With the rapid advancement of digital technology, the banking industry has embarked on a journey of digital transformation. While existing literature primarily examines how these changes impact the ...banks themselves, our study focuses on a relatively unexplored aspect: the direct influence of bank digital transformation on the performance and behavior of borrowing enterprises. The research objective of this study is to explore the influence of bank digital transformation on the innovation performance of borrowing enterprises and the underlying mechanisms. Leveraging data from Chinese listed companies and commercial banks, we find a positive effect of bank digital transformation on enterprise innovation output as measured by firms’ patent applications. The findings remain robust across alternative model specifications, controls for regional digital economy development levels, and bank financial performance, as well as alternative measures of bank digital transformation. Mechanism tests show that bank digital transformation contributes to corporate innovation by alleviating corporate financial constraints and improving corporate governance. Further research demonstrates that bank digital transformation also helps promote corporate innovation efficiency as measured by the proportion of patent output to total R&D input and corporate innovation output as measured by firms’ invention patent applications and patent grants. Additionally, borrowing firms’ own digital transformations may substitute for bank digital transformation in their effect on innovations.
This paper argues that taking a short-term look at Malaysia's response to the financial crisis of 1997-1998 does not adequately assess the socio-economic transformation that was propagated by the ...crisis. Most importantly, it falls short of accounting for the shift from a bank-based to a capital market-based financial system that occurred in post-crisis Malaysia and the ensuing increasing financialisation of Malaysian capitalism. This shift has significantly affected both corporate and individual financial cultures and led to the emergence of a new politics of debt. It coincides with rising levels of household indebtedness. Moreover, it has set in motion a metamorphosis of the institutions set up to govern Malaysian capitalism.
Este artículo afirma que al observar a corto plazo la respuesta de Malasia a la crisis financiera de 1997-1998, no se logra evaluar la transformación socioeconómica que generó la crisis. Aún más importante, no logra explicar el cambio de un sistema financiero con base en la banca a un sistema con base de mercado de capitales, cambio que se dio durante la post crisis en Malasia, generando un incremento de la financiación del capitalismo. Este cambio afectó significativamente tanto a la cultura financiera individual, como corporativa y condujo al surgimiento de nuevas políticas de endeudamiento. Coincidió con el incremento del nivel de endeudamiento de los hogares. Es más, condujo a la metamorfosis de las instituciones establecidas para regir el capitalismo de Malasia.
Latin America Iakova, Dora; Iakova, Dora; Cubeddu, Luis M ...
2014., 2014-12-23, 2014
eBook, Book
Odprti dostop
Policynakers in Latin America are implementing reforms in the regions quest to realize continued improvement in economic performance and living standards.
We suggest a probabilistic voting model where voters' preferences for alternative public goods display habit formation. Current policies determine habit levels and in turn the future preferences of ...the voters. This allows the incumbent to act strategically in order to influence the probability of reelection. Comparing to a benchmark case of a certain reelection, we demonstrate that the incumbent's optimal policy features both a more polarized allocation between the alternative public goods and a debt bias.
The goal of this Special Issue is to improve our conceptualisation and empirical understanding of EU actorness and effectiveness in International Relations. While the European Union aspires to play a ...greater global role, its actorness and effectiveness cannot be taken for granted given the nature of the EU as a multi-level and semi-supranational polity encompassing 28 Member States with diverse foreign policy preferences. The EU is presently at an important crossroad. On the one hand, its external policy stature and capacity have been boosted by institutional innovations and by the Union’s increased involvement in the full spectrum of international issues. On the other hand, a number of factors cast doubt on the EU’s real external policy actorness and effectiveness: slow and often only modest internal reforms, an increasing politicisation of formally ‘low politics’ issues, the prolonged sovereign debt crisis in the Eurozone, and a less favourable external environment, with the US shifting its focus to the Asia-Pacific region and emerging powers creating a more polycentric world order. In view of these changes and subsequent developments in the scholarly literature, our aim is to re-evaluate earlier conceptions of EU actorness. Central to this re-evaluation will be a shift in focus from notions of actorness to effectiveness. This introductory article will unpack and further elaborate the issues raised in this abstract by delineating the EU as an international actor in the empirical context, by reviewing the existing conceptual literature, defining and conceptualizing key notions and by providing an overview of the contributions to this Special Issue.
Why do rich countries flirt with fiscal disaster? Why did affluent countries – like Belgium, Greece, Italy or Japan – persistently accumulate so much debt between the 1970s and the 2000s, in ...times of peace and prosperity, that they became vulnerable and exposed themselves to the risk of default? In the past three decades, an extensive scholarly consensus emerged around the view that the answer is fiscal indiscipline, the lack of sufficient concern for budgetary constraints from policy makers as they try to please voters. Zsófia Barta argues that explaining why some countries accumulate substantial amounts of debt for decades hinges on understanding the conditions required to allow policy makers to successfully put into place painful adjustment measures.
This publication provides comprehensive and consistent information on African central government debt statistics for the period 2003-2012. Detailed quantitative information on central government debt ...instruments is provided for 17 countries to meet the requirements of debt managers, other financial policy makers, and market analysts. A cross country overview on African debt management policies and country policy notes provides background information on debt issuance as well as on the institutional and regulatory framework governing debt management policy.
The rarity of rights issues in the United States makes it difficult to examine the choice between alternative seasoned equity offering (SEO) methods in that market. In Australia, however, both rights ...issues and private placements are prevalent. We therefore use the Australian market to test whether regulation influences a firm's choice between rights issues and private placements. When a firm decides to issue seasoned equity in Australia, regulation favours private placements if the issue is small or needs to be completed quickly. Consistent with regulations affecting the choice between SEO types, our empirical results provide evidence that firms in Australia are more likely to choose a private placement for small issues or when taking advantage of temporary periods of overvaluation.
The Financial Sector Adjustment Program has attracted several foreign banks to conduct business in Ghana. This has increased competition in the banking industry, hence impacting profitability. This ...paper examined cross-border banking by comparing the financial performance of local and foreign commercial banks in Ghana. The study used a total sample of 20 commercial banks, of which 10 are local and 10 foreign. The study sourced data from the audited financial statements of the banks through the Orbis database, which covered a five-year period from 2013 to 2017. The study employed financial ratios such as return on assets, return on equity, net interest margin, cost to income, cash deposit, loan to assets, non-performing loans, capital adequacy, and bank size to perform the analysis. The measurements and the analysis were figured, using Microsoft statistical office tools. The results show that the foreign commercial banks performed satisfactorily in return on asset (ROA), return on equity (ROE), cash deposit (CDR), cost to income ratio (CTI), capital adequacy ratio (CAR), and bank size (SIZE) except for loan to asset (LAR), non-performing loans (NPL), and net interest margin (NIM). On the other hand, the local commercial banks perform better in loan to asset ratio (LAR), non-performing loans (NPL), and net interest margin (NIM). The study concluded that, on average, the foreign banks are more profitable than their local counterparts. The study recommended that local banks should be allowed to hold less minimum capital requirement to enable them to have sufficient capital to invest in order to compete with their global competitors. Keywords: Commercial banks, Cross-border, Financial performance, Financial ratios, Ghana. JEL Classification: G21, G30, G34, G38
High-Speed Rail (HSR) infrastructure is costly and requires high investment during the construction and operation periods, which is mainly financed with public funds. This economic effort is seldom ...set off, which leads to subsidies with the money collected from public debt growth or tax pressure increases. The question that immediately emerges is whether the entrance of this new infrastructure generates economic spillovers at the local level and, consequently, improves local public budgets. To solve this question we use local data on economic activity, municipalities׳ characteristics and local financial data in Spain for the past decade (2001–2010). Our estimations by difference-in-difference analysis and using spatial data yield a general conclusion: when HSR comes to town, both local revenues and the local fiscal gap improve by mean 10% and 16%, respectively. These improvements primarily affect municipalities located within 5km of an HSR station.
•Does HSR entrance generate spillovers on local budgets?•We use a database (2001–2010) on local social, economic and spatial characteristics.•difference-in-difference•show that local revenues and fiscal gap improve by mean 10% and 16%, respectively.•Geographical positive effects are within 5km of an HSR station.
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