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This paper explores the effects of bank lending shocks on the export behavior of Spanish firms. For that purpose, we combine data on exports at the firm‐product‐destination level with a matched bank‐firm dataset incorporating information on the universe of corporate loans from 2002 to 2013. Armed with this dataset, we identify bank‐year specific credit supply shocks and estimate their impact on firms' exports at the product‐destination level. According to our estimates, credit supply shocks have sizable effects on both the intensive margin (amount exported) and the extensive margin of trade (decision to export). [ABSTRACT FROM AUTHOR]

I estimate the effect of financial constraints on the response of firms that import inputs to a large exchange rate depreciation. Using data from a census on Indonesian firms, I find that while domestic importers face lower value added due to a rise in their costs of production, foreign‐owned importers fare better: they are more likely to sustain higher value added, hire more labor and use more materials than domestic owned firms. These effects are driven by firms in industries with high demand for external finance, emphasizing the importance of access to finance in mitigating the impact of trade and credit shocks. This suggests another channel through which FDI can add value to a firm in a developing country, particularly with the increasing importance of trade in intermediate goods. [ABSTRACT FROM AUTHOR]

The zero-lower bound (ZLB) may constrain the ability of Federal Reserve (Fed) to influence financial markets and the economy. This note examines the effectiveness of the interest rate channel and the credit channel of conventional and unconventional monetary policy while accounting for business cycle fluctuations. We use intraday industry returns and a number of industry-specific and firm-specific indicators to capture the sensitivity of firms' demand to interest rates (interest rate channel) and firms' financial constraints (credit channel). Our results indicate a dramatic change in the effectiveness of the transmission channels across business cycles and across periods. We find that the interest rate channel operates equally well during recessions and expansions pre-ZLB, but that this channel has ceased to function during the ZLB regardless of the stage of the business cycle. In contrast, the credit channel operates only during recessions in the conventional period, while it has been remarkably effective during both recessions and expansions in the ZLB era.1 [ABSTRACT FROM AUTHOR]

This paper analyses the impact of US monetary policy on external debt and credit growth in emerging market economies (EMEs) during the COVID-19 period. Using quarterly data from 13 EMEs and employing a panel autoregressive methodology, the study reveals the following key findings: First, global monetary policy plays a vital role in determining external debt and credit availability in EMEs during the COVID-19 period. Second, the global monetary expansion during the COVID-19 crisis led to the accumulation of external debt through the risk-taking channel of the exchange rate. Third, weak domestic monetary policy transmission hinders the stabilization of credit growth. The empirical findings suggest that the central bankers to choose an optimum policy mix to stabilize the economy during crisis. [ABSTRACT FROM AUTHOR]

Until 29 December 2023 new miles on non-performing loans * PLs) and distressed debt trades had to be introduced into the local laws of all Member States of the EU. Such new rules establish new procedures for the servicing and collection of NPLs and distressed debt acquired after 29 December 2023 as well as new obligations for sellers and purchasers of NPLs and distressed debt, irrespective of whether the purchasers are resident in the EU. the UK, the US or elsewhere in the world. Purchasers of NPLs and distressed debt now need to appoint a licensed credit servicing institution for the acquired portfolios. Such new EU rules have been implemented in Germany through the German Secondary Credit Markets Act *reditzweitmarktgesetz) which came intoforce on 30 December 2023. [ABSTRACT FROM AUTHOR]

In response to the COVID-19 pandemic, Paraguay mobilised sizeable fiscal resources, utilising its fiscal buffers, and put in place several credit support mechanisms. In the recovery period, it has increased capital expenditure above its historic average. Going forward, the country will need to rebuild fiscal buffers while building on the progress made in recent years in simplifying the tax system and setting a framework to mobilise sustainable development finance flows. This chapter examines lessons from the pandemic and recovery periods that can help Paraguay establish a comprehensive fiscal strategy and mobilise public and private resources towards a green and sustainable development path. [ABSTRACT FROM AUTHOR]

The article examines the structure and mechanism of leasing operations. The factors influencing the spread and development of leasing are analyzed, and the balance of interests of the participants in the leasing agreement is reflected as fully as possible. The features of leasing financing in Ukrainian agricultural business are formulated. Financial leasing schemes in the activities of agricultural companies are considered. The possibilities of combining the leasing mechanism with other financial instruments to increase its efficiency have been studied. The prospects for the participation of leasing financing in the agricultural sector are substantiated. The main directions for increasing the efficiency of agricultural companies in leasing operations are formulated. Provisions are proposed for the use of leasing as an effective tool in agricultural business, taking into account the specifics of the industry. [ABSTRACT FROM AUTHOR]

The article discusses the origin of the modern credit system and the idea of a distinct financial identity in the U.S. Topics include a description of the American Credit System and the debtor identity, how individual debtors internalize the external structures of market capitalism and consumer debt society using French theorist Pierre Bourdieu's notion of habitus, and the consent and replication structures underpinning financial identity oppression in American capitalism.

Citations are fundamental in giving acknowledgment where credit is due. This article explains when citations are arguably necessary, such as attributing ideas, backing claims, and distinguishing works. This article also discusses instances where citations are arguably unnecessary, including original ideas, common knowledge, general observations, and personal experience and expertise. Ultimately, this article advocates for a pragmatic approach to citations in all forms of official or published work. [ABSTRACT FROM AUTHOR]

Economic freedom has central importance among the nations, however, Chinese economic freedom index declining continuously, leading to the several issues. Particularly, economic freedom is low among the Chinese female population. The world average of economic freedom index in 2022 based on 175 countries is 60 index points, but the Chinese index is 48. To address this issue, this study introduced green microfinance institutions based on Mayoux’s Feminist Empowerment Theory. The objective of this study is to examine the role of green microfinance institutions in women economic freedom in China. A survey questionnaire is used to collect data from female clients of microfinance institutions. 315 respondents responded to the survey and data analysis is carried out by using Structural Equation Modeling (SEM). Results of the study identified that, green microfinance institution’s services such as credit and insurance can facilitate green micro enterprises. The promotion of green micro enterprises causes to increase women economic security, leading to the economic freedom. Additionally, green microfinance policy is a critical factor to promote the positive relationship between green microfinance institution’s services and women economic freedom. Findings of this are helpful for the practitioners to increase women economic freedom in China by providing various services of green microfinance institutions. [ABSTRACT FROM AUTHOR]

Copyright of Revista Venezolana de Gerencia (RVG) is the property of Revista de Filosofia-Universidad del Zulia 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.)

The systematic decline of real interest rates and the synchronization of fluctuations are in contradiction to some textbook theorems. We assumed that high inflation in our region could have had the effect of reducing public debt. Attention was paid to the special way of depreciation: a forced growth can "eat" some debt as well. We called for an inflationary regime shift. We used macro financial data, inducing forecasts. Surprising blocking emerged in our region as well: common movement in the up and down cycles. The degree of depreciation effect was surprising, too. We found depreciation is expected to reach 14 % of the sovereign debt in the region in years 2014-2026, that is 7 % of their GDP. While depreciation of debt is minimal in countries using the euro, it is considerable (10-25%) in the others. Global growth pressures have reduced the burden of public debt. As we have shown, the losses have been passed on to the debt financiers, including small and mediumsized enterprises in need of financing, while creating a growth paradox for them by curbing their growth potential. [ABSTRACT FROM AUTHOR]

In predictive modeling, addressing class imbalance is a critical concern, particularly in applications where certain classes are disproportionately represented. This study delved into the implications of class imbalance on the interpretability of the random forest models. Class imbalance is a common challenge in machine learning, particularly in domains where certain classes are under-represented. This study investigated the impact of class imbalance on random forest model performance in churn and fraud detection scenarios. We trained and evaluated random forest models on churn datasets with class imbalances ranging from 20% to 50% and fraud datasets with imbalances from 1% to 15%. The results revealed consistent improvements in the precision, recall, F1-score, and accuracy as class imbalance decreases, indicating that models become more precise and accurate in identifying rare events with balanced datasets. Additionally, we employed interpretability techniques such as Shapley values, partial dependence plots (PDPs), and breakdown plots to elucidate the effect of class imbalance on model interpretability. Shapley values showed varying feature importance across different class distributions, with a general decrease as datasets became more balanced. PDPs illustrated a consistent upward trend in estimated values as datasets approached balance, indicating consistent relationships between input variables and predicted outcomes. Breakdown plots highlighted significant changes in individual predictions as class imbalance varied, underscoring the importance of considering class distribution in interpreting model outputs. These findings contribute to our understanding of the complex interplay between class balance, model performance, and interpretability, offering insights for developing more robust and reliable predictive models in real-world applications. [ABSTRACT FROM AUTHOR]

Revenue mobilisation remains a stringent challenge for all countries across the globe, especially for underdeveloped and developing nations. But the capability of the government to generate revenue is limited and depends upon many factors. Therefore, the current study tries to explore the determinants of direct tax revenue of the government in India by incorporating conventional, social, financial and economic policy factors. The results explicate that in conventional factors, the agriculture sector contribution in sectoral composition has a negative impact, but trade openness has a positive and statistically significant impact on the direct tax collection of the government. Moreover, in social variables, urbanisation rates have positive impact in both the short and long run on the tax revenue of the government. In financial variables, the result illustrates that the credit deposit ratio has a positive, but, statistically insignificant impact and financial development have a positive and statistically significant impact on the direct tax collections of the government in India. Similarly, in economic policy factors, FDI, NODAU and broad money have a positive impact; however, the coefficient is significant only for broad money. The current study will act as a guide for policymakers, academicians and governments in formulating future policies and reforms in the direct taxation system of the country. [ABSTRACT FROM AUTHOR]

This study provides evidence that private loan issuance offers opportunities for borrowers to learn new information about their own risks and subsequently disclose such information in their risk factor disclosures (RFDs) to satisfy lenders' demand for transparency about borrowers' risks. This loan issuance effect on risk disclosures is more pronounced when greater learning opportunities are present and when lenders have a stronger demand for borrowers' risk information transparency. Further analyses suggest that the enhanced risk disclosures following loan issuance not only benefit lenders by reducing the costs of accessing the secondary credit markets, but also create spillover benefits for equity investors by increasing risk information about the borrower and reducing uncertainty about the borrower's risk. Taken together, these findings suggest that borrowers' private interactions with lenders provide new opportunities for managers to generate and reflect fresh information in corporate risk disclosures, ultimately benefiting a wide range of capital market participants. Data Availability: Data are available from the sources identified in the paper. JEL Classifications: G21; G32; M41. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to investigate the role of people's credit banks (BPRs), a predominant form of microfinance in Indonesia, in mitigating poverty. Using panel data from 31 provinces in Indonesia, this study employs static panel and panel models with instrument variables. Our findings substantiate that BPR credit significantly contributes to poverty reduction across various indices, including headcount poverty, poverty gap, and poverty severity measures. The empirical results offer valuable insights into the efficacy of targeted microfinance as a potent tool for poverty alleviation in developing economies. [ABSTRACT FROM AUTHOR]

Policymakers and scholars universally accept and recognize the influence of small, micro, and medium enterprises (SMMEs) on stimulating economic growth and job creation. To succeed and prosper, SMMEs need to establish a sound financial management function. Therefore, it is vital to investigate the financial challenges these firms are experiencing. The objective of this paper was to investigate possible challenges that SMMEs experience when applying for credit from banks. The study sought to answer the main research question - 'What challenges are encountered by SMMEs when applying for credit from banks?' The study adopted a qualitative research methodology. The population used in this research was derived from SMMEs and banking officials in the Vhembe District Municipality area. Stratified random sampling was used to select a sample of 10 research participants. An interview guide was used to gather data from the participants. Data was analyzed using Atlas.ti. The results indicated that most SMMEs in the Vhembe district are not adequately supported, especially in the areas of financial resources, as well as in financial literacy skills and expertise. Specifically, this study identified that the credit application challenges faced by SMMEs are related to - lack of collateral security, lack of financial application education, complex bank credit access regulations, non-satisfaction of banks' qualifying criteria, as well as stringent credit system, and documentation requirements. [ABSTRACT FROM AUTHOR]

With systematic reinvestment of the cash flows generated by a bond portfolio, investors can modify their portfolios' exposure to different risk factors. They can also use this mechanism to design a flexible, smooth, yet low-cost strategy—a "glidepath"—to direct their portfolios toward their medium- and long-term objectives. Focusing on climate objectives, we introduce net-zero glidepaths (NZGps) and show how bondholders can devise NZGp portfolios that are consistent with their security-selection processes and compliant with their financial mandates. We present possible solutions for NZGps for two of the largest groups of corporate-bond investors: buy-and-hold and index-following investors. The simulated NZGp portfolios achieved their interim net-zero emission targets with a relatively small impact on their performance. They also remained compliant with the financial constraints, including duration and income targets, credit allocations, and issuer and sector concentrations. [ABSTRACT FROM AUTHOR]

This article presents a comparative study on forecasting the credit outlook of banking and nonbanking finance companies using five distinct machine learning models: Logistics regression, k-nearest neighbor (kNN), decision tree classifier, support vector machines (SVM), and naïve Bayes classifier. The research evaluates the efficacy of these models in categorizing financial companies based on their credit outlook (negative, neutral, and positive). Our findings reveal that the kNN model with a k value of 7 demonstrated superior performance in terms of test accuracy compared to the other models. Although models such as the kernelized SVM and logistic regression exhibited commendable performance, none could match the high-test accuracy achieved by the kNN model. [ABSTRACT FROM AUTHOR]

Purpose: The marginalisation of female entrepreneurs in accessing credit is well documented. Yet, how female entrepreneurs navigate through the marginalisation to gain funding is under-explored. Design/methodology/approach: The authors address this gap using qualitative data from 30 female entrepreneurs in three neighbourhoods with varying socio-economic characteristics in Ghana's capital, Accra. Findings: The authors find a marked aversion to bank loans among respondents. Consequently, they nurtured trust in their social circles in order to facilitate access to informal credit from internal (e.g. family and friends) and external (e.g. trade credit, associations and religious organisations) sources. This aversion to loans from formal financial institutions (FFIs) had a socio-cultural aspect, including cumbersome application procedures, a deep-rooted fear of the social consequences of defaulting and religious prohibition against interest payment for Islamic traders. Social implications: This paper shows that providing formal access to credit is not enough to support women's entrepreneurship if the socio-cultural factors inhibiting women's access to credit from FFIs are not addressed. Originality/value: The findings suggest that trust is an important factor that bridges the gap in female entrepreneurs' access to funding given their heavy reliance on informal sources of funding. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-02-2023-0090 [ABSTRACT FROM AUTHOR]

This study aims to evaluate the accuracy of authorship attributions in scientific publications, focusing on the fairness and precision of individual contributions within academic works. The study analyzes 81,823 publications from the journal PLOS ONE, covering the period from January 2018 to June 2023. It examines the authorship attributions within these publications to try and determine the prevalence of inappropriate authorship. It also investigates the demographic and professional profiles of affected authors, exploring trends and potential factors contributing to inaccuracies in authorship. Surprisingly, 9.14% of articles feature at least one author with inappropriate authorship, affecting over 14,000 individuals (2.56% of the sample). Inappropriate authorship is more concentrated in Asia, Africa, and specific European countries like Italy. Established researchers with significant publication records and those affiliated with companies or nonprofits show higher instances of potential monetary authorship. Our findings are based on contributions as declared by the authors, which implies a degree of trust in their transparency. However, this reliance on self-reporting may introduce biases or inaccuracies into the dataset. Further research could employ additional verification methods to enhance the reliability of the findings. These findings have significant implications for journal publishers, highlighting the necessity for robust control mechanisms to ensure the integrity of authorship attributions. Moreover, researchers must exercise discernment in determining when to acknowledge a contributor and when to include them in the author list. Addressing these issues is crucial for maintaining the credibility and fairness of academic publications. This study contributes to an understanding of critical issues within academic authorship, shedding light on the prevalence and impact of inappropriate authorship attributions. By calling for a nuanced approach to ensure accurate credit is given where it is due, the study underscores the importance of upholding ethical standards in scholarly publishing. [ABSTRACT FROM AUTHOR]

The fundamental objective of this study is to analyze banking access and its contribution to economic development in the Manta canton, Ecuador, through the loans granted by the financial institution, savings and credit cooperative Cooprogreso to adult residents. The importance of the research lay in the need to understand how access to financial credit can influence the economic situation and quality of life of citizens. Scientific methods at the theoretical, empirical and mathematical statistical level were used to develop the methodology. Among the main findings, it was known that the banking rate in the aforementioned canton has increased significantly in recent years, improving the financial inclusion of the population. It is concluded that banking has had a positive impact on economic development, expanding economic opportunities for citizens, as well as stimulating and promoting a local economy. [ABSTRACT FROM AUTHOR]

In developing countries, household credit constraints are determining factors affecting the efficient allocation of land resources. Digital financial inclusion is a new type of digital financial business by providing financial services through Internet technology. It broadens the information dissemination channels, provides more nonagricultural employment opportunities, and lowers the household credit constraint. By using data from Chinese farm households, we find that digital inclusive finance affects income of renting out households and expenditure of renting in households through credit mechanisms. Developing digital inclusive finance is a method to promote market-oriented land transfer and the effective utilization of land resources. [ABSTRACT FROM AUTHOR]

It is posited that solving the problem of relative poverty (RP) first requires the identification of its cause. We use data from China Family Panel Studies to examine the impact of risk preference on RP of urban and rural families in China and the underlying mechanism. This paper contributes to the existing body of evidence on the determinants of RP. The results show that a high degree of risk preference is conducive to alleviating families' RP. The effect is still significant after dealing with potential endogeneity through instrumental variables. Furthermore, the effect is more obvious among health insurance participation families, endowment insurance participation families, families with low life satisfaction, non-poor families, especially middle-income families, urban families, male-headed families and families in the West in China. Further analysis suggests that risk preference affects RP by promoting entrepreneurship and credit in urban and rural families. Families with a higher risk preference are more likely to engage in entrepreneurship and utilize credit, which in turn helps alleviate their RP. Overall, this paper provides new empirical evidence for understanding the mechanism of risk preference influencing RP. [ABSTRACT FROM AUTHOR]

Green credit regulation may increase the operating uncertainty and worsen the financial reporting quality for pollution intensive firms. Literature mentions that enhanced information asymmetry would trigger more irrational trading and lead to a decrease in the market efficiency, which is worth investigating under green credit regulation. Using the data of China's A-share listed firms from 2009 to 2015, we study the relationship between green credit regulation and market efficiency based on a difference-in-differences analysis. It finds that green credit regulation reduces market efficiency of pollution intensive firms. Mechanism tests show that policy effects are more pronounced in firms with higher operating uncertainty, greater information asymmetry and stocks with more irrational traders. This study not only contributes to a deeper understanding of the impact of green credit policies on business and stock markets based on irrational theory, but also provides valuable guidance for green finance and economic development. [ABSTRACT FROM AUTHOR]

We study the impact of bank credit on firm productivity. We exploit a matched firm‐bank database, covering all the credit relationships of Italian corporations, to measure idiosyncratic supply‐side shocks to credit availability and estimate a production model augmented with financial frictions. We find the effect of credit supply to be asymmetric: contractions harm TFP growth, halting productivity‐enhancing activities; positive credit supply shocks have limited effects. This points toward a role of financial stability in preserving productivity growth. [ABSTRACT FROM AUTHOR]

Microfinance has an important contribution to entrepreneurship development. In Ethiopia, entrepreneurs play a substantial role in the country's economic development. This study focused on entrepreneurship development through microfinance in the Amhara region of Ethiopia. An explanatory research design with quantitative research approaches was used in the study. Three hundred ninety-five entrepreneurs in the Amhara region were included in the study by using a questionnaire. Regression and moderated regression models were employed for data analysis. Data were collected in 2022 in the Amhara region of Ethiopia to examine entrepreneurship development through microfinance. Important data were documented to ensure the validity of the research. The findings showed that microfinance has a significant impact on entrepreneurship development. This study demonstrated that microfinance services such as credit, training, and savings play a catalyst role in the development of entrepreneurs. Moreover, credit and training together have a significant interaction effect on an entrepreneur's growth. Education and business experience have a significant role in increasing the relationship between microfinance and entrepreneurship development. The study recommended that microfinance institutions should provide adequate credit and need-based training for entrepreneurs. Microfinance, in particular, should provide adequate training in finance and business management so that entrepreneurs can effectively manage their businesses. [ABSTRACT FROM AUTHOR]

While critical marketing studies have discussed algorithm-driven marketing's role in governmentality, subjectivity formation and capitalist accumulation, its role in shaping class inequalities is less studied. Drawing on the performativity of marketing, 'classification situations' and critical algorithm studies, this paper uses the case of credit marketing to propose a twofold framework to analyse how algorithmic marketing shapes the cultural and economic inequalities of class. First, algorithms used for categorizing consumers and matching them with marketing messages and products provide access (1) to different symbolic resources and (2) to credit products with different financial consequences to different consumers depending on their categorization, which contribute to the creation of cultural and economic inequalities, respectively. Second, algorithms of financial advice devices overtake parts of consumer choice. Insofar as different financial preferences and rationalities are scripted into the devices for different client groups, these technologies constitute an additional process that affects social divisions. [ABSTRACT FROM AUTHOR]

Credit is an important marketing tool. It bears a value, the value of the vendor having to borrow until the customer's charge arrives. Ideally, that fee is the rate however, as most customers pay later than agreed, the extra unplanned fee erodes the planned net earnings. Risk is described as unsure ensuing in unfavorable outcome, negative in relation to deliberate goal or expectation. It is very difficult o find a threat loose investment. [ABSTRACT FROM AUTHOR]

Copyright of Anbar Journal of Agricultural Sciences is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) 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.)

Copyright of Journal of Finance & Financial Law / Finanse i Prawo Finansowe is the property of Wydawnictwo Uniwersytetu Lodzkiego 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.)

This paper investigates the impact of Chinese firms' environmental, social, and governance (ESG) performance on their financial constraint and financing activities. We find a negative association between firms' ESG performance and their financial constraint driven by the Chinese government's commitment to tackling climate change. Compared with state‐owned enterprises (SOEs), non‐SOEs have alleviated their financial constraint through both equity and debt issuance, thanks to the stock price appreciation and green credit. High‐pollution firms benefit from both equity and debt issuance, while low‐pollution firms mainly finance through equity issuance. Our findings demonstrate the leading role of the Chinese government in its domestic capital markets. [ABSTRACT FROM AUTHOR]

The Indo-Gangetic Plains represents one of South Asia’s most productive agricultural regions, yet it is highly vulnerable to climate change and requires the widespread adoption of Climate-Smart Agriculture. Although farmers understand the benefits of such technologies, financial constraints often undermine adoption. Using a case study from Haryana, we assess the opportunities and challenges aligned with the different pathways available for farmers to adopt and finance two capital-intensive technologies: laser land levelers and happy seeders. Our analysis uses unique data from Karnal, where stakeholders have partnered in Climate-Smart-Villages, and combines a household survey from 120 farmers, interviews, and focus group discussions with banks and cooperatives. Our results indicate adoption rates of 77% for laser land levelers and 52% for happy seeders, with only 7% and 21% of farmers owning the technologies, respectively. Hiring is highly preferred over purchase, mainly due to the flourishing of Custom-Hiring Centers, which are vital in driving large-scale implementation. We find that farmers prefer funding from family, savings, and moneylenders (indirect pathways) rather than from commercial banks (direct pathways) to get immediate access to credit and avoid bureaucratic procedures. Our study offers broader insights into the state of agricultural finance in India and adaptation to climate change and reveals that institutional innovations can enhance the financing of CSA technologies for smallholder farmers. Our findings have important implications for decision-makers seeking to streamline credit access for CSA machinery rental. Future research should focus on the efficacy of different finance channels and their causal impact on pathways for technology adoption. [ABSTRACT FROM AUTHOR]

Copyright of Human Sciences Journal / Revue des Sciences Humaines is the property of Universite des Freres Mentouri Constantine 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.)

In view of the interaction between demand and supply shocks and the nature of the disparity in business cycles between Advanced Economies (AEs) and Emerging Market Economies (EMEs), we reinvigorate policy "silver bullets" that ascertain a sustainable growth revival in the aftermath of the COVID-19 shock. Using a novel business cycle dating algorithm, we identify up-cycle and down-cycle phases in India's gross domestic product growth rate and use dynamic factor analysis using several high-frequency indicators for tracking private investment activity in India. On the demand side, our empirical results indicate that a boost to private investment can arrest a growth deceleration during a down-cycle, via consumption and output channels. We also observe that both the quantum and quality of public expenditure play an important role in arresting the growth deceleration. On the supply side, however, global supply chain disruptions could dampen the pace of investment during the post-COVID investment-led recovery. For both channels to work, credit offtake is necessary for a bank-dominated EME like India. Finally, despite low-capacity utilization rates, we draw several policy conclusions to jump-start economic activity levels. [ABSTRACT FROM AUTHOR]

We study how young and small firms' R &D investment responds to the tightening of credit conditions. Using detailed R &D information on over 25,000 French companies, we show that financially constrained firms were relatively more likely to scale back their R &D activities during the European sovereign debt crisis (2010–2012), in particular those related to fundamental research. We then exploit variation in the sovereign risk exposure of firms' main bank during the sovereign debt crisis as an exogenous credit supply shock. Results indicate that firms related to banks with larger exposures to risky sovereign debt decreased R &D expenditure by more relative to other firms following the crisis. Our findings indicate that credit supply shocks have significant impact on firms' R &D activities, especially for SMEs and young firms, and highlight an important transmission channel of sovereign risk to firm innovation and productivity. Plain English Summary: We study research and development (R &D) activity by small and medium sized enterprises (SMEs) in France. We find that young and small firms reduced R &D investment, particularly in fundamental research, when faced with limited access to bank credit and higher borrowing costs. In terms of innovation and industrial policy, our results suggest that public support to R &D for small and young firms is decisive, particularly during periods of financial crisis. [ABSTRACT FROM AUTHOR]

We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal lending, became financially constrained themselves, and experienced lower real growth. We find that managers were "Darwinist" with respect to international affiliates but "Socialist" in the home country, that internal capital markets transmitted the credit shock more strongly than a nonfinancial shock, and that access to developed credit markets attenuated the real effects. The total real impact of shock transmission through multinationals on foreign economies was large. [ABSTRACT FROM AUTHOR]

Purpose: This paper investigated whether a bank's popularity and depositors' fear of Google search volume could affect bank deposits and credit. Design/methodology/approach: The authors used two different quarterly data from Google Trends and banking data from 2012 Q1 to 2020 Q1. Based on available data, Google Trends data start from 2012. The authors exclude data after 2020 Q1 because the Covid-19 pandemic arguably increased the volume of Internet users due to shifting behavior to online activities. They merged and cleaned the data by winsorizing at 5 and 95 percentiles to avoid any outlier problems, reaching 74 banks in the sample. They used panel data estimation of quarterly data following Levy-Yeyati et al. (2010) and Trinugroho et al. (2020). Findings: The results show that a higher search volume of a bank's name leads to higher deposits. A higher search volume of depositor fear reduces deposits and credit. The authors also found that banks with high risk and a high search volume of their name have a significantly lower volume of deposits. Originality/value: To the best of the authors' knowledge, not many papers in banking and finance have used Google Trends data to gauge related issues regarding depositors' behavior. The authors have filled a gap in the literature by investigating whether the popularity of Google search and depositors' fear could impact deposits and credit. This study also attempted to establish whether Google Trends data could be a reliable source of information to predict depositors' behavior by using a Zscore to measure bank risk. [ABSTRACT FROM AUTHOR]

This research study examined the accessibility of credit for small and medium-sized enterprises (SMEs) in Osun State, Nigeria. More specifically, the study examined the factors that impact SMEs' credit accessibility and determined the degree to which government institutional funds and credit schemes have influenced SMEs' credit accessibility in Osun State. The study utilized a descriptive survey research design, randomly selecting 238 SMEs and collecting data through a structured questionnaire. The data was analyzed using both descriptive statistics and a logit regression model. The results demonstrate that small and medium-sized businesses in the research area can more easily obtain financing attributable to government institutional funds. The survey also showed that excessive levels of documentation and bank interest rates had a major detrimental impact on small and medium-sized businesses' ability to obtain funding. Therefore, the study suggests that policy measures be implemented by the government to control the interest rate that banks charge on loans to small and medium-sized enterprises. Second, proactive steps must be taken by the government, financial institutions, and other stakeholders to make credit more accessible to SMEs. [ABSTRACT FROM AUTHOR]

Purpose. The main purpose of this research is to assess the factors affecting the gross agricultural products in Azerbaijan in the short and long term. Methodology / approach. This study uses an Autoregressive Distributional Lag (ARDL) model to analyse the relationship between gross agricultural output and total government expenditure on agriculture, the volume of credit used in agriculture, direct investment in fixed assets in agriculture, and the country’s net agricultural exports. In our study, unlike most existing research, the variables are integrated in the second order, which increases the importance of this study. Results. The results of the study indicate that, despite the “crowding in” effect created by the state budget expenditures as the main factor in the short term, the effect on the growth of gross agricultural products in the long term is not so important. Credit resources and net exports have a negative effect in this relationship. In the long term, investment in fixed capital is a crucial factor in the growth of production. In general, the positive balance of net exports is a “mirror” reflection of investments, especially innovation-oriented investments. Considering that the predominance of imports in the total demand for agricultural products significantly reduces the multiplier effect that can occur in the field in general, it minimises the multiplier effect of the total expenditure. From this point of view, foreign investments can play an important role in creating a positive balance in the trade balance of agriculture. Originality / scientific novelty. The scientific value of the research is the selection of main factors as direct contributions to the growth of the gross agricultural products and their effects. Through the ARDL program, we determined what factors are short-term and which are long-term, and we analysed the causes and consequences of these dependencies and put forward relevant proposals. Practical value / implications. The practical value of the research lies in the given proposals that can directly affect the net export of agricultural products and create positive changes in its balance. Because, massive investments, especially foreign investments, can modernise the rural economy in a short period of time and, accordingly, not only increase the competitiveness of its products in foreign markets, but also raise the level of self-sufficiency.

We study the relation between trade credit, asset prices, and production-network linkages. Empirically, firms extending more trade credit earn 7.6 |$\%$| p.a. lower risk premiums and maintain longer relationships with customers. Using a production-based model, we quantitatively explain these novel facts. Trade credit reduces the departure probability of high-quality customers, thereby reducing firms' exposures to systematic costs incurred in finding new customers. The mechanism predicts that the aggregate amount of trade credit proxies for customer-search costs and that suppliers with shorter-duration links to customers command higher expected returns. We confirm these and other novel predictions in the data. [ABSTRACT FROM AUTHOR]

We show that production networks are important for the transmission of unconventional monetary policy. Firms with bonds eligible for purchase under the European Central Bank's Corporate Sector Purchase Program act as financial intermediaries by extending additional trade credit to their customers. The increase in trade credit is pronounced from core countries to periphery countries and for financially constrained customers. Customers then increase investment and employment in response to the increased trade financing, whereas suppliers expand their customer base, contributing to upstream industry concentration. Our findings suggest that trade credit redistributes the effects of monetary policy across regions and firms. [ABSTRACT FROM AUTHOR]

Using debt crowdfunding data, we investigate whether borrowers' writing style is associated with an online lender and borrower behaviors, whether the information contained in linguistic style can mitigate information asymmetry in peer-to-peer markets, and whether online investors correctly interpret the economic value of written texts. Peer-to-peer lenders bid more aggressively, are more likely to fund, and charge lower rates to online borrowers whose writing is more readable, more positive, and contains fewer deception cues. Moreover, such borrowers are less likely to default. Online investors, however, fail to fully account for the information contained in borrowers' writing. [ABSTRACT FROM AUTHOR]

Until the 1970s, U.S. mortgage lenders commonly discounted half of the wife's income in couples' joint mortgage applications. This changed with the introduction of antidiscrimination legislation in the 1970s, providing a natural experiment to study the relaxation of income-related borrowing constraints. I study the effects of the reform by estimating difference-in-differences regressions and solving a simple calibrated life cycle model. I find substantial positive effects of the reform on mortgage borrowing and homeownership rates of married couples with working wives. Moreover, I find a positive effect on married women's labor force participation, which strongly amplifies the homeownership and borrowing effects. 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]