The aim of this paper is to explore the ethical dimension of hawala, an ancient informal financial practice rooted in Islamic moral traditions. Widely used in countries with an Islamic background and their diasporas, hawala is considered an important vehicle for the financial and economic development of some less developed countries. Nevertheless, in Western countries, hawala is regarded with suspicion due its controversial ethical nature. Unlike other Islamic financial institutions, the controversial questions are not the legitimacy of profit sources or the interest charged, but rather the lack of transparency that surrounds hawala transactions. Yet, the literature on hawala has neglected its ethical perspective. Our study delves into this dimension with a critical approach, using the Triple Font Theory, grounded on virtue ethics. We conclude that if hawala transactions are carried out with honesty, and fairness, this practice deserves a positive ethical appraisal. However, it is necessary to implement efficient regulatory measures to guarantee that the system is not abused by money launders and criminals. In practice, it becomes imperative to bring over a change in the regulatory approach to hawala toward a more ethically, culturally, and economically sensitive strategy. Thus, future research should focus on how “hyper-norms” or fundamental principles inherent to humanity, which are common to both “formal” and “informal,” “Western” and “non-Western” financial practices, could run the new AML/CTF regulation agenda. 相似文献
This article analyzes the peculiarity of the dynamics of economic fluctuations of the Mexican economy, within the framework of its integration with the US and Canada; the article demonstrates how the Mexican economy make endogenous the macroeconomic crises from the USA (2001 and 2007), and how the business cycles of both countries became more aligned to each other.Based on the heterodox economic theory of crises and cycles, we check the “empirical law of economic dynamics” of the Mexican capitalist system according to the logic of the multiplier–accelerator theory that allowed us to study the dynamics of business cycles for the period of the study (1993–2013). To do this, we construct and estimate a stationary VAR model and utilize the Granger causality tests and quarterly data. 相似文献
Due to the rapid development of Geographic Information Systems (GIS) in recent years, spatial data analysis has received considerable
attention and played an important role in social science. Although many standard statistical techniques are attractive in
traditional data analysis, they cannot be implemented uncritically for spatial data. Generally, most of the studies in spatial
data analysis can be divided into two branches: the model-driven approach and the data-driven approach. The main aim of this
paper is the comparison of both approaches. To carry out such a task, crime rate data in Columbus (Ohio), coming from a well-known
database, have been used. The main aim of this paper is to illustrate how spatial effects can be viewed as spatial econometric
models, which assess the limitations of standard techniques in a spatial context, suggesting alternative methods to deal with
this problem. An application to the crime rate in Columbus (Ohio) has been carried out.
Brands that have worldwide recognition are perceived as profitable businesses. One of the reasons for this perception might lie in the belief that these companies usually employ some degree of financial evaluation to make the right choice in terms of investment; Hard Rock Cafe is no exception. The brand opened one restaurant in the Riviera Maya in 2011 which closed within nine months. Could a better investment decision have been made if the Hard Rock Cafe Mexico management had followed the Integral Decision Analysis (IDA) method? This method gives decision-makers a chance to analyze mutually exclusive capital budgeting projects. The case study illustrates the type of elements that the model can yield, it provides a brief explanation on how this process could have been used by the Hard Rock Cafe management and it offers an explanation on how this knowledge might have helped in supporting a final investment decision. In conclusion, the IDA method used to analyze this project might reduce the risks in capital investments. 相似文献
This paper reports on an exploratory research project designed to gain a deeper understanding of the influences on ultraviolet radiation (UVR) behaviours among high‐risk young adults to determine what compromises the adoption of protection measures for this group. A dual approach using focus groups and the Zaltman Metaphor Elicitation Technique was used to provide personal narratives related to UVR behaviour for tertiary education students. Results from both ‘conversations’ were content‐analysed using an iterative ‘bootstrapping’ technique to identify key themes and issues. This exploratory research identified a number of key themes including effect on mood, influence of culture, the value of tans, unrealistic optimism, risk‐orientation, and the role of experience. This group felt that they not been targeted effectively by public health campaigns and did not fully understand the dangers of high‐risk UVR behaviours. Although a number of previous studies have investigated the relationship between knowledge and behaviour, and largely concluded that increases in knowledge do not lead to increases in adoption of protection practices, the preliminary findings of this study reveal that the knowledge and perceived self efficacy of protective practices is extremely high, what is lacking is the perceived threat and thus the motivations to adopt such behaviours. The conclusions drawn from this research indicate that there are a variety of important influencing factors that compromise UVR behaviours, in particular, the lack of perceived seriousness and severity towards long term consequences such as skin cancer. The recommendation to address the imbalance of ‘perceived threat’ and ‘outcome expectations’ is to focus on increasing knowledge of skin cancer, particularly susceptibility to skin cancer and the severity of the condition. 相似文献
A set of error correction models are proposed for the nominal exchange rate between the Mexican peso and the United States
dollar. The basic theoretical frameworks utilize balance of payments and monetary constructs. Empirical estimation results
are fairly weak for both specifications irrespective of the interest rate variable selected. Although dynamic simulation properties
of the equations are acceptable, in no case do they generate levels of accuracy that exceed those associated with a random
walk.
Partial funding support for this research was provided by El Paso Electric Company, the Fulbright Council for International
Exchange of Scholars, the Center for Inter American and Border Studies at the University of Texas at El Paso, and the Federal
Reserve Bank of Dallas. Econometric research assistance was provided by David Torres and Roberto Tinajero. Helpful comments
were provided by two anonymous referees, Joachim Zietz, Luis Berrnardo Torres, and participants at the 2001 American Statistical
Association meetings in Atlanta. 相似文献
Optimal stabilization policy is countercyclical, aiming at keeping output close to its potential. However it has been traditionally
argued that emerging countries are unable to adopt countercyclical monetary and fiscal policies. Here we argue that the cyclical
properties of macroeconomic policies depend critically on policy credibility. We test this proposition by making use of recent
panel data for eleven emerging market economies and time series data for Chile. The evidence supports that countries with
higher credibility, as reflected by lower country risk levels, are able to conduct countercyclical fiscal and monetary policies.
Conversely, countries with less credible policies (and, therefore, with higher country risk spreads) contribute to larger
cyclical fluctuations by applying procyclical policies. For Chile we find that both monetary and fiscal policies have been
largely countercyclical after 1993. JEL no. E43, E52, E62 相似文献
This paper analyses the influence of market and brand-related signals on franchisees’ decisions when choosing a franchise brand with which to open an outlet for the first time. Panel data methodology was used to analyse a sample of 1277 chains operating in Spain, Mexico and Peru between 2004 and 2013. The results show that market signals prevail over brand-related signals. Within brand-related signals, franchisees first seek information relating to the brand’s sector and then seek information relating to the brand’s value. Franchisors should match the content of the signals they send to the market to the true characteristics of the franchise. Franchisors should also endeavour to ensure the country where they operate has general and franchise-specific legislation that fosters business activity by both franchisor and franchisee. The use of institutional quality as a signal in a multi-country study represents a significant contribution to the literature on franchising.