A CONCURRENT TRIANGULATION MIXED METHODS STUDY ON BASEL II/III CAPITAL MODELING TECHNIQUES IMPLEMENTATION IN ZIMBABWEAN BANKS

Yıl 2022, Cilt: 9 Sayı: 2, 48 - 71, 30.06.2022

Gilbert Tepetepe

https://doi.org/10.17261/Pressacademia.2022.1566

Öz

Purpose- While extending two extant studies, this paper pioneers a holistic test and critical examination of the usefulness of Basel II/III capital
modeling implementation in sixteen Zimbabwean banks.
Methodology- A mixed method approach was adopted where quantitative and qualitative research designs were concurrently combined
under equal status. Quantitative data was collected with self-administered structured questionnaires distributed to 120 Risk Managers and
manifest archival content analysis carried on 160 audited annual financial statements for 2011-2020. Qualitative data was collected with
latent archival content analysis from purposive samples of 35 audited annual financial statements and 20 previous survey reports both for
2011-2020. Data analysis was carried out with descriptive statitistics and interpretative methods.
Findings- This paper finds deep implementation of Basel II/III capital modeling methods, sufficient data and skills, violation of the
proportionality principle, existence of information asymmetries and low levels of market discipline and supervision in Zimbabwean banks.
The violation of proportionality principle is shown by the fact that local banks are implementing advanced capital modeling methods at the
same pace or even higher than internationally active banks. The existence of information asymmetries is shown by divergence of perspectives
between regulator and banks. While the regulator is enforcing proportionality, banks are adopting advanced methods for their internal
purposes regardless of size. The usefulness of Basel II/III capital modeling in Zimbabwean banks as a tool for managing risk based minimum
capital requirements is not clear given the violation of the proportionality principle by banks and existence of other parallel higher capital
requirements enforced by the regulator.
Conclusion-This paper makes two specific contributions to knowledge. First it adds empirical evidence to two previous studies thus
contributing to literature on proportionality and Basel II/III capital modeling practices in Zimbabwean banks. Second, it proposes policy
recommendations to improve capital management in Zimbabwean banks.

Anahtar Kelimeler

quantitative risk management, capital modeling, global capital regulation, concurrent triangulation, mixed methods, financial engineering

Kaynakça

• Alexander, K. (2014). Stability and Sustainability in Banking Reform: Are Environmental Risks Missing in Basel III? Institute for Sustainability Leadership. University of Cambridge.
• Al-Maghzom, A., Hussainey, K. and Aly, D. (2016). The list of risk disclosure in listed banks: evidence from Saudi Arabia. Corporate Ownership & Control, 14(1), 166-181.
• Aroda, P. (2016). Essays in Quantitative Risk Management for Financial Regulation in Operational Risk Models. PhD Thesis, University of Toronto. Ontario Canada.
• Aroda, P., Guergachi, A and Huang, H. (2015). Application of the convolution operator for scenario with loss data in operational risk modeling. Journal of Operational Risk, 10 (4), 23-44.
• Aue, F, and Kalkbrener, M. (2007). LDA at Work: Deutsche Bank’s Approach to quantifying operational risk. Journal of Operational Risk, 1(4), 49-93.
• Babbie, E.R. (2011). The Practice of Social Science Research. South African Ed. Cape Town. Oxford University Press.
• Baesens, B., Rosch D., and Scheule, H. (2016). Credit Risk Analytics: Measurement, Applications and Examples in SAS. Wiley.
• Basel Committee on Banking Supervision. (2020). Calculation of RWA for market risk. BIS. Basel Switzerland.
• Basel Committee on Banking Supervision. (2019). Proportionality in bank regulation and supervision – a survey on current practices. BIS. Basel Switzerland.
• Basel Committee on Banking Supervision. (2017). Basel III: Finalising Post-Crisis Reforms, BIS: Basel Switzerland, December.
• Basel Committee on Banking Supervision. (2016). Standardised Measurement Approach for Operational Risk. Technical report, BIS
• Basel Committee on Banking Supervision. (2015). Operational Risk Revisions- Simpler Approaches. Consultative Document Issued for Comment 6 January 2015. BIS: Basel Switzerland.
• Basel Committee on Banking Supervision. (2013). Fundamental Review of the Trading Book: A Revised Market Risk Framework Issued for Comment in 2014, BIS: Basel Switzerland.
• Basel Committee on Banking Supervision. (2012). Consultative Document-Fundamental Review of the Trading Book, BIS: Basel Switzerland.
• Basel Committee on Banking Supervision. (2011). Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems - Revised Version June 2011, June. BIS: Basel Switzerland.
• Basel Committee on Banking Supervision. (2010). A Global Regulatory Framework for More Resilient Banks and Banking Systems. IS, Basel Switzerland.
• Basel Committee on Banking Supervision. (2010). Developments in Modeling Risk Aggregation. BIS: Basel Switzerland.
• Basel Committee on Banking Supervision. (2009). Range of practices and issues in economic capital frameworks. Basel: BIS, Basel Switzerland.
• Basel Committee on Banking Supervision. (2006). Basel II International Convergence of Capital Measurement and Capital Standards: A Revised Framework-Comprehensive Version. Basel: BIS, Basel Switzerland.
• Basel Committee on Banking Supervision. (1996). Amendment to the Capital Accord to Incorporate Market Risks. Basel: BIS, Basel Switzerland.
• Basel Committee on Banking Supervision (BCBS). (1988). International Convergence of Capital Measurement and Capital Standards. Basel: Bank for International Settlements, Basel Switzerland.
• Bengtsson, M. (2016). How to plan and perform a qualitative study using content analysis. Nursing plus open. Science Direct,2,8-14.
• Bentahar, O. and Cameron, R. (2015). Design and Implementation of a Mixed Method Research Study in Project Management. The Electronic Journal of Business Research Methods, 13 (1),3-15.
• Bessis J. (2015). Risk Management in Banking (4th Ed.). Wiley.
• Brace, I. (2008). Questionnaire Design: How to Plan, Structure, and Write Survey Material for Effective Market Research, Second Edition. London. Kogan Page.
• Brownridge, M. (2015). How relevant are the Basel capital reforms for sub-Saharan Africa? Journal of Risk Management in Financial Institutions, 8(2) ,153–162.
• Bryman, A. (2006). Integrating quantitative and qualitative research: How is it done? Qualitative Research, 6(1), 97-113.
• Bryman, A. (2004). Social Research Methods (2nd ed.). Oxford University Press, Oxford, England.
• Campbell, D.J. (2000). Legitimacy theory or managerial reality construction? Corporate social disclosure in Marks and Spencer Plc corporate reports, 1969-1997, Accounting Forum, 24 (1), 80-100.
• Castro, F.G, Kellison J, G, Boyd,S.J, Kopak, A.(2010). A Methodology for Conducting Integrative Mixed Methods Research and Data Analysis. Journal of Mixed Methods Research, 4(4), 342-360. doi:10.1177/1558689810382916.
• Chapelle, A., Crama Y., Huebner G., and Peters J.P. (2004). Basel II and operational risk: implications for risk measurement and management in the financial sector. NBB Working Paper No.51, National Bank of Belgium. Brussels.
• Chaudhury, M. (2010). A review of the key issues in operational risk capital modeling. Journal of Operational Risk, 5(3), 37-66.
• Check, J., and Schutt, R. K. (2012). Survey research. In J. Check & R. K. Schutt (Eds.). Research methods in education. (pp. 159–185). Thousand Oaks, CA: Sage Publications
• Chen, J. M. (2018). On exactitude of financial regulation: Value-at -Risk, expected shortfall and expectiles. Risks ,6(61),1-29.
• Chen, J.M. (2014). Measuring market risk under the Basel Accords: VaR, stressed VaR, and expected shortfall. The IEB International Journal of Finance (Aestimatio) 8, 184-201.
• Claessens, S. (2015). Global Banking: Recent Developments and Insights for Research. Draft: Federal Reserve Board.
• Clough, P. and Nutbrown. C. (2012). A Student’s Guide to Methodology. London: Sage.
• Cohen, R.D. (2018). An operational risk capital model based on the loss distribution approach. Journal of Operational Risk, 13(2),59-81.
• Cohen, R.D. (2017). The issues with the standardised measurement approach and a potential future direction for operational risk capital modeling. Journal of Operational Risk, 12 (3), 1-12.
• Cohen, R.D. (2016). An assessment of loss data and its implications for capital modeling. Journal of Operational Risk, 11(3):71-95.
• Collis, J. and Hussey, R. (2009). Business Research: a practical guide for undergraduate and postgraduate students (3rd ed). New York: Palgrave Macmillan.
• Cope, E., Mignola, G., Antonini, G., and Ugoccioni, R. (2009). Challenges and pitfalls in measuring operational risk from loss data. Journal of Operational Risk,4(4),3-27
• Cope, E.W. (2012). Combining scenario analysis with loss data in operational risk quantification. Journal of Operational Risk,7(1),39-56.
• Copeland, R.M & Fredericks, W. (1968). Extent of disclosure. Journal of Accounting Research,106-113.
• Corrigan, J., Luraschi, P., and Cantle, N. (2013). Operational Risk Modeling Framework. Milliman Research Report.
• Creswell, J.W. (2014). Research Designs: Qualitative, Quantitative, and Mixed Method Approaches (4th Ed). California: Sage Publications.
• Creswell, J. W. (2013). Qualitative inquiry and research design: Choosing among five approaches. Thousand Oaks, CA: Sage.
• Creswell, J. W., and Plano Clark, V.L. (2007). Designing and Conducting Mixed Methods Research. Thousand Oaks, CA: Sage.
• Creswell, J.W. (2007). Qualitative Inquiry and Research Design: Choosing Among Five Approaches. Thousand Oaks, CA: Sage.
• Creswell, J. W., & Plano Clark, V. L. (2018). Designing and Conducting Mixed Methods Research (3rd ed.). Sage Publications.
• Creswell, J. W., & Plano Clark, V. L. (2011). Designing and Conducting Mixed Methods Research. Sage Publications.
• Creswell, J.W., Plano Clark, V.L., Gutmann, M.L., and Hanson, W.E. (2003). Advanced Mixed Methods Research Designs. In A. Tashakkori & Teddlie (Eds.), Handbook of Mixed Methods in Social and Behavioral Research, TO, Sage.
• Crocker, L. and Algina, J. (1986). Introduction to Classical and Modern Test Theory. Philadelphia: Harcourt Brace Jovanovich College Publishers.
• Cronbach, L.J. (1951). Coefficient Alpha and Internal Structure of Tests. Psychometrika,16,297-334.
• Cronbach, L.J. and Meehl, P.E. (1955). Construct validity in psychological tests. Psychological Bulletin, 52,281-302.
• Cruz, M.G. (2002). Modeling, Measuring and Hedging Operational Risk. Wiley.
• Cruz, M.G., Peters, G.W., and Shevchenko, P.V. (2015). Fundamental Aspects of Operational Risk and Insurance Analytics: A Handbook of Operational Risk. Wiley.
• Dawadi, S. (2019). Impact of the Secondary Education Examination (English) on Students and Parents in Nepal. An unpublished PhD thesis. The Open University, UK
• Dawadi, S., Shrestha, S., & Giri, R. A. (2021). Mixed-Methods Research: A Discussion on its Types, Challenges, and Criticisms. Journal of Practical Studies in Education, 2(2), 25-36 DOI: https://doi.org/10.46809/jpse.v2i2.2
• Denzin, N.K. (1978). The Research Act. 2nd Ed. New York New: McGraw Hill.
• Denzin, N.K. and Lincoln, Y.S. (2011). The Sage Handbook of Qualitative Research. London, Sage Publications Inc.
• Denzin, N.K. and Lincoln, Y.S. (2005). The Sage Handbook of Qualitative Research (3rd edn). London: Sage.
• Dowd, K. (1996). The case for financial Laissez-faire. Economic Journal, 106(436), 679-687.
• Dowd, K. and Blake, D. (2006). After VaR, the theory, estimation, and insurance applications of Quantile-based risk measures. Journal of Risk and Insurance, 73(2),193-229.
• Dowd, K., Hutchinson, M., Ashby, S. and Hinchliffe J.M. (2011). Capital Inadequacies the Dismal Failure of the Basel Regime of Bank Capital Regulation. Policy Analysis, No.681, Cato Institute.
• Dutta, K.K., and Babbel, D.F. (2014). Scenario analysis in the measurement of operational risk capital: a change measure approach. Journal of Risk and Insurance, 81(2),303-334.
• Easterby-Smith, M., Thorpe, R., Jackson, P.R. (2015). Management and Business Research (5th edn), London: Sage.
• Einemann, M., Fritscher, J, and Kalkebrener, M. (2018). Operational risk measurement beyond the loss distribution: an exposure-based methodology. Journal of Operational Risk,13(2),1-33.
• Elizalde, A., and Repullo, R. (2007). Economic and Regulatory Capital in Banking: What is the Difference? International Journal of Central Banking, 3(3),87-117.
• Elo, S., Kääriäinen, M., Kanste, O., Pölkki, T., Utriainen, K., and Kyngäs, H. (2014). Qualitative Content Analysis: A Focus on Trustworthiness. Sage Open, January- March,1-10.
• Embrechts, P., and Hofert, M. (2011). Practices and issues in operational risk modeling under Basel II. Lithuanian Mathematical Journal, 51(2), 180-193.
• Emmer, S., Kratz, M. and Tasche, D. (2015). What is the best risk measure in practice? A comparison of standard measures. Journal of Risk, 18(2),31-60.
• Engelmann, B. and Rauhmeier, R. (2012). The Basel II Risk Parameters. Springer-Verlag Berlin Heidelberg.
• Ergashev, B.A., Blei, S., Abdymomunov, A. (2015). Integrating stress scenarios into risk quantification models. Journal of Finance Services Research,47(3), 57-79.
• Fellegi, I.P. (2010). Survey Methods and Practices, Minister of Industry Canada, Catalogue Number 12-587-X.
• Field, A. (2009). Discovering Statistics Using SPSS (3rd ed). London: Sage
• Fountnouvelle, P., Dejesus-Rue, V., Jordan, J.S., and Rosengren, E.S. (2006). Capital and risk: new evidence on implications of large operational losses. Journal of Money, Credit and Banking,38(7), 1819-1846.
• Frachot, A., Moudoulaud, O., and Roncalli, T. (2003). Loss distribution approach in practice. In the Basel Handbook: A Guide for Financial Practioners, Risk Books (2nd ed), London 2007.
• Frachot, A., Roncalli, T. and Salomon, E. (2004). The Correlation Problem in Operational Risk. Group de Recherche Operationnelle, Credit Agricole, France. Available at www.gloriamundi.org.
• Ganegoda, A., and Evans, J. (2014). A framework to manage the measurable, immeasurable and the unidentifiable financial risk. Australian Journal of Management, 39(1),5–34, Sage: Australian School of Business.
• Gottschalk, R. (2016). Assessing capacity constraints for effective financial regulation in Sub-Saharan Africa. In book: Achieving Financial Stability and Growth in Africa (Chapter 4): Routledge.
• Greene, J.C., Caracelli, V.J. and Graham, W.F. (1989). Towards a conceptual framework for mixed-method evaluation designs, Educational Evaluation and Policy Analysis, 11(3),255-274.
• Guba, E.G. and Lincoln. Y.S. (1989). Fourth generation evaluation. Newbury Park, CA: Sage.
• Guba, E.G and Lincoln, Y.S. (2005). Paradigmatic controversies, contradictions, and emerging confluences in N.K. Denzin and Y.S. Lincoln, The Sage Handbook of Qualitative Research (3rd edn). London: Sage, pp.196-216.
• Haldane, A.G. (2017). Rethinking Financial Stability. Speech at “Rethinking Macroeconomic Policy IV.” Conference, Washington, D.C. Peterson Institute for International Economics,12 October 2017.
• Heale, R., and Twycross, A. (2015). Validity and reliability in quantitative studies. Evidence Based Nursing, 18(4),66-67.
• Holsti, O.R. (1969). Content analysis for social science and humanities. Reading Reading, MA: Addison-Wesley.
• Hull, J. (2018). Risk Management and Financial Institutions (5th edn). John Wiley.
• Ielasi, F. (2012). Basel Pillar II risks in Italian banks. Banks and Bank Systems, 7(4).
• Jick, T.D. (1979). Mixed qualitative and quantitative methods: triangulation in action. Administrative Science Quarterly,24(4),602-611. Johnson, R.B. and Onwuegbuzie, A.J. (2004). Mixed methods research: a research paradigm whose time has come. Educational Researcher, 33(7),14-20.
• Jones, E., and Knaack. (2019). Global financial regulation: shortcomings and reform option. Global Policy, 1-14
• Jones, E., and Zeitz, A. (2017). The limits of globalising basel banking standards. Journal of Financial Regulation,3,89-124.
• Jorion, P. (2007). Financial Risk Manager Handbook (4th ed). Wiley.
• Karam, E. (2014). Measuring and managing operational risk in the insurance and banking sectors. PhD Thesis. Universiteit Claude Bernard, Lyon, France,
• Kasekende, L.A. (2015). The relevance of global reform of bank regulation: a perspective from Africa. Journal of African Development, 17,1- 20.
• Kyngäs, H., Elo, S., Pölkki, T., Kääriäinen, M., & Kanste, O. (2011). The use of content analysis in Finnish nursing science. Hoitotiede, 23(2), 138-148.
• Khalil, F. and Alam M, H. (2018). Evidence of market discipline through operational risk disclosures in commercial banking in Pakistan. Pakistan Business Review, 20(3).
• Kimberlin, C.L. and Winterstein, A.G. (2008). Validity and reliability of measurement ınstruments in research. American Journal of HealthSystem Pharmacists,65(1), 2276-2284.
• Kondracki, N.L., and Wellman, N.S. (2002). Content analysis: Review of methods and application in nutrition education. Journal of Nutrition Education and Behaviour, 34, 224-230.
• Kou, S., Peng, X., and Heyde, C.C. (2013). External risk measures and Basel Accords. Mathematics of Operations Research, 38(3),393–417.
• Krejcie, R.V. and Morgan, D.W. (1970). Determining the sample size for research activities. Education and Psychological Measurement, 30,607-610.
• Krippendorff, K. (1980). Content Analysis: An Introduction to Its Methodology. London: Sage.
• Linsley, P. and Shrives, P. (2005). Examining risk reporting in UK public companies. Journal of Risk Finance,6(4), 292-305.
• Lopez, J.A. (2004). The empirical relationship between average asset correlation, firm probability of default and asset size. Journal of Financial Intermediation, 13(2), 265-283.
• Marston, C.L. and Shrives, P.J. (1991). The use of disclosure indices in accounting research: A review article. British Accounting Review,23(3),195-210
• Matanda, E. (2015). Threats and Opportunities Facing Banking Institutions in Emerging Economies in their Desire to Adopt and Implement the Basel II Capital Accord: A Case Study of the Zimbabwean Economy in the Dollarization Era. International Review of Research in Emerging Markets and the Global Economy (IRREM),1 (3),441-454.
• McNeil, A.J., Frey, R., and Embrechts, P. (2015). Quantitative Risk Management (2nd ed): Concepts, Techniques and Tools. Princeton University Press. Princeton.
• Mignola, G., Ugoccioni, R., and Cope, E. (2016). Comments on the Basel Committee on Banking Supervision proposall for a new standardized approach for operational risk. The Journal of Operational Risk 11(3), 51–69.
• Mohajan, H. (2017). Two Criteria for Good Measurements in Research: Validity and Reliability. MPRA Paper No.83458. Annals of Spiru Haret University, 17 (3), 58-82.
• Mohajan, H. K. (2018). Qualitative Research Methodology in Social Sciences and Related Subjects. Journal of Economic Development, Environment and People, 7 (1), 23-48.
• Morais, M.O., Pinto, A.C.F., and Kltzle, M.C. (2018). Scenario analysis in the BNDES experience: integrating operational risk management with the measurement of capital. Revista Contabilidade & finançes., 29(77), 283-296.
• Morgan, D. L. (2014). Integrating qualitative and quantitative methods: A pragmatic approach. Sage Publications.
• Morgan, D.L. (2007). Paradigms lost and pragmatism regained: methodological ımplications of combining qualitative and quantitative methods. Journal of Mixed Methods Research, 1(1),48-76.
• Morse J.M. (1991). Approaches to qualitative-quantitative methodological triangulation. Nursing Research,40(2), 120-123.
• Morse, J.M.and Field, P.A. (1995). Qualitative Research Methods for Health professionals (2nd Ed). Thousand Oaks, CA: Sage.
• Morse, J. M., Barrett, M., Mayan, M., Olson, K., & Spiers, J. (2002). Verification strategies for establishing reliability and validity in qualitative research. International Journal of Qualitative Methods, 1(2), 1-19.
• Moscadelli, M. (2004). The modeling of operational risk: Experience with the analysis of the data collected by the Basel Committee. Temi di discussione, Banca d’Italia: Rome, Italy.
• Muvingi, J. (2011). An Assessment of Zimbabwean Merchant Banks Conformity to International Best practices in risk management. International Conference on Information and Financial Engineering. IPEDR Vol 12. IACSIT Press.Singapore.
• Oliveira, J., Rodrigues, L.L. and Craig, R. (2011). Voluntary risk reporting to enhance institutional and organisational legitimacy: evidence from Portuguese bank. Journal of Financial Regulation and Compliance, 19(3), 271-289.
• Pallant, J. (2010). SPSS Survival Manual: A Step by Step Guide to Data Analysis using SPSS for Windows (4th ed.). Open University Press.
• Pallant, J. (2011). A Step by Step Guide to Data Analysis Using the SPSS Program: Survival Manual (4th ed.). McGraw-Hill, Berkshire.
• Peters, G.W., Shevchenko, P.V., Hassani, B., and Chapelle, A. (2016). Should the advanced measurement approach be replaced with the standardised measurement approach for operational risk? The Journal of Operational Risk,11(3),1-49.
• Ponto, J.(2015). Understanding and evaluatin survey research. Journal of Advanced Practical Oncology, 6, 66-171
• Potter, W. J., and Levine-Donnerstein, D. (1999). Rethinking validity and reliability in content analysis. Journal of Applied Communication Research, 27(3), 258–284.
• Powell, A. (2004). Basel II and Developing Countries: Sailing through the Sea of Standards. Policy Research Working Paper, World Bank.
• Quinlan, C. (2011). Business Research Methods. South Westen Cengage Learning.
• Santos, J.L.G; Erdmann, A.L; Meirelles, B.H.S; Lanzoni, G.M.M.L; Cunha, V.P; Ross R.(2017). Integrating Quantitative and Qualitative Data in Mixed Methods Research. Texto Contexto Enferm, 26(3), 221-234.
• Saunders, M; Lewis, P. and Thornhill, A. (2019). Research Methods for Business Students (8th edn.) New York Pearson Publishers.
• Saunders, M; Lewis, P. and Thornhill, A. (2012). Research Methods (6th edn.) Pearson Publishers.
• Scaltrito, D. (2015). Assessing disclosure quality: a methodological issue. Journal of Modern Accounting and Auditing, 11(9),466-475.
• Schreier, M. (2012). Qualitative content analysis in practice. Thousand Oaks, CA: Sage.
• Sekaran, U. (2003). Research Methods for Business (4th ed.). Hoboken, NJ: John Wiley &Sons. Shane, S. and Cable.
• Shevchenko, P.V., and Peters G.W. (2013). Loss distribution approach for operational risk capital modeling under Basel II: combining different data sources for risk estimation. Journal of Governance and Regulation, 2(3), 33-57.
• Smit, W., van Vuuren, G., and Styger, P. (2011). Economic capital for credit risk in the trading book. South African Journal of Economics and Management Sciences, 14(2),138-152.
• Tepetepe, G., Simenti- Phiri, E., and D. Morton. (2022). An investigation into the state of market discipline for Basel II/III and green banking disclosures in Zibabwean banks. Researchjournali Journal of Finance, 10(1), 1-26.
• Tashakkori, A. and Teddlie, C.(eds). (2010). The Sage Handbook of Mixed Methods in Social and Behavioural Research (2nd edn.). Thousand Oaks, CA: Sage
• Tukey, J.W. (1977). Exploratory Data Analysis. Reading, MA: Addison-Wesley.
• Valdez, E.A. (2012). Principles and Methods of Capital Allocation for Enterprise Risk Management. Lecture 1 of part 4 series. 2-4 April 2012. University of Connecticut. USA.
• Van Vuuren, G., and De Jongh, R. (2017). A comparison of risk aggregation estimates using copulas and Fleishman distributions. Applied Economics, 49,1715-1731.
• Visser, D. and van Vuuren, G.W. (2018). Procyclicality in tradeable credit risk: Consequences for South Africa. South African Journal of Economic and Management Sciences,21(1),1-13.
• Visser, D., and van Vuuren. (2016). Trading book risk metrics: A South African Perspective. South African Journal of Economics and Management Sciences,1,118-138.
• Ward, J. (2002). The new Basel accord and developing countries: problems and alternatives. CFAP Working Paper 04.
• Weber, R.P. (1985). Basic Content Analysis. Beverly Hills, CA: Sage Publications.
• Wong, M.C. (2011). Market BuVaR: A Countercyclical Risk Metric. Journal of Risk Management in Financial Institutions, 4(4),419-432.
• Yamane, T. (1967). Statistics: An Introductory Analysis (2nd ed), New York: Harper and Row.
• Zikmund, W. (2003). Business Research Methods,7th Ed, Mason, OH. and Great Britain, Thomson/South-Western.
• Zimbabwe. (202O). Reserve Bank Monetary Policy Statement. Staying on Course in Fostering Financial and System Stability
• Zimbabwe (2022). Reserve Bank Monetary Policy Statement. Stay on Course.
• Zimbabwe. (2011). Technical Guidance on the Implementation of the Revised Adequacy Framework in Zimbabwe. Guideline No; 1-2011/BSD. Reserve Bank of Zimbabwe.
• Zimbabwe. (2007). Reserve Bank of Zimbabwe Bank Licensing, Supervision and Surveillance. Guideline No.01-2007/BSD. Minimum Disclosure Requirements for Financial Institutions.
• Zimbabwe. (2004). Reserve Bank of Zimbabwe Bank Licensing, Supervision and Surveillance. Guideline No.03-2004/BSD. Minimum Disclosure Requirements for Financial Institutions