Suchergebnisse

Glavni cilj ovog rada je naglasiti važnost financijske stabilnosti svjetskog financijskog sustava, naročito nakon nedavne svjetske financijske krize 2008.-2009. Glavni razlozi raznih financijskih kriza uvijek su imali iste značajke pohlepe investitora, neučinkovitosti propisa, središnjih banaka i ostalih dionika. Potpuno je neuspješno bilo rješavanje strukturnih problema, poput kontrole prevelikog zaduživanja, provedbe učinkovitih propisa, zabrane spekulativnih poslovnih aktivnosti i neetičkih poslovnih praksi u svjetskom financijskom sustavu. Islamski financijski sustav čija je svjetska imovina prešla brojku od 2.1 bilijuna američkih dolara krajem 2015. godine, što je relativno malo u usporedbi s konvencionalnim financijskim sustavom, ubrzano raste kao alternativni sustav. On zabranjuje neetične gospodarske aktivnosti poput spekulativnog trgovanja izvedenicama, nekontrolirano prekomjerno zaduživanje te promiče beskamatni financijski sustav koji se temelji na načelima profita, gubitka i podijeljenog rizika. U radu se zaključuje da se svjetska financijska stabilnost može postići samo ako se poduzmu prave korektivne aktivnosti. U radu se pokazuje kako je islamski financijski sustav manje pogođen nedavnom svjetskom financijskom krizom od konvencionalnog financijskog sustava, jer nameće stroga pravila i zabranjuje ulaganje u toksičnu imovinu. ; The main objective of this paper is to highlight the importance of the financial stability of the global fi nancial system particularly after the recent global financial crisis of 2008-09. The major causes of different financial crises possess the same pattern of greed among investors, inefficiency of government regulators, central banks and other stakeholders. They have miserably failed to fix the structural problems such as control of excessive debt lending, enforcement of eff ective regulations, prohibition of speculative business activities and unethical business practices in the global financial system. Islamic financial system, whose size of global assets crossed the mark of US$ 2.1 trillion by the end of 2015, which is relatively very small as compared to the conventional financial system, is rapidly growing as an alternative system. It prohibits unethical economic activities such as speculative derivative trading, uncontrolled excessive debt lending and promotes an interest-free financial system based on profit, loss and risk sharing principles. This paper concludes that global financial stability could only be achieved if proper corrective actions were taken. It also shows that the Islamic financial system was less affected by the recent global financial crisis compared to the conventional financial system because it imposes strict rules and prohibits investments in toxic assets.

Background: In underdeveloped economies, the role of public debt is very vital with the intention of achieving a desirable level of output, employment and sustainability in long run economic growth. Fiscal deficit in developing economies is a common phenomenon because of low tax base and high imports. Economy of Pakistan is also facing fiscal deficit and trade deficit since its independence, so it relies on public debt to fill this fiscal gap. Objectives: The objective of this study is to estimate the optimal level of public debt for economic growth. Methods: This study explores the nonlinear relationships between public debt and economic growth of Pakistan by using time series data. The ARDL bound test technique is used to estimate the short-run and long-run impact of debt on economic growth. The growth maximizing level of debt is also estimated. Results: According to the estimated parameters, the optimal level of public debt is 60% of GDP. It also indicates that increase in government borrowings will raise economic growth in Pakistan in the long run. However, in the short run, if public debt increases it will boost economic growth after some levels of public debt and it will start declining. Conclusions: This study implies that public debt must be discouraged beyond optimal level of debt, as above optimal level it adversely affects the economic growth. Implications: The implication of the findings of the study is that higher interest rate curbs economic growth, therefore, present policy of keeping high interest rate by government should be revisited. Recommendations: Government of Pakistan should focus on fiscal and current account deficit, which are the main cause of increasing public debt, because higher public debt is not good for economic growth. Also, suitable fiscal policy is needed to control the debt burden and to get rid-off Ponzi game of debt from Pakistan by strictly enforcing the Fiscal Responsibility and Debt Limitation Act 2005.

The WTO trading system is a fact of life. This is only organization which can manage the challenges of globalization. There are both opportunities and threats for the member states in relation to different sectors of economy like agriculture. This paper examines that Pakistan has a great potential to produce and export agricultural commodities in the international markets. In order to achieve maximum benefits from the WTO, Pakistan has to take strong and immediate steps in the light of SPS and TBT Agreement that are germane with agriculture sector. In this connection Pakistan has achieved GSP+ status by European Union which gives a great opportunity to Pakistan to improve its agricultural standards and enhance its export in European agricultural markets. The paper also recommends some possible solutions to improve the agriculture standards in Pakistan. In all countries farming system play a very important role for increasing crop production and strengthen the economy of the country. Government sector should also play a vital role to educate the farmers with new planting techniques and strategic plans for the production of good quality disease free crops. Based on results and conclusion development of extension program, utilization of proper management techniques, utilization of high quality seed, government support, infrastructure and market opportunities are the dire need for farmers and agriculture of Pakistan.

Central Bank Digital Currencies and Global Financial System: Theory and Practice is the perfect book for anyone interested in the impact of digital currencies on the global financial system, providing valuable insights and analysis on the topic. The topic of central bank digital currencies (CBDCs) is particularly relevant in 2023 because the use of digital currencies is rapidly growing around the world, and many central banks are exploring the idea of developing their own CBDCs. This book offers readers an opportunity to gain a better understanding of CBDCs, including their history, differences with cryptocurrencies, and the potential impact of CBDCs on the future of the financial system. The book's didactic approach breaks down complex topics into easily digestible chapters, allowing readers to easily understand and follow the progression of digital currencies. For those interested in the future of digital currencies, the book offers a chapter on future research directions and concluding remarks. Central Bank Digital Currencies and Global Financial System: Theory and Practice is a must-read for anyone interested in the intersection of finance and technology. By exploring the evolution of digital currencies and their impact on the global financial system, this book provides valuable insights for policymakers, financial professionals, and anyone looking to understand the future of money.--

COVID-19 has badly affected the psychological well-being of people all over the globe, especially in developing countries, due to the loss of jobs, social capital and stress. The present study is also designed to analyze the impact of government quality on subjective well-being (SWB) after the pandemic through the mediating role of financial stress. This study uses the data of 599 respondents in Pakistan and applies mixed methodology in Generalized Structure Equation Model (GSEM) structure with Tobit and order logit. Results reveal that people perceived more financial and economic stress and perceived poor satisfaction with the government's role in fighting the pandemic. Regression analyses confirmed that least economic stress, good perceived governance, and high level of income are negatively associated with financial stress and positively relate to happiness and life satisfaction. Moreover, a significant relationship exists between the mediator (financial stress) and SWB. Our results suggest government bodies should encourage investment for business start-ups. This will not only reduce unemployment and economic and financial stress but also expand the size of the economy, which leads to achieving the wellbeing of people.

Purpose
Drawing on justice theory, this study aims to investigate the determinants and consequences of post-recovery satisfaction in a business-to-business (B2B) sales environment. In addition, customer demandingness is used as a moderator in this study to assess the relationship between distributive justice (DJ), procedural justice (PJ) and interactional justice (IJ) and post-recovery satisfaction.


Design/methodology/approach
A conceptual framework was developed by testing five hypotheses based on data collected from 337 salesperson–customer dyads.


Findings
The findings of this study reveal that DJ, PJ and IJ are positively linked with post-recovery satisfaction. In addition, post-recovery satisfaction negatively impacts customer distrust. On the contrary, customer distrust positively influences value co-creation behavior and has a negative impact on trusting intention. Finally, the customer's level of demandingness significantly and positively moderates the linkage between the dimensions of justice perception and post-recovery satisfaction.


Originality/value
Despite extensive literature on distrust, a research model that examines customers' distrust attitudes toward service failure and B2B recovery satisfaction needs to be developed and validated. In this regard, the authors developed a framework to measure post-recovery satisfaction and its association with customers' distrust in B2B a context.

Greed plays an important in the fluctuations of stock prices because investors want profits irrespective of the risk taken by them. This study aims to determine, whether, in times of rising trends in the market, greediness is good for the investor or not. Secondly, investors can get high profits by beating the market or not. The already formed deciles portfolios of listed companies on NYSE, AMEX, and NASDAQ based on size and book to market value are taken from the Kenneth R. French data library from Dec 1994 to Dec 2021. Sharpe, Treynor, and Sortino ratios are used as the measure of the performance of portfolios. Ordinal logistic regression is used to calculate the probability at different benchmark levels to determine, whether the investor gets the profit by beating the market or not. The results show that the investor who used the Sharpe ratio has an average 85% probability of getting a profit of more than 75% of the benchmark of S&P-500 in all periods. Thus, the investors' greediness is good in the long run if the investor considers total risk and can beat the market. By using the Sortino and Treynor ratio, there is an average 50% probability of achieving the profit up to the benchmark which is S&P-500. This means that the investors are not able to beat the market thus, support the efficient market hypothesis by considering the downside and market risk.