Proceedings

Abstract: Microfinance scheme for women and youth in Tunduru District - Tanzania was started in July 2017. Targeting women and youth, the aim of this initiative is to create jobs and alleviate poverty. Tanzania has a population of about 50 million people, approximately 80 percent of the population live in the rural and semi urban areas. Most people living in rural areas depend on small scale farming and small businesses for income. Tunduru is one of districts in Ruvuma Region, the region is economically marginalized compared to other regions in Tanzania. Stagnant economy growth has been reported in Ruvuma and Tunduru despite agricultural and other economic potential. Poor governance and challenges to access capital for investment and agricultural markets are major challenges to poverty reduction in the district. Common financial institutions in the district are the Saving and Credit Cooperative Societies (SACCOS) and Village community banks (VICOBA). Tanzanian government has taken measures to regulate and supervise SACCOS and VICOBA. However, joining and participating in these initiatives remains difficult for poor villagers mainly due to lack of capital to join VICOBA, and high interest rates charged by some of MFIs. Borrowing from family members and friends has become the most common method for people who earn very low income to get fund to start or sustain small businesses and farming activities.

Abstract: The study uses Johansen’s (1988, 1991) cointegration technique and vector error correction model to understand the dynamic interactions between Australian commodity prices and other fundamental macroeconomic variables. The author has been formulated the econometric models by using seasonally adjusted monthly time series from January 2000 to December 2015. The study shows that the real interest rate (rr), real exchange rate (rer) and the industrial production (ip) have an adverse effect on Australian real commodity price (rci). Moreover, the model of this study shows that all the variables are helping

Abstract: Water poverty is a complex problem that is caused by two major factors amongst other factors, one is the lack of appropriate technology, and secondly it is compounded with an affordability crisis resulting in 783 million people lacking access to clean drinking water all over the world. This paper discusses how new age business practices can help create better products and high impact to eliminate water poverty. Methodologies including Lean Start-up, social business models and Triple Bottom Line have been discussed and applied to create consumer-focused products by incorporating consumer feedback at the prototype stage. This allowed development of key criteria in order to produce appropriate technology for consumers in rural areas of the developing countries with low purchasing power. The business development is made possible by social business model that allows high level of collaboration between small companies and industry leaders like Grameen as compared to a much more competitive conventional profit based business model. Based on success of these business models in other fields and their similarity to water sector, they can create high impact in water poverty sector. Key findings include the product development thus far leading to lower price points with better usability than the competitors by focusing on process modifications and incorporation of a holistic approach.

Abstract: This study examines the effect of foreign direct investment (FDI) on the total factor productivity (TFP) of Pakistan in presence of trade openness, human capital, government expenditure and inflation using annual data over the period of 1970 to 2015. Since the variables are co-integrated in the long run, the study uses Johansen co-integration technique and error correction method to examine the long run and short run relationship among the variables. The results suggest that there is a positive and significant impact of FDI on total factor productivity in Pakistan in the long run. FDI inflows bring in new ideas and technologies in the host country exposing the labor to better methods and skills. This causes an increase of the efficiency of the domestic factors of production and the results are consistent with this theory. The results also suggest that trade openness has a positive impact on productivity. Human capital represented by education expenditure is found to have a positive effect on TFP in Pakistan however; government expenditure has a negative effect. This suggests that government spending is not effectively allocated to create an efficient workforce that would result in an increase in factor productivity. Pakistan needs to improve the quality of human capital in order to fully utilize its economic resources. An increase in education expenditure, better healthcare facilities and improved school conditions is a prerequisite to increase the productive capabilities of people.

Abstract: As in many other developing countries, Bangladesh has initiated reform strategies and provided incentives to attract foreign direct investment (FDI). The central aim of FDI strategies is to promote the export-oriented manufacturing sector and improve the productive capacity, efficiency, technological advancement and export performance of the country. However, due to conflicting theoretical and empirical findings, the contribution of FDI to economic development is still an issue of debate. This study examines the contribution of FDI to the performances of the manufacturing sector in Bangladesh over the period 1984-2015 using time series analysis. The Johansen-co-integration technique and Vector Error Correction model (VECM) are applied to estimate long run relationship between FDI and Manufacturing Value Added (MVA) for Bangladesh using time series data for the period 1980-2015. Based on the statistical and empirical results the study found that FDI inflows create some positive contributions to the growth, export, and productive capacity base of the sector. However, FDI inflow seems fail to establish sufficient backward linkages in the sector. Bangladesh should place more emphasis on backward linkages issue when dealing with foreign investors and promoting FDI.

Abstract: The role of promotional awareness of Islamic Finance does not end only boosting up product selling rather it should be goaled to educate consumers about what Islamic Finance is and how it is different from interest based finance and demonstrate a clear procedure to educate them. It is worthy of mentioning that a knowledgeable customer might act as brand advocate for the corresponding financial institutions. In this commentary, the authors share their industry experiences in building customer knowledge and awareness towards the Islamic financial products in Australian context. To this point, the specific objective of this paper is to create awareness among the existing Australian Islamic Financial Institutions through various promotional tools in the broad theoretical discipline of marketing. The data has been mostly obtained from the secondary sources including grey literature. The paper concludes by providing market effective promotional advice for the Australian Islamic Financial Institutions.

Abstract: This study uses Granger’s (1969) causality technique, given this vector error correction Granger causality / block exogeneity to understand the causal interactions between Australian commodity prices and other fundamental macroeconomic variables in different time horizons. Seasonally adjusted monthly time series from January 2000 to December 2015 were selected as benchmark. The study shows that the real interest rate (rr) and resources stock prices Granger causes Australian commodity prices in the short-run. But commodity prices Granger causes the real exchange rate (rer) and the industrial production (ip). Moreover, the long-run causality test results show current and past information of the adjustment speed of the cointegrating vector of the long-run commodity prices model helps improve forecasts of its prices in almost every time horizon in Australia. Further cross countries studies would add valuable discussion and analysis to understand the causal relationships among the commodity prices as well as these fundamental macroeconomic variables.

Abstract: The aim of this paper is to elucidate the Global Financial Crisis (GFC) from ethical point of view and to explain the motives of continuous growth of the demand for Islamic finance around the world. The paper shows that ethical justice triggered the disintegration of the financial organisations which ultimately sourced the modern extraordinary GFC in 2008. This research paper sheds some lights on ethical Islamic financial systems which can demonstrate the world various basic principles and these ethics are very much linked to common sense which could enhance financial stability. Is this the right time for the world’s conventional financial institutions to embrace ethical financial process?

Abstract: Dhaka Stock Exchange (DSE) plays a key role in channelling a large volume of funds from the investors to the entrepreneurs in Bangladesh. In 2013, 256 companies were listed and total market capitalisation of DSE was US$25,351.66 million with a 15.82% growth in stock return. DSE significantly contributes to the output, employment and overall income of the country when the pulled capital returns to the economy as ultimate investments. Since the institutional factors as well as the socio-economic are fundamental to the growth and savings of an economy and encourages investment, this paper examines the magnitude of the influence of a selective set of institutional quality of the country along with macroeconomic factors on stock market in Bangladesh using cointegration and error correction model employing monthly time series data from July 2007- June 2015. Results of the study suggest that the increased industrial production and workers’ remittances have long run positive relationship with stock returns of DSE. Inflation and money supply found to have negative long run relationship with stock returns; however, market capitalization and consumer confidence indicate a positive relationship with stock returns of DSE. Nonetheless, the results indicate increased corruption and composite risk are having negative impact on the stock returns of DSE. Thus, the policy prescriptions recommend controlling inflation rates and money supply growth and implementing various policies to correct the administrative irregularities and corruption and lowering composite risk would assist to channel the funds in the productive investment via DSE and enhance the economic growth of the country.

Abstract: In Bangladesh just a few years back, people were merely aware about disability with Autism. So lack of knowledge in Autism is common in Bangladesh. Most of the times they are considered as disable children although they are completely different. This has added with the lack of public-private supports. However autistic children in Bangladesh will not be looked down upon anymore. Bangladesh is now being recognised as a role-model for combating autism. Despite some challenges, the Government of Bangladesh is actively considered autism issues with measures to register child births, raising awareness at the national level, the role of family in the psychological and physical nourishment of the autistic children, holding international conference on autism(held on 25-26 July, 2011in Bangladesh) and many more. The aim of the paper is to appraise the initiatives taken by Bangladesh government and highlights policies targeting. We argue that, awareness with the appropriate policy formulation is very much necessary. The cooperation of social awareness and Governmental, Non Governmental initiatives at the society level can bring a dramatic change about the condition and development of autistic children in our society.

Abstract: Social business has been explored within the context of developing nations and its benefits in alleviating poverty (Yunus et al, 2015 and Masukujjaman et al, 2016). However, there has been little research in exploring its utilisation in other marginalised populations or its benefits in developed countries. Furthermore, the values of social business fosters an organisational culture of empowerment, continuous learning and community engagement that has not been explored (Yunus and Weber, 2007).Organisational culture is diverse, multifaceted and has long been recognised as a key component to the running of an organisation. In disability, various studies have been conducted to explore the different aspects of organisational culture (e.g. leadership, job satisfaction, employment for people with disabilities) (Rhodes & Toogood, 2016 and Bigby & Beadle-Brown, 2016). Difficulties resulting from inherent organisational cultures within the disability sector have been documented and the need to transform the organisational culture has been identified. The latest reports identify the need to change organisational culture from one of perceiving individuals with disability as ‘charity cases’ to one recognising them as individuals with valuable contributions to society (FaHCSIA, 2012). This article suggests that social business, which already contains values of empowerment and inclusion can support the disability sector in making the required changes in organisational culture.

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