Abstract:The purpose of this paper is to identify the determinants of bank profitability in 13 post-Soviet countries. Within this scope, annual data between 1996 and 2016 is analyzed by using fixed effects panel regression and the Generalized Method of Moments (GMM). It is concluded that loan amount, non-interest income and economic growth are significant indicators of profitability. Moreover, the 2008 global mortgage crisis has a negative influence on bank profitability in post-Soviet countries. According to the estimation results, there is a positive relationship between non-interest income and economic growth with profitability. This result shows that when non-interest income of the banks increases, such as credit card fees and commission, it affects the financial performance of the banks, positively, and contributes to bank profitability. Another result of this study is that economic growth positively influences bank profitability. This result allows us to conclude that higher GDP comes with higher bank profitability for post-Soviet countries. Lastly, there is a negative relationship between loan-to-GDP ratio and profitability of the banks in post-Soviet countries. This means that when the ratio of total loans to GDP increases, it affects financial performance of the banks in a negative way. While considering this result, it is recommended that banks in post-Soviet countries should focus on ways to increase their non-interest income. Additionally, it is also significant for these banks to be careful and risk averse when lending to their customers.
This paper examines the relationship between energy consumption, financial development, and economic growth in an oil-rich economy-Azerbaijan-employing cointegration techniques to the data ranging from 1992 to 2015. The results confirm the existence of a long-run relationship among the variables. Also, we find that there is a positive and statistically significant impact of financial development and economic growth on energy consumption in the long-run. The positive and statistically significant coefficient of financial development and decreasing volatility in the proxy for financial development over time can be considered as improvements in the financial system. Estimation results show that a 1% increase in financial development, proxied by the private credit indicator, and economic development increases energy consumption by 0.19% and 0.12%, respectively. The positive and significant impact of financial development on energy consumption on the backdrop of relatively cheaper energy prices due to rich oil and gas resources, should be considered by policymakers in their energy use, financial development, and economic growth related decisions.
The main purpose of this paper is to analyze the influencing factors behind credit risks in Azerbaijani banks. Within this scope, we analyzed 10 biggest banks of Azerbaijan with respect to their asset size. Furthermore, 10 explanatory variables were used to achieve this objective. Annual data for the period between 2010 and 2015 was tested using the panel logit methodology. According to the results of our analysis, it was defined that 4 independent variables affect credit risk of Azerbaijani banks. It was also determined that decrease in the capital adequacy ratio, interest rate and total assets leads to increasing credit risk. We have also identified that there is a positive relationship between unemployment rate and the credit risk of Azerbaijani banks. Therefore, it can be stated that Azerbaijani banks should increase their capital adequacy ratio and total assets amount in order to minimize the negative effects from the credit risk problem.
The aim of this study is to investigate impacts of monetary policy transmission mechanisms on production and prices in theoritical way and to test functioning of monetary transmission channels in Azerbaijan economy. In this article, vector error correction model (VECM) is employed for short and long run relationships in the period of 2001:4-2014:3. Results reveal that, both interest and credit channels are important, with a bit precedence of credit channel in comparison for Azerbaijan economy.
BackgroundPatient-reported outcomes (PROs) are important in monitoring and making treatment decisions.Recently,we reported that the translation of“tender points” in the fourth question of the Turkish version of BASDAI was not correctly understood,and replacing this question with an entheses examination (BASDAI-Q4) decreased the score (ΔBASDAI:0.99,p<0.0001,95% CI0.54–1.44).1ObjectivesWe report here the results of an investigator initiated clinical trial using a self-developed mobile phone application (MPA)2 to overcome the problem of untranslability.MethodsOut of 135 invited 95 axSpA patients participated.Initially,BASDAI self-report forms (BSRF) were administered.Thereafter,patients were randomized into two groups (2:1).GroupA completed a second set of BSRF after using the MPA with embedded videos defining terms and grading for each domain.GroupB completed a second set of BSRF under guidance of an inexperienced family physician (FP).A third set of BSRFs were completed by GroupB with the same FP after he went through the MPA.Afterwards,an entheses examination (EE) was performed by a blinded rheumatolgist and patients graded enthesis pain between 0–10.StandartQ4 was replaced with the EE scoring (BASDAI-Q4).Patients older than 45 years of age were excluded.ResultsFifththree male (%55.7) and 42 female (%44.3)patients,with a mean disease duration of 13 years (SD=8.7)were studied.Sixtyfour and 31 patients were randomized to Groups A and B, respectively.Nine patients reported the Q4 as“not understood”.32 patients had no enthesitis on EE,but of those only 21 scored“0” for Q4 during the unassisted-PRO.Eleven reporting no enthesitis had so on EE.In GroupA,out of six“not understood” responders forQ4,five reported enthesitis after MPA assistance and four had enthesitis at the final EE.Nineteen patients had no enthesitis on physical examination,but of those only 12 scored“0” for Q4 during the unassisted PRO,and an additional nine scored“0” forQ4 after MPA assistance.Six out of seven patients reporting no enthesitis,but with enthesitis on EE reported,enthesitis after MPA assistance.In GroupB,scoring forQ4 was similar after both the unassisted- and FP's first assistance PRO.Out of four “not understood” responders for Q4,two reported enthesitis after the second assistance of FP and both had enthesitis at the final EE.Six patients had no enthesitis on EE,but of those only4 scored“0” for Q4 during the unassisted-PRO,and an additional two scored“0” for Q4 after second FP-assistance.Two out of four patients reporting no enthesitis,but with enthesitis on EE,reported enthesitis after second FP-assistance.Mean BASDAI was significantly higher in both groups then BASDAI-Q4 (Group A=3.97±1.95 vs. 2.84±1.98, p<0.0001,95% CI0.58–1.52, Group B=3.81±2.05 vs. 2.98±2.25, p<0.0001,95% CI0.48–1.31). In both groups, MPA for both, patients and FPs resulted in more reliable overall BASDAI scores with BASDAI-Q4 as the gold standard (Group A=3.05±2.25 vs. 2.84±1.98, p=0.081, 95% CI0.71–1.45, Group B=3.21±1.87 vs 2.98±2.25, p=0.075,95% CI0.71–1.63).Con...
Bank investments have a special economic content. In the microeconomic aspect, the investment activity of the bank can be viewed from the point of view of the bank taken as an economic subject (as an activity in which the bank acts as an investor by putting its resources into the creation or acquisition of real assets, and the purchase of financial assets with the aim of generating direct and indirect income). However, there is another aspect of banks’ investment activities that is related to the implementation of their macroeconomic role. In this capacity, banks cause the realization of the investment demand of economic entities in the form of money and credit in the market economy, and the transformation of savings and savings into investment. Therefore, in the macroeconomic aspect, the investment activity of banks is understood as an activity aimed at meeting the investment needs of the economy.
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