Data-driven decisions can be suboptimal when the data are distorted by fraudulent behaviour. Fraud is a common occurrence in finance or other related industries, where large datasets are handled and ...motivation for financial gain may be high. In order to detect and the prevent fraud, quantitative methods are used. Fraud, however, is also committed in other circumstances, e.g. during clinical trials. The article aims to verify which analytical fraud-detection methods used in finance may be adopted in the field of clinical trials. We systematically reviewed papers published over the last five years in two databases (Scopus and the Web of Science) in the field of economics, finance, management and business in general. We considered a broad scope of data mining techniques including artificial intelligence algorithms. As a result, 37 quantitative methods were identified with the potential of being fit for application in clinical trials. The methods were grouped into three categories: pre-processing techniques, supervised learning and unsupervised learning. Our findings may enhance the future use of fraud-detection methods in clinical trials.
The overall impact of human activities on the Earth’s system and its key elements such as biodiversity or climate is so great that the contemporary era is called the Anthropocene, where globalization ...is overwhelming and the global influence of human action equals natural processes. This brings about many problems of global nature that are difficult to solve as adequate governance of global common goods is not satisfactorily developed. The various historical and contemporary attempts to provide some form of governance at the global level are presented, including the concept of common heritage of mankind or community approaches. An important contribution represents the concept of global public goods that was espoused bymany intergovernmental and international organizations, including the UN and the EU. The relationship with the global sustainable development goals and official development assistance is also mentioned.
This study is aimed to examine the relationship causality between energy security and growth for a total of 74 countries including 39 high-income countries, 23 upper-middleincome countries, and 12 ...lower-middle-income countries by using the Kónya´s (Kónya, 2006) Bootstrap Panel Granger Causality approach. According to the results obtained, it has been determined unidirectional causality relationship from energy security risk level to GDP for 14 countries and from GDP to energy security risk level for 20 countries. On the other hand, there is bidirectional causality between energy security risk level and GDP for 22 countries, while there is no causality between energy security risk level and GDP for 18 countries. Moreover, the results are also demonstrated that the rate of detection of a causality relationship increases as one moves from high-income group countries to lower-middle-income group countries. The results, which evidence the existence of a relationship between energy security risk level and economic growth for many countries, reveal the importance of the policies to be implemented in this direction.
Monitoring of inflation rate dynamics is one of the most important tasks in order to identify the current economic conditions of the observed countries. The aim of this study is to examine the unit ...root properties of inflation in the Western Balkan countries. It also investigates the existence of structural breaks and nonlinearity. The time horizon encompasses the period 2006Q1–2020Q2. The results suggest that the inflation in Albania and Montenegro manifests a nonstationary process and structural breaks. The macroeconomic shocks will have more persistent effects on the inflation rate if it is characterized by nonstationarity. The inflation rates of Serbia and Bosnia and Herzegovina are characterized by nonlinear mean reverting behaviour. This implies less costly implementation of the proclaimed monetary strategy.
This paper examines the relationship between insurance market development and economic
growth in EU member states in the period 1998–2018. Our results indicate that there is
no causality between ...premium per capita and GDP per capita growth in the case of 11
out of the 23 analysed countries, including four countries classified as emerging markets.
However, in the case of panel data covering all the countries, we determined a two-way
causality between insurance market development and economic growth. In the short run,
premium per capita has a positive and significant impact on the economic growth as proven
in the data panel and in the case of individual countries, except in the case of Ireland and
Luxembourg, where the applied model shows only error-correction coefficient values.
Besides, our results indicate that premium per capita has a significant positive effect
on economic growth in the long run in the case of Belgium, Cyprus, Bulgaria, Romania
and Slovenia, i.e., insurance premium is a key determinant of long-term economic growth.
The results show a statistically significant long-term positive relationship between
premium per capita and GDP growth per capita in the case of a panel analysis of all
the observed countries and countries classified as emerging markets. On the other hand,
the panel data analysis of the countries classified in the category of developed markets
showed a long-term positive relationship, but not a statistically significant one. Since that
results indicate that the insurance market development could contribute to ensuring longterm economic stability and growth of observed countries, special attention needs to be
paid to the strategy of insurance market development in a changing business environment.
Simulation of Systemic Risk as a Consequence of Fire Sales: Application to EU Banking SectorThe paper integrates elements of microstructural network models of the banking sector developed by Cont and ...Shaanning (2017) and Duarte and Eisenbach (2018) to simulate endogenously the fire sales contagion channel of systemic risk. The scale of the effect is illustrated on the EBA supervisory stress test results for 2018, based on which the secondary impact of fire sales increases aggregate losses by 69%. The model is used to identify banks with the highest contribution to systemic risk. Alternative systemicity predicators are proposed based on the results. The second section discusses the ability of the model to incorporate behavioural and regulatory aspects associated with the systemic risk, with the main focus on the impact of (i) calibration of regulatory leverage ratio limits, (ii) leverage ratio targeting, (iii) decrease in market liquidity, and (iv) change in the shape of the market price impact function on the dynamics of systemic losses due to the fire sales contagion
The basic objective of the paper is the examination of mutual interdependence of the parameters on insurance market and the economic growth at the specific area of ex-Yugoslavia. Time horizon of the ...observation encompasses the period 2005-2019, and as the appropriate methodological framework, the econometrics of panel data was used. The accompanying co-integration tests and tests of long-term effects have shown that the insurance sector and economic growth are long-term related, as well as that the insurance sector exerts positive and statistically significant influence on the economic growth. Additionally, it was shown that non-life insurance realizes more significant effects on growth. To confirm robustness, causality test has shown that changes in insurance sector cause the changes in economic growth. Economic policy makers have an important task ahead of them, which consists in promoting insurance markets, improvement of regulation, and legislation framework that should contribute to the growth of economic activity in analyzed countries.
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