Abstract: The research studies the behaviors based on
sufficiency economy philosophy at individual and community
levelsas well as the satisfaction of the urban community leaders by
collecting data with purposive sampling technique. For in-depth
interviews with 26 urban community leaders, the result shows that
the urban community leaders have good knowledge and
understanding about sufficiency economy philosophy. Especially in
terms of money spending, they must consider the need for living and
be economical. The activities in the community or society should not
take advantage of the others as well as colleagues. At present, most of
the urban community leaders live in sufficient way. They often spend
time with public service, but many families are dealing with debt.
Many communities have some political conflict and high family
allowances because of living in the urban communities with rapid
social and economic changes. However, there are many communities
that leaders have applied their wisdom in development for their
people by gathering and grouping the professionals to form activities
such as making chilli sauce, textile organization, making artificial
flowers to worship the sanctity. The most prominent group is the foot
massage business in Wat Pracha Rabue Tham. This professional
group is supported continuously by the government. One of the
factors in terms of satisfaction used for evaluating community leaders
is the customary administration in brotherly, interdependent way
rather than using the absolute power or controlling power, but using
the roles of leader to perform the activities with their people intently,
determinedly and having public mind for people.
Abstract: This study examines whether the Taiwan’s public debt is sustainable utilizing an unrestricted two-regime threshold autoregressive (TAR) model with an autoregressive unit root. The empirical results show that Taiwan’s public debt appears as a nonlinear series and is stationary in regime 1 but not in regime 2. This result implies that while Taiwan’s public debt was mostly sustainable over the 1996 to 2013 period examined in the study, it may no longer be sustainable in the most recent two years as the public debt ratio has increased cumulatively to 3.618%.
Abstract: The aim of this paper is to explore the economic circumstances in which the selective credit policy, the least used instrument of four types of instruments on disposal to central banks, should be used. The most significant example includes the use of selective credit policies in response to the emergence of the global financial crisis by the FED. Specifics of the potential use of selective credit policies as the instigator of economic growth in Croatia, a small open economy, are determined by high euroization of financial system, fixed exchange rate and long-term trend growth of external debt that is related to the need to maintain high levels of foreign reserves. In such conditions, the classic forms of selective credit policies are unsuitable for the introduction. Several alternative approaches to implement selective credit policies are examined in this paper. Also, thorough analysis of distribution of selective monetary policy loans among economic sectors in Croatia is conducted in order to minimize the risk of investing funds and maximize the return, in order to influence the GDP growth.
Abstract: This paper attempts to investigate the effect of corporate governance and shareholder monitoring mechanisms on cost of debt of Malaysian listed firms. We assess the quality of corporate governance using comprehensive corporate governance index, which consists of 139 items in six broad categories. We classify shareholder monitoring mechanisms into concentrated ownership, family, insider and government ownerships. Using panel sample from 2003 to 2007, regression results show that high corporate governance quality and concentrated ownership lower firm cost of debt. Debt issuers consider board structure and procedures, board compensation practices, accountability and audit, transparency and social and environmental activities as integral components of a good corporate governance framework.
Abstract: Market institutions extension within transit societies
contributes to constituting the new type of middle class and
households livelihood strategies. The middle class households as an
example of prosperity in many cases encourage the ordinary ones to
do the same economic actions. Therefore, practices of using market
institutions by middle class households in transit societies, which are
mostly characterized by huge influence of traditional attitudes, can
carry habitual features for the whole society. Market institutions
consumption habit of the middle class households makes them
trendsetters of economic habits of other households while adapting to
the market economy. Moreover different social-economic positions
of households lead them to different consuming results such as
worsening or improving household economy due to indebtedness.
Abstract: The Czech Republic is a country whose economy has
undergone a transformation since 1989. Since joining the EU it has
been striving to reduce the differences in its economic standard and
the quality of its institutional environment in comparison with
developed countries. According to an assessment carried out by the
World Bank, the Czech Republic was long classed as a country
whose institutional development was seen as problematic. For many
years one of the things it was rated most poorly on was its bankruptcy
law. The new Insolvency Act, which is a modern law in terms of its
treatment of bankruptcy, was first adopted in the Czech Republic in
2006. This law, together with other regulatory measures, offers debtridden
Czech economic subjects legal instruments which are well
established and in common practice in developed market economies.
Since then, analyses performed by the World Bank and the London
EBRD have shown that there have been significant steps forward in
the quality of Czech bankruptcy law. The Czech Republic still lacks
an analytical apparatus which can offer a structured characterisation
of the general and specific conditions of Czech company and
household debt which is subject to current changes in the global
economy. This area has so far not been given the attention it
deserves. The lack of research is particularly clear as regards analysis
of household debt and householders- ability to settle their debts in a
reasonable manner using legal and other state means of regulation.
We assume that Czech households have recourse to a modern
insolvency law, yet the effective application of this law is hampered
by the inconsistencies in the formal and informal institutions
involved in resolving debt. This in turn is based on the assumption
that this lack of consistency is more marked in cases of personal
bankruptcy. Our aim is to identify the symptoms which indicate that
for some time the effective application of bankruptcy law in the
Czech Republic will be hindered by factors originating in
householders- relative inability to identify the risks of falling into
debt.
Abstract: People have always needed to believe in some
supernatural power, which could explain nature phenomena.
Different kinds of religions like Christianity, Hinduism, Islam,
Buddhism have thought believers in all world, how to behave
themselves. We think the most important role of religion in modern
society most important role of religion in modern society is safety of
the People. World and traditional religion played a prominent role in
the socio-cultural progress, and in the development of man as a
spiritual being. At the heart of religious morals the belief in god and
responsibility before it lies and specifies religious and ethical values
and categories . The religion is based on ethical standards historically
developed by society, requirements and concepts, but it puts all
social and moral relations of the person in dependence on religious
values. For everything that the believer makes on a debt or a duty, he
bears moral responsibility before conscience, people and god. The
concept of value of religious morals takes the central place because
the religion from all forms of public consciousness most values is
painted as it is urged to answer vital questions. Any religion not only
considers questions of creation of the world, sense of human
existence, relationship of god and the person, but also offers the
ethical concept, develops rules of behavior of people. The religion a
long time dominated in the history of culture, and during this time
created a set of cultural and material values. The identity of Kazakh
culture can be defined as a Cultural identity traditional ,national
identity and the identity values developed by Kazakh people in
process of cultural-historical development, promoting formation of
Kazakh culture identity on public consciousness. Identity is the
historical process but always the tradition exists in it as a component
of stability, as a component of self that what this identity formed .
Abstract: Different types of Islamic debts have been
increasingly utilized as preferred means of debt funding by
Malaysian private firms in recent years. This study examines the
impact of Islamic debts announcement on private firms- stock
returns. Our sample includes forty five listed companies on Bursa
Malaysia involved in issuing of Islamic debts during 2005 to 2008.
The abnormal returns and cumulative average abnormal returns are
calculated and tested using standard event study methodology. The
results show that a significant, negative abnormal return occurs one
day before announcement date. This negative abnormal return is
representing market participant-s adverse attitude toward Islamic
private debt announcement during the research period.
Abstract: This study1 holds for the formation of international financial crisis and political factors for economic crisis in Turkey, are evaluated in chronological order. The international arena and relevant studies conducted in Turkey work in the literature are assessed. The main purpose of the study is to hold the linkage between the crises and political stability in Turkey in details, and to examine the position of Turkey in this regard. The introduction part follows the literature survey on the models explaining causes and results of the crises, the second part of the study. In the third part, the formations of the world financial crises are studied. The fourth part, financial crisis in Turkey in 1994, 2000, 2001 and 2008 are reviewed and their political reasons are analyzed. In the last part of the study the results and recommendations are held. Political administrations have laid the grounds for an economic crisis in Turkey. In this study, the emergence of an economic crisis in Turkey and the developments after the crisis are chronologically examined and an explanation is offered as to the cause and effect relationship between the political administration and economic equilibrium in the country. Economic crises can be characterized as follows: high prices of consumables, high interest rates, current account deficits, budget deficits, structural defects in government finance, rising inflation and fixed currency applications, rising government debt, declining savings rates and increased dependency on foreign capital stock. Entering into the conditions of crisis during a time when the exchange value of the country-s national currency was rising, speculative finance movements and shrinking of foreign currency reserves happened due to expectations for devaluation and because of foreign investors- resistance to financing national debt, and a financial risk occurs. During the February 2001 crisis and immediately following, devaluation and reduction of value occurred in Turkey-s stock market. While changing over to the system of floating exchange rates in the midst of this crisis, the effects of the crisis on the real economy are discussed in this study. Administered politics include financial reforms, such as the rearrangement of banking systems. These reforms followed with the provision of foreign financial support. There have been winners and losers in the imbalance of income distribution, which has recently become more evident in Turkey-s fragile economy.
Abstract: In the past 20 years the economy of the Czech
Republic has experienced substantial changes. In the 1990s the
development was affected by the transformation which sought to
establish the right conditions for privatization and creation of
elementary market relations. In the last decade the characteristic
elements such as private ownership and corresponding institutional
framework have been strengthened. This development was marked by
the accession of the Czech Republic to the EU. The Czech Republic
is striving to reduce the difference between its level of economic
development and the quality of institutional framework in
comparison with other developed countries. The process of finding
the adequate solutions has been hampered by the negative impact of
the world financial crisis on the Czech Republic and the standard of
living of its inhabitants. This contribution seeks to address the
question of whether and to which extent the economic development
of the transitive Czech economy is affected by the change in
behaviour of households and their tendency to consumption, i.e. in
the sense of reduction or increase in demand for goods and services.
It aims to verify whether the increasing trend of household
indebtedness and decreasing trend of saving pose a significant risk in
the Czech Republic. At a general level the analysis aims to contribute
to finding an answer to the question of whether the debt increase of
Czech households is connected to the risk of "eating through" the
borrowed money and whether Czech households risk falling into a
debt trap. In addition to household indebtedness risks in the Czech
Republic the analysis will focus on identification of specifics of the
transformation phase of the Czech economy in comparison with the
EU countries, or selected OECD countries.
Abstract: In July 1, 2007, Taiwan Stock Exchange (TWSE) on
market observation post system (MOPS) adds a new "Financial
reference database" for investors to do investment reference. This
database as a warning to public offering companies listed on the
public financial information and it original within eight targets. In
this paper, this database provided by the indicators for the application
of company financial crisis early warning model verify that the
database provided by the indicator forecast for the financial crisis,
whether or not companies have a high accuracy rate as opposed to
domestic and foreign scholars have positive results. There is use of
Logistic Regression Model application of the financial early warning
model, in which no joined back-conditions is the first model, joined it
in is the second model, has been taken occurred in the financial crisis
of companies to research samples and then business took place
before the financial crisis point with T-1 and T-2 sample data to do
positive analysis. The results show that this database provided the
debt ratio and net per share for the best forecast variables.
Abstract: A son in every Hindu society pays his own father the debt and he owes him for his own life whereas a girl child is treated as a burden mainly in case of first child. Even today in India we have many societies which does not welcome girl child. Although there is an increase in overall sex ratio, there is a continuous decline in child sex ratio. This paper focuses on issues of sex selective abortion in Rajasthan based on secondary data. It is found that 90.0 percentages of women in Rajasthan wants at least one son. Around 34.3 percentages of women wants more sons than daughters and only 1.5 percentages of women wants more daughters than sons. It is very common among the rich and educated people.
Abstract: Capital structure is one of the most important financial
decisions in corporate financing strategy. It involves the choice of
debt and equity level in financing a company-s operations. This study
aims to investigate whether the capital structure choice of Malaysian
electrical and electronic manufacturing companies that are listed in
the Bursa Malaysia can be explained by factors that have been found
by most studies as dominant determinants of capital structure
(company size, profitability, asset tangibility, liquidity and growth).
Using debt ratio as the proxy for capital structure and applying
pooled ordinary least square multiple regression estimation, the
results showed that on average, Malaysian electrical and electronic
manufacturing companies used less debt in funding their business
operations. The findings also showed that size and asset tangibility
has a significant positive relationship with debt level, while liquidity
has a negative significant relationship with leverage.
Abstract: This paper focuses on sovereign credit risk meaning a
hot topic related to the current Eurozone crisis. In the light of the
recent financial crisis, market perception of the creditworthiness of
individual sovereigns has changed significantly. Before the outbreak
of the financial crisis, market participants did not differentiate
between credit risk born by individual states despite different levels
of public indebtedness. In the proceeding of the financial crisis, the
market participants became aware of the worsening fiscal situation in
the European countries and started to discriminate among
government issuers. Concerns about the increasing sovereign risk
were reflected in surging sovereign risk premium. The main of this
paper is to shed light on the characteristics of the sovereign risk with
the special attention paid to the mutual relation between credit spread
and the CDS premium as the main measures of the sovereign risk
premium.
Abstract: This study examines the impact of working capital
management on firms- performance and market value of the firms in
Nigeria. A sample of fifty four non-financial quoted firms in Nigeria
listed on the Nigeria Stock Exchange was used for this study. Data
were collected from annual reports of the sampled firms for the
period 1995-2009. This result shows there is a significant negative
relationship between cash conversion cycle and market valuation
and firm-s performance. It also shows that debt ratio is positively
related to market valuation and negatively related firm-s
performance. The findings confirm that there is a significant
relationship between Market valuation, profitability and working
capital component in line with previous studies. This mean that
Nigeria firms should ensure adequate management of working
capital especially cash conversion cycle components of account
receivables, account payables and inventories, as efficiency working
capital management is expected to contribute positively to the firms-
market value.
Abstract: The purpose of this article is to analyze economic and
political tendencies of development of integration processes with
different developing level and speed on the Eurasian space, by considering two organizations at the region – Eurasian Economic
Community and Shanghai Cooperation Organization, by considering the interests of participations in organizations of Russia and China as
a global powers and Kazakhstan as a leader among the Central Asian
countries. This article investigates what certain goals Eurasian
countries (especially Russia, Kazakhstan and China) are waiting from integration within the SCO and the EurAsEC, linking the process
with the theories of regional integration. After European debt crisis it is more topically to research the integration within the specific
region's conditions.
Abstract: In this paper we suggest a method for setting
electronic credits for the customers. In this method banks and
market-sites help each other to make doing large shopping through
internet so easy. By developing this system, the people who have less
money to buy most of the things they want, become able to buy all of
them just through a credit. This credit is given by market-sites
through a banking control on it. The method suggested can stop
being imprisoned because of banking debts.
Abstract: Availability and mobilization of revenue is the main
essential with which an economy is managed and run. While
planning or while making the budgets nations set revenue targets to
be achieved. But later when the accounts are closed the actual
collections of revenue through taxes or even the non-tax revenue
collection would invariably be different as compared to the initial
estimates and targets set to be achieved. This revenue-gap distorts the
whole system and the economy disturbing all the major macroeconomic
indicators. This study is aimed to find out short and long
term impact of revenue gap on budget deficit, debt burden and
economic growth on the economy of Pakistan. For this purpose the
study uses autoregressive distributed lag approach to cointegration
and error correction mechanism on three different models for the
period 1980 to 2009. The empirical results show that revenue gap has
a short and long run relationship with economic growth and budget
deficit. However, revenue gap has no impact on debt burden.
Abstract: Collateralized Debt Obligations are not as widely used
nowadays as they were before 2007 Subprime crisis. Nonetheless
there remains an enthralling challenge to optimize cash flows
associated with synthetic CDOs. A Gaussian-based model is used
here in which default correlation and unconditional probabilities of
default are highlighted. Then numerous simulations are performed
based on this model for different scenarios in order to evaluate the
associated cash flows given a specific number of defaults at different
periods of time. Cash flows are not solely calculated on a single
bought or sold tranche but rather on a combination of bought and
sold tranches. With some assumptions, the simplex algorithm gives
a way to find the maximum cash flow according to correlation of
defaults and maturities. The used Gaussian model is not realistic in
crisis situations. Besides present system does not handle buying or
selling a portion of a tranche but only the whole tranche. However the
work provides the investor with relevant elements on how to know
what and when to buy and sell.
Abstract: According to the theory of capital structure, this paper uses principal component analysis and linear regression analysis to study the relationship between the debt characteristics of the private listed companies in Jiangsu Province and their business performance. The results show that the average debt ratio of the 29 private listed companies selected from the sample is lower. And it is found that for the sample whose debt ratio is lower than 80%, its debt ratio is negatively related to corporate performance, while for the sample whose debt ratio is beyond 80%, the relationship of debt financing and enterprise performance shows the different trends. The conclusions reflect the drawbacks may exist that the debt ratio is relatively low and having not take full advantage of debt governance effect of the private listed companies in Jiangsu Province.