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This paper aims to demonstrate the impact of coal enterprises’ vertical integration on the performance of innovation corporate social responsibility (ICSR) and to elaborate its specific transmission path through financing structure and market power. This paper takes the data of A-share listed coal company from 2008 to 2017 as samples, uses input-output table method to measure the degree of vertical integration, and explores the relationship between the four factors through multiple linear regression and Bootstrap method. We found that: (1) the vertical integration of coal enterprises has positive incentives for the promotion of ICSR. (2) Financing structure and market power play a chain intermediary role in this process of incentive. (3) In areas with high marketization process, vertical integration has more significant incentive effect on ICSR. The paper extends the research on the relationship between vertical integration and innovation, which provides a reference for the improvement of China’s supply-side reform and corporate social responsibility (CSR) fulfillment policy. It is helpful to promote the sustainable development of the coal industry, stimulate the innovation vitality of enterprises, and improve the fulfillment of CSR. [ABSTRACT FROM AUTHOR]

Creation of an Asian Monetary Fund might be a way to improve the financial safety net in Asia. This paper presents ideas for reforming the Chiang Mai Initiative Multilateralization (CMIM)--and its sister organization the ASEAN+3 Macroeconomic Research Office (AMRO)--to move Asia in that direction. Among the ideas presented are making the CMIM an international treaty-type organization with paid-in capital, improving indigenous surveillance and monitoring capacity and developing a conditionality framework, merging the CMIM and the AMRO, and creating new functions for a regional stability mechanism such as macroeconomic stabilization. Much of the analysis focuses on Europe, which may have lessons to teach on matters such as transparency and accountability, the dangers of an improperly designed monetary union, the role of the IMF in the global financial safety net, the importance of regional leadership, and the necessity of taking into account local conditions in designing new institutions or initiatives. [ABSTRACT FROM AUTHOR]

This paper challenges dominant governance paradigms by exploring the world of infrastructure investment, referred to by the industry as the 'infraspace'. Starting with financial institutions and multilateral development agencies that steer global infrastructure money, it will trace the financial, technical, bureaucratic and aspirational journey of infrastructure and infrastructure planning. Examining the sociofinancial architecture of infrastructure and development pulls into focus the relationship between states, state-owned enterprises and multilateral financial institutions. Rather than focus primarily on the social and cultural consequences of infrastructural change, however, or how the political promise and aspiration of infrastructure measures up to its everyday use, the point of departure for this paper is the social, economic and political relations that produce infrastructure. Such an examination requires a journey beyond the state and through infraspace. [ABSTRACT FROM AUTHOR]

We are pleased to announce the Special Issue on the New Challenges in Asian Capital Markets in the International Journal of Financial Studies. The focus of papers in this Special Issue is on the future challenges and/or future developments Asian Finance. In addition, one article provides a review of the literature on certain issues in relevance to the banking and capital markets in Asia. This Guest Editor's note synthesizes the contributing authors' propositions and findings regarding these challenges and developments and hopes that opens new venues for future research directions. [ABSTRACT FROM AUTHOR]

Based on the calculation of the inclusive financial development level of 22 provinces and 4 municipalities in China from 2004 to 2017, this paper uses the Kernel density estimation method to further analyze the evolution of the inclusive financial index. Based on the above analysis, we make empirical analysis of the impact of China's inclusive financial inclusion development index on farmers' entrepreneurship using static panel and dynamic panel estimation method. The empirical conclusions show that there are certain differences in inclusive financial inclusion development level in various provinces in China. Improving the inclusion development level of inclusive finance can better promote farmers' entrepreneurship. Urbanization level, economic openness and regional economic development level have a significant positive effect on farmers' entrepreneurship, while farmers' income and education level have a significant negative effect on farmers' entrepreneurship. It is possible to promote farmers' entrepreneurship by improving the inclusive development level of inclusive finance, combining urbanization, increasing government investment in productive fixed assets, increasing economic openness and improving regional economic development. [ABSTRACT FROM AUTHOR]

Purpose: Due to globalization, textile small and medium enterprises (SMEs) operations have become complex which raised the needs of risk-free financing solutions to support the SMEs' daily processes. The purpose of this paper is to investigate the effect of supply chain (SC) finance, a risk-free financing solution, on SC effectiveness (SCE) in the context of textile SMEs by employing transaction cost (TC) approach. Design/methodology/approach: The participants of the study were recruited from textile SMEs through a structured questionnaire. The proposed model and structural relationships were assessed by employing AMOS 24.0. Findings: The results of this paper indicate that supply chain finance (SCF) has a significant effect on SCE. Furthermore, all proposed factors of SCF adoption have a positive and significant effect on SCF. Practical implications: This study helps the SMEs executives or owners to adopt SCF as a secure financing scheme to reduce the credit TCs, optimize the firm working capital, reduce the risk of default, and improve SC effectiveness. SMEs and suppliers can build strong relationships while adopting the findings of this study. SMEs can engage the suppliers to work under strategic alliance through negotiation, collaboration, and work digitization, and extend their payment terms while providing an opportunity to the suppliers to get their payment back before a fixed time through discounting from financial institutions as needed. Originality/value: The present study covered the gap related to SCF and SCE by identifying unique factors of SCF adoption which was ignored in the previous literature by employing TC approach. [ABSTRACT FROM AUTHOR]

Research background: Microfinance institutions (MFIs) play an important role in alleviating poverty. Thus, MFIs should be efficient in order to ensure that their objectives on social welfare and financial performance can be achieved by identifying the potential determinants, specifically on social globalisation. Purpose of the article: This paper examines the impacts of the social globalisation dimensions of interpersonal, informational, and cultural globalisations on the financial and social efficiency of MFIs. Methods: The data period covered the years 2011-2018; the data set consists of 176 MFIs from six Asian countries. The Data Envelopment Analysis (DEA) approach was employed to examine the MFIs' efficiency levels. Generalised Least Square (GLS) regressions were used to analyse the impacts of social globalisation and other determinants towards the efficiency of MFIs. Findings and value added: Interpersonal globalisation had a significantly negative correlation with social efficiency, suggesting that increasing the number of foreigners in management intrudes on local managers' decisions. Informational globalisation had a significantly positive correlation with financial and social efficiency, which signifies that more information produces monopolistic profits in this industry. Finally, cultural globalisation had a positive correlation with social efficiency, demonstrating that a global trading culture improves the abilities and technological skills for labour development and enhances MFIs' social efficiency. In general, the Cobb Douglas Production theory explained the understanding of the impacts social globalisation has on MFI efficiency. Furthermore, the findings from this study could provide important scientific, practical gap and contribute new insights and implications to various parties. Firstly, governments or policymakers can establish effective national policies and strategies. Secondly, this study could support investors in monitoring and understanding the performance of MFIs. Finally, the research could fill scholarly gaps and uncover more potential factors that influence the efficiency of MFIs. [ABSTRACT FROM AUTHOR]

This paper offers an informed commentary on the actual and potential impacts of the pandemic on financial markets, sector and centres, grounded in literature on financial centres, the state‐finance nexus, and trends affecting the landscape of finance since the global financial crisis. We expect a slowdown in new financial regulation, continued firm‐level consolidation, and a continued rise of business services related to finance. The application of new financial technologies is likely to accelerate, affecting retail banking in particular, but will not necessarily be led by FinTech firms. Local and regional financial centres are likely to face larger challenges than leading international centres. As the panic and partial recovery in financial markets in March and April 2020 highlighted the significance of the international monetary hierarchy, with the US$ in the lead, a radical shift of financial power to Asia seems unlikely. [ABSTRACT FROM AUTHOR]

Public pension burdens in most emerging Asian economies are still relatively small. However, there are a number of reasons to believe that they will increase markedly in the coming years. First, many Asian economies will face rapidly ageing populations, which will raise pension and other old‐age‐related spending dramatically. Second, as economies develop, political pressures to expand the coverage of public pensions and raise pension benefits will likely increase. The first objective of this paper is to identify the potential fiscal burden of public pensions in 23 emerging Asian economies, based on econometric models and forecasts of GDP and demographic trends. Using two different methodologies yields estimated increases in the average share of public pension expenditures in GDP of 1.0 percentage point and 3.6 percentage points by 2030 compared with current levels. We believe the latter estimate is more realistic. The second objective is to recommend policies to provide adequate funding for public pension needs, including enhancing the efficiency of social insurance programs, improving the balance of revenues and expenditures, implementing more explicit fiscal rules and frameworks, and establishing stronger fiscal surveillance at the national and regional levels. [ABSTRACT FROM AUTHOR]

The adoption of the shared prosperity goal by the World Bank in 2013 and Sustainable Development Goal 10, on inequality, by the United Nations in 2015 should strengthen the focus of development interventions and cooperation on the income growth of the bottom 40 percent of the income distribution. This paper contributes to the incipient literature on within-country allocations of development institutions and assesses the geographic targeting of World Bank projects to the bottom 40 percent. Bivariate correlations between the allocation of project funding approved over 2005–14 and the geographical distribution of the bottom 40 as measured by survey income or consumption data are complemented by regressions with population and other potential factors affecting the within-country allocations as controls. The correlation analysis shows that, of the 58 countries in the sample, 41 exhibit a positive correlation between the shares of the bottom 40 and World Bank funding, and, in almost half of these, the correlation is above 0.5. Slightly more than a quarter of the countries, mostly in Sub-Saharan Africa, exhibit a negative correlation. The regression analysis shows that, once one controls for population, the correlation between the bottom 40 and World Bank funding switches sign and becomes significant and negative on average. This is entirely driven by Sub-Saharan Africa and not observed in the other regions. Hence, the significant and positive correlation in the estimations without controlling for population suggests that World Bank project funding is concentrated in administrative areas in which more people live (including the bottom 40) rather than in poorer administrative areas. Furthermore, capital cities receive disproportionally high shares of World Bank funding on average. [ABSTRACT FROM AUTHOR]

This paper develops two-stage inverse data envelopment analysis models with undesirable outputs to formulate resource plans for 16 Chinese listed commercial banks whose outputs are increased and overall efficiency is kept unchanged in the short term. We use these models to meet three different output targets, namely, increasing both the desirable and undesirable outputs by the same percentage, increasing these outputs by different percentages, and increasing only the desirable outputs while keeping the undesirable outputs unchanged. We find that operation cost and interest expense are more flexible than labor in the adjustment process and that deposits have no obvious law of change. The findings of this work provide some suggestions for bank managers. [ABSTRACT FROM AUTHOR]

In the Organisation for Economic Cooperation and Development's (OECD) attempt at a definition, it refers to innovations that "intentionally or not, contribute to a reduction of environmental impact in comparison with alternative practices", (OECD, 2009). (2018), but changes in data and time period mean that whereas the former paper finds that annualized EAMFP is very similar in South Korea and China, the latter concludes that at 9.46% per annum Chinese growth is more than double the rate of 4.36 from its smaller neighbor. Environmentally adjusted multifactor productivity: Methodology and empirical results for OECD and G20 countries. [Extracted from the article]

Even though a deeper financial integration and higher economic and financial stability are the prime goals of many Asian policymakers, no researcher has studied the relationship between integration and (in)stability in Asia. To fill this gap in the literature, this paper investigates the causality between financial integration and macroeconomic and financial instability. To this end, we use the Generalized Method of Moments to estimate a set of dynamic panel data models for a block of Asian countries over the period 2000–2017. Our estimation results show that there is a bidirectional causal relationship between financial integration and instability in Asia. Moreover, we find that financial integration causes instability in output and credit markets. The overall results show that macroeconomic and financial instability in Asia leads to financial disintegration. More specifically, the volatilities of the exchange rate and output growth cause financial fragmentation. Furthermore, we underscore the role of coordinated fiscal and monetary policies in offsetting the adverse effect of financial integration on macroeconomic and financial stability in Asia. Finally, the global financial crisis of 2008 has increased financial disintegration and instability in Asia. Our findings might help Asian policymakers to choose their policy targets when integrating into the global financial system. • There is bidirectional causality between financial integration and instability. • Financial integration leads to instability in output and credit markets in Asia. • In general, economic and financial instability leads to financial disintegration. • The volatilities of exchange rate and output growth cause financial fragmentation. • Coordinated policies might offset the adverse effect of integration on stability. [ABSTRACT FROM AUTHOR]

Malaysia gained attention for its use of capital controls in 1998, but since the early 2000s it has emphasised its commitment to an open capital account, despite experiencing volatile capital flows. As well as opting for financial openness, Malaysia chose to manage the value of its exchange rate after de-pegging from the US dollar in 2005. In a bid to escape the macroeconomic constraints that arise from capital mobility, Malaysia also chose to sterilise a large portion of capital inflows. It then made a further choice to use market-based sterilisation instruments more than regulatory sterilisation measures. These choices have carried costs and led to a build-up of economic risk. Three interrelated factors explain these choices: Malaysia’s strategy to manage the stigma arising from its imposition of controls in 1998, the increased level of financial integration that followed from this strategy, and the politically privileged position of groups that have benefitted from Malaysia’s commitment to capital openness. [ABSTRACT FROM PUBLISHER]

Finance has become a crucial agenda in climate change negotiations in recent years. Meanwhile, multilateral negotiations on climate change as a whole are making meager progress, and increasingly observed are activities by national governments and transnational non-state actors. The purpose of this paper is to illustrate how investment towards low-carbon development could be materialized in Asia. A thorough review of current financial assistance for developing countries in Asia was conducted, and the amount of funding proved to be relatively modest to achieve the aim. We then examined financial policy instruments that could be implemented in the region. We estimated that USD125–149 billion per year would be needed to reduce greenhouse gas emissions in the region by 2035. We also estimated that more than a half of this amount of funding could be achieved by public sector if several key policy instruments were agreed upon and enacted at regional and national levels in Asia. The role of private sector investment was also found to be indispensable in fulfilling all the long-term investment needs related to climate mitigation in the region. [ABSTRACT FROM AUTHOR]

Terrorism and security threats are global phenomena. Almost every region has been affecting by different terrorism and violence incidents; that is why terrorism has become a devastatingly global concern for the past two decades. This paper examines the socio-economic and fractionalization (Internal and External conflicts) determinants of terrorism and its related incidents using the Global Terrorism Database for 14 countries of East, South, and North Asia (ESNA) from 2006 to 2018. By applying the one-step system GMM estimation, the results show that among ESNA, South Asia is the most vulnerable region where population and state legitimacy are the most ignite factors of terrorism incidents. However, in East and North Asia, the education budget's socio-economic disparity is the foremost determinant of terrorism and related antagonism. It also analyses that the fractionalization elite acts as a mechanism to ignite terrorism incidents in ESNA. It further revealed that State legitimacy, Fractionalization Elites, population growth, and budget allocation of health and education are the significant determinants of terrorism in ESNA. The study concludes that terrorism and its related activities have different trends depending on region to region, referencing study results. Furthermore, this study suggests that the United Nations and other governing bodies should play their role to resolve the socio-economic incongruence in ESNA and effective regional conflict resolution strategies to make it a peaceful and affluent region. In combating socio-economic disparities and conflicts, a prudent and effective regional policy should be enforced. • Impact of socio-economic determinants on terrorism incident is evaluated in ESNA. • Impact of fractionalization elites on terrorism incident is examined in ESNA. • Terrorism and its related activities have different trends from region to region. • South Asia is the most vulnerable region to terrorism due to state illegitimacy. • East and North Asia expose to terrorism due to socio-economic disparity. [ABSTRACT FROM AUTHOR]

The ground-breaking research on the electricity sector and its effects on energy efficiency (EE) in advanced and emerging economies are crucial in developing a futuristic pathway, leading to self-sustainable energy use. Therefore, this research investigates the functions of sustainable investments to ensure EE in advanced and emerging economies in a decade, ranging from 2008 to 2018, by applying the data envelopment analysis (DEA) method. The findings reveal a lower degree of EE in advanced and emerging economies (0.44), discovering only seven nations, saving energy with DEA and the West Asia and North Africa groups as the top energy savers. Moreover, the mean EE ratio of the advanced and emerging countries plummeted, dating back to 2013, whereas financial investment positively impacts EE. Similarly, the study perceives how open structures in the nations' economic systems can advance ecological conditions by reducing pollution levels and graft enable EE and reduce pollution levels. Simultaneously, natural resources and technological advancements can accelerate the course of EE and ecological dimensions. Therefore, analysis of causality reinforce the response hypotheses between EE, Environmental carbon emissions levels, financial advancements, graft control, proceeds from mineral resources, technological creativity, commerce, and localization of industries, respectively. [ABSTRACT FROM AUTHOR]

The Bitcoin market becomes the focus of the economic market since its birth, and it has attracted wide attention from both academia and industry. Due to the absence of regulations in the Bitcoin market, it may be easier to bring some kinds of illegal behaviors. Thus, it raises an interesting question: Is there abnormity or illegal behavior in Bitcoin platforms? To answer this question, we investigate the abnormity in five leading Bitcoin platforms. By analyzing the financial index, i.e. the normalized logarithmic price return, we find that the properties of price return in bitFlyer are completely different from others. To find the possible reasons, we find that the abnormal ask price and bid price appear simultaneously in bitFlyer, which may be potentially linked to either price manipulation or money laundering. It verifies our conjecture that there may be abnormity or price manipulation in Bitcoin platforms. Furthermore, our findings in price return could also provide an innovative and effective method to detect the abnormity in Bitcoin platforms. [ABSTRACT FROM AUTHOR]

Background: Donor funding for HIV/AIDS services is declining in Cambodia, and domestic resources need to be mobilized to sustain and expand these services. However, the cost of delivering HIV/AIDS services is not well studied in Cambodia. This study aims to assess the costs of delivering HIV/AIDS services, identify the major components of costs, and sources of funding. Methods: Four of the six highest HIV burden provinces were selected at random for this study. Within each province, four health centers and two hospitals were selected for detailed data collection. A mix of top-down and bottom-up methods were used to assess the costs for HIV testing and antiretroviral therapy (ART) from the provider perspective. We assessed the differences in the quantity and prices of inputs between health facilities of the same type to identify cost-drivers. Results: The average cost per visit for HIV testing was $8.92 at health centers and $14.03 at referral hospitals. Differences in the number of visits per staff were the primary determinant of differences in the cost per visit. First-line ART costed about $250 per patient per year, and the number of patients per staff was an important cost driver. Second-line ART costed from $500 to $716 per patient per year, on average, across the types of facilities, with the quantity and mix of second-line antiretroviral drugs being an important cost driver. Inpatient care at referral and provincial hospitals in total represented less than 2 percent of costs of outpatient ART. Discussion: Costs are similar to neighboring countries, but over 50% of the costs of ART are financed by donors. Cambodia now is scaling up social health insurance coverage; the data from this study could serve as one input when setting reimbursement rates for HIV/AIDS services to help ensure that providers are adequately reimbursed for their services. [ABSTRACT FROM AUTHOR]

In this study, we designed a delayed payment mechanism in laboratory second price auctions (SPAs), under which subjects received a cash endowment two weeks after the experiment day and had to use their own money to pay the experimental losses (if any) on the experiment day. We compared the effect of delayed payment on overbidding in the induced value SPAs with the conventional “on-the-spot” payment mechanism where the subjects received an endowment on the experiment day, and the prepaid mechanism where the subjects received the endowment two weeks before the experiment day. Each auction was repeated for 20 rounds to provide sufficient learning opportunities to the bidders. Our results showed that bids converged to the corresponding values over auction rounds and overbidding was reduced by previous losses, consistently with the adaptive learning theory. Moreover, overbidding seems to depend significantly on bidders’ cash holding, and the magnitude of the payment treatment effects depends crucially on liquidity constraints. In the presence of liquidity constraints, both delayed and prepaid payment mechanisms reduced overbidding, while in the absence of liquidity constraints, only the delayed endowment mechanism reduced overbidding. Furthermore, when controlling the degree of liquidity constraints, subjects with higher GPAs were less likely to overbid and the delayed endowment mechanism significantly reduced overbidding compared to other payment mechanisms. These results suggest that overbidding in SPAs might be caused by bounded rationality and could be reduced by adaptive learning especially when overbidding becomes “truly” costly to subjects. [ABSTRACT FROM AUTHOR]

Background: Disclosure of HIV status is a critical gateway to HIV prevention. Despite many studies on this topic, there is a gap in knowledge regarding HIV status disclosure and risky sexual behavior in HIV-infected female migrant workers. The current study addressed this research gap, and focused on HIV-infected Shan female migrant workers in Northern Thailand. Methods: This study conducted in-depth interviews with 18 HIV-infected Shan female migrants (aged between 23–54 years old) and 29 healthcare workers in district hospitals in Chiang Mai. Content analysis was employed to identify particular themes related to HIV status disclosure, sexual risk behavior, and ART adherence. Results: We found that non-disclosure to husbands/partners was mostly related to fear of marital conflict and of losing social and financial support. Non-disclosure prevented Shan female migrant workers from negotiating condom use with their partners. Reasons for not disclosing to friends, family and other community members were mostly related to feared rejection and discrimination due to HIV-related stigma. Accounts of condomless sex in the context of HIV status disclosure suggest that gender norms and male dominance over women influenced decision-making for safe sex. Lastly, some female migrant workers perceived low risk of HIV transmission with good adherence to the ART. Conclusions: This study highlighted the complex challenges of HIV status disclosure among HIV-positive Shan female migrant workers and the link between disclosure/non-disclosure and condom use. There is a pressing need to create realistic disclosure mechanisms that take into account the socio-cultural barriers to disclosure including marital conflicts, stigma, and gender norms. Messages to encourage condom use should be delivered carefully so that knowledge of the HIV transmission reduction qualities of good ART adherence does not serve as a barrier to condom use. [ABSTRACT FROM AUTHOR]

Indonesia is the fifth largest cocoa-producing country in the world, and an increase in cocoa farming efficiency can help farmers to increase their per capita income and reduce poverty in rural areas of this country. This research evaluated the efficiency of Indonesian cocoa farms using a non-parametric approach. The results revealed that the majority of cocoa farms are operated relatively inefficiently. The average technical and allocative efficiencies (0.82 and 0.46, respectively) of these cocoa farms demonstrated that there is potential for improvement. The potential cost reductions range from 36 to 76%, with an average of 60%, if farmers practice efficiently. The technical and allocative efficiencies and cocoa farm economies are affected by the use of quality seeds, organic fertilizers, frequency of extension and training of farm managers, access to bank credit and the market, the participation of women, and the farm manager’s gender. An increase in the output would increase farmers’ income and reduce poverty in rural areas. This research suggests that the availability of extension and training provided to farmers as well as support for women farmer groups should be increased. Credit programs are also important for cocoa farmers, so policymakers should develop programs that make production credit more accessible for farmers, especially through cooperatives and banks. [ABSTRACT FROM AUTHOR]

This study examines how negative shocks due to, for example, natural disasters propagate through supply chains. We apply a simulation technique to actual supply chain data covering most Japanese firms. To investigate the property of the propagation in the network, we test different types of artificial negative shocks. We find that, first, network structures severely affect the speed of propagation in the short run, and the total loss in the long run. The scale-free nature of the actual supply-chain network—that is, the power-law degree distribution—leads to faster propagation. Second, more intensive damages—that is, more damages suffered by fewer firms—result in faster propagation than extensive damages of the same total size. Third, the actual supply-chain network has innate robustness that comes from substitutability of supplies. If the supply-chain network has severe substitutability, the propagation of negative shocks becomes substantially large. Fourth, direct damages in urban regions promote faster propagation than those in rural regions. Fifth, different sectoral damages show significant differences in the speed of propagation. Finally, we check the indirect damage triggered by a single firm’s loss: 9.7% of all firms contribute to significant loss, and this loss accounts for more than 10% of the damage to the entire production. The simulations conspicuously show that different direct damages, even if they have the same total magnitude of damages, can generate considerably different damages because of the structure of the supply-chain network. [ABSTRACT FROM AUTHOR]

The trafficking of persons is one of the most egregious violations of human rights in modern society. Given the disproportionate effects across demographic categories of age and gender, as well as concentrated impacts within the developing world, there is a strong need for research and literature on program effectiveness and appropriate aftercare efforts for those persons whose lives and livelihoods have been impacted by trafficking. The purpose of this article is to provide a scoping review of what is known about effectively helping survivors of human trafficking experiencing lack of economic opportunity and the implications for practice and future research regarding the absence of literature. From over 14,000 initial search results, this article focuses on those initiatives (N = 16) that support economic development of the individual or family after being trafficked. Implications arising from the review for trafficking policy, areas for further research, and implications for practitioners are highlighted and discussed. [ABSTRACT FROM AUTHOR]

This article will examine Asian women’s experiences of financial support in higher education. The article is based on 30 in-depth interviews with Asian women who were studying at a ‘new’ (post-1992) university in the South East of England. Women identified themselves as Muslim, Hindu and Sikh. The findings reveal that women’s religious and cultural background affects their attitudes towards financial support whilst at university. Through their participation in higher education, women are able to use their social and ethnic capital to enable them to receive financial and other kinds of support necessary for their success in higher education. [ABSTRACT FROM PUBLISHER]

In what follows, I will discuss Tolliver I et al i . in connection with sustainable development, the ultimate goal of green innovation and green finance. Stokey (1998) and Aghion and Howitt (1998, Ch. 5) show that for an optimal path to achieve sustainable development, the economy must be equipped with a growth engine and a pollution-free industry. I would like to point out that they may not be adequate to achieve sustainable development, because sustainable development involves the problem of not only efficiency, but also intergenerational equity. [Extracted from the article]