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The study examined the penetration of financial inclusion in the agricultural sector, using small-scale farmers in Enugu State, Nigeria, as evidence.

The study utilized survey data generated from 425 questionnaires administered to small-scale farmers in both rural and urban locations in Enugu State. The study applied the adequacy gap, timeliness gap and penetration gap indices to measure the penetration of financial inclusion among the small-scale farmers in Enugu State.

It was found that different lending agencies, except for some cooperative societies, were unable to meet the credit needs of small-scale farmers in Enugu State as shown by the adequacy gap index. The timeliness gap index revealed the existence of time gap in the credit receipt of small-scale farmers given that agriculture is rain-fed in Enugu. The penetration gap index indicated that there is gap in the penetration of agricultural credit grants to small-scale farmers in Enugu State, showing a shallow penetration of financial inclusion in agricultural sector.

The research is limited in scope as a result of data and the desire to study small-scale farmers in Enugu State, Nigeria.

The study recommended among others that government should encourage cooperatives more to meet credit needs of farmers in order to raise the level of financial inclusion penetration.

To the best of the authors' knowledge, this is the only study that examines the penetration of financial inclusion among small-scale farmers in Enugu State, Nigeria. This study contributes to the growing literature on financial inclusion in the agricultural sector as there is dearth of literature in this study area.

Women’s empowerment remains a key development challenge in Kenya. The purpose of this study is to attempt to understand the status of women’s empowerment and the key contributors to their disempowerment in Kenya’s aquaculture sector.

A cross-sectional survey was conducted on 534 male and female fish farmers from 300 households drawn from six counties in Kenya (Kakamega, Kisumu, Kisii, Kiambu, Meru and Nyeri). The Abbreviated Women’s Empowerment in Agriculture Index (A-WEAI) was adapted to Abbreviated Women’s Empowerment in Fisheries and Aquaculture Index (A-WEFI) to suit the aquaculture and fisheries sub-sector. The adapted A-WEFI was then used to estimate and the status of women’s and men’s using five domains of empowerment (5DE) and a gender parity index (GPI). Data were analysed using descriptive statistics, Cramer’s V and sensitivity analysis as test statistics.

About 86% of the men and 80% of the women were classified as empowered. The mean score of the 5DE was 0.93 and 0.95 for women and men, respectively. In addition, 82% of the households achieved gender parity, suggesting that for such households, empowerment of men was no greater than that of women. Overall, the results suggest no major differences between the empowerment of women and men. Findings suggest areas of improvement in empowerment: when observed separately, women report lack of agency in production, resource, time-use and allocation and leadership.

This paper adapts the A-WEAI to the fisheries and aquaculture context, in bid to bridge the gap in standard women’s empowerment measurement methods in this area. Also, there are limited empirical studies on the multifaceted empowerment of women in aquaculture in Kenya. The findings are meant to serve as a point of reference for policymakers, as they develop gender-responsive intervention programmes, and in implementing gender mainstreaming in Kenya.

The purpose of this paper is to present research assessing the level of qualitative adequacy of newly constructed public housing in urban centres in Ogun State, Nigeria.

The study followed a quantitative research strategy. A survey of 517 housing units constructed through four different strategies and selected based on quota of their existence in nine public housing estates was conducted with a questionnaire as the key data collection instrument. A five‐point Likert scale was used in measuring the level of qualitative adequacy of four key housing sub‐components. The data were analysed using descriptive statistics.

Residents found the overall housing to be inadequate; they indicated that housing unit attributes were the most adequate and thus contributed most, while neighbourhood facilities were the least inadequate and contributed the least to qualitative housing adequacy.

The sample population comprised mainly house heads in public housing constructed between 2003 and 2009 therefore, the findings may not be considered to be applicable to all the public housing in the study area. However, the findings can form the basis for judging the performance of public housing in the current democratic dispensation in the study area.

The findings imply that giving adequate attention to the provision of infrastructural facilities and maintenance of existing ones can enhance the qualitative adequacy of public housing.

This paper is a pioneering effort at evaluating the qualitative adequacy of most recently constructed public housing in the study area.

This paper aims to deepen the concept of service quality in digital libraries based on the analysis of the Digital Library Service Quality Model (adapted from Zeithaml, Parasuraman and Malhotra) and a multiple‐item scale (dlQUAL scale) created to evaluate the quality and performance of service delivered by the Portuguese Digital Library Consortium as part of the Digital Library Integrated Evaluation Programme.

The Digital Library Service Quality Model makes it possible to assess gaps between different levels based on a multiple‐item scale to evaluate service quality, which was designed as a web survey. Considering the strategical groups (users, LIS professionals, library managers and top managers), the research team developed four different web‐survey versions to evaluate the different gaps. In the first step of this study, they looked for measures validity.

The scale proved good psychometric proprieties. This study also showed the usefulness of the Digital Library Service Quality Model to evaluate and analyze digital libraries' service quality.

The scale is valid and useful to evaluate digital libraries' service quality and it can provide valuable performance information to digital libraries' decision‐makers. Moreover, the Digital Library Service Quality Model is a useful instrument to check the critical points that are related to organizational deficiencies. If these gaps are regularly monitored, it is possible to implement adequate correction measures and improve service quality.

This paper presents a Library Service Quality Model specifically designed to evaluate digital libraries.

The study seeks to evaluate the effect of capital adequacy and competition on the liquidity creation of Kenyan commercial banks.

Unbalanced panel data from 36 Kenyan commercial banks with licenses from 2001 to 2020 is used in the study. The generalized method of moments (GMM), a two-step system, is employed in the investigation. To increase the robustness and prevent erroneous findings, serial correlation tests and instrumental validity analyses are used. The methodology developed by Berger and Bouwman (2009) is used to estimate the commercial banks' levels of liquidity creation.

The study supports the financial fragility-crowding out hypothesis by finding a significant negative effect of capital adequacy on the liquidity creation of commercial banks. The research also identifies a significant inverse relationship between competition and liquidity creation, depicting competition's value-destroying effect.

A trade-off exists between capital adequacy and liquidity creation, which must be carefully evaluated as changes in capital requirements are considered. The value-destroying effect of competition on liquidity creation presents a case for policy geared toward consolidating banks' operations through possible mergers and acquisitions.

To the best of the authors' knowledge, this is the first study to empirically offer evidence concurrently on the effect of competition and capital adequacy on the liquidity creation of commercial banks in a developing economy such as Kenya. Additionally, the authors employ a novel measure of competition at the firm level.

The IRB capital requirements of Basel II define the minimum level of capital that the bank has to retain to cover the current risks of its portfolio. The major risk that many banks are facing is credit risk and Basel II provides an approach to calculate its capital requirement. It is well known that Pillar I Basel II approach for credit risk capital requirements does not include concentration risk. The paper aims to propose a model modifying Basel II methodology (IRB) to include name concentration risk.

The model is developed on data based on a portfolio of Greek companies that are financed by Greek commercial banks. Based on the initial portfolio, new portfolios were simulated having a range of different credit risk parameters. Subsequently, the credit VaR of various portfolios was regressed against the credit risk indicators such as Basel II capital requirements, modified Herfindahl Index and a non-linear model was developed. This model modifies the Pillar I IRB capital requirements model of Basel II to include name concentration risk.

As the Pillar I IRB capital requirements model of Basel II does not include concentration risk, the credit VaR calculations performed in the present work appeared to have gaps with the Basel II capital requirements. These gaps were more apparent when there was high concentration risk in the credit portfolios. The new model bridges this gap providing with a correction coefficient.

The credit VaR of a loan portfolio could be calculated from the bank easily, without the use of additional complicated algorithms and systems.

The model is constructed in such a way as to provide an approximation of credit VaR satisfactory for business loan portfolios whose risk parameters lie within the range of those in a realistic bank credit portfolio and without the application of Monte Carlo simulations.

Housing policies in India (last modified in 2017) define “affordable housing” on three main parameters – income of the target group, dwelling unit size and house price to income ratio. The Covid-19 pandemic has questioned the robustness of the defining parameters of affordable housing. This paper aims to study the impact of Covid-19 pandemic on housing affordability and adequacy for the urban poor and highlights how one pandemic has directly challenged the practicality of the affordable housing criteria in urban India.

The study is based on a pilot test conducted through interviews with the consumer group. Furthermore, the affordable housing policies of urban India were studied in conjunction with the pandemic guidelines laid down by the World Health Organization. The consumer responses were analyzed in relation to the policies and guidelines to arrive at the inferences. The secondary case examples of the Dharavi slums in Mumbai and the Savda Ghevra slum resettlement colony in Delhi, along with the findings of the primary survey in the economically weaker section category, are used to formulate the conclusions.

The pilot test conducted for the target consumer group clearly indicates that (i) the pandemic has severely affected the housing purchase capacity of the target consumer, thereby questioning the “affordability” of housing; (ii) proposed housing solutions are inadequate to enable livability, thereby questioning the “adequacy” of housing; and (iii) proposed housing solutions are inept to accommodate pandemic protocols. The Covid-19 pandemic and the conditions it imposed on the built environment clearly highlight the inadequacy of affordable housing parameters being followed in urban India.

Further research may be conducted on global best practices in housing, which may advise the housing policies in India.

The study suggests key areas that need intervention and modification to make the housing policies more robust and effective.

The study explores the social sustainability aspects of housing, which are often considered secondary in policies.

Because housing has a direct bearing on the physical, social and mental well-being of society, it is imperative to find housing solutions that are safe and resilient for a sustainable future. This paper is an original attempt by the author to question and highlight how the current affordable housing solutions adopted in urban India will continue to fail under any external adverse conditions unless modifications are considered in the existing housing parameters.

This paper aims to measure the financial impact on social security system of a recently proposed indexation mechanism for retirement age by considering the Italian longevity experience. The analysis is motivated by the progressive increase in life expectancy at advanced age, which is rapidly bringing to the fore noticeable socio-economic consequences in most industrialized countries. Among those, the impact on National Social Security systems is particularly relevant if people live longer than expected; this will lead to greater financial exposure for pension providers.

Referring to the Italian population for illustrative purposes, the authors contemplate different scenarios for mortality projection methods and for the implementation of pension age shift while accounting for gender and cohort gaps and model risk. Synthetic indicators to measure the impact of the indexation mechanism on social security system are introduced on the basis of pension cash flows.

An indexation policy that manages gender gap while adjusting retirement age for varying life expectancy is proposed. As a result, sustainability of public retirement expenditure is improved.

The paper is a concise scenario analysis of the reduction of costs and risks that pension providers would have if the system resorted to link retirement age to life expectancy. The ideas fostered by the paper follow a recent proposal of the Authors on a flexible retirement scheme that deals with model risk for mortality projection and accounts for gender gap in mortality rates.

The purpose of this paper is to provide a detailed analysis of industry loss warranties (ILWs), an alternative risk transfer instrument which has become increasingly popular throughout the last few years.

The authors first point out key characteristics of ILWs important to investor and cedent, including transaction costs, moral hazard, basis risk, counterparty risk, industry loss index, and regulation. Next, the authors present and discuss the adequacy of actuarial and financial approaches for pricing ILWs, as well as the aspects of basis risk. Finally, drivers of demand and associated models frameworks from the purchaser's viewpoint are studied.

Financial pricing approaches for ILWs are highly sensitive to input parameters, which is important given the high volatility of the underlying loss index. In addition, the underlying assumption of replicability of the claims is not without problems. Due to their simple and standardized structure and the dependence on a transparent industry loss index, ILWs are low‐barrier products, which can also be offered by hedge funds. In principle, traditional reinsurance contracts are still preferred as a measure of risk transfer, especially since these are widely accepted for solvency capital reduction. However, the main important impact factor for the demand of ILWs from the perspective of market participants, i.e. large diversified reinsurers and hedge funds, is the lower price due to rather low transaction costs and less documentation effort. Hence, ILWs are attractive despite the introduction of basis risk and the still somewhat opaque regulatory environment.

An important issue for future research is how reinsureds deal with the basis risk inherent in ILWs. Another central point is the development of a European industry loss index and the creation of an exchange platform to enable an even higher degree of standardization and a faster processing of transactions.

ILWs feature an industry loss index to be triggered, and, in some cases, a double‐trigger design that includes a company indemnity trigger. ILW contracts belong to the class of alternative risk transfer instruments that have become increasingly popular, especially in the retrocession reinsurance market. There has been no comprehensive analysis of these instruments in academic literature to date. Consequently, the authors believe that this paper provides a high degree of originality.