Financial Architecture

The Global Financial Architecture can be seen as a triptych of three faces, namely International Financial Markets, Bilateral and Multilateral assistance for Developing Countries, and the self-insurance mechanisms of EMDEs. The G 20 played a major role in reforming and upgrading the Global Financial Architecture in the wake of the Global Crisis over a decade age. This consisted of reforming and tightening financial regulation and in enhancing global safety nets. The GFC also saw the US Federal Reserve emergence as the fourth pillar of the GFA. This architecture has held up fairly well during the current Covid 19 crisis so far. It has also shown that both Emerging Asia and Europe are no longer dependent on the Global financial safety net. This crisis however threatens to be as big, if not deeper, than the Global Financial Crisis. The real test may therefore lie ahead. Global cooperation of the kind seen at the time of the GFC over a decade ago looks increasingly difficult in the current environment, and will be tested were the Covid related crisis to be protracted.

After every major economic crisis, the global financial architecture changes markedly. The COVID-19 crisis will not be an exception. The current expert discussions are largely focused on a possible shift towards de-globalisation processes, the strengthening of regionalism and the role of nation-states. Recognising the factors behind these fears, Evgeny Vinokurov, Chief Economist of the Eurasian Fund for Stabilisation and Development, shows the multilevel and complex nature of the current processes in the institutions responsible for the anti-crisis function of the globes financial architecture.

The purpose of the study was to access the adoption of digitalization tools for accounting purposes by SMEs in Tubah Sub Divsion. Research questions were answered by formulating a set of hypotheses. A quantitative approach was used. Relevant data was collected through structured questionnaire. Subjects for the study consisted of 60 business men selected from the villages that make Tubah Sub Division. The questionnaire was distributed to business men of the locality. SPSS version 26 and Microsoft Excel 2019 has been used to for data analysis. Both descriptive and inferential statistics were used for data analysis. The statistical tools were aligned with the objective of the research. For this purpose, cluster bar charts and percentages were computed and substantively interpreted. Inferential statistics like Pearson product correlation coefficient (r) and linear regression were used to determine if there is a significant positive relationship existed between the independent variables (basic accounting software, invoicing software and business bank account) and dependent variables (accounting purposes). Analysis and interpretations were made at 0.05 level of significance. The hypotheses were tested using linear regression which gave a coefficient of determinant (adjusted R 2 of 0.946) indicating that 94.6% Change in accounting purposes is cause by digitalization tools. Given the fact that the probability corresponding to the F value is 0.001, it means that we would be taking a 0.01% risk in assuming that the null hypothesis (digitalization tools does not have a significant effect on the accounting purposes of SMEs in Tubah Sub Division) is wrong. The study concluded that digitalization tools has important effect on accounting purposes. Therefore, it was recommended that SMEs should try to improve on their information technology since it is capable of contributing positively to the accounting information system.

Traditional cost-benefit analysis is based on a number of assumptions found in neo-classical economics. The paper argues that these assumptions could be considered to be deeply flawed. It suggests that these assumptions include a belief in perpetual growth and result in a particular bias against sustainability. This paper questions those assumptions and indicates what needs to be changed for CBA to become a useful tool for a green approach to policy-making.