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Microfinance and Women Empowerment in Madina in Accra, Ghana


Pages: 222-231
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Microfinance and Women Empowerment in Madina in Accra, Ghana

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DOI: 10.18488/journal.aefr/2017.7.3/102.3.222.231


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Alex Addae-Korankye --- Alex Abada 
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Alex Addae-Korankye --- Alex Abada  (2017). Microfinance and Women Empowerment in Madina in Accra, Ghana. Asian Economic and Financial Review, 7(3): 222-231. DOI: 10.18488/journal.aefr/2017.7.3/102.3.222.231
Among the main objectives of microfinance intervention is to help women entrepreneurs grow their businesses and hence enhance their socio-economic well-being. The study therefore was conducted to assess the effect of microfinance on socio-economic well-being of women (or women empowerment) in Madina in the Greater Accra region of Ghana. The study employed a survey design. By employing purposive, systematic and simple random sampling techniques, interviewer-administered questionnaire was used to collect data from 300 women micro-credit beneficiaries in the Madina in Accra,Ghana. SPSS was used to run regression to examine the correlation between microfinance and profit and hence economic well-being of the women entrepreneurs. It was found that microfinance indeed has a direct correlation with Profit and hence socio-economic well-being of women (women empowerment). Stated differently it was revealed that Microfinance has positively impacted on the women?s Profit, businesses and hence their socio-economic-wellbeing. However, there was a reasonable percentage of respondents who indicated that microfinance has rather made them worse off.

Contribution/ Originality
The study contributes to existing literature in the area of microfinance and women empowerment.
  1. Amu, N.J., 2005. The role of women in Ghana’s economy. Accra: Friedrich Ebert Stiftung.
  2. CGAP, 2003. Consultative group to assist the poor (CGAP). Annual Report.
  3. Chowdhury, R. and A. Bhuiya, 2004. The wider impacts of BRAC poverty alleviation programme in Bangladesh. Journal of International Development, 16(3): 369-386.
  4. Hulme, D. and P. Mosley, 1996. Finance against poverty. London: Routledge.
  5. Johnson, S., 2004. The impact of microfinance institutions in local financial markets: A case study from Kenya. Journal of International Development, 16(3): 501-517.
  6. Johnson, S. and B. Rogaly, 2007. Microfinance and poverty reduction. UK and Ireland: Oxfam.
  7. Kabeer, N., 2003. Conflicts over credit: Re-evaluating the empowerment of potential of loans to women in rural Bangladesh. World Development, 29(1): 63-84.
  8. Khan, A.R., 2007. Employment and pro-poor growth, in poverty in focus, analysing and achieving pro-poor growth. Brazil: International Poverty Centre (ed), UNDP. pp: 14-15.
  9. Krishna, A., 2003. Social capital, community driven development, and empowerment: A short note on concepts and operations. Washington, DC: World Bank, Working Paper No. 33077.
  10. Ledgerwood, J., 1999. Microfinance handbook; sustainable banking with the poor: An institutional and financial perspective. Washington D.C: World Bank.
  11. Littlefield, E., S. Hashemi and J. Morduch, 2003. Is microfinance an effective strategy to reach the Millennium development goals? (Focus Note Series No. 24): Washington DC: CGAP –Consultative Group to Assist the Poor.
  12. Malhotra, N.K., 2002. Marketing research. An applied orientation. London,UK: Prentice Hall.
  13. Mayoux, L., 1997. Impact assessment and women’s empowerment in micro-finance programmes: Issues for a participatory action and learning approach. Mimeo, Washington DC: Consultative Group to Assist the Poorest (CGAP).
  14. Mosedale, S., 2003. Towards a framework for assessing empowerment. Paper Presented at the International Conference, New Directions in Impact Assessmentfor Development: Methods  and Practice. University of Manchester, UK, 24 and 25 November 2003.
  15. Osmani, L.K.N., 1998. Credit and relative well-being of women: The experience of the Grameen Bank, Bangladesh (May). Paper Included in Poverty Research Unit at Sussex Working Papers No. 3: Proceedings of a Workshop on Recent Research on Micro-Finance: Implications for Policy, edited by Imran Matin and Saurabh Sinha, with Patricia Alexander: 21-28. Brighton, England: University of Sussex.
  16. Otero, M., 1999. Microfinance. London: IT Publication.
  17. Sarangi, S., 2010. The Sage handbook of qualitative methods in health research. London, UK: Sage Publication.
  18. Saunders, 2009. Research methods for business students. 5th Edn., Essex, UK: Pearson Education.
  19. Schreiner, M. and H.H. Colombet, 2001. From urban to rural: Lessons for microfinance forArgentina. Development Policy Review, 19(3): 339-354.
  20. Sen, A., 1999. Development as freedom. Oxford. UK: Oxford University Press.
  21. Swaina, R.B. and F.Y. Wallentin, 2009. Does microfinance empower women? Evidence from self-help groups in India. International Review of Applied Economics, 23(5): 541–556.
  22. World Bank, 2007. World bank report on poverty. New York: Oxford University Press.
  23. World Bank, 2012. World bank report. New York: Oxford University Press.

Impact of Safta on South Asian Trade


Pages: 232-247
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Impact of Safta on South Asian Trade

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DOI: 10.18488/journal.aefr/2017.7.3/102.3.232.247


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Ram K. Regmi --- Satis C. Devkota --- Mukti P. Upadhyay 
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Ram K. Regmi --- Satis C. Devkota --- Mukti P. Upadhyay  (2017). Impact of Safta on South Asian Trade. Asian Economic and Financial Review, 7(3): 232-247. DOI: 10.18488/journal.aefr/2017.7.3/102.3.232.247
The formation of regional trading blocs has been a subject of many debates, particularly with respect to trade creation and trade diversion in static and dynamic senses. Our study discusses this issue by examining how South Asian Regional Free Trade Area (SAFTA) affects bilateral trade flows. Results show that formation of SAFTA has been associated with an increase in bilateral trade flows within its member countries as well as between member and non-member countries. These positive intra-bloc and extra-bloc effects imply that SAFTA could develop further into a trade creating regional bloc, thereby addressing the concerns of the skeptics that SAFTA will have substantial net trade diversion effects.

Contribution/ Originality

  1. Acharya, V.V., T. Cooley, M. Richardson and I. Walter, 2010. Manufacturing tail risk: A perspective on the financial crisis of 2007-09. Foundations and Trends in Finance, 4(4): 247-325.
  2. ADB and UNCTAD, 2008. Quantification of benefits from economic cooperation in South Asia. New Delhi: Macmillan India Ltd.
  3. Anderson, J.E., 1979. A theoretical foundation for the gravity equation. American Economic Review, 69(1): 106-116.
  4. Anderson, J.E., 2011. The gravity model. Annual Review of Economics, 3(1): 133-160.
  5. Anderson, J.E. and E. Van-Wincoop, 2003. Gravity with gravitas: A solution to the border puzzle. American Economic Review 93(1): 170-192.
  6. Arkolakis, C., A. Costinot and A. Rodriguez-Claire, 2012. New trade models, same old gains? American Economic Review, 102(1): 94-130.
  7. Baier, S.L. and J.H. Bergstrand, 2007. Do free trade agreements actually increase members' international trade? Journal of International Economics, 71(1): 72-95.
  8. Baldwin, R. and J. Harrigan, 2007. Zeros, quality and space: Trade theory and trade evidence. NBER Working Paper Number No. 13214.
  9. Baldwin, R. and D. Taglioni, 2006. Gravity for dummies and dummeis for gravity. NBER Working Paper No. 12516.
  10. Bergstrand, J. and P. Egger, 2011. Gravity equations and economic frictions in the world. In D. Barnhofen, R. Falvey, and U. Kreickemeier, Palgrave handbook of international trade. UK, London: Palgrave Macmillan.
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  13. Coulibaly, S., 2004. On the assessment of trade creation and trade diversion effects of developing RTAs. Unpublished Working Paper, DEEP-HEC, University of Lausanne.
  14. Deardorff, A., 1995. Determinants of bilateral trade: Does gravity work in a neoclassical world? NBER Working Paper Number No. 5377.
  15. Delgado, J.D.R., 2007. SAFTA: Living in a world of regional trade agreements. IMF Working Paper No. WP/07/23.
  16. Eichengreen, B. and D. Irwin, 1998. The role of history in bilateral trade flows. (J. Frankel, Ed.). Chicago and London: University of Chicago Press.
  17. Feenstra, R., 2004. Advanced international trade: Theory and evidence. Princeton: Princeton University Press.
  18. Florin, O.B., G. Fabio and M.J. Melitz, 2007. ‘Monetary policy and business cycles with endogenous entry and product variety. NBER Working Paper No. 13199.
  19. Frankel, J., S. Ernesto and W. Shang-Jin, 1998. Continental trading blocs: Are they natural or supernatural?. The Regionalization of the World Economy. University of Chicago Press. pp: 91-120.
  20. Frankel, J.A., 1997. Regional trading blocs in the world trading system. Washington, DC: Institute of International Economics.
  21. Ghosh, S. and S. Yamrik, 2004. Are regional trading arrangements trade creating? An extreme bounds analysis. Journal of Internatinal Economics, 63(2): 369-395.
  22. Helpman, E. and P.R. Krugman, 1985. Market structure and foreign trade: Increasing returns, imperfect competition, and the international economy. Cambridge: MIT Press.
  23. Hiranatha, S.W., 2004. From SAPTA to SAFTA: Gravity analysis of South Asian free trade. An Unpublised Paper, University of Sri Jayewardenepura.
  24. Rahman, M., W.B. Shadat and N.C. Das, 2006. Trade potential in SAFTA: An application of augmented gravity model. Centre for Policy Dialogue, Paper- No. 61, Dhaka.
  25. Srinivasan, T.N., 1994. Regional trading arrangements and beyond: Exploring some options for South Asia, theory, empirics, and policy. Washington DC: South Asian Regional Series IDP-142, World Bank.
  26. Tang, D., 2005. Effects of the regional Trading arrangements on trade: Evidence from the NAFTA, ANZCER and ASEAN countries, 1989 – 2000. Journal of International Trade and Economic Development, 14(2): 241-265.
  27. Wang, Z. and A. Winter, 1991. The trading potential of Eastern Europe. CEPR Discussion Paper No. 610.

Usage of Derivatives in Emerging Markets: The Case of Bosnia And Herzegovina


Pages: 248-257
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Usage of Derivatives in Emerging Markets: The Case of Bosnia And Herzegovina

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DOI: 10.18488/journal.aefr/2017.7.3/102.3.248.257


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Sanel Halilbegovic --- Anida Mekic 
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Sanel Halilbegovic --- Anida Mekic  (2017). Usage of Derivatives in Emerging Markets: The Case of Bosnia And Herzegovina. Asian Economic and Financial Review, 7(3): 248-257. DOI: 10.18488/journal.aefr/2017.7.3/102.3.248.257
During the last decade, financial derivatives have gained increased attention; they were one of the leading causes of the latest financial crisis. Their primary purpose is to provide instruments for hedging risks linked with stock market movements. Most of the financial economists agree that derivatives markets if abused, may cause disturbances in the financial markets, while some claim that derivatives markets provide valuable instruments for hedging financial risks. When we consider the importance of derivative markets, our primary goal is to investigate the degree of development of derivatives market in B&H. When we?re talking about derivatives market in B&H, it does not exist as organized markets yet.  As many derivatives are being offered to the firms, only within the banking sector, we concluded that the financial system in B&H is bank centered. It follows the Continental model in which banks are playing a leading role. The participation of banks in the case of B&H is over 80%. The financial derivate market is organized as over the counter market as it offers currency swaps and forwards, and interest rate forwards.  It?s important to notice that almost all business operations are done in "euro." Because of the currency board regime, agency regulations on banks? net open position and a relatively small exposure to foreign currencies, except the euro, currency risk in B&H is small. However, risk management is important for every firm, so the primary focus of this paper will be how B&H nonfinancial companies manage the risks that they have regarding the use of financial derivatives.

Contribution/ Originality
This study is one of very few studies which have investigated usage of derivative financial instruments in emerging markets. This research provides a unique insight of how derivatives can both stimulate and protect present and future investors, while also providing foundations for future in-depth studies on this topic.
  1. Acharya, V., M. Brenner, R. Engle, A. Lynch and M. Richardson, 2009. Derivatives – the ultimate financial innovation. Restoring Financial Stability: How to Repair a Failed System, 233: 241.
  2. Crouhy, M., D. Galai and R. Mark, 2006. The essentials of risk management. New York: McGraw-Hill.
  3. Halilbegovic, S. and B. Elvisa, 2016. Limitations and inconsistencies of standalone usage of stochastics indicator in stock trading.
  4. Kozarevic, E. and M.K. Jukan, 2014. Derivatives market development in Bosnia and Herzegovina: Present or future? International Journal of Management Cases, 13(3): 637-646.
  5. Miloš, S.D., 2007. The derivatives as financial risk management instruments: The case of Croatian and Slovenian non-financial companies. Financial Theory and Practice, 31(4): 395-420.
  6. Rousseau, P.L. and R. Sylla, 2003. Financial systems, economic growth, and globalization. Globalization in Historical Perspective. University of Chicago Press: 373-416.
  7. Rovčanin, A. and H. Aida, 2014. The use of financial derivatives in risk management purposes of non-financial firms in Bosnia and Herzegovina1. Contemporary Trends and Prospects of Economic Recovery: 65.
  8. Spasojević, J., 2011. Uloga kreditnih derivata u tekućoj finansijskoj krizi. Bankarstvo, 40(11-12): 92-111.
  9. Sundaram, R.K., 2013. Derivatives in financial market development. International Growth.

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