Growth and public finance in Bihar

This paper explores the causal links between the role of public finance and Bihar's growth and development in the last decade; and argues that these links are tenuous. Bihar's growth acceleration precedes the ‘policy reforms' in public finance based on the ‘good governance' agenda initiated since 2005-06. However, the constraints on sustaining efforts to close Bihar's development gap with the rest of India stems from the nature of the growth process in its regional, sectoral and social dimensions and the contradictory means and ends of the ‘policy reforms' in public finance. Together, this has not only prevented the economic growth to add to public coiffeurs of the state but also occluded the role of tax institutions.

FTA in international finance : impacts of exchange rates on FTA utilization

This paper investigates how exchange rates affect the utilization of a free trade agreement (FTA) scheme in trading. Changes in exchange rates affect FTA utilization by two ways. The first way is by changing the excess profits gained by utilizing the FTA scheme, and the second way is by promoting the compliance of rules of origin. Our theoretical models predict that the depreciation of exporters' currency against that of importers enhances the likelihood of FTA utilization through those two channels. Furthermore, our empirical analysis, which is based on rich tariff-line-level data on the utilization of FTA schemes in Korea's imports from ASEAN countries, supports the theoretical prediction. We also show that the effects are smaller for more differentiated products.

ISIS and the climate of fear -- a political-psychology perspective

2014年6月のイスラーム国（以下ISIS）のメディアへの華々しい登場以降、米国政治を規定する主要な要因の1つとして「恐怖心」がかつてない程の重要性を帯びてきている。本稿では政治心理学的な分析手法を援用しつつ、ISISが何よりも「テロ攻撃集団」としていかに「恐怖心」を醸成するための洗練された戦略を実践しているか、またそれが統計的には圧倒的に中東現地のムスリム一般住民を標的にしており、本来的にS.ハンティントン的な「西欧文明に敵対するイスラーム」という問題を内包していないにもかかわらず、米国エスタブリッシュメントによる他者への「恐怖心」によって如何に本質が曲解されて「ムスリム排斥」のような情緒的な政治主張に向かわせているかの契機を分析する。筆者は論稿中でマキャベリから以降最近に至るまでの政治学関係の議論を渉猟しつつ、「恐怖心」をめぐる問題が「テロル」との関係においていかに扱われてきたかを再検討し、西欧のメディアにおける「テロ集団」としてのISISの登場が政治学的な観点から提起している問題の新しさと古さを跡付けようとする。同時に現在の米国社会を覆っているイスラモフォビアの情緒的反応についてもその淵源が古くかつ政治的に根深い問題から発していることを指摘している。本論稿の分析は直接的にはISISによって政治的な雰囲気が大きく変容するなかで大統領選挙の年を迎えている米国の国内政治を扱うものであるが、ここでの議論は「アラブの春」以降のシリア危機に発する難民問題に直面している欧州（EU）や、2015年11月のパリのテロ多発事件以降緊迫した雰囲気に覆われているフランスの政治状況にも通底しており、その意味では偶々2014年にISIS によって惹起されたとはいえそれ自体が自律的な展開の契機を内包する現代社会の政治的な抑圧的システムのグローバルな拡大と拡散に警鐘を鳴らそうとするものである。

Infrastructure Finance in Developing Countries by State and Multilateral Development Banks

Infrastructure concession is an alternative widely used by governments to increase investment. In the case of the road sector, the main characteristics of the concessions are: long-term projects, high investments in the early years of the contract and high risks. A viability analysis must be carried out for each concession and consider the characteristics of the project. When the infrastructure is located in a developing country, political and market growth uncertainties should be add in the concession project analysis, as well as economic instability, because they present greater risks. This paper is an analysis of state bank participation in road infrastructure finance in developing countries. For this purpose, we studied road infrastructure financing and its associated risks, and also the features of developing countries. Furthermore, we considered the issue of state banks and multilateral development banks that perform an important role by offering better credit lines than the private banks, in terms of cost, interest and grace period. Based on this study, we analyzed the Brazilian Development Bank - BNDES – and their credit supply to road infrastructure concessions. The results show that BNDES is the main financing agent for long-term investment in the sector, offering loans with low interest rates in Brazilian currency. From this research we argue that a single state bank should not alone support the increasing demand for finance in Brazil. Therefore, we conclude that there is a need to expand the supply of credit in Brazil, by strengthening private banks in the long-term lending market.

A study of four listed micro finance institutions

Compared to the size of the microfinance market, the number of Microfinance Institutions that are professionally ran like commercial banks is still scarce, and even more scarce are the MFI listed in public stock exchanges. This document focuses on four listed MFIs and reviews its business model and funding sources. The document also analyses the market price evolution of the listed shares and investigates whether investors are assigning a premium to the MFIs compared with its respective market indices. Keywords: Microfinance institutions, Micro-credits, Financial Institutions, Equity; Stock Exchange.

Co-operative and Alternative Finance for Agricultural/Food Communities : European Developments

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Frontiers of finance: Evolution and efficient markets

In this review article, we explore several recent advances in the quantitative modeling of financial markets. We begin with the Efficient Markets Hypothesis and describe how this controversial idea has stimulated a number of new directions of research, some focusing on more elaborate mathematical models that are capable of rationalizing the empirical facts, others taking a completely different tack in rejecting rationality altogether. One of the most promising directions is to view financial markets from a biological perspective and, specifically, within an evolutionary framework in which markets, instruments, institutions, and investors interact and evolve dynamically according to the “law” of economic selection. Under this view, financial agents compete and adapt, but they do not necessarily do so in an optimal fashion. Evolutionary and ecological models of financial markets is truly a new frontier whose exploration has just begun.

Behavioral economics: Reunifying psychology and economics

“Behavioral economics” improves the realism of the psychological assumptions underlying economic theory, promising to reunify psychology and economics in the process. Reunification should lead to better predictions about economic behavior and better policy prescriptions.

Management science, economics and finance: A connection

This paper provides a brief review of the connecting literature in management science, economics and finance, and discusses some research that is related to the three disciplines. Academics could develop theoretical models and subsequent econometric models to estimate the parameters in the associated models, and analyze some interesting issues in the three disciplines.

The Importance of the First Psychotherapy Case in the Development of the Therapist's Professional Self as Viewed Through the Lens of Self Psychology

This paper explores the gap in the literature between what is herein referred to as the "first psychotherapy case" and its impact on the development of the trainee psychotherapist's professional self. The self psychology concepts of identity development, selfobject needs and fulfillment, narcissism, shame, countertransference, and structuralization are incorporated into the theoretical framework from which this developmental milestone is viewed. The theory's emphasis on early experiences and the development of self highlight the distinctiveness of the first case for the therapist. The beginning psychotherapy case poses a unique context for selfobject experiences and the developing self, involving both the therapist's presumably mature needs (assuming an existing cohesive nuclear self) and more infantile needs as the professional, peripheral self develops. As a result, the potential and important implications for the psychotherapist, the patient, training implications for the supervisor, and the ensuing treatment through termination are identified. The intent is to shed light on an area that is understudied thus far, and to begin a conversation as to why and how the impact of the first case on the psychotherapist should be examined. Implications, limitations, and ideas for future exploratory and qualitative research are also discussed.

An Evaluation of Sport Psychology Service Delivery in Collegiate Athletics

Sport and Performance Psychology is an ever-evolving specialty. While its development continues, it has not been without its challenges. Sport and performance psychologists work in a variety of settings and often come from similar, yet inherently different, training backgrounds. Individuals from both sport sciences and psychology have made compelling arguments as to which approach provides quality services to their respective clients. The question that remains, however, is what are these quality services? Who are the clients and what do they need from professionals in the field?Collegiate student athletes inherently face a number of typical issues related to their age and development. They also face a number of atypical difficulties as a result of their status as student athletes. As such, they provide an adequate sample of potential presenting issues for sport and performance psychologists. This current study utilized a qualitative, exploratory method to evaluate the presenting issues that brought clients to seek services from professionals.This paper seeks to establish a foundation for the development of a theoretical basis of the psychology of human performance, including both performance and general mental health concerns, and how sport and performance psychologists can most effectively intervene in this process. This paper is based on an analysis of seven years of service delivery within a NCAA Division I athletic department.Results indicate that collegiate student athletes seek services related to performance enhancement and general mental health at relative equal frequency. As such, training and service delivery in both areas would be most beneficial and best serve this population.  

Multicultural education in Clinical Psychology Programs and the needs of racial minority trainees.

With more racial minorities entering the field of clinical psychology, the training needs of racial minority students in doctoral programs must be considered. Few studies address training in multicultural education from the perspective of racial minority students despite their increasing presence in the field. This may be due to assumptions educators make based on their level of competency in the area of multiculturalism. Thus, the goal of this exploratory study is to help determine the multicultural training needs of racial minorities enrolled in clinical psychology programs. This exploratory study was quantitative and used snowball sampling to survey racial minority trainees in doctoral programs in clinical psychology. Sixty one participants completed the survey. Results indicated that multicultural/diversity classes are valued by racial minority students and are relevant to them. However, the majority of students do not feel challenged, suggesting that their needs are not being fully met. It is recommended that their unique needs be included in the curriculum for multicultural education.

Utilizing Evidence-Based Psychology Practice in the University of Denver's Professional Psychology Center: A Proposal

As acceptance of the Evidence-based Psychology Practice (EBPP) model continues to grow (Pagoto, Spring, Coups, Mulvaney, Coutu, & Ozakinci, 2007), it seems pertinent to explore how this model can be applied in different settings. This topic is timely as practitioners in the field are being held ever more accountable for the efficacy of the treatments they employ (Pagoto et al., 2007). Increased scrutiny has resulted in a need to integrate research into practice in order to ensure continued relevance in the ever-changing realm of American health care (Luebbe, Radcliffe, Callands, Green & Thorn, 2007; Collins, Leffingwell & Belar, 2007; Chwalisz, 2003). This paper explores how the requirements set forth by the American Psychological Association Presidential Task Force on Evidence-Based Practice (2006) can be implemented at the University of Denver's (DU) Professional Psychology Center (PPC), a training clinic for students enrolled in the Psy.D. program at DU's Graduate School of Professional Psychology (GSPP). In doing so, the methods employed by Collins et al. (2007) at Oklahoma State University (OSU) are used as a template and modified to accommodate differences between these two institutions.