The aim of this study is to investigate the bank-specific, industry-specific, and macroeconomic determinants of the financial performance of banks in Central and Eastern European Countries. For this purpose, first we determined the factors affecting performance, based on findings in the literature. We constructed a financial performance index (FPI) based on CAMEL ratios and then ran the computed index on the aforementioned determinants. In the analysis, we used unbalanced panel data covering the period 2009-2014, which were collected from the BankScope database, World Development Indicators, and the Financial Structure and Development Dataset. We conducted an empirical analysis using fixed-effect panel regression. Our results suggest that the asset quality and earnings of banks are negatively affected by size, and positively affected by business mix and inflation. Capital adequacy and liquidity were found to be negatively affected by size and positively affected by bank concentration and economic growth.
As in international trade, football clubs can benefit more if they specialize in what they have or can create comparative advantage. In a world of scarce resources, clubs need to identify what makes them successful and invest accordingly. The main objective of this study is to understand what influences the success of football teams in the English Premier League (EPL) championship games. Based on Ricardo's model of comparative advantage and applying Factor analysis as well as Panel data approach, this study investigates the need for specialization and tradeoffs between defensive and offensive patterns of the game in order for EPL clubs to be more successful. The data used in this study covers the period 2010-2017 of the EPL data. The results reveal that, in general, a better defense is slightly more important for success. The outcomes were different for the top-and bottom-ranking clubs. We found that it is more important for bottom-ranking teams to play better defensively than offensively, while for top-performing teams, the probability of success is more affected by offensive style. In addition, there is a tradeoff between these two styles of play; when bottom-ranking teams try to play better defensively, it often comes at the expense of a poor offensive pattern, but almost no one plays offense at the expense of a poor defense. Unlike the bottom-ranking teams, the topranking teams did not face tradeoffs, but they were able to improve both their defensive and offensive patterns. The recommendation put forward by this study argue that bottom-ranking clubs should specialize
Since its inception, the intellectual capital (IC) framework, which developed from accounting and financial perspectives, focused primarily on firm-level analysis. There have been several important attempts in the literature to take IC to the macroeconomic level. The purpose of this paper is to assess the relationship between national intellectual capital, proxied with modified National Intellectual Capital Index (NICI) introduced by Bontis [7], and the Human Development Index (HDI), which became an important alternative to the traditional single dimensional measure of a country's development, like the gross domestic product [42]. The paper proposes a modified NICI suggested by Užienė [52]. The analysis includes panel data regression analysis for 12 countries. The dataset incorporated longitudinal data for weighted components of the NICI index for the period of 21 years (2000-2021). The results revealed that each of the elements of NICI, namely National Human Capital (NHC), National Market Capital (NMC), National Process Capital (NPC), and National Renewal Capital (NRC), exhibits significant impact on the levels of HDI in the said period. However, all elements, apart from NRC, show significant positive impact on HDI, pointing to the conclusion that these factors represent an important foundation for achieving and maintaining national competitiveness. Contrariwise, NRC was revealed to have the significant negative impact on HDI, opening the door to the question whether NRC is a real driver of national development, or just the effect of already reached development level.
Rising income inequality over recent decades is a growing concern for policymakers worldwide, and has received increasing attention both from economists and in public debate. Rising inequality has been attributed to a range of factors, including educational inequality. On the other side, unequal opportunities in education are also one of the factors contributing to income inequality. Therefore, this paper will try to analyze the relationship between income inequality represented by the Gini index and educational achievement represented through PISA scores from the Programme for International Student Assessment (PISA) database. The panel of countries analyzed in this paper is composed of the 37 OECD countries, while the period of observation are the years 2015 and 2018, which are the years from the latest PISA testing.
Abstract:The federal funds rate is one of the most important monetary policy instruments of Federal Reserve Bank of America. In this study, we analyze the effectiveness of Fed interest rate policy on different markets in the period between 1976 and 2016 through Markov regime-switching regression analysis. Results indicate that Federal funds' rate affects labor and housing markets with a few months' lag. However, the influence of Federal funds rate on inflation rate is quite limited. It is most probable that Fed employs alternative monetary instruments to regulate inflation. The most interesting results are obtained in the domain of personal savings. The interaction of personal savings and Federal funds rate is significant during both expansion and recession regimes.
Stressful life experience are one of the causative factors in suicide among men between the ages of 35 and 55. The financial crisis in Portugal, Italy, Ireland Greece and Spain has shown a pattern of contraction in GDP followed by rising unemployment numbers. Financial crisis represents a crash of the financial system and a collapse of the prices of assets including bankruptcy of a bank or other financial institutions which enables people and companies to obtain credit in order to pay their obligations. A descriptive multiple-case study design in established a deeper understanding of the impact of the prevalence of suicide during the financial crisis shows a correlation between increased suicides recorded by the world Health Organization and rising unemployment in these countries. Suggestions to negate increased suicides include free and easily accessible financial support and advice lines, national mental health services should train and implement support services to assist families who have been impacted policy makers consider positive psychology and resilience campaigns with a progressive message during financial crises.
As a result of closed borders, limited mobility, and social distancing, tourism is one of the first and most severely affected economic sectors during pandemics. Considering the characteristics of Covid-19 in terms of speed of spread and the consequences it has on human health, it was the most serious crisis that the tourism industry has faced so far. To prevent the spread of the virus, many countries implemented border lockdowns which disrupted life and caused a severe economic downturn. The restrictive measures caused a significant decline in economic activity and brought tourism to an abrupt halt. This paper estimates the impact of Covid-19 on tourism and contributes to a better understanding of the effects of COVID-19 on tourism in North Macedonia and the required response in different sectors at various scales.
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