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The purpose of this study is to investigate why “financial fragility” carries different definitions in the economic literature. This is a useful task as the detection of “financial fragility” depends, in part, upon how one defines it. According to Post Keynesian economists, financial fragility is a process that can culminate in financial instability (an event). For mainstream or New Keynesian economists, financial fragility has been traditionally defined as a state in which a shock can trigger instability. More recently, however, mainstream economists have recast their definition as a particular form of financial instability – an event. Each definition of financial fragility is intimately linked to the theoretical foundation upon which it rests. This carries important implications for the ability of policymakers to assess and manage the health of an economy.

The different approaches to the definition and detection of financial fragility are compared using corresponding sets of indicators. Indicators for the Post Keynesian approach are derived from a simple cash‐flow accounting framework, in the spirit of Hyman Minsky. The economy selected for study is New Zealand.

According to the Post Keynesian approach, New Zealand has been in a financially fragile state for over three years, a period during which policymakers could have been creating ways to make New Zealand more resilient to the onset of instability. According to the New Keynesian approach, New Zealand may just now be experiencing fragility, giving policymakers much less time to react.

This study traces the definitions of financial fragility to their underlying theoretical frameworks and draws the implications for the methods of detecting financial fragility.

The present study aims to identify and evaluate the socioeconomic barriers to effective COVID-19 pandemic transmission control in Pakistan.

The study identifies multiple socio-economic barriers through an extensive literature review. The preliminary analysis unveiled 15 socio-economic barriers. Nine experts were contacted to collect data and finalize the most prominent barriers to COVID-19 transmission control using the DELPHI method. The Decision-Making Trial and Evaluation Laboratory (DEMATEL) method was used to process and interpret the data collected and a cause–effect relationship was established among the barriers.

The finalized barriers to effective COVID-19 pandemic transmission control were evaluated using DEMATEL which grouped criteria into two grouped criteria – cause and effect. The DEMATEL analysis shows that poor safety culture, lack of strategy and goal setting, lack of resources, late realization and recognition of the pandemic problem and lack of expertise and capacity in disaster and risk management fall into the cause group. These factors are critical as they directly affect the remaining barriers identified in the study.

Despite the collective global efforts, the national economies have been struggling to completely control COVID-19 transmission control. Pakistan’s economy has been facing the third wave of the pandemic. It is mandatory to identify the barriers and evaluate them to develop a comprehensive strategy ensuring that there would be no fourth wave. The study identifies and evaluates the barriers to COVID-19 transmission control in Pakistan using the integrated DELPHI-DEMATEL framework. The findings would help the government, experts and strategists to develop a comprehensive disaster and risk management strategy.

Based on the dynamic capability theory, the purpose of this study is to examine the mediating role of the adaptive capability of small- and medium-sized enterprises (SMEs) on the relationship between business ties and firm performance. This study also investigates the moderating role of technological turbulence in those relationships.

Data were collected from 1,265 SME managers in Turkey. Partial least squares analysis, a variance-based structural equation modelling, was applied to examine a mediated moderation model.

The results support the proposed framework illustrating that business ties are positively related to adaptive capability and firm performance. Moreover, adaptive capability mediates the relationship between business ties and firm performance. The results also indicate that the indirect effect of business ties on firm performance through adaptive capability was moderated by technological turbulence.

SMEs in emerging economies need to enhance their business ties and invest in their adaptive capabilities to increase their performances. This relation becomes more strategic under technologically turbulent environments.

By introducing empirical data from the Turkish emerging context, this paper contributes to our understanding of how SMEs’ relational networks contribute to firm performance. From the dynamic capability perspective, it shows how SMEs use their adaptive capabilities to environmental challenges. It also fills an important gap by showing that environmental uncertainties (specifically technological turbulence) moderate the adaptive capability’s mediating impact on the relationship between business ties and firm performance. The results also provide potential future directions for dynamic capabilities research in emerging contexts.

The authors assess the development potential of cowpea beyond grain in local markets in Mali by: (1) identifying trader types and types of cowpea products sold; (2) examining trader roles; (3) estimating gross margins and their determinants; and (4) discussing policy opportunities to further develop the value chain.

The authors analyze data collected through observation and semi-structured questionnaires from 487 sellers in 26 markets, including market, seller, and product characteristics. The authors also calculate gross margins and conduct a regression analysis to identify influential factors.

The authors identify several types of cowpea sellers in local markets, including processor-retailers, retailers of fresh leaves and fodder, and grain retailers, collectors and wholesalers. Women dominate the marketing of processed products and fresh leaves. The marketing of boiled cowpeas offers retailers higher margin rates compared to fritters and pancakes. Grain sellers, who are mostly men, have lower margins but sell larger quantities. Processor-retailers bring more value to the cowpea value chain. Specialization of the seller in cowpea, regional location of the market and day of the market fair all influence gross margins.

Future work should explore consumer preferences for different types of cowpea products.

This study of the cowpea value chain in Mali has revealed the multidimensional character of the cowpea plant, which goes far beyond its grain and highlight the important roles played by women.

The purpose of this paper is to empirically assess the impact of remittances on the economic performance of the 16 Asian developing countries, taking account of their institutional qualities.

A panel of 16 Asian developing countries (Central Asia, South Asia, and ASEAN) over the period of 2002–2016 is employed in the analysis. To assess the impact of remittances on economic performance in consideration of institutional quality, OLS estimates as well as GMM are used.

The effect of remittances on economic growth is statistically significant. In addition, they also impact economic growth when they interact with institutional or financial development variables. For the long-run growth process of Central Asian, South Asian, and ASEAN countries, a sound and smooth institutional framework appears to be indispensable. Also, it was found that more fragile economies tend to achieve bigger growth than less fragile economies, as this kind of growth is triggered by more remittances flowing into fragile economies. However, the impact of remittances on growth does not depend on the level of ICT. FDI and financial development have positive impact on growth.

There are limitations to this research as well. Due to the unavailability of data, several countries had to be removed from this study. The cost of sending money might be an important variable for this study. However, the data on this variable from reliable sources are almost impossible to gather. Therefore, this variable is also not included in this research. The savings from remittances when intermediated through formal financial channels will, in fact, produce a positive allocation and distribution of resources that may eventually become an important source of growth. However, one precondition for larger and greater growth is that remittances need to be well and properly utilized by the financial sector. Therefore, quality institutions should be formed first, which can facilitate investment activities and make the flow of remittances more convenient.

This paper exclusively considers the case of Asian developing countries (Central Asia, South Asia, and ASEAN) to assess the impact of remittances on the economic performance of these countries, with special consideration of the interaction effects of remittances and institutional quality in these emerging Asian economies. The previous studies on the effect of remittances on growth do not conform to one concrete conclusion. This study is undertaken in a bid to get the best possible result on the impact of remittances on the growth of the selected countries, majority of which attract substantial chunk of remittances into their economies.

The purpose of this paper is to test the relationship between state fragility and transparency. A state is deemed fragile when it falters in its ability to manage conflict and in its capacity to deliver basic functions and implement public policy. Although minimizing fragility of the state is undoubtedly an integral component of economic development, there is a huge variation across countries in terms of where they stand with regard to fragility. Further, it also explores how educational attainment affects the relationship between state fragility and transparency.

Using several robust estimation methodologies and a relatively new database on transparency, the authors find that higher levels of transparency lower state fragility. They reply on fixed effect estimators, lagged one period and five periods and system GMM estimators as part of our identification strategy.

Using several robust estimation methodologies and a relatively new database on transparency, the authors find that a higher level of transparency lowers state fragility. Greater and free flow of information empowers the populace, restores trust in government, increases participation in the political arena and, thus, reduces state fragility. This paper additionally shows that higher educational attainment helps reap the benefits of transparency even more and, thus, catalyzes transparency to lower-state fragility more effectively.

Our research shows that greater transparency leads to lower state fragility. Additionally, if the populace of the country has higher educational attainment, the benefits of transparency in reducing state fragility is enhanced. Although enhancing transparency amid high state fragility may be a challenging task, it can be achieved by providing the populace with better media access via internet and cell phones.

The authors use a relatively new database of transparency to show that transparency acts as an important determinant of state fragility. A state is deemed fragile when it falters in its ability to manage conflict and in its capacity to deliver basic functions and implement public policy. Given this definition, it is needless to say that what can affect state fragility and how can such fragility be lowered is an important research agenda. This paper aims to fill this gap. Additionally, it shows the importance of education while exploring such a relationship.

To better understand the emergence of small-scale entrepreneurial firms in the under-researched transition economy of Cuba.

Given the scarcity of reliable publicly available information and restrictions on private data collection in Cuba, in-depth interviews were conducted with a panel of small-scale entrepreneurs at three different points in time. Evolutions are analyzed over this period.

Family can overcome institutional constraints by helping the entrepreneur deal with market and social obstacles. Despite the absence of a supportive entrepreneurial ecosystem, these new entrepreneurs and their families have been able to transform longstanding passive attitudes into positive steps to set up new small-scale ventures in a country facing unprecedented internal and external challenges.

A new conceptual model of family support for entrepreneurship in transition economies is presented. The findings lend weight to institutional theory on overcoming constraints in emerging markets and extend the theory of family entrepreneurship to new transition economies.

The purpose of this paper is to articulate the mandate of the International Monetary Fund (IMF) not least in promoting a sound legal regulatory environment for markets to operate globally and its inherent challenges. While acknowledging the plausible work done by the IMF in supporting countries to achieve their macro-economic stability, the paper articulates some of its shortcomings as a global institution. It is evident that the post-war climate in which the World Bank and IMF were created has drastically changed – which presupposes that these institutions now need to reposition themselves to reflect on contemporary global challenges accordingly. The author has argued in the past that a robust regulatory system should be devised taking into account the dynamic challenges in the market environment but also to prevent them from happening again.

The paper has utilized empirical evidence to evaluate the mandate of the IMF in addressing its dynamic challenges such as the global financial and debt crises in Europe and the USA and prevention of financial sector abuse globally. The IMF is one of the Bretton Woods Institutions charged with the oversight responsibility to enforce policies and enable countries to manage their macro-economic challenges efficiently.

The findings demonstrate that the IMF is as relevant and important as it was when it was created in 1945. However, there is a need for intrinsic and structural changes within this institution to continue discharging its mandate in a changed global regulatory landscape. The IMF is still crucial in fostering a fundamental stabilization function to fragile global economies in areas of financial and technical assistance, and developing requisite legal and supervisory infrastructure within fledging member countries.

The paper was written by analysis of both theoretical and empirical data largely based on secondary data sources. It would have been better to first present the findings in an international conference to solicit wide views and internalize them accordingly.

While acknowledging the plausible work done by the IMF and its counterpart the World Bank in facilitating global financial markets regulation and prevention of financial sector abuse, as oversight institutions, they need to constantly review their mandate to respond robustly to their dynamic challenges such as the global and debt crises and financial sector abuse. Oversight institutions need to constantly review and adapt their mandate accordingly, if they are to discharge their varied responsibilities efficiently. They cannot stand still in the face of challenges because they will be superseded and kept at a back foot.

Markets and states are embedded in each other, and the way they are regulated is of a significant importance to varied stakeholders and people.

This paper is one of its kind, is unique in its character and evaluates embedded issues using empirical evidence in a way not done in its context before. Secondary data sources have been evaluated to achieve a thoughtful analysis of the objectives of the paper.

“No climate change, no climate refugees”. On the basis of this theme, this paper aims to propose a method for undertaking the responsibility for climate refugees literally uprooted by liable climate polluting countries. It also considers the historical past, culture, geopolitics, imposed wars, economic oppression and fragile governance to understand the holistic scenario of vulnerability to climate change.

This paper is organized around three distinct aspects of dealing with extreme climatic events – vulnerability as part of making the preparedness and response process fragile (past), climate change as a hazard driver (present) and rehabilitating the climate refugees (future). Bangladesh is used as an example that represents a top victim country to climatic extreme events from many countries with similar baseline characteristics. The top 20 countries accounting for approximately 82 per cent of the total global carbon dioxide (CO₂) emissions are considered for model development by analysing the parameters – per capita CO₂ emissions, ecological footprint, gross national income and human development index.

Results suggest that under present circumstances, Australia and the USA each should take responsibility of 10 per cent each of the overall global share of climate refugees, followed by Canada and Saudi Arabia (9 per cent each), South Korea (7 per cent) and Russia, Germany and Japan (6 per cent each). As there is no international convention for protecting climate refugees yet, the victims either end up in detention camps or are refused shelter in safer places or countries. There is a dire need to address the climate refugee crisis as these people face greater political risks.

This paper provides a critical overview of accommodating the climate refugees (those who have no means for bouncing back) by the liable countries. It proposes an innovative method by considering the status of climate pollution, resource consumption, economy and human development rankings to address the problem by bringing humanitarian justice to the ultimate climate refugees.

When the time comes to look back at the last two decades of the 20th century, a future historian would be forgiven for thinking we were almost obsessed with organised crime, corruption and money laundering. Of course, when one considers the ignominious fall from favour of so many world leaders, in circumstances where serious corruption was at least alleged, if not self‐evident, the exposure of rampant financial malpractice in intergovernmental organisations, the penetration of entire economic and political structures by, for what of a better notion, we describe as organised crime, then perhaps our historian's impression might not be too far from the truth. Although it is possible to find the odd comment in international meetings, about the serious implications of economic crime and the like, before the 1980s, these a few and far between. Most are related to complaints from developing countries about the unwillingness of developed countries to assist in the enforcement of exchange control laws. In fact, it was not until November 1980 that the Commonwealth, an organisation or rather association of states whose justification has increasingly been based on its ability to recognise and address problems related to small and relatively fragile economies, began to concern itself, at governmental level, with the implications of what appeared to be a growth in serious economic abuse. At the Commonwealth Law Ministers' Meeting in Barbados in that year, the ministers accepted the recommendations of a report, commissioned a year earlier by the then Director of the Commonwealth Secretariat's Legal Division, Mr Kutlu Fuad, and written by the present author, which led to the instigation of a Commonwealth programme against serious economic crime. It is interesting to note that certain Commonwealth governments had expressed concern during the 1970s not so much about abusive conduct on the part of conventional criminals, but on the part of those seeking to ‘bust’ the economic sanctions that had been imposed on Rhodesia and later South Africa. Indeed, it was claimed by some that, for example, South Africa was deliberately attempting to destabilise the economies of the ‘front‐line states’ through a programme of economic sabotage and crime. In those days, there was little talk, even in such organisations as ICPO‐Interpol, about the threat of organised crime. Terrorism, whether by individuals or by state agencies, was then considered to be a matter almost beyond the remit of traditional law enforcement agencies. It was much later that most came to recognise that organised crime and terrorist organisations may well be one and the same.