Issue #3 (Volume 5 2016)

International trade is a significant factor in economic development and meeting global standards is essential for economic growth of any country. However, increase in exports and imports can have both negative and positive effects. The purpose of the article is to establish impact of regional economic and social development level on international trade and distinguish influential factors. Research is conducted using economic indicators in Ukraine, and Sumy region in particular. Factors are divided into four groups and their impact is assessed through correlation and causal analyses of 48 indicators resulting in construction of VAR model. Modeling resulted in obtaining exports equation in Sumy region and confirmed that shocks in standard deviation of economic indicators (world prices of oil “Brent” and corn, official hryvnia exchange rate to the US dollar, interest rate on deposits, etc.) affect exports and imports volumes. Reliability of calculations is confirmed by the comparison of graphs that represent calculated and actual data for both exports and imports. Approach used in the research will allow identifying possible risks and dangers to international trade in connection to economic and social factors in region, thus, allowing flexible management and decision implementation at a regional level.

Keywords: international trade, region, economic and social factors, VAR model.
JEL Classification: B17, F5

Frederic Mishkin’s three traits of money are examined in light of Native American wampum. This paper explores some of these issues concerning Native American wampum and can be of help to economic historians concerned with money issues. The presentation is qualitative rather than quantitative. There is some attention given to the non-monetary uses of wampum in this article. In addition, a comparison of wampum to the stone money of Yap is provided.

Keywords: Native Americans, wampum, Dutch colonials, American colonial trade, necessary traits of money, Yap stone money.
JEL Classification: E40, N11

This paper investigates factors determining co-operative small enterprises access to the co-operative grant incentive scheme in South Africa. The raw data used in this study were extracted from the Cooperative Incentive Scheme (CIS) database over the sample financial period FY 2010/11 to FY 2014/15. The amount approved was modelled as the dependent variable, while the turnover prior to application, number of employees, number of members, number of males, number of females, number of youth, number of the disabled, and purpose of application for additional capital were the exploratory variables in the model. Statistical Package for Social Sciences (SPSS) version 24 for Windows was used to perform data processing and statistical analysis using the multiple linear regression method for the overall model and stepwise multiple linear regression method at sectoral level. Estimated results indicate that turnover prior to application, the number of members, males, females and youth had a significant impact on the amount approved for the applications submitted by firms in the agricultural and manufacturing sectors during the sample financial years under review. The paper concludes that the department of small business development should focus on implementing strategies that promote access to the CIS grant funding targeting SMEs co-operatives in the agriculture and manufacturing sectors located mainly in the rural areas of South Africa.

Keywords: small and medium enterprises, co-operative, grant, incentive, South Africa.
JEL Classification: L26, H81

Sound budgetary processes form the bedrock of public expenditure in public institutions. This article proposes a conceptual budgetary framework for public universities in Zimbabwe. Zimbabwe’s public universities have been under fiscal stress due to the country’s harsh economic environment for close to three decades without any sign of improvement to the extent that there is a need to rethink the public university’s budgetary processes. To achieve this, the article draws from the early open systems theory by Ludwig von Bertanlanffy (1956), as revised by Gibran and Sekwat’s (2009). The basis of drawing from the system theory is that public universities ought to operate as a system if they are to remain sustainable amidst harsh persistent economic environment. The article peruses the intricacies of the current Zimbabwean legislative framework on public expenditure, the relevant Ministry of Finance statutes, as well as the standing budgetary process for public universities, giving birth to the proposed conceptual framework. By perusing various statutes on public expenditure, the article responds to the fundamental budgetary concerns of financial planning, forecasting, efficiency, transparency and accountability in harsh economic environment within the context of Zimbabwe’s public universities. The proposed framework, if adopted, could address or minimize the budgetary challenges facing public universities in Zimbabwe. It concludes by illustrating the operationalization of the proposed budgetary framework.

Keywords: budgetary process, public expenditure, public university, economic environment, ministry of finance, legislative framework.
JEL Classification: G31, H51, F64

The purpose of the study on which this article reports is to use affective events theory as a theoretical framework to develop a model that could be used by municipal supervisors to create an environment conducive to working. The study comprised 227 non-management, middle managers and senior managers in a municipality. Confirmatory factor analysis (CFA) and structural equation modelling (SEM) were used to analyze the data. There was a low negative correlation between supervisory support and job satisfaction. It was also found that positive emotions mediated the relationship between supervisory support, participation and job satisfaction.

Keywords: autonomy, job satisfaction, positive emotions, participation, supervisory support, work overload.
JEL Classification: J38, L29