Search results

In 2022, US financial regulators proposed to mandate a single central clearing mechanism for treasury bonds and repo transactions to stabilize financial markets. The systemic risks inherent in repo markets were first highlighted by the global financial crisis and, as a response, global financial authorities such as the Financial Stability Board (FSB) and Bank for International Settlements (BIS) have advocated for the introduction of a central counterparty (CCP). This study examines the structural characteristics of Korean repo markets and proposes the introduction of CCPs as a way to mitigate systemic risk. To this end, the author analyzes the structural differences between US and European repo markets and estimates the potential consequences of introducing CCP clearing in local repo markets. In general, CCPs offer two benefits: they can reduce required capital through netting in multilateral transactions, and they can mitigate the effects of risk transfer by isolating counterparty risk during periods of turbulence. In Korea, the latter effect is expected to play a pivotal role in mitigating potential risks.

Studies on the work integration of persons with disabilities (PwD) and the role of social dialogue therein are scarce. The study examines how the different systems of workers’ representation and industrial relations in Slovakia and Norway facilitate PwD work integration. Taking a social ecosystem perspective, we acknowledge the role of various stakeholders and their interactions in supporting PwD work integration. The paper’s conceptual contribution lies in including social dialogue actors in this ecosystem.

Evidence was collected via desk research, 35 semi-structured in-depth interviews with 51 respondents and stakeholder workshops in 2019–2020.

The findings from Norway confirm the expected coordination of unions and employers in PwD work integration. Evidence from Slovakia shows that in decentralised industrial relations systems, institutional constraints beyond the workplace determine employers’ and worker representatives’ approaches in PwD integration. Most policy-level outcomes are contested, as integration occurs predominantly via sheltered workplaces without interest representation.

This paper identifies the primary sources of variation in the work integration of PwD. It also highlights opportunities for social partners across both situations to exercise agency and engagement to improve PwD work integration.

By integrating two streams of literature – social policy and welfare state and industrial relations – this paper examines PwD work integration from a social ecosystem perspective. Empirically, it offers novel qualitative comparative evidence on trade unions’ and employers’ roles in Slovakia and Norway.

Innovation ecosystems (IEs) have attracted the attention of policymakers and researchers because of their potential to positively affect territories, creating shared value. However, due to the fragmentation of IEs, how this happens in different IEs has been explored only partially. This research aims to bridge this gap, aiming to support policymakers in understanding how to foster shared value in diverse IEs.

The paper identifies, based on the literature, two “drivers of aggregation” of IE's actors as key dimensions characterizing shared value in IEs, namely physical proximity and dominant issue. If these are combined, three archetypes emerge: Hub- and Chain-Driven, Place-Driven, Competence- and Issue-Driven IEs.Then, elements useful for understanding shared value creation in these archetypes are framed and studied in real cases.

Results reveal that aggregation drivers affect shared value creation, which differ among archetypes: in Competence- and Issue-Driven IEs alignment is challenged by the low physical proximity, which in Place-Driven IEs is high, but not enough to grant shared value; in Hub- and Chain-Driven IEs, the hub is the orchestrator, representing both a driver and a risk.

Differences in shared value creation processes relate to the set-up of the IE, which has relevant implications for policy definition. In Competence- and Issue-Driven IEs, policies at diverse levels align in funding and promoting the IE; in Place-Driven IEs, policies support anchors' development on-site; in Hub- and Chain-Driven IEs, policies, sometimes absent, should foster partnerships for projects for the territory, IE's enlargement and resilience.

This research aims to propose the development of a model that identifies, in essential services, the determining factors affecting the technological advances offered by different smart technologies in supermarket retail channels that influence citizens' quality of life, amidst the coronavirus disease 2019 (COVID-19) pandemic.

The data were collected using a cross-sectional questionnaire survey (n = 469). The authors applied the structural equation modeling (SEM) technique to test the hypotheses, along with the partial least squares (PLS) method for estimating latent variables and combining with the necessary condition analysis (NCA) method.

According to the results of the NCA method, the results were adequate, and more attention should be paid to the quality of life construct after finding the bottleneck point of 50%. In this sense, adaptive resilience was characterized as the main necessary predictor construct for quality of life. In addition, Generation Z and Millennials have the highest frequency of use in all smart technologies, with “assisted purchase” being the most widely used.

Finally, the effect of the pandemic changed the consumption routine with supermarkets, not being a mere option but a necessity in the context of a smart city.

As a result, the proposed model was consistent, showing that all direct and indirect SEM paths were validated, highlighting data security and privacy and resilience issues. In addition, the NCA method complemented the procedures performed in the SEM phase.

This study aims to identify the factors that influence the willingness of Bangladeshi retail investors to invest in ṣukūk.

The authors surveyed Bangladeshi retail investors using a structured questionnaire to understand their perspectives on potential investment in ṣukūk. The authors considered the behavioral aspects of retail investors and the desired ṣukūk features to analyze the demand side. Factors and regression analyses were performed to identify the persuading factors.

The results indicate that investor awareness is a fundamental factor in potential investments in ṣukūk. Investors perceive the security represented by government and third-party guarantees as a persuasive feature of ṣukūk. The tradability and tenor of ṣukūk also affect the investment intention. Sharīʿah consciousness of the investors also plays a significant role in their investment decisions.

One limitation of this study is that it incorporates potential individual investors only, and precludes institutional investors. In the future, there is scope for research to explore the demand factors impacting institutional investors of ṣukūk in Bangladesh.

The authors expect that the study will aid policymakers and ṣukūk issuers in crafting strategies to cater to the needs of Bangladeshi retail investors.

This study is the earliest research conducted in Bangladesh to determine the factors impacting the willingness of individual investors to make their potential investments in ṣukūk. To the best of the authors' knowledge, no study has analyzed the desired ṣukūk features from the perspective of Bangladeshi retail investors.

This study aims to explore the impact of systematic liquidity risk on the averaged cross-sectional equity return of the Indian equity market. It also examines the effects of illiquidity and decomposed illiquidity on the conditional volatility of the equity market.

The present study employs the Liquidity Adjusted Capital Asset Pricing Model (LCAPM) for pricing systematic liquidity risk using the Fama & MacBeth cross-sectional regression model in the Indian stock market from January 1, 2012, to March 31, 2021. Further, the study employed an exponential generalized autoregressive conditional heteroscedastic (1,1) model to observe the impact of decomposed illiquidity on the equity market’s conditional volatility. The study also uses the Ordinary Least Square (OLS) model to illuminate the return-volatility-liquidity relationship.

The study’s findings indicate that the commonality between individual security liquidity and aggregate liquidity is positive, and the covariance of individual security liquidity and the market return negatively affects the expected return. The study’s outcome specifies that illiquidity time series analysis exhibits the asymmetric effect of directional change in return on illiquidity. Further, the study indicates a significant impact of illiquidity and decomposed illiquidity on conditional volatility. This suggests an asymmetric effect of illiquidity shocks on conditional volatility in the Indian stock market.

This study is one of the few studies that used the World Uncertainty Index (WUI) to measure liquidity and market risks as specified in the LCAPM. Further, the findings of the reverse impact of illiquidity and decomposed higher and lower illiquidity on conditional volatility confirm the presence of price informativeness and its immediate effects on illiquidity in the Indian stock market. The study strengthens earlier studies and offers new insights into stock market liquidity to clarify the association between liquidity and stock return for effective policy and strategy formulation that can benefit investors.

The review examines the existing literature on blockchain-based small and medium enterprise (SME) finance and highlights its trend, themes, opportunities and challenges. Based on these factors, the authors create a framework for the existing literature on blockchain-based SME financing and lay down future research paths.

The review follows a systematic approach. It includes 53 articles encompassing multiple dimensions of blockchain-based SME finance, including peer-to-peer lending platforms, supply chain finance (SCF), decentralized lending protocols and tokenization of assets. The review critically evaluates these approaches' theoretical underpinnings, empirical evidence and practical implementations.

The review demonstrates that blockchain-based SME finance holds significant promise in addressing the credit gap by leveraging blockchain technology's decentralized and transparent nature. Benefits identified include reduced information asymmetry, improved access to financing, enhanced credit assessment processes and increased financial inclusion. However, the literature acknowledges several challenges and limitations, such as regulatory uncertainties, scalability issues, operational complexities and potential security risks.

The article contributes to the growing knowledge of blockchain-based SME finance by synthesizing and evaluating the existing literature. It also provides a framework for the existing literature in the area and future research paths. The study offers insights for researchers, policymakers and practitioners seeking to understand the potential of blockchain technology in filling the SME credit gap and fostering economic development through improved access to finance for SMEs.

The purpose of this study is to examine how the tourism economy affects local food availability, access, utilization and stability in dessert-prone agricultural heritage sites. Specifically, the study aims to explore the relationship between the tourism industry and local agricultural practices and how this connection influences food security in the Siwa Oasis, located in the Western Desert of Egypt.

The study employs a qualitative exploratory research design using in-depth interviews and focus groups to investigate the impact of the tourism economy on food security and identify potential benefits and limitations for food security in the region.

The research reveals that the tourism economy in Siwa Oasis has only a marginal contribution to food security. The study highlights a lack of a strong connection between the tourism industry and local agricultural practices within the heritage site. As a result, the potential benefits and synergies that could be achieved between tourism and agriculture have not been fully realized, leading to a limited impact on food stability.

This study primarily relies on qualitative data from Siwa Oasis, Egypt, which may limit the generalizability of findings beyond this specific context. Additionally, while the study provides valuable insights into the complex relationship between tourism and food security, it does not quantitatively measure the magnitude of tourism's impact. Future research could incorporate quantitative methods for a more comprehensive understanding of this relationship in diverse desert-prone regions. Finally, the study highlights the need for more integrated approaches to enhance food security through tourism, but the specific strategies and policy recommendations require further investigation and adaptation to local contexts.

This study underscores the need for tourism development strategies that prioritize food security in desert-prone areas like Siwa Oasis. Policymakers and stakeholders should promote sustainable tourism practices that enhance local agriculture, create diversified income sources and foster equitable benefits for communities. Moreover, recognizing the seasonal nature of tourism, interventions to address food shortages during off-peak periods are crucial. Efforts should also focus on skill development and gender-inclusive opportunities within the tourism sector to ensure broader community participation. Additionally, collaborations between tourism and agriculture should be encouraged to optimize food availability and stability while preserving cultural food traditions.

This study adds original insights by examining the specific impact of the tourism economy on food security in dessert-prone agricultural heritage sites. The study's originality lies in its exploration of the untapped potential for synergy between the tourism and agricultural sectors and the implications for local food security. This research contributes to understanding how tourism can improve food security in specific contexts and provides valuable insights into sustainable development in heritage sites.

This article draws upon our perspective as academic-practitioners working in the fields of food insecurity, food systems, and inequality to comment, in the early stages of the pandemic and associated lockdown, on the empirical and ethical implications of COVID-19 for socio-economic inequalities in access to food in the UK. The COVID-19 pandemic has sharpened the profound insecurity of large segments of the UK population, an insecurity itself the product of a decade of “austerity” policies. Increased unemployment, reduced hours, and enforced self-isolation for multiple vulnerable groups is likely to lead to an increase in UK food insecurity, exacerbating diet-related health inequalities. The social and economic crisis associated with the pandemic has exposed the fragility of the system of food charity which, at present, is a key response to growing poverty. A vulnerable food system, with just-in-time supply chains, has been challenged by stockpiling. Resultant food supply issues at food banks, alongside rapidly increasing demand and reduced volunteer numbers, has undermined many food charities, especially independent food banks. In the light of this analysis, we make a series of recommendations. We call for an immediate end to the five week wait for Universal Credit and cash grants for low income households. We ask central and local government to recognise that many food aid providers are already at capacity and unable to adopt additional responsibilities. The government's – significant – response to the economic crisis associated with COVID-19 has underscored a key principle: it is the government's responsibility to protect population health, to guarantee household incomes, and to safeguard the economy. Millions of households were in poverty before the pandemic, and millions more will be so unless the government continues to protect household incomes through policy change.

The purpose of the study is to identify cybersecurity threats that hinder the adoption of digital banking and provide sustainable strategies to combat cybersecurity risks in the banking industry.

Systematic literature review guidelines were used to conduct a quantitative synthesis of empirical evidence regarding the impact of cybersecurity threats and risks on the adoption of digital banking.

A total of 84 studies were initially examined, and after applying the selection and eligibility criteria for this systematic review, 58 studies were included. These selected articles consistently identified identity theft, malware attacks, phishing and vishing as significant cybersecurity threats that hinder the adoption of digital banking.

With the country’s banking sector being new in this area, this study contributes to the scant literature on cyber security, which is mostly in need due to the myriad breaches that the industry has already suffered thus far.