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We document that finance companies and FinTech lenders increased lending to small businesses after the 2008 financial crisis. We show that most of the increase substituted for a reduction in bank lending. In counties in which banks had a larger market share before the crisis, finance companies and FinTech lenders increased their lending more. We find no effect of reduced bank lending on employment, wages, and new business creation by 2016. Our results suggest that finance companies and FinTech lenders are major suppliers of credit to small businesses and played an important role in the recovery from the 2008 financial crisis. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online [ABSTRACT FROM AUTHOR]

Legitimacy of private accounting standard setters Accounting standard setting and accountability Private vs public accounting standard setting bodies Lobbying on accounting standard setters Political pressures on the accounting standard setting process Should the economic consequences of accounting be taken into account when issuing accounting standards? This implies that such a concept is used as a political tool to influence the applicable accounting standards, and in her view the EU's arguments show a potential threat to the IFRS's status of globally accepted standards. Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups. [Extracted from the article]

The paper examines the best fit estimation technique for modeling stock returns volatility and estimates the pass-through effects of volatility risks to stock returns. It provides two main innovations: (1) it analyzes stock returns volatility types namely idiosyncratic and systematic volatility types using recent test by Narayan and Popp (2010) and further modified the estimations to include both symmetric and asymmetric volatility models; and (2) it uses the Kalman filtering process to estimate the pass-through effects of volatility risks to stock returns. The paper finds two structural breaks that occur in 2000 and 2008 which unexpectedly correspond to the millennium development in deposit money banks in Nigeria--their massive listing on the Nigerian Stock Exchange--and the downsizing rally in stock returns caused by the global financial crisis. It notices the existence of persistence and leverage effects in the stock returns volatility and that rising volatility regardless of types, necessitates demand for higher returns by investors to hold stock and portfolio of stocks. Conclusively, it recommends that, when modeling stock return volatility, issues of asymmetric effects, and structural shifts are extremely pertinent and that investors should structure stock portfolio with more of idiosyncratic volatility stocks to maintain stable stock returns. [ABSTRACT FROM AUTHOR]

This paper reviews the causes of the sub-prime mortgage crisis and problems associated with the wider securitisation industry in general. It considers the impact of the global financial crisis on the securitisation market internationally and provides a summary of the regulatory reforms aimed at preventing future crises. The paper concludes by considering the adequacy of these reforms and what additional actions could be considered. [ABSTRACT FROM AUTHOR]

This paper offers a comprehensive analysis of the investment flows from Greek to Bulgarian regions against the context of COVID-19. Employing a mixed research method, it investigates the initial impact of COVID-19 on regional FDI flows from Greece to Bulgaria and intends to explore to which extent the pandemic acts as an impediment to firm relocation, by examining regional investment flows from 2013 to 2020. The effects of the COVID-19 macroeconomic shock are placed in the context of the existing conditions shaped by the 2008 global economic crisis. The paper also attempts to provide a critical insight of factors underlying investment flows. The results indicate that there was a limited investment halt but no disinvestment from the Greek to Bulgarian regions in the first year of the COVID-19 outbreak. Low and stable taxation, cheap labour and efficient regulatory regime attract Greek investments in Bulgaria. [ABSTRACT FROM AUTHOR]

Copyright of New Economist / Novi Ekonomist is the property of University of East Sarajevo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Global economic crises and complexities in the business environment have flawed the traditional risk management system. These have provided lessons to business leaders and enhanced the popularity of Enterprise Risk Management (ERM). ERM is the holistic approach to managing the overall risks of an organisation to achieve its strategic goals. Despite its relevance, the question about the appropriate measurement for ERM and the performance of ERM remains. This study provides a comprehensive and systematic literature review on the measurement and performance of ERM. Google Scholar was the primary search tool for ERM literature from 2001 to 2020, and papers listed in SCImago journal ranking were discussed. According to the review, there is no specific approach to measuring ERM; hence, scholars rely on different proxies. Most studies rely on secondary sources, particularly the Chief Risk Officer's appointment as a simple ERM proxy. This approach is widely adopted in the literature due to the difficulty in assessing ERM information. This paper recommends that further studies on the empirical measurement of ERM should rely on both primary and secondary data as they complement each other. This will provide more insight and allow more factors to be considered for a robust ERM measurement. In terms of performance, the ERM literature reveals mixed findings; however, there is enough evidence to support the assertion that ERM enhances firm profitability and value. Also, an advanced level of ERM implementation significantly improves firm performance. We suggest that scholars consider examining the ERM-performance relationship in emerging economies, as most of these studies centred on the US and European economies. In addition, future studies should consider investigating the non-linear relationship and how moderating factors affect the ERM-performance relationship. Firms must also strengthen their ERM system, as a higher level of ERM implementation improves performance. [ABSTRACT FROM AUTHOR]

This paper explores the challenges and prospects associated with the adoption of Islamic banking in Afghanistan. Despite the global growth and acceptance of Islamic banking by approximately 50 countries by 1997, Afghanistan only embraced it between 2008–2009. The decision to convert conventional banks to Islamic ones, driven by the involvement of interest rates (riba) in the prevailing system, necessitates a thorough examination of the challenges and the need for an appropriate response. The study employs qualitative, analytical, and exploratory methods, reviewing secondary sources and conducting unstructured interviews with key stakeholders, including officials from the Da Afghanistan Bank (DAB), staff of Islamic banking institutions, experts in Islamic banking and finance, and consumers. The findings reveal that the challenges in promoting Islamic banking in Afghanistan are more complex and multi-layered than commonly understood, stemming from the legal system, regulatory capacities and mindset, banking services, and public perception. The paper emphasizes the importance of addressing these challenges comprehensively to safeguard the already fragile economic and financial sector. Failure to do so may lead to further deterioration. This research contributes to the existing body of knowledge by shedding light on the unique challenges and prospects of Islamic banking in Afghanistan, providing valuable insights for policymakers, regulators, and practitioners in shaping an effective transformation strategy. [ABSTRACT FROM AUTHOR]

This paper addresses the role of the U.S. dollar in fostering global economic growth during the post-war period. The existing literature lacks a comprehensive understanding of the true implications of the U.S. dollar's status as a reserve currency and a dearth of studies examining its impact. In this study, we explore the dynamic long-run and short-run relationships between cross-border U.S. dollar claims, global GDP, and global trade while gauging the impact of the Global Financial Crisis (GFC) and the COVID-19 pandemic. In doing so, we use ARDL methodology for a data set that spans the period of 1980 to 2022. The estimation results reveal a robust long-run relationship between U.S. dollar claims, global GDP and global trade and no clear evidence of asymmetric effects. Our findings are of great significance for monetary authorities, emphasising the need for a nuanced understanding of the implications of the U.S. dollar's conducive role in shaping global economic dynamics and fostering growth. [ABSTRACT FROM AUTHOR]

This paper reviews the literature on (potential) green recovery measures in the context of the global financial crisis and the COVID-19 pandemic, focusing on their macroeconomic effects. We find that spending for renewables and energy efficiency is particularly promising with regard to macroeconomic impacts. Moreover, the empirical evidence suggests that green recovery measures are associated with larger macroeconomic effects compared to conventional non-green recovery spending. We also derive lessons learned with regard to open questions and issues as well as accompanying framework conditions which could enhance a macroeconomically successful implementation of green recovery measures. [ABSTRACT FROM AUTHOR]

Drawing from neo-Gramscian theory, the paper explores how urban austerity governance mediates crises of neoliberal hegemony. Focusing on the decade after the Global Economic Crisis of 2008–2009, it compares four European cities disclosing five intersecting characteristics of urban political economy that contributed to sustaining and disrupting austere neoliberalism. Austere neoliberalism was sustained through three characteristics: economic rationalism, state revanchism and weak counter-hegemony, but undermined by both weakening hegemony and the combustibility and generativity of urban struggles. Hence, although state revanchism is a prominent feature of urban politics, and novel counter-hegemonic forms are elusive, struggles for equality and solidarity remain contagious, tenacious and vibrant. Urban governance is a crucial arena for studying the interregnum, signposting multiple ways in which neoliberalism survives, mutates and dies. [ABSTRACT FROM AUTHOR]

Purpose: The paper analyzes the relative technical efficiency of the transition economies of the Western Balkans in the period 2007–2021, in comparison with the former countries with a socialist state system, today members of the European Union (EU), based on selected macroeconomic indicators and panel data. Design/methodology/approach: Data envelopment analysis (DEA), i.e. its extension, DEA Window analysis, is applied. Total technical efficiency, as a prerequisite of economic efficiency, is decomposed into pure technical efficiency (PTE) and scale efficiency (SE). Bootstrapping method and Mann–Whitney U test were used to check the robustness of the obtained results, i.e. efficiency values. Findings: The results show that in 2020, all observed countries recorded a significant drop in economic efficiency as a result of a general, disproportionate drop in the value of selected macroeconomic variables, which occurred due to the global economic crisis and the slowdown in economic activity caused by the COVID-19 pandemic. This drop in efficiency was significantly greater in the former socialist states, now members of the European Union, which showed their greater sensitivity to global crises. None of the observed economies in the observed period was relatively efficient, that is, at the level of best practice, which occurred primarily as a consequence of the inefficiency of business conditions expressed in the economies of scale. Research limitations/implications: The main limitation of this study stems from the very nature of the concept of DEA efficiency, which is relative in nature. Also, the results and their interpretation are also significantly influenced by the choice of model variables, as shown by Lábaj et al. (2013), as well as a small number of decision-making units (DMUs). The mentioned limitations prevent unambiguous interpretation and generalization of the obtained results. Practical implications: The study may be of importance to economic policy makers in macroeconomic decision-making. The application of the DEA concept in measuring the technical efficiency of national economies is a useful tool in the analysis of macroeconomic performance and a benchmarking approach for positioning and achieving competitive advantage on the international market. Originality/value: Since research of this type is very limited, the results of this study make a theoretical and empirical contribution to the literature, creating a basis for future research and reexamination. The application of the DEA concept in measuring the technical efficiency of national economies is a useful tool in the analysis of macroeconomic performance and a benchmarking approach for positioning and achieving competitive advantage in the international market. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to investigate the influence of macroeconomic cyclical indicators and country governance on bank non-performing loans in African countries. Design/methodology/approach: Data was collected from the 53 African countries covering 2005–2021. The paper develops an empirical model to examine the impact of country governance in reducing macroeconomic cycle-induced adverse effects on bank credit risk. This research estimates Random Effects models and the General Method of Moment to examine the link between microeconomic and governance factors on bank non-performing loans. Stata version 15.1 was used to conduct panel regression analysis. Findings: The findings of the study revealed that the generalized method of moments findings contributes valuable insights into the persistence of NPLs over time and the specific effects of variables on NPL levels. The study findings highlight that the debt-to-GDP ratio, unemployment, regulatory quality, government effectiveness and inflation have significant relationships with NPLs, shedding light on their specific contributions to credit risk dynamics. Research limitations/implications: The focus on a specific set of determinants for NPLs, which may not capture all the factors that influence NPL levels. Thus, the study did not consider the impact of macroeconomic shocks, such as natural disasters or global economic crises, which can have a significant impact on NPLs. Practical implications: Policymakers should prioritize maintaining sustainable debt levels, promoting employment growth and controlling inflation rates to mitigate credit risk and reduce nonperforming loans. Also, enhancing regulatory quality and government effectiveness is crucial in ensuring financial stability and minimizing non-performing loans in Africa. Originality/value: This paper provides a new possible solution to minimise bank non-performing loans risk by examining interactions of country governance regarding the macroeconomic cycle behaviour. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-11-2022-0729 [ABSTRACT FROM AUTHOR]

Copyright of Comunicación is the property of Universidad Pontificia Bolivariana and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

After the 2008 financial crisis, under the double effects of enterprise value maximization and the decline of real economy marginal profit, the relationship between enterprise financialization and technological innovation is worth exploring in depth. On the basis of testing the impact of non-financial enterprise financialization on technological innovation, this paper explores the impact mechanism as well as the heterogeneity among different types of enterprises. This paper selects non-financial listed enterprises in China from 2007 to 2017 as samples to study the influence of enterprise financialization on technological innovation and its mechanism through panel regression and mediating effect models. Moreover, the heterogeneity among different types of enterprises is further studied. The main conclusions are as follows. First, the financialization of enterprises has a significant "crowding out" effect on technological innovation. Second, the "crowding out" effect of enterprise financialization on technological innovation is formed through capital structure rather than performance. Third, enterprises are faced with different attributes and external environment, thus the influence of financialization on technological innovation is heterogeneous. Fourth, there are significant differences in the impact of financialization on technological innovation between enterprises' attributes and the external environment they face, and the deviation degree caused by attributes is much greater than that caused by the external environment. [ABSTRACT FROM AUTHOR]

A global health and economic crisis was created by the spread of Covid-19 across the world during the course of 2020 and into 2021. This Special Issue of the International Review of Applied Economics brings together papers analysing various aspects of this twin crisis. The crisis led to massive intervention by governments, both to tackle the health crisis - through lock-downs; social distancing measures; test, trace and isolate programmes; and to develop and then provide vaccinations - and to offset the economic damage created by the lock-downs, the fall in travel and trade, and so forth. Several of the papers take up the challenge of how we might 'build back better'. The leading expert on organisational studies and organisational behaviour John Child notes that while the Covid-19 pandemic intensified many of the economic and social problems that societies were already facing, the public response to the crisis points to a constructive way forward, including people participating in collective activities to contribute to addressing the common challenge, arguing that "it is timely to widen participation in organisational decision-making as an approach to addressing many of the problems which will continue to be with us post-Covid, and which indeed the pandemic has exacerbated". These further challenges include inequality, and the climate crisis. Both could be tackled through a global Green New Deal. [ABSTRACT FROM AUTHOR]

This paper extends the concept of residential alienation to political activism in Hong Kong in the decade following the Global Financial Crisis. Young adults in Hong Kong have endured growing housing vulnerability with declining real wages, limited social benefits, and spiralling housing prices. Although university-educated, many have been excluded from the wealth accumulation of homeownership and entry to a middle-class asset society. Some have joined the waiting list for public housing. Using varied sources, the paper examines the objective and subjective status of young adults in Hong Kong as a disadvantaged housing class and how their status has corresponded with critical political attitudes. Without disputing the motivational goals of the democracy movement, the paper argues that residential alienation played a part in political mobilization. Economic justice, notably housing inclusion, required a political project to challenge the residential growth machine sanctioned by Beijing. [ABSTRACT FROM AUTHOR]

The paper analyses three photographic bodies of work — Edgar Martins' This Is Not a House, Daniel Shea's 43-35 10th Street, and Lewis Bush's Metropole — looking at various aspects of the real estate market: real estate collapse and the 2008 financial crisis in the USA, as well as real estate boom and gentrification in New York City and London. The case studies depict the real estate industry as an example of how invisible and abstract market processes shape visible and concrete domains of everyday life, such as, income inequalities, social relationships, or public space aesthetics. The artists in question use photography as a tool to deconstruct the abstractions of neoliberal capitalism through an attempt to visualise the invisible. By examining the three case studies in the light of economic theory on the real estate market, the paper defines links between neoliberal capitalism and the medium of photography using the idea of abstraction, and shows how photography is used to dissect the complexity of economic processes taking place within the realm of neoliberal capitalism. [ABSTRACT FROM AUTHOR]

This paper investigates five different Auto Regressive Moving Average (ARMA) and Generalized Auto Regressive Condition-al Heteroscedacity (GARCH models (GARCH, exponential GARCH or EGARCH, integrated GARCH or IGARCH, Component GARCH or CGARCH and the Glosten-Jagannathan-Runkle GARCH or GJR-GARCH) along with six distributions (normal, Student's t, GED and their skewed forms), which are used to estimate the price dynamics of the Bulgarian stock index SOFIX. We use the best model to predict how much time it will take, after the latest crisis, for the SOFIX index to reach its historical peak once again. The empirical data cover the period between the years 2000 and 2024, including the 2008 financial crisis and the COVID-19 pandemic. The purpose is to answer which of the five models is the best at analysing the SOFIX price and which distribution is most appropriate. The results, based on the BIC and AIC, show that the ARMA(1,1)-CGARCH(1,1) specification with the Student's t-distribution is preferred for modelling. From the results obtained, we can confirm that the CGARCH model specification supports a more appropriate description of SOFIX volatility than a simple GARCH model. We find that long-term shocks have a more persistent impact on volatility than the effect of short-term shocks. Furthermore, for the same magnitude, negative shocks to SOFIX prices have a more significant impact on volatility than positive shocks. According to the results, when predicting future values of SOFIX, it is necessary to include both a first-order autoregressive component and a first-order moving average in the mean equation. With the help of 5000 simulations, it is estimated that the chances of SOFIX reaching its historical peak value of 1976.73 (08.10.2007) are higher than 90% at 13.08.2087. [ABSTRACT FROM AUTHOR]

Purpose: Motivated by concerns and the ongoing debate regarding auditors' independence and impartiality, this paper aims to examine the impact of the financial crisis on non-audit services (NAS) provision and audit quality (main and robust variables) in the four largest Eurozone countries together during the global financial crisis (GFC). Design/methodology/approach: The authors used a time trend OLS model with a dummy variable as well as a baseline model with a dummy and control variables accounting for multicollinearity, considering the characteristics of the GFC. Findings: It documented a positive (negative) relationship between NAS provision (audit quality) and crisis in four Eurozone countries, Germany, France, Italy and Spain, in the context of a baseline approach, supporting the hypotheses that there are higher non-audit fees and a lower audit quality. Moreover, it is revealed that NAS provision and audit quality behave similarly, using a time trend approach, during the GFC. Considering the role of the auditor specialization or not (Big4 vs non-Big4) in companies, a significant effect from crisis on non-audit fees and audit quality for the four countries under the baseline approach is found. In general, the findings persist for NAS provision and audit quality using the robust methods of the time trend and panel OLS approaches. Multicollinearity was not found to affect the findings of the regressions. Practical implications: The study provides important implications for firm managers, auditors and regulatory authorities. Originality/value: To the best of the author's knowledge, it is the first time that the impact of the crisis on non-audit fees and audit quality is investigated during the GFC with two sets of OLS models (a time trend OLS with a dummy and a panel OLS with a dummy and control variables) in four largest Eurozone countries together. [ABSTRACT FROM AUTHOR]

AbstractThis paper evaluates the natural rate of interest (NRI) for Indonesia, Malaysia, Philippines, Singapore, South Korea, [Taipei, China], and Thailand and aggregates them using a GDP-weighted average. This paper discusses four key points. Firstly, to estimate the NRI in emerging Asian economies, this paper introduces a Time Varying Parameter Vector Autoregression (TVP-VAR) model that integrates exchange rates alongside conventional growth and inflation variables. Secondly, the results show that NRIs in the emerging Asia have been declining in trend since the 1990s. Thirdly, the behavior of the NRI for each economy is not uniform across crises—the Asian Financial Crisis, the Global Financial Crisis, and the COVID-19 pandemic. Fourthly, the findings reveal that the ascertained Asian NRI decreased to the vicinity of 0% during the COVID-19 pandemic period. [ABSTRACT FROM AUTHOR]

There are many possible causes of an economic crisis—a financial downturn, a banking meltdown, political strife (e.g., the Russia-Ukraine war), or a health-related catastrophe (e.g., Covid-19). Some of these crises are expected, while others are “bolts from the sky.” However, what is certain is that all these crises, whatever their cause, have a negative impact on global gross domestic product (GDP). If we can identify the components of output that have the most impact in an economic crisis, we might be able to mitigate its effects. Therefore, this paper uses machine learning algorithms to determine how the components of expenditure and sectoral value-added approach impact global GDP. The gradient boosting algorithm is the most accurate model for predicting and determining the impact of independent variables on a dependent variable. The results indicate that government spending has the largest effect on global GDP, accounting for 68.3% of the impact. The economic sector with the most impact on global GDP is the service sector, which affects global output by 42.3%, followed by the agricultural sector at 30.2%. Thus, stimulating government spending and the service sector may reduce the negative effects of an economic crisis. [ABSTRACT FROM AUTHOR]

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Since the 2008 Beijing Olympic and Global Financial Crisis, the rise of China has been a key topic in the international arena. Capitals in the USA and Western Europe, as leaders of the West, have explicitly expressed their concerns, labelling China as a sharp power, a strategic competitor and a systemic rival. One concern repeatedly raised by Brussels, in recent years, is the potential of deepening the East–West division inside the Union by China's effort in reinvigorating its relation with countries in Central and Eastern Europe via the 16 + 1 cooperation mechanism. This paper devotes to map the impacts on China perception in the EU member states who are participants in the 16 + 1. Subsequently, it examines whether 16 + 1 has widened the East–West divergence in the EU. Applying public opinion survey data, it is found that the additional communication and cooperation provided by 16 + 1 have not constructed a united identity in Central and Eastern Europe. Basing on the identified differences among Central and Eastern European countries, this paper divides them into four categories: China-friendly, China-neutral, China-polarised and China-sceptic. [ABSTRACT FROM AUTHOR]

This paper examines the territorial development reforms in the federal state of Bavaria, Germany between 2008 and 2018 in light of the rise of austerity policies, introducing the concept of 'austere federalism' as a new state spatial process in the aftermath of the global financial crisis. Methodologically, the paper draws on the historical-materialist policy analysis and identifies three processes – municipalisation, competitisation, and responsibilisation – as key elements of a new hegemonic project. Our findings suggest that the years following the crisis saw a paradigm shift in spatial planning taking place, characterised by a carrot-and-stick policy of planning deregulation and austerity discipline. Rather than diminishing disparities, however, this shift runs the risk of exacerbating spatial inequality. [ABSTRACT FROM AUTHOR]

This paper analyzes the linear and non-linear relationship between non-performing loans and bank profitability measured by the Net Interest Margin for a sample of 74 Middle Eastern and North African banks over the period of 2005–2020. We used the System Generalized Method of Moments (SGMM) as a linear approach and the Panel Smooth Transition Regression (PSTR) model as a non-linear approach. The empirical results of the SGMM approach indicated that the ratio of NPLs negatively affects bank profitability. The findings of the non-linear relationship based on the PSTR model confirmed the existence of a threshold effect. We found that below the threshold of 4.42%, the effect of NPLs is negative but not significant, while after surpassing this threshold, the effect becomes negative and significant. As for bank specifics, we revealed that bank size is positively and significantly associated with bank profitability. For industry factors, we found that more bank concentration decreases bank profitability. Regarding the financial environment, we concluded that the global financial crisis exerted a negative impact on bank profitability. Moreover, we revealed a positive and significant impact of GDP on bank profitability as well as a negative impact of inflation on bank profitability. This study has some limitations regarding the social, economic, and financial differences of the whole sample, which includes banks from the Middle East and others from North Africa. Hence, decomposing the whole sample into two sub-samples could improve the results of this paper. [ABSTRACT FROM AUTHOR]

with the introduction of the euro as the domestic currency, economies have faced inflationary pressures caused by price convergence towards higher levels. During the last period of significant negative shocks from the environment, by entering the euro area, the negative effects of the likelihood of inflation caused by the introduction of the euro may be absent. the aim of this paper is to prove that inflation caused by joining the euro area will not materialize due to the negative effects of external shocks. A panel analysis with a fixed effects model was conducted for two models. Model 1 represents the countries that introduced the euro before the escalation of the global financial crisis and Model 2 represents the countries that introduced the euro after the development of the global financial crisis. the research confirmed that due to current negative external shocks and rising long-term interest rates in financial markets, the effect of inflation due to the introduction of the euro will be absent among EU members that will adopt the euro as a common currency in the next few years. The results of the research contribute to the scientific prediction of business and financial trends. The creators of macroeconomic models and monetary policy can use the results to define measures, instruments and activities more precisely for achieving and maintaining macroeconomic balance. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to test the weak form of the efficient market hypothesis (EMH) using monthly data from 2004M08 to 2018M04 for two Canadian stock indices: the Islamic (DJICPI) and the conventional (CCSI). This paper investigates whether Islamic and/or conventional stock market would be efficient through the non-stationarity test of the stock indices. Design/methodology/approach: The authors conduct the linearity test of Harvey et al. (2008) to identify whether the considered series has linear or nonlinear behavior. If the time series exhibits nonlinear evolution, then the authors apply nonlinear unit root tests (three KSS type tests and Sollis tests). Findings: Linearity test results say that LCCSI has nonlinear behavior, while Dow Jones Islamic Canadian Price Index, LDJICPI, is a linear process. Then, the findings of this paper show that only Canadian Islamic Price Index (DJICPI) has the characteristics of random walk indicating that only conventional stock markets are inefficient. The major implication is that in Canada, fund managers and investors can (cannot) enjoy excess returns to their investment in conventional (Islamic) stock market. Originality/value: Numerous empirical studies of the weak EMH are carried out within a linear framework. However, stock indices can show nonlinear behavior as a result of 2008 global financial crisis. To contribute to the existing literature on the Islamic and conventional stock market efficiency, the authors take into account both structural breaks and nonlinearity. Thus, as a testing strategy for weak EMH, the authors perform (Harvey et al., 2008) linearity test to examine the presence of nonlinear behavior and correct for outliers effect when it is needed. [ABSTRACT FROM AUTHOR]

The Great Recession of 2007-09, including its instigating Global Financial Crisis, inspired a collection of novels that utilize the crisis events and recession conditions in their plots and narrative. This article examines popular emotions and feelings circulating within Great Recession fiction. While anxiety and anger are arguably the emotions of the capitalist continuum, the post-crisis recession manifested a unique atmosphere due to the particularities of its historical moment: neoliberal austerity against a specific myriad of intersecting insecurities in a digital era in which anxiety-inducing spectacles go "viral" on social media and where post-9/11 police states have resulted in declining civil liberties including with regard to protest. Drawing on Raymond Williams' conceptualization of structure of feeling, this paper argues that anger and indignation; fear and anxiety; melancholia, defeatism and hopelessness are popular emotions and feelings within Great Recession fiction. Great Recession novels articulate the emotional effects of neoliberalism yet, as a collection, contain a stunning lack of radical imagination. This paper argues, ultimately, that the structure of feeling detectable in Great Recession fiction gives affective expression to what Mark Fisher calls reflexive impotence — the disaffected state of knowing things are bad but not being able to do anything about it. [ABSTRACT FROM AUTHOR]

The paper addresses the important and pressing question on the design of fiscal policy programmes at the European level. A systematic evaluation of the support for European policy proposals is still missing so that the question of which policies, if any, would find support is still an open and important one to explore. One way to interpret the research outlined in this paper is to elicit hedonic policy support indices that allow the comparison of multidimensional policy proposals in terms of their support among Europeans in different countries. [Extracted from the article]

The paper examines the convergence of tax systems in Central and Eastern European countries (CEECs) over the period 1995–2018. Due to the increasing impact of tax competition, we have focused on income taxes, in particular, corporate ones. We have identified the factors that influence the taxation system and trends in income taxation in the CEECs by adapting the hidden Markov model approach. We find that many CEECs have reduced income taxation in the analysis period, mainly by lowering tax rates. Corporate income taxes have also decreased in many CEECs in the same period; however, the reverse has been observed too. Both convergence and divergence have been identified among the CEECs over the period considered. The speed of these processes based on the used variables varied depending on both exogenous and endogenous factors. These factors have been diagnosed as being specific to the periods of tax reforms, i.e., before and after accession to the European Union (EU) and the global financial crisis. [ABSTRACT FROM AUTHOR]

The Western Balkan states are on the path toward European Union (EU) membership. Before they become full members, they will have to fulfil certain criteria to assimilate into the EU and achieve convergence. In this paper, the authors aim to investigate whether the states converge toward the EU-27+1 after the 2008/2009 financial crisis. To do so, the relationship between the gross domestic product (GDP) per capita growth rate and selected macroeconomic variables is econometrically tested using ordinary least squares (OLS) semilog regression based on cross-sectional data for the 2004-2018 period and three subperiods: 2004-2008, 2009-2013, and 2014-2018. The subdivision is made to test the effects of the 2008/2009 financial crisis on the convergence process. The empirical results show that poorer economies grow faster than richer economies. The convergence rates range between 1.6% and 4.3%. The negative effects of the crisis have been identified only for absolute convergence. This research demonstrates that the conditional conver-gence process is faster, indicating that the countries differ in their structures. The results imply that Western Balkan countries should open their economies to more trade, as this has a positive impact on per capita growth, while the inflation rate, unemployment rate, general government debt, and level of corruption should be decreased. [ABSTRACT FROM AUTHOR]

The impact of economic crises on philanthropic funding to, and fundraising by, nonprofit organisations is a surprisingly under-researched field. Internationally, data is scant and comparisons are impeded by different categorisations and definitions of funders and sectors, different timeframes and the dominance of the US in the body of published research. A search and review of the literature identified 60 journal articles and professional reports that we analysed by theme. This paper brings together, reviews and analyses what is known from four national contexts - the US, the UK, Australia and Aotearoa New Zealand. Analysis covers the impact of multiple recessions, with a particular focus on the Global Financial Crisis (GFC) of 2008-09. Key findings include that losses of funding are not as uniform nor as sustained as media coverage would suggest and that different sectors are impacted in different ways. Philanthropic sources including individuals, trusts and foundations, and corporate philanthropy vary in the timing of their responses to economic crises, and though the impact of economic crises on nonprofit sectors is variable, giving as a whole is better sustained than popularly supposed. [ABSTRACT FROM AUTHOR]

In this paper, we employ the quantile vector autoregression (QVAR) technique to determine the degree of connectedness between seven variables from 1985 to 2019 for the purpose of examining the relationships between the Trade market and Green energy consumption. Based on our findings, dynamic connectedness, which is 24.18% in the short term and 9% in the long term, is influenced by both long-term and short-term periods. Based on the dynamic net total connectedness of a quantile, a quantile of 50% describes the period's overall connectedness, which is associated both with highly positive changes (above the 80% quantile) and with highly volatile variables (below the 20% quantile) of export, import, and green energy consumption. In both durations, export and import values turn into a net shock transmitter, and green energy consumption acts like a net shock receiver since the last half of the period. In 2008, uncertain events were correlated with dynamic net pairwise directional connectedness over a quantile, such as the Global Financial crisis, have an influence on the trade market and green energy consumption's volatility. [ABSTRACT FROM AUTHOR]

Our paper examines 249 Sukuk, and 217 Bond issuing companies across 12 countries globally to analyze which factors affect the choice between issuing Sukuks versus Conventional Bonds and how COVID has impacted these decisions. As previous research suggests that Islamic Banks were affected by the financial crisis of 2008 less than the conventional banks because their financial performance did not deteriorate like conventional banks. Our research investigates how corporations have behaved during the COVID-19 crisis financially and whether their choice to issue a Sukuk versus a Conventional bond was impacted. [ABSTRACT FROM AUTHOR]

Since the financial crisis of 2007/2008, we have been dealing - at the level of the European Union - with a special "dialogue" between the European and German courts. The subject of this "dialogue" is the decisions of the European Central Bank on the program for the purchase of public sector assets on secondary markets. The ECB's activity, as well as the involvement of the national central banks of the Eurosystem in the implementation of these decisions, has been met with dissatisfaction by German politicians, culminating in the title judgment of the Constitutional Court of the Federal Republic of Germany. In the paper, the author analyzed the judgments, particularly from the perspective of the process of integration of the European Union financial market and the importance of the judgments for this process taking into account the key principles of EU law: proportionality and supremacy of EU law. [ABSTRACT FROM AUTHOR]

Purpose: The aim of this paper is to study the relationship between banks' ownership structure and their risk-taking behavior as well as the impact of banking regulation on banks' approach to taking risk, after the 2008 financial crisis. Design/methodology/approach: The empirical analysis considers a sample of listed banks from European Union (EU) countries, over the period of 2011–2016 and uses the generalized least squared (GLS) random effect (RE) method, following Baltagi and Wu (1999) and Pathan (2009). Findings: The authors find that the structure of the board of directors can influence bank risk behavior but not the ownership concentration. No significant relation was found between the influence of the regulatory environment and bank risk, i.e., stricter regulation has no effect on risk taking by banks. Originality/value: The paper contributes to the literature in risk measures and banks' corporate governance. It also considers the impact of regulatory framework on banks' risk-taking behavior. The aim of this empirical analysis was to examine in greater detail these subjects and the dynamics between them after the significant structural changes in the macroeconomic environment and in the financial system, particularly with regards the regulatory and supervisory framework following the 2008 financial crisis, using data from European Union countries. [ABSTRACT FROM AUTHOR]

Purpose: This paper investigates the effect of abnormal increase in credit supply on economic growth in Nigeria after controlling for the quality of the legal system, size of central bank asset, banking sector cost efficiency and bank insolvency risk. Design/methodology/approach: The authors employ the generalised method of moments (GMM) regression methodology to estimate the effect of abnormal increase in credit supply on two measures of economic growth in Nigeria. Findings: The abnormal increase in credit supply has a significant effect on economic growth. Abnormal increase in credit supply increases real gross domestic product (GDP) growth. The abnormal increase in credit supply decreases real GDP per capita during the global financial crisis. The abnormal increase in domestic credit to the private sector has a significant positive effect on GDP per capita when there is strong legal system quality in Nigeria. In contrast, the abnormal increase in domestic credit to the private sector has a significant negative effect on real GDP growth when there is strong legal system quality in Nigeria. Practical implications: The abnormal increase in credit supply is ineffective in increasing GDP per capita during crisis years. Policymakers should be cautious in pressuring financial institutions to release an abnormally large amount of credit into the economy particularly during financial crises. Rather, policymakers should encourage financial institutions to supply credit in a sustained manner – not in an abnormal manner –and in a way that supports growth. Originality/value: The present study contributes to the literature by analysing the effect of abnormal increase in credit supply on economic growth in a developing country context. [ABSTRACT FROM AUTHOR]

Prior research indicates a significant relation between life events and the demand for life insurance. This paper is the first study to relate the demand for life insurance to household portfolio holdings in a dynamic framework. The study examines changes in life insurance demand as a function of changes in household portfolio holdings and life events using panel data during the recent financial crisis. The results indicate that household portfolio holdings are more significant than life events in explaining life insurance ownership decisions, and suggest a complementary rather than a substitution relationship between the ownership of life insurance and the holdings of equity and bonds during recessions. The results also indicate that households with more financial assets allocated to bonds drop significantly more term life insurance coverage. Further implications for practitioners are discussed. [ABSTRACT FROM AUTHOR]

The wake of the 2008 financial crisis wrought economic havoc in Spain, resulting in the widespread protest of the indignados movement. Catalonia in particular saw a flourishing of various new forms of activism and socio‐economic collaboration, such as cooperative networks, eco‐villages and alternative currencies. This paper explores emerging forms of alternative currencies and commoning practices in Catalonia, Spain. It is based on ethnographic research to explore emergent grassroots innovations that theorise and practice degrowth proposals in diverse ways. In particular, it investigates developing forms of social currency and social debt, most of which are associated with the Catalan Integral Cooperative and FairCoop. This latter organisation is a network of cooperatives developing tools around Faircoin, a cryptocurrency based on social and ecological principles. In doing so, it contributes to alternative currencies scholarship. This paper shows how these self‐organised grassroots innovations are making use of technological and digital elements in order to build an alternative financial infrastructure. Furthermore, it demonstrates how these alternative social currencies and blockchain initiatives clearly show that non‐capitalist and degrowth oriented technological innovation can generate economies in more progressive and community‐led ways. [ABSTRACT FROM AUTHOR]

This paper provides evidence on how bank performance and strategies vary with the degree of bank internationalization using data for 113 countries during 2000–15. Bank internationalization is associated with lower valuations and lower returns on equity. After the global financial crisis, international banks were revalued particularly if they had stable funding in the form of deposits and if they had more generous deposit insurance coverage. For international banks headquartered in developing countries, bank internationalization is related negatively with the cyclicality of their domestic credit growth with respect to home country GDP growth, smoothing local downturns. In contrast, if the international bank is from a high-income country investing in a developing country, its subsidiary bank lending is relatively procyclical, which can be destabilizing. [ABSTRACT FROM AUTHOR]