Country Funds Research Articles

The Performance and Perspective of the Ethical Leadership of the Islamic Equity-Based Crowdfunding Platform in Oman

One of the modern alternatives for meeting the need for investment resources is crowdfunding. It is important for implementing small and medium-sized initiatives in the country. At the same time, this method of attracting funds in Islamic countries is limited by the complexity of integrating Islamic values with modern financial solutions. This study is devoted to analysing the features of the development of Equity-Based crowdfunding in Oman using the example of the Ethis platform as the only Islamic crowdfunding platform in the country. The methodological basis of the research is qualitative analysis methods based on the analysis of statistical data or quantitative indicators. A conceptual approach was used to analyse scholarly articles, research papers, and online sources related to Islamic Equity-Based crowdfunding. The Islamic Equity-Based crowdfunding platform Ethis was chosen as the subject of the study because it has a successful track record of achieving Shariah-compliant investment goals. Based on the results of the analysis of the functioning of the Islamic share crowdfunding platform in Oman, a conclusion about the importance of adopting the Capital Markets Authority’s Decision No. E/153/2021 for developing the crowdfunding industry in Oman was made. The study theoretically proves the important role of CMA’s certification in increasing the legitimacy of crowdfunding platforms and public trust in the Omani Equity-Based crowdfunding industry. At the same time, it was concluded that the existing legal restrictions on the expansion of the investor community serve as disincentives for the development of investing in crowdfunding among the general public. In addition, the small number of Equity-Based crowdfunding platforms in Oman is due to the difficulty of combining traditional Islamic values with modern financial technology. It actualises the need to develop a comprehensive approach to the harmonisation of Islamic traditions with the specifics of the development of digital financial technologies. The results of the study are essential for researchers, practitioners and other interested persons from the point of view of deepening the basic principles of crowdfunding development and promoting their implementation in the context of increasing profits from the use of crowdfunding platforms.

Forced Migration from Ukraine during the Russian-Ukrainian War: impact on the EU and Ukraine

The full-scale invasion of Russia into Ukraine on February 24, 2022, which was accompanied by the violation of humanitarian law and the demolition of civilian infrastructure, has led to the emergence of forced migration. Millions of people left the country within a short period. On March 4, the EU Temporary Protection Directive was reactivated in response to the unprecedented flow of migrants from Ukraine. EU countries have opened their borders to migrants from Ukraine, providing them with shelter and assistance. Poland and its neighbouring states, such as Romania, Moldova, Hungary, as well as the Czech Republic, Slovakia, Germany, Austria, received the highest quantity of migrants. The wave of migration has had a noticeable influence on the functioning of labour markets and employment, even in those regions of Ukraine which have not been exposed to military activity. Comprehensive studies show that external migration, among other factors, will significantly affect the demographic situation in Ukraine due to the increase in the number of people who do not plan to return from abroad. A key factor in the crisis is the fact that the majority of these people is youth of employable age and children. Besides, educational migration from Ukraine to EU countries has also increased significantly. The influx of immigrants who have established themselves in the nations of the European Union have significantly impacted the labour markets of these countries, putting a considerable strain on the public funds of the host countries. The question of Ukrainian immigrants’ ability to engage in activities such as schooling (including access to educational opportunities for children), employment, residence, and healthcare in both the immediate and long-term future is coming to the fore. Ukrainian and international scholars alike have done numerous studies on external migration from Ukraine; nonetheless, the forced migration resulting from the full-scale military invasion of Ukraine has yet to be adequately examined. Subsequently, the article is intended to examine the displacement circumstances in Ukraine and the EU and to evaluate the consequence of compulsory external migration in Ukraine and the EU.

The role of state finance audit in the system of accounting and analytical support of the state funds management system

During the period of martial law, the problem of the need for constant control over state finances in connection with their limitations and the importance of effective use became important. The issues of the activities of audit firms and the effective organization of audits are constantly in the focus of attention of scholars. The purpose of the article was to substantiate the theoretical aspects and provide scientific and practical recommendations aimed at improving the audit of state finances. The method of induction was used at the stage of collecting, systematizing and processing information for conducting research, deduction – in the process of theoretical understanding of the main questions and problems of the audit of state finances and the search for the root causes of their occurrence, generalization – during the identification of the main features and properties of the system of accounting and analytical support of the audit of state finances, methods of comparison, analysis, synthesis, abstract-logical method. Scientific works were summarized and analysed in order to determine the essence of important components of scientific research, in particular: audit of state finances, state financial audit, accounting and analytical information, accounting and analytical support and the main components of an effective system of management and control over state finances were determined. The main components of financial control in the public sector of Ukraine are schematically presented, and the place of public finance audit as a component of state financial control is determined. The need to distinguish the concepts of “audit of state finances” and “state financial audit” was discussed. The main conditions that contribute to the creation of an effective system of management and control over state funds are highlighted. Common and distinctive features of control over state funds in Ukraine and foreign countries are identified. The main problems and shortcomings of the system of management of state funds are identified and recommendations for their solution are provided. The results of the study can be used by all state enterprises that are looking for new approaches in management and strive for the effective distribution of state funds in the conditions of martial law

Review: technological resources for vulnerable communities

Several socio-environmental conditions (economic, ecological, geopolitical, institutional, psychological, or engineering vulnerability, among many others) are putting at risk and violating numerous communities. In this panorama, technology is assuming more and more the potentiality to become (1) one of the main drivers for change or (2) a creator of greater and deeper socio-environmental gaps. Moreover, technology adaptation is a process which takes difficulties, risks, and complexities that must be considered and addressed by all the actors, who participate in those processes of sustainable transformation. To take into account the challenges and opportunities that the processes of transfer and adaptation may have in vulnerable communities, this paper conducts a systematic review of the main existing scientific and academic literature on the role of technological resources in vulnerable communities (impacts, benefits, risks, etc.). In order to achieve this purpose, a bibliographic study is carried out in the most important bibliographic databases under the methodological proposal Scoping Review. A first analysis focuses on: annual behavior, disciplines, main addressed issues, institutions, and countries funding and supporting research on these topics. The research analyses also the main dimensions of vulnerabilities considered by academic literature and the technological resources, which usually these research projects refer to. The research conclusions aim to guide future research on the technological implications in vulnerable communities and to identify research opportunities, with a particular focus on design and architecture studies.

China as an Alternative Source of FDI: Analyzing The Cases in Indonesia

As China is strengthening its global position, it has gradually begun to exert its influence in the world economy. This can be observed in its move as investors to countries on the Asia and Africa continents, a position used to be dominated by western countries and institutions, as seen in the International Monetary Fund . However, China’s rising economy and influence have allowed itself to become an alternative source of funding for many countries formerly dependent on the International Monetary Fund, on other western related countries or on particular institutions due to the restrictions the loans carry. Countries such as Indonesia views China as an alternate source for their foreign direct investment, manifested in the construction of the Indonesian High Speed Rail project, the projects of Huawei, and in the Indonesian energy sector. China’s potency to enter into and expand in Indonesia is supported by the lack of restrictions towards the funding, if compared to the ones provided by western institutions. As a result, China has successfully presented itself as an alternate choice for many countries who wish to seek financial support to further their development.

Capital flows to developing countries: Implications for monetary policy across the globe

AbstractThe public sectors in many developing countries receive capital inflows from advanced countries. Notably, we show that higher levels of foreign borrowing play an important role in promoting economic activity in developing countries by relieving crowding out problems from local sovereign debt. Moreover, in comparison to previous contributions, we also show how participation affects economic activity in advanced countries. Using a micro‐founded two‐country model of money and banking, we show that there are crowding‐out effects in high income economies when the advanced country funds official foreign debt. Moreover, we find that there are significant implications for the effects of monetary policy when banks in the developed world hold more official foreign debt. In addition, the typical destructive effects of money growth in developing countries are weaker in the presence of higher levels of international borrowing. By comparison, the effects of monetary stimulus in the advanced country become more pronounced as banks hold more foreign bonds. Our analysis concludes by looking at optimal debt policy. Interestingly, the results suggest that developing countries should limit their reliance on foreign capital inflows.

The Activities of Local Development Investment Funds in several Countries and Lessons Learned for Vietnam

This paper presents a comprehensive set of recommendations tailored for Vietnam's approach to Development Investment Funds (DIFs) by drawing insights from the experiences of China, India, Colombia, Tunisia, Thailand, and Malaysia. The study underscores the need for a flexible approach to DIF models, highlighting the gradual evolution of models in well-established markets that are customized to specific development conditions and legal systems. This adaptability fosters competition, accommodates diverse investment products, and aligns with the dynamic financial market trends shaped by liberalization and globalization. Overall, this paper provides a comprehensive roadmap for Vietnam to strategically implement and manage DIFs, drawing upon a rich tapestry of international experiences to ensure effective, adaptive, and successful DIF operations in the local context.a

The Enhancement of the Legal Framework for the Capital Project Realization in the Public Sector of the Republic of Serbia

Given the importance of capital projects regarding socio-economic development and societal progress in general, this paper focuses on the analysis and enhancement of the legal framework for the capital project realization in the public sector of the Republic of Serbia. Capital projects that are financed or co-financed from national revenue, European Union funds, and funds of international institutions and other countries are subject to strict legislation that more closely regulates different segments, thus creating a general legal framework for the capital project realization. In the Republic of Serbia, there are laws, regulations and rules that directly or indirectly relate to the realization of capital projects, the most important of which are the Budget System Law, the Law on Public Procurement, the Decree on Capital Project Management, and regulations on special procedures within the framework of capital project management. Taking into account their importance and effectiveness, supported by a more or less appropriate institutional framework, the paper provides a detailed analysis of the state of the legal framework and the possibility of its enhancement in accordance with the prevailing trends and examples of good practice in project management. The paper also presents potential solutions for the transformation of planning, organizing, implementing, and monitoring the progress of capital projects, i.e., identifies opportunities for improving the current situation through the centralization of responsibility for management, evaluation, and audit of capital projects, on the one hand, and legal regulation, personnel training and provision of strategic projects, on the other. Therefore, the paper's most important contribution is reflected in the removal of existing obstacles and the increase in the degree of efficiency in the realization of capital projects based on a better and more adequate legal and methodological framework.

Ärimudelite analüüs Eesti muuseumite näitel

According to the author of this article, the developments of Estonian museums are most influenced by the country's cultural policy and funding model. As emphatically non-profit organizations, museums today are at the service of society and seek to create value in their own unique way through collecting, preserving, researching and presenting historical memory. This does not cause any problems as long as a museum functions as a memory institution, since the functions of a memory institution are largely supported by the state or municipality. In the case of a museum as an attraction, however, the bar of ambitions must be set higher and the availability of competitive relevant competences and resources must be ensured. Since the state or local government is the main financier of most of the major museums, the entire planning logic of museums mainly focuses on the funding conditions stated in the laws and regulations. However, this significantly inhibits the development of activities related to the raising of private revenue, as resources are directed towards the fulfilling of conditions set by the ‘state commission’. For most museums, the ambition to generate private revenue is quite low—their activities are constrained by limited resources and the real revenue potential is largely untapped. In order to compete as an attraction in the experience services market, museums must also invest in the development of an experiential visitor environment and additional services throughout the visitor's journey. New trends are no longer set in years, but in days. Expectations that are raised by the market demand must be responded to more quickly, for timeliness has become equivalent to relevance in creating expositions and developing the visitor environment. Both from the perspective of the visitor environment and taken as a whole, it is possible to detect trends that are influenced by the introduction of new technologies and intellectual property, as well as social media developments and lifestyle trends. Museums as visitor environments must adapt more and more to the expectations and needs of visitors in terms of their interests, lifestyle and everyday needs. To provide an experiential visitor experience, it is not enough to just organize an attractive exhibition, all stages of the visitor's journey must be thoroughly thought out and appropriately furnished. It is only by doing this that it is possible to operate sustainably in an ever-increasingly competitive situation. In summary, it has to be acknowledged that visitors' expectations of museums are becoming more and more demanding, and in order to remain competitive ever greater effort must be directed towards experience. Both as research and educational institutions and as tourist attractions, museums all over the world face challenges that require change. Whether and how these challenges are accepted and overcome depends on the maturity stage of the market in a particular country and the financing model of the museums. Museums operating with the support of the state can afford to have greater freedom in undertaking educational and research activities and can afford to forgo activities with commercial and entertainment content. Such museums can afford to develop visitor environments that directly and exclusively dovetail with the value space and operational objectives of the museum as a memory institution. If the revenue goals are set at a high level, in addition to research and educational activities, museums must also contribute to the development of an attractive visitor environment and additional services. Otherwise, they will not be competitive in the market in comparison with other attractions and other recreational services.

The role of sovereign wealth funds in natural resource-rich countries: A systematic meta-narrative review

The role of sovereign wealth funds in natural resource-rich countries: A systematic meta-narrative review

'Loss and damage' agreement in Egypt

The United Nations Climate Change Conference COP27 closed with what has been described as a ‘breakthrough agreement to provide loss and damage’ funding for vulnerable countries hit hard by climate disasters.

Medical Dominance in Global Health Institutions as an Obstacle to Equity and Effectiveness Comment on "Power Dynamics Among Health Professionals in Nigeria: A Case Study of the Global Fund Policy Process".

Medical professionals exercised structural and productive power in the Global Fund's Country Coordinating Mechanism (CCM) in Nigeria, directly impacting the selection of approaches to HIV/AIDS care, as described in a case study by Lassa and colleagues. This research contributes to a robust scholarship on how biomedical power inhibits a holistic understanding of health and prevents the adoption of solutions that are socially grounded, multi-disciplinary, and co-created with communities. We highlight Lassa and colleagues' findings demonstrating the 'long arm' of global health institutions in country-level health policy choices, and reflect on how medical dominance within global institutions serves as a tool of control in ways that pervert incentives and undermine equity and effectiveness. We call for increased research and advocacy to surface these conduits of power and begin to loosen their hold in the global health policy agenda.

ANALYTICAL RATING MONEY FLOWS

This article is devoted to drawing up a cash flow report in international practice. The relevance of the research topic of the scientific work is that in modern economic conditions cash flows play a key role in the management of the firm. Money movement of streams is change remnants cash on hand and funds on accounts companies in process implementation activities. The amount of the balance is formed by obtaining differences between the sum of all income and all payment plus the balance, which was at the time of starting the calculation. Cash flows circulate through all business processes within the organization, continuously providing its divisions with the necessary resources. Currently, a comprehensive system of methodical support for the analysis of cash flows, based on the interrelation of its methodology with management and forecasting processes, has not been sufficiently developed. In modern scientific literature, there are quite a few works devoted to the study of flows of funds in different countries. An analysis of the need for a cash flow report is also provided. Cash flow (English cash flow), or flow of money, flow of payments, cash flow, cash flow – a set of time-distributed receipts (inflow) and payments (outflow) of funds generated by the cash flow of an enterprise is the movement of monetary resources in the process of economic activity of an enterprise, connected with the receipt of revenue from the sale of goods, works and services, financing of current and investment activities, with cash and non-cash payments for various obligations of the enterprise. Him appearance conditioned the existence of money and the performance of its functions means of payment, means circulation and means accumulation. Pecuniary circulation those dreams connected with such economic ones categories such as money, price, profit, finance, credit. The essence of cash flow is manifested in two him functions: provision movement cost social capital and incentives economic activity subjects management about the economic activities of the enterprise, regardless of the sources of their formation.

Sovereign funds: features of their formation and use in the Russian Federation and foreign countries

In this article, the author analyzes the features of several types of sovereign funds in different countries. SWF management acts as the main income of the countries. Since the National Wealth Fund is the main sovereign fund in Russia, the author considers it appropriate to analyze the formation of the fund through the management of sovereign wealth funds in other countries. The article provides a classification of sovereign wealth, according to the theoretical provisions developed by E.A. Levchenko. The author notes that often sovereign funds can perform several functions at once. This is typical for funds in countries such as Kuwait, Norway, and also for the state of Alaska. Further, the author proceeds to consider the State Oil Fund of Norway, the Pension Fund of Norway, highlights their functions and areas of use of their funds. The article emphasizes that the funds of the Pension Fund for the most part can be used to achieve such goals as compensating for a budget deficit or adjusting budget revenues from generation to generation. The author then proceeds to consider the funds of Alaska: the Alaska Permanent Fund and the Constitutional Reserve Budget. It is noted that the directions of use of the funds are determined annually by the governor and the legislature of the state. Also in the article, special attention is paid to the Kuwait Oil Fund. In the final part of the article, the author provides statistical data on the return on the use of the Norwegian Pension Fund, on the shares of return on types of assets, as well as on the distribution of investments from the Alaska Permanent Fund.

Experience of evergreen financing in the field of financial technologies

Within the framework of the presented article, the author examines the features of green finance in the field of financial technologies in different countries. The focus is on countries such as the United States and China, which are actively using evergreen financing technology. Attention is focused on the implementation of financing in modern conditions using blockchain on smart devices for mobile banking, investment and loans. Currently, according to the author, financial technologies refer to innovative applications, procedures, goods or business practices in the financial services sector that consist of one or more complementary financial services and are provided as an end-to-end process via the World Wide Web. The article lists the most famous and largest evergreen funds in different countries. Compared to Chinese investors, the participation of American investors in evergreen funds is not unusual. With the rapid development of technology, American "evergreen" investors are trying to find opportunities to invest in startups, new technology companies. This article presents a comparison and analysis of the development of evergreen funding in the USA and China, which will allow applying the experience of these countries in the field of evergreen venture financing in the Russian Federation. Evergreen financing is a concept used to describe the gradual infusion of funds into a company. With evergreen financing, investors provide funds in gradual payments throughout the entire stage of development of the company or product. This is the architecture of a perpetual fund with no set end date. It often gives investors the opportunity to get out of their obligations and allows the fund manager to purchase additional funds. Investors are allowed to reinvest the funds received from realized profits. Thanks to a detailed explanation of the investment direction of the evergreen fund of the two most powerful economic powers, the public will learn more about this technology, its advantages and disadvantages.

Costs of delivering human papillomavirus vaccination in Tanzania

Abstract Background Cervical cancer caused by human papillomavirus (HPV) is the most frequent cancer in women in many low-income countries.Tanzania implemented a national HPV vaccination program in 2018 using a two-dose quadrivalent HPV vaccine. This study aimed to (1) estimate financial and economic costs of a two-dose vaccination program based on experiences with the national vaccination program, (2) estimate costs of a one-dose vaccination schedule to enable future cost-effectiveness analyses, and (3) assess the effect of alternative assumptions for future vaccination coverage rates on estimated costs of vaccination. Methods The WHO Cervical Cancer Prevention and Control Costing (C4P) tool was used to estimate the incremental costs of the national vaccination programme from the perspective of the Tanzanian government using data collected via surveys, workshops, and interviews with local stakeholders. Deterministic sensitivity analyses were performed to estimate the effect of alternative assumptions for coverage rates and delivery strategies and to assess the impact of a potential one-dose vaccination schedule. Results The total financial and economic costs were US$10,117,455 and US$45,683,204, respectively, at a financial cost of $5.17 per two-dose fully immunized girl (FIG), and an economic cost of $23.34 per FIG. Under the assumption of a one-dose vaccination schedule, costs per FIG would reduce to financial costs of $2.51 and economic costs of $12.18. Conclusions The overall cost of Tanzania’s HPV vaccination program was lower per vaccinee than previous demonstration projects in the region suggest. These data provide important baseline data for Tanzania’s HPV vaccination program to date and may serve as a guide for improving coverage going forward. The findings may also aid in the prioritization of funding for countries that have not yet added HPV vaccines to their routine immunizations. Key messages • If a single dose regimen were found to be as effective as a two-dose series, it would result in significant cost savings as well as an increase in the number of girls that could be reached. • School-based vaccinations resulted in the lowest price per fully immunized girl, but other settings are needed to achieve equitable high coverage of HPV vaccination in Tanzania.

Natural Resource Funds: Their Objectives and Effectiveness

This study aims to examine the effectiveness of natural resource funds in resource-rich countries according to funds’ objectives via an econometric method using panel data (ordinary least squares estimator with fixed-effect model and Poisson pseudo-maximum likelihood estimator). The main contribution of this study is demonstrating fund-specific evaluation. To this end, it classifies funds into three types based on their objectives—stabilization, investment, and savings funds—and evaluates the effectiveness of each fund type by each criterion corresponding to an objective. The econometric estimations identify the effectiveness of stabilization funds in reducing the volatility of government expenditure and the primary balance, as well as the effectiveness of investment funds in increasing investment rates. They also confirm the facilitation of funds’ effectiveness under a combination of funds’ operations and high governance. The econometric analysis also shows that the operation of stabilization funds reduces the volatility of government expenditure by 13.6%, and their operation under high governance reduces it by 33.2%; meanwhile, the operation of investment funds increases the investment rate by 9.8%, and their operation with high governance raises it by 46.8%. Their practical implications are that the fiscal smoothing under stabilization funds provides a counter-cyclical buffer to mitigate commodity price shocks, thereby contributing to macroeconomic stabilization, and that the increase in investment rates under investment funds alleviates the Dutch disease effect, thereby sustaining economic growth.

Evaluation of Research Data Management (RDM) services in academic libraries of India: A triangulation approach

Research is a planned and scientific method of increasing knowledge that is typically funded by a country's government or funding agencies. Research activity produces valuable data. Research Data Services (RDS) or Research Data Management (RDM) services are considered vital services provided by an academic library and are focused on the management, archiving, processing, and reuse of critical research data. This study evaluates the current status of the adaptation of RDS or RDM services in Indian academic libraries (which includes a total of 186 institutions, including all of India's Central Universities (54) and Institutes of National Importance (132)). A method triangulation approach was used for the data collection, including a literature survey, library website study, online survey, and telephonic interview with LIS professionals from Indian academic libraries. Academic libraries in India are yet to keep up with those in developed countries in adopting RDM services owing to a lack of RDM policy, institutional support, and technological challenges, according to the data. The study also presents suggestions to decision-makers, higher authorities of academic institutions, and the government to develop a strong RDM policy at both the institutional and national levels defining the role and duties of the libraries in RDM.

The arabic and turkish lexic in the written monument «Kitab Bulgat al-Mushtaq»

In the preservation and development of the modern Turkic languages, one of the key roles belongsto linguistic written monuments, as carriers of not only the language, but also the mentality, made duringthe reign of the Mamluk Kipchaks in Egypt and Syria, in particular the bilingual dictionary of the 14thcentury Kitab Bulgat al-Mushtak. First, the manuscript is one of six found works; secondly, if the verb part of the monument was studied in Kazakh Turkology, then the nominal part was practically not consid-ered; thirdly, the manuscript is kept in a single copy in France, which is more difficult in comparison with access to the archival and library funds of other countries (Russia, Turkey, Uzbekistan, etc.) during a pan-demic; fourthly, the peculiarities of the dictionary itself arouses the interest of the researcher: the form of a zigzag form of writing style, the presence of lexical units that are not found in the other five works,etc. The material received from France on the basis of a copy of the manuscript provided access to thelexical fund of the work, namely, it made it possible to identify, write, read and translate from Arabic and Kypchak languages into Kazakh. By studying the Turkic lexis of the monument, it is possible to de-termine the share of the Old Kipchak language vocabulary in modern Turkic languages, incl. in Kazakh. Key words: Turki, Kipchak, Mamluk, al-Mushtaq, lexis, Arabic, written monument.

Competition Effects of a New Asset on a Similar Existing Asset in the Same Market: The iShares Versus the Closed-End Country Fund

The study examines an old but unique event from a new perspective and provides important insights to the financial literature. The result suggests that the competition from the later-launched iShares funds can improve pricing efficiency but decrease liquidity of the corresponding existing country funds. Furthermore, these effects are more profound for emerging country funds than for developed country funds.