Do the macro and global economic factors drive the nonperforming loans in GCC economies?

PurposeThe current study aims to investigate the determinants of nonperforming loans (NPLs) in the GCC economies during the period spanning 2000 to 2018. It also examines whether the worldwide financial crisis of 2007–2008, which brought the issue of non–performing loans to the greater attention of academics and policymakers, had a substantial impact on NPLs in this region.Design/methodology/approachThe sample consists of 53 conventional banks from GCC countries, and the basic data for the study is obtained from various sources such as Bankscope, IMF World Economic Outlook, World Bank and Chicago Board of Options Exchange Market Volatility Index. The estimations were done by dynamic panel data regression modeling using system generalized methods of moments.FindingsThe findings reveal that both, the non-oil real GDP growth rate and inflation have favorable effects on NPLs. On the other hand, domestic credit to the private sector and the volatility index have an adverse effect on NPLs. Furthermore, the period-wise analysis shows that the relevance and significance of the determinants of NPLs vary between the precrisis and postcrisis periods. It is also reflected through the intercept dummy, which is found to be significant, indicating that the financial crisis, as a global economic factor, had a significant impact on NPLs. A number of robustness tests are applied, which indicate that the results are mostly robust and consistent in terms of the significance of the explanatory variables and the direction of their relationship with the dependent variable.Practical implicationsPolicymakers and bank authorities must strive to maintain a healthy economy and implement macroprudential policies to improve the financial stability of banks and reduce credit risk.Originality/valueTo the best of the authors' knowledge, this is likely the first study that empirically investigates the influence of the financial crisis on NPLs in the context of GCC economies. In addition, the research spans 19 years to produce more conclusive results.

Fiscal Stabilization in the United States: Lessons for Monetary Unions

The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and its relevance has suddenly increased further, after the recent Covid-19 shock. The analysis of fiscal stabilization in the United States, a monetary union equipped with a common fiscal capacity, has often informed the literature on the European EMU and could serve as a reference for its possible future reforms. This paper expands that literature in three ways: first, by measuring stabilization not only as inter-state risk-sharing of asymmetric shocks, but also as intertemporal stabilization of common shocks;second, by doing this for specific items in the US federal budget, both on the revenue and on the expenditure side;and third, by also measuring the impact of the federal system of unemployment benefits and of its extension as a response to the Great Recession. Corporate and personal income tax, on the revenue side, and social security benefits and federal grants, on the spending side, are the most effective items. The US federal system of unemployment insurance provides great stabilization in the event of a large shock, in particular when enhanced by the discretionary program of extended benefits. These findings imply that a proper design of the budget can maximize its stabilization effect, when it helps bridging the gap between higher mobility of capital and lower mobility of labor, by collecting revenues based on the income of the most mobile factor (corporate income tax) and providing support to the income of the least mobile factor (social security).

Government Roles in the COVID-19 Pandemic Response

This paper examines roles of the government in responding to the COVID-19 pandemic in the United States. The paper provides theoretical background of government's roles in the market system and in the public health profession. Based on practical cases, academic studies, and public survey data during the first year of the pandemic, the paper analyzes government's roles as: protector of public health and safety, regulator of business operations and individual behaviors, and manager of economic stability and growth. The paper concludes with discussions about the characteristics of governmental intervention, critiques of governmental failure, and challenges of government collaboration.

Telemedicine, Medication Abortion, and Access After Roe v. Wade

FEDERAL RESTRICTIONS ON MEDICATION ABORTION Delivery of mifepristone for the medical termination of uterine pregnancy is subject to a Risk Evaluation and Mitigation Strategy (REMS) established by the US Food and Drug Administration (FDA). The American College of Obstetricians and Gynecologists opposes REMS for mifepristone, citing safety data from two decades of use, lack of benefit for patients, barriers they create for underserved and rural communities,3 and barriers for providers and clinics that decrease the number of clinicians providing this care.4 In December 2021, the FDA removed the in-person dispensing requirement and added a requirement for pharmacy certification. Furthermore, shorter travel distances are associated with significant reductions in times to appointments.6 Finally, data from a cohort study representing 85% of medication abortions performed between April and June 2020 indicated that a hybrid TMAB at-home model had a four-day shorter waiting time and an increased proportion of medication abortions provided at six weeks' gestation or earlier.7 In their study, Seymour et al. identified 1091 abortion providers and Planned Parenthood clinics in the United States, geocoded all facility locations, and calculated the proportion of women of reproductive age in every census tract who live within a 30-, 60-, or 90-minute drive to a participating clinic. A recent AJPH editorial added urgency to prior calls to define broadband Internet access (BIA) as a social determinant of health because it affects access to health care, economic stability, education, food, community and social context, and neighborhood and physical environment.8 Notably, most people of reproductive age reported having BIA.9 But access varies by age, race/ethnicity, rural residence, and other demographic characteristics.

Fiscal policy and tax evasion in the context of COVID-19 pandemic

The aim of this research study is to provide a comprehensive theoretical analysis on the phenomenon of tax evasion, but also fiscal policy measures in the context of COVID-19 pandemic. Fiscal policy highlights the path of government authorities on economic activity based on public revenues and expenditures. The phenomenon of tax evasion significantly affects the prospect of sustainable economic growth. In order to ensure economic stability, it is very important for government authorities to apply rigorous measures to prevent and combat tax evasion.

Der Wirtschaftsstabilisierungsfonds — eine (Zwischen-)Bilanz

ZusammenfassungDer Wirtschaftsstabilisierungsfonds (WSF) ist eines von mehreren staatlichen Unterstützungsinstrumenten, die zur Bekämpfung der Folgen der Coronakrise aufgelegt wurden. Der WSF wurde für Unternehmen mit besonderer (volks-)wirtschaftlicher Bedeutung konzipiert. Dabei verfügt der Fonds über ein breites Spektrum an eigenkapitalähnlichen Hybridinstrumenten, wie stillen Beteiligungen und Nachrangdarlehen, wobei im Ausnahmefall auch offene Beteiligungen eingesetzt werden. Trotz der geringen Zahl stabilisierter Unternehmen zeigt sich, dass der WSF ein wichtiger Baustein der Krisenarchitektur ist — dank passgenauer Stabilisierungslösungen konnten wichtige Unternehmen erfolgreich stabilisiert werden.Alternate :The Economic Stabilisation Fund (ESF) is one of several German state aid instruments set up to combat the economic fallout of COVID-19. The ESF offers a range of instruments from equity to hybrid capital, including silent participation and subordinated loans. In exceptional cases, the ESF may also become a direct shareholder. While the ESF stabilised only a relatively small number of companies, it constitutes an important building block in Germany’s overall business support framework. Due to its tailor-made stabilisation measures, companies of economic significance were successfully stabilised during the pandemic.

Climate Change and the German Law of Torts

Even throughout a global pandemic, climate change continues to be a fiercely discussed topic—both politically and legally—the world over. Particularly in light of the many Covid-19 related financial aid programs (including transnational ones) and the associated economic stabilization and reconstruction plans, a sustainable climate policy and legal order should be expected to play a role for an economy that has fallen into a slump. Nevertheless, a lively discussion on how best to achieve climate protection continues to take place in already established systems such as the private law system. Here, as far as climate change is concerned, tort law appears to be the focus of these discussions. The extent to which tort law and the issue of climate change can be brought together is also increasingly being discussed in Germany. This article attempts to shed light on the questions of how tort law could contribute to the mitigation of climate change and how climate change could fit into the law of torts of the German civil law legal system.

COVID-19 financial resources for physicians.

The appropriate focus in managing the COVID-19 pandemic in the United States has been addressing access and delivery of care to the population affected by the outbreak. All sectors of the U.S. economy have been significantly affected, including physicians. Physician groups of all specialties and sizes have experienced the financial effects of the pandemic. Hospitals have received billions of dollars to support and enable them to manage emergencies and cover the costs of the disruption. However, many vascular surgeons are under great financial pressure because of the postponement of all nonemergency procedures. The federal government has announced a myriad of programs in the form of grants and loans to reimburse physicians for some of their expenses and loss of revenue. It is more than likely that unless the public health emergency subsides significantly, many practices will experience dire consequences without additional financial assistance. We have attempted to provide a concise listing of such programs and resources available to assist vascular surgeons who are small businesses in accessing these opportunities.