New financial technologies (FinTech) may not represent a new era for sustainable development-at least not as currently conceived. Many of the gains espoused by the UN and other cheerleaders come from rebranding the online equivalents of traditional savings, investment and tax payment activities. Most of these claims have no supporting evidence, beyond ad hoc anecdotes and stories. The existing evidence hardly forms a reliable basis for the very specific technologies and services recommended by international organizations. We show that abstract and nebulous advice on changing countries' payments, banking, securities, and others' laws helps explain why such advice will likely have little effect on promoting financial inclusion, saving, mobile payments, and the UN's Sustainable Development Goals.
The formation of career identity is an important coming-of-age issue in both developmental and vocational psychology. This paper introduces universal values (under Schwartz’s theory of basic human values) in addition to the popularly used career interest congruence as predictors of three career identity indicators (commitment making, identification with commitment and self-doubt). Meanwhile, satisfaction with academic major was investigated both as direct influenced by values and as a secondary outcome of having a more established career identity. As a set of factors that have received less attention in career development research, universal values are important internalized beliefs and criteria that deeply influence one’s goal setting and decision making. In the current study, they are hypothesized to influence one’s career identity indicators and academic major satisfaction through their career decision making and self-evaluation processes. We surveyed 562 students from a community college and a public university in Hong Kong and formulated linear regression and structural models that showed significant associations among values, career identity indicators and academic major satisfaction. Openness to change and self-transcendence values were significant positive predictors of identification with career commitment, and self-enhancement values positively predicted career self-doubt. Academic major satisfaction was found to be positively influenced by commitment making and negatively influenced by career self-doubt. Career interest congruence, however, only showed a significant negative slope coefficient when used to predict career self-doubt in linear regression. Implications for career counselling practice were discussed.
This research examines how tourism development has impacted economic growth in a global city–Hong Kong. A large body of research has investigated national tourism-led growth in developed and developing countries. However, many such studies have overlooked how policies aimed at fostering the development of tourism affect the local economic development of global cities. The Chinese and Hong Kong governments liberalized their visa policies with the launch of the Individual Visit Scheme in 2003. Such liberalization has led to significantly more tourist arrival from China. Our autoregressive distributed lag model of tourism-related data from 2003 to 2019 provides strong evidence that more tourism can spur short-run economic growth. Yet, such tourism can lead to uncertain effects on local economic development in the longer run. Hong Kong’s transient tourism-led growth has almost entered the stagnation stage of the Tourism Area Life Cycle model. During such stagnation, jurisdictions like Hong Kong can expect limited long-term economic growth from their tourist sector. Our findings thus sound a warning for global cities looking to tourism to sustain longer-term economic growth.
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