Situation économique des orphelins du domaine du fonds public de Versend dans la première partie du 19ème siècle

The purpose of the study. The fundamental question is what factors influenced the living conditions of the 515 orphans left in the Versend estate between 1815 and 1848. To what extent impacted the inherited wealth, the age of the orphaned child, the number of siblings, and the role of guardianship and lordship shaping the fate of orphans. Applied methods. The orphan census and orphan documents of the Versend estate formed the basis of the research. With the help of data referring to their financial conditions, it was possible to compare the types of heritage and the handling of it. On the one hand, we examined the percentage distribution of all assets, and on the other hand, we performed calculations by filtering out different groups. The conclusions drawn from the figures were confirmed by examining individual examples. In the course of the research, in addition to our previous processing of the orphans of the Pécsvárad public foundation estate, we also reviewed the works related to the orphans in France. Outcomes. Most of the orphans in Versend were very poor, and the loss of their parents made their situation much worse financially. The little more affluent only had the opportunity to learn, which mostly meant some kind of craftsmanship. Marriage also allowed orphans displaced from the family farm to get land, so orphans were married relatively early. Early deaths were affected by the scarcity of wealth, the number of siblings, the age of becoming an orphan. The fate of the orphans was basically determined by their financial situation, but its further development was influenced by the person of the guardian, their residence and circumstances, and even the solicitude of the orphan’s guardian.

AN EMPIRICAL EVIDENCE OF ECONOMIC RECOVERY DURING THE PANDEMIC PERIOD INTO WORLD ECONOMY

We are in the midst of an asymmetrical recovery. In some countries, COVID-19 infection rates have fallen significantly, while in others, the virus remains difficult to control. But whether governments are actively managing outbreaks or returning to normality, economic recovery is central to their forward-looking agenda without a broad-based economic expansion, it is difficult to address other challenges, such as education and healthcare.The International Monetary Fund(IMF) recently raised its projection for economic growth in 2021 to 6%, up from 5.5%, and projects 4.4% growth in 2022. The upgraded outlook is based on how well the pandemic continues to be controlled, the efficacy of fiscal policy in mitigating economic damage and global financial conditions. Although businesses are the engines of the economy, governments create the environment and structure that enable enterprise to flourish . How governments create and shape the environment for economic recovery—and the opportunities and challenges they face in doing so—will depend on two decisions they make about their approach.

A magánkiadások hatása a hazai egészségügyi diagnosztikai szolgáltatók pénzügyi helyzetére : The Impact of Private Healthcare Spending on the Hungarian Medical Diagnostic Companies

A magánfinanszírozás modellje a kilencvenes évek kezdete óta része a hazai egészségügynek. A 2000-es évektől azonban komolyan előtérbe kerültek ezek a csatornák, különösen a képalkotó diagnosztika és laborszolgáltatások területén, ami az itt szolgáltató vállalkozások közelebbi vizsgálatát teszi szükségessé. Elsőként az Ohlson-féle O csődkockázati mutatók által adott jelzéseket vizsgáljuk meg egy öt vállalkozásból álló mintán 2006 és 2017 között. Ezt követően az Ohlson-féle O csődkockázati mutató változásának magyarázhatóságát vizsgáljuk az egészségügyi finanszírozási környezet, a tőkepiaci helyzet és a technológiai környezetet lefedő modellek keretében, panelregressziós eljárásokkal. Megállapítható, hogy az egészségügyi finanszírozás GDP-arányos változása, illetve a kórházi ágyszám változásai gyakorolták a legkomolyabb hatást a mintában szereplő vállalatok pénzügyi helyzetének alakulására. The Hungarian healthcare services are partially financed on private basis since the 1990s. This channel gained increasing popularity in the 2000s especially on the fields of medical imaging and labour diagnostics – what motivates a deeper corporate analysis on annual report data between 2006 and 2017. Financial conditions were studied with the assumption of the Ohlson O bankruptcy ratio, and their changes were monitored trough three different panel regression models: one focused on general and public healthcare spending and hospital capacities, while the second contained the financial market-related variables as the third referred on the technological environment. The changes of healthcare funding to GDP ratios and hospital bed numbers surpassed all other variables on the financial conditions of the sample companies.

Peran Moderasi Ukuran Perusahaan Terhadap Faktor-Faktor Yang Mempengaruhi Islamic Social Reporting

Disclosure of Islamic Social Reporting (ISR) has a role in the company, and the broad ISR will lead the company to a positive impact. This study aims to analyze the effect of profitability, leverage, and institutional ownership on Islamic Social Reporting (ISR) disclosure with firm size as a moderating variable in companies listed on the Jakarta Islamic Index (JII) for the 2014-2019 period. Determination of the sample using the purposive sampling method. The data used are 84 company annual reports. The test analysis method uses Moderated Regression Analysis (MRA). The study results partially show that profitability, leverage, and institutional ownership do not affect ISR disclosure. Firm size can moderate the effect of leverage on ISR disclosure. Meanwhile, firm size cannot moderate the effect of profitability and institutional ownership on ISR disclosure. Companies with declining or increasing financial conditions cannot motivate companies to make more comprehensive disclosures. Companies with good intentions, of course, will continue to make broader disclosures in financial conditions up or down.

Inequality and Dropout in Higher Education in Colombia. A Multilevel Analysis of Regional Differences, Institutions, and Field of Study

In Colombia, the gaps of regional inequalities and social opportunities permeate people’s economic, political, and social participation. Additionally, the initial endowments of individual and socioeconomic background, barriers to financial aid, and academic and personal skills restrict decision-making about studying. In this context, the main objective is to analyze the determinants of dropout rates in Colombia and the differences between the type of institutions, field of study, and regions. We used data from three public administrative agencies for the period 2000–2012. The methodology combines multiple correspondence analysis and a lineal hierarchical model to explain the effect of variables operating at different levels. As a result, we retained four dimensions to represent the individuals’ socioeconomic and financial conditions. The findings obtained from the multilevel model suggest the variation between institutions (11%) and the interaction between institutions and the program cycle (17.8%). It confirms the influence of inequities on desertion. The student chooses between programs with differences in fees and study costs in general, such as quality, social recognition, and employment. In sum, contextual and institutional disparities in the dropout phenomenon’s behavior are explained mainly by the supply conditions in these regions and the individuals’ socioeconomic backgrounds.

Monetary Policy Report - October 2021

Macroeconomic summary Economic activity has recovered faster than projected, and output is now expected to return to pre-pandemic levels earlier than anticipated. Economic growth projections for 2021 and 2022 have been revised upward, though significant downward bias remains. (Graph 1.1). Colombia’s economy returned to recovery in the third quarter after significant supply shocks and a third wave of COVID-19 in the second. Negative shocks affecting mobility and output were absent in the third quarter, and some indicators of economic activity suggest that the rate of recovery in demand, primarily in consumption, outpaced estimates from the July Monetary Policy Report (MPR) in the context of widely expansive monetary policy. Several factors are expected to continue to contribute to output recovery for the rest of the year and into 2022, including the persistence of favorable international financial conditions, an expected improvement in external demand, and an increase in terms of trade. Increasing vaccination rates, the expectation of higher levels of employment and the consequent effect on household income, improved investment performance (which has not yet returned to pre-pandemic levels), and the expected stimulus from monetary policy that would continue to be expansive should also drive economic activity. As a result, output is estimated to have returned to its pre-pandemic level in the third quarter (previously expected in the fourth quarter). Growth is expected to decelerate in 2022, with excess productive capacity projected to close faster than anticipated in the previous report. Given the above, GDP growth projections have been revised upward for 2021 (9.8%, range between 8.4% and 11.2%) and 2022 (4.7%, range between 0.7% and 6.5%). If these estimates are confirmed, output would have grown by 2.3% on average between 2020 and 2022. This figure would be below long-term sustainable growth levels projected prior to the pandemic. The revised growth forecast for 2022 continues to account for a low basis of comparison from this year (reflecting the negative effects of COVID-19 and roadblocks in some parts of the country), and now supposes that estimated consumption levels for the end of 2021 will remain relatively stable in 2022. Investment and net exports are expected to recover at a faster pace than estimated in the previous report. Nevertheless, the downward risks to these estimates remain unusually significant, for several reasons. First, they do not suppose significant negative effects on the economy from possible new waves of COVID-19. Second, because private consumption, which has already surpassed pre-pandemic levels by a large margin, could perform less favorably than estimated in this forecast should it reflect a temporary phenomenon related to suppressed demand as service sectors re-open (e.g. tourism) and private savings accumulated during the pandemic are spent. Third, disruptions to supply chains could be more persistent than contemplated in this report and could continue to affect production costs, with a negative impact on the economy. Finally, the accumulation of macroeconomic imbalances could translate to increased vulnerability to changes in international financial conditions or in international and domestic economic agents’ perception of risk in the Colombian economy, representing a downward risk to growth. A higher-than-expected increase in inflation, the persistence of supply shocks, and reduced excess productive capacity have led to an increase in inflation projections above the target on the forecast horizon (Graph 1.2). Inflation increased above expectations to 4.51% in the third quarter, due in large part to the price behavior of foods and regulated items, and to a lesser extent to core inflation. Increased international prices and costs continue to generate upward pressure on various sub-baskets of the consumer price index (CPI), as has the partial reversion of some price relief measures implemented in 2020 in response to the COVID-19 pandemic.

(Not So) Stranded: The Case of Coal in Poland

This paper provides an evaluation of the stranding risks of coal in Poland. Combining an industrial organization and financial analysis approach, we assess the current economic situation of companies operating within the coal industry and draft forecasts for the future. Based on the global economic outlook for coal, we claim that phasing-out coal will take at least two decades, due to the slow transformation of the energy sector and increasing energy demand. The financial evaluation of coal-dependent companies revealed sound financial conditions due to favorable trends in coal prices in international markets. Therefore, instead of prioritizing a rapid phasing-out of coal, we pledge to make more technological investments that would make burning coal less harmful for the planet and thus efficiently mitigate the negative effects of climate change.

The COVID-19 Economic Crisis in Mexico through the Lens of a Financial Conditions Index

The COVID-19 pandemic not only generated real shocks affecting economic activity severely, but also a broad uncertainty that unleashed an extreme shock to financial markets. In this paper, we focus on the financial dimension of the pandemic from the viewpoint of an emerging market economy. Accordingly, we estimate a financial conditions index for Mexico since 1993 and find that the acute turmoil generated by the pandemic stands among the four largest episodes of financial distress experienced by the country. In addition, we find evidence suggesting that real variables have responded differently to shocks that worsen financial conditions than to shocks that improve them.

Urgensi Karakter dalam Analisa Pembiayaan Murabahah di Bank Syariah Indonesia

The character of the customer is very important to analyze in the process of financing analysis. Character is an aspect of personal nature and concerns the depth of an individual's soul, so that character becomes difficult to identify. The purpose of this study was to determine whether Bank Syariah Indonesia KCP Nganjuk also conducted an in-depth character analysis. This field research uses a qualitative approach, with data collection techniques carried out using interviews and documentation. The data processing technique is done by data reduction, data presentation, and then conclusions. The results of this study are discrepancies in several points in the assessment using character analysis because at Bank Syariah Indonesia KCP Nganjuk implements 5C completely, although according to them, the character is important, the character can change along with financial conditions, economic conditions such as because of covid-19, dishonest customer character, manipulated business or work conditions, both stocks of goods and suppliers, purchases of goods are not by was proposed so that customer breaks his promise and does not fulfill his responsibility to repay the financing to the bank.Karakter nasabah adalah hal yang sangat penting untuk dianalisisis dalam proses analisis pembiayaan. Karakter merupakan aspek dengan sifat pribadi dan menyangkut kedalaman jiwa seorang individu, sehingga karakter menjadi sulit untuk dikenali. Tujuan penelitian ini adalah untuk mengetahui apakah Bank Syariah Indonesia KCP Nganjuk melakukan analisis karakter secara mendalam. Penelitian lapangan ini menggunakan pendekatan kualitatif, dengan teknik pengumpulan data wawancara dan dokumentasi. Teknik pengolahan data dilakukan dengan reduksi data, penyajian data, dan kemudian menarik kesimpulan. Hasil penelitian menunjukkan ketidaksesuaian dalam beberapa poin pada penilaian dengan menggunakan analisis karakter, karena di Bank Syariah Indonesia KCP Nganjuk menerapkan 5C secara lengkap, walaupun menurut mereka karakter adalah hal penting. Namun karakter bisa berubah seiring dengan kondisi keuangan, kondisi ekonomi seperti karena adanya covid-19, karakter nasabah yang tidak jujur, kondisi usaha, atau pekerjaan yang dimanipulasi baik stok barang dan supllier, pembelian barang tidak sesuai dengan yang diajukan, sehingga nasabah ingkar janji dan tidak memenuhi tanggung jawabnya untuk mengangsur pembiayaannya kepada pihak bank.