...UNCTAD/OSG/DP/132 THE CAUSES OF FINANCIAL DISTRESS IN LOCAL BANKS IN AFRICA AND IMPLICATIONS FOR PRUDENTIAL POLICY Martin Brownbridge No. 132 March 1998 The author thanks Samuel Gayi, Andrew Cornford, Richard Harrington, Charles Harvey and Saqib Jafarey for valuable comments, but accepts sole responsibility for all errors and the views expressed in the paper. UNCTAD/OSG/DP/132 - ii - The opinions expressed in this paper are those of the author and do not necessarily reflect the views of UNCTAD. The designations and terminology employed are also those of the author. UNCTAD Discussion Papers are read anonymously by at least one referee, whose comments are taken into account before publication. Comments on this paper are invited and should be addressed to the author, c/o Editorial Assistant*, Macroeconomic and Development Policies, GDS, United Nations Conference on Trade and Development (UNCTAD), Palais des Nations, CH-1211 Geneva 10, Switzerland. Copies of the UNCTAD Review, Discussion Papers and Reprint Series may also be obtained from this address. New Discussion Papers are available on the web site at: http://www.unicc.org/unctad/en/pressref/prdis.htm * Tel. 022-907.5733; Fax 907.0274; E.mail: nicole.winch@ unctad.org JEL classification: G280 - iii - CONTENTS Chapter Page INTRODUCTION I. II. III. GROWTH AND CHARACTERISTICS OF LOCAL BANKS IN AFRICA MORAL HAZARD, ADVERSE SELECTION AND FINANCIAL FRAGILITY THE CAUSES OF FINANCIAL DISTRESS AMONG LOCAL...
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...GAP: The need gap is that the home marketed is Saturated and the capacity to fulfill this market is complete. Hence now we need to look for a perfect location and an international market where the need is for a retailer with mid price quality garments. Hence the locations that we are looking at are: Malaysia Srilanka East Africa Central africa PEST ANALYSIS OF SRI LANKA Political 1. Form and type of govt.: Republic Takes place in a framework of a presidential representative democratic republic, whereby the President of Sri Lanka is both head of state and head of government, and of a multi-party system. Executive power is exercised by the government. Legislative power is vested in both the government and parliament. Since decennia the party system is dominated by the socialist Sri Lanka Freedom Party and the conservative United National Party. The Judiciary is independent of the executive and the legislature. The Politics of Sri Lanka reflect the historical and political differences between the two main ethnic groups, the majority Sinhala and the minority Tamils, who are concentrated in the north and east of the island. 2. Foreign and Trade policies Sri Lanka opened its borders to allow free trade, dismantled price control, eliminated import tariffs and, in a broad sense, introduced an open economy. Free Trade Zones and Export Processing Zones were set up offering many concessions to foreign (and local) investors. The Board of Investment...
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...organisational culture. The contemporary definition of organizational culture includes what is valued, the dominant leadership style, the language and symbols, the procedures and routines, and the definitions of success that characterizes an organization. Organisational Culture represents the values, underlying assumptions, expectations, collective memories, and definitions present in an organization (Schein, 1992; Cameron & Quinn, 1999). Cameron and Quinn (1999) have developed an organizational culture framework built upon a theoretical model called the "Competing Values Framework." This framework refers to whether an organization has a predominant internal or external focus and whether it strives for flexibility and individuality or stability and control. The framework is also based on six organizational culture dimensions and four dominant culture types (i.e., clan, adhocracy, market, and hierarchy). In addition the framework authors generated an "Organizational Culture Assessment Instrument (OCAI)" which is used to identify the organizational culture profile based on the core values, assumptions, interpretations, and approaches that characterize organizations (Cameron & Quinn, 1999). The central issue associated with organizational culture is its linkage with organizational performance. Connections between OC and performance have been established. An increasing body of evidence supports a linkage between an organization's culture and its business performance. In the business...
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...a few more years. The rupee as a currency should be more frequently traded internationally,” said Dwijendra Srivastava, chief investment officer (debt) at Sundaram Mutual Fund. India’s external sector was vulnerable till recently, with the current account deficit above the comfort level of 2.5 per cent of the gross domestic product. It was 4.2 per cent of gross domestic product (GDP) in 2011-12 and rose to 4.7 per cent in 2012-13. After severe curbs, including restrictions on import of precious metals, the deficit fell to 1.7 per cent in 2013-14. In 2014-15, it continued to stay low, with the third quarter showing a deficit of 1.6 per cent. The fiscal situation remains fragile. The turning point was in 2007, the year of the global financial crisis. The fiscal deficit of the central government has been 4.6-6.5 per cent in the past six years, before falling to 4.1 per cent in 2013-14. The government is committed to keeping the fiscal deficit low and the target of 3.9 per cent has been retained for this year. The deficit target will be progressively reduced to 3.5 and three per cent in 2016-17 and 2017-18, respectively. Experts believe utmost care should be taken along the path of convertibility. Ajit Ranade, chief economist at the Aditya Birla Group, who was part of an RBI committee on...
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...Review of Warehouse Receipt System and Inventory Credit Initiatives in Eastern & Southern Africa Final report commissioned by UNCTAD under the All ACP Agricultural Commodities Programme (AAACP) *The views expressed in this paper are those of the author and do not necessarily reflect the views of the United Nations September 2009 CONTENTS CONTENTS ............................................................................................................................................. i ACKNOWLEDGEMENT .....................................................................................................................iii GLOSSARY OF ABBREVIATIONS .................................................................................................. iv GLOSSARY OF ABBREVIATIONS .................................................................................................. iv SUMMARY ............................................................................................................................................ 1 Introduction ....................................................................................................................... 1 Observations on the different approaches ......................................................................... 1 Policy conclusions and recommendations ........................................................................ 3 Specific proposals .....................................................................
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...2. LITERATURE REVIEW. In the context of India’s tea export, there exists vast literatures .But for this study we have included some of the important empirical works which are matched with our objectives. Chand and Tiwari,(1991),analyzead growth and instability of India’s export and import of agricultural commodities. Jaganathan , (1992) , in his paper examined the instabilities of export earnings of selected groups and selected commodities and all the commodities from the period 1974-75 to 1989-1990. Pal , (1992) , analyzed the magnitude , causes and effects of instability of agricultural export earnings of India for the period 1979 to 1989.Subramaniam , (1995) , analyzed the impact of fluctuations in tea production and exports on international tea trade .He articulated that India plays a significant role in world tea trade , being the world’s largest producer , consumer , and exporter . Therefore , fluctuations in India’s tea production , consumption and exports are enough to disturb international tea trade . Aiello , (1999) , analyzed that the effects of export earnings instability on economic growth of developing countries has long interested economists for several reasons . Reddy , (2001) , examined global demand for and supply of tea by estimating semi – log trends separately using data of the recent past , 1974 to 1988 , on the area under cultivation of tea , production , export and retention of tea for domestic consumption . Debraj , (2003) , in a column...
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...OECD INSIGHTS International Trade Free, Fair and Open? Patrick Love and Ralph Lattimore ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT The OECD is a unique forum where the governments of 30 democracies work together to address the economic, social and environmental challenges of globalisation. The OECD is also at the forefront of efforts to understand and to help governments respond to new developments and concerns, such as corporate governance, the information economy and the challenges of an ageing population. The Organisation provides a setting where governments can compare policy experiences, seek answers to common problems, identify good practice and work to co-ordinate domestic and international policies. The OECD member countries are: Australia, Austria, Belgium, Canada, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, the Slovak Republic, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The Commission of the European Communities takes part in the work of the OECD. OECD Publishing disseminates widely the results of the Organisation’s statistics gathering and research on economic, social and environmental issues, as well as the conventions, guidelines and standards agreed by its members. This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed...
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...PART A ➢ GENERAL AGREEMENT ON TARIFFS AND TRADE The General Agreement on Tariffs and Trade (GATT), multilateral treaty between governments, was signed in 1947 and came into force on 1st January 1948. Objectives: The primary of GATT is to expand international trade by liberalizing trade so as to bring about all around economic prosperity. The Preamble to the GATT mentions the following as its important objectives: 1. Raising standard of living. 2. Ensuring full employment and a large and steadily growing volume of real income and effective demand. 3. Developing full use of resources of the world. 4. Expansion of production and international trade. For the realization of its objectives, GATT has adopted the following principles: 1. Non-discrimination: the principle of non-discrimination requires that no member country shall discriminate between the members of GATT in the conduct of international trade. To ensure non-discrimination the members of GATT agree to apply the principle of the most favoured nation (MFN) to all import and export duties. This means that each mission shall be treated as well as the most favoured nation. As far as quantitative restrictions are permitted they too are to be administered without favor. However certain expectations to this principle are allowed for instance GATT, does not prohibit economic integration such as free trade areas or customs union, provided the purpose of such integration...
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...RETHINKING THE (EUROPEAN) FOUNDATIONS OF SUB-SAHARAN AFRICAN REGIONAL ECONOMIC INTEGRATION: A POLITICAL ECONOMY ESSAY by Peter Draper Research area: African Economic Outlook September 2010 Working Paper No. 293 Rethinking the (European) Foundations of Sub-Saharan African Regional Economic Integration: A Political Economy Essay DEV/DOC(2010)10 2 © OECD 2010 DEVELOPMENT CENTRE WORKING PAPERS This series of working papers is intended to disseminate the Development Centre’s research findings rapidly among specialists in the field concerned. These papers are generally available in the original English or French, with a summary in the other language. Comments on this paper would be welcome and should be sent to the OECD Development Centre, 2 rue André Pascal, 75775 PARIS CEDEX 16, France; or to dev.contact@oecd.org. Documents may be downloaded from: http://www.oecd.org/dev/wp or obtained via e-mail (dev.contact@oecd.org). THE OPINIONS EXPRESSED AND ARGUMENTS EMPLOYED IN THIS DOCUMENT ARE THE SOLE RESPONSIBILITY OF THE AUTHOR AND DO NOT NECESSARILY REFLECT THOSE OF THE OECD OR OF THE GOVERNMENTS OF ITS MEMBER COUNTRIES ©OECD (2010) Applications for permission to reproduce or translate all or part of this document should be sent to rights@oecd.org CENTRE DE DÉVELOPPEMENT DOCUMENTS DE TRAVAIL Cette série de documents de travail a pour but de diffuser rapidement auprès des spécialistes dans les domaines concernés les résultats des travaux de recherche du Centre...
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...------------------------------------------------- INTERNATIONAL MONATERY FUND ------------------------------------------------- ------------------------------------------------- IMF FUNCTIONS it works to foster global growth and economic stability by providing policy, advice and financing to members, by working with developing nations to help them achieve macroeconomic stability and reduce poverty The rationale for this is that private international capital markets function imperfectly and many countries have limited access to financial markets. Such market imperfections, together with balance-of-payments financing, provide the justification for official financing, without which many countries could only correct large external payment imbalances through measures with adverse economic consequences.The IMF provides alternate sources of financing. Upon the founding of the IMF, its three primary functions were: to oversee the fixed exchange rate arrangements between countries,thus helping national governments manage their exchange rates and allowing these governments to prioritise economic growth, and to provide short-term capital to aid balance of payments. This assistance was meant to prevent the spread of international economic crises. The IMF was also intended to help mend the pieces of the international economy after the Great Depressionand World War II. As well, to provide capital investments for economic growth and projects such as infrastructure. The IMF's role was...
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...Abstract Developing countries can generate effective solutions for today’s global health challenges. This paper reviews relevant literature to construct the case for international cooperation, and in particular, developed-developing country partnerships. Standard database and web-based searches were conducted for publications in English between 1990 and 2010. Studies containing full or partial data relating to international cooperation between developed and developing countries were retained for further analysis. Of 227 articles retained through initial screening, 65 were included in the final analysis. The results were two-fold: some articles pointed to intangible benefits accrued by developed country partners, but the majority of information pointed to developing country innovations that can potentially inform health systems in developed countries. This information spanned all six WHO health system components. Ten key health areas where developed countries have the most to learn from the developing world were identified and include, rural health service delivery; skills substitution; decentralisation of management; creative problem-solving; education in communicable disease control; innovation in mobile phone use; low technology simulation training; local product manufacture; health financing; and social entrepreneurship. While there are no guarantees that innovations from developing country experiences can effectively transfer to developed countries, combined developed-developing...
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...PHILIPPINE SCHOOL OF BUSINESS ADMINISTRATION, Q.C. 1029-Aurora Blvd. Cubao, Q.C. Selected Pawnshop Businesses along Sumulong Highway, Marikina City: Factors of Success Submitted by: Leira Susana Arceo Escala Charmaine Santos Tesalona Mariel Navata Nieto John Michael Temporal Soria Ralf Louise Sauro Vico Submitted to: Dr. Carolina D. Ditan Table of Contents Title Page Acknowledgement List of Tables List of figures Chapter I Introduction Background of the study Theoretical Framework Research Paradigm Statement of the Problem Hypotheses of the Study Significance of the Study Scope and Delimitations Definition of Terms Chapter II Review of Related Literature Foreign Literature and Studies Local Literature and Studies Chapter III Research Methodology Research Design Sampling Design Research Instrument Data Gathering Procedure Statistical Treatment Chapter IV Presentation, Interpretation and Analysis of Data Chapter V Conclusion and Recommendations Summary Conclusion Recommendation Bibliography Appendix Appendix I. Letter to the respondents Appendix II-A. Questionnaire for customers Appendix II-B. Questionnaire for employee/staff ...
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...1 AGRICULTURE IN BRAZIL: FROM THE 1980’s TO THE G-20 MAURO MASON DE CAMPOS ADORNO Thesis Submitted in Partial Fulfilment of the Requirements of the Degree of Master by Coursework in International Policy Studies School of Politics Faculty of Humanities and Social Sciences La Trobe University Bundoora, Victoria 3083 Australia 2 July 2005 Abstract The Brazilian economy transformed from a state of financial crisis in the 1980’s to become a leading agriculture exporter in the late 1990’s. Economic reforms implemented by the Real Plan were a response to a bankrupt decade of failed economic plans and high inflation rates. In this period agriculture played a key role in the control of the inflation and in the stabilization of the economy. The domestic environment of the Brazilian economy and the role of agriculture helped Brazil to develop a more active role and led it to seek for a leadership position in the international agricultural negotiations. On the eve on the WTO’s Cancun Round of negotiation a new coalition of developing countries formed the G-20. The Group was born from a Brazilian initiative and for the first time a group of developing countries stood up against the developed countries in the agriculture negotiations. 3 Acknowledgments I would like to dedicate this thesis to my mother Ana and my brother Matheus. Who believed in me even when I did not. I love you guys. I would like to thank my Father for the support, during the whole process,...
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...AGRICULTURAL LAW AEC304 CONVENOR – Felix Odimmasi OBJECTIVES OF THE COURSE The course is intended to help the student to explore the legal environment of Agricultural Law by providing a comprehensive survey of the development and regulation of legislation and doctrines which affect the development of Agriculture as a distinct driver of the economy in Kenya. CONDUCT OF THE COURSE The course shall consist of both coursework and examination. The coursework will be in the form of a researched seminar presentation, a term paper and a continuous assessment test each constituting 10% of the final mark, thus a total of 30% of the total mark. The exam will constitute the remaining 70%. COURSE CONTENT | |TOPIC |WEEK |COMMENT | |1 |Nature and sources of Kenyan Law | | | | |Definition and Classification of Law | | | | |Sources of Law | | | | |Law making processes | | | | |Administration of the Law ...
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...Graduate School of Development Studies A Research Paper presented by: Celeste Aida Molina Fernández (Guatemala) in partial fulfilment of the requirements for obtaining the degree of MASTERS OF ARTS IN DEVELOPMENT STUDIES Specialisation: Rural Livelihoods and Global Change (RLGC) Members of the examining committee: Prof. Dr Max Spoor Prof. Dr Peter Knorringa The Hague, The Netherlands November, 2010 Disclaimer: This document represents part of the author’s study programme while at the Institute of Social Studies. The views stated therein are those of the author and not necessarily those of the Institute. Research papers are not made available for circulation outside of the Institute. Inquiries: Postal address: Institute of Social Studies P.O. Box 29776 2502 LT The Hague The Netherlands Location: Kortenaerkade 12 2518 AX The Hague The Netherlands Telephone: +31 70 426 0460 Fax: +31 70 426 0799 Acknowledgments I would like to express my deepest appreciation to all the people who in one way or another contributed to the completion of this study, especially the interviewees, who generously shared their time and knowledge about the coffee sector in Ethiopia. My sincerest appreciation goes to Bilisuma Dito, who first introduced me to the ECX and provided me with key contacts for the fieldwork. Many thanks to Martha Kibru, Saba Yifredew...
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