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Purpose – This study aims to investigate the effect of CBDC issuance on economic growth rate and inflation rate in Nigeria. We are interested in determining whether the rate of economic growth and inflation changed significantly after the issuance of a non-interest bearing CBDC in Nigeria. Design/methodology/approach – Two-stage least squares regression and granger causality test were used to analyze the data. Findings – Inflation significantly increased in the CBDC period, implying that CBDC issuance did not decrease the rate of inflation in Nigeria. Economic growth rate significantly increased in the CBDC period, implying that CBDC issuance improved economic growth in Nigeria. The financial sector, agricultural sector and manufacturing sector witnessed a much stronger contribution to gross domestic product (GDP) after CBDC issuance. There is one-way granger causality between CBDC issuance and monthly inflation, implying that CBDC issuance causes a significant change in monthly inflation in Nigeria. The implication of the result is that the non-interest bearing eNaira CBDC is not able to solve the twin economic problem of “controlling inflation which stifles economic growth” and “stimulating economic growth which leads to more inflation.” Policy makers should therefore use the eNaira CBDC alongside other monetary policy tools at their disposal to control inflation while stimulating growth in the economy. Originality/value – There are no empirical studies on the effect of CBDC issuance on economic growth or inflation using real-world data. We add to the monetary economics literature by analyzing the effect of CBDC issuance on economic growth and inflation.

The existing literature has not examined how elections affect bank non-performing loans and its determinants even though banks are often the largest borrowers to fund election campaigns in many countries. This study investigates the determinants of bank non-performing loans (NPL) during election years in 35 developed countries. The fixed effect regression methodology was used to estimate the determinants of bank non-performing loans during election years. It was found that the banking sector experienced high NPLs during election years. Efficient banks operating in robust legal environments have higher non-performing loans during election years. It was also found that capital adequacy ratio, real GDP growth, loan-to-GDP ratio, cost-to-income ratio, political stability, and absence of terrorism are significant determinants of bank non-performing loans. The findings imply that election matters for the persistence of bank non-performing loans in developed countries.

Purpose – This paper aims to investigate the determinants of global interest in central bank digital currency (CBDC). It assessed whether global interest in sustainable development and cryptocurrency are determinants of global interest in CBDC. Design/methodology/approach – Google Trends data were analyzed using two-stage least square regression estimation. Findings – There is a significant positive relationship between global interest in sustainable development and global interest in CBDC. There is a significant positive relationship between global interest in cryptocurrency and global interest in the Nigeria eNaira CBDC. There is a significant negative relationship between global interest in CBDC and global interest in the eNaira CBDC. There is a significant positive relationship between global interest in CBDC and global interest in the China eCNY. There is a significant negative relationship between global interest in cryptocurrency and global interest in the Sand Dollar and DCash. Originality/value – The literature has not empirically examined whether global interest in sustainable development and cryptocurrency are factors motivating global interest in CBDC. This study fills a gap in the literature by investigating whether global interest in sustainable development and cryptocurrency are factors motivating global interest in CBDC.

Purpose – This study examines the impact of competition and concentration on bank income smoothing in Central and Eastern European (CEE) countries. Design/methodology/approach – The two-step system GMM method was used to analyse the impact of competition and concentration on bank income smoothing in 17 CEEs from 2004 to 2015. Findings – Loan loss provisions (LLPs) are negatively related to bank competition and concentration. The authors find no evidence for income smoothing using LLPs in a high-competition or high-concentration environment. Research limitations/implications – A limitation of the study is that the analysis was restricted to commercial banks. The authors did not examine investment banks or microfinance banks in this study. Also, not having access to databases does not allow them to include recent years in the study. Practical implications – CEE commercial banks will likely keep fewer provisions or engage in under-provisioning when they face intense competition, and this can expose them to credit risk, which may threaten their stability. Originality/value – This study is the first to investigate the effect of concentration and competition on income smoothing among CEE banks.

The lockdown restrictions during the COVID-19 pandemic led to increased interest in Fintech and digital finance solutions, and it gave people an incentive to join the formal financial sector by owning a formal account. People became interested in information about Fintech and digital finance solutions, and it led them to search the Internet to obtain information about Fintech, digital finance, and financial inclusion. In this study, we investigate whether interest in Internet information about Fintech and digital finance led to interest in Internet information about financial inclusion during the COVID-19 pandemic. Using global data that capture interest over time, we found that interest in information about Fintech was greater in developed countries while interest in information about financial inclusion was greater in developing countries during the pandemic. Interest in Fintech information was strongly correlated with interest in financial inclusion information during the pandemic. Interest in Fintech information had a significant positive effect on interest in financial inclusion information during the pandemic. There is a unidirectional causality between interest in Fintech information and interest in financial inclusion information during the pandemic. The implication of these findings is that interest in Fintech information is an important determinant of interest in financial inclusion information.

Purpose: This paper provides an overview of financial inclusion in the Latin America and Caribbean region during the COVID pandemic based on 2021 Global Findex data. Methodology: The study used descriptive data analysis to show the trend in financial inclusion during the pandemic. Results: The study found that there was low level of financial inclusion in the LAC region. Account ownership and formal savings of the LAC region were below the world average in all population categories during the pandemic. The female, poor and uneducated population were the most adversely affected during the pandemic. This calls for urgent need to accelerate recovery from the pandemic and increase financial inclusion interventions for the vulnerable members of the population in the LAC region. Originality: Existing financial inclusion studies focusing on LAC countries have not provided an overview of the state of financial inclusion in Latin America and Caribbean countries during the COVID pandemic. Therefore, there is an urgent need to understand the current state of financial inclusion in the Latin American and Caribbean region during the COVID-19 pandemic.

Purpose – The eNaira is the central bank digital currency of Nigeria. People who are interested in the eNaira and financial inclusion will seek information about eNaira and financial inclusion. Their interest in information about eNaira and financial inclusion will make it easier for them to adopt the eNaira and embrace other financial inclusion innovations such as FinTech and cryptocurrency. This paper investigates the determinants of interest in eNaira and financial inclusion information. Design/methodology/approach – The data were analyzed using descriptive statistics, correlation analysis and ordinary least squares (OLS) regression. The study also used the GMM and 2SLS regression methods for robustness. Findings – Using interest over time data, the findings of this study reveal that interest in financial technology (FinTech) and eNaira information are significant positive determinants of interest in financial inclusion information. Also, interest in financial inclusion is a significant positive determinant of interest in eNaira information. Furthermore, interest in FinTech information has a positive and significant correlation with interest in financial inclusion information. There is also a significant positive correlation between interest in central bank digital currency information and interest in FinTech information. The implication of the findings is that interest in information about new financial innovations, such as FinTech and eNaira, can stimulate interest in information about financial inclusion. Originality/value – The literature has not examined the determinants of interest in eNaira and financial inclusion information yet.

This article explores the impact of achieving the Sustainable Development Goals on bank profitability. The study considers multiple indicators of Sustainable Development Goals and bank profitability across 28 countries. The findings demonstrate that achieving specific Sustainable Development Goals leads to a significant improvement in bank profitability. More specifically, achieving good health and well-being leads to an increase in bank non-interest income. Providing clean water and sanitation for all also increases bank return on assets. On the other hand, taking strong action to combat climate change results in decreased bank return on assets. Additionally, attaining quality education and promoting affordable and clean energy sources lead to an increase in bank return on equity. The regional findings indicate that achieving the Sustainable Development Goals has varying impacts on bank profitability measures across banks in Europe, Asia, and Africa.

Purpose – This paper aims to investigate the association between financial inclusion and sustainable development in a global context. Design/methodology/approach – The study used two datasets, and employed the Pearson correlation analysis and granger causality test to examine the correlation and pairwise causality between financial inclusion and sustainable development. Findings – High levels of financial inclusion (in terms of higher commercial bank branches per 100,000 adults) is significantly associated with higher electricity production from renewable sources, higher industry productivity, higher adult literacy rate and higher renewable electricity output. Also, higher financial inclusion is significantly associated with low combustible renewables and waste. There is a uni-directional granger causality between global interest in internet information about sustainable development and global interest in internet information about financial inclusion, particularly in the period after the global financial crisis but before the COVID-19 pandemic. Practical implications – The correlation between financial inclusion and sustainable development depends on the indicators employed to measure financial inclusion and sustainable development. The results support global calls for greater financial inclusion and the speedy attainment of the sustainable development goals for the good of all people, the environment and for the planet. Originality/value – This paper is the first study in the literature to analyze the link between financial inclusion and sustainable development using global data. This study contributes to the existing literature by investigating the association between financial inclusion and sustainable development in a global context.

This paper attempts to formulate new theories of sustainable finance, meeting a need to establish a set of propositions that can help us understand the behaviour and actions of economic agents towards sustainable finance. The paper used a literature survey to establish a theoretical relationship between sustainable finance and the actions of economic agents. The paper proposed six theories of sustainable finance, namely, the priority theory of sustainable finance, the resource theory of sustainable finance, the peer emulation theory of sustainable finance, the life span theory of sustainable finance, the positive signalling theory of sustainable finance, and the system disruption theory of sustainable finance. These theories offer believable explanations for the behaviour and actions of economic agents towards sustainable finance. Academics, policy makers, economists, researchers and students will find these theories very useful in their work in sustainable finance.

This study investigates whether the level of economic policy uncertainty (EPU) would reduce the level of financial inclusion. It was predicted that a high level of EPU could have a negative effect on the level of financial inclusion. It was argued that a high level of EPU would discourage financial institutions from providing basic financial services to low end customers and unbanked adults, and this would lead to a decrease in the level of financial inclusion. Using a sample of 22 countries, the study found that the level of EPU did not have a significant impact on financial inclusion. None of the nine indicators of financial inclusion were found to have a significant direct relationship with EPU. However, there was some evidence that the combined effect of a high level of EPU and high nonperforming loans could reduce financial inclusion, particularly through bank branch contraction and a reduction in the use of electronic payments. Furthermore, the use of formal accounts and credit cards would increase in times of high credit supply and when there was a high level of EPU.

Purpose – This study investigates the correlation between financial inclusion and legal system quality. Design/methodology/approach – Pearson correlation analysis was used to assess the correlation between financial inclusion and legal system quality. Findings – The author finds evidence for a positive correlation between financial inclusion and legal system quality. The findings suggest that improvements in legal system quality go hand in hand with improvements in the level of financial inclusion. More specifically, higher supply of ATM per 100,000 adults is correlated with stronger insolvency resolution framework among G7, European and non-European countries. Also, the number of bank branch per 100,000 adults is positively correlated with strong rule of law and legal rights in non-European countries. Also, the number of ATMs per 100,000 adults is positively correlated with strength of insolvency resolution framework and negatively correlated with the time it takes to resolve insolvency before, during and after the global financial crisis. Originality/value – No study has explicitly analyzed the correlation between financial inclusion and legal system quality. This present study contributes to the literature by filling this research gap.

This paper reviews the existing research on sustainability and sustainable development around the world. It begins by defining the sustainability and sustainable development concepts. Thereafter, the paper highlights the dimensions of sustainable development and sustainability based on the literature. The paper also shows the relationship between sustainability and sustainable development. The paper used the literature review methodology. The paper finds that each region of the world has made some progress towards achieving high levels of sustainable development; however, each region also faces unique challenges that affect the attainment of the sustainable development goals in the region. These challenges have social, political, structural, institutional and economic dimensions. Also, while sustainable development is a widely acknowledged concept in academia its practicality in policy circles has been contested. Existing empirical studies show that incorporating sustainability or sustainable development concerns into business or environmental management yields some positive benefits. Finally, some areas for future research are suggested.

This paper analyses the level of financial inclusion in Nigeria using data from the global findex indicators. The findings reveal that Nigeria witnessed growth in several financial inclusion indicators in the early years of financial inclusion in 2014, but the benefits were not sustained in the later years, especially in 2017. Nigeria’s level of financial inclusion is very low compared to the World average. In the population group analysis, it was observed that the female, poorest, male, older and uneducated members of the population were worse- off in all indicators of financial inclusion in 2017. The implication of the observed decline in the level of financial inclusion in 2017 seems to suggest that there are barriers to financial inclusion in the post-2014 years.

The banking sector is at risk of worsening loan quality, which is a major threat to the financial system’s stability. The impact of foreign direct investment (FDI) inflows on nonperforming loans (NPLs) in the United Arab Emirates (UAE) is empirically investigated in this study. The data from 2008 to 2017 are collected and analyzed through the ordinary least squares (OLS) technique. The findings reveal that FDI inflows reduced the size of NPLs during the economic crisis. Also, the combined effect of higher FDI inflows and bank efficiency reduced the size of NPLs for banks, while the combined effect of FDI inflows and better institutions, such as strong regulatory quality, did not reduce the size of NPLs but rather increased the size of NPLs. The findings have implications and contribute to the literature to establish a relationship between FDI inflows and NPLs by examining the relationship between FDI inflows and NPLs in the context of banks in the UAE.

Abstract This study investigates whether the competence of central bank governors affects the stability of the financial system they are responsible for. Using publicly available information about central bank governors from 2000 to 2016 together with data on financial stability and the macroeconomy, the findings reveal that central bank governors’ competence promotes financial stability, depending on how competence is measured. Specifically, the findings reveal that the financial system is more stable when the central bank governor is older and male. The financial system is also stable during the tenure of a central bank governor that has a combination of cognitive ability, social capital and technical competence in economics. The gender analyses reveal that the financial system is also stable during the tenure of a female central bank governor that has high social capital or high cognitive abilities while the financial system is relatively less stable during the tenure of a male central bank governor that has high social capital or high cognitive abilities. Comparing developed countries to developing and transition countries, the findings reveal that the financial system of developed countries is more stable during the tenure of a central bank governor that has high cognitive ability, social capital and technical competence in economics while the financial system of developing and transition countries is less stable during the tenure of a central bank governor that has high cognitive ability, social capital and technical competence in economics. Also, there is evidence that the financial system of developing and transition countries is more stable during the tenure of a central bank governor that has knowledge in disciplines other than economics. The findings are consistent with the view that certain characteristics of central bankers shape their beliefs, preferences and choice of policy, which in turn, are consequential for policy outcomes during their tenure.

This article provides a discussion on some issues associated with digital finance – an area which has not been critically addressed in the literature. Digital finance and financial inclusion has several benefits to financial services users, digital finance providers, governments and the economy; notwithstanding, a number of issues still persist which if addressed can make digital finance work better for individuals, businesses and governments. The digital finance issues discussed in this article are relevant for the on-going debate and country-level projects directed at greater financial inclusion via digital finance in developing and emerging economies. JEL Classification: E44, F65, G18, G21, G28, Keywords: Financial inclusion, Fintech, Digital finance, Financial stability, Financial risk, Financial institutions

This study investigates the determinants of banking sector profitability in South Africa, Nigeria and the United States. The findings reveal that cost efficiency, the size of non-performing loans and overhead cost to total asset ratio are significant determinants of the banking sector profitability. In the comparative analysis, the findings from South Africa show that the cost efficiency ratio, overhead cost to total asset ratio and non-performing loans are significant determinants of the banking sector profitability. In the United States, capital adequacy ratio and the size of non-performing loans are significant determinants of its banking sector profitability. In Nigeria, the overhead cost to total asset ratio and cost efficiency ratio are significant determinants of the banking sector profitability. The descriptive analysis reveal that bank net interest margin and return on asset are higher in Nigeria and lowest in the United States which suggests that the Nigerian banking sector is more profitable than the US banking sector. Return on equity is higher in South Africa and lowest in the United States.

Background: HER2 plays a critical role in tumourigenesis and is associated with poor prognosis of patients with HER2-positive breast cancers. Although anti-HER2 drugs are beneficial for treating breast cancer, de novo, or acquired resistance often develops. Epigenetic factors are increasingly targeted for therapy; however, such mechanisms that interact with HER2 signalling are poorly understood. Methods: RNA sequencing was performed to identify PHF8 targets downstream of HER2 signalling. CHIP-qPCR were used to investigate how PHF8 regulates HER2 transcription. ELISA determined cytokine secretion. Cell-based assay revealed a feed forward loop in HER2 signalling and then evaluated in vivo. Findings: We report the synergistic interplay between histone demethylase PHF8 and HER2 signalling. Specifically, PHF8 levels were elevated in HER2-positive breast cancers and upregulated by HER2. PHF8 functioned as a coactivator that regulated the expression of HER2, markers of the HER2-driven epithelial-to-mesenchymal transition and cytokines. The HER2-PHF8-IL-6 regulatory axis was active in cell lines and in newly established MMTV-Her2/MMTV-Cre/Phf8fl°x/fl°x mouse models, which revealed the oncogenic function of Phf8 in breast cancer for the first time. Further, the PHF8-IL-6 axis contributed to the resistance to trastuzumab in vitro and may play a critical role in the infiltration of T cells in HER2-driven breast cancers. Interpretation: These findings provided informative mechanistic insight into the potential application of PHF8 inhibitors to overcome resistance to anti-HER2 therapies. Funding: This work was supported by Carver Trust Young Investigator Award (01-224 to H.H.Q); and a Breast Cancer Research Award (to H.H.Q.). Keywords: PHF8, HER2, IL-6, Breast cancer, Drug resistance

We review the recent academic and policy literature on bank loan loss provisioning. Among other things, we observe that there exist some interaction between LLPs and existing prudential, accounting, institutional, cultural, religious, tax and fiscal frameworks which differ across countries; and we find that managerial discretion in provisioning is strongly linked to income smoothing, capital management, signalling, tax management and other objectives. We also address several issues including the ethical dimensions of income smoothing, factors influencing income smoothing, methodological issues in LLP modelling and the dynamic loan loss provisioning experiment; which opens up several avenues for further research such as: finding a balance between sufficient LLPs which regulators want versus transparent LLPs which standard setters want; the sensitivity of abnormal LLPs to changes in equity; the persistence of abnormal LLPs following CEO exit; country-specific interventions that induce LLP procyclicality in emerging countries; the impact of Basel III on banks' provisioning discretion; LLP behaviour among systemic and non-systemic financial institutions; etc. We conclude that regulators need to pay attention to how much discretion lending institutions should have in determining reported provision estimates, and this has been a long standing issue.

Agricultural extension has long been the subject of scholarly critiques for its hierarchical approach to knowledge transfer and its complicity in promoting agricultural intensification and farm sector consolidation. Here, however, we suggest that there are already-existing examples of different kinds of agricultural extension practices, ones that challenge the capitalist—understood here as synonymous with racial capitalist—paradigm that dominates in California’s agricultural landscapes and elsewhere. We discuss one such example, providing a case study of Diana’s efforts to support Spanish-speaking, small-scale, Latine farmers in California. Drawing from feminist political economic theory, we argue that extension is a site of heterogeneity, where existing power asymmetries are both maintained and transformed. Diana’s efforts to transform such power asymmetries illustrate the labor that some extensionists mobilize to support small-scale Latine farmers and other farmers of color in the context of U.S. agri-capitalism. We highlight 4 ways in which Diana’s labor disrupts extension norms, including (1) filling gaps in state programs with invisible labor, (2) building mutual trust through social relationships beyond work, (3) blurring distinctions between extension work and farm work, and (4) broadening definitions of “farmers” beyond business ownership and land tenure. In doing so, we advocate for a critical understanding of heterogeneity among extension practices, as extensionists both contribute to and challenge racial-economic inequalities in the agri-food system. With this approach, we hope to identify and better understand how contestations of dominant power arrangements can and do occur in extension contexts in the hopes of supporting these efforts.

Debate persists regarding the occurrence and etiology of neurocognitive deficits associated with the utilization of chemotherapeutic agents, commonly referred to as “chemobrain”. While some have previously attributed these features to other factors such as fatigue, emotional reactivity, etc., growing literature suggests that in fact chemotherapeutic agents may be the cause. Although research has investigated these deficits, greater investigation is warranted. The current study investigated the presence of residual neurocognitive deficits in non-depressed patients post-chemotherapy with a history of leukemia that was in remission in comparison to healthy controls. Methods: participants included 16 individuals with a history of leukemia post-chemotherapy, in remission and without depression and 48 healthy controls. Participants were assessed using the WJ-III with data from the first seven subtests entered for analysis. A multivariate analysis of variance revealed significant differences existed between groups. By way of a discriminant function analysis, subtest/domain specific discrepancies were noted. Specifically, participants with a history of leukemia who were post-chemotherapy and without depression were found to perform significantly worse on visual-auditory learning, concept formations, and sound blending than did healthy controls. Findings are seen as additional support of the idea that neurocognitive deficits do in fact occur following chemotherapy. However, they are particularly of interest as they are seen even in the absence of emotional distress and outside the active treatment phase. Additional findings of importance and clinical relevance will be discussed.