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Czech monetary and fiscal policies require fundamental reform, even without considering the current war in Ukraine. The tax structure can be rationalized within 1–2 years. The very introduction of a single collection point must be taken seriously, and there is no need to undertake a fundamental tax reform to implement its main stage. Czech social security contributions are very specific, dominated by their tax nature. This allows for a quick consolidation of employer contributions into one levy to the state budget and the inclusion of employee contributions in personal income tax. Only slightly more politically challenging is the integration of dividend income taxation into corporate tax and the removal of interest from corporate tax costs. The OECD recommendations are one-sided, mechanically oriented according to the neoliberal welfare regime. Our analyses and subsequent proposals do not foresee and do not require any reform of social security benefits, including public funding of healthcare. Strengthening value-added tax in the tax structure is completely wrong. The overall insufficient taxation of value added in the Czech financial sector needs to be eliminated. Czech monetary policy is not very effective in the fight against inflation, the link to overall economic policy is lacking. This policy has created excessive foreign exchange reserves that can be transferred to the state assets. It is economically desirable to link the Czech currency to the euro. The proceeds of the issue of all money belong to the state budget.

Research background: Interest rate as a stimulus to savings has been discussed by many scholars while ancient scholars kicked against the collection of usury (interest). Developing countries like Nigeria may not be stimulated with the rate of interest because of its insignificant level, which is presently causing financial exclusion against the opponents of interest.

Small and medium-sized enterprises (SMEs) are the primary victims of the COVID-19 outbreak because they lack adequate resources and are poorly prepared for such interruptions. For SMEs to expand, they need financial assistance such as loans and advances from financial service providers. However, they struggle to repay these loans and advances because they are small in size and do not make large turnovers, and owners lack adequate financial literacy. This study aims to investigate the relationship between financial literacy and loan repayment of SMEs. The study followed a positivist paradigm, and a quantitative approach was employed. A total of 110 self-completed Likert questionnaires were distributed, only 107 were filled correctly and analyzed using SPSS. The results from Pearson’s correlation coefficient showed a strong and significant relationship between financial literacy and SME loan repayments at r = 0.324, P < 0.0005. Regression analysis showed a significant linear relationship between financial literacy and SME loans repayments, F (1.152) = 17.806; P < 0.0005. P < 0.0005 is less than the independent variable (SME loans repayments), B = 0.324, P < 0.0005. The results imply that if SME owners are well-versed in finance, they will be capable of repaying outstanding loans and advances timely.

Given the uniqueness of the stock market in Sub-Saharan Africa (SSA) and the fact that empirical conclusions have always been drawn based on more advanced stock markets, it becomes necessary to investigate the nexus between stock market performance and selected macroeconomic variables in SSA countries. With a purpose of unveiling the relationship between stock market performance and selected macroeconomic variables, the uniqueness and relevance of the paper stems from the fact that it looks at developing stock markets in a developing macroeconomic environment, and it covers the period from 1997 to 2018. The Panel-Autoregressive Distributed Lag model supported by a good number of pre- and post-estimation techniques was used as the estimation technique and the datasets which are of secondary nature were drawn from the World Development Indicators. The study’s findings revealed that stock market indicators responded relatively to macroeconomic indicators in the long run and were adjusted to the shocks and dynamics of the changing macroeconomic environment. The findings confirmed that the nexus between broad money supply and the dependent variables for the two models was a mixed one. The findings arising from this study shown by the short run adjustment of stock market performance to changes in macroeconomic variables is important for governments to interpret and make policies on contemporaneous effects and forecast of the dynamism of the stock market and macroeconomic linkage

Abstract Expansionary monetary policies, which started to be implemented after the global crisis in 2008 and became widespread during the COVID-19 period, lowered global interest rates and increased the stock market indexes. This study aims to investigate the effects of expansionary monetary policies implemented before and during COVID-19 on foreign direct investment (FDI) flows to emerging economies. In this context, the effect of expansionary monetary policies on FDI has been tried to be determined through the changes created in financial indicators such as interest rate and stock market index. Accordingly, the effects of the developments in the global stock market index and interest rates on the FDI for Brazil, China, Turkey, and Poland were estimated using the autoregressive distributed lag (ARDL) model for the period 2008–2021. Empirical findings show that expansionary monetary policy practices before and during COVID-19 causing high global stock market index and low-interest rates encourage FDI inflows to developing countries. The empirical results on the effects of expansionary monetary policies applied before and during COVID-19 on FDI allow important implications to be made when considered together with the contractionary monetary policies to be implemented after COVID-19. So much so that our empirical results in favour of FDI flows to developing countries regarding the expansionary monetary policies implemented before and during COVID-19 imply that the transition to contractionary monetary policy in the post-COVID-19 period may cause significant constraints on the FDI inflows to developing countries. Therefore, it may be expected that favourable financial conditions for foreign direct capital inflows to developing countries will disappear in the post-COVID-19 period. In other words, the falling global stock market index and increasing interest rates along with the contractionary monetary policies implemented in the post-COVID-19 period will be able to have the potential to cause a significant change in the investment preferences of international companies towards developing economies. The general policy prescription obtained from the results of the study shows that developing countries would need much more FDI-attracting policies in order to compensate for the negative financial effects of contractionary monetary policies implemented in the post-COVID-19 period.

Abstract Given the high fluctuations of the general price level, the importance of investment, and accessing sufficient financial resources, we examine the effects of monetary policy on the nominal (Inflation) and real (Investment) sectors of a developing economy, like Iran, through the channel of the relationship between bank deposits, stock market, and speculation in the foreign exchange market (FEM). For this purpose, due to regime switching in Iran’s economy, the non-linear relation between the variables has been investigated by applying Markov switching models and annual data of 1988–2018. The results show that the financial intermediaries (FIs) have not had a complementary relationship in both bear and bull market and high and low banks deposits regimes. Both FIs have negatively impacted speculation in the FEM in high and low exchange rates difference regimes. The difference between official and unofficial exchange rates negatively impacted the FIs in bear market and low banks deposits regimes; on the contrary, a positive effect in a bull market and high bank deposits. The effects of both FIs on investment have been positive in high and low investment regimes and negative on inflation rates in high and very high inflation regimes. In comparison, the impact of speculation in the FEM has been negative on investment and positive on inflation. Therefore, in the event of the lack of limitations regarding using interest rate (IR) and the policy of exchange rate unification, the central bank would be able to affect the nominal and real sectors of the economy suitably through the channels of the FIs and the FEM.

In the article, the authors consider the issues of monetary policy as one of the main components of the economic policy of the state. A key role in the formation of monetary policy belongs to Central banks, which focus their activities on ensuring price or monetary stability, stability of the purchasing power of the national currency. The authors analyze the intermediate targets of monetary policy and its regimes carried out by economically developed countries of the world: monetary targeting, exchange rate targeting, inflation targeting or inflation targeting. An assessment is given of the Central Bank of the Russian Federation inflation targeting policy, which uses interest rate policy as the main instrument of monetary regulation, as one of the main channels of monetary policy impact on the economy, namely, changing the conditions for financing the real sector of the economy through the financial market.

It is seen that the Fisher hypothesis, which tries to explain the relationship between the interest rate and the inflation rate, is examined in the empirical literature for many years. The study examines the validity of the Fisher hypothesis in Turkey using time series analysis methods. Unlike the literature, it is aimed to examine the subject with a broad perspective by using the average cost of funding (AOFM), loan and deposit interest rates at the same time. For this purpose, Engle and Granger cointegration analysis is performed on the data between 2011.01-2021.08 for Turkey. After finding a cointegrating relationship between the series, the validity of the hypothesis is examined by using Fully Modified Ordinary Least Squares (FMOLS) cointegration estimator. According to the FMOLS analysis estimation findings, it is seen that the inflation rate has a statistically significant effect on the interest rate, and this effect differs in loan and deposit rates, and is higher in loan rates. In general, it is concluded that the highest effect is in AOFM. In addition, Toda and Yamamoto causality analysis is also performed and the causality relations between the series are examined. According to the results of Toda and Yamamoto causality analysis, causality relationship is determined from inflation rate to various interest rates. It is found that this relationship is bidirectional in consumer loans and AOFM. In summary, empirical findings show that the Fisher hypothesis is supported in Turkey. [ABSTRACT FROM AUTHOR]

The study aims to examine the relationship between the general level of prices and the basic economic indicators that affect the change in the inflation level. For this purpose, the study examines the data for the period 2000-2020 of 32 countries in the middle income group according to the World Bank income classification. In the study, variables such as inflation rate, economic growth rate, interest rate, public current account deficit balance, per capita income, total imports of goods and services, monetary expansion, fixed capital consumption amount, agricultural sector added value and industrial sector added value are used. Panel data analysis method is used to measure the effect of economic indicators used in the study on inflation. According to the results of the study, all the other variables, except for the agricultural sector added value, are significant. Among the variables, it is determined that the variables of economic growth, interest rate and industrial sector added value are in a significant and negative relationship with inflation. The variables of public current account deficit balance, per capita income, total imports of goods and services, monetary expansion and fixed capital consumption amount are found to have a significant and positive relationship with inflation. [ABSTRACT FROM AUTHOR]

The literature on racial differences in mortgage interest rates is mixed depending on samples, sample period, and product types. Mortgage loans that originated during the period between 2011 and 2019 from the 2013, 2016 and 2019 waves of the Survey of Consumer Finance were examined using weighted regressions with the repeated imputation inference method. During the whole sample period, Hispanics and Blacks paid 40 and 22 basis points (bp) higher rates than Whites at the one percent and ten percent statistical significance levels, respectively, after loan characteristics, such as term and adjustable rate, and borrower credentials, like net worth and debt to income, were controlled for. An analysis with time trend shows that Blacks paid higher rates by 56 bp in the base year but the gap decreased by 6.6 bp per year. The loan pricing gap disappeared by the end of sample period. However, Hispanics did not experience a reduction in rate differentials over time. [ABSTRACT FROM AUTHOR]

Copyright of Economic Horizons / Ekonomski Horizonti is the property of Economic Horizons 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.)

Return and risk are two things that cannot be separated. Market risk in the capital market arises due to the changing economic conditions of a country. This study aims to determine the effect of inflation, interest rates and the reputation of a public accounting firm on realized stock returns with firm size as a moderating variable. This research was conducted on companies included in the LQ45 index from 2017 to 2021. The type of data used in this research is quantitative data with a total sample of 129 companies. Hypothesis testing was carried out using multiple linear analysis and Moderated Regression Analysis. The results show that partially inflation and interest rates affect the realized return of shares and the reputation of the public accounting firm has no effect on the realized return of the stock. Firm size does not moderate interest rates and the reputation of public accounting firms on realized returns, but moderates inflation because when inflation occurs, investors tend to invest in large companies because large companies are considered to be able to survive in inflationary conditions. [ABSTRACT FROM AUTHOR]

This research is motivated by curiosity about the relationship between taxation and the Human Development Index. Taxes are one of the most important sources of government revenue for development financing, one of which is human development. The purpose of this study is to find out the extent of the relationship between taxation and the human development index. The samples used came from 30 provinces in Indonesia The method used in this study was quantitative descriptive analysis. Secondary data from 1991 to 2021 were used and analyzed using the Eviews application 12 The results of the study concluded that variables such as interest rates, tax ratios, working-age population, and exports affect tax revenues both in the short and long term [ABSTRACT FROM AUTHOR]

The objective of this article is to identify the determinants of saving decisions on fixed deposits. The effect of customers' prior experience with Non-Bank Finance & Leasing Institutions (NBFLI) has been investigated as a mediation factor. Structural Equation Modelling (SEM) in AMOS has been used to analyze the results and confirmed the results by using the bootstrap technique of SEM. The results show that the stability of the NBFLIs, security for the fund, interest rate of the fixed deposits, and quality and reliability of the service directly affect the decision to save fixed deposits. The institution's geographical location has not directly affected the decision on fixed deposits. The factors of the security, interest rate, quality, and reliability of the service have an indirect effect on the decision of saving fixed deposits with prior experience, except for the factor of stability of the institutions. [ABSTRACT FROM AUTHOR]

The present article introduces a techno-economic dimension to the turning process using literature data to correct a deficiency. This paper is about combining three variants of the Taguchi methods in five distinct formulations. The Taguchi, Taguchi-Pareto, and Taguchi-ABC methods are combined with the present worth method by introducing the interest and inflationary rates at different points in the S/N ratio (SNR) calculations. Aspect ratios and direct parameter combinations replace the traditional direct parameter analysis in the factor-level framework. A key result of this study is as follows: For the present worth evaluation of inflationary factors and considering the ranking order of parameters, namely C, F, C/V, F/V, C/F, V/C, F/C, 1/F, and 1/C, for all the twelve alternative combinations, the parameters C, F, F/V, V/C, 1/F, and 1/C performed better. The parameter V had the 5th position equivalent to 17% for V, 85% for C/V, 17% for 1/V, 8% for F/C, and 8% for C/F. Results for other formulations show promising attributes for the methods. The work could be useful for planning purposes in turning operations. [ABSTRACT FROM AUTHOR]

This paper investigated exchange rate, interest rate, and economic development in Nigeria between 1980 and 2020. The study employed secondary data and sourced from the Central Bank of Nigeria (CBN) and World Bank Data Indicators covering periods of 1980 to 2020. The data were analyzed using correlation analysis, Johansen Co integration, and co integration regression Fully Modified ordnalist Square methods (FMOLS) were employed to established long run influence of exchange rate and interest rate on economic development. The study showed that long run relationship existed between exchange rate, interest rate, and economic development in Nigeria. Specifically, a number of results were obtained: in the case of HDI, economic development is negatively related to exchange rate; interest rate had significant relationship with economic development in Nigeria; and the interactive relationships of exchange rate and interest rate had a significant positive relationship with economic development. Using per capita income as a measurement of economic development revealed that; exchange rate had positive relationship withi economic development; the interactive effects of exchange rate and interest rate is positive and significant on economic development. Therefore, the study recommends that; proactive management of Nigeria's exchange rate and interest rate must be the top priority of the country's monetary authority. Therefore, the monetary authority through Central Bank of Nigeria should, as a matter of urgency, stabilize the nation's exchange rate and improve the nation's interest rate in a bid to attract investment and improve the nation's capital accumulation necessary for long term economic development. [ABSTRACT FROM AUTHOR]

The impact of rising interest rates and hyperinflation on personal finances is examined in this abstract. It draws attention to how these two economic aspects are interconnected and what it means for people's financial security. This abstract offers insights into how changes in mortgage rates and inflation affect personal finances by looking at the impact on costs of borrowing, deposits, savings, and purchasing power. The link between rate of interest and borrowing costs is the first topic covered in the abstract. When interest rates increase, borrowing money becomes increasingly costly for people, which has an impact on many facets of personal finances like credit card debt, home loans, and auto loans. According to the abstract, increasing borrowing costs can result in bigger debt loads, decreased affordability, and possible difficulties with debt payback. The abstract also looks at how inflation affects people's personal budgets. Over time, inflation reduces the monetary value of money, raising the cost of goods and services. The abstract focuses on how inflationary affects the costs of living, covering necessities like housing, food, and medical care. It emphasizes how crucial it is to factor inflation into long-term financial planning and budgeting in order to preserve financial stability and lessen the loss of wealth. The abstract also discusses how the rate of interest and inflation interact. It illustrates how interest rates are frequently employed by central banks as a tool to manage inflation. By decreasing consumption and slowing economic expansion, an increase in financing costs can help control inflation. However, this additionally has a negative impact on a person's personal finances, especially if they have investments or loans with variable rates or loans that are susceptible to changes in interest rates. The abstract also looks at ways that people might manage the effects of inflation and higher interest rates on their personal budgets. It talks on the value of financial literacy, investment diversification, responsible management of debt, and proactive steps like refinancing or modifying spending patterns to accommodate shifting economic conditions. [ABSTRACT FROM AUTHOR]

Copyright of Diversitas Journal is the property of Diversitas Journal 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 Ruch Prawniczy, Ekonomiczny i Socjologiczny (0035-9629) is the property of Adam Mickiewicz University 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 Economic 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.)

Central banks shape the economies by managing money and exchange policies; In this process, price stability and financial stability make significant contributions. The price movements in the markets are affected by the Central Banks through interest decisions within the scope of monetary policy. At this point in this study, the effect of the change in policy rate decisions taken by the Central Bank of the Republic of Turkey (the CBRT) between December 2010 and December 2021 on the stocks of deposit banks traded in Borsa Istanbul is analyzed. In this direction, the "event study" method is used for the analysis. The estimation window in the study is taken as 130 days. Event windows in the study (-14...3), (-10...2), (-7...1), (0...0), (-1...7), (-2 ...10) and (-3...14) cumulative average abnormal returns (CAAR) are calculated for a total of 7 different windows. BIST100 index is taken as the benchmark index to calculate the cumulative average abnormal returns (CAAR). CAAR values are calculated in four categories for public capital, private capital, foreign capital and all deposit banks. Unlike studies in the literature, CAAR values are calculated according to both parametric and non-parametric test statistics. The results of the analysis show that investors reacted positively to the stocks of state-owned banks in the pre-event period, while the CAAR values in the period after the interest rate cut announcements are negative. The fact that the CAAR values of the stocks of privately owned deposit banks are very close to 0 shows that they react in parallel with the BIST 100 index. It confirms that the investors reacted negatively and statistically significant in the pre-event window to the interest rate cut announcements of the foreign-owned banks compared to the BIST 100 index. Investors react to the CBRT interest rate cut announcements in parallel with the BIST 100 index of all banks' stocks. In general, compared to the BIST 100 index, investors do not react positively to the 24 interest rate cut announcements by the CBRT both in the pre-event period and in the post-event period, but rather negatively, contrary to expectations. Contrary to the strong positive reaction of the investors to the CBRT interest rate cut announcements, it gives a strong negative reaction to the interest rate hike announcements as expected. Especially, it is seen that CAAR values in the windows in the pre-event period diverge negatively with the BIST 100 index. [ABSTRACT FROM AUTHOR]

Social structure is based on the availability of the Water-Energy-Food Nexus. To cover these needs of society, several solutions of different scales of infrastructures coexist. The construction of infrastructure is capital-intensive; therefore, investment risk is always a consideration. In this paper, we try to evaluate the investment risk by interest rates (IR). We show that IR is a key indicator, which includes multiple parameters of prosperity expressing the political and economic status quo of the society. The selection of a particular scale influences the required capital and is thus one of the most critical decisions. Water supply infrastructure is one of the foundations of society, and the selection of the optimal scale of such infrastructure is often a great challenge in civil engineering. As a case study, we analyse three different scales of water supply infrastructures for the area of West Mani (Greece), i.e., dam, water ponds, and seawater desalination. We evaluate each case by the capital intensity by performing stochastic simulations of interest rates and identify the optimal solution as the one with the smallest median unit cost, in this case, the water ponds. In order to assess the impact of the development level of a country on the resulting unit cost stochastic properties we apply the optimal solution to various countries with different development levels and IR. We show that IR in the least developed countries, being generally higher and more variable, increases the unit cost, including its variability, which ultimately indicates higher investment risk. [ABSTRACT FROM AUTHOR]

Uncertainty about monetary policy associated with uncertainty in interest rate is an important determinant of economic decisions. Due to the dominant position of the US economy on global financial markets, in addition to countries' own uncertainties, uncertainty related to the monetary policy of the USA may have an impact on other economies. In this study, we investigated the impact of interest rate uncertainties for different maturities on industrial production, inflation, unemployment and exchange rate. We used the impulse response functions based on the vector error correction model (VECM). We also conducted the Granger causality test to analyse the causality. We examined the impact of US monetary policy uncertainty on the mentioned variables of Turkey. Our findings suggest that uncertainty in long-term interest rates increases unemployment and inflation rates. Although we find that uncertainty in interest rate reduces growth of industrial production, we do not find a causal relationship between these variables. Finally, we show that a shock related to US monetary policy uncertainty tends to increase unemployment significantly, while reducing the growth of production. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Social Sciences Research / Sosyal Bilimler Arastirmalari Dergisi is the property of ODU Journal of Social Sciences Research 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 study investigates the short and long-run relationship between the Philippine Stock Exchange Index and macroeconomic variables interest rate, foreign direct investment (FDI), and exchange rate. Specifically, the paper analyzed annual secondary data from the inception of PSEi in 1985 to 2019. This study's theoretical and empirical research finds diverse perspectives on how each macroeconomic variable factors into the stock market price levels. The Philippine stock market has also grown remarkably during the past few decades. However, there is little to no comparable study in Philippine literature. So, by employing the ARDL bounds testing approach, the research adds to the body of literature by examining the macroeconomic factors influencing the growth of the Philippine stock market. The study adopted the Autoregressive Distributed Lag (ARDL) model to estimate the causality function, F-Bounds Test to establish long-run causal significance, and Error Correction Term (ECT) to determine how long until the adjustment of short-run errors to re-equilibrate to the long-run equilibrium. The results show that FDI has a positive cointegration in both the short and long run, the exchange rate has a positive cointegration both in the short and long run, and the lag of interest rate is positively significant in the short run and negatively significant in the long run. [ABSTRACT FROM AUTHOR]

The recent multidimensional crisis has harmed the global economy because countries are currently integrated. In this study, we examine the spillover effect of the United States (US) interest rate on the output gap of ASEAN+3 countries using the dynamic spatial Durbin model from 2010 to 2020. After controlling for various institutional variables, this analysis further examines the effect of the exchange rate and the COVID-19 pandemic on the output gap. This model captures the spatial interactions and short- and long-term effects of interest rate monetary policies. The findings indicate a negative spillover effect of the US central bank interest rate on ASEAN+3 countries’ output gap. The result had significant direct and indirect short-term effects. Additionally, exchange rates negatively affect the output gap. The output gap decreased because of the COVID-19 pandemic. This study is expected to be useful for monetary authorities in developing the best monetary policy for economic recovery.

Developing nations have the task of effectively managing their external debt. The government is urged to comprehend the decisive component in managing its external debt, despite the varying viewpoints among economists. In addition, the world sees the need for institutional quality to optimize its economic policy. Institutional quality shows accountability, stability, effectiveness, quality, law, and trust. Our research examines the determinant factors of external debt and discusses the policy to manage external debt. We regress the inflation rate, exchange rate, interest rate, trade openness, and institutional quality on external debt. This study also uses moderated regression analysis to examine the interaction between institutional quality and macroeconomic indicators on external debt. We selected 52 samples from five ASEAN developing countries from 2008 to 2019. The first study found that the inflation rate, interest rate, and institutional quality have a negative impact on external debt, while the exchange rate and trade openness have a positive impact on external debt. Next, we were surprised that institutional quality could not moderate the relationship between the inflation rate, exchange rate, and interest rate on external debt. Further, it only moderated the relationship between trade openness and external debt. In the end, we discuss the external debt determinants from the selected ASEAN developing countries with the theories.

Purpose – The purpose of the paper is to examine the differences in the impact of financial stress in advanced and emerging economies. Design/methodology/approach – The authors employ a panel vector autoregression model (PVAR) for a comparative analysis of the relationship between financial stress, economic growth and monetary stability in 14 advanced and emerging economies. A homogeneous measure of financial stress is constructed and measured as an index that provides signals of stress episodes in an economy. Findings – The impact of financial stress shocks is greater on the economic growth of advanced economies; likewise, financial stress shocks are significant only in advanced economies. The interbank interest rate is negatively affected by financial stress in emerging economies. In general, the results show a clear view of the importance of financial stability and the economic relevance of financial stress measures in the context of macro-prudential regulation. Originality/value – The results can be extended to monetary policy to implement measures that mitigate the impact of future financial crises.

It is time for Nigeria to feed Nigerians with the aim of actualizing the United Nation’s Sustainable Development Goals in the area of zero hunger (food security). Recent statistics show increasing food insecurity issues; the global COVID 19 pandemic has further worsened the country’s food (in)security situation. This study econometrically assessed the nexus of agricultural credit and sustainable food production in Nigeria. Secondary data on variables of interest were gotten from World Development Indicators (WDI) of the World Bank and other relevant bodies. The data were analyzed using Unit Root Test (URT) and the Fully Modified Ordinary Least Square (FMOLS). The study revealed that Agricultural Credit Guarantee Scheme Fund (ACGSF) and loan to agriculture from the commercial banks statistically and positively influenced food security within the study period. Lending interest rate and official exchange rate inversely influenced food security. The study concluded that credit is key to achieving self-sufficiency in food production. The post estimation tests on the models confirmed that policy implications from this study are applicable to improving food security. Proper and efficient policy mix to support agricultural production including provision of credit was recommended.

This paper measures the impact of the interest rate, credit, and risk channel on the monetary policy of Pakistan, based on a data set from 1995 to 2020. It also examines the long-run and the short-run relationship between foreign debt, bank capital, and monetary policy transmission mechanisms by using the Autoregressive Distributed Lag (ARDL) model. The results suggest that the risk channel does not follow the co- integration benchmark. We found an insignificant association between the independent and dependent variables, suggesting no long-term relationship between the model’s variables. The interest rate coefficient is negative, but its relationship with the dependent variable is significant. Similarly, the credit channel’s coefficient is negative, but its association with the dependent variable is statistically significant at the 90% confidence level. The research also suggests that the risk channel has a short-term association. At the same time, interest rates and credit channels have short-term and long-term relationships.

This study was conducted to assess the effect of interest rate on financial performance of listed Deposit Money Bank (DMBs) listed on the Nigeria Stock Exchange (NSE) between 2015-2020.The study population comprised of (14) listed DMB listed on the NSE. The total population was studied hence, the sample size was made up of (14) DMBs. Purposive sampling technique was employed in the determination of the sample size. Panel data was used which consists of 84 observations analysed using multiple regression model. Robust regression model was employed to test the effect of interest rate and financial performance of DMBs. The outcome of this analysis showed that maximum lending rate has a coefficient of 0.319 which is significant at 1% (p=0.005). Domestic Money supply is also found to be significant at 5% (p=0.045) with coefficient of - 0.102. These results show that maximum lending rate lead to increase in financial performance, domestic money supply rate lead to increase in financial performance while monetary policy rate results in decrease return on asset among DMBs in Nigeria. The study recommends that the Central Bank of Nigeria should redefine the domestic money supply as a tool for monetary policy by establishing an equilibrium level. This would allow more funds to be made available to deposit money banks so that they could improve their performance and advance loan applications

Libertarian punishment theory was initially articulated by Murray N. Rothbard and Walter E. Block. It was broken down into four separate stages. To a great degree, this theory was accepted by Eduardo Blasco and Davie Marcos. However, they maintain it is in need of some slight adjustments and improvements, mainly dealing with the interest rate. The present paper claims their suggestion while valid, is unnecessary, since this theory already incorporates that element, at least implicitly.

This study aims to analyze a comparative study of the response of the Indonesian and Malaysian Financial Markets to the dynamics of Monetary Policy implemented during the COVID-19 Pandemic during January 2019 to June 2021. This study builds three e.i interbank money market, bond market, and stock market. The methodology of this study is Ordinary Least Square (OLS). The result shows that COVID-19 has no effect on financial markets, either in Indonesia or in Malaysia. However, when the lockdown was implemented in Malaysia, it had a significant effect on the Malaysian bond market. Furthermore, monetary policy with interest rate instruments has a significant and negative effect on the stock market in Indonesia. The monetary policy through the reserve ratio has a significant and positive effect on the Malaysian bond market. It suggests that there are differences in the dynamics of monetary between Indonesia and Malaysia so that they have different impacts on their respective financial markets