International tourism : can it contribute to Nigeria's economic growth as other industrial sectors?

The growth of international tourism and the attendant economic benefits to the world nations, has been phenominal since the end of the second world war. It is considered that the industry's upsurge will continue even in the phase of various constraints exemplified in high fuel cost, constant increase in fares and the threatening world-wide recessions. Developed as well as developing countries have gained substantially from the industry. A recent development shows increasing tourist traffic towards developing countries, while developed countries still hold their fort in stable growth of tourist receipts. The strategic beneficial effects of international tourist industry are often quantified in terms of foreign exchange earnings, employments offered, and the Real Estate super-structures; but in general,the industry has innumerable direct and indirect benefits to any nation engaging in the trade. The objective of this thesis is to demonstrate by comparative analysis and proven parameters that the international tourist industry which is given low priority in development in Nigeria, can equally contribute to the nation's economic growth as other industrial sectors which receive high priority and patronage in development. The data for this paper are gathered from primary sources which are i) responses by the Federal and State Governments' tourism-related offices; ii) government publications e.a. the Third National Development Plan of Federal Republic of Nigeria; and iii) Books and collections. The secondary sources include reports,periodicals and hospitality industry publications. To formally establish the international tourist industry in Nigeria, all the governments (Federal, State and Local) and the private sector in the country, should commence the development of the industry with research and feasibility studies, to be followed by proper planning at all levels and based on the result of the research and feasibility studies.

Ícones urbanos na cidade de Natal: arquitetura e desenvolvimento urbano na cidade do sol e mar

Natal has come through major changes in the last 150 years, since the actions of city beautification, in the 19th century, until the present day, when such transformations start to have the objective of including the city in the competition for the attraction of the capital flows and consumption, domestically and in a foreign sense. It is thought that the first initiatives aimed at increasing tourism in Natal occurred in the 1960s, however, it became apparent that only from the 1980s was there a significant increase in tourist activities in Natal and the Metropolitan Region, especially on the east coast of the state of Rio Grande do Norte, leading to an expansion of the labour market, the significant increase of foreign investment, territorial changes of great impact and the production of buildings primarily intended for the hotel industry and second residence for European tourists. Since then, the incentives for tourist activity in the state have been maintained and even increased, based on tourism aimed at natural beauties, local cuisine and events, which transformed the tourist activity in one of the main sources of foreign exchange for the city of Natal. In the early 21st century, the construction of high-rise condominiums, monuments (including the designer ones), such as the Parque da Cidade, designed by Oscar Niemeyer, were already established. Also, shopping centers and, in order to host the World Cup, the new football stadium, the Arena das Dunas, among others, which were aimed at local and foreign consumers, especially European, stood out in the city. It is understood that these new buildings, monuments and also renovations and restorations that were deployed in the city of Natal aimed at constructing a new identity for the city, within the process of capitalist development and urban spectacle. It is considered that the monuments and the iconic buildings are attributes of the cities aimed at selling locations as goods, establishing a new urban environment, a new role as cities, which aimed at seeking greater autonomy from the nation-state. In this research, it was sought to analyze the architectural object, that is, buildings and monuments built or restored in Natal and its relevance to the city marketing promoted by the city itself. It was found that, indeed, such buildings and monuments are inserted in contemporary architectural production as a basis for increasing the competitive nature of Natal. In addition, they reveal a capitalist mode of production, supported by public resources, operating in the production of urban space with a view to repeating the hegemonic model of a competitive city

A dinâmica da taxa de câmbio no Brasil face às operações swap (2002-2015)

This dissertation investigates, based on the Post-Keynesian theory and on its concept of monetary economy of production, the exchange rate behavior of the Brazilian Real in the presence of Brazilian Central Bank's interventions by means of the so-called swap transactions over 2002-2015. Initially, the work analyzes the essential properties of an open monetary economy of production and, thereafter, it presents the basic propositions of the Post-Keynesian view on the exchange rate determination, highlighting the properties of foreign exchange markets and the peculiarities of the Brazilian position into the international monetary and financial system. The research, thereby, accounts for the various segments of the Brazilian foreign exchange market. To accomplish its purpose, we first do a literature review of the Post-Keynesian literature about the topic. Then, we undertake empirical exams of the exchange rate determination using two statistical methods. On the one hand, to measure the volatility of exchange rate, we estimate Auto-regressive Conditional Heteroscedastic (ARCH) and Generalized Auto-regressive Conditional Heteroscedastic (GARCH) models. On the other hand, to measure the variance of the exchange rate in relation to real, financial variables, and the swaps, we estimate a Vector Auto-regression (VAR) model. Both experiments are performed for the nominal and real effective exchange rates. The results show that the swaps respond to exchange rate movements, trying to offset its volatility. This reveals that the exchange rate is, at least in a certain magnitude, sensitive to swaps transactions conducted by the Central Bank. In addition, another empirical result is that the real effective exchange rate responds more to the swaps auctions than the nominal rate.

IFRS 9 ‘Financial instruments’: Anticipated effects of the standard change at Kesko Group

IFRS 9 Financial instruments presents the classification and measurement, the impairment and the hedge accounting requirements for accounting of financial instruments. The standard was set by the International Accounting Standards Board to replace IAS 39 Financial instruments: Recognition and Measurement on 1 January 2018. Hence, the long-criticized and complexly experienced requirements for accounting of financial instruments will undergo the most significant reform. This thesis addresses anticipated effects of IFRS 9, focusing on the challenges the new classification and measurement requirements bring forth in the case organization Kesko. This thesis was conducted as an action research, in which, a case study method was applied. The thesis was conducted with a twofold manner, which involved general analysis of IFRS 9 and further covered distinct ambitions related to the case organization. For the general part, empirical data was gathered by interviewing two IFRS experts from KPMG and PwC, while the interviews within the case organization constituted for the case study. Further, the literature on the IFRS 9 was such scant that the theoretical examination was merged with the IFRS experts’ quotations that also strived to contribute to the overall objective of reinforcing the body of research related to the subject. This thesis indicates that IFRS 9 will most fundamentally reform the impairment and the hedge accounting requirements of financial instruments. Regard to impairment, the changes are anticipated to increase the amount of loan-loss provisions, whereas the relaxed hedge accounting requirements are expected to encourage more companies to commence the application of hedge accounting. The thesis provides empirical support on that the term business model for managing financial assets, introduced in IFRS 9, is ably hard to comprehend and remains ambiguous. It goes on to argue that the most prominent issue in defining the business model for managing financial assets is the limits set in IFRS 9 for selling financial assets. In consideration of Kesko, this thesis finds that the key effects of IFRS 9 are anticipated to be the reshaping of the organization’s treasury policy and further examination of the possibility to apply hedge accounting for foreign exchange derivatives. What is more, the thesis presumes that complying the requirements of IFRS 9 Kesko will apply the hold to collect and sell model for managing financial assets in future.

Some biological and ecological considerations for research in the management of the fisheries of Lakes Victoria and Kyoga

There is little doubt that the exploitation of the current fisheries of Lakes Victoria and Kyoga requires close monitoring with a view to enforce adherence to prudent management practices. Many indigenous fishes have gradually disappeared from the commercial fishery of both lakes. In the Uganda portion of Lake Victoria for instance Okaronon and Wadanya (in press) have shown that:- 1. The once preponderant haplochromiine taxon ceased to feature in the commercial catches in 1979. 2. The lung-fish (Protopterus aethiopicus) which formerly contributed significantly to the commercial landings had declined to minor species status by the mid 1980s. 3. The catfishes Clarias mossambicus and Bagrus docmac, formerly major fish species, contributed insignificant quantities to the commercial fishery since the early and mid 1980s, respectively. Similar trend have been "reported in the Kenya and Tanzania portions of Lake Victoria (Bwathondi, 1985; Mainga, 1985, Witte and Goudswaard, 1985). On the other hand since their establishment all round the lake in the early to mid 1980s some introduced fishes namely Nile perch (Lates niloticus) and Nile tilapia (Oreochromis niloticus) built up impressive stocks in Lake Victoria (Ssentongo and Welcomme, 1985, Okaronon et al. 1985; Okaronon and Wadanya, in press). Togetther with the native pelagic cyprinid Rastrineobola argentea or Dagaa/Mukene the introduced fishes have contributed unprecidented catches, stimulating vibrant commercial fisheries which have yielded significant social economic benefits to the peoples of the three states riparian to the Lake (Reynolds and Greboval, 1988; Kudhongania et al in press). The impressive landings particularly of the Nile perch and Nile tilapia have also led to rapid industrialisation of fish processing in East Africa mainly for the export market. Fish export has now the potential of a major foreign exchange enterprise in the region.

Status of the beach management units development in Uganda

Fisheries plays a significant and important part in the economy of the country contributing to foreign exchange, food security and employment creation. Lake Victoria contributes over 50% of the total annual fish catch. The purpose of fisheries management is to ensure conservation, protection, proper use, economic efficiency and equitable distribution of the fisheries resources both for the present and future generations through sustainable utilization. The earliest fisheries were mainly at the subsistence level. Fishing gear consisted of locally made basket traps, hooks and seine nets of papyrus. Fishing effort begun to increase with the introduction of more efficient flax gillnets in 1905. Fisheries management in Uganda started in 1914. Before then, the fishery was under some form of traditional management based on the do and don'ts. History shows that the Baganda had strong spiritual beliefs in respect of "god Mukasa" (god of the Lake) and these indirectly contributed to sustainable management of the lake. If a fisherman neglected to comply witt'l any of the ceremonies related to fishing he was expected to encounter a bad omen (Rev. Roscoe, 1965) However, with the introduction of the nylon gill nets, which could catch more fish, traditional management regime broke down. By 1955 the indigenous fish species like Oreochromis variabilis and Oreochromis esculentus had greatly declined in catches. Decline in catches led to introduction of poor fishing methods because of competition for fish. Government in an attempt to regulate the fishing irldustry enacted the first Fisheries Ordinance in 1951 and recruited Fisheries Officers to enforce them. The government put in place minimum net mesh-sizes and Fisheries Officers arrested fishermen without explaining the reason. This led to continued poor fishing practices. The development of government centred management systems led to increased alienation of resource users and to wilful disregard of specific regulations. The realisation of the problems faced by the central management system led to the recognition that user groups need to be actively involved in fisheries management if the systems are to be consistent with sustainable fisheries and be legitimate. Community participation in fisheries management under the Comanagement approach has been adopted in Lake Victoria including other water bodies.

The role of socio-economics in the sustainable development and management of the fisheries

The fisheries resources of Kyoga basin lakes are of greater socio-Economic significance for the poor rural communities of this area. The lake's fisheries provide the much needed animal protein as well as source of income for the fishers and the rural poor communities. Nationally, Kyoga basin lakes fisheries are economically important in that they contribute 27% of the total national fish production. In addition, more than 15 riparian districts depend on it for food and income. Moreover, fish from lakes Kyoga and Kwania playa major role in the regional export commodity trade earning the country foreign exchange. The perception that heavy exploitation of inland fishery resources threatens a loss of socio-economic benefits to local communities and their governments has prompted the new ways of management.

Actualización del software asociado a un sistema empresarial real en Django

El objetivo del TFG es ejectuar y documentar el proceso de actualizaci on de un sistema software real de car acter empresarial, perteneciente a la empresa dedicada a las transacciones de divisas Foreign Exchange Solutions SL. El sistema est a implementado en Python 2.7 usando el framework de desarrollo r apido de aplicaciones web Django que, comenzando por su versi on 1.3.1, terminar a al nal del proyecto en la versi on 1.4.10, lo que nos llevar a a tener que actualizar todas las librer as relacionadas, adem as de mejorar la calidad del c odigo e incluso cambiar la estructura del proyecto, prestando adem as especial atenci on a la pruebas unitarias y de regresi on para comprobar el correcto funcionamiento del sistema a lo largo del desarrollo. Todo esto con el n de conseguir las nuevas funcionalidades y caracter sticas que una versi on m as nueva nos ofrece, adem as de mejorar la calidad de la aplicaci on -aumentar la reutilizaci on del c odigo y reducir futuros errores gracias a un c odigo m as sencillo y legible-, aumentar el rendimiento, y obtener una buena cobertura de pruebas. Usaremos adem as la metodolog a agil Scrum, el SGBD PostgreSQL, adem as de otras herramientas como Solr, ElasticSearch, Redis, Celery o Mercurial para el control de versiones.

Sauvegarde et valorisation du patrimoine culturel immatériel du Sénègal: projet de création d'un écomusée des pratiques divinatoires et curatives

7 RESUME/ABSTRACT Au Sénégal, il existe des pratiques culturelles et cultuelles, séculaires que l’on retrouve au niveau de toutes les composantes ethnolinguistiques. Une donnée qui nous interpelle, chacun en ce qui nous concerne, et nous invite à repenser le devenir de nos spécificités et particularités culturelles face aux assauts répétés et multiformes de la modernité. La caractéristique qui entoure les rites et rituels est le plus souvent sujette à plusieurs formes d’interprétations fantaisistes et parfois dévalorisantes. Force est de reconnaître que le recours à la médecine moderne ne saurait pleinement répondre à ce besoin de tranquillité et de sérénité mystique qui habite chaque africain en général et chaque sénégalais en particulier. Il s’agit ici, pour l’africain et en ce qui nous concerne le sénégalais, de trouver une tranquillité psychologique et une assurance symbolique propres à créer les conditions d’une guérison physique et/ou morale. En ce sens que l’emprise du modernise ne peut aucunement influer totalement sur cette croyance ancestrale que bon nombre de sénégalais, et pas des moindres, ont en l’endroit de ces pratiques. Une prédisposition culturelle sous-tendue par des préoccupations cultuelles qui font l’objet d’une communion agissante entre les différents membres des communautés. Une prise de conscience qui se manifeste à travers des cérémonies ponctuellement organisées et présidées par des prêtres et prêtresses. Notre présente étude participe de la recherche d’un juste équilibre spirituel et temporel apte à offrir une possibilité de concilier les aspects traditionnels des spécificités culturelles de nos composantes ethnolinguistiques avec ce qui constitue les contraintes et exigences de la modernité. Il reste certes évident que cette opposition a généré une sorte de fracture culturelle en véhiculant une autre manière de voir, mais surtout de percevoir nos traditions et coutumes. Cependant à l’heure d’un redimensionnement et d’une adaptation contextuelle de ce qui constitue nos valeurs identitaires, il nous revient de procéder à une démarche de sensibilisation et d’explication pour conférer plus de lisibilité à nos expressions culturelles. La mise en place d’un écomusée des pratiques divinatoires et curatives, est un moyen moderne et pratique de sauvegarde et de valorisation des savoirs et connaissances thérapeutiques endogènes. Outre la création d’emplois et de revenus, cette infrastructure sera une vitrine du patrimoine local qui favorisera le développement d’un tourisme culturel source de devises et vecteur de développement local; ABSTRACT: In Senegal, there are cultural and religious practices, ancient that we find in all the ethno-linguistic components. A given that challenges us, each in our case, and invites us to rethink the future of our cultural specificities and characteristics and multifaceted face of repeated assaults of modernity. The characteristic surrounding the rites and rituals is usually subject to various forms of demeaning and sometimes fanciful interpretations. We must recognize that the use of modern medicine can not fully meet this need of tranquility and mystical serenity that inhabits every African in general and Senegal in particular each. This is, for Africa and for us Senegalese, find a psychological tranquility and symbolic own insurance to create conditions for physical healing and / or legal. In that the grip of modernizing can in no way affect totally on this ancient belief that many Senegalese, not least, have the place of such practices. A cultural predisposition underpinned by cultic concerns that are the subject of an active communion between the community members. An awareness that manifests itself through occasionally organized ceremonies presided over by priests and priestesses. Our present study involved the search for a fair balance spiritual and temporal able to offer an opportunity to reconcile the traditional aspects of the cultural specificities of our ethno-linguistic components with which constitutes the constraints and demands of modernity. While it remains clear that this opposition has generated a kind of cultural divide by conveying a different way of seeing, but above all to collect our traditions and customs. However at the time resizing and contextual adaptation of what constitutes our identity values, it is our responsibility to conduct an outreach approach and explanation to give greater clarity to our cultural expressions. The establishment of a museum of divination and healing practices, is a modern and convenient way to backup and recovery of therapeutic knowledge and endogenous knowledge. In addition to creating jobs and income, this infrastructure will be a showcase of local heritage that promote the development of cultural tourism source of foreign exchange and local development vector.

Empirical evidence of S-curves in the Colombian

The Marshall-Lerner condition, the J-curve and S-curve have emerged as theoretical and empirical foundations developed for the study of the interaction between exchange rates and international patterns of bilateral trade -- They have a significant bearing on thedevelopment of public policy, and are of equal interest to the academic and professional communities -- The most recently developed of these theories, the S-Curve, is named after the theorized short-run behavior to be found in the cross-correlation function of the real exchange rate and the trade balance -- Considering this theoretical context, the paper seeks empirical evidence of the existence of the S-Curve in the bilateral trade in commodity and non-commodity goods between Colombia and the United States and Venezuela, its main trading partners, for the yearly quarters between 1994:1 and 2009:4

LA POLÍTICA MONETARIA ANTE LA CRISIS

Resumen La actuación del Banco Central frente a la crisis ha sido objeto de críticas constantes por distintos sectores del país, pues su accionar se considera pobre e inclusive equivocado. Los problemas de la gestión de la política monetaria no son recientes, iniciaron en el 2006 con la implementación del sistema de bandas cambiarias. El sistema como tal no tiene fallas, sin embargo, las autoridades han cometido errores importantes en su aplicación que dificultan adoptar medidas anticrisis en el presente. Una política monetaria procíclica es quizás el principal problema que enfrenta el Banco Central, que en la actualidad afronta una fuerte contracción de la economía costarricense y no ha creado las condiciones para aplicar medidas paliativas. Adicionalmente, el Banco aún no reconoce la contradicción de sus medidas y pronto deberá enfrentarse a una disminución de las tasas de interés y un ajuste del tipo de cambio. Abstract The Central Bank's performance against the crisis has been the subject of critics by different economic sectors, because its performance is considered poor or even wrong. The problems of management of monetary policy are not recent, initiated in 2006 with the reform of foreign exchange policy. The system itself has no faults, but the authorities have made mistakes in its implementation that difficult the anticrisis action. A procyclical monetary policy is perhaps the biggest problem facing the Central Bank, which now faces a sharp contraction in the Costa Rican economy and has created the conditions for implementing mitigation measures. Additionally, the Bank still does not recognize the contradiction in their policies, and must soon face a reduction in interest rates and exchange rate adjustment.

Understanding import diversification: an empirical analysis

This paper analyzes import diversification in an aggregated perspective -- Using a dataset for 60 countries covering the period 1995-2010, we study the main determinants of import diversification -- We expect to contribute to the current literature, taking into account that there have been few empirical studies addressing import diversification and more specifically, at the cross-country level -- We take into account variables classified into four categories: Structural factors, macroeconomic factors, international trade factors and political factors -- We find robust evidence that total factor productivity (TFP), capital stock, real Exchange rates and terms of trade are key drivers of import diversification -- On the other hand, domestic consumption and trade openness exert an effect leading to import concentration -- We interpret this finding, taking into account the theoretical framework provided by the international trade and growth theories

¿FRACASÓ LA POLÍTICA DE LAS “METAS DE INFLACIÓN” Y LAS BANDAS CAMBIARIAS?

Resumen El viernes 13 de octubre del 2006, el Banco Central de Costa Rica (BCCR) emitió un comunicado de prensa anunciando que modificaría, a partir del 17 de ese mes, el esquema cambiario de minidevaluaciones por otro denominado bandas cambiaras. En el nuevo esquema, el tipo de cambio podría ser fijado por el “mercado” siempre que fluctuara dentro de bandas predeterminadas. Este artículo analiza la evolución del tipo de cambio desde que se estableció el nuevo esquema, profundizando desde setiembre de 2009, cuando el BCCR dejó de intervenir el mercado cambiario y con ello aumentó la inestabilidad y volatilidad del tipo de cambio. Se pone en duda si el BCCR debe preocuparse solo por lograr una baja inflación y olvidarse del crecimiento económico, al igual que si el mercado cambiario opera en un mercado de competencia. Abstract On Friday October 13, 2006, the Banco Central de Costa Rica (BCCR) released a press communication announcing that the exchange regime would change, from the crawling-peg exchange regime to other called exchange rate band, effective on the 17th of that month. In the new scheme, the exchange rate may be established by the "market", when the fluctuation happened within predetermined bands. This article analyzes the evolution of the exchange rate from the establishment of the new scheme, deepening on the month of September 2009 when the BCCR stopped intervening the foreign exchange rate and therefore increased the instability and volatility of the exchange rate. It questions not only if the BCCR needs to worry only on achieving low inflation and forget about the economic growth, but also if the foreign exchange market operates in a competitive market.

Reporte financiero Burkenroad / Latinoamérica – Colombia Avianca Holdings S.A.

La recomendación de compra expuesta y el valor estimado de la acción para los próximos 12 meses se sustentan en los siguientes aspectos -- El crecimiento esperado en los próximos años en el transporte de pasajeros en la región donde principalmente opera Avianca Holdings (Latinoamérica), las inversiones de capital proyectadas por la empresa en materia de flota y eficiencia, la capacidad demostrada para mantener sostenidamente altos índices de ocupación, el posicionamiento de la marca y las estrategias concebidas al interior para reducir costos y gastos -- No obstante, a pesar de los logros obtenidos por la empresa en temas como la distribución de los ingresos y la estabilidad en los índices de ocupación, tras evaluar los resultados del análisis de sensibilidad al que se sometió la valoración realizada, debe aclararse que el alto grado de incertidumbre que caracteriza algunas de las variables determinantes de los resultados de la empresa, como el precio de los combustibles fósiles y la tasa de cambio, hacen que el valor de la acción pueda diferir de lo aquí estimado con un nivel de probabilidad considerable -- Esto hace que la recomendación de compra se adapte mejor a un perfil arriesgado de inversión

Institutional reform and export competitiveness of central and Eastern European economies

Following their political and economic independence in 1989, a group of ten Central and Eastern European countries (CEEs) embarked on major institutional reforms to modernise their economies in order to become an integral part of the global economy. This chapter provides an overview of the main institutional reforms undertaken in the CEEs and their effects on export competitiveness. The chapter focuses on selected meso and macro institutional reforms, namely price liberalisation, competition policy, trade and foreign exchange, privatisation, and corporate governance. The results show that institutional reforms in the CEEs were rapid and generally successful. All CEEs became members of the European Union (EU) and the World Trade Organization (WTO). Institutional reforms contributed significantly to improved efficiency and growth in the export sector. The results also suggest that further reforms are needed to improve competition policy and corporate governance, both of which are still below the standards found in Western industrialised countries.