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Ovidiu Stoica, Editor-in-Chief) (Napoleon-Alexandru Sireteanu) Wed, 20 Dec 2023 14:20:08 +0000 OJS 60 An Empirical Analysis of the Central Bank of China's Monetary Policy and the Impact of its Communications on Market Interest Rates, Liquidity and Credit <p>As one of the largest world's economies, China’s economy plays an important role at regional and global levels. In this context, with the fast opening steps of the Chinese economy to international markets, the Chinese Central Bank (PBC or PBOC) has adjusted its mechanisms to the needs of local and international economies. Chinese monetary policy is designed to keep prices and economic growth stable and to ensure the country’s economic development. The Chinese Central Bank has a significant influence over Chinese interest rates, interbank rates, and changes in liquidity and credit. The main goal of this research paper is to describe the role of the Chinese Central Bank in delivering Chinese monetary policy and its changes over the past few years. Our research paper is dedicated to verifying how the Chinese Central Bank's press releases are useful indicators for the future trend of market interest rates after constructing a numerical index representative of expansive or restrictive net signals contained in any of the PBC Communications examined. An empirical analysis over Chinese Monetary Policy Communications (Reports) is included in this research paper, presenting how the Central Bank of China is implementing its monetary policy in order to influence the development of its economic growth through its market interest rates, liquidity and credit movement.</p> Nicoleta Vasilcovschi, Giovanni Verga Copyright (c) 2023 Nicoleta Vasilcovschi, Giovanni Verga Mon, 11 Dec 2023 00:00:00 +0000 Panel Data Analysis of the Impact of External Debt on Economic Growth and Inflation: The Case of Emerging Market Economies <p>This study aimed to analyze the impact of external debt on economic growth and inflation for emerging market economies for the period 1995-2020 using the panel data method. To this end, the study used the data on 12 countries listed in the Morgan Stanley Capital Index (MSCI) Emerging Markets Index. The results of the panel cointegration analysis showed that changes in external debt stock affect economic growth in the opposite direction and inflation rate in the same direction. According to the country-specific results of the panel cointegration analysis, external debt had a negative impact on economic growth in all countries except Mexico, Egypt, India, and Türkiye. External debt increased inflation in all countries except China, Egypt, India, South Africa, and Thailand. The Bootstrap panel causality test results showed a unidirectional causality from economic growth to external debt stock in China, India and Thailand, and a bidirectional causality in China. A unidirectional causality was also found from external debt stock to inflation in Colombia, and a unidirectional causality from inflation to external debt in China, India, Peru, and Thailand. Based on the cointegration analysis results, it is recommended that external debt should be used to finance more productive investments in order to ensure sustainable economic growth in Brazil, China, Colombia, Indonesia, Peru, Philippines, South Africa, and Thailand. The panel causality test results also showed that economic growth in China, India, and Thailand requires more external resources. Based on these results, it is recommended to reduce external debt in order to reduce inflation in Brazil, Colombia, Indonesia, Mexico, Peru, Philippines, and Türkiye.</p> A. Oznur Umit, Anıl Dagdemir Copyright (c) 2023 A. Oznur Umit, Anil Dagdemir Tue, 05 Dec 2023 00:00:00 +0000 Risk Disclosures and Non-Financial Reporting: Evidence in a New European Context <p>The objective of this research is to determine the extent and current characteristics of risk disclosure in Europe in the context of corporate non-financial reporting practices. A multivariate linear regression analysis on risk disclosure behaviour is performed on a sample of companies included in the EURO STOXX 50 Index, whose data were collected from their annual financial reports. Additionally, a first longitudinal exploration is carried out with respect to the GRI standard. It was possible to detect which risk items are more frequently reported by the selected corporations, and which corporate documents are most likely to contain relevant risk information. It was also possible to establish a link between specific industries, countries and company financial profiles and levels of risk disclosure. This empirical research is particularly relevant in the current scenario where several events converge: the gradual evolution, since 2017, of the NFRD (Non-Financial Reporting Directive) to a new Corporate Sustainability Reporting Directive (CSRD); the subsequent legal requirements for 2020 and 2021 of the ESEF (European Single Electronic Format) to support the disclosure of annual corporate reports; the pandemic and the new war scenario in Europe. This empirical work provides novel insights into risk disclosure and non-financial information in a particular setting, i.e., pre- and post-pandemic Europe, against a backdrop of growing concern about a new war scenario.</p> Manuel Rejón López, Lázaro Rodríguez Ariza, Diego Valentinetti, Francisco Flores Muñoz Copyright (c) 2023 Manuel Rejón López, Lázaro Rodríguez Ariza, Diego Valentinetti, Francisco Flores Muñoz Thu, 14 Dec 2023 00:00:00 +0000 Assessment of the Efficiency of Public Hospitals in Romania <p>Considering the high pressure on the healthcare limited resources, mainly on hospitals, determined by the population ageing, and the increased incidence of chronic and infectious diseases, it is essential to both decrease expenditures and provide good quality healthcare. In this paper we focus on the efficiency of Romanian public hospitals. Our research goals are to identify and examine the inefficient public hospitals in Romania; to determine sources of inefficiency in Romanian public hospitals; to describe a potential reduction in all inputs on average to rationalize hospital resources; and recommend that hospital management be improved. We propose an approach that contains preliminary data analyses to obtain homogeneous distributions, then we use Data Envelopment Analysis to estimate the technical efficiency scores for the hospitals in the sample. The results showed that more than half of the examined small hospitals were technically inefficient and that they could have produced a larger number of discharges and consequently an increased number of inpatient days. Possible reductions in inputs were also indicated. These results suggest ways of improving hospital management and restructuring and reorganizing decisions that can be implemented in the hospital network.</p> Laura Asandului, Raluca-Elena Caunic, Paul Coţofrei Copyright (c) 2022 Laura Asandului, Raluca-Elena Caunic, Paul Coţofrei Thu, 14 Sep 2023 00:00:00 +0000 Does Foreign Direct Investment and Trade Openness Support Economic Development? Evidence from Four European Countries <p>The European Union (EU) as a political and economic union has provided many benefits to its member states through the single market and common tariffs that serves as a platform for internal trade and international trade with third-world countries. The study aimed to investigate the effect of foreign direct investment (FDI) and trade openness on economic development in four selected countries including the Czech Republic, Estonia, Lithuania, and Slovakia using panel data from 1995 to 2021. The data was obtained from the World Bank and analyzed through econometric methods such as pooled model, fixed effect model, random effect model, and the dynamic panel model. The between transformation results using the pooled ordinary least squares indicated that the Czech Republic had the highest intercept coefficient, followed by Slovakia, Lithuania, and Estonia, respectively. The panel specification test discovered that the pooled model was inadequate, and the random effect model is the most appropriate to be used. The results from the random and fixed effects models displayed that FDI and trade openness have a positive impact on economic growth in these countries. Additionally, the dynamic panel outcome proved a positive effect of FDI and trade openness. The study recommends that governments in these countries improve their business environment to attract more FDI and trade relations with other countries.</p> Evans Yeboah Copyright (c) 2022 Evans Yeboah Tue, 05 Dec 2023 00:00:00 +0000 How Harmful Brand Hate Can Be: The Moderating Role of Neuroticism and Extraversion <p>This research analyses some of the antecedents and consequences of brand hate and examines the moderating effects of neuroticism and extraversion personality traits on behavioral outcomes. After collecting 375 responses, the data analysis was based on the structural equation modeling. Results show that symbolic incongruity, ideological incompatibility, and perceived value are predictors of brand hate, and that brand hate influences negative word-of-mouth, anti-brand actions and complaining. The relationship between brand hate and behavioral results are reinforced for consumers with high neuroticism traits and, in contrast, are attenuated in consumers with high extraversion traits. This investigation innovates by combining signaling theory and expectancy violation theories to explain the emergence of brand hate and its impacts on brand-related outcomes. It particularly explores the possibility of a curvilinear relationship, where brand hate tends to grow exponentially with the intensity of the signals.</p> Patrícia Marques dos Santos, Cristela Maia Bairrada, Arnaldo Fernandes de Matos Coelho Copyright (c) 2023 Patrícia Marques dos Santos, Cristela Bairrada, Arnaldo Coelho Mon, 18 Dec 2023 00:00:00 +0000 Mobile Money and Banking Development in Sub-Saharan Africa <p>The study investigated the relationship between mobile money growth and banking development in Sub-Saharan Africa. The question of whether mobile money threatens or supports traditional banks is contentious. Therefore, the motivation was to comprehensively examine the extent of mobile money's influence on banking development. The study used a quantitative research design with aggregated quarterly panel data from the four regions of Sub-Saharan Africa. The Panel ARDL estimation was applied to quantify the nature of the relationship between mobile money and banking development variables. Study findings showed that an increase in active mobile money accounts and volumes was associated with a decline in bank accounts, bank branches, and ATMs in the long run. At the same time, this trend was offset by positive impacts on private sector credit and total bank assets again in the long run. The findings align and extend the technology acceptance models and show that increased use of mobile money technology has substitution and complementary effects on banking development. Policymakers and financial institutions should carefully consider the potential trade-offs and synergies between mobile money adoption and traditional banking services, leveraging the positives while addressing challenges arising from the disruptive forces of technological innovation.</p> Jonathan Tembo Copyright (c) 2023 Jonathan Tembo Tue, 12 Dec 2023 00:00:00 +0000