Collateral and Credit Supply

The author examines the role of collateral in an environment where lenders and borrowers possess identical information and similar beliefs about its future value. Using option-pricing techniques, he shows that a secured loan contract is equivalent to a regular bond and an embedded option to the borrower to default. He finds that the lender will not advance to the borrower a loan that exceeds the market value of the collateral, and that the supply of loans increases with a rise in the market value of the collateral. Increases in the volatility of the value of the collateral, interest rate, and dividend rate of the collateral independently depress the loan supply. The author also derives the cost of a third-party guarantee of a loan and an implied risk premium.Credit and credit aggregates; Economic models

The Demand for Money in a Stochastic Environment

The author re-examines the demand-for-money theory in an intertemporal optimization model. The demand for real money balances is derived to be a function of real income and the rates of return of all financial assets traded in the economy. Unlike the traditional money-demand relation, however, where the elasticities are assumed to be constant, the coefficients of the explanatory variables are not constant and depend on the degree of an agent’s risk aversion, the volatilities of the price level and income, and the correlation of asset returns. The author shows that the response of households to increased volatilities in the financial markets, economic activity, and prices cannot be predicted, because a rise in general uncertainties has an ambiguous impact on the demand for money. This suggests that increased uncertainty is not very helpful for the planning decisions of households, because the optimal level of money holdings in the period of uncertainty cannot be ascertained.Monetary aggregates

Recent Developments in the Monetary Aggregates and Their Implications

Narrow Money-Transactions Money The growth rate of the narrow monetary aggregates picked up in 1999, reflecting the expansion in economic activity and the stabilization of interest rates. The sharp acceleration of the narrow aggregates in recent months suggests buoyant growth in GDP in coming quarters. Signs of a possible rise in inflation are also emerging. Over the longer run, for inflation to remain in the Bank's 1 to 3 per cent target range, the growth of narrow money would have to slow down from its current pace. In 1999, the growth rate of M1 also began to converge with that of the other narrow aggregates, M1+ and M1++. This suggests that the influence of the special factors that have been affecting the growth rate of M1 has diminished. Broad Money-"Store of Value" Household savings represent deferred consumption, and therefore the broad monetary aggregate provides information about future spending and, hence, inflation. In 1999, the very broad measure of money, M2++, grew at much the same rate as it did in 1998. This outcome is in line with inflation remaining in the inflation-control target range over the next couple of years.

Bank Lending, Credit Shocks, and the Transmission of Canadian Monetary Policy

The authors use a dynamic general-equilibrium model to study the role financial frictions play as a transmission mechanism of Canadian monetary policy, and to evaluate the real effects of exogenous credit shocks. Financial frictions, which are modelled as spreads between deposit and loan interest rates, are assumed to depend on economic activity as well as on credit shocks. A general finding is that almost all of the real response to a monetary policy shock comes from the price rigidity and not the credit frictions. Credit shocks, however, do have substantial real effects on macroeconomic variables. Thus, in this model, imperfections in credit markets are responsible only for a small amplification and propagation of the real effects of monetary policy shocks.Financial institutions; Monetary policy framework; Transmission of monetary policy

Ghana’s National Health Insurance Scheme in the Context of the Health MDGs – An Empirical Evaluation Using Propensity Score Matching

In 2003 the Government of Ghana established a National Health Insurance Scheme (NHIS) to improve health care access for Ghanaians and eventually replace the cashand- carry system. This study evaluates the NHIS to determine whether it is fulfi lling its purpose in the context of the Millennium Development Goals #4 and #5 which deal with the health of women and children. We use Propensity Score Matching techniques to balance the relevant background characteristics in our survey data and compare health outcomes of recent mothers who are enrolled in the NHIS with those who are not. Our fi ndings suggest that NHIS women are more likely to receive prenatal care, deliver at a hospital, have their deliveries attended by trained health professionals, and experience less birth complications. We conclude that NHIS is an eff ective tool for increasing health care access, and improving health outcomes.Health insurance, prenatal care, Millennium Development Goals, Propensity Score Matching

Ghanaian Immigrants Use Religion to Affirm Their Identity

Ghanaian immigrants in Toronto use their churches not only for spiritual support, but also to form social networks and affirm their cultural identity. Racism causes some immigrants to turn to religion – which, in turn, can create ethnic enclaves that further isolate immigrants from other Canadians.York's Knowledge Mobilization Unit provides services and funding for faculty, graduate students, and community organizations seeking to maximize the impact of academic research and expertise on public policy, social programming, and professional practice. It is supported by SSHRC and CIHR grants, and by the Office of the Vice-President Research & Innovation. [email protected] www.researchimpact.c

The perception of refuse in West African cities the case of Techiman, Ghana

The refuse problem in most West African cities has attained such a massive proportion that even the most insensitive city dweller cannot overlook it. Of the very few studies undertaken on the issue most emphasize the distribution, the magnitude and the economic effects of refuse on the urban environment. Although evidence suggests that culture is the filter through which different environments are held significant by the people, little has been documented on the attitudes and perceptions of West African people in relation to the quality of their environment. The present study analyses the public perception of refuse and how this influence: the decisions which are reached in defacing the urban environment. It also draws out the health problems associated with refuse in Nest African cities. Techiman in Ghana is used as the case study. It was found that the perception of refuse is a function of socio-economic and demographic factors, as well as of the level of exposure to refuse. It was further found that, confronted with problems about the satisfaction of basic needs, the people attach lesser importance to the refuse problem, despite the evidence that refuse-related health problems are acute. Policy makers need to know and incorporate more of the people\u27s perceptions and attitudes if the corrective measures advocated are to be realistic

Mobilizing Believers Through an Intentional, Sequential and Relational Approach to Discipleship Training at Calvary Baptist Church, Accra, Ghana

Calvary Baptist Church has historically been a disciple making church. In recent years, however, interest and attendance has waned and church growth has plateaued. In an attempt to encourage new growth, revitalize small group discipleship training, and direct new leadership into ministry opportunities, this dissertation asserts that spiritual growth developed through a relational approach to sequential and intentional discipleship training for spiritual formation will help Christian leaders mobilize believers for ministry Chapter two examines the disciple making approaches of both the Old and New Testaments with Jesus\u27 process being the primary example. Chapter three analyzes the discipleship methodology of John Wesley and contemporary practitioners who focus on the sequential, intentional, and relational aspects of discipleship. Chapter four illustrates how discipleship has been the driving force in influencing the establishment, ministry and growth of Calvary Baptist Church. In conclusion, action plans and innovative procedures are outlined which, when implemented, will revitalize the discipleship program of Calvary Baptist Church through new administrative structures, a revised discipleship curricula, and dynamic leadership training

Field Study of Mobile Phone Use by Motorists in Accra: 2010-2014

Mobile phone use by motorist is a known road accident risk factor. However, little known research has been conducted in Ghana to determine the actual rate of mobile phone use by motorists. In this study, we try to estimate the rate of usage by motorists in Accra-Ghana. Drivers on six major roads in the city were observed in regards to their use of mobile phone while driving over four years. Gender of the driver and the type of vehicle used by the driver was also recorded. The results show that among 9,383 drivers that were observed over period, on average 9.4% (almost 1 in 10) motorists used their mobile phones everyday. In addition, mobile phone use increased over the period from 4.4% (1 in 25 drivers) in 2010 to 9.4% (1 in 10 drivers) in 2013. The results also show that there was a significant difference between men (9.0%) and women (12.2%) in the use of mobile phone by motorists in the Accra. In addition, average daily use of mobile phones among drivers of private vehicles (13.2%) was higher than among commercial vehicles (5.6%). Keywords: Mobile Phone, Driver Distraction, Motorist, Private Vehicles, Commercial Vehicle

Forensic Accounting: a Relief to Corporate Fraud

We investigated the effect of forensic accounting on corporate fraud and performance outcome in the Nigerian manufacturing sector. Using a match sample of 306 manufacturing firms registered with the Manufacturing Association of Nigeria (MAN). 3 hypotheses proposed and tested and the findings revealed that corporate fraud is on the increase in this sector of the economy, and the reason is that most managers want to be independent at the expense of their employers. That most managers incorporate firms that supply goods to their company at very high prices thereby increasing cost of production. Keywords: Corporate Fraud, Financial Reporting, Financial Statement, Forensic Accounting, Managemen