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"Money Social aspects Developing countries."
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Why Don't the Poor Save More? Evidence from Health Savings Experiments
Using data from a field experiment in Kenya, we document that providing individuals with simple informal savings technologies can substantially increase investment in preventative health and reduce vulnerability to health shocks. Simply providing a safe place to keep money was sufficient to increase health savings by 66 percent. Adding an earmarking feature was only helpful when funds were put toward emergencies, or for individuals that are frequently taxed by friends and relatives. Group-based savings and credit schemes had very large effects.
Journal Article
Assessing the efficacy of cash incentive policies in enhancing remittance inflows: Evidence from Bangladesh
The Government of Bangladesh (GoB) first implemented the cash incentive of 2 percent in July 2019 and continued the scheme with some modifications amid the pandemic to enhance remittance inflows through formal channels and ensure macroeconomic stability in the country. This study examines the impact of the cash incentive introduced by the GoB to boost remittance inflow using the Interrupted Time Series (ITS) analysis along with the Chow test for structural stability. While ITS analysis has been employed by numerous studies in the healthcare sector, but this paper uses such analysis for the first time in any type of migration study in Bangladesh. We have used ITS as it is most effective in measuring the impact of policy interventions that are expected to act either quickly after an intervention or within a stipulated time frame. The study is also the first to examine the region wise efficacy of policy intervention in the country. Monthly Remittance Inflow data from July 2013 to December 2021 has been used for the analysis. Chow test results conclude that the policy intervention had a significant impact while the ITS analysis findings demonstrated that the cash intervention significantly increased both aggregated and region-specific remittance inflows, highlighting the significance of the action. The overall findings revealed that the introduction of cash incentive in July 2019 resulted in an immediate, sustained increase of 6.68 percent in remittance inflows, with a further increase of 0.25 percent every month. Region wise analysis shows that the impact was highest in the USA & UK region and lowest in the Middle Eastern region, which signifies issues related to prevalence of hundi market, skillset of migrant workers, average monthly salary, and remittance sending costs. Our research provides policymakers with significant information to implement customized policies that ensure macroeconomic stability by enhancing remittance inflows through formal channels.
Journal Article
Happiness and Economics
Curiously, economists, whose discipline has much to do with human well-being, have shied away from factoring the study of happiness into their work. Happiness, they might say, is an ''unscientific'' concept. This is the first book to establish empirically the link between happiness and economics--and between happiness and democracy. Two respected economists, Bruno S. Frey and Alois Stutzer, integrate insights and findings from psychology, where attempts to measure quality of life are well-documented, as well as from sociology and political science. They demonstrate how micro- and macro-economic conditions in the form of income, unemployment, and inflation affect happiness. The research is centered on Switzerland, whose varying degrees of direct democracy from one canton to another, all within a single economy, allow for political effects to be isolated from economic effects.
Not surprisingly, the authors confirm that unemployment and inflation nurture unhappiness. Their most striking revelation, however, is that the more developed the democratic institutions and the degree of local autonomy, the more satisfied people are with their lives. While such factors as rising income increase personal happiness only minimally, institutions that facilitate more individual involvement in politics (such as referendums) have a substantial effect. For countries such as the United States, where disillusionment with politics seems to be on the rise, such findings are especially significant. By applying econometrics to a real-world issue of general concern and yielding surprising results, Happiness and Economics promises to spark healthy debate over a wide range of the social sciences.
eBook
The World Economic Forum and Transnational Networking
The World Economic Forum and Transnational Networkingpresents an informative investigation of the WEF as a political actor and important part of transnational civil society. Drawing upon extensive original research, Frisen analyzes the surprising role the WEF has played in international processes.
eBook
Make Poverty Business
Poor people in developing countries could make excellent suppliers, employees and customers but are often ignored by major businesses. This omission leads to increased risk, higher costs and lower sales. Meanwhile, businesses are asked by governments and poverty activists to do more for economic development, but their exhortations are rarely based on a proper business case. Make Poverty Business bridges the gap by constructing a rigorous profit-making argument for multinational corporations to do more business with the poor. It takes economic development out of the corporate social responsibility ghetto and places it firmly in the core business interests of the corporation, and argues that to see the poor only as potential consumers at the bottom of the pyramid (BOP) misses half of the story.
eBook
Investigating individual intention to make money: can motivation of wealth be a socio-economic leverage?
Wealth is an indicator of individual well-being. Increasing wealth is a pathway to achieving socio-economic development. Thus, it is imperative to shed light on factors that induce individual intention to increase wealth. This study investigates the effects of perception of wealth, perception of the rich, and behavioral control on personal intention to make money. A stratified sampling method was employed to obtain a sample of 991 respondents from Northern, Central, and Southern Vietnam who were invited to participate in a structured questionnaire survey in 2021. We utilized the Confirmatory Factor Analysis to validate the proposed model and tested the hypotheses using the Partial Least Squared-SEM. Empirical results highlight that individual behavioral control, explicit perception of the rich, and perception of wealth are essential determinants of individual intention to make money. Interestingly, motivation of wealth positively moderates the relationship between the perception of wealth and personal intention to make money. In addition, post-Covid-19 opportunities positively moderate two-pair relationships: perception of wealth-individual intention to make money and explicit perception of the rich—individual intention to make money. Insights from this study imply appropriate policies for the government to enhance the inspiration of people to work harder, leading to sustainable development.
Journal Article
Analysis of financial convergence between the BRICS and OECD countries
Financial convergence is a process for establishing a relationship among the financial markets of different countries; as a result of such process the rates of similar financial assets in different markets and countries become very close to each other. Some factors might create financial convergence. of which the trade and international capital flows among countries, the presence of banks and other financial institutions in the international arena, the availability of clear and accurate information of markets and financial organizations, and the existence of similar infrastructure and their characteristics from economic, legal and cultural perspectives can be mentioned. The issue of financial convergence with the aim of achieving global financial markets and taking advantage of its capabilities and characteristics would be very important for all countries, especially the emerging countries. This study examines financial convergence in the money and capital markets of the Organization for Economic Co-operation and Development (OECD) and BRICS countries in the period of 2007–2020. The study utilizes the Panel Convergence Methodology and Cluster Analysis (Philips and Sul methodology) along with a clustering algorithm. The findings indicate a lack of overall convergence between OECD and BRICS countries in both financial markets (money and capital) this is due to the lack of similar economic infrastructure, differences in the size of the economy, and variations in trade, financial and monetary freedom indicators, trade relations, and capital transfers. The cluster test in the money market confirms the existence of 3 convergence clubs among the studied countries. The convergence of emerging BRICS countries in the money market, with a large number of OECD developed countries, is a confirmation of the development of their banking sector in the recent years. On the other hand, the capital market survey also shows the presence of 5 convergence clubs between OECD and BRICS countries. Besides, it’s been shown that South Africa, along with Lithuania, Turkey, Slovakia and Latvia, has established a divergent group.
Journal Article
Do corruption and inequality shape sustainable development? Evidence from the post-soviet countries
PurposeThis paper aims to investigate the role of corruption and income inequality in three-dimensional sustainable development in the post-Soviet countries.Design/methodology/approachThe methodology is based on dynamic panel regression with the fixed effects approach.FindingsThe authors' findings depict that increasing corruption and income inequality undermine sustainable development. Specifically, increasing corruption and income inequality negatively affect sustainable development. Moreover, unemployment and trade liberalization negatively impact sustainable development, whereas foreign direct investments (FDIs) positively affect sustainable development.Practical implicationsPolicy implications enclose galvanizing strong institutions and redistributive policy mechanisms that the bottom income groups enjoy in promoting sustainable development to keep away the distressful phase of corruption and income inequality.Originality/valueThis is the first paper on corruption, income inequality and sustainable development in the post-Soviet countries employing a sustainable development index (SDI), which is calculated by considering three factors including economic, social and environmental development.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-01-2023-0065
Journal Article
Mobile money as a financial inclusion instrument: what are the determinants?
PurposeThis paper seeks to examine the motivating factors that propel people to use mobile money in the Greater Accra Region (GAR) of Ghana. The authors posit that the behaviour of a person, in terms of the choice and means of transaction, cannot be explained solely by utility-maximizing assumptions or rationality. Thus, other socio-cultural and psychological factors are crucial in determining whether a person will use mobile money.Design/methodology/approachThis study uses a cross-sectional design to obtain primary data on 733 households from the GAR of Ghana to determine the drivers of mobile money use. Given the binary nature of the dependent variable, a logit model and its marginal effects are estimated. Furthermore, parametric and non-parametric statistical tests are used to examine gender effect and mobile money use.FindingsThe study finds that technology savvy cohorts (youthful age cohorts), available services such as phone credit recharge, education and income are among the key determinants of mobile money use in Ghana. Furthermore, parametric and non-parametric tests of mobile money use on gender show a statistically significant difference in gender use of mobile money, albeit, marginal. The findings imply that consistent use of mobile money to access social and economic services can go a long way in promoting financial inclusion, financial empowerment and general wellbeing of people.Originality/valueHouseholds in developing countries especially Ghana have rapidly embraced mobile money technology. However, what determines the household level of adoption, to the best of our knowledge, is unknown and yet to be tested. This study bridges that gap in the empirical literature as well as contributes to policy decisions.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-05-2020-0271
Journal Article