Financial stability contributes to the stability and growth of a nation. There has been a sharp growth
in use or trading of derivatives in both mature and emerging markets. The Zimbabwean financial sector is still
not trading in derivatives security, yet Zimbabwe Stock Exchange is among the oldest and largest in Africa.The
trading of derivatives is done in two types of markets: organized exchanges and over the counter.Investors
generally use derivatives for three purposes: risk management, price discovery, and reduction of transaction
costs.Apart from generating cash in the adverse states of the world, derivative instruments also can smooth cash
flows through its interaction with the operating decisions. The study rallies behind the development of
derivatives market in Zimbabwe in the face of liquidity challenges currently facing the economy. The impact of
market risk on corporate activities should never be undermined and hence the corporate sector should be aided
in the elimination of market risk. The study is a policy prescription, which examines the importance of
derivatives and their suitability in Zimbabwe, to strengthen the financial sector. The study identified the
derivatives sector as the missing link to viable financial sector and hence economic growth.
International financing options access to capital markets and financing optionsAparrajithaAriyadasa
This document discusses various topics related to international finance including:
1. Sources of corporate funding such as internally generated cash, short-term external funds, and long-term external funds.
2. Types of debt instruments such as commercial bank loans and bonds.
3. International financial centers and their role in transferring funds between savers and borrowers.
4. Eurocurrency markets and how they have grown due to restrictive banking policies in the US.
5. Interest rate and currency swaps which allow parties to exchange interest rate and currency payments.
6. Development banks which finance large infrastructure projects.
International financing options access to capital markets and financing optionsAparrajithaAriyadasa
CORPORATE SOURCES AND USES OF FUNDS IN INTERNATIONAL FINANCE
Internally generated cash
Funds that are generated via retained earnings and working capital of the company.
Short term external funds
These are the type of short term financial option used by corporates or individual to raise the finance for their business operations within a shorter period of time. Such as bank overdrafts, cash in hand and interest income generated on savings accounts etc.
Long Term External Funds
These are the Long Term Finance Options utilized by Corporates or individuals to to raise the finance for their business operations in longer period of time .Such as Borrowing debts, raising IPO(Initial Public offers), Stocks and capital markets.
How have Market Challenges Affected Microfinance Investment Funds Dr Lendy Spires
The total assets of the 10 largest microfinance investment funds grew in 2011, reaching $4 billion, driven by increased demand from microfinance institutions for capital. While support from investors remained strong with the launch of new funds, fund returns were lower on average due to lower market interest rates and higher loan loss provisions. Microfinance investment funds are increasingly targeting underserved markets in sub-Saharan Africa, Asia, and rural areas with support from development finance institutions.
11.the theoretical considerations of financial markets integration the case o...Alexander Decker
The document discusses the theoretical considerations of financial market integration in Arab countries. It begins by defining financial market integration and reviewing different approaches to measuring integration. It then examines factors that have hindered integration among Arab markets, including their limited economic size and the dominance of oil exports. Efforts by Arab countries toward integration are also reviewed, such as the Arab League and plans for projects like the Arab Gas Pipeline. The results indicate that integration among Arab financial markets remains low due to challenges like differing levels of economic development and a history of agreements not being fully implemented. More work is still needed to achieve real integration.
11.theoretical issues on the african stock markets and portfolio performanceAlexander Decker
This document discusses theoretical issues surrounding African stock markets and portfolio performance. It examines issues of perceived market inefficiency in African stock markets and argues that integrating stock exchanges through mergers could help address problems by increasing volume. The document provides an overview of the development, characteristics and performance of African stock markets, noting their small size and liquidity issues. It also discusses the case for regional integration, preconditions needed, and examples like the BRVM in West Africa. Portfolio performance is defined and studies on topics like diversification and its effects on performance in South Africa are summarized.
MCM will offer the lowest cost global index funds by managing labor costs. It will outsource all labor except sales to India, where costs are one-fourth of U.S. rates. MCM will track the MSCI All Country World Investable Market Index for stocks and the Barclays Global Aggregate Float Adjusted Bond Index for bonds, charging only 0.25% for each fund. This low cost structure takes advantage of trends showing investor capital increasingly flowing into low cost, global index funds due to their benefits of diversification and minimized fees. By keeping costs lower than competitors, MCM aims to maximize its assets under management.
Introduction to international finance and International economyAparrajithaAriyadasa
International economics is a field of study that assesses the implications of international trade, international investment, and international borrowing and lending.
There are two broad sub-fields within the discipline: international trade and international finance
The theoretical considerations of financial markets integration the case of a...Alexander Decker
This document discusses the theoretical considerations of financial market integration, specifically regarding Arab countries. It begins by defining financial market integration as a situation with no barriers to capital mobility or trading foreign assets, such that identical securities have the same price across markets. Several schools of thought for measuring integration are described, primarily the law of one price. The document then reviews literature on defining and measuring integration. Benefits mentioned include risk diversification and efficient allocation of resources, while risks include volatility and capital flow reversals destabilizing some markets. The conclusion is that while integration can promote growth, very large financial systems may misallocate resources and have negative growth effects.
International financing options access to capital markets and financing optionsAparrajithaAriyadasa
This document discusses various topics related to international finance including:
1. Sources of corporate funding such as internally generated cash, short-term external funds, and long-term external funds.
2. Types of debt instruments such as commercial bank loans and bonds.
3. International financial centers and their role in transferring funds between savers and borrowers.
4. Eurocurrency markets and how they have grown due to restrictive banking policies in the US.
5. Interest rate and currency swaps which allow parties to exchange interest rate and currency payments.
6. Development banks which finance large infrastructure projects.
International financing options access to capital markets and financing optionsAparrajithaAriyadasa
CORPORATE SOURCES AND USES OF FUNDS IN INTERNATIONAL FINANCE
Internally generated cash
Funds that are generated via retained earnings and working capital of the company.
Short term external funds
These are the type of short term financial option used by corporates or individual to raise the finance for their business operations within a shorter period of time. Such as bank overdrafts, cash in hand and interest income generated on savings accounts etc.
Long Term External Funds
These are the Long Term Finance Options utilized by Corporates or individuals to to raise the finance for their business operations in longer period of time .Such as Borrowing debts, raising IPO(Initial Public offers), Stocks and capital markets.
How have Market Challenges Affected Microfinance Investment Funds Dr Lendy Spires
The total assets of the 10 largest microfinance investment funds grew in 2011, reaching $4 billion, driven by increased demand from microfinance institutions for capital. While support from investors remained strong with the launch of new funds, fund returns were lower on average due to lower market interest rates and higher loan loss provisions. Microfinance investment funds are increasingly targeting underserved markets in sub-Saharan Africa, Asia, and rural areas with support from development finance institutions.
11.the theoretical considerations of financial markets integration the case o...Alexander Decker
The document discusses the theoretical considerations of financial market integration in Arab countries. It begins by defining financial market integration and reviewing different approaches to measuring integration. It then examines factors that have hindered integration among Arab markets, including their limited economic size and the dominance of oil exports. Efforts by Arab countries toward integration are also reviewed, such as the Arab League and plans for projects like the Arab Gas Pipeline. The results indicate that integration among Arab financial markets remains low due to challenges like differing levels of economic development and a history of agreements not being fully implemented. More work is still needed to achieve real integration.
11.theoretical issues on the african stock markets and portfolio performanceAlexander Decker
This document discusses theoretical issues surrounding African stock markets and portfolio performance. It examines issues of perceived market inefficiency in African stock markets and argues that integrating stock exchanges through mergers could help address problems by increasing volume. The document provides an overview of the development, characteristics and performance of African stock markets, noting their small size and liquidity issues. It also discusses the case for regional integration, preconditions needed, and examples like the BRVM in West Africa. Portfolio performance is defined and studies on topics like diversification and its effects on performance in South Africa are summarized.
MCM will offer the lowest cost global index funds by managing labor costs. It will outsource all labor except sales to India, where costs are one-fourth of U.S. rates. MCM will track the MSCI All Country World Investable Market Index for stocks and the Barclays Global Aggregate Float Adjusted Bond Index for bonds, charging only 0.25% for each fund. This low cost structure takes advantage of trends showing investor capital increasingly flowing into low cost, global index funds due to their benefits of diversification and minimized fees. By keeping costs lower than competitors, MCM aims to maximize its assets under management.
Introduction to international finance and International economyAparrajithaAriyadasa
International economics is a field of study that assesses the implications of international trade, international investment, and international borrowing and lending.
There are two broad sub-fields within the discipline: international trade and international finance
The theoretical considerations of financial markets integration the case of a...Alexander Decker
This document discusses the theoretical considerations of financial market integration, specifically regarding Arab countries. It begins by defining financial market integration as a situation with no barriers to capital mobility or trading foreign assets, such that identical securities have the same price across markets. Several schools of thought for measuring integration are described, primarily the law of one price. The document then reviews literature on defining and measuring integration. Benefits mentioned include risk diversification and efficient allocation of resources, while risks include volatility and capital flow reversals destabilizing some markets. The conclusion is that while integration can promote growth, very large financial systems may misallocate resources and have negative growth effects.
FDI as A Source of External Finance to Developing Countries: A Special Refere...iosrjce
In this era of increasingly globalized world economy, FDI is particularly a significant driving force
behind the interdependence of national economies and is considered as the main source of external finance. The
considerable decline in official development assistance (ODA) and commercial bank lending to developing
countries, which are considered as the main sources of meeting the external financing needs of developing
countries, have seen a greater reliance on private capital especially foreign direct investment as a source of
development finance. This is because of the fact that FDI not only remains much less volatile than portfolio and
other investments but it has also proved to be resilient enough during East Asian crisis of 1997-98 and the
Mexican crisis of 1994-95. In view of this growing significance of foreign direct investment, this paper aims to
study the role of FDI in external financing to developing countries, particularly India and China and the
benefits of combining FDI with other private sources of external finance. The paper concludes that FDI is the
major source of external finance for developing economies not only in absolute terms but also relative to other
sources of private capital flows, contributing on an average more than half of net private and official flows
during the period under review. The findings also presented a completely different picture with regard to the
structure of external financing for India and China. For China, FDI is the major external source of finance
followed by debt. On the other hand, for India Workers’ Remittances is the major source of external finance
followed by debt. The paper further concludes that China and India are the first and third most developing
country destinations for investment flows respectively and both are vying with each other to attract more and
more FDI inflows.
Enhancing Intra-Trade in OIC Member Countries Through T-SDRsMahmoud Sami Nabi
The OIC intra-trade reached 17% in 2012 and the member countries have committed to increase it to 20% by 2015. The 5th OIC Consultative Group Meeting on enhancing OIC intra-trade recommended the establishment of Trade Finance Support Schemes, as one of the driving factors, to accelerate the dynamic of the OIC intra-trade. Meanwhile, the United Nations World Economic and Social Survey (2012) considered that issuing new SDRs constitutes one of the solutions for the international community to mobilize additional resources for Development Finance. In this paper, we suggest the creation of Trade-based Special Drawing Rights (T-SDRs) among the OIC member countries to be issued by a dedicated regional financial institution on a regular frequency and according to a special mechanism. We discuss the allocation mechanism and its practical implementation among which the option to assign the role of issuance and clearing house to the Islamic Development Bank.
This chapter covers finance and accounting topics within an MBA program. It discusses international financial management, including currency exchange rates, foreign direct investment, and hedging foreign exchange risk. It also discusses accounting classifications of costs and management accounting for planning, controlling operations, and decision making. The chapter aims to teach finance and accounting topics together to avoid losing their interconnectedness.
This document discusses foreign exchange rate determination and forecasting. It covers several theories of exchange rate determination, including purchasing power parity, balance of payments, monetary, and asset market approaches. Additional factors like political, economic, and social events are also noted to influence exchange rates. The document uses examples like the Asian Financial Crisis and Argentine crisis to illustrate exchange rate fluctuations in emerging markets. Both fundamental analysis and technical analysis are presented as methods to forecast exchange rates in the short and long-term.
This document provides solutions to end-of-chapter questions and problems from the textbook "Multinational Finance" by Kirt C. Butler. It is organized by chapter and provides answers to conceptual questions about topics like foreign exchange risk, political risk, and cultural differences in international business. It also works through numerical problems involving calculations with foreign exchange rates, forward rates, and currency conversions. The solutions are intended to help students check their understanding of key concepts and practice applying quantitative techniques in multinational finance.
This document is a presentation on international finance that was given by Dr. Mital Bhayani. The presentation defines international finance as monetary transactions between two or more countries. It outlines the learning objectives, which are to explain the meaning of international finance, appreciate its importance and goals, describe its nature, compare it to domestic finance, and outline its scope. The presentation then covers the meaning, importance, nature, scope of international finance and how a country's economic wellbeing relates to globalization. It discusses key aspects like exchange rates, foreign exchange risk, political risk, and market imperfections.
This document provides an overview of the basics of international financial management. It discusses the nature and scope of IFM, comparing domestic financial management to international financial management. It also describes the key participants in international finance, focusing on multinational corporations. MNCs own and control production facilities across countries, and account for a large share of global sales, assets, and employment. The document outlines the objectives, modes, and influences of international business, as well as the essential qualifications for a firm to be considered a MNC.
Global Financial Crisis - Impact on Singapore and Policy Measures Taken to co...Vikas Sharma
The document summarizes the global financial crisis and its impact on Singapore. It discusses how Singapore was impacted through declines in its banking sector, trade, foreign direct investment, and real economy. It also describes Singapore's policy responses which included guaranteeing bank deposits, monetary policy shifts, and a large fiscal stimulus package to preserve jobs, stimulate lending, and support businesses and households. The assessment is that unlike other countries, Singapore maintained monetary stability while implementing swift, customized policy measures to mitigate short-term impacts without damaging long-term prospects.
This document provides an overview of international financial management. It discusses key topics like the balance of payments, determinants of entry modes for international business like exports and counter trade, differences between international and domestic finance, events that increased global trade volumes, and trade agreements. International flow of funds is examined, specifically India's balance of trade. Outsourcing is also discussed as having impacted international trade through increased cross-border purchasing.
International Monetary System: The International Financial System - Reform of International Monetary Affairs
- The Bretton Wood System and the International Monetary Fund, Controversy over Regulation of International
Finance, Developing Countries' Concerns, Exchange Rate Policy of Developing Economies.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The Journal will bring together leading researchers, engineers and scientists in the domain of interest from around the world. Topics of interest for submission include, but are not limited to
03 An introduction to hedge funds Part 1Siri Venture
Conclusion of An Introduction to Hedge Funds from International Asset Management (‘IAM’) This research paper gives a broad introduction to the hedge fund industry, the
historical background to the evolution of hedge funds, the fund of funds industry and provides an explanation of some of the terminology used within this area.
The document provides an overview of exchange traded funds (ETFs) and exchange traded products (ETPs), identifying key benefits of ETFs compared to mutual funds and analyzing common myths about ETFs. Some of the main benefits highlighted include enhanced liquidity, transparency, lower costs, and the ability to trade throughout the day. The document then addresses 10 common myths about ETFs, such as that trading premiums/discounts are a shortcoming, securities lending poses unique risks, and ETF flows reduce price discovery. For each myth, the document provides the counterargument and reality. In conclusion, the document argues that while not perfect, ETFs have significantly benefited investors and markets by increasing transparency, accessibility, and stability
The document provides an introduction to international financial systems and globalization. It discusses reasons for understanding international financial systems, including the increase in global trade and opportunities. It then defines globalization as the shrinking of time and space between countries and the integration of global production and exchange. The document goes on to discuss various effects of globalization, including the emergence of global markets, changes to world trade and foreign direct investment, and technological effects. It also outlines some challenges of and strategies for adapting to globalization.
A journey through American and Japanese capital Market.
This presentation can be used a study material for international Financial Management for MBA/PGDM.
Financing the Microfinanciers, How MFIs are sourcing capital -- joint BlueOrc...svmn
Microfinance investment landscape and vehicles. Ann Miles of BlueOrchard Finance, USA and Maya Chorengel of Elevar Equity (Unitus Equity Fund) presented this material jointly in a discussion with Silicon Valley Microfinance Network (SVMN), moderated by Sean Foote -- March 19, 2009.
Global Financial Crisis and Singapore Vikas Sharma
Starting with the genesis and global impact of the Global Financial Crisis (GFC), this paper details drills down into its impact on Singapore's economy, and the measures that were taken by the island-state to limit the damage caused.
This document discusses political and currency risks faced by private equity firms investing in Africa. It highlights key findings from a survey of general partners (GPs) on how they view and manage these risks. The survey found that GPs consider currency volatility and commodity price fluctuations to be the most important macroeconomic risks over the past three years. However, over the next three years, GPs view geopolitical risks and regulatory changes as greater concerns. The document also provides case studies of strategies used by GPs to mitigate these risks, such as diversifying investments, investing in resilient sectors, and expanding locally to reduce currency exposure.
This document discusses the key building blocks needed for effective government debt management. It covers issues of importance to investors like economic fundamentals, credit ratings, taxation, and bond market indices. It also discusses legal and institutional arrangements for government borrowing including vesting borrowing powers in parliament and setting limits on debt levels. The primary market system for issuing debt, developing secondary markets, regulation, risk management, and information technology are also examined as critical components of a well-functioning debt management framework.
Attitudes towards women among college students in urban Indiaiosrjce
IOSR Journal of Humanities and Social Science is a double blind peer reviewed International Journal edited by International Organization of Scientific Research (IOSR).The Journal provides a common forum where all aspects of humanities and social sciences are presented. IOSR-JHSS publishes original papers, review papers, conceptual framework, analytical and simulation models, case studies, empirical research, technical notes etc.
Assessment of Self Concept among Intermediate Students of A. P. Model Schoolsiosrjce
The main purpose of this study was to assess the Self Concept among Intermediate students of A.P.
Model Schools. In this study, Normative Survey Method was adopted. The participants of the study were 200
Intermediate II year students of ten A.P. Model Schools , Chittoor District, Andhra Pradesh, India in 2014-2015
session. The researchers used Self Concept checklist developed by N. Venkataramana (1976). Its validity and
reliability has been well established. Data was analyzed using Descriptive Statistics and Differential Analysis
(t-test). The findings revealed that the subgroups of Intermediate students did not show any significant
difference in the five dimensions of Self Concept. Among the five dimensions, the first three are negative
dimensions and last two are positive dimensions. A negative relationship was found between the first three
dimensions and subgroups where as a positive relationship was found between the last two dimensions and
subgroups. Based on the findings, suggestions were made that same study may be extended to A.P. Model
Schools of 13 Districts of Andhra Pradesh, other Junior colleges, Degree colleges, PG colleges, Engineering
and Medical colleges etc. Different other variables like management, locality, birth order, caste, educational
status of father, educational status of mother, size of family etc. can be included.
Can performance measurement systems be used to measure effectiveness of the p...iosrjce
There has been mixed feelings about the importance of the procurement function in organizations.
The function has been classified as a support function- not as important as production, finance or marketing.
Some organizations have even considered outsourcing this function in order to cut costs. This state of affairs
has been contributed by a lack of standard measures that can clearly indicate the contribution of effective
procurement towards the organizational performance. This theoretical review aims at establishing a case for
the use of performance measurement systems to show the contribution of effective procurement towards the
achievement of an organization’s objectives.
FDI as A Source of External Finance to Developing Countries: A Special Refere...iosrjce
In this era of increasingly globalized world economy, FDI is particularly a significant driving force
behind the interdependence of national economies and is considered as the main source of external finance. The
considerable decline in official development assistance (ODA) and commercial bank lending to developing
countries, which are considered as the main sources of meeting the external financing needs of developing
countries, have seen a greater reliance on private capital especially foreign direct investment as a source of
development finance. This is because of the fact that FDI not only remains much less volatile than portfolio and
other investments but it has also proved to be resilient enough during East Asian crisis of 1997-98 and the
Mexican crisis of 1994-95. In view of this growing significance of foreign direct investment, this paper aims to
study the role of FDI in external financing to developing countries, particularly India and China and the
benefits of combining FDI with other private sources of external finance. The paper concludes that FDI is the
major source of external finance for developing economies not only in absolute terms but also relative to other
sources of private capital flows, contributing on an average more than half of net private and official flows
during the period under review. The findings also presented a completely different picture with regard to the
structure of external financing for India and China. For China, FDI is the major external source of finance
followed by debt. On the other hand, for India Workers’ Remittances is the major source of external finance
followed by debt. The paper further concludes that China and India are the first and third most developing
country destinations for investment flows respectively and both are vying with each other to attract more and
more FDI inflows.
Enhancing Intra-Trade in OIC Member Countries Through T-SDRsMahmoud Sami Nabi
The OIC intra-trade reached 17% in 2012 and the member countries have committed to increase it to 20% by 2015. The 5th OIC Consultative Group Meeting on enhancing OIC intra-trade recommended the establishment of Trade Finance Support Schemes, as one of the driving factors, to accelerate the dynamic of the OIC intra-trade. Meanwhile, the United Nations World Economic and Social Survey (2012) considered that issuing new SDRs constitutes one of the solutions for the international community to mobilize additional resources for Development Finance. In this paper, we suggest the creation of Trade-based Special Drawing Rights (T-SDRs) among the OIC member countries to be issued by a dedicated regional financial institution on a regular frequency and according to a special mechanism. We discuss the allocation mechanism and its practical implementation among which the option to assign the role of issuance and clearing house to the Islamic Development Bank.
This chapter covers finance and accounting topics within an MBA program. It discusses international financial management, including currency exchange rates, foreign direct investment, and hedging foreign exchange risk. It also discusses accounting classifications of costs and management accounting for planning, controlling operations, and decision making. The chapter aims to teach finance and accounting topics together to avoid losing their interconnectedness.
This document discusses foreign exchange rate determination and forecasting. It covers several theories of exchange rate determination, including purchasing power parity, balance of payments, monetary, and asset market approaches. Additional factors like political, economic, and social events are also noted to influence exchange rates. The document uses examples like the Asian Financial Crisis and Argentine crisis to illustrate exchange rate fluctuations in emerging markets. Both fundamental analysis and technical analysis are presented as methods to forecast exchange rates in the short and long-term.
This document provides solutions to end-of-chapter questions and problems from the textbook "Multinational Finance" by Kirt C. Butler. It is organized by chapter and provides answers to conceptual questions about topics like foreign exchange risk, political risk, and cultural differences in international business. It also works through numerical problems involving calculations with foreign exchange rates, forward rates, and currency conversions. The solutions are intended to help students check their understanding of key concepts and practice applying quantitative techniques in multinational finance.
This document is a presentation on international finance that was given by Dr. Mital Bhayani. The presentation defines international finance as monetary transactions between two or more countries. It outlines the learning objectives, which are to explain the meaning of international finance, appreciate its importance and goals, describe its nature, compare it to domestic finance, and outline its scope. The presentation then covers the meaning, importance, nature, scope of international finance and how a country's economic wellbeing relates to globalization. It discusses key aspects like exchange rates, foreign exchange risk, political risk, and market imperfections.
This document provides an overview of the basics of international financial management. It discusses the nature and scope of IFM, comparing domestic financial management to international financial management. It also describes the key participants in international finance, focusing on multinational corporations. MNCs own and control production facilities across countries, and account for a large share of global sales, assets, and employment. The document outlines the objectives, modes, and influences of international business, as well as the essential qualifications for a firm to be considered a MNC.
Global Financial Crisis - Impact on Singapore and Policy Measures Taken to co...Vikas Sharma
The document summarizes the global financial crisis and its impact on Singapore. It discusses how Singapore was impacted through declines in its banking sector, trade, foreign direct investment, and real economy. It also describes Singapore's policy responses which included guaranteeing bank deposits, monetary policy shifts, and a large fiscal stimulus package to preserve jobs, stimulate lending, and support businesses and households. The assessment is that unlike other countries, Singapore maintained monetary stability while implementing swift, customized policy measures to mitigate short-term impacts without damaging long-term prospects.
This document provides an overview of international financial management. It discusses key topics like the balance of payments, determinants of entry modes for international business like exports and counter trade, differences between international and domestic finance, events that increased global trade volumes, and trade agreements. International flow of funds is examined, specifically India's balance of trade. Outsourcing is also discussed as having impacted international trade through increased cross-border purchasing.
International Monetary System: The International Financial System - Reform of International Monetary Affairs
- The Bretton Wood System and the International Monetary Fund, Controversy over Regulation of International
Finance, Developing Countries' Concerns, Exchange Rate Policy of Developing Economies.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The Journal will bring together leading researchers, engineers and scientists in the domain of interest from around the world. Topics of interest for submission include, but are not limited to
03 An introduction to hedge funds Part 1Siri Venture
Conclusion of An Introduction to Hedge Funds from International Asset Management (‘IAM’) This research paper gives a broad introduction to the hedge fund industry, the
historical background to the evolution of hedge funds, the fund of funds industry and provides an explanation of some of the terminology used within this area.
The document provides an overview of exchange traded funds (ETFs) and exchange traded products (ETPs), identifying key benefits of ETFs compared to mutual funds and analyzing common myths about ETFs. Some of the main benefits highlighted include enhanced liquidity, transparency, lower costs, and the ability to trade throughout the day. The document then addresses 10 common myths about ETFs, such as that trading premiums/discounts are a shortcoming, securities lending poses unique risks, and ETF flows reduce price discovery. For each myth, the document provides the counterargument and reality. In conclusion, the document argues that while not perfect, ETFs have significantly benefited investors and markets by increasing transparency, accessibility, and stability
The document provides an introduction to international financial systems and globalization. It discusses reasons for understanding international financial systems, including the increase in global trade and opportunities. It then defines globalization as the shrinking of time and space between countries and the integration of global production and exchange. The document goes on to discuss various effects of globalization, including the emergence of global markets, changes to world trade and foreign direct investment, and technological effects. It also outlines some challenges of and strategies for adapting to globalization.
A journey through American and Japanese capital Market.
This presentation can be used a study material for international Financial Management for MBA/PGDM.
Financing the Microfinanciers, How MFIs are sourcing capital -- joint BlueOrc...svmn
Microfinance investment landscape and vehicles. Ann Miles of BlueOrchard Finance, USA and Maya Chorengel of Elevar Equity (Unitus Equity Fund) presented this material jointly in a discussion with Silicon Valley Microfinance Network (SVMN), moderated by Sean Foote -- March 19, 2009.
Global Financial Crisis and Singapore Vikas Sharma
Starting with the genesis and global impact of the Global Financial Crisis (GFC), this paper details drills down into its impact on Singapore's economy, and the measures that were taken by the island-state to limit the damage caused.
This document discusses political and currency risks faced by private equity firms investing in Africa. It highlights key findings from a survey of general partners (GPs) on how they view and manage these risks. The survey found that GPs consider currency volatility and commodity price fluctuations to be the most important macroeconomic risks over the past three years. However, over the next three years, GPs view geopolitical risks and regulatory changes as greater concerns. The document also provides case studies of strategies used by GPs to mitigate these risks, such as diversifying investments, investing in resilient sectors, and expanding locally to reduce currency exposure.
This document discusses the key building blocks needed for effective government debt management. It covers issues of importance to investors like economic fundamentals, credit ratings, taxation, and bond market indices. It also discusses legal and institutional arrangements for government borrowing including vesting borrowing powers in parliament and setting limits on debt levels. The primary market system for issuing debt, developing secondary markets, regulation, risk management, and information technology are also examined as critical components of a well-functioning debt management framework.
Attitudes towards women among college students in urban Indiaiosrjce
IOSR Journal of Humanities and Social Science is a double blind peer reviewed International Journal edited by International Organization of Scientific Research (IOSR).The Journal provides a common forum where all aspects of humanities and social sciences are presented. IOSR-JHSS publishes original papers, review papers, conceptual framework, analytical and simulation models, case studies, empirical research, technical notes etc.
Assessment of Self Concept among Intermediate Students of A. P. Model Schoolsiosrjce
The main purpose of this study was to assess the Self Concept among Intermediate students of A.P.
Model Schools. In this study, Normative Survey Method was adopted. The participants of the study were 200
Intermediate II year students of ten A.P. Model Schools , Chittoor District, Andhra Pradesh, India in 2014-2015
session. The researchers used Self Concept checklist developed by N. Venkataramana (1976). Its validity and
reliability has been well established. Data was analyzed using Descriptive Statistics and Differential Analysis
(t-test). The findings revealed that the subgroups of Intermediate students did not show any significant
difference in the five dimensions of Self Concept. Among the five dimensions, the first three are negative
dimensions and last two are positive dimensions. A negative relationship was found between the first three
dimensions and subgroups where as a positive relationship was found between the last two dimensions and
subgroups. Based on the findings, suggestions were made that same study may be extended to A.P. Model
Schools of 13 Districts of Andhra Pradesh, other Junior colleges, Degree colleges, PG colleges, Engineering
and Medical colleges etc. Different other variables like management, locality, birth order, caste, educational
status of father, educational status of mother, size of family etc. can be included.
Can performance measurement systems be used to measure effectiveness of the p...iosrjce
There has been mixed feelings about the importance of the procurement function in organizations.
The function has been classified as a support function- not as important as production, finance or marketing.
Some organizations have even considered outsourcing this function in order to cut costs. This state of affairs
has been contributed by a lack of standard measures that can clearly indicate the contribution of effective
procurement towards the organizational performance. This theoretical review aims at establishing a case for
the use of performance measurement systems to show the contribution of effective procurement towards the
achievement of an organization’s objectives.
Subsurface Models of Abitumen-Rich Area near Ode-Irele, Southwestern Nigeria.iosrjce
Subsurface geophysical investigation around Looda village, near Ode-Irele was carried out with the
principal objective of evaluating the depth to the bituminous sand and its thickness with a view to suggesting
better environmentally compatible exploitation technique.Electrical resistivity survey using the Schlumberger
array was employed to generate subsurface models. 13 VES points along three (3) traverses were established in
the study area with manual curve matching followed by Computer iteration of the vertical electrical sounding
(VES) data. A careful study of the results, together with the knowledge of the Stratigraphy of the area was used
to develop the subsurface models.Two distinct models were generated. The first model generated is
characterised by a thin top soil (less than 1m thick) comprising the overburden underlain by dry sand (1.0m -
4.6m thick) which overlies bituminous sand horizon (6m -19m thick). This horizon is underlain by sandy silty
clay. The second model generated is defined by top soil (0.5m -1.8m thick) underlain by bituminous sand
horizon (2.5m -14.8m thick) which overlies saturated sand (1.9-11.3m thick). A fairly impervious sandy silty
clay layer underlies this aquifer.Huge deposit of heavy oil sand with thickness ranging from about 2.5m to
19.0m was observed between a depth of about 0.5m and 5.4m in the study area. This depth is relatively shallow
andcan be exploited preferably by open cast mining. However, precaution must be taken to prevent burst out
and contamination of the aquifer sandwiched between the bituminous sand and sandy clay horizons in some
locations during exploitation.
Attitudes of the entourage towards youth with intellectual disabilities pract...iosrjce
The main objective of IOSR-JSPE is to reunite specialists from different fields, such as sport, physical activity, Kinesiology, education, health and nutrition, in order to provide the opportunity of multidisciplinary debates and comprehensive understanding of how physical activity influences human life. Researchers from areas related to sport and health will be invited to publish their newest gathered information and its practical applicability. The target group involves specialists from different fields, such as: academic researchers, kinesitherapists, Physical Education and sport teachers, physicians in sports medicine, psychologists, nutritionists, coaches or any other specialists related to the sport domain.
Role of Serum Zinc and Copper in Children with Gastroenteritisiosrjce
IOSR Journal of Dental and Medical Sciences is one of the speciality Journal in Dental Science and Medical Science published by International Organization of Scientific Research (IOSR). The Journal publishes papers of the highest scientific merit and widest possible scope work in all areas related to medical and dental science. The Journal welcome review articles, leading medical and clinical research articles, technical notes, case reports and others.
Sub-Soil Investigation of a Proposed Construction Site at Kyami District, Abu...iosrjce
Sub-soil investigation of a proposed construction site located at Kyami district of the Federal Capital
Territory (F.C.T.) Abuja, Nigeria, was carried out to determine the suitability of the soil to host civil
engineering structures. The investigation involved excavation of trial pits and obtaining both disturbed and
undisturbed samples for laboratory analysis. Classification tests carried out showed that about half of the soil
samples analysed is composed mainly of clayey sand (SC), with the remaining half composed of silty sand (SM)
and non-plastic sand respectively; each occurring inalmost equal proportion. Analysis showed that the soil has
low plasticity characteristics. This implies that the potential for swelling and shrinking when wet and dry that
could have negative impact on the stability of structures placed on them is low.The soils therefore have fair to
good engineering characteristics necessary for construction work and with a mean allowable bearing capacity
of 137.8KPa the soils have moderate strength capable of carrying normal civil engineering structures.
Knowledge and Practice of Immunization amongst the care-givers of 12-23 month...iosrjce
IOSR Journal of Pharmacy and Biological Sciences(IOSR-JPBS) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of Pharmacy and Biological Science. The journal welcomes publications of high quality papers on theoretical developments and practical applications in Pharmacy and Biological Science. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Face expressions, facial features, kinect sensor, face tracking SDK, neural n...iosrjce
IOSR Journal of Computer Engineering (IOSR-JCE) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of computer engineering and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications in computer technology. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Performance Evaluation and Comparisons for IPv4&IPv6 using mpls Technologiesiosrjce
IOSR Journal of Electronics and Communication Engineering(IOSR-JECE) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of electronics and communication engineering and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications in electronics and communication engineering. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Reducing Straddle Carrier accidents at the Portiosrjce
IOSR Journal of Mechanical and Civil Engineering (IOSR-JMCE) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of mechanical and civil engineering and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications in mechanical and civil engineering. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
A New Skin Color Based Face Detection Algorithm by Combining Three Color Mode...iosrjce
IOSR Journal of Computer Engineering (IOSR-JCE) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of computer engineering and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications in computer technology. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Analysis of the conceptions of senior secondary school physics teachers in Mo...iosrjce
This article is part of didactic researches inspired by the history of science. Our aim is to identify
and analyze the conceptions implemented by Moroccan physics teachers of senior secondary school, confronted
with questions relatedto the perseverance of inertial motion as a motion-state, asexpressedby the principle of
inertia formulated by Newton. The study was conducted among 59 teachers who responded to three multiple
choice questions, guided by a research question. Pivot tables wereused when necessary, in order to establish a
typology to the conceptual basis. The analysis of the results has proven that for many teachers, this new form of
intelligence of this movement is not sufficiently clear, and the discontinuity with the Aristotelian notion of
motion-process has not occurred.
Medical Education: Reorientation of Medical Education program training and fi...iosrjce
IOSR Journal of Dental and Medical Sciences is one of the speciality Journal in Dental Science and Medical Science published by International Organization of Scientific Research (IOSR). The Journal publishes papers of the highest scientific merit and widest possible scope work in all areas related to medical and dental science. The Journal welcome review articles, leading medical and clinical research articles, technical notes, case reports and others.
The Effect of Feeding Improvement of Local PO Cattle and It’s Crossbred To Ph...iosrjce
IOSR Journal of Agriculture and Veterinary Science (IOSR-JAVS) is a double blind peer reviewed International Journal edited by the International Organization of Scientific Research (IOSR). The journal provides a common forum where all aspects of Agricultural and Veterinary Sciences are presented. The journal invites original papers, review articles, technical reports and short communications containing new insight into any aspect Agricultural and Veterinary Sciences that are not published or not being considered for publication elsewhere.
Protective Effect of Gongronema Latifolium Leaf Extract on Rambo And Raid Mos...iosrjce
IOSR Journal of Dental and Medical Sciences is one of the speciality Journal in Dental Science and Medical Science published by International Organization of Scientific Research (IOSR). The Journal publishes papers of the highest scientific merit and widest possible scope work in all areas related to medical and dental science. The Journal welcome review articles, leading medical and clinical research articles, technical notes, case reports and others.
The Effect of Using Ipad on the Achievement of Children in Layla Kindergarten...iosrjce
This study investigated the effect of using the iPad on children’s achievement of Layla kindergarten
in Saudi Arabia, in Aflaj district, compared to the traditional method. The study sample was formed of (42)
male and female children during the second semester of the scholastic year 2013/2014. The sample population
were randomly selected using the simple sample selection and then distributed into two groups: the control
group (22children) were taught using the traditional method, and the experimental group (20children) were
taught using the iPad. An achievement multiple choice test was given to the population of the two study groups,
and the test credibility and reliability were confirmed (reliability coefficient was 0.85). The study results
showed the existence of differences with statistical indication (α = 0.05) between the achievement of the
experimental group children and those of the control group. The implications of the results are that the iPad
can benefit children in improving their language skills in a motivating learning environment. The results were
in favor of the experimental group children, which were attributed to iPad teaching method. They showed that
there were no statistically differences attributed to the gender variable or to the interaction between the gender
variable and teaching method variable. The study was concluded by giving some recommendations and
suggestions pertaining to this study.
A magnetic resonance imaging studyof the temporomandibular joint and the disc...iosrjce
IOSR Journal of Dental and Medical Sciences is one of the speciality Journal in Dental Science and Medical Science published by International Organization of Scientific Research (IOSR). The Journal publishes papers of the highest scientific merit and widest possible scope work in all areas related to medical and dental science. The Journal welcome review articles, leading medical and clinical research articles, technical notes, case reports and others.
Benign Retroperitoneal Teratoma in young adult--A case report and literature ...iosrjce
This document describes a case report of a rare benign retroperitoneal teratoma in an 18-year-old male patient who presented with left parietal wall abscess. Exploratory laparotomy revealed a large retroperitoneal cystic mass containing tissues from all three germ layers. The mass was successfully resected and histopathological examination confirmed the diagnosis of a benign cystic teratoma. The patient recovered well post-operatively with no recurrence at one month follow up.
Factors Associated With Internet Use among Primary Care Patients in Makurdi, ...iosrjce
The summary identifies the following key points from the document:
1. The study aimed to identify factors associated with internet use among 282 primary care patients in Makurdi, Nigeria.
2. Younger age, male sex, urban residence, higher education, good health perception, higher income, and being single were significantly associated with greater internet use.
3. The most common reasons for internet use were email, research, and social networks. Google was the most used search engine.
This document examines the relationship between capital market development and economic growth in Nigeria from 2008 to 2018. It uses market capitalization, interest rate, and inflation rate as proxies for capital market development and GDP as the measure of economic growth. Multiple regression analysis is employed to analyze the data. The results suggest that the stock market has a positive but insignificant effect on economic growth in Nigeria. It is recommended that capital market regulators be more flexible to promote innovation without compromising investor protection. The government should also improve infrastructure to create a better business environment and boost productivity and economic activity.
1) The document discusses the relationship between stock market development and economic growth. It argues that stock markets promote economic growth through mobilizing savings, allocating capital efficiently, and spreading risk.
2) Several studies cited in the document found a positive correlation between stock market development indicators like market capitalization and liquidity, and long-term economic growth. Well-developed stock markets increase investment and savings.
3) The document also examines the role of stock markets in Pakistan and finds a positive relationship between stock market performance and Pakistan's economic growth.
Transitory and Permanent Effects of Capital Market Development on Capital For...AJHSSR Journal
ABSTRACT: Recent research on the relationship between capital market development and capital formation is
inconsistent.This study investigates the effect of capital market development on capital formation, and
theempiricalmethodutilisedinthisstudy, the Mundlak method,decomposestheeffectsofcapitalmarket development
on capital formation into transitory and permanent effects. This decomposition is important in order to ascertain
whether capital market development is beneficial to short-run or long-run capital formation, which is a key
determinant of a country‟s growth level.The study investigates the capital market development-capital formation
nexus byapplyingaggregate dataset from seven countries within the Sub-Saharan African
regionnamelyGhana,Kenya,IvoryCoast,Mauritius,Nigeria,SouthAfrica,and Zimbabwe over the period from 1980
to 2021. The results indicatethat capital market development has a transitory negative impact on capital
formation,but has a permanent positive impact on capital formation. More importantly, the permanent effect
seems more robust and stronger than the transitory effect. The findings conform to conventional wisdom that
Sub-Saharan African countries with well-developed capital markets experience long-run benefits of increased
capital formation and improved economic development. Based on the research findings, we recommend that
capital market authorities of Sub-Saharan African countries should prioritise policies that will boost productivity,
liquidity, and resilience. The study further recommends that Sub-Saharan African countries must improve their
capital markets‟ infrastructures, and eliminate the tax, legal and regulatory hurdles that impede the development
of their domestic capital markets.
KEYWORDS:Capitalmarketdevelopment,capitalformation,Sub-Saharan Africa, Mundlak Methodology, Panel
data.
An empirical study on the relationship between stock market index and the nat...Alexander Decker
This document discusses a study that investigates the relationship between stock market development and economic growth in Jordan from 2000-2012. It uses various econometric models including unit root tests, Granger causality tests, and cointegration analysis. The results of the Granger causality tests indicate there is unidirectional causality from stock market development to economic growth. The study aims to examine the long-run and short-run dynamics between Jordan's stock market index and real GDP.
Capital Market and Economic Growth in Nigeria 1981 - 2010 Samuel Udeji
This document provides an introduction and background to a study examining the relationship between capital markets and economic growth in Nigeria. It discusses Nigeria's various development plans and the importance of finance and capital markets for economic growth. The author notes there is debate around the impact of capital markets on growth. While some research finds a positive relationship, others find negative or no relationship. The document outlines the specific objectives and hypotheses that will guide the empirical analysis in later chapters. It also provides an overview of the methodology and organization of the upcoming study.
1) After the Asian financial crisis, Asian economies shifted to more flexible exchange rate regimes to reduce vulnerability to currency crises, while still maintaining some intervention to prevent large fluctuations. This created more room for monetary policy autonomy.
2) Equity market integration has increased within ASEAN and globally, indicating financial shocks can spread rapidly across Asian markets. The risk of contagion may increase if foreign investors treat ASEAN equities as one asset class.
3) Capital controls can help reduce financial contagion risks if used prudentially, such as taxes on short-term inflows. However, unilateral imposition could be harmful, so a regional guideline would help coordinate macroprudential controls.
This document provides an outline for an international finance course. It includes 7 chapters that cover topics such as foreign exchange markets, international capital markets, time value of money, strategic decision making, international taxation, and international financial management. The course will be taught through traditional classroom teaching and multimedia presentations. Students will be evaluated based on attendance, assignments, classwork, and a final exam.
This document summarizes a research article that analyzes the performance of mutual fund schemes in India. It discusses how the mutual fund industry in India grew significantly in the pre-recession period from 2006-2007 due to overall GDP growth and positive investor sentiment. However, during the recession period of 2008-2009, the industry witnessed a decline as markets fell. After the recession, the industry struggled to regain its previous growth. The document also examines the use of principal component analysis to identify relevant variables that influence mutual fund performance.
Determinants of Emerging Capital Markets Development: A Case of Dar Es Salaam...AI Publications
This study aims to assess determinants of emerging capital markets development with particular reference to Dar es Salaam Stock Exchange (DSE). Specifically, the study aimed to analyze influence of legal and institutional framework, influence of political and macroeconomic stability and effects of broadening the investors’ base on capital markets development. The study employed time series research design. Data from statistical observations were recorded in a duration of 10 years (2011-202) on capital market development in relation to macroeconomic factors including liquidity in the stock market, investment, banking sector expansion and foreign direct investment. The regression findings correspondingly showed that the multiple determination coefficient R2 is 0.9272. The result showed that the exogenous variables (INTR, INFL, EXCHR, NINFA and LFW) are explained by 92.72% of the variations in dependent variable (CMD) while remaining 7.28 % are attributed to other factors not considered in the model are to blame. In addition, Durbin Watson (DW) statistics of 1 were disclosed in the results. The study recommends that small and medium businesses, which play a significant role in Tanzania's economy, should also be encouraged to engage in the stock market. A systematic and comprehensive investment promotion and facilitation plan that suits Tanzania's interests is required. Savings habit must be encouraged in the country by government policies that favour it. Also, as a country attracts foreign investment, more jobs become available, and individuals have more money to save. In addition, foreign direct investment adds management and technology transfer capabilities.
International Journal of Humanities and Social Science Invention (IJHSSI)inventionjournals
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
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Selected Macroeconomic Factors versus Bond Market Development in Nigeriainventionjournals
This paper examines the macroeconomic determinants of bond market development in Nigeria to address the persistent research question of whether bond market development is driven by macroeconomic factors or institutional factors in emerging markets. Time series data generated over the period of 32 years was analyzed using ordinary least square regression techniques involving multiple regressions. The aggregate bond market capitalization comprising both government bonds and corporate bonds were exploited. The major findings of the study reveals that exchange rate, interest rate, inflation rate and banking sector development have negative and significant influence on the Nigerian bond market capitalization and as such, they demonstrated strong evidence as robust macroeconomic determinants of bond market development in Nigeria. Bond market, development, determinants, economy, Nigeria
Assessment of Credit Risk Management System in Ethiopian Bankinginventionjournals
This document examines the macroeconomic determinants of bond market development in Nigeria. It finds that exchange rate, interest rate, inflation rate, and banking sector development have negative and significant influences on Nigerian bond market capitalization, demonstrating that they are robust macroeconomic determinants of bond market development in Nigeria. The study aims to address questions about what drives bond market development in Nigeria from a macroeconomic perspective, as the Nigerian bond market is characterized as shallow, inefficient, and bank-dominated compared to more developed market-based economies. Time series data from 32 years was analyzed using regression techniques to study the relationship between various macroeconomic factors and aggregate bond market capitalization in Nigeria.
A sectoral analysis of inflation hedging properties of common stocksAlexander Decker
This summary provides an overview of a research journal article that analyzes the inflation-hedging properties of stocks in the engineering technology, computer/office equipment, and printing/publishing sectors listed on the Nigerian Stock Exchange from 2000-2011. The study finds that while the stocks provided positive real returns based on shareholders' funds and total equity returns, they did not significantly hedge against inflation when considering dividend yields. Traditional hedges like commodities and real estate may not be as effective in modern markets. New financial instruments like derivatives and other exotic investments have emerged as potential inflation hedges, though each asset class has unique risk-return characteristics.
Evaluating The Merits And Demerits Of Fixed And Floating...Angela Williams
This document discusses fixed and floating exchange rate regimes. It provides examples of the 2008 US financial crisis to illustrate how the US benefited from a floating exchange rate, and the 1929 stock market crash to show how the US economy suffered from excessive speculation under a floating rate. Similarly, it discusses dangers of speculation during the 1929 crash and Argentina's 2001 emerging market crisis to analyze fixed exchange rates. In general, floating rates provide more adaptability but can lead to instability and speculation, while fixed rates offer stability but reduce independence.
Evaluation of the Development and Performance of Selected GCC and Non-GCC St...Mace Abdullah
This paper compares and contrasts the stock markets for countries of comparable size and development as and between the GCC and non-GCC countries. The paper implicitly observes what may be considered strengths and weakness as and between markets dominated by Islamic Finance principles and those that are more or less conventionally oriented.
Challenges and Prospects of Derivative Market in NepalKarna Lama
The document provides an introduction and background on derivatives markets in Nepal. It discusses how derivatives first originated in Japan in the 1650s and were introduced in Nepal in 2006. It notes that Nepal's derivatives market is still developing and limited mostly to commodity derivatives. The objectives of the study are to analyze the growth patterns, problems, and future prospects of derivatives in Nepal. It identifies several research questions around the challenges facing the Nepalese derivatives market and its potential contributions to the economy. The study aims to provide an overview of the Nepalese derivatives market and examine regulations, policies, and concepts of derivatives trading in Nepal. It acknowledges limitations due to the market being recently established and lack of information.
Similar to The Need for Financial Stability in Zimbabwe: Use of Derivatives Securities (20)
An Examination of Effectuation Dimension as Financing Practice of Small and M...iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Does Goods and Services Tax (GST) Leads to Indian Economic Development?iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Childhood Factors that influence success in later lifeiosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Emotional Intelligence and Work Performance Relationship: A Study on Sales Pe...iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Customer’s Acceptance of Internet Banking in Dubaiiosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
A Study of Employee Satisfaction relating to Job Security & Working Hours amo...iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Consumer Perspectives on Brand Preference: A Choice Based Model Approachiosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Student`S Approach towards Social Network Sitesiosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Broadcast Management in Nigeria: The systems approach as an imperativeiosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
A Study on Retailer’s Perception on Soya Products with Special Reference to T...iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
A Study Factors Influence on Organisation Citizenship Behaviour in Corporate ...iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Consumers’ Behaviour on Sony Xperia: A Case Study on Bangladeshiosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Design of a Balanced Scorecard on Nonprofit Organizations (Study on Yayasan P...iosrjce
1. The document describes a study that designed a balanced scorecard for a nonprofit organization called Yayasan Pembinaan dan Kesembuhan Batin (YPKB) in Malang, Indonesia.
2. The balanced scorecard translated YPKB's vision and mission into strategic objectives across four perspectives: financial, customer, internal processes, and learning and growth.
3. Key strategic objectives included donation growth, budget effectiveness, customer satisfaction, reputation, service quality, innovation, and employee development. Customers perspective had the highest weighting, suggesting a focus on public service over financial growth.
Public Sector Reforms and Outsourcing Services in Nigeria: An Empirical Evalu...iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Media Innovations and its Impact on Brand awareness & Considerationiosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Customer experience in supermarkets and hypermarkets – A comparative studyiosrjce
- The document examines customer experience in supermarkets and hypermarkets in India through a survey of 418 customers.
- It finds that in supermarkets, previous experience, atmosphere, price, social environment and experience in other channels most influence customer experience, while in hypermarkets, previous experience, product assortment, social environment and experience in other channels are most influential.
- The study provides insights for retailers on key determinants of customer experience in each format to help them improve strategies and competitive positioning.
Social Media and Small Businesses: A Combinational Strategic Approach under t...iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Secretarial Performance and the Gender Question (A Study of Selected Tertiary...iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
Implementation of Quality Management principles at Zimbabwe Open University (...iosrjce
This document discusses the implementation of quality management principles at Zimbabwe Open University's Matabeleland North Regional Centre. It begins with background information on ZOU and the importance of quality management in open and distance learning institutions. The study aimed to determine if quality management and its principles were being implemented at the regional centre. Key findings included that the centre prioritized customer focus and staff involvement. Decisions were made based on data analysis. The regional centre implemented a quality system informed by its policy documents. The document recommends ensuring staffing levels match needs and providing sufficient resources to the regional centre.
Organizational Conflicts Management In Selected Organizaions In Lagos State, ...iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
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The Need for Financial Stability in Zimbabwe: Use of Derivatives Securities
1. IOSR Journal of Economics and Finance (IOSR-JEF)
e-ISSN: 2321-5933, p-ISSN: 2321-5925.Volume 6, Issue 4. Ver. III (Jul. - Aug. 2015), PP 06-14
www.iosrjournals.org
DOI: 10.9790/5933-06430614 www.iosrjournals.org 6 | Page
The Need for Financial Stability in Zimbabwe: Use of Derivatives
Securities
1
Wellington G. Bonga, 2
Cloudio K. Chikeya, 3
Rodrick Sithole
1
PhD Economics (AIU), MSc Economics (UZ), MBA (ZOU), MCom Finance (GZU)*
2
MSc Finance & Investment, BCom Banking & Finance, IOBZ
3
MSc Economics (UZ), BSc (Hons) Economics (UZ)
Abstract: Financial stability contributes to the stability and growth of a nation. There has been a sharp growth
in use or trading of derivatives in both mature and emerging markets. The Zimbabwean financial sector is still
not trading in derivatives security, yet Zimbabwe Stock Exchange is among the oldest and largest in Africa.The
trading of derivatives is done in two types of markets: organized exchanges and over the counter.Investors
generally use derivatives for three purposes: risk management, price discovery, and reduction of transaction
costs.Apart from generating cash in the adverse states of the world, derivative instruments also can smooth cash
flows through its interaction with the operating decisions. The study rallies behind the development of
derivatives market in Zimbabwe in the face of liquidity challenges currently facing the economy. The impact of
market risk on corporate activities should never be undermined and hence the corporate sector should be aided
in the elimination of market risk. The study is a policy prescription, which examines the importance of
derivatives and their suitability in Zimbabwe, to strengthen the financial sector. The study identified the
derivatives sector as the missing link to viable financial sector and hence economic growth.
Key Words:Financial Markets, Financial Stability, Economic Stability, Economic Growth, Derivatives, ZSE,
Hedging, Forward Contracts, Futures, Swaps.
JEL Codes:A23, E44, E58, E62, F21, F36, G15, G18, G28, G38.
I. Introduction
Derivatives securities are of great importance in the stability of the financial system and hence the
economy. As indicated by Singh and Rajeev (2015), when all the major asset classes saw a downturn post-
financial crisis of 2008,only commodity derivatives exhibited a stable performance. During the last decade,
derivatives markets became an asset class of their own and influenced the financial landscape strongly, Haiss
and Sammer (2010). The corporate use of derivative financial instruments such as forwards, futures, options and
swaps has been subject to rapid growth, both in terms of the extend of use and complexity of the instruments
used, Barnes (2001). There is a common relationship between financial market development and economic
development despite that many researchers have been debating on the causal relationship of the two, Bonga
(2010). Emphasizing the need for derivative market in Zimbabwe, Njanike (2015) indicated that, asset managers
need to be in a market where they are able to actively manage and devise mechanisms that promote fund growth
and managing the risks they are exposed to.
Derivatives are financial instruments in the form of contracts, the value of which is derived from the
value of an underlying asset, Apanardet al. (2014). The underlying entity can be an asset, index, or interest rate,
and is commonly called the "underlying". Derivatives can be used for a number of purposes, including insuring
against price movements (hedging), increasing exposure to price movements for speculation or getting access to
otherwise hard-to-trade assets or markets, Koehler (2011). An important feature of derivatives exchanges is the
interposition of a clearinghouse that serves as a counterparty to reduce the default risk of parties engaged in the
contract, Apanardet al. (2014). Some of the more common derivatives include forwards, futures, options, swaps,
and variations of these such as synthetic collateralized debt obligations and credit default.
There is need for derivatives markets in developing nations and their growth is witnessed in some
countries. This has been supported by Apanardet al. (2014), when they indicated that, while the major
derivatives exchanges are located in mature economies (e.g., CME Group, Deutsche Borse AG, NYSE
Euronext), the development of the global marketplace indicates expanding opportunities and demand in
emerging economies. The use of derivatives has grown remarkably since the introduction of foreign exchange
and interest rate products in the1970s, Bartram et al. (2009). The development of derivative markets in
emerging markets plays a special role in this context as more institutional money is dedicated to emerging
markets, which requires the availability of financial instruments to manage market, credit and interest rate risks
in largely underdeveloped local capital markets, Jobst (2007).
Popular theories of financial risk management indicate that nonfinancial corporations may use
derivatives to lower the expected costs of financial distress, to coordinate cash flows with investment policy,or
2. The Need for Financial Stability in Zimbabwe: Use of Derivatives Securities
DOI: 10.9790/5933-06430614 www.iosrjournals.org 7 | Page
because of agency conflicts between managers and owners, Bartram et al. (2009). Derivatives markets are
populated by four main types of contracts: forwards, futures, options, and swaps. The general concepts are
similar, with their value derived from the price of an underlying asset.
While the primary users of derivatives are financial institutions such as banks, insurance companies,
and investment managers, the use of derivatives by nonfinancial firms is considerable. Silber (1985) provides a
sound explanation for the economic contribution of financial futures and indicates that increased liquidity and
risk reduction facilities available to portfolio managers and other investors reduce the cost of capital to
businesses, which ultimately translates into greater capital formation for the economy as a whole. Peck (1985)
demonstrates both theoretically and empirically the direct effect futures markets have on commodity prices, and
their indirect impact on production, consumption and storage decisions.
This paper seeks to analyse the economic importance of derivatives in developing nations with special
reference to Zimbabwe. The Zimbabwe Stock Exchange is ranked one of the most actives stock exchanges in
Africa, with the biggest being the Johannesburg Stock Exchange in South Africa. The derivatives have been
offered by Barbican bank, which later closed. Barbican Bank before it was placed under curatorship was trading
call options which some quarters believe it was the source of its financial demise, Njanike (2015).
Since then, the securities have never been introduced in the financial market despite their crucial
importance. This paper is a policy prescription, with the aim of deriving attention to policy makers to create a
conducive environment and legal framework so as to enable investors to trade in derivatives. Risk management
is of crucial importance to the success of business, however, managing of market risk requires the use of
derivatives. Without derivatives market, institutions are still exposed and hence there is no stability for
development.
The crucial need for a stable financial system was highlighted in the wake of the Asian financial crisis
of the late 1990s as well as the recent the global financial crisis (2007 - 2009) and the Eurozone crisis of 2011.
In Zimbabwe, the financial system has been significantly tested in recent years by the effects of the
hyperinflation environment, volatile global commodity prices, and the resulting slowdown in domestic
economic activity since the adoption of multicurrency system in 2009.
The recurrence of financial crisis and their negative spill-over effects has brought to the fore the
importance of financial sector soundness as a prerequisite for sustained economic growth. Liquid markets can
lead to more investments, improve the allocation of capital, thereby enhancing prospects for long-term
economic growth. Countries with better-developed financial systems tend to grow faster over long periods of
time.Zimbabwe financial sector has been affected by persistent illiquidity, capital erosion and associated
financial sector risks, limited lender of last resort function, and deterioration in asset quality.
II. Functions Of Financial Markets
Financial markets do perform great roles in the economy at large.Shallow financial markets and
inadequate access to finance are major sources of concern in African countries generally, Adelegan (2009).
Volatile international capital flows have the tendency to destabilize shallow markets and precipitate a crisis if
there is a change in investors’ appetite.
Top 10 most active stock markets in Africa in 2014
3. The Need for Financial Stability in Zimbabwe: Use of Derivatives Securities
DOI: 10.9790/5933-06430614 www.iosrjournals.org 8 | Page
The ZSE is ranked as number four in terms of weekly trading volumes in Africa, hence it is one of the
active markets in the continent. The Johannesburg Stock Exchange is the only one in Africa that offers
derivatives. This shows that a lot has to be done in the continent to boost investment and help firms manage
market risk and all other risks that needs derivatives for efficient management.
The financial sector comprises of lenders, financial intermediaries, financial markets and borrowers.
RELATIONSHIP BETWEEN LENDERS AND BORROWERS
Lenders Financial Intermediaries Financial Markets Borrowers
Individuals
Companies
Banks
Insurance Companies
Pension Funds
Mutual Funds
Interbank
Stock Exchange
Money Market
Bond Market
Foreign Exchange
Individuals
Companies
Central Government
Municipalities
Public Corporations
A well viable financial sector transforms into a stable economy. Financial markets facilitate the transfer
of real economic resources from lenders to ultimate borrowers. Financial markets allow lenders to earn interest
or dividend on their surplus invisible funds, thus contributing to the enhancement of the individual and the
national income. There is enhanced productive usage of borrowed funds. Capital formation is necessitated
through financial markets when they provide a channel through which new savings flow to aid capital formation
of a country. Financial markets allow for the determination of price of the traded financial assets through the
interaction of buyers and sellers. They provide a sign for the allocation of funds in the economy based on the
demand and to the supply through the mechanism called price discovery process. Financial markets do provide a
mechanism for selling of a financial asset by an investor so as to offer the benefit of marketability and liquidity
of such assets. Also the activities of the participants in the financial market result in the generation and the
consequent dissemination of information to the various segments of the market. Hence, the financial markets
help in the reduction of the cost of transaction of financial assets.
In summary, financial markets provides liquidity in the market so as to facilitate trading of funds,
provides liquidity to commercial banks, facilitate credit creation, promote savings, promote investment,
facilitate balanced economic growth and improves trading floors. Research pertaining to launching derivatives
exchanges in emerging markets consists primarily of survey results or descriptive studies. Bricheux, Savre and
Tachon (1992) describe the important factors for developing a successful futures contract: Conditions for
creating a futures market [legal, regulatory, political and economic environments], Conditions for creating a
futures contract [price volatility, underlying asset's risk, large cash market, maturity of the spot market, and
existence as well as involvement of dealer community], and Conditions for futures contract success [futures
market environment, well-designed contract, and exchange perseverance].
III. A Glimpse On The Zimbabwean Financial Sector
Zimbabwe’s financial sector is relatively sophisticated, consisting of a Reserve Bank, discount houses,
commercial banks, merchant banks, finance houses, building societies, the Post Office Savings Bank, numerous
insurance companies and pension funds and a stock exchange. Zimbabwe’s current financial regulation and
supervisory architecture was inherited from the Rhodesian Government at independence in 1980, Nhaviraet al.
(2014). The Reserve Bank of Zimbabwe, the Commissioner of Insurance and Pension Funds, the Zimbabwe
Stock Exchange, Ministry of Finance and Deposit Protection Board1
are regulators of the financial markets. The
Ministry of Finance is the ultimate supervisor of the financial system. As a result of the liberalization of the
financial sector in 1991, the establishment of local banks has grown considerably, Machona and Kaseke (2013).
Since then, the financial system has undergone several changes in recent years.
The liberalisation of the financial sector in Zimbabwe was an integral part of the Economic Structural
Adjustment Programme (ESAP), a programme which was introduced by the government in 1991. It was aimed
at restructuring the economy from a predominantly state interventionist type of economic management towards
a more market-driven system.
Prior to reforms, Zimbabwe's financial system comprised the Reserve Bank of Zimbabwe (RBZ), five
commercial banks, two discount houses, four merchant banks, three building societies, six finance houses and
the Post Office Savings Bank (POSB), a statutory corporation, prior to liberalization. The government through
the Ministry of Finance and the RBZ began issuing out new licences to financial players such that between 1993
and 2003, there was an upsurge of banking institutions, Nhaviraet al. (2014).
1
The Deposit Protection Corporation came into being through Act 7 of 2010 is tasked with the responsibility of
protecting depositors thereby ensuring safety and soundness of the banking system by preventing bank runs.
4. The Need for Financial Stability in Zimbabwe: Use of Derivatives Securities
DOI: 10.9790/5933-06430614 www.iosrjournals.org 9 | Page
As of December 2009, the banking sector consisted of 27 institutions, including 17 commercial banks,
4 merchant banks, 4 building societies, 1 discount house and 1 savings bank. 16 asset management companies
also operated in the country. The banking sector remains heavily concentrated; with the three largest banks
accounting for over 90 percent of total deposits in 2006.
Zimbabwe’s financial system came under great stress in 1998 with the collapse of the United Merchant
Bank. One response by RBZ was to increase the capital adequacy requirement for banks, compared to the
internationally accepted minimum ratio of 8%. This has also brought about a greater awareness of the
importance of credit policies and the need for regular assessment of assets. Political and economic
circumstances have negatively impacted the Zimbabwean microfinance industry, causing the sector to contract
in recent years.
Microfinance institutions have always had difficulty raising funds on the local market because it is a
sector which is regarded as high risk because of the domination of the poor on the portfolio of the industry. This
has not changed with reforms. Policies should be designed in order to eradicate the largely negative perceptions
about this sector. Policy should adopt a more positive and supportive strategy which recognizes that
microfinance is in reality an integrated part of the development process. There is a need to review rules on
zoning, registration, access to land, taxation and fees so that they are designed in a way which promotes rather
than obstructs microfinance.
Currently, Zimbabwe is said by many analyst to be overbanked with a total of 26 banks sharing a paltry
$3.3bln deposits base among them. However, the philosophy of overbanking is subject to debate, given the
population size of the country, the situation only calls for some factors to be addressed.
About 80% of the financial sector is dominated by banks. The banking sector attract funds from small
savers and allocate it to the deficit investment users of funds, hence transforming into economic growth.
Source: Reserve Bank of Zimbabwe, 2014.
The banking sector loan portfolio is dominated by the industrial sector, household, transport and
agriculture, constituting 26.07%, 21.21%, 16.95% and 15.68 of total credit, respectively. The remaining sectors
contributed less than 10% each.
IV. Market Risk
Financial systems all over the world are prone to periods of instability, and Zimbabwe is no exception
to the rule. Investment risk is mainly in two categories; market risk and specific [unsystematic] risk. Specific
risk is born from the performance of the individual security and hence can be eliminated through diversification.
Market risk [systemic] cannot be eliminated through diversification of assets, however it can only be hedged.
Market risk arises from the overall factors that affect the whole financial market system. Sources of market risk
includes business cycles [recessions], political factors, interest rates changes, natural disasters among
others.Market risk is therefore defined as the risk that the value of an investment will decrease due to moves in
market factors. In other words, it encompasses the risk of financial loss resulting from movements in market
prices. Mehta et al. (2012) define market risk as the risk of losses in the bank’s trading book due to changes in
equity prices, interest rates, credit spreads, foreign-exchange rates, commodity prices, and other indicators
5. The Need for Financial Stability in Zimbabwe: Use of Derivatives Securities
DOI: 10.9790/5933-06430614 www.iosrjournals.org 10 | Page
whose values are set in a public market. There are commonly five standard market risk factors include: Equity
risk [the risk that stock prices will change], Interest rate risk [the risk that interest rates will change], Currency
risk [the risk that foreign exchange rates will change], Commodity risk [the risk that commodity prices will
change], and Equity index risk [the risk that stock or other index prices will change].
Market risk is rated based on an assessment of the firm’s sensitivity of earnings [economic value of
capital] to adverse changes in interest rates, foreign exchanges rates, commodity prices, or equity prices. What
matters as well is the ability of management to identify, measure, monitor, and control exposure to market risk
given the institution's size, complexity, and risk profile. The impact of market risk is also based on nature and
complexity of interest rate risk exposure arising from non-trading positions. And lastly, for some institutions,
the nature and complexity of market risk exposure arising from trading and foreign operations.
To manage market risk, banks deploy a number of highly sophisticated mathematical and statistical
techniques. Chief among these is value-at-risk (VAR) analysis, which over the past 15 years has become
established as the industry and regulatory standard in measuring market risk.
The issue of getting rid of market risk, calls for the use of derivatives. There is no any other solution
that firms can use, other than through hedging. The Zimbabwean regulatory framework should consider the
introduction of such markets so as to give the corporate world a fresh breath in the management of funds and
risk improvement.Derivatives allow risk-averse market participants (such as banks, farmers, processors and
traders) to offset risk among themselves or transfer it to other market participants willing to accept the risk-
return ratio (Abken, 1994). the process, derivatives attract additional participants who in turn increase the
volume of transactions, thus contributing to the creation of a liquid market, Njanike (2015).
V. Hedging
Hedging is often considered an advanced investing strategy, and the practice of hedging is becoming
widespread. The principles of hedging are too simple, and the most common hedging is insurance, when
individuals insure themselves against death and damage to their vehicles or houses. Hedging has grown to
encompass all areas of finance and business. Besides protecting an investor from various types of risk, it is
believed that hedging makes the market run more efficiently.
The basic function of hedging [whether in one’s portfolio,business or anywhere else] is about
decreasing or transferring risk. Hence, hedging is a valid strategy that can help protect one’s portfolio, home and
business from uncertainty.A hedge is an investment position intended to offset potential losses/gains that may be
incurred by a companion investment. A hedge can be constructed from many types of financial instruments,
including stocks, exchange-traded funds, insurance, forward contracts, swaps, options, many types of over-the-
counter and derivative products, and futures contracts.In investment terms, hedging is a transfer of risk without
buying insurance policies.
Hedging strategies include; forward exchange contract for currencies, currency future contracts, money
market operations for currencies, forward exchange contract for interest, money market operations for interest,
future contracts for interest, covered calls on equities and short straddles on equities or indexes.
Hedging employs various techniques but, basically, involves taking equal and opposite positions in two
different markets (such as cash and futures markets). Hedging is used also in protecting one's capital against
effects of inflation through investing in high-yield financial instruments (bonds, notes, shares), real estate, or
precious metals.Choosing appropriate hedging techniques depends on both the type of derivative and
assumptions placed on the underlying stochastic process, Rheinländer and Sexton (2011).
The continuing exponential growth of derivatives markets; the development of new derivatives
instruments; their impact on financial markets generally; the rapid transformation of traditional institutional
arrangements; and occasional operational, liquidity, and credit problems have all focused attention on what
happens after the trade—the post-trade practices, structures, and arrangements that ensure the smooth and
efficient functioning of these markets, Bliss and Steigerwald (2006).
VI. Economic Function Of The Derivative Market
Using various empirics from the developing and developed world, derivatives have been identifies to have
various economic benefits to the economies.
Financial derivatives can be used in risk management, hedging, arbitrage between markets, and speculation.
Derivatives assume economic gains from both risk shifting and efficient price discovery by providing
hedging and low-cost arbitrage opportunities, Jobst (2007).
Derivatives catalyze entrepreneurial activity.
Determination of current and future prices. Prices in a structured derivative market not only replicate the
discernment of the market participants about the future but also lead the prices of underlying to the
professed future level. On the expiration of the derivative contract, the prices of derivatives congregate with
6. The Need for Financial Stability in Zimbabwe: Use of Derivatives Securities
DOI: 10.9790/5933-06430614 www.iosrjournals.org 11 | Page
the prices of the underlying. Therefore, derivatives are essential tools to determine both current and future
prices.
Risk allocation. The derivatives market reallocates risk from the people who prefer risk aversion to the
people who have an appetite for risk. Hence, derivatives allow the sharing or redistribution of risk.
Derivatives can allow businesses to manage effectively exposures to external influences on their business
over which they have no control.
Increased trade volumes. The intrinsic nature of derivatives market associates them to the underlying Spot
market. Due to derivatives there is a considerable increase in trade volumes of the underlying Spot market.
The dominant factor behind such an escalation is increased participation by additional players who would
not have otherwise participated due to absence of any procedure to transfer risk.
Speculation controlled. As supervision, reconnaissance of the activities of various participants becomes
tremendously difficult in assorted markets; the establishment of an organized form of market becomes all
the more imperative. Therefore, in the presence of an organized derivatives market, speculation can be
controlled, resulting in a more meticulous environment.
Uncertainty. Third parties can use publicly available derivative prices as educated predictions of uncertain
future outcomes, for example, the likelihood that a corporation will default on its debts.
Debt Management and Domestic Debt Market Development. Well-developed derivative markets may
benefit public debt managers, even when they are not direct users of such instruments. Derivative
instruments contribute to overall market efficiency and liquidity. These benefits include the ability for
market participants to hedge positions effectively, the ability to trade in and out of markets at any time,
continuous price updates and market intelligence through trading in the derivative asset class and, last but
not least, the maintenance of market liquidity, OECD (2007).
Hanson (2003) asserts that derivatives markets contribute to the integration of global capital markets, hence
improving the global allocation of savings and fostering higher investment levels.
With derivatives, there is increase in savings and investment in the long run due to augmented activities.
VII. Types Of Derivatives, Contract Types And Underlying Assets
Most African countries have no derivative markets, with the exception of South Africa and the North
African economies of Morocco, Egypt and Tunisia, where the volume of derivative transactions is small but
growing, [Making Finance Work for Africa, 2014]. Where derivative markets exist, they are largely in their
infancy and mostly focused on foreign-exchange derivative contracts.
Derivatives come in various types and forms depending on the type of contract and how risk has to be
managed. The following table summarizes the contracts which investors enter and the underlying assets they
use.
UNDERLYING
CONTRACT TYPES
Exchange-traded
futures
Exchange-traded
options
OTC swap OTC forward OTC option
Equity
DJIA Index future
Single-stock
future
Option on DJIA Index
future
Single-share option
Equity swap
Back-to-back
Repurchase
agreement
Stock option
Warrant
Turbo warrant
Interest rate
Eurodollar future
Euribor future
Option on Eurodollar
future
Option on Euribor future
Interest rate
swap
Forward rate
agreement
Interest rate cap and
floor
Swaption
Basis swap
Bond option
Credit Bond future Option on Bond future
Credit default
swap
Total return
swap
Repurchase
agreement
Credit default option
Foreign
exchange
Currency future
Option on currency
future
Currency
swap
Currency forward Currency option
Commodity
WTI crude oil
futures
Weather derivative
Commodity
swap
Iron ore forward
contract
Gold option
Source: Adapted from Wikipedia
Transactions in financial derivatives should be treated as separate transactions rather than as integral
parts of the value of underlying transactions to which they may be linked. The value of a financial derivative
derives from the price of an underlying item, such as an asset or index.The risk embodied in a derivatives
contract can be traded either by trading the contract itself, such as with options, or by creating a new contract
7. The Need for Financial Stability in Zimbabwe: Use of Derivatives Securities
DOI: 10.9790/5933-06430614 www.iosrjournals.org 12 | Page
which embodies risk characteristics that match, in a countervailing manner, those of the existing contract
owned.
Financial derivatives contracts are usually settled by net payments of cash, often before maturity for
exchange traded contracts such as commodity futures. Cash settlement is a logical consequence of the use of
financial derivatives to trade risk independently of ownership of an underlying item.
The value of the financial derivative derives from the price of the underlying item: the reference price,
IMF (1998). Because the future reference price is not known with certainty, the value of the financial derivative
at maturity can only be anticipated, or estimated.Derivatives markets in emerging markets, however, remain
small compared to those in advanced economies.Derivatives in EMEs are used mainly to hedge or speculate on
exchange rate and, to a lesser extent, equity market risk, Dubravko and Packer (2010). The largest emerging
market derivatives markets are now located in Korea, Brazil, Hong Kong and Singapore.
VIII. Futures And Forward Contracts
Four most common examples of derivative instruments are Forwards, Futures, Options and Swaps. A
forward contract is a customized contract between two parties, where settlement takes place on a specific date in
future at a price agreed today. Futures are exchange-traded contracts to sell or buy financial instruments or
physical commodities for a future delivery at an agreed price.
The main differences between futures and forwards is as shown in the table below;
Basis Futures Forwards
Nature Traded on organized exchange Over the Counter
Contract Terms Standardized Customised
Liquidity More liquid Less liquid
Margin
Payments
Requires margin payments Not required
Settlement Follows daily settlement At the end of the period.
Squaring off
Can be reversed with any
member of the Exchange.
Contract can be reversed only with the same
counter-party with whom it was entered into.
Swaps are private agreements between two parties to exchange cash flows in the future according to a
prearranged formula. They can be regarded as portfolios of forward contracts. Common swaps include interest
rate and currency swaps.
Options are of two types; calls and puts. Calls give the buyer the right but not the obligation to buy a
given quantity of the underlying asset, at a given price on or before a given future date. Puts give the buyer the
right, but not the obligation to sell a given quantity of the underlying asset at a given price on or before a given
date.
Many researchers have shown that the institutional environment has an important impact onthe
functioning of the financial sector (Tressel and Detriagiache 2008, and Demetriades andFielding 2009). La Porta
(La Porta, et al 1997 and La Porta et al. 1998) argues that legalorigin determines the level of financial
development. He suggests that common law-basedsystems, originating from English law, are better suited for
development of financial marketsthan civil law systems, arguing that common law has been instrumental in
protecting privateproperty than civil law, which aims at addressing corruption in the judiciary and improvingthe
power of the state.
Demetriades and Fielding (2009) address the lack of information on borrowers, corruptionand political
instability as main challenges for financial development in eight countries ofWest Africa. McDonald and
Schumacher (2007) point to financial liberalization, strongerlegal institutions, legal origin, lower inflation, and
increased sharing of information as keycontributing factors for financial sector development in SSA.
Another consideration in SSA is the heavy dependence on foreign aid,both financial and technical
assistance, from various international and/or foreignorganizations/donors, Anayiotos and Toroyan (2009).
Nkusu and Sayek (2004) demonstrate that development of the localfinancial market positively enhances the
impact of aid, which is significantly larger whenlocal financial markets are more developed.
IX. Conclusion
In an environment in which investors are continuously exposed to a broad range of dynamic risks,
derivatives have become a valuable tool used in the risk management practices of institutions. Theoretical
literature indicates that derivatives provide users with efficiency benefits in the form of reduced transaction
costs and improved risk control. The short paper seeks to clarify on the need to strengthen the financial sector
stability in developing nations, with special reference to the Zimbabwean economy. Financial sector
development is expected to be brought through the introduction of derivatives. Derivatives markets are expected
8. The Need for Financial Stability in Zimbabwe: Use of Derivatives Securities
DOI: 10.9790/5933-06430614 www.iosrjournals.org 13 | Page
to improve the liquidity status of the economy, and guarantee the elimination of market risk. By introducing
derivatives, more traders are expected and hence more activity in the sector.
This study suggests that a potential benefit of derivative usage comes from its ability to allow a firm to
maintain smooth operating policies in the event of external shocks. Apart from generating cash in the adverse
states of the world, derivative instruments also can smooth cash flows through its interaction with the operating
decisions. The policymakers should consider the role of derivative instruments in setting monetary policies and
evaluating their effects on the credit channels.
The paper seeks to notify the policy makers on the need for a financial sector reform, which does not
necessarily change the status quo of the current dealings in the market, but as an additional tool to harness funds
and improve trade volumes and elimination of market risk. The role of derivatives on the transmission of
monetary policy must be analyzed more thoroughly to further enrich our understanding of the frictions in the
capital markets and their potential impact on the overall capital allocation in the economy.
Worth to note is that in the banking sector, financial intermediation often exposes banks to interest rate
risks by creating mismatches in the maturity structure and re-pricing terms of their assets and liabilities. To
solve such there is need to use interest rate derivatives, to manage these risks. Diamond’s (1984) model implies
that banks should hedge all market risks in which they don’t have any special monitoring advantages. The goal
ofpolicymakers is to create an environment in whichmarket mechanisms can evolve to provide greater societal
benefits while containing systemic risks.
In conclusion, financial derivatives are valued at their market price on the recording date, and changes
in prices between balance sheet recording dates are classified as revaluation gains or losses. If market value data
are unavailable, other fair value methods to value derivatives, such as options models or discounted present
values, may be used, and this makes derivatives the most preferred in any economy. Derivatives make it more
likely that risks are borne by those best able to bear them. This makes it possible for individuals and companies
to take on more risky projects with higher promised returns and hence create more wealth by hedging those risks
that can be hedged.
Emerging market countries can benefit from derivative products. Zimbabwean policymakers should be
well aware that derivatives turnover in emerging markets is becoming more and more global, and hence the
economy should move with others rather than lag behind. Investors need to be able to translate their views on
financial conditions into transactions in order to protect themselves from anticipated changes that might harm
their positions. Derivatives can provide this protection and help prevent minor changes, such as in monetary
policy, from turning into systemic shocks. In addition, derivatives can reduce the cost of issuing bonds and help
lengthen the yield curve. They can also be a way to address the lack of investible assets and provide more
investment opportunities. In many emerging market countries, the growth of institutional investors, including
pension funds and insurance companies, has outstripped issuance of investible domestic assets creating a
supply/demand imbalance [derivatives can fill this gap].
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