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Essentials of Money, Banking and Financial Institutions builds on the essential concepts of money and banking and applies them in the context of developing countries. Frequent comparisons between developed and developing countries are made to enable students to make proper inferences about the efficacy of certain concepts.
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For small open economies, an understanding of movements in the exchange rate is imperative in analyzing trade and capital flows. In addition, reliable forecasting of exchange rate volatility is important in risk-taking assessment and investment decision-making, both of which are critical to long-term growth. Using an asymmetric GARCH-type approach, this paper examines the implications of economic liberalization on the stochastic behavior of the exchange rate series in a sample of sub-Sahara African (SSA) countries over the 1970-2004 period. The results indicate that exchange rate volatility is variable, and is less volatile under fixed exchange rate regime (pre-economic liberalization) and higher under flexible regime (post-economic liberalization), that is, it is asymmetric. For most of the countries, the EGARCH and TGARCH models are robust to parameter stability and gives better forecasting performance compared to the standard GARCH model.
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The paper examines the concept of green banking and sustainable financing, the forces driving green banking, and the reasons for this. The paper suggests that the move toward green banking and financing is the result of environmental degradation and the public’s demand for remediation. As enablers of the industries that create pollution, financial institutions bear a significant responsibility in leading the efforts to curb greenhouse gas emissions. Also, greenhouse gas emissions are the result of market failures; therefore, there is a need for governments to act. The paper also examines the challenges facing green banking and its prospects. The conclusion is that while green banking displays good growth prospects, there exists three major challenges: (1) limited awareness of green products and services that banks can offer, (2) greenwashing, and (3) the high cost of offering green financial services. Despite these challenges, the paper affirms the potential of green banking to promote sustainability and mitigation of the environmental crisis.
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This study investigates the relationship between bank ownership structure, non-interest income and risk in an emerging market setting. Our analysis shows that the relationship between product diversification and bank risk is significantly influenced by asset size and ownership structure. In contrast to large banks, small banks are exposed to higher risk when the income share of non-traditional banking activities rise. We also find strong evidence of differences in risk exposure of banks to non-interest income after controlling for ownership structure. Private domestic and private foreign banks experience lower risk with higher non-interest income while the converse is true for public domestic banks. Furthermore, we show that the speed with which risk adjust to non-income activities is faster for domestic private banks than for foreign banks. These results could provide useful information to investors and regulators of banking institutions as they seek to reconcile the important issues of bank ownership structure, income diversification and size on the one hand with the level of risk exposure on the other hand. © 2016, Banking and Finance Review.
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This paper examines the performance of two state-owned airlines: Ethiopian Airlines and Ghana Airways. While Ethiopian Airlines continues to operate successfully, the other airline has gone out of business. In an industry characterized by heavy competition and a high rate of failure, the success of the state- owned Ethiopian Airlines is intriguing. The evidence shows that Ethiopian Airlines outperforms the industry on some important benchmarks. These findings suggest that being a state enterprise is not necessarily a characteristic that leads to failure. Corporate culture and governance appear to be important factors in the success of Ethiopian Airlines.
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