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The purpose of this article is to establish that Kenneth E. Boulding, an economist whose work also encompassed many other disciplines, provided a valuable insight within the study of psychology. Boulding observed that while in an economic unit there is a store of financial capital which is necessary for continued existence, also in human nature there is a need for a reserve of psychic capital that is vital for the mental health of the individual and society. Psychic capital does this by providing a link consisting of positive feelings shared between the individual and the larger grouping. Boulding proposed that a coherent body of thoughts, memories, and emotions may be shared between individual and collective minds as shared psychic capital. Finally, some present-day examples are given whereby the consequences of a loss of psychic capital have been observed with particular emphasis on collective depression and suicide.

This chapter is about the key contributions to political economy that originated from Hilferding’s Finance Capital. It covers the period from its publication in 1910 to 1966, the year Monopoly Capital by Paul Sweezy and Paul Baran appeared. I will show that the ideas associated with Finance Capital dominated economic thinking on the left during the second and third decades of the twentieth century. In the 1930s, the Great Depression marked a setback for the book’s prestige. However, important economists like Natalie Moszkowska and Paul Sweezy, who elaborated on the realisation/underconsumption version of monopoly theory during that period, sparked fresh interest in this line of thought, concluding an intellectual effort that stemmed from the insights of Rosa Luxemburg. Their input established a paradigm that gained recognition among economists. Moreover, it offers an analytical explanation for the booming growth of finance following 1980 and the economic crisis that began in 2007/8. The most serious criticism of Hilferding is that Moszkowska and Sweezy’s conclusions rely on the neoclassical theory of perfect competition and its ‘dark side’ of monopolistic price setting. Neoclassical monopoly pricing implies the rejection of the labour theory of value and stands in stark contrast to Marx.

Pediatrics is an integral part of public health services. With the impact of the epidemic and the high-quality transformation of China's development, the contradiction in the supply of pediatric public services has become more prominent. Scientific evaluation of the efficiency and quality of pediatric services, clarifying the redundancy of pediatric input resources and adjusting the construction of pediatric services with the help of influencing factors have become important research topics. This paper uses the three-stage SBM-DEA model to summarize the efficiency of China's pediatric services using panel data from 31 provinces and cities in 2008-2019, taking into account undesired outputs such as doctor-patient disputes. Among them, the evaluation system focuses on the role of financial, capital, and other factors, and the Tobit regression model is used to clarify the degree of influence of various factors. The study found that (1) China's pediatric service supply has the characteristics of geographic heterogeneity. (2) The redundancy of various resource inputs is apparent, and the supporting capacity of financial capital is not significant. (3) The economic, technological, and professional environment helps to digest the redundancy of inputs. (4) Capital, urbanization, education development, and birth rate increase under financial operation will promote the increase of the efficiency of pediatric public services.

While the globalization of production has been a prominent target of anti-globalization backlash, globalized finance has seemed to be much less in the public bull’s-eye. The blueprint for the post-war international economy agreed at Bretton Woods in 1944 envisioned nothing like today’s extensive and fluid global capital market. The demise of the 1946–73 fixed exchange rate system, however, also brought a progressive dismantling of barriers to international financial flows motivated by special-interest politics, national economic competition, and ideology—alongside the benign desire for a more efficient international allocation of capital. Unfortunately, free cross-border financial capital mobility can compromise governments’ capacities to attain domestic economic and social goals in several ways. This essay links the dynamics of financial liberalization to the Teflon-like resilience of finance to backlash so far, and suggests that stronger backlash could emerge if national governments fail to enhance multilateral cooperation to manage the financial commons.

This study examines the role of financial capital in mediating the relationship between accounting capability and Micro-, Small- and Medium-Sized Enterprises' (MSME) financial performance. Using Yamane formula, the samples are 407 MSMEs in Central Java Province. Data was collected from questionnaires that distributed to and filled by owners of the sample MSME. WarpPLS was used to analyased the research data. This study found that accounting capability and financial capital have a positive influence on financial performance. Financial capital mediates the relationship between accounting capability and financial performance. Thus, this study confirms the importance of accounting capability to increase financial capital and financial performace of MSME.

In the process that started with mercantilism and continued with the industrial revolution, European states recorded significant production increases. Britain, which started the industrial revolution, opened up to foreign markets in order to market its increasing production and to buy the raw materials it needs. The short distance of the Ottoman Empire market to Britain and the dense population of the empire stand out as attractive conditions for England. During the mercantilism period, the Ottoman capital was eroded and the economic structure weakened due to the capitulation agreements. For this reason, the Ottoman economy was caught vulnerable to the industrial revolution. With the favorable political conditions, the Baltalimani Trade Agreement was signed between Britain and the Ottoman Empire in 1838. The purpose of this study is to reveal the mechanisms of the process leading to the agreement and to analyze the results of the agreement. With the entry into force of the agreement, Ottoman domestic production collapsed. In addition, the Ottoman economy became dependent on foreign countries and fell into a debt trap. In this framework, the results of the agreement in terms of European financial capital were also analyzed. Another outcome of this study was to reveal the changing political structure of the Ottoman Empire with the agreement. It is aimed to shed light on today’s globalizing economic world by revealing the causes and consequences of the Baltalimani Trade Agreement in the historical process.

Developing geographical indication agricultural products will help to expand regional characteristic industries by taking actions that suit local circumstances. Improving the adaptability of the kiwifruit farmers to cope with meteorological disasters is conducive to promoting the optimization of rural industrial structure and the implementation of rural revitalization strategy. Based on the field survey data of Shaanxi Province, this research uses the method of natural breaks to classify the resilience scores of meteorological disasters under the framework of Sustainable Livelihoods Approach. Finally, the ordinal logistic regression model is used to quantitatively research how livelihood capital contributes to the resilience of kiwifruit farmers to meteorological disasters during the phenological phases. The results show that the perception of meteorological disasters by farmers does not significantly affect their resilience, and the impacts of different livelihood capitals on the resilience strategies of farmers are quite distinct: physical capital, financial capital, social capital, and human capital have significant positive impact on the resilience strategies of farmers, while natural capital has a significant negative impact on the resilience strategies of farmers. The results extend the theoretical foundation of resilience strategies for meteorological disasters in kiwifruit phenological phases and bring quantitative evidence linkage of livelihood capital and resilience strategies. Furthermore, the study emphasizes that the agricultural activities of kiwifruit farmers during the phenological phases should be combined with the livelihood capital guarantee measures, as well as a better financial environment should be created by government intervention. Paying attention to science popularization work of middle-aged and elderly farmers, accelerating the linkages between the government and the mass, would help the government to obtain the best agricultural management methods.

Transportation facilities are crucial prerequisite for enhancing economic development. In karst mountain areas, poverty of peasant households is multifaceted. Elucidating the characteristics of transportation accessibility and multidimensional poverty of peasant households is a crucial basis for combating poverty. Based on the cost–distance weighting method to evaluate the transport accessibility of farmers in the demonstration area, we constructed a sustainable livelihood framework for farmers in the demonstration area to examine the multidimensional poverty of farmers. Then, we used the geographic weighted regression model to explore the spatial differentiation characteristics of transport accessibility and multidimensional poverty. Farmers with high accessibility were primarily distributed near the village committee residents or on both sides of the road, while farmers with low accessibility were primarily located in areas with large slopes and no access roads or access roads but poor road connectivity. In addition, farmers in the demonstration area were usually short of natural capital, the spatial distribution of material capital poverty was notable, the overall poverty value of financial capital was high, the overall human capital was stable, the poverty value of social capital was markedly different, and high and low values interspersed each villager group. Besides, the multidimensional poverty value of farmers in the demonstration area was low (0.2714), which alternated in space and had no significant law. The poverty dimension of farmers in the demonstration area was 2.8242, demonstrating the spatial comparison of Huajiang town north of Beipanjiang in space. We assessed the impact of accessibility on multidimensional poverty of peasant households. The sample of promoting peasant households was marginally lower than that of restrictive peasant households. Besides, the spatial differentiation was characterized by the promotion of villager groups mostly distributed in Wuli village, Xiagu village, and Bashan village in the northern part of the demonstration area. Moreover, the villager group was primarily distributed in non-karst Mugong villages and Yindongwan village, Taiping village, and Chaeryan village in Fengcong depression. Using the quantitative measurement of transportation accessibility and multidimensional poverty and spatial heterogeneity research, we elucidated the measurement methods of transportation accessibility and multidimensional poverty, as well as their spatial differentiation rules, which have crucial practical significance for the formulation of regional anti-poverty policies.

External financial capital is inevitable for economic growth and the development of developing countries. In the case of Sri Lanka, some recent studies prove that the growing accumulation of external debt is detrimental to growth. Besides, the inflow of foreign direct investment (FDI) is not enough and limited to a few sectors of the economy. The accumulation of domestic capital is sluggish. Under this backdrop, this paper explores the relative role of external debt, FDI, and domestic investment in association with some control variables like financial development, trade openness, human capital investment impacting post-reform income growth in Sri Lanka. The autoregressive distributed lag (ARDL) bounds testing approach to cointegration finds the long-run associations of income with different combinations of debt, FDI, domestic investment, and selective control variables. The error correction representations of the ARDL models prove that the external debt and FDI are not beneficial to augment growth, rather have a detrimental impact. On the other hand, domestic investment spurs short-run and long-run income growth. Also, the negative impact of trade openness and a positive impact of human capital investment are found. The paper concludes that more reliance on the external financial capital would not congenial for the economic progress of Sri Lanka.

The surefire way to achieve prosperity is entrepreneurship. In the digital era, there are almost no obstacles to starting a business. The only capital is creativity and courage. Anyone can open an online store, without having to open a physical store first, including women. Women business actors are identical to Micro, Small, and Medium Enterprises (MSMEs). Indonesia and Malaysia are countries that have a majority Muslim population. For a Muslim woman, success can be seen when she manages to build a sakinah family. Women's digital entrepreneurship offers flexibility between work and household matters. This study aims to analyze the important factors that help explain the success of Muslim women MSME entrepreneurs who use digital channels in marketing their products. The study was applied through a descriptive-qualitative approach, where the data were primary-based. The objectivity was applied to 103 informants obtained from several MSME communities randomly from Indonesia and Malaysia. We find that social capital is a relevant factor for entrepreneurial success among Muslim women MSME entrepreneurs, the form of social capital is the number of children. This finding supports the idea that Muslim women entrepreneurs who have fewer children tend to spend more time on their business than Muslim women entrepreneurs who have more children. Financial capital projected by income growth also affects success, although income growth is on a small scale. Self-efficacy due to internal factors originating from within MSME female entrepreneurs such as self-confidence and tenacity, they are successful in their business. Religiosity has a significant effect on the success of a Muslim woman entrepreneur.

В современном динамично изменяющемся мире проблематика исследований феномена транснациональных элит (ТНК-элиты) остается одной из приоритетных. Нарождающиеся новые мирохозяйственный и технологический уклады объективно размывают национальные границы, транснациональные корпорации и их элиты трансформируются в «глобальный» сегмент мировой геополитики и геоэкономики. Достижение всеобъемлющего глобального доминирования во всех сферах жизнедеятельности позволяет рассматривать ТНК-элиты в качестве важнейших негосударственных акторов мировой политической системы. Одновременно, с использованием накопленных геоэкономических ресурсов создается геофинансовое пространство, особое место в котором занимает финансовый капитал, финансовые потоки и фиктивный капитал. Сформировались геополитические коммерческие реальности - геоэкономический и геофинансовый мир. Современные интернет-технологии приводят к формированию новой разновидности элит - «цифровая элита», а последние - сверхновый виртуальный геополитический мир. Глобальные ТНК, не имея границ, характеризуются всеобъемлющим характером. Цифровые и информационные технологии располагают практически безграничными ресурсами и возможностями формирования виртуальных социально-экономических отношений, виртуальной мировой экономики, виртуальных денег, фиктивного и виртуального капитала. В результате создаются суперновые информационные сетевые пространства и новые ценности, которые формируют благоприятную почву для процветания постмодернистской философии. Поэтому нарождающаяся «цифровая элита», как новая геополитическая реальность, должна нести ответственность за объективное философское понимание общественной жизни нового мира.

Intellectual capital (IC) has gained recognition in enhancing the firms' value and gain a competitive advantage in the developed world. The present study examines the impact of IC on firms' financial performance. The study takes 48 companies for the time period of 10 years (2009-2018). The paper has used modified Pulic's value added intellectual coefficient (VAIC) as a proxy to measure IC and return on assets (ROA) to measure firms' financial performance. Granger causality between all the components of IC and ROA has been tested using Dumitrescu-Hurlin test. To analyse the impact, correlation and dynamic panel data regression technique has been applied. The result indicates that overall intellectual capital, human capital, relational capital, process capital, and financial capital have a significant impact on financial performance. On the other hand, innovation capital has no significant relationship with firms' financial performance. The results are helpful for managers, policymakers, government, and investors so that they can properly manage and regulate the IC of their organization.

Targeted poverty alleviation is a unique approach adopted in China to help achieve the vision of a moderately prosperous society in all aspects and the “Chinese Dream”. Industrial development as a means of poverty alleviation is an integral part of the “Five-pronged Poverty Alleviation Measures” Project of targeted poverty alleviation, and a critical foundation for other poverty alleviation measures. In this study, a comprehensive evaluation method was used to measure farmers’ livelihood based on the framework of sustainable livelihood. Specifically, the effects of industrial development on farmers’ livelihood capital were estimated by employing the propensity score matching combined with the difference-in-differences (PSM-DID) approach. Findings suggest that industrial development had a significantly positive effect on the livelihood capital of farmers. Industrial development can significantly enhance farmers’ human, social and financial capital, while it cannot significantly affect the natural and physical capital. Industrial development had heterogeneous effects on farmers’ livelihood capital, more efficiently impacting on the non-poor than the poor. The effects on farmers’ livelihood capital varied across regions, with Guizhou experiencing a larger effect than Sichuan. However, the effect was insignificant for farmers in Gansu. To improve farmers’ livelihood capital, it is necessary to take measures to strengthen their human capital, promote the innovation of financial products, and make good use of their social capital; it is also essential to strengthen the support of industrial development to the poor.

Small and Medium Enterprises (SME) are businesses that are very helpful in improving the economy of the community. SMEs need special attention to maintain their existence in the business world. However, various problems are still faced by SMEs in Malang, these problems are related to capital, bookkeeping, standardization, marketing and sales. The purpose of this study was to analyze the effect of financial capital and financial literacy on the performance of small and medium enterprises (SME) in Malang. The research design used causality research with a survey method. The population as the sample is the owner of SME registered in the Cooperative and SME Office of Malang City. Respondents in this study were 91 SME owners engaged in manufacturing. Primary data used comes from distributing questionnaires that are given directly. The data analysis technique used multiple linear regression. The results showed that financial capital and financial literacy had a positive and significant effect on the performance of small and medium enterprises (SME) in Malang.

The relevance of the topic of development of theoretical and methodological approaches to investment system regulation under influence of unproductive capital outflow is justified by significance of financial capital movements from groups of countries to others, caused by inappropriate institutional support for strategic investments. Aim of the proposed research is the development of methodological approaches to study and regulation of investment system development that allow to provide analysis of actual modern tendencies of investment system development, to estimate the influence of capital outflow on financial provision of investment process and to design regulating framework for shortening of unproductive financial capital outflow. The work is dedicated to research of theoretical, methodological and applicable basis of investment system development regulation in aspect of reducing of unproductive financial capital outflow with calculation of possible effect from involvement of reduced volumes of capital outflow into investment process. The research methodology, which is based on sustainable development and principle of balance of the stakeholders’ interests, includes approaches of system, theoretical and empirical analysis that allows us to identify the sense and structure of investment system in a sample of Ukraine and other 11 countries. Due to the statistical and econometric methods the estimation of the dynamics and regularities of capital investments are explored and the role of financial capital outflow in economic development of the country is estimated as percentage of GDP and as potential implicit resource that can be involved in investment process. The authors propose the methodology of investment system research and regulating from positions of institutional support embittering for renewal of invested capital and for attraction of new strategic investors. The provided systematization of theoretical positions in the sphere of investments and capital migration allows to obtain the definition of sense of investment system, to discover the regularities of its development and to identify the phenomenon of unproductive outflow of financial capital. It is found that the main criteria of unproductivity of capital outflow is excess of losses and expenses for national economy, caused by such migration of resources, under possible benefits. Conclusion. The hypothesis of existence of direct positive dependence of unproductive outflow of financial capital from growth of the national economic is proved in a sample of Ukraine due to the use of empirical statistical study method. It is identified that the key factor that provokes capital outflow is inappropriate institutional support for strategic investments. The proposed model of estimation of correlation between capital investments and value added allows to calculate the possible economic, social, and budgetary effect from involving into economy of Ukraine investments saved from outflow, that can result in more than 22.6 bln USD of value added growth.

The development capital consists of financial capital, physical capital, human capital, and social capital. Social capital focuses on efforts to empower social relations. The relationship between social capital and ICT, especially the internet, has become an interesting debate. In fact, several studies have been conducted with quite diverse findings. The internet is able to connect people who are far from each other, but on the other hand, it often makes people who are physically close to each other seem far apart. This study aims to examine the effect of internet use on social capital in Indonesia. The data is obtained from the fifth Indonesian Family Life Survey (IFLS-5). The study found that in general, internet users have lower social capital than non-internet users. Likewise, highly educated people have higher social capital than people with low education. Then, internet users with higher education have higher social capital when compared to internet users with lower education. This means that the use of the internet must be accompanied by the readiness of human resources (digital literacy) in accepting new technology, filtering the flow of incoming information, and educating the public about how to use the internet in healthy, safe, and wise manner.

The culture of mutual cooperation with rural communities is one of the social capital that is still ongoing, especially in running livestock businesses. This study aims to analyze the social capital and financial capital of beef cattle breeders. The research location was chosen in conjunction in Semen District, Kediri Regency. Interviewing and filling out questionnaires are instruments in this descriptive study. The results showed that the social capital of cattle breeders in the medium category, financial capital came from a joint venture (gaduhan system). The conclusion is that the existence of social and financial capital due to the gaduhan system is a solution to economic problems in rural areas. An increase in social capital may have an impact on increasing financial capital.

The discussion on social protection in Latin America must consider the economic, social and political characteristics of the region, which have been historically constructed and reconstructed in the movement of peripheral capitalist society. In order to reflect on the relationship between the State and social protection in the beginning of the 21st century, this essay presents an overview of the conflict between capital and labor to directing the State, through social protection / public social unprotection. It presents characteristics of the Latin American society and the movement of the State in the 21st century, between the expansion and retraction in social investments. The coups d’état is analyzed as attempts to contain social advances and maintain the status quo, guaranteeing the privileges of groups linked to the ruling class and international financial capital. Finally, it demonstrates the need to transform the shape of public social protection in the Southern Cone of America to overcome the current challenges.

The Ministry of Agriculture has a strategic flagship program to improve the well-being of farmers. One of its programs is People's Business Credit (KUR). The KUR program is expected to be a solution for farmers in providing financial capital from formal financial institutions. Capitalization is a major issue facing farmers. Capital constraints also result in lower quantity and quality of yield. Thus, farmers still have low accessibility of farmers to KUR. This is because farmers consider capital access to formal financial institutions difficult and they need to have a reserve. All this time farmers have been relying on collectors and non-bankers for capital raising. Farmers need to lend capital to cultivators because they are the only easy solution to working capital. This study aimed to describe the capacity of rice farmers in accessing People's Business Credit (KUR) and to analyze the factors that influence the capacity of farmers in accessing the CURS sample of 54 people with purposive sampling technique. The research variables consisted of respondents 'characteristics, support for counseling services, social support and farmers' capacity. Data analysis techniques use descriptive statistics and multiple linear regression analysis statistics. The results can be concluded that the capacity of rice farmers in accessing KUR is in the high category. Farmers' capacity is influenced by long-term entrepreneurship, counseling service support and social support.

Глобальні умови функціонування світової банківської системи закладають якісно нові умови акумулювання і перерозподілу фінансового капіталу за різними регіонами і секторами світової економіки, а також трансформації сукупних заощаджень економічних агентів різних країн у глобальний інвестиційний капітал. Особливе місце у світовій банківській архітектурі посідає офшорне банківництво, яке в останні десятиліття перетворилось на усталений й невід’ємний компонент глобального фінансового ринку. Охоплюючи операції банківських установ, що локалізовані в офшорних юрисдикціях, офшорний банкінг забезпечує підприємницьким структурам значне послаблення податкового навантаження, високу конфіденційність комерційних угод та надійне збереження капіталу. У той самий час поглиблення міжнародної спеціалізації і виробничого кооперування, фрагментація глобальних потоків товарів і капітальних ресурсів забезпечують економічним суб’єктам широкі можливості щодо застосування послуг офшорного банківського бізнесу у цілях використання особливих систем корпоративного законодавства. У статті розкрито масштаби і структурну динаміку офшорного банківництва в останні десятиліття. Комплексно охарактеризовано сучасні тенденції розвитку офшорних банків з акцентуванням дослідницького інтересу на процесах системної технологізації і динамічному поширенні фінтеху і штучного інтелекту, проникнення у даний сектор технологій електронної комерції, його переведення на технології блокчейну, посилення клієнт-орієнтованості і персоніфікованості офшорних банківських операцій, глибокої конвергенції діяльності офшорних банків й міжнародних інвестиційних компаній, активізації злиттів трастових офшорних компаній та ін. Доведено, що дані тенденції відбивають глобальний характер діяльності офшорних банків, високий рівень інноваційності їх сервісів, неухильну диверсифікацію банківських послуг та підвищення рівня стійкості банківської системи до дії чинників світової економічної нерівноваги. Особливу увагу приділено питанню щодо реалізації блокчейн-стартапів та організації бірж з торгівлі цифровими валютами, що справляють вагомий вплив на механізми функціонування офшорного банківництва. Обґрунтовано, що клієнтам офшорних банків надається на сьогодні широкий спектр послуг, що виходить далеко за рамки власне банківського обслуговування, й охоплює також консалтингові сервіси з питань податкового законодавства, оптимізації податкових витрат, заснування офшорного бізнесу тощо.

The purpose of the work is to identify the conditions for the formation of the limit of Russian state capitalism. The study is based on a systematic approach using methods of statistical, cluster and neural network analysis. The article reflects the connection between the limit of Russian state capitalism and the structure of the Russian economy and the exhaustion of the possibilities of its development as a whole. Russia merges industrial capital with banking at the level of state monopolies, forming imperialist capitalism. As a result of the assessment of the dynamics of generalizing indicators of the activities of organizations and the boundaries of the existence of households, the conditions for the formation of the limit of Russian state capitalism in the form of a prerequisites and a base are revealed. The study revealed that the growth rate of the total profit received by existing credit organizations is not determined by the growth rate of return on assets, profitability of goods, products, works, services sold, autonomy coefficient, but, to a greater extent, is associated with the growth rate of money supply. The increase in the growth rate of the amount of subsidies accrued to the population for payment of housing and utilities is due to the lag in the dynamics of the decline in the number of people with cash incomes below the subsistence minimum compared to the growth rate of the number of families receiving subsidies for housing and utilities. The research results expand the scope of knowledge and form new competencies of state authorities for making managerial decisions to maintain a stable position and image of Russia in the globalization process. The conditions for the formation of the limit of Russian state capitalism are: the prerequisites – the devaluation of the national currency, targeted state assistance to state enterprises during the crisis and the withdrawal of capital during the period of stable economic growth; the base – the need to increase the growth rate of the amount of subsidies accrued to the population for housing and utilities.

O espaço urbano proporciona o conhecimento das diversas manifestações da sociedade materializado em suas ruas, avenidas, edificações e praças, permitindo uma melhor compreensão do processo que, ao longo do tempo, foi responsável por sua configuração. Assim, buscou-se identificar as possibilidades de interpretação patrimonial de uma cidade, por meio da Avenida 7 de Setembro, espaço representativo da história de Manaus nos períodos pré-colonial, colonial, império e república, marcados por sua construção e suas edificações. A metodologia é qualitativa, do tipo estudo de caso, com a utilização de fontes bibliográficas, documentais, de instrumentos como inventário turístico, observação e entrevista. A paisagem construída na avenida é consequência da formação social e econômica da região, onde as principais modificações ocorridas foram resultado da circulação de mercadorias e do capital financeiro de dois grandes marcos de desenvolvimento econômico e social no estado e na capital: o ciclo da borracha (1860-1930) e a criação da Zona Franca de Manaus (a partir de 1967 até hoje). Outro resultado da pesquisa é a sugestão de um roteiro turístico interpretativo pela Avenida 7 de Setembro, com a finalidade principal de diversificação da oferta turística local, valorização patrimonial e facilitação da compreensão desse espaço.

In his encyclical Laborem Exercens, John Paul II asserts the principle of the priority of labor over capital. The purpose of this article is to examine this principle. The conflict between labor and capital is often noted as an essential part of capitalism. There is a long tradition of assigning more significance to labor than to capital. In fact, the classical economists argued that labor determined the “value” of a good. To understand this conflict, we must first review what is capital and its role in capitalism. We will then look at John Paul II’s assertion of the principle of labor over capital, followed by a review of how economists have understood the relationship between labor and capital. Neoclassical economists dismiss labor and capital as classes, so they believe there is no conflict. We examine one neoclassical economist’s claim of a gap in the principle of the priority of labor over capital by not including finance capital in the analysis. We demonstrate that the Church’s teachings on usury answer the objections raised. We conclude with a review of the implications of the priority of labor over capital.

Research aim: This paper examines the trend of integrated capitals reporting in Asia, given the introduction of the integrated reporting (IR) framework in some of the countries across the continent.Design/ Methodology/ Approach: Using content analysis, the study examines the quality and extent of IR capital reporting based on IR capitals checklist developed based on the International Integrated Reporting Council’s (IIRC) framework. The data were drawn from 332 integrated reports hosted on the website of IIRC related to listed companies across the Asian continent over a four-year period (2015-2018).Research finding: The findings indicate a significant increase in the extent and quality of IR capitals disclosure. It also shows significant improvements in each element of IR capitals such as human capital, intellectual capital, social and relationship capital and natural capital based on the sampled integrated reports. Furthermore, financial capital is the most disclosed capital, while manufactured capital is the least disclosed. Though there is a significant increase in the level of disclosure, the extent of disclosure is more pronounced compared to that of the quality of disclosure.Theoretical contribution/ Originality: This study provides a scientific conclusion on the trend of IR capitals disclosure in the Asian continent using most recent integrated reports.Practitioner/ Policy implication: The findings would assist those charged with governance to monitor their reporting strategies about the IR capitals. It helps to point out the areas of improvement in disclosing each element of the IR capitals. The IIRC would also appreciate the trend of quality and extent of IR capital reporting in the Asian continent. This would, in turn, help in the review for any improvement needed to the framework.Keywords: Asia, Integrated Reporting, Multiple Capitals, Content Analyses, Trend AnalysesType of article: Research PaperJEL Classification: M41, M42

PurposeThe labour force is the cornerstone of the economy of Lao People's Democratic Republic (Lao PDR). Labour market growth seems to be vigorously increased by using labourers' capital to foster work-related employees’ well-being, through enhancing their life satisfaction. This study examines whether linking social, human and financial capital are important for the labour force in Lao PDR and whether there is a positive relationship between occupational well-being and life satisfaction.Design/methodology/approachThe authors tested the hypotheses using partial least squares structural equation modelling (PLS-SEM). Using a systematic sampling approach, the study employed structured interviews; data were collected from 1,037 members of the labour force, between 2017 and 2019.FindingsThe structural model indicated that linking social and human capital and occupational well-being were significantly positively related to life satisfaction. However, the present study found that financial capital was non-significantly related to life satisfaction. The substantive and practical implications of these findings are discussed.Originality/valueThis is the first research study to investigate the relationship between occupational well-being and life satisfaction using a Laotian sample.

Spatial Dynamic of Registered Land and Its Implications to the Livelihood System of Local Communities in Takalar Regency Takalar Regency is part of the Mamminasata Urban Region in South Sulawesi Province, which is designed to accelerate regional economic growth . Therefore, the government needs to make efforts to create a conducive investment climate in Takalar Regency. One of effort was by accelerating land registration through the Systematic and Complete Land Registration Program (PTSL). PTSL has been implemented in Takalar Regency since 2017. This research aims to identify the spatial dynamic of land registered in Takalar Regency and analyze its implications to the livelihood system of local communities. Data of land registered were analyzed by descriptive analysis, overlaid, and Moran Index spatial autocorrelation analysis was conducted to identify spatial dynamics. Data of livelihoods system, i.e. the human capital, natural capital, social capital, physical capital, and financial capital, were analyzed by Score Index method. Purposive sampling was applied to three village typologies, namely the developing coastal village, the independent coastal village, and the developing non-coastal village. The result shows that unp to 2019, 55% of the number of land parcels in Takalar Regency had been registered. Registered land had increased by 11% from 2017 and PTSL had contributed 54% of the increase. The ratio of land registered to the number of land parcels in 29 villages had changed and showed a random spatial distribution pattern dominated in northwest areas of the regency. The spatial dynamics of land registered were also followed by the dynamics of land transactions, land values, and land conversion. The result of the Scoring Index method showed that the livelihood capital of local communities after implementation of PTSL was categorized as sufficient for all typologies of sample villages. Land registration had direct implications for natural capital and financial capital.

RESUMO A virtualidade, a imaterialidade e o desenvolvimento de formas ainda mais abstratas de riqueza são características do capitalismo contemporâneo. No entanto, o curso da acumulação requer trabalho produtivo. As transformações ocultas sob essas formas de aparência são vistas à luz do pensamento de Marx de três maneiras diferentes. 1. As novas formas de trabalho produtivo que desafiam a distinção de produtivo e improdutivo. 2. A transformação do capital produtivo através da concentração, centralização e mudança de formas de concorrência. 3. A relação entre capital produtivo e capital financeiro e o novo papel do capital monetário. ABSTRACT Virtuality, immateriality and the development of even more abstract forms of wealth are characteristics of contemporary capitalism. Nevertheless, the course of accumulation needs productive labor. The transformations hidden under these appearance forms are viewed in the light of Marx’s thought in three different ways. 1. The new forms of productive labor that challenge the distinction of productive and unproductive. 2. The transformation of productive capital through concentration, centralization and changing forms of competition. 3. The relationship of productive capital and finance capital, and the new role of money capital.

The lack of understanding of the financial capital of the creative economy regarding non-bank financial institutions limits the growth of Indonesia’s creative economy. Strategies through policies, capital owners, creative economy players and bring together capital owners with players. The capital of the creative economy is represented on the criteria: entrepreneurial characteristics, product/service characteristics, market characteristics, and financial characteristics. The method used is a qualitative analysis and quantitative analysis which starts from data collection, data analysis, participatory discussion, drawing conclusions, formulating policies and stakeholder synergy. The startup mentoring scoring instrument is a framework for investor’s decision making to invest in the startup. 3 scoring elements of mentoring startup scoring: Product & key person with a weight of 55%, Traction with a weight of 25%, and Investment with a weight of 20%. Primary data were obtained by participatory observation, field studies, and key informant interviews through startup mentoring programs, workshops, and startup competitions. Results: Among 20% of startups pitched in front of investors, there are 11% of startups that investors interested in and got funding from a consortium of Indonesian and foreign venture capital companies. Matchmaking activities increase added value, and the implemented policy also increases added value.

In this paper, we investigate how vertical relatedness between business segments affects capital allocation within internal capital markets. Using a battery of tests including exogenous reductions in import tariff rates, we show that investments tend to flow towards segments with better investment opportunities in firms with significant vertical relatedness between business segments. We also link internal capital allocations to operating performance by showing that the efficiency of internal capital allocations predicted by vertical integration is a significant determinant of firm productivity and operating profitability. Overall, we show that the corporate headquarters efficiently allocates resources across divisions in vertically integrated firms and that this superior capital allocation is one channel through which vertical integration impacts real outcomes of firms.

Community Plantation Forest (HTR) is one among alternatives expected to fulfill the needs of timber. Limited capital, which is simply known as financial capital, is considered as the main problem in HTR development. However, there is also other capital but less known and understood namely social capital. This study aims to determine the social capital that can be utilized in HTR management. The study was conducted in Rumbia Village, Boalemo District, Gorontalo Province. The data collected was analyzed using descriptive qualitative method in three steps: data reduction, data display and verification. In this study, the social capital is discussed in its dimensions of trust, norm and network. Results of the study show that strengthening social capital in its dimension of trust, norm, and network would encourage independence of both the farmers and forest farmer groups in HTR management. If the social capital does not work properly, gap among farmers could occur and even becomes a barrier or limits in involvement of members of the farmer group in the management of HTR. The farmers had high trust to forestry extension officer. It became a dimension of social capital that should be developed further in HTR management to reach optimally benefits from HTR land. In addition, the farmers also had a high compliance to social norms of traditions, religion and customary rules. The social capital hold by the farmers should be addressed in proper way by local and central government in order to develop successful HTR management.

Family capital is all social, human and financial capital a family has at their disposal in the family to advance the business. Family capital is the pool of resources unique to family business and has the potential for family businesses to gain competitive advantage over nonfamily businesses in today’s competitive landscape. In order to advance the knowledge about strategic management in family businesses, this chapter reviews quantitative empirical work on each dimension of family capital and concludes that the field is still in its infancy. Most studies concentrate on (a part of) social capital, a few on human capital and a very limited number on all three dimensions. The review of the literature enables to describe avenues for further research on family capital.

This paper presents the historical process of commodification of higher education in Brazil and the constitution of the private-commercial sector in this field, emphasizing the current moment of financialization and oligopolization. The study is the result of bibliographical and documentary research, with an emphasis on the analysis of federal educational legislation. It is understood that the movement of mergers, incorporations and acquisitions of higher education institutions has provided the growth of the private sector through the logic of financial capital and the constitution of oligopolies, embodying, in a kind of 'manufacture' and 'sale' of the commodity 'higher education' and in a transformation in the way higher education was structured in the country. The hegemonic trend of transnationalization of capital in the private mercantile sector of higher education is evidenced, requiring an evaluation and discussion of the contribution of this sector to citizenship education and to the scientific, economic and social development of the country.

Entrepreneurship has always been women's interest, and women have risen in the business arena. On the other hand, statistic shows that Malaysian women's participation in entrepreneurship is still minute but vital to Malaysia's economic development, as indicated by previous researchers. Additionally, the impact of the Covid-19 pandemic has caused adverse effects on women-owned businesses in Malaysia. This research aims to offer an insight into how financial capital, the amount of capital needed, and personal savings of women entrepreneurs induces business performance among women entrepreneurs in Malaysia. This study used quantitative methods to produce empirical outcomes and substantiations to answer the research questions. A total of 312 women entrepreneurs participated in this study which facilitated the findings and conclusions. The results demonstrated that financial capital, the amount of capital needed, and personal savings were statistically significant for the women entrepreneurs post Covid-19. Additionally, the findings of this research will undoubtedly give confidence to the women entrepreneurs to come out of the Covid-19 shock and operate their business more remarkably as well as continue to progress and enhance their business performance taking into account the significance of financial resources. JEL: L20; L23 Article visualizations

The concept of productive/unproductive work is relevant for better understanding the current capitalist economy. As the contradiction between production and the appropriation of surplus value by financial capital becomes more pronounced as it expands, it exerts intense pressure on the appropriation and redistribution of the surplus value. It puts different factions of capital into growing conflict with each other and defines the boundaries of the current geopolitical map of power. The maximization of profits in the productive sector carries on until the possibilities of greater profits are exhausted and the rationale of the capitalist system of exploitation becomes virtually meaningless. The current level of technology with Artificial Intelligence eliminates at the same time any technical impediment to planning an economy. It also has the potential to create the objective conditions for making the move to the most democratic forms of participation in planning.

International audience; Individual observations of risky behaviors present a paradox: individuals who take the most risks in terms of hazards (smoking, speeding, risky sexual behaviors) are also less likely to take risks when it comes to innovation, financial risks or entrepreneurship. Existing theories of risk-preferences do not explain these patterns. From a simple model, we argue that many decisions involving risk have a temporal dimension, and that this dimension is often the main determinant of individual choices. In many real life instances, risk taking amounts to damaging the individual's capital (whether embodied capital, financial capital, social reputation, etc.), which would affect her over a long period of time after the risky decision. In evolutionary terms, the marginal cost of this type of risky behavior depends on the relative importance of the future in the individual's fitness (e.g. her time horizon). Individuals with short time horizons will give less importance to a degradation of their capital because this degradation will be paid effectively for a shorter period of time. This approach explains patterns of behaviors observed across socioeconomic groups and puts forward new approaches to prevent hazardous behaviors such as smoking.

Capital and credit constraints limit the small farm’s ability to adequately use resources for optimum performance. Farmers’ access to capital is constrained in multiple ways, including price factors, risk factors, and transaction factors, as well as access to and ease of rural agricultural financing. Using a primary survey data of small farms in Tennessee, we analyzed factors influencing credit constraint and its impact on farm performance. Farm operators’ gender, off-farm work, land acreage holdings, farm specialization, and the use of smart phone with Internet significantly influenced credit constraint. We found that the financial performance of credit constrained small farmers was significantly lower than that of unconstrained small farmers—an adverse impact of constrained capacity to credit could result in up to $51,000 lower in gross farm sales. Additionally, our reason-specific results within credit constraint suggested that around $32,000 to $39,000 lower performance in gross sales can be attributable to the constrained borrowing with deficit to obtain agricultural loans at required or desired level.

Purpose of the study: The purpose of this study is to present a description and analysis related to the characteristics of the people exposed to disaster-prone areas, in villages (rural) and kelurahan (urban) levels, public awareness of efforts to "maintain" their survival from external disturbances, conformity to program interventions/activities carried out by external parties (government / non-government). Methodology: In principle, this study uses an approach based on qualitative research. Main Findings: From the results of the research obtained based on the experience of the residents, two of the largest outflows of capital were obtained, namely social capital and human capital, while the least capital outflows were natural capital. Applications of this study: This research will be carried out in the rural area with the threat of landslides in Cijeruk Village, Bogor Regency. Novelty/Originality of this study: Sustainable Livelihood Assessment (SLA), the higher the frequency of the key behavior of the components of capital out of the SLA, the more capital is needed by a community. From the results of the research obtained based on the experience of the residents, two of the largest outflows of capital were obtained, namely social capital and human capital, while the least capital outflows were natural capital.

Existing research has accumulated substantial evidence on the effect that an environmental orientation has on businesses' economic performance. Yet this research does not cover small businesses from bottom‐of‐the‐pyramid (BOP) markets. In fact, despite increasing interest in research on BOP markets, the effect of environmental orientation on the financial decision‐making of small businesses from BOP markets has gone largely unexplored. Using a large multicountry data set from a microlending platform, we investigate how the environmental orientation of BOP businesses impacts their financial decisions related to microlending, which ultimately shapes their economic performance. The results indicate that an environmental orientation necessitates BOP businesses to request a higher level of financial capital and ask for longer time to pay it back. Surprisingly, environmental orientation increases the odds of BOP businesses paying back the borrowed capital. These results show that environmental orientation gives rise to both challenges and opportunities for sustainable development in BOP markets.

Purpose of the study: The purpose of this research is to analyze the characteristics of urban communities in the disaster response area to tackle floods. Methodology: In principle, this study uses an approach based on qualitative research. The area that is the background of this study includes the Cawang Village area which is prone to flooding. Sources of data in this study were interviewees who were community leaders who had lived for more than 20 years and local RT/RW devices. Main Findings: From the results of the research obtained, based on the experience of the residents, two of the largest outflows of capital were obtained, namely social capital and human capital, while the least capital outflows were natural capital. Applications of this study: The characteristics of urban communities in the disaster response area are kelurahan cawang, East Jakarta, and dki Jakarta. Novelty/Originality of this study: There are 2 capital components of SLA which are human capital and social capital. While the natural capital component is the lowest compared to the others, are physical capital and financial capital; and have a good early warning system with the existence of a communication network from BPBD to RT, RW, and PB2M.

The paper explored the main problems of small business in Ukraine, including: general state of Ukraine's economy, the problem of monopolization of business, low domestic. competition, the lack of sufficient start-up capital, financial capital, imperfect tax system, high levels of corruption, unstable business environment declarative form of state support and others. Determined that solving these problems of small business development in Ukraine should be one of the key areas of public policy, because small businesses will significantly improve the effectiveness of national economic potential, optimization of Ukraine's participation in international division of labor, strengthening the competitiveness of the national economy. The publication considers the essence and the objective necessity of the use of financial mechanisms for the development of small and medium business, discloses a scheme for the implementation of the financial mechanisms of development of small business through financial instruments. The research defines the problems and prospects of effective use of these financial mechanisms in Ukraine.

Cities in the 21st century are wanting urban rail linked to Transit Oriented Development (TOD) for economic, social and environmental outcomes. However, traditional sources of funding and planning governance are failing due to the limitations of government accessed capital and even where urban rail is built, TOD’s are not always created due to a lack of integrative governance. This paper shows how private finance and expertise can be both the source of rail capital and the integrative governance force required for co-operative partnership-based TOD’s. We call this TFUL—transit, finance and urban land development. A range of tools for land value capture (LVC) are outlined that are used to provide TFUL outcomes though some are better than others for creating economic value in the resulting TOD’s. The differences are shown to be related to the need to integrate financial capital, political capital and social capital; in particular this is due to how much private investment and expertise is incorporated into the LVC process along with the usual community and government processes. Case studies from developed and emerging cities are outlined for each of the four groups of LVC tools: Fully Public: Land-Based Levies; Partially Private: Tax Increment Financing; Partially Public: Special Improvement Districts; and Fully Private: Entrepreneur Rail Development. The conclusions drawn from this analysis support the significance of private sector involvement from the concept stage for TFUL projects to enable wider economic value creation and land value capture opportunities.

In the article, based on the use of management theory, finance and risk theory, managerial capabilities is considered as a set of managers' abilities in updating and transforming the firm's resource base. This will help maintain and develop competitive advantage and productivity. The antecedents of dynamic managerial capabilities are managerial human and social potentials and managerial knowledge. They are formed as a result of managers' abilities to recognize opportunities and threats, seize opportunities, and transform the resource base. The subjects of managerial capabilities are managers of all management levels. In the context of strategic changes and flexible management, managerial capabilities is transformed into managerial capital, which is part of human capital. It has been proven that management capital has the same ability to generate cash flows by increasing capital as financial capital and exists in two forms: as an asset and a factor of production; as a source of capital growth. The possibility of attributing managerial capabilities capital to the categorical apparatus of financial theory is considered. It is proved that the content and significance of managerial capabilities capital only allows it to be used through the mechanism of circulation of investments and investment risks as a decrease in unwanted risk in exchange for the loss of target income.

The question of whether REITs compete for scarce capital across geographic space is deserving of attention. In this study, we consider the issue of spatial competition among REITs across U.S. states in terms of the degree of interdependence in financial capital demand. First, we motivate the issue with a theoretical model of cost minimization by using a representative REIT in a given U.S. state and demonstrate that a priori, it is unclear whether the capital demand of a REIT depends on that of the REITs in other states. Then we use spatial econometrics techniques and find empirically that REITs compete for financial capital with REITs in other states. We also find evidence of feedback (or indirect) effects, thus implying amplified crowding out of financial capital when other REITs in nearby states increase financial capital demand. Our findings are aligned with the predation hypothesis, which suggests that REIT managers might exploit the financial distress of neighboring REITs and/or investors as an opportunity to steal their market share. Another key contribution of this study is that we focus on capital liquidity as opposed to stock liquidity.

Objective –This study determines the nature and the direction of how financial and human capital influence the financing of microentrepreneurs in Cameroon. Compared with past research, this work uses existing microentrepreneurs only, which are considered as the only ones having access to the financing of MFIs. Methodology/Technique – This study employs an explanatory approach and uses the Five Cs model and primary data to explain the influence of financial capital (capacity, collateral, capital and condition) and human capital (character) on the financing of microentrepreneurs by MFIs. Findings – On the one hand, the findings show that character, capacity and collateral significantly increase financing of microentrepreneurs by MFIs. On the other hand, the findings reveal that that condition is significant and has an inverse relationship with lending to microentrepreneurs. Collateral was found to be not significant. Novelty: Compared with past research, this work uses existing microentrepreneurs only, which are considered as the only ones having access to the financing of MFIs. This study examines the relationship between financial and human capital to capacity, collateral capital and condition and character of microentrepreneurs. Type of Paper: Empirical Keywords: Capacity; Character Collateral; Condition; Capital; Financing of Microentrepreneurs; Microfinance Institutions. Reference to this paper should be made as follows: Serge, M.E. 2019. Financial and Human Capital of Microentrepreneurs and Financing by Microfinance Institutions (MFIs) in Cameroon, J. Fin. Bank. Review 4 (3): 98 – 107. https://doi.org/10.35609/jfbr.2019.4.3(3) JEL Classification: G21, G32, L22, O15.

The Doer of Micro, Small and Medium Enterprises have an important role to make and spur a state economic development. According to the Data of Ministry of Cooperation and UKM (2014), the number of cooperation and UMKM is more than 98% of the total entrepreneur in Indonesia. The number of UMKM is more than 58 million enterprises and contribute to pervade more than 97% of man power or in number is around 107 million people. This is a national asset for the sustainable economic development, but there is a funding problem as a classic problem for UMKM. Venture Capital is the most appropriate fund for UMKM as the source of financial capital. The Investment Model of Venture Capital with the participation of capital or in other funding form into a company as the business partner(Investee) in certain period of time has a good prospect, good potential of value creation, feasible, although not bankable. Modal venture investment is more appropriate to fund the UMKM and Start Up because can give fund to the company which has no standard as a company and operational history. This research is purposed to know the law regulation of UMKM empowerment through venture capital funding in Medan and how the deal between the venture capital funding institution and UMKM. The method is descriptive research which using primary and secondary data. Keywords : MSME, Funding, Venture Capital

Since the 1950s and the 1960s when Ramaswamy deliberated on issues of development, developing economies have undergone major changes. Increased urbanisation, introduction of more complex and sophisticated technologies and reduced dependence on exports of primary commodities have brought in their wake considerable changes which warrant a new outlook on development policies. At the centre of this is the capability of governments to regulate economic activity and the associated insulation of domestic economics from international markets denoted here by the term “inner oriented” policies. Moreover, the belief that the Great Depression and the Second World War had destroyed the private international capital markets, which was borne out by the fact that during 1950s and the 1960s international capital flows were over-whelmingly on official account, is no longer valid today. This paper first reviews what is now understood as a “stylised fact” of inner oriented developing countries’ economic performance and then consider how the presence of sizeable private capital flows has altered the situation.

This study aims to review the concept of entrepreneurship capital in the context of rural entrepreneurship. Rural entrepreneurship is becoming increasingly popular because it is considered as the proper instrument in stemming urbanization. This research examines the relationship between entrepreneurship and firm performance in the perspective of resource-based theory. The researcher used a structural equation model approach as a tool to measure the relationship. The unit of analysis of this study is a rural youth entrepreneur domiciled in East Java Province, Malang Regency, Bojonegoro, and Tuban. This study used a quantitative approach involving 733 youth entrepreneurs with a purposive sampling technique. The results of the study found that not all elements of entrepreneurship capital were able to influence firm performance. The three elements are cultural capital, social capital, and human capital. Other findings show financial capital is no longer as a major consideration to support entrepreneurship as in previous studies.

Purpose The purpose of this paper is to analyse the relationship between female representation on corporate boards and intellectual capital (IC) efficiency – while prior studies focus on the relationship between gender diversity and firms’ financial performance. Design/methodology/approach Drawing on data from top 500 UK listed firms for 2007–2016 (3,279 firm-years), this study employs an adjusted-value-added intellectual coefficient as a measure of IC efficiency. Further, the two-step system-generalised method of moments has been applied to account for endogeneity issues. Findings The results reveal a significant positive relationship between female representation on boards and IC efficiency, including human capital, structural/innovation capital and financial capital efficiency. These results are robust to alternative proxies for the independent variable and difference-in-difference estimation. Practical implications The results posit that female representation on boards is associated with IC efficiency, which is vital for firms’ value creation and competitive advantage in the knowledge-economy era. The study also endorses current legislation to increase female representation on corporate boards. Originality/value This is among the limited studies to explore the role of female representation on boards in IC efficiency – while most prior studies relate IC efficiency to financial performance.

We assess the motivations for changing capital controls and their effectiveness in India, a country with extensive and long-standing controls. We focus on the controls on foreign borrowing that can, in principle, be motivated by macroprudential concerns. We construct a fine-grained data set on capital control actions on foreign borrowing in India. Using event study methodology, we assess the factors that influence these capital control actions, the main factor being the exchange rate. Capital controls are tightened after appreciation, and eased after depreciation, of the exchange rate. Macroprudential concerns, measured by variables that capture systemic risk buildups, do not seem to be a factor shaping the use of capital controls. To assess the impact of controls, we use both event study and propensity score matching methodologies. Event study methodology suggests no impact of capital controls on most variables evaluated, but reveals limited evidence that capital controls relieve currency pressures in the short term. However, even this limited evidence disappears once selection bias is controlled for., Les auteurs examinent les raisons pour lesquelles des changements sont apportés au régime de contrôle des mouvements de capitaux en Inde (pays où, de longue date, ces contrôles occupent une place importante), ainsi que l’efficacité de ces modifications. Plus spécifiquement, l’étude porte sur les restrictions touchant les emprunts à l’étranger qui peuvent, en principe, être motivées par des préoccupations d’ordre macroprudentiel. Les auteurs constituent pour ce faire un ensemble très complet de données. Au moyen de l’approche événementielle, ils étudient les facteurs qui influencent les modifications décidées par les autorités, le principal d’entre eux étant le taux de change. Le contrôle des mouvements de capitaux est resserré en cas d’appréciation de la monnaie et assoupli en cas de dépréciation. Les considérations macroprudentielles, évaluées à l’aide de variables rendant compte de l’intensification du risque systémique, ne semblent pas être un facteur déterminant en ce qui concerne la décision de resserrer ou d’assouplir les règles. Pour évaluer l’incidence du contrôle des capitaux, les auteurs emploient l’approche événementielle ainsi que des méthodes d’appariement par score de propension. La première approche donne à penser que le contrôle des capitaux n’a pas d’effet sur la plupart des variables à l’étude, mais qu’il pourrait atténuer les pressions exercées sur la monnaie à court terme. Cependant, une fois le biais de sélection pris en compte, même cette incidence ténue disparaît.