The food deficits problem in the Arab Maghreb union: present state and future perspectives

This paper investigates the scope of the problem of food deficits within the recently‐established Arab Maghreb Union (U.M.A.). Various agricultural options pursued by the member states have been unequal to the aim of achieving food self‐sufficiency. Thus, the inability of agriculture to meet the basic needs of a growing population has led to increasing reliance on external sources of supply. Natural constraints, inadequate inputs and neglect of rural areas account, to a wider extent, for the poor performance of their agriculture. Limited financial resources and widespread social discontent have left no option to the U.M.A. partners than that of exploring regional potentialities in the short and long terms alike.     

An empirical testing of informational efficiency in Bangladesh capital market

We investigate how efficiently the stock market participants incorporate the information contained in money supply changes into stock prices in an emerging economy like Bangladesh. Of particular interest is to test how the changes in monetary aggregates directly affect the stock prices through asset changes and indirectly through their effects on real economic activity. We have considered the monthly series of the real stock returns (P) and examine the relationship between stock returns and monetary aggregates from 1980 to 2008. We also include the exchange rate of US dollar against Bangladeshi Taka and industrial production index. The presence of cointegration between stock prices and monetary aggregates indicate long-run predictability of the Bangladesh stock market. The short-run dynamics between monetary aggregates and real stock return, relied on theoretically motivated long-run restrictions, are analyzed using an empirical structural VAR model. The dynamic response of the real stock returns to changes in macroeconomic variables (such as broad money supply, exchange rates), particularly its lagged responses to real economic activity generates inefficiency in the Dhaka Stock Exchange. The findings of this article indicate that informational inefficiency exists in the stock market of Bangladesh due to the presence of unidirectional causality. To be efficient, the infrastructure of the SEC should be modernized, revaluation of the net asset value of the companies should be audited by the affiliated firms of the SEC, demutualization should be done as early as possible, private placement, issue of preference share and book building methods must be under rule based. Insider trading should be strictly prohibited.     

Can Demographic Characteristics Influence Perception on Internal Control System？

The purpose of this study is to develop a reliable and valid construct for internal control system and to assess the association between respondents＇ demographic factors and their perception on internal control system. The fraud triangle theory underpins the development of the survey instrument. Survey questionnaires were administered to 553 respondents out of which 334 were usable responses in the Malaysian financial sector, using face to face data collection procedure. Cochran＇s method was adopted for sample size determination. The confirmatory factor analysis （chi square = 3.09; AGFI = 0.81; NFI = 0.89; TLI = 0.91; CFI = 0.92; RMSEA = 0.08）, normality （skewness 〈 1.50） and reliability （composite reliability = 0.95; average variance extracted = 0.46） results were convincing. It was found that respondents＇ age （p = 0.02） and working experience （p = 0.01） had significant bearings toward their perception on internal control system within the Malaysian financial sector.     

The politics of state capitalism in a post-liberal international order: the case of Turkey

Abstract

This article discusses the transformation of the liberal international order, with reference to the ways in which global shifts affect the developmental paradigms among the emerging middle powers. Although it is rarely contested that the liberal order is being severely tested, the dynamics and potential consequences of this transformation are a matter of intense controversy. Also, the debate mainly focuses on great power politics, without paying adequate attention to the ways in which middle powers are influenced by and inform the transition to a post-liberal international order. By focusing on the case of Turkey, this article addresses whether non-Western great powers (Russia and China in particular) are leading the emergence of alternative order(s), and if so, through what mechanisms. Based on the reciprocal interactions between ideas, material capabilities and institutions, I argue that the preferences of the Turkish ruling elite seem to be gradually shifting from a Western-oriented liberal model towards a variety of ‘state capitalism’ as an alternative developmental paradigm in a post-liberal international order.