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This study aims to examine the relationships between the rules that a cooperative membership decides upon and members' motives for action. It considers individual self-interest in relation with motives that are consistent with the values of cooperation.

This paper comprises two parts. The first is theoretical and discusses cooperative governance's features in the context of individual motives. The second part is empirical and based on survey data from Italian multistakeholder, worker-run social cooperatives. It uses cross-sectional data gathered from 4,134 workers and 310 managers in 310 cooperatives in Italy to provide evidence of rules and individual motives. Regression analysis confirms the existence of a linkage between individual self-interest and motives.

Rules mainly, but not exclusively, play an enabling function, which implies responding to both nonmonetary and monetary individual motives. With greater articulation within institutions – through the definition of multiple rights for accessing decision-making – the authors expect increases in individual capabilities to match motives with specific organizational rules in pursuit of consistent ends. This is confirmed by the association that the authors found between individual motives and commitment.

The authors’ illustration is limited to one specific type of cooperative, the social cooperative, in which prosocial motives are expected to be stronger than in other cooperative forms, although one could say that all cooperative models emphasize procommunity and prosocial aims. Data are cross-sectional and do not allow for the identification of causality, only of statistical relations' strength.

The continuous scrutiny and adaptation of motives and means imply that cooperators communicate and engage in a learning process.

While the institutional spheres that support investor-owned organizations and self-interested profit-maximizing behavior have been analyzed, a framework that accommodates personal control rights and a richer view of individual motives is lacking. The value added from the paper is to suggest one.

This paper aims to obtain a recent estimate of the cost of precautionary foreign reserve accumulation that emerging market and developing economies (EMDEs) had to endure to protect themselves against the risks of financial globalization. In addition, the study estimates the cost of excess reserves in emerging market economies (EMEs) using various reserve adequacy indicators that reflect potential sources of foreign exchange drains and vulnerability in EMEs' balance of payments.

This paper begins by explaining the accumulation of foreign reserves in EMDEs as a self-protection strategy against the risks of financial globalization. Next, it sheds light on the different types of economic costs of foreign reserve accumulation. Finally, it estimates the cost of foreign reserve accumulation in EMEs during the period (1990–2018) and in EMDEs during the period (1990–2015) due to data availability.

Results indicate that the cost of accumulating foreign reserves as a self-protection strategy in EMDEs and EMEs' was huge compared to their development financing needs. Applying various reserve adequacy measures demonstrates that many of the EMEs were holding inadequate precautionary reserves in 2018. Actually, this reflects the significant increase in external short term debt that many of the EMEs have witnessed since the eruption of the global financial crisis (2008). Thus increasing reserves in EMEs with weak reserve buffers and higher external debt is critical as they are more vulnerable to external shocks and capital flow reversals. Also given the estimated huge costs of accumulating foreign reserves, EMDEs should accompany it by other complementary self-protection policies and liquidity management policies to free up resources for productive investment.

The study contributes to the literature by estimating the cost of precautionary foreign reserve accumulation imposed on EMDEs during an extended period of time that covers a decade after the onset of the global financial crisis. Also to the authors' knowledge, this is the first study that estimates the cost of excess reserves in EMEs using various reserve adequacy indicators including the International Monetary Fund (IMF) assessing reserve adequacy (ARA) approach.

This paper focuses on the motivation of females to start businesses in developed and emerging economies. Although the issues related to the motivation of entrepreneurs have been widely studied, there are a few studies focusing on the differences in women’s entrepreneurial motivation in countries with different levels of market economy development. Furthermore, existing studies on female founders mainly adapt the concepts that have often been developed in male-dominated paradigm. The purpose of this paper is to explore in depth motivations of female entrepreneurs in different contexts and discover the dissimilarities in women’s entrepreneurial motivations in countries with different levels of economic development.

The qualitative research approach is applied in this study to explore the social-driven and profit-driven motives of female entrepreneurs. The authors have employed purposeful sampling to select cases. The authors investigated the motivations of 45 female entrepreneurs in Norway (12), Russia (21) and Ukraine (12). Semi-structured interviews were used to collect primary data. The authors have also triangulated the data collected from interviews with the data available on the internet, company reports and newspaper publications.

The findings indicate that women often pursuit business opportunities to satisfy social needs, rather than focusing on traditional business outcomes such as growth or profit. However, different contexts – the emerging economies context of Russia and Ukraine and the developed one of Norway – seem to influence the motivation to establish new ventures differently. The study found a stronger desire to contribute to a society’s needs among female founders in Norway compared to their counterparts in Russia and Ukraine. This indicates that cultural and social context in developed countries, such as in Norway, probably provides more possibilities for female entrepreneurs for self-realisation elsewhere leaving more room for focusing on societal issues in business in comparison with emerging countries contexts.

A novel conceptual contribution is the exploration of links between the social-driven and profit-driven motives of female entrepreneurs in emerging and developed economises. The study also adds to debates relating to context embeddedness of smaller firms.

The study aims to empirically examine the relationship between monetary policy and economic growth, as well as to explore the long-run and the short-run effect of monetary policy on the economic growth of a developing country (Bangladesh) and a developed country (the United Kingdom).

Depending on data availability, the study employed secondary data covering the period of 1980–2019. The augmented Dickey–Fuller test and the Phillips–Perron test were used for the stationarity test. Further, the F-bounds test was run to justify the long-run relationship between monetary policy and economic growth. Thereafter, long-run coefficients were revealed from the auto-regressive distributed lag (ARDL) model and short-run coefficients from the error correction model. Furthermore, the vector error correction model (VECM) Granger causality approach was employed to demonstrate the causality of studied variables. Lastly, different diagnostics tests ensured the robustness of the models.

F-bounds test outcomes suggest that monetary policy has a long-run relationship with economic growth in both countries. Long-run coefficients revealed that money supply has a positive long-run impact on economic growth in both countries. Unlike the UK, the exchange rate exhibits an adverse effect on the economic growth of Bangladesh. The bank rate seems to promote economic growth for the UK. Findings also depict that increase in lending interest rates hurts the economic growth for both countries. Besides, the short-run coefficients portray random effects at different lags in both cases. Lastly, causality among studied variables is revealed using the VECM Granger causality approach.

The novelty of this study lies in consideration of both developing and developed countries in the same study.

The “unplannable” is a welcomed exception to the formal order of urban planning. This opinion article explores some examples of informal urbanism and discusses its ambiguous relationship to public space and unplanned activities in the city. The informal sector offers important lessons about the adaptive use of space and its social role. The article examines the ways specific groups appropriate informal spaces and how this can add to a city’s entrepreneurship and success. The characteristics of informal, interstitial spaces within the contemporary city, and the numerous creative ways in which these temporarily used spaces are appropriated, challenge the prevalent critical discourse about our understanding of authorised public space, formal place-making and social order within the city in relation to these informal spaces.

The text discusses various cases from Chile, the US and China that illustrate the dilemma of the relationship between informality and public/private space today. One could say that informality is a deregulated self-help system that redefines relationships with the formal. Temporary or permanent spatial appropriation has behavioural, economic and cultural dimensions, and forms of the informalare not always immediately obvious: they are not mentioned in building codes and can often be subversive or unexpected, emerging in the grey area between legal and illegal activities.

Marx’s monetary theory is an important part of Marxist economics and an irreplaceable milestone in the intellectual history of the monetary theory. The purpose of this paper is to summarize the main content of Marx’s monetary theory from three aspects: the source and nature of money, the function of money and the historical significance of money.

Moreover, this paper also gives an extended understanding of Marx’s monetary theory from four perspectives: the endogenous credit mechanism of money, the functions of money and demands for money, the financial function of money and the economic and social functions of money.

Lastly, the present paper discusses the practical significance of Marx’s monetary theory from three perspectives, namely, the inspection of “Bitcoin” from the nature and function of money, the definition of demands and the division of supplies at the monetary level, and the prevention of systemic financial risks and the focus of financial supervision.

Marx’s monetary theory is an important part of Marxist economics and an irreplaceable milestone in the intellectual history of the monetary theory. However, for a long time, the contribution of Marx has rarely been mentioned in the intellectual history of monetary theory. Even the book, Political Economy (On Capitalism), has been only summarily concerned with the source and function of money in Marx’s monetary theory, rather than revealing Marx’s outstanding contribution in the monetary theory and the financial connotation of Marx’s monetary theory, and expounding its practical significance.

This study aims to investigate different types of platform providers (PPs) to gain a deeper understanding of the characteristics and underlying logic of this group within collaborative consumption (CC). As CC occurs with three groups of actors (PP, peer service provider and customer) and is predominantly viewed from the customer perspective, this study offers insights from the under-researched PP perspective.

This research applies a multiple case study approach and analyzes descriptively and thematically 92 cases of CC PPs gathered through the Crunchbase database.

The authors derive four archetypes of CC PPs, namely, the hedonist, functionalist, environmentalist and connector, that differ in their offered values, dominating motives and activities across industries.

The authors conceptualize CC by clearly describing the four archetypes and their characteristics. However, further research would benefit from including databases other than Crunchbase.

PPs need to understand their value offerings and customer preferences to develop convincing value propositions and offer engaging activities. PPs would benefit from a more active social media presence to build strong relations with customers and peer service providers to effectively communicate their values.

The paper is pioneering as it encompasses the perspective of CC PPs and operationalizes the concept of CC. The authors address the lack of research on CC by conducting an extensive case study.

The purpose of this paper is to examine monetary policies and bank lending in the emerging economies of Sub-Sahara Africa.

The dynamic system-generalized method of moments (GMM) that overcomes issues of unobserved period and country-specific effects, as well as potential endogeneity of explanatory variables, is applied in the estimation exercise. The study uses the data for 80 banks across 20 Sub-Saharan African countries from 2010 to 2019.

The findings show that expansionary monetary policy such as an increase in money supply stimulates bank lending, while contractionary monetary policies like increase in the monetary policy rates by the central banks lead to credit contraction, albeit a weak effect due to possible underdevelopment of financial markets, institutional constraints, bank concentration and other rigidities in the system characteristic of developing countries that undermine the effectiveness of monetary policy transmission. Capital adequacy ratio and size of economic activities are other variables that significantly influence bank lending channels.

Sub-Sahara Africa countries can enhance the effectiveness of monetary policy transmission on bank lending through the effective use of the transmission mechanism of changes in money supply and monetary policy rate.

While greater empirical attention has been devoted to the nexus between monetary policies and macroeconomic variables in country-specific studies, the connection between monetary policies and bank lending at an extensive regional or cross-country level is still scanty. For Sub-Saharan Africa, there is a palpable lack of empirical evidence on this. This study, therefore, seeks to fill this gap in a region where the impact of monetary policies on credit intermediation is crucial to the economic diversification efforts of the governments of Sub-Sahara Africa.

This paper aims to estimate a New Keynesian small open economy dynamic stochastic general equilibrium (DSGE) model for Egypt using Bayesian techniques and data for the period FY2004/2005:Q1-FY2015/2016:Q4 to assess monetary and fiscal policy interactions and their impact on economic stabilization. Outcomes of monetary and fiscal authority commitment to policy instruments, interest rate, government spending and taxes, are evaluated using Taylor-type and optimal simple rules.

The study extends the stylized micro-founded small open economy New Keynesian DSGE model, proposed by Lubik and Schorfheide (2007), by explicitly introducing fiscal policy behavior into the model (Fragetta and Kirsanova, 2010 and Çebi, 2011). The model is calibrated using quarterly data for Egypt on key macroeconomic variables during FY2004/2005:Q1-FY2015/2016:Q4; and Bayesian methods are used in estimation.

The results show that monetary and fiscal policy instruments in Egypt contribute to economic stability through their effects on inflation, output and debt stock. The monetary policy Taylor rule estimates reveal that the Central Bank of Egypt (CBE) attaches significant importance to anti-inflationary policy and (to a lesser extent) to output targeting but responds weakly to nominal exchange rate variations. CBE decisions are significantly influenced by interest rate smoothing. Egyptian fiscal policy has an important role in output and government debt stabilization. Additionally, the fiscal authority chooses pro-cyclical government spending and counter-cyclical tax policies for output stabilization. Again, past values of the fiscal instruments are influential in the evolution of the future fiscal policy-making process.

A few studies have examined the interaction between monetary and fiscal policy in Egypt within a unified framework. The presented paper integrates the monetary and fiscal policy analysis within a unified dynamic general equilibrium open economy rational expectations framework. Without such a framework, it would not be easy to jointly analyze monetary and fiscal transmission mechanisms for output, inflation and debt. Also, it would be neither possible to contrast the outcome of monetary and fiscal authorities commitment to a simple Taylor instrument rule vis-à-vis optimal policy outcomes nor to assess the behavior of monetary and fiscal agents in macroeconomic stability in context of an active/passive policy decisions framework.

This paper aims to provide a comprehensive understanding of Vietnamese consumers’ perceived value and to explore the relationships between its constructs, satisfaction and (e)word-of-mouth (WOM) intentions towards Airbnb. Moreover, the relationship between traditional WOM and electronic WOM (eWOM) was also investigated.

An electronic survey was applied to collect data on a sample of Vietnamese Airbnb guests. A total of 352 questionnaires were collected, from which 163 eligible Airbnb users remained for data analysis. The partial least square approach to structural equation modelling was used to analyse the data.

The findings suggested that monetary, functional and hedonic benefits significantly impact Vietnamese customer satisfaction (CS) with Airbnb accommodation, which, in turn, acts as a direct effect and mediator in encouraging customers’ (e)WOM-giving intentions. Moreover, traditional WOM intention positively influences eWOM giving intention.

This study provides a better comprehension of customers’ perceived value that influences CS and their (e)WOM intentions towards Airbnb. Secondly, it extends the literature on WOM intentions from the message communicator’s perspective by confirming the positive association between traditional and eWOM-giving intentions. Finally, this paper reveals insights into the sharing accommodation in a fast-growing market in South East Asia (Vietnam), which supports sharing accommodation platforms and service providers to develop appropriate marketing strategies.

本文旨在全面了解越南消费者的感知价值, 并探讨其结构、满意度和 (e) 对 Airbnb 的口碑意图之间的关系。此外, 还研究了传统口碑（WOM）和电子口碑（eWOM）之间的关系。

应用电子调查收集越南 Airbnb 客人样本的数据。共收集问卷 352 份, 剩余 163 名符合条件的 Airbnb 用户进行数据分析。 SEM 的偏最小二乘法用于分析数据。

调查结果表明, 货币、功能和享乐方面的好处显着影响越南客户对 Airbnb 住宿的满意度, 这反过来又在鼓励客户的 (e)WOM 给予意图方面起到直接作用和中介作用。此外, 传统口碑意向对网络口碑给予意向有正向影响。

本研究提供了对影响客户满意度的客户感知价值及其对 Airbnb 的 (e)WOM 意图的更好理解。其次, 它通过确认传统和 eWOM 给予意图之间的正相关关系, 从信息传播者的角度扩展了关于 WOM 意图的文献。最后, 本文揭示了东南亚（越南）快速增长市场中共享住宿的见解, 从而为共享住宿平台和服务提供商制定适当的营销策略提供支持。