Open Access

Article

Article ID: 2033

Financial literacy education and inclusion for migrants: A logistic regression model exploration

by Julius Kwaku Adu-Ntim, Kingsley Ofosu-Ampong, Angela Ashorkor Ashietey, Daniel Abotwe Dzimah

Forum for Economic and Financial Studies, Vol.2, No.4, 2024;

This study investigates the financial literacy and inclusion of Ghanaian migrants in the UK, focusing on demographic impacts on financial behaviors. Analyzing data from 400 structured survey respondents through descriptive statistics, correlation analysis, and logistic regression, the research finds that most Ghanaian migrants in the UK are younger, unmarried males with less than a university education. Educational attainment emerges as a significant predictor of financial asset ownership, with higher education levels correlating with ownership of savings accounts, investments, and pensions. Marital status also influences financial behaviors, with married individuals exhibiting different financial patterns than singles. Correlation analysis reveals a positive relationship between the length of stay in the UK, age, financial inclusion, and literacy, indicating that longer residency is linked to better financial integration and literacy. Older migrants tend to have larger households and higher financial engagement and literacy. The study provides empirical data on the financial behaviors of Ghanaian migrants in the UK, underscoring the need for financial literacy and inclusion for socio-economic integration. Recommendations include targeted educational programs for younger, unmarried Ghanaian males, and support services for new migrants to navigate the UK’s financial system, aiming to promote economic empowerment and integration within the migrant community.

Open Access

Article

Article ID: 2132

Managing the digital economy: The case of Vietnam

by Vinh Hung Nguyen, Duc Anh Nguyen

Forum for Economic and Financial Studies, Vol.2, No.4, 2024;

The digital economy is experiencing rapid growth and holds the potential to draw a substantial number of participants in Vietnam currently. Nonetheless, despite the advantages it offers, the digital economy is also confronted with numerous risks, legal infractions, and complexities that present challenges to the government’s management endeavors. Consequently, this article conducts research on the management of Vietnam’s digital economy in the present context, with the aim of pinpointing its limitations and shortcomings, and puts forth recommendations to improve the effectiveness of managing this new and critical economic landscape.

Open Access

Article

Article ID: 2014

To ensure fast growth-trend of bank-led digital-transactions in Indonesian: Seeking for motivational efforts adopting voluntary insurance policies

by Akim M. Rahman

Forum for Economic and Financial Studies, Vol.2, No.4, 2024;

Purpose of the study: In today’s world, banking services have been modernized where customer compete for time-saving option in economy-country-wise where Indonesia is no exception. Here the Bank Indonesia (BI) has been speeding up the efforts for making the financial system to be digital based for few years now. The BI-FAST is a payment system infrastructure, which was earlier introduced by the BI. However, probable customers are still concerned about psychology-driven risk-factors using digital banking, particularly bank-led digital banking-services. As a result, it has been undermining the growth-trends of digital-transactions. To marginalize the dilemma, attaching a new product known as Voluntary Insurance (VI) is proposed in literature where the value of the VI-product can keep the e-banking businesses growing. Over the time, it can ensure absolute unhazardous or riskless digital banking in Indonesia. It can facilitate the Indonesian-society to be the first cashless-society in world. Thus, the pivotal enquiry in this study is: can bank-management and policy-practitioners of Indonesia be motivated and play its roles for further better-ness of its society? Methodology: For answering the question, this study used theoretical research-techniques where motivation and supportive efforts model has been developed underpinning the goal of achievement ensuring cashless economy of Indonesia. Findings: The theoretical analysis clearly shows that the motivations of officials and policymakers in Indonesia-economy can contribute significantly strengthening its economy. Implications: Thus, the answer to the question posed is Yes and as an outcome, it can facilitate to be a cashless society soon where bank-management and policymakers’ motivations are prerequisite for the achievement.

Open Access

Review

Article ID: 1626

Why the European Central Bank lacked efficacy to fight against the recent surge in inflation

by Séverine Menguy

Forum for Economic and Financial Studies, Vol.2, No.3, 2024;

The paper focuses on the determinants of the surge in inflation between 2021 and 2023 and on the efficacy of monetary policy in fighting against these inflationary tensions. The main role of the European Central Bank is to ensure that inflation expectations remain anchored to a clear target. An active monetary policy can also stabilize future expected inflationary tensions or demand shocks. However, a simple theoretical model can explain the incapacity of European monetary policy to fight against the supply-side factors of inflation in the post-COVID period: inflationary tensions inherited from previous periods, imported from foreign countries (energy and food), or due to higher current or anticipated profit margins. In these cases, a huge increase in the nominal interest rate and a very contractionary monetary policy only risk creating a strong recession, without avoiding inflationary tensions.

Open Access

Article

Article ID: 1806

Does economic growth, external debt, and institutional quality promote poverty and income inequality in Nigeria?

by Magaji Ibrahim Yakubu, Samson Adeniyi Aladejare

Forum for Economic and Financial Studies, Vol.2, No.3, 2024;

The United Nations sustainable development goal 10 (SDG10) aims to reduce inequality and by extension poverty within and between countries. However, issues of economic growth, external borrowing, and institutional quality could clog efforts at realising SDG10, particularly in a developing country. Thus, this study assessed the effect of economic growth, foreign debt, and institutional quality on poverty and income inequality in Nigeria between 1990 and 2022. The research applied the autoregressive distributed lag (ARDL) technique in its empirical analysis. Findings from the study indicated that economic prosperity does not have significant long-run impact on poverty and inequality. However, the short-run relationship showed that economic growth increases inequality in Nigeria. Foreign borrowing was revealed to further aggravate poverty and inequality in the long-run. Also, while government effectiveness demonstrated an enhancing effect on poverty in the short and long-run periods, its long-run impact on inequality is significantly decelerating. Thus, based on the aforesaid conclusions the study recommends the strengthening of small and medium enterprises through access to finance at lower interest rates and equitable distribution of national wealth through the payment of a living wage, provision of social and economic infrastructure, etc. Also, the agricultural sector should be made more attractive to the youths through encouraging export promotion policies. Leveraging financial technology, and encouraging start-up firms can further reduce the poverty and the inequality level in the country.

Open Access

Article

Article ID: 2002

Project management and partner banking as tools for the recovery concept in Ukraine

by Arkadii Sukhorukov, Tatiana Yegorova-Hudkova, Maksim Bojko

Forum for Economic and Financial Studies, Vol.2, No.2, 2024;

The main purpose of this study is to investigate the effect of project management and partnership banking. Due to the shortage of investment, Ukraine always needs to plan for financial resources. All over the world, partnership banking is becoming an increasingly common and attractive type of investment in projects. In the conditions of modern Ukraine, with the need to restore industrial and infrastructure construction projects, one can predict significant growth in the construction services market and the need for investment. In this study, the ways of possible increasing investment in the construction industry have been discussed based on the use of a logical-structural approach in project management and partnership banking as a source of investment.