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Latest Article
Systematic Literature Review on the Use of Economic Scenario Generator...
1

Michael Ezra Otoo*1, Joseph Manasseh Opong2, Enoch Kwablah Teye2, Emily Asaa Addison3
1*-2-3Presbyterian University, Ghana, P.O. Box 59. Abetifi-Kwahu
67-73
https://doi.org/10.5281/zenodo.20850192

Economic Scenario Generators (ESGs) have become indispensable tools in modern insurance reserve valuation, solvency assessment, and asset-liability management due to their ability to model uncertainty in economic and financial variables. Despite their widespread application, there remains limited synthesized evidence regarding their design, calibration, regulatory application, and effectiveness in insurance liability valuation. This study presents a systematic literature review of ESG applications in insurance reserve valuation and liability risk measurement using the PRISMA 2020 framework. A comprehensive search of academic databases, regulatory publications, and industry reports covering the period 2000–2025 yielded 842 database records and 49 additional sources. Following screening, eligibility assessment, and quality evaluation, 85 studies were included in the final synthesis. The review identifies six major thematic areas: ESG architecture and calibration, regulatory and accounting requirements, reserve estimation for complex guarantees, computational techniques, model risk and validation, and emerging climate-related risks. Findings indicate a significant transition from traditional deterministic and single-factor models to sophisticated multi-factor, market-consistent stochastic frameworks driven largely by Solvency II and IFRS 17 requirements. Advances in proxy modelling, least-squares Monte Carlo methods, and machine learning have enhanced computational efficiency; however, challenges remain regarding the integration of real-world and risk-neutral measures, model validation, and climate risk incorporation. The study highlights critical research gaps and provides recommendations for future ESG development, regulatory harmonization, and robust insurance liability valuation practices.
Crowding-Out Effect of Domestic Debt on Private Infrastructure Financi...
2

Dr. Chukwunenye Kocha1, Dr. Precious Onyiniye Okey-Nwala2, Dr. Marshal Iwedi*3
1-2-3*Department of Finance, Faculty of Administration and Management, Rivers State University, Nkpolu-Oroworukwo, Port Harcourt
57-66
https://doi.org/10.5281/zenodo.20839990

This study examines the crowding-out effect of domestic debt on private infrastructure financing in Nigeria using annual time-series data covering the period 1985–2024. The primary objective is to investigate whether increasing government domestic borrowing constrains the availability of credit to the private sector, which is a key source of financing for infrastructure development. Credit to the private sector (CPS) was used as a proxy for private infrastructure financing, while domestic debt (DDD), interest rate (INT), and gross domestic product (GDP) were included as explanatory variables. The study employed descriptive statistics and unit root tests to examine the statistical properties of the data, while the Autoregressive Distributed Lag (ARDL) model was used to estimate the dynamic relationship among the variables. The empirical results show that domestic debt has a significant positive effect on credit to the private sector in the short run, suggesting that moderate government borrowing may initially stimulate financial sector activities. However, the lagged effect of domestic debt was found to be negative and statistically significant, indicating that persistent government borrowing from the domestic financial market may eventually reduce the funds available for private sector investment. This finding supports the crowding-out hypothesis, which posits that excessive government borrowing competes with private sector demand for loanable funds. The results further reveal that interest rate has a negative but statistically insignificant effect on private sector credit, while economic growth exhibits weak positive lagged effects. The study concludes that although domestic debt can support government financing needs, excessive reliance on domestic borrowing may constrain private sector access to finance, particularly for infrastructure investment. The paper therefore recommends prudent domestic debt management, development of alternative infrastructure financing mechanisms such as public–private partnerships, and further deepening of the financial sector to ensure sustainable private sector participation in infrastructure development in Nigeria.
Phytochemical Profiling and Antimicrobial Potential of Mango (Mangifer...
1

Sachin kochak*1, Dr. Sarita Chourasia2
1Sage University Indore (Madhya Pradesh), 2Sage University Indore (Madhya Pradesh)
1-7
https://doi.org/10.5281/zenodo.20839042

Mango (Mangifera indica L.) seed waste is an important by-product of fruit processing industry and a rich source of bioactive compounds with potential pharmaceutical applications. The present study was carried out to determine the phytochemical constituents and antimicrobial activity of mango seed and seed kernel extracts against selected bacterial and fungal pathogens. Phytochemical screening revealed the presence of some secondary metabolites such as phenolics, flavonoids, tannins, alkaloids and glycosides which are known for their antimicrobial properties. The antimicrobial activity was tested by agar well diffusion method against Staphylococcus aureus, Escherichia coli, Candida albicans and Aspergillus niger. The extracts showed concentration dependent antibacterial activity against S. aureus with maximum zone of inhibition was 16 mm at 10,000 µg and no inhibitory activity was observed for E. coli. Antifungal testing showed moderate activity against C. albicans with maximum zone of inhibition of 15mm at the highest concentration tested. No activity was detected against A. niger. S. aureus and C. albicans showed a higher susceptibility, which could be related to the effect of phenolic and flavonoid compounds present in the extracts. The results indicate that mango seed waste is a potential source of natural antimicrobial agents, which can be utilised in pharmaceutical, nutraceutical and food preservation applications as a sustainable source.
Digital Transformation and Institutional Communication in Morocco: The...
1

Dounia El Mamsaoui*
Hassan II University, Benmsik
169-173
https://doi.org/10.5281/zenodo.20795457

This article presents a narrative literature review which examines the relationship between e-government communication and citizen trust, with Morocco as the primary empirical focus. Drawing on scholarship from public administration, communication studies, and critical discourse analysis (CDA), particularly the work of Fairclough (1992, 2003) and van Dijk (1993), the review synthesizes existing knowledge on how digital institutional communication shapes, and is shaped by, citizen trust. The review traces Morocco’s e-government journey from its earliest national digital strategies through the OECD-supported reforms of the late 2010s which situates this evolution within the general international literature on e-government trust (Tolbert & Mossberger, 2006; Welch, Hinnant, & Moon, 2005) and the persistent tension between managerial and participatory communication models (Chadwick & May, 2003). It further considers the structural constraints, particularly the digital divide documented by the Arab Barometer (2020), those condition citizens’ access to and experience of digital government communication in Morocco. Critical discourse perspectives, including Morozov’s (2013) concept of technological solutionism, are introduced as analytical resources for understanding the ideological dimensions of official digital governance discourse. The review concludes by identifying significant gaps in the existing literature, most notably the absence of CDA-based empirical research on Moroccan e-government texts and proposes directions for future research.
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