Can we have a general theory of financial innovation processes? A conceptual review

Introduction:Since the financial crisis of 2008,the theory of financial innovation has been a focus at a time of re-evaluation and re-conceptualization.However,little has been done to evaluate the current state of research considering the increasing complexity of financial innovation.This paper examines the hypothesis of a general theory that encompasses increasing complexities in the financial innovation process.Methods:The paper begins with an overview of the definitions,the features,and the classification schemes of financial innovation.Additionally,the paper reviews the existing literature on the main objects of study in financial innovation and groups the findings under four main concepts.A conceptual analysis is presented that evaluates current approaches to the study of the financial innovation process and the difficulties inherent in constructing a single general theory.The paper proposes a framework based on a meta-theory of financial innovation as a better approach to understanding the inherent complexities and diversities affecting financial innovations.Discussion:(1)Financial innovations present diversities and complexities that make it infeasible to build a unifying general theory to explain their development.(2)The current state of research on financial innovation theories is limited and requires additional input.(3)A meta-theory that identifies,classifies,and connects theories of development for financial innovations is better suited to explaining the complexity of financial innovation processes.

Replacement Meal: Effectiveness of a Soluble Powder Rich in Fibers and at Low Glycemic Index in Overweight but Not in Obese Patients

Active lifestyle and qualitative and quantitative diets are the best way to lose weight. In our study we have assessed the effectiveness and tolerability of a soluble powder rich in fibers and at low glycemic index and used, with a portion of fresh fruit, as replacement meal (for a total calorie intake ranging from a minimum of about 130 kcal to a maximum of 260 kcal) in 52 overweight/obese subjects of the outpatient clinic of the Italian National Research Council (CNR) of Rome already in treatment with a low-fat low-carbohydrates qualitative diet. The study was a parallel, prospective trial of two randomized sample groups, “intervention” (26 subjects) and “control” (26 subjects). After 8 weeks, the treatment based on the replacement meal has improved the results obtained through the qualitative diet alone above all in the overweight subjects: 11/16, versus only 2/16 in the control group, became ranged within normal weight. On the contrary, the majority of obese subjects didn’t change their BMI classification suggesting that, in case of obesity, a controlled quantitative correction with weighing food portions could be a better strategy than low-calorie replacement meal.

Development or Environmental Jeopardy: The Carbon Footprint of Hotels in Juba South Sudan

Climate change and global warming have been identified as major threats to the development of South Sudan due to greenhouse gases (GHGs) emission responsible for the rising temperatures and erosion of existing ecosystem services that support local livelihoods. Mitigating GHGs emissions has become an urgent global policy trajectory with countries acceding to related Treaties and setting national targets. Despite having submitted its initial communications to the United Nations Framework Convention on Climate Change (UNFCCC), outlining specific sectors for GHGs reduction, the rapidly growing hotel industry has not been identified among the sectors and no GHGs emission reporting has been undertaken. Therefore, this study aimed to assess, quantify and report on the GHGs emission potential of the hotel industry in Juba-South Sudan, examine existing GHGs emission reporting mechanisms and propose a reporting framework. Using a standard quantitative methodology, the carbon footprint of twenty-seven hotels was assessed. The results showed that the hotel industry is one of the leading emitters of GHGs emission amounting to 14,624.9-ton CO2eq/year. The study also found no existing GHGs reporting systems in South Sudan and proposed a reporting framework and identified potential emissions reduction strategies for the hotel industry to deal with climate change and carbon emission issues of the hospitality industry. It recommends that further research be initiated to 1) assess the applicability of the identified strategies in the context of South Sudan and 2) to quantify GHGs emissions from cooling appliance within the hospitality industry as well as emissions from other growing sectors like the transportation.

The Role of Institutions:A Cross-country Analysis of Renminbi Trading in Foreign Exchange Markets

We explore how China's geographically targeted policies impact RMB overseas use individually or in combination.The policies include swap agreements,clearing banks,investment quotas,and direct trading between Chinese renminbi(RMB)and non-USD currencies.Adopting a fuzzy-set qualitative comparative analysis and using Bank of International Settlements cross-country data on foreign exchange markets,we find that institution building has lowered the barriers to international adoption of the RMB.Specifically,for countries economically close to China,high RMB trading is explained by either(i)having a clearing bank in the host market and direct quotations between the RMB and the local currency,or(ii)being a financial center and having access to the Chinese capital market.This combination of policies is explained by the creation of(i)"trading posts"that provide RMB liquidity abroad,and(ii)channels that allow actors to " recycle" offshore RMB funds.We triangulate our results with interviews conducted with senior People’s Bank of China officials.

Defining,Explaining and,then,Exploiting the Elusive Concept of"Governance"

The concept of“governance”has become omnipresent in the lexicon of politics and political science.It has very quickly acquired many different meanings,but its most important property seems to be its capacity to serve as a substitute for“government”.The former is(allegedly)good,and the latter is(allegedly)bad.In this essay,I explore the definition,the presumptions and the utility of governance.I conclude that it can make an important contribution of our understanding of the increasingly complex process of making and implementing public policies,but not as a substitute for government.

State versus private sector provision of water services in Armenia

Despite increasing advocacy and adaptation of public-private model of water governance worldwide since the 1990s, today only 5% of the world＇s population is served by water utilities with private involvement. The present article examines the experience of the water sector in Armenia with private sector participation. The study describes the process of the introduction of public-private partnerships in the water sector and focuses on analyzing the impact of privatization on water utility performance. The analysis employs the partial indicator method for evaluating the impacts in relation to operational, finance, and environmental performance, done by drawing on the database for the five water companies in Armenia. The empirical evidence shows that private participation in general led to improved overall performance. In particular, private involvement resulted in increased operational efficiency in terms of labor productivity, water metering, continuity of service, and revenue collection efficiency. There were mixed improvements in the operating cost coverage ratio. As for environmental performance, there were gains in the reduction of residential water consump- tion, accompanied, however, by an increase in non- revenue water.

RHETORIC OF THE LAWYER AND PHILOSOPHICAL CONVERSATION

The article focuses on the difference between strategic rhetoric and philosophical conversation. It first tries to distinguish between sophistical manipulation and valid strategic argumentation. In order to do that, the author tries to give a new meaning to the old Aristotelian tripartition between logos, ethos, and pathos. Then, he uses Chaim Perelman＇s theory of argumentation to show that the standard of rationality in practical reasoning is a specific one. After having clarified the very concept of strategic argumentation, the author distinguishes it from the notion of philosophical conversation. He tries to show that if the latter is completely replaced by the former, the danger exists that victimization and morals ＂a la carte＂ will generate a defeat of critical thought.