Digital Commons Network^™

The Interaction Effects Of Fintech And Bank Lending On Growth: Evidence From The Asean Region, Tan Swee Liang

Research Collection School Of Economics

This study examined the interaction effects of traditional bank lending and emerging fintech credit on economic growth in six ASEAN economies from 2013 to 2020. Using a two-way fixed effects (FE) model and the panel-corrected standard error (PCSE) method, the study found a statistically significant and positive interaction effect between bank lending and fintech credit. Specifically, fintech credit became increasingly important in shaping economic growth as bank lending ratios exceeded a certain threshold. Countries with high bank lending ratios experienced greater GDP per capita growth when accompanied by greater fintech credit. These findings suggest that policies supporting fintech development alongside …

Three Essays On Financial Economics And Monetary Policy, Kumadebis Tamiru Gemechu

Dissertations

This dissertation comprises three independent essays that contribute to understanding the impacts of monetary policy announcements on financial markets and the banking industry.

The first essay studies a natural language analysis of FOMC statements to identify monetary policy and its effects on financial markets. Using structural topic modeling, in the first essay I identify three dimensions of Fed monetary policy announcements: inflation outlook, state of the economy, and policy stance factors. This article focuses on the qualitative information released by the Fed through the FOMC statement, which has previously been overlooked in favor of quantitative communication such as the Green …

Essays On Aging, Health, And Labor Market, Lanjie Wang

Dissertations and Theses Collection (Open Access)

This dissertation consists of four chapters on aging, health, and labor economics.

In the first chapter, we investigate the short-term impacts of unemployment on older workers in Singapore, a setting without public unemployment insurance. Using monthly panel data, we analyze dynamic impacts on income, spending, health, and subjective well-being over two years post-unemployment. We find substantial initial earnings losses with incomplete recovery, with income remaining 46.5% below pre-unemployment levels after 24 months. Despite this persistent income gap, consumption responses are modest and comparable to countries with strong social safety nets, suggesting robust self-insurance mechanisms. We observe increased retirement among married …

A Non-Envelope Theorem With Linearly Homogeneous Constraints, Eduardo Dávila, Andreas Schaab

Cowles Foundation Discussion Papers

This paper shows that it is possible to define an unambiguous notion of the direct effect of a parameter perturbation on the value of an optimization problem’s objective away from an optimum for problems with linearly homogeneous constraints. This notion of the direct effect relies on reformulating the optimization problem using shares as choice variables, and has the interpretation of holding choice variables — when formulated as shares — fixed. This short paper contains one formal “non-envelope” theorem and four applications to i) consumer demand, ii) cost minimization, iii) planning in exchange economies, and iv) planning in production economies.

Volume 26, Issue 2 (Special Issue) -- Full Contents

Midwest Social Sciences Journal

No abstract provided.

Measurement Reliability For Intentions To Change Behavior, Emily Schlichtig

Graduate Theses and Dissertations

It is common for researchers to ask participants to associate probabilities with words, often using tools like the Likert scale to measure behavioral intentions and attitudes. However, it remains unclear what specific probabilities participants assign to the response options on a Likert scale, how much variation exists across these options, and whether these probabilities differ across various behaviors. The purpose of this paper is to explore the numeric probabilities that participants associate with different Likert scale points, to understand their perception of the variation at each point, and to compare these perceptions across three behaviors: eating more vegetables, exercising more, …

How Are Global Trade Relationships Affected By Western Sanctions?, Colin A. Martinez

All Graduate Reports and Creative Projects, Fall 2023 to Present

Do sanctions actually have an impact on their intended targets? This paper seeks to fill a gap in the existing literature on the effectiveness of sanctions by measuring potential impacts on the trade relationships of targeted states after the imposition of sanctions. To do so, it turns to a comprehensive dataset that combines all trade and sanctions data for each of 229 states, arranged in 23,132 dyads, from 2000 through 2019. It then examines 792 regressions using a hybrid fixed effects difference-in-difference model applied to twelve different types of sanctions, differentiated by the sanctioning state’s membership in certain groups of …

The Decline Of Republican Democracy And Rise Of The Techno-Authoritarian State: Reading Dystopian Novels In Hindi Literature, Manindra Nath Thakur

Midwest Social Sciences Journal

In the past few decades, the nature of capitalism has changed fast as it has lost its philosophical justification based on the principle of the common good. There have been many avatars of the idea of the “common good”: “white man’s burden to civilize the world,” “welfarism,” and “neoliberal concept of freedom of choice.” Capitalism now seems to have moved in a new direction, however, and it has failed to produce any further philosophical justification for its existence as a mode of production despite generating unprecedented economic inequality. Consequently, there is a rising tension between capitalism and democracy in societies …

The Reallocation Effects Of Domestic Outsourcing, Mayara Felix, Michael B. Wong

Cowles Foundation Discussion Papers

This paper estimates the wage, employment, and reallocation effects of non-core activity outsourcing using Brazil’s unexpected 1993 court-ordered outsourcing legalization. We leverage North-South variation in pre-legalization court permissiveness and compare security guards to less affected occupations. We find that older incumbent security guards were adversely impacted through occupational layoffs, loss of firm-level wage premia, and exit from the occupation. At the same time, increased numbers of younger workers entered the formal sector and became employed at contract firms. On net, legalization increased guard employment by 5%, led by a 50% increase in employment for guards aged 18-24, and had no …

A Cross-Country Analysis Of China’S Belt And Road Initiative, Leah Shoff

International Studies (MA) Theses

China established The Belt and Road Initiative in 2013 to unite the global economy as well as bolter their own political and economic interests. Though the initiative is relatively new, it is important to understand how the Belt and Road Initiative could impact the global economy. This program is open to any country in the world that seeks to improve its infrastructure. However, critics of China’s proposal have questioned whether countries participating in the program gain economically. Through evaluating the relationship between GDP, time, and other significant data provided by the IMF, a cross-country comparison between Pakistan and the Philippines …

Supply Chains Shocks, Network Linkages, And Economic Outcomes, Romeo Eric Neuyou Nana

Graduate Theses and Dissertations

One prominent consequence of the Covid-19 pandemic was the disruption of critical parts of the global supply chain. In the U.S., delays at ports and shortages of critical inputs such as semiconductors have negative ripple effects across the economy. This situation prompts a surge of interests from academics, business leaders, and policy makers alike. However, the evidence of the quantification of supply chain disruptions’ impact and its drivers on economic variables are still scant. In this essay, I investigate the extent of the impact of supply chain shocks on the U.S. economy and the mechanisms through which they affect economic …

Geographic Links And Predictable Returns, Zuben Jin, Frank Weikai Li

Research Collection Lee Kong Chian School Of Business

Using establishment-level data of U.S. public firms, we construct a novel measure of geographic linkage between firms. We show that the returns of geography-linked firms have strong predictive power for focal firm returns and fundamentals. This effect is distinct from other cross-firm return predictability and is not easily attributable to risk-based explanations. It is more pronounced for focal firms that receive lower investor attention, are more costly to arbitrage, and during high sentiment periods. The cross-firm information spillovers and return predictability are also stronger for geographic peers with economic linkages and with positive information. Our results are broadly consistent with …

Essays In Industrial Organization And Regulation, Micah D. Thomas

All Dissertations

This dissertation is comprised of two essays; in the first, I develop a model to show that when there is a sufficiently large segment of uninformed consumers and an existing norm regarding the advertising of bundled good prices that price obfuscation through base good advertisements can be both: (1) profit maximizing, and (2) result in an equilibrium where only some firms obfuscate. I provide the first empirical evidence of this setting by estimating the increase in prices charged by retail gasoline stations, finding a statistically and economically significant obfuscating premium of 5-7 cents per gallon. I also provide evidence of …

The Law Of General Average, Luca Anderlini, Joshua C. Teitelbaum

Georgetown Law Faculty Publications and Other Works

Part of a ship's cargo is jettisoned in order to save the vessel and the remaining cargo from imminent peril. How should the loss be shared among the cargo owners? The law of general average, an ancient principle of maritime law, prescribes that the owners share the loss proportionally according to the respective values of their cargo. We analyze whether the law of general average is a truthful and efficient mechanism. That is, we investigate whether it induces truthful reporting of cargo values and yields a Pareto efficient allocation in equilibrium. We show that the law of general average is …

Belanja Pemerintah, Fdi, Pertumbuhan Ekonomi, Pertumbuhan Industri, Dan Kemiskinan Di Indonesia, Isthafan Najmi, Cut Delsie Hasrina, Asmawati Asmawati, Rizal Ansari

Jurnal Ekonomi dan Pembangunan Indonesia

In this new era of globalisation, all countries including Indonesia are targeting poverty alleviation to help people achieve welfare. Furthermore, this study empirically examines the impact of government spending, FDI, economic growth, and industrial growth on poverty. This research uses the Autoregressive Distributed Lag (ARDL) method. The data used is time series data from 1972 to 2021 obtained from the World Development Indicator website. The findings of the ARDL estimation show that government spending and industrial growth increase household income, both in the long-run and the short-run. In contrast, economic growth is negatively associated with poverty in both the short …

Determinan Ekspor Kopi Indonesia: Berpengaruhkah Fta?, Fikri Aldi Dwi Putro, Lovina Aresta Putri, Gunawan Prawira, Sahara Sahara

Jurnal Ekonomi dan Pembangunan Indonesia

Indonesia has initiated trade liberalization to boost the coffee export performance in the international market through trade agreements (FTA). However, Indonesian coffee export performance tends to decline. This study aims to analyze the effect of Indonesia’s FTA with its trading partners and other determinants of Indonesian coffee exports. This research employs a modified export approach gravity model with PPML estimation. The result shows that the FTA implementation generally can promote Indonesian coffee export, implying the export creation effect. Therefore, inward and outward-looking strategies are necessary to further boost the export creation effect on Indonesian coffee.

Relationship Of Enterprise Risk Management To The Success Of Micro-, Small-, And Medium-Sized Enterprises, Gary Francis

Walden Dissertations and Doctoral Studies

Micro-, small-, and medium-sized enterprises (MSMEs) account for over 95% of businesses and 80% of the workforce in Jamaica. Jamaican government and business leaders are concerned that MSMEs’ meager success rate will continue to hinder economic growth. Grounded in the four pillars of enterprise risk management and rent theory, the purpose of this quantitative correlational study was to examine the relationship between ERM and the business success of MSMEs. The participants were 85 owners or managers of registered MSMEs who operate in the Kingston metropolitan area of Jamaica, have been in operation for at least three years, and completed a …

Human Capital Development And Industrial Sector Growth In Sub Saharan African Countries. An Augmented Pooled Mean Group Estimator, Enongene Betrand Ewane, Etah Ivo Ewane

Arab Economic and Business Journal

Human capital is considered a vital catalyst for industrial sector growth. However, the lack of relevant skills and technical expertise can be a great setback to industrial growth. Thus, this study aimed to examine the effect of human capital development on industrial sector growth in Sub Saharan African (SSA) countries. The study makes use of World Bank data from 1972 to 2021 using a heterogeneous dynamic panel modeling. Due to cross-sectional dependence, both the first and second-generation unit root tests were examined in the study showing evidence of mixed order of integration. The study employed other econometric methods in the …

Factors Affecting Adoption Of Cooking Gas In Ilorin Metropolis, Nigeria, Muhammad-Bashir Owolabi Yusuf, Ridwan Olabisi Yusuff, Dauda Ishola Jimoh

Arab Economic and Business Journal

This research delved into the influencing factors behind the adoption of cooking gas in the Ilorin metropolis. The primary aim was to investigate the growing trend of adopting cooking gas in this area. The study utilized Binary Logistic Regression as its analytical method to assess the relationships between various variables. The findings unveiled several key insights. Firstly, there exists a noteworthy negative correlation between the age of households and their inclination toward adopting cooking gas (0.641, p < 0.05). On the other hand, the level of education displayed a positive but insignificant association with gas adoption. Factors like Family Size, Occupation, Safety, and the Availability of other energy sources demonstrated a positive yet insignificant correlation with the adoption of cooking gas. Notably, household income exhibited a statistically significant positive relationship with cooking gas adoption (1.547, p < 0.05). Conversely, the presence of gas shops showed an insignificant positive relationship with households' decisions to adopt cooking gas. Moreover, the level of awareness and social influence exhibited insignificant negative associations with households' decisions to adopt cooking gas. Aligned with these findings, the study proposes recommendations for action. It suggests that the Nigerian government should focus on elevating educational standards and promoting an improved quality of life to incentivize fuel substitution. This shift can lead to more efficient energy usage and mitigate adverse environmental, social, and health impacts. This approach can significantly reduce wood energy consumption, subsequently relieving pressure on wood resources and aiding in the effort to combat deforestation.

Modeling Per Capita Income And Its Dependence On Literacy Rate, Jasneet Kaur Wadhwa, Arun P

Arab Economic and Business Journal

This paper challenges the idea that India's economic liberalization in 1991 was solely responsible for the transition in Per Capita Income (PCI). The paper investigates the complex dynamics between educational attainment, economic policies, and their impact on PCI in India. By analyzing the relationship between PCI and literacy rate, the study aims to answer the intriguing question of whether the strong correlation observed between PCI and the literacy rate is a mere coincidence. Additionally, looking at the diode equation's good fit to the data on PCI vs literacy rate, for the period 1980-2020, the study attempts to determine whether or …

Strategies That Successful Fund Managers Use In Surviving Challenges In Ghana’S Financial Sector, Afua Akyaa Osei

Walden Dissertations and Doctoral Studies

Globally, economic downturns affect the performance and survival of financial institutions. Fund managers are concerned with economic downturns, as some funds will succumb to the financial challenges. Grounded in the balanced scorecard framework, the purpose of this qualitative multiple-case study was to explore the strategies that managers of some fund management companies in Ghana use to remain in business during financial downturns. The participants were nine managers from three fund management companies that used successful strategies to withstand challenges in the financial sector. Data were collected using semi-structured interviews and a review of company websites and publicly available brochures. Through …

Trade, Usury, And The Incursion Of Desire, Allen Jorgenson

Consensus

No abstract provided.

Lessons Learned: Guillermo Ortiz Martínez, Mercedes Cardona

Journal of Financial Crises

Guillermo Ortiz Martínez served as undersecretary of finance and public credit in Mexico’s federal government from 1988 to 1994. He became secretary in December 1994 in the administration of Ernesto Zedillo and served until December 1997. As undersecretary, he was president of the bank privatization committee and the chief negotiator for Mexico during the North American Free Trade Agreement (NAFTA) negotiations in 1991 to 1993. He was governor of the Bank of Mexico from January 1998 to December 2009 and is currently partner and member of the board of BTG Pactual, a Brazilian investment bank. This Lesson Learned summary is …

Lessons Learned: Bo Lundgren, Maryann Haggerty

Journal of Financial Crises

Bo Lundgren was Sweden’s cabinet minister for fiscal and financial affairs from 1991 to 1994, making him a key leader in managing the nation’s severe financial crisis during those years. Lundgren had a decades-long political career as a member of the Swedish Parliament from 1975 to 2004, was leader of the Moderate Party (1999–2003), and vice president of the European People’s Party in the European Union. He also served from 2004 to 2013 as director general of the Swedish National Debt Office, the country’s central financial agency. Drawing on his experiences in the Swedish crisis, Lundgren has shared his views …

Time Preferences And Lunar New Year: An Experiment, Tam L. Nguyen, Bryan S. Weber, Luu Duc Toan Huynh

Publications and Research

We conduct an experiment to examine how the attitude toward time preference changed when there was a time-related occasion, specifically the Lunar New Year. We anticipated that individuals would be more patient as measured by a battery of questions after the New Year. However, we find that individuals only appear more patient when those questions pose the amount of time they have to wait in year increments rather than other units of time. More experimentation is necessary to identify the peculiarities of framing questions around this “New Years Effect.”

Do Digital Payments Spur Gst Revenue: Indian Experience, Surender Kumar

Bulletin of Monetary Economics and Banking

This paper measures the effect of digital payments on enhancing goods and services tax (GST) revenue in India using monthly time-series information on tax collections and digital payments. By employing an autoregressive distributed lag cointegration framework, we find that the GST elasticity concerning digital transactions is about 0.54. The implication is that a one-standard-deviation increase in the value of digital transactions spurs GST revenue of about INR 62 billion, and a one-standard-deviation increase in index of industrial production (IIP) enhances GST revenue by about INR 8 to 12 billion. These results suggest that enhancing digital transactions is an effective way …

Indian Mutual Fund Industry: Is 2014 A Turning Point?, Shobhit Goel, Pawan Kumar

Bulletin of Monetary Economics and Banking

Indian Mutual Fund Industry has experienced a nearly 40-fold increase in assets under management since the start of the 21^st century, which has implications for the financial sector and the wider economy. Using structural break models, we identify 2003-08 as a nascent growth phase followed by a tepid growth phase in the post-global financial crisis period. Since 2014, the industry has experienced accelerated growth, outpacing global peers, driven by consistent individual investor inflows in equity and hybrid categories. Supportive regulatory policies introduced in 2012-13, we argue, have boosted the industry’s growth.

Cover Cropping: How Sustainability And Economics Can Work Hand In Hand, Emma Reyes

Business and Economics Summer Fellows

Research finds that over half of the agricultural lands worldwide have been moderately or severely affected by soil degradation (Kopittke et al., 2019). This problem is further heightened by the fact that many farmers are concerned about the profitability of sustainable practices. As a result, this may lead to an increase in the practice of more harmful conventional agricultural techniques if they continue to be considered more economically beneficial in comparison. This paper aims to see if the use of a specific sustainable practice known as cover cropping can help to increase the level of economic benefits farmers receive. Cover …

The Relationship Between Corporate Environmental Performance And Firm Value, Edward Basile

Walden Dissertations and Doctoral Studies

The increasing scrutinization of polluting industries raises concern for corporate leaders responsible for sustaining profitability while reducing environmental impacts. Nested in the enlightened value maximization theory, the purpose of this quantitative correlational study was to examine the relationship between greenhouse gas emissions, waste and hazardous materials management, water and wastewater management, and firm value. The participants were 140 publicly listed industrial companies that disclosed corporate environmental impacts to environmental rating agencies. The results of the multiple linear regression were significant, F(3, 136) = 4.51, p < .01, R2 = .09. In the final model, two independent variables were significant, greenhouse gas emissions (t = –2.21, p = .03, �� = –.187) and waste and hazardous materials management (t = 2.62, p = .01, �� = .227). A fundamental recommendation emerging from this study is for industry leaders to establish a robust environmental impact disclosure strategy that accounts for sustainable production and long-horizon value maximization. The implications for positive social change include the potential to minimize an industry’s environmental footprint while jointly enhancing ecological stability, human flourishing, and environmentally responsible products and services.

Consumers’ Financial Literacy In Poland - The Research And The Resulting Conclusions, Andrzej Bień, Łukasz Gębski

Journal of Banking and Financial Economics

Background & Purpose of the article: The research paper raises important issues in the field of consumer financial literacy in Poland. The authors note that efforts made in financial education are not fully effective and the number of wrong decisions made by consumers is high. The study led to two interesting observations: high self-assessment of knowledge is not confirmed in practice. The mistakes made do not result solely from the lack of knowledge of consumers. They are very often a result of their personality and a way of perceiving reality.

Methods: The authors compared Polish and foreign research results in …