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This study examined the roles of public spending and population moderating characteristic structure of selected African economies on bank-based financial development through credit to private sector.

The study sampled 37 selected African economies for the years 1991–2018, and it applied a pooled mean group (PMG) estimator to account for short-run and long-run causal effects, and confirmed short-run adjustments towards the long-run convergences between the variables. Specific suitable tests were also applied.

Evidence confirms positive impacts of both capital formation and final consumption expenditures on financial development in the short run and long run. The moderation of population structures on expenditure structures help to speed up convergences.

This work attests its innovation by accounting for the separate effects of the expenditure types, the moderation effects of young and mature populations for capital and final consumption expenditure on financial development among selected economies in Africa.

The purpose of this paper is to provide evidence on the importance of cross-border cooperation in the quality assurance of transnational education (TNE) by offering a comparative overview of how TNE is quality assured by both sending and receiving countries. Through this comparative analysis, it will be possible to appreciate the diversity of approaches to TNE. The paper also shows that for the foreseeable future, progress towards effective and effiicient quality assurance of TNE cannot rest on the hope of developing an internationally agreed framework, but it must rest on strengthening cooperation between quality assurance agencies operating within different national frameworks.

This paper looks at four key sending countries of TNE, the UK, Australia, the USA and Germany, considering the main drivers for out-going TNE, its main features and how it is quality assured. It then considers the same aspects from the perspective of receiving countries of TNE, looking at four key receiving locations, China, Dubai, Singapore and Hong Kong. It also offers an overview of some recent international initiatives aimed at fostering cross-border cooperation in the quality assurance of TNE.

In the backdrop of this overview of different approaches to TNE, this paper will conclude that for the foreseeable future it is not possible to develop an internationally agreed view and approach to TNE and its quality assurance. This conclusion allows the author to focus on the importance of cross-border cooperation amongst quality assurance agencies in sending and receiving countries for the effective and efficient quality assurance of TNE.

This is the first comparative study of different countries’ approaches to TNE and its quality assurance, taking into account both sending and receiving countries. It allows pointing to the key different features in different countries’ approaches and illustrates how these often relate to the underlining national strategic priorities and drivers for TNE (either in-bound or out-bound). It also allows the international community to realise that in the absence of a viable shared and agreed international framework for the regulation and quality assurance of TNE, it is of paramount importance to focus efforts on inter-agency cross-border cooperation in order to ensure that TNE continues to be of good quality and relevant to the respective communities.

This paper is motivated by the heated debates preceding the introduction of additional regulatory requirements of Basel III on capital conservation buffer (CCB) and regulatory leverage (RLEV) in banks of emerging markets. The paper aims to examine which policy ratio can improve bank efficiency (BE), in one of the most resilient banking settings in the Middle East and North Africa (MENA) region.

The analysis is performed on a sample of 13 banks for the period 2010–2018 in Egypt and proceeds in two steps. In the first step, the data envelopment analysis model is used to derive bank-specific efficiency scores. In the second step, BE scores are regressed on the two types of regulatory capital and a set of control variables.

The paper is motivated by regulatory debates on the viability of RLEV and CCB in enhancing BE. The results show that higher RLEV and CCB are associated with a reduction in BE and that RLEV is highly associated with BE compared to CCB. Hence, results are relevant to policymakers in designing measures for improving BE in emerging markets.

The findings contribute to a small but growing stream of research on capital adequacy in emerging markets. This study provides results on the viability of risk-based vs non-risk-based capital requirements. The findings are also relevant to bank regulators in similar emerging market settings in their efforts to introduce and phase in minimum leverage requirements according to Basel III.

The economic development of Bangladesh is heavily reliant on the banking industry, yet it faces numerous hurdles, including liquidity issues, capital shortages, non-performing loans, inefficiencies and so on. Therefore, this study investigated the performance and efficiency of scheduled banks (state-owned, private commercial, foreign commercial and specialized banks) operating in Bangladesh.

The research was conducted using secondary data from annual reports of banks. The CAMELS rating system and Data Envelopment Analysis (DEA) methods were employed to measure the performance and efficiency of banks, respectively.

In the overall bank rankings, results revealed that foreign commercial Standard Chartered Bank and state-owned Sonali Bank Limited came in first and last position, respectively. Among the four categories of banks, foreign commercial banks were the best performer, while state-owned banks were the worst. Only two banks, i.e. Citibank NA and HSBC Bank, were scale efficient while the remaining banks were inefficient. In terms of performance and efficiency, state-owned and specialized banks were deemed wanting.

This study proposes recommendations to the policymakers that could lead to more effective tactics for improving the banking industry's performance and efficiency.

As far as the authors are concerned, this study presents empirical evidence on the performance and efficiency of different types of banks and explores comparisons among them, which has never been done to this extent in the country before.

This study aims to empirically investigate the effect of managerial ownership on bank value concerning conventional and Islamic bank. The analysis uses a balanced panel data set based on a sample consisting of 480 bank-year observations between 2003 and 2017.

Ordinary least squares, fixed effect and random effect have been used primarily to examine the relationship between managerial ownership and banks' value. Later, the authors validate the core results by using the generalized linear model.

This study provides general support for the claim of interest alignment that encourages bank standards with a high level of managerial ownership and partly opposes the view of the entrenchment effects.In addition, the study finds a U-shaped and insignificant relation between managerial ownership and bank value. This indicates that initially, managerial ownership is a blessing, and later, it becomes a curse in considering bank value. Moreover, bank value affects managerial ownership positively both for conventional and Islamic banks.

A good number of studies are available in the current literature, which examine the impact of managerial ownership on either bank performance or risk-taking. However, very few studies are found that examine the bidirectional relationship between managerial ownership and banks' value. Moreover, to the best of authors’ knowledge, there is a dearth of literature on this topic that is built on the comparative analysis between conventional and Islamic banks.

The aim of this paper is to disentangle the contemporaneous and non-contemporaneous relationship between regional business cycles and manufacturing productivity in a developing country, namely Colombia.

The methodology is quantitative. To deal with the problems of endogeneity in the production function and with the law motion of productivity (the Markov process), the authors obtain Total Factor Productivity (TFP) through the Wooldridge’s two equations system that can be jointly estimated under the generalized method of moments framework (GMM). Secondly, to avoid bias we estimate regional business cycles through the Kalman filter. Subsequently, we implement an instrumental variables/generalized method of moments regression (IV/GMM) to capture the contemporaneous and endogenous TFP–GDP cycles’ linkage at the regional level. Lastly, to deal with the non-contemporaneous link, the authors estimate a vector autoregressive model with exogenous variables (VARX) for each region. We also present the corresponding impulse–response functions.

The authors’ general results suggest a remarkable causality, both contemporary and non-contemporary, from productivity to GDP (but not vice versa) in the most developed regions of the country. This implied productivity could influence in the economic growth of regions in short and long runs. These results are different than those expected by economic theory and should be considered by local economic policy makers.

The authors consider that a more detailed analysis should be carried out at the level of each sector within the manufacturing industry to further clarify these findings.

The policy should be oriented to obtaining cutting-edge technologies through subsidies, and also should facilitate the access to financial capital and the investment in R&D laboratories. On the other hand, the link with international trade also must be reinforced because the importing of intermediate inputs and exporting of output allow the firms to obtain embodied technologies, also to incur on learning by exporting and importing processes and finally to gain experience and competitiveness in foreign markets.

The causality in the region that provides more than 50% of economic activity within the country (Third region) is only in one directional, from TFP towards gross domestic product (GDP) and not vice versa. As the influence from GDP towards TFP is minimal in the remaining regions, the manufacturing productivity influences both short and long run regional economic growth in Colombia. This implies that economic policy at the level of macro-region must be modified; the government should give additional support to the manufacturing sector, especially in developed regions and for the small and medium-sized enterprises (SMEs) (wich represent 92% of manufacturing firms) to increase economic growth in the future.

The authors’ contribution is threefold. First, they pay special attention to the contemporaneous cyclical relationship (i.e. pro-cyclical, counter-cyclical or acyclic) and the non-contemporaneous causality with productivity. Second, they estimate productivity with the GMM two equation system considering an endogenous Markov process. Third, to the best of their knowledge, at least in the case of Latin America, there are no studies in this direction combining these statistic methods, including that of Colombia.

Financial stability has become a focal point for central banks since the global financial crisis. However, the optimal mix between monetary and financial stability policies remains unclear. In this study, the “soft” approach to such policy mix was tested – how often monetary policy (in inflation reports) analyses financial stability issues. This paper aims to discuss the aforementioned objective.

A total of 648 inflation reports published by 11 central banks from post-communist countries in 1998-2019 were reviewed using a text-mining method.

Results show that financial stability topics (mainly cyclical aspects of systemic risk) on average account for only 2%of inflation reports’ content. Although this share has grown somewhat since the global financial crisis (in CZ, HU and PL), it still remains at a low level. Thus, not enough evidence was found on the use of a “soft” policy mix in post-communist countries.

Given the strong interactions between price and financial stability, this paper emphasizes the need to increase the attention of monetary policymakers to financial stability issues.

The study combines two research areas, i.e. monetary policy and modern text mining techniques on a sample of post-communist countries, something which to the best of the authors’ knowledge has not been sufficiently explored in the literature before.

The purpose of this study is to validate multiplicative cycle that exists between the job readiness and satisfaction model explored by Matthews et al. (2018), the satisfaction and performance paradigmatic nuances analyzed by Judge et al. (2001) and Gu and Chi (2009), in addition to the expectancy model theorized by Vroom (1964). The motivation to transfer learning serves as a conveyable variable transmitted within a learning continuum that sustains cyclical outputs.

An archetype to explore the connection between the three hypothesized theories is created through a neural network program. Exploring this connection develops deeper understandings of the derivatives of employee motivation as it pertains to its effect on readiness, satisfaction, performance and achievement dyads. A detailed analysis of the literature leads to the hypothesis that the motivation to transfer learning creates a multiplicative effect among hypothesized relationships.

The neural network program scaffolds the proposed general belief that positive effects of transfer motives cause a cyclical effect that continues to perpetuate among hypothesized dyads. Conversely, if this motivation decreases or ceases among one or more dyads, the cyclical effect will retract and, eventually stop.

Based on the neurologic outcome, one central theme emerged: managers must offer opportunities to acquire knowledge through assistive mechanisms (i.e. training) by providing external stability through controlled channels that activates the motivation to transfer learning into new opportunities. The transference of this knowledge produces reconstructive growth opportunities through continuous learning thus increasing performance.

本研究的目的、除了驗證弗魯姆 (Vroom) (1964) 建立的「期望模型」理論外，也去驗證存在於工作準備就緒與馬修斯等人 (Matthews et al.) (2018) 所探索的滿足感模型之間的倍增週期，及質治等人 (Judge et al.) (2001) 和古與池 (Gu & Chi) (2009) 所分析的滿足感及表現之範式細微差別。學習轉移的動機作為一個被傳送至學習漸變體內的可輸送變量而運作，而這個學習漸變體是會維持週期性的輸出的。

透過神經網絡程序，創造一個用以探索這三個假設性理論之間的關係的原型。探究這些關係，會使我們更能深入了解僱員動機的衍生品，因這涉及僱員動機對準備就緒、滿足感、表現及功績二元體的影響。仔細分析文獻帶出了一個假設，就是: 學習轉移的動機會在各假設的關係裏創造一個倍增的效果。

這個神經網絡程序續步闡釋了一個被倡議的普遍觀念，那就是轉移動機的正面影響會帶來一個在假設性的二元體中會繼續持續下去的週期性效應。相反地，如果這動機在一個或多個二元體中減弱或停止，這週期性效應將會撤回及最終停止。

基於神經病學的結果，一個核心主題浮現了， 就是：管理人員必須提供透過輔助機制 (就是說：培訓) 而獲取知識的機會。方法是給會引發把學習轉為新機會的動機之受控渠道、提供外在穩定性。這知識的轉移，透過不斷學習而創造重建的成長，表現因而得以提升。

This research analyzes the cycle of the dry bulk shipping market (DBSM) as a representative of spot and period charter rates in dry bulk shipping to develop strategies for investment timing (i.e. asset play) and fleet trading (chartering strategy).

Spectral analysis is a numerical approach to extract significant cyclicality, which may be utilized to develop trading strategies. Instead of working with a single dataset (univariate), a system approach can be utilized to observe a significant shipping market cycle in its multi-variate circumstance. In this paper, a system dynamics design is employed to extract cyclicality in the DBSM in its particular industrial environment. The system dynamic design has competitive forecasting accuracy relative to univariate time series models and artificial neural networks (ANNs) in terms of forecasting outcomes.

The results show that the system dynamic design has a better forecasting performance according to three evaluation metrics, mean absolute scale error (MASE), root mean square error (RMSE) and mean absolute percentage error (MAPE).

Cyclical analysis is a significantly useful instrument for shipping asset management, particularly in market entry–exit operations. This paper investigated the cyclical nature of the dry bulk shipping business and estimated significant business cycle periodicity at around 4.5-year frequency (i.e. the Kitchin cycle).