Capital Exchange Research Articles

Hebei New Area in Tianjin, 1902–1912 – implementing Japanese commercial and industrial urban planning ideas in China

ABSTRACT A transnational flow of capital exchange during the 19th and early 20th centuries brought planning ideas and modernity into China. Since European countries and America used violence to place China into a colonial world and its forms of power-knowledge, the existing works too often focus on the impact of the ‘west’, treating the Chinese as passive recipients who responded to ‘western’ transnational planning ideas, while neglecting the transnational flow of Intra-Asia. By exploring the formation of urbanism in Hebei New Area in Tianjin, this article reveals that the Chinese did not allow themselves to be dictated to by the planning ideas emanating from the west. Instead, they both sought the most suitable ideas based on their local situations and actively imported planning ideas from the east – Japan. The authorities in Tianjin sent officials to Japan to draw upon Japanese industrial and commercial planning models to set up their own organizational framework, urban built environments, and operational management. Consequently, they incorporated planning ideas from the ‘east’ to re-organize the daily life of the masses and modernize their city. These ideas were juxtaposed with ideas from the ‘west’ to shape the urbanism of Tianjin.

Kointegraciona analiza tržišnog indeksa i deviznog kursa - slučaj srpske ekonomije

Since the late 90's, the existence and direction of causality between the capital market and foreign exchange market have attracted significant attention of theoretical and empirical researchers. This is because both of these financial variables have an indisputable role in the development of each country's economy. In this paper we use Johansen procedure and Granger causality test to examine the existence and direction of short-run and long-run dynamics between the leading stock market index BELEX15 and RSD/EUR exchange rate in Serbia. Using ADF test we find that both series are integrated of order one, and since the value of Johansen trace statistics confirmed the existence of cointegration, we have proceeded with estimation of the VECM model. According to our VECM model, the BELEX15 index adjusts to the long-run equilibrium relationship at a rate of 11.72% in each period, while the exchange rate adjusts to the long-run equilibrium relationship at a rate of 2.73%. We also find that there is unidirectional causality and that the market index influences the exchange rate movements in the short-run in terms of Granger.

Praktik Sosial antara Orang dengan Masalah Kejiwaan dengan Relawan Griya Schizofren di Griya PMI (Palang Merah Indonesia) Peduli Surakarta

This research discusses the social practices carried out by Griya Schizofren to address individuals with mental illness who are often disadvantaged due to the negative stigma of their illness. This research uses a phenomenological approach. Data were collected from observations, interviews, and documentation. The results show that Griya Schizofren, to reduce the stigma against individuals with mental illness, established social, economic, cultural, and symbolic relations with those who lived in Griya PMI Peduli (Indonesian Red Cross) Surakarta through voluntary activities for individuals with mental illness. Social welfare activities in individuals with mental illness had shifted to business activity that opened a new field. The habitus of individuals with mental illness positively developed. Griya Schizofren restructured individuals with mental illness in a new layer of the community by promoting it as a society that can work within its limitations and produce products demanded by the community in the form of wedding souvenirs. Field of Griya PMI Peduli became a more humane environment as the shelter for abandoned individuals with mental illness. It also proved that total institution is no longer a frightening but collaborative field for capital exchange. Hence, using the theory of Piere Bourdieu, this research can answer how the stigma can be unfolded through works and capital exchange.

Influences and aspirations in the production of national projects in Lebanon and Kuwait

PurposeBy looking at a selection of iconic modern projects designed by or commissioned to the prominent but not well-examined architect Sami Abdul Baki both in Lebanon and Kuwait during his most productive years in the 50s, this paper attempts to identify first main trends, influences and ideologies that shaped these works at the peak of modern architectural development in the region. Through these examples, the paper then aims at retracing predominant trajectories of intellectual capital exchange and transfer of knowledge between Lebanon and Kuwait. These can go far beyond their territorial boundaries, without claiming a single grand-narrative that describes the modern architectural development in any of the two countries.Design/methodology/approachThe data collected from discourse analysis, interviews and biographical notes were mapped into a schematic diagram illustrating a complex network of connections and multidisciplinary involvement in projects.FindingsHowever, the outcome did not generate a dominant theme for the projects or expertise of the architect.Originality/valueIt is very likely that Sami Abdul Baki's strong political dimension and quality as a mediator or facilitator in addition to his strong network of contacts played a significant role in the project commissions that he has won as an architect/engineer in Kuwait, Lebanon, Germany and other countries.

Capital Flows and Leverage

This article surveys the literature on capital flows and leverage. We summarize results from the existing papers and document new facts. The empirical literature takes both a macro and a micro approach. The macro approach focuses on aggregate data both over time and in the cross-section of countries, and it documents a positive correlation between total capital flows, build-ups in terms of external and domestic debt to GDP ratio, and financial crises. The micro approach uses granular data and focuses on leverage at the firm and bank level and associates this leverage with country-level capital flows and related exchange rate movements. We document new facts from a hybrid approach that focuses on the relationship between sector-level capital flows and sectoral leverage. We highlight the interconnections between different approaches and argue that harmonization of the macro and micro approaches can yield a more complete understanding of the effect of capital flows on country-, sector-, and firm- and bank-level leverage associated with credit booms and busts.

Determinants of Foreign Direct Investment Inflow to Ethiopia: Time Series Evidence (ARDL Approach)

In low income country foreign direct investment is taken as the next best alternative source to fill the gap between domestic savings and the required investment for economic growth. While its inflows to Ethiopia are the lowest by a wide margin both in actual quantity and as a proportion of gross national product (GNP). This study deals the empirical relation between FDI inflow and its determinants in Ethiopia by employing Autoregressive distributed lag model for the time period covering from 1981 to 2018. The stationarity properties of the data was detected using Augmented Dickey–Fuller (ADF) and Phillip–Perron (PP) unit root test and the result indicates all the variables are stationary at level and first difference calling the effectiveness of ARDL model. The ARDL bound test used to test the existence of long-run link among the variables and the result confirmed that there is long run relationship among FDI and independent variables. The results indicated that the FDI flows to Ethiopian economy are determined by the degree of trade openness; domestic market size proxied by per capita GDP; domestic bank credit; rate of inflation; human capital and official exchange rate in the long-run and trade openness; rate of inflation and official exchange rate in its short run dynamics. The policy which creates favorable environments for domestic credit institution; predictable official exchange market and uninflated domestic price situation enables to harvest the highest possible expected benefits from FDI inflow. Keywords: FDI, ARDL, Bound test, ECM, Ethiopia DOI: 10.7176/IAGS/85-01 Publication date: August 31 st 2020

The Effect of Positive Psychological Capital and Leader-Member Exchange on Job Stress, Organizational Commitment, and Knowledge Sharing - Focusing on Flight Attendants -

The Effect of Positive Psychological Capital and Leader-Member Exchange on Job Stress, Organizational Commitment, and Knowledge Sharing - Focusing on Flight Attendants -

Capital Exchange between Islamic Boarding Schools and Political Parties in the 2019 Election

This study examines the social practices of Islamic boarding schools in Jombang in the 2019 elections. It aims to analyze the role and capital exchange between Islamic boarding schools in Jombang and political parties. This study is important because the intersection of Islamic boarding schools and politics has been going on since colonial times until now. The political dynamics of Islamic boarding schools cannot be separated from NU because several NU Kiai are in the vortex of local and national politics. In the 2019 presidential election, a Kiai of NU named Kiai Ma’ruf Amin ran as Jokowi’s partner to be a vice president. As a place for the establishment of NU, Islamic boarding schools in Jombang have a magnet in gaining votes both in the legislative and presidential elections in 2019. By using Pierre ’Bourdieu’s theory as an analytical tool, this research conducted a case study approach. Data collection techniques carried out through interviews, observation, and documentation. The informants are determined purposively. The results of this study indicate that the exchange of capital between Islamic boarding schools and political parties is dominated by symbolic capital exchanges of Islamic boarding schools with the social capital of political elites and political parties. The blue bloodline of Islamic boarding schools and seniority of a Kiai or Nyai have an essential role in determining the reproductive strategy and capital exchange with political parties. Also, the dominance of social practices carried out in Islamic boarding schools. The power of symbolic capital and social capital of NU Islamic boarding school became a tool for conducting bargaining positions with elite political parties, including presidential and vice-presidential candidates. In the end, the capital exchange between Islamic boarding schools and political parties became obvious in getting votes in the 2019 elections.

TRILEMMA POLICY PATHS AND REAL OUTPUT NEXUS IN NIGERIA

This study examined the nexus between the policy trilemma and its effects on real out-put in Nigeria. The study employed annual data spanning from 1990 to 2017. Interna-tional reserve has been included in the model due to its importance as noted in the literature. Following Hsing (2012) and Ajogbeje, Adeniyi and Egwaikhide (2018), Vector Autoregression (VAR) model was employed and specifically Autoregressive Distributed Lag (ARDL) bound test for cointegration was used. Data for the study was obtained from Aizenman, Chinn and Ito (2013), CBN Statistical Database and IMF International Financial Statistics Database. The study found a mix significant results between exchange rate stability and real GDP. The study further revealed that both monetary policy independence and capital account liberalization independently exert a significant and positive impact on real GDP but interactively they significantly re-duce the level of real output in the economy. The nexus between international reserve and real GDP was positive and significant. Therefore, the study recommends that for Nigeria to feel the positive impact of her trilemma choice on the economy, policy mak-ers should strive to pursue the policy combination consistently and buffered the econ-omy with a robust external reserve to cushion the effects of abrupt change in capital flow and exchange rate shocks.

Exchange Rate and Capital Flows of Thailand

Exchange Rate and Capital Flows of Thailand

Capital Flight and Economic Development: Evidence from Nigeria

This study examined the nexus between capital flight and economic development in Nigeria. The null hypothesis was that capital flight has no significant relationship with economic development in Nigeria. The study used the auto regressive distributed lag (ARDL) method on data obtained from the Central Bank of Nigeria and the World Bank, for the period 1986–2018, to examine the relationship between capital flight and economic development in Nigeria. The study examined the unit root problem and cointegrating properties of the data. The unit root problem was tested for by using the augmented Dickey–Fuller (ADF) and Phillips–Perron (PP) tests. Findings from ARDL showed an inverse relationship exists between capital flight, real exchange rate, and economic development. This implies that the variables contributed significantly to reduce economic development within the study period. However, a positive relationship existed between economic development and adult literacy rate in Nigeria. By implication, improvements made in providing quality and affordable education tend to have a positive impact on economic development in Nigeria. The study concluded that economic development is strongly influenced by capital flight, real exchange, and adult literacy rates in Nigeria. The study, therefore, recommends that government policies to curb capital flight should be introduced and monitored so as to lead to economic development in Nigeria.

Operation Varsity Blues: Disguising the legal capital exchanges and white property interests in athletic admissions

“Operation Varsity Blues” (OVB) indicted coaches and administrators from eight universities for accepting bribes in exchange for admitting fraudulent athletes. As part of the conspiracy parents paid university officials to admit students with little-to-no sport experience as college athletes. Court filings in the case contrasted OVB to the legal process of athletic recruitment and admission in which universities set different criteria to admit those with athletic talent (Smith, 2019a). This conceptual article cautions against such a contrast. Using Harris’ (1993) whiteness as property, Bourdieu’s (2011) capital exchange theory, and findings from my research into athletic recruitment and admission, I examine how OVB closely resembles current athletic admissions practices that provide a legal pathway to college that privileges white, elite communities.

A Study on the Effect of Network Activity Characteristics on the Technological Innovation Performance: Focused on Relational Capital, Industry-University Linkage and Informal Exchange

A Study on the Effect of Network Activity Characteristics on the Technological Innovation Performance: Focused on Relational Capital, Industry-University Linkage and Informal Exchange

Capital deployment and exchange in volunteer tourism

This paper draws upon Bourdieusian literature to examine how capitals are exchanged between stakeholders in volunteer tourism settings. Through exploratory interviews at schools in Cambodia and Kenya, we identify how volunteers and hosts cognise objectified cultural value for volunteer schools. However, due to the financial hardship associated with volunteer projects, the findings illustrate how a negotiated understanding is reached for Western volunteers' economic value. This study applies an interactionist perspective to examine how social interaction and cognition precede Bourdieu's structural capital exchanges. We argue that meaning development significantly influences capital exchange and, thus, by applying the theoretical framework of Bourdieu's practice theory with Blumer's symbolic interactionism we consolidate two previously un-synthesised concepts and contribute a new avenue for sociological research.

Capital inflows, exchange rate and agricultural output in Nigeria

The study applied the autoregressive distributed lag (ARDL) technique in investigating the effect of capital inflows and exchange rate on agricultural output in Nigeria between the periods 1981 and 2016. The technique was selected because the variables are integrated at both 1(1) and 1(0) and the sample size is considerably small. Variables used in the study are agricultural output (AO), private capital inflow (PRCI), public capital inflow (PUBCI), investment (INV), labor (L) and real effective exchange rate. Findings from the empirical research revealed that the variables are cointegrated. The research outcome also indicates that in the short run and long run, private capital inflow and public capital inflow positively affect the country agricultural output. The study also revealed that exchange rate depreciation would cause agricultural output to decline in the short and long run. Based on the research findings, it is recommended that the government should create an enabling and conducive environment to attract more inflows of foreign capital into the country to boost the agricultural output. Also, monetary authority should ensure the stability of the country’s exchange rate (Naira) since exchange rate depreciation affects agricultural output negatively. Furthermore, there is the need for the harmonization of foreign capital inflow policy and monetary policy by the government, taking into consideration the optimal level of capital inflow that will not have a detrimental effect on exchange rate so as to ensure sustainable growth in agricultural output.

Achieving physical and spiritual happiness on bhakti yoga

The current paper discussed two points of view, namely; first, analyze critically the methods used to internalize bhakti yoga devotion to followers. Second, to critically analyze the implications that have arisen after the establishment of bhakti yoga ideology. These are very interesting to study because practically bhakti yoga provides “convenience” in achieving physical and spiritual happiness. That is, taking a way that does not twist can accelerate to religion destination, namely the achievement of physical and spiritual happiness. The results showed first, the process of understanding bhakti yoga ideology was carried out by (1) through nawa widha bhakti, (2) hermitage, (3) raising cattle, (4) associating with spiritual teachers (sadhu sangga). Second, the ingrained bhakti yoga ideology has implications for religious life, namely the use of symbols of religious sect identity unlike the use of japamala and tilaka. Implications to socio-culture, there is an interaction of follower’s culture before and after they take part in bhakti yoga in religious sects. The implication for the economy of religious sects and followers is a capital exchange between followers and capital accumulation on followers and organizations.

Exchange Rate Misalignment and Capital Flight from Botswana: A Cointegration Approach with Risk Thresholds

This study investigates the impact of exchange rate misalignment on outward capital flight in Botswana over the period 1980–2015. The study uses the autoregressive distributed lag (ARDL) approach to cointegration and the Toda and Yamamoto (1995) approach to Granger causality. Botswana’s currency misalignment was caused by current account imbalances. The most important determinant of capital flight from Botswana is trade openness, which indicates that exportable commodities are misinvoiced leading to net capital outflows. Our main findings show that in the long-run, when the currency is overvalued, the volume of capital flight through trade misinvoicing declines and increasing foreign reserves does not reduce outward capital flight. However, when the currency is undervalued, the volume of capital flight through trade misinvoicing increases and foreign reserves reduce outward capital flight. Investors respond more to prospects of devaluation than to inflation. Botswana should tolerate overvaluation of the pula of only up to 5%. When the pula is overvalued beyond 5%, capital flight increases substantially. The government has to formulate trade regulations and monitor imported and exported commodities. Botswana should also implement capital controls to limit capital smuggling and maintain monetary autonomy.

Interactions between macro-prudential framework and macroeconomic indicators

The present work is an attempt to examine the macro-prudential measures with capital flows, exchange rate, stock prices and GDP of Asian emerging economies. This research is the extension of the developing the early warning signal as Financial Stability Index by Kaur and Gupta (in Conference proceedings in global trends in business & sustainability research, IIT Rourkee, 2017). The study acknowledges the importance of macro-prudential policy intervention for bringing in financial stability in the system. By synthesizing and visualizing information based on the past performance (using panel regression), it can be stated that this paper may be used to facilitate strategic decision-making at the policy level (government) of emerging economies and ensure building up of financial stability framework.

Influence of Talent Management Practices on Turnover Intent among Research Scientists at the National Museums of Kenya (NMK), Nairobi.

Human talent represents a source of competitive advantage. Yet the very people organisations would want to retain are the ones most likely to leave. What determines employee turnover is a vital question to organisations facing business continuity challenges. Through the prism of the Human Capital and Social Exchange theories, this study aimed at examining the influence of Talent Management practices on turnover intent among Research Scientists at the National Museums of Kenya, Nairobi. Data was collected by means of a structured questionnaire formulated based on extensive literature review. The study targeted 128 employees designated as Research Scientists at the time of conducting this study. Results indicate very high levels of engagement among Research Scientists at NMK. Though respondents understand how their performance is evaluated, the link between pay and performance appears unclear to them. Ample learning and growth opportunities do exist but identification of training needs is not methodical. The study also revealed a clear dissatisfaction with the total compensation package. Although majority of respondents believed that advancement opportunities existed, they were less confident regarding existence of equal opportunity for such advancement. Regression analysis of results indicated that of the six independent variables studied, only employee engagement had significant relationship with employee turnover intent. The study concludes that employee engagement is a critical factor in keeping employees in the organisation. It is recommended that NMK develops effective retention strategies to ensure that Research Scientists remain engaged and committed. An integrated rewards scheme incorporating non-financial factors, career development and work-life balance should form part of the strategy. In addition, a formalised induction program as well as a systematic learning and development scheme with individualised plans needs to be put in place.

Effect of Export Expansion Grant on the Growth of Nigeria’s Non-Oil Export

This study examines the effects of Export Expansion Grant (EEG) on the growth of Nigeria’s non-oil export. EEG scheme was introduced in 1986 at a time the government of Nigeria was focussing on diversifying her economy. Thus this paper attempt to analyse the effects of EEG on non-oil exports from 1986 -2015. The study used data set of non-oil export as the dependent variable while EEG, foreign income, gross fixed capital formation and real exchange rate were used as independent variables. Of these variables, growth in non-oil exports, growth in foreign income were stationary at levels. The rest variables were stationary at first difference. The study therefore employed Auto Regressive Distributed lag Model (ARDL) technique due to the mix I(O) and I(I). The paper concludes that EEG has no significant effects on Nigeria’s non-oil exports. The paper recommends extending EEG to producers of domestic products that are yet to be exported. Also, government should diversify activities in the agriculture sector to further export in livestock, horticulture, floriculture, wildlife preservation among others to strengthen diversification agenda in Nigeria. Keywords: Non-oil Exports promotion, Export Expansion Grant, Diversification of Nigeria’s Economy DOI : 10.7176/JESD/10-22-06 Publication date: November 30 th 2019