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This chapter is a radical critique of the neoclassical growth theory, justifying ways out of mainstream economics. It has three parts. The first one analyzes growth…
This chapter is a radical critique of the neoclassical growth theory, justifying ways out of mainstream economics. It has three parts. The first one analyzes growth theories from the Classical representation to the endogenous growth models. The second part demonstrates that the “new growth theory” is not a break with Solow's formalization. To prove it, we build an original Solowian endogenous growth model. Then, this neoclassical macrodynamic framework is technically, deeply critized in a third part. We show that both exogenous and endogenous neoclassical models prove to be incapable to explain growth in the long period. We concentrate on the ambiguities surrounding the hypothesis of single agent, as well as on the role of the state, in particular when it is considered as a “planner” by the neoclassicals. Endogenous growth models do not correspond to macrodynamization of the Walrasian general equilibrium, nor have solid microeconomic bases. We advocate in favor of rehabilitating state's intervention in social areas and of reactivating Marxist theoretical reflections regarding social planning and class analysis in the current time of structural crisis of the capitalist world system.
The Cuban dollarization is an original, complex phenomenon. In spite of serious difficulties, till now the process has remained under control. The government has reached in some degree its goal of rising foreign currency inflows, thus also of insuring economic recovery. Obviously, the dollarization’s effects have not been all positive, and the state recurrently recalls its wish to suppress it as soon as possible. This article explains to what extent the present dollarization is to be distinguished from the pre-revolutionary one; analyses its causes, mechanisms, and effects; and evaluates the debate about dollarization and scenarios of de-dollarization for Cuba.
This book is an attempt to reflect on what we have learned from financial policies and financial crises in Latin America. The 21 chapters in this volume capture the developments in various ways. They cover theoretical contributions, regional empirical studies, and specific inquiries on Argentina, Brazil, Chile, Colombia, Cuba, Ecuador, Mexico, Peru and Venezuela. The breadth of methodologies implemented suggests that researchers are looking at Latin American financial markets through a variety of lenses. The chapters are divided into 7 parts, including, in Part I, an initial overview. Part II examines the foreign exchange markets in Latin America and their interactions with other markets. Part III discusses dollarization issues in the region. Part IV then takes up the issue of banking in Latin America. Equity and bond markets are considered in Parts V and VI, respectively. Lastly, Part VII considers pension systems in Latin America. Taken as a whole, the 21 chapters seize the excitement of studying Latin America and provide lessons that are applicable around the world.
The purpose of this study aimed to assess factors associated with the intention to take pre-exposure prophylaxis (PrEP) among Thai young men who have sex with men (YMSM…
The purpose of this study aimed to assess factors associated with the intention to take pre-exposure prophylaxis (PrEP) among Thai young men who have sex with men (YMSM) and transgender women (TGW) in Bangkok.
The study surveyed 350 sexually active Thai YMSM and TGW aged between 18 and 24 years registered with a nongovernmental organization (NGO) working with the MSM community. Data were collected using snowball sampling from four venues. Participants completed a self-administered questionnaire. Logistic regression was used to evaluate factors associated with the intention to take PrEP daily.
The results showed that of all those surveyed, n = 310 (88%) participated. The median age was 21 years. In all, 18% of participants had heard about PrEP, and 36% correctly identified that PrEP is used for prevention. After receiving information, 31% intended to take daily PrEP and the Voluntary Counseling and Testing (VCT) rate was 35.5%. Factors significantly associated with intention to take daily PrEP were history of HIV testing (adjusted odds ratio (AOR), 2.3, 95% CI, 1.3–4.1), and high perceived behavioral control of PrEP adherence scores (AOR 3.0, 95% CI, 1.8–5.2).
This study showed that intention to take and knowledge of daily PrEP among YMSM and TGW was low. Promoting health education to YMSM and TGW about PrEP and MSM-friendly VCT services are needed to effectively implement PrEP in HIV prevention programs.
This paper analyses the role of accounting information quality on leverage adjustments. More specifically, the authors investigate whether a better accounting information…
This paper analyses the role of accounting information quality on leverage adjustments. More specifically, the authors investigate whether a better accounting information leads to a higher speed of adjustment to the target financial leverage.
The authors use a two-step method. They first estimate the target financial structure and then the influence of accruals quality on the speed of adjustment to this target. The study sample consists of French listed companies in the CAC All-Tradable index. The sample contains 210 companies and 1,713 observations.
Accounting literature showed the positive influence of accounting quality on financial management. The study findings are in line with these results. The authors give evidence of that a better quality of accruals is associated with a greater speed of adjustment.
A common limitation in this field is the use of proxies. This makes results harder to generalize. For this reason, the authors implemented several models to improve the robustness of their results.
The authors give evidence that firms have an incentive to disclose a good-quality accounting information. A weak accounting quality prevents firms from adjusting their leverage to their financial target and therefore reduce their value.
This work shows the need for accounting standardization bodies to strive to produce accounting standards allowing the production of high-quality accounting information. In a teaching dimension, these results highlight the importance in corporate finance of acquiring expertise in quality accounting information analysis.
This work is original because the authors study the influence of accounting quality on speed of adjustments of firms operating in the same legal environment and using the same accounting standards, when previous work compared different accounting frameworks. The French context is characterized by the weakness of market mechanisms and the important role of banks. These characteristics are known to reduce the role of accounting information in financing process. This result is interesting because the authors demonstrate that firms operating in this context still have an incentive in producing high accounting quality information.