crisis, they injected trillions of dollars of liquidity – through a process known as quantitative easing – first to prevent financial meltdown and later to stimulate the economy. The untold story behind these measures, and behind the changing roles of central banks generally, is that they have come at a considerable cost. Central banks argue we had no choice. This book offers a powerfully (...) original examination of why this claim is false. Using examples from Europe and the US, the authors present and analyse three specific concerns about the way central banks in developed economies operate today. Firstly, they show how unconventional monetary policies have created significant unintended negative consequences in terms of inequalities in income and wealth. They go on to argue that central banks may have become independent of governments, but have instead become worryingly dependent on financial markets. They then proceed to analyse how central bankers, despite being the undisputed experts on monetary policy, can still err and suffer from multiple forms of bias. This book is a sobering and urgent wake-up call for policy-makers and anyone interested in how our monetary and financial system really works. (shrink)

The cessation of the merchant from paying his commercial debts entails entering into financial hardship that leads to the possibility of declaring bankruptcy, and ruling in the case of bankruptcy, so there must be a competent court that considers all bankruptcy affairs, and in the event that the court announces the bankruptcy decision, this decision is absolutely authoritative, whether in terms of funds or persons, so most legislation at the present time assigns the task of declaring bankruptcy to specialized courts (...) that differed in their rulings, whether in terms of jurisdiction or in terms of The entity that administers the bankruptcy and in terms of the impact obtained from the bankruptcy decision and the parties to appeal those decisions, the origin is that there is only a relative authority of the judgments, so their effects do not occur except for those who were a party to the litigation, and they are related only to the subject matter of the dispute. As for the bankruptcy judgment, its argument is absolute, when the judgment of bankruptcy is issued, the debtor is not considered bankrupt in view of the creditor only who requested the bankruptcy month, but it is also considered bankrupt for everyone and other creditors, even if they are not a party to the bankruptcy lawsuit, and the bankruptcy judgment deals with the entire liability of the merchant, as the bankruptcy month is considered as a general limitation of the trader's funds, whether they are related to his trade or not, and also includes existing (present) funds and future funds. It is possible to exist later as the goal here is to carry out a collective liquidation of the bankrupt's money. However, the bank tries to stand on its feet before carrying out any bankruptcy declaration procedure through the guardianship system or banking reorganization means in order to try to avoid the bank entering into more dangerous procedures of bankruptcy and liquidation and try to avoid declaring bankruptcy. (shrink)

The numerous historical episodes of free banking have invariably ended in the establishment of central banking. Was the failure of free banking due to ?theory,? ?seignorage??the attempt by governments to use central banks for revenue purposes?or to ?crises?? Would a free banking system be stable, free of crises? This is the crux of the theoretical and historical debate.

This set examines the development of banking in the United States in the first half of the nineteenth century. When Congress first tried to introduce a unified currency to finance a national army it failed because of the large number of counterfeit notes in circulation. Similarly two attempts to set up a central bank resulted in bankruptcy. Even after the Mint was set up, the Federal government's theoretical monopoly over coinage did not stop states from using their charter to (...) set up note issuing banks. The resulting corruption and fraud let to experiments in regulation and a system of 'free banking'. The material included examines such issues as the role of a central bank, banking regulation, banks and the money supply. (shrink)

In developing countries, banks are simply not present where the majority of poor people live and work. This imposes burdensome access costs on customers who need to travel to distant branches, so the majority of the population opts out from the formal banking system. Banking services can be offered through everyday stores that exist in every community and by new technology, particularly mobile communications networks. Banking regulations, however, impede such possibilities in many developing countries.

This Article draws lessons from Italian history as to how the state may possibly intervene in economic crises without jeopardizing the economy or affecting competition. It first describes how and why Italy got to the point in the 1930s where the government had to save the financial system. That was accomplished by setting up a public financial holding company, which became the majority shareholder of banks and companies in the telecommunications, steel, shipping, engineering, and energy industries, among others. The (...) so-called IRI formula has long been considered a model both in the European Union and outside it, with many countries setting up similar companies. Initially, the IRI performed well in Italy and acted as a market player. In the 1960s, however, its performance deteriorated under pressure from political parties. This degeneration combined with pressure from the European Union prompted Italy to gradually privatize the state-owned companies, a process that ended only recently. Ironically, the pendulum is now swinging back. In preparation for the next crisis, Italy is currently planning to go “back to the state.” The Article presents different ways of public intervention in the economy and offers suggestions for future reforms. (shrink)

Based on detailed analysis of thousands of confidential World Bank documents, this book demonstrates that the World Bank lies at the centre of the major changes in global education of our time. It outlines the evolution of World Bank lending policies in education, and assesses the policy impact of the Bank's educational projects, looking at how it has: shaped the economic and social policies of many governments, including policies that affect education been an influential proponent of the rapid expansion of (...) formal education systems around the world, financing much of that expansion been instrumental in forging those policies that see education as a precursor to modernisation served as a major purveyor of Western ideas about how education and the economy are, or should be, related. Following on from the success of the first edition, this revised edition covers topical issues of globalisation and looks into the political debate concerning aid to developing countries. It will be of enormous value to those studying, or working in, educational policy in developing countries, international organisations and financial institutions, and aid agencies. (shrink)

Despite all the hyperbole, Natural Capitalism is not a great book and even less of a radical concept. Indeed, the "natural" is wholly unnecessary, for most of its "radical insights" amounts to nothing more than a rediscovery of the fundamental tenets of a market economy. Good capitalist entrepreneurs have always been able to figure out that pollution and waste are both inefficient and expensive. They never needed government officials or business consultants to tell them that you can do well financially (...) and environmentally at the same time. In spite of all this, if Natural Capitalism succeeds in convincing a large segment of the population that economic growth needn’t coincide with environmental degradation, it will have played a useful role—perhaps one that long-time advocates of market economies simply cannot play. One nonetheless hopes that Hawken and the Lovins will one day take a good look at what their ancestors achieved and give some credit to writers who made all of their good points—and most of their bad ones—long before they were born. (shrink)

In this article we consider an argument put forth by Selgin in support of the claim that there exists a mechanism for limiting coordinated expansions of fiduciary media under a system of fractional reserve free banking. Selgin argues that such banks hold risk-adjusted reserves against expected losses, and even if the expectation of reserve losses remains zero, the variance of such losses increases under an in-concert expansion . It is this increased variability that is claimed to act as (...) a brake on the expansion. We take issue with this argument on the basis of the fact that such a characterization of observed clearings would require that characteristics of the underlying data-generating process be obtainable from pathwise realizations of that process. In other words, there is an implicit assumption of stationarity in Selgin’s argument, and this assumption is at odds with well-known empirical facts of non-stationarity associated with most economic time series. We also point out ways in which techniques of risk management commonly found in the modern financial industry are unlikely to be effective in addressing this problem. (shrink)

The paper develops a responsibility-based account of professional ethics in banking. From this perspective, bankers have duties not only toward clients—the traditional focus of professional ethics—but also regarding the prevention of systemic harms to whole societies. When trying to fulfill these duties, bankers have to meet three challenges: epistemic challenges, motivational challenges, and a coordination challenge. These challenges can best be met by a combination of regulation and ethics that aligns responsibilities, recognition, and incentives and creates what Parsons has (...) called “integrated situations”. Professional associations play an important role for this purpose, especially as spaces in which peer recognition is earned. But financial incentives equally need to be brought in line, for example, through deferred bonuses or claw backs. Such measures can create a new culture of accountability in banking. (shrink)

Banking, in common with other areas of finance, is often considered an amoral field focused purely on risk and return. However, ethics does have an important role to play, both traditionally and as business and banking evolve. Based on a speech to a European Union conference on financing small and medium–sized enterprises , this paper seeks to provide an overview of ethics in banking using three terms. Integrity is important to generate the trust necessary for any (...) class='Hi'>banking system to flourish, responsibility highlights contemporary banks’ need to take into account the consequences of their lending policies, and affinity refers to a set of relatively novel ways in which depositors and borrowers can be brought closer together than they are in conventional western banking. (shrink)

The 2008 bailout is often taken as evidence of the domination of the US political system by large financial institutions. In fact, the bailout demonstrated the vulnerability of US banks to government pressure. Large banks in the United States could not defy regulators, because their future income depended on the US market. In Britain, by contrast, one bank succeeded in scuttling the preferred governmental solution of an industry-wide recapitalization, because most of its revenue came from outside the United Kingdom. (...) This was an exercise of structural power, but one that most contemporary scholarship on business power ignores or misclassifies, since it limits structural power to the automatic adjustment of policy to the possibility of disinvestment. We show that structural power can be exercised strategically, that it is distinct from instrumental power based on lobbying, and that it explains consequential variations in bailout design in the United Kingdom, the United States, France, and Germany. (shrink)

Bio‐banking in research elicits numerous ethical issues related to informed consent, privacy and identifiability of samples, return of results, incidental findings, international data exchange, ownership of samples, and benefit sharing etc. In low and middle income (LMICs) countries the challenge of inadequate guidelines and regulations on the proper conduct of research compounds the ethical issues. In addition, failure to pay attention to underlying indigenous worldviews that ought to inform issues, practices and policies in Africa may exacerbate the situation. In (...) this paper we discuss how the African context presents unique and outstanding cultural thought systems regarding the human body and biological materials that can be put into perspective in bio‐bank research. We give the example of African ontology of nature presented by John Samwel Mbiti as foundational in adding value to the discourse about enhancing relevance of bio‐bank research in the African context. We underline that cultural rites of passage performed on the human body in majority of communities in Africa elicit quintessential perspective on beliefs about handling of human body and human biological tissues. We conclude that acknowledgement and inclusion of African indigenous worldviews regarding the human body is essential in influencing best practices in biobank research in Africa. (shrink)

How ethical have recent banking practices been? We answer this question via an economic analysis. We assess the two dominant practices of the modern banking system – fractional reserves and maturity transformation – by gauging the respective rights of the relevant parties. By distinguishing the legal and economic differences between deposit and loan contracts, we determine that the practice of maturity transformation (in its various guises) is not only ethical but also serves a positive social function. The (...) foundation of the modern banking system – the holding of fractional reserves against deposits – is, however, problematic from economic, legal and ethical perspectives. Starting from a microanalysis of money's function, a reassessment of the current laws concerning the practice is encouraged, with the aim not only to rectify economic irregularities but also to realign depositors' rights with the obligations of the banking sector. (shrink)

In the United States, food banks served an estimated 46 million people in 2015. A combination of government policy reforms and political economic trends contributed to the rising numbers of individuals relying on private food assistance in the US, the United Kingdom and other high-income countries. Although researchers frequently map urban food environments, this project is one of the first to map private food assistance and potential need at the census-tract scale. We utilize Geographic Information Systems, demographic data, and food (...) assistance locations to develop a rapid assessment tool that could support food banks, pantries, soup kitchens, and government agencies that seek to answer the question of whether people with the greatest need have food distribution sites in close proximity. We define access based on distance and then calculate potential food insecurity using either poverty rates or a food insecurity index. We apply these methods in a case study analysis of Santa Clara County, California. Our findings suggest that food assistance distribution locations match the areas of potential need in more than 80% of urban census tracts. However, there are several potentially underserved locations and populations that could benefit from new food assistance operations. The poverty and index-based approaches show significant spatial overlap in mapped areas of high food insecurity and low access. The poverty only approach produces a higher estimate of food insecurity rates, is easier to calculate, and draws attention to the need to address poverty as a root cause of hunger. (shrink)

Across the world, corruption is endemic, a cause of growing inequality, and an impediment to economic growth. Many countries have attempted to curb corruption at the national level, with little success. Researchers have argued that, instead of initiate controlling corruption at national level, resisting corruption should be actively instigated within organisations. Specifically, Luo :119–154, 2005) suggests that corruption becomes entrenched in organisations through the task and institutional environments, and can therefore only be fought through changes in institutional architecture. Modification of (...) Luo’s model, by putting in place anti-corruption systems at the start, shows how anti-corruption behaviours become established and can be resisted. In this paper, we explore the successful management of organisational corruption by the Grameen Bank, a leading microfinance institute that operates in Bangladesh. For many years, this bank has stood out against the generally accepted culture of corruption in Bangladesh. Using the case study method, this research explores the impact of the anti-corruption structures and processes implemented by Grameen Bank, as a unique illustration within Bangladesh of the value of this modified version of the Luo’s model. The bank has actively introduced policies and processes that have made it difficult for corruption to become established. (shrink)