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1.
Webology ; 19(1):2341-2356, 2022.
Article in English | ProQuest Central | ID: covidwho-1964722

ABSTRACT

Monetary coordination and macroeconomic stability are increasingly critical for domestic and fiscal policy in the aftermath of the global financial crisis. This research investigates the impact of monetary policy on financial and economic stability following the COVID-19 pandemic's economic lockdown. This article utilized a V.A.R. (Vector Autoregressive Models) estimator for time series data models. Quarterly statistics are gathered from the first quarter of 2004 to the first quarter of 2018. Using a V.A.R. model, the study investigates the causal connections between monetary policy instruments and economic stability. The findings suggest that Iraq's monetary policy is most efficient at maintaining a target growth rate for the money supply while simultaneously controlling inflation through an equalization cap (1.8 percent). Due to the rentier structure of the Iraqi economy, the money supply had a negligible influence. Monetary authorities must monetize oil earnings in order to finance public spending. Finally, an appropriate framework for monetary management must be created that ensures monetary independence and supremacy remain unimpaired. The findings give a thorough knowledge of the links between national monetary policies and economic stability, which can eventually aid in developing nations' formulation of good monetary and fiscal policies.

2.
Webology ; 19(1):7175-7185, 2022.
Article in English | ProQuest Central | ID: covidwho-1958380

ABSTRACT

China and the U.S. have the biggest markets in the world. They both established diplomatic links in 1979 and the bilateral trade was developed swiftly just after China joined the United Nations Organization (UNO) in 1971. America is the Chinese top one export market and the most significant source of foreign investment. However, the main worldwide economic event in 2018 was the Sino-U.S. trade war. In March 2018, the U.S. threatened to levy high duties on Chinese imports. The equivocal shift of import and export of the Sino-US trade relations were distinctively caught in China's trade surplus with the United States, which brought divergence to the trade relations. Consequently, the Sino-U.S. trade imbalance was the main reason behind why Trump incited the trade war. This paper actually analytically discusses the phenomenon of Sino-U.S. trade war as it is considered as a test case for the new American President Joe Biden.

3.
IUP Journal of Applied Economics ; 21(2):7-25, 2022.
Article in English | ProQuest Central | ID: covidwho-1958075

ABSTRACT

The pre-money valuation of startups, as their performance indicator, is critical in entrepreneurial financing, which in turn is significantly shaped by the firm's internal resources. This paper analyzes an integrated theoretical framework to examine whether the valuation of startups can be explained by strategic and firm-level factors identified by Barney's (1991) Resource-Based Theory (RBT) as critical to firm performance. Empirical results from the analyses of 142 German startups support the theory that investors consider important factors to startups' performance in their valuation. Implications of the study involve further research on the impact of social and financial capital within human and physical resources and establishes different determinants important to raise different types of funds-venture capital, angel, seed, and grant-in tech and non-tech startups.

4.
Webology ; 19(2):9350-9362, 2022.
Article in English | ProQuest Central | ID: covidwho-1957813

ABSTRACT

Role of money demand occupies a central place in regulating the monetary management of the economy and a topic of keen interest among researchers and academics (Sichei & Kamau, 2012). Growing money demand ensures an upsurge in the economic activity and vice versa. The present study analyzes the money demand function in Pakistan. The ARDL method to co-integration is used on data ranged between 1972 and 2018. The results showed that statistically significant effects of all main hypothesized factors including number of bank branches, population growth rate and agricultural output are found positive, negative and negative, respectively, both in the short-run and long- run. Whereas the effect of traditional factors viz., income and inflation rate on money demand appeared as positive, and statistically significant. The broad money demand function appeared to be stable in Pakistan. Policy to be focused on certain factors is discussed.

5.
The Journal of Risk Finance ; 23(4):418-436, 2022.
Article in English | ProQuest Central | ID: covidwho-1948694

ABSTRACT

Purpose>This research is designed to investigate the presence of market discipline in the banking sector, across Balkan states in Europe. Specifically, the effects of CAMEL variables on the cost of funds and deposit-switching have been assessed.Design/methodology/approach>The CAMEL method of bank evaluation has been applied as well as two measures for market discipline (costs of funds and deposit-switching behaviour). Data have been obtained for 10 Balkan states for the 2006–2019 period. For data analysis, ordinary least squares (OLS) and fixed effects models have been utilized. The generalized method of moments (GMM) method has been deployed as well as a dynamic panel model.Findings>Evidence of market discipline has been found, in the form of a higher cost of funds in the context of capital adequacy (but not for other CAMEL variables). Evidence of market discipline in the form of deposit-switching, however, has not been found. In addition, it has been discovered that bank size and gross domestic product (GDP) growth lower the costs of funds for banks.Originality/value>In the wake of the pandemic, banks need to prepare themselves for very difficult situations and relevant studies can provide help. Therefore, this research has contributed to the developing literature on this topic. In addition, the findings have important practical implications. Results show that banks should maintain adequate levels of capital if they want to control their costs of funds. Results also show that market discipline, in the form of higher costs of funds, can be imposed on banks to discourage excessive risk-taking. Findings highlight the value of appropriate policies and strong supervision of the financial industry. Findings also underline the importance of offering financial incentives to banks. For example, if banks know they will be able to avoid higher costs of funds by controlling their risk levels, they will avoid unrestrained risk-taking.

6.
The Journal of Risk Finance ; 23(4):368-384, 2022.
Article in English | ProQuest Central | ID: covidwho-1948693

ABSTRACT

Purpose>This study aims to investigate the time-frequency comovement between wheat futures traded on three US markets (Chicago Board of Trade (CBOT), Kansas City Board of Trade (KCBOT) and Minneapolis Grain Exchange (MGE)) at different maturities and a global equity index.Design/methodology/approach>As they allow to trace transitional shifts over time and across different frequency bands, this paper relies on continuous wavelet tools to investigate the time-frequency comovement among wheat and global stock markets.Findings>The results show an increase in wheat futures prices at all maturities and a weak integration level within each wheat market during the subprime crisis. Moreover, the wavelet power spectra maps show high wheat and equity price volatility at different time scales and for various subperiods. Furthermore, the continuous wavelet coherence highlights time-frequency-varying comovements between the markets considered, which become particularly high during times of crisis.Practical implications>The results provide market participants with a better understanding of the nature as well as the magnitude of the relationship between the global financial market and different wheat markets at different maturities and during tranquil and crisis periods. Indeed, from investors' perspective it is important to understand how markets are segmented or integrated during tranquil and crisis periods in order to better assess risks, diversify portfolios and implement more effective hedging strategies. As for regulators, a better understanding of the level of integration of different markets would further help refine macroprudential policies, and thus strengthen financial stability and resilience.Originality/value>This paper enriches the existing literature by investigating the time-frequency comovement between wheat and a global equity market. Indeed, the dynamics between stock and wheat markets across different nearest to maturities have not been widely explored by previous studies.

7.
International Economics and Economic Policy ; 19(2):239-243, 2022.
Article in English | ProQuest Central | ID: covidwho-1941904

ABSTRACT

On September 24th, 2021, the European Institute for International Economic Relations (EIIW/University of Wuppertal) hosted an international workshop in the context of marking the Institute’s 25th Anniversary;it had initially been hoped that postponing the workshop from the originally intended date in 2020 to 2021 would allow to have a normal in person conference, but COVID-19 dynamics continued to disrupt plans, and the workshop took place belatedly in an online format. Founded at the University of Potsdam, the Institute subsequently moved to the University of Wuppertal where, over many years, the EIIW team and guest researchers have contributed greatly to international economic analysis. This has included work for various International Organizations (e.g., the United Nations, International Monetary Fund) as well as research for governments (and public agencies) in the European Union — including the European Parliament and the European Commission — companies and non-governmental organizations (NGOs) across Europe. The Special Issue presented here provides an exemplary selection of the research in the Institute’s area of expertise. It places an analytical focus on International Economics, climate-policy-related research, International Organizations and economic policy analysis, including some of the first papers with analytical economic findings on the effects of the Russo-Ukrainian war. This special issue thus reflects key fields of International Economics and climate policy as well as research on key aspects of the war in the Ukraine.

8.
Oeconomia Copernicana ; 13(2):407-438, 2022.
Article in English | ProQuest Central | ID: covidwho-1934895

ABSTRACT

Research background: The global financial crisis from 2007 to 2012, the COVID-19 pandemic, and the current war in Ukraine have dramatically increased the risk of consumer bankruptcies worldwide. All three crises negatively impact the financial situation of households due to increased interest rates, inflation rates, volatile exchange rates, and other significant macroeconomic factors. Financial difficulties may arise when the private person is unable to maintain a habitual standard of living. This means that anyone can become financially vulnerable regardless of wealth or education level. Therefore, forecasting consumer bankruptcy risk has received increasing scientific and public attention. Purpose of the article: This study proposes artificial intelligence solutions to address the increased importance of the personal bankruptcy phenomenon and the growing need for reliable forecasting models. The objective of this paper is to develop six models for forecasting personal bankruptcies in Poland and Taiwan with the use of three soft-computing techniques. Methods: Six models were developed to forecast the risk of insolvency: three for Polish households and three for Taiwanese consumers, using fuzzy sets, genetic algorithms, and artificial neural networks. This research relied on four samples. Two were learning samples (one for each country), and two were testing samples, also one for each country separately. Both testing samples contain 500 bankrupt and 500 nonbankrupt households, while each learning sample consists of 100 insolvent and 100 solvent natural persons. Findings & value added: This study presents a solution for effective bankruptcy risk forecasting by implementing both highly effective and usable methods and proposes a new type of ratios that combine the evaluated consumers' financial and demographic characteristics. The usage of such ratios also improves the versatility of the presented models, as they are not denominated in monetary value or strictly in demographic units. This would be limited to use in only one country but can be widely used in other regions of the world.

9.
Economics, Management and Financial Markets ; 17(2):9-36, 2022.
Article in English | ProQuest Central | ID: covidwho-1934875

ABSTRACT

The FinTech industry has exhibited very high growth levels since the Global Economic and Financial Crisis of 2008. The sector growth has been accelerated because of the disruption caused by COVID-19 and that derived in the global health crisis, a crisis with significant implications for global economic stability. To examine the risk profile of FinTech firms, the CRISP-DM methodology was followed to aid in the implementation of clustering and classification algorithms, combined with time series regression models. This research paper offers insights on financial risk assessment by combining machine learning techniques and traditional econometric modeling to acknowledge challenges associated with the analysis of time series in the financial context and framed in the US FinTech sector. The main findings revealed a lack of significant differences between the FinTech and Non-FinTech firms in the US stock market. The results were surprising as the FinTech sector's speed of development and fast changes in financial innovation have led to the emergence of significant risks that do not seem to be captured by the examined market and firm-specific data sets. The research outcomes point to a substantial vacuum on the regulatory framework at both national and international levels to ensure efficient FinTech governance and adequate industry development amid very ambitious growing prospects.

10.
Strategic Direction ; 38(7):16-17, 2022.
Article in English | ProQuest Central | ID: covidwho-1932055

ABSTRACT

Design:>This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.Purpose:>This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.Findings:>In order to boost financial performance, but also survive turbulent global markets and crises, firms should invest in talent development as a priority.Originality:>The briefing saves busy executives, strategists and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

11.
Meditari Accountancy Research ; 30(4):1210-1240, 2022.
Article in English | ProQuest Central | ID: covidwho-1932045

ABSTRACT

Purpose>This paper aims to focus on the relation between digital transformation and banks’ reputation, as examined through the information disclosed by the five largest Italian banking groups’ efforts to extend and enhance their digital resources. Considering digitalization as a key strategy for managing reputation, which, in turn, can leverage financial and value performance management, the paper investigates whether and how digital activities might affect banks’ reputation. Therefore, this paper proposes the relationship between digitalization and reputation as a lever for performance management and for increasing efficiency.Design/methodology/approach>The authors use content analysis to generate a digital disclosure index, categorizing activities human, structural and relational. For banks’ reputations, the proxies are a measure of corporate reputation and a reputational risk index. Methodologically the study used multiple case studies, considered as particularly suitable to gain an in-depth understanding of the topic in the case of the five banks. A collection of secondary data and semi-structured interviews are included.Findings>Overall, the digitalization-reputation link shows that banks’ reputation is variously affected, not only by exposure to risk (including reputational risk) but also by strategic issues such as digitalization and the effectiveness of the corresponding communication. Consequently, banks should view digitalization as a key driver to be considered not in a stand-alone perspective, but in a combined approach.Research limitations/implications>Continued research should include the Covid-19 implications. Additionally, it would be important to compare a larger number of banks, with different characteristics, also including variables indicating the corporate governance mechanisms.Practical implications>The analysis contributes to fostering scholars’ and practitioners’ management of the digital transformation challenge that is a current key-factor, capable of increasing banks’ value. It considers not only the drivers directly affecting monetary value but also the institutions’ social and relational value, as well as their reputation.Originality/value>This paper extends prior research on the digitalization-reputation relation by investigating digital transformation through disclosure of activities in this area within the Italian banking sector. It allows to leverage the key-factors that can contribute to increasing banks’ value, considering not only the drivers directly affecting monetary value but also the institutions’ social and relational value, as well as their reputation.

12.
International Journal of Emerging Markets ; 17(7):1635-1658, 2022.
Article in English | ProQuest Central | ID: covidwho-1932028

ABSTRACT

Purpose>The study aims to empirically examine the effect of bank liquidity creation on non-performing loans (NPLs) in the Middle East and North Africa (MENA) region.Design/methodology/approach>Berger and Bouwman's (2009) three-step methodology was employed to calculate the level of liquidity creation of a selected sample of 111 commercial banks in ten MENA countries from 2010–2017. Next, the two-step system generalized method of moments (GMM) estimator was used to investigate the linkage between bank liquidity creation and NPLs.Findings>The results demonstrated a significant negative effect of bank liquidity creation on NPLs in the short and long term, implying that liquidity creation through both on- and off-balance sheet activities decreases NPLs. These findings accord with the “economic-enhancing” view. Furthermore, regression analysis investigated whether this relationship remained similar for Islamic and conventional banks. The results showed that liquidity creation diminishes Islamic and conventional bank NPLs.Research limitations/implications>The empirical findings raise several significant policy implications. Bank liquidity creation may decrease rather than increase NPLs, although the process of liquidity creation is viewed as risky by rendering banks more illiquid. Therefore, policy-makers should encourage bank liquidity creation to stimulate the economy. In a robust economy, borrowers are more likely to repay their debts, consequently diminishing banks' NPLs.Originality/value>To the best of the author's knowledge, the current study is the first to provide empirical evidence on the effect of bank liquidity creation on NPLs in MENA countries.

13.
International Journal of Managerial Finance ; 18(4):639-660, 2022.
Article in English | ProQuest Central | ID: covidwho-1932025

ABSTRACT

Purpose>This study aims to examine the connectedness among green, Islamic and conventional financial markets from December 2008 to May 2021. Moreover, the impact of global factors on the connectedness of given financial markets is also observed.Design/methodology/approach>This study first employed the time-varying parameter vector autoregressions (TVP-VAR) technique to explore the connectedness of markets. Second, This study utilized the wavelet coherence analysis to test the time-frequency impact of global factors in terms of implied volatilities of stock, oil, gold, currency and bond on the connectedness across financial markets.Findings>This study finds Islamic stocks, sustainability index and S&P500 composite index are the net transmitters, whereas Sukuk, commodity index, bond market, clean energy and green bonds are the net recipient of spillovers. Time-varying features of green, Islamic and conventional financial markets are evident in system-wide connectedness. This study further evidenced that global factors drive the connectedness of financial markets, particularly during stressful times.Practical implications>The findings of this study furnish significant implications for policymakers, regulatory authorities, investors, financial market participants and portfolio managers in terms of carefully assessing the unique characteristics offered by each financial market in terms of risk mitigation and diversifying the portfolios.Originality/value>Using a portfolio of green, Islamic and conventional financial markets, the uniqueness of this study lies in the examination of the connectedness of these markets by deploying the TVP-VAR technique. In addition, wavelet analysis offers a significant contribution in terms of global factors driving the connectedness of green, Islamic and conventional markets.

14.
Politické Vedy ; - (2):177-207,288, 2022.
Article in English | ProQuest Central | ID: covidwho-1924903

ABSTRACT

This paper contributes to the very up-to-date topic of conspiracy theory. The main goal of this study is to analyse the main 'anti-Soros' narratives within Slovak parliamentary discourse. Due to qualitative content analysis, based on N=84 parliamentary speeches and comments, the author detected four main narratives that included several conspiracies. Four concrete narratives: (1) influence on Slovak politics;(2) delegitimisation of political opponents;(3) the anti-Semitic conspiracy ground;(4) the supporter and organiser have instrumentalised George Soros to their rhetoric while combining classical conspiracies narratives. The final narrative (5) condemnation of anti-Soros rhetoric, which represents de facto only founded counter-narrative and was significantly minor. In this context, and keeping in mind that anti-Soros discourse was four times bigger than the discourse condemning the use of this rhetoric, the author argues that the continuance of this dividing verbiage based on legitimising conspiracies could contribute to further polarising Slovak politics and society. On the other hand, the popularity of conspiracy theories must lead social scientists to (re)think even more about the mainstream discourses created over the last thirty years, which conspiracy narratives naturally oppose. It should also lead to examining the actors who set the principles and boundaries of mainstream discourses.

15.
Ekonomika ; 100(2):84-100, 2021.
Article in English | ProQuest Central | ID: covidwho-1924753

ABSTRACT

Considering the specifics of the Russian economy such as dependency on oil, gas drilling and production, including the current context of the Western sanctions, COVID-19 pandemic as well as distinct potential output development, the main aim of this paper is to quantify the recent output gap for Russia. We use three mainstream methodologies: the Hodrick-Prescott filter as a benchmark, the Kalman filter to follow and the Cobb-Douglas production function. The sample time span ranges from 1995Q1 until 2020Q3, while all calculations are performed on quarterly frequencies. The analysis suggests that given the low fixed investment ratios, limited R&D spending in non-military sectors and adverse demographic development, under a "no policy change" scenario, there might soon be even more downward pressures on the country's potential output growth. The economy may continue increasing only at a snail's pace even after a possible withdrawal of the Western sanctions and the end of the COVID-19 pandemic.

16.
International Journal for Crime, Justice and Social Democracy ; 11(2):210-221, 2022.
Article in English | ProQuest Central | ID: covidwho-1924526

ABSTRACT

The collapse of Greensill Capital, a company whose self-styled owner experimented with innovative supply-chain finance, led to parliamentary inquiries in the UK during the course of 2021. This paper tells the story of the collapse and analyses the justifications mobilised by the company’s owner, Lex Greensill, in defence of his acts. His exculpatory narratives contain classical components that characterise white-collar and financial crime, but also some innovative aspects that may prefigure the future development of these types of crimes.

17.
International Journal of Islamic and Middle Eastern Finance and Management ; 15(3):527-568, 2022.
Article in English | ProQuest Central | ID: covidwho-1922508

ABSTRACT

Purpose>This paper aims to analyze the impact of price-limit hits by hit type and when such hits start and stop using intraday trades and quotes at a one-second frequency for firms included in the BIST-50 index during the 13-months starting with March 2008. Like the recent COVID-19 period, this period includes the heightened stress in global financial markets in September 2008.Design/methodology/approach>Using intra-day trades and quotes at a one-second frequency, the authors examine the market effects of price limits for firms included in the BIST-50 index during the global financial crisis. The authors compare the values of various metrics for 60 min centered on price-limit hit periods. The authors conduct robustness tests using auto regressive integrated moving average (ARIMA) models with trade-by-trade and with 3-min returns.Findings>The findings are supportive of the following hypotheses: magnet price effects, greater informational asymmetric effects of market quality and each version of price discovery. Results are robust using samples differentiated by cross-listed status, same-day quotes instead of transaction prices and equidistant and trade-by-trade returns.Originality/value>The authors use intraday data to reduce measurement error that is particularly pronounced when daily data are used to assess price limits that start and/or stop during a trading session. The authors contribute to the micro-structure literature by using ARIMA models with trade-by-trade and 3-min returns to alleviate some bias due to the autocorrelations in returns around price-limit hits in the presence of a magnet effect. The authors include some recent regulation changes in various countries to illustrate the importance of circuit breakers using price limits during COVID-19.

18.
Romanian Journal of European Affairs ; 21(1):39-57, 2021.
Article in English | ProQuest Central | ID: covidwho-1918734

ABSTRACT

This article analyses compliance of the post-Soviet Baltic States with the EU liberal-democratic standards, at both institutional and value levels. The authors prove that fulfilment of the Copenhagen criteria for EU accession did not determine an enhancement of the quality of democracy in Estonia, Latvia and Lithuania. This study highlights that, in recent years, the Baltic States have entered a phase of stagnation of liberal-democratic transformations and that they need a more active position of the state on institutional reforms and resocialization of citizens to strengthen adherence to the political and legal values that the EU is based on. The article emphasises how the global financial crisis of 2008, the European migration crisis (2015) and the current coronavirus pandemic have all had an impact on the quality of democracy in the Baltic States. The authors focus on the incomplete process of value reforming among the Baltic population against the EU liberal-democratic standards. The article highlights that the post-totalitarian rotation of values in Estonia, Latvia and Lithuania is slow and faces rejection of European liberal-democratic values to a greater or lesser extent. It underlines the preservation of the totalitarian (Soviet) vestiges of political culture, which contradict the EU paradigm of values and prevent the Baltic States from improving the quality of democracy. It is noted that, in terms of the radicalization level in defending national interests, the Baltic countries take the intermediate position between the Nordic and the V4 countries, particularly Hungary and Poland that develop illiberal democracy patterns.

19.
Asian Journal of Peacebuilding ; 10(1):131-157, 2022.
Article in English | ProQuest Central | ID: covidwho-1912434

ABSTRACT

Set amidst growing global challenges and great power politics, this article asks how middle powers might best promote global collective action. Adopting a historical approach, it explores four case studies on middle power multilateralism in (1) post-1974 UN New International Economic Order;(2) post-1989 Bretton Woods institutions;(3) post-1992 European Union expansion;and (4) post-2003 UN SouthSouth cooperation. These inform a policy framework and an ensuing alternative termed "resilient multilateralism." Adopting a foreign policy standpoint, this alternative entails principles on context specificity, complementarity, consensus building, and non-confrontation. By opening space for global action, it offers a timely approach to countering future shocks and coordination failures-whether wrought through nature or through hands of our own.

20.
Applied Computational Intelligence and Soft Computing ; 2022, 2022.
Article in English | ProQuest Central | ID: covidwho-1909868

ABSTRACT

The usage of credit cards is increasing daily for online transactions to buy and sell goods, and this has also increased the frequency of online credit card fraud. Credit card fraud has become a serious issue for financial institutions over the last decades. Recent research has developed a machine learning (ML)-based credit card fraud transaction system, but due to the high dimensionality of the feature vector and the issue of class imbalance in any credit card dataset, there is a need to adopt optimization techniques. In this paper, a new methodology has been proposed for detecting credit card fraud (financial fraud) that is a hybridization of the firefly bio-inspired optimization algorithm and a support vector machine (called FFSVM), which comprises two sequential levels. In the first level, the firefly algorithm (FFA) and the CfsSubsetEval feature section method have been applied to optimize the subset of features, while in the second level, the support vector machine classifier has been used to build the training model for the detection of credit card fraud cases. Furthermore, a comparative study has been performed between the proposed approach and the existing techniques. The proposed approach has achieved an accuracy of 85.65% and successfully classified 591 transactions, which is far better than the existing techniques. The proposed approach has enhanced classification accuracy, reduced incorrect classification of credit card transactions, and reduced misclassification costs. The evaluation results show that the proposed FFSVM method outperforms other nonoptimization machine learning techniques.

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