scholarly journals Current-account breaks and stability spells in a global perspective

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Alfonso Camba-Crespo ◽  
José García-Solanes ◽  
Fernando Torrejón-Flores
Keyword(s):  
World Bank ◽  
Current Account ◽  
Design Methodology ◽  
Structural Breaks ◽  
Global Perspective ◽  
Heckman Selection Model ◽  
Content Type ◽  
The World Bank ◽  
Using Data ◽  
Heckman Selection

Purpose This study aims to identify structural breaks in the current account and the periods between these breaks, which the authors name stability spells, and study their characteristics and determinants. Design/methodology/approach Using data from the IMF and the World Bank, this study applies the Lee and Strazicich test to endogenously identify breaks and the Heckman selection model to simultaneously study the determinants of structural breaks and current-account changes after breaks. Findings This study identifies 212 significant structural breaks and 341 stability spells. These spells become shorter and more volatile the further they are from equilibrium, and half of them last 10 years or less. The results show that economic growth and foreign-exchange piling are particularly useful to prevent breaks, while lower per capita income increases exposure to break risks. Originality/value This study introduces the concept of current-account stability spells to refer to the periods between structural breaks. These spells are then studied to determine their main characteristics. The authors also apply a global perspective in their analysis, using a wide sample of 181 economies between 1980 and 2018 and considering positive and negative breaks in both level and trend.

The effect of FDI on domestic investment and economic growth case of three Maghreb countries

2019 ◽  
Vol 61 (1) ◽  
pp. 91-105 ◽  
Author(s):  
Walid Ali ◽  
Ali Mna
Keyword(s):  
Economic Growth ◽  
World Bank ◽  
Design Methodology ◽  
Domestic Investment ◽  
Content Type ◽  
The World Bank ◽  
Endogenous Variables ◽  
The Interest Rate ◽  
Investment Growth

PurposeThe purpose of this study is to show how foreign direct investment (FDI) affects domestic investment and economic growth. This study empirically examines this question in the case of three developing countries (Tunisia, Algeria and Morocco).Design/methodology/approachUsing the GMM estimator technique, the authors constructed a system with simultaneous equations by three endogenous variables: economic growth (GDP), FDI and domestic investment (DI).FindingsThe study was a nuance, its results, at the role of investment–growth relationship, are of paramount importance though subtle and slightly different.Originality/valueThe authors used data from international institutions such as the IMF, UNCTAD, OECD and the World Bank for macroeconomic aggregates. However, the interest rate variables are derived from the central banks of the three countries in the sample. The analysis covers the period from 1980 to 2014.

Combating corruption in Cambodia

2016 ◽  
Vol 5 (2) ◽  
pp. 159-174 ◽  
Author(s):  
Sophal Ear
Keyword(s):  
World Bank ◽  
Critical Analysis ◽  
Design Methodology ◽  
Policy Recommendations ◽  
Political Will ◽  
Content Type ◽  
Transparency International ◽  
Policy Context ◽  
The World Bank ◽  
The World

Purpose – The purpose of this paper is to provide a critical analysis and survey of Cambodia’s recent efforts to combat corruption. It explores the policy context, perceived extent of corruption, causes of corruption, anti-corruption measures, evaluates those anti-corruption measures, and provides policy recommendations. Design/methodology/approach – This paper reviews the literature on corruption and anti-corruption efforts in Cambodia. It relies on available data from the World Bank and Transparency International, and compares these data over time. Findings – The paper shows that corruption in Cambodia is pervasive and that anti-corruption efforts are limited because of a lack of political will. Existing anti-corruption measures designed with loopholes must be amended, but implementation remains the primary challenge. Originality/value – This paper contributes to the limited literature on combating corruption in Cambodia.

Financial inclusion and FinTech

2019 ◽  
Vol 12 (1) ◽  
pp. 24-42 ◽  
Author(s):  
Hasnan Baber
Keyword(s):  
World Bank ◽  
Design Methodology ◽  
Financial Inclusion ◽  
Islamic Finance ◽  
Financial Systems ◽  
Content Type ◽  
Future Studies ◽  
Finance System ◽  
The Difference ◽  
Using Data

Purpose Using data from World Bank and Global Islamic Finance Report, this paper aims to compare the performance of countries following Islamic and conventional finance system in terms of financial inclusion and FinTech. Design/methodology/approach Ten countries from both financial systems have been selected based on the presence of Islamic finance and conventional finance in the country. Data was analyzed from year 2011 to 2017 and keeping the former as base year to measure the change in the population fraction. Findings The findings found that Islamic finance countries are more inclusive in terms of financial inclusion and women are financially more empowered as compared to the counterpart. On the contrary, countries with conventional finance have a higher number of FinTech users. Research limitations/implications The difference between the performances of two systems in terms of financial inclusion is relatively small; therefore, future studies should incorporate more indicators for financial inclusion. Originality/value This study will be useful for understanding the nature of both financial systems, and the further research can be done to find the determinants of financial inclusion.

Lessening procurement deviations using procurement post reviews: evidence from Ghana

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Emmanuel Adinyira ◽  
Kofi Agyekum ◽  
Patrick Manu ◽  
Abdul-Majeed Mahamadu ◽  
Paul Olomolaiye
Keyword(s):  
World Bank ◽  
Design Methodology ◽  
Risk Mitigation ◽  
Secondary Data ◽  
Sampling Technique ◽  
Content Type ◽  
Multilateral Aid ◽  
The World Bank ◽  
The World ◽  
Procurement Risk

Purpose Multilateral aid agencies generate most of their funds from taxpayers, and therefore, it is necessary to ensure that recipients or borrowers use the funds for the intended purposes. The World Bank is one of the major multilateral aid agencies that fund infrastructure projects in developing countries. Like other multilateral aid agencies, the World Bank uses oversight instruments/auditing tools to manage procurement risk on their funded projects. However, empirical insight about the effectiveness of these auditing tools is limited. This paper aims to assess the effectiveness of one of such multilateral aid agencies’ auditing tools (i.e. World Bank’s procurement post review [PPR]) in procurement risk mitigation on funded projects in a developing country context. Design/methodology/approach The study is based on secondary data obtained from the World Bank PPR reports carried out in the 2014, 2015 and 2016 financial years. Five projects with the highest loan amounts and five with the lowest loan amounts for the three-year period were selected from the 24 active World Bank projects during the time of the study. A purposive sampling technique was used to select a representative sample from a list of contracts under the 10 projects. Findings The results of the analysis showed a clear decline in the number of both major and minor deviations over the three-year period while an increase in the number of contracts with “No Deviation”. The study therefore concludes that procurement risk experienced a decline amongst the World Bank projects in Ghana where post reviews were carried out on yearly basis. Originality/value The study identifies the need for more frequent PPR and makes a case for the need to investigate whether PPR is a superior auditing tool compared to the other tools.

A decade of corruption studies in Malaysia

2020 ◽  
Vol 27 (2) ◽  
pp. 423-436
Author(s):  
Nurisyal Muhamad ◽  
Norhaninah A. Gani
Keyword(s):  
World Bank ◽  
Design Methodology ◽  
Review Process ◽  
High Quality ◽  
Developed Country ◽  
Content Type ◽  
Comprehensive List ◽  
The World Bank ◽  
The World ◽  
Public Enemy

Purpose In December 2013, the World Bank had declared that, in the developing world, corruption is the No.1 public enemy. True, Malaysia has been swayed by the endless corruption scandals from the upper classes to the subordinates, in public as well as private sectors. As a country that is moving towards being a developed country in 2025, the Malaysian Government has been working hard to overcome corruption through various plans and initiatives. Thus, the purpose of this paper is to highlight on Malaysia’s current initiatives and factors that had been found to be of significant importance by previous studies for combating corruption in Malaysia. Design/methodology/approach This study employed structured review process as well as critically examined the contents to ensure that the data are filtered from high-quality peer-reviewed journals. Twenty-five quality papers were selected from top journals of various areas to produce the list. Findings This paper contributes to the existing literature by providing a comprehensive list of factors in Malaysia in the fight against corruption. Originality/value This study will be beneficial to academics, policymakers and anti-corruption professionals interested in Malaysia’s anti-corruption experiences.

Financial access and economic development: the moderating role of financial consumer protection

2019 ◽  
Vol 15 (4) ◽  
pp. 406-424 ◽  
Author(s):  
Maryam Kriese ◽  
Joshua Yindenaba Abor ◽  
Elikplimi Agbloyor
Keyword(s):  
Economic Development ◽  
World Bank ◽  
Financial Literacy ◽  
Compliance Monitoring ◽  
Financial Access ◽  
Policy Makers ◽  
Content Type ◽  
The World Bank ◽  
Moderating Role

Purpose The purpose of this paper is to examine the moderating role of financial consumer protection (FCP) in the access–development nexus. Design/methodology/approach The study is based on cross-country data on 102 countries surveyed in the World Bank Global Survey on FCP and Financial Literacy (2013). The White heteroscedasticity adjusted regressions and Two-stage least squares regressions (2SLS) are used for the estimation. Findings Interactions between FCP regulations that foster fair treatment, disclosure, dispute resolution and recourse and financial access have positive net effects on economic development. However, there is no sufficient evidence to suggest that interactions between financial access and enforcement and compliance monitoring regulations have a significant effect on economic development. Practical implications First, policy makers should continue with efforts aimed at instituting FCP regimes as part of strategies aimed at broadening access to financial services for enhanced economic development. Second, instituting FCP regimes per se may not be enough. Policy makers need to consider possible intervening factors such as the provision of adequate resources and supervisory authority, for compliance monitoring and enforcement to achieve the expected positive effect on economic development. Originality/value This study extends evidence in the law–finance–growth literature by providing empirical evidence on the effect of legal institution specific to the protection of retail financial consumers on the access–development nexus using a nouvel data set, the World Bank Global survey on FCP and Financial Literacy (2013).

Absence of the weekend effect and industry-style portfolios

2019 ◽  
Vol 12 (4) ◽  
pp. 463-475
Author(s):  
Selma Izadi ◽  
Abdullah Noman
Keyword(s):  
New York ◽  
Stock Market ◽  
Structural Breaks ◽  
Stock Exchange ◽  
Structural Break ◽  
Weekend Effect ◽  
Content Type ◽  
Market Portfolio ◽  
The Us ◽  
Using Data

Purpose The existence of the weekend effect has been reported from the 1950s to 1970s in the US stock markets. Recently, Robins and Smith (2016, Critical Finance Review, 5: 417-424) have argued that the weekend effect has disappeared after 1975. Using data on the market portfolio, they document existence of structural break before 1975 and absence of any weekend effects after that date. The purpose of this study is to contribute some new empirical evidences on the weekend effect for the industry-style portfolios in the US stock market using data over 90 years. Design/methodology/approach The authors re-examine persistence or reversal of the weekend effect in the industry portfolios consisting of The New York Stock Exchange (NYSE), The American Stock Exchange (AMEX) and The National Association of Securities Dealers Automated Quotations exchange (NASDAQ) stocks using daily returns from 1926 to 2017. Our results confirm varying dates for structural breaks across industrial portfolios. Findings As for the existence of weekend effects, the authors get mixed results for different portfolios. However, the overall findings provide broad support for the absence of weekend effects in most of the industrial portfolios as reported in Robins and Smith (2016). In addition, structural breaks for other weekdays and days of the week effects for other days have also been documented in the paper. Originality/value As far as the authors are aware, this paper is the first research that analyzes weekend effect for the industry-style portfolios in the US stock market using data over 90 years.

Risk-based capital regulation revisited: evidence from the early 2000s

2015 ◽  
Vol 23 (2) ◽  
pp. 115-134 ◽  
Author(s):  
Thomas L. Hogan ◽  
Neil R. Meredith ◽  
Xuhao (Harry) Pan
Keyword(s):  
Design Methodology ◽  
Banking Regulation ◽  
Bank Performance ◽  
Capital Regulation ◽  
Data Set ◽  
Content Type ◽  
Future Performance ◽  
Capital Ratios ◽  
Using Data ◽  
Capital Regulations

Purpose – The purpose of this study is to replicate Avery and Berger’s (1991) analysis using data from 2001 through 2011. Although risk-based capital (RBC) regulation is a key component of US banking regulation, empirical evidence of the effectiveness of these regulations has been mixed. Among the first studies of RBC regulation, Avery and Berger (1991) provide evidence from data on US banks that new RBC regulations outperformed old capital regulations from 1982 through 1989. Design/methodology/approach – Using data from the Federal Reserve’s Call Reports, the authors compare banks’ capital ratios and RBC ratios to five measures of bank performance: income, standard deviation of income, non-performing loans, loan charge-offs and probability of failure. Findings – Consistent with Avery and Berger (1991), the authors find banks’ risk-weighted assets to be significant predictors of their future performance and that RBC ratios outperform regular capital ratios as predictors of risk. Originality/value – The study improves on Avery and Berger (1991) by using an updated data set from 2001 through 2011. The authors also discuss some potential limitations of this method of analysis.

Angola mounting debt burden raises future default risk

2021 ◽  
Keyword(s):  
World Bank ◽  
Default Risk ◽  
Content Type ◽  
Currency Depreciation ◽  
Debt Burden ◽  
The World Bank ◽  
High Inflation ◽  
African Development Bank ◽  
Central Bank Autonomy ◽  
Domestic Banks

Significance The IMF's willingness to turn a blind eye may enable Angola to retain access to concessional finance over the next 18 months; however, Luanda needs a plan to address deferred principal payments and recapitalise a key escrow account in 2023. Impacts The IMF's latest funding review will unlock USD500mn from the World Bank and USD200mn from the African Development Bank. Persistent IMF pressure for greater central bank autonomy will help curb inflation, which recently reached 25%, pending new legislation. Domestic banks remain vulnerable to economic shocks amid a lengthy recession, persistent high inflation and continued currency depreciation.

Policing in the COVID-19 pandemic: are rural police organizations immune?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Thomas J. Mrozla
Keyword(s):  
Design Methodology ◽  
The United States ◽  
Content Type ◽  
Public Health Emergencies ◽  
Police Organizations ◽  
Police Agencies ◽  
Health Tracking ◽  
Rural Police ◽  
Using Data ◽  
Practical Implications

PurposeThis study examined how rural police agencies have responded to the COVID-19 pandemic.Design/methodology/approachUsing data from various sources, this study first analyzed what factors influenced agency preparedness to respond to pandemics. Second, it examined how the pandemic influenced specific organizational practices.FindingsFindings revealed that as coronavirus infections increased in counties, supervisors were more likely be tasked with inspecting personal protective equipment (PPE), agencies were more likely to offer pandemic related training, health tracking of officers was more likely to occur and agencies were more likely to encounter a shortage of officers. In addition, as rurality increased, agencies were more likely to offer training but less likely to experience officers contracting COVID-19 and an officer shortage. Lastly, as the rurality of the county in which the agency resides increased, the ability to supply PPE decreased.Practical implicationsBased on these findings, it is imperative that rural police agencies give attention to risk management and the formulation of policy to prepare for public health emergencies.Originality/valueWhile knowledge about how large police agencies in the United States have responded during the coronavirus pandemic is building, little is known about rural policing during pandemics.

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